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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: 811-07651
Voya Variable Portfolios, Inc.
(Exact name of registrant as specified in charter)
7337 E. Doubletree Ranch Rd., Scottsdale, AZ | 85258 |
(Address of principal executive offices) | (Zip code) |
The Corporation Trust Incorporated, 300 E. Lombard Street, Baltimore, MD 21201
(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 December 31, 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):
Annual Report
December 31, 2014
Classes ADV, I, S and S2
Voya Variable Product Funds
■ | Voya Balanced Portfolio |
■ | Voya Global Value Advantage Portfolio |
■ | Voya Growth and Income Portfolio |
■ | Voya Intermediate Bond Portfolio |
■ | Voya Money Market Portfolio |
■ | Voya Small Company 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. |
PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This report contains a summary portfolio of investments for certain Portfolios. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.
New Year, Hopeful View
Dear Shareholder,
As 2014 came to a close, U.S. economic growth accelerated, Japan and Europe were struggling and volatility re-emerged in markets around the world. Though periods of volatility may challenge investor resolve over the course of the year, we believe resilience will prevail thanks to continued improvements in global consumer and business spending and ample global liquidity.
Resilience has been a defining characteristic of markets for some time now, as we have seen them shake off such potentially destabilizing events as Europe’s chronic economic malaise, China’s growth slowdown and Japan’s sharp and surprising return to recession. And that’s not to mention the various geopolitical hotspots — Ukraine, the Middle East and elsewhere — that have flared up from time to time. Along the way markets have been fortified by all-time high U.S. corporate earnings; renewed monetary stimulus from central banks in Japan, Europe and China; and plummeting oil prices that have provided a positive supply shock to consumers and businesses. This confluence of events has bolstered markets worldwide and has raised investor confidence that such trends can be sustained into 2015.
Despite our optimism, we — as always — advocate a well-balanced, globally diversified portfolio. We believe such an approach is the best way to potentially benefit from whatever opportunities may arise, while limiting the potential for over-exposure to as-yet-unidentified risks. Also as always, be sure to review your investment strategy and portfolio with your financial advisor to ensure they continue to reflect your goals and needs. Thoroughly discuss any potential portfolio changes with your advisor before taking action.
We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.
Sincerely,
Shaun Mathews
Executive Vice President
Voya Family of Funds
January 28, 2015
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.
International investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.
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Market Perspective: Year Ended December 31, 2014
Global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends ended 2013 at a record high. Investor sentiment had evidently reconciled itself to the tapering of the U.S. Federal Reserve Board’s (“Fed’s”) $85 billion of monthly Treasury and mortgage-backed securities purchases. The Fed’s December 18 announcement of a reduction in purchases to $75 billion per month with more to come was taken in stride. There was still plenty to worry about however and the Index endured an early slump and wide swings late in 2014 before ending up 9.81% for the year. (The Index returned 4.94% for the one year ended December 31, 2014, measured in U.S. dollars.)
It did not take long for worries about a flagging U.S. economy to resurface. A disappointingly weak employment report on January 10 showed only 74,000 jobs created in December, the lowest in nearly three years. A cold and snowy winter was thought to be depressing hiring and other key statistics like durable goods orders and home sales.
The Index reached its low point on February 3, down almost exactly 5% in 2014. Yet it took only 18 days to erase the loss despite new political turmoil that flared in Eastern Europe as Russia annexed Crimea after the president of Ukraine was deposed.
With the improvement in the season came a pick-up in U.S. economic data. Employment reports were looking better and the unemployment rate fell below 6%. The December bulletin marked the eighth consecutive month in which more than 200,000 jobs were created. National purchasing managers’ activity indices signaled healthy expansion. While the housing market was cooling, the annualized rate of existing home sales exceeded 5 million for five straight months. Consumer confidence touched seven-year high levels. Growth in gross domestic product (“GDP”) was -2.1% (annualized) in the first quarter but bounced back to 5.0% in the third.
Yet concerns remained about the sustainability of the recovery in the U.S. and worldwide. The improving U.S. employment situation was accompanied by labor force participation rates at or near the lowest since 1978. Wage growth was sluggish near 2% annually. The Fed’s monthly Treasury and mortgage-backed securities purchases ended in October.
Outside of the U.S., growth in China was decelerating, which also weighed on global commodity supplying countries. Japan re-entered recession in the third quarter after an April rise in consumption tax. But it was the euro zone that was the most problematic. Growth almost ground to a halt in the second and third quarters. Unemployment seemed stuck at 11.5%, while deflation was perilously close. Markets became increasingly skeptical that the European Central Bank (“ECB”) could attempt U.S., UK and Japan-style quantitative easing with Germany unequivocally opposed. Oil prices had been steadily falling since late June and would halve by year-end. Increased shale oil production notwithstanding, was this also a signal that global economic activity was weaker than anyone had imagined?
Securities prices mirrored investors’ mood swings in the last few months. The Index actually reached a new peak on September 19, but by October 16 fell 8.2%. From there the Index rebounded 12% to December 5, fell 5% to December 16 then rose 4% to end the year 1.3% below its all-time high.
In U.S. fixed income markets, the Barclays Long-Term U.S. Treasury sub-index returned a remarkable 25.07% in 2014; the Barclays Short-Term U.S. Treasury sub-index just 0.09% as the Treasury yield curve flattened. The Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) added 5.97%, while the Barclays U.S. Corporate Investment Grade Bond sub-index gained 7.46%. Both outperformed the Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate), which gained only 2.46%, perhaps reflecting growing disillusionment with the risk/reward profile of high yield bonds after strong returns in recent years.
U.S. equities, represented by the S&P 500® Index including dividends, returned 13.69% in the fiscal year, about 1.5% below its all-time high. The utilities sector was the top performer, returning 28.98%; not surprisingly, the only loser was energy, which dropped 7.78% as oil prices sagged. Record operating earnings per share for S&P 500® companies in the second and third quarters were supported by low interest rates, slow wage growth and historically high share buy-back volumes. Operating margins breached 10% for the first time.
In currencies, the dollar advanced against most other currencies over the year. The dollar surged 13.60% against the euro, on the U.S.’s much better growth and interest rate increase prospects, and 13.74% against the yen, on the likelihood of further monetary easing in Japan and an announced partial re-allocation into non-yen securities for the giant Government Pension Investment Fund (“GPIF”). The dollar gained less, 6.29%, on the pound. The UK had a better growth story than the euro zone, which however is the destination for about 40% of the UK’s exports.
In international markets, the MSCI Japan® Index rose 9.48% in 2014, boosted in the case of Japan’s large exporters by the falling yen and in general by the GPIF’s announcement described above. The MSCI Europe ex UK® Index added 6.63%. The poor economic data referred to above and the lingering conflict in Ukraine dampened markets, which were spasmodically supported by the possibility of quantitative easing. The strong health care sector contributed about one third of the total. Despite superior economic results, the MSCI UK® Index was much weaker, edging up 0.50%. UK stock indices are not particularly representative of the UK economy: the largest 14 names account for half of the index and comprise mostly global banking, energy, pharmaceuticals and materials companies. As a group, they held back returns by about 1.80%.
All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Portfolios’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.
Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.
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Benchmark Descriptions
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 Short-Term U.S. Treasury Index | A market capitalization-weighted index that is composed of fixed-rate, non-convertible U.S. Treasury securities that have a remaining maturity of between one and 12 months 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 | An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities. | ||||
MSCI All Country World IndexSM | A free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets. | ||||
MSCI EAFE® Index | An unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. | ||||
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. | ||||
Russell 2000® Index | An unmanaged index that measures the performance of securities of small U.S. companies. | ||||
Russell 3000® Index | An unmanaged index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. | ||||
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. | ||||
S&P Target Risk Growth Index | Seeks to provide increased exposure to equities, while also using some fixed-income exposure to dampen risk. |
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Voya Balanced Portfolio | Portfolio Managers’ Report |
Investment Type Allocation as of December 31, 2014 (as a percentage of net assets) | |||||
Common Stock | 57.4% | ||||
Exchange-Traded Funds | 10.8% | ||||
Corporate Bonds/Notes | 8.7% | ||||
U.S. Government Agency Obligations | 4.9% | ||||
Collateralized Mortgage Obligations | 3.3% | ||||
U.S. Treasury Obligations | 3.1% | ||||
Foreign Government Bonds | 2.7% | ||||
Asset-Backed Securities | 2.1% | ||||
Mutual Funds | 0.2% | ||||
Preferred Stock | 0.1% | ||||
Purchased Options | 0.0% | ||||
Assets in Excess of Other Liabilities* | 6.7% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. | |||||
Voya Balanced Portfolio (the “Portfolio”) seeks total return consisting of capital appreciation (both realized and unrealized) and current income; the secondary investment objective is long-term capital appreciation. The Portfolio is managed by Christopher F. Corapi, Christine Hurtsellers, CFA, Derek Sasveld, CFA, and Paul Zemsky, CFA, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance: For the year ended December 31, 2014, the Portfolio’s Class I shares provided a total return of 6.22% compared to the S&P Target Risk Growth Index, Barclays U.S. Aggregate Bond Index, MSCI EAFE® Index and Russell 3000® Index, which returned 6.56%, 5.97%, -4.90% and 12.56%, respectively, for the same period.
Portfolio Specifics: The Portfolio underperformed the S&P Target Risk Growth Index for the period. Performance of our tactical asset allocation strategies was slightly beneficial over the year. We began the period by initiating an overweight position in large cap domestic equity and high yield bonds and selling out of emerging market equities and core bonds. In late May, we increased our overweight position to large cap domestic equities and further reduced our exposure to core bonds. Our expectations were for domestic equity valuations to rise and bond yields to stabilize in the coming months. In late July, we began taking profits by selling a portion of our overweight position to high yield and large cap domestic equities in favor of senior loans and emerging market equities. At the end of the third quarter, we positioned the Portfolio defensively by selling U.S. large cap core and purchasing U.S. core fixed income. At the end of October, we unwound this position when negative sentiment reached extreme levels on our economic indicators. In December we purchased Japanese equities, funded by selling U.S. large cap core. At the time of the trade, we believed Japanese equities to be relatively undervalued and having the potential to rise more than U.S. equities in 2015.
Security selection detracted from performance during the year, with many of the underlying sleeves underperforming their respective benchmarks. Outperformance was led by the domestic large cap growth and intermediate fixed income sleeves. The main underperformers versus their respective benchmarks were the large cap value sleeve and the mid cap sleeve.
Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | |||||
SPDR Barclays Capital High Yield Bond ETF | 4.5% | ||||
iShares MSCI Emerging Markets Index Fund | 3.0% | ||||
PowerShares Senior Loan Portfolio | 2.0% | ||||
iShares iBoxx High Yield Corporate Bond Fund | 1.3% | ||||
Apple, Inc. | 1.2% | ||||
Microsoft Corp. | 1.1% | ||||
ExxonMobil Corp. | 0.7% | ||||
Macy’s, Inc. | 0.7% | ||||
Ameriprise Financial, Inc. | 0.7% | ||||
Home Depot, Inc. | 0.7% | ||||
* Excludes short-term investments.
| |||||
Portfolio holdings are subject to change daily. | |||||
Overall, the Portfolio’s asset allocation outperformed the S&P Target Risk Growth Index because of its higher allocation to US stocks versus the lagging non-US stocks, and the higher average return that the US stock sub-classes provided. This contribution was partially offset by the S&P Target Risk Growth Index’s higher average return on fixed income securities, which was higher due to the Portfolio’s allocation to global bonds.
Current Strategy and Outlook: Looking ahead, we believe the knock-on effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
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Portfolio Managers’ Report | Voya Balanced Portfolio |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | ||||||||||||||||||||
Class I | 6.22% | 9.67% | 5.11% | |||||||||||||||||||
Class S | 5.99% | 9.40% | 4.84% | |||||||||||||||||||
S&P Target Risk Growth Index | 6.56% | 9.41% | 6.12% | |||||||||||||||||||
Barclays U.S. Aggregate Bond Index | 5.97% | 4.45% | 4.71% | |||||||||||||||||||
MSCI EAFE® Index | -4.90% | 5.33% | 4.43% | |||||||||||||||||||
Russell 3000® Index | 12.56% | 15.63% | 7.94% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Balanced Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a
variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
5 |
Voya Global Value Advantage Portfolio | Portfolio Managers’ Report |
Sector Diversification as of December 31, 2014 (as a percentage of net assets) | |||||
Financials | 19.2% | ||||
Consumer Discretionary | 14.4% | ||||
Information Technology | 12.1% | ||||
Health Care | 12.0% | ||||
Industrials | 11.7% | ||||
Consumer Staples | 9.8% | ||||
Energy | 6.3% | ||||
Telecommunication Services | 5.0% | ||||
Materials | 4.6% | ||||
Utilities | 3.1% | ||||
Assets in Excess of Other Liabilities* | 1.8% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. | |||||
Voya Global Value Advantage Portfolio (the “Portfolio”) seeks long-term growth of capital and current income. The Portfolio is managed by Vincent Costa, CFA, Christopher Corapi, Martin Jansen, James Ying, CFA, and David Rabinowitz, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance: For the year ended December 31, 2014, the Portfolio’s Class S shares provided a total return of 4.87% compared to the the MSCI All Country World IndexSM (“MSCI ACW Index”), which returned 4.16% for the same period.
Portfolio Specifics: The Portfolio’s outperformance was primarily driven by security selection. From a regional perspective, security selection was generally favorable, except for a small loss in the Asia Pacific ex-Japan region. Strong security selection within consumer discretionary and telecommunications services added value, particularly overweights in Brinker International, Inc., Home Depot, Inc., Orange SA and Spark New Zealand Limited. Conversely, security selection was the weakest in financials and health care. Within financials, overweight positions in Agile Property Holdings Limited and Mizuho Financial Group, Inc. detracted the most from performance. Within health care, overweight positions in Amgen, Inc. and Allergan, Inc. also detracted from performance.
Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | |||||
Microsoft Corp. | 3.1% | ||||
Apple, Inc. | 3.0% | ||||
Novartis AG | 2.2% | ||||
Toyota Motor Corp. | 2.2% | ||||
Roche Holding AG - Genusschein | 1.9% | ||||
Total S.A. | 1.9% | ||||
Nike, Inc. | 1.9% | ||||
Cisco Systems, Inc. | 1.9% | ||||
Wells Fargo & Co. | 1.8% | ||||
Brinker International, Inc. | 1.7% | ||||
* Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. | |||||
Current Strategy and Outlook: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. The teetering euro zone economy suggests the European Central Bank may ease interest rates further in the first half of 2015.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
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Portfolio Managers’ Report | Voya Global Value Advantage Portfolio |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||||||||||||||
1 Year | 5 Year | Since Inception of Classes ADV and S January 28, 2008 | ||||||||||||||||||||
Class ADV | 4.65% | 6.67% | 1.43% | |||||||||||||||||||
Class S | 4.87% | 6.90% | 1.69% | |||||||||||||||||||
MSCI ACW Index | 4.16% | 9.17% | 4.24% | |||||||||||||||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Global Value Advantage Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a
variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
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Voya Growth and Income Portfolio | Portfolio Managers’ Report |
Sector Diversification as of December 31, 2014 (as a percentage of net assets) | |||||
Information Technology | 20.3% | ||||
Financials | 17.7% | ||||
Health Care | 15.5% | ||||
Consumer Discretionary | 12.4% | ||||
Consumer Staples | 9.7% | ||||
Industrials | 8.1% | ||||
Energy | 7.2% | ||||
Materials | 3.0% | ||||
Utilities | 2.4% | ||||
Telecommunication Services | 1.4% | ||||
Assets in Excess of Other Liabilities* | 2.3% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. | |||||
Voya Growth and Income Portfolio (the “Portfolio”) seeks to maximize total return through investments in a diversified portfolio of common stocks and securities convertible into common stock. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return. The Portfolio is managed by Vincent Costa, CFA, and Christopher F. Corapi, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.*
Performance: For the year ended December 31, 2014, the Portfolio’s Class I shares provided a total return of 10.72% compared to the S&P 500® Index, which returned 13.69% for the same period.
Portfolio Specifics: Stock selection within the financials and materials sectors was the largest detractor. In contrast, stock selection within the consumer discretionary and consumer staples sectors contributed to performance. Elsewhere, unfavorable sector allocation, including our allocation to cash, detracted from results during the reporting period.
Among the key detractors from performance were Fortescue Metals Group Ltd. (“Fortescue Metals”) and Noble Corp. Plc (“Noble Corp.”).
Owning non-benchmark company Fortescue Metals, an iron ore producer, detracted from performance as iron ore prices declined. The company’s semi-annual update during the reporting period provided encouraging operational results, with production, revenue and cost guidance ahead of analysts’ expectations. However, self-help improvements alone weren’t enough to overcome the steep decline in iron ore prices during the year. In addition, the stock was adversely impacted by extremely negative sentiment surrounding commodities in general. This was due to increasing concerns over emerging market demand and the significant rise in the U.S. dollar in 2014.
Our overweight position in oil and gas services provider Noble Corp. detracted from performance. On the back of weak oil and gas pricing, the company has highlighted weakness in Gulf of Mexico. Noble Corp. also announced a new contract in September 2014 with ultra-deepwater floater Danny Adkins, receiving much lower daily rates than prior contracts.
Among the key individual contributors to performance were Apple, Inc. (“Apple”) and Union Pacific Corp. (“Union Pacific”).
Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | |||||
Apple, Inc. | 5.2% | ||||
Microsoft Corp. | 3.8% | ||||
ExxonMobil Corp. | 2.9% | ||||
Cisco Systems, Inc. | 2.8% | ||||
Merck & Co., Inc. | 2.6% | ||||
Walt Disney Co. | 2.5% | ||||
Pfizer, Inc. | 2.5% | ||||
Procter & Gamble Co. | 2.4% | ||||
Wells Fargo & Co. | 2.2% | ||||
JPMorgan Chase & Co. | 2.1% | ||||
* Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. | |||||
An overweight position in Apple was the largest contributor to performance 2014. Its shares rallied following the release of the company’s March quarter results that beat consensus expectations due to stronger than expected iPhone sales. While guidance for the June quarter was a bit lighter than originally forecasted by analysts, this was expected and investors overwhelmingly focused their attention on the company’s decision to increase its share buyback program by $30 billion. Additionally, margin assumptions are rising, helping drive the price higher.
Owning non-benchmark company Union Pacific, a rail transportation company, contributed to performance. The company performed well throughout the year, as it met or slightly beat analysts’ expectations each quarter. In particular, Union Pacific continually posted high single digit revenue growth and sustainable margins. The company also benefited from trends in the more robust economies of the United States and Mexico (i.e. higher auto production rates, growing demand for hydraulic fracturing sand as well as strong crop yields). Furthermore, market share gains from the service issues of a competitor led to estimate upgrades for 2014, which also helped boost Union Pacific’s stock.
Current Strategy and Outlook: We believe that the U.S. economy has moved into a phase of self-sustaining, if slow, economic recovery. As we see continued modestly improving economic conditions, consensus expectations are that the U.S. Federal Reserve Board (the “Fed”) may begin to raise the federal funds rate as early as June 2015. The Fed will consider labor market conditions and inflation in its decision to move toward a normalized interest rate environment. We believe the strength of U.S. corporations remains intact, as evidenced by significant amounts of free cash flow and record high incremental margins. U.S. corporations are also actively returning capital to shareholders via dividend increases and share buybacks.
* | Effective May 1, 2014, Michael Pytosh was removed as a portfolio manager of the Portfolio. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class. |
8 |
Portfolio Managers’ Report | Voya Growth and Income Portfolio |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since Inception of Class ADV December 20, 2006 | Since Inception of Class S2 February 27, 2009 | ||||||||||||||||||||||||||||||
Class ADV | 10.19% | 13.24% | — | 5.98% | — | |||||||||||||||||||||||||||||
Class I | 10.72% | 13.77% | 7.46% | — | — | |||||||||||||||||||||||||||||
Class S | 10.44% | 13.48% | 7.19% | — | — | |||||||||||||||||||||||||||||
Class S2 | 10.24% | 13.11% | — | — | 19.46% | |||||||||||||||||||||||||||||
S&P 500® Index | 13.69% | 15.45% | 7.67% | 6.98% | 21.87% | |||||||||||||||||||||||||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Growth and Income Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a
variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
9 |
Voya Intermediate Bond Portfolio | Portfolio Managers’ Report |
Investment Type Allocation as of December 31, 2014 (as a percentage of net assets) | |||||
Corporate Bonds/Notes | 28.3% | ||||
U.S. Government Agency Obligations | 25.7% | ||||
Mutual Funds | 12.6% | ||||
Collateralized Mortgage Obligations | 12.4% | ||||
U.S. Treasury Obligations | 12.0% | ||||
Asset-Backed Securities | 10.3% | ||||
Foreign Government Bonds | 0.9% | ||||
Preferred Stock | 0.0% | ||||
Purchased Options | 0.0% | ||||
Liabilities in Excess of Other Assets* | (2.2)% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. | |||||
Intermediate Bond Portfolio (the “Portfolio”) seeks to maximize total return consistent with reasonable risk. The Portfolio seeks its objective through investments in a diversified portfolio consisting primarily of debt securities. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return. The Portfolio is managed by Christine Hurtsellers, CFA, and Matthew Toms, CFA, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance: For the year ended December 31, 2014, the Portfolio’s Class I shares provided a total return of 6.67% compared to the Barclays U.S. Aggregate Bond Index, which returned 5.97% for the same period.
Portfolio Specifics: Led by the United States, the global economy continued to move closer to recovery. The maximum global rate of asset purchases is behind us despite recent Bank of Japan (“BoJ”) decisions. The resulting liquidity will remain in the system for some time, but its impact has already been felt in the form of low rates and volatility. Despite accommodative central banks holding short-term rates low, rates on the long end of the yield curve have been depressed by demand. Continued yield hunger and central bank activity has driven G10 government rates to rich levels. The European Central Bank (“ECB”) and BoJ are locked into accommodative policy for the foreseeable future. However, the U.S. Federal Reserve Board (the “Fed”) continues to move in the opposite direction from other central banks. As Fed purchases ceased in October 2014 and communication began to moderate from uber-dovish to merely very dovish, they are becoming a net remover of accommodation. By the second half of the year, growth in the U.S. surprised to the upside. Fundamentals were much weaker for European and Japanese growth and global inflation pressures were very weak. Ten year U.S. Treasury rates fell 85 basis points (0.85%) in 2014 and the year ended with a sharp decline in oil prices and the related decline of inflation expectations. Collectively, this inspired a flight to quality bid for U.S. Treasury securities. The U.S. dollar’s rise and oil’s fall caused a meaningful correction in credit markets, a flattening of the yield curve and eventual contagion into equities. The post-Fed reversal of that weakness has also been meaningful in speed and magnitude. In particular, the U.S. central bank appears committed to beginning its patient normalization process in 2015 amidst a backdrop of continued improvement in labor markets and a perception that lower oil prices will provide consumers with a near-term dividend.
Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | |||||
United States Treasury Bond, 3.125%, 08/15/44 | 3.0% | ||||
Voya Emerging Markets Hard Currency Debt Fund - Class P | 2.8% | ||||
United States Treasury Note, 1.875%, 11/30/21 | 2.6% | ||||
Voya Investment Grade Credit Fund - Class P | 2.4% | ||||
Voya Securitized Credit Fund - Class P | 2.2% | ||||
Voya High Yield Bond Fund - Class P | 2.1% | ||||
United States Treasury Note, 1.500%, 11/30/19 | 2.0% | ||||
Fannie Mae, 3.000%, 11/25/42 | 1.6% | ||||
United States Treasury Note, 2.250%, 11/15/24 | 1.6% | ||||
Voya Emerging Markets Corporate Debt Fund - Class P | 1.4% | ||||
* Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. | |||||
The Portfolio outperformed its benchmark due to favorable security selection and asset allocation. The Portfolio was overweight risk assets versus an underweight to Treasuries, as we preferred to take credit risk over interest rate risk. Our overweight to the securitized sectors, primarily non-agency mortgages benefited the Portfolio. Security selection results were also positive for securitized holdings, in particular commercial mortgage-backed securities and asset-backed securities. Demand for commercial real estate loans remained robust and lending standards eased further as the housing market continued to recover, albeit at a slower pace.
Duration positioning was kept slightly short relative to the benchmark, as we expected higher U.S. interest rates as the first Fed rate hike drew closer. This positioning detracted from performance. Our view was that rates would not spike up but gradually grind higher. The move would be restrained by the central bank’s reluctance to act prematurely, U.S. dollar strength and a domestic yield that handily eclipsed that of global alternatives like German bunds and Japanese government bonds. We remain negative on interest rate risk, as we believe valuations are already rich and the maximum rate of global asset purchases is now behind us.
Throughout the year, U.S. Treasury futures and swaps were used to manage duration. These holdings, along with cash bonds, led our duration and curve management to being a net modest negative over the reporting period. Currency forwards and cash bonds were used for currency management. Credit default swaps, when combined with cash bonds, contributed to returns during the year.
Current Strategy and Outlook: Going into the New Year, our base case is that the U.S. will maintain a modest pace of growth, while global central banks continue to aggressively fight to improve their own near-term outlooks. We believe the U.S. economy continues to be the bright spot globally with unemployment numbers improving and third quarter gross domestic product surpassing expectations. As oil prices begin to find their footing, we expect better behavior by U.S. spread sectors in 2015. Therefore, we believe the recent sell-off of investment grade corporate bonds represents an attractive buying opportunity. The contrast in monetary policy between the U.S. and the other major economies is likely to become increasingly stark in 2015. In our view, the ECB appears likely to soon announce a new quantitative easing program that includes euro-denominated corporate or sovereign bonds. We continue to keep risk assets in the portfolio as we believe a steadier economic growth with an accommodative Fed will support spread assets.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
10 |
Portfolio Managers’ Report | Voya Intermediate Bond Portfolio |
Average Annual Total Returns for the Periods Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since Inception of Class ADV December 20, 2006 | Since Inception of Class S2 February 27, 2009 | |||||||||||||||||||||||||||||
Class ADV | 6.21% | 6.04% | — | 4.50% | — | ||||||||||||||||||||||||||||
Class I | 6.67% | 6.60% | 4.81% | — | — | ||||||||||||||||||||||||||||
Class S | 6.48% | 6.34% | 4.55% | — | — | ||||||||||||||||||||||||||||
Class S2 | 6.17% | 6.16% | — | — | 7.74% | ||||||||||||||||||||||||||||
Barclays U.S. Aggregate Bond Index | 5.97% | 4.45% | 4.71% | 4.99% | 5.06% | ||||||||||||||||||||||||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Intermediate Bond Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a
variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
11 |
Voya Money Market Portfolio | Portfolio Managers’ Report |
Investment Type Allocation as of December 31, 2014 (as a percentage of net assets) | |||||
Asset Backed Commercial Paper | 23.7% | ||||
Other Note | 18.5% | ||||
Financial Company Commercial Paper | 18.4% | ||||
Government Agency Debt | 14.4% | ||||
Treasury Debt | 10.3% | ||||
Certificates of Deposit | 9.4% | ||||
Other Instrument | 4.3% | ||||
Other Repurchase Agreement | 1.0% | ||||
Liabilities in Excess of Other Assets | — | ||||
Net Assets | 100.0% | ||||
Portfolio holdings are subject to change daily. | |||||
Voya Money Market Portfolio (the “Portfolio”) seeks to provide high current return, consistent with preservation of capital and liquidity, through investment in high-quality money market instruments, while maintaining a stable share price of $1.00 per share. The Portfolio is managed by David S. Yealy, Portfolio Manager of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance: For the year ended December 31, 2014, the Portfolio’s Class I shares provided a total return of 0.02% compared to the iMoneyNet First Tier Retail Index, which returned 0.01% for the same period.
Portfolio Specifics: The major economic themes driving the markets during the one-year reporting period ended December 31, 2014 were a continuing weak U.S. economic recovery, a weakening global economy, an improving labor market but with significant slack and underemployment remaining, and inflation running below the long-term 2% target.
The first quarter of 2014 saw a continuation of the tapering of the quantitative easing with further reductions to the monthly purchases of agency mortgage-backed securities and longer-term U.S. Treasury securities, declines in the unemployment rate and overall modest economic growth. The Federal Open Market Committee (the “FOMC”) and new U.S. Federal Reserve Board (the “Fed”) Chairman Janet Yellen, who took over from Ben Bernanke during the quarter, did nothing to change the markets’ outlook for no change in the pace of tapering and a prolonged period before the FOMC would be expected to increase the federal funds rate.
The Fed continued to taper its quantitative easing measures — the ongoing monthly purchases of Treasury securities and mortgage backed securities — during the second and third quarters, and as expected, finished in October. The Fed is maintaining the reinvestment of principal and coupon payments for the near term. The FOMC anticipated the need to keep up the economic stimulus and expected inflation to remain at or below its comfort range. Therefore, they continued to project that the Federal funds rate would remain in the 0.00% to 0.25% range until sometime into the middle of 2015 or possibly into 2016, depending on future economic data. Yields on money market securities remained range-bound throughout the period at the extreme low end of their historical trading levels, thus offering very little income potential for money market funds and investors.
Preservation of capital, limiting credit risk and keeping an excess liquidity cushion remained our primary objectives for the Portfolio. Maximizing the yield and return of the Portfolio remained a secondary objective in light of current market conditions and risks, and the low absolute level of rates. The Portfolio continued to waive fees to maintain a 0.00% net yield, as did most of our competitors due to the historically low level of rates on money market securities. The Portfolio followed the strategy of taking on a limited amount of interest rate risk while maintaining reduced longer-term credit exposure.
Top Ten Holdings as of December 31, 2014 (as a percentage of net assets) | |||||
Federal Home Loan Bank Discount Notes, 0.096%, 02/06/15 | 8.5% | ||||
United States Treasury Bill, 0.073%, 05/28/15 | 6.0% | ||||
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%, 01/02/15 | 4.3% | ||||
United States Treasury Bill, 0.045%, 04/02/15 | 4.0% | ||||
Mitsubishi UFJ Trust and Banking NY, 0.173%, 01/02/15 | 3.5% | ||||
Thunder Bay Funding LLC, 0.187%, 01/16/15 | 3.4% | ||||
Sumitomo Mitsui Bank NY, 0.160%, 01/02/15 | 3.4% | ||||
Societe Generale, 0.183%, 02/02/15 | 2.8% | ||||
Wells Fargo Bank NA, 0.380%, 03/22/15 | 2.7% | ||||
Concord Minutemen Capital Co., 0.200%, 01/05/15 | 2.7% | ||||
Portfolio holdings are subject to change daily. | |||||
The Portfolio maintained on average a neutral to a slightly extended weighted average maturity (“WAM”) during the period, which helped it to outperform its peers on a gross-of-fees basis. Floating-rate, extendible securities purchased in previous periods added to performance as their stepped-up coupons provided incremental yield. The Portfolio maintained excess daily and weekly liquidity, primarily repurchase agreements (“repo”), U.S. Treasury bills (“T-bills”) and agency discount notes, which hurt the Portfolio’s performance. Repo yields averaged approximately six basis points due to the limited supply and excess demand during the period, and were constrained by the rate paid on the Fed reverse repo program. (A basis point equals one one-hundredth of one percent.)
Outlook and Current Strategy: We anticipate that the FOMC will maintain its target for the federal funds rate in the 0.00% to 0.25% range until at least the middle of 2015. They could further delay raising the rate if slow global growth continues to restrain domestic growth, inflation remains below the FOMC’s target or the improvement in labor conditions slows. Once the Fed does start tightening, we believe tools such as the Fed reverse repo facility will need to take on greater importance in maintaining short-term rates within the Fed’s target range; this is viewed as an important tool despite the concerns of Chairman Yellen and others on the committee that it not become too large. In our view, the initial $300 billion daily cap may be too small and lead to market dislocations at quarter-ends and eventually at month-ends. For the near term, we believe this should keep money market rates constrained in the very low trading range we have experienced over the last year or so, but longer-term money market rates should be expected to increase as we get closer to the start of the Fed tightening cycle.
Our current strategy for the Portfolio is to continue to focus on maintaining a neutral to a slightly extended WAM posture with somewhat limited credit risk. As we move forward and closer to the Fed tightening, however, we would expect to reduce our WAM to prepare for the coming rising rates by further limiting our longer-term purchases and marginally increasing our floating rate and very short-term holdings, which we started to do in the fourth quarter. We have already increased our floating-rate exposure to more than 20%, and therefore have limited room to increase significantly due to the increase in the weighted average life associated with floating-rate notes.Credit exposure and risk will remain limited but could be increased modestly as credit conditions continue their slow improvement, in particular as alternatives to repo and T-bills to meet short-term liquidity requirements.
Preservation of capital and liquidity remain our top objectives. We plan on maintaining reasonable daily liquidity and short-term liquidity to give the Portfolio flexibility to take advantage of any periods of temporary increases in yields, but not as high as in previous periods given the drag in yields from the low rates on repo and other lower risk short-term liquidity securities including U.S. Government securities.
The new money market reforms passed by the Securities and Exchange Commission on July 23, 2014 have not impacted our current investment strategy and portfolio structure. The Portfolio is required to comply with money market reform over the next 18 months to two years.
* | Please see Note 5 for more information regarding the contractual waiver in place to reimburse certain expenses of the Portfolio to the extent necessary to assist the Portfolio in maintaining a net yield of not less than 0.00%. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
12 |
Portfolio Managers’ Report | Voya Small Company Portfolio |
Sector Diversification as of December 31, 2014 (as a percentage of net assets) | |||||
Financials | 24.7% | ||||
Industrials | 18.7% | ||||
Information Technology | 16.9% | ||||
Consumer Discretionary | 14.2% | ||||
Health Care | 10.4% | ||||
Materials | 4.4% | ||||
Energy | 3.9% | ||||
Utilities | 2.4% | ||||
Consumer Staples | 2.1% | ||||
Exchange-Traded Funds | 0.5% | ||||
Assets in Excess of Other Liabilities* | 1.8% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. | |||||
Voya Small Company Portfolio (the “Portfolio”) seeks growth of capital primarily through investment in a diversified portfolio of common stocks of companies with smaller market capitalizations. The Portfolio is managed by Joseph Basset, CFA, Steve Salopek* and James Hasso, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub Adviser.
Performance: For the year ended December 31, 2014, the Portfolio’s Class I shares provided a total return of 6.54% compared to the Russell 2000® Index, which returned 4.89% for the same period.
Portfolio Specifics: Outperformance for the period was due to favorable stock selection. Our holdings in the capital goods and consumer services sectors contributed the most to performance. In contrast, stock selection in the retail sector and our underweight to the pharmaceuticals and biotechnology sector detracted the most from returns.
The main individual contributors to performance were InterMune, Inc. (“InterMune”) and EPL Oil & Gas, Inc. (“EPL Oil & Gas”).
Shares of InterMune, a biotechnology company focused on the research, development and commercializing of innovative therapies in pulmonology and orphan fibrotic diseases, outperformed for the period. During the first quarter, the company reported positive Phase 3 data involving a compound to treat a lung disease called idiopathic pulmonary fibrosis. Investors believed InterMune’s strong trial results would set the company up for Food and Drug Administration approval later this year. Furthermore, in August 2014, the company announced a definitive merger agreement under which Roche will acquire InterMune for $74 per share in an all-cash transaction.
Within the energy sector, our overweight to EPL Oil & Gas outperformed for the period in response to the announcement that it would be acquired by Energy XXI Ltd., an independent oil and natural gas exploration and production company, for $39/share in a 65% cash/35% stock deal. The purchase took place in June 2014.
Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | |||||
Qlik Technologies, Inc. | 1.1% | ||||
Blount International, Inc. | 1.1% | ||||
HB Fuller Co. | 1.1% | ||||
Cardtronics, Inc. | 1.1% | ||||
Watts Water Technologies, Inc. | 1.0% | ||||
Healthsouth Corp. | 1.0% | ||||
First American Financial Corp. | 1.0% | ||||
j2 Global, Inc. | 1.0% | ||||
South State Corp. | 1.0% | ||||
Heartland Express, Inc. | 1.0% | ||||
* Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. | |||||
Key detractors from performance were Energy XXI Ltd. and Key Energy Services, Inc.
Within the energy sector, our overweight positions in Energy XXI Ltd. and Key Energy Services, Inc. detracted the most from performance due to the overall weakness in the sector and declining oil prices.
Current Strategy and Outlook: We continue to monitor changes occurring globally, actions at central banks and overall economic data. Our portfolio positioning has not changed significantly. We seek to remain nimble and continue to focus on quality companies, such as those that, in our opinion, have strong managements, solid balance sheets and good cash flow generation capabilities. Going forward, we believe the portfolio is well positioned, as we think that investors will continue to focus on companies’ fundamentals due to ongoing economic uncertainty.
* | Steve Salopek has decided to retire from Voya Investment Management Co. LLC effective June 30, 2015. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
13 |
Voya Small Company Portfolio | Portfolio Managers’ Report |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since Inception of Class ADV December 16, 2008 | Since Inception of Class S2 February 27, 2009 | ||||||||||||||||||||||||||||||
Class ADV | 6.00% | 14.74% | — | 17.33% | — | |||||||||||||||||||||||||||||
Class I | 6.54% | 15.31% | 9.35% | — | — | |||||||||||||||||||||||||||||
Class S | 6.26% | 15.02% | 9.05% | — | — | |||||||||||||||||||||||||||||
Class S2 | 6.11% | 14.85% | — | — | 21.87% | |||||||||||||||||||||||||||||
Russell 2000® Index | 4.89% | 15.55% | 7.77% | 17.96% | 23.06% | |||||||||||||||||||||||||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Small Company Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a
variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
14 |
Shareholder Expense Example (Unaudited)
As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2014 to December 31, 2014. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your annuity contract. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
Actual Portfolio Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning Account Value July 1, 2014 | Ending Account Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2014* | Beginning Account Value July 1, 2014 | Ending Account Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2014* | |||||||||||||||||||||||||
Voya Balanced Portfolio | ||||||||||||||||||||||||||||||||
Class I | $ | 1,000.00 | $ | 1,007.60 | 0.63 | % | $ | 3.19 | $ | 1,000.00 | $ | 1,022.03 | 0.63 | % | $ | 3.21 | ||||||||||||||||
Class S | 1,000.00 | 1,006.30 | 0.88 | 4.45 | 1,000.00 | 1,020.77 | 0.88 | 4.48 | ||||||||||||||||||||||||
Voya Global Value Advantage Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | 1,000.00 | 982.70 | 1.12 | 5.60 | 1,000.00 | 1,019.56 | 1.12 | 5.70 | ||||||||||||||||||||||||
Class S | 1,000.00 | 982.90 | 0.87 | 4.35 | 1,000.00 | 1,020.82 | 0.87 | 4.43 | ||||||||||||||||||||||||
Voya Growth and Income Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | 1,000.00 | 1,033.00 | 1.03 | 5.28 | 1,000.00 | 1,020.01 | 1.03 | 5.24 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,035.60 | 0.58 | 2.98 | 1,000.00 | 1,022.28 | 0.58 | 2.96 | ||||||||||||||||||||||||
Class S | 1,000.00 | 1,034.40 | 0.83 | 4.26 | 1,000.00 | 1,021.02 | 0.83 | 4.23 | ||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,033.40 | 0.98 | 5.02 | 1,000.00 | 1,020.27 | 0.98 | 4.99 | ||||||||||||||||||||||||
Voya Intermediate Bond Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | 1,000.00 | 1,013.40 | 0.97 | 4.92 | 1,000.00 | 1,020.32 | 0.97 | 4.94 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,015.80 | 0.47 | 2.39 | 1,000.00 | 1,022.84 | 0.47 | 2.40 | ||||||||||||||||||||||||
Class S | 1,000.00 | 1,015.20 | 0.72 | 3.66 | 1,000.00 | 1,021.58 | 0.72 | 3.67 | ||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,013.80 | 0.87 | 4.42 | 1,000.00 | 1,020.82 | 0.87 | 4.43 | ||||||||||||||||||||||||
Voya Money Market Portfolio | ||||||||||||||||||||||||||||||||
Class I | 1,000.00 | 1,000.00 | 0.19 | 0.96 | 1,000.00 | 1,024.25 | 0.19 | 0.97 | ||||||||||||||||||||||||
Class S | 1,000.00 | 1,000.00 | 0.19 | 0.96 | 1,000.00 | 1,024.25 | 0.19 | 0.97 | ||||||||||||||||||||||||
Voya Small Company Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | 1,000.00 | 1,024.60 | 1.34 | 6.84 | 1,000.00 | 1,018.45 | 1.34 | 6.82 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,027.40 | 0.84 | 4.29 | 1,000.00 | 1,020.97 | 0.84 | 4.28 | ||||||||||||||||||||||||
Class S | 1,000.00 | 1,026.10 | 1.09 | 5.57 | 1,000.00 | 1,019.71 | 1.09 | 5.55 | ||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,025.40 | 1.24 | 6.33 | 1,000.00 | 1,018.95 | 1.24 | 6.31 |
* | Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year. |
15 |
Report of Independent Registered Public Accounting Firm
The Shareholders and Board of Directors/Trustees
Voya Balanced Portfolio, Inc., Voya Variable Funds, Voya Variable Portfolios, Inc.,
Voya Intermediate Bond Portfolio, and Voya Money Market Portfolio
We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments of Voya Balanced Portfolio, a series of Voya Balanced Portfolio, Inc., Voya Growth and Income Portfolio, a series of Voya Variable Funds, Voya Global Value Advantage Portfolio and Voya Small Company Portfolio, each a series of Voya Variable Portfolios, Inc., and Voya Intermediate Bond Portfolio, and including the portfolio of investments of Voya Money Market Portfolio, as of December 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned portfolios as of December 31, 2014, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Boston, Massachusetts
February 24, 2015
16 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014
Voya Balanced Portfolio | Voya Global Value Advantage Portfolio | Voya Growth and Income Portfolio | ||||||||||
ASSETS: | ||||||||||||
Investments in securities at fair value+* | $ | 476,878,566 | $ | 166,704,087 | $ | 4,186,622,852 | ||||||
Investments in affiliates at fair value** | 1,113,245 | — | — | |||||||||
Short-term investments at fair value*** | 13,756,992 | 4,257,000 | 196,741,470 | |||||||||
Total investments at fair value | $ | 491,748,803 | $ | 170,961,087 | $ | 4,383,364,322 | ||||||
Cash | 19,320,318 | 334 | 443,368 | |||||||||
Cash collateral for futures | 2,736,852 | — | 3,319,367 | |||||||||
Cash pledged for centrally cleared swaps (Note 2) | 575,000 | — | — | |||||||||
Foreign currencies at value**** | 1,120,570 | 95,864 | — | |||||||||
Foreign cash collateral for futures***** | 419,542 | — | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 7,960,725 | — | — | |||||||||
Investment securities sold on a delayed-delivery or when-issued basis | 11,789,926 | — | — | |||||||||
Fund shares sold | 100,847 | 205,692 | 77,540 | |||||||||
Dividends | 457,805 | 294,785 | 8,295,921 | |||||||||
Interest | 1,001,621 | — | — | |||||||||
Foreign tax reclaims | 113,167 | 248,849 | 43,947 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 864,235 | — | — | |||||||||
Upfront payments paid on OTC swap agreements | 160,943 | — | — | |||||||||
Unrealized appreciation on OTC swap agreements | 47,406 | — | — | |||||||||
Prepaid expenses | 4,138 | 1,394 | 34,200 | |||||||||
Other assets | 127,180 | 8,932 | 522,162 | |||||||||
Total assets | 538,549,078 | 171,816,937 | 4,396,100,827 | |||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased | 7,057,924 | 1,876,751 | 80,144,052 | |||||||||
Payable for investment securities purchased on a delayed-delivery or when-issued basis | 13,188,764 | — | — | |||||||||
Payable for fund shares redeemed | 152,339 | — | 27,483,969 | |||||||||
Payable upon receipt of securities loaned | 4,181,077 | — | 1,027,284 | |||||||||
Unrealized depreciation on forward foreign currency contracts | 1,338,068 | — | — | |||||||||
Variation margin payable on centrally cleared swaps | 21,824 | — | — | |||||||||
Payable for investment management fees | 219,552 | 66,988 | 1,849,190 | |||||||||
Payable for administrative fees | 24,150 | 14,563 | 203,405 | |||||||||
Payable for distribution and shareholder service fees | 1,016 | 36,670 | 692,297 | |||||||||
Payable for directors fees | 2,664 | 888 | 22,042 | |||||||||
Payable to directors under the deferred compensation plan (Note 6) | 127,180 | 8,932 | 522,162 | |||||||||
Other accrued expenses and liabilities | 142,261 | 51,855 | 430,087 | |||||||||
Written options, at fair value^ | 82,460 | — | — | |||||||||
Total liabilities | 26,539,279 | 2,056,647 | 112,374,488 | |||||||||
NET ASSETS | $ | 512,009,799 | $ | 169,760,290 | $ | 4,283,726,339 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||
Paid-in capital | $ | 495,441,412 | $ | 175,749,229 | $ | 3,351,047,348 | ||||||
Undistributed net investment income | 9,875,019 | 3,983,197 | (508,154 | ) | ||||||||
Accumulated net realized loss | (28,742,631 | ) | (22,896,733 | ) | (125,530,817 | ) | ||||||
Net unrealized appreciation | 35,435,999 | 12,924,597 | 1,058,717,962 | |||||||||
NET ASSETS | $ | 512,009,799 | $ | 169,760,290 | $ | 4,283,726,339 | ||||||
____________ | ||||||||||||
+ Including securities loaned at value | $ | 4,073,689 | $ | — | $ | 998,140 | ||||||
* Cost of investments in securities | $ | 440,667,448 | $ | 153,744,966 | $ | 3,128,628,613 | ||||||
** Cost of investments in affiliates | $ | 1,132,753 | $ | — | $ | — | ||||||
*** Cost of short-term investments | $ | 13,756,992 | $ | 4,257,000 | $ | 196,741,470 | ||||||
**** Cost of foreign currencies | $ | 1,149,756 | $ | 106,320 | $ | — | ||||||
***** Cost of foreign cash collateral for futures | $ | 419,543 | $ | — | $ | — | ||||||
^ Premiums received on written options | $ | 85,907 | $ | — | $ | — |
See Accompanying Notes to Financial Statements
17 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014 (continued)
Voya Balanced Portfolio | Voya Global Value Advantage Portfolio | Voya Growth and Income Portfolio | ||||||||||
Class ADV | ||||||||||||
Net assets | n/a | $ | 1,278,591 | $ | 1,348,686,809 | |||||||
Shares authorized | n/a | 100,000,000 | unlimited | |||||||||
Par value | n/a | $ | 0.001 | $ | 1.000 | |||||||
Shares outstanding | n/a | 140,405 | 44,534,105 | |||||||||
Net asset value and redemption price per share | n/a | $ | 9.11 | $ | 30.28 | |||||||
Class I | ||||||||||||
Net assets | $ | 507,212,581 | n/a | $ | 2,140,398,123 | |||||||
Shares authorized | 500,000,000 | n/a | unlimited | |||||||||
Par value | $ | 0.001 | n/a | $ | 1.000 | |||||||
Shares outstanding | 34,643,223 | n/a | 69,889,023 | |||||||||
Net asset value and redemption price per share | $ | 14.64 | n/a | $ | 30.63 | |||||||
Class S | ||||||||||||
Net assets | $ | 4,797,218 | $ | 168,481,699 | $ | 794,327,043 | ||||||
Shares authorized | 500,000,000 | 100,000,000 | unlimited | |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 1.000 | ||||||
Shares outstanding | 329,773 | 18,308,728 | 26,209,385 | |||||||||
Net asset value and redemption price per share | $ | 14.55 | $ | 9.20 | $ | 30.31 | ||||||
Class S2 | ||||||||||||
Net assets | n/a | n/a | $ | 314,364 | ||||||||
Shares authorized | n/a | n/a | unlimited | |||||||||
Par value | n/a | n/a | $ | 1.000 | ||||||||
Shares outstanding | n/a | n/a | 10,439 | |||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 30.11 |
See Accompanying Notes to Financial Statements
18 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014
Voya Intermediate Bond Portfolio | Voya Money Market Portfolio | Voya Small Company Portfolio | ||||||||||
ASSETS: | ||||||||||||
Investments in securities at fair value+* | $ | 4,155,741,853 | $ | — | $ | 630,454,436 | ||||||
Investments in affiliates at fair value** | 583,154,016 | — | — | |||||||||
Short-term investments at fair value*** | 214,470,585 | — | 19,024,206 | |||||||||
Total investments at fair value | $ | 4,953,366,454 | $ | — | $ | 649,478,642 | ||||||
Short-term investments at amortized cost | 1,999,200 | 617,140,866 | — | |||||||||
Cash | 2,859,731 | 610 | 543 | |||||||||
Cash collateral for futures | 2,954,741 | — | — | |||||||||
Cash pledged for centrally cleared swaps (Note 2) | 3,642,000 | — | — | |||||||||
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2) | 1,561,361 | — | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 3,890,650 | — | 2,049,867 | |||||||||
Investment securities sold on a delayed-delivery or when-issued basis | 788,249,135 | — | — | |||||||||
Fund shares sold | 534,322 | 79,482 | 39,843 | |||||||||
Dividends | 976,814 | 239 | 904,179 | |||||||||
Interest | 26,490,628 | 423,309 | — | |||||||||
Foreign tax reclaims | — | — | 12,824 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 677,928 | — | — | |||||||||
Upfront payments paid on OTC swap agreements | 8,278,577 | — | — | |||||||||
Unrealized appreciation on OTC swap agreements | 2,438,471 | — | — | |||||||||
Variation margin receivable on centrally cleared swaps | 84,548 | — | — | |||||||||
Prepaid expenses | 37,250 | 5,312 | 4,865 | |||||||||
Other assets | 331,234 | 193,504 | 51,576 | |||||||||
Total assets | 5,798,373,044 | 617,843,322 | 652,542,339 | |||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased | 37,338,827 | — | 1,546,821 | |||||||||
Payable for investment securities purchased on a delayed-delivery or when-issued basis | 972,886,020 | — | — | |||||||||
Payable for fund shares redeemed | 1,293,293 | 613,529 | 2,663,578 | |||||||||
Payable upon receipt of securities loaned | 135,279,785 | — | 5,910,206 | |||||||||
Unrealized depreciation on forward foreign currency contracts | 956,050 | — | — | |||||||||
Cash received as collateral for OTC derivatives (Note 2) | 10,658,000 | — | — | |||||||||
Cash received as collateral for delayed-delivery or when-issued securities (Note 2) | 3,145,000 | — | — | |||||||||
Payable for investment management fees | 1,564,212 | 133,406 | 407,920 | |||||||||
Payable for administrative fees | 216,558 | 29,349 | 29,913 | |||||||||
Payable for distribution and shareholder service fees | 822,932 | 13 | 26,841 | |||||||||
Payable for directors fees | 20,792 | 3,459 | 3,337 | |||||||||
Payable to directors under the deferred compensation plan (Note 6) | 331,234 | 193,504 | 51,576 | |||||||||
Other accrued expenses and liabilities | 299,570 | 19,217 | 69,173 | |||||||||
Total liabilities | 1,164,812,273 | 992,477 | 10,709,365 | |||||||||
NET ASSETS | $ | 4,633,560,771 | $ | 616,850,845 | $ | 641,832,974 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||
Paid-in capital | $ | 4,721,837,908 | $ | 616,924,776 | $ | 425,262,486 | ||||||
Undistributed (distributions in excess of) net investment income | 5,199,732 | (139,822 | ) | 2,737,334 | ||||||||
Accumulated net realized gain (loss) | (157,076,425 | ) | 65,891 | 82,120,333 | ||||||||
Net unrealized appreciation | 63,599,556 | — | 131,712,821 | |||||||||
NET ASSETS | $ | 4,633,560,771 | $ | 616,850,845 | $ | 641,832,974 | ||||||
___________ | ||||||||||||
+ Including securities loaned at value | $ | 132,350,460 | $ | — | $ | 5,774,629 | ||||||
* Cost of investments in securities | $ | 4,068,717,807 | $ | — | $ | 498,741,615 | ||||||
** Cost of investments in affiliates | $ | 605,934,451 | $ | — | $ | — | ||||||
*** Cost of short-term investments | $ | 214,470,585 | $ | — | $ | 19,024,206 |
See Accompanying Notes to Financial Statements
19 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014 (continued)
Voya Intermediate Bond Portfolio | Voya Money Market Portfolio | Voya Small Company Portfolio | ||||||||||
Class ADV | ||||||||||||
Net assets | $ | 191,894,934 | n/a | $ | 5,860,537 | |||||||
Shares authorized | unlimited | n/a | 100,000,000 | |||||||||
Par value | $ | 1.000 | n/a | $ | 0.001 | |||||||
Shares outstanding | 14,985,439 | n/a | 260,595 | |||||||||
Net asset value and redemption price per share | $ | 12.81 | n/a | $ | 22.49 | |||||||
Class I | ||||||||||||
Net assets | $ | 958,411,858 | $ | 616,744,822 | $ | 520,297,545 | ||||||
Shares authorized | unlimited | unlimited | 100,000,000 | |||||||||
Par value | $ | 1.000 | $ | 1.000 | $ | 0.001 | ||||||
Shares outstanding | 74,283,296 | 616,560,612 | 22,379,487 | |||||||||
Net asset value and redemption price per share | $ | 12.90 | $ | 1.00 | $ | 23.25 | ||||||
Class S | ||||||||||||
Net assets | $ | 3,477,973,385 | $ | 106,023 | $ | 115,634,546 | ||||||
Shares authorized | unlimited | unlimited | 100,000,000 | |||||||||
Par value | $ | 1.000 | $ | 1.000 | $ | 0.001 | ||||||
Shares outstanding | 271,146,288 | 105,993 | 5,062,711 | |||||||||
Net asset value and redemption price per share | $ | 12.83 | $ | 1.00 | $ | 22.84 | ||||||
Class S2 | ||||||||||||
Net assets | $ | 5,280,594 | n/a | $ | 40,346 | |||||||
Shares authorized | unlimited | n/a | 100,000,000 | |||||||||
Par value | $ | 1.000 | n/a | $ | 0.001 | |||||||
Shares outstanding | 412,720 | n/a | 1,782 | |||||||||
Net asset value and redemption price per share | $ | 12.79 | n/a | $ | 22.64 |
See Accompanying Notes to Financial Statements
20 |
STATEMENTS OF OPERATIONS For the Year ended December 31, 2014
Voya Balanced Portfolio | Voya Global Value Advantage Portfolio | Voya Growth and Income Portfolio | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends, net of foreign taxes withheld* | $ | 10,085,711 | $ | 5,537,907 | $ | 111,426,290 | ||||||
Interest | 4,782,136 | — | 4,850 | |||||||||
Dividends from affiliated funds | 7,821 | — | — | |||||||||
Securities lending income, net | 87,528 | 68,325 | 7,006 | |||||||||
Total investment income | 14,963,196 | 5,606,232 | 111,438,146 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 2,663,619 | 817,030 | 22,042,309 | |||||||||
Distribution and shareholder service fees: | ||||||||||||
Class ADV | — | 6,513 | 6,991,581 | |||||||||
Class S | 13,253 | 440,782 | 2,078,419 | |||||||||
Class S2 | — | — | 3,579 | |||||||||
Transfer agent fees | 652 | 160 | 10,148 | |||||||||
Administrative service fees | 292,989 | 177,614 | 2,424,580 | |||||||||
Shareholder reporting expense | 64,090 | 9,480 | 277,826 | |||||||||
Professional fees | 60,795 | 41,745 | 258,752 | |||||||||
Custody and accounting expense | 221,027 | 47,960 | 426,163 | |||||||||
Directors fees | 15,982 | 5,328 | 132,254 | |||||||||
Miscellaneous expense | 17,212 | 9,199 | 151,419 | |||||||||
Interest expense | 1,124 | 287 | 161 | |||||||||
Total expenses | 3,350,743 | 1,556,098 | 34,797,191 | |||||||||
Net waived and reimbursed fees | — | — | (699,890 | ) | ||||||||
Net expenses | 3,350,743 | 1,556,098 | 34,097,301 | |||||||||
Net investment income | 11,612,453 | 4,050,134 | 77,340,845 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 36,053,761 | 11,200,725 | 523,982,118 | |||||||||
Foreign currency related transactions | (2,227,186 | ) | (47,293 | ) | (39,943 | ) | ||||||
Futures | 2,265,760 | 112,953 | 2,905,720 | |||||||||
Swaps | (26,226 | ) | — | — | ||||||||
Written options | 301,153 | — | — | |||||||||
Net realized gain | 36,367,262 | 11,266,385 | 526,847,895 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (15,047,089 | ) | (6,753,477 | ) | (163,886,402 | ) | ||||||
Affiliated underlying funds | (19,508 | ) | — | — | ||||||||
Foreign currency related transactions | (400,672 | ) | (41,905 | ) | (5,033 | ) | ||||||
Futures | (244,790 | ) | (10,202 | ) | (1,054,875 | ) | ||||||
Swaps | (7,921 | ) | — | — | ||||||||
Written options | 3,447 | — | — | |||||||||
Net change in unrealized appreciation (depreciation) | (15,716,533 | ) | (6,805,584 | ) | (164,946,310 | ) | ||||||
Net realized and unrealized gain | 20,650,729 | 4,460,801 | 361,901,585 | |||||||||
Increase in net assets resulting from operations | $ | 32,263,182 | $ | 8,510,935 | $ | 439,242,430 | ||||||
* Foreign taxes withheld | $ | 193,091 | $ | 306,788 | $ | 316,359 |
See Accompanying Notes to Financial Statements
21 |
STATEMENTS OF OPERATIONS For the Year ended December 31, 2014
Voya Intermediate Bond Portfolio | Voya Money Market Portfolio | Voya Small Company Portfolio | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends, net of foreign taxes withheld* | $ | — | $ | 4,161 | $ | 7,284,573 | ||||||
Interest, net of foreign taxes withheld* | 142,238,620 | 1,303,070 | 11 | |||||||||
Dividends from affiliated funds | 20,890,635 | — | — | |||||||||
Securities lending income, net | 468,891 | — | 497,170 | |||||||||
Total investment income | 163,598,146 | 1,307,231 | 7,781,754 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 16,515,032 | 1,728,729 | 5,005,990 | |||||||||
Distribution and shareholder service fees: | ||||||||||||
Class ADV | 787,676 | — | 32,778 | |||||||||
Class S | 7,685,065 | 269 | 288,324 | |||||||||
Class S2 | 14,612 | — | 175 | |||||||||
Transfer agent fees | 9,139 | 634 | 1,161 | |||||||||
Administrative service fees | 2,287,047 | 380,309 | 367,095 | |||||||||
Shareholder reporting expense | 221,735 | 62,520 | 54,818 | |||||||||
Professional fees | 159,832 | 54,074 | 56,664 | |||||||||
Custody and accounting expense | 308,888 | 78,144 | 70,740 | |||||||||
Directors fees | 124,752 | 20,757 | 20,024 | |||||||||
Miscellaneous expense | 48,182 | 23,632 | 20,133 | |||||||||
Interest expense | 605 | 1,777 | 158 | |||||||||
Total expenses | 28,162,565 | 2,350,845 | 5,918,060 | |||||||||
Net waived and reimbursed fees | (2,922 | ) | (1,043,614 | ) | (35 | ) | ||||||
Net expenses | 28,159,643 | 1,307,231 | 5,918,025 | |||||||||
Net investment income | 135,438,503 | — | 1,863,729 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 106,748,513 | 65,891 | 94,017,009 | |||||||||
Capital gain distributions from affiliated underlying funds | 245,056 | — | — | |||||||||
Foreign currency related transactions | 4,736,121 | — | — | |||||||||
Futures | (20,141,174 | ) | — | — | ||||||||
Swaps | (4,368,580 | ) | — | — | ||||||||
Net realized gain | 87,219,936 | 65,891 | 94,017,009 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 24,405,526 | — | (55,993,316 | ) | ||||||||
Affiliated underlying funds | (5,657,121 | ) | — | — | ||||||||
Foreign currency related transactions | (191,046 | ) | — | — | ||||||||
Futures | 3,491,021 | — | — | |||||||||
Swaps | (2,354,876 | ) | — | — | ||||||||
Net change in unrealized appreciation (depreciation) | 19,693,504 | — | (55,993,316 | ) | ||||||||
Net realized and unrealized gain | 106,913,440 | 65,891 | 38,023,693 | |||||||||
Increase in net assets resulting from operations | $ | 242,351,943 | $ | 65,891 | $ | 39,887,422 | ||||||
* Foreign taxes withheld | $ | — | $ | 615 | $ | 472 |
See Accompanying Notes to Financial Statements
22 |
STATEMENTS OF CHANGES IN NET ASSETS
Voya Balanced Portfolio | Voya Global Value Advantage Portfolio | |||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 11,612,453 | $ | 11,440,870 | $ | 4,050,134 | $ | 5,303,700 | ||||||||
Net realized gain | 36,367,262 | 46,953,111 | 11,266,385 | 18,746,529 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (15,716,533 | ) | 24,211,359 | (6,805,584 | ) | (1,179,605 | ) | |||||||||
Increase in net assets resulting from operations | 32,263,182 | 82,605,340 | 8,510,935 | 22,870,624 | ||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class ADV | — | — | (34,754 | ) | (45,612 | ) | ||||||||||
Class I | (8,604,651 | ) | (11,524,626 | ) | — | — | ||||||||||
Class S | (78,141 | ) | (108,216 | ) | (5,096,647 | ) | (6,360,001 | ) | ||||||||
Total distributions | (8,682,792 | ) | (11,632,842 | ) | (5,131,401 | ) | (6,405,613 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 7,209,160 | 7,587,067 | 7,948,827 | 7,314,087 | ||||||||||||
Reinvestment of distributions | 8,682,792 | 11,632,842 | 5,131,401 | 6,405,613 | ||||||||||||
15,891,952 | 19,219,909 | 13,080,228 | 13,719,700 | |||||||||||||
Cost of shares redeemed | (71,405,477 | ) | (72,065,977 | ) | (27,339,058 | ) | (31,238,818 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (55,513,525 | ) | (52,846,068 | ) | (14,258,830 | ) | (17,519,118 | ) | ||||||||
Net increase (decrease) in net assets | (31,933,135 | ) | 18,126,430 | (10,879,296 | ) | (1,054,107 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 543,942,934 | 525,816,504 | 180,639,586 | 181,693,693 | ||||||||||||
End of year or period | $ | 512,009,799 | $ | 543,942,934 | $ | 169,760,290 | $ | 180,639,586 | ||||||||
Undistributed net investment income at end of year or period | $ | 9,875,019 | $ | 8,592,107 | $ | 3,983,197 | $ | 5,125,253 |
See Accompanying Notes to Financial Statements
23 |
STATEMENTS OF CHANGES IN NET ASSETS
Voya Growth and Income Portfolio | Voya Intermediate Bond Portfolio | |||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 77,340,845 | $ | 45,528,943 | $ | 135,438,503 | $ | 72,896,535 | ||||||||
Net realized gain | 526,847,895 | 512,899,626 | 87,219,936 | 2,300,794 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (164,946,310 | ) | 575,909,874 | 19,693,504 | (81,070,201 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | 439,242,430 | 1,134,338,443 | 242,351,943 | (5,872,872 | ) | |||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class ADV | (20,253,935 | ) | (11,891,951 | ) | (5,558,145 | ) | (1,083,732 | ) | ||||||||
Class I | (41,711,859 | ) | (26,741,182 | ) | (31,200,782 | ) | (29,108,399 | ) | ||||||||
Class S | (13,490,161 | ) | (8,705,057 | ) | (106,574,035 | ) | (35,876,256 | ) | ||||||||
Class S2 | (3,255 | ) | (10,811 | ) | (161,042 | ) | (50,560 | ) | ||||||||
Net realized gains: | ||||||||||||||||
Class ADV | (149,931,317 | ) | — | — | — | |||||||||||
Class I | (235,869,791 | ) | — | — | — | |||||||||||
Class S | (87,990,084 | ) | — | — | — | |||||||||||
Class S2 | (34,844 | ) | — | — | — | |||||||||||
Total distributions | (549,285,246 | ) | (47,349,001 | ) | (143,494,004 | ) | (66,118,947 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 46,421,375 | 87,000,910 | 215,719,028 | 141,538,526 | ||||||||||||
Proceeds from shares issued in merger (Note 14) | — | 270,921,112 | 2,882,928,925 | — | ||||||||||||
Reinvestment of distributions | 548,990,972 | 47,326,587 | 143,483,422 | 66,105,078 | ||||||||||||
595,412,347 | 405,248,609 | 3,242,131,375 | 207,643,604 | |||||||||||||
Cost of shares redeemed | (692,572,215 | ) | (891,753,358 | ) | (733,223,928 | ) | (368,540,853 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (97,159,868 | ) | (486,504,749 | ) | 2,508,907,447 | (160,897,249 | ) | |||||||||
Net increase (decrease) in net assets | (207,202,684 | ) | 600,484,693 | 2,607,765,386 | (232,889,068 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 4,490,929,023 | 3,890,444,330 | 2,025,795,385 | 2,258,684,453 | ||||||||||||
End of year or period | $ | 4,283,726,339 | $ | 4,490,929,023 | $ | 4,633,560,771 | $ | 2,025,795,385 | ||||||||
Undistributed (distributions in excess of) net investment income at end of year or period | $ | (508,154 | ) | $ | (1,512,035 | ) | $ | 5,199,732 | $ | 2,598,958 |
See Accompanying Notes to Financial Statements
24 |
STATEMENTS OF CHANGES IN NET ASSETS
Voya Money Market Portfolio | Voya Small Company Portfolio | |||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | — | $ | — | $ | 1,863,729 | $ | 2,110,998 | ||||||||
Net realized gain | 65,891 | 107,849 | 94,017,009 | 79,092,778 | ||||||||||||
Net change in unrealized appreciation (depreciation) | — | — | (55,993,316 | ) | 126,299,108 | |||||||||||
Increase in net assets resulting from operations | 65,891 | 107,849 | 39,887,422 | 207,502,884 | ||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | — | — | — | — | ||||||||||||
Net investment income: | ||||||||||||||||
Class ADV | — | — | — | (4,517 | ) | |||||||||||
Class I | — | — | (1,995,917 | ) | (2,661,798 | ) | ||||||||||
Class S | — | — | (116,064 | ) | (323,038 | ) | ||||||||||
Class S2 | — | — | — | (435 | ) | |||||||||||
Net realized gains: | ||||||||||||||||
Class ADV | — | — | (780,154 | ) | (561,010 | ) | ||||||||||
Class I | (109,900 | ) | (160,387 | ) | (61,891,884 | ) | (41,429,239 | ) | ||||||||
Class S | (16 | ) | (24 | ) | (13,010,836 | ) | (9,277,948 | ) | ||||||||
Class S2 | — | — | (3,725 | ) | (20,332 | ) | ||||||||||
Total distributions | (109,916 | ) | (160,411 | ) | (77,798,580 | ) | (54,278,317 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 70,333,921 | 97,970,752 | 60,263,113 | 70,836,881 | ||||||||||||
Reinvestment of distributions | 109,916 | 160,411 | 77,798,580 | 54,278,317 | ||||||||||||
70,443,837 | 98,131,163 | 138,061,693 | 125,115,198 | |||||||||||||
Cost of shares redeemed | (222,207,656 | ) | (305,023,492 | ) | (164,207,275 | ) | (152,172,113 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (151,763,819 | ) | (206,892,329 | ) | (26,145,582 | ) | (27,056,915 | ) | ||||||||
Net increase (decrease) in net assets | (151,807,844 | ) | (206,944,891 | ) | (64,056,740 | ) | 126,167,652 | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 768,658,689 | 975,603,580 | 705,889,714 | 579,722,062 | ||||||||||||
End of year or period | $ | 616,850,845 | $ | 768,658,689 | $ | 641,832,974 | $ | 705,889,714 | ||||||||
Undistributed (distributions in excess of) net investment income at end of year or period | $ | (139,822 | ) | $ | (137,755 | ) | $ | 2,737,334 | $ | 2,066,500 |
See Accompanying Notes to Financial Statements
25 |
Selected data for a share of beneficial interest outstanding throughout each year or period.
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions(2) (3)(4) | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | Expense net of all reductions/ additions(2) (3)(4) | Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Balanced Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 14.01 | 0.31 | • | 0.55 | 0.86 | 0.23 | — | — | 0.23 | — | 14.64 | 6.22 | 0.63 | 0.63 | 0.63 | 2.18 | 507,213 | 192 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.27 | 0.28 | • | 1.74 | 2.02 | 0.28 | — | — | 0.28 | — | 14.01 | 16.71 | 0.64 | 0.64 | 0.64 | 2.13 | 538,114 | 210 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.13 | 0.30 | • | 1.20 | 1.50 | 0.36 | — | — | 0.36 | — | 12.27 | 13.64 | 0.64 | 0.64 | 0.64 | 2.57 | 520,249 | 234 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.58 | 0.29 | • | (0.43 | ) | (0.14 | ) | 0.31 | — | — | 0.31 | — | 11.13 | (1.40 | ) | 0.65 | 0.65 | 0.65 | 2.51 | 524,887 | 259 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 10.42 | 0.27 | • | 1.19 | 1.46 | 0.30 | — | — | 0.30 | — | 11.58 | 14.22 | 0.62 | 0.62 | † | 0.62 | † | 2.47 | † | 614,261 | 328 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 13.92 | 0.28 | • | 0.55 | 0.83 | 0.20 | — | — | 0.20 | — | 14.55 | 5.99 | 0.88 | 0.88 | 0.88 | 1.94 | 4,797 | 192 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.20 | 0.24 | • | 1.73 | 1.97 | 0.25 | — | — | 0.25 | — | 13.92 | 16.33 | 0.89 | 0.89 | 0.89 | 1.88 | 5,829 | 210 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.05 | 0.27 | • | 1.21 | 1.48 | 0.33 | — | — | 0.33 | — | 12.20 | 13.49 | 0.89 | 0.89 | 0.89 | 2.32 | 5,567 | 234 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.50 | 0.26 | • | (0.43 | ) | (0.17 | ) | 0.28 | — | — | 0.28 | — | 11.05 | (1.66 | ) | 0.90 | 0.90 | 0.90 | 2.25 | 5,953 | 259 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 10.36 | 0.24 | 1.18 | 1.42 | 0.28 | — | — | 0.28 | — | 11.50 | 13.87 | 0.87 | 0.87 | † | 0.87 | † | 2.22 | † | 7,933 | 328 | ||||||||||||||||||||||||||||||||||||||||||||||||
Voya Global Value Advantage Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 8.94 | 0.19 | 0.22 | 0.41 | 0.24 | — | — | 0.24 | — | 9.11 | 4.65 | 1.12 | 1.12 | 1.12 | 2.03 | 1,279 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.15 | 0.23 | • | 0.85 | 1.08 | 0.29 | — | — | 0.29 | — | 8.94 | 13.46 | 1.27 | 1.28 | 1.28 | 2.70 | 1,312 | 122 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 7.38 | 0.25 | • | 0.81 | 1.06 | 0.29 | — | — | 0.29 | — | 8.15 | 14.74 | 1.33 | 1.34 | 1.34 | 3.25 | 1,485 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 7.93 | 0.27 | • | (0.56 | ) | (0.29 | ) | 0.26 | — | — | 0.26 | — | 7.38 | (4.18 | ) | 1.34 | 1.34 | 1.34 | 3.48 | 812 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 7.76 | 0.20 | • | 0.24 | 0.44 | 0.27 | — | — | 0.27 | — | 7.93 | 5.80 | 1.37 | 1.34 | † | 1.34 | † | 2.67 | † | 695 | 47 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 9.03 | 0.21 | • | 0.22 | 0.43 | 0.26 | — | — | 0.26 | — | 9.20 | 4.87 | 0.87 | 0.87 | 0.87 | 2.28 | 168,482 | 88 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.23 | 0.25 | • | 0.85 | 1.10 | 0.30 | — | — | 0.30 | — | 9.03 | 13.63 | 1.02 | 1.03 | 1.03 | 2.96 | 179,327 | 122 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 7.44 | 0.27 | • | 0.83 | 1.10 | 0.31 | — | — | 0.31 | — | 8.23 | 15.12 | 1.08 | 1.09 | 1.09 | 3.54 | 180,208 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 7.96 | 0.30 | • | (0.57 | ) | (0.27 | ) | 0.25 | — | — | 0.25 | — | 7.44 | (3.87 | ) | 1.09 | 1.09 | 1.09 | 3.76 | 173,576 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 7.77 | 0.24 | • | 0.20 | 0.44 | 0.25 | — | — | 0.25 | — | 7.96 | 5.86 | 1.12 | 1.09 | † | 1.09 | † | 3.23 | † | 206,216 | 47 | |||||||||||||||||||||||||||||||||||||||||||||||
Voya Growth and Income Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 31.36 | 0.49 | • | 2.77 | 3.26 | 0.52 | 3.82 | — | 4.34 | — | 30.28 | 10.19 | 1.08 | 1.03 | 1.03 | 1.49 | 1,348,687 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 24.31 | 0.22 | • | 7.09 | 7.31 | 0.26 | — | — | 0.26 | — | 31.36 | 30.07 | 1.09 | 1.04 | 1.04 | 0.80 | 1,441,995 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 21.39 | 0.29 | • | 2.97 | 3.26 | 0.34 | — | — | 0.34 | — | 24.31 | 15.24 | 1.09 | 1.04 | 1.04 | 1.23 | 1,251,577 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 21.74 | 0.22 | (0.38 | ) | (0.16 | ) | 0.19 | — | — | 0.19 | — | 21.39 | (0.72 | ) | 1.08 | 1.03 | 1.03 | 1.03 | 1,221,084 | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 19.31 | 0.15 | • | 2.47 | 2.62 | 0.19 | — | — | 0.19 | — | 21.74 | 13.55 | 1.10 | 1.10 | † | 1.10 | † | 0.77 | † | 6,037 | 117 | |||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 31.67 | 0.64 | • | 2.82 | 3.46 | 0.68 | 3.82 | — | 4.50 | — | 30.63 | 10.72 | 0.58 | 0.58 | 0.58 | 1.94 | 2,140,398 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 24.54 | 0.35 | • | 7.17 | 7.52 | 0.39 | — | — | 0.39 | — | 31.67 | 30.66 | 0.59 | 0.59 | 0.59 | 1.25 | 2,182,314 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 21.59 | 0.40 | • | 3.00 | 3.40 | 0.45 | — | — | 0.45 | — | 24.54 | 15.78 | 0.59 | 0.59 | 0.59 | 1.68 | 1,865,425 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 21.94 | 0.31 | • | (0.37 | ) | (0.06 | ) | 0.29 | — | — | 0.29 | — | 21.59 | (0.27 | ) | 0.58 | 0.58 | 0.58 | 1.39 | 1,873,712 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 19.42 | 0.22 | 2.53 | 2.75 | 0.23 | — | — | 0.23 | — | 21.94 | 14.14 | 0.60 | 0.60 | † | 0.60 | † | 1.12 | † | 2,253,794 | 117 |
See Accompanying Notes to Financial Statements
26 |
Financial Highlights (continued)
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions(2) (3)(4) | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | Expense 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 Growth and Income Portfolio (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 31.38 | 0.56 | • | 2.78 | 3.34 | 0.59 | 3.82 | — | 4.41 | — | 30.31 | 10.44 | 0.83 | 0.83 | 0.83 | 1.70 | 794,327 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 24.32 | 0.28 | • | 7.10 | 7.38 | 0.32 | — | — | 0.32 | — | 31.38 | 30.34 | 0.84 | 0.84 | 0.84 | 1.00 | 865,453 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 21.40 | 0.34 | • | 2.97 | 3.31 | 0.39 | — | — | 0.39 | — | 24.32 | 15.47 | 0.84 | 0.84 | 0.84 | 1.42 | 772,713 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 21.77 | 0.24 | • | (0.35 | ) | (0.11 | ) | 0.26 | — | — | 0.26 | — | 21.40 | (0.51 | ) | 0.83 | 0.83 | 0.83 | 1.13 | 795,131 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 19.28 | 0.18 | 2.48 | 2.66 | 0.17 | — | — | 0.17 | — | 21.77 | 13.81 | 0.85 | 0.85 | † | 0.85 | † | 0.87 | † | 480,529 | 117 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 31.05 | 0.54 | • | 2.70 | 3.24 | 0.36 | 3.82 | — | 4.18 | — | 30.11 | 10.24 | 1.08 | 0.98 | 0.98 | 1.68 | 314 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 24.08 | 0.22 | 7.04 | 7.26 | 0.29 | — | — | 0.29 | — | 31.05 | 30.17 | 1.09 | 0.99 | 0.99 | 0.85 | 1,167 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 21.23 | 0.35 | • | 2.90 | 3.25 | 0.40 | — | — | 0.40 | — | 24.08 | 15.30 | 1.09 | 0.99 | 0.99 | 1.47 | 728 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 21.52 | 0.41 | • | (0.54 | ) | (0.13 | ) | 0.16 | — | — | 0.16 | — | 21.23 | (0.59 | ) | 1.08 | 0.98 | 0.98 | 1.99 | 217 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 19.26 | 0.14 | 2.28 | 2.42 | 0.16 | — | — | 0.16 | — | 21.52 | 12.55 | 1.10 | 1.00 | † | 1.00 | † | 0.72 | † | 5 | 117 | ||||||||||||||||||||||||||||||||||||||||||||||||
Voya Intermediate Bond Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 12.42 | 0.38 | • | 0.39 | 0.77 | 0.38 | — | — | 0.38 | — | 12.81 | 6.21 | 0.97 | 0.97 | 0.97 | 2.97 | 191,895 | 428 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.88 | 0.39 | (0.47 | ) | (0.08 | ) | 0.38 | — | — | 0.38 | — | 12.42 | (0.62 | ) | 0.99 | 0.99 | 0.99 | 3.05 | 37,058 | 389 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 12.34 | 0.42 | • | 0.67 | 1.09 | 0.55 | — | — | 0.55 | — | 12.88 | 8.85 | 1.00 | 1.00 | 1.00 | 3.25 | 34,473 | 425 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.04 | 0.47 | • | 0.38 | 0.85 | 0.55 | — | — | 0.55 | — | 12.34 | 7.04 | 1.00 | 1.00 | 1.00 | 3.76 | 16,953 | 456 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 11.62 | 0.57 | • | 0.48 | 1.05 | 0.63 | — | — | 0.63 | — | 12.04 | 9.01 | 1.00 | 1.00 | † | 1.00 | † | 4.56 | † | 4,315 | 438 | |||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 12.50 | 0.44 | 0.39 | 0.83 | 0.43 | — | — | 0.43 | — | 12.90 | 6.67 | 0.47 | 0.47 | 0.47 | 3.46 | 958,412 | 428 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.96 | 0.45 | (0.47 | ) | (0.02 | ) | 0.44 | — | — | 0.44 | — | 12.50 | (0.12 | ) | 0.49 | 0.49 | 0.49 | 3.57 | 846,916 | 389 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 12.40 | 0.49 | • | 0.67 | 1.16 | 0.60 | — | — | 0.60 | — | 12.96 | 9.39 | 0.50 | 0.50 | 0.50 | 3.78 | 1,001,255 | 425 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.07 | 0.54 | • | 0.37 | 0.91 | 0.58 | — | — | 0.58 | — | 12.40 | 7.54 | 0.50 | 0.50 | 0.50 | 4.31 | 1,205,691 | 456 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 11.57 | 0.61 | • | 0.53 | 1.14 | 0.64 | — | — | 0.64 | — | 12.07 | 9.84 | 0.50 | 0.50 | † | 0.50 | † | 4.93 | † | 1,217,280 | 438 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 12.43 | 0.42 | • | 0.38 | 0.80 | 0.40 | — | — | 0.40 | — | 12.83 | 6.48 | 0.72 | 0.72 | 0.72 | 3.21 | 3,477,973 | 428 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.89 | 0.44 | (0.49 | ) | (0.05 | ) | 0.41 | — | — | 0.41 | — | 12.43 | (0.38 | ) | 0.74 | 0.74 | 0.74 | 3.31 | 1,140,317 | 389 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 12.34 | 0.45 | • | 0.67 | 1.12 | 0.57 | — | — | 0.57 | — | 12.89 | 9.08 | 0.75 | 0.75 | 0.75 | 3.52 | 1,221,680 | 425 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.01 | 0.51 | • | 0.37 | 0.88 | 0.55 | — | — | 0.55 | — | 12.34 | 7.30 | 0.75 | 0.75 | 0.75 | 4.09 | 1,247,149 | 456 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 11.52 | 0.57 | • | 0.52 | 1.09 | 0.60 | — | — | 0.60 | — | 12.01 | 9.51 | 0.75 | 0.75 | † | 0.75 | † | 4.67 | † | 1,292,731 | 438 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 12.43 | 0.37 | • | 0.40 | 0.77 | 0.41 | — | — | 0.41 | — | 12.79 | 6.17 | 0.97 | 0.87 | 0.87 | 2.87 | 5,281 | 428 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.92 | 0.44 | (0.50 | ) | (0.06 | ) | 0.43 | — | — | 0.43 | — | 12.43 | (0.44 | ) | 0.99 | 0.89 | 0.89 | 3.45 | 1,505 | 389 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 12.37 | 0.41 | 0.69 | 1.10 | 0.55 | — | — | 0.55 | — | 12.92 | 8.93 | 1.00 | 0.90 | 0.90 | 3.37 | 1,277 | 425 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.08 | 0.52 | • | 0.34 | 0.86 | 0.57 | — | — | 0.57 | — | 12.37 | 7.14 | 1.00 | 0.90 | 0.90 | 4.20 | 1,001 | 456 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 11.59 | 0.55• | 0.53 | 1.08 | 0.59 | — | — | 0.59 | — | 12.08 | 9.29 | 1.00 | 0.90 | † | 0.90 | † | 4.50 | † | 3 | 438 |
See Accompanying Notes to Financial Statements
27 |
Financial Highlights (continued)
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions(2) (3)(4) | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | Expense 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 Money Market Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 1.00 | — | 0.00 | * | 0.00 | — | 0.00 | * | — | 0.00 | * | — | 1.00 | 0.02 | 0.34 | 0.19 | 0.19 | 0.00 | 616,745 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 1.00 | (0.00 | )* | 0.00 | * | 0.00 | * | — | 0.00 | * | — | 0.00 | * | — | 1.00 | 0.02 | 0.34 | 0.23 | 0.23 | 0.00 | 768,521 | — | ||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 1.00 | 0.00 | * | 0.00 | * | 0.00 | * | 0.00 | * | — | — | 0.00 | * | — | 1.00 | 0.03 | 0.34 | 0.34 | 0.34 | 0.03 | 975,469 | — | ||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 1.00 | 0.00 | * | 0.00 | * | 0.00 | * | 0.00 | * | 0.00 | * | 0.00 | * | 0.00 | * | — | 1.00 | 0.02 | 0.34 | 0.26 | 0.26 | 0.00 | * | 1,176,157 | — | |||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 1.00 | 0.00 | * | 0.00 | * | 0.00 | * | 0.00 | * | — | 0.00 | * | 0.00 | * | — | 1.00 | 0.24 | 0.34 | 0.31 | † | 0.31 | † | 0.02 | † | 1,069,947 | — | ||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 1.00 | — | 0.00 | * | 0.00 | — | 0.00 | * | — | 0.00 | * | — | 1.00 | 0.02 | 0.59 | 0.19 | 0.19 | 0.00 | 106 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 1.00 | — | 0.00 | * | 0.00 | — | 0.00 | * | — | 0.00 | * | — | 1.00 | 0.02 | 0.59 | 0.23 | 0.23 | 0.00 | 138 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 1.00 | (0.00 | )* | 0.00 | * | 0.00 | * | — | — | — | — | — | 1.00 | 0.00 | 0.59 | 0.36 | 0.36 | 0.01 | 134 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 1.00 | — | 0.00 | * | 0.00 | — | 0.00 | * | 0.00 | * | 0.00 | * | — | 1.00 | 0.02 | 0.59 | 0.26 | 0.26 | 0.00 | 314 | — | |||||||||||||||||||||||||||||||||||||||||||||||
03-15-10(5) - 12-31-10 | 1.00 | 0.00 | * | 0.00 | * | 0.00 | * | 0.00 | * | — | — | 0.00 | * | — | 1.00 | 0.00 | 0.59 | 0.36 | † | 0.36 | † | 0.00 | *† | 313 | — | |||||||||||||||||||||||||||||||||||||||||||
Voya Small Company Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 23.94 | (0.03 | ) | 1.26 | 1.23 | — | 2.68 | — | 2.68 | — | 22.49 | 6.00 | 1.34 | 1.34 | 1.34 | (0.18 | ) | 5,861 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 19.13 | (0.02 | ) | 6.64 | 6.62 | 0.01 | 1.80 | — | 1.81 | — | 23.94 | 37.04 | 1.34 | 1.34 | 1.34 | (0.13 | ) | 7,233 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 17.39 | 0.01 | 2.41 | 2.42 | — | 0.68 | — | 0.68 | — | 19.13 | 14.01 | 1.35 | 1.35 | 1.35 | 0.06 | 6,213 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 17.98 | (0.02 | )• | (0.51 | ) | (0.53 | ) | 0.06 | — | — | 0.06 | — | 17.39 | (2.99 | ) | 1.35 | 1.35 | 1.35 | (0.10 | ) | 5,938 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 14.60 | 0.04 | • | 3.42 | 3.46 | 0.08 | — | — | 0.08 | — | 17.98 | 23.75 | 1.34 | 1.34 | † | 1.34 | † | 0.25 | † | 3,253 | 86 | |||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 24.63 | 0.08 | 1.31 | 1.39 | 0.09 | 2.68 | — | 2.77 | — | 23.25 | 6.54 | 0.84 | 0.84 | 0.84 | 0.33 | 520,298 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 19.63 | 0.08 | • | 6.84 | 6.92 | 0.12 | 1.80 | — | 1.92 | — | 24.63 | 37.76 | 0.84 | 0.84 | 0.84 | 0.38 | 571,880 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 17.82 | 0.10 | • | 2.47 | 2.57 | 0.08 | 0.68 | — | 0.76 | — | 19.63 | 14.52 | 0.85 | 0.85 | 0.85 | 0.55 | 472,254 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 18.34 | 0.07 | (0.52 | ) | (0.45 | ) | 0.07 | — | — | 0.07 | — | 17.82 | (2.49 | ) | 0.85 | 0.85 | 0.85 | 0.38 | 483,473 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 14.82 | 0.09 | 3.52 | 3.61 | 0.09 | — | — | 0.09 | — | 18.34 | 24.38 | 0.84 | 0.84 | † | 0.84 | † | 0.51 | † | 503,739 | 86 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 24.24 | 0.02 | 1.28 | 1.30 | 0.02 | 2.68 | — | 2.70 | — | 22.84 | 6.26 | 1.09 | 1.09 | 1.09 | 0.08 | 115,635 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 19.35 | 0.03 | 6.72 | 6.75 | 0.06 | 1.80 | — | 1.86 | — | 24.24 | 37.37 | 1.09 | 1.09 | 1.09 | 0.12 | 126,746 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 17.57 | 0.05 | • | 2.44 | 2.49 | 0.03 | 0.68 | — | 0.71 | — | 19.35 | 14.26 | 1.10 | 1.10 | 1.10 | 0.28 | 101,041 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 18.09 | 0.02 | (0.50 | ) | (0.48 | ) | 0.04 | — | — | 0.04 | — | 17.57 | (2.68 | ) | 1.10 | 1.10 | 1.10 | 0.12 | 108,502 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 14.64 | 0.04 | 3.47 | 3.51 | 0.06 | — | — | 0.06 | — | 18.09 | 24.00 | 1.09 | 1.09 | † | 1.09 | † | 0.29 | † | 122,286 | 86 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 24.06 | (0.01 | )• | 1.27 | 1.26 | — | 2.68 | — | 2.68 | — | 22.64 | 6.11 | 1.34 | 1.24 | 1.24 | (0.06 | ) | 40 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 19.22 | (0.02 | )• | 6.70 | 6.68 | 0.04 | 1.80 | — | 1.84 | — | 24.06 | 37.19 | 1.34 | 1.24 | 1.24 | (0.11 | ) | 31 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 17.47 | 0.03 | 2.41 | 2.44 | 0.01 | 0.68 | — | 0.69 | — | 19.22 | 14.08 | 1.35 | 1.25 | 1.25 | 0.16 | 214 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 18.04 | 0.01 | • | (0.52 | ) | (0.51 | ) | 0.06 | — | — | 0.06 | — | 17.47 | (2.85 | ) | 1.35 | 1.25 | 1.25 | 0.04 | 195 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 14.61 | 0.06 | • | 3.42 | 3.48 | 0.05 | — | — | 0.05 | — | 18.04 | 23.85 | 1.34 | 1.24 | † | 1.24 | † | 0.40 | † | 50 | 86 |
(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. |
See Accompanying Notes to Financial Statements
28 |
Financial Highlights (continued)
(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. |
See Accompanying Notes to Financial Statements
29 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014
NOTE 1 — ORGANIZATION
The Voya Variable Product Funds are comprised of Voya Balanced Portfolio, Inc., Voya Variable Funds, Voya Variable Portfolios, Inc., Voya Intermediate Bond Portfolio, and Voya Money Market Portfolio (collectively, the “Registrants”), all of which are open-end investment management companies registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”).
Voya Balanced Portfolio, Inc. is a company incorporated under the laws of Maryland on December 14, 1988 with one diversified series, Voya Balanced Portfolio (“Balanced”). Voya Variable Funds is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Growth and Income Portfolio (“Growth and Income”). Voya Variable Portfolios, Inc. is a company incorporated under the laws of Maryland on June 4, 1996 and has nineteen active separate investment series. The two diversified series included in this report are Voya Global Value Advantage Portfolio (“Global Value Advantage”) and Voya Small Company Portfolio (“Small Company”). Voya Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Intermediate Bond Portfolio (“Intermediate Bond”). Voya Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Money Market Portfolio (“Money Market”). Each of the portfolios is a “Portfolio” and collectively, they are the “Portfolios.” The investment objective of the Portfolios is described in the Portfolios’ Prospectus.
Each Portfolio offers at least two of the following classes of shares: Adviser Class (“Class ADV”), Class I, Class S and Service 2 Class (Class “S2”) shares. Each class has equal rights as to voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates
generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Funds Services, LLC (“VFS” or the “Administrator”), a Delaware limited liability company, serves as the Administrator to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.
On July 23, 2014, the SEC adopted amendments to money market fund regulations. Money Market is required to comply with money market reform in phases within 18 months to two years from the adoption of the reform. As a result, Money Market may be required to take certain steps that will impact its current structure and operations, which may affect the performance and yield of the Portfolio. In certain circumstances, the amendments will also allow money market funds to impose liquidity fees and limit redemptions. At this time, management is evaluating the potential implications of these amendments to Money Market.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. U.S. GAAP defines fair value as the price the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Investments in equity securities traded on a national securities exchange are valued at the official closing price when available or, for certain markets, the last reported sale price on each valuation day. Securities traded on an exchange for which there has been no sale and securities traded in the over-the-counter-market are valued at the mean between the last reported bid and ask prices on each valuation day. All investments quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities with more than 60 days to maturity are fair valued using an independent pricing service which takes into consideration
30 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
such factors as benchmark yields, cash flow assumptions and issuer spreads as well as broker quotes and reported trades for the security as well as securities similar in type, quality, coupon and maturity. Securities for which valuations are not available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. Investments in open-end mutual funds are valued at net asset value (“NAV”). Investments in securities of sufficient credit quality, maturing in 60 days or less, are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity.
Securities and assets for which market quotations are not readily available (which may include certain restricted securities, which are subject to limitations as to their sale) are valued at their fair values, as defined in the 1940 Act, and as determined in good faith by or under the supervision of the Portfolios’ Board of Directors/Trustees (“Board”), in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that a Portfolio calculates its NAV may also be valued at their fair values as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Board, in accordance with methods that are specifically authorized by the Board. All such fair valuations are made in accordance with valuation procedures of the Portfolios (the “Valuation Procedures”) which have been approved by the Board. The valuation techniques applied in any specific instance are set forth in the Valuation Procedures and may vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of 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
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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.
Money Market uses the amortized cost method to value its portfolio securities, which approximates fair value. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and unobservable inputs, including the Investment Adviser’s or Sub-Adviser’s, judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios’ investments under these levels of classification is included following the Summary Portfolio of Investments.
The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation methods to the “Pricing Committee” as established by the Portfolios’ Administrator. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Investment Adviser or Sub-Adviser, when determining the fair value of the security. In the event that a security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the fair value of the security or asset will be determined in good faith by the Pricing Committee. When a Portfolio uses these fair valuation methods that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Pricing Committee believes accurately reflects fair value and are categorized as Level 3 of the fair value 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 it were to sell the security.
To assess the continuing appropriateness of security valuations, the Pricing Committee may compare prior day prices, prices on comparable securities, and traded prices to the prior or current day prices and the Pricing Committee challenges those prices exceeding certain tolerance levels with the independent pricing service or broker source. For those securities valued in good faith at fair value, the Pricing Committee reviews and affirms the reasonableness of the valuation on a regular basis after considering all relevant information that is reasonably available.
For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The beginning of period timing recognition is used for the transfers between Levels of a Portfolio’s assets and liabilities. A reconciliation of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.
For the year ended December 31, 2014, there have been no significant changes to the fair valuation methodologies.
B. Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
(1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at 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. |
Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on a Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.
D. Risk Exposures and the Use of Derivative Instruments. Certain Portfolios’ investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to market risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.
Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:
Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer durations, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter durations.
Risks of Investing in Derivatives. A Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of a Portfolio to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because a Portfolio is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and a Portfolio. Associated risks are not the risks that a Portfolio is attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that a Portfolio will not be able to sell the derivative in the open market in a timely
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter (“OTC”) derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of December 31, 2014, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to its derivative transactions failed to perform would be $1,073,029 and $11,408,507, respectively, which represents the gross payments to be received by the Portfolios on open OTC swaps, forward foreign currency contracts and purchased options were they to be unwound as of December 31, 2014. At December 31, 2014, certain counterparties have posted $10,658,000 in cash collateral to Intermediate Bond for open OTC derivatives.
Certain portfolios have credit-related contingent features that if triggered would allow their derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit-related contingent features are established between each Portfolio and their derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.
As of December 31, 2014, Balanced and Intermediate Bond had a liability position of $1,420,528 and $956,050, respectively, on forward foreign currency contracts and written options with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2014, the Portfolios could have been required to pay this amount in cash to its counterparties. There was no collateral pledged by any Portfolio for OTC derivatives as of December 31, 2014.
E. Forward Foreign Currency Transactions and Futures Contracts. Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. A Portfolio either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
During the year ended December 31, 2014, the following Portfolios had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:
Buy | Sell | |||||||
Balanced | $ | 64,469,619 | $ | 42,187,558 | ||||
Intermediate Bond | 26,308,963 | 71,383,859 |
The above Portfolios entered into forward foreign currency contracts to protect their non-U.S. dollar-denominated holdings from adverse currency movements. Please refer
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
to the tables following each respective Summary Portfolio of Investments for open forward foreign currency contracts at December 31, 2014.
Each Portfolio, with the exception of Money Market, may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio’s assets are valued.
Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table following each Portfolio’s Summary Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Summary Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2014, Balanced and Intermediate Bond have purchased and sold futures contracts on various equity indices (Balanced only), bonds, and notes. Balanced purchased equity futures to “equitize” cash. Both Balanced and Intermediate Bond purchased and sold futures on bonds and notes as part of their duration management. Balanced, Global Value Advantage and Growth and Income entered into equity futures to “equitize” cash. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio’s
securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the year ended December 31, 2014, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:
Purchased | Sold | |||||||
Balanced | $ | 59,422,329 | $ | 33,704,022 | ||||
Intermediate Bond | 375,118,787 | 499,486,721 | ||||||
Global Value Advantage | 2,059,957 | — | ||||||
Growth and Income | 48,691,095 | — |
Please refer to the tables following each respective Summary Portfolio of Investments for the above Portfolio’s for open futures contracts at December 31, 2014. There were no open futures contracts for Global Value Advantage at December 31, 2014.
F. Options Contracts. Certain Portfolios may write call and put options on futures, swaps (“swaptions”), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Portfolios exposure to the underlying instrument. Writing call options tends to decrease the Portfolios exposure to the underlying instrument. When a Portfolio writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolios may not be able to enter into a closing transaction because of an illiquid market. The Portfolios may also purchase put and call options. Purchasing call options tends to increase the Portfolios’ exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolios exposure to the underlying instrument. The Portfolios pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.
During the year ended December 31, 2014, Balanced had purchased and written foreign currency options to gain exposure to currencies and to generate income. Please refer to the Summary Portfolio of Investments for open purchased foreign currency options at December 31, 2014. Please refer to the table following the Summary Portfolio of Investments for open written foreign currency options at December 31, 2014.
During the year ended December 31, 2014, Balanced and Intermediate Bond have purchased interest rate swaptions to gain exposure to interest rates. Please refer to each respective Summary Portfolio of Investments for open purchased interest rate swaptions for both Portfolios at December 31, 2014. In addition, Balanced and Intermediate Bond had written interest rate swaptions to generate income. Please refer to each the tables following each respective Summary Portfolio of Investment for open written interest rate swaptions at December 31, 2014.
Please refer to Note 9 for the volume of both purchased and written option activity during the year ended December 31, 2014.
G. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Balanced, Global Value Advantage, and Small Company declare and pay dividends annually. Growth and Income and Intermediate Bond declare and pay dividends semi-annually. Money Market declares dividends daily and pays dividends, if any, monthly. Each Portfolio distributes capital gains, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. GAAP for investment companies.
H. Federal Income Taxes. It is the policy of the Portfolios to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized capital
gains to their shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.
I. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
J. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.
Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table following the Portfolio of Investments for Money Market for open repurchase agreements subject to the MRA on a net basis at December 31, 2014.
K. Securities Lending. Each Portfolio (except Money Market) may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, a Portfolio has the right to use collateral to offset losses incurred. There would be potential loss to a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. The Portfolio bears the risk of loss with respect to the investment of collateral with the following exception: The Bank of New York Mellon (“BNY”) provides the Portfolio indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.
L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value, as defined by the Act, determined in good faith under procedures approved by the Board.
M. When-Issued and Delayed-Delivery Transactions. Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such is identified in the Summary Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios’ custodian sufficient to cover the purchase price.
To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented
on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At December 31, 2014, Intermediate Bond had posted $1,561,361 in cash collateral for open delayed-delivery transactions. At December 31, 2014, certain counterparties had posted $3,145,000 in cash collateral to Intermediate Bond for open delayed-delivery transactions.
N. Mortgage Dollar Roll Transactions. Each Portfolio, except Small Company, may engage in dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales.
O. Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Portfolio’s Summary Portfolio of Investments.
Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on each Portfolio’s Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Portfolio’s Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Portfolio’s counterparty on the swap agreement becomes the CCP. The Portfolios are required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Portfolios are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Summary Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.
Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Portfolio’s Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.
Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional
amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.
A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).
Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio’s Summary Portfolio of Investment and serve as an indicator of the current status
38 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2014, for which a Portfolio is seller of protection are disclosed in each Portfolio’s Summary Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.
For the year ended December 31, 2014, both Balanced and Intermediate Bond have purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and to hedge against anticipated potential credit events.
For the year ended December 31, 2014, both Balanced and Intermediate Bond have purchased credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. The Portfolios use CDX swaps to hedge the credit risk associated with various sectors within the credit markets.
For the year ended December 31, 2014, Balanced and Intermediate Bond had average notional amounts of $1,989,576 and $96,415,828, respectively, on credit
default swaps to buy protection. Please refer to the tables following the Summary Portfolio of Investments for both Portfolio’s for open credit default swaps to buy protection at December 31, 2014. There were no open credit default swaps to sell protection at December 31, 2014.
Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.
For the year ended December 31, 2014, Balanced and Intermediate Bond had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amounts on Long interest rate swaps were $38,535,911 and $1,136,617,000, respectively.
For the year ended December 31, 2014, Balanced and Intermediate Bond had entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on Short interest rate swaps were $31,092,070 and $924,278,000, respectively.
Balanced and Intermediate Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the table following each respective the Summary Portfolio of Investments for Balanced and Intermediate Bond for open interest rate swaps at December 31, 2014.
At December 31, 2014, Balanced and Intermediate Bond had posted $575,000 and $3,642,000, respectively, in cash collateral for open centrally cleared interest rate swaps.
P. Indemnifications. In the normal course of business, the Registrants may enter into contracts that provide certain indemnifications. The Registrants’ maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
39 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 3 — INVESTMENT TRANSACTIONS
For the year ended December 31, 2014, the cost of purchases and proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:
Purchases | Sales | |||||||
Balanced | $ | 403,351,846 | $ | 464,957,799 | ||||
Global Value Advantage | 152,231,325 | 168,753,416 | ||||||
Growth and Income | 3,743,118,600 | 4,315,014,635 | ||||||
Intermediate Bond | 709,849,233 | 1,847,934,570 | ||||||
Small Company | 197,419,770 | 302,136,737 |
U.S. government securities not included above were as follows:
Purchases | Sales | |||||||
Balanced | $ | 576,312,560 | $ | 578,926,522 | ||||
Intermediate Bond | 18,649,951,016 | 17,838,090,650 |
NOTE 4 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES
The Portfolios have entered into investment management agreements (“Investment Management Agreements”) with the Investment Adviser. The Investment Management Agreements compensate the Investment Adviser with a fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:
Portfolio | Fee | |||
Balanced | 0.500% | |||
Global Value Advantage | 0.46% on the first $500 million; 0.43% on the next $500 million; 0.41% thereafter | |||
Growth and Income | 0.500% on the first $10 billion; 0.450% on the next $5 billion; 0.425% thereafter | |||
Intermediate Bond(1) | 0.400% on first $4 billion; 0.380 on next $3 billion; 0.360% thereafter | |||
Money Market | 0.250% | |||
Small Company | 0.750% |
(1) | Effective close of business on March 14, 2014, advisory fee breakpoints were incorporated. |
The Administrator provides certain administrative and shareholder services necessary for each Portfolio’s operations and is responsible for the supervision of other service providers. For its services, the Administrator is entitled to receive from each Portfolio (except Global Value Advantage) a fee at an annual rate of 0.055% on the first $5 billion of each Portfolio’s average daily net assets and 0.030% thereafter. For Global Value Advantage, the Administrator is entitled to receive a fee at an annual rate of 0.10% of the Portfolio’s average daily net assets.
The Investment Adviser has entered into sub-advisory agreements with Voya IM. Voya IM acts as sub-adviser to all Portfolios. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios’ assets in accordance with the Portfolios’ investment objectives, policies, and limitations.
In placing equity security transactions, the Sub-Adviser is required to use its best efforts to choose a broker capable of providing brokerage services necessary to obtain the best execution for each transaction. Subject to this requirement, each Sub-Adviser may allocate equity security transactions through certain designated broker-dealers. Some of these broker-dealers participate in commission recapture programs that have been established for the benefit of the Portfolios. Under these programs, the participating broker-dealers will return to a Portfolio a portion of the brokerage commissions (in the form of a credit to a Portfolio) paid to the broker-dealers to pay certain expenses of a Portfolio. These commission recapture payments benefit the Portfolios and not the Sub-Adviser. Any amount credited to the Portfolios is reflected as brokerage commission recapture on the accompanying Statements of Operations.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class ADV and Class S2 shares of the respective Portfolios are subject to a Shareholder Service and Distribution Plan (the “Plan”). Under the Plan, the Distributor is paid an annual shareholder service fee at the rate of 0.25% and an annual distribution fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor has contractually agreed to waive a portion of its fee equal to 0.10% of the average daily net assets attributable to the distribution fee paid by Class S2 shares of the Portfolios, so that the actual fee paid by a Portfolio is an annual rate of 0.15%. Additionally, the Distributor has contractually agreed to waive a portion of its fee equal to 0.05% of the average daily net assets attributable to the distribution fee paid by Class ADV shares of Growth and Income, so that the actual fee paid by the Portfolio is an annual rate of 0.20%. Termination or modification of these obligations requires approval by the Board.
Class S shares of the respective Portfolios have adopted either a Distribution Plan or a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (collectively, the “12b-1 Plans”), whereby the Distributor is compensated by each Portfolio for expenses incurred for Shareholder Servicing and/or the distribution of each Portfolio’s shares. Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and
40 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)
promotion of each Portfolio’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plans, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets. For Money Market, the Distributor agreed to waive 0.10% of average daily net assets attributable to distribution fees for Class S shares. Termination or modification of this obligation requires approval by the Board.
The Distributor and Voya Investments have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Money Market in maintaining a yield of not less than zero. There is no guarantee that Money Market will maintain such a yield. Management fees waived or expenses reimbursed are subject to possible recoupment by Voya Investments, as applicable, within three years subject to certain restrictions. For the year ended December 31, 2014, the Distributor waived $162 of Class S specific distribution fees and Voya Investments waived $1,043,344 of management fees for Money Market to maintain a yield of not less than zero. Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any.
As of December 31, 2014, amounts of waived fees that are subject to possible recoupment by Voya Investments, and the related expiration dates are as follows:
December 31, | ||||||||||||||||
2015 | 2016 | 2017 | Total | |||||||||||||
Money Market | $ | 29,441 | $ | 951,763 | $ | 1,043,344 | $ | 2,024,548 |
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At December 31, 2014, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:
Subsidiary/Affiliated Investment Company | Portfolio | Percentage | ||||
Voya Institutional Trust Company | Intermediate Bond | 5.10 | % | |||
Money Market | 6.68 | |||||
Small Company | 6.89 | |||||
Voya Insurance and Annuity | Global Value Advantage | 97.20 | ||||
Company | Growth and Income | 46.36 | ||||
Intermediate Bond | 73.08 | |||||
Small Company | 14.96 | |||||
Voya Retirement Insurance and | Balanced | 89.24 | ||||
Annuity Company | Growth and Income | 47.43 | ||||
Intermediate Bond | 17.54 | |||||
Money Market | 91.47 | |||||
Small Company | 52.96 | |||||
Voya Solution 2025 Portfolio | Small Company | 5.62 | ||||
Voya Solution 2035 Portfolio | Small Company | 5.03 |
Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control. Therefore, if certain Portfolios have a common owner that owns over 25% of the outstanding securities of the Portfolios, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Portfolios.
The Portfolios have adopted a Deferred Compensation Plan (the “Plan”), which allows eligible non-affiliated directors/trustees, as described in the Plan, to defer the receipt of all or a portion of the directors’/trustees’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director/trustee under the Plan, the amounts deferred are invested in shares of the funds selected by the director/trustee (the “Notional Funds”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’/trustees’ deferred fees, resulting in a Portfolio asset equal to the deferred compensation liability. Such assets are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of directors’/trustees’ fees under the Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Plan.
NOTE 7 — EXPENSE LIMITATION AGREEMENT
The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”)
41 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)
with the following Portfolios whereby the Investment Adviser has agreed to limit expenses, excluding interest expense, taxes, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:
Class ADV | Class I | Class S | Class S2 | |||||||||||||
Global Value Advantage(1) | 1.34 | % | N/A | 1.09 | % | N/A | ||||||||||
Growth and Income(2) | 1.30 | % | 0.70 | % | 0.95 | % | 1.10 | % | ||||||||
Intermediate Bond(3) | 1.05 | % | 0.55 | % | 0.80 | % | 0.95 | % | ||||||||
Small Company | 1.45 | % | 0.95 | % | 1.20 | % | 1.35 | % |
(1) | Effective January 1, 2014, pursuant to a side letter agreement, through May 1, 2015, the Investment Adviser has further lowered the expense limits for Global Value Advantage to 1.15% and 0.90% for Class ADV and Class S, respectively. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. |
(2) | Effective January 1, 2014, the Investment Adviser has entered into a written expense limitation agreement with the Portfolio. Prior to January 1, 2014, there was no expense limitation agreement associated with the Portfolio. |
(3) | Effective close of business on March 14, 2014, the Investment Adviser has entered into a written expense limitation agreement with the Portfolio. Prior to the close of business on March 14, 2014, there was no expense limitation agreement associated with the Portfolio. |
The Investment Adviser may at a later date recoup from a Portfolio management fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees and any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
As of December 31, 2014, the Portfolios did not have any amount of waived or reimbursed fees that would be subject to possible recoupment by the Investment Adviser.
The Expense Limitation Agreements are contractual through May 1, 2015 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.
NOTE 8 — LINE OF CREDIT
The Portfolios, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with BNY for an aggregate amount of $200,000,000. The proceeds may be used only to: (1) temporarily finance the purchase or sale of securities;
or (2) finance the redemption of shares of an investor in the funds. The funds to which the line of credit is available pay a commitment fee equal to 0.07% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 23, 2014, the funds to which the Credit Agreement is available paid a commitment fee equal to 0.08% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The following Portfolios utilized the line of credit during the year ended December 31, 2014:
Portfolio | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | |||||||
Balanced | 1 | $ | 3,960,000 | 1.09 | % | |||||
Global Value Advantage | 2 | 1,395,500 | 1.09 | |||||||
Growth and Income | 3 | 1,293,333 | 1.10 | |||||||
Intermediate Bond | 6 | 1,501,333 | 1.09 | |||||||
Money Market | 5 | 11,904,000 | 1.09 | |||||||
Small Company | 1 | 850,000 | 1.13 |
NOTE 9 — PURCHASED AND WRITTEN OPTIONS
Transactions in purchased foreign currency options for Balanced during the year ended December 31, 2014 were as follows:
USD Notional | Cost | |||||||
Balance at 12/31/13 | 2,100,000 | $ | 37,704 | |||||
Options Purchased | 32,366,200 | 157,190 | ||||||
Options Terminated in Closing Sell Transactions | (3,427,000 | ) | (20,629 | ) | ||||
Options Expired | (28,196,200 | ) | (161,187 | ) | ||||
Balance at 12/31/14 | 2,843,000 | $ | 13,078 |
Transactions in purchased interest rate swaptions for Balanced during the year ended December 31, 2014 were as follows:
USD Notional | GBP Notional | Cost | ||||||||||
Balance at 12/31/13 | — | — | $ | — | ||||||||
Options Purchased | 213,216,598 | 28,198,000 | 1,137,501 | |||||||||
Options Terminated in Closing Sell Transactions | (150,807,000 | ) | (28,198,000 | ) | (746,091 | ) | ||||||
Options Expired | (34,860,000 | ) | — | (267,407 | ) | |||||||
Balance at 12/31/14 | 27,549,598 | — | $ | 124,003 |
42 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 9 — PURCHASED AND WRITTEN OPTIONS (continued)
Transactions in written foreign currency options for Balanced during the year ended December 31, 2014 were as follows:
USD Notional | Premiums Received | |||||||
Balance at 12/31/13 | — | $ | — | |||||
Options Written | 6,245,000 | 32,121 | ||||||
Options Terminated in Closing Purchase Transactions | (1,097,000 | ) | (2,797 | ) | ||||
Options Expired | (5,148,000 | ) | (29,324 | ) | ||||
Balance at 12/31/14 | — | $ | — |
Transactions in written interest rate swaptions for Balanced during the year ended December 31, 2014 were as follows:
USD Notional | GBP Notional | Premiums Received | ||||||||||
Balance at 12/31/13 | — | — | $ | — | ||||||||
Options Written | 214,413,000 | 6,260,000 | 764,358 | |||||||||
Options Terminated in Closing Purchase Transactions | (135,174,000 | ) | (6,260,000 | ) | (329,817 | ) | ||||||
Options Expired | (49,747,000 | ) | — | (348,634 | ) | |||||||
Balance at 12/31/14 | 29,492,000 | — | $ | 85,907 |
Transactions in purchased interest rate swaptions for Intermediate Bond during the year ended December 31, 2014 were as follows:
USD Notional | Cost | |||||||
Balance at 12/31/13 | — | $ | — | |||||
Options Purchased | 6,276,464,485 | 31,110,026 | ||||||
Options Terminated in Closing Sell Transactions | (4,376,735,000 | ) | (19,264,804 | ) | ||||
Options Expired | (905,910,000 | ) | (6,975,507 | ) | ||||
Balance at 12/31/2014 | 993,819,485 | $ | 4,869,715 |
Transactions in written interest rate swaptions for Intermediate Bond during the year ended December 31, 2014 were as follows:
USD Notional | Premiums Received | |||||||
Balance at 12/31/13 | — | $ | — | |||||
Options Written | 5,367,356,000 | 17,954,800 | ||||||
Options Terminated in Closing Purchase Transactions | (4,887,226,000 | ) | (11,579,572 | ) | ||||
Options Expired | (480,130,000 | ) | (6,375,228 | ) | ||||
Balance at 12/31/2014 | — | $ | — |
NOTE 10 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
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 | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||
Balanced | ||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 490,372 | — | 612,403 | (4,861,806 | ) | (3,759,031 | ) | 6,967,759 | — | 8,604,651 | (69,819,472 | ) | (54,247,062 | ) | ||||||||||||||||||||||||||
12/31/2013 | 544,796 | — | 904,528 | (5,431,175 | ) | (3,981,851 | ) | 7,132,513 | — | 11,524,626 | (71,012,966 | ) | (52,355,827 | ) | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 16,786 | — | 5,585 | (111,231 | ) | (88,860 | ) | 241,401 | — | 78,141 | (1,586,005 | ) | (1,266,463 | ) | ||||||||||||||||||||||||||
12/31/2013 | 34,801 | — | 8,534 | (81,205 | ) | (37,870 | ) | 454,554 | — | 108,216 | (1,053,011 | ) | (490,241 | ) | ||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
12/31/2013 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Global Value Advantage | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 28,485 | — | 3,901 | (38,773 | ) | (6,387 | ) | 259,356 | — | 34,754 | (352,057 | ) | (57,947 | ) | ||||||||||||||||||||||||||
12/31/2013 | 46,920 | — | 5,443 | (87,712 | ) | (35,349 | ) | 390,030 | — | 45,612 | (732,384 | ) | (296,742 | ) | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 832,547 | — | 566,924 | (2,946,785 | ) | (1,547,314 | ) | 7,689,471 | — | 5,096,647 | (26,987,001 | ) | (14,200,883 | ) | ||||||||||||||||||||||||||
12/31/2013 | 819,208 | — | 752,663 | (3,618,924 | ) | (2,047,053 | ) | 6,924,057 | — | 6,360,001 | (30,506,434 | ) | (17,222,376 | ) | ||||||||||||||||||||||||||
Growth and Income | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 400,469 | — | 5,534,480 | (7,386,574 | ) | (1,451,625 | ) | 13,212,287 | — | 170,185,252 | (241,956,332 | ) | (58,558,793 | ) | ||||||||||||||||||||||||||
12/31/2013 | 1,229,454 | 886,651 | 382,137 | (8,000,800 | ) | (5,502,558 | ) | 9,564,397 | 23,183,620 | 11,891,951 | (198,987,932 | ) | (154,347,964 | ) |
43 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 10 — CAPITAL SHARES (continued)
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 | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||
Growth and Income (continued) | ||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 799,962 | — | 8,918,861 | (8,742,866 | ) | 975,957 | 25,620,199 | — | 277,287,376 | (288,762,379 | ) | 14,145,196 | ||||||||||||||||||||||||||||
12/31/2013 | 10,633,556 | 8,750,399 | 849,096 | (27,339,586 | ) | (7,106,535 | ) | 51,585,607 | 231,206,800 | 26,718,804 | (526,847,988 | ) | (217,336,777 | ) | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 227,145 | — | 3,298,025 | (4,897,593 | ) | (1,372,423 | ) | 7,362,201 | — | 101,480,245 | (160,678,902 | ) | (51,836,456 | ) | ||||||||||||||||||||||||||
12/31/2013 | 1,485,386 | 631,491 | 279,350 | (6,587,175 | ) | (4,190,948 | ) | 25,617,444 | 16,527,516 | 8,705,057 | (165,876,887 | ) | (115,026,870 | ) | ||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 6,900 | — | 1,246 | (35,280 | ) | (27,134 | ) | 226,688 | — | 38,099 | (1,174,602 | ) | (909,815 | ) | ||||||||||||||||||||||||||
12/31/2013 | 8,532 | 123 | 349 | (1,670 | ) | 7,334 | 233,463 | 3,176 | 10,775 | (40,551 | ) | 206,863 | ||||||||||||||||||||||||||||
Intermediate Bond | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 1,008,851 | 12,168,090 | 434,533 | (1,609,142 | ) | 12,002,332 | 13,074,243 | 154,197,567 | 5,558,145 | (20,800,864 | ) | 152,029,091 | ||||||||||||||||||||||||||||
12/31/2013 | 677,544 | — | 87,257 | (458,645 | ) | 306,156 | 8,735,924 | — | 1,083,732 | (5,838,053 | ) | 3,981,603 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 5,701,375 | 7,270,005 | 2,419,543 | (8,856,545 | ) | 6,534,378 | 74,750,108 | 92,812,192 | 31,190,200 | (115,079,220 | ) | 83,673,280 | ||||||||||||||||||||||||||||
12/31/2013 | 2,896,960 | — | 2,327,564 | (14,756,853 | ) | (9,532,329 | ) | 37,485,182 | — | 29,094,530 | (190,414,507 | ) | (123,834,795 | ) | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 9,546,315 | 203,703,912 | 8,318,881 | (42,127,562 | ) | 179,441,546 | 123,095,452 | 2,585,587,889 | 106,574,035 | (547,039,572 | ) | 2,268,217,804 | ||||||||||||||||||||||||||||
12/31/2013 | 7,349,411 | — | 2,886,264 | (13,317,263 | ) | (3,081,588 | ) | 93,761,496 | — | 35,876,256 | (170,956,813 | ) | (41,319,061 | ) | ||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 368,717 | 3,875,395 | 12,601 | (3,965,115 | ) | 291,598 | 4,799,225 | 50,331,277 | 161,042 | (50,304,272 | ) | 4,987,272 | ||||||||||||||||||||||||||||
12/31/2013 | 121,292 | — | 4,071 | (103,101 | ) | 22,262 | 1,555,924 | — | 50,560 | (1,331,480 | ) | 275,004 | ||||||||||||||||||||||||||||
Money Market | ||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 70,331,752 | — | 109,900 | (222,173,820 | ) | (151,732,168 | ) | 70,331,752 | — | 109,900 | (222,173,820 | ) | (151,732,168 | ) | ||||||||||||||||||||||||||
12/31/2013 | 97,965,837 | — | 160,387 | (305,022,157 | ) | (206,895,933 | ) | 97,965,837 | — | 160,387 | (305,022,157 | ) | (206,895,933 | ) | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 2,169 | — | 16 | (33,836 | ) | (31,651 | ) | 2,169 | — | 16 | (33,836 | ) | (31,651 | ) | ||||||||||||||||||||||||||
12/31/2013 | 4,915 | — | 24 | (1,335 | ) | 3,604 | 4,915 | — | 24 | (1,335 | ) | 3,604 | ||||||||||||||||||||||||||||
Small Company | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 31,232 | — | 37,382 | (110,097 | ) | (41,483 | ) | 701,029 | — | 780,154 | (2,416,034 | ) | (934,851 | ) | ||||||||||||||||||||||||||
12/31/2013 | 50,981 | — | 29,625 | (103,342 | ) | (22,736 | ) | 1,085,894 | — | 565,528 | (2,244,916 | ) | (593,494 | ) | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 2,074,599 | — | 2,971,526 | (5,881,293 | ) | (835,168 | ) | 48,553,568 | — | 63,887,801 | (133,003,794 | ) | (20,562,425 | ) | ||||||||||||||||||||||||||
12/31/2013 | 1,229,124 | — | 2,252,991 | (4,321,623 | ) | (839,508 | ) | 27,025,188 | — | 44,091,036 | (94,484,562 | ) | (23,368,338 | ) | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 493,548 | — | 620,364 | (1,279,303 | ) | (165,391 | ) | 11,001,481 | — | 13,126,900 | (28,787,447 | ) | (4,659,066 | ) | ||||||||||||||||||||||||||
12/31/2013 | 2,025,319 | — | 497,718 | (2,517,774 | ) | 5,263 | 42,702,881 | — | 9,600,986 | (55,181,288 | ) | (2,877,421 | ) | |||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 319 | — | 177 | — | 496 | 7,035 | — | 3,725 | — | 10,760 | ||||||||||||||||||||||||||||||
12/31/2013 | 1,093 | — | 1,084 | (12,034 | ) | (9,857 | ) | 22,918 | — | 20,767 | (261,347 | ) | (217,662 | ) |
NOTE 11 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, each Portfolio (except Money Market) can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of
non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is
44 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 11 — SECURITIES LENDING (continued)
invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements.
The cash collateral is invested in overnight repurchase agreements that are collateralized at 102% with securities issued or fully guaranteed by the United States Treasury; United States government or any agency, instrumentality or authority of the United States government. The securities purchased with cash collateral received are reflected in the Summary Portfolio of Investments under Securities Lending Collateral.
Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.
The following is a summary of the Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2014:
The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under a MSLA as of December 31, 2014:
Balanced
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
ABN AMRO Bank N.V. | $ | 390,606 | $ | (390,606 | ) | $ | — | |||||
Barclays Capital Inc. | 137,751 | (137,751 | ) | — | ||||||||
Citigroup Global Markets | 1,025,297 | (1,025,297 | ) | — | ||||||||
Credit Suisse Securities (USA) LLC | 264,363 | (264,363 | ) | — | ||||||||
Deutsche Bank Securities Inc. | 112,110 | (112,110 | ) | — | ||||||||
First Clearing LLC | 39,974 | (39,974 | ) | — | ||||||||
Goldman Sachs & Company | 357,915 | (357,915 | ) | — | ||||||||
Janney Montgomery Scott | 3,084 | (3,084 | ) | — | ||||||||
JPMorgan Clearing Corp. | 136,550 | (136,550 | ) | — |
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
JPMorgan Securities | 98,606 | (98,606 | ) | — | ||||||||
Nomura Securities International, Inc. | 108,555 | (108,555 | ) | — | ||||||||
RBC Capital Markets LLC | 70,728 | (70,728 | ) | — | ||||||||
RBC Dominion Securities | 464,762 | (464,762 | ) | — | ||||||||
RBS Securities | 210,741 | (210,741 | ) | — | ||||||||
Scotia Capital | 244,009 | (244,009 | ) | — | ||||||||
SG Americas Securities, LLC | 68,455 | (68,455 | ) | — | ||||||||
UBS Securities LLC. | 340,182 | (340,182 | ) | — | ||||||||
Wells Fargo Securities LLC | 1 | (1 | ) | — | ||||||||
Total | $ | 4,073,689 | $ | (4,073,689 | ) | $ | — |
(1) | Collateral with a fair value of $4,181,077 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. |
Growth and Income
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
RBC Capital Markets, LLC | $ | 998,140 | $ | (998,140 | ) | $ | — | |||||
Total | $ | 998,140 | $ | (998,140 | ) | $ | — |
(1) | Collateral with a fair value of $1,027,284 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. |
Intermediate Bond
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
Barclays Capital Inc. | $ | 19,683,262 | $ | (19,683,262 | ) | $ | — | |||||
Citigroup Global Markets | 93,675,025 | (93,675,025 | ) | — | ||||||||
Credit Suisse Securities (USA) LLC | 3,373,777 | (3,373,777 | ) | — | ||||||||
Goldman, Sachs & Co. | 28,683 | (28,683 | ) | — | ||||||||
JPMorgan Clearing Corp. | 7,978,849 | (7,978,849 | ) | — | ||||||||
J.P. Morgan Securities LLC | 112,307 | (112,307 | ) | — | ||||||||
Merrill Lynch, Pierce, Fenner & Smith Inc. | 250,832 | (250,832 | ) | — | ||||||||
NewEdge USA, LLC | 158,063 | (158,063 | ) | — | ||||||||
RBC Capital Markets, LLC | 4,085,822 | (4,085,822 | ) | — | ||||||||
Scotia Capital | 3,003,840 | (3,003,840 | ) | — | ||||||||
Total | $ | 132,350,460 | $ | (132,350,460 | ) | $ | — |
(1) | Collateral with a fair value of $135,279,785 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. |
45 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 11 — SECURITIES LENDING (continued)
Small Company
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
Deutsche Bank Securities | $ | 4,700 | $ | (4,700 | ) | $ | — | |||||
Goldman Sachs & Company | 703,371 | (703,371 | ) | — | ||||||||
JPMorgan Clearing Corp. | 891,276 | (891,276 | ) | — | ||||||||
Morgan Stanley & Co. LLC | 3,872,680 | (3,872,680 | ) | — | ||||||||
RBC Capital Markets, LLC | 93,342 | (93,342 | ) | — | ||||||||
SG Americas Securities, LLC | 44,932 | (44,932 | ) | — | ||||||||
UBS Securities LLC. | 164,328 | (164,328 | ) | — | ||||||||
Total | $ | 5,774,629 | $ | (5,774,629 | ) | $ | — |
(1) | Collateral with a fair value of $5,910,206 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. |
NOTE 12 — CONCENTRATION OF INVESTMENT RISK
All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Portfolio’s risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by each Portfolio and their corresponding risks, see the Portfolios’ most recent Prospectus and/or the Statement of Additional Information.
Foreign Securities (All Portfolios). Investments in foreign (non-U.S.) securities may entail risks not present in domestic investments. Since securities in which the Portfolios may invest are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolios. Foreign investments may also subject the Portfolios to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as changes vis-a-vis the U.S. dollar from movements in currency, and changes in security value and interest rate, all of which could affect the market and/or credit risk of the Portfolios’ investments.
Emerging Markets Investments (Balanced and Intermediate Bond). Because of less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign securities can be intensified in the case of investments in issuers domiciled or doing substantial business in emerging market countries.
Regulatory (Money Market). Changes in government regulations may adversely affect the value of a security held by the Portfolio. In addition, the SEC has adopted amendments to money market fund regulation, which when implemented may, among other things, require the Portfolio to change the manner in which it values its securities, impose new liquidity fees on redemptions in certain circumstances, and permit the Portfolio to limit redemptions in certain circumstances. These changes may result in reduced yields for money market funds, including the Portfolio. Compliance with amended money market fund regulation is required within 18 months to two years from the adoption of the reform. The SEC or other regulators may adopt additional money market reforms, which may impact the operations or performance of the Portfolio.
NOTE 13 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, income from passive foreign investment companies (PFICs), and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.
The following permanent tax differences have been reclassified as of December 31, 2014:
Paid-in Capital | Undistributed Net Investment Income | Accumulated Net Realized Gains/(Losses) | ||||||||||
Balanced | $ | (6,687 | ) | $ | (1,646,749 | ) | $ | 1,653,436 | ||||
Global Value Advantage | — | (60,789 | ) | 60,789 | ||||||||
Growth and Income | (6,140,109 | ) | (877,754 | ) | 7,017,863 | |||||||
Intermediate Bond(1) | — | 11,160,449 | (11,160,449 | ) | ||||||||
Money Market | — | (2,067 | ) | 2,067 | ||||||||
Small Company | — | 919,086 | (919,086 | ) |
(1) Relates to the tax treatment of foreign currency transactions, paydowns and swaps.
Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
46 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 13 — FEDERAL INCOME TAXES (continued)
The tax composition of dividends and distributions to shareholders was as follows:
Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||
Ordinary Income | Long-term Capital Gain | Ordinary Income | Long-term Capital Gain | |||||||||||||
Balanced | $ | 8,682,792 | $ | — | $ | 11,632,842 | $ | — | ||||||||
Global Value Advantage | 5,131,401 | — | 6,405,613 | — | ||||||||||||
Growth and Income | 84,492,933 | 464,792,313 | 47,349,001 | — | ||||||||||||
Intermediate Bond | 143,494,004 | — | 66,118,947 | — | ||||||||||||
Money Market | 109,916 | — | 159,096 | 1,315 | ||||||||||||
Small Company | 14,880,846 | 62,917,734 | 13,616,038 | 40,662,279 | ||||||||||||
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2014 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the ’’Act’’) provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Portfolios' pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.
Undistributed Ordinary | Late Year Ordinary Losses | Undistributed Long-term | Post-October Capital Losses | Unrealized Appreciation/ | Capital Loss Carryforwards | |||||||||||||||||||||||
Income | Deferred | Capital Gains | Deferred | (Depreciation) | Amount | Character | Expiration | |||||||||||||||||||||
Balanced | $ | 9,628,574 | $ | — | $ | — | $ | — | $ | 34,890,371 | $ | (27,823,239 | ) | Short-term | 2017 | |||||||||||||
Global Value Advantage | 3,989,014 | — | — | — | 12,919,031 | (16,195,194 | ) | Short-term | 2017 | |||||||||||||||||||
(6,695,973 | ) | Short-term | 2018 | |||||||||||||||||||||||||
$ | (22,891,167 | ) | ||||||||||||||||||||||||||
Growth and Income | — | (6,631 | ) | — | (20,869,570 | ) | 1,041,328,238 | (16,483,874 | ) | Short-term | 2015 | |||||||||||||||||
(70,550,465 | ) | Short-term | 2016 | |||||||||||||||||||||||||
(237,184 | ) | Long-term | None | |||||||||||||||||||||||||
$ | (87,271,523 | )* | ||||||||||||||||||||||||||
Intermediate Bond | 8,536,949 | — | — | (532,231 | ) | 57,705,286 | (152,830,543 | )* | Short-term | 2017 | ||||||||||||||||||
Money Market | 57,517 | — | 9,705 | — | (101 | ) | — | — | — | |||||||||||||||||||
Small Company | 11,219,286 | — | 81,173,807 | — | 127,885,590 | (1,570,777 | ) | Short-term | 2015 | |||||||||||||||||||
(1,570,776 | ) | Short-term | 2016 | |||||||||||||||||||||||||
(520,509 | ) | Short-term | 2017 | |||||||||||||||||||||||||
$ | (3,662,062 | )* |
* | Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. |
The Portfolios’ major tax jurisdictions are U.S. federal, Arizona, and Massachusetts. The earliest tax year that remains subject to examination by these jurisdictions is 2010.
As of December 31, 2014, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.
47 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 14 — REORGANIZATIONS
On March 14, 2014, Intermediate Bond (“Acquiring Portfolio”) acquired all of the net assets of ING Bond Portfolio (“Acquired 1 Portfolio”), an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired 1 Portfolio on February 27, 2014. The purposes of the transaction were to combine two portfolios with comparable investment objectives, policies, restrictions, portfolio holdings and management. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired 1 Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Assuming the acquisition had been completed on January 1, 2014, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2014, are as follows:
Net investment income | $ | 140,371,277 | ||
Net realized and unrealized gain on investments | $ | 111,508,006 | ||
Net increase in net assets resulting from operations | $ | 251,879,283 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired 1 Portfolio that have been included in the Acquiring Portfolio’s statement of operations since March 14, 2014. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
Total Net Assets of Acquired 1 Portfolio (000s) | Total Net Assets of Acquiring Portfolio (000s) | Acquired 1 Portfolio’s Capital Loss Carryforwards (000s) | Acquired 1 Portfolio’s Unrealized Appreciation (000s) | Portfolios’ Conversion Ratio | ||||||||||||||
$ | 401,363 | $ | 2,027,068 | $ | 6,819 | $ | 1,198 | 0.7080 |
The net assets of the Acquiring Portfolio after the acquisition of Acquired 1 Portfolio were $2,428,431,449.
On March 21, 2014, Intermediate Bond (“Acquiring Portfolio”) acquired all of the net assets of ING Total Return Bond Portfolio (“Acquired 2 Portfolio”), an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired 2 Portfolio on January 28, 2014. The purposes of the transaction were to combine two portfolios with comparable investment objectives and policies. For
financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired 2 Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Assuming the acquisition had been completed on January 1, 2014, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2014, are as follows:
Net investment income | $ | 150,250,860 | ||
Net realized and unrealized gain on investments | $ | 133,073,443 | ||
Net increase in net assets resulting from operations | $ | 283,324,303 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired 2 Portfolio that have been included in the Acquiring Portfolio’s statement of operations since March 21, 2014. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
Total Net Assets of Acquired 2 Portfolio (000s) | Total Net Assets of Acquiring Portfolio (000s) | Acquired 2 Portfolio’s Capital Loss Carryforwards (000s) | Acquired 2 Portfolio’s Unrealized Appreciation (000s) | Portfolios’ Conversion Ratio | ||||||||||||||
$ | 2,481,566 | $ | 2,412,823 | $ | — | $ | 37,067 | 0.8585 |
The net assets of the Acquiring Portfolio after the acquisition of Acquired 2 Portfolio were $4,894,389,260.
NOTE 15 — RESTRUCTURING PLAN
In October 2009, ING Groep N.V. (“ING Groep”) submitted a restructuring plan (the “Restructuring Plan”) to the European Commission in order to receive approval for state aid granted to ING Groep by the Kingdom of the Netherlands in November 2008 and March 2009. To receive approval for this state aid, ING Groep was required to divest its insurance and investment management businesses, including Voya Financial, Inc. (formerly, ING U.S., Inc.), before the end of 2013. In November 2012, the Restructuring Plan was amended to permit ING Groep additional time to complete the divestment. Pursuant to the amended Restructuring Plan, ING Groep was required to divest at least 25% of Voya Financial, Inc. by the end of 2013 and more than 50% by the end of 2014, and is required to divest its remaining interest by the end of 2016 (such divestment, the “Separation Plan”).
In May 2013, Voya Financial, Inc. conducted an initial public offering of its common stock (the “IPO”). In October 2013, March 2014, and September 2014, ING
48 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 15 — RESTRUCTURING PLAN (continued)
Groep divested additional shares in several secondary offerings of common stock of Voya Financial, Inc. and concurrent share repurchases by Voya Financial, Inc. These transactions reduced ING Groep’s ownership interest in Voya Financial, Inc. to 32%. Voya Financial, Inc. did not receive any proceeds from these offerings.
In November 2014, through an additional secondary offering and the concurrent repurchase of shares by Voya Financial, Inc., ING Groep further reduced its interest in Voya Financial, Inc. below 25% to approximately 19% (the “November 2014 Offering”). The November 2014 Offering was deemed by the Investment Adviser to be a change of control (the “Change of Control”), which resulted in the automatic termination of the existing investment advisory and sub-advisory agreements under which the Investment Adviser and Sub-Adviser provide services to the Portfolios. In anticipation of this termination, and in order to ensure that the existing investment advisory and sub-advisory services could continue uninterrupted, in 2013 the Board approved new advisory and sub-advisory agreements for the Portfolios, as applicable, in connection with the IPO. In addition, in 2013, shareholders of each Portfolio approved new investment advisory and affiliated sub-advisory agreements prompted by the IPO, as well as any future advisory and affiliated sub-advisory agreements prompted by the Separation Plan that are approved by the Board and that have terms not materially different from the current agreements. This meant that shareholders would not have another opportunity to vote on a new agreement with the Investment Adviser or the current affiliated sub-adviser even upon a change of control prompted by the Separation Plan, as long as no single person or group of persons acting together gains “control” (as defined in the 1940 Act) of Voya Financial, Inc.
On November 18, 2014, in response to the Change of Control, the Board, at an in-person meeting, approved new investment advisory and affiliated sub-advisory agreements. At that meeting, the Investment Adviser represented that the agreements approved by the Board were not materially different from the agreements approved by shareholders in 2013 and no single person or group of persons acting together was expected to gain “control” (as defined in the 1940 Act) of Voya Financial, Inc. As a result, shareholders of the Portfolios will not be asked to vote again on these new agreements with the Investment Adviser and affiliated sub-adviser.
NOTE 16 — SUBSEQUENT EVENTS
On September 12, 2014, the Board approved a proposal to reorganize Voya International Value Portfolio and Voya
Global Resources Portfolio, which are not included in this report (the “Disappearing Portfolios”) with and into Global Value Advantage (the “Reorganization”). The proposed Reorganization has been approved by shareholders of the Disappearing Portfolios. It is expected that the Reorganization will take place on or about March 6, 2015. In conjunction with the proposed Reorganization, Class T and Class I shares of Global Value Advantage will commence on or about March 6, 2015. In addition, if shareholder approval is obtained, a new side letter agreement for Global Value Advantage would limit expenses to 1.14%, 0.64%, 0.89%, 1.04%, and 1.24% for Class ADV, Class I, Class S, Class S2, and Class T, respectively, through May 1, 2016. Amounts waived or reimbursed will not be eligible for recoupment.
On November 20, 2014, the Board approved a change to the administrative agreement with VFS with respect to Balanced, Growth and Income, Intermediate Bond, Money Market and Small Company. Effective January 1, 2015, VFS is entitled to receive from each Portfolio a fee at an annual rate of 0.10% of its average daily net assets. VFS is contractually obligated to waive the administrative services fee increase and this obligation would remain in effect for at least two years from the effective date of January 1, 2015. This waiver is not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.
On November 20, 2014, the Board approved a proposal to reorganize Voya Aggregate Bond Portfolio, which is not included in this report (the “Disappearing Portfolio”) with and into Intermediate Bond (the “Reorganization”) on or about July 17, 2015. The proposed Reorganization is subject to approval by the shareholders of the Disappearing Portfolio at a shareholder meeting scheduled to be held on or about July 10, 2015. If shareholder approval is obtained, and pending Board approval of the revised Reorganization date, it is expected that the Reorganization will take place on or about August 14, 2015.
Subsequent to the period end, the Board approved amendments to the Portfolios’ Valuation Procedures which changed the valuation methodology for investments in securities of sufficient credit quality, maturing in 60 days or less from amortized cost to a price provided by an independent pricing service.
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
49 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 57.4% | ||||||||||||||||
Consumer Discretionary: 8.2% | ||||||||||||||||
6,667 | @ | Amazon.com, Inc. | $ | 2,069,103 | 0.4 | |||||||||||
38,259 | Brinker International, Inc. | 2,245,421 | 0.4 | |||||||||||||
2,659 | Chipotle Mexican Grill, Inc. | 1,820,112 | 0.4 | |||||||||||||
48,578 | Comcast Corp. - Class A | 2,818,010 | 0.6 | |||||||||||||
32,879 | Home Depot, Inc. | 3,451,309 | 0.7 | |||||||||||||
56,267 | Macy’s, Inc. | 3,699,555 | 0.7 | |||||||||||||
23,444 | Nike, Inc. | 2,254,141 | 0.4 | |||||||||||||
35,159 | Walt Disney Co. | 3,311,626 | 0.6 | |||||||||||||
477,349 | Other Securities(a) | 20,519,773 | 4.0 | |||||||||||||
42,189,050 | 8.2 | |||||||||||||||
Consumer Staples: 5.0% | ||||||||||||||||
60,726 | ConAgra Foods, Inc. | 2,203,139 | 0.4 | |||||||||||||
31,652 | CVS Caremark Corp. | 3,048,404 | 0.6 | |||||||||||||
25,825 | PepsiCo, Inc. | 2,442,012 | 0.5 | |||||||||||||
31,563 | Procter & Gamble Co. | 2,875,074 | 0.6 | |||||||||||||
248,900 | Other Securities | 15,050,246 | 2.9 | |||||||||||||
25,618,875 | 5.0 | |||||||||||||||
Energy: 3.7% | ||||||||||||||||
25,741 | Anadarko Petroleum Corp. | 2,123,632 | 0.4 | |||||||||||||
40,375 | ExxonMobil Corp. | 3,732,669 | 0.7 | |||||||||||||
20,400 | Royal Dutch Shell PLC - Class A ADR | 1,365,780 | 0.3 | |||||||||||||
57,432 | Royal Dutch Shell PLC - Class A | 1,916,676 | 0.4 | |||||||||||||
194,505 | Other Securities | 9,603,057 | 1.9 | |||||||||||||
18,741,814 | 3.7 | |||||||||||||||
Financials: 11.4% | ||||||||||||||||
27,564 | Ameriprise Financial, Inc. | 3,645,339 | 0.7 | |||||||||||||
32,311 | Citigroup, Inc. | 1,748,348 | 0.3 | |||||||||||||
27,632 | Discover Financial Services | 1,809,620 | 0.4 | |||||||||||||
46,815 | Invesco Ltd. | 1,850,129 | 0.4 | |||||||||||||
43,261 | JPMorgan Chase & Co. | 2,707,273 | 0.5 | |||||||||||||
27,385 | Prudential Financial, Inc. | 2,477,247 | 0.5 | |||||||||||||
48,945 | Wells Fargo & Co. | 2,683,165 | 0.5 | |||||||||||||
2,558,701 | Other Securities | 41,202,804 | 8.1 | |||||||||||||
58,123,925 | 11.4 | |||||||||||||||
Health Care: 8.3% | ||||||||||||||||
44,747 | AbbVie, Inc. | 2,928,244 | 0.6 | |||||||||||||
41,766 | Bristol-Myers Squibb Co. | 2,465,447 | 0.5 | |||||||||||||
28,918 | Cardinal Health, Inc. | 2,334,550 | 0.4 | |||||||||||||
9,059 | McKesson Corp. | 1,880,467 | 0.4 | |||||||||||||
40,441 | Merck & Co., Inc. | 2,296,645 | 0.4 | |||||||||||||
20,290 | Novartis AG | 1,881,765 | 0.4 | |||||||||||||
87,369 | Pfizer, Inc. | 2,721,544 | 0.5 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: (continued) | ||||||||||||||||
Health Care (continued) | ||||||||||||||||
19,667 | UnitedHealth Group, Inc. | $ | 1,988,137 | 0.4 | ||||||||||||
295,146 | Other Securities | 24,197,340 | 4.7 | |||||||||||||
42,694,139 | 8.3 | |||||||||||||||
Industrials: 6.7% | ||||||||||||||||
39,667 | Ametek, Inc. | 2,087,674 | 0.4 | |||||||||||||
14,337 | Roper Industries, Inc. | 2,241,590 | 0.4 | |||||||||||||
23,694 | Union Pacific Corp. | 2,822,666 | 0.6 | |||||||||||||
1,136,112 | Other Securities | 27,267,597 | 5.3 | |||||||||||||
34,419,527 | 6.7 | |||||||||||||||
Information Technology: 9.0% | ||||||||||||||||
55,173 | Apple, Inc. | 6,089,996 | 1.2 | |||||||||||||
74,257 | Cisco Systems, Inc. | 2,065,458 | 0.4 | |||||||||||||
2,395 | Google, Inc. | 1,260,728 | 0.2 | |||||||||||||
3,653 | Google, Inc. - Class A | 1,938,501 | 0.4 | |||||||||||||
25,898 | Intuit, Inc. | 2,387,537 | 0.5 | |||||||||||||
115,976 | Microsoft Corp. | �� | 5,387,085 | 1.1 | ||||||||||||
68,596 | Oracle Corp. | 3,084,762 | 0.6 | |||||||||||||
611,391 | Other Securities | 23,676,855 | 4.6 | |||||||||||||
45,890,922 | 9.0 | |||||||||||||||
Materials: 2.6% | ||||||||||||||||
24,010 | Eastman Chemical Co. | 1,821,398 | 0.4 | |||||||||||||
28,106 | Packaging Corp. of America | 2,193,673 | 0.4 | |||||||||||||
275,415 | Other Securities(a) | 9,189,946 | 1.8 | |||||||||||||
13,205,017 | 2.6 | |||||||||||||||
Telecommunication Services: 0.8% | ||||||||||||||||
413,728 | Other Securities | 4,174,336 | 0.8 | |||||||||||||
Utilities: 1.7% | ||||||||||||||||
313,737 | Other Securities | 8,783,221 | 1.7 | |||||||||||||
Total Common Stock (Cost $255,899,943) | 293,840,826 | 57.4 | ||||||||||||||
EXCHANGE-TRADED FUNDS: 10.8% | ||||||||||||||||
74,500 | iShares iBoxx High Yield Corporate Bond Fund | 6,675,200 | 1.3 | |||||||||||||
394,800 | iShares MSCI Emerging Markets Index Fund | 15,511,692 | 3.0 | |||||||||||||
436,100 | PowerShares Senior Loan Portfolio | 10,479,483 | 2.0 | |||||||||||||
593,600 | SPDR Barclays Capital High Yield Bond ETF | 22,918,896 | 4.5 | |||||||||||||
Total Exchange-Traded Funds (Cost $58,555,273) | 55,585,271 | 10.8 |
See Accompanying Notes to Financial Statements
50 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||||
MUTUAL FUNDS: 0.2% | ||||||||||||||||
Affiliated Investment Companies: 0.2% | ||||||||||||||||
138,463 | Voya High Yield Bond Fund - Class P | $ | 1,113,245 | 0.2 | ||||||||||||
Total Mutual Funds (Cost $1,132,753) | 1,113,245 | 0.2 | ||||||||||||||
PREFERRED STOCK: 0.1% | ||||||||||||||||
Utilities: 0.1% | ||||||||||||||||
69,390 | Other Securities | 343,008 | 0.1 | |||||||||||||
Total Preferred Stock (Cost $441,494) | 343,008 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
CORPORATE BONDS/NOTES: 8.7% | ||||||||||||||||
Basic Materials: 0.8% | ||||||||||||||||
340,000 | # | Anglo American Capital PLC, 2.625%, 09/27/17 | 343,400 | 0.1 | ||||||||||||
230,000 | Eastman Chemical Co., 2.700%-3.800%, 01/15/20-03/15/25 | 232,896 | 0.1 | |||||||||||||
160,000 | #,L | FMG Resources August 2006 Pty Ltd., 6.875%, 04/01/22 | 133,800 | 0.0 | ||||||||||||
67,000 | # | Georgia-Pacific LLC, 2.539%, 11/15/19 | 67,053 | 0.0 | ||||||||||||
50,000 | # | Georgia-Pacific LLC, 3.163%, 11/15/21 | 50,374 | 0.0 | ||||||||||||
70,000 | # | Georgia-Pacific LLC, 3.600%, 03/01/25 | 70,444 | 0.0 | ||||||||||||
100,000 | # | Georgia-Pacific LLC, 3.734%, 07/15/23 | 102,462 | 0.1 | ||||||||||||
135,000 | # | Glencore Funding LLC, 2.500%, 01/15/19 | 133,058 | 0.0 | ||||||||||||
75,000 | # | NOVA Chemicals Corp., 5.250%, 08/01/23 | 76,031 | 0.0 | ||||||||||||
95,000 | # | Steel Dynamics, Inc., 5.125%, 10/01/21 | 96,781 | 0.0 | ||||||||||||
127,000 | # | Xstrata Finance Canada Ltd., 4.950%, 11/15/21 | 134,177 | 0.0 | ||||||||||||
2,679,000 | Other Securities | 2,673,229 | 0.5 | |||||||||||||
4,113,705 | 0.8 | |||||||||||||||
Communications: 1.8% | ||||||||||||||||
200,000 | # | Alibaba Group Holding Ltd., 3.125%, 11/28/21 | 197,899 | 0.0 | ||||||||||||
200,000 | # | Alibaba Group Holding Ltd., 3.600%, 11/28/24 | 198,779 | 0.1 | ||||||||||||
63,000 | # | CommScope, Inc., 5.000%, 06/15/21 | 62,370 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||||
Communications (continued) | ||||||||||||||||
77,000 | # | CommScope, Inc., 5.500%, 06/15/24 | $ | 76,230 | 0.0 | |||||||||||
103,000 | # | Cox Communications, Inc., 3.850%, 02/01/25 | 104,181 | 0.0 | ||||||||||||
142,000 | # | COX Communications, Inc., 2.950%, 06/30/23 | 136,423 | 0.1 | ||||||||||||
70,000 | # | COX Communications, Inc., 4.500%, 06/30/43 | 68,237 | 0.0 | ||||||||||||
220,000 | # | Netflix, Inc., 5.750%, 03/01/24 | 229,900 | 0.1 | ||||||||||||
200,000 | # | Numericable Group SA, 6.000%, 05/15/22 | 201,350 | 0.0 | ||||||||||||
170,000 | # | Sinclair Television Group, Inc., 5.625%, 08/01/24 | 165,325 | 0.0 | ||||||||||||
209,000 | # | Sirius XM Radio, Inc., 5.875%, 10/01/20 | 215,792 | 0.1 | ||||||||||||
200,000 | # | Softbank Corp., 4.500%, 04/15/20 | 197,750 | 0.0 | ||||||||||||
400,000 | # | Telefonica Chile SA, 3.875%, 10/12/22 | 392,505 | 0.1 | ||||||||||||
44,000 | # | Verizon Communications, Inc., 4.862%, 08/21/46 | 45,309 | 0.0 | ||||||||||||
131,000 | # | Verizon Communications, Inc., 5.012%, 08/21/54 | 136,120 | 0.0 | ||||||||||||
110,000 | # | West Corp., 5.375%, 07/15/22 | 105,600 | 0.0 | ||||||||||||
6,400,000 | Other Securities(a) | 6,646,946 | 1.3 | |||||||||||||
9,180,716 | 1.8 | |||||||||||||||
Consumer Staples: 0.0% | ||||||||||||||||
40,000 | Other Securities | 44,300 | 0.0 | |||||||||||||
Consumer, Cyclical: 0.4% | ||||||||||||||||
110,000 | # | Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp., 5.375%, 06/01/24 | 109,587 | 0.0 | ||||||||||||
200,000 | # | DreamWorks Animation SKG, Inc., 6.875%, 08/15/20 | 206,000 | 0.0 | ||||||||||||
1,700,000 | Other Securities | 1,754,488 | 0.4 | |||||||||||||
2,070,075 | 0.4 | |||||||||||||||
Consumer, Non-cyclical: 1.2% | ||||||||||||||||
95,000 | # | Alliance Data Systems Corp., 5.375%, 08/01/22 | 94,050 | 0.0 | ||||||||||||
261,000 | # | Amsurg Corp., 5.625%, 07/15/22 | 268,830 | 0.1 | ||||||||||||
95,000 | # | JBS USA LLC / JBS USA Finance, Inc., 5.875%, 07/15/24 | 93,575 | 0.0 | ||||||||||||
100,000 | # | Marfrig Overseas Ltd., 9.500%, 05/04/20 | 102,000 | 0.0 |
See Accompanying Notes to Financial Statements |
51 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||||
Consumer, Non-cyclical (continued) | ||||||||||||||||
160,000 | # | Medtronic, Inc., 3.150%, 03/15/22 | $ | 162,808 | 0.0 | |||||||||||
169,000 | # | Medtronic, Inc., 3.500%, 03/15/25 | 173,252 | 0.1 | ||||||||||||
72,000 | # | Medtronic, Inc., 4.375%, 03/15/35 | 76,641 | 0.0 | ||||||||||||
70,000 | # | Medtronic, Inc., 4.625%, 03/15/45 | 76,198 | 0.0 | ||||||||||||
100,000 | # | Valeant Pharmaceuticals International, 7.000%, 10/01/20 | 106,000 | 0.0 | ||||||||||||
100,000 | # | Valeant Pharmaceuticals International, 7.250%, 07/15/22 | 107,000 | 0.0 | ||||||||||||
67,000 | # | WM Wrigley Jr Co., 2.400%, 10/21/18 | 67,531 | 0.0 | ||||||||||||
149,000 | # | WM Wrigley Jr Co., 2.900%, 10/21/19 | 151,093 | 0.1 | ||||||||||||
69,000 | # | WM Wrigley Jr Co., 3.375%, 10/21/20 | 70,619 | 0.0 | ||||||||||||
4,277,000 | Other Securities | 4,465,411 | 0.9 | |||||||||||||
6,015,008 | 1.2 | |||||||||||||||
Diversified: 0.1% | ||||||||||||||||
450,000 | # | Hutchison Whampoa International 12 Ltd., 6.000%, 05/29/49 | 480,821 | 0.1 | ||||||||||||
Energy: 1.0% | ||||||||||||||||
79,000 | # | Enable Midstream Partners L.P., 3.900%, 05/15/24 | 76,294 | 0.1 | ||||||||||||
34,000 | # | Enable Midstream Partners L.P., 5.000%, 05/15/44 | 32,147 | 0.0 | ||||||||||||
25,000 | # | Hilcorp Energy I L.P./Hilcorp Finance Co., 5.000%, 12/01/24 | 22,031 | 0.0 | ||||||||||||
80,000 | # | Kinder Morgan Finance Co., LLC, 6.000%, 01/15/18 | 87,104 | 0.0 | ||||||||||||
400,000 | # | Reliance Industries Ltd., 5.875%, 12/31/49 | 390,500 | 0.1 | ||||||||||||
85,000 | # | Sanchez Energy Corp., 6.125%, 01/15/23 | 71,613 | 0.0 | ||||||||||||
4,224,000 | Other Securities(a) | 4,121,351 | 0.8 | |||||||||||||
4,801,040 | 1.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||||
Financial: 2.5% | ||||||||||||||||
200,000 | # | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.950%, 01/30/24 | $ | 208,500 | 0.1 | |||||||||||
739,000 | Bank of America Corp., 3.300%-5.000%, 01/11/23-01/21/44 | 770,046 | 0.2 | |||||||||||||
97,000 | # | Barclays Bank PLC, 6.050%, 12/04/17 | 106,958 | 0.0 | ||||||||||||
200,000 | # | BPCE SA, 5.150%, 07/21/24 | 206,482 | 0.0 | ||||||||||||
200,000 | # | BPCE SA, 5.700%, 10/22/23 | 215,401 | 0.1 | ||||||||||||
150,000 | # | Caixa Economica Federal, 4.500%, 10/03/18 | 148,125 | 0.0 | ||||||||||||
89,000 | # | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/29/49 | 114,766 | 0.0 | ||||||||||||
200,000 | # | Credit Suisse AG, 6.500%, 08/08/23 | 220,044 | 0.1 | ||||||||||||
117,000 | Discover Financial Services, 5.200%, 04/27/22 | 129,414 | 0.0 | |||||||||||||
113,000 | # | Five Corners Funding Trust, 4.419%, 11/15/23 | 119,708 | 0.0 | ||||||||||||
100,000 | # | HBOS PLC, 6.750%, 05/21/18 | 111,700 | 0.0 | ||||||||||||
181,000 | # | International Lease Finance Corp., 7.125%, 09/01/18 | 203,172 | 0.0 | ||||||||||||
200,000 | # | Itau Unibanco Holding SA / Cayman Island, 5.125%, 05/13/23 | 200,000 | 0.0 | ||||||||||||
881,000 | JPMorgan Chase & Co., 1.625%-6.125%, 05/15/18-12/29/49 | 876,285 | 0.2 | |||||||||||||
571,000 | Morgan Stanley, 3.750%-5.000%, 02/25/23-11/24/25 | 590,240 | 0.1 | |||||||||||||
200,000 | # | RBS Citizens Financial Group, Inc., 4.150%, 09/28/22 | 205,044 | 0.1 | ||||||||||||
188,000 | # | Scentre Group Trust 1 / Scentre Group Trust 2, 3.500%, 02/12/25 | 189,135 | 0.0 | ||||||||||||
7,633,000 | Other Securities(a) | 7,985,805 | 1.6 | |||||||||||||
12,600,825 | 2.5 |
See Accompanying Notes to Financial Statements
52 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||||
Industrial: 0.2% | ||||||||||||||||
80,000 | # | AP Moeller - Maersk A/S, 2.550%, 09/22/19 | $ | 80,313 | 0.0 | |||||||||||
90,000 | # | Keysight Technologies, Inc., 3.300%, 10/30/19 | 89,514 | 0.0 | ||||||||||||
60,000 | # | Keysight Technologies, Inc., 4.550%, 10/30/24 | 60,142 | 0.0 | ||||||||||||
100,000 | # | Sanmina Corp., 4.375%, 06/01/19 | 99,500 | 0.0 | ||||||||||||
45,000 | # | Sealed Air Corp., 8.375%, 09/15/21 | 50,513 | 0.0 | ||||||||||||
761,000 | Other Securities | 824,076 | 0.2 | |||||||||||||
1,204,058 | 0.2 | |||||||||||||||
Industrials: 0.0% | ||||||||||||||||
30,000 | Other Securities | 35,032 | 0.0 | |||||||||||||
Technology: 0.2% | ||||||||||||||||
55,000 | # | Activision Blizzard, Inc., 5.625%, 09/15/21 | 57,888 | 0.0 | ||||||||||||
85,000 | # | Audatex North America, Inc., 6.000%, 06/15/21 | 87,975 | 0.0 | ||||||||||||
200,000 | # | NXP BV / NXP Funding LLC, 5.750%, 02/15/21 | 211,000 | 0.0 | ||||||||||||
783,000 | Other Securities | 801,792 | 0.2 | |||||||||||||
1,158,655 | 0.2 | |||||||||||||||
Utilities: 0.5% | ||||||||||||||||
200,000 | # | Abu Dhabi National Energy Co., 5.875%, 12/13/21 | 232,000 | 0.0 | ||||||||||||
62,000 | #,L | Berkshire Hathaway Energy Co., 3.500%, 02/01/25 | 62,526 | 0.0 | ||||||||||||
225,000 | # | Calpine Corp., 6.000%, 01/15/22 | 240,750 | 0.1 | ||||||||||||
58,000 | # | Duquesne Light Holdings, Inc., 5.900%, 12/01/21 | 67,360 | 0.0 | ||||||||||||
86,000 | # | Duquesne Light Holdings, Inc., 6.400%, 09/15/20 | 100,553 | 0.0 | ||||||||||||
200,000 | # | Empresa de Energia de Bogota SA, 6.125%, 11/10/21 | 213,040 | 0.0 | ||||||||||||
47,000 | # | Jersey Central Power & Light Co., 4.700%, 04/01/24 | 50,271 | 0.0 | ||||||||||||
1,649,000 | Other Securities | 1,790,701 | 0.4 | |||||||||||||
2,757,201 | 0.5 | |||||||||||||||
Total Corporate Bonds/Notes (Cost $43,362,046) | 44,426,404 | 8.7 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.3% | ||||||||||||||||
250,000 | # | BAMLL Commercial Mortgage Securities Trust 2014-INLD, 2.764%, 12/15/29 | $ | 250,935 | 0.1 | |||||||||||
110,000 | # | BAMLL Re-REMIC Trust 2014-FRR7 A, 2.420%, 10/26/44 | 108,392 | 0.0 | ||||||||||||
120,410 | Banc of America Alternative Loan Trust 2004-1 4A1, 4.750%, 02/25/19 | 121,401 | 0.0 | |||||||||||||
350,000 | Banc of America Commercial Mortgage Trust 2007-3 AJ, 5.547%, 06/10/49 | 362,557 | 0.1 | |||||||||||||
120,000 | Banc of America Commercial Mortgage Trust 2007-3 B, 5.547%, 06/10/49 | 122,460 | 0.0 | |||||||||||||
310,000 | Banc of America Commercial Mortgage Trust 2007-4 AJ, 5.821%, 02/10/51 | 322,359 | 0.1 | |||||||||||||
190,000 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc. 2004-4 G, 5.422%, 07/10/42 | 195,800 | 0.0 | ||||||||||||
90,000 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc. 2005-2 H, 5.268%, 07/10/43 | 90,015 | 0.0 | ||||||||||||
50,000 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.422%, 07/10/42 | 48,885 | 0.0 | ||||||||||||
74,000 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.744%, 03/11/41 | 74,237 | 0.0 | ||||||||||||
45,677 | Banc of America Mortgage 2005-J Trust 2A4, 2.699%, 11/25/35 | 42,282 | 0.0 | |||||||||||||
70,000 | # | Bank of America Merrill Lynch Commercial Mortgage, Inc., 5.268%, 07/10/43 | 70,748 | 0.0 | ||||||||||||
170,000 | # | Bank of America Merrill Lynch Commercial Mortgage, Inc., 6.030%, 11/10/38 | 175,298 | 0.1 | ||||||||||||
196,000 | # | Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4, 5.829%, 06/11/41 | 211,237 | 0.0 | ||||||||||||
70,000 | # | Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6, 5.406%, 11/11/41 | 77,024 | 0.0 | ||||||||||||
130,000 | # | Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6, 5.683%, 11/11/41 | 143,152 | 0.1 |
See Accompanying Notes to Financial Statements
53 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||||
140,000 | # | Bear Stearns Commercial Mortgage Securities Trust 2005-TOP18, 5.345%, 02/13/42 | $ | 136,095 | 0.0 | |||||||||||
110,000 | # | Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22, 5.575%, 04/12/38 | 116,399 | 0.0 | ||||||||||||
228,502 | # | Beckman Coulter, Inc., 7.498%, 12/15/18 | 253,546 | 0.1 | ||||||||||||
120,000 | # | Citigroup Commercial Mortgage Trust 2004-C1, 5.250%, 04/15/40 | 121,356 | 0.1 | ||||||||||||
3,370 | # | Citigroup Commercial Mortgage Trust 2004-C1, 5.802%, 04/15/40 | 3,414 | 0.0 | ||||||||||||
969,599 | #,^ | Citigroup Commercial Mortgage Trust, 2.210%, 09/10/45 | 97,369 | 0.0 | ||||||||||||
110,000 | # | Commercial 2004-LNB2 Mortgage Trust, 6.067%, 03/10/39 | 122,780 | 0.1 | ||||||||||||
753,914 | ^ | Commercial Mortgage Pass Through Certificates, 1.421%, 04/10/47 | 62,523 | 0.0 | ||||||||||||
80,000 | # | Commercial Mortgage Trust 2004-GG1 F, 6.025%, 06/10/36 | 81,691 | 0.0 | ||||||||||||
1,465,290 | ^ | Commercial Mortgage Trust, 1.419%, 10/10/46 | 124,538 | 0.0 | ||||||||||||
633,162 | ^ | Commercial Mortgage Trust, 1.773%, 01/10/46 | 53,191 | 0.0 | ||||||||||||
964,834 | ^ | Commercial Mortgage Trust, 1.907%, 08/15/45 | 95,862 | 0.0 | ||||||||||||
1,760,374 | ^ | Commercial Mortgage Trust, 1.977%, 10/15/45 | 182,469 | 0.1 | ||||||||||||
2,380,000 | #,^ | Commercial Mortgage Trust, 0.596%, 10/15/45 | 102,354 | 0.0 | ||||||||||||
210,000 | # | Credit Suisse Commercial Mortgage Trust Series 2008-C1, 5.970%, 02/15/41 | 220,357 | 0.0 | ||||||||||||
14,061 | # | Credit Suisse First Boston Mortgage Securities Corp., 5.322%, 08/15/36 | 14,076 | 0.0 | ||||||||||||
300,000 | # | Credit Suisse First Boston Mortgage Securities Corp., 5.592%, 04/12/49 | 301,333 | 0.1 | ||||||||||||
50,000 | # | Credit Suisse First Boston Mortgage Securities Corp., 6.254%, 05/15/36 | 57,289 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||||
64,353 | # | Credit Suisse Mortgage Capital Certificates, 2.346%, 07/27/37 | $ | 64,904 | 0.0 | |||||||||||
931,759 | #,^ | DBUBS 2011-LC1 Mortgage Trust, 1.374%, 11/10/46 | 21,620 | 0.0 | ||||||||||||
100,000 | # | DBUBS 2011-LC2 Mortgage Trust, 5.443%, 07/10/44 | 106,175 | 0.0 | ||||||||||||
562,000 | Fannie Mae Connecticut Avenue Securities, 2.770%-5.170%, 01/25/24-11/25/24 | 544,272 | 0.1 | |||||||||||||
145,164 | ^ | First Horizon Alternative Mortgage Securities, 6.531%, 12/25/36 | 35,423 | 0.0 | ||||||||||||
180,000 | Freddie Mac Structured Agency Credit Risk Debt Notes, 3.770%, 04/25/24 | 166,017 | 0.0 | |||||||||||||
7,410,304 | #,^ | FREMF Mortgage Trust, 0.100%, 12/25/44 | 40,660 | 0.0 | ||||||||||||
60,000 | # | GE Capital Commercial Mortgage Series 2005-C2, 5.282%, 05/10/43 | 51,530 | 0.0 | ||||||||||||
8,351 | # | GMAC Commercial Mortgage Securities, Inc. Series 2003-C1 Trust, 5.000%, 05/10/36 | 8,411 | 0.0 | ||||||||||||
961,655 | ^ | GS Mortgage Securities Corp. II, 2.560%, 05/10/45 | 107,752 | 0.0 | ||||||||||||
120,000 | # | GS Mortgage Securities Trust 2011-GC3, 5.535%, 03/10/44 | 129,508 | 0.1 | ||||||||||||
40,000 | # | JP Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Thr, 5.606%, 05/15/41 | 41,935 | 0.0 | ||||||||||||
3,154,247 | ^ | JP Morgan Chase Commercial Mortgage Securities Corp., 0.655%, 01/15/46 | 74,738 | 0.0 | ||||||||||||
1,498,782 | ^ | JP Morgan Chase Commercial Mortgage Securities Corp., 1.757%, 06/15/45 | 117,270 | 0.1 | ||||||||||||
90,000 | # | JP Morgan Chase Commercial Mortgage Securities Trust 2003-PM1, 5.984%, 08/12/40 | 95,966 | 0.0 | ||||||||||||
40,000 | JP Morgan Chase Commercial Mortgage Securities Trust, 5.683%, 06/12/41 | 38,980 | 0.0 |
See Accompanying Notes to Financial Statements |
54 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||||
1,000,000 | #,^ | JP Morgan Chase Commercial Mortgage Securities Trust, 0.359%, 12/15/47 | $ | 25,068 | 0.0 | |||||||||||
1,597,050 | ^ | JPMBB Commercial Mortgage Securities Trust 2013-C14, 1.008%, 08/15/46 | 69,957 | 0.0 | ||||||||||||
1,293,565 | ^ | JPMBB Commercial Mortgage Securities Trust, 1.288%, 04/15/47 | 75,273 | 0.0 | ||||||||||||
1,408,839 | #,^ | LB-UBS Commercial Mortgage Trust 2004-C1, 1.000%, 01/15/36 | 23,382 | 0.0 | ||||||||||||
190,000 | # | LB-UBS Commercial Mortgage Trust 2005-C1, 5.297%, 02/15/40 | 191,042 | 0.1 | ||||||||||||
30,000 | # | LB-UBS Commercial Mortgage Trust 2005-C5, 5.350%, 09/15/40 | 29,908 | 0.0 | ||||||||||||
60,000 | # | LB-UBS Commercial Mortgage Trust 2006-C6, 5.991%, 09/15/39 | 61,603 | 0.0 | ||||||||||||
60,000 | # | LB-UBS Commercial Mortgage Trust 2006-C6, 5.991%, 09/15/39 | 61,123 | 0.0 | ||||||||||||
60,000 | # | LB-UBS Commercial Mortgage Trust 2006-C6, 5.991%, 09/15/39 | 59,681 | 0.0 | ||||||||||||
8,481,332 | #,^ | LB-UBS Commercial Mortgage Trust, 0.651%, 11/15/38 | 95,603 | 0.0 | ||||||||||||
90,000 | # | LB-UBS Commercial Mortgage Trust, 5.147%, 10/15/36 | 88,302 | 0.0 | ||||||||||||
180,000 | # | LB-UBS Commercial Mortgage Trust, 5.991%, 09/15/39 | 187,559 | 0.1 | ||||||||||||
180,000 | # | LB-UBS Commercial Mortgage Trust, 6.890%, 07/15/32 | 180,144 | 0.0 | ||||||||||||
2,035,576 | ^ | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, 1.713%, 02/15/46 | 177,336 | 0.1 | ||||||||||||
1,276,620 | ^ | Morgan Stanley Bank of America Merrill Lynch Trust, 1.288%, 08/15/47 | 100,561 | 0.0 | ||||||||||||
1,540,346 | #,^ | Morgan Stanley Bank of America Merrill Lynch Trust, 2.139%, 11/15/45 | 145,798 | 0.0 | ||||||||||||
29,760 | Morgan Stanley Capital I Trust 2004-IQ7, 5.191%, 06/15/38 | 29,730 | 0.0 | |||||||||||||
80,000 | # | Morgan Stanley Capital I Trust 2005-HQ6, 5.379%, 08/13/42 | 78,909 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||||
140,000 | Morgan Stanley Capital I Trust 2005-IQ10, 5.252%, 09/15/42 | $ | 135,514 | 0.0 | ||||||||||||
87,880 | Morgan Stanley Capital I Trust 2007-HQ13, 5.649%, 12/15/44 | 87,805 | 0.0 | |||||||||||||
150,000 | # | Morgan Stanley Capital I Trust 2008-TOP29, 6.278%, 01/11/43 | 154,918 | 0.0 | ||||||||||||
130,000 | # | Morgan Stanley Capital I Trust 2011-C1, 5.251%, 09/15/47 | 143,874 | 0.1 | ||||||||||||
100,000 | # | Morgan Stanley Capital I Trust 2011-C1, 5.251%, 09/15/47 | 109,526 | 0.0 | ||||||||||||
100,000 | # | Morgan Stanley Capital I Trust 2011-C1, 5.251%, 09/15/47 | 107,902 | 0.0 | ||||||||||||
240,000 | Morgan Stanley Capital I Trust, 5.389%, 11/12/41 | 246,620 | 0.1 | |||||||||||||
170,000 | Morgan Stanley Capital I, 5.336%, 01/14/42 | 169,988 | 0.1 | |||||||||||||
63,000 | # | Morgan Stanley Dean Witter Capital I Trust 2002-IQ3, 6.974%, 09/15/37 | 62,180 | 0.0 | ||||||||||||
200,000 | # | Morgan Stanley Reremic Trust, 0.250%, 07/27/49 | 174,240 | 0.0 | ||||||||||||
391,873 | # | Morgan Stanley Reremic Trust, 5.246%, 12/17/43 | 395,942 | 0.1 | ||||||||||||
606,325 | #,^ | RBSCF Trust, 1.192%, 04/15/24 | 2 | 0.0 | ||||||||||||
212,591 | # | Springleaf Mortgage Loan Trust 2013-3, 1.870%, 09/25/57 | 212,568 | 0.0 | ||||||||||||
150,000 | # | TIAA CMBS I Trust, 5.770%, 06/19/33 | 157,401 | 0.0 | ||||||||||||
961,406 | #,^ | UBS-Barclays Commercial Mortgage Trust, 2.132%, 08/10/49 | 105,832 | 0.0 | ||||||||||||
220,000 | # | Wachovia Bank Commercial Mortgage Trust Series 2005-C17 G, 5.396%, 03/15/42 | 221,045 | 0.0 | ||||||||||||
966,537 | #,^ | Wells Fargo Commercial Mortgage Trust 2012-LC5 XA, 2.101%, 10/15/45 | 101,580 | 0.0 | ||||||||||||
1,404,005 | #,^ | WFRBS Commercial Mortgage Trust 2012-C8 XA, 2.201%, 08/15/45 | 144,060 | 0.1 | ||||||||||||
6,936,590 | Other Securities | 6,216,928 | 1.2 | |||||||||||||
Total Collateralized Mortgage Obligations (Cost $16,572,896) | 16,837,489 | 3.3 |
See Accompanying Notes to Financial Statements |
55 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
U.S. TREASURY OBLIGATIONS: 3.1% | ||||||||||||||||
U.S. Treasury Bonds: 0.4% | ||||||||||||||||
2,009,000 | 3.125%, due 08/15/44 | $ | 2,163,286 | 0.4 | ||||||||||||
U.S. Treasury Notes: 2.7% | ||||||||||||||||
3,207,000 | 1.000%, due 12/15/17 | 3,199,858 | 0.6 | |||||||||||||
2,315,000 | 1.875%, due 11/30/21 | 2,301,797 | 0.5 | |||||||||||||
2,589,000 | 2.000%, due 01/31/16 | 2,635,369 | 0.5 | |||||||||||||
2,659,000 | 2.250%, due 11/15/24 | 2,677,281 | 0.5 | |||||||||||||
3,054,000 | L | 0.625%-1.625%, due 12/31/16-11/30/19 | 3,047,714 | 0.6 | ||||||||||||
13,862,019 | 2.7 | |||||||||||||||
Total U.S. Treasury Obligations (Cost $15,944,077) | 16,025,305 | 3.1 | ||||||||||||||
ASSET-BACKED SECURITIES: 2.1% | ||||||||||||||||
Automobile Asset-Backed Securities: 0.3% | ||||||||||||||||
40,000 | # | AmeriCredit Automobile Receivables Trust 2011-3, 5.760%, 12/10/18 | 41,200 | 0.0 | ||||||||||||
190,000 | # | AmeriCredit Automobile Receivables Trust, 3.290%, 05/08/20 | 191,781 | 0.1 | ||||||||||||
40,000 | # | MMCA Automobile Trust, 2.260%, 10/15/20 | 40,177 | 0.0 | ||||||||||||
120,000 | # | Oscar US Funding Trust 2014-1, 2.550%, 12/15/21 | 121,752 | 0.0 | ||||||||||||
160,000 | # | Santander Drive Auto Receivables Trust 2013-A, 3.780%, 10/15/19 | 164,797 | 0.1 | ||||||||||||
110,000 | Santander Drive Auto Receivables Trust 2013-A, 4.710%, 01/15/21 | 114,000 | 0.0 | |||||||||||||
730,000 | Other Securities | 738,602 | 0.1 | |||||||||||||
1,412,309 | 0.3 | |||||||||||||||
Credit Card Asset-Backed Securities: 0.0% | ||||||||||||||||
90,000 | Other Securities | 89,521 | 0.0 | |||||||||||||
Other Asset-Backed Securities: 1.8% | ||||||||||||||||
500,000 | # | Ares XII CLO Ltd., 2.233%, 11/25/20 | 505,349 | 0.1 | ||||||||||||
250,000 | # | Atrium V, 3.932%, 07/20/20 | 245,175 | 0.0 | ||||||||||||
250,000 | # | Black Diamond CLO 2005-1A C, 1.017%, 06/20/17 | 247,750 | 0.1 | ||||||||||||
250,000 | # | BlackRock Senior Income Series V Ltd. 2007-5A D, 2.483%, 08/13/19 | 235,899 | 0.0 | ||||||||||||
250,000 | # | Bluemountain CLO III Ltd. 2007-3A C, 0.933%, 03/17/21 | 242,444 | 0.0 | ||||||||||||
500,000 | # | Carlyle High Yield Partners IX Ltd., 0.640%, 08/01/21 | 479,775 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
ASSET-BACKED SECURITIES: (continued) | ||||||||||||||||
Other Asset-Backed Securities (continued) | ||||||||||||||||
200,000 | # | Castle Garden Funding, 1.984%, 10/27/20 | $ | 199,245 | 0.1 | |||||||||||
100,000 | # | Castle Garden Funding, 6.560%, 10/27/20 | 107,320 | 0.0 | ||||||||||||
200,000 | # | CIFC Funding 2006-I Ltd., 1.831%, 10/20/20 | 194,403 | 0.0 | ||||||||||||
200,000 | # | CIFC Funding 2006-II Ltd., 1.834%, 03/01/21 | 193,234 | 0.1 | ||||||||||||
96,297 | # | CIFC Funding 2006-II Ltd., 4.234%, 03/01/21 | 94,763 | 0.0 | ||||||||||||
250,000 | # | ColumbusNova CLO IV Ltd 2007-II, 2.481%, 10/15/21 | 244,820 | 0.1 | ||||||||||||
250,000 | # | ColumbusNova CLO Ltd 2006-II, 1.732%, 04/04/18 | 243,975 | 0.0 | ||||||||||||
500,000 | # | ColumbusNova CLO Ltd 2006-II, 3.982%, 04/04/18 | 500,001 | 0.1 | ||||||||||||
250,000 | # | Gulf Stream - Compass CLO, 3.683%, 10/28/19 | 250,117 | 0.1 | ||||||||||||
250,000 | # | Gulf Stream - Sextant CLO, 0.931%, 08/21/20 | 247,456 | 0.0 | ||||||||||||
250,000 | # | Halcyon Structured Asset Management Long Secured/ Short Unsecured, 2.532%, 08/07/21 | 248,827 | 0.1 | ||||||||||||
80,000 | # | Invitation Homes 2013-SFR1 Trust, 2.900%, 12/17/30 | 76,401 | 0.0 | ||||||||||||
50,000 | # | Invitation Homes Trust, 1.162%, 06/17/31 | 49,462 | 0.0 | ||||||||||||
130,000 | # | Invitation Homes Trust, 2.254%, 06/17/31 | 128,763 | 0.1 | ||||||||||||
250,000 | # | Katonah IX CLO Ltd., 0.954%, 01/25/19 | 242,750 | 0.0 | ||||||||||||
330,000 | # | Kingsland III Ltd., 0.883%, 08/24/21 | 317,117 | 0.1 | ||||||||||||
500,000 | # | Lightpoint CLO V 2006-5A B, 2.031%, 04/15/18 | 499,960 | 0.1 | ||||||||||||
250,000 | # | Madison Park Funding Ltd., 1.234%, 07/26/21 | 244,669 | 0.0 | ||||||||||||
250,000 | # | Momentum Capital Fund Ltd., 1.631%, 09/18/21 | 246,883 | 0.0 | ||||||||||||
250,000 | # | MSIM Peconic Bay Ltd., 2.231%, 07/20/19 | 251,513 | 0.1 | ||||||||||||
500,000 | # | Muir Grove CLO Ltd., 2.234%, 03/25/20 | 499,813 | 0.1 | ||||||||||||
250,000 | # | Northwoods Capital VII Ltd., 3.732%, 10/22/21 | 250,062 | 0.1 |
See Accompanying Notes to Financial Statements |
56 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
ASSET-BACKED SECURITIES: (continued) | ||||||||||||||||
Other Asset-Backed Securities (continued) | ||||||||||||||||
250,000 | # | Northwoods Capital VIII Ltd., 2.233%, 07/28/22 | $ | 248,847 | 0.0 | |||||||||||
250,000 | # | St James River CLO Ltd. 2007-1A D, 2.539%, 06/11/21 | 245,113 | 0.0 | ||||||||||||
50,000 | # | Trade MAPS 1 Ltd., 2.412%, 12/10/18 | 49,950 | 0.0 | ||||||||||||
600,000 | # | WhiteHorse III Ltd./Corp 2006-1A A3L, 0.982%, 05/01/18 | 599,214 | 0.1 | ||||||||||||
400,000 | # | WhiteHorse III Ltd/Corp, 2.082%, 05/01/18 | 396,811 | 0.1 | ||||||||||||
763,990 | Other Securities | 664,096 | 0.1 | |||||||||||||
9,491,977 | 1.8 | |||||||||||||||
Total Asset-Backed Securities (Cost $10,930,697) | 10,993,807 | 2.1 | ||||||||||||||
FOREIGN GOVERNMENT BONDS: 2.7% | ||||||||||||||||
EUR | 1,175,000 | # | Austria Government Bond, 1.650%, 10/21/24 | 1,549,356 | 0.3 | |||||||||||
99,700 | # | Belize Government International Bond, 5.000%, 02/20/38 | 72,282 | 0.0 | ||||||||||||
EUR | 2,072,660 | Bundesrepublik Deutsche Inflation Linked Bond, 0.100%, 04/15/23 | 2,621,096 | 0.5 | ||||||||||||
EUR | 10,000 | Bundesrepublik Deutschland, 1.000%, 08/15/24 | 12,614 | 0.0 | ||||||||||||
100,000 | #,L | Dominican Republic International Bond, 6.600%, 01/28/24 | 106,750 | 0.0 | ||||||||||||
250,000 | # | El Fondo MIVIVIENDA S.A., 3.500%, 01/31/23 | 238,750 | 0.1 | ||||||||||||
20,000 | # | El Salvador Government International Bond, 5.875%, 01/30/25 | 19,550 | 0.0 | ||||||||||||
200,000 | # | Hrvatska Elektroprivreda, 6.000%, 11/09/17 | 209,600 | 0.0 | ||||||||||||
200,000 | # | Kazakhstan Temir Zholy Finance BV, 6.950%, 07/10/42 | 193,900 | 0.0 | ||||||||||||
228,000 | # | Lithuania Government International Bond, 5.125%, 09/14/17 | 248,235 | 0.1 | ||||||||||||
10,000 | # | Romanian Government International Bond, 4.375%, 08/22/23 | 10,563 | 0.0 | ||||||||||||
GBP | 87,844,065 | Other Securities (a) | 8,663,441 | 1.7 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
FOREIGN GOVERNMENT BONDS: (continued) | ||||||||||||||||
Total Foreign Government Bonds (Cost $14,376,720) | $ | 13,946,137 | 2.7 | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 4.9% | ||||||||||||||||
Agency Collat CMO: 0.2% | ||||||||||||||||
5,989,618 | ^ | 4.500%-6.401%, due 07/25/30-06/25/36 | 1,042,827 | 0.2 | ||||||||||||
Federal Home Loan Mortgage Corporation: 1.4%## | ||||||||||||||||
11,981,320 | ^ | 0.100%-7.589%, due 12/15/17-01/15/42 | 6,898,098 | 1.4 | ||||||||||||
Federal National Mortgage Association: 2.2%## | ||||||||||||||||
15,400,300 | ^,W | 0.670%-7.500%, due 06/01/16-07/01/43 | 11,323,249 | 2.2 | ||||||||||||
Government National Mortgage Association: 1.1% | ||||||||||||||||
12,555,368 | ^ | 0.630%, due 07/20/39 | 223,694 | 0.1 | ||||||||||||
3,888,326 | ^ | 0.677%, due 12/16/43 | 207,217 | 0.0 | ||||||||||||
1,915,345 | 4.000%, due 10/20/44 | 2,058,388 | 0.4 | |||||||||||||
3,992,519 | ^ | 4.500%, due 05/16/35 | 204,569 | 0.0 | ||||||||||||
2,744,960 | 1.625%-7.000%, due 12/20/29-10/20/60 | 2,921,832 | 0.6 | |||||||||||||
5,615,700 | 1.1 | |||||||||||||||
Total U.S. Government Agency Obligations (Cost $24,447,221) | 24,879,874 | 4.9 |
# of Contracts | Value | Percentage of Net Assets | ||||||||||||||
PURCHASED OPTIONS: 0.0% | ||||||||||||||||
Interest Rate Swaptions: 0.0% | ||||||||||||||||
12,021,000 | @ | Pay a fixed rate equal to 4.900% and receive a floating rate equal to the 3-month USD-LIBOR-BBA, Exp. 05/29/15 Counterparty: Citigroup, Inc. | 241 | 0.0 | ||||||||||||
14,155,598 | @ | Pay a fixed rate equal to 5.008% and receive a floating rate equal to the 3-month USD-LIBOR-BBA, Exp. 05/29/15 Counterparty: Goldman Sachs & Co. | 193 | 0.0 |
See Accompanying Notes to Financial Statements |
57 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
# of Contracts | Value | Percentage of Net Assets | ||||||||||||||
PURCHASED OPTIONS: (continued) | ||||||||||||||||
Interest Rate Swaptions (continued) | ||||||||||||||||
1,373,000 | @ | Pay a fixed rate equal to 5.030% and receive a floating rate equal to the 3-month USD-LIBOR-BBA, Exp. 05/22/15 Counterparty: Citigroup, Inc. | $ | 11 | 0.0 | |||||||||||
445 | 0.0 | |||||||||||||||
Options on Currencies: –% | ||||||||||||||||
2,843,000 | @ | Put USD vs. Call EUR, Strike @ 1.307, Exp. 01/05/15 Counterparty: Deutsche Bank AG | — | — | ||||||||||||
Total Purchased Options (Cost $137,081) | 445 | 0.0 | ||||||||||||||
Total Long-Term Investments (Cost $441,800,201) | 477,991,811 | 93.3 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
SHORT-TERM INVESTMENTS: 2.7% | ||||||||||||||||
Securities Lending Collateralcc: 0.8% | ||||||||||||||||
1,000,000 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,000,005, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,020,000, due 01/01/15-09/01/49) | 1,000,000 | 0.2 | |||||||||||||
181,077 | Daiwa Capital Markets, Repurchase Agreement dated 12/31/14, 0.12%, due 01/02/15 (Repurchase Amount $181,078, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $184,699, due 06/01/ 17-03/01/48) | 181,077 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||||
1,000,000 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,000,008, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $1,020,000, due 09/30/17-02/15/42) | $ | 1,000,000 | 0.2 | ||||||||||||
1,000,000 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $1,000,004, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $1,020,000, due 01/07/15-10/20/64) | 1,000,000 | 0.2 | |||||||||||||
1,000,000 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,000,005, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $1,020,000, due 11/15/15-07/15/56) | 1,000,000 | 0.2 | |||||||||||||
4,181,077 | 0.8 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
Mutual Funds: 1.9% | ||||||||||||||||
9,575,915 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $9,575,915) | 9,575,915 | 1.9 |
See Accompanying Notes to Financial Statements |
58 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||||
Mutual Funds (continued) | ||||||||||||||||
Total Short-Term Investments (Cost $13,756,992) | $ | 13,756,992 | 2.7 | |||||||||||||
Total Investments in Securities (Cost $455,557,193) | $ | 491,748,803 | 96.0 | |||||||||||||
Assets in Excess of Other Liabilities | 20,260,996 | 4.0 | ||||||||||||||
Net Assets | $ | 512,009,799 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014. |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
# | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
## | The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
@ | Non-income producing security. |
ADR | American Depositary Receipt |
cc | Represents securities purchased with cash collateral received for securities on loan. |
W | Settlement is on a when-issued or delayed-delivery basis. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
^ | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
(a) | This grouping contains securities on loan. |
CAD | Canadian Dollar |
EUR | EU Euro |
GBP | British Pound |
MXN | Mexican Peso |
NGN | Nigerian Naira |
Cost for federal income tax purposes is $456,463,141 |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 48,049,034 | ||
Gross Unrealized Depreciation | (12,763,372 | ) | ||
Net Unrealized Appreciation | $ | 35,285,662 |
See Accompanying Notes to Financial Statements
59 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs # (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Consumer Discretionary | $ | 35,511,306 | $ | 6,677,744 | $ | — | $ | 42,189,050 | ||||||||
Consumer Staples | 20,476,643 | 5,142,232 | — | 25,618,875 | ||||||||||||
Energy | 15,433,109 | 3,308,705 | — | 18,741,814 | ||||||||||||
Financials | 44,058,781 | 14,065,144 | — | 58,123,925 | ||||||||||||
Health Care | 36,028,113 | 6,666,026 | — | 42,694,139 | ||||||||||||
Industrials | 27,517,362 | 6,902,165 | — | 34,419,527 | ||||||||||||
Information Technology | 43,594,305 | 2,296,617 | — | 45,890,922 | ||||||||||||
Materials | 9,412,043 | 3,792,974 | — | 13,205,017 | ||||||||||||
Telecommunication Services | 992,785 | 3,181,551 | — | 4,174,336 | ||||||||||||
Utilities | 7,168,799 | 1,614,422 | — | 8,783,221 | ||||||||||||
Total Common Stock | 240,193,246 | 53,647,580 | — | 293,840,826 | ||||||||||||
Exchange-Traded Funds | 55,585,271 | — | — | 55,585,271 | ||||||||||||
Mutual Funds | 1,113,245 | — | — | 1,113,245 | ||||||||||||
Preferred Stock | 343,008 | — | — | 343,008 | ||||||||||||
Purchased Options | — | 445 | — | 445 | ||||||||||||
Corporate Bonds/Notes | — | 44,446,193 | — | 44,446,193 | ||||||||||||
Collateralized Mortgage Obligations | — | 16,837,489 | — | 16,837,489 | ||||||||||||
Short-Term Investments | 9,575,915 | 4,181,077 | — | 13,756,992 | ||||||||||||
Foreign Government Bonds | — | 13,926,348 | — | 13,926,348 | ||||||||||||
U.S. Government Agency Obligations | — | 24,879,874 | — | 24,879,874 | ||||||||||||
Asset-Backed Securities | — | 10,993,807 | — | 10,993,807 | ||||||||||||
U.S. Treasury Obligations | — | 16,025,305 | — | 16,025,305 | ||||||||||||
Total Investments, at fair value | $ | 306,810,685 | $ | 184,938,118 | $ | — | $ | 491,748,803 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Centrally Cleared Swaps | — | 824,546 | — | 824,546 | ||||||||||||
Forward Foreign Currency Contracts | — | 864,235 | — | 864,235 | ||||||||||||
Futures | 288,998 | — | — | 288,998 | ||||||||||||
OTC Swaps | — | 208,349 | — | 208,349 | ||||||||||||
Total Assets | $ | 307,099,683 | $ | 186,835,248 | $ | — | $ | 493,934,931 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||
Centrally Cleared Swaps | $ | — | $ | (915,369 | ) | $ | — | $ | (915,369 | ) | ||||||
Forward Foreign Currency Contracts | — | (1,338,068 | ) | — | (1,338,068 | ) | ||||||||||
Futures | (489,736 | ) | — | — | (489,736 | ) | ||||||||||
Written Options | — | (82,460 | ) | — | (82,460 | ) | ||||||||||
Total Liabilities | $ | (489,736 | ) | $ | (2,335,897 | ) | $ | — | $ | (2,825,633 | ) |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
See Accompanying Notes to Financial Statements
60 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control results in that issuer becoming an affiliated person as defined by the 1940 Act.
The following table provides transactions during the year ended December 31, 2014, where the following issuers were considered an affiliate:
Issuer | Beginning Market Value at 12/31/13 | Purchases at Cost | Sales at Cost | Change in Unrealized Appreciation/ (Depreciation) | Ending Market Value at 12/31/14 | Investment Income | Realized Gains/ (Losses) | Net Capital Gain Distributions | ||||||||||||||||||||||||
Voya High Yield Bond Fund - Class P | $ | — | $ | 1,132,753 | $ | — | $ | (19,508 | ) | $ | 1,113,245 | $ | 7,821 | $ | — | $ | — | |||||||||||||||
$ | — | $ | 1,132,753 | $ | — | $ | (19,508 | ) | $ | 1,113,245 | $ | 7,821 | $ | — | $ | — |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At December 31, 2014, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Barclays Bank PLC | EU Euro | 499,988 | Buy | 02/27/15 | $ | 611,000 | $ | 605,330 | $ | (5,670 | ) | |||||||||||
Barclays Bank PLC | Swedish Krona | 3,332,115 | Buy | 02/27/15 | 431,000 | 427,520 | (3,480 | ) | ||||||||||||||
Barclays Bank PLC | EU Euro | 210,960 | Buy | 02/27/15 | 261,000 | 255,407 | (5,593 | ) | ||||||||||||||
Barclays Bank PLC | Singapore Dollar | 110,734 | Buy | 02/27/15 | 85,291 | 83,504 | (1,787 | ) | ||||||||||||||
BNP Paribas Bank | EU Euro | 378,477 | Buy | 02/27/15 | 465,000 | 458,218 | (6,782 | ) | ||||||||||||||
BNP Paribas Bank | Swedish Krona | 3,347,247 | Buy | 02/27/15 | 436,000 | 429,462 | (6,538 | ) | ||||||||||||||
BNP Paribas Bank | Japanese Yen | 156,765,980 | Buy | 02/27/15 | 1,335,000 | 1,309,399 | (25,601 | ) | ||||||||||||||
Citigroup, Inc. | New Zealand Dollar | 731,877 | Buy | 02/27/15 | 570,000 | 567,793 | (2,207 | ) | ||||||||||||||
Citigroup, Inc. | Australian Dollar | 288,301 | Buy | 02/27/15 | 233,000 | 234,430 | 1,430 | |||||||||||||||
Citigroup, Inc. | Swedish Krona | 1,683,699 | Buy | 02/27/15 | 223,000 | 216,024 | (6,976 | ) | ||||||||||||||
Citigroup, Inc. | South African Rand | 666,240 | Buy | 03/20/15 | 56,350 | 56,863 | 513 | |||||||||||||||
Citigroup, Inc. | Canadian Dollar | 265,143 | Buy | 02/27/15 | 234,000 | 227,939 | (6,061 | ) | ||||||||||||||
Citigroup, Inc. | Australian Dollar | 1,213,165 | Buy | 02/27/15 | 1,038,000 | 986,474 | (51,526 | ) | ||||||||||||||
Citigroup, Inc. | Canadian Dollar | 451,962 | Buy | 02/27/15 | 398,461 | 388,544 | (9,917 | ) | ||||||||||||||
Citigroup, Inc. | British Pound | 1,832,726 | Buy | 02/27/15 | 2,863,579 | 2,855,247 | (8,332 | ) | ||||||||||||||
Citigroup, Inc. | British Pound | 118,369 | Buy | 02/27/15 | 185,000 | 184,411 | (589 | ) | ||||||||||||||
Citigroup, Inc. | Hong Kong Sar Dollar | 83,689 | Buy | 02/27/15 | 10,792 | 10,792 | 0 | |||||||||||||||
Citigroup, Inc. | Japanese Yen | 542,628,630 | Buy | 02/27/15 | 4,672,275 | 4,532,345 | (139,930 | ) | ||||||||||||||
Credit Suisse Group AG | Australian Dollar | 170,798 | Buy | 02/27/15 | 147,796 | 138,882 | (8,914 | ) | ||||||||||||||
Deutsche Bank AG | New Zealand Dollar | 439,071 | Buy | 02/27/15 | 338,000 | 340,633 | 2,633 | |||||||||||||||
Deutsche Bank AG | South African Rand | 1,332,479 | Buy | 03/20/15 | 112,304 | 113,725 | 1,421 | |||||||||||||||
Deutsche Bank AG | Czech Koruna | 1,154,548 | Buy | 03/20/15 | 52,452 | 50,485 | (1,967 | ) | ||||||||||||||
Deutsche Bank AG | Hungarian Forint | 401,990 | Buy | 03/20/15 | 1,603 | 1,534 | (69 | ) | ||||||||||||||
Deutsche Bank AG | Polish Zloty | 422,687 | Buy | 03/20/15 | 125,166 | 118,973 | (6,193 | ) | ||||||||||||||
Deutsche Bank AG | EU Euro | 246,163 | Buy | 02/27/15 | 309,000 | 298,027 | (10,973 | ) | ||||||||||||||
Deutsche Bank AG | Indonesian Rupiah | 841,602,000 | Buy | 02/27/15 | 67,871 | 67,034 | (837 | ) | ||||||||||||||
Deutsche Bank AG | Thai Baht | 4,334,011 | Buy | 02/27/15 | 130,937 | 131,364 | 427 | |||||||||||||||
Goldman Sachs & Co. | Swedish Krona | 1,627,946 | Buy | 02/27/15 | 216,000 | 208,870 | (7,130 | ) | ||||||||||||||
Goldman Sachs & Co. | EU Euro | 53,971 | Buy | 02/27/15 | 67,401 | 65,342 | (2,059 | ) | ||||||||||||||
Goldman Sachs & Co. | Swiss Franc | 780,062 | Buy | 02/27/15 | 811,632 | 785,405 | (26,227 | ) | ||||||||||||||
Goldman Sachs & Co. | Danish Krone | 849,772 | Buy | 02/27/15 | 142,640 | 138,146 | (4,494 | ) | ||||||||||||||
Goldman Sachs & Co. | EU Euro | 5,891,994 | Buy | 02/27/15 | 7,358,121 | 7,133,377 | (224,744 | ) | ||||||||||||||
Goldman Sachs & Co. | Norwegian Krone | 7,545,326 | Buy | 02/27/15 | 1,111,225 | 1,010,791 | (100,434 | ) | ||||||||||||||
HSBC Bank PLC | Russian Ruble | 2,847,623 | Buy | 03/20/15 | 42,131 | 46,829 | 4,698 | |||||||||||||||
HSBC Bank PLC | Colombian Peso | 995,085 | Buy | 03/20/15 | 402 | 417 | 15 | |||||||||||||||
HSBC Bank PLC | Peruvian Nuevo Sol | 11,796 | Buy | 03/20/15 | 3,916 | 3,890 | (26 | ) | ||||||||||||||
HSBC Bank PLC | South Korean Won | 649,483,611 | Buy | 02/27/15 | 589,154 | 592,209 | 3,055 | |||||||||||||||
HSBC Bank PLC | Malaysian Ringgit | 352,023 | Buy | 02/27/15 | 104,143 | 100,031 | (4,112 | ) | ||||||||||||||
JPMorgan Chase & Co. | EU Euro | 549,102 | Buy | 02/27/15 | 668,000 | 664,792 | (3,208 | ) |
See Accompanying Notes to Financial Statements
61 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 395,432 | Buy | 02/27/15 | 320,000 | 321,542 | 1,542 | |||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 187,212 | Buy | 02/27/15 | 152,000 | 152,230 | 230 | |||||||||||||||
JPMorgan Chase & Co. | British Pound | 120,134 | Buy | 02/27/15 | 188,000 | 187,160 | (840 | ) | ||||||||||||||
JPMorgan Chase & Co. | Japanese Yen | 156,794,589 | Buy | 02/27/15 | 1,335,000 | 1,309,638 | (25,362 | ) | ||||||||||||||
JPMorgan Chase & Co. | Swedish Krona | 4,068,719 | Buy | 02/27/15 | 531,000 | 522,029 | (8,971 | ) | ||||||||||||||
JPMorgan Chase & Co. | EU Euro | 213,562 | Buy | 02/27/15 | 267,000 | 258,557 | (8,443 | ) | ||||||||||||||
JPMorgan Chase & Co. | Swedish Krona | 2,360,565 | Buy | 02/27/15 | 310,000 | 302,868 | (7,132 | ) | ||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 297,235 | Buy | 02/27/15 | 243,000 | 241,694 | (1,306 | ) | ||||||||||||||
JPMorgan Chase & Co. | EU Euro | 266,609 | Buy | 02/27/15 | 330,000 | 322,780 | (7,220 | ) | ||||||||||||||
JPMorgan Chase & Co. | British Pound | 259,982 | Buy | 02/27/15 | 408,000 | 405,032 | (2,968 | ) | ||||||||||||||
JPMorgan Chase & Co. | EU Euro | 355,186 | Buy | 02/27/15 | 438,000 | 430,020 | (7,980 | ) | ||||||||||||||
JPMorgan Chase & Co. | New Zealand Dollar | 182,715 | Buy | 02/27/15 | 141,000 | 141,751 | 751 | |||||||||||||||
JPMorgan Chase & Co. | EU Euro | 1,126,656 | Buy | 02/27/15 | 1,394,000 | 1,364,032 | (29,968 | ) | ||||||||||||||
JPMorgan Chase & Co. | British Pound | 58,671 | Buy | 02/27/15 | 92,000 | 91,404 | (596 | ) | ||||||||||||||
JPMorgan Chase & Co. | Canadian Dollar | 1,141,765 | Buy | 02/27/15 | 1,006,000 | 981,555 | (24,445 | ) | ||||||||||||||
JPMorgan Chase & Co. | EU Euro | 555,073 | Buy | 02/27/15 | 695,000 | 672,021 | (22,979 | ) | ||||||||||||||
JPMorgan Chase & Co. | New Zealand Dollar | 712,485 | Buy | 02/27/15 | 551,000 | 552,748 | 1,748 | |||||||||||||||
Morgan Stanley | New Zealand Dollar | 716,108 | Buy | 02/27/15 | 558,000 | 555,559 | (2,441 | ) | ||||||||||||||
Morgan Stanley | Swiss Franc | 237,739 | Buy | 02/27/15 | 241,000 | 239,367 | (1,633 | ) | ||||||||||||||
Morgan Stanley | New Zealand Dollar | 205,372 | Buy | 02/27/15 | 157,000 | 159,328 | 2,328 | |||||||||||||||
Morgan Stanley | Japanese Yen | 156,752,603 | Buy | 02/27/15 | 1,335,000 | 1,309,287 | (25,713 | ) | ||||||||||||||
Morgan Stanley | Japanese Yen | 156,800,663 | Buy | 02/27/15 | 1,335,000 | 1,309,689 | (25,311 | ) | ||||||||||||||
Morgan Stanley | EU Euro | 355,881 | Buy | 02/27/15 | 443,000 | 430,861 | (12,139 | ) | ||||||||||||||
Morgan Stanley | New Zealand Dollar | 543,919 | Buy | 02/27/15 | 414,000 | 421,974 | 7,974 | |||||||||||||||
Morgan Stanley | Swedish Krona | 2,752,563 | Buy | 02/27/15 | 367,000 | 353,162 | (13,838 | ) | ||||||||||||||
Morgan Stanley | Japanese Yen | 598,365 | Buy | 02/27/15 | 5,000 | 4,998 | (2 | ) | ||||||||||||||
Morgan Stanley | Swiss Franc | 375,060 | Buy | 02/27/15 | 386,000 | 377,629 | (8,371 | ) | ||||||||||||||
Morgan Stanley | South African Rand | 436,360 | Buy | 03/20/15 | 37,000 | 37,243 | 243 | |||||||||||||||
Morgan Stanley | Australian Dollar | 2,281,763 | Buy | 02/27/15 | 1,931,000 | 1,855,394 | (75,606 | ) | ||||||||||||||
Morgan Stanley | Norwegian Krone | 10,860,908 | Buy | 02/27/15 | 1,564,000 | 1,454,955 | (109,045 | ) | ||||||||||||||
Morgan Stanley | New Zealand Dollar | 153,528 | Buy | 02/27/15 | 120,000 | 119,107 | (893 | ) | ||||||||||||||
Morgan Stanley | Brazilian Real | 5,294 | Buy | 03/20/15 | 1,888 | 1,950 | 62 | |||||||||||||||
Morgan Stanley | Swiss Franc | 94,422 | Buy | 02/27/15 | 98,000 | 95,069 | (2,931 | ) | ||||||||||||||
Morgan Stanley | Chilean Peso | 4,391,763 | Buy | 03/20/15 | 7,027 | 7,184 | 157 | |||||||||||||||
Morgan Stanley | British Pound | 80,258 | Buy | 02/27/15 | 126,000 | 125,036 | (964 | ) | ||||||||||||||
Morgan Stanley | Mexican Peso | 9,591,663 | Buy | 03/20/15 | 643,757 | 646,986 | 3,229 | |||||||||||||||
Morgan Stanley | New Zealand Dollar | 1,407,637 | Buy | 02/27/15 | 1,089,000 | 1,092,049 | 3,049 | |||||||||||||||
Morgan Stanley | Swedish Krona | 3,765,954 | Buy | 02/27/15 | 507,000 | 483,183 | (23,817 | ) | ||||||||||||||
Morgan Stanley | Turkish Lira | 211,898 | Buy | 03/20/15 | 87,768 | 89,230 | 1,462 | |||||||||||||||
Morgan Stanley | Australian Dollar | 169,123 | Buy | 02/27/15 | 145,000 | 137,521 | (7,479 | ) | ||||||||||||||
Morgan Stanley | Swiss Franc | 169,341 | Buy | 02/27/15 | 177,000 | 170,501 | (6,499 | ) | ||||||||||||||
Morgan Stanley | New Zealand Dollar | 466,159 | Buy | 02/27/15 | 363,000 | 361,647 | (1,353 | ) | ||||||||||||||
Morgan Stanley | Swedish Krona | 3,451,241 | Buy | 02/27/15 | 467,000 | 442,804 | (24,196 | ) | ||||||||||||||
Morgan Stanley | EU Euro | 2,408,675 | Buy | 02/27/15 | 3,021,000 | 2,916,158 | (104,842 | ) | ||||||||||||||
Morgan Stanley | New Zealand Dollar | 262,340 | Buy | 02/27/15 | 206,000 | 203,524 | (2,476 | ) | ||||||||||||||
Morgan Stanley | Swedish Krona | 1,352,099 | Buy | 02/27/15 | 183,000 | 173,478 | (9,522 | ) | ||||||||||||||
Morgan Stanley | EU Euro | 251,115 | Buy | 02/27/15 | 315,000 | 304,022 | (10,978 | ) | ||||||||||||||
Morgan Stanley | Japanese Yen | 20,208,765 | Buy | 02/27/15 | 173,000 | 168,795 | (4,205 | ) | ||||||||||||||
Morgan Stanley | Swedish Krona | 1,701,895 | Buy | 02/27/15 | 229,000 | 218,358 | (10,642 | ) | ||||||||||||||
$ | (1,278,515 | ) | ||||||||||||||||||||
Barclays Bank PLC | EU Euro | 501,531 | Sell | 02/27/15 | $ | 611,000 | $ | 607,198 | $ | 3,802 | ||||||||||||
Barclays Bank PLC | Norwegian Krone | 3,500,958 | Sell | 02/27/15 | 516,000 | 468,997 | 47,003 | |||||||||||||||
Barclays Bank PLC | New Zealand Dollar | 959,797 | Sell | 02/27/15 | 753,440 | 744,614 | 8,826 | |||||||||||||||
BNP Paribas Bank | EU Euro | 197,768 | Sell | 02/27/15 | 242,000 | 239,436 | 2,564 |
See Accompanying Notes to Financial Statements
62 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
BNP Paribas Bank | Japanese Yen | 20,087,053 | Sell | 02/27/15 | 169,000 | 167,779 | 1,221 | |||||||||||||||
BNP Paribas Bank | Japanese Yen | 149,843,890 | Sell | 02/27/15 | 1,272,000 | 1,251,582 | 20,418 | |||||||||||||||
BNP Paribas Bank | South African Rand | 435,490 | Sell | 03/20/15 | 37,000 | 37,169 | (169 | ) | ||||||||||||||
BNP Paribas Bank | British Pound | 293,482 | Sell | 02/27/15 | 462,000 | 457,223 | 4,777 | |||||||||||||||
BNP Paribas Bank | Japanese Yen | 246,386,665 | Sell | 02/27/15 | 2,095,000 | 2,057,962 | 37,038 | |||||||||||||||
Citigroup, Inc. | Swiss Franc | 430,308 | Sell | 02/27/15 | 438,000 | 433,255 | 4,745 | |||||||||||||||
Citigroup, Inc. | New Zealand Dollar | 151,463 | Sell | 02/27/15 | 117,000 | 117,506 | (506 | ) | ||||||||||||||
Citigroup, Inc. | EU Euro | 336,193 | Sell | 02/27/15 | 416,000 | 407,025 | 8,975 | |||||||||||||||
Citigroup, Inc. | Canadian Dollar | 125,447 | Sell | 02/27/15 | 110,000 | 107,844 | 2,156 | |||||||||||||||
Citigroup, Inc. | South African Rand | 1,332,479 | Sell | 03/20/15 | 112,372 | 113,726 | (1,354 | ) | ||||||||||||||
Citigroup, Inc. | South African Rand | 661,064 | Sell | 03/20/15 | 55,912 | 56,421 | (509 | ) | ||||||||||||||
Citigroup, Inc. | Australian Dollar | 133,431 | Sell | 02/27/15 | 113,000 | 108,498 | 4,502 | |||||||||||||||
Citigroup, Inc. | EU Euro | 261,183 | Sell | 02/27/15 | 326,000 | 316,212 | 9,788 | |||||||||||||||
Deutsche Bank AG | British Pound | 224,382 | Sell | 02/27/15 | 350,000 | 349,569 | 431 | |||||||||||||||
Deutsche Bank AG | EU Euro | 582,293 | Sell | 02/27/15 | 719,000 | 704,977 | 14,023 | |||||||||||||||
Deutsche Bank AG | EU Euro | 129,897 | Sell | 02/27/15 | 163,000 | 157,265 | 5,735 | |||||||||||||||
Deutsche Bank AG | Philippine Peso | 800,028 | Sell | 02/27/15 | 17,727 | 17,831 | (104 | ) | ||||||||||||||
Goldman Sachs & Co. | Japanese Yen | 149,973,697 | Sell | 02/27/15 | 1,272,000 | 1,252,666 | 19,334 | |||||||||||||||
Goldman Sachs & Co. | Japanese Yen | 312,436,048 | Sell | 02/27/15 | 2,623,000 | 2,609,645 | 13,355 | |||||||||||||||
Goldman Sachs & Co. | New Zealand Dollar | 1,089,788 | Sell | 02/27/15 | 853,000 | 845,461 | 7,539 | |||||||||||||||
Goldman Sachs & Co. | Canadian Dollar | 257,030 | Sell | 02/27/15 | 228,000 | 220,964 | 7,036 | |||||||||||||||
Goldman Sachs & Co. | New Zealand Dollar | 1,317,429 | Sell | 02/27/15 | 1,024,000 | 1,022,066 | 1,934 | |||||||||||||||
Goldman Sachs & Co. | Swedish Krona | 3,034,915 | Sell | 02/27/15 | 409,587 | 389,388 | 20,199 | |||||||||||||||
HSBC Bank PLC | Romanian New Leu | 4,811 | Sell | 03/20/15 | 1,337 | 1,297 | 40 | |||||||||||||||
Morgan Stanley | British Pound | 63,884 | Sell | 02/27/15 | 100,000 | 99,527 | 473 | |||||||||||||||
Morgan Stanley | Swiss Franc | 149,143 | Sell | 02/27/15 | 153,000 | 150,165 | 2,835 | |||||||||||||||
Morgan Stanley | EU Euro | 212,238 | Sell | 02/27/15 | 261,000 | 256,954 | 4,046 | |||||||||||||||
JPMorgan Chase & Co. | New Zealand Dollar | 326,853 | Sell | 02/27/15 | 251,000 | 253,574 | (2,574 | ) | ||||||||||||||
JPMorgan Chase & Co. | EU Euro | 882,343 | Sell | 02/27/15 | 1,073,000 | 1,068,244 | 4,756 | |||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 1,187,981 | Sell | 02/27/15 | 968,000 | 965,995 | 2,005 | |||||||||||||||
JPMorgan Chase & Co. | New Zealand Dollar | 609,251 | Sell | 02/27/15 | 469,000 | 472,659 | (3,659 | ) | ||||||||||||||
JPMorgan Chase & Co. | Swiss Franc | 205,105 | Sell | 02/27/15 | 211,000 | 206,510 | 4,490 | |||||||||||||||
JPMorgan Chase & Co. | Japanese Yen | 149,867,918 | Sell | 02/27/15 | 1,272,000 | 1,251,783 | 20,217 | |||||||||||||||
JPMorgan Chase & Co. | Canadian Dollar | 175,062 | Sell | 02/27/15 | 150,000 | 150,498 | (498 | ) | ||||||||||||||
JPMorgan Chase & Co. | New Zealand Dollar | 426,300 | Sell | 02/27/15 | 330,000 | 330,725 | (725 | ) | ||||||||||||||
JPMorgan Chase & Co. | EU Euro | 111,795 | Sell | 02/27/15 | 139,000 | 135,349 | 3,651 | |||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 434,748 | Sell | 02/27/15 | 357,000 | 353,511 | 3,489 | |||||||||||||||
JPMorgan Chase & Co. | New Zealand Dollar | 752,022 | Sell | 02/27/15 | 572,000 | 583,421 | (11,421 | ) | ||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 163,626 | Sell | 02/27/15 | 135,000 | 133,051 | 1,949 | |||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 955,316 | Sell | 02/27/15 | 796,000 | 776,806 | 19,194 | |||||||||||||||
JPMorgan Chase & Co. | Canadian Dollar | 370,222 | Sell | 02/27/15 | 324,000 | 318,274 | 5,726 | |||||||||||||||
JPMorgan Chase & Co. | British Pound | 227,979 | Sell | 02/27/15 | 360,000 | 355,175 | 4,825 | |||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 1,207,132 | Sell | 02/27/15 | 1,022,000 | 981,567 | 40,433 | |||||||||||||||
Morgan Stanley | Japanese Yen | 149,901,867 | Sell | 02/27/15 | 1,272,000 | 1,252,066 | 19,934 | |||||||||||||||
Morgan Stanley | Swiss Franc | 302,488 | Sell | 02/27/15 | 315,000 | 304,559 | 10,441 | |||||||||||||||
Morgan Stanley | Swiss Franc | 607,762 | Sell | 02/27/15 | 630,000 | 611,924 | 18,076 | |||||||||||||||
Morgan Stanley | Swedish Krona | 3,311,838 | Sell | 02/27/15 | 438,000 | 424,918 | 13,082 | |||||||||||||||
Morgan Stanley | EU Euro | 2,117,097 | Sell | 02/27/15 | 2,623,000 | 2,563,148 | 59,852 | |||||||||||||||
Morgan Stanley | Swedish Krona | 1,641,226 | Sell | 02/27/15 | 218,000 | 210,574 | 7,426 | |||||||||||||||
Morgan Stanley | Norwegian Krone | 3,690,393 | Sell | 02/27/15 | 521,000 | 494,374 | 26,626 | |||||||||||||||
Morgan Stanley | Australian Dollar | 358,426 | Sell | 02/27/15 | 301,000 | 291,451 | 9,549 | |||||||||||||||
Morgan Stanley | Swedish Krona | 2,383,503 | Sell | 02/27/15 | 317,000 | 305,810 | 11,190 | |||||||||||||||
Morgan Stanley | EU Euro | 1,872,355 | Sell | 02/27/15 | 2,338,000 | 2,266,841 | 71,159 | |||||||||||||||
Morgan Stanley | Swedish Krona | 10,295,068 | Sell | 02/27/15 | 1,386,000 | 1,320,888 | 65,112 | |||||||||||||||
See Accompanying Notes to Financial Statements
63 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Morgan Stanley | Swiss Franc | 120,917 | Sell | 02/27/15 | 126,000 | 121,745 | 4,255 | |||||||||||||||
Morgan Stanley | Brazilian Real | 84,882 | Sell | 03/20/15 | 30,266 | 31,255 | (989 | ) | ||||||||||||||
Morgan Stanley | Norwegian Krone | 3,580,501 | Sell | 02/27/15 | 524,000 | 479,653 | 44,347 | |||||||||||||||
Morgan Stanley | Israeli New Shekel | 122,568 | Sell | 03/20/15 | 31,355 | 31,433 | (78 | ) | ||||||||||||||
Morgan Stanley | British Pound | 490,829 | Sell | 02/27/15 | 770,000 | 764,674 | 5,326 | |||||||||||||||
Morgan Stanley | Norwegian Krone | 7,159,551 | Sell | 02/27/15 | 1,049,000 | 959,112 | 89,888 | |||||||||||||||
Morgan Stanley | British Pound | 98,328 | Sell | 02/27/15 | 154,000 | 153,188 | 812 | |||||||||||||||
Morgan Stanley | British Pound | 135,701 | Sell | 02/27/15 | 212,000 | 211,411 | 589 | |||||||||||||||
Morgan Stanley | Swiss Franc | 196,579 | Sell | 02/27/15 | 204,000 | 197,926 | 6,074 | |||||||||||||||
$ | 804,682 |
At December 31, 2014, the following futures contracts were outstanding for Voya Balanced Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
30-year German Government Bond | 5 | 03/06/15 | $ | 937,670 | $ | 46,621 | ||||||||
90-Day Eurodollar | 106 | 03/14/16 | 26,187,300 | (30,740 | ) | |||||||||
90-Day Eurodollar | 42 | 12/18/17 | 10,248,000 | (20,177 | ) | |||||||||
90-Day Eurodollar | 42 | 03/19/18 | 10,240,125 | (15,505 | ) | |||||||||
90-Day Eurodollar | 42 | 06/18/18 | 10,232,775 | (10,955 | ) | |||||||||
90-Day Eurodollar | 42 | 09/17/18 | 10,226,475 | (6,055 | ) | |||||||||
Australia 10-Year Bond | 2 | 03/16/15 | 209,235 | 979 | ||||||||||
Australia 3-Year Bond | 7 | 03/16/15 | 635,953 | 2,358 | ||||||||||
Canada 10-Year Bond | 6 | 03/20/15 | 715,373 | 11,502 | ||||||||||
Euro-Bobl 5-Year | 6 | 03/06/15 | 945,874 | 5,293 | ||||||||||
Euro-Bund | 10 | 03/06/15 | 1,886,110 | 35,742 | ||||||||||
Long Gilt | 9 | 03/27/15 | 1,676,699 | 36,491 | ||||||||||
S&P500E-Mini | 160 | 03/20/15 | 16,419,200 | (92,516 | ) | |||||||||
Short Gilt | 5 | 03/27/15 | 807,045 | 1,481 | ||||||||||
Tokyo Price Index (TOPIX) | 87 | 03/12/15 | 10,223,117 | (246,692 | ) | |||||||||
U.S. Treasury 2-Year Note | 43 | 03/31/15 | 9,399,532 | (15,347 | ) | |||||||||
U.S. Treasury Long Bond | 12 | 03/20/15 | 1,734,750 | 16,750 | ||||||||||
U.S. Treasury Ultra Long Bond | 18 | 03/20/15 | 2,973,375 | 118,796 | ||||||||||
$ | 115,698,608 | $ | (161,974 | ) | ||||||||||
Short Contracts | ||||||||||||||
90-Day Eurodollar | (167) | 03/16/15 | (41,631,013 | ) | (417 | ) | ||||||||
90-Day Eurodollar | (53) | 06/15/15 | (13,192,363 | ) | 5,830 | |||||||||
90-Day Eurodollar | (53) | 12/19/16 | (13,002,225 | ) | 7,155 | |||||||||
Euro-Schatz | (6) | 03/06/15 | (806,549 | ) | (1,197 | ) | ||||||||
U.S. Treasury 10-Year Note | (57) | 03/20/15 | (7,227,422 | ) | (34,826 | ) | ||||||||
U.S. Treasury 5-Year Note | (115) | 03/31/15 | (13,676,914 | ) | (15,309 | ) | ||||||||
$ | (89,536,486 | ) | $ | (38,764 | ) |
See Accompanying Notes to Financial Statements
64 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
At December 31, 2014, the following over-the-counter credit default swaps were outstanding for Voya Balanced Portfolio:
Credit Default Swaps on Credit Indices — Buy Protection(1)
Counterparty | Reference Entity/ Obligation | Buy/Sell Protection | (Pay)/ Receive Fixed Rate (%) | Termination Date | Notional Amount(2) | Fair Value(3) | Upfront Payments Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Citigroup, Inc. | CDX.EM.22Index | Buy | (1.000) | 12/20/19 | USD | 1,761,000 | $ | 183,819 | $ | 141,994 | $ | 41,825 | ||||||||||||||
Deutsche Bank AG | CDX.EM.22Index | Buy | (1.000) | 12/19/19 | USD | 235,000 | 24,530 | 18,949 | 5,581 | |||||||||||||||||
$ | 208,349 | $ | 160,943 | $ | 47,406 |
(1) | If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |
(3) | The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring. |
At December 31, 2014, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Portfolio:
Clearinghouse | Termination Date | Notional Amount | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
Receive a floating rate equal to the 6-month CAD-BA-CDOR and pay a fixed rate equal to 2.130% | Chicago Mercantile Exchange | 11/18/18 | CAD14,599,000 | $ | (60,286 | ) | $ | (61,366 | ) | |||||||
Receive a fixed rate equal to 0.183% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters | Chicago Mercantile Exchange | 10/03/16 | EUR8,800,000 | 2,051 | 1,789 | |||||||||||
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.237% | Chicago Mercantile Exchange | 10/03/17 | EUR1,500,000 | (1,396 | ) | (1,349 | ) | |||||||||
Receive a fixed rate equal to 0.754% and pay a floating rate based on the 6-month JPY-LIBOR-BBA | Chicago Mercantile Exchange | 05/21/24 | JPY777,000,000 | 165,117 | 183,715 | |||||||||||
Receive a fixed rate equal to 0.347% and pay a floating rate based on the 3-month USD-LIBOR-BBA | Chicago Mercantile Exchange | 10/09/15 | USD7,000,000 | 104 | 103 | |||||||||||
Receive a fixed rate equal to 0.771% and pay a floating rate based on the 3-month USD-LIBOR-BBA | Chicago Mercantile Exchange | 10/09/16 | USD17,800,000 | 3,582 | 3,582 | |||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.119% | Chicago Mercantile Exchange | 08/08/17 | USD5,000,000 | 3,387 | 3,387 | |||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.273% | Chicago Mercantile Exchange | 12/19/18 | USD42,474,000 | 54,271 | 54,271 | |||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.794% | Chicago Mercantile Exchange | 08/08/19 | USD3,500,000 | (14,504 | ) | (14,504 | ) | |||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.668% | Chicago Mercantile Exchange | 10/30/19 | USD17,090,000 | 59,751 | 59,751 | |||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.507% | Chicago Mercantile Exchange | 10/09/24 | USD1,800,000 | (37,513 | ) | (37,513 | ) | |||||||||
Receive a fixed rate equal to 2.408% and pay a floating rate based on the 3-month USD-LIBOR-BBA | Chicago Mercantile Exchange | 10/30/24 | USD8,880,000 | 104,962 | 104,962 | |||||||||||
Receive a fixed rate equal to 2.000% and pay a floating rate equal to the 3-month USD-LIBOR-BBA | Chicago Mercantile Exchange | 11/05/19 | USD34,860,000 | 412,986 | 412,986 | |||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.760% | Chicago Mercantile Exchange | 11/05/24 | USD18,480,000 | (800,637 | ) | (800,637 | ) | |||||||||
$ | (108,125 | ) | $ | (90,823 | ) |
See Accompanying Notes to Financial Statements
65 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
At December 31, 2014, the following over-the-counter written interest rate swaptions were outstanding for Voya Balanced Portfolio:
Description | Counterparty | Floating Rate Index/Underlying Reference Entity | Pay/ Receive Floating | Exercise Rate | Expiration Date | Notional Amount | Premiums Received | Fair Value | ||||||||||||||
Put OTC Swaption | Morgan Stanley | 3-month USD- LIBOR-BBA | Pay | 0.580% | 12/12/16 | USD14,746,000 | $ | 42,953 | $ | (32,858 | ) | |||||||||||
Call OTC Swaption | Morgan Stanley | 3-month USD- LIBOR-BBA | Receive | 0.580% | 12/12/16 | USD14,746,000 | 42,954 | (49,602 | ) | |||||||||||||
Total Written Swaptions | $ | 85,907 | $ | (82,460 | ) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Interest rate contracts | Investments in securities at value* | $ | 445 | |||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 864,235 | ||||
Credit contracts | Upfront payments paid on OTC swap agreements | 160,943 | ||||
Credit contracts | Unrealized appreciation on OTC swap agreements | 47,406 | ||||
Interest rate contracts | Net Assets — Unrealized appreciation** | 288,998 | ||||
Interest rate contracts | Net Assets — Unrealized appreciation*** | 824,546 | ||||
Total Asset Derivatives | $ | 2,186,573 | ||||
Liability Derivatives | ||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 1,338,068 | |||
Interest rate contracts | Net Assets — Unrealized depreciation** | 150,528 | ||||
Equity contracts | Net Assets — Unrealized depreciation** | 339,208 | ||||
Interest rate contracts | Net Assets — Unrealized depreciation*** | 915,369 | ||||
Interest rate contracts | Written Options, at fair value | 82,460 | ||||
Total Liability Derivatives | $ | 2,825,633 |
* | Includes purchased options. |
** | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
*** | Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table following the Summary Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Investments* | Foreign currency related transactions** | Futures | Swaps | Written options | Total | ||||||||||||||||||
Credit contracts | $ | — | $ | — | $ | — | $ | (90,306 | ) | $ | — | $ | (90,306 | ) | ||||||||||
Equity contracts | — | — | 2,728,514 | — | — | 2,728,514 | ||||||||||||||||||
Foreign exchange contracts | (157,145 | ) | (2,235,011 | ) | — | — | 29,927 | (2,362,229 | ) | |||||||||||||||
Interest rate contracts | (182,737 | ) | — | (462,754 | ) | 64,080 | 271,226 | (310,185 | ) | |||||||||||||||
Total | $ | (339,882 | ) | $ | (2,235,011 | ) | $ | 2,265,760 | $ | (26,226 | ) | $ | 301,153 | $ | (34,206 | ) |
See Accompanying Notes to Financial Statements
66 |
Voya Balanced Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Investments* | Foreign currency related transactions** | Futures | Swaps | Written options | Total | ||||||||||||||||||
Credit contracts | $ | — | $ | — | $ | — | $ | 46,282 | $ | — | $ | 46,282 | ||||||||||||
Equity contracts | — | — | (439,414 | ) | — | — | (439,414 | ) | ||||||||||||||||
Foreign exchange contracts | 24,327 | (362,077 | ) | — | — | — | (337,750 | ) | ||||||||||||||||
Interest rate contracts | (120,111 | ) | — | 194,624 | (54,203 | ) | 3,447 | 23,757 | ||||||||||||||||
Total | $ | (95,784 | ) | $ | (362,077 | ) | $ | (244,790 | ) | $ | (7,921 | ) | $ | 3,447 | $ | (707,125 | ) |
* | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
** | 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. |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2014:
Barclays Bank PLC | BNP Paribas Bank | Citigroup, Inc. | Credit Suisse Group AG | Deutsche Bank AG | Goldman Sachs & Co. | HSBC Bank PLC | JPMorgan Chase & Co. | Morgan Stanley | Totals | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Purchased options | $ | — | $ | — | $ | 252 | $ | — | $ | — | $ | 193 | $ | — | $ | — | $ | — | $ | 445 | ||||||||||||||||||||
Forward foreign currency contracts | 59,631 | 66,018 | 32,109 | — | 24,670 | 69,397 | 7,808 | 115,006 | 489,596 | 864,235 | ||||||||||||||||||||||||||||||
Credit default swaps | — | — | 183,819 | — | 24,530 | — | — | — | — | 208,349 | ||||||||||||||||||||||||||||||
Total Assets | $ | 59,631 | $ | 66,018 | $ | 216,180 | $ | — | $ | 49,200 | $ | 69,590 | $ | 7,808 | $ | 115,006 | $ | 489,596 | $ | 1,073,029 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | $ | 16,530 | $ | 39,090 | $ | 227,907 | $ | 8,914 | $ | 20,143 | $ | 365,088 | $ | 4,138 | $ | 170,295 | $ | 485,963 | $ | 1,338,068 | ||||||||||||||||||||
Written options | — | — | — | — | — | — | — | — | 82,460 | 82,460 | ||||||||||||||||||||||||||||||
Total Liabilities | $ | 16,530 | $ | 39,090 | $ | 227,907 | $ | 8,914 | $ | 20,143 | $ | 365,088 | $ | 4,138 | $ | 170,295 | $ | 568,423 | $ | 1,420,528 | ||||||||||||||||||||
Net OTC derivative instruments by counterparty, at fair value | $ | 43,101 | $ | 26,928 | $ | (11,727 | ) | $ | (8,914 | ) | $ | 29,057 | $ | (295,498 | ) | $ | 3,670 | $ | (55,289 | ) | $ | (78,827 | ) | (347,499 | ) | |||||||||||||||
Total collateral pledged by the Portfolio/(Received from counterparty) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Net Exposure(1) | $ | 43,101 | $ | 26,928 | $ | (11,727 | ) | $ | (8,914 | ) | $ | 29,057 | $ | (295,498 | ) | $ | 3,670 | $ | (55,289 | ) | $ | (78,827 | ) | $ | (347,499 | ) |
(1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
See Accompanying Notes to Financial Statements
67 |
Voya Global Value Advantage Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 96.8% | ||||||||||||||||
Consumer Discretionary: 14.4% | ||||||||||||||||
50,009 | Brinker International, Inc. | $ | 2,935,028 | 1.7 | ||||||||||||
23,200 | Home Depot, Inc. | 2,435,304 | 1.4 | |||||||||||||
40,098 | Macy’s, Inc. | 2,636,444 | 1.6 | |||||||||||||
33,300 | Nike, Inc. | 3,201,795 | 1.9 | |||||||||||||
30,800 | Starbucks Corp. | 2,527,140 | 1.5 | |||||||||||||
58,500 | Toyota Motor Corp. | 3,645,568 | 2.2 | |||||||||||||
24,800 | Walt Disney Co. | 2,335,912 | 1.4 | |||||||||||||
101,618 | Other Securities | 4,648,957 | 2.7 | |||||||||||||
24,366,148 | 14.4 | |||||||||||||||
Consumer Staples: 9.8% | ||||||||||||||||
36,100 | Altria Group, Inc. | 1,778,647 | 1.0 | |||||||||||||
21,161 | Casino Guichard Perrachon S.A. | 1,946,065 | 1.2 | |||||||||||||
67,100 | ConAgra Foods, Inc. | 2,434,388 | 1.4 | |||||||||||||
82,600 | Japan Tobacco, Inc. | 2,273,382 | 1.3 | |||||||||||||
39,810 | Kraft Foods Group, Inc. | 2,494,495 | 1.5 | |||||||||||||
25,000 | Procter & Gamble Co. | 2,277,250 | 1.3 | |||||||||||||
108,866 | Other Securities | 3,460,934 | 2.1 | |||||||||||||
16,665,161 | 9.8 | |||||||||||||||
Energy: 6.3% | ||||||||||||||||
22,100 | Hess Corp. | 1,631,422 | 1.0 | |||||||||||||
32,000 | Occidental Petroleum Corp. | 2,579,520 | 1.5 | |||||||||||||
34,500 | Royal Dutch Shell PLC - Class A ADR | 2,309,775 | 1.4 | |||||||||||||
64,368 | Total S.A. | 3,297,711 | 1.9 | |||||||||||||
24,541 | Other Securities | 915,941 | 0.5 | |||||||||||||
10,734,369 | 6.3 | |||||||||||||||
Financials: 18.4% | ||||||||||||||||
621,538 | Intesa Sanpaolo S.p.A. | 1,803,026 | 1.0 | |||||||||||||
46,237 | JPMorgan Chase & Co. | 2,893,511 | 1.7 | |||||||||||||
513,623 | Legal & General Group PLC | 1,983,179 | 1.2 | |||||||||||||
46,669 | Macquarie Group Ltd. | 2,200,763 | 1.3 | |||||||||||||
1,154,300 | Mizuho Financial Group, Inc. | 1,934,957 | 1.1 | |||||||||||||
139,949 | Nordea Bank AB | 1,620,020 | 1.0 | |||||||||||||
31,300 | Prudential Financial, Inc. | 2,831,398 | 1.7 | |||||||||||||
8,219 | Swiss Life Holding | 1,942,575 | 1.1 | |||||||||||||
99,000 | United Overseas Bank Ltd. | 1,826,951 | 1.1 | |||||||||||||
54,800 | Wells Fargo & Co. | 3,004,136 | 1.8 | |||||||||||||
4,590,067 | Other Securities | 9,281,671 | 5.4 | |||||||||||||
31,322,187 | 18.4 | |||||||||||||||
Health Care: 12.0% | ||||||||||||||||
30,500 | Medtronic, Inc. | 2,202,100 | 1.3 | |||||||||||||
47,800 | Merck & Co., Inc. | 2,714,562 | 1.6 | |||||||||||||
39,913 | Novartis AG | 3,701,670 | 2.2 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: (continued) | ||||||||||||||||
Health Care (continued) | ||||||||||||||||
92,400 | Pfizer, Inc. | $ | 2,878,260 | 1.7 | ||||||||||||
12,183 | Roche Holding AG - Genusschein | 3,300,889 | 1.9 | |||||||||||||
63,900 | Shionogi & Co., Ltd. | 1,650,911 | 1.0 | |||||||||||||
23,200 | UnitedHealth Group, Inc. | 2,345,288 | 1.4 | |||||||||||||
19,400 | Other Securities | 1,566,162 | 0.9 | |||||||||||||
20,359,842 | 12.0 | |||||||||||||||
Industrials: 11.7% | ||||||||||||||||
17,100 | Boeing Co. | 2,222,658 | 1.3 | |||||||||||||
1,565,500 | China Railway Construction Corp. Ltd. | 1,987,717 | 1.2 | |||||||||||||
102,800 | LIXIL Group Corp. | 2,163,503 | 1.3 | |||||||||||||
59,200 | KAR Auction Services, Inc. | 2,051,280 | 1.2 | |||||||||||||
58,558 | Koninklijke Philips NV | 1,697,367 | 1.0 | |||||||||||||
155,200 | Mitsubishi Corp. | 2,840,180 | 1.7 | |||||||||||||
21,176 | Siemens AG | 2,376,035 | 1.4 | |||||||||||||
18,800 | Union Pacific Corp. | 2,239,644 | 1.3 | |||||||||||||
19,500 | United Technologies Corp. | 2,242,500 | 1.3 | |||||||||||||
19,820,884 | 11.7 | |||||||||||||||
Information Technology: 12.1% | ||||||||||||||||
46,638 | Apple, Inc. | 5,147,902 | 3.0 | |||||||||||||
114,000 | Cisco Systems, Inc. | 3,170,910 | 1.9 | |||||||||||||
56,100 | Microchip Technology, Inc. | 2,530,671 | 1.5 | |||||||||||||
111,600 | Microsoft Corp. | 5,183,820 | 3.1 | |||||||||||||
41,400 | Oracle Corp. | 1,861,758 | 1.1 | |||||||||||||
140,100 | Other Securities | 2,570,773 | 1.5 | |||||||||||||
20,465,834 | 12.1 | |||||||||||||||
Materials: 4.6% | ||||||||||||||||
23,808 | BASF AG | 1,997,042 | 1.2 | |||||||||||||
36,500 | International Paper Co. | 1,955,670 | 1.2 | |||||||||||||
42,208 | Koninklijke DSM NV | 2,574,399 | 1.5 | |||||||||||||
61,900 | Other Securities | 1,221,906 | 0.7 | |||||||||||||
7,749,017 | 4.6 | |||||||||||||||
Telecommunication Services: 5.0% | ||||||||||||||||
48,600 | CenturyTel, Inc. | 1,923,588 | 1.1 | |||||||||||||
159,000 | China Mobile Ltd. | 1,862,327 | 1.1 | |||||||||||||
90,722 | Telenor ASA | 1,835,180 | 1.1 | |||||||||||||
735,544 | Other Securities | 2,923,269 | 1.7 | |||||||||||||
8,544,364 | 5.0 | |||||||||||||||
Utilities: 2.5% | ||||||||||||||||
53,200 | Southern Co. | 2,612,652 | 1.5 | |||||||||||||
97,674 | Suez Environnement S.A. | 1,701,800 | 1.0 | |||||||||||||
4,314,452 | 2.5 | |||||||||||||||
Total Common Stock (Cost $151,059,461) | 164,342,258 | 96.8 |
See Accompanying Notes to Financial Statements
68 |
Voya Global Value Advantage Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||||
PREFERRED STOCK: 1.4% | ||||||||||||||||
Financials: 0.8% | ||||||||||||||||
99,760 | Other Securities | $ | 1,298,509 | 0.8 | ||||||||||||
Utilities: 0.6% | ||||||||||||||||
215,108 | Other Securities | 1,063,320 | 0.6 | |||||||||||||
Total Preferred Stock (Cost $2,685,505) | 2,361,829 | 1.4 | ||||||||||||||
Total Long-Term Investments (Cost $153,669,281) | 166,704,087 | 98.2 | ||||||||||||||
SHORT-TERM INVESTMENTS: 2.5% | ||||||||||||||||
Mutual Funds: 2.5% | ||||||||||||||||
4,257,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $4,257,000) | 4,257,000 | 2.5 | |||||||||||||
Total Short-Term Investments (Cost $4,257,000) | 4,257,000 | 2.5 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
Total Investments in Securities (Cost $158,001,966) | $ | 170,961,087 | 100.7 | |||||||||||||
Liabilities in Excess of Other Assets | (1,200,797 | ) | (0.7 | ) | ||||||||||||
Net Assets | $ | 169,760,290 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014. |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
ADR | American Depositary Receipt |
Cost for federal income tax purposes is $158,007,532. |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 18,812,660 | ||
Gross Unrealized Depreciation | (5,859,105 | ) | ||
Net Unrealized Appreciation | $ | 12,953,555 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs # (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Consumer Discretionary | $ | 16,071,623 | $ | 8,294,525 | $ | — | $ | 24,366,148 | ||||||||
Consumer Staples | 10,477,585 | 6,187,576 | — | 16,665,161 | ||||||||||||
Energy | 6,520,717 | 4,213,652 | — | 10,734,369 | ||||||||||||
Financials | 12,895,878 | 18,426,309 | — | 31,322,187 | ||||||||||||
Health Care | 11,706,372 | 8,653,470 | — | 20,359,842 | ||||||||||||
Industrials | 8,756,082 | 11,064,802 | — | 19,820,884 | ||||||||||||
Information Technology | 19,419,139 | 1,046,695 | — | 20,465,834 | ||||||||||||
Materials | 3,177,576 | 4,571,441 | — | 7,749,017 | ||||||||||||
Telecommunication Services | 1,923,588 | 6,620,776 | — | 8,544,364 | ||||||||||||
Utilities | 2,612,652 | 1,701,800 | — | 4,314,452 | ||||||||||||
Total Common Stock | 93,561,212 | 70,781,046 | — | 164,342,258 | ||||||||||||
Preferred Stock | 2,361,829 | — | — | 2,361,829 | ||||||||||||
Short-Term Investments | 4,257,000 | — | — | 4,257,000 | ||||||||||||
Total Investments, at fair value | $ | 100,180,041 | $ | 70,781,046 | $ | — | $ | 170,961,087 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
See Accompanying Notes to Financial Statements
69 |
Voya Global Value Advantage Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 112,953 | ||
Total | $ | 112,953 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | (10,202 | ) | |
Total | $ | (10,202 | ) |
See Accompanying Notes to Financial Statements
70 |
Voya Growth and Income Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.7% | ||||||||||||||||
Consumer Discretionary: 12.4% | ||||||||||||||||
1,173,160 | Comcast Corp. - Class A | $ | 68,055,012 | 1.6 | ||||||||||||
651,717 | Delphi Automotive PLC | 47,392,860 | 1.1 | |||||||||||||
578,400 | @ | Dish Network Corp. - Class A | 42,159,576 | 1.0 | ||||||||||||
568,930 | Home Depot, Inc. | 59,720,582 | 1.4 | |||||||||||||
967,411 | Macy’s, Inc. | 63,607,273 | 1.5 | |||||||||||||
748,836 | Nike, Inc. | 72,000,581 | 1.7 | |||||||||||||
823,770 | Starbucks Corp. | 67,590,329 | 1.6 | |||||||||||||
1,160,039 | Walt Disney Co. | 109,264,073 | 2.5 | |||||||||||||
529,790,286 | 12.4 | |||||||||||||||
Consumer Staples: 9.7% | ||||||||||||||||
1,567,750 | Altria Group, Inc. | 77,243,042 | 1.8 | |||||||||||||
2,148,365 | ConAgra Foods, Inc. | 77,942,682 | 1.8 | |||||||||||||
768,443 | CVS Caremark Corp. | 74,008,745 | 1.7 | |||||||||||||
1,380,030 | Kraft Foods Group, Inc. | 86,472,680 | 2.0 | |||||||||||||
1,108,007 | Procter & Gamble Co. | 100,928,358 | 2.4 | |||||||||||||
416,595,507 | 9.7 | |||||||||||||||
Energy: 7.2% | ||||||||||||||||
461,453 | EOG Resources, Inc. | 42,485,978 | 1.0 | |||||||||||||
1,351,484 | ExxonMobil Corp. | 124,944,696 | 2.9 | |||||||||||||
789,956 | Occidental Petroleum Corp. | 63,678,353 | 1.5 | |||||||||||||
1,018,768 | Other Securities | 79,344,668 | 1.8 | |||||||||||||
310,453,695 | 7.2 | |||||||||||||||
Financials: 17.7% | ||||||||||||||||
958,322 | Arthur J. Gallagher & Co. | 45,117,800 | 1.1 | |||||||||||||
1,166,800 | Citigroup, Inc. | 63,135,548 | 1.5 | |||||||||||||
1,138,789 | Discover Financial Services | 74,579,292 | 1.7 | |||||||||||||
1,482,195 | Invesco Ltd. | 58,576,346 | 1.4 | |||||||||||||
1,421,447 | JPMorgan Chase & Co. | 88,954,153 | 2.1 | |||||||||||||
674,562 | Prudential Financial, Inc. | 61,020,879 | 1.4 | |||||||||||||
1,708,576 | Wells Fargo & Co. | 93,664,136 | 2.2 | |||||||||||||
1,798,085 | XL Group PLC | 61,800,181 | 1.4 | |||||||||||||
9,408,876 | Other Securities | 209,799,660 | 4.9 | |||||||||||||
756,647,995 | 17.7 | |||||||||||||||
Health Care: 15.5% | ||||||||||||||||
1,022,867 | Abbott Laboratories | 46,049,473 | 1.1 | |||||||||||||
466,765 | Amgen, Inc. | 74,350,997 | 1.7 | |||||||||||||
1,181,562 | Bristol-Myers Squibb Co. | 69,747,605 | 1.6 | |||||||||||||
639,110 | Cardinal Health, Inc. | 51,595,350 | 1.2 | |||||||||||||
592,904 | @ | Gilead Sciences, Inc. | 55,887,131 | 1.3 | ||||||||||||
975,454 | Medtronic, Inc. | 70,427,779 | 1.7 | |||||||||||||
1,972,932 | Merck & Co., Inc. | 112,042,808 | 2.6 | |||||||||||||
3,463,193 | Pfizer, Inc. | 107,878,462 | 2.5 | |||||||||||||
738,447 | UnitedHealth Group, Inc. | 74,649,607 | 1.8 | |||||||||||||
662,629,212 | 15.5 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: (continued) | ||||||||||||||||
Industrials: 8.1% | ||||||||||||||||
594,220 | Boeing Co. | $ | 77,236,716 | 1.8 | ||||||||||||
397,415 | General Dynamics Corp. | 54,692,252 | 1.3 | |||||||||||||
671,156 | Union Pacific Corp. | 79,954,814 | 1.8 | |||||||||||||
595,407 | United Technologies Corp. | 68,471,805 | 1.6 | |||||||||||||
612,115 | Other Securities(a) | 68,748,557 | 1.6 | |||||||||||||
349,104,144 | 8.1 | |||||||||||||||
Information Technology: 20.3% | ||||||||||||||||
2,034,112 | Apple, Inc. | 224,525,282 | 5.2 | |||||||||||||
2,073,200 | Applied Materials, Inc. | 51,664,144 | 1.2 | |||||||||||||
698,800 | Automatic Data Processing, Inc. | 58,258,956 | 1.4 | |||||||||||||
4,334,467 | Cisco Systems, Inc. | 120,563,200 | 2.8 | |||||||||||||
1,062,313 | Fidelity National Information Services, Inc. | 66,075,869 | 1.5 | |||||||||||||
1,217,764 | Microchip Technology, Inc. | 54,933,334 | 1.3 | |||||||||||||
3,525,631 | Microsoft Corp. | 163,765,560 | 3.8 | |||||||||||||
1,767,926 | Oracle Corp. | 79,503,632 | 1.9 | |||||||||||||
803,801 | TE Connectivity Ltd. | 50,840,413 | 1.2 | |||||||||||||
870,130,390 | 20.3 | |||||||||||||||
Materials: 3.0% | ||||||||||||||||
838,050 | International Paper Co. | 44,902,719 | 1.0 | |||||||||||||
1,204,599 | Mosaic Co. | 54,989,944 | 1.3 | |||||||||||||
1,537,802 | Other Securities | 30,356,212 | 0.7 | |||||||||||||
130,248,875 | 3.0 | |||||||||||||||
Telecommunication Services: 1.4% | ||||||||||||||||
1,489,661 | CenturyTel, Inc. | 58,960,782 | 1.4 | |||||||||||||
Utilities: 2.4% | ||||||||||||||||
1,363,835 | Southern Co. | 66,977,937 | 1.6 | |||||||||||||
401,052 | Other Securities | 35,084,029 | 0.8 | |||||||||||||
102,061,966 | 2.4 | |||||||||||||||
Total Common Stock (Cost $3,128,628,613) | 4,186,622,852 | 97.7 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
CORPORATE BONDS/NOTES: —% | ||||||||||||||||
Utilities: —% | ||||||||||||||||
30,000,000 | Other Securities | — | — | |||||||||||||
Total Corporate Bonds/Notes (Cost $—) | — | — | ||||||||||||||
Total Long-Term Investments (Cost $3,126,950,713) | 4,186,622,852 | 97.7 |
See Accompanying Notes to Financial Statements
71 |
Voya Growth and Income Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
SHORT-TERM INVESTMENTS: 4.6% | ||||||||||||||||
Securities Lending Collateralcc: 0.0% | ||||||||||||||||
27,284 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $27,284, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $27,830, due 01/01/15-09/01/49) | $ | 27,284 | 0.0 | ||||||||||||
1,000,000 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,000,008, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $1,020,000, due 09/30/17-02/15/42) | 1,000,000 | 0.0 | |||||||||||||
1,027,284 | 0.0 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
Mutual Funds: 4.6% | ||||||||||||||||
195,714,186 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $195,714,186) | 195,714,186 | 4.6 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
Total Short-Term Investments (Cost $196,741,470) | $ | 196,741,470 | 4.6 | |||||||||||||
Total Investments in Securities (Cost $3,325,370,083) | $ | 4,383,364,322 | 102.3 | |||||||||||||
Liabilities in Excess of Other Assets | (99,637,983 | ) | (2.3 | ) | ||||||||||||
Net Assets | $ | 4,283,726,339 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014. |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $3,342,033,326. |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 1,086,319,594 | ||
Gross Unrealized Depreciation | (44,988,598 | ) | ||
Net Unrealized Appreciation | $ | 1,041,330,996 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 4,186,622,852 | $ | — | $ | — | $ | 4,186,622,852 | ||||||||
Corporate Bonds/Notes | — | — | — | — | ||||||||||||
Short-Term Investments | 195,714,186 | 1,027,284 | — | 196,741,470 | ||||||||||||
Total Investments, at fair value | $ | 4,382,337,038 | $ | 1,027,284 | $ | — | $ | 4,383,364,322 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Futures | 726,481 | — | — | 726,481 | ||||||||||||
Total Assets | $ | 4,383,063,519 | $ | 1,027,284 | $ | — | $ | 4,384,090,803 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
See Accompanying Notes to Financial Statements
72 |
Voya Growth and Income Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
At December 31, 2014, the following futures contracts were outstanding for Voya Growth and Income Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||
Long Contracts | ||||||||||||
S&P 500 E-Mini | 337 | 03/20/15 | $ | 34,582,940 | $ | 726,481 | ||||||
$ | 34,582,940 | $ | 726,481 |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 726,481 | |||
Total Asset Derivatives | $ | 726,481 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 2,905,720 | ||
Total | $ | 2,905,720 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | (1,054,875 | ) | |
Total | $ | (1,054,875 | ) |
See Accompanying Notes to Financial Statements
73 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
CORPORATE BONDS/NOTES: 28.3% | ||||||||||||||
Basic Materials: 2.1% | ||||||||||||||
2,587,000 | # | Anglo American Capital PLC, 2.625%, 09/27/17 | $ | 2,612,870 | 0.1 | |||||||||
4,000,000 | #,L | FMG Resources August 2006 Pty Ltd., 6.875%, 04/01/22 | 3,345,000 | 0.1 | ||||||||||
4,500,000 | # | Georgia-Pacific LLC, 2.539%, 11/15/19 | 4,503,555 | 0.1 | ||||||||||
4,490,000 | # | Georgia-Pacific LLC, 3.600%, 03/01/25 | 4,518,507 | 0.1 | ||||||||||
5,492,000 | # | Georgia-Pacific LLC, 3.734%, 07/15/23 | 5,627,202 | 0.1 | ||||||||||
2,368,000 | # | Glencore Funding LLC, 4.125%, 05/30/23 | 2,314,651 | 0.0 | ||||||||||
4,000,000 | #,L | INEOS Group Holdings SA, 5.875%, 02/15/19 | 3,800,000 | 0.1 | ||||||||||
1,860,000 | # | Samarco Mineracao SA, 5.750%, 10/24/23 | 1,780,950 | 0.0 | ||||||||||
3,517,000 | # | Xstrata Finance Canada Ltd., 4.250%, 10/25/22 | 3,505,524 | 0.1 | ||||||||||
1,733,000 | # | Xstrata Finance Canada Ltd., 4.950%, 11/15/21 | 1,830,937 | 0.0 | ||||||||||
65,033,000 | Other Securities(a) | 65,294,050 | 1.4 | |||||||||||
99,133,246 | 2.1 | |||||||||||||
Communications: 4.7% | ||||||||||||||
6,189,000 | # | Alibaba Group Holding Ltd., 3.125%, 11/28/21 | 6,123,997 | 0.2 | ||||||||||
6,026,000 | # | Alibaba Group Holding Ltd., 3.600%, 11/28/24 | 5,989,199 | 0.1 | ||||||||||
4,000,000 | # | CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp., 5.625%, 02/15/24 | 4,030,000 | 0.1 | ||||||||||
4,000,000 | # | Cogeco Cable, Inc., 4.875%, 05/01/20 | 4,015,000 | 0.1 | ||||||||||
6,316,000 | # | Cox Communications, Inc., 3.850%, 02/01/25 | 6,388,444 | 0.1 | ||||||||||
4,804,000 | # | COX Communications, Inc., 4.500%, 06/30/43 | 4,683,021 | 0.1 | ||||||||||
975,000 | # | Netflix, Inc., 5.750%, 03/01/24 | 1,018,875 | 0.0 | ||||||||||
2,350,000 | # | Sable International Finance Ltd., 8.750%, 02/01/20 | 2,561,500 | 0.0 | ||||||||||
2,500,000 | # | Sirius XM Radio, Inc., 5.875%, 10/01/20 | 2,581,250 | 0.1 | ||||||||||
7,864,000 | Time Warner Cable, Inc., 5.875%, 11/15/40 | 9,410,298 | 0.2 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||
Communications (continued) | ||||||||||||||
15,184,000 | Time Warner, Inc., 4.050%-6.500%, 12/15/23-12/15/43 | $ | 16,870,077 | 0.4 | ||||||||||
12,707,000 | Verizon Communications, Inc., 5.150%, 09/15/23 | 14,041,413 | 0.3 | |||||||||||
2,705,000 | # | Verizon Communications, Inc., 4.862%, 08/21/46 | 2,785,447 | 0.1 | ||||||||||
2,318,000 | # | Verizon Communications, Inc., 5.012%, 08/21/54 | 2,408,606 | 0.0 | ||||||||||
30,835,000 | Verizon Communications, Inc., 3.000%-6.550%, 11/01/21-09/15/43 | 32,693,823 | 0.7 | |||||||||||
13,475,000 | Viacom, Inc., 3.875%-4.375%, 09/01/23-03/15/43 | 13,302,020 | 0.3 | |||||||||||
86,768,000 | Other Securities(a) | 88,130,068 | 1.9 | |||||||||||
217,033,038 | 4.7 | |||||||||||||
Consumer, Cyclical: 1.4% | ||||||||||||||
2,105,000 | # | Carlson Wagonlit BV, 6.875%, 06/15/19 | 2,210,250 | 0.0 | ||||||||||
61,593,000 | Other Securities | 63,307,153 | 1.4 | |||||||||||
65,517,403 | 1.4 | |||||||||||||
Consumer, Non-cyclical: 5.6% | ||||||||||||||
12,936,000 | Actavis Funding SCS, 3.850%-4.850%, 06/15/24-06/15/44 | 13,108,080 | 0.3 | |||||||||||
484,000 | # | Amsurg Corp., 5.625%, 07/15/22 | 498,520 | 0.0 | ||||||||||
2,494,000 | # | Bayer US Finance LLC, 3.000%, 10/08/21 | 2,518,102 | 0.1 | ||||||||||
3,813,000 | Medtronic, Inc., 3.625%, 03/15/24 | 3,965,588 | 0.1 | |||||||||||
5,843,000 | # | Medtronic, Inc., 3.150%, 03/15/22 | 5,945,562 | 0.1 | ||||||||||
6,119,000 | # | Medtronic, Inc., 3.500%, 03/15/25 | 6,272,936 | 0.2 | ||||||||||
4,439,000 | # | Medtronic, Inc., 4.375%, 03/15/35 | 4,725,134 | 0.1 | ||||||||||
4,441,000 | # | Medtronic, Inc., 4.625%, 03/15/45 | 4,834,228 | 0.1 | ||||||||||
19,805,000 | Philip Morris International, Inc., 1.250%-4.250%, 11/09/17-11/10/44 | 19,985,141 | 0.4 | |||||||||||
5,500,000 | # | President and Fellows of Harvard College, 6.000%, 01/15/19 | 6,355,063 | 0.1 |
See Accompanying Notes to Financial Statements
74 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||
Consumer, Non-cyclical (continued) | ||||||||||||||
21,500,000 | # | President and Fellows of Harvard College, 6.500%, 01/15/39 | $ | 31,200,478 | 0.7 | |||||||||
13,719,000 | Synchrony Financial, 3.000%-4.250%, 08/15/19-08/15/24 | 14,018,989 | 0.3 | |||||||||||
4,000,000 | # | Valeant Pharmaceuticals International, 5.625%, 12/01/21 | 4,040,000 | 0.1 | ||||||||||
1,640,000 | # | Valeant Pharmaceuticals International, 7.250%, 07/15/22 | 1,754,800 | 0.0 | ||||||||||
14,631,000 | WellPoint, Inc., 3.500%-4.650%, 08/15/24-08/15/44 | 15,085,020 | 0.3 | |||||||||||
3,222,000 | # | WM Wrigley Jr Co., 2.400%, 10/21/18 | 3,247,554 | 0.1 | ||||||||||
10,393,000 | # | WM Wrigley Jr Co., 2.900%, 10/21/19 | 10,538,949 | 0.2 | ||||||||||
2,105,000 | # | WM Wrigley Jr Co., 3.375%, 10/21/20 | 2,154,396 | 0.1 | ||||||||||
102,215,000 | Other Securities | 107,009,630 | 2.3 | |||||||||||
257,258,170 | 5.6 | |||||||||||||
Energy: 3.5% | ||||||||||||||
4,760,000 | # | Enable Midstream Partners L.P., 3.900%, 05/15/24 | 4,596,970 | 0.1 | ||||||||||
4,041,000 | # | Enable Midstream Partners L.P., 5.000%, 05/15/44 | 3,820,745 | 0.1 | ||||||||||
3,265,000 | Energy Transfer Equity L.P., 7.500%, 10/15/20 | 3,640,475 | 0.1 | |||||||||||
10,195,000 | Energy Transfer Partners L.P., 4.650%-9.700%, 03/15/19-02/01/43 | 11,225,723 | 0.2 | |||||||||||
144,029,000 | Other Securities(a) | 138,066,555 | 3.0 | |||||||||||
161,350,468 | 3.5 | |||||||||||||
Financial: 8.5% | ||||||||||||||
16,775,000 | American Tower Corp., 3.400%-4.500%, 01/15/18-09/15/21 | 16,905,692 | 0.4 | |||||||||||
30,327,000 | Bank of America Corp., 4.000%-5.000%, 01/22/24-01/21/44 | 31,528,291 | 0.7 | |||||||||||
5,766,000 | # | BPCE SA, 5.150%, 07/21/24 | 5,952,865 | 0.1 | ||||||||||
16,609,000 | Citigroup, Inc., 4.000%-6.675%, 08/05/24-09/13/43 | 18,305,560 | 0.4 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||
Financial (continued) | ||||||||||||||
12,047,000 | Citizens Bank NA/ Providence RI, 2.450%, 12/04/19 | $ | 11,996,499 | 0.3 | ||||||||||
1,778,000 | # | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/29/49 | 2,292,731 | 0.0 | ||||||||||
13,581,000 | # | Credit Suisse AG, 6.500%, 08/08/23 | 14,942,101 | 0.3 | ||||||||||
4,483,000 | # | Five Corners Funding Trust, 4.419%, 11/15/23 | 4,749,124 | 0.1 | ||||||||||
4,080,000 | Goldman Sachs Group, Inc./The, 2.550%, 10/23/19 | 4,065,100 | 0.1 | |||||||||||
22,373,000 | Goldman Sachs Group, Inc., 2.900%-6.750%, 07/19/18-10/01/37 | 24,544,393 | 0.5 | |||||||||||
5,994,000 | # | HBOS PLC, 6.750%, 05/21/18 | 6,695,274 | 0.1 | ||||||||||
2,300,000 | # | International Lease Finance Corp., 6.750%, 09/01/16 | 2,455,250 | 0.0 | ||||||||||
3,437,000 | # | International Lease Finance Corp., 7.125%, 09/01/18 | 3,858,032 | 0.1 | ||||||||||
28,275,000 | JPMorgan Chase & Co., 3.875%-6.125%, 09/10/24-12/29/49 | 28,210,793 | 0.6 | |||||||||||
11,494,000 | Morgan Stanley, 3.875%, 04/29/24 | 11,816,257 | 0.3 | |||||||||||
5,941,000 | Morgan Stanley, 5.000%, 11/24/25 | 6,347,757 | 0.1 | |||||||||||
3,455,000 | # | Nordea Bank AB, 6.125%, 12/29/49 | 3,431,071 | 0.1 | ||||||||||
2,757,000 | # | RBS Citizens Financial Group, Inc., 4.150%, 09/28/22 | 2,826,537 | 0.1 | ||||||||||
6,999,000 | # | Scentre Group Trust 1 / Scentre Group Trust 2, 3.500%, 02/12/25 | 7,041,253 | 0.2 | ||||||||||
12,752,000 | Simon Property Group L.P., 3.375%-4.250%, 10/01/24-10/01/44 | 13,118,735 | 0.3 | |||||||||||
5,719,000 | # | WEA Finance LLC / Westfield UK & Europe Finance PLC, 3.750%, 09/17/24 | 5,815,199 | 0.1 | ||||||||||
18,631,000 | Wells Fargo & Co., 4.100%-5.900%, 06/03/26-12/29/49 | 19,395,252 | 0.4 |
See Accompanying Notes to Financial Statements
75 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||
Financial (continued) | ||||||||||||||
141,278,400 | Other Securities | $ | 147,570,968 | 3.2 | ||||||||||
393,864,734 | 8.5 | |||||||||||||
Industrial: 0.7% | ||||||||||||||
4,853,000 | # | AP Moeller - Maersk A/S, 2.550%, 09/22/19 | 4,871,985 | 0.1 | ||||||||||
4,530,000 | # | Keysight Technologies, Inc., 3.300%, 10/30/19 | 4,505,565 | 0.1 | ||||||||||
3,200,000 | # | Keysight Technologies, Inc., 4.550%, 10/30/24 | 3,207,562 | 0.1 | ||||||||||
18,594,000 | Other Securities | 21,315,359 | 0.4 | |||||||||||
33,900,471 | 0.7 | |||||||||||||
Technology: 0.6% | ||||||||||||||
27,099,000 | Other Securities | 28,108,325 | 0.6 | |||||||||||
Utilities: 1.2% | ||||||||||||||
3,790,000 | #,L | Berkshire Hathaway Energy Co., 3.500%, 02/01/25 | 3,822,151 | 0.1 | ||||||||||
4,390,000 | # | Calpine Corp., 6.000%, 01/15/22 | 4,697,300 | 0.1 | ||||||||||
2,192,000 | # | Duquesne Light Holdings, Inc., 6.400%, 09/15/20 | 2,562,943 | 0.1 | ||||||||||
39,841,000 | Other Securities | 41,922,684 | 0.9 | |||||||||||
53,005,078 | 1.2 | |||||||||||||
Total Corporate Bonds/Notes (Cost $1,270,645,426) | 1,309,170,933 | 28.3 | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 12.4% | ||||||||||||||
11,412,793 | Alternative Loan Trust 2005-10CB, 0.670%, 05/25/35 | 9,614,125 | 0.2 | |||||||||||
5,528,034 | Alternative Loan Trust 2005-6CB, 5.250%, 04/25/35 | 5,372,801 | 0.1 | |||||||||||
3,603,956 | Alternative Loan Trust 2006-18CB A11, 0.670%, 07/25/36 | 2,555,958 | 0.1 | |||||||||||
3,315,000 | # | American General Mortgage Loan Trust, 5.650%, 03/25/58 | 3,417,163 | 0.1 | ||||||||||
5,830,000 | # | BAMLL Re-REMIC Trust 2014-FRR7 A, 2.420%, 10/26/44 | 5,744,786 | 0.1 | ||||||||||
4,900,000 | Banc of America Commercial Mortgage Trust 2006-6, 5.421%, 10/10/45 | 5,062,567 | 0.1 | |||||||||||
5,040,243 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc. 2004-4 G, 5.422%, 07/10/42 | 5,194,109 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||
2,550,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc. 2005-6 C, 5.152%, 09/10/47 | $ | 2,615,196 | 0.1 | ||||||||||
3,590,000 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.422%, 07/10/42 | 3,509,936 | 0.1 | ||||||||||
2,219,000 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.744%, 03/11/41 | 2,226,122 | 0.1 | ||||||||||
1,520,000 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.744%, 03/11/41 | 1,520,162 | 0.0 | ||||||||||
1,393,813 | Banc of America Mortgage 2005-J Trust 2A4, 2.699%, 11/25/35 | 1,290,194 | 0.0 | |||||||||||
103,530 | Banc of America Mortgage Securities, Inc., 2.623%, 07/25/33 | 104,000 | 0.0 | |||||||||||
3,125,000 | Bank of America Merrill Lynch Commercial Mortgage, Inc., 5.317%, 06/10/49 | 3,344,212 | 0.1 | |||||||||||
1,590,000 | # | Bank of America Merrill Lynch Commercial Mortgage, Inc., 5.268%, 07/10/43 | 1,607,000 | 0.0 | ||||||||||
3,150,000 | # | Bank of America Merrill Lynch Commercial Mortgage, Inc., 6.030%, 11/10/38 | 3,248,171 | 0.1 | ||||||||||
1,562,696 | Banc of America Funding Corp., 2.634%-6.000%, 05/25/35-08/25/37 | 1,506,634 | 0.0 | |||||||||||
6,290,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.152%-5.155%, 07/10/45-09/10/47 | 6,277,543 | 0.1 | |||||||||||
5,000,000 | # | Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4, 5.829%, 06/11/41 | 5,388,705 | 0.1 | ||||||||||
3,950,000 | Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, 5.129%, 10/12/42 | 4,025,674 | 0.1 |
See Accompanying Notes to Financial Statements
76 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||
6,327,835 | Bear Stearns Adjustable Rate Mortgage Trust, 2.430%-2.686%, 01/25/34-07/25/36 | $ | 5,755,106 | 0.1 | ||||||||||
6,260,227 | Bear Stearns Alternative-A Trust, 2.554%-2.653%, 05/25/35-11/25/36 | 5,042,001 | 0.1 | |||||||||||
4,155,884 | # | Beckman Coulter, Inc., 7.498%, 12/15/18 | 4,611,368 | 0.1 | ||||||||||
934,336 | Citicorp Mortgage Securities, Inc., 5.500%, 08/25/36 | 967,802 | 0.0 | |||||||||||
25,037 | # | Citigroup Commercial Mortgage Trust 2004-C1, 5.802%, 04/15/40 | 25,359 | 0.0 | ||||||||||
4,528,000 | # | Citigroup Commercial Mortgage Trust 2012-GC8, 4.878%, 09/10/45 | 4,572,972 | 0.1 | ||||||||||
14,191,176 | #,^ | Citigroup Commercial Mortgage Trust, 2.210%, 09/10/45 | 1,425,108 | 0.1 | ||||||||||
758,426 | Citimortgage Alternative Loan Trust, 6.000%, 02/25/37 | 676,626 | 0.0 | |||||||||||
18,640,069 | Citigroup Mortgage Loan Trust, Inc., 2.500%-5.500%, 09/25/35-09/25/37 | 18,198,320 | 0.4 | |||||||||||
5,000,000 | # | COMM 2007-C9 Mortgage Trust, 0.852%, 12/10/49 | 4,793,575 | 0.1 | ||||||||||
33,713,844 | ^ | Commercial Mortgage Pass Through Certificates, 1.421%, 04/10/47 | 2,795,916 | 0.1 | ||||||||||
56,214,096 | ^ | Commercial Mortgage Pass Through Certificates, 1.432%, 03/10/47 | 4,948,027 | 0.1 | ||||||||||
88,729,242 | ^ | Commercial Mortgage Trust, 1.419%, 10/10/46 | 7,541,311 | 0.1 | ||||||||||
61,536,520 | ^ | Commercial Mortgage Trust, 1.440%, 08/10/46 | 4,502,227 | 0.1 | ||||||||||
58,951,206 | ^ | Commercial Mortgage Trust, 1.773%, 01/10/46 | 4,952,367 | 0.1 | ||||||||||
146,346,679 | ^ | Commercial Mortgage Trust, 1.897%, 12/10/45 | 13,844,118 | 0.3 | ||||||||||
28,485,167 | ^ | Commercial Mortgage Trust, 1.977%, 10/15/45 | 2,952,590 | 0.1 | ||||||||||
36,780,855 | ^ | Commercial Mortgage Trust, 2.118%, 05/15/45 | 3,832,179 | 0.1 | ||||||||||
65,166,000 | #,^ | Commercial Mortgage Trust, 0.596%, 10/15/45 | 2,802,529 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||
7,003,000 | # | Commercial Mortgage Trust, 5.796%, 12/10/49 | $ | 6,882,177 | 0.1 | |||||||||
1,844,215 | Commercial 2007-C9 Mortgage Trust, 5.796%, 12/10/49 | 1,936,307 | 0.0 | |||||||||||
13,320,000 | Commercial Mortgage Trust, 5.226%-6.124%, 07/15/44-12/10/49 | 13,475,790 | 0.3 | |||||||||||
1,842,755 | ^ | Countrywide Alternative Loan Trust, 4.831%, 05/25/35 | 218,857 | 0.0 | ||||||||||
7,016,130 | Countrywide Home Loan Mortgage Pass-through Trust, 2.418%, 11/25/34 | 6,689,466 | 0.2 | |||||||||||
12,764,526 | Countrywide Alternative Loan Trust, 0.290%-5.500%, 12/25/35-06/25/36 | 11,174,717 | 0.2 | |||||||||||
8,138,000 | # | Credit Suisse Commercial Mortgage Trust Series 2008-C1, 5.970%, 02/15/41 | 8,539,354 | 0.2 | ||||||||||
239,034 | # | Credit Suisse First Boston Mortgage Securities Corp., 5.322%, 08/15/36 | 239,290 | 0.0 | ||||||||||
2,070,000 | # | Credit Suisse First Boston Mortgage Securities Corp., 5.592%, 04/12/49 | 2,079,199 | 0.0 | ||||||||||
2,550,000 | # | DBUBS 2011-LC2 Mortgage Trust, 5.443%, 07/10/44 | 2,707,455 | 0.1 | ||||||||||
4,558,107 | # | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2007-WM1, 4.369%, 06/27/37 | 4,585,451 | 0.1 | ||||||||||
13,443,166 | Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 0.290%-0.360%, 08/25/36-10/25/36 | 8,968,879 | 0.2 | |||||||||||
25,182,000 | Fannie Mae Connecticut Avenue Securities, 2.770%-5.070%, 01/25/24-11/25/24 | 23,937,719 | 0.5 | |||||||||||
26,964,009 | ^ | First Horizon Alternative Mortgage Securities, 4.531%, 01/25/36 | 3,458,250 | 0.1 | ||||||||||
3,805,161 | ^ | First Horizon Alternative Mortgage Securities, 6.531%, 12/25/36 | 928,539 | 0.0 |
See Accompanying Notes to Financial Statements
77 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||
657,582,251 | #,^ | FREMF Mortgage Trust, 0.100%, 12/25/44 | $ | 3,608,154 | 0.1 | |||||||||
1,762,000 | # | GE Capital Commercial Mortgage Series 2005-C2, 5.282%, 05/10/43 | 1,513,272 | 0.0 | ||||||||||
255,541 | # | GMAC Commercial Mortgage Securities, Inc. Series 2003-C1 Trust, 5.000%, 05/10/36 | 257,365 | 0.0 | ||||||||||
15,202,785 | ^ | GS Mortgage Securities Corp. II, 1.547%, 11/10/46 | 1,196,021 | 0.0 | ||||||||||
100,713,499 | ^ | GS Mortgage Securities Corp. II, 2.361%, 11/10/45 | 11,974,624 | 0.3 | ||||||||||
20,822,787 | ^ | GS Mortgage Securities Corp. II, 2.560%, 05/10/45 | 2,333,154 | 0.0 | ||||||||||
2,650,000 | GS Mortgage Securities Trust 2006-GG6, 5.553%, 04/10/38 | 2,660,959 | 0.1 | |||||||||||
4,505,000 | GS Mortgage Securities Trust, 5.553%, 04/10/38 | 4,442,351 | 0.1 | |||||||||||
5,264,184 | HomeBanc Mortgage Trust 2005-3, 0.480%, 07/25/35 | 4,885,115 | 0.1 | |||||||||||
4,179,774 | HomeBanc Mortgage Trust 2006-2 A2, 0.390%, 12/25/36 | 3,650,515 | 0.1 | |||||||||||
14,337,467 | Homebanc Mortgage Trust, 0.410%, 07/25/35 | 13,244,364 | 0.3 | |||||||||||
862,437 | Homebanc Mortgage Trust, 1.030%, 08/25/29 | 827,407 | 0.0 | |||||||||||
725,000 | # | Irvine Core Office Trust 2013-IRV, 3.173%, 05/15/48 | 712,433 | 0.0 | ||||||||||
1,270,000 | # | JP Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Thr, 5.606%, 05/15/41 | 1,331,436 | 0.0 | ||||||||||
3,020,000 | # | JP Morgan Chase Commercial Mortgage Securities Corp. Ps Thr Certs Ser 2003-LN1, 5.464%, 10/15/37 | 3,011,310 | 0.1 | ||||||||||
91,727,661 | ^ | JP Morgan Chase Commercial Mortgage Securities Corp., 0.655%, 01/15/46 | 2,173,423 | 0.0 | ||||||||||
31,298,251 | ^ | JP Morgan Chase Commercial Mortgage Securities Corp., 1.927%, 12/15/47 | 2,924,208 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||
2,890,000 | # | JP Morgan Chase Commercial Mortgage Securities Trust 2003-PM1, 5.984%, 08/12/40 | $ | 3,081,576 | 0.1 | |||||||||
946,053 | ^ | JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8, 2.124%, 10/15/45 | 96,157 | 0.0 | ||||||||||
3,809,000 | JP Morgan Chase Commercial Mortgage Securities Trust, 5.683%, 06/12/41 | 3,711,846 | 0.1 | |||||||||||
19,880,000 | #,^ | JP Morgan Chase Commercial Mortgage Securities Trust, 0.359%, 12/15/47 | 498,360 | 0.0 | ||||||||||
66,982 | JP Morgan Mortgage Trust, 5.750%, 01/25/36 | 63,146 | 0.0 | |||||||||||
5,150,000 | LB Commercial Mortgage Trust, 5.904%, 07/15/44 | 5,224,819 | 0.1 | |||||||||||
10,128,000 | # | LB Commercial Mortgage Trust, 5.600%, 10/15/35 | 10,218,863 | 0.2 | ||||||||||
40,384,082 | #,^ | LB-UBS Commercial Mortgage Trust 2004-C1, 1.000%, 01/15/36 | 670,231 | 0.0 | ||||||||||
1,310,000 | # | LB-UBS Commercial Mortgage Trust 2005-C1, 5.297%, 02/15/40 | 1,317,183 | 0.0 | ||||||||||
4,290,000 | LB-UBS Commercial Mortgage Trust 2005-C3, 4.983%, 07/15/40 | 4,313,597 | 0.1 | |||||||||||
2,550,000 | # | LB-UBS Commercial Mortgage Trust 2005-C5, 5.350%, 09/15/40 | 2,542,212 | 0.1 | ||||||||||
34,600,201 | #,^ | LB-UBS Commercial Mortgage Trust, 0.651%, 11/15/38 | 345,563 | 0.0 | ||||||||||
176,678,009 | #,^ | LB-UBS Commercial Mortgage Trust, 0.651%, 11/15/38 | 1,991,550 | 0.1 | ||||||||||
1,500,000 | # | LB-UBS Commercial Mortgage Trust, 4.994%, 10/15/36 | 1,535,658 | 0.0 | ||||||||||
3,390,000 | # | LB-UBS Commercial Mortgage Trust, 5.147%, 10/15/36 | 3,326,022 | 0.1 | ||||||||||
4,210,000 | # | LB-UBS Commercial Mortgage Trust, 5.991%, 09/15/39 | 4,386,799 | 0.1 |
See Accompanying Notes to Financial Statements
78 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||
4,450,000 | # | LB-UBS Commercial Mortgage Trust, 5.991%, 09/15/39 | $ | 4,675,281 | 0.1 | |||||||||
4,880,000 | # | LB-UBS Commercial Mortgage Trust, 6.890%, 07/15/32 | 4,883,914 | 0.1 | ||||||||||
15,097,000 | LB-UBS Commercial Mortgage Trust, 4.954%-8.150%, 07/15/32-07/15/40 | 15,047,543 | 0.3 | |||||||||||
3,850,000 | # | Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5, 4.678%, 08/15/45 | 4,024,690 | 0.1 | ||||||||||
66,471,246 | ^ | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, 1.713%, 02/15/46 | 5,790,869 | 0.1 | ||||||||||
15,912,684 | #,^ | Morgan Stanley Bank of America Merrill Lynch Trust, 2.139%, 11/15/45 | 1,506,178 | 0.0 | ||||||||||
290,757 | Morgan Stanley Capital I Trust 2004-IQ7, 5.191%, 06/15/38 | 290,461 | 0.0 | |||||||||||
2,590,000 | # | Morgan Stanley Capital I Trust 2005-HQ6, 5.379%, 08/13/42 | 2,554,689 | 0.1 | ||||||||||
10,000,000 | Morgan Stanley Capital I Trust 2005-IQ10, 5.252%, 09/15/42 | 9,679,570 | 0.2 | |||||||||||
3,840,000 | # | Morgan Stanley Capital I Trust 2008-TOP29, 6.278%, 01/11/43 | 3,965,910 | 0.1 | ||||||||||
3,305,000 | # | Morgan Stanley Capital I Trust 2011-C1, 5.251%, 09/15/47 | 3,619,849 | 0.1 | ||||||||||
3,095,000 | # | Morgan Stanley Capital I Trust 2011-C1, 5.251%, 09/15/47 | 3,339,553 | 0.1 | ||||||||||
718,400 | # | Morgan Stanley Capital I, Inc., 5.910%, 11/15/31 | 732,171 | 0.0 | ||||||||||
3,330,000 | Morgan Stanley Capital I, 5.336%, 01/14/42 | 3,329,757 | 0.1 | |||||||||||
102,481 | # | Morgan Stanley Capital I, 7.350%, 07/15/32 | 104,355 | 0.0 | ||||||||||
1,820,000 | # | Morgan Stanley Dean Witter Capital I Trust 2002-IQ3, 6.974%, 09/15/37 | 1,796,327 | 0.0 | ||||||||||
1,160,000 | # | Morgan Stanley Dean Witter Capital I, 7.505%, 07/15/33 | 1,326,602 | 0.0 | ||||||||||
2,509,019 | Morgan Stanley Mortgage Loan Trust 2006-3AR, 2.832%, 03/25/36 | 2,082,372 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||
4,300,000 | # | Morgan Stanley Reremic Trust, 0.250%, 07/27/49 | $ | 3,746,160 | 0.1 | |||||||||
541,158 | # | Morgan Stanley Reremic Trust, 5.246%, 12/17/43 | 546,777 | 0.0 | ||||||||||
39,413 | # | Nomura Asset Acceptance Corp., 6.872%, 02/19/30 | 39,449 | 0.0 | ||||||||||
4,945,260 | # | N-Star Real Estate CDO Ltd., 2.020%, 08/25/29 | 4,951,689 | 0.1 | ||||||||||
5,802,953 | #,^ | RBSCF Trust, 1.192%, 04/15/24 | 16 | 0.0 | ||||||||||
3,038,309 | # | RBSSP Resecuritization Trust, 0.420%, 02/26/37 | 2,867,136 | 0.1 | ||||||||||
12,351,811 | SLM Student Loan Trust, 1.734%, 04/25/23 | 12,698,440 | 0.3 | |||||||||||
19,459,081 | #,^ | UBS-Barclays Commercial Mortgage Trust, 1.758%, 05/10/63 | 1,514,399 | 0.0 | ||||||||||
33,990,497 | #,^ | UBS-Barclays Commercial Mortgage Trust, 2.132%, 08/10/49 | 3,741,701 | 0.1 | ||||||||||
2,100,000 | # | Wachovia Bank Commercial Mortgage Trust Series 2005-C17 G, 5.396%, 03/15/42 | 2,109,973 | 0.0 | ||||||||||
2,662,000 | Wachovia Bank Commercial Mortgage Trust Series 2006-C25, 5.723%, 05/15/43 | 2,646,872 | 0.1 | |||||||||||
8,192,000 | Wachovia Bank Commercial Mortgage Trust Series 2007-C33 AJ, 5.941%, 02/15/51 | 8,601,801 | 0.2 | |||||||||||
13,372,000 | Wachovia Bank Commercial Mortgage Trust Series, 5.723%-5.941%, 05/15/43-02/15/51 | 13,656,238 | 0.3 | |||||||||||
5,000,000 | # | Wells Fargo Commercial Mortgage Trust 2014-TISH WTS1, 2.405%, 02/05/27 | 5,001,360 | 0.1 | ||||||||||
3,061,884 | Wells Fargo Mortgage Backed Securities 2005-AR15 Trust, 2.613%, 09/25/35 | 2,920,290 | 0.1 | |||||||||||
2,748,890 | Wells Fargo Mortgage Backed Securities 2006-AR6 Trust 3A1, 2.577%, 03/25/36 | 2,674,458 | 0.0 | |||||||||||
2,873,918 | #,^ | Wells Fargo Mortgage Backed Securities Trust, 1.573%, 06/15/45 | 248,401 | 0.0 |
See Accompanying Notes to Financial Statements
79 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | ||||||||||||||
95,200 | Wells Fargo Mortgage-Backed Securities Trust, 2.590%, 10/25/33 | $ | 96,308 | 0.0 | ||||||||||
31,965,207 | #,^ | WFRBS Commercial Mortgage Trust 2012-C6, 2.414%, 04/15/45 | 3,398,122 | 0.1 | ||||||||||
38,083,131 | #,^ | WFRBS Commercial Mortgage Trust 2012-C8 XA, 2.201%, 08/15/45 | 3,907,565 | 0.1 | ||||||||||
7,103,643 | Wells Fargo Mortgage Backed Securities Trust, 2.612%-5.588%, 05/25/35-04/25/36 | 6,982,302 | 0.1 | |||||||||||
63,127,045 | Other Securities | 56,820,895 | 1.2 | |||||||||||
Total Collateralized Mortgage Obligations (Cost $561,792,795) | 575,676,145 | 12.4 | ||||||||||||
ASSET-BACKED SECURITIES: 10.3% | ||||||||||||||
Automobile Asset-Backed Securities: 1.8% | ||||||||||||||
2,410,000 | # | AmeriCredit Automobile Receivables Trust 2011-3, 5.760%, 12/10/18 | 2,482,306 | 0.0 | ||||||||||
7,582,700 | AmeriCredit Automobile Receivables Trust 2012-4, 1.930%, 08/08/18 | 7,632,249 | 0.2 | |||||||||||
2,680,000 | AmeriCredit Automobile Receivables Trust 2012-5, 2.350%, 12/10/18 | 2,700,329 | 0.1 | |||||||||||
4,855,000 | AmeriCredit Automobile Receivables Trust 2013-1, 2.090%, 02/08/19 | 4,820,025 | 0.1 | |||||||||||
4,270,000 | AmeriCredit Automobile Receivables Trust 2013-4, 3.310%, 10/08/19 | 4,342,652 | 0.1 | |||||||||||
5,470,000 | AmeriCredit Automobile Receivables Trust 2013-5, 2.860%, 12/08/19 | 5,471,975 | 0.1 | |||||||||||
5,640,000 | # | AmeriCredit Automobile Receivables Trust, 3.290%, 05/08/20 | 5,692,858 | 0.1 | ||||||||||
2,570,000 | # | MMCA Automobile Trust, 1.920%, 12/16/19 | 2,586,882 | 0.1 | ||||||||||
2,360,000 | # | MMCA Automobile Trust, 2.260%, 10/15/20 | 2,370,417 | 0.0 | ||||||||||
3,640,000 | Santander Drive Auto Receivables Trust 2012-4, 3.500%, 06/15/18 | 3,737,394 | 0.1 | |||||||||||
3,480,000 | Santander Drive Auto Receivables Trust 2012-5, 3.300%, 09/17/18 | 3,585,731 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
ASSET-BACKED SECURITIES: (continued) | ||||||||||||||
Automobile Asset-Backed Securities (continued) | ||||||||||||||
4,670,000 | Santander Drive Auto Receivables Trust 2013-1, 2.270%, 01/15/19 | $ | 4,641,847 | 0.1 | ||||||||||
3,135,000 | Santander Drive Auto Receivables Trust 2013-2, 2.570%, 03/15/19 | 3,175,405 | 0.1 | |||||||||||
2,775,000 | Santander Drive Auto Receivables Trust 2013-4, 3.920%, 01/15/20 | 2,895,438 | 0.0 | |||||||||||
10,500,000 | # | Santander Drive Auto Receivables Trust 2013-A, 3.780%, 10/15/19 | 10,814,842 | 0.2 | ||||||||||
7,030,000 | # | Santander Drive Auto Receivables Trust 2013-A, 4.710%, 01/15/21 | 7,285,625 | 0.2 | ||||||||||
3,890,000 | Santander Drive Auto Receivables Trust 2014-1, 1.590%, 10/15/18 | 3,899,737 | 0.1 | |||||||||||
4,410,000 | Other Securities | 4,418,306 | 0.1 | |||||||||||
82,554,018 | 1.8 | |||||||||||||
Credit Card Asset-Backed Securities: 0.0% | ||||||||||||||
2,620,000 | Other Securities | 2,606,060 | 0.0 | |||||||||||
Home Equity Asset-Backed Securities: 0.3% | ||||||||||||||
2,400,000 | Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2, 1.085%, 03/25/35 | 2,035,664 | 0.0 | |||||||||||
12,594,327 | Other Securities | 11,825,334 | 0.3 | |||||||||||
13,860,998 | 0.3 | |||||||||||||
Other Asset-Backed Securities: 8.2% | ||||||||||||||
3,000,000 | # | 1776 CLO Ltd. 2006-1A D, 1.982%, 05/08/20 | 2,980,482 | 0.1 | ||||||||||
575,981 | # | AMMC CLO IV Ltd., 1.034%, 03/25/17 | 575,981 | 0.0 | ||||||||||
5,150,000 | # | Ares XII CLO Ltd., 2.233%, 11/25/20 | 5,205,100 | 0.1 | ||||||||||
1,500,000 | # | Ares XII CLO Ltd., 3.483%, 11/25/20 | 1,477,944 | 0.0 | ||||||||||
6,750,000 | # | Atrium V, 0.922%, 07/20/20 | 6,549,586 | 0.2 | ||||||||||
1,000,000 | # | Atrium V, 3.932%, 07/20/20 | 980,702 | 0.0 | ||||||||||
625,000 | # | Babson CLO, Inc. 2005-III, 0.632%, 11/10/19 | 617,771 | 0.0 | ||||||||||
2,600,000 | # | Babson CLO, Inc. 2005-III, 0.932%, 11/10/19 | 2,542,641 | 0.1 | ||||||||||
2,000,000 | # | Babson CLO, Inc. 2005-III, 1.932%, 11/10/19 | 1,964,346 | 0.0 |
See Accompanying Notes to Financial Statements
80 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
ASSET-BACKED SECURITIES: (continued) | ||||||||||||||
Other Asset-Backed Securities (continued) | ||||||||||||||
1,500,000 | Babson Mid-Market CLO, Inc. 2007-II, 3.881%, 04/15/21 | $ | 1,470,647 | 0.0 | ||||||||||
1,000,000 | # | Babson Mid-Market CLO, Inc. 2007-II, 1.081%, 04/15/21 | 976,331 | 0.0 | ||||||||||
7,350,000 | # | Babson Mid-Market CLO, Inc. 2007-II, 1.931%, 04/15/21 | 7,082,930 | 0.2 | ||||||||||
2,250,000 | # | Belhurst CLO Ltd., 0.931%, 01/15/20 | 2,249,323 | 0.1 | ||||||||||
1,549,061 | # | Black Diamond CLO 2005-1 Delaware Corp., 0.667%, 06/20/17 | 1,539,130 | 0.1 | ||||||||||
904,445 | # | Black Diamond CLO Ltd., 0.597%, 06/20/17 | 902,626 | 0.0 | ||||||||||
1,250,000 | # | BlackRock Senior Income Series V Ltd. 2007-5A D, 2.483%, 08/13/19 | 1,179,496 | 0.0 | ||||||||||
10,000,000 | # | Bluemountain CLO III Ltd. 2007-3A C, 0.933%, 03/17/21 | 9,697,760 | 0.2 | ||||||||||
7,611,663 | # | Callidus Debt Partners Clo Fund VI Ltd., 0.491%, 10/23/21 | 7,477,614 | 0.2 | ||||||||||
1,750,000 | # | Callidus Debt Partners Clo Fund VI Ltd., 3.231%, 10/23/21 | 1,698,937 | 0.0 | ||||||||||
3,000,000 | # | Canaras Summit CLO Ltd., 0.725%, 06/19/21 | 2,923,704 | 0.1 | ||||||||||
7,000,000 | # | Canaras Summit CLO Ltd., 1.045%, 06/19/21 | 6,763,442 | 0.1 | ||||||||||
4,250,000 | # | Carlyle High Yield Partners IX Ltd., 0.640%, 08/01/21 | 4,078,087 | 0.1 | ||||||||||
5,800,000 | # | Carlyle High Yield Partners IX Ltd., 1.840%, 08/01/21 | 5,555,878 | 0.1 | ||||||||||
7,900,000 | # | Carlyle Veyron CLO Ltd., 0.911%, 07/15/18 | 7,839,818 | 0.2 | ||||||||||
2,700,000 | # | Carlyle Veyron CLO Ltd., 1.831%, 07/15/18 | 2,686,486 | 0.1 | ||||||||||
7,500,000 | # | Castle Garden Funding, 0.984%, 10/27/20 | 7,355,017 | 0.2 | ||||||||||
3,550,000 | # | Castle Garden Funding, 4.984%, 10/27/20 | 3,560,998 | 0.1 | ||||||||||
2,500,000 | # | Castle Garden Funding, 6.560%, 10/27/20 | 2,682,993 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
ASSET-BACKED SECURITIES: (continued) | ||||||||||||||
Other Asset-Backed Securities (continued) | ||||||||||||||
4,450,000 | # | CIFC Funding 2006-I Ltd., 1.831%, 10/20/20 | $ | 4,325,467 | 0.1 | |||||||||
2,101,184 | # | CIFC Funding 2006-I Ltd., 4.231%, 10/20/20 | 2,095,964 | 0.1 | ||||||||||
10,400,000 | # | CIFC Funding 2006-II Ltd., 1.834%, 03/01/21 | 10,048,168 | 0.2 | ||||||||||
5,344,486 | # | CIFC Funding 2006-II Ltd., 4.234%, 03/01/21 | 5,259,354 | 0.1 | ||||||||||
4,700,000 | # | ColumbusNova CLO IV Ltd 2007-II, 2.481%, 10/15/21 | 4,602,621 | 0.1 | ||||||||||
2,500,000 | # | ColumbusNova CLO Ltd 2006-II, 0.982%, 04/04/18 | 2,461,372 | 0.0 | ||||||||||
2,000,000 | # | ColumbusNova CLO Ltd 2006-II, 1.732%, 04/04/18 | 1,951,800 | 0.0 | ||||||||||
2,500,000 | # | ColumbusNova CLO Ltd 2006-II, 3.982%, 04/04/18 | 2,500,003 | 0.1 | ||||||||||
3,000,000 | # | Del Mar CLO I Ltd., 0.952%, 07/25/18 | 2,965,221 | 0.1 | ||||||||||
3,100,000 | # | Diamond Lake CLO Ltd., 1.834%, 12/01/19 | 3,015,203 | 0.1 | ||||||||||
6,500,000 | # | Duane Street CLO II Ltd., 1.882%, 08/20/18 | 6,352,125 | 0.1 | ||||||||||
15,500,000 | # | Eaton Vance CDO IX Ltd., 0.881%, 04/20/19 | 15,274,351 | 0.3 | ||||||||||
7,500,000 | # | Eaton Vance CDO IX Ltd., 1.731%, 04/20/19 | 7,284,772 | 0.2 | ||||||||||
477,007 | # | Emporia Preferred Funding, 0.731%, 10/18/18 | 476,827 | 0.0 | ||||||||||
4,150,000 | # | Fairway Loan Funding Co., 1.678%, 10/17/18 | 4,134,778 | 0.1 | ||||||||||
5,645,000 | # | Fraser Sullivan CLO I Ltd., 2.041%, 03/15/20 | 5,502,328 | 0.1 | ||||||||||
5,100,000 | # | Fraser Sullivan CLO II Ltd., 0.647%, 12/20/20 | 5,023,072 | 0.1 | ||||||||||
6,500,000 | # | Fraser Sullivan CLO II Ltd., 0.967%, 12/20/20 | 6,348,355 | 0.1 | ||||||||||
3,250,000 | # | Fraser Sullivan CLO II Ltd., 1.747%, 12/20/20 | 3,146,198 | 0.1 | ||||||||||
1,000,000 | # | FRASR 2006-1A B 3/20, 0.711%, 03/15/20 | 995,981 | 0.0 | ||||||||||
1,600,000 | # | Gale Force 3 CLO Ltd. 2007-3A D, 1.631%, 04/19/21 | 1,504,197 | 0.0 | ||||||||||
6,600,000 | # | Gallatin CLO III 2007-1 Ltd., 1.482%, 05/15/21 | 6,379,065 | 0.1 |
See Accompanying Notes to Financial Statements
81 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
ASSET-BACKED SECURITIES: (continued) | ||||||||||||||
Other Asset-Backed Securities (continued) | ||||||||||||||
2,500,000 | # | Gallatin CLO III Ltd. 2007-1A A2L, 0.572%, 05/15/21 | $ | 2,439,510 | 0.1 | |||||||||
2,875,000 | # | GoldenTree Loan Opportunities III Ltd., 1.482%, 05/01/22 | 2,734,094 | 0.0 | ||||||||||
4,125,000 | # | Goldentree Loan Opportunities V Ltd., 3.481%, 10/18/21 | 4,100,782 | 0.1 | ||||||||||
2,500,000 | # | Greens Creek Funding Ltd., 2.481%, 04/18/21 | 2,447,125 | 0.1 | ||||||||||
3,825,000 | # | Gulf Stream - Compass CLO, 2.233%, 10/28/19 | 3,852,425 | 0.1 | ||||||||||
5,050,000 | # | Gulf Stream - Compass CLO, 3.683%, 10/28/19 | 5,052,354 | 0.1 | ||||||||||
2,850,000 | # | Gulf Stream - Sextant CLO, 0.931%, 08/21/20 | 2,821,001 | 0.1 | ||||||||||
2,740,000 | # | Gulf Stream - Sextant CLO, 1.831%, 08/21/20 | 2,693,198 | 0.0 | ||||||||||
1,900,000 | # | Gulf Stream-Rashinban CLO 2006-1 Ltd., 0.914%, 11/26/20 | 1,846,046 | 0.1 | ||||||||||
2,225,000 | # | Halcyon Structured Asset Management Long Secured/Short Unsecured, 0.682%, 08/07/21 | 2,186,036 | 0.0 | ||||||||||
8,455,000 | # | Halcyon Structured Asset Management Long Secured/Short Unsecured, 2.532%, 08/07/21 | 8,415,312 | 0.2 | ||||||||||
1,200,000 | # | Hewett’s Island Clo V Ltd., 0.935%, 12/05/18 | 1,190,172 | 0.0 | ||||||||||
2,700,000 | # | Invitation Homes 2013-SFR1 Trust, 2.900%, 12/17/30 | 2,578,516 | 0.0 | ||||||||||
4,110,000 | # | Invitation Homes Trust, 2.254%, 06/17/31 | 4,070,908 | 0.1 | ||||||||||
1,200,000 | # | Katonah IX CLO Ltd., 0.954%, 01/25/19 | 1,165,198 | 0.0 | ||||||||||
6,021,887 | # | Kennecott Funding Ltd., 2.029%, 01/13/18 | 5,984,160 | 0.1 | ||||||||||
4,250,000 | # | Kingsland III Ltd., 0.883%, 08/24/21 | 4,084,084 | 0.1 | ||||||||||
1,500,000 | # | Landmark IX CDO Ltd., 1.681%, 04/15/21 | 1,425,123 | 0.0 | ||||||||||
1,250,000 | # | LCM V Ltd., 3.647%, 03/21/19 | 1,226,396 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
ASSET-BACKED SECURITIES: (continued) | ||||||||||||||
Other Asset-Backed Securities (continued) | ||||||||||||||
1,500,000 | # | LCM V Ltd, 1.597%, 03/21/19 | $ | 1,425,524 | 0.1 | |||||||||
6,750,000 | # | Lightpoint CLO V 2006-5A B, 2.031%, 04/15/18 | 6,749,453 | 0.1 | ||||||||||
1,800,000 | # | LightPoint CLO V, 0.942%, 08/05/19 | 1,769,418 | 0.0 | ||||||||||
5,500,000 | # | Madison Park Funding II Ltd. 2006-2A D, 5.005%, 03/25/20 | 5,473,594 | 0.1 | ||||||||||
1,000,000 | # | Madison Park Funding Ltd., 2.055%, 03/25/20 | 980,749 | 0.0 | ||||||||||
3,000,000 | # | Madison Park Funding Ltd., 5.484%, 07/26/21 | 2,992,764 | 0.1 | ||||||||||
2,900,000 | # | Momentum Capital Fund Ltd., 1.631%, 09/18/21 | 2,863,846 | 0.1 | ||||||||||
7,170,000 | # | MSIM Peconic Bay Ltd., 2.231%, 07/20/19 | 7,213,386 | 0.2 | ||||||||||
12,750,000 | # | Muir Grove CLO Ltd., 2.234%, 03/25/20 | 12,745,231 | 0.3 | ||||||||||
4,650,000 | # | Muir Grove CLO Ltd., 3.234%, 03/25/20 | 4,643,146 | 0.1 | ||||||||||
2,500,000 | # | Ocean Trails CLO I, 0.980%, 10/12/20 | 2,397,590 | 0.1 | ||||||||||
3,500,000 | # | Race Point IV CLO Ltd., 0.982%, 08/01/21 | 3,417,480 | 0.1 | ||||||||||
1,750,000 | # | Sierra CLO II Ltd., 1.632%, 01/22/21 | 1,692,266 | 0.0 | ||||||||||
10,532,008 | Small Business Administration, 5.160%, 02/01/28 | 11,654,598 | 0.2 | |||||||||||
15,581,404 | Small Business Administration, 5.290%-5.902%, 02/10/18-03/01/28 | 17,055,048 | 0.4 | |||||||||||
2,500,000 | # | St James River CLO Ltd. 2007-1A D, 2.539%, 06/11/21 | 2,451,127 | 0.1 | ||||||||||
2,000,000 | # | Telos CLO 2006-1 Ltd., 1.930%, 10/11/21 | 1,942,382 | 0.0 | ||||||||||
2,010,000 | # | Trade MAPS 1 Ltd., 2.412%, 12/10/18 | 2,007,990 | 0.0 | ||||||||||
3,400,000 | # | WhiteHorse III Ltd./Corp 2006-1A A3L, 0.982%, 05/01/18 | 3,395,550 | 0.1 | ||||||||||
750,000 | # | WhiteHorse III Ltd/Corp, 2.082%, 05/01/18 | 744,020 | 0.0 |
See Accompanying Notes to Financial Statements
82 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
ASSET-BACKED SECURITIES: (continued) | ||||||||||||||
Other Asset-Backed Securities (continued) | ||||||||||||||
26,434,993 | Other Securities | $ | 23,406,068 | 0.5 | ||||||||||
379,596,662 | 8.2 | |||||||||||||
Total Asset-Backed Securities (Cost $473,509,066) | 478,617,738 | 10.3 | ||||||||||||
U.S. TREASURY OBLIGATIONS: 12.0% | ||||||||||||||
U.S. Treasury Bonds: 3.0% | ||||||||||||||
130,540,000 | 3.125%, due 08/15/44 | 140,565,080 | 3.0 | |||||||||||
U.S. Treasury Notes: 9.0% | ||||||||||||||
44,088,000 | 0.625%, due 12/31/16 | 44,044,926 | 1.0 | |||||||||||
38,971,000 | 1.000%, due 12/15/17 | 38,884,212 | 0.8 | |||||||||||
92,123,000 | L | 1.500%, due 11/30/19 | 91,525,674 | 2.0 | ||||||||||
123,393,000 | 1.875%, due 11/30/21 | 122,689,290 | 2.6 | |||||||||||
44,854,000 | 2.000%, due 01/31/16 | 45,657,335 | 1.0 | |||||||||||
71,634,000 | 2.250%, due 11/15/24 | 72,126,484 | 1.6 | |||||||||||
414,927,921 | 9.0 | |||||||||||||
Total U.S. Treasury Obligations (Cost $550,132,533) | 555,493,001 | 12.0 | ||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 25.7% | ||||||||||||||
Federal Home Loan Bank: 0.0% | ||||||||||||||
1,915,000 | Other Securities | 1,864,371 | 0.0 | |||||||||||
Federal Home Loan Mortgage Corporation: 5.6%## | ||||||||||||||
12,600,000 | 0.750%, due 01/12/18 | 12,423,877 | 0.3 | |||||||||||
13,600,000 | 1.000%, due 07/28/17 | 13,597,130 | 0.3 | |||||||||||
5,000,000 | ^ | 4.000%, due 11/15/38 | 1,335,086 | 0.0 | ||||||||||
2,028,219 | ^ | 4.000%, due 04/15/43 | 388,103 | 0.0 | ||||||||||
6,822,577 | ^ | 4.500%, due 12/15/40 | 1,199,621 | 0.0 | ||||||||||
981,527 | ^ | 4.908%, due 03/15/33 | 1,032,977 | 0.0 | ||||||||||
3,630,392 | ^ | 5.000%, due 02/15/40 | 706,867 | 0.0 | ||||||||||
4,492,189 | ^ | 5.000%, due 12/15/43 | 876,653 | 0.0 | ||||||||||
5,321,298 | ^ | 5.500%, due 12/15/18 | 288,070 | 0.0 | ||||||||||
10,711,275 | 5.500%, due 02/15/36 | 11,870,289 | 0.3 | |||||||||||
22,741,348 | ^ | 5.789%, due 08/15/43 | 5,035,876 | 0.1 | ||||||||||
4,685,628 | ^ | 5.839%, due 05/15/36 | 521,149 | 0.0 | ||||||||||
6,161,647 | ^ | 5.889%, due 07/15/40 | 962,510 | 0.0 | ||||||||||
15,252,882 | ^ | 5.939%, due 09/15/44 | 2,954,065 | 0.1 | ||||||||||
31,859,967 | ^ | 5.989%, due 03/15/44 | 5,204,819 | 0.1 | ||||||||||
49,056,553 | ^ | 5.989%, due 03/15/44 | 7,614,386 | 0.2 | ||||||||||
1,062,975 | ^ | 6.000%, due 04/15/33 | 242,050 | 0.0 | ||||||||||
18,303,795 | ^ | 6.039%, due 07/15/39 | 2,780,356 | 0.1 | ||||||||||
21,182,950 | ^ | 6.039%, due 10/15/39 | 3,144,323 | 0.1 | ||||||||||
4,093,365 | ^ | 6.324%, due 06/15/36 | 694,530 | 0.0 | ||||||||||
13,618,508 | ^ | 6.389%, due 05/15/41 | 2,909,779 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | ||||||||||||||
Federal Home Loan Mortgage Corporation (continued) | ||||||||||||||
33,247,902 | ^ | 6.389%, due 11/15/41 | $ | 7,813,357 | 0.2 | |||||||||
4,964,081 | ^ | 6.439%, due 09/15/33 | 935,355 | 0.0 | ||||||||||
11,738,366 | ^ | 6.439%, due 03/15/35 | 1,636,980 | 0.0 | ||||||||||
7,486,580 | ^ | 6.439%, due 12/15/39 | 977,862 | 0.0 | ||||||||||
17,933,800 | ^ | 6.439%, due 01/15/40 | 3,042,616 | 0.1 | ||||||||||
25,504,078 | ^ | 6.439%, due 09/15/42 | 6,042,008 | 0.1 | ||||||||||
17,985,769 | ^ | 6.539%, due 11/15/25 | 2,704,723 | 0.1 | ||||||||||
14,213,884 | ^ | 6.539%, due 04/15/40 | 2,730,422 | 0.1 | ||||||||||
3,647,599 | ^ | 23.977%, due 01/15/36 | 2,080,572 | 0.0 | ||||||||||
141,888,026 | W | 0.511%-19.378%, due 08/23/17-09/01/44 | 154,629,963 | 3.3 | ||||||||||
258,376,374 | 5.6 | |||||||||||||
Federal National Mortgage Association: 15.6%## | ||||||||||||||
15,200,000 | 0.370%, due 10/27/37 | 14,981,994 | 0.3 | |||||||||||
11,700,000 | 0.875%, due 08/28/17 | 11,650,860 | 0.3 | |||||||||||
21,000,000 | 0.875%, due 12/20/17 | 20,775,300 | 0.5 | |||||||||||
35,000,000 | 1.750%, due 06/20/19 | 35,195,055 | 0.8 | |||||||||||
10,335,931 | ^ | 3.000%, due 10/25/32 | 1,228,977 | 0.0 | ||||||||||
75,206,000 | W | 3.000%, due 11/25/42 | 75,891,963 | �� | 1.6 | |||||||||
11,300,519 | 3.000%, due 05/01/43 | 11,451,753 | 0.2 | |||||||||||
23,745,831 | 3.000%, due 07/01/43 | 24,060,709 | 0.5 | |||||||||||
10,969,000 | W | 3.500%, due 01/25/26 | 11,588,577 | 0.3 | ||||||||||
24,412,000 | W | 3.500%, due 07/25/41 | 25,383,720 | 0.6 | ||||||||||
774,216 | ^ | 3.500%, due 08/25/43 | 145,561 | 0.0 | ||||||||||
1,265,167 | ^ | 4.000%, due 11/01/18 | 68,540 | 0.0 | ||||||||||
39,217,860 | 4.000%, due 12/01/39 | 41,917,131 | 0.9 | |||||||||||
1,204,167 | ^ | 4.000%, due 08/25/43 | 240,082 | 0.0 | ||||||||||
13,608,045 | 4.500%, due 05/01/41 | 14,796,759 | 0.3 | |||||||||||
3,622,440 | ^ | 5.000%, due 05/25/18 | 199,471 | 0.0 | ||||||||||
30,066,106 | ^ | 5.000%, due 01/25/41 | 4,404,357 | 0.1 | ||||||||||
9,531,403 | ^ | 5.000%, due 04/25/42 | 2,073,080 | 0.0 | ||||||||||
11,785,187 | 5.500%, due 06/01/38 | 13,170,960 | 0.3 | |||||||||||
10,135,881 | ^ | 5.500%, due 11/25/40 | 1,967,338 | 0.0 | ||||||||||
38,832,780 | ^ | 5.901%, due 11/25/40 | 5,110,456 | 0.1 | ||||||||||
29,008,405 | ^ | 5.931%, due 10/25/42 | 5,726,839 | 0.1 | ||||||||||
39,119,289 | ^ | 5.931%, due 12/25/42 | 7,999,425 | 0.2 | ||||||||||
1,746,997 | ^ | 6.000%, due 08/25/33 | 376,403 | 0.0 | ||||||||||
21,347,756 | ^ | 6.031%, due 06/25/33 | 4,777,182 | 0.1 | ||||||||||
14,490,899 | ^ | 6.251%, due 06/25/40 | 2,419,980 | 0.1 | ||||||||||
6,959,252 | ^ | 6.281%, due 02/25/42 | 1,280,999 | 0.0 | ||||||||||
8,339,844 | ^ | 6.431%, due 10/25/40 | 1,527,860 | 0.0 | ||||||||||
15,009,616 | ^ | 6.451%, due 06/25/40 | 2,491,596 | 0.1 | ||||||||||
15,118,760 | ^ | 6.511%, due 10/25/35 | 2,799,467 | 0.1 |
See Accompanying Notes to Financial Statements
83 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | ||||||||||||||
Federal National Mortgage Association (continued) | ||||||||||||||
2,384,280 | ^ | 6.531%, due 08/25/26 | $ | 326,877 | 0.0 | |||||||||
7,821,832 | ^ | 6.571%, due 01/25/37 | 1,486,879 | 0.0 | ||||||||||
19,397,128 | ^ | 6.581%, due 10/25/35 | 3,496,530 | 0.1 | ||||||||||
338,028,303 | W | 0.670%-32.603%, due 06/01/16-10/01/44 | 369,484,718 | 8.0 | ||||||||||
720,497,398 | 15.6 | |||||||||||||
Government National Mortgage Association: 4.5% | ||||||||||||||
50,159,000 | 3.000%, due 01/15/43 | 51,297,766 | 1.1 | |||||||||||
11,863,000 | 3.500%, due 10/20/41 | 12,453,370 | 0.3 | |||||||||||
12,925,221 | ^ | 4.000%, due 08/16/26 | 1,626,104 | 0.0 | ||||||||||
23,029,863 | 4.000%, due 10/20/44 | 24,749,793 | 0.5 | |||||||||||
9,405,590 | ^ | 4.500%, due 12/20/37 | 818,526 | 0.0 | ||||||||||
5,464,348 | ^ | 4.500%, due 05/20/40 | 812,423 | 0.0 | ||||||||||
371,532 | ^ | 5.000%, due 06/16/39 | 4 | 0.0 | ||||||||||
3,846,484 | ^ | 5.000%, due 11/20/39 | 639,289 | 0.0 | ||||||||||
12,338,602 | ^ | 5.000%, due 01/20/40 | 3,208,974 | 0.1 | ||||||||||
8,349,888 | ^ | 5.000%, due 03/20/40 | 1,439,371 | 0.0 | ||||||||||
4,681,403 | ^ | 5.000%, due 10/20/40 | 755,942 | 0.0 | ||||||||||
11,286,069 | ^ | 5.435%, due 06/20/44 | 2,220,777 | 0.1 | ||||||||||
27,219,988 | ^ | 5.439%, due 04/16/44 | 4,071,977 | 0.1 | ||||||||||
33,984,205 | ^ | 5.500%, due 11/20/43 | 7,671,560 | 0.2 | ||||||||||
8,533,271 | ^ | 5.685%, due 06/20/40 | 1,371,754 | 0.0 | ||||||||||
31,642,669 | ^ | 5.885%, due 07/20/39 | 4,570,157 | 0.1 | ||||||||||
35,285,894 | ^ | 5.939%, due 05/16/40 | 5,394,765 | 0.1 | ||||||||||
30,348,009 | ^ | 6.035%, due 05/20/37 | 4,843,418 | 0.1 | ||||||||||
6,016,508 | ^ | 6.035%, due 06/20/38 | 661,074 | 0.0 | ||||||||||
10,745,587 | ^ | 6.035%, due 04/20/39 | 1,598,447 | 0.0 | ||||||||||
36,564,515 | ^ | 6.039%, due 12/16/39 | 6,574,885 | 0.2 | ||||||||||
39,497,510 | ^ | 6.039%, due 04/16/44 | 5,697,152 | 0.1 | ||||||||||
6,795,542 | ^ | 6.135%, due 05/20/39 | 714,050 | 0.0 | ||||||||||
5,140,911 | ^ | 6.235%, due 04/20/38 | 749,637 | 0.0 | ||||||||||
3,768,900 | ^ | 6.339%, due 05/16/38 | 661,710 | 0.0 | ||||||||||
10,679,135 | ^ | 6.339%, due 01/16/39 | 1,899,671 | 0.1 | ||||||||||
15,154,478 | ^ | 6.455%, due 08/20/40 | 3,238,357 | 0.1 | ||||||||||
6,916,057 | ^ | 6.489%, due 09/16/40 | 1,280,929 | 0.0 | ||||||||||
15,725,537 | ^ | 6.505%, due 06/20/41 | 2,657,882 | 0.1 | ||||||||||
2,873,417 | ^ | 6.609%, due 02/16/35 | 535,583 | 0.0 | ||||||||||
5,905,059 | ^ | 6.835%, due 04/20/36 | 540,243 | 0.0 | ||||||||||
49,400,324 | 1.625%-24.710%, due 01/20/27-10/20/60 | 54,651,229 | 1.2 | |||||||||||
209,406,819 | 4.5 | |||||||||||||
Total U.S. Government Agency Obligations (Cost $1,161,449,927) | 1,190,144,962 | 25.7 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
FOREIGN GOVERNMENT BONDS: 0.9% | ||||||||||||||
13,848,000 | European Investment Bank,1.000%, 03/15/18 | $ | 13,727,744 | 0.3 | ||||||||||
10,000,000 | #,L | Kommunalbanken AS, 1.750%, 05/28/19 | 10,026,170 | 0.2 | ||||||||||
20,590,000 | Ukraine Government AID Bonds, 1.844%, 05/16/19 | 20,780,457 | 0.4 | |||||||||||
561,000 | Other Securities | 584,282 | 0.0 | |||||||||||
Total Foreign Government Bonds (Cost $44,874,595) | 45,118,652 | 0.9 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
MUTUAL FUNDS: 12.6% | ||||||||||||||||
Affiliated Investment Companies: 12.6% | ||||||||||||||||
6,926,097 | Voya Emerging Markets Corporate Debt Fund - Class P | 67,321,662 | 1.4 | |||||||||||||
13,594,991 | Voya Emerging Markets Hard Currency Debt Fund - Class P | 127,656,962 | 2.8 | |||||||||||||
7,042,918 | Voya Emerging Markets Local Currency Debt Fund - Class P | 55,850,342 | 1.2 | |||||||||||||
2,100,623 | Voya Floating Rate Fund - Class P | 21,006,226 | 0.5 | |||||||||||||
12,082,420 | Voya High Yield Bond Fund - Class P | 97,142,654 | 2.1 | |||||||||||||
10,307,310 | Voya Investment Grade Credit Fund - Class P | 111,937,388 | 2.4 | |||||||||||||
10,043,102 | Voya Securitized Credit Fund - Class P | 102,238,782 | 2.2 | |||||||||||||
Total Mutual Funds (Cost $605,934,451) | 583,154,016 | 12.6 | ||||||||||||||
PREFERRED STOCK: 0.0% | ||||||||||||||||
Financials: 0.0% | ||||||||||||||||
1,500 | #,P | Ally Financial, Inc. | 1,506,891 | 0.0 | ||||||||||||
Total Preferred Stock (Cost $1,443,750) | 1,506,891 | 0.0 |
See Accompanying Notes to Financial Statements
84 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
# of Contracts | Value | Percentage of Net Assets | ||||||||||||
PURCHASED OPTIONS: 0.0% | ||||||||||||||
Interest Rate Swaptions: 0.0% | ||||||||||||||
993,819,485 | @ | Pay a fixed rate equal to 5.008% and receive a floating rate equal to the 3-month USD-LIBOR-BBA, Exp. 05/29/15 Counterparty: Goldman Sachs & Co. | $ | 13,531 | 0.0 | |||||||||
Total Purchased Options (Cost $4,869,715) | 13,531 | 0.0 | ||||||||||||
Total Long-Term Investments (Cost $4,674,652,258) | 4,738,895,869 | 102.2 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 4.7% | ||||||||||||||
Commercial Paper: 0.1% | ||||||||||||||
2,000,000 | Apache Disc, 0.490%, 01/30/15 | 1,999,200 | 0.1 | |||||||||||
2,000,000 | Vodafone, 0.430%, 06/29/15 | 1,995,800 | 0.0 | |||||||||||
3,995,000 | 0.1 | |||||||||||||
Securities Lending Collateralcc: 2.9% | ||||||||||||||
32,129,104 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $32,129,262, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $32,771,686, due 01/01/15-09/01/49) | 32,129,104 | 0.7 | |||||||||||
32,129,104 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $32,129,368, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $32,771,687, due 09/30/17-02/15/42) | 32,129,104 | 0.7 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
6,763,369 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $6,763,399, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $6,898,636, due 01/07/15-10/20/64) | $ | 6,763,369 | 0.1 | ||||||||||
32,129,104 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $32,129,262, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $32,771,688, due 11/15/15-07/15/56) | 32,129,104 | 0.7 | |||||||||||
32,129,104 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $32,129,368, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $32,774,907, due 04/15/16-02/15/42) | 32,129,104 | 0.7 | |||||||||||
135,279,785 | 2.9 |
See Accompanying Notes to Financial Statements
85 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Mutual Funds: 1.7% | ||||||||||||||
77,195,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $77,195,000) | $ | 77,195,000 | 1.7 | ||||||||||
Total Short-Term Investments (Cost $216,469,785) | 216,469,785 | 4.7 | ||||||||||||
Total Investments in Securities (Cost $4,891,122,043) | $ | 4,955,365,654 | 106.9 | |||||||||||
Liabilities in Excess of Other Assets | (321,804,883 | ) | (6.9 | ) | ||||||||||
Net Assets | $ | 4,633,560,771 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014. |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
# | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
## | The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
@ | Non-income producing security. |
P | Preferred Stock may be called prior to convertible date. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
W | Settlement is on a when-issued or delayed-delivery basis. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
^ | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $4,892,155,480. |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 120,906,333 | ||
Gross Unrealized Depreciation | (57,696,159 | ) | ||
Net Unrealized Appreciation | $ | 63,210,174 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Mutual Funds | $ | 583,154,016 | $ | — | $ | — | $ | 583,154,016 | ||||||||
Preferred Stock | — | 1,506,891 | — | 1,506,891 | ||||||||||||
Purchased Options | — | 13,531 | — | 13,531 | ||||||||||||
Corporate Bonds/Notes | — | 1,309,755,214 | — | 1,309,755,214 | ||||||||||||
Collateralized Mortgage Obligations | — | 575,676,145 | — | 575,676,145 | ||||||||||||
Short-Term Investments | 77,195,000 | 139,274,785 | — | 216,469,785 | ||||||||||||
Asset-Backed Securities | — | 478,617,738 | — | 478,617,738 | ||||||||||||
U.S. Government Agency Obligations | — | 1,190,144,962 | — | 1,190,144,962 | ||||||||||||
Foreign Government Bonds | — | 44,534,371 | — | 44,534,371 | ||||||||||||
U.S. Treasury Obligations | — | 555,493,001 | — | 555,493,001 | ||||||||||||
Total Investments, at fair value | $ | 660,349,016 | $ | 4,295,016,638 | $ | — | $ | 4,955,365,654 |
See Accompanying Notes to Financial Statements
86 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Other Financial Instruments+ | ||||||||||||||||
Centrally Cleared Swaps | — | 15,012,125 | — | 15,012,125 | ||||||||||||
Forward Foreign Currency Contracts | — | 677,928 | — | 677,928 | ||||||||||||
Futures | 6,217,824 | — | — | 6,217,824 | ||||||||||||
OTC Swaps | — | 10,717,048 | — | 10,717,048 | ||||||||||||
Total Assets | $ | 666,566,840 | $ | 4,321,423,739 | $ | — | $ | 4,987,990,579 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||
Centrally Cleared Swaps | $ | — | $ | (20,801,397 | ) | $ | — | $ | (20,801,397 | ) | ||||||
Forward Foreign Currency Contracts | — | (956,050 | ) | — | (956,050 | ) | ||||||||||
Futures | (3,275,073 | ) | — | — | (3,275,073 | ) | ||||||||||
Total Liabilities | $ | (3,275,073 | ) | $ | (21,757,447 | ) | $ | — | $ | (25,032,520 | ) |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control results in that issuer becoming an affiliated person as defined by the 1940 The following table provides transactions during the year ended December 31, 2014, where the following issuers were considered an affiliate:
Beginning Market Value at 12/31/13 | Purchases at Cost | Sales at Cost | Change in Unrealized Appreciation/ (Depreciation) | Ending Market Value at 12/31/14 | Investment Income | Realized Gains/ (Losses) | Net Capital Gain Distributions | |||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||||||||||
Voya Emerging Markets Corporate Debt Fund - Class P | $ | 42,258,565 | $ | 25,062,345 | $ | — | $ | 752 | $ | 67,321,662 | $ | 3,049,101 | $ | — | $ | — | ||||||||||||||||
Voya Emerging Markets Hard Currency Debt Fund - Class P | 99,206,835 | 28,350,862 | — | 99,265 | 127,656,962 | 6,359,337 | — | — | ||||||||||||||||||||||||
Voya Emerging Markets Local Currency Debt Fund - Class P | 49,180,846 | 11,545,532 | — | (4,876,036 | ) | 55,850,342 | 261,696 | — | — | |||||||||||||||||||||||
Voya Floating Rate Fund - Class P | 10,751,857 | 10,672,048 | — | (417,679 | ) | 21,006,226 | 672,047 | — | — | |||||||||||||||||||||||
Voya High Yield Bond Fund - Class P | 28,819,586 | 71,924,662 | — | (3,601,594 | ) | 97,142,654 | 4,601,089 | — | — | |||||||||||||||||||||||
Voya Investment Grade Credit Fund - Class P | 47,699,100 | 62,218,122 | — | 2,020,166 | 111,937,388 | 5,071,644 | — | — | ||||||||||||||||||||||||
Voya Securitized Credit Fund - Class P | — | 101,120,777 | — | 1,118,005 | 102,238,782 | 875,721 | — | 245,056 | ||||||||||||||||||||||||
$ | 277,916,789 | $ | 310,894,348 | $ | — | $ | (5,657,121 | ) | $ | 583,154,016 | $ | 20,890,635 | $ | — | $ | 245,056 |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
See Accompanying Notes to Financial Statements
87 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
At December 31, 2014, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Barclays Bank PLC | Singapore Dollar | 1,301,141 | Buy | 02/27/15 | $ | 1,002,181 | $ | 981,181 | $ | (21,000 | ) | |||||||||||
Deutsche Bank AG | Czech Koruna | 19,403,537 | Buy | 03/20/15 | 881,520 | 848,467 | (33,053 | ) | ||||||||||||||
Goldman Sachs & Co. | EU Euro | 3,402,925 | Buy | 02/27/15 | 4,249,689 | 4,119,888 | (129,801 | ) | ||||||||||||||
HSBC Bank PLC | South Korean Won | 1,122,984,680 | Buy | 02/27/15 | 1,018,673 | 1,023,954 | 5,281 | |||||||||||||||
$ | (178,573 | ) | ||||||||||||||||||||
Citigroup, Inc. | South African Rand | 56,586,342 | Sell | 03/20/15 | $ | 4,786,000 | $ | 4,829,586 | $ | (43,586 | ) | |||||||||||
Deutsche Bank AG | Polish Zloty | 13,782,743 | Sell | 03/20/15 | 4,081,357 | 3,879,403 | 201,954 | |||||||||||||||
Deutsche Bank AG | Hungarian Forint | 884,306,740 | Sell | 03/20/15 | 3,525,944 | 3,373,246 | 152,698 | |||||||||||||||
Deutsche Bank AG | Philippine Peso | 30,666,070 | Sell | 02/27/15 | 679,505 | 683,496 | (3,991 | ) | ||||||||||||||
Deutsche Bank AG | Indonesian Rupiah | 50,194,746,125 | Sell | 02/27/15 | 4,047,963 | 3,998,011 | 49,952 | |||||||||||||||
Deutsche Bank AG | Thai Baht | 142,019,697 | Sell | 02/27/15 | 4,290,625 | 4,304,602 | (13,977 | ) | ||||||||||||||
HSBC Bank PLC | Russian Ruble | 225,086,922 | Sell | 03/20/15 | 3,330,181 | 3,701,520 | (371,339 | ) | ||||||||||||||
HSBC Bank PLC | Romanian New Leu | 2,063,414 | Sell | 03/20/15 | 573,171 | 555,936 | 17,235 | |||||||||||||||
HSBC Bank PLC | Colombian Peso | 6,651,495,118 | Sell | 03/20/15 | 2,689,755 | 2,787,129 | (97,374 | ) | ||||||||||||||
HSBC Bank PLC | Peruvian Nuevo Sol | 6,689,361 | Sell | 03/20/15 | 2,220,904 | 2,206,215 | 14,689 | |||||||||||||||
HSBC Bank PLC | Malaysian Ringgit | 20,214,909 | Sell | 02/27/15 | 5,980,388 | 5,744,269 | 236,119 | |||||||||||||||
Morgan Stanley | Chilean Peso | 200,391,584 | Sell | 03/20/15 | 320,627 | 327,771 | (7,144 | ) | ||||||||||||||
Morgan Stanley | Mexican Peso | 78,679,027 | Sell | 03/20/15 | 5,280,649 | 5,307,134 | (26,485 | ) | ||||||||||||||
Morgan Stanley | Turkish Lira | 11,701,978 | Sell | 03/20/15 | 4,846,944 | 4,927,707 | (80,763 | ) | ||||||||||||||
Morgan Stanley | Brazilian Real | 10,946,559 | Sell | 03/20/15 | 3,903,213 | 4,030,750 | (127,537 | ) | ||||||||||||||
$ | (99,549 | ) |
At December 31, 2014, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
U.S. Treasury 2-Year Note | 790 | 03/31/15 | $ | 172,689,070 | $ | (220,346 | ) | |||||||
U.S. Treasury Ultra Long Bond | 940 | 03/20/15 | 155,276,250 | 6,217,824 | ||||||||||
$ | 327,965,320 | $ | 5,997,478 | |||||||||||
Short Contracts | ||||||||||||||
U.S. Treasury 10-Year Note | (137 | ) | 03/20/15 | (17,371,173 | ) | (96,092 | ) | |||||||
U.S. Treasury 5-Year Note | (5,309 | ) | 03/31/15 | (631,397,724 | ) | (874,966 | ) | |||||||
U.S. Treasury Long Bond | (672 | ) | 03/20/15 | (97,146,000 | ) | (2,083,669 | ) | |||||||
$ | (745,914,897 | ) | $ | (3,054,727 | ) |
See Accompanying Notes to Financial Statements
88 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
At December 31, 2014, the following over-the-counter credit default swaps were outstanding for Voya Intermediate Bond Portfolio:
Credit Default Swaps on Credit Indices — Buy Protection(1)
Counterparty | Reference Entity/ Obligation | Buy/Sell Protection | (Pay)/ Receive Fixed Rate (%) | Termination Date | Notional Amount(2) | Fair Value(3) | Upfront Payments Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Citigroup, Inc. | CDX.EM.22 Index | Buy | (1.000 | ) | 12/20/19 | USD | 90,563,000 | $ | 9,453,278 | $ | 7,302,355 | $ | 2,150,923 | |||||||||||||
Deutsche Bank AG | CDX.EM.22 Index | Buy | (1.000 | ) | 12/19/19 | USD | 12,107,000 | 1,263,770 | 976,222 | 287,548 | ||||||||||||||||
$ | 10,717,048 | $ | 8,278,577 | $ | 2,438,471 |
(1) | If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |
(3) | The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring. |
At December 31, 2014, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Portfolio:
Clearinghouse | Termination Date | Notional Amount | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.668% | Chicago Mercantile Exchange | 10/30/19 | USD | 444,148,000 | $ | 1,552,855 | $ | 1,552,855 | ||||||||
Receive a fixed rate equal to 2.408% and pay a floating rate based on the 3-month USD-LIBOR-BBA | Chicago Mercantile Exchange | 10/30/24 | USD | 230,707,000 | 2,726,968 | 2,726,968 | ||||||||||
Receive a fixed rate equal to 2.000% and pay a floating rate equal to the 3-month USD-LIBOR-BBA | Chicago Mercantile Exchange | 11/05/19 | USD | 905,910,000 | 10,732,302 | 10,732,302 | ||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.760% | Chicago Mercantile Exchange | 11/05/24 | USD | 480,130,000 | (20,801,397 | ) | (20,801,397 | ) | ||||||||
$ | (5,789,272 | ) | $ | (5,789,272 | ) |
See Accompanying Notes to Financial Statements
89 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Interest rate contracts | Investments in securities at value* | $ | 13,531 | |||
Interest rate contracts | Net Assets — Unrealized appreciation** | 6,217,824 | ||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 677,928 | ||||
Credit contracts | Upfront payments paid on OTC swap agreements | 8,278,577 | ||||
Credit contracts | Unrealized appreciation on OTC swap agreements | 2,438,471 | ||||
Interest rate contracts | Net Assets — Unrealized appreciation*** | 15,012,125 | ||||
Total Asset Derivatives | $ | 32,638,456 | ||||
Liability Derivatives | ||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 956,050 | |||
Interest rate contracts | Net Assets — Unrealized depreciation** | 3,275,073 | ||||
Interest rate contracts | Net Assets — Unrealized depreciation*** | 20,801,397 | ||||
Total Liability Derivatives | $ | 25,032,520 |
* | Includes purchased options. |
** | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
*** | Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table following the Summary Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Investments* | Foreign currency related transactions** | Futures | Swaps | Total | |||||||||||||||
Credit contracts | $ | — | $ | — | $ | — | $ | (5,312,326 | ) | $ | (5,312,326 | ) | ||||||||
Foreign exchange contracts | — | 4,245,658 | — | — | 4,245,658 | |||||||||||||||
Interest rate contracts | 2,716,676 | — | (20,141,174 | ) | 943,746 | (16,480,752 | ) | |||||||||||||
Total | $ | 2,716,676 | $ | 4,245,658 | $ | (20,141,174 | ) | $ | (4,368,580 | ) | $ | (17,547,420 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Investments* | Foreign currency related transactions** | Futures | Swaps | Total | |||||||||||||||
Credit contracts | $ | — | $ | — | $ | — | $ | 3,434,396 | $ | 3,434,396 | ||||||||||
Foreign exchange contracts | — | (233,164 | ) | — | — | (233,164 | ) | |||||||||||||
Interest rate contracts | (4,856,184 | ) | — | 3,491,021 | (5,789,272 | ) | (7,154,435 | ) | ||||||||||||
Total | $ | (4,856,184 | ) | $ | (233,164 | ) | $ | 3,491,021 | $ | (2,354,876 | ) | $ | (3,953,203 | ) |
* | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
** | 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. |
See Accompanying Notes to Financial Statements
90 |
Voya Intermediate Bond Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2014:
Barclays Bank PLC | Citigroup, Inc. | Deutsche Bank AG | Goldman Sachs & Co. | HSBC Bank PLC | Morgan Stanley | Totals | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Purchased options | $ | — | $ | — | $ | — | $ | 13,531 | $ | — | $ | — | $ | 13,531 | ||||||||||||||
Forward foreign currency contracts | — | — | 404,604 | — | 273,324 | — | 677,928 | |||||||||||||||||||||
Credit default swaps | — | 9,453,278 | 1,263,770 | — | — | — | 10,717,048 | |||||||||||||||||||||
Total Assets | $ | — | $ | 9,453,278 | $ | 1,668,374 | $ | 13,531 | $ | 273,324 | $ | — | $ | 11,408,507 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Forward foreign currency contracts | $ | 21,000 | $ | 43,586 | $ | 51,021 | $ | 129,801 | $ | 468,713 | $ | 241,929 | $ | 956,050 | ||||||||||||||
Credit default swaps | — | — | — | — | — | — | — | |||||||||||||||||||||
Written options | — | — | — | — | — | — | — | |||||||||||||||||||||
Total Liabilities | $ | 21,000 | $ | 43,586 | $ | 51,021 | $ | 129,801 | $ | 468,713 | $ | 241,929 | $ | 956,050 | ||||||||||||||
Net OTC derivative instruments by counterparty, at fair value | $ | (21,000 | ) | $ | 9,409,692 | $ | 1,617,353 | $ | (116,270 | ) | $ | (195,389 | ) | $ | (241,929 | ) | 10,452,457 | |||||||||||
Total collateral pledged by the Portfolio/(Received from counterparty) | $ | — | $ | (8,658,000 | ) | $ | (2,000,000 | ) | $ | — | $ | — | $ | — | $ | (10,658,000 | ) | |||||||||||
Net Exposure(1) | $ | (21,000 | ) | $ | 751,692 | $ | (382,647 | ) | $ | (116,270 | ) | $ | (195,389 | ) | $ | (241,929 | ) | $ | (205,543 | ) |
(1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
See Accompanying Notes to Financial Statements
91 |
Voya Money Market Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
Asset Backed Commercial Paper: 23.7% | ||||||||||||||
13,350,000 | Barton Capital LLC, 0.157%, due 01/05/15 | $ | 13,349,776 | 2.2 | ||||||||||
8,500,000 | # | Barton Capital LLC, 0.181%, due 01/06/15 | 8,500,000 | 1.4 | ||||||||||
16,750,000 | Concord Minutemen Capital Co., 0.200%, due 01/05/15 | 16,749,628 | 2.7 | |||||||||||
8,250,000 | Concord Minutemen Capital Co., 0.305%, due 04/01/15 | 8,243,813 | 1.3 | |||||||||||
16,750,000 | Crown Point Capital Co., 0.203%, due 01/06/15 | 16,749,535 | 2.7 | |||||||||||
8,500,000 | Crown Point Capital Co., 0.305%, due 04/01/15 | 8,493,625 | 1.4 | |||||||||||
9,750,000 | Jupiter Securitization Company LLC, 0.210%, due 02/04/15 | 9,748,066 | 1.6 | |||||||||||
3,200,000 | Jupiter Securitization Company LLC, 0.213%, due 05/04/15 | 3,197,704 | 0.5 | |||||||||||
3,100,000 | Jupiter Securitization Company LLC, 0.213%, due 06/01/15 | 3,097,269 | 0.5 | |||||||||||
7,900,000 | Jupiter Securitization Company LLC, 0.271%, due 03/04/15 | 7,896,326 | 1.3 | |||||||||||
8,500,000 | # | Old Line Funding LLC, 0.187%, due 01/02/15 | 8,500,000 | 1.4 | ||||||||||
9,750,000 | Old Line Funding LLC, 0.210%, due 01/05/15 | 9,749,773 | 1.6 | |||||||||||
6,500,000 | Old Line Funding LLC, 0.230%, due 01/08/15 | 6,499,709 | 1.0 | |||||||||||
21,250,000 | # | Thunder Bay Funding LLC, 0.187%, due 01/16/15 | 21,250,000 | 3.4 | ||||||||||
3,500,000 | # | Thunder Bay Funding LLC, 0.202%, due 01/10/15 | 3,500,000 | 0.6 | ||||||||||
575,000 | Thunder Bay Funding LLC, 0.210%, due 02/20/15 | 574,832 | 0.1 | |||||||||||
Total Asset Backed Commercial Paper (Cost $146,100,056) | 146,100,056 | 23.7 | ||||||||||||
Certificates of Deposit: 9.4% | ||||||||||||||
5,050,000 | # | Barton Capital LLC, 0.214%, due 01/15/15 | 5,050,000 | 0.8 | ||||||||||
300,000 | Mizuho Bank Ltd./NY, 0.220%, due 01/12/15 | 300,003 | 0.0 | |||||||||||
500,000 | Skandinav Enskilda Bank NY, 0.240%, due 01/05/15 | 500,005 | 0.1 | |||||||||||
9,000,000 | Standard Chartered Bank NY, 0.260%, due 04/01/15 | 9,000,000 | 1.5 | |||||||||||
7,500,000 | Standard Chartered Bank, 0.500%, due 01/02/15 | 7,500,000 | 1.2 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
Certificates of Deposit: (continued) | ||||||||||||||
21,200,000 | Sumitomo Mitsui Bank NY, 0.160%, due 01/02/15 | $ | 21,200,000 | 3.4 | ||||||||||
4,250,000 | Sumitomo Mitsui Bank NY, 0.160%, due 01/02/15 | 4,250,000 | 0.7 | |||||||||||
4,750,000 | Svenska Handelsbanken NY, 0.175%, due 01/02/15 | 4,750,000 | 0.8 | |||||||||||
5,550,000 | Svenska Handelsbanken NY, 0.205%, due 01/06/15 | 5,550,058 | 0.9 | |||||||||||
Total Certificates of Deposit (Cost $58,100,066) | 58,100,066 | 9.4 | ||||||||||||
Financial Company Commercial Paper: 18.4% | ||||||||||||||
350,000 | ANZ National Int’l Ltd., 0.213%, due 04/01/15 | 349,816 | 0.1 | |||||||||||
14,500,000 | # | Australia & New Zealand Banking Group Ltd, 0.338%, due 01/18/15 | 14,500,000 | 2.4 | ||||||||||
1,850,000 | Bank of Tokyo - Mitsubishi UFJ NY, 0.152%, due 01/05/15 | 1,849,969 | 0.3 | |||||||||||
21,600,000 | Mitsubishi UFJ Trust and Banking NY, 0.173%, due 01/02/15 | 21,599,898 | 3.5 | |||||||||||
3,550,000 | Mitsubishi UFJ Trust and Banking NY, 0.183%, due 01/05/15 | 3,549,929 | 0.6 | |||||||||||
13,250,000 | Mizuho Funding LLC, 0.183%, due 01/06/15 | 13,249,669 | 2.1 | |||||||||||
7,250,000 | Mizuho Funding LLC, 0.254%, due 02/20/15 | 7,247,483 | 1.2 | |||||||||||
2,050,000 | Nordea Bank AB, 0.142%, due 01/05/15 | 2,049,968 | 0.3 | |||||||||||
1,250,000 | Nordea Bank AB, 0.203%, due 02/02/15 | 1,249,778 | 0.2 | |||||||||||
400,000 | Rabobank USA Finance Corp., 0.152%, due 01/05/15 | 399,993 | 0.1 | |||||||||||
1,250,000 | Skandinaviska Enskilda Banken AB, 0.162%, due 02/03/15 | 1,249,817 | 0.2 | |||||||||||
3,250,000 | Societe Generale, 0.122%, due 01/02/15 | 3,249,989 | 0.5 | |||||||||||
17,000,000 | Societe Generale, 0.183%, due 02/02/15 | 16,997,275 | 2.8 | |||||||||||
5,000,000 | Societe Generale, 0.223%, due 02/04/15 | 4,998,961 | 0.8 | |||||||||||
4,800,000 | Standard Chartered Bank, 0.152%, due 01/05/15 | 4,799,920 | 0.8 | |||||||||||
1,500,000 | Sumitomo Mitsui Banking, 0.183%, due 01/05/15 | 1,499,970 | 0.2 |
See Accompanying Notes to Financial Statements
92 |
Voya Money Market Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
Financial Company Commercial Paper: (continued) | ||||||||||||||
14,500,000 | Toronto Dominion Bank Ltd., 0.132%, due 01/05/15 | $ | 14,499,791 | 2.3 | ||||||||||
Total Financial Company Commercial Paper (Cost $113,342,226) | 113,342,226 | 18.4 | ||||||||||||
Government Agency Debt: 14.4% | ||||||||||||||
13,800,000 | Federal Home Loan Bank Discount Notes, 0.051%, due 02/17/15 | 13,799,099 | 2.2 | |||||||||||
14,000,000 | Federal Home Loan Bank Discount Notes, 0.064%, due 01/09/15 | 13,999,804 | 2.3 | |||||||||||
3,250,000 | Federal Home Loan Bank Discount Notes, 0.091%, due 02/11/15 | 3,249,667 | 0.5 | |||||||||||
5,500,000 | Federal Home Loan Bank Discount Notes, 0.096%, due 02/04/15 | 5,499,507 | 0.9 | |||||||||||
52,500,000 | Federal Home Loan Bank Discount Notes, 0.096%, due 02/06/15 | 52,495,013 | 8.5 | |||||||||||
Total Government Agency Debt (Cost $89,043,090) | 89,043,090 | 14.4 | ||||||||||||
Other Instrument: 4.3% | ||||||||||||||
26,522,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%, due 01/02/15 | 26,522,000 | 4.3 | |||||||||||
Total Other Instrument (Cost $26,522,000) | 26,522,000 | 4.3 | ||||||||||||
Other Note: 18.5% | ||||||||||||||
10,400,000 | # | American Honda Finance, 1.450%, due 02/27/15 | 10,419,395 | 1.7 | ||||||||||
4,000,000 | ANZ New Zealand Int'l/London, 1.129%, due 02/28/15 | 4,013,458 | 0.7 | |||||||||||
1,250,000 | # | Australia & New Zealand Banking Group Ltd., 3.700%, due 01/13/15 | 1,251,383 | 0.2 | ||||||||||
5,850,000 | Commonwealth Bank of Australia NY, 1.950%, due 03/16/15 | 5,868,265 | 1.0 | |||||||||||
3,000,000 | # | Commonwealth Bank of Australia, 3.500%, due 03/19/15 | 3,020,061 | 0.5 | ||||||||||
3,250,000 | Credit Suisse USA, Inc., 4.875%, due 01/15/15 | 3,255,439 | 0.5 | |||||||||||
2,000,000 | # | Fosse Master Issuer PLC, 0.274%, due 01/16/15 | 2,000,000 | 0.3 | ||||||||||
1,500,000 | General Electric Capital Corp., 2.150%, due 01/09/15 | 1,500,608 | 0.2 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
Other Note: (continued) | ||||||||||||||
10,500,000 | JPMorgan Chase Bank NA, 0.356%, due 01/22/15 | $ | 10,500,000 | 1.7 | ||||||||||
6,660,000 | # | Nordea Bank AB, 2.250%, due 03/20/15 | 6,687,821 | 1.1 | ||||||||||
550,000 | # | Rabobank Nederland, 3.200%, due 03/11/15 | 552,976 | 0.1 | ||||||||||
15,250,000 | # | Royal Bank of Canada, 0.408%, due 01/02/15 | 15,250,000 | 2.5 | ||||||||||
2,550,000 | # | Standard Chartered PLC, 3.850%, due 04/27/15 | 2,576,851 | 0.4 | ||||||||||
15,000,000 | Svenska Handelsbanken AB, 0.386%, due 01/04/15 | 15,000,000 | 2.4 | |||||||||||
850,000 | Toyota Motor Credit Corp., 1.000%, due 02/17/15 | 850,805 | 0.1 | |||||||||||
16,750,000 | Wells Fargo Bank NA, 0.380%, due 03/22/15 | 16,750,000 | 2.7 | |||||||||||
14,750,000 | Westpac Banking Corp, 0.533%, due 01/28/15 | 14,750,000 | 2.4 | |||||||||||
Total Other Note (Cost $114,247,062) | 114,247,062 | 18.5 | ||||||||||||
Other Repurchase Agreement: 1.0% | ||||||||||||||
6,500,000 | Morgan Stanley Repurchase Agreement dated 12/31/14, 0.07%, due 1/2/15, $6,500,025 to be received upon repurchase (Collateralized by $8,151,500, various US Govt Agency Oblig, 0.00%-11.25%, Market Value plus accrued interest $6,630,005 due 2/15/15-10/15/27 | 6,500,000 | 1.0 | |||||||||||
Total Other Repurchase Agreement (Cost $6,500,000) | 6,500,000 | 1.0 | ||||||||||||
Treasury Debt: 10.3% | ||||||||||||||
1,800,000 | United States Treasury Bill, 0.024%, due 01/15/15 | 1,799,984 | 0.3 | |||||||||||
24,750,000 | United States Treasury Bill, 0.045%, due 04/02/15 | 24,747,185 | 4.0 | |||||||||||
36,750,000 | United States Treasury Bill, 0.073%, due 05/28/15 | 36,739,197 | 6.0 | |||||||||||
Total Treasury Debt (Cost $63,286,366) | 63,286,366 | 10.3 | ||||||||||||
Total Investments in Securities (Cost $617,140,866) | $ | 617,140,866 | 100.0 | |||||||||||
Liabilities in Excess of Other Assets | (290,021 | ) | — | |||||||||||
Net Assets | $ | 616,850,845 | 100.0 |
See Accompanying Notes to Financial Statements
93 |
Voya Money Market Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
† | Unless otherwise indicated, principal amount is shown in USD. |
# | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
Cost for federal income tax purposes is $617,140,967. |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | — | ||
Gross Unrealized Depreciation | (101 | ) | ||
Net Unrealized Depreciation | $ | (101 | ) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Government Agency Debt | $ | — | $ | 89,043,090 | $ | — | $ | 89,043,090 | ||||||||
Other Instrument | 26,522,000 | — | — | 26,522,000 | ||||||||||||
Other Repurchase Agreement | — | 6,500,000 | — | 6,500,000 | ||||||||||||
Treasury Debt | — | 63,286,366 | — | 63,286,366 | ||||||||||||
Other Note | — | 114,247,062 | — | 114,247,062 | ||||||||||||
Financial Company Commercial Paper | — | 113,342,226 | — | 113,342,226 | ||||||||||||
Certificates of Deposit | — | 58,100,066 | — | 58,100,066 | ||||||||||||
Asset Backed Commercial Paper | — | 146,100,056 | — | 146,100,056 | ||||||||||||
Total Investments, at fair value | $ | 26,522,000 | $ | 590,618,866 | $ | — | $ | 617,140,866 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
The following table is a summary of the Portfolio’s repurchase agreements by counterparty which are subject to offset under a MRA as of December 31, 2014:
Counterparty | Repurchase Agreement, at fair value | Fair Value of Non-Cash Collateral Received Including Accrued Interest(1) | Net Amount | |||||||||
Morgan Stanley | $ | 6,500,000 | $ | (6,500,000 | ) | $ | — | |||||
Totals | $ | 6,500,000 | $ | (6,500,000 | ) | $ | — |
(1) | Collateral with a fair value of $6,630,005 has been pledged in connection with the above repurchase agreement. |
Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
See Accompanying Notes to Financial Statements
94 |
Voya Small Company Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.7% | ||||||||||||||||
Consumer Discretionary: 14.2% | ||||||||||||||||
109,700 | Cheesecake Factory | $ | 5,519,007 | 0.9 | ||||||||||||
96,000 | Childrens Place Retail Stores, Inc. | 5,472,000 | 0.8 | |||||||||||||
168,955 | @ | Imax Corp. | 5,220,709 | 0.8 | ||||||||||||
69,300 | Jack in the Box, Inc. | 5,541,228 | 0.9 | |||||||||||||
226,511 | La-Z-Boy, Inc. | 6,079,555 | 0.9 | |||||||||||||
96,450 | Monro Muffler, Inc. | 5,574,810 | 0.9 | |||||||||||||
60,500 | Vail Resorts, Inc. | 5,513,365 | 0.9 | |||||||||||||
190,500 | Wolverine World Wide, Inc. | 5,614,035 | 0.9 | |||||||||||||
1,773,880 | Other Securities(a) | 46,559,477 | 7.2 | |||||||||||||
91,094,186 | 14.2 | |||||||||||||||
Consumer Staples: 2.1% | ||||||||||||||||
399,410 | Other Securities | 13,259,504 | 2.1 | |||||||||||||
Energy: 3.9% | ||||||||||||||||
2,927,600 | Other Securities(a) | 24,855,838 | 3.9 | |||||||||||||
Financials: 24.7% | ||||||||||||||||
221,200 | Colony Financial, Inc. | 5,268,984 | 0.8 | |||||||||||||
167,237 | DCT Industrial Trust, Inc. | 5,963,671 | 0.9 | |||||||||||||
133,935 | Encore Capital Group, Inc. | 5,946,714 | 0.9 | |||||||||||||
97,803 | Evercore Partners, Inc. | 5,121,943 | 0.8 | |||||||||||||
191,579 | First American Financial Corp. | 6,494,528 | 1.0 | |||||||||||||
321,195 | FirstMerit Corp. | 6,067,374 | 1.0 | |||||||||||||
137,800 | Highwoods Properties, Inc. | 6,101,784 | 1.0 | |||||||||||||
147,118 | LaSalle Hotel Properties | 5,953,865 | 0.9 | |||||||||||||
73,637 | MarketAxess Holdings, Inc. | 5,280,509 | 0.8 | |||||||||||||
188,300 | MB Financial, Inc. | 6,187,538 | 1.0 | |||||||||||||
119,500 | PacWest Bancorp | 5,432,470 | 0.9 | |||||||||||||
96,018 | Prosperity Bancshares, Inc. | 5,315,557 | 0.8 | |||||||||||||
348,800 | Radian Group, Inc. | 5,831,936 | 0.9 | |||||||||||||
95,100 | South State Corp. | 6,379,308 | 1.0 | |||||||||||||
230,000 | Starwood Property Trust, Inc. | 5,345,200 | 0.8 | |||||||||||||
48,624 | @ | SVB Financial Group | 5,643,788 | 0.9 | ||||||||||||
182,000 | Webster Financial Corp. | 5,920,460 | 0.9 | |||||||||||||
2,095,564 | Other Securities(a) | 60,407,308 | 9.4 | |||||||||||||
158,662,937 | 24.7 | |||||||||||||||
Health Care: 10.4% | ||||||||||||||||
105,700 | @ | Greatbatch, Inc. | 5,211,010 | 0.8 | ||||||||||||
170,549 | Healthsouth Corp. | 6,559,315 | 1.0 | |||||||||||||
78,980 L | Steris Corp. | 5,121,853 | 0.8 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Health Care (continued) | ||||||||||||||
1,445,788 | Other Securities(a) | $ | 49,648,992 | 7.8 | ||||||||||
66,541,170 | 10.4 | |||||||||||||
Industrials: 18.7% | ||||||||||||||
191,700 | Actuant Corp. | 5,221,908 | 0.8 | |||||||||||
127,400 | @ | Atlas Air Worldwide Holdings, Inc. | 6,280,820 | 1.0 | ||||||||||
150,800 | Barnes Group, Inc. | 5,581,108 | 0.9 | |||||||||||
397,200 | @ | Blount International, Inc. | 6,978,804 | 1.1 | ||||||||||
224,600 | Brady Corp. | 6,140,564 | 0.9 | |||||||||||
91,600 | Clarcor, Inc. | 6,104,224 | 0.9 | |||||||||||
177,917 | Healthcare Services Group | 5,502,973 | 0.8 | |||||||||||
235,100 | Heartland Express, Inc. | 6,350,051 | 1.0 | |||||||||||
160,300 | KAR Auction Services, Inc. | 5,554,395 | 0.9 | |||||||||||
86,900 | Toro Co. | 5,545,089 | 0.9 | |||||||||||
103,813 | Watts Water Technologies, Inc. | 6,585,897 | 1.0 | |||||||||||
1,371,815 | Other Securities | 54,577,527 | 8.5 | |||||||||||
120,423,360 | 18.7 | |||||||||||||
Information Technology: 16.9% | ||||||||||||||
176,766 | @ | Cardtronics, Inc. | 6,819,632 | 1.1 | ||||||||||
114,800 | @ | Commvault Systems, Inc. | 5,934,012 | 0.9 | ||||||||||
104,500 | j2 Global, Inc. | 6,479,000 | 1.0 | |||||||||||
209,100 | @ | Microsemi Corp. | 5,934,258 | 0.9 | ||||||||||
96,400 | Plantronics, Inc. | 5,111,128 | 0.8 | |||||||||||
231,000 | Qlik Technologies, Inc. | 7,135,590 | 1.1 | |||||||||||
40,200 | Ultimate Software Group, Inc. | 5,901,963 | 0.9 | |||||||||||
2,111,869 | Other Securities | 65,002,147 | 10.2 | |||||||||||
108,317,730 | 16.9 | |||||||||||||
Materials: 4.4% | ||||||||||||||
323,000 | Commercial Metals Co. | 5,261,670 | 0.8 | |||||||||||
156,700 | HB Fuller Co. | 6,977,851 | 1.1 | |||||||||||
78,889 | Minerals Technologies, Inc. | 5,478,841 | 0.8 | |||||||||||
1,154,100 | Other Securities | 10,743,103 | 1.7 | |||||||||||
28,461,465 | 4.4 | |||||||||||||
Utilities: 2.4% | ||||||||||||||
135,097 | El Paso Electric Co. | 5,411,986 | 0.8 | |||||||||||
227,385 | Other Securities | 10,207,137 | 1.6 | |||||||||||
15,619,123 | 2.4 | |||||||||||||
Total Common Stock (Cost $495,669,794) | 627,235,313 | 97.7 |
See Accompanying Notes to Financial Statements
95 |
Voya Small Company Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
EXCHANGE-TRADED FUNDS: 0.5% | ||||||||||||||
26,900 | Other Securities | $ | 3,219,123 | 0.5 | ||||||||||
Total Exchange-Traded Funds (Cost $3,071,821) | 3,219,123 | 0.5 | ||||||||||||
Total Long-Term Investments (Cost $498,741,615) | 630,454,436 | 98.2 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 3.0% | ||||||||||||||
Securities Lending Collateralcc: 0.9% | ||||||||||||||
1,403,678 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,403,685, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,431,752, due 01/01/15-09/01/49) | 1,403,678 | 0.2 | |||||||||||
1,403,678 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,403,690, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $1,431,752, due 09/30/17-02/15/42) | 1,403,678 | 0.2 | |||||||||||
295,494 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $295,495, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $301,404, due 01/07/15-10/20/64) | 295,494 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
1,403,678 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,403,685, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $1,431,752, due 11/15/15-07/15/56) | $ | 1,403,678 | 0.2 | ||||||||||
1,403,678 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,403,690, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,431,892, due 04/15/16- 02/15/42) | 1,403,678 | 0.2 | |||||||||||
5,910,206 | 0.9 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 2.1% | ||||||||||||||
13,114,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $13,114,000) | 13,114,000 | 2.1 | |||||||||||
Total Short-Term Investments (Cost $19,024,206) | 19,024,206 | 3.0 | ||||||||||||
Total Investments in Securities (Cost $517,765,821) | $ | 649,478,642 | 101.2 | |||||||||||
Liabilities in Excess of Other Assets | (7,645,668 | ) | (1.2 | ) | ||||||||||
Net Assets | $ | 641,832,974 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014. |
See Accompanying Notes to Financial Statements
96 |
Voya Small Company Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $521,593,052. |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 153,337,091 | ||
Gross Unrealized Depreciation | (25,451,501 | ) | ||
Net Unrealized Appreciation | $ | 127,885,590 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 627,235,313 | $ | — | $ | — | $ | 627,235,313 | ||||||||
Exchange-Traded Funds | 3,219,123 | — | — | 3,219,123 | ||||||||||||
Short-Term Investments | 13,114,000 | 5,910,206 | — | 19,024,206 | ||||||||||||
Total Investments, at fair value | $ | 643,568,436 | $ | 5,910,206 | $ | — | $ | 649,478,642 |
^ | 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. |
See Accompanying Notes to Financial Statements
97 |
Dividends and distributions paid during the year ended December 31, 2014 were as follows:
Portfolio Name | Type | Per Share Amount | ||||
Voya Balanced Portfolio | ||||||
Class I | NII | $ | 0.2315 | |||
Class S | NII | $ | 0.1960 | |||
Voya Global Value Advantage Portfolio | ||||||
Class ADV | NII | $ | 0.2405 | |||
Class S | NII | $ | 0.2639 | |||
Voya Growth and Income Portfolio | ||||||
Class ADV | NII | $ | 0.5166 | |||
Class I | NII | $ | 0.6763 | |||
Class S | NII | $ | 0.5863 | |||
Class S2 | NII | $ | 0.3572 | |||
All Classes | STCG | $ | 0.0729 | |||
All Classes | LTCG | $ | 3.7512 |
Portfolio Name | Type | Per Share Amount | ||||
Voya Intermediate Bond Portfolio | ||||||
Class ADV | NII | $ | 0.3804 | |||
Class I | NII | $ | 0.4335 | |||
Class S | NII | $ | 0.4047 | |||
Class S2 | NII | $ | 0.4060 | |||
Voya Money Market Portfolio | ||||||
All Classes | STCG | $ | 0.0002 | |||
Voya Small Company Portfolio | ||||||
Class ADV | NII | $ | — | |||
Class I | NII | $ | 0.0864 | |||
Class S | NII | $ | 0.0239 | |||
Class S2 | NII | $ | — | |||
All Classes | STCG | $ | 0.4520 | |||
All Classes | LTCG | $ | 2.2272 |
NII - Net investment income
STCG - Short-term capital gain
LTCG - Long-term capital gain
Of the ordinary distributions made during the year ended December 31, 2014, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:
Voya Balanced Portfolio | 51.10 | % | ||
Voya Global Value Advantage Portfolio | 28.00 | % | ||
Voya Growth and Income Portfolio | 100.00 | % | ||
Voya Intermediate Bond Portfolio | 0.08 | % | ||
Voya Small Company Portfolio | 33.45 | % |
For the year ended December 31, 2014, 100% of ordinary income dividends paid by Voya Growth and Income Portfolio are designated as qualified dividend income (QDI) subject to reduced income tax rates for individuals.
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.
98 |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited)
The business and affairs of the Company/Trust are managed under the direction of the Company’s/Trust’s Board. A Director/Trustee, who is not an interested person of the Company/Trust, as defined in the 1940 Act, is an independent director/trustee (“Independent Director/Trustee”). The Directors/Trustees and Officers of the Company/Trust are listed below. The Statement of Additional Information includes additional information about directors/trustees of the Company/Trust and is available, without charge, upon request at (800) 992-0180.
Name, Address and Age | Position(s) Held with the Company/Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) - During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director/ Trustee(2) | Other Board Positions Held by Director/Trustee | |||||
Independent Directors/Trustees*: | ||||||||||
Colleen D. Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54 | Director/Trustee | May 2013 - Present | President, Glantuam Partners, LLC, a business consulting firm (January 2009 - Present). | 158 | DSM/Dentaquest, Boston, MA (February 2014 - Present). | |||||
John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61 | Chairperson/ Director/Trustee | May 2013 - Present | President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 - Present). | 158 | None. | |||||
Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 | Director/Trustee | May 2013 - Present | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 - Present). | 158 | Wisconsin Energy Corporation (June 2006 - Present) and The Royce Funds (35 funds) (December 2009 - Present). | |||||
Albert E. DePrince, Jr. 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 73 | Director/Trustee | June 1998 - Present | Retired. Formerly, Professor of Economics and Finance, Middle Tennessee State University (August 1991 - July 2014); Dr. DePrince continued to hold a position with the university under a post-retirement contract through the end of 2014. | 158 | None. | |||||
Peter S. Drotch 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 73 | Director/Trustee | May 2013 - Present | Retired. | 158 | First Marblehead Corporation (September 2003 - Present). | |||||
Russell H. Jones 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 70 | Director/Trustee | December 2007 - Present | Retired. | 158 | None. | |||||
Patrick W. Kenny 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 72 | Director/Trustee | May 2013 - Present | Retired. | 158 | Assured Guaranty Ltd. (April 2004 - Present). |
99 |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
Name, Address and Age | Position(s) Held with the Company/Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) - During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director/ Trustee(2) | Other Board Positions Held by Director/Trustee | |||||
Joseph E. Obermeyer 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57 | Director/Trustee | January 2003 - Present | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 - Present). | 158 | None. | |||||
Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 64 | Director/Trustee | May 2013 - Present | Consultant (May 2001 - Present). | 158 | None. | |||||
Roger B. Vincent 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 | Director/Trustee | May 2013 - Present | Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989 - August 2011). | 158 | UGI Corporation (February 2006 - Present) and UGI Utilities, Inc. (February 2006 - Present). | |||||
Director/Trustee who is an “Interested Person”: | ||||||||||
Shaun P. Mathews(3) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59 | Director/Trustee | December 2007 - Present | President and Chief Executive Officer, Voya Investments, LLC (November 2006 - Present). | 158 | Voya Capital Corporation, LLC and Voya Investments Distributor, LLC (December 2005 - Present); Voya Funds Services, LLC, Voya Investments, LLC and Voya Investment Management, LLC (March 2006 - Present); and Voya Investment Trust Co. (April 2009 - Present). |
(1) | Directors/Trustees serve until their successors are duly elected and qualified. The tenure of each Director/Trustee who is not an “interested person” as defined in the 1940 Act, of the Portfolio (as defined below, “Independent Director/Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director/Trustee shall retire from and cease to be a member of the Board of Directors/Trustees at the close of business on December 31 of the calendar year in which the Independent Director/Trustee attains the age of 75. A majority vote of the Board’s other Independent Directors/Trustees may extend the retirement date of an Independent Director/Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Company/Trust under applicable law, whether for purposes of appointing a successor to the Independent Director/Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors/Trustees). |
(2) | For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Money Market Portfolio; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Series Fund, Inc.; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Voya family of funds is as of January 31, 2015. |
(3) | Mr. Mathews is deemed to be an “Interested Person” of the Company/Trust as defined in the 1940 Act, because of his current affiliation with any of the Voya funds, Voya Financial, Inc. or any of Voya Financial, Inc.’s affiliates. |
* | Effective on December 31, 2014, J. Michael Earley retired as a Director/Trustee. |
100 |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
Name, Address and Age | Position(s) Held With the Company/ Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) - During the Past 5 Years | |||
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59 | President and Chief Executive Officer | December 2006 - Present | President and Chief Executive Officer, Voya Investments, LLC (November 2006 - Present). | |||
Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | Executive Vice President | April 2002 - Present | Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (April 2012 - Present). Formerly, Chief Compliance Officer, Directed Services LLC and Voya Investments, LLC (March 2011 - December 2013); Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (January 2007 - April 2012) and Chief Compliance Officer, Voya Family of Funds (March 2011 - February 2012). | |||
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 64 | Executive Vice President Chief Investment Risk Officer | March 2002 - Present May 2013 - Present | Executive Vice President, Voya Investments, LLC (July 2000 - Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 - Present). | |||
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48 | Chief Compliance Officer | February 2012 - Present | Senior Vice President and Chief Compliance Officer, Voya Investments, LLC (February 2012- Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004 - January 2012). | |||
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | March 2005 - Present | Senior Vice President, Voya Funds Services, LLC (March 2005 - Present). | |||
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50 | Senior Vice President | December 2003 - Present | Senior Vice President, Voya Investments, LLC (October 2003 - Present). | |||
Julius A. Drelick, III 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48 | Senior Vice President | September 2012 - Present | Senior Vice President - Head of Fund Compliance, Voya Funds Services, LLC (June 2012 - Present); Chief Compliance Officer of Directed Services LLC and Voya Investments, LLC (January 2014 - Present). Formerly, Vice President - Platform Product Management & Project Management, Voya Investments, LLC (April 2007 - June 2012). | |||
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 | Senior Vice President | June 2006 - Present | Senior Vice President, Head of Division Operations, Voya Funds Services, LLC (January 2006 - Present). | |||
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42 | Vice President and Treasurer | September 2012 - Present | Vice President, Voya Funds Services, LLC (March 2012 - Present). Formerly, Assistant Vice President - Director, Voya Funds Services, LLC (March 2003 - March 2012). | |||
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | Vice President | September 2004 - Present | Vice President, Voya Funds Services, LLC (September 2004 - Present). |
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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
Name, Address and Age | Position(s) Held With the Company/ Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) - During the Past 5 Years | |||
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61 | Vice President | March 2003 - Present | Vice President, Voya Investments, LLC and Voya Funds Services, LLC (February 1996 - Present); Vice President, Voya Investments, LLC (October 2004 - Present); Vice President and Money Laundering Reporting Officer, Voya Investments Distributor, LLC (April 2010 - Present); Anti-Money Laundering Compliance Officer, Voya Financial, Inc. (January 2013 - Present); and Money Laundering Reporting Officer, Voya Investment Management Trust Co. (October 2012 - Present). Formerly, Chief Compliance Officer, Voya Investments Distributor, LLC (August 1995 - April 2010). | |||
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 | Vice President | September 2014 - Present | Vice President, Voya Funds Services, LLC (April 2014 - Present). Formerly, Director, Compliance, AXA Rosenberg Global Services, LLC (September 1997 - March 2014). | |||
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 | Vice President | March 2002 - Present | Vice President, Voya Funds Services, LLC (November 1995 - Present) and Voya Investments, LLC (August 1997 - Present). Formerly, Treasurer, Voya Family of Funds (November 1999 - February 2012). | |||
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38 | Vice President | September 2012 - Present | Vice President, Voya Funds Services, LLC (July 2007 - Present). | |||
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57 | Vice President | March 2006 - Present | Vice President - Mutual Fund Product Development, Voya Investments, LLC (July 2012 - Present); Vice President, Voya Investment Management - Voya Family of Funds (March 2010 - Present) and Vice President, Voya Funds Services, LLC (March 2006 - Present). Formerly Managing Paralegal, Registration Statements (June 2003 - July 2012). | |||
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45 | Vice President | June 2008 - Present | Vice President - Director of Tax, Voya Funds Services, LLC (March 2013 - Present). Formerly, Assistant Vice President - Director of Tax, Voya Funds Services, LLC (March 2008 - March 2013). | |||
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51 | Secretary | September 2003 - Present | Senior Vice President and Chief Counsel, Voya Investment Management - Mutual Fund Legal Department (March 2010 - Present). Formerly, Chief Counsel, ING Americas, U.S. Legal Services (October 2003 - March 2010). | |||
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63 | Assistant Secretary | August 2010 - Present | Vice President and Senior Counsel, Voya Investment Management - Mutual Fund Legal Department (March 2010 -Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008 - March 2010). | |||
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 | Assistant Secretary | September 2003 - Present | Vice President and Senior Counsel, Voya Investment Management - Mutual Fund Legal Department (March 2010 - Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008 - March 2010). |
(1) | The Officers hold office until the next annual meeting of the Board of Directors/Trustees and until their successors shall have been elected and qualified. |
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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), provides that, after an initial period, the Boards of Directors/Trustees (the “Board”) of Voya Variable Portfolios, Inc., Voya Variable Funds, Voya Balanced Portfolio, Inc., Voya Intermediate Bond Portfolio and Voya Money Market Portfolio (collectively, the “Registrants”), including a majority of Board members who have no direct or indirect interest in the advisory and sub-advisory contracts of Voya Balanced Portfolio, Voya Global Value Advantage Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio, Voya Money Market Portfolio and Voya Small Company Portfolio (collectively, the “Portfolios”), each a Registrant or a series of a Registrant, and who are not “interested persons” of the Portfolios, as such term is defined under the 1940 Act (the “Independent Directors/Trustees”), must annually review and approve the Portfolios’ existing investment advisory and sub-advisory contracts. Thus, at a meeting held on September 12, 2014, the Board, including a majority of the Independent Directors/Trustees, considered whether to renew and approve the amended and restated investment advisory contracts (the “Advisory Contracts”) between Voya Investments, LLC (“Adviser”) and the Portfolios, as well as the amended and restated sub-advisory contracts (“Sub-Advisory Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”).
The Independent Directors/Trustees also held separate meetings on August 14 and September 10, 2014, to consider the renewal of the Advisory Contracts and Sub-Advisory Contracts. As a result, subsequent references herein to factors considered and determinations made by the Board include, as applicable, factors considered and determinations made on those earlier dates by the Independent Directors/Trustees.
At its September 12, 2014 meeting, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolios. In reaching these decisions, the Board took into account information furnished to it throughout the year at meetings of the Board and the Board’s committees, as well as information prepared specifically in connection with the annual renewal or approval process. Determinations by the Independent Directors/Trustees also took into account various factors that they believed, in light of the legal advice furnished to them by K&L Gates LLP (“K&L Gates”), their independent legal counsel, and their own business judgment, to be relevant. Further, while the Board considered at the same meeting the advisory contracts and sub-advisory contracts that were subject to renewal for the investment companies in the Voya family of funds
(“Voya funds”), the Board considered each Voya fund’s advisory and sub-advisory relationships separately.
Provided below is a general overview of the Board’s contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered at its renewal meetings. While the Board gave its attention to information furnished at the request of the Independent Directors/Trustees that was most relevant to its considerations, discussed below are some of the primary factors relevant to the Board’s consideration as to whether to renew the Advisory and Sub-Advisory Contracts for the one-year period ending September 30, 2015. Each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Portfolio’s advisory and sub-advisory arrangements.
Overview of the Contract Renewal and Approval Process
The Board followed a structured process (the “Contract Review Process”) pursuant to which it requested and considered relevant information when it decided whether to approve and renew the Advisory Contracts and Sub-Advisory Contracts. Among other actions, the Independent Directors/Trustees previously retained an independent consultant with experience in the mutual fund industry to assist them in working with personnel employed by the Adviser or its affiliates who administer the Portfolios (“Management”) to: identify the types of information presented to the Board to inform its deliberations with respect to advisory and sub-advisory relationships and to help evaluate that information; evaluate industry best practices in regard to the consideration of investment advisory and sub-advisory contracts; establish a specific format in which certain requested information was provided to the Board; and determine the process for the Board’s review of such information.
The Board has established (among other committees) three Investment Review Committees (each, an “IRC”) and a Contracts Committee. Among other matters, the Contracts Committee provides oversight with respect to the contracts renewal and approval process, and each Portfolio is assigned to an IRC, which provides oversight regarding, among other matters, the investment performance of the Adviser and Sub-Adviser, as well as the oversight by the Adviser of the performance of the Sub-Adviser. The IRCs may apply a heightened level of scrutiny in cases where performance was below a Voya fund’s relevant benchmark, and/or a selected peer group of investment companies (“Selected Peer Group”), and/or Lipper Inc. (“Lipper”) category median, and/or Morningstar, Inc. (“Morningstar”) category median, as applicable.
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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
The type and format of the information provided to the Board or to legal counsel for the Independent Directors/Trustees in connection with the Contract Review Process has been codified in a 15(c) methodology guide for the Voya funds (“15(c) Methodology Guide”). This 15(c) Methodology Guide was developed under the direction of the Independent Directors/Trustees and sets out a blueprint pursuant to which they request certain information that they deem important to facilitate an informed review in connection with initial and annual approvals of advisory and sub-advisory contracts.
Management provided certain of the information requested by the 15(c) Methodology Guide in Fund Analysis and Comparison Tables (“FACT sheets”). The Independent Directors/Trustees periodically have retained, including most recently in 2014, an independent firm to test and verify the accuracy of certain FACT sheet data for a representative sample of the Voya funds. In addition, the Contracts Committee has routinely employed an independent consultant to assist in its review and analysis of, among other matters, the 15(c) Methodology Guide, the content and format of the FACT sheets, and Selected Peer Groups to be used by the Portfolios for certain comparison purposes during the renewal process.
Set forth below is a discussion of many of the Board’s primary considerations and conclusions in connection with its decision to approve the Portfolios’ Advisory and Sub-Advisory Contracts through September 30, 2015.
Nature, Extent and Quality of Service
The Independent Directors/Trustees received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Portfolios by the Adviser and Sub-Adviser. This included information regarding the Adviser and Sub-Adviser provided throughout the year at regular meetings of the Board and its committees, as well as information furnished in connection with the contract renewal meetings.
The materials requested by the Independent Directors/Trustees and provided to the Board, K&L Gates and/or independent consultants that assisted the Independent Directors/Trustees prior to the September 12, 2014 Board meeting included, among other information, the following items for each Portfolio: (1) FACT sheets that provided information regarding the performance and expenses of the Portfolio and other similarly managed funds in its Selected Peer Group, information regarding the Portfolio’s investment portfolio, objective and strategies and information regarding net asset flows into and out of the Portfolio; (2) reports providing risk and attribution analyses of the Portfolio; (3) the 15(c) Methodology Guide, which
describes how the FACT sheets were prepared, including the manner in which each Portfolio’s benchmark and Selected Peer Group were selected and how profitability was determined; (4) responses from the Adviser and Sub-Adviser to the Portfolios to a series of questions posed by K&L Gates on behalf of the Independent Directors/Trustees; (5) copies of the forms of Advisory and Sub-Advisory Contracts; (6) copies of the Forms ADV for the Adviser and Sub-Adviser; (7) financial statements for the Adviser and Sub-Adviser; (8) a draft narrative summary addressing key factors the Board customarily considers in evaluating the advisory and sub-advisory contracts for the Voya funds (including the Portfolio’s Advisory Contracts and Sub-Advisory Contracts); (9) independent analyses of Portfolio performance by the Portfolios’ Chief Investment Risk Officer; (10) a report by the Portfolios’ Chief Compliance Officer (“CCO”); and (11) other information relevant to the Board’s evaluations.
The Board was advised that pursuant to an agreement with the European Commission, ING Groep, N.V. (“ING Groep”) is required to divest its entire interest in Voya Financial, Inc. (formerly known as ING U.S. Inc.), its U.S.-based insurance, retirement services and investment management operations, which include the Adviser and Sub-Adviser, by the end of 2016 (such divestment, the “Separation Plan”). Voya Financial, Inc. is and was, at the time of the September Board meeting, a minority owned subsidiary of ING Groep and a parent company of the Adviser and Sub-Adviser. The Board further noted that the Separation Plan may result in the Adviser’s and the Sub-Adviser’s loss of access to the services and resources of ING Groep, which could adversely affect its businesses and profitability. The Board was advised that the Separation Plan contemplates one or more public offerings and each may be deemed to be a change of control.
The Board was advised that Voya Financial, Inc. had conducted an initial public offering of Voya Financial, Inc. common stock in May 2013 and ING Groep had divested additional shares through three other public offerings since May 2013, reducing its ownership interest in Voya Financial, Inc. to below 50%. The Board was advised that none of these public offerings was deemed to be a change of control. The Board recognized that if any future public offering is deemed to be a change of control, the investment advisory and sub-advisory agreements for the Voya funds would terminate and trigger a need for new agreements, which would require the approval of the Board and, potentially, shareholders of the Portfolios. The Board also was advised that there could be no assurance that the Separation Plan will be carried out completely. The Board considered the potential effects of the Separation Plan on the Portfolios, the Adviser and the Sub-Adviser, including the Adviser’s and the Sub-Adviser’s ability during
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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
and after the separation to perform the same level of service to the Portfolios as the Adviser and the Sub-Adviser provided. The Board was advised that neither the Adviser nor the Sub-Adviser anticipated that the Separation Plan would have a material adverse impact on the Portfolios or their operations and administration.
The Board was advised that, in connection with the Separation Plan, Voya Financial, Inc. underwent a rebranding effort (the “Rebranding”) whereby Voya Financial, Inc. and several of its affiliates effected name changes. The Voya funds’ names, as well as the Adviser’s and the Sub-Adviser’s names, were also changed in connection with the Rebranding. The Rebranding resulted in amended and restated forms of advisory and sub-advisory contracts being presented to and approved by the Board at its September 12, 2014 meeting. The Board was advised that the Advisory and Sub-Advisory Contracts have the same terms as the then-current advisory and sub-advisory contracts, except for the effective date and certain immaterial changes made to certain provisions related to the Rebranding.
For each Portfolio, a specific class of shares was used for purposes of certain comparisons between the Portfolio and its Selected Peer Group. The specified class of a Portfolio was chosen based on the 15(c) Methodology Guide and was compared to an analogous class of shares for each fund in its Selected Peer Group. The mutual funds included in the Portfolios’ Selected Peer Groups were selected based upon criteria designed to represent the Portfolio share class being compared to the Selected Peer Group.
In arriving at its conclusions with respect to the Advisory Contracts, the Board was mindful of the “manager-of- managers” platform of the Voya funds that has been developed by the Adviser. The Board recognized that the Adviser is responsible for monitoring the investment program, performance, and developments and ongoing operations of the Sub-Adviser under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature, extent and quality of the services the Sub-Adviser provides to the Portfolios and the Sub-Adviser’s compliance with applicable laws and regulations. The Board was advised that to assist in the selection and monitoring of the Sub-Adviser, the Adviser has developed an oversight process formulated by its Manager Research & Selection Group (“MR&S”), which analyzes both qualitative (such as in-person meetings and telephonic meetings with the Sub-Adviser and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the
Sub-Adviser and the funds that it manages. The Board recognized that MR&S also typically provides in-person reports to the IRCs at their meetings prior to any presentations from the Voya funds’ sub-advisers (including the Sub-Adviser). In addition, the Board noted that MR&S prepares periodic due diligence reports regarding the Sub-Adviser based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the Sub-Adviser’s investment process and to try to identify issues that may be relevant to the Sub-Adviser’s services to a Portfolio and/or its performance. The Board also noted that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board was advised of the resources that Management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment of the investment performance of the Portfolios on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the Voya funds.
The Board also considered the techniques that the Adviser has developed to screen and perform due diligence on new sub-advisers if and when the Adviser recommends to the Board a new sub-adviser to manage a Voya fund. The Board considered that, for new non-Voya-affiliated sub-advisers, MR&S is responsible for: identifying qualified candidates; analyzing their investment processes, personnel and resources; conducting due diligence on the candidates; and selecting a firm to propose as a new sub-adviser, as well as preparing written materials and reports to the committees and the Board as part of the process of considering the approval of any new sub-adviser for a Voya fund.
The Board also considered that in the course of monitoring performance of the Sub-Adviser, MR&S has developed, based on guidance from the IRCs, a methodology for comparing performance of each Portfolio to a Selected Peer Group, to each Portfolio’s Morningstar category median, to its Lipper category median and to its primary benchmark. The Board also recognized that MR&S provides the IRCs with regular updates on the Portfolios and alerts the IRCs to potential issues as they arise. The Board also was advised that the Adviser regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding the sub-advisers to the Voya funds, including the Sub-Adviser, and considered that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the
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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
Adviser consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.
The Board considered that the Portfolios also benefit from the services of the Adviser’s Investment Risk Management Department (the “IRMD”), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Voya funds and the Adviser. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Voya funds. The Board also considered that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying trends in the Voya funds’ (including the Portfolios’) performance and other areas over consecutive periods. The Board considered that the services provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S.
The Board also considered the techniques used by the Adviser to monitor the performance of the Sub-Adviser and the proactive approach that the Adviser, working in cooperation with the IRCs, has taken to advocate or recommend, when it believed appropriate, changes designed to assist in improving a Voya fund’s performance.
In considering the Portfolios’ Advisory Contracts, the Board also considered the extent of benefits provided to the Portfolios’ shareholders, beyond advisory services, from being part of the Voya funds. This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such funds or among Voya funds available on a product platform, and the wide range of Voya funds available for exchange or transfer. The Board also took into account the Adviser’s ongoing efforts to reduce the expenses of the Voya funds through renegotiated arrangements with the Voya funds’ service providers. In addition, the Board considered the efforts of the Adviser and the expenses that it incurred in recent years to help make the Voya funds more balanced and efficient by the launch of new investment products and the combinations of similar funds.
Further, the Board received periodic reports showing that the investment policies and restrictions for each Portfolio were consistently complied with and other periodic reports covering matters such as compliance by Adviser and Sub-Adviser personnel with codes of ethics. The Board considered reports from the Portfolios’ CCO and/or the Adviser’s CCO evaluating whether the regulatory compliance systems and procedures of the Adviser and the Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws, including those related to, among others, late trading and market timing, best execution, fair value pricing, proxy voting and trade
allocation practices. The Board also took into account the Portfolios’ CCO’s annual and periodic reports and recommendations with respect to service provider compliance programs. In this regard, the Board also considered the policies and procedures developed by the Portfolios’ CCO in consultation with the Board’s Compliance Committee that guide the Portfolios’ CCO’s compliance oversight function.
The Board requested and, as applicable, considered information regarding the level of staffing, quality and experience of each Portfolio’s portfolio management team, the respective resources and reputations of the Adviser and Sub-Adviser, and the ability of the Adviser and the Sub-Adviser to attract and retain qualified investment advisory personnel, the adequacy of the resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Adviser and Sub-Adviser, whether those resources are commensurate with the needs of the Portfolios and are sufficient to sustain appropriate levels of performance and compliance needs, and the Board considered the financial stability of the Adviser and the Sub-Adviser.
Based on their deliberations and the materials presented to them, the Board concluded that the advisory and related services provided by the Adviser and the Sub-Adviser are appropriate in light of the Portfolios’ operations, the competitive landscape of the investment company business, and investor needs, and that the nature, extent and quality of the overall services provided by the Adviser and the Sub-Adviser were appropriate.
Portfolio Performance
In assessing advisory and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio. The Board considered the performance reports and analyses from MR&S and IRMD and discussions with portfolio managers at Board and committee meetings during the year. The Board also paid particular attention in assessing performance information provided in the FACT sheets furnished in connection with the renewal and approval process. The FACT sheets prepared for each Portfolio included its investment performance compared to the Portfolio’s Morningstar category median, Lipper category median, Selected Peer Group and primary benchmark. The FACT sheet performance data was as of March 31, 2014.
The Board also considered at its September 12, 2014 meeting certain additional data regarding performance and Portfolio asset levels for various additional periods ending after March 31, 2014. The Board’s findings specific to each Portfolio’s performance are discussed under “Portfolio-by-Portfolio Analysis” below.
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Economies of Scale
When evaluating the reasonableness of advisory fee rates, the Board also considered whether economies of scale likely will be realized by the Adviser and Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board noted any breakpoints in advisory fee rate schedules that will result in a lower advisory fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. In the case of sub-advisory fees, the Board considered that breakpoints would inure to the benefit of the Adviser, except to the extent that there are corresponding advisory fee rate breakpoints or waivers. The Board also considered that some of the Portfolios that do not have advisory fee breakpoints do have fee waiver and/or expense reimbursement arrangements. In this connection, the Board considered the extent to which economies of scale could be realized through such fee waivers, expense reimbursements or other expense reductions. In evaluating fee rate breakpoint arrangements and economies of scale, the Independent Directors/Trustees also considered prior periodic management reports, industry information on this topic, fee rates at projected levels of growth versus peers and the Portfolios’ investment performance.
Information Regarding Services to Other Clients
The Board requested and, as applicable, considered information regarding the nature of services and fee rates offered by the Adviser and Sub-Adviser to other clients, including other registered investment companies and relevant institutional accounts. When fee rates offered to other clients differed materially from those charged to a Portfolio, the Board considered any underlying rationale provided by the Adviser or, in certain circumstances, the Sub-Adviser for these differences. The Board also noted that the fee rates charged to the Portfolios and other institutional clients of the Adviser or Sub-Adviser (including other investment companies) may differ materially due to, among other reasons: differences in services; different regulatory requirements associated with registered investment companies, such as the Portfolios, as compared to non-registered investment company clients; market differences in fee rates that existed when a Portfolio first was organized; differences in the original sponsors of the Portfolios that now are managed by the Adviser; investment capacity constraints that existed when certain contracts were first agreed upon or that might exist at present; and different pricing structures that are necessary to be competitive in different marketing channels.
Fee Rates and Profitability
The Board reviewed and considered the contractual investment advisory fee rate, combined with the administrative fee rate, payable by each Portfolio to the Adviser and to the Adviser’s affiliated company that serves as the administrator to each Portfolio. The Board also considered the contractual sub-advisory fee rate payable by the Adviser to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual advisory fees that are paid to the Sub-Adviser, as compared to the portion retained by the Adviser. In addition, the Board considered fee waivers and expense limitations applicable to the fees payable by the Portfolios, including the Adviser’s agreement to extend each such fee waiver and expense limitation agreement for an additional period of at least one year, and not to terminate such agreement in future years without prior approval of the Board.
The Board requested information regarding and, as applicable, considered: (1) the fee rate structure of each Portfolio as it relates to the services provided under the contracts; and (2) the potential fall-out benefits to the Adviser and the Sub-Adviser and their respective affiliates from their association with the Portfolios. For each Portfolio, the Board separately determined that the fees payable to the Adviser and the fee rate payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.
For each Portfolio, the Board considered information on revenues, costs and profits realized by the Adviser and the Sub-Adviser, which was prepared by Management in accordance with the allocation methodology (including related assumptions) specified in the 15(c) Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Adviser to the Sub-Adviser. In addition, the Board considered information that it requested and that was provided by Management with respect to the profitability of service providers affiliated with the Adviser. The Board also considered the profitability of the Adviser and its affiliated companies attributable to managing and operating each Portfolio both with and without the profitability of the distributor of the Portfolios and both before and after giving effect to any expenses incurred by the Adviser or any affiliated company in making revenue sharing or other payments to third parties, including affiliated insurance companies, for distribution and administrative services.
Although the 15(c) Methodology Guide establishes certain standards for profit calculation, the Board recognized that
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profitability analysis on a Portfolio-by-Portfolio basis is not an exact science and there is no uniform methodology within the asset management industry for determining profitability for this purpose. In this context, the Board realized that Management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability, and that the information presented may not portray all of the costs borne by the Adviser and Management or capture their entrepreneurial risk associated with offering and managing a mutual fund complex in the current regulatory and market environment. In addition, the Board recognized that the use of different reasonable methodologies for purposes of calculating profit data can give rise to dramatically different profit and loss results.
In making its determinations, the Board based its conclusions as to the reasonableness of the advisory and sub-advisory fees of the Adviser and the Sub-Adviser primarily on the factors described for each Portfolio below. At the request of the Board, the Adviser has from time to time agreed to implement remedial actions regarding certain Voya funds. These remedial actions have included, among others: reductions in fee rates or adjustments to expense limitation and waiver arrangements; changes in sub-advisers or portfolio managers; and strategy modifications.
Portfolio-by-Portfolio Analysis
The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its September 12, 2014 meeting in relation to approving each Portfolio’s Advisory and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category median and average, as well as its primary benchmark, a broad-based securities market index that appears in the Portfolio’s prospectus. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. Each Portfolio’s management fee rate and expense ratio were compared to the fees and expense ratios of the funds in its Selected Peer Group.
Voya Balanced Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Balanced Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio underperformed its Morningstar category
median for all periods presented, with the exception of the one-year and three-year periods, during which it outperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year and five-year periods, during which it outperformed; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year period, the third quintile for the most recent calendar quarter, year-to-date, three-year, and five-year periods, and the fourth quintile for the ten-year period.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.055% administration fee) for the Portfolio is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Global Value Advantage Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Global Value Advantage Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio underperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it outperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it
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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
outperformed; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the most recent calendar quarter and year-to-date periods, the fourth quintile for the five-year period, and the fifth (lowest) quintile for the one-year and three-year periods.
In analyzing this performance data, the Board took into account: (1) the Board approved a change to the Portfolio’s name, investment objective, principal investment strategies, benchmark and portfolio management team effective July 2013, and it is reasonable to permit the Sub-Adviser additional time to manage the Portfolio to assess the Portfolio’s performance; and (2) that Management would continue to monitor, and the Board or its IRC would periodically review, the Portfolio’s investment performance.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that Management would continue to monitor the Portfolio’s performance, the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Growth and Income Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Growth and Income Portfolio, the Board considered that, based on
performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for the one-year, five-year, and ten-year periods, but underperformed for the most recent calendar quarter, year-to-date, and three-year periods; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it outperformed; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and ten-year periods, and the third quintile for the most recent calendar quarter, year-to-date, three-year, and five-year periods.
In analyzing this performance data, the Board took into account: (1) Management’s analysis regarding the effect that stock selection had on the Portfolio’s performance; (2) Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods; and (3) that Management will continue to monitor, and the Board or its IRC would periodically review, the Portfolio’s performance.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.055% administration fee) for the Portfolio is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that Management would continue to monitor the Portfolio’s performance, the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
Voya Intermediate Bond Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Intermediate Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for all periods presented; (2) the Portfolio outperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, year-to-date, one-year, three-year, and five-year periods, and the second quintile for the ten-year period.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s advisory fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.055% administration fee) for the Portfolio is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Money Market Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Money Market Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Lipper category median for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during
which it’s performance was equal to the performance of the Lipper category median; (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it’s performance was equal to the performance of the primary benchmark; and (3) the Portfolio is ranked in the first quintile of its Lipper category for all periods presented.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.06% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) that waivers applicable to the Portfolio’s management fee result in a lower net effective management fee rate; and (2) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Small Company Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Small Company Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for all periods presented, with the exception of the five-year period, during which it underperformed; (2) the
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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
Portfolio outperformed its primary benchmark for all periods presented, with the exception of the five-year period, during which it underperformed; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, and ten-year periods, and the third quintile for the most recent calendar quarter, year-to-date, and five-year periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.055% administration fee) for the Portfolio is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS IN CONNECTION WITH A CHANGE OF CONTROL EVENT
Section 15(c) of the 1940 Act, provides that, when the Portfolios enter into new investment advisory contracts with the Adviser, and the Adviser enters into new sub-advisory contracts between the Adviser and the Sub-Adviser, the Board, including a majority of the Independent Directors/Trustees, must approve the new arrangements. Discussed below are certain factors that the Board considered at a meeting held on November 18, 2014 in determining whether to approve new advisory and sub-advisory arrangements for the Portfolios in connection with a Change of Control Event, as such term is defined below, pursuant to the Separation Plan.
At the November 18, 2014 meeting, the Board noted that pursuant to an agreement with the European Commission, ING Groep, N.V. (as defined above, “ING Groep”), the former parent company of the Adviser and the Sub-Adviser, is required to divest its entire interest in Voya Financial, Inc. (formerly, ING U.S., Inc.), its U.S.-based insurance, retirement services, and investment management operations, which include the Adviser and the Sub-Adviser, by the end of 2016 (as defined above, the “Separation Plan”). Voya Financial, Inc. previously was a wholly owned, indirect subsidiary of ING Groep and is a parent company of the Adviser and the Sub-Adviser.
Each of the Portfolios is subject to the 1940 Act, which provides that any investment advisory agreement, including any sub-advisory agreement, must terminate automatically upon its “assignment.” As used in the 1940 Act, the term assignment includes any transfer of a controlling block of outstanding voting securities of an adviser or the parent company of an adviser. Such a transfer is referred to herein as a “Change of Control Event.” ING Groep’s base case to achieve the Separation Plan was through an initial public offering of Voya Financial, Inc. (the “IPO”) followed by the divestment of ING Groep’s remaining ownership interest over time through one or more additional public offerings of Voya Financial, Inc. stock, or, possibly, through one or more privately negotiated sales of the stock. The Board recognized that the Separation Plan contemplated several public offerings and each may have been deemed to be a Change of Control Event, triggering the necessity for new agreements, which would require the approval of the Board. The Board concluded that approval by shareholders of the new agreements that would become effective in the event of one or more Change of Control Events would permit the Portfolios to benefit from the continuation of services by the Adviser, Sub-Adviser, and their affiliates throughout the Separation Plan without the need for multiple shareholder meetings. The Board was informed by the Adviser and its counsel that the Adviser obtained regulatory assurances from the staff of the U.S. Securities and Exchange Commission in March 2013 that they would not object to approval of future agreements by shareholders at a single shareholder meeting. Portfolio shareholders approved the future agreements in May 2013.
The IPO was completed in May 2013. ING Groep divested additional shares in Voya Financial, Inc. through four subsequent public offerings since May 2013, including a secondary common stock offering that closed on November 18, 2014 (the “November Transaction”). (In addition, concurrently with the November Transaction, Voya Financial, Inc. repurchased $175 million of its shares directly from ING Groep.) Upon the completion of the
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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
November Transaction and the concurrent share repurchase, ING Groep’s ownership in Voya Financial, Inc. was reduced from approximately 32.5% to approximately 19%. This was deemed to be a Change of Control Event that resulted in the termination of the Portfolios’ existing advisory and sub-advisory agreements (the “Prior Agreements”) at the close of business on November 18, 2014.
In light of the foregoing, on November 18, 2014 the Board, at an in-person meeting, approved new investment advisory and affiliated sub-advisory agreements (the “New Agreements”) for the Portfolios to replace the Prior Agreements upon termination. At that meeting, the Adviser represented that the agreements approved by the Board were not materially different from the agreements approved by shareholders of the Portfolios in 2013 and no single person or group of persons acting together was expected to gain “control” (as defined in the 1940 Act) of Voya Financial, Inc. As a result, shareholders of the Portfolios will not be asked to vote again on these new agreements with the Adviser and affiliated sub-advisers, including the Sub-Adviser.
The decision by the Board, including a majority of the Independent Directors/Trustees, to approve the New Agreements was based on a determination by the Board that it would be in the best interests of the shareholders of the Portfolios for the Adviser and Sub-Adviser to continue providing investment advisory, sub-advisory, and related services for the Portfolios, without interruption, after the Change of Control Event.
Prior to its approval of the New Agreements, the Board reviewed, among other matters, the quality, extent and nature of the services currently being provided by the Adviser and Sub-Adviser under the Prior Agreements and to be provided under the New Agreements. The Board further noted that the Change of Control Event would result in the Adviser’s and the Sub-Adviser’s loss of access to certain services and resources of their former ultimate parent company, which could adversely affect their businesses and profitability. A substantial portion of this review was conducted as part of, and in conjunction with, the Board’s annual reviews of the Prior Agreements, which were most recently approved for continuation at the in-person meeting of the Board held on September 12, 2014. During the review process that led to its approval of the Prior Agreements on September 12, 2014, the Board was informed by the Adviser that it was likely the Board would be asked in the very near future to consider approval of the New Agreements.
On September 12, 2014, the Board concluded, in light of all factors it considered, including undertakings by the Adviser relating to certain follow-up actions, to renew the
Prior Agreements and that the fee rates set forth in the Prior Agreements were fair and reasonable. Among other factors, the Board considered: (1) the nature, extent and quality of services provided under the Prior Agreements; (2) the extent to which economies of scale are reflected in fee rate schedules under the Prior Agreements; (3) the existence of any “fall-out” benefits to the Adviser, Sub-Adviser, and their affiliates; (4) a comparison of fee rates, expense ratios, and investment performance to those of similar funds; and (5) the costs incurred and profits realized by the Adviser, the Sub-Adviser, and their affiliates with respect to their services to the Portfolios.
A further description of the process followed by the Board in approving the Prior Agreements on September 12, 2014, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth above under the section titled “BOARD CONSIDERATION AND APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS.”
In connection with its approval of the New Agreements, on November 18, 2014 the Board considered its conclusions in connection with its September 12, 2014 approvals of those Prior Agreements that were in effect on that date, including the Board’s assessment of the nature, extent and quality of services being provided and, as applicable, actions taken or to be taken in certain instances to improve the relationship between the costs and the quality of services being provided. Also in connection with its November 18, 2014 approvals of the New Agreements, the Board considered a representation from the Adviser that there were no additional developments not already disclosed to the Board since September 12, 2014 that would be a material consideration to the Board in connection with its consideration of the New Agreements.
In addition, in determining whether to approve the New Agreements, the Board took into account the considerations set out below.
1) | The Independent Directors/Trustees solicited and received ongoing advice regarding the Board’s legal duties when approving the New Agreements from K&L Gates, their independent legal counsel, which law firm has extensive experience regarding such matters. |
2) | The Board considered Management’s representations regarding its commitment to maintain appropriate levels of overall staffing, ongoing resources and service quality through the transactions under the Separation Plan and after the Change of Control Event. The Board noted that such services include, but are not limited to, portfolio management services, administrative services, and regulatory compliance services. In this regard, the Board considered |
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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
representations by the Adviser and its affiliates that their separation from ING Groep, as contemplated by the Separation Plan, will not lead to a reduction in the quality or scope of these and other services provided by those firms to the Portfolios. The Board also considered the importance of the asset management operations to the overall success of Voya Financial, Inc., which provides a strong incentive to Voya Financial, Inc. to provide appropriate resource allocations to support those asset management operations. |
3) | The Board considered representations by the Adviser and its affiliates that approval of the New Agreements would be necessary for the Portfolios to continue receiving investment management services from the Adviser and Sub-Adviser following the November 18th Change of Control Event. In addition, the Board considered representations by the Adviser and its affiliates, as well as related supporting documentation, indicating that the New Agreements, including the fees payable thereunder, are substantially similar to and, in any event, are no less favorable to the Portfolios than, the terms of the corresponding Prior Agreements. |
4) | The Board considered representations by the Adviser and its affiliates, including senior investment management personnel, as well as related supporting documentation, indicating that: (a) the Adviser and Sub-Adviser can be expected to provide services of the same nature, extent and quality under the New Agreements as were provided under the Prior Agreements; and (b) the November 18th Change of |
Control Event is not expected to result in any changes to: (i) the management of the Portfolios, including the continuity of the Portfolios’ portfolio managers and other personnel responsible for the management operations of the Portfolios; or (ii) the investment objective of or the principal investment strategies used to manage any of the Portfolios. |
5) | The Board considered actions taken by the Adviser subsequent to the September 12, 2014, approvals of the Prior Agreements with respect to certain Voya funds in response to requests made by the Board in connection with those approvals. |
6) | The Board considered the potential benefits to be realized by the Adviser and its affiliates as a result of the New Agreements. |
Based on the foregoing and other relevant considerations, at a meeting of the Board held on November 18, 2014, the Board, including a majority of the Independent Directors/Trustees, voted to approve the New Agreements. In this connection, the Board concluded that, in light of all factors considered, the terms of the New Agreements, including fee rates, were fair and reasonable, and the New Agreements should be approved so as to enable a continuation without interruption of the services being provided by the current service providers pursuant to the Prior Agreements. The Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of factors considered. The Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the New Agreements.
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Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Administrator
Voya Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Independent Registered Public Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111
Custodian
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Legal Counsel
Goodwin Procter LLP
Exchange Place
53 State Street
Boston, Massachusetts 02109
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 | VPAR-CAPAPALL (01214-022015) |
Annual Report
December 31, 2014
Classes ADV, I, S and S2
Voya Variable Product Index Funds
■ | Voya Australia Index Portfolio |
■ | Voya Emerging Markets Index Portfolio |
■ | Voya Euro STOXX 50® Index Portfolio |
■ | Voya FTSE 100 Index® Portfolio |
■ | Voya Hang Seng Index Portfolio |
■ | Voya International Index Portfolio |
■ | Voya Japan TOPIX Index Portfolio |
■ | Voya Russell™ Large Cap Growth Index Portfolio |
■ | Voya Russell™ Large Cap Index Portfolio |
■ | Voya Russell™ Large Cap Value Index Portfolio |
■ | Voya Russell™ Mid Cap Growth Index Portfolio |
■ | Voya Russell™ Mid Cap Index Portfolio |
■ | Voya Russell™ Small Cap Index Portfolio |
■ | Voya U.S. Bond Index 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 |
TABLE OF CONTENTS
PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This report contains a summary portfolio of investments for the Portfolios. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.
New Year, Hopeful View
Dear Shareholder,
As 2014 came to a close, U.S. economic growth accelerated, Japan and Europe were struggling and volatility re-emerged in markets around the world. Though periods of volatility may challenge investor resolve over the course of the year, we believe resilience will prevail thanks to continued improvements in global consumer and business spending and ample global liquidity.
Resilience has been a defining characteristic of markets for some time now, as we have seen them shake off such potentially destabilizing events as Europe’s chronic economic malaise, China’s growth slowdown and Japan’s sharp and surprising return to recession. And that’s not to mention the various geopolitical hotspots — Ukraine, the Middle East and elsewhere — that have flared up from time to time. Along the way markets have been fortified by all-time high U.S. corporate earnings; renewed monetary stimulus from central banks in Japan, Europe and China; and plummeting oil prices that have provided a positive supply shock to consumers and businesses. This confluence of events has bolstered markets worldwide and has raised investor confidence that such trends can be sustained into 2015.
Despite our optimism, we — as always — advocate a well-balanced, globally diversified portfolio. We believe such an approach is the best way to potentially benefit from whatever opportunities may arise, while limiting the potential for over-exposure to as-yet-unidentified risks. Also as always, be sure to review your investment strategy and portfolio with your financial advisor to ensure they continue to reflect your goals and needs. Thoroughly discuss any potential portfolio changes with your advisor before taking action.
We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.
Sincerely,
Shaun Mathews
Executive Vice President
Voya Family of Funds
January 28, 2015
_________________
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.
International investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.
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Market Perspective: Year Ended December 31, 2014
Global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends ended 2013 at a record high. Investor sentiment had evidently reconciled itself to the tapering of the U.S. Federal Reserve Board’s (“Fed’s”) $85 billion of monthly Treasury and mortgage-backed securities purchases. The Fed’s December 18 announcement of a reduction in purchases to $75 billion per month with more to come was taken in stride. There was still plenty to worry about however and the Index endured an early slump and wide swings late in 2014 before ending up 9.81% for the year. (The Index returned 4.94% for the one year ended December 31, 2014, measured in U.S. dollars.)
It did not take long for worries about a flagging U.S. economy to resurface. A disappointingly weak employment report on January 10 showed only 74,000 jobs created in December, the lowest in nearly three years. A cold and snowy winter was thought to be depressing hiring and other key statistics like durable goods orders and home sales.
The Index reached its low point on February 3, down almost exactly 5% in 2014. Yet it took only 18 days to erase the loss despite new political turmoil that flared in Eastern Europe as Russia annexed Crimea after the president of Ukraine was deposed.
With the improvement in the season came a pick-up in U.S. economic data. Employment reports were looking better and the unemployment rate fell below 6%. The December bulletin marked the eighth consecutive month in which more than 200,000 jobs were created. National purchasing managers’ activity indices signaled healthy expansion. While the housing market was cooling, the annualized rate of existing home sales exceeded 5 million for five straight months. Consumer confidence touched seven-year high levels. Growth in gross domestic product (“GDP”) was -2.1% (annualized) in the first quarter but bounced back to 5.0% in the third.
Yet concerns remained about the sustainability of the recovery in the U.S. and worldwide. The improving U.S. employment situation was accompanied by labor force participation rates at or near the lowest since 1978. Wage growth was sluggish near 2% annually. The Fed’s monthly Treasury and mortgage-backed securities purchases ended in October.
Outside of the U.S., growth in China was decelerating, which also weighed on global commodity supplying countries. Japan re-entered recession in the third quarter after an April rise in consumption tax. But it was the euro zone that was the most problematic. Growth almost ground to a halt in the second and third quarters. Unemployment seemed stuck at 11.5%, while deflation was perilously close. Markets became increasingly skeptical that the European Central Bank (“ECB”) could attempt U.S., UK and Japan-style quantitative easing with Germany unequivocally opposed. Oil prices had been steadily falling since late June and would halve by year-end. Increased shale oil production notwithstanding, was this also a signal that global economic activity was weaker than anyone had imagined?
Securities prices mirrored investors’ mood swings in the last few months. The Index actually reached a new peak on September 19, but by October 16 fell 8.2%. From there the Index rebounded 12% to December 5, fell 5% to December 16 then rose 4% to end the year 1.3% below its all-time high.
In U.S. fixed income markets, the Barclays Long-Term U.S. Treasury sub-index returned a remarkable 25.07% in 2014; the Barclays Short-Term U.S. Treasury Index sub-index just 0.09% as the Treasury yield curve flattened. The Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) added 5.97%, while the Barclays U.S. Corporate Investment Grade Bond sub-index gained 7.46%. Both outperformed the Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate), which gained only 2.46%, perhaps reflecting growing disillusionment with the risk/reward profile of high yield bonds after strong returns in recent years.
U.S. equities, represented by the S&P 500® Index including dividends, returned 13.69% in the fiscal year, about 1.5% below its all-time high. The utilities sector was the top performer, returning 28.98%; not surprisingly, the only loser was energy, which dropped 7.78% as oil prices sagged. Record operating earnings per share for S&P 500® companies in the second and third quarters were supported by low interest rates, slow wage growth and historically high share buy-back volumes. Operating margins breached 10% for the first time.
In currencies, the dollar advanced against most other currencies over the year. The dollar surged 13.60% against the euro, on the U.S.’s much better growth and interest rate increase prospects, and 13.74% against the yen, on the likelihood of further monetary easing in Japan and an announced partial re-allocation into non-yen securities for the giant Government Pension Investment Fund (“GPIF”). The dollar gained less, 6.29%, on the pound. The UK had a better growth story than the euro zone, which however is the destination for about 40% of the UK’s exports.
In international markets, the MSCI Japan® Index rose 9.48% in 2014, boosted in the case of Japan’s large exporters by the falling yen and in general by the GPIF’s announcement described above. The MSCI Europe ex UK® Index added 6.63%. The poor economic data referred to above and the lingering conflict in Ukraine dampened markets, which were spasmodically supported by the possibility of quantitative easing. The strong health care sector contributed about one third of the total. Despite superior economic results, the MSCI UK® Index was much weaker, edging up 0.50%. UK stock indices are not particularly representative of the UK economy: the largest 14 names account for half of the index and comprise mostly global banking, energy, pharmaceuticals and materials companies. As a group, they held back returns by about 1.80%.
All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Portfolios’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.
Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.
2 |
Benchmark Descriptions
| 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 Short-Term U.S. Treasury Index | | | | A market capitalization-weighted index that is composed of fixed-rate, non-convertible U.S. Treasury securities that have a remaining maturity of between one and 12 months 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 | | | | An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities. | |
| EURO STOXX 50® Index | | | | Covers 50 stocks from 12 euro zone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. | |
| FTSE 100 Index® | | | | A share index of the 100 most highly capitalized U.K. companies listed on the London Stock Exchange. | |
| Hang Seng Index | | | | A free float-adjusted market capitalization-weighted stock market index in Hong Kong. | |
| MSCI EAFE® Index | | | | An unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. | |
| MSCI Emerging Markets Index | | | | An unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. | |
| 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. | |
| Russell 2000® Index | | | | An unmanaged index that measures the performance of securities of small U.S. companies. | |
| Russell Midcap® Growth Index | | | | An unmanaged index that measures the performance of those companies included in the Russell Midcap® Index with relatively higher price-to-book ratios and higher forecasted growth values. | |
| Russell Midcap® Index | | | | An unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000® Index. | |
| Russell Top 200® Growth Index | | | | Measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit growth characteristics. It includes Russell Top 200® Index companies with higher price-to-book ratios and higher forecasted growth values. | |
| Russell Top 200® Index | | | | An unmanaged index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million. | |
| Russell Top 200® Value Index | | | | Measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit value characteristics. It includes Russell Top 200® Index companies with lower price-to-book ratios and lower forecasted growth values. | |
3 |
Benchmark Descriptions (continued)
| Index | | | | Description | |
| 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. | |
| Standard & Poor’s ASX 200 Index | | | | An investable benchmark for the Australian equity market and it addresses the needs of investment managers seeking to benchmark against a portfolio characterized by sufficient size and liquidity. The Index measures the performance of the 200 largest index-eligible stocks listed on the Australian Securities Exchange by float-adjusted market capitalization. Representative, liquid, and tradable, it is widely considered Australia’s preeminent benchmark index. The Index is float-adjusted, covering approximately 80% of Australian equity market capitalization. | |
| Tokyo Stock Price Index | | | | A composite index for the Tokyo Stock Exchange tracking all domestic stocks from the first section of the exchange. | |
4 |
Portfolio Managers’ Report | Voya Australia Index Portfolio |
| Sector Diversification as of December 31, 2014 (as a percentage of net assets) | | |||
| Financials | | | 46.4% | |
| Materials | | | 14.6% | |
| Industrials | | | 7.4% | |
| Consumer Staples | | | 7.3% | |
| Telecommunication Services | | | 5.8% | |
| Health Care | | | 5.8% | |
| Energy | | | 5.1% | |
| Consumer Discretionary | | | 3.7% | |
| Utilities | | | 1.9% | |
| Information Technology | | | 0.8% | |
| Assets in Excess of Other Liabilities* | | | 1.2% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Voya Australia Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Standard & Poor’s ASX 200 Index (“S&P ASX 200 Index”). The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class I shares provided a total return of -4.95% compared to the S&P ASX 200 Index, which returned -3.40% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the S&P ASX 200 Index. The Portfolio attempts to track the S&P ASX 200 Index by investing all, or substantially all, of its assets in stocks that make up the S&P ASX 200 Index. The Portfolio may not always hold all of the same securities as the S&P ASX 200 Index.
The top performing sectors for the year on an absolute basis were health care, telecommunications services and industrials. Conversely, the bottom performing sectors were materials, energy and consumer staples.
| Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | | |||
| | ||||
| Commonwealth Bank of Australia | | | 10.2% | |
| Westpac Banking Corp. | | | 7.5% | |
| BHP Billiton Ltd. | | | 6.9% | |
| Australia & New Zealand Banking Group Ltd. | | | 6.5% | |
| National Australia Bank Ltd. | | | 5.9% | |
| Telstra Corp., Ltd. | | | 5.3% | |
| Wesfarmers Ltd. | | | 3.4% | |
| CSL Ltd. | | | 3.0% | |
| Woolworths Ltd. | | | 2.8% | |
| Woodside Petroleum Ltd. | | | 2.0% | |
| * Excludes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Current Outlook and Strategy: We believe the global economy is on a sustainable growth trajectory that will provide a catalyst to financial markets and a source of strength for corporate profits. Though periods of volatility may challenge investor resolve over the course of 2015, driven by a rising U.S. dollar and collapsing oil prices, we believe resilience should prevail thanks to a global growth story buoyed by tectonic shifts in the real economy, continued improvements in global consumer and business spending and supportive global central banks such as those of the United States, Japan and Australia.
______________
* | The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio’s Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
5 |
Voya Australia Index Portfolio | Portfolio Managers’ Report |
| | Average Annual Total Returns for the Periods Ended December 31, 2014 | | | ||||||||||||
| | | | | 1 Year | | | Since Inception of Classes ADV and I March 2, 2011 | | | ||||||
| | Class ADV | | | | | -5.55% | | | | | | 0.54% | | | |
| | Class I | | | | | -4.95% | | | | | | 1.11% | | | |
| | S&P ASX 200 Index | | | | | -3.40% | | | | | | 1.95% | | | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Australia Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
6 |
Portfolio Managers’ Report | Voya Emerging Markets Index Portfolio |
| Sector Diversification as of December 31, 2014 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 28.6% | |
| Information Technology | | | 17.6% | |
| Consumer Discretionary | | | 9.0% | |
| Consumer Staples | | | 8.0% | |
| Energy | | | 7.8% | |
| Materials | | | 7.4% | |
| Telecommunication Services | | | 7.3% | |
| Industrials | | | 6.7% | |
| Utilities | | | 3.3% | |
| Health Care | | | 2.2% | |
| Telecommunications | | | 0.0% | |
| Rights | | | 0.0% | |
| Assets in Excess of Other Liabilities* | | | 2.1% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Voya Emerging Markets Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of an index that measures the investment return of emerging markets securities. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class S shares provided a total return of -3.59% compared to the MSCI Emerging Markets Index (“MSCI EM Index”), which returned -2.19% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EM Index. The Portfolio attempts to track the MSCI EM Index by investing in most of the stocks which make up the MSCI EM Index. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the MSCI EM Index. This approach is employed because of the relatively large number of small and/or illiquid stocks in the MSCI EM Index. The Portfolio may not always hold all of the same securities as the MSCI EM Index.
Among the leading detractors from performance were Sberbank Russia OJSC Sponsored ADR, Sberbank Russia OJSC Sponsored GDR and Gazprom OAO Sponsored ADR. The top performing sectors were healthcare, information technology and financials. Conversely the bottom performing sectors were energy, materials and consumer staples. By country the top performers were Egypt, Indonesia and the Philippines and the bottom performers were Russia, Greece and Hungary.
| Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | | |||
| | | | | |
| Samsung Electronics Co., Ltd. | | | 3.4% | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | 2.8% | |
| Tencent Holdings Ltd. | | | 1.9% | |
| China Mobile Ltd. | | | 1.8% | |
| China Construction Bank | | | 1.5% | |
| Industrial and Commercial Bank of China Ltd. | | | 1.4% | |
| Naspers Ltd. | | | 1.3% | |
| Bank of China Ltd. | | | 1.1% | |
| Hon Hai Precision Industry Co., Ltd. | | | 0.9% | |
| MTN Group Ltd. | | | 0.8% | |
| * Excludes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Current Strategy and Outlook: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. For most of 2014, emerging markets outperformed developed markets as long-term interest rates in the United States declined and the European Central Bank started to implement quantitative easing, thereby mitigating fears that U.S. interest rate changes would hurt future investment flows to emerging markets. Still, we believe the decline in September shows the vulnerability of emerging market assets to changes in liquidity and the sensitivity of many emerging market currencies to the U.S. dollar, all the more so because, in our opinion, the recent stock market recovery has not been backed by improving fundamentals.
____________
* | The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio’s Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
7 |
Voya Emerging Markets Index Portfolio | Portfolio Managers’ Report |
| | Average Annual Total Returns for the Periods Ended December 31, 2014 | | | ||||||||||||
| | | | | 1 Year | | | Since Inception of Classes ADV, I, S and S2 December 19, 2011 | | | ||||||
| | Class ADV | | | | | -3.82% | | | | | | 2.36% | | | |
| | Class I | | | | | -3.37% | | | | | | 2.81% | | | |
| | Class S | | | | | -3.59% | | | | | | 2.56% | | | |
| | Class S2 | | | | | -3.71% | | | | | | 2.46% | | | |
| | MSCI EM Index | | | | | -2.19% | | | | | | 5.06% | | | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Emerging Markets Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
8 |
Portfolio Managers’ Report | Voya Euro STOXX 50® Index Portfolio |
| Sector Diversification as of December 31, 2014 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 26.3% | |
| Industrials | | | 11.0% | |
| Health Care | | | 10.2% | |
| Consumer Staples | | | 10.2% | |
| Consumer Discretionary | | | 9.5% | |
| Energy | | | 7.7% | |
| Telecommunication Services | | | 7.2% | |
| Utilities | | | 6.3% | |
| Information Technology | | | 5.6% | |
| Materials | | | 4.9% | |
| Assets in Excess of Other Liabilities | | | 1.1% | |
| Net Assets | | | 100.0% | |
| Portfolio holdings are subject to change daily. | |
Voya Euro STOXX 50® Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the EURO STOXX 50® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class I shares provided a total return of -9.18% compared to the EURO STOXX 50® Index, which returned -8.66% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the EURO STOXX 50® Index. The Portfolio attempts to track the performance of the EURO STOXX 50® Index by investing all, or substantially all, of its assets in the stocks that make up the EURO STOXX 50® Index. The Portfolio may not always hold all of the same securities as the EURO STOXX 50® Index.
The top performing sectors for the year on an absolute basis were utilities, telecommunications services and consumer staples. Conversely, the bottom performing sectors were energy, materials and industrials. The Portfolio’s cash position detracted from results.
| Top Ten Holdings as of December 31, 2014 (as a percentage of net assets) | | |||
| | | | | |
| Total S.A. | | | 5.0% | |
| Bayer AG | | | 4.7% | |
| Sanofi | | | 4.5% | |
| Banco Santander Central Hispano S.A. | | | 4.4% | |
| Siemens AG | | | 3.6% | |
| Anheuser-Busch InBev Worldwide, Inc. | | | 3.6% | |
| DaimlerChrysler AG | | | 3.4% | |
| BASF AG | | | 3.2% | |
| Allianz AG | | | 3.1% | |
| SAP SE | | | 2.7% | |
| Portfolio holdings are subject to change daily. | |
The Portfolio typically utilized index futures, which allowed it to maintain equity-like exposure for its cash position, while retaining cash-like liquidity. Index futures detracted from results for the period.
Current Strategy and Outlook: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. The teetering euro zone economy suggests the European Central Bank may ease interest rates further in the first half of 2015.
____________
* | The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio’s Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
9 |
Voya Euro STOXX 50® Index Portfolio | Portfolio Managers’ Report |
| | Average Annual Total Returns for the Periods Ended December 31, 2014 | | | ||||||||||||||||||
| | | | | 1 Year | | | 5 Year | | | Since Inception of Classes ADV and I August 17, 2009 | | | |||||||||
| | Class ADV | | | | | -9.66% | | | | 0.75% | | | | | | 3.57% | | | | ||
| | Class I | | | | | -9.18% | | | | | | 1.23% | | | | | | 4.08% | | | |
| | EURO STOXX 50® Index | | | | | -8.66% | | | | | 0.99% | | | | | | 3.88% | | | | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Euro STOXX 50® Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrate performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
10 |
Portfolio Managers’ Report | Voya FTSE 100 Index® Portfolio |
| Sector Diversification as of December 31, 2014 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 21.9% | |
| Consumer Staples | | | 15.8% | |
| Energy | | | 14.4% | |
| Health Care | | | 9.4% | |
| Consumer Discretionary | | | 9.3% | |
| Materials | | | 8.4% | |
| Industrials | | | 7.0% | |
| Telecommunication Services | | | 5.3% | |
| Utilities | | | 4.4% | |
| Information Technology | | | 1.1% | |
| Assets in Excess of Other Liabilities | | | 3.0% | |
| Net Assets | | | 100.0% | |
| Portfolio holdings are subject to change daily. | |
Voya FTSE 100 Index® Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the FTSE 100 Index®. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class I shares provided a total return of -6.39% compared to the FTSE 100 Index®, which returned -5.16% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the FTSE 100 Index®. The Portfolio attempts to track the FTSE 100 Index® by investing in all, or substantially all, of its assets in stocks that make up the FTSE 100 Index®. The Portfolio may not always hold all of the same securities as the FTSE 100 Index®.
The top performing sectors for the year were consumer discretionary, health care and utilities. Conversely, the bottom performing sectors were energy, materials and industrials.
| Top Ten Holdings as of December 31, 2014 (as a percentage of net assets) | | |||
| | | | | |
| HSBC Holdings PLC | | | 6.8% | |
| Royal Dutch Shell PLC - Class A | | | 4.9% | |
| BP PLC | | | 4.4% | |
| GlaxoSmithKline PLC | | | 3.9% | |
| British American Tobacco PLC | | | 3.8% | |
| Vodafone Group PLC | | | 3.4% | |
| AstraZeneca PLC | | | 3.3% | |
| Royal Dutch Shell PLC - Class B | | | 3.2% | |
| Diageo PLC | | | 2.7% | |
| Lloyds TSB Group PLC | | | 2.4% | |
| Portfolio holdings are subject to change daily. | |
Current Outlook and Strategy: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. The teetering euro zone economy suggests the European Central Bank may ease interest rates further in the first half of 2015.
_____________
* | The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio’s Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
11 |
Voya FTSE 100 Index® Portfolio | Portfolio Managers’ Report |
| | Average Annual Total Returns for the Periods Ended December 31, 2014 | | | ||||||||||||||||||
| | | | | 1 Year | | | 5 Year | | | Since Inception of Classes ADV and I August 17, 2009 | | | |||||||||
| | Class ADV | | | | | -6.85% | | | | | | 5.90% | | | | | | 8.43% | | | |
| | Class I | | | | | -6.39% | | | | | | 6.42% | | | | | | 8.95% | | | |
| | FTSE 100 Index® | | | | | -5.16% | | | | | | 6.94% | | | | | | 9.51% | | | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya FTSE 100 Index® Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrate performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
12 |
Portfolio Managers’ Report | Voya Hang Seng Index Portfolio |
Sector Diversification as of December 31, 2014 (as a percentage of net assets) | | ||||
| | | | | |
| Financials | | | 57.6% | |
| Information Technology | | | 8.7% | |
| Energy | | | 7.9% | |
| Telecommunication Services | | | 7.8% | |
| Utilities | | | 4.8% | |
| Industrials | | | 4.5% | |
| Consumer Discretionary | | | 3.4% | |
| Consumer Staples | | | 3.0% | |
| Assets in Excess of Other Liabilities* | | | 2.3% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Voya Hang Seng Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Hang Seng Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class S shares provided a total return of 3.41% compared to the Hang Seng Index, which returned 5.47% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Hang Seng Index. The Portfolio attempts to track the Hang Seng Index by investing all, or substantially all, of its assets in stocks that make up the Hang Seng Index. The Portfolio may not always hold all of the same securities as the Hang Seng Index.
The top performing sectors for the year were utilities, information technology and telecommunications services. Conversely, the bottom performing sectors were consumer discretionary, consumer staples and energy.
| Top Ten Holdings as of December 31, 2014 (as a percentage of net assets) | | |||
| | | | | |
| HSBC Holdings PLC | | | 12.3% | |
| Tencent Holdings Ltd. | | | 8.0% | |
| China Mobile Ltd. | | | 7.0% | |
| China Construction Bank | | | 6.7% | |
| AIA Group Ltd. | | | 6.5% | |
| Industrial and Commercial Bank of China Ltd. | | | 5.3% | |
| Bank of China Ltd. | | | 4.4% | |
| China Life Insurance Co., Ltd. | | | 2.8% | |
| Hong Kong Exchanges and Clearing Ltd. | | | 2.4% | |
| Hutchison Whampoa Ltd. | | | 2.4% | |
| Portfolio holdings are subject to change daily. | |
Current Strategy and Outlook: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. We believe the economic slowdown in China and the country’s internal struggle to cope with its financial system is the main threat to growth for the asset class.
_____________
* | The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio’s Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
13 |
Voya Hang Seng Index Portfolio | Portfolio Managers’ Report |
| | Average Annual Total Returns for the Periods Ended December 31, 2014 | | | ||||||||||||||||||
| | | | | 1 Year | | | 5 Year | | | Since Inception of Classes ADV, I and S May 4, 2009 | | | |||||||||
| | Class ADV | | | | | 3.23% | | | | | | 3.63% | | | | | | 8.21% | | | |
| | Class I | | | | | 3.69% | | | | | | 4.14% | | | | | | 8.74% | | | |
| | Class S | | | | | 3.41% | | | | | | 3.87% | | | | | | 8.46% | | | |
| | Hang Seng Index | | | | | 5.47% | | | | | | 5.14% | | | | | | 10.46% | | | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Hang Seng Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrate performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
14 |
Portfolio Managers’ Report | Voya International Index Portfolio |
| Sector Diversification as of December 31, 2014 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 25.3% | |
| Industrials | | | 12.6% | |
| Consumer Discretionary | | | 12.0% | |
| Consumer Staples | | | 10.8% | |
| Health Care | | | 10.8% | |
| Materials | | | 7.3% | |
| Energy | | | 5.5% | |
| Telecommunication Services | | | 4.9% | |
| Information Technology | | | 4.6% | |
| Utilities | | | 3.7% | |
| Assets in Excess of Other Liabilities* | | | 2.5% | |
| Net Assets | | | 100.0% | |
Voya International Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of a widely accepted international index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class S shares provided a total return of -6.18% compared to the MSCI EAFE® Index, which returned -4.90% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EAFE® Index. The Portfolio attempts to track the MSCI EAFE® Index by investing in most of the stocks which make up the MSCI EAFE® Index. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the MSCI EAFE® Index. The approach is employed because of the relatively large number of small and/or illiquid stocks in the MSCI EAFE® Index. The Portfolio may not always hold all of the same securities as the MSCI EAFE® Index.
The top performing sectors were healthcare, utilities and information technology. Conversely the bottom performing sectors were energy, materials and industrials.
| Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | | |||
| | | | | |
| Nestle S.A. | | | 1.8% | |
| Novartis AG | | | 1.7% | |
| Roche Holding AG - Genusschein | | | 1.5% | |
| HSBC Holdings PLC | | | 1.4% | |
| Toyota Motor Corp. | | | 1.3% | |
| Royal Dutch Shell PLC - Class A | | | 1.0% | |
| BP PLC | | | 0.9% | |
| Bayer AG | | | 0.9% | |
| Commonwealth Bank of Australia | | | 0.9% | |
| Total S.A. | | | 0.9% | |
| * Excludes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Current Strategy and Outlook: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. The teetering euro zone economy suggests the European Central Bank may ease interest rates further in the first half of 2015.
______________
* | The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio’s Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
15 |
Voya International Index Portfolio | Portfolio Managers’ Report |
| | Average Annual Total Returns for the Periods Ended December 31, 2014 | | | ||||||||||||||||||||||||
| | | | | 1 Year | | | 5 Year | | | Since Inception of Classes ADV, I and S March 10, 2008 | | | Since Inception of Class S2 February 27, 2009 | | | ||||||||||||
| | Class ADV | | | | | -6.34% | | | | | | 4.63% | | | | | | 0.55% | | | | | | — | | | |
| | Class I | | | | | -5.94% | | | | | | 5.14% | | | | | | 1.05% | | | | | | — | | | |
| | Class S | | | | | -6.18% | | | | | | 4.88% | | | | | | 0.78% | | | | | | — | | | |
| | Class S2 | | | | | -6.29% | | | | | | 4.70% | | | | | | — | | | | | | 13.00% | | | |
| | MSCI EAFE® Index | | | | | -4.90% | | | | | | 5.33% | | | | | | 1.38% | | | | | | 13.67% | | | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya International Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrate performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
16 |
Portfolio Managers’ Report | Voya Japan TOPIX Index Portfolio |
| Sector Diversification as of December 31, 2014 (as a percentage of net assets) | | |||
| | | | | |
| Industrials | | | 21.0% | |
| Consumer Discretionary | | | 20.9% | |
| Financials | | | 17.3% | |
| Information Technology | | | 10.5% | |
| Consumer Staples | | | 7.3% | |
| Materials | | | 7.0% | |
| Health Care | | | 5.8% | |
| Telecommunication Services | | | 4.8% | |
| Utilities | | | 2.0% | |
| Energy | | | 0.9% | |
| Assets in Excess of Other Liabilities* | | | 2.5% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Voya Japan TOPIX Index® Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Tokyo Stock Price Index® (“TOPIX Index”). The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class I shares provided a total return of -4.98% compared to the TOPIX Index, which returned -2.97% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the TOPIX Index. The Portfolio attempts to track the TOPIX Index by investing in most of the stocks which make up the TOPIX Index. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the TOPIX Index. This approach is employed because of the relatively large number of small and/or illiquid stocks in the TOPIX Index. The Portfolio may not always hold all of the same securities as the TOPIX Index.
The bottom performing sectors for the year on an absolute basis were financials, energy and telecommunication services. Conversely, the top performing sectors were health care, information technology and consumer staples.
| Top Ten Holdings as of December 31, 2014 (as a percentage of net assets) | | |||
| | | | | |
| Toyota Motor Corp. | | | 4.9% | |
| Mitsubishi UFJ Financial Group, Inc. | | | 2.5% | |
| Softbank Corp. | | | 1.8% | |
| Sumitomo Mitsui Financial Group, Inc. | | | 1.6% | |
| Honda Motor Co., Ltd. | | | 1.5% | |
| Mizuho Financial Group, Inc. | | | 1.3% | |
| KDDI Corp. | | | 1.2% | |
| Nippon Telegraph & Telephone Corp. | | | 1.1% | |
| Canon, Inc. | | | 1.1% | |
| Hitachi Ltd. | | | 1.0% | |
| Portfolio holdings are subject to change daily. | |
Current Strategy and Outlook: We believe the global economy is on a sustainable growth trajectory that will provide a catalyst to financial markets and a source of strength for corporate profits. Though periods of volatility may challenge investor resolve over the course of 2015, driven by a rising U.S. dollar and collapsing oil prices, we believe resilience should prevail thanks to a global growth story buoyed by tectonic shifts in the real economy, continued improvements in global consumer and business spending and supportive global central banks such as those of the United States, Japan and Australia.
______________
* | The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio’s Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
17 |
Voya Japan TOPIX Index Portfolio | Portfolio Managers’ Report |
| | Average Annual Total Returns for the Periods Ended December 31, 2014 | | | ||||||||||||||||||
| | | | | 1 Year | | | 5 Year | | | Since Inception of Classes ADV and I August 17, 2009 | | | |||||||||
| | Class ADV | | | | | -5.42% | | | | | | 4.48% | | | | | | 3.77% | | | |
| | Class I | | | | | -4.98% | | | | | | 5.00% | | | | | | 4.29% | | | |
| | TOPIX Index | | | | | -2.97% | | | | | | 6.01% | | | | | | 5.18% | | | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Japan TOPIX Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrate performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
18 |
Portfolio Managers’ Report | Voya Russell™ Large Cap Growth Index Portfolio |
Sector Diversification | |||||
Information Technology | 32.2% | ||||
Consumer Discretionary | 15.9% | ||||
Health Care | 14.0% | ||||
Consumer Staples | 11.4% | ||||
Industrials | 10.1% | ||||
Energy | 4.2% | ||||
Materials | 3.6% | ||||
Financials | 3.4% | ||||
Telecommunication Services | 2.6% | ||||
Utilities | 0.0% | ||||
Assets in Excess of Other Liabilities* | 2.6% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Voya Russell™ Large Cap Growth Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Growth Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class S shares provided a total return of 12.76% compared to the Russell Top 200® Growth Index, which returned 13.57% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Growth Index. The Portfolio attempts to track the Russell Top 200® Growth Index by investing all, or substantially all, of its assets in stocks that make up the Russell Top 200® Growth Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Growth Index.
Nine of the ten sectors posted positive returns for the year. The top performing sectors were healthcare, information technology and financials. Conversely the bottom performing sectors were telecoms, energy and consumer discretionary.
Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | |||||
Apple, Inc. | 8.9% | ||||
Microsoft Corp. | 3.3% | ||||
Verizon Communications, Inc. | 2.6% | ||||
Coca-Cola Co. | 2.2% | ||||
Facebook, Inc. | 2.0% | ||||
International Business Machines Corp. | 2.0% | ||||
Google, Inc. | 2.0% | ||||
Google, Inc. – Class A | 2.0% | ||||
Oracle Corp. | 2.0% | ||||
Gilead Sciences, Inc. | 1.9% | ||||
* Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Current Outlook & Strategy: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. The teetering euro zone economy suggests the European Central Bank may ease interest rates further in the first half of 2015.
___________
* | Returns presented for the Portfolio are net of expenses. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
19 |
Voya Russell™ Large Cap Growth Index Portfolio | Portfolio Managers’ Report |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||||||||||||||
1 Year | 5 Year | Since Inception of Classes ADV, I, and S May 1, 2009 | ||||||||||||||||||||
Class ADV(1) | — | — | — | |||||||||||||||||||
Class I | 13.10% | 14.98% | 18.21% | |||||||||||||||||||
Class S | 12.76% | 14.67% | 17.91% | |||||||||||||||||||
Russell Top 200® Growth Index | 13.57% | 15.48% | 18.80% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Large Cap Growth Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable
contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
(1) | On January 3, 2014, Class ADV shares were fully redeemed. |
20 |
Portfolio Managers’ Report | Voya Russell™ Large Cap Index Portfolio |
Sector Diversification | |||||
Information Technology | 20.5% | ||||
Financials | 15.4% | ||||
Health Care | 14.5% | ||||
Consumer Discretionary | 10.3% | ||||
Industrials | 10.1% | ||||
Consumer Staples | 10.1% | ||||
Energy | 9.1% | ||||
Telecommunication Services | 2.7% | ||||
Materials | 2.5% | ||||
Utilities | 1.9% | ||||
Assets in Excess of Other Liabilities* | 2.9% | ||||
Net Assets | 100.0% | ||||
Voya Russell™ Large Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class S shares provided a total return of 12.59% compared to the Russell Top 200® Index, which returned 13.25% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Index. The Portfolio attempts to track the Russell Top 200® Index by investing all, or substantially all, of its assets in stocks that make up the Russell Top 200® Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Index.
The top performing sectors were utilities, healthcare and information technology. Conversely the bottom performing sectors were energy, telecoms and materials.
Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | |||||
Apple, Inc. | 4.4% | ||||
ExxonMobil Corp. | 2.7% | ||||
Microsoft Corp. | 2.6% | ||||
Johnson & Johnson | 2.0% | ||||
Berkshire Hathaway, Inc. | 1.8% | ||||
Wells Fargo & Co. | 1.7% | ||||
General Electric Co. | 1.7% | ||||
Procter & Gamble Co. | 1.6% | ||||
JPMorgan Chase & Co. | 1.6% | ||||
Chevron Corp. | 1.4% | ||||
* Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Current Outlook & Strategy: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. The teetering euro zone economy suggests the European Central Bank may ease interest rates further in the first half of 2015.
__________
* | Returns presented for the Portfolio are net of expenses. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
21 |
Voya Russell™ Large Cap Index Portfolio | Portfolio Managers’ Report |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||
1 Year | 5 Year | Since Inception of Classes ADV, I and S March 10, 2008 | Since Inception of Class S2 February 27, 2009 | |||||||
Class ADV | 12.33% | 14.10% | 8.36% | — | ||||||
Class I | 12.91% | 14.67% | 8.93% | — | ||||||
Class S | 12.59% | 14.37% | 8.64% | — | ||||||
Class S2 | 12.48% | 14.16% | — | 19.97% | ||||||
Russell Top 200® Index | 13.25% | 15.01% | 9.29% | 21.06% | ||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Large Cap Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
22 |
Portfolio Managers’ Report | Voya Russell™ Large Cap Value Index Portfolio |
Sector Diversification | |||||
Financials | 27.1% | ||||
Health Care | 14.8% | ||||
Energy | 13.8% | ||||
Industrials | 10.0% | ||||
Consumer Staples | 8.7% | ||||
Information Technology | 8.5% | ||||
Consumer Discretionary | 4.6% | ||||
Utilities | 3.6% | ||||
Telecommunication Services | 2.7% | ||||
Materials | 1.4% | ||||
Assets in Excess of Other Liabilities* | 4.8% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Voya Russell™ Large Cap Value Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Value Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class S shares provided a total return of 12.22% compared to the Russell Top 200® Value Index, which returned 12.94% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Value Index. The Portfolio attempts to track the Russell Top 200® Value Index by investing all, or substantially all, of its assets in stocks that make up the Russell Top 200® Value Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Value Index.
The top performing sectors were information technology, utilities and healthcare. Conversely the bottom performing sectors were energy, materials and telecoms.
Top Ten Holdings | |||||
ExxonMobil Corp. | 5.2% | ||||
Berkshire Hathaway, Inc. | 3.6% | ||||
Wells Fargo & Co. | 3.5% | ||||
General Electric Co. | 3.3% | ||||
Johnson & Johnson | 3.3% | ||||
JPMorgan Chase & Co. | 3.1% | ||||
Procter & Gamble Co. | 3.1% | ||||
Chevron Corp. | 2.8% | ||||
Pfizer, Inc. | 2.6% | ||||
Bank of America Corp. | 2.5% | ||||
* Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Current Outlook & Strategy: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. The teetering euro zone economy suggests the European Central Bank may ease interest rates further in the first half of 2015.
__________
* | Returns presented for the Portfolio are net of expenses. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
23 |
Voya Russell™ Large Cap Value Index Portfolio | Portfolio Managers’ Report |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||
1 Year | 5 Year | Since Inception of Classes ADV, I, and S May 1, 2009 | ||||||
Class ADV(1) | — | — | — | |||||
Class I | 12.42% | 14.11% | 17.12% | |||||
Class S | 12.22% | 13.83% | 16.85% | |||||
Russell Top 200® Value Index | 12.94% | 14.55% | 17.60% | |||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Large Cap Value Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
(1) | On January 3, 2014, Class ADV shares were fully redeemed. |
24 |
Portfolio Managers’ Report | Voya Russell™ Mid Cap Growth Index Portfolio |
Sector Diversification | |||||
Consumer Discretionary | 24.6% | ||||
Information Technology | 17.5% | ||||
Industrials | 16.3% | ||||
Health Care | 13.6% | ||||
Financials | 8.8% | ||||
Consumer Staples | 7.9% | ||||
Energy | 5.0% | ||||
Materials | 4.8% | ||||
Telecommunication Services | 1.0% | ||||
Utilities | 0.2% | ||||
Assets in Excess of Other Liabilities* | 0.3% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Voya Russell™ Mid Cap Growth Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Growth Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class S shares provided a total return of 11.09% compared to the Russell Midcap® Growth Index, which returned 11.90% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Growth Index. The Portfolio attempts to track the Russell Midcap® Growth Index by investing all, or substantially all, of its assets in stocks that make up the Russell Midcap® Growth Index. The Portfolio may not always hold all of the same securities as the Russell Midcap® Growth Index.
The top performing sectors were healthcare, telecoms and utilities. Conversely the bottom performing sectors were energy, industrials and consumer discretionary.
Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | |||||
Kroger Co. | 1.0% | ||||
Vertex Pharmaceuticals, Inc. | 0.8% | ||||
Crown Castle International Corp. | 0.8% | ||||
Intuit, Inc. | 0.8% | ||||
Southwest Airlines Co. | 0.8% | ||||
VF Corp. | 0.8% | ||||
Illumina, Inc. | 0.8% | ||||
Avago Technologies Ltd. | 0.7% | ||||
United Continental Holdings, Inc. | 0.7% | ||||
McGraw-Hill Cos., Inc. | 0.7% | ||||
* Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Current Outlook & Strategy: Looking ahead, we beleive the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. The teetering euro zone economy suggests the European Central Bank may ease interest rates further in the first half of 2015.
___________
* | Returns presented for the Portfolio are net of expenses. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
25 |
Voya Russell™ Mid Cap Growth Index Portfolio | Portfolio Managers’ Report |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||
1 Year | 5 Year | Since Inception of Classes ADV, I, S and S2 May 1, 2009 | ||||||
Class ADV | 10.85% | 16.01% | 19.59% | |||||
Class I | 11.41% | 16.62% | 20.20% | |||||
Class S | 11.09% | 16.33% | 19.92% | |||||
Class S2 | 10.98% | 16.18% | 19.74% | |||||
Russell Midcap® Growth Index | 11.90% | 16.94% | 20.57% | |||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Mid Cap Growth Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
26 |
Portfolio Managers’ Report | Voya Russell™ Mid Cap Index Portfolio |
Sector Diversification | |||||
Financials | 20.4% | ||||
Consumer Discretionary | 17.7% | ||||
Information Technology | 14.3% | ||||
Industrials | 12.8% | ||||
Health Care | 11.6% | ||||
Utilities | 6.1% | ||||
Consumer Staples | 5.7% | ||||
Materials | 5.6% | ||||
Energy | 4.2% | ||||
Telecommunication Services | 0.7% | ||||
Assets in Excess of Other Liabilities* | 0.9% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Voya Russell™ Mid Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class S shares provided a total return of 12.44% compared to the Russell Midcap® Index, which returned 13.22% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Index. The Portfolio attempts to track the Russell Midcap® Index by investing all, or substantially all, of its assets in stocks that make up the Russell Midcap® Index. The Portfolio may not always hold all of the same securities as the Russell Midcap® Index.
The top performing sectors were healthcare, telecoms and utilities. Conversely the bottom performing sectors were energy, industrials and materials.
Top Ten Holdings | ||||||
Kroger Co. | 0.5% | |||||
Applied Materials, Inc. | 0.5% | |||||
Southwest Airlines Co. | 0.4% | |||||
Aon PLC | 0.4% | |||||
Vertex Pharmaceuticals, Inc. | 0.4% | |||||
Cigna Corp. | 0.4% | |||||
Cardinal Health, Inc. | 0.4% | |||||
Sempra Energy | 0.4% | |||||
Crown Castle International Corp. | 0.4% | |||||
Intuit, Inc. | 0.4% | |||||
* Excludes short-term investments. | ||||||
Portfolio holdings are subject to change daily. |
Current Outlook & Strategy: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. The teetering euro zone economy suggests the European Central Bank may ease interest rates further in the first half of 2015.
__________
* | Returns presented for the Portfolio are net of expenses. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
27 |
Voya Russell™ Mid Cap Index Portfolio | Portfolio Managers’ Report |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||
1 Year | 5 Year | Since Inception of Classes ADV, I and S March 10, 2008 | Since Inception of Class S2 February 27, 2009 | |||||||
Class ADV | 12.22% | 16.23% | 10.58% | — | ||||||
Class I | 12.70% | 16.81% | 11.12% | — | ||||||
Class S | 12.44% | 16.53% | 10.84% | — | ||||||
Class S2 | 12.30% | 16.33% | — | 24.36% | ||||||
Russell Midcap® Index | 13.22% | 17.19% | 11.51% | 25.28% | ||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Mid Cap Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
28 |
Portfolio Managers’ Report | Voya Russell™ Small Cap Index Portfolio |
Sector Diversification | |||||
Financials | 24.3% | ||||
Information Technology | 17.5% | ||||
Health Care | 14.5% | ||||
Industrials | 14.0% | ||||
Consumer Discretionary | 13.5% | ||||
Materials | 4.6% | ||||
Utilities | 3.5% | ||||
Energy | 3.4% | ||||
Consumer Staples | 3.4% | ||||
Telecommunication Services | 0.9% | ||||
Assets in Excess of Other Liabilities* | 0.4% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Voya Russell™ Small Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell 2000® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class S shares provided a total return of 4.66% compared to the Russell 2000® Index, which returned 4.89% for the same period.
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell 2000® Index. The Portfolio attempts to track the Russell 2000® Index by investing in most of the stocks which make up the Russell 2000® Index. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the Russell 2000® Index. This approach is employed because of the relatively large number of small and/or illiquid stocks in the Russell 2000® Index. The Portfolio may not always hold all of the same securities as the Russell 2000® Index.
The top performing sectors were utilities, healthcare, and consumer staples. Conversely the bottom performing sectors were energy, materials and industrials.
Top Ten Holdings | |||||
Isis Pharmaceuticals, Inc. | 0.4% | ||||
RF Micro Devices, Inc. | 0.3% | ||||
Office Depot, Inc. | 0.3% | ||||
Brunswick Corp. | 0.2% | ||||
Triquint Semiconductor, Inc. | 0.3% | ||||
Puma Biotechnology, Inc. | 0.3% | ||||
Ultimate Software Group, Inc. | 0.2% | ||||
Heico Corp. | 0.3% | ||||
RLJ Lodging Trust | 0.2% | ||||
DexCom, Inc. | 0.3% | ||||
* Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Current Outlook & Strategy: Looking ahead, we believe the related effects of collapsing oil prices will vary across industries, regions and asset classes. We believe the United States will maintain a modest pace of growth while global central banks will aggressively fight to improve their own near-term outlooks. In our view, the end of quantitative easing confirms the strength of the U.S. economy, but the uncertain start of interest rate hikes will increase market volatility. The teetering euro zone economy suggests the European Central Bank may ease interest rates further in the first half of 2015.
__________
* | Returns presented for the Portfolio are net of expenses. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
29 |
Voya Russell™ Small Cap Index Portfolio | Portfolio Managers’ Report |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||
1 Year | 5 Year | Since Inception of Classes ADV, I and S March 10, 2008 | Since Inception of Class S2 February 27, 2009 | |||||||
Class ADV | 4.38% | 14.87% | 10.46% | — | ||||||
Class I | 4.93% | 15.46% | 11.00% | — | ||||||
Class S | 4.66% | 15.17% | 10.71% | — | ||||||
Class S2 | 4.55% | 14.98% | — | 22.36% | ||||||
Russell 2000® Index | 4.89% | 15.55% | 11.19% | 23.06% | ||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Small Cap Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
30 |
Portfolio Managers’ Report | Voya U.S. Bond Index Portfolio |
Investment Type Allocation as of December 31, 2014 (as a percentage of net assets) | |||||
U.S. Treasury Obligations | 39.1% | ||||
U.S. Government Agency Obligations | 32.5% | ||||
Corporate Bonds/Notes | 25.4% | ||||
Foreign Government Bonds | 3.7% | ||||
Collateralized Mortgage Obligations | 1.6% | ||||
Municipal Bonds | 1.0% | ||||
Asset-Backed Securities | 0.6% | ||||
Liabilities in Excess of Other Assets* | (3.9)% | ||||
Net Assets | 100.0% | ||||
* Includes short-term investments. Portfolio holdings are subject to change daily. |
Voya U.S. Bond Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Barclays U.S. Aggregate Bond Index. The Portfolio is managed by Bob Kase, CFA, and Matthew Toms, CFA, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance*: For the year ended December 31, 2014, the Portfolio’s Class I shares provided a total return of 5.71% compared to the Barclays U.S. Aggregate Bond Index (the “Index”), which returned 5.97% for the same period.
Portfolio Specifics**: The Portfolio is designed to perform similarly with the benchmark. Duration and curve position throughout the investment period was kept very close to that of the Index and had essentially no impact to relative returns over the period.
Led by the United States, the global economy continued to move closer to recovery. The maximum global rate of asset purchases is behind us despite recent Bank of Japan (“BoJ”) decisions and the likelihood of quantitative easing from the European Central Bank (“ECB”). The resulting liquidity will remain in the system for some time, but its impact has already been felt in the form of low rates and volatility. Despite accommodative central banks holding short-term rates low, rates on the long end of the yield curve have been depressed by demand. Continued yield hunger and central bank activity has driven G10 government rates to rich levels. The ECB and BoJ are locked into accommodative policy for the foreseeable future. However, the U.S. Federal Reserve Board (the “Fed”) continues to move the opposite direction from other central banks. As Fed purchases ceased in October 2014 and communication began to moderate from uber-dovish to merely very dovish, the central bank is becoming a net remover of accommodation. By the second half of the year, growth in the U.S. surprised to the upside. Fundamentals were much weaker for European and Japanese growth and global inflation pressures were very weak. Ten year U.S. Treasury rates fell 85 basis points in 2014. The year ended with a sharp decline in oil prices and the related decline of inflation expectations. Together, this inspired a flight to quality bid for U.S. Treasury securities. The U.S. dollar’s rise and oil’s fall caused a meaningful correction in credit markets, a flattening of the yield curve and eventual contagion into equities. The post-Fed reversal of that weakness has also been meaningful in speed and magnitude. The U.S. central bank now appears committed to beginning its patient normalization process in 2015, amid a backdrop of continued improvement in U.S. labor markets and a perception that lower oil prices will provide consumers with a near-term dividend.
Top Ten Holdings as of December 31, 2014 (as a percentage of net assets) | |||||
United States Treasury Note, 1.875%, 09/30/17 | 2.9% | ||||
Fannie Mae, 3.000%, 11/25/42 | 2.7% | ||||
Ginnie Mae, 3.500%, 10/20/41 | 2.6% | ||||
United States Treasury Note, 2.375%, 07/31/17 | 1.9% | ||||
Fannie Mae, 4.000%, 08/25/40 | 1.8% | ||||
United States Treasury Note, 2.250%, 11/15/24 | 1.7% | ||||
Fannie Mae, 3.000%, 05/01/43 | 1.3% | ||||
United States Treasury Note, 0.625%, 07/15/16 | 1.3% | ||||
United States Treasury Note, 1.250%, 10/31/15 | 1.2% | ||||
Fannie Mae Pool, 2.500%, 12/25/27 | 1.2% | ||||
Portfolio holdings are subject to change daily. |
Current Strategy and Outlook: Going into the New Year, our base case is that the U.S. will maintain a modest pace of growth, while global central banks continue to aggressively fight to improve their own near-term outlooks. In our view, the U.S. economy continues to be the bright spot globally, with unemployment numbers improving and third quarter gross domestic product surpassing expectations. As oil prices begin to find their footing, we expect better behavior by U.S. spread sectors in 2015. Therefore, we believe the recent sell-off of investment-grade corporate bonds represents an attractive buying opportunity. The contrast in monetary policy between the U.S. and the other major economies is likely to become increasingly stark in 2015. The ECB appears likely to soon announce a new quantitative easing program that includes euro-denominated corporate or sovereign bonds. We continue to keep risk assets in the portfolio, as we believe steadier economic growth, coupled with an accommodative Fed, will help spread assets.
We believe economic growth in the U.S. is likely to exceed its long-term trend, but the growth rate is slower than it has been in the past. The Fed’s commitment to forward guidance on zero interest rates will keep policy relatively accommodative. In our opinion, price swings resulting from the Fed’s imperfect communication may distort valuations and create investment opportunities.
Signs of inflation pressure have not arisen and above-target core inflation is unlikely in 2015. However, higher inflation expectations are likely to precede Fed rate hikes, especially if potential growth is higher than expectations. Extremely accommodative monetary policy has contributed to financial repression by depressing the real yields of bonds. Continuation of this trend, alongside a reduction of tail risks, has in our opinion, moved many valuations from cheap to fair. We believe valuations are likely to become significantly richer before the turn of the cycle and yield will provide a balance to slightly higher rates.
_________
* | Returns presented for the Portfolio are net of expenses. |
** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
31 |
Voya U.S. Bond Index Portfolio | Portfolio Managers’ Report |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||||
1 Year | 5 Year | Since Inception of Class I March 7, 2008 | Since Inception of Classes ADV and S March 10, 2008 | Since Inception of Class S2 February 27, 2009 | ||||||||
Class ADV | 5.22% | 3.52% | — | 3.84% | — | |||||||
Class I | 5.71% | 4.01% | 4.34% | — | — | |||||||
Class S | 5.47% | 3.77% | — | 4.06% | — | |||||||
Class S2 | 5.31% | 3.64% | — | — | 4.27% | |||||||
Barclays U.S. Aggregate Bond Index | 5.97% | 4.45% | 4.80% | 4.76% | 5.06% | |||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya U.S. Bond Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable
contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.
This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings are subject to change daily.
Prior to February 21, 2012, the Portfolio was advised by a different sub-adviser.
32 |
SHAREHOLDER EXPENSE EXAMPLES (Unaudited)
As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2014 to December 31, 2014. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your annuity contract. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
Actual Portfolio Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning Account Value July 1, 2014 | Ending Account Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2014* | Beginning Account Value July 1, 2014 | Ending Account Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2014* | |||||||||||||||||||||||||
Voya Australia Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 874.60 | 0.93 | % | $ | 4.39 | $ | 1,000.00 | $ | 1,020.52 | 0.93 | % | $ | 4.74 | ||||||||||||||||
Class I | 1,000.00 | 877.40 | 0.43 | 2.03 | 1,000.00 | 1,023.04 | 0.43 | 2.19 | ||||||||||||||||||||||||
Voya Emerging Markets Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 914.40 | 1.06 | % | $ | 5.11 | $ | 1,000.00 | $ | 1,019.86 | 1.06 | % | $ | 5.40 | ||||||||||||||||
Class I | 1,000.00 | 915.70 | 0.56 | 2.70 | 1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||||||||||||||||||||||
Class S | 1,000.00 | 914.70 | 0.81 | 3.91 | 1,000.00 | 1,021.12 | 0.81 | 4.13 | ||||||||||||||||||||||||
Class S2 | 1,000.00 | 914.50 | 0.96 | 4.63 | 1,000.00 | 1,020.37 | 0.96 | 4.89 | ||||||||||||||||||||||||
Voya Euro STOXX 50® Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 858.70 | 0.94 | % | $ | 4.40 | $ | 1,000.00 | $ | 1,020.47 | 0.94 | % | $ | 4.79 | ||||||||||||||||
Class I | 1,000.00 | 860.50 | 0.44 | 2.06 | 1,000.00 | 1,022.99 | 0.44 | 2.24 | ||||||||||||||||||||||||
Voya FTSE 100 Index® Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 890.40 | 0.91 | % | $ | 4.34 | $ | 1,000.00 | $ | 1,020.62 | 0.91 | % | $ | 4.63 | ||||||||||||||||
Class I | 1,000.00 | 892.60 | 0.41 | 1.96 | 1,000.00 | 1,023.14 | 0.41 | 2.09 | ||||||||||||||||||||||||
Voya Hang Seng Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 1,021.60 | 1.25 | % | $ | 6.37 | $ | 1,000.00 | $ | 1,018.90 | 1.25 | % | $ | 6.36 | ||||||||||||||||
Class I | 1,000.00 | 1,023.60 | 0.75 | 3.83 | 1,000.00 | 1,021.42 | 0.75 | 3.82 | ||||||||||||||||||||||||
Class S | 1,000.00 | 1,022.90 | 1.00 | 5.10 | 1,000.00 | 1,020.16 | 1.00 | 5.09 |
33 |
SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)
Actual Portfolio Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning Account Value July 1, 2014 | Ending Account Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2014* | Beginning Account Value July 1, 2014 | Ending Account Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2014* | |||||||||||||||||||||||||
Voya International Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 897.50 | 0.97 | % | $ | 4.64 | $ | 1,000.00 | $ | 1,020.32 | 0.97 | % | $ | 4.94 | ||||||||||||||||
Class I | 1,000.00 | 899.20 | 0.48 | 2.30 | 1,000.00 | 1,022.79 | 0.48 | 2.45 | ||||||||||||||||||||||||
Class S | 1,000.00 | 897.70 | 0.73 | 3.49 | 1,000.00 | 1,021.53 | 0.73 | 3.72 | ||||||||||||||||||||||||
Class S2 | 1,000.00 | 897.30 | 0.88 | 4.21 | 1,000.00 | 1,020.77 | 0.88 | 4.48 | ||||||||||||||||||||||||
Voya Japan TOPIX Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 935.50 | 0.90 | % | $ | 4.39 | $ | 1,000.00 | $ | 1,020.67 | 0.90 | % | $ | 4.58 | ||||||||||||||||
Class I | 1,000.00 | 937.10 | 0.40 | 1.95 | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||||||||||
Voya Russell™ Large Cap Growth Index Portfolio | ||||||||||||||||||||||||||||||||
Class I | $ | 1,000.00 | $ | 1,067.00 | 0.48 | % | $ | 2.50 | $ | 1,000.00 | $ | 1,022.79 | 0.48 | % | $ | 2.45 | ||||||||||||||||
Class S | 1,000.00 | 1,065.50 | 0.73 | 3.80 | 1,000.00 | 1,021.53 | 0.73 | 3.72 | ||||||||||||||||||||||||
Voya Russell™ Large Cap Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 1,058.10 | 0.87 | % | $ | 4.51 | $ | 1,000.00 | $ | 1,020.82 | 0.87 | % | $ | 4.43 | ||||||||||||||||
Class I | 1,000.00 | 1,060.60 | 0.37 | 1.92 | 1,000.00 | 1,023.34 | 0.37 | 1.89 | ||||||||||||||||||||||||
Class S | 1,000.00 | 1,058.90 | 0.62 | 3.22 | 1,000.00 | 1,022.08 | 0.62 | 3.16 | ||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,058.20 | 0.77 | 3.99 | 1,000.00 | 1,021.32 | 0.77 | 3.92 | ||||||||||||||||||||||||
Voya Russell™ Large Cap Value Index Portfolio | ||||||||||||||||||||||||||||||||
Class I | $ | 1,000.00 | $ | 1,052.00 | 0.48 | % | $ | 2.48 | $ | 1,000.00 | $ | 1,022.79 | 0.48 | % | $ | 2.45 | ||||||||||||||||
Class S | 1,000.00 | 1,051.20 | 0.73 | 3.77 | 1,000.00 | 1,021.53 | 0.73 | 3.72 | ||||||||||||||||||||||||
Voya Russell™ Mid Cap Growth Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 1,045.20 | 0.98 | % | $ | 5.05 | $ | 1,000.00 | $ | 1,020.27 | 0.98 | % | $ | 4.99 | ||||||||||||||||
Class I | 1,000.00 | 1,048.00 | 0.48 | 2.48 | 1,000.00 | 1,022.79 | 0.48 | 2.45 | ||||||||||||||||||||||||
Class S | 1,000.00 | 1,046.60 | 0.73 | 3.77 | 1,000.00 | 1,021.53 | 0.73 | 3.72 | ||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,045.90 | 0.88 | 4.54 | 1,000.00 | 1,020.77 | 0.88 | 4.48 | ||||||||||||||||||||||||
Voya Russell™ Mid Cap Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 1,036.80 | 0.93 | % | $ | 4.77 | $ | 1,000.00 | $ | 1,020.52 | 0.93 | % | $ | 4.74 | ||||||||||||||||
Class I | 1,000.00 | 1,039.10 | 0.43 | 2.21 | 1,000.00 | 1,023.04 | 0.43 | 2.19 | ||||||||||||||||||||||||
Class S | 1,000.00 | 1,038.20 | 0.68 | 3.49 | 1,000.00 | 1,021.78 | 0.68 | 3.47 | ||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,037.30 | 0.83 | 4.26 | 1,000.00 | 1,021.02 | 0.83 | 4.23 | ||||||||||||||||||||||||
Voya Russell™ Small Cap Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 1,013.20 | 0.95 | % | $ | 4.82 | $ | 1,000.00 | $ | 1,020.42 | 0.95 | % | $ | 4.84 | ||||||||||||||||
Class I | 1,000.00 | 1,016.00 | 0.45 | 2.29 | 1,000.00 | 1,022.94 | 0.45 | 2.29 | ||||||||||||||||||||||||
Class S | 1,000.00 | 1,014.30 | 0.70 | 3.55 | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,013.80 | 0.85 | 4.31 | 1,000.00 | 1,020.92 | 0.85 | 4.33 | ||||||||||||||||||||||||
Voya U.S. Bond Index Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 1,016.50 | 0.91 | % | $ | 4.63 | $ | 1,000.00 | $ | 1,020.62 | 0.91 | % | $ | 4.63 | ||||||||||||||||
Class I | 1,000.00 | 1,018.20 | 0.41 | 2.09 | 1,000.00 | 1,023.14 | 0.41 | 2.09 | ||||||||||||||||||||||||
Class S | 1,000.00 | 1,017.30 | 0.66 | 3.36 | 1,000.00 | 1,021.88 | 0.66 | 3.36 | ||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,016.10 | 0.81 | 4.12 | 1,000.00 | 1,021.12 | 0.81 | 4.13 |
__________
* | Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year. |
34 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Shareholders and Board of Directors
Voya Variable Portfolios, Inc.
We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Voya Australia Index Portfolio, Voya Emerging Markets Index Portfolio, Voya Euro STOXX 50® Index Portfolio, Voya FTSE 100 Index® Portfolio, Voya Hang Seng Index Portfolio, Voya International Index Portfolio, Voya Japan TOPIX Index Portfolio, Voya Russell™ Large Cap Growth Index Portfolio, Voya Russell™ Large Cap Index Portfolio, Voya Russell™ Large Cap Value Index Portfolio, Voya Russell™ Mid Cap Growth Index Portfolio, Voya Russell™ Mid Cap Index Portfolio, Voya Russell™ Small Cap Index Portfolio, and Voya U.S. Bond Index Portfolio, each a series of Voya Variable Portfolios, Inc., as of December 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned funds of Voya Variable Portfolios, Inc. as of December 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.
Boston, Massachusetts
February 20, 2015
35 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014
Voya Australia Index Portfolio | Voya Emerging Markets Index Portfolio | Voya Euro STOXX 50® Index Portfolio | Voya FTSE 100 Index® Portfolio | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at fair value+* | $ | 188,306,122 | $ | 622,560,855 | $ | 459,167,329 | $ | 406,676,507 | ||||||||
Short-term investments at fair value** | 21,405,887 | 48,477,408 | — | — | ||||||||||||
Total investments at fair value | $ | 209,712,009 | $ | 671,038,263 | $ | 459,167,329 | $ | 406,676,507 | ||||||||
Cash | 393 | — | 4,181,031 | 10,621,122 | ||||||||||||
Cash collateral for futures | 516,424 | 676,935 | 679,765 | 567,796 | ||||||||||||
Foreign currencies at value*** | 112,397 | 5,004,666 | 314,804 | 441,625 | ||||||||||||
Foreign cash collateral for futures**** | 49,515 | — | 236,874 | 205,867 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 130,471 | 132,558 | 39,526 | ||||||||||||
Fund shares sold | 3,761 | 69,433 | 70,638 | 30,926 | ||||||||||||
Dividends | 334,491 | 1,188,409 | — | 929,972 | ||||||||||||
Foreign tax reclaims | — | — | 115,069 | 35,474 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 2,186 | — | 7,544 | 11,735 | ||||||||||||
Prepaid expenses | 1,461 | 5,134 | 3,512 | 52,901 | ||||||||||||
Other assets | 2,007 | 2,132 | 8,101 | 6,494 | ||||||||||||
Total assets | 210,734,644 | 678,115,443 | 464,917,225 | 419,619,945 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 16,263,522 | 24,588,920 | — | — | ||||||||||||
Payable for fund shares redeemed | 105,430 | 1,561,541 | 244,186 | 227,081 | ||||||||||||
Payable upon receipt of securities loaned | 3,662,887 | 10,986,408 | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 10,815 | — | 125,932 | 19,353 | ||||||||||||
Payable for investment management fees | 51,530 | 206,819 | 142,157 | 123,577 | ||||||||||||
Payable for distribution and shareholder service fees | — | — | 12,247 | 2,889 | ||||||||||||
Payable to custodian due to bank overdraft | — | 4,357,469 | — | — | ||||||||||||
Payable for directors fees | 1,030 | 3,347 | 2,483 | 2,209 | ||||||||||||
Payable to directors under the deferred compensation plan (Note 6) | 2,007 | 2,132 | 8,101 | 6,494 | ||||||||||||
Other accrued expenses and liabilities | 46,650 | 619,536 | 145,472 | 135,090 | ||||||||||||
Total liabilities | 20,143,871 | 42,326,172 | 680,578 | 516,693 | ||||||||||||
NET ASSETS | $ | 190,590,773 | $ | 635,789,271 | $ | 464,236,647 | $ | 419,103,252 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 197,981,950 | $ | 677,383,151 | $ | 429,785,125 | $ | 324,288,546 | ||||||||
Undistributed net investment income | 9,847,837 | 12,678,472 | 15,031,653 | 27,895,584 | ||||||||||||
Accumulated net realized gain (loss) | (9,150,924 | ) | (14,568,564 | ) | (60,313,333 | ) | 8,166,254 | |||||||||
Net unrealized appreciation (depreciation) | (8,088,090 | ) | (39,703,788 | ) | 79,733,202 | 58,752,868 | ||||||||||
NET ASSETS | $ | 190,590,773 | $ | 635,789,271 | $ | 464,236,647 | $ | 419,103,252 | ||||||||
____________ | ||||||||||||||||
+ Including securities loaned at value | $ | 3,442,629 | $ | 10,410,507 | $ | — | $ | — | ||||||||
* Cost of investments in securities | $ | 196,352,364 | $ | 662,477,439 | $ | 379,405,853 | $ | 348,135,758 | ||||||||
** Cost of short-term investments | $ | 21,405,887 | $ | 48,477,408 | $ | — | $ | — | ||||||||
*** Cost of foreign currencies | $ | 111,430 | $ | 5,013,431 | $ | 318,618 | $ | 440,153 | ||||||||
**** Cost of foreign cash collateral for futures | $ | 49,515 | $ | — | $ | 236,874 | $ | 205,867 |
See Accompanying Notes to Financial Statements
36 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014 (continued)
Voya Australia Index Portfolio | Voya Emerging Markets Index Portfolio | Voya Euro STOXX 50® Index Portfolio | Voya FTSE 100 Index® Portfolio | |||||||||||||
Class ADV | ||||||||||||||||
Net assets | $ | 2,722 | $ | 3,171 | $ | 28,159,087 | $ | 6,675,405 | ||||||||
Shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
Shares outstanding | 300 | 300 | 2,710,504 | 591,361 | ||||||||||||
Net asset value and redemption price per share | $ | 9.07 | $ | 10.57 | $ | 10.39 | $ | 11.29 | ||||||||
Class I | ||||||||||||||||
Net assets | $ | 190,588,051 | $ | 635,779,738 | $ | 436,077,560 | $ | 412,427,847 | ||||||||
Shares authorized | 100,000,000 | 100,000,000 | 200,000,000 | 100,000,000 | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
Shares outstanding | 20,814,237 | 59,684,675 | 41,567,457 | 36,201,085 | ||||||||||||
Net asset value and redemption price per share | $ | 9.16 | $ | 10.65 | $ | 10.49 | $ | 11.39 | ||||||||
Class S | ||||||||||||||||
Net assets | n/a | $ | 3,184 | n/a | n/a | |||||||||||
Shares authorized | n/a | 100,000,000 | n/a | n/a | ||||||||||||
Par value | n/a | $ | 0.001 | n/a | n/a | |||||||||||
Shares outstanding | n/a | 300 | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | n/a | $ | 10.61 | n/a | n/a | |||||||||||
Class S2 | ||||||||||||||||
Net assets | n/a | $ | 3,178 | n/a | n/a | |||||||||||
Shares authorized | n/a | 100,000,000 | n/a | n/a | ||||||||||||
Par value | n/a | $ | 0.001 | n/a | n/a | |||||||||||
Shares outstanding | n/a | 300 | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | n/a | $ | 10.59 | n/a | n/a |
See Accompanying Notes to Financial Statements
37 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014
Voya Hang Seng Index Portfolio | Voya International Index Portfolio | Voya Japan TOPIX Index Portfolio | Voya Russell™ Large Cap Growth Index Portfolio | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at fair value+* | $ | 107,676,248 | $ | 1,510,118,494 | $ | 353,114,456 | $ | 527,955,291 | ||||||||
Short-term investments at fair value** | 3,892,557 | 24,122,799 | 7,004,257 | 27,241,055 | ||||||||||||
Total investments at fair value | $ | 111,568,805 | $ | 1,534,241,293 | $ | 360,118,713 | $ | 555,196,346 | ||||||||
Cash | 460 | 15,545 | 8,379,555 | 1,273 | ||||||||||||
Cash collateral for futures | 107,183 | 623,616 | 264,479 | 1,110,189 | ||||||||||||
Foreign currencies at value*** | 279,807 | 224,203 | 124,075 | — | ||||||||||||
Foreign cash collateral for futures**** | 198,701 | — | 120,508 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 85,276 | — | — | ||||||||||||
Fund shares sold | 1,447 | 23,679,526 | 62,557 | 267 | ||||||||||||
Dividends | 70 | 1,351,173 | 365,453 | 611,926 | ||||||||||||
Foreign tax reclaims | — | 1,012,370 | 143,887 | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 329 | — | — | — | ||||||||||||
Prepaid expenses | 952 | 12,480 | 2,915 | 3,923 | ||||||||||||
Reimbursement due from manager | 787 | 141,597 | — | — | ||||||||||||
Other assets | 1,778 | 40,477 | 5,178 | 5,207 | ||||||||||||
Total assets | 112,160,319 | 1,561,427,556 | 369,587,320 | 556,929,131 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | — | 52,605 | — | 13,947,666 | ||||||||||||
Payable for fund shares redeemed | 73,752 | 2,755,767 | 194,639 | 523,859 | ||||||||||||
Payable upon receipt of securities loaned | 1,750,557 | 9,702,799 | 7,004,257 | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 470 | — | 52,377 | — | ||||||||||||
Payable for investment management fees | 46,529 | 475,514 | 108,628 | 159,494 | ||||||||||||
Payable for administrative fees | 9,306 | 132,362 | — | 45,757 | ||||||||||||
Payable for distribution and shareholder service fees | 8,209 | 401,666 | 4,610 | 54,422 | ||||||||||||
Payable for directors fees | 592 | 7,255 | 1,922 | 2,470 | ||||||||||||
Payable to directors under the deferred compensation plan (Note 6) | 1,778 | 40,477 | 5,178 | 5,207 | ||||||||||||
Other accrued expenses and liabilities | 71,223 | 390,049 | 90,169 | 51,878 | ||||||||||||
Total liabilities | 1,962,416 | 13,958,494 | 7,461,780 | 14,790,753 | ||||||||||||
NET ASSETS | $ | 110,197,903 | $ | 1,547,469,062 | $ | 362,125,540 | $ | 542,138,378 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 89,752,673 | $ | 1,643,849,081 | $ | 330,256,342 | $ | 417,298,730 | ||||||||
Undistributed net investment income | 3,422,653 | 42,736,671 | 4,381,207 | 5,818,905 | ||||||||||||
Accumulated net realized loss | (5,533,606 | ) | (184,500,025 | ) | (25,613 | ) | (128,153,961 | ) | ||||||||
Net unrealized appreciation | 22,556,183 | 45,383,335 | 27,513,604 | 247,174,704 | ||||||||||||
NET ASSETS | $ | 110,197,903 | $ | 1,547,469,062 | $ | 362,125,540 | $ | 542,138,378 | ||||||||
____________ | ||||||||||||||||
+ Including securities loaned at value | $ | 1,645,981 | $ | 8,798,077 | $ | 6,641,217 | $ | — | ||||||||
* Cost of investments in securities | $ | 85,149,273 | $ | 1,464,648,500 | $ | 325,506,649 | $ | 281,110,623 | ||||||||
** Cost of short-term investments | $ | 3,892,557 | $ | 24,122,799 | $ | 7,004,257 | $ | 27,241,055 | ||||||||
*** Cost of foreign currencies | $ | 279,716 | $ | 230,587 | $ | 123,318 | $ | — | ||||||||
**** Cost of foreign cash collateral for futures | $ | 198,701 | $ | — | $ | 120,508 | $ | — |
See Accompanying Notes to Financial Statements
38 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014 (continued)
Voya Hang Seng Index Portfolio | Voya International Index Portfolio | Voya Japan TOPIX Index Portfolio | Voya Russell™ Large Cap Growth Index Portfolio | |||||||||||||
Class ADV | ||||||||||||||||
Net assets | $ | 1,646,556 | $ | 917,139,055 | $ | 10,612,819 | n/a | |||||||||
Shares authorized | 100,000,000 | 250,000,000 | 100,000,000 | n/a | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | n/a | |||||||||
Shares outstanding | 115,807 | 99,840,459 | 1,075,412 | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 14.22 | $ | 9.19 | $ | 9.87 | n/a | |||||||||
Class I | ||||||||||||||||
Net assets | $ | 73,751,309 | $ | 535,837,815 | $ | 351,512,721 | $ | 280,621,573 | ||||||||
Shares authorized | 100,000,000 | 200,000,000 | 100,000,000 | 100,000,000 | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
Shares outstanding | 5,142,113 | 57,177,694 | 35,219,693 | 11,526,551 | ||||||||||||
Net asset value and redemption price per share | $ | 14.34 | $ | 9.37 | $ | 9.98 | $ | 24.35 | ||||||||
Class S | ||||||||||||||||
Net assets | $ | 34,800,038 | $ | 92,340,133 | n/a | $ | 261,516,805 | |||||||||
Shares authorized | 100,000,000 | 100,000,000 | n/a | 100,000,000 | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | n/a | $ | 0.001 | |||||||||
Shares outstanding | 2,433,039 | 9,926,498 | n/a | 10,791,267 | ||||||||||||
Net asset value and redemption price per share | $ | 14.30 | $ | 9.30 | n/a | $ | 24.23 | |||||||||
Class S2 | ||||||||||||||||
Net assets | n/a | $ | 2,152,059 | n/a | n/a | |||||||||||
Shares authorized | n/a | 100,000,000 | n/a | n/a | ||||||||||||
Par value | n/a | $ | 0.001 | n/a | n/a | |||||||||||
Shares outstanding | n/a | 232,445 | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | n/a | $ | 9.26 | n/a | n/a |
See Accompanying Notes to Financial Statements
39 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014
Voya Russell™ Large Cap Index Portfolio | Voya Russell™ Large Cap Value Index Portfolio | Voya Russell™ Mid Cap Growth Index Portfolio | Voya Russell™ Mid Cap Index Portfolio | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at fair value+* | $ | 824,927,673 | $ | 197,802,438 | $ | 426,394,551 | $ | 2,285,908,684 | ||||||||
Short-term investments at fair value** | 23,614,000 | 9,062,000 | 13,410,926 | 49,523,361 | ||||||||||||
Total investments at fair value | $ | 848,541,673 | $ | 206,864,438 | $ | 439,805,477 | $ | 2,335,432,045 | ||||||||
Cash | 935 | 15 | — | — | ||||||||||||
Cash collateral for futures | 917,509 | 294,356 | 144,900 | 801,780 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 191,184 | 1,708,017 | ||||||||||||
Fund shares sold | 980,921 | 455,300 | 46,268 | 438,966 | ||||||||||||
Dividends | 1,104,491 | 293,081 | 243,057 | 2,978,831 | ||||||||||||
Foreign tax reclaims | — | 306 | — | 153 | ||||||||||||
Prepaid expenses | 6,357 | 1,513 | 3,280 | 18,178 | ||||||||||||
Reimbursement due from manager | 10,866 | — | — | — | ||||||||||||
Other assets | 53,217 | 1,552 | 3,972 | 28,010 | ||||||||||||
Total assets | 851,615,969 | 207,910,561 | 440,438,138 | 2,341,405,980 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | — | — | 143,824 | 1,749,161 | ||||||||||||
Payable for fund shares redeemed | 1,622,491 | 83,589 | 2,892,589 | 2,242,261 | ||||||||||||
Payable upon receipt of securities loaned | — | — | 9,487,925 | 28,736,361 | ||||||||||||
Payable for investment management fees | 180,580 | 61,215 | 127,536 | 610,103 | ||||||||||||
Payable for administrative fees | 72,232 | 17,488 | 36,438 | 199,471 | ||||||||||||
Payable for distribution and shareholder service fees | 148,791 | 32,803 | 67,254 | 137,504 | ||||||||||||
Payable to custodian due to bank overdraft | — | — | 39,906 | 317,381 | ||||||||||||
Payable for directors fees | 3,970 | 915 | 2,121 | 11,604 | ||||||||||||
Payable to directors under the deferred compensation plan (Note 6) | 53,217 | 1,552 | 3,972 | 28,010 | ||||||||||||
Other accrued expenses and liabilities | 53,967 | 26,499 | 38,395 | 205,280 | ||||||||||||
Total liabilities | 2,135,248 | 224,061 | 12,839,960 | 34,237,136 | ||||||||||||
NET ASSETS | $ | 849,480,721 | $ | 207,686,500 | $ | 427,598,178 | $ | 2,307,168,844 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 578,062,112 | $ | 141,321,921 | $ | 335,829,947 | $ | 1,043,378,062 | ||||||||
Undistributed net investment income | 11,991,815 | 3,101,190 | 2,566,449 | 26,249,768 | ||||||||||||
Accumulated net realized gain (loss) | (206,574,597 | ) | (7,400,947 | ) | (78,360,751 | ) | 160,547,572 | |||||||||
Net unrealized appreciation | 466,001,391 | 70,664,336 | 167,562,533 | 1,076,993,442 | ||||||||||||
NET ASSETS | $ | 849,480,721 | $ | 207,686,500 | $ | 427,598,178 | $ | 2,307,168,844 | ||||||||
+ Including securities loaned at value | $ | — | $ | — | $ | 9,259,602 | $ | 27,984,663 | ||||||||
* Cost of investments in securities | $ | 359,453,988 | $ | 127,265,338 | $ | 258,978,568 | $ | 1,209,761,439 | ||||||||
** Cost of short-term investments | $ | 23,614,000 | $ | 9,062,000 | $ | 13,410,926 | $ | 49,523,361 |
See Accompanying Notes to Financial Statements
40 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014 (continued)
Voya Russell™ Large Cap Index Portfolio | Voya Russell™ Large Cap Value Index Portfolio | Voya Russell™ Mid Cap Growth Index Portfolio | Voya Russell™ Mid Cap Index Portfolio | |||||||||||||
Class ADV | ||||||||||||||||
Net assets | $ | 35,656,423 | n/a | $ | 8,113 | $ | 129,171,885 | |||||||||
Shares authorized | 100,000,000 | n/a | 100,000,000 | 100,000,000 | ||||||||||||
Par value | $ | 0.001 | n/a | $ | 0.001 | $ | 0.001 | |||||||||
Shares outstanding | 2,277,532 | n/a | 300 | 7,635,770 | ||||||||||||
Net asset value and redemption price per share | $ | 15.66 | n/a | $ | 27.04 | $ | 16.92 | |||||||||
Class I | ||||||||||||||||
Net assets | $ | 188,647,454 | $ | 51,204,505 | $ | 111,456,059 | $ | 1,794,154,326 | ||||||||
Shares authorized | 400,000,000 | 100,000,000 | 100,000,000 | 300,000,000 | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
Shares outstanding | 11,844,084 | 2,555,842 | 4,086,000 | 103,798,354 | ||||||||||||
Net asset value and redemption price per share | $ | 15.93 | $ | 20.03 | $ | 27.28 | $ | 17.28 | ||||||||
Class S | ||||||||||||||||
Net assets | $ | 620,477,027 | $ | 156,481,995 | $ | 313,922,558 | $ | 365,134,166 | ||||||||
Shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
Shares outstanding | 39,219,713 | 7,852,265 | 11,543,603 | 21,310,462 | ||||||||||||
Net asset value and redemption price per share | $ | 15.82 | $ | 19.93 | $ | 27.19 | $ | 17.13 | ||||||||
Class S2 | ||||||||||||||||
Net assets | $ | 4,699,817 | n/a | $ | 2,211,448 | $ | 18,708,467 | |||||||||
Shares authorized | 100,000,000 | n/a | 100,000,000 | 100,000,000 | ||||||||||||
Par value | $ | 0.001 | n/a | $ | 0.001 | $ | 0.001 | |||||||||
Shares outstanding | 294,011 | n/a | 81,557 | 1,102,420 | ||||||||||||
Net asset value and redemption price per share | $ | 15.99 | n/a | $ | 27.12 | $ | 16.97 |
See Accompanying Notes to Financial Statements
41 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014
Voya Russell™ Small Cap Index Portfolio | Voya U.S. Bond Index Portfolio | |||||||
ASSETS: | ||||||||
Investments in securities at fair value+* | $ | 953,740,251 | $ | 4,026,402,578 | ||||
Short-term investments at fair value** | 58,712,954 | 207,216,764 | ||||||
Total investments at fair value | $ | 1,012,453,205 | $ | 4,233,619,342 | ||||
Short-term investments at amortized cost | — | 126,558,009 | ||||||
Cash | — | 649,906 | ||||||
Cash collateral for futures | 206,500 | — | ||||||
Cash pledged for centrally cleared swaps (Note 2) | — | 720,000 | ||||||
Foreign currencies at value*** | 2,259 | — | ||||||
Receivables: | ||||||||
Investment securities sold | 8,038 | 66,293,032 | ||||||
Investment securities sold on a delayed-delivery or when-issued basis | — | 155,154,277 | ||||||
Fund shares sold | 123,537 | 816,096 | ||||||
Dividends | 1,130,924 | 550 | ||||||
Interest | — | 21,918,700 | ||||||
Variation margin receivable on centrally cleared swaps | — | 6,020 | ||||||
Prepaid expenses | 7,346 | 32,965 | ||||||
Reimbursement due from manager | 15,454 | — | ||||||
Other assets | 18,833 | 61,757 | ||||||
Total assets | 1,013,966,096 | 4,605,830,654 | ||||||
LIABILITIES: | ||||||||
Payable for investment securities purchased | — | 24,835,218 | ||||||
Payable for investment securities purchased on a delayed-delivery or when-issued basis | — | 662,301,379 | ||||||
Payable for fund shares redeemed | 1,473,418 | 5,724,919 | ||||||
Payable upon receipt of securities loaned | 53,941,954 | 33,615,614 | ||||||
Cash received as collateral for delayed-delivery or when-issued securities (Note 2) | — | 2,473,640 | ||||||
Payable for investment management fees | 269,502 | 909,845 | ||||||
Payable for administrative fees | 81,667 | 327,071 | ||||||
Payable for distribution and shareholder service fees | 93,994 | 60,491 | ||||||
Payable to custodian due to bank overdraft | 666 | — | ||||||
Payable for directors fees | 4,961 | 19,851 | ||||||
Payable to directors under the deferred compensation plan (Note 6) | 18,833 | 61,757 | ||||||
Other accrued expenses and liabilities | 53,389 | 359,274 | ||||||
Total liabilities | 55,938,384 | 730,689,059 | ||||||
NET ASSETS | $ | 958,027,712 | $ | 3,875,141,595 | ||||
NET ASSETS WERE COMPRISED OF: | ||||||||
Paid-in capital | $ | 514,365,583 | $ | 3,759,075,266 | ||||
Undistributed (distributions in excess of) net investment income | 9,194,159 | 3,368,879 | ||||||
Accumulated net realized gain | 81,400,057 | 5,105,925 | ||||||
Net unrealized appreciation | 353,067,913 | 107,591,525 | ||||||
NET ASSETS | $ | 958,027,712 | $ | 3,875,141,595 | ||||
+ Including securities loaned at value | $ | 52,205,581 | $ | 32,916,317 | ||||
* Cost of investments in securities | $ | 600,923,953 | $ | 3,918,891,663 | ||||
** Cost of short-term investments | $ | 58,712,954 | $ | 207,216,764 | ||||
*** Cost of foreign currencies | $ | 2,259 | $ | — |
See Accompanying Notes to Financial Statements
42 |
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2014 (continued)
Voya Russell™ Small Cap Index Portfolio | Voya U.S. Bond Index Portfolio | |||||||
Class ADV | ||||||||
Net assets | $ | 74,404,964 | $ | 18,504,627 | ||||
Shares authorized | 100,000,000 | 100,000,000 | ||||||
Par value | $ | 0.001 | $ | 0.001 | ||||
Shares outstanding | 4,614,373 | 1,725,294 | ||||||
Net asset value and redemption price per share | $ | 16.12 | $ | 10.73 | ||||
Class I | ||||||||
Net assets | $ | 590,477,223 | $ | 3,613,512,540 | ||||
Shares authorized | 100,000,000 | 700,000,000 | ||||||
Par value | $ | 0.001 | $ | 0.001 | ||||
Shares outstanding | 35,780,396 | 335,772,984 | ||||||
Net asset value and redemption price per share | $ | 16.50 | $ | 10.76 | ||||
Class S | ||||||||
Net assets | $ | 283,518,248 | $ | 240,485,373 | ||||
Shares authorized | 100,000,000 | 100,000,000 | ||||||
Par value | $ | 0.001 | $ | 0.001 | ||||
Shares outstanding | 17,317,193 | 22,405,805 | ||||||
Net asset value and redemption price per share | $ | 16.37 | $ | 10.73 | ||||
Class S2 | ||||||||
Net assets | $ | 9,627,277 | $ | 2,639,055 | ||||
Shares authorized | 100,000,000 | 100,000,000 | ||||||
Par value | $ | 0.001 | $ | 0.001 | ||||
Shares outstanding | 595,605 | 245,763 | ||||||
Net asset value and redemption price per share | $ | 16.16 | $ | 10.74 |
See Accompanying Notes to Financial Statements
43 |
STATEMENTS OF OPERATIONS For the Year ended December 31, 2014
Voya Australia Index Portfolio | Voya Emerging Markets Index Portfolio | Voya Euro STOXX 50® Index Portfolio | Voya FTSE 100 Index® Portfolio | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 9,137,143 | $ | 15,822,240 | $ | 17,137,165 | $ | 30,135,236 | ||||||||
Interest | 7,756 | 779 | 122 | 395 | ||||||||||||
Securities lending income, net | 45,456 | 240,902 | 825,947 | 104,070 | ||||||||||||
Total investment income | 9,190,355 | 16,063,921 | 17,963,234 | 30,239,701 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 1,210,703 | 3,380,367 | 2,979,240 | 2,651,269 | ||||||||||||
Distribution and shareholder service fees: | ||||||||||||||||
Class ADV | 15 | 15 | 157,583 | 36,820 | ||||||||||||
Class S | — | 7 | — | — | ||||||||||||
Class S2 | — | 15 | — | — | ||||||||||||
Transfer agent fees | 289 | 1,025 | 606 | 536 | ||||||||||||
Administrative service fees | 201,781 | 614,606 | 496,534 | 441,873 | ||||||||||||
Shareholder reporting expense | 4,793 | 18,182 | 20,015 | 1,275 | ||||||||||||
Professional fees | 27,189 | 101,625 | 43,422 | 44,425 | ||||||||||||
Custody and accounting expense | 108,579 | 649,886 | 148,935 | 111,124 | ||||||||||||
Directors fees | 6,053 | 20,082 | 14,896 | 13,256 | ||||||||||||
License fee | 15,000 | 184,379 | 184,958 | 64,190 | ||||||||||||
Miscellaneous expense | 7,172 | 20,386 | 12,983 | 7,120 | ||||||||||||
Interest expense | 623 | 5,019 | 1,092 | 601 | ||||||||||||
Total expenses | 1,582,197 | 4,995,594 | 4,060,264 | 3,372,489 | ||||||||||||
Net waived and reimbursed fees | (706,239 | ) | (1,536,530 | ) | (1,737,878 | ) | (1,546,563 | ) | ||||||||
Net expenses | 875,958 | 3,459,064 | 2,322,386 | 1,825,926 | ||||||||||||
Net investment income | 8,314,397 | 12,604,857 | 15,640,848 | 28,413,775 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (1,118,962 | ) | (8,240,809 | ) | 14,546,769 | 10,036,448 | ||||||||||
Foreign currency related transactions | 121,063 | (352,539 | ) | (605,811 | ) | (458,140 | ) | |||||||||
Futures | (44,624 | ) | (479,249 | ) | 500,914 | 114,932 | ||||||||||
Net realized gain (loss) | (1,042,523 | ) | (9,072,597 | ) | 14,441,872 | 9,693,240 | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (15,204,389 | ) | (28,666,399 | ) | (74,635,556 | ) | (64,960,321 | ) | ||||||||
Foreign currency related transactions | (40,736 | ) | 28,470 | (144,164 | ) | (119,912 | ) | |||||||||
Futures | (111,212 | ) | (214,302 | ) | (167,748 | ) | (4,972 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (15,356,337 | ) | (28,852,231 | ) | (74,947,468 | ) | (65,085,205 | ) | ||||||||
Net realized and unrealized loss | (16,398,860 | ) | (37,924,828 | ) | (60,505,596 | ) | (55,391,965 | ) | ||||||||
Decrease in net assets resulting from operations | $ | (8,084,463 | ) | $ | (25,319,971 | ) | $ | (44,864,748 | ) | $ | (26,978,190 | ) | ||||
* Foreign taxes withheld | $ | 153,589 | $ | 1,953,891 | $ | 2,194,302 | $ | 213,333 |
See Accompanying Notes to Financial Statements
44 |
STATEMENTS OF OPERATIONS For the Year ended December 31, 2014
Voya Hang Seng Index Portfolio | Voya International Index Portfolio | Voya Japan TOPIX Index Portfolio | Voya Russell™ Large Cap Growth Index Portfolio | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 4,331,668 | $ | 50,502,719 | $ | 6,735,032 | $ | 8,750,573 | ||||||||
Interest | — | 9,590 | 59 | — | ||||||||||||
Securities lending income, net | 5,065 | 1,171,179 | 94,592 | 10,842 | ||||||||||||
Total investment income | 4,336,733 | 51,683,488 | 6,829,683 | 8,761,415 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 709,816 | 5,217,976 | 2,306,323 | 2,221,789 | ||||||||||||
Distribution and shareholder service fees: | ||||||||||||||||
Class ADV | 9,732 | 4,089,870 | 66,683 | — | ||||||||||||
Class S | 94,645 | 279,164 | — | 556,012 | ||||||||||||
Class S2 | — | 13,111 | — | — | ||||||||||||
Transfer agent fees | 253 | 2,941 | 538 | 924 | ||||||||||||
Administrative service fees | 118,301 | 1,450,889 | 384,383 | 494,004 | ||||||||||||
Shareholder reporting expense | 12,360 | 59,235 | 13,358 | 37,420 | ||||||||||||
Professional fees | 25,550 | 91,472 | 37,114 | 47,388 | ||||||||||||
Custody and accounting expense | 100,914 | 459,710 | 109,301 | 45,800 | ||||||||||||
Directors fees | 3,549 | 43,527 | 11,532 | 14,820 | ||||||||||||
License fee | 47,321 | 435,261 | 23,070 | — | ||||||||||||
Miscellaneous expense | 8,406 | 29,222 | 9,768 | 10,746 | ||||||||||||
Interest expense | 554 | 901 | 309 | 480 | ||||||||||||
Total expenses | 1,131,401 | 12,173,279 | 2,962,379 | 3,429,383 | ||||||||||||
Net waived and reimbursed fees | (138,665 | ) | (885,258 | ) | (1,345,346 | ) | (494,004 | ) | ||||||||
Net expenses | 992,736 | 11,288,021 | 1,617,033 | 2,935,379 | ||||||||||||
Net investment income | 3,343,997 | 40,395,467 | 5,212,650 | 5,826,036 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 909,031 | (11,991,702 | ) | 4,471,180 | 27,375,676 | |||||||||||
Foreign currency related transactions | 1,211 | (405,632 | ) | (1,035,811 | ) | — | ||||||||||
Futures | 101,252 | (1,773,676 | ) | 654,153 | 1,701,759 | |||||||||||
Net realized gain (loss) | 1,011,494 | (14,171,010 | ) | 4,089,522 | 29,077,435 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (459,550 | ) | (98,933,639 | ) | (28,493,745 | ) | 25,448,801 | |||||||||
Foreign currency related transactions | 162 | (153,281 | ) | 263,851 | — | |||||||||||
Futures | 4,248 | (1,254,307 | ) | (515,613 | ) | 167,316 | ||||||||||
Net change in unrealized appreciation (depreciation) | (455,140 | ) | (100,341,227 | ) | (28,745,507 | ) | 25,616,117 | |||||||||
Net realized and unrealized gain (loss) | 556,354 | (114,512,237 | ) | (24,655,985 | ) | 54,693,552 | ||||||||||
Increase (decrease) in net assets resulting from operations | $ | 3,900,351 | $ | (74,116,770 | ) | $ | (19,443,335 | ) | $ | 60,519,588 | ||||||
* Foreign taxes withheld | $ | 196,129 | $ | 3,881,699 | $ | 820,894 | $ | — |
See Accompanying Notes to Financial Statements
45 |
STATEMENTS OF OPERATIONS For the Year ended December 31, 2014
Voya Russell™ Large Cap Index Portfolio | Voya Russell™ Large Cap Value Index Portfolio | Voya Russell™ Mid Cap Growth Index Portfolio | Voya Russell™ Mid Cap Index Portfolio | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 16,600,749 | $ | 4,337,466 | $ | 5,205,150 | $ | 36,300,474 | ||||||||
Interest | — | — | — | 29 | ||||||||||||
Securities lending income, net | 18,888 | 4,679 | 223,877 | 953,417 | ||||||||||||
Total investment income | 16,619,637 | 4,342,145 | 5,429,027 | 37,253,920 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 1,984,980 | 823,330 | 1,909,728 | 6,969,963 | ||||||||||||
Distribution and shareholder service fees: | ||||||||||||||||
Class ADV | 165,912 | — | 37 | 552,343 | ||||||||||||
Class S | 1,451,553 | 332,293 | 796,300 | 826,541 | ||||||||||||
Class S2 | 19,647 | — | 10,795 | 85,921 | ||||||||||||
Transfer agent fees | 1,131 | 381 | 801 | 3,127 | ||||||||||||
Administrative service fees | 793,986 | 182,960 | 424,379 | 2,320,783 | ||||||||||||
Shareholder reporting expense | 48,777 | 12,060 | 12,775 | 110,029 | ||||||||||||
Professional fees | 62,232 | 14,257 | 40,130 | 183,934 | ||||||||||||
Custody and accounting expense | 81,195 | 18,265 | 48,690 | 247,676 | ||||||||||||
Directors fees | 23,820 | 5,488 | 12,731 | 69,624 | ||||||||||||
Miscellaneous expense | 24,431 | 4,534 | 10,423 | 68,842 | ||||||||||||
Interest expense | — | 68 | 178 | 864 | ||||||||||||
Total expenses | 4,657,664 | 1,393,636 | 3,266,967 | 11,439,647 | ||||||||||||
Net recouped/waived and reimbursed fees | (79,606 | ) | (182,955 | ) | (426,538 | ) | 5,356 | |||||||||
Net expenses | 4,578,058 | 1,210,681 | 2,840,429 | 11,445,003 | ||||||||||||
Net investment income | 12,041,579 | 3,131,464 | 2,588,598 | 25,808,917 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 15,350,737 | 5,029,946 | 24,441,634 | 170,804,663 | ||||||||||||
Futures | 1,221,288 | 764,397 | 287,363 | 1,936,974 | ||||||||||||
Net realized gain | 16,572,025 | 5,794,343 | 24,728,997 | 172,741,637 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 66,673,540 | 12,623,266 | 20,987,883 | 77,064,477 | ||||||||||||
Futures | 245,854 | 15,040 | 111,645 | 623,679 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 66,919,394 | 12,638,306 | 21,099,528 | 77,688,156 | ||||||||||||
Net realized and unrealized gain | 83,491,419 | 18,432,649 | 45,828,525 | 250,429,793 | ||||||||||||
Increase in net assets resulting from operations | $ | 95,532,998 | $ | 21,564,113 | $ | 48,417,123 | $ | 276,238,710 | ||||||||
* Foreign taxes withheld | $ | 4,139 | $ | 1,440 | $ | 3,393 | $ | 16,965 |
See Accompanying Notes to Financial Statements
46 |
STATEMENTS OF OPERATIONS For the Year ended December 31, 2014
Voya Russell™ Small Cap Index Portfolio | Voya U.S. Bond Index Portfolio | |||||||
INVESTMENT INCOME: | ||||||||
Dividends, net of foreign taxes withheld* | $ | 12,668,157 | $ | 4,133 | ||||
Interest, net of foreign taxes withheld* | 26 | 87,521,819 | ||||||
Securities lending income, net | 2,166,953 | 165,155 | ||||||
Total investment income | 14,835,136 | 87,691,107 | ||||||
EXPENSES: | ||||||||
Investment management fees | 3,271,143 | 11,020,048 | ||||||
Distribution and shareholder service fees: | ||||||||
Class ADV | 339,358 | 78,596 | ||||||
Class S | 745,120 | 560,130 | ||||||
Class S2 | 50,852 | 12,343 | ||||||
Transfer agent fees | 1,817 | 4,744 | ||||||
Administrative service fees | 992,129 | 3,970,050 | ||||||
Shareholder reporting expense | 34,654 | 147,156 | ||||||
Professional fees | 82,412 | 267,538 | ||||||
Custody and accounting expense | 110,195 | 433,526 | ||||||
Directors fees | 29,764 | 119,103 | ||||||
Miscellaneous expense | 22,114 | 118,250 | ||||||
Interest expense | 634 | 1,205 | ||||||
Total expenses | 5,680,192 | 16,732,689 | ||||||
Net waived and reimbursed fees | (81,992 | ) | (2,469 | ) | ||||
Net expenses | 5,598,200 | 16,730,220 | ||||||
Net investment income | 9,236,936 | 70,960,887 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | 83,876,715 | 49,041,416 | ||||||
Foreign currency related transactions | (216 | ) | — | |||||
Futures | 1,618,970 | (239,528 | ) | |||||
Swaps | — | 1,053,644 | ||||||
Net realized gain | 85,495,469 | 49,855,532 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (48,906,885 | ) | 101,683,998 | |||||
Foreign currency related transactions | 3 | — | ||||||
Futures | (2,175,818 | ) | — | |||||
Swaps | — | (230,489 | ) | |||||
Net change in unrealized appreciation (depreciation) | (51,082,700 | ) | 101,453,509 | |||||
Net realized and unrealized gain | 34,412,769 | 151,309,041 | ||||||
Increase in net assets resulting from operations | $ | 43,649,705 | $ | 222,269,928 | ||||
* Foreign taxes withheld | $ | 10,187 | $ | 821 |
See Accompanying Notes to Financial Statements
47 |
STATEMENTS OF CHANGES IN NET ASSETS
Voya Australia Index Portfolio | Voya Emerging Markets Index Portfolio | |||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 8,314,397 | $ | 8,679,967 | $ | 12,604,857 | $ | 8,861,844 | ||||||||
Net realized (loss) | (1,042,523 | ) | (596,958 | ) | (9,072,597 | ) | (5,529,128 | ) | ||||||||
Net change in unrealized (depreciation) | (15,356,337 | ) | (3,387,666 | ) | (28,852,231 | ) | (19,403,093 | ) | ||||||||
Increase (decrease) in net assets resulting from operations | (8,084,463 | ) | 4,695,343 | (25,319,971 | ) | (16,070,377 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class ADV | (105 | ) | (155 | ) | (33 | ) | — | |||||||||
Class I | (7,992,562 | ) | (10,345,176 | ) | (8,397,538 | ) | (766,853 | ) | ||||||||
Class S | — | — | (40 | ) | — | |||||||||||
Class S2 | — | — | (37 | ) | — | |||||||||||
Net realized gains: | ||||||||||||||||
Class ADV | — | — | — | (16 | ) | |||||||||||
Class I | — | — | — | (2,734,933 | ) | |||||||||||
Class S | — | — | — | (15 | ) | |||||||||||
Class S2 | — | — | — | (15 | ) | |||||||||||
Total distributions | (7,992,667 | ) | (10,345,331 | ) | (8,397,648 | ) | (3,501,832 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 31,929,453 | 52,186,544 | 228,468,026 | 618,514,259 | ||||||||||||
Reinvestment of distributions | 7,992,562 | 10,345,175 | 8,397,538 | 3,501,787 | ||||||||||||
39,922,015 | 62,531,719 | 236,865,564 | 622,016,046 | |||||||||||||
Cost of shares redeemed | (37,180,306 | ) | (47,285,863 | ) | (173,824,044 | ) | (108,246,081 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 2,741,709 | 15,245,856 | 63,041,520 | 513,769,965 | ||||||||||||
Net increase (decrease) in net assets | (13,335,421 | ) | 9,595,868 | 29,323,901 | 494,197,756 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 203,926,194 | 194,330,326 | 606,465,370 | 112,267,614 | ||||||||||||
End of year or period | $ | 190,590,773 | $ | 203,926,194 | $ | 635,789,271 | $ | 606,465,370 | ||||||||
Undistributed net investment income at end of year or period | $ | 9,847,837 | $ | 7,996,268 | $ | 12,678,472 | $ | 8,392,969 |
See Accompanying Notes to Financial Statements
48 |
STATEMENTS OF CHANGES IN NET ASSETS
Voya Euro STOXX 50® Index Portfolio | Voya FTSE 100 Index® Portfolio | |||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 15,640,848 | $ | 17,295,641 | $ | 28,413,775 | $ | 16,291,659 | ||||||||
Net realized gain | 14,441,872 | 22,273,720 | 9,693,240 | 34,093,302 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (74,947,468 | ) | 85,646,640 | (65,085,205 | ) | 36,216,774 | ||||||||||
Increase (decrease) in net assets resulting from operations | (44,864,748 | ) | 125,216,001 | (26,978,190 | ) | 86,601,735 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class ADV | (1,000,682 | ) | (475,786 | ) | (238,950 | ) | (184,534 | ) | ||||||||
Class I | (16,844,821 | ) | (22,415,790 | ) | (16,476,434 | ) | (21,360,733 | ) | ||||||||
Net realized gains: | ||||||||||||||||
Class ADV | — | — | (532,058 | ) | (90,539 | ) | ||||||||||
Class I | — | — | (33,333,385 | ) | (9,747,029 | ) | ||||||||||
Total distributions | (17,845,503 | ) | (22,891,576 | ) | (50,580,827 | ) | (31,382,835 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 77,279,833 | 99,789,260 | 58,290,148 | 52,525,929 | ||||||||||||
Reinvestment of distributions | 17,845,503 | 22,891,576 | 50,580,827 | 31,382,835 | ||||||||||||
95,125,336 | 122,680,836 | 108,870,975 | 83,908,764 | |||||||||||||
Cost of shares redeemed | (101,715,780 | ) | (380,796,747 | ) | (83,428,489 | ) | (214,179,959 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (6,590,444 | ) | (258,115,911 | ) | 25,442,486 | (130,271,195 | ) | |||||||||
Net decrease in net assets | (69,300,695 | ) | (155,791,486 | ) | (52,116,531 | ) | (75,052,295 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 533,537,342 | 689,328,828 | 471,219,783 | 546,272,078 | ||||||||||||
End of year or period | $ | 464,236,647 | $ | 533,537,342 | $ | 419,103,252 | $ | 471,219,783 | ||||||||
Undistributed net investment income at end of year or period | $ | 15,031,653 | $ | 17,842,119 | $ | 27,895,584 | $ | 16,640,601 |
See Accompanying Notes to Financial Statements
49 |
STATEMENTS OF CHANGES IN NET ASSETS
Voya Hang Seng Index Portfolio | Voya International Index Portfolio | |||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 3,343,997 | $ | 3,017,172 | $ | 40,395,467 | $ | 12,065,735 | ||||||||
Net realized gain (loss) | 1,011,494 | 1,079,731 | (14,171,010 | ) | 6,009,368 | |||||||||||
Net change in unrealized appreciation (depreciation) | (455,140 | ) | (15,815 | ) | (100,341,227 | ) | 85,000,509 | |||||||||
Increase (decrease) in net assets resulting from operations | 3,900,351 | 4,081,088 | (74,116,770 | ) | 103,075,612 | |||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class ADV | (40,226 | ) | (59,347 | ) | (8,654,053 | ) | (162,139 | ) | ||||||||
Class I | (2,121,591 | ) | (3,243,544 | ) | (3,966,540 | ) | (8,444,603 | ) | ||||||||
Class S | (853,855 | ) | (2,017,644 | ) | (704,877 | ) | (2,134,036 | ) | ||||||||
Class S2 | — | — | (13,516 | ) | (44,782 | ) | ||||||||||
Total distributions | (3,015,672 | ) | (5,320,535 | ) | (13,338,986 | ) | (10,785,560 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 20,959,100 | 27,186,745 | 260,233,264 | 268,656,945 | ||||||||||||
Proceeds from shares issued in merger (Note 15) | — | — | 1,058,745,439 | — | ||||||||||||
Reinvestment of distributions | 3,015,672 | 5,320,535 | 13,338,986 | 10,785,560 | ||||||||||||
23,974,772 | 32,507,280 | 1,332,317,689 | 279,442,505 | |||||||||||||
Cost of shares redeemed | (36,354,731 | ) | (63,630,128 | ) | (374,633,359 | ) | (138,291,449 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (12,379,959 | ) | (31,122,848 | ) | 957,684,330 | 141,151,056 | ||||||||||
Net increase (decrease) in net assets | (11,495,280 | ) | (32,362,295 | ) | 870,228,574 | 233,441,108 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 121,693,183 | 154,055,478 | 677,240,488 | 443,799,380 | ||||||||||||
End of year or period | $ | 110,197,903 | $ | 121,693,183 | $ | 1,547,469,062 | $ | 677,240,488 | ||||||||
Undistributed net investment income at end of year or period | $ | 3,422,653 | $ | 3,013,701 | $ | 42,736,671 | $ | 13,327,588 |
See Accompanying Notes to Financial Statements
50 |
STATEMENTS OF CHANGES IN NET ASSETS
Voya Japan TOPIX Index Portfolio | Voya Russell™ Large Cap Growth Index Portfolio | |||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 5,212,650 | $ | 5,950,758 | $ | 5,826,036 | $ | 5,781,458 | ||||||||
Net realized gain | 4,089,522 | 28,091,499 | 29,077,435 | 21,158,253 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (28,745,507 | ) | 68,240,954 | 25,616,117 | 92,237,309 | |||||||||||
Increase (decrease) in net assets resulting from operations | (19,443,335 | ) | 102,283,211 | 60,519,588 | 119,177,020 | |||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class ADV | (129,908 | ) | (254,382 | ) | — | (4,525 | ) | |||||||||
Class I | (5,481,044 | ) | (7,936,125 | ) | (3,525,724 | ) | (3,593,992 | ) | ||||||||
Class S | — | — | (2,253,990 | ) | (2,198,353 | ) | ||||||||||
Net realized gains: | ||||||||||||||||
Class ADV | (950,899 | ) | (62,669 | ) | — | — | ||||||||||
Class I | (27,240,581 | ) | (1,736,562 | ) | — | — | ||||||||||
Total distributions | (33,802,432 | ) | (9,989,738 | ) | (5,779,714 | ) | (5,796,870 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 51,239,234 | 61,279,822 | 100,338,979 | 39,580,692 | ||||||||||||
Reinvestment of distributions | 33,802,432 | 9,989,738 | 5,779,714 | 5,796,870 | ||||||||||||
85,041,666 | 71,269,560 | 106,118,693 | 45,377,562 | |||||||||||||
Cost of shares redeemed | (70,830,898 | ) | (193,593,033 | ) | (96,661,889 | ) | (74,855,264 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 14,210,768 | (122,323,473 | ) | 9,456,804 | (29,477,702 | ) | ||||||||||
Net increase (decrease) in net assets | (39,034,999 | ) | (30,030,000 | ) | 64,196,678 | 83,902,448 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 401,160,539 | 431,190,539 | 477,941,700 | 394,039,252 | ||||||||||||
End of year or period | $ | 362,125,540 | $ | 401,160,539 | $ | 542,138,378 | $ | 477,941,700 | ||||||||
Undistributed net investment income at end of year or period | $ | 4,381,207 | $ | 5,919,267 | $ | 5,818,905 | $ | 5,773,767 |
See Accompanying Notes to Financial Statements
51 |
STATEMENTS OF CHANGES IN NET ASSETS
Voya Russell™ Large Cap Index Portfolio | Voya Russell™ Large Cap Value Index Portfolio | |||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 12,041,579 | $ | 11,279,467 | $ | 3,131,464 | $ | 2,604,726 | ||||||||
Net realized gain | 16,572,025 | 10,558,070 | 5,794,343 | 5,766,706 | ||||||||||||
Net change in unrealized appreciation | 66,919,394 | 171,338,253 | 12,638,306 | 31,054,755 | ||||||||||||
Increase in net assets resulting from operations | 95,532,998 | 193,175,790 | 21,564,113 | 39,426,187 | ||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class ADV | (411,173 | ) | (312,521 | ) | — | (464 | ) | |||||||||
Class I | (2,772,734 | ) | (2,382,110 | ) | (765,924 | ) | (767,986 | ) | ||||||||
Class S | (8,038,695 | ) | (7,284,570 | ) | (1,828,672 | ) | (1,366,612 | ) | ||||||||
Class S2 | (47,422 | ) | (35,086 | ) | — | — | ||||||||||
Net realized gains: | ||||||||||||||||
Class ADV | — | — | — | (259 | ) | |||||||||||
Class I | — | — | (735,139 | ) | (322,393 | ) | ||||||||||
Class S | — | — | (2,000,512 | ) | (636,162 | ) | ||||||||||
Total distributions | (11,270,024 | ) | (10,014,287 | ) | (5,330,247 | ) | (3,093,876 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 115,400,174 | 113,782,644 | 58,971,291 | 48,324,597 | ||||||||||||
Reinvestment of distributions | 11,270,024 | 10,014,287 | 5,330,247 | 3,093,876 | ||||||||||||
126,670,198 | 123,796,931 | 64,301,538 | 51,418,473 | |||||||||||||
Cost of shares redeemed | (134,318,530 | ) | (142,196,338 | ) | (35,048,667 | ) | (45,692,524 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (7,648,332 | ) | (18,399,407 | ) | 29,252,871 | 5,725,949 | ||||||||||
Net increase in net assets | 76,614,642 | 164,762,096 | 45,486,737 | 42,058,260 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 772,866,079 | 608,103,983 | 162,199,763 | 120,141,503 | ||||||||||||
End of year or period | $ | 849,480,721 | $ | 772,866,079 | $ | 207,686,500 | $ | 162,199,763 | ||||||||
Undistributed net investment income at end of year or period | $ | 11,991,815 | $ | 11,239,061 | $ | 3,101,190 | $ | 2,592,641 |
See Accompanying Notes to Financial Statements
52 |
STATEMENTS OF CHANGES IN NET ASSETS
Voya Russell™ Mid Cap Growth Index Portfolio | Voya Russell™ Mid Cap Index Portfolio | |||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,588,598 | $ | 1,235,401 | $ | 25,808,917 | $ | 23,545,827 | ||||||||
Net realized gain | 24,728,997 | 36,886,968 | 172,741,637 | 70,924,561 | ||||||||||||
Net change in unrealized appreciation | 21,099,528 | 55,205,720 | 77,688,156 | 505,261,418 | ||||||||||||
Increase in net assets resulting from operations | 48,417,123 | 93,328,089 | 276,238,710 | 599,731,806 | ||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class ADV | (2 | ) | (33 | ) | (782,106 | ) | (662,302 | ) | ||||||||
Class I | (523,892 | ) | (44,082 | ) | (19,811,937 | ) | (20,852,248 | ) | ||||||||
Class S | (713,505 | ) | (2,243,685 | ) | (2,844,338 | ) | (2,507,370 | ) | ||||||||
Class S2 | (1,972 | ) | (13,730 | ) | (125,988 | ) | (106,775 | ) | ||||||||
Net realized gains: | ||||||||||||||||
Class ADV | — | — | (3,375,063 | ) | (2,086,473 | ) | ||||||||||
Class I | — | — | (58,040,604 | ) | (51,989,924 | ) | ||||||||||
Class S | — | — | (10,249,867 | ) | (7,323,879 | ) | ||||||||||
Class S2 | — | — | (515,856 | ) | (308,924 | ) | ||||||||||
Total distributions | (1,239,371 | ) | (2,301,530 | ) | (95,745,759 | ) | (85,837,895 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 134,246,547 | 26,884,142 | 226,658,986 | 531,044,482 | ||||||||||||
Reinvestment of distributions | 1,239,369 | 2,301,498 | 95,745,759 | 85,837,895 | ||||||||||||
135,485,916 | 29,185,640 | 322,404,745 | 616,882,377 | |||||||||||||
Cost of shares redeemed | (90,995,203 | ) | (62,063,642 | ) | (568,992,226 | ) | (459,545,393 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 44,490,713 | (32,878,002 | ) | (246,587,481 | ) | 157,336,984 | ||||||||||
Net increase (decrease) in net assets | 91,668,465 | 58,148,557 | (66,094,530 | ) | 671,230,895 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 335,929,713 | 277,781,156 | 2,373,263,374 | 1,702,032,479 | ||||||||||||
End of year or period | $ | 427,598,178 | $ | 335,929,713 | $ | 2,307,168,844 | $ | 2,373,263,374 | ||||||||
Undistributed net investment income at end of year or period | $ | 2,566,449 | $ | 1,220,404 | $ | 26,249,768 | $ | 23,482,604 |
See Accompanying Notes to Financial Statements
53 |
STATEMENTS OF CHANGES IN NET ASSETS
Voya Russell™ Small Cap Index Portfolio | Voya U.S. Bond Index Portfolio | |||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 9,236,936 | $ | 9,085,661 | $ | 70,960,887 | $ | 63,959,112 | ||||||||
Net realized gain (loss) | 85,495,469 | 58,274,363 | 49,855,532 | (18,942,702 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | (51,082,700 | ) | 231,980,923 | 101,453,509 | (156,111,271 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | 43,649,705 | 299,340,947 | 222,269,928 | (111,094,861 | ) | |||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class ADV | (457,141 | ) | (526,886 | ) | (239,938 | ) | (185,915 | ) | ||||||||
Class I | (6,355,628 | ) | (8,414,097 | ) | (73,018,279 | ) | (76,309,083 | ) | ||||||||
Class S | (2,422,533 | ) | (2,877,533 | ) | (3,891,510 | ) | (3,703,486 | ) | ||||||||
Class S2 | (60,425 | ) | (97,188 | ) | (39,819 | ) | (16,365 | ) | ||||||||
Net realized gains: | ||||||||||||||||
Class ADV | (4,093,826 | ) | (1,678,614 | ) | — | (130,294 | ) | |||||||||
Class I | (36,974,169 | ) | (21,284,903 | ) | — | (40,401,841 | ) | |||||||||
Class S | (17,913,144 | ) | (8,495,888 | ) | — | (2,305,905 | ) | |||||||||
Class S2 | (601,965 | ) | (287,275 | ) | — | (7,573 | ) | |||||||||
Total distributions | (68,878,831 | ) | (43,662,384 | ) | (77,189,546 | ) | (123,060,462 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 120,295,161 | 190,939,304 | 580,251,370 | 1,251,230,708 | ||||||||||||
Reinvestment of distributions | 68,878,831 | 43,662,384 | 77,189,546 | 123,060,462 | ||||||||||||
189,173,992 | 234,601,688 | 657,440,916 | 1,374,291,170 | |||||||||||||
Cost of shares redeemed | (271,172,490 | ) | (217,920,494 | ) | (938,236,439 | ) | (1,157,768,130 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (81,998,498 | ) | 16,681,194 | (280,795,523 | ) | 216,523,040 | ||||||||||
Net increase (decrease) in net assets | (107,227,624 | ) | 272,359,757 | (135,715,141 | ) | (17,632,283 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 1,065,255,336 | 792,895,579 | 4,010,856,736 | 4,028,489,019 | ||||||||||||
End of year or period | $ | 958,027,712 | $ | 1,065,255,336 | $ | 3,875,141,595 | $ | 4,010,856,736 | ||||||||
Undistributed net investment income at end of year or period | $ | 9,194,159 | $ | 9,354,516 | $ | 3,368,879 | $ | 1,102,215 |
See Accompanying Notes to Financial Statements
54 |
Selected data for a share of beneficial interest outstanding throughout each year or period.
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions (2)(3)(4) | Expenses net of fee waivers and/or recoupments if any (2)(3)(4) | Expense 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 Australia Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 9.93 | 0.37 | • | (0.88 | ) | (0.51 | ) | 0.35 | — | — | 0.35 | — | 9.07 | (5.55 | ) | 1.28 | 0.93 | 0.93 | 3.64 | 3 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 10.27 | 0.38 | (0.20 | ) | 0.18 | 0.52 | — | — | 0.52 | — | 9.93 | 1.37 | 1.27 | 0.92 | 0.92 | 3.74 | 3 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 8.72 | 0.37 | • | 1.54 | 1.91 | 0.32 | 0.04 | — | 0.36 | — | 10.27 | 22.26 | 1.27 | 0.92 | 0.92 | 3.93 | 3 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-02-11(5) - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.00 | 0.27 | (1.55 | ) | (1.28 | ) | — | — | — | — | — | 8.72 | (12.80 | ) | 1.32 | 0.97 | 0.97 | 3.40 | 3 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 10.01 | 0.40 | (0.85 | ) | (0.45 | ) | 0.40 | — | — | 0.40 | — | 9.16 | (4.95 | ) | 0.78 | 0.43 | 0.43 | 4.12 | 190,588 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 10.34 | 0.44 | (0.20 | ) | 0.24 | 0.57 | — | — | 0.57 | — | 10.01 | 1.91 | 0.77 | 0.42 | 0.42 | 4.27 | 203,923 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 8.76 | 0.41 | • | 1.56 | 1.97 | 0.35 | 0.04 | — | 0.39 | — | 10.34 | 22.91 | 0.77 | 0.42 | 0.42 | 4.42 | 194,327 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-02-11(5) - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.00 | 0.31 | • | (1.55 | ) | (1.24 | ) | — | — | — | — | — | 8.76 | (12.40 | ) | 0.82 | 0.47 | 0.47 | 3.83 | 189,709 | 22 | |||||||||||||||||||||||||||||||||||||||||||||||
Voya Emerging Markets Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 11.10 | 0.18 | (0.60 | ) | (0.42 | ) | 0.11 | — | — | 0.11 | — | 10.57 | (3.82 | ) | 1.31 | 1.06 | 1.06 | 1.58 | 3 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 11.95 | 0.13 | (0.93 | ) | (0.80 | ) | — | 0.05 | — | 0.05 | — | 11.10 | (6.69 | ) | 1.32 | 1.07 | 1.07 | 1.13 | 3 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 10.31 | 0.17 | 1.48 | 1.65 | — | 0.01 | — | 0.01 | — | 11.95 | 16.01 | 1.40 | 1.15 | 1.15 | 1.55 | 4 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-19-11(5) - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.00 | (0.00 | )* | 0.31 | 0.31 | — | — | — | — | — | 10.31 | 3.10 | 1.47 | 1.22 | 1.22 | (0.08 | ) | 3 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 11.18 | 0.21 | (0.58 | ) | (0.37 | ) | 0.16 | — | — | 0.16 | — | 10.65 | (3.37 | ) | 0.81 | 0.56 | 0.56 | 2.05 | 635,780 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.00 | 0.22 | • | (0.98 | ) | (0.76 | ) | 0.01 | 0.05 | — | 0.06 | — | 11.18 | (6.30 | ) | 0.82 | 0.57 | 0.57 | 2.03 | 606,455 | 19 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 10.32 | 0.16 | • | 1.53 | 1.69 | — | 0.01 | — | 0.01 | — | 12.00 | 16.38 | 0.90 | 0.65 | 0.65 | 1.39 | 112,257 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-19-11(5) - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.00 | 0.00 | * | 0.32 | 0.32 | — | — | — | — | — | 10.32 | 3.20 | 0.97 | 0.72 | 0.72 | 0.35 | 61,384 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 11.14 | 0.21 | (0.61 | ) | (0.40 | ) | 0.13 | — | — | 0.13 | — | 10.61 | (3.59 | ) | 1.06 | 0.81 | 0.81 | 1.84 | 3 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 11.97 | 0.15 | (0.93 | ) | (0.78 | ) | — | 0.05 | — | 0.05 | — | 11.14 | (6.52 | ) | 1.07 | 0.82 | 0.82 | 1.38 | 3 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 10.31 | 0.20 | 1.47 | 1.67 | — | 0.01 | — | 0.01 | — | 11.97 | 16.20 | 1.15 | 0.90 | 0.90 | 1.80 | 4 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-19-11(5) - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.00 | 0.00 | * | 0.31 | 0.31 | — | — | — | — | — | 10.31 | 3.10 | 1.22 | 0.97 | 0.97 | 0.11 | 3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 11.12 | 0.19 | (0.60 | ) | (0.41 | ) | 0.12 | — | — | 0.12 | — | 10.59 | (3.71 | ) | 1.31 | 0.96 | 0.96 | 1.69 | 3 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 11.96 | 0.14 | (0.93 | ) | (0.79 | ) | — | 0.05 | — | 0.05 | — | 11.12 | (6.61 | ) | 1.32 | 0.97 | 0.97 | 1.23 | 3 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 10.31 | 0.18 | 1.48 | 1.66 | — | 0.01 | — | 0.01 | — | 11.96 | 16.10 | 1.40 | 1.05 | 1.05 | 1.65 | 4 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-19-11(5) - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.00 | 0.00 | * | 0.31 | 0.31 | — | — | — | — | — | 10.31 | 3.10 | 1.47 | 1.12 | 1.12 | 0.03 | 3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Euro STOXX 50® Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 11.88 | 0.30 | • | (1.40 | ) | (1.10 | ) | 0.39 | — | — | 0.39 | — | 10.39 | (9.66 | ) | 1.29 | 0.94 | 0.94 | 2.63 | 28,159 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 9.90 | 0.21 | • | 2.21 | 2.42 | 0.44 | — | — | 0.44 | — | 11.88 | 25.45 | 1.29 | 0.94 | 0.94 | 1.97 | 36,736 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 8.41 | 0.21 | • | 1.58 | 1.79 | 0.30 | — | — | 0.30 | — | 9.90 | 21.83 | 1.31 | 0.96 | 0.96 | 2.33 | 9,377 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.49 | 0.47 | • | (2.16 | ) | (1.69 | ) | 0.39 | — | — | 0.39 | — | 8.41 | (17.27 | ) | 1.27 | 0.92 | 0.92 | 4.54 | 3,241 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 11.63 | 0.18 | • | (1.25 | ) | (1.07 | ) | 0.05 | 0.02 | — | 0.07 | — | 10.49 | (9.13 | ) | 1.25 | 0.90 | 0.90 | 1.79 | 4,937 | 27 |
See Accompanying Notes to Financial Statements
55 |
Financial Highlights (continued)
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions (2)(3)(4) | Expenses net of fee waivers and/or recoupments if any (2)(3)(4) | Expense 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 Euro STOXX 50® Index Portfolio (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 11.96 | 0.37 | • | (1.41 | ) | (1.04 | ) | 0.43 | — | — | 0.43 | — | 10.49 | (9.18 | ) | 0.79 | 0.44 | 0.44 | 3.19 | 436,078 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 9.94 | 0.32 | • | 2.17 | 2.49 | 0.47 | — | — | 0.47 | — | 11.96 | 26.09 | 0.79 | 0.44 | 0.44 | 3.09 | 496,801 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 8.50 | 0.28 | • | 1.56 | 1.84 | 0.40 | — | — | 0.40 | — | 9.94 | 22.42 | 0.81 | 0.46 | 0.46 | 3.23 | 679,952 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.57 | 0.38 | • | (2.05 | ) | (1.67 | ) | 0.40 | — | — | 0.40 | — | 8.50 | (16.99 | ) | 0.77 | 0.42 | 0.42 | 3.68 | 672,579 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 11.66 | 0.31 | • | (1.32 | ) | (1.01 | ) | 0.06 | 0.02 | — | 0.08 | — | 10.57 | (8.64 | ) | 0.75 | 0.40 | 0.40 | 3.00 | 873,679 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||
Voya FTSE 100 Index® Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 13.59 | 0.69 | • | (1.47 | ) | (0.78 | ) | 0.47 | 1.05 | — | 1.52 | — | 11.29 | (6.85 | ) | 1.26 | 0.91 | 0.91 | 5.53 | 6,675 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.25 | 0.30 | • | 1.89 | 2.19 | 0.57 | 0.28 | — | 0.85 | — | 13.59 | 18.86 | 1.27 | 0.92 | 0.92 | 2.43 | 6,057 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.48 | 0.37 | • | 1.34 | 1.71 | 0.31 | 0.63 | — | 0.94 | — | 12.25 | 15.24 | 1.26 | 0.91 | 0.91 | 3.15 | 2,642 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.46 | 0.36 | • | (0.81 | ) | (0.45 | ) | 0.35 | 0.18 | — | 0.53 | — | 11.48 | (4.13 | ) | 1.26 | 0.91 | 0.91 | 2.90 | 2,562 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 11.60 | 0.22 | • | 0.79 | 1.01 | 0.07 | 0.08 | — | 0.15 | — | 12.46 | 8.87 | 1.24 | 0.89 | 0.89 | 1.88 | 3,734 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 13.68 | 0.81 | (1.53 | ) | (0.72 | ) | 0.52 | 1.05 | — | 1.57 | — | 11.39 | (6.39 | ) | 0.76 | 0.41 | 0.41 | 6.45 | 412,428 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.31 | 0.42 | • | 1.84 | 2.26 | 0.61 | 0.28 | — | 0.89 | — | 13.68 | 19.44 | 0.77 | 0.42 | 0.42 | 3.35 | 465,162 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.59 | 0.43 | • | 1.34 | 1.77 | 0.42 | 0.63 | — | 1.05 | — | 12.31 | 15.74 | 0.76 | 0.41 | 0.41 | 3.63 | 543,630 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.53 | �� | 0.41 | • | (0.80 | ) | (0.39 | ) | 0.37 | 0.18 | — | 0.55 | — | 11.59 | (3.61 | ) | 0.76 | 0.41 | 0.41 | 3.35 | 534,948 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 11.61 | 0.31 | • | 0.77 | 1.08 | 0.08 | 0.08 | — | 0.16 | — | 12.53 | 9.43 | 0.74 | 0.39 | 0.39 | 2.74 | 665,191 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Hang Seng Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 14.10 | 0.35 | • | 0.08 | 0.43 | 0.31 | — | — | 0.31 | — | 14.22 | 3.23 | 1.37 | 1.25 | 1.25 | 2.47 | 1,647 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 14.12 | 0.27 | • | 0.21 | 0.48 | 0.50 | — | — | 0.50 | — | 14.10 | 3.60 | 1.36 | 1.26 | 1.26 | 1.94 | 1,816 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.10 | 0.21 | • | 2.90 | 3.11 | 0.09 | — | — | 0.09 | — | 14.12 | 28.14 | 1.34 | 1.24 | 1.24 | 1.69 | 1,607 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 13.98 | 0.23 | • | (2.77 | ) | (2.54 | ) | 0.34 | — | — | 0.34 | — | 11.10 | (18.71 | ) | 1.37 | 1.27 | 1.27 | 1.85 | 1,874 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 13.04 | 0.16 | • | 0.79 | 0.95 | 0.01 | — | — | 0.01 | — | 13.98 | 7.30 | 1.34 | 1.24 | † | 1.24 | † | 1.22 | † | 1,147 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 14.22 | 0.42 | • | 0.07 | 0.49 | 0.37 | — | — | 0.37 | — | 14.34 | 3.69 | 0.87 | 0.75 | 0.75 | 2.96 | 73,751 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 14.23 | 0.32 | • | 0.24 | 0.56 | 0.57 | — | — | 0.57 | — | 14.22 | 4.15 | 0.86 | 0.76 | 0.76 | 2.31 | 79,094 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.20 | 0.31 | • | 2.89 | 3.20 | 0.17 | — | — | 0.17 | — | 14.23 | 28.70 | 0.84 | 0.74 | 0.74 | 2.49 | 97,820 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 14.04 | 0.27 | • | (2.76 | ) | (2.49 | ) | 0.35 | — | — | 0.35 | — | 11.20 | (18.23 | ) | 0.87 | 0.77 | 0.77 | 2.11 | 94,207 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 13.04 | 0.25 | • | 0.76 | 1.01 | 0.01 | — | — | 0.01 | — | 14.04 | 7.76 | 0.84 | 0.74 | † | 0.74 | † | 1.92 | † | 137,227 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 14.17 | 0.36 | • | 0.10 | 0.46 | 0.33 | — | — | 0.33 | — | 14.30 | 3.41 | 1.12 | 1.00 | 1.00 | 2.57 | 34,800 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 14.19 | 0.28 | • | 0.24 | 0.52 | 0.54 | — | — | 0.54 | — | 14.17 | 3.84 | 1.11 | 1.01 | 1.01 | 2.06 | 40,783 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.16 | 0.29 | • | 2.87 | 3.16 | 0.13 | — | — | 0.13 | — | 14.19 | 28.41 | 1.09 | 0.99 | 0.99 | 2.29 | 54,629 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 14.00 | 0.26 | • | (2.77 | ) | (2.51 | ) | 0.33 | — | — | 0.33 | — | 11.16 | (18.45 | ) | 1.12 | 1.02 | 1.02 | 1.97 | 46,295 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 13.03 | 0.21 | • | 0.77 | 0.98 | 0.01 | — | — | 0.01 | — | 14.00 | 7.53 | 1.09 | 0.99 | † | 0.99 | † | 1.63 | † | 84,603 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Voya International Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 9.89 | 0.24 | • | (0.86 | ) | (0.62 | ) | 0.08 | — | — | 0.08 | — | 9.19 | (6.34 | ) | 1.04 | 0.97 | 0.97 | 2.47 | 917,139 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.35 | 0.17 | • | 1.55 | 1.72 | 0.18 | — | — | 0.18 | — | 9.89 | 20.89 | 1.06 | 0.99 | 0.99 | 1.92 | 11,587 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 7.25 | 0.17 | • | 1.13 | 1.30 | 0.20 | — | — | 0.20 | — | 8.35 | 18.12 | 1.09 | 0.99 | 0.99 | 2.28 | 6,036 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 8.47 | 0.19 | • | (1.22 | ) | (1.03 | ) | 0.19 | — | — | 0.19 | — | 7.25 | (12.63 | ) | 1.07 | 1.00 | 1.00 | 2.31 | 3,036 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.17 | 0.13 | • | 0.44 | 0.57 | 0.27 | — | — | 0.27 | — | 8.47 | 7.32 | 1.07 | 0.99 | † | 0.99 | † | 1.71 | † | 2,904 | 20 |
See Accompanying Notes to Financial Statements
56 |
Financial Highlights (continued)
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions (2)(3)(4) | Expenses net of fee waivers and/or recoupments if any (2)(3)(4) | Expense 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 Index Portfolio (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 10.04 | 0.32 | • | (0.91 | ) | (0.59 | ) | 0.08 | — | — | 0.08 | — | 9.37 | (5.94 | ) | 0.54 | 0.48 | 0.48 | 3.19 | 535,838 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.46 | 0.22 | • | 1.57 | 1.79 | 0.21 | — | — | 0.21 | — | 10.04 | 21.45 | 0.56 | 0.50 | 0.50 | 2.41 | 540,135 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 7.33 | 0.20 | 1.15 | 1.35 | 0.22 | — | — | 0.22 | — | 8.46 | 18.72 | 0.59 | 0.50 | 0.50 | 2.69 | 349,512 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 8.54 | 0.22 | • | (1.22 | ) | (1.00 | ) | 0.21 | — | — | 0.21 | — | 7.33 | (12.17 | ) | 0.57 | 0.51 | 0.51 | 2.73 | 249,268 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.21 | 0.18 | • | 0.44 | 0.62 | 0.29 | — | — | 0.29 | — | 8.54 | 7.84 | 0.57 | 0.50 | † | 0.50 | † | 2.31 | † | 256,723 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 9.97 | 0.32 | • | (0.93 | ) | (0.61 | ) | 0.06 | — | — | 0.06 | — | 9.30 | (6.18 | ) | 0.79 | 0.73 | 0.73 | 3.18 | 92,340 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.41 | 0.20 | • | 1.55 | 1.75 | 0.19 | — | — | 0.19 | — | 9.97 | 21.09 | 0.81 | 0.75 | 0.75 | 2.24 | 122,813 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 7.28 | 0.19 | 1.14 | 1.33 | 0.20 | — | — | 0.20 | — | 8.41 | 18.50 | 0.84 | 0.75 | 0.75 | 2.50 | 86,454 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 8.49 | 0.21 | • | (1.23 | ) | (1.02 | ) | 0.19 | — | — | 0.19 | — | 7.28 | (12.44 | ) | 0.82 | 0.76 | 0.76 | 2.55 | 74,367 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.17 | 0.16 | • | 0.44 | 0.60 | 0.28 | — | — | 0.28 | — | 8.49 | 7.63 | 0.82 | 0.75 | † | 0.75 | † | 2.09 | † | 107,028 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 9.93 | 0.29 | • | (0.91 | ) | (0.62 | ) | 0.05 | — | — | 0.05 | — | 9.26 | (6.29 | ) | 1.04 | 0.88 | 0.88 | 2.93 | 2,152 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.40 | 0.19 | • | 1.54 | 1.73 | 0.20 | — | — | 0.20 | — | 9.93 | 20.89 | 1.06 | 0.90 | 0.90 | 2.06 | 2,705 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 7.30 | 0.15 | • | 1.17 | 1.32 | 0.22 | — | — | 0.22 | — | 8.40 | 18.29 | 1.09 | 0.90 | 0.90 | 1.93 | 1,797 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 8.52 | 0.12 | • | (1.16 | ) | (1.04 | ) | 0.18 | — | — | 0.18 | — | 7.30 | (12.60 | ) | 1.07 | 0.91 | 0.91 | 1.60 | 192 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.19 | 0.15 | • | 0.44 | 0.59 | 0.26 | — | — | 0.26 | — | 8.52 | 7.44 | 1.07 | 0.90 | † | 0.90 | † | 1.91 | † | 5 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||
Voya Japan TOPIX Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 11.40 | 0.08 | • | (0.71 | ) | (0.63 | ) | 0.11 | 0.79 | — | 0.90 | — | 9.87 | (5.42 | ) | 1.25 | 0.90 | 0.90 | 0.80 | 10,613 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 9.35 | 0.10 | • | 2.21 | 2.31 | 0.21 | 0.05 | — | 0.26 | — | 11.40 | 24.80 | 1.27 | 0.92 | 0.92 | 0.92 | 14,855 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 9.38 | 0.16 | • | 0.54 | 0.70 | 0.09 | 0.64 | — | 0.73 | — | 9.35 | 7.60 | 1.25 | 0.90 | 0.90 | 1.68 | 5,739 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.12 | 0.10 | • | (1.60 | ) | (1.50 | ) | 0.16 | 0.08 | — | 0.24 | — | 9.38 | (13.72 | ) | 1.32 | 0.97 | 0.97 | 0.97 | 10,069 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.80 | 0.09 | • | 1.25 | 1.34 | 0.01 | 0.01 | — | 0.02 | — | 11.12 | 13.63 | 1.27 | 0.92 | 0.92 | 0.94 | 8,580 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 11.52 | 0.14 | (0.73 | ) | (0.59 | ) | 0.16 | 0.79 | — | 0.95 | — | 9.98 | (4.98 | ) | 0.75 | 0.40 | 0.40 | 1.38 | 351,513 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 9.42 | 0.15 | • | 2.23 | 2.38 | 0.23 | 0.05 | — | 0.28 | — | 11.52 | 25.44 | 0.77 | 0.42 | 0.42 | 1.45 | 386,305 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 9.47 | 0.19 | 0.57 | 0.76 | 0.17 | 0.64 | — | 0.81 | — | 9.42 | 8.19 | 0.75 | 0.40 | 0.40 | 1.91 | 425,451 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.19 | 0.16 | • | (1.62 | ) | (1.46 | ) | 0.18 | 0.08 | — | 0.26 | — | 9.47 | (13.29 | ) | 0.82 | 0.47 | 0.47 | 1.54 | 423,885 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.82 | 0.14 | • | 1.25 | 1.39 | 0.01 | 0.01 | — | 0.02 | — | 11.19 | 14.13 | 0.77 | 0.42 | 0.42 | 1.39 | 404,703 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Russell™ Large Cap Growth Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 21.82 | 0.31 | 2.51 | 2.82 | 0.29 | — | — | 0.29 | — | 24.35 | 13.10 | 0.58 | 0.48 | 0.48 | 1.29 | 280,622 | 21 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 16.78 | 0.28 | • | 5.04 | 5.32 | 0.28 | — | — | 0.28 | — | 21.82 | 32.00 | 0.59 | 0.49 | 0.49 | 1.46 | 269,977 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 14.82 | 0.25 | • | 1.90 | 2.15 | 0.19 | — | — | 0.19 | — | 16.78 | 14.50 | 0.59 | 0.49 | 0.49 | 1.50 | 228,977 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 14.39 | 0.19 | • | 0.42 | 0.61 | 0.18 | — | — | 0.18 | — | 14.82 | 4.21 | 0.59 | 0.49 | 0.49 | 1.27 | 221,400 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 12.84 | 0.17 | • | 1.47 | 1.64 | 0.09 | — | — | 0.09 | — | 14.39 | 12.80 | 0.58 | 0.48 | † | 0.48 | † | 1.30 | † | 239,910 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 21.73 | 0.24 | • | 2.50 | 2.74 | 0.24 | — | — | 0.24 | — | 24.23 | 12.76 | 0.83 | 0.73 | 0.73 | 1.05 | 261,517 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 16.71 | 0.23 | • | 5.02 | 5.25 | 0.23 | — | — | 0.23 | — | 21.73 | 31.68 | 0.84 | 0.74 | 0.74 | 1.21 | 207,941 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 14.76 | 0.21 | • | 1.89 | 2.10 | 0.15 | — | — | 0.15 | — | 16.71 | 14.26 | 0.84 | 0.74 | 0.74 | 1.26 | 164,697 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 14.34 | 0.15 | 0.42 | 0.57 | 0.15 | — | — | 0.15 | — | 14.76 | 3.92 | 0.84 | 0.74 | 0.74 | 1.03 | 153,812 | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 12.82 | 0.13 | • | 1.46 | 1.59 | 0.07 | — | — | 0.07 | — | 14.34 | 12.47 | 0.83 | 0.73 | † | 0.73 | † | 1.05 | † | 147,272 | 23 |
See Accompanying Notes to Financial Statements
57 |
Financial Highlights (continued)
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions (2)(3)(4) | Expenses net of fee waivers and/or recoupments if any (2)(3)(4) | Expense 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 Russell™ Large Cap Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 14.12 | 0.18 | • | 1.54 | 1.72 | 0.18 | — | — | 0.18 | — | 15.66 | 12.33 | 0.88 | 0.87 | 0.87 | 1.22 | 35,656 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 10.90 | 0.16 | • | 3.23 | 3.39 | 0.17 | — | — | 0.17 | — | 14.12 | 31.39 | 0.88 | 0.87 | 0.87 | 1.30 | 32,824 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 9.65 | 0.16 | • | 1.29 | 1.45 | 0.20 | — | — | 0.20 | — | 10.90 | 15.05 | 0.88 | 0.87 | 0.87 | 1.50 | 17,492 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 9.58 | 0.12 | • | 0.07 | 0.19 | 0.12 | — | — | 0.12 | — | 9.65 | 1.92 | 0.88 | 0.87 | 0.87 | 1.26 | 8,964 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.85 | 0.10 | • | 0.93 | 1.03 | 0.30 | — | — | 0.30 | — | 9.58 | 11.74 | 0.89 | 0.87 | † | 0.87 | † | 1.15 | † | 10,161 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 14.34 | 0.26 | • | 1.57 | 1.83 | 0.24 | — | — | 0.24 | — | 15.93 | 12.91 | 0.38 | 0.37 | 0.37 | 1.72 | 188,647 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 11.04 | 0.23 | • | 3.27 | 3.50 | 0.20 | — | — | 0.20 | — | 14.34 | 32.05 | 0.38 | 0.37 | 0.37 | 1.80 | 168,428 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 9.78 | 0.19 | 1.33 | 1.52 | 0.26 | — | — | 0.26 | — | 11.04 | 15.56 | 0.38 | 0.37 | 0.37 | 1.96 | 128,779 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 9.68 | 0.17 | • | 0.09 | 0.26 | 0.16 | — | — | 0.16 | — | 9.78 | 2.57 | 0.38 | 0.37 | 0.37 | 1.76 | 98,853 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.92 | 0.15 | • | 0.92 | 1.07 | 0.31 | — | — | 0.31 | — | 9.68 | 12.19 | 0.39 | 0.37 | † | 0.37 | † | 1.64 | † | 340,889 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 14.25 | 0.22 | • | 1.55 | 1.77 | 0.20 | — | — | 0.20 | — | 15.82 | 12.59 | 0.63 | 0.62 | 0.62 | 1.47 | 620,477 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 10.98 | 0.19 | • | 3.25 | 3.44 | 0.17 | — | — | 0.17 | — | 14.25 | 31.67 | 0.63 | 0.62 | 0.62 | 1.54 | 568,259 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 9.72 | 0.18 | 1.31 | 1.49 | 0.23 | — | — | 0.23 | — | 10.98 | 15.38 | 0.63 | 0.62 | 0.62 | 1.70 | 461,214 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 9.64 | 0.15 | • | 0.06 | 0.21 | 0.13 | — | — | 0.13 | — | 9.72 | 2.13 | 0.63 | 0.62 | 0.62 | 1.50 | 397,371 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.89 | 0.12 | • | 0.93 | 1.05 | 0.30 | — | — | 0.30 | — | 9.64 | 12.00 | 0.64 | 0.62 | † | 0.62 | † | 1.39 | † | 454,246 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 14.41 | 0.20 | • | 1.58 | 1.78 | 0.20 | — | — | 0.20 | — | 15.99 | 12.48 | 0.88 | 0.77 | 0.77 | 1.33 | 4,700 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 11.13 | 0.18 | • | 3.29 | 3.47 | 0.19 | — | — | 0.19 | — | 14.41 | 31.51 | 0.88 | 0.77 | 0.77 | 1.42 | 3,355 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 9.87 | 0.17 | • | 1.32 | 1.49 | 0.23 | — | — | 0.23 | — | 11.13 | 15.17 | 0.88 | 0.77 | 0.77 | 1.59 | 618 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 9.81 | 0.14 | • | 0.07 | 0.21 | 0.15 | — | — | 0.15 | — | 9.87 | 2.01 | 0.88 | 0.77 | 0.77 | 1.47 | 289 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.79 | 0.11 | • | 0.91 | 1.02 | — | — | — | — | — | 9.81 | 11.60 | 0.89 | 0.77 | † | 0.77 | † | 1.17 | † | 48 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Voya Russell™ Large Cap Value Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 18.37 | 0.36 | • | 1.87 | 2.23 | 0.29 | 0.28 | — | 0.57 | — | 20.03 | 12.42 | 0.58 | 0.48 | 0.48 | 1.89 | 51,205 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 14.30 | 0.31 | • | 4.14 | 4.45 | 0.27 | 0.11 | — | 0.38 | — | 18.37 | 31.58 | 0.59 | 0.49 | 0.49 | 1.91 | 49,681 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 12.51 | 0.30 | • | 1.75 | 2.05 | 0.26 | — | — | 0.26 | — | 14.30 | 16.47 | 0.61 | 0.50 | 0.50 | 2.21 | 43,907 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.60 | 0.26 | • | (0.14 | ) | 0.12 | 0.21 | — | — | 0.21 | — | 12.51 | 0.83 | 0.59 | 0.49 | 0.49 | 2.04 | 41,335 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 12.65 | 0.22 | • | 1.19 | 1.41 | 0.20 | 1.26 | — | 1.46 | — | 12.60 | 11.38 | 0.61 | 0.51 | † | 0.51 | † | 1.81 | † | 45,590 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 18.28 | 0.31 | • | 1.88 | 2.19 | 0.26 | 0.28 | — | 0.54 | — | 19.93 | 12.22 | 0.83 | 0.73 | 0.73 | 1.64 | 156,482 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 14.24 | 0.27 | • | 4.12 | 4.39 | 0.24 | 0.11 | — | 0.35 | — | 18.28 | 31.28 | 0.84 | 0.74 | 0.74 | 1.66 | 112,469 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 12.47 | 0.27 | • | 1.73 | 2.00 | 0.23 | — | — | 0.23 | — | 14.24 | 16.11 | 0.86 | 0.75 | 0.75 | 1.97 | 76,203 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.57 | 0.22 | • | (0.14 | ) | 0.08 | 0.18 | — | — | 0.18 | — | 12.47 | 0.56 | 0.84 | 0.74 | 0.74 | 1.79 | 49,250 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 12.64 | 0.19 | • | 1.19 | 1.38 | 0.19 | 1.26 | — | 1.45 | — | 12.57 | 11.13 | 0.86 | 0.76 | † | 0.76 | † | 1.58 | † | 43,502 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||
Voya Russell™ Mid Cap Growth Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 24.40 | 0.07 | 2.58 | 2.65 | 0.01 | — | — | 0.01 | — | 27.04 | 10.85 | 1.08 | 0.98 | 0.98 | 0.30 | 8 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 18.24 | 0.03 | 6.24 | 6.27 | 0.11 | — | — | 0.11 | — | 24.40 | 34.49 | 1.09 | 0.99 | 0.99 | 0.14 | 7 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 15.86 | 0.10 | 2.30 | 2.40 | 0.02 | — | — | 0.02 | — | 18.24 | 15.13 | 1.10 | 1.00 | 1.00 | 0.58 | 5 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 16.29 | 0.01 | • | (0.41 | ) | (0.40 | ) | 0.03 | — | — | 0.03 | — | 15.86 | (2.46 | ) | 1.09 | 0.99 | 0.99 | 0.08 | 5 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 13.11 | 0.03 | 3.30 | 3.33 | 0.02 | 0.13 | — | 0.15 | — | 16.29 | 25.52 | 1.09 | 0.99 | † | 0.99 | † | 0.23 | † | 5 | 25 |
See Accompanying Notes to Financial Statements
58 |
Financial Highlights (continued)
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions (2)(3)(4) | Expenses net of fee waivers and/or recoupments if any (2)(3)(4) | Expense 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 Russell™ Mid Cap Growth Index Portfolio (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 24.60 | 0.22 | • | 2.57 | 2.79 | 0.11 | — | — | 0.11 | — | 27.28 | 11.41 | 0.58 | 0.48 | 0.48 | 0.85 | 111,456 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 18.37 | 0.14 | • | 6.29 | 6.43 | 0.20 | — | — | 0.20 | — | 24.60 | 35.24 | 0.59 | 0.49 | 0.49 | 0.65 | 5,456 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 15.96 | 0.18 | • | 2.33 | 2.51 | 0.10 | — | — | 0.10 | — | 18.37 | 15.74 | 0.60 | 0.50 | 0.50 | 1.03 | 3,905 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 16.38 | 0.09 | • | (0.40 | ) | (0.31 | ) | 0.11 | — | — | 0.11 | — | 15.96 | (2.00 | ) | 0.59 | 0.49 | 0.49 | 0.53 | 4,020 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 13.14 | 0.10 | 3.32 | 3.42 | 0.05 | 0.13 | — | 0.18 | — | 16.38 | 26.22 | 0.59 | 0.49 | † | 0.49 | † | 0.73 | † | 12,615 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 24.53 | 0.14 | 2.58 | 2.72 | 0.06 | — | — | 0.06 | — | 27.19 | 11.09 | 0.83 | 0.73 | 0.73 | 0.53 | 313,923 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 18.32 | 0.08 | • | 6.28 | 6.36 | 0.15 | — | — | 0.15 | — | 24.53 | 34.90 | 0.84 | 0.74 | 0.74 | 0.39 | 328,358 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 15.91 | 0.14 | • | 2.33 | 2.47 | 0.06 | — | — | 0.06 | — | 18.32 | 15.50 | 0.85 | 0.75 | 0.75 | 0.80 | 272,387 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 16.33 | 0.06 | (0.41 | ) | (0.35 | ) | 0.07 | — | — | 0.07 | — | 15.91 | (2.20 | ) | 0.84 | 0.74 | 0.74 | 0.34 | 267,999 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 13.13 | 0.07 | 3.30 | 3.37 | 0.04 | 0.13 | — | 0.17 | — | 16.33 | 25.85 | 0.84 | 0.74 | † | 0.74 | † | 0.48 | † | 325,749 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 24.46 | 0.11 | 2.57 | 2.68 | 0.02 | — | — | 0.02 | — | 27.12 | 10.98 | 1.08 | 0.88 | 0.88 | 0.39 | 2,211 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 18.28 | 0.05 | • | 6.27 | 6.32 | 0.14 | — | — | 0.14 | — | 24.46 | 34.72 | 1.09 | 0.89 | 0.89 | 0.24 | 2,109 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 15.88 | 0.11 | • | 2.32 | 2.43 | 0.03 | — | — | 0.03 | — | 18.28 | 15.30 | 1.10 | 0.90 | 0.90 | 0.64 | 1,484 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 16.30 | 0.04 | (0.42 | ) | (0.38 | ) | 0.04 | — | — | 0.04 | — | 15.88 | (2.34 | ) | 1.09 | 0.89 | 0.89 | 0.18 | 1,476 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 13.11 | 0.05 | 3.30 | 3.35 | 0.03 | 0.13 | — | 0.16 | — | 16.30 | 25.71 | 1.09 | 0.89 | † | 0.89 | † | 0.32 | † | 1,781 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||
Voya Russell™ Mid Cap Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 15.70 | 0.11 | • | 1.75 | 1.86 | 0.12 | 0.52 | — | 0.64 | — | 16.92 | 12.22 | 0.93 | 0.93 | 0.93 | 0.70 | 129,172 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.25 | 0.10 | • | 3.90 | 4.00 | 0.13 | 0.42 | — | 0.55 | — | 15.70 | 33.51 | 0.93 | 0.93 | 0.93 | 0.69 | 94,802 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 10.99 | 0.13 | • | 1.66 | 1.79 | 0.10 | 0.43 | — | 0.53 | — | 12.25 | 16.42 | 0.94 | 0.93 | 0.93 | 1.12 | 46,214 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.45 | 0.09 | • | (0.33 | ) | (0.24 | ) | 0.13 | 0.09 | — | 0.22 | — | 10.99 | (2.31 | ) | 0.95 | 0.93 | 0.93 | 0.81 | 25,606 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.24 | 0.11 | • | 2.15 | 2.26 | 0.05 | — | — | 0.05 | — | 11.45 | 24.48 | 0.95 | 0.93 | † | 0.93 | † | 1.08 | † | 13,988 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 16.01 | 0.19 | • | 1.78 | 1.97 | 0.18 | 0.52 | — | 0.70 | — | 17.28 | 12.70 | 0.43 | 0.43 | 0.43 | 1.17 | 1,794,154 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.45 | 0.16 | 3.99 | 4.15 | 0.17 | 0.42 | — | 0.59 | — | 16.01 | 34.20 | 0.43 | 0.43 | 0.43 | 1.17 | 1,951,563 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.14 | 0.18 | • | 1.70 | 1.88 | 0.14 | 0.43 | — | 0.57 | — | 12.45 | 17.04 | 0.44 | 0.43 | 0.43 | 1.54 | 1,455,088 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.57 | 0.15 | (0.34 | ) | (0.19 | ) | 0.15 | 0.09 | — | 0.24 | — | 11.14 | (1.88 | ) | 0.45 | 0.43 | 0.43 | 1.26 | 1,311,921 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.29 | 0.15 | • | 2.19 | 2.34 | 0.06 | — | — | 0.06 | — | 11.57 | 25.22 | 0.45 | 0.43 | † | 0.43 | † | 1.46 | † | 1,389,676 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 15.88 | 0.14 | 1.77 | 1.91 | 0.14 | 0.52 | — | 0.66 | — | 17.13 | 12.44 | 0.68 | 0.68 | 0.68 | 0.93 | 365,134 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.36 | 0.13 | • | 3.95 | 4.08 | 0.14 | 0.42 | — | 0.56 | — | 15.88 | 33.88 | 0.68 | 0.68 | 0.68 | 0.93 | 309,018 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.07 | 0.16 | • | 1.67 | 1.83 | 0.11 | 0.43 | — | 0.54 | — | 12.36 | 16.69 | 0.69 | 0.68 | 0.68 | 1.31 | 193,939 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.50 | 0.12 | (0.34 | ) | (0.22 | ) | 0.12 | 0.09 | — | 0.21 | — | 11.07 | (2.07 | ) | 0.70 | 0.68 | 0.68 | 1.01 | 149,956 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.25 | 0.12 | • | 2.18 | 2.30 | 0.05 | — | — | 0.05 | — | 11.50 | 24.88 | 0.70 | 0.68 | † | 0.68 | † | 1.22 | † | 162,362 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 15.74 | 0.14 | 1.74 | 1.88 | 0.13 | 0.52 | — | 0.65 | — | 16.97 | 12.30 | 0.93 | 0.83 | 0.83 | 0.78 | 18,708 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.27 | 0.12 | • | 3.92 | 4.04 | 0.15 | 0.42 | — | 0.57 | — | 15.74 | 33.74 | 0.93 | 0.83 | 0.83 | 0.81 | 17,880 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.02 | 0.15 | • | 1.65 | 1.80 | 0.12 | 0.43 | — | 0.55 | — | 12.27 | 16.48 | 0.94 | 0.83 | 0.83 | 1.29 | 6,791 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.48 | 0.11 | • | (0.34 | ) | (0.23 | ) | 0.14 | 0.09 | — | 0.23 | — | 11.02 | (2.18 | ) | 0.95 | 0.83 | 0.83 | 1.01 | 2,570 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.25 | 0.16 | • | 2.10 | 2.26 | 0.03 | — | — | 0.03 | — | 11.48 | 24.49 | 0.95 | 0.83 | † | 0.83 | † | 1.49 | † | 428 | 8 |
See Accompanying Notes to Financial Statements
59 |
Financial Highlights (continued)
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions (2)(3)(4) | Expenses net of fee waivers and/or recoupments if any (2)(3)(4) | Expense 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 Russell™ Small Cap Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 16.59 | 0.09 | • | 0.55 | 0.64 | 0.11 | 1.00 | — | 1.11 | — | 16.12 | 4.38 | 0.96 | 0.95 | 0.95 | 0.56 | 74,405 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.64 | 0.09 | • | 4.54 | 4.63 | 0.16 | 0.52 | — | 0.68 | — | 16.59 | 38.04 | 0.96 | 0.95 | 0.95 | 0.59 | 63,291 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.58 | 0.15 | • | 1.61 | 1.76 | 0.07 | 0.63 | — | 0.70 | — | 12.64 | 15.53 | 0.97 | 0.95 | 0.95 | 1.23 | 33,777 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.20 | 0.05 | • | (0.58 | ) | (0.53 | ) | 0.09 | — | — | 0.09 | — | 11.58 | (4.45 | ) | 0.97 | 0.95 | 0.95 | 0.46 | 21,501 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.74 | 0.08 | • | 2.43 | 2.51 | 0.05 | — | — | 0.05 | — | 12.20 | 25.77 | 0.97 | 0.95 | † | 0.95 | † | 0.73 | † | 13,051 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 16.93 | 0.19 | 0.55 | 0.74 | 0.17 | 1.00 | — | 1.17 | — | 16.50 | 4.93 | 0.46 | 0.45 | 0.45 | 1.04 | 590,477 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.86 | 0.16 | • | 4.63 | 4.79 | 0.20 | 0.52 | — | 0.72 | — | 16.93 | 38.75 | 0.46 | 0.45 | 0.45 | 1.07 | 655,515 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.76 | 0.21 | 1.64 | 1.85 | 0.12 | 0.63 | — | 0.75 | — | 12.86 | 16.04 | 0.47 | 0.45 | 0.45 | 1.65 | 553,728 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.34 | 0.11 | (0.58 | ) | (0.47 | ) | 0.11 | — | — | 0.11 | — | 11.76 | (3.92 | ) | 0.47 | 0.45 | 0.45 | 0.90 | 504,085 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.81 | 0.11 | • | 2.48 | 2.59 | 0.06 | — | — | 0.06 | — | 12.34 | 26.43 | 0.47 | 0.45 | † | 0.45 | † | 1.08 | † | 550,465 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 16.81 | 0.13 | • | 0.57 | 0.70 | 0.14 | 1.00 | — | 1.14 | — | 16.37 | 4.66 | 0.71 | 0.70 | 0.70 | 0.79 | 283,518 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.78 | 0.12 | • | 4.60 | 4.72 | 0.17 | 0.52 | — | 0.69 | — | 16.81 | 38.38 | 0.71 | 0.70 | 0.70 | 0.84 | 332,999 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.68 | 0.17 | 1.64 | 1.81 | 0.08 | 0.63 | — | 0.71 | — | 12.78 | 15.84 | 0.72 | 0.70 | 0.70 | 1.41 | 199,428 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.27 | 0.08 | (0.58 | ) | (0.50 | ) | 0.09 | — | — | 0.09 | — | 11.68 | (4.19 | ) | 0.72 | 0.70 | 0.70 | 0.62 | 172,182 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.77 | 0.09 | • | 2.45 | 2.54 | 0.04 | — | — | 0.04 | — | 12.27 | 26.07 | 0.72 | 0.70 | † | 0.70 | † | 0.85 | † | 205,956 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 16.59 | 0.10 | • | 0.57 | 0.67 | 0.10 | 1.00 | — | 1.10 | — | 16.16 | 4.55 | 0.96 | 0.85 | 0.85 | 0.63 | 9,627 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.64 | 0.10 | • | 4.54 | 4.64 | 0.17 | 0.52 | — | 0.69 | — | 16.59 | 38.16 | 0.96 | 0.85 | 0.85 | 0.71 | 13,451 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.59 | 0.17 | • | 1.61 | 1.78 | 0.10 | 0.63 | — | 0.73 | — | 12.64 | 15.67 | 0.97 | 0.85 | 0.85 | 1.40 | 5,962 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 12.22 | 0.08 | • | (0.60 | ) | (0.52 | ) | 0.11 | — | — | 0.11 | — | 11.59 | (4.38 | ) | 0.97 | 0.85 | 0.85 | 0.64 | 2,178 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.74 | 0.12 | • | 2.39 | 2.51 | 0.03 | — | — | 0.03 | — | 12.22 | 25.81 | 0.97 | 0.85 | † | 0.85 | † | 1.07 | † | 143 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||
Voya U.S. Bond Index Portfolio | �� | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 10.35 | 0.14 | 0.40 | 0.54 | 0.16 | — | — | 0.16 | — | 10.73 | 5.22 | 0.91 | 0.91 | 0.91 | 1.31 | 18,505 | 209 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 10.94 | 0.11 | (0.43 | ) | (0.32 | ) | 0.16 | 0.11 | — | 0.27 | — | 10.35 | (3.02 | ) | 0.90 | 0.90 | 0.90 | 1.07 | 12,857 | 197 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.04 | 0.14 | 0.22 | 0.36 | 0.20 | 0.26 | — | 0.46 | — | 10.94 | 3.35 | 0.91 | 0.91 | 0.91 | 1.27 | 11,313 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.71 | 0.17 | • | 0.54 | 0.71 | 0.20 | 0.18 | — | 0.38 | — | 11.04 | 6.75 | 0.94 | 0.94 | 0.94 | 1.54 | 9,397 | 284 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 10.37 | 0.20 | • | 0.38 | 0.58 | 0.24 | — | — | 0.24 | — | 10.71 | 5.58 | 0.96 | 0.95 | † | 0.95 | † | 1.82 | † | 3,714 | 279 | |||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 10.38 | 0.19 | 0.40 | 0.59 | 0.21 | — | — | 0.21 | — | 10.76 | 5.71 | 0.41 | 0.41 | 0.41 | 1.80 | 3,613,513 | 209 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 10.97 | 0.17 | (0.44 | ) | (0.27 | ) | 0.21 | 0.11 | — | 0.32 | — | 10.38 | (2.54 | ) | 0.40 | 0.40 | 0.40 | 1.57 | 3,794,207 | 197 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.07 | 0.20 | 0.21 | 0.41 | 0.25 | 0.26 | — | 0.51 | — | 10.97 | 3.85 | 0.41 | 0.41 | 0.41 | 1.78 | 3,752,746 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.74 | 0.23 | 0.53 | 0.76 | 0.25 | 0.18 | — | 0.43 | — | 11.07 | 7.20 | 0.44 | 0.44 | 0.44 | 2.05 | 3,479,437 | 284 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 10.39 | 0.25 | • | 0.38 | 0.63 | 0.28 | — | — | 0.28 | — | 10.74 | 6.14 | 0.46 | 0.45 | † | 0.45 | † | 2.36 | † | 3,655,181 | 279 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 10.35 | 0.16 | 0.40 | 0.56 | 0.18 | — | — | 0.18 | — | 10.73 | 5.47 | 0.66 | 0.66 | 0.66 | 1.56 | 240,485 | 209 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 10.94 | 0.14 | (0.44 | ) | (0.30 | ) | 0.18 | 0.11 | — | 0.29 | — | 10.35 | (2.80 | ) | 0.65 | 0.65 | 0.65 | 1.33 | 201,854 | 197 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.04 | 0.17 | 0.22 | 0.39 | 0.23 | 0.26 | — | 0.49 | — | 10.94 | 3.59 | 0.66 | 0.66 | 0.66 | 1.53 | 263,816 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.71 | 0.19 | 0.54 | 0.73 | 0.22 | 0.18 | — | 0.40 | — | 11.04 | 6.96 | 0.69 | 0.69 | 0.69 | 1.79 | 317,638 | 284 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 10.36 | 0.23 | • | 0.38 | 0.61 | 0.26 | — | — | 0.26 | — | 10.71 | 5.89 | 0.71 | 0.70 | † | 0.70 | † | 2.10 | † | 249,203 | 279 |
See Accompanying Notes to Financial Statements
60 |
Financial Highlights (continued)
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions (2)(3)(4) | Expenses net of fee waivers and/or recoupments if any (2)(3)(4) | Expense 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 U.S. Bond Index Portfolio (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 10.36 | 0.15 | 0.40 | 0.55 | 0.17 | — | — | 0.17 | — | 10.74 | 5.31 | 0.91 | 0.81 | 0.81 | 1.41 | 2,639 | 209 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 10.95 | 0.14 | (0.45 | ) | (0.31 | ) | 0.17 | 0.11 | — | 0.28 | — | 10.36 | (2.91 | ) | 0.90 | 0.80 | 0.80 | 1.18 | 1,938 | 197 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.05 | 0.14 | • | 0.23 | 0.37 | 0.21 | 0.26 | — | 0.47 | — | 10.95 | 3.48 | 0.91 | 0.81 | 0.81 | 1.31 | 615 | 145 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 10.72 | 0.17 | • | 0.56 | 0.73 | 0.22 | 0.18 | — | 0.40 | — | 11.05 | 6.87 | 0.94 | 0.84 | 0.84 | 1.59 | 207 | 284 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 10.37 | 0.21 | • | 0.39 | 0.60 | 0.25 | — | — | 0.25 | — | 10.72 | 5.78 | 0.96 | 0.85 | † | 0.85 | † | 1.97 | † | 3 | 279 |
(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. |
See Accompanying Notes to Financial Statements
61 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014
NOTE 1 — ORGANIZATION
Voya Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”) as an open-end diversified management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are nineteen active separate investment series that comprise the Company. The fourteen series (each, a “Portfolio” and collectively, the “Portfolios”) that are in this report are: Voya Australia Index Portfolio (“Australia Index”), Voya Emerging Markets Index Portfolio (“Emerging Markets Index”), Voya Euro STOXX 50® Index Portfolio (“Euro STOXX 50® Index”), Voya FTSE 100 Index® Portfolio (“FTSE 100 Index®”), Voya Hang Seng Index Portfolio (“Hang Seng Index”), Voya International Index Portfolio (“International Index”), Voya Japan TOPIX Index Portfolio (“Japan TOPIX Index”), Voya Russell™ Large Cap Growth Index Portfolio (“Russell™ Large Cap Growth Index”), Voya Russell™ Large Cap Index Portfolio (“Russell™ Large Cap Index”), Voya Russell™ Large Cap Value Index Portfolio (“Russell™ Large Cap Value Index”), Voya Russell™ Mid Cap Growth Index Portfolio (“Russell™ Mid Cap Growth Index”), Voya Russell™ Mid Cap Index Portfolio (“Russell™ Mid Cap Index”), Voya Russell™ Small Cap Index Portfolio (“Russell™ Small Cap Index”), and Voya U.S. Bond Index Portfolio (“U.S. Bond Index”). All of the Portfolios are diversified, except Australia Index, Emerging Markets Index, FTSE 100 Index®, and Hang Seng Index, which are non-diversified Portfolios of the Company. The investment objective of the Portfolios is described in the Portfolios’ Prospectus.
The Company is authorized to offer four classes of shares, referred to as Adviser Class (“Class ADV”), Class I, Class S, and Service 2 Class (“Class S2”); however, not all Portfolios currently offer all classes. Each class has equal rights as to voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates
generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC, (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Funds Services, LLC (“VFS” or the “Administrator”), a Delaware limited liability company, serves as the Administrator to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under the U.S. generally accepted accounting principals (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. U.S. GAAP defines fair value as the price the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Investments in equity securities traded on a national securities exchange are valued at the official closing price when available or, for certain markets, the last reported sale price on each valuation day. Securities traded on an exchange for which there has been no sale and securities traded in the over-the-counter-market are valued at the mean between the last reported bid and ask prices on each valuation day. All investments quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities with more than 60 days to maturity are fair valued using an independent pricing service which takes into consideration such factors as benchmark yields, cash flow assumptions and issuer spreads as well as broker quotes and reported trades for the security as well as securities similar in type, quality, coupon and maturity. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to
62 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (continued)
instruments or securities with similar characteristics. Investments in open-end mutual funds are valued at net asset value (“NAV”). Investments in securities of sufficient credit quality, maturing in 60 days or less, are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity.
Securities and assets for which market quotations are not readily available (which may include certain restricted securities, which are subject to limitations as to their sale) are valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Portfolios’ Board of Directors (“Board”), in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that a Portfolio calculates its NAV may also be valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Board, in accordance with methods that are specifically authorized by the Board. All such fair valuations are made in accordance with the valuation procedures of the Portfolios (the “Valuation Procedures”) which have been approved by the Board. The valuation techniques applied in any specific instance are set forth in the Valuation Procedures and may vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of 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.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities as
63 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (continued)
classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and unobservable inputs, including the Investment Adviser’s or Sub-Adviser’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios’ investments under these levels of classification is included following the Summary Portfolios of Investments.
The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation methods to the “Pricing Committee” as established by the Portfolios’ Administrator. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Investment Adviser or Sub-Adviser, when determining the fair value of the security. In the event that a security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the fair value of the security or asset will be determined in good faith by the Pricing Committee. When a Portfolio uses these fair valuation methods that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Pricing Committee believes accurately reflects fair value and are categorized as Level 3 of the fair value 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 it were to sell the security.
To assess the continuing appropriateness of security valuations, the Pricing Committee may compare prior day prices, prices on comparable securities, and traded prices to the prior or current day prices and the Pricing Committee challenges those prices exceeding certain tolerance levels with the independent pricing service or broker source. For those securities valued in good faith at fair value, the Pricing Committee reviews and affirms the reasonableness of the valuation on a regular basis after considering all relevant information that is reasonably available.
For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to
ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The beginning of period timing recognition is used for the transfers between Levels of a Portfolio’s assets and liabilities. A reconciliation of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.
For the year ended December 31, 2014, there have been no significant changes to the fair valuation methodologies.
B. Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
(1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at 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. |
Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on a Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid.
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (continued)
Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.
D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios (except U.S. Bond Index) declare and pay dividends annually. U.S. Bond Index declares and pays dividends quarterly. The Portfolios distribute capital gains distributions, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. GAAP for investment companies.
E. Federal Income Taxes. It is the policy of the Portfolios to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized capital gains to their shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.
F. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps,
interest rate swaps, total return swaps, and purchased and written options. In doing so, the Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to market risk factors. This may allow the Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.
Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:
Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer durations, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter durations.
Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (continued)
instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of a Portfolio to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Portfolio is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and a Portfolio. Associated risks are not the risks that a Portfolio is attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that a Portfolio will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter (“OTC”) derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty
credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of December 31, 2014, the maximum amount of loss that Australia Index, Euro STOXX 50® Index, FTSE 100 Index® and Hang Seng Index would incur if the counterparties to its derivative transactions failed to perform would be $2,186, $7,544, $11,735 and $329, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts were they to be unwound as of December 31, 2014.
Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and their derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.
As of December 31, 2014, Australia Index, Euro STOXX® Index, FTSE 100 Index®, Hang Seng Index and Japan TOPIX Index had a liability position of $10,815, $125,932, $19,353, $470, and $52,377, respectively, on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2014, the Portfolios could have been required to pay this amount in cash to its counterparties. As of December 31, 2014, there was no collateral posted by any Portfolio for open OTC derivative instruments.
H. Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (continued)
reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/ or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Summary Portfolio of Investments.
For the year ended December 31, 2014, certain Portfolios have entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolios use forward foreign currency contracts to enhance potential gain, hedge against anticipated currency exchange rates, gain exposure to foreign currencies and to maintain diversity and liquidity of the portfolio.
During the year ended December 31, 2014, the following Portfolios had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:
Buy | Sell | |||||||
Australia Index | $ | 3,069,857 | $ | 1,072,213 | ||||
Euro STOXX 50® Index | 5,871,323 | 1,508,745 | ||||||
FTSE 100 Index® | 6,009,169 | 1,248,335 | ||||||
Hang Seng Index | 3,386,519 | 1,663,911 | ||||||
Japan TOPIX Index | 9,872,539 | 1,699,637 |
Please refer to the tables following each respective Summary Portfolio of Investments for open forward foreign currency contract as of December 31, 2014.
I. Futures Contracts. Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing
price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolios assets are valued.
Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table following each Summary Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Summary Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2014, the below Portfolios had purchased futures contracts on various equity indices to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Australia Index also uses futures contracts as a substitute for purchasing additional securities in the index to increase market exposure. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (continued)
During the year ended December 31, 2014, the Portfolios had average notional values on futures contracts purchased as disclosed below. Please refer to the tables following each respective Summary Portfolio of Investments for open futures contracts as of December 31, 2014.
Australia Index | $ | 4,348,141 | ||
Emerging Markets Index | 13,701,421 | |||
Euro STOXX 50®Index | 5,749,194 | |||
FTSE 100 Index® | 9,185,605 | |||
Hang Seng Index | 2,905,540 | |||
International Index | 27,341,183 | |||
Japan TOPIX Index | 9,690,617 | |||
Russell™ Large Cap Growth Index | 7,993,312 | |||
Russell™ Large Cap Index | 12,856,076 | |||
Russell™ Large Cap Value Index | 5,187,166 | |||
Russell™ Mid Cap Growth Index | 4,153,974 | |||
Russell™ Mid Cap Index | 19,808,656 | |||
Russell™ Small Cap Index | 24,942,078 |
J. Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties may enter into swap pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).
The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Portfolio’s Summary Portfolio of Investments.
Swaps are marked to market daily using quotations primarily from third party pricing services, registered commodities exchange(s), counterparties or brokers. The fair value of OTC swap contracts is recorded on the Statements of Assets and Liabilities. Daily changes in the value of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on the Statement of
Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments made and/or received on OTC swaps by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements of Operations until termination. These upfront payments represent the amounts paid or received when initially entering into the contract to offset the differences between the swap agreements and the prevailing market conditions at time of contract. Upon termination, these upfront payments are recorded as a realized gain or loss on the Statement of Operations. A Portfolio also records periodic payments made or received on the swap contract as a realized gain or loss on the Statements of Operations.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Portfolio’s counterparty on the swap agreement becomes the CCP. The Portfolios are required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Portfolios are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Summary Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.
Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on the Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.
Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity,
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (continued)
obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.
A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).
Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk- related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
In assessing the status of payment or performance risk for a seller of protection, unrealized losses imply widening credit spreads when selling protection. A decrease in fair value and a resulting unrealized loss position suggests a deterioration of the referenced entity’s credit soundness. As the notional amount represents the total obligation that would be due upon a credit event, fair values that approach this loss, offset by any upfront payments received, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Unrealized losses, fair values, and upfront payments for all credit default swap agreements in which a Portfolio is a seller of protection have been disclosed in the Summary Portfolio of Investments.
The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2014, for which a Portfolio is seller of protection are disclosed in a table following the Summary Portfolio of Investments for U.S. Bond Index. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same
For the year ended December 31, 2014, U.S. Bond Index had an average notional amount of $65,000,000 on credit default swaps to sell protection on credit default swap indices (“CDX”). The Portfolio enters into credit default swaps on CDX indices to gain additional exposure to certain sectors of the credit market. Please refer to the tables following the Summary Portfolio of Investments for open credit default swaps to sell protection at December 31, 2014.
At December 31, 2014, U.S. Bond Index had pledged $720,000 in cash collateral as initial margin for centrally cleared credit default swaps.
K. Securities Lending. Each Portfolio may temporarily loan up to 33 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, a Portfolio has the right to use collateral to offset losses incurred. There would be potential loss to a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. The Portfolios bear the risk of loss with respect to the investment of collateral with the
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (continued)
following exception: The Bank of New York Mellon (“BNY”) provides the Portfolios indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.
L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value, as defined by the Act, determined in good faith under procedures approved by the Board.
M. Delayed-Delivery or When-Issued Transactions. Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such securities is identified in each Portfolio’s Summary Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to identify liquid assets sufficient to cover the purchase price.
To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).
At December 31, 2014, certain counterparties had posted $2,473,640 in cash collateral to U.S. Bond Index for delayed-delivery or when-issued transactions.
N. Indemnifications. In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the year ended December 31, 2014, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities and U.S. government securities, were as follows:
Purchases | Sales | |||||||
Australia Index | $ | 26,819,497 | $ | 22,952,195 | ||||
Emerging Markets Index | 198,094,848 | 128,284,472 | ||||||
Euro STOXX 50® Index | 64,900,026 | 74,379,677 | ||||||
FTSE 100 Index® | 54,724,004 | 58,471,571 | ||||||
Hang Seng Index | 13,071,599 | 26,053,523 | ||||||
International Index | 84,123,037 | 172,667,554 | ||||||
Japan TOPIX Index | 22,257,211 | 32,840,882 | ||||||
Russell™ Large Cap Growth Index | 101,010,493 | 100,207,558 | ||||||
Russell™ Large Cap Index | 40,698,425 | 63,795,835 | ||||||
Russell™ Large Cap Value Index | 42,343,092 | 21,707,475 | ||||||
Russell™ Mid Cap Growth Index | 191,499,366 | 146,547,793 | ||||||
Russell™ Mid Cap Index | 206,738,768 | 537,875,144 | ||||||
Russell™ Small Cap Index | 114,514,299 | 203,686,922 | ||||||
U.S. Bond Index | 138,149,215 | 133,738,767 |
U.S. government securities not included above were as follows:
Purchases | Sales | |||||||
U.S. Bond Index | $ | 8,517,049,690 | $ | 8,780,166,138 |
NOTE 4 — INVESTMENT MANAGEMENT, ADMINISTRATIVE AND LICENSING FEES
The Portfolios have entered into an investment management agreement (“Investment Management Agreement”) with the Investment Adviser. The Investment Management Agreement compensates the Investment Adviser with a fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:
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NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 4 — INVESTMENT MANAGEMENT, ADMINISTRATIVE AND LICENSING FEES (continued)
Australia Index(1) | 0.60% | ||
Emerging Markets Index(2) | 0.55% | ||
Euro STOXX 50® Index(1) | 0.60% | ||
FTSE 100 Index®(1) | 0.60% | ||
Hang Seng Index(3) | 0.60% on the first $250 million; 0.50% on the next $250 million; and 0.45% thereafter | ||
International Index | 0.38% on the first $500 million; 0.36% on the next $500 million; and 0.34% thereafter | ||
Japan TOPIX Index(1) | 0.60% | ||
Russell™ Large Cap Growth Index(3) | 0.45% on the first $500 million; 0.43% on the next $500 million; and 0.41% thereafter | ||
Russell™ Large Cap Index | 0.25% on the first $1 billion; 0.23% on the next $1 billion; and 0.21% thereafter | ||
Russell™ Large Cap Value Index(3) | 0.45% on the first $250 million; 0.35% on the next $250 million; and 0.30% thereafter | ||
Russell™ Mid Cap Growth Index(3) | 0.45% on the first $500 million; 0.43% on the next $500 million; and 0.41% thereafter | ||
Russell™ Mid Cap Index | 0.31% on the first $2 billion; 0.24% on the next $2 billion; and 0.18% thereafter | ||
Russell™ Small Cap Index | 0.33% on the first $1 billion; 0.31% on the next $1 billion; and 0.29% thereafter | ||
U.S. Bond Index | 0.32% on the first $500 million; 0.30% on the next $500 million; 0.28% on the next $1 billion; 0.26% on the next $2 billion; and 0.24% thereafter |
(1) | Pursuant to a side agreement, Voya Investments has agreed to waive 0.25% of the Portfolio’s advisory fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
(2) | Pursuant to a side agreement, Voya Investments has agreed to waive 0.15% of the Portfolio’s advisory fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
(3) | Pursuant to a side agreement, Voya Investments has agreed to waive 0.10% of the Portfolio’s advisory fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios’ assets in accordance with the Portfolios’ investment objectives, policies, and limitations.
The Administrator provides certain administrative and shareholder services necessary for each Portfolio’s
operations and is responsible for the supervision of other service providers. For its services, the Adminstrator is entitled to receive from each Portfolio a fee at an annual rate of 0.10% of each Portfolio’s average daily net assets. Pursuant to a side agreement, the Adminstrator has agreed to waive the administration fee for Australia Index, Emerging Markets Index, Euro STOXX 50® Index, FTSE 100 Index®, and Japan TOPIX Index. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board.
Hang Seng Data Services Limited receives an annual licensing fee for the Hang Seng Index. MSCI Inc. receives an annual licensing fee for Emerging Markets Index and International Index. Standard & Poor’s Financial Services LLC, STOXX Limited, Zurich, Switzerland and/or Dow Jones & Company, Inc., FTSE International Limited, and Tokyo Stock Exchange, Inc. receive an annual licensing fee for Australia Index, Euro STOXX 50® Index, FTSE 100 Index® and Japan TOPIX Index, respectively.
In placing equity security transactions, the Sub-Adviser is required to use its best efforts to choose a broker capable of providing brokerage services necessary to obtain the best execution for each transaction. Subject to this requirement, the Sub-Adviser may allocate equity security transactions through certain designated broker-dealers. Some of these broker-dealers participate in commission recapture programs that have been established for the benefit of the Portfolios. Under these programs, the participating broker-dealers will return to a Portfolio a portion of the brokerage commissions (in the form of a credit to a Portfolio) paid to the broker-dealers to pay certain expenses of a Portfolio. These commission recapture payments benefit the Portfolios and not the Sub-Adviser. Any amount credited to a Portfolio is reflected as brokerage commission recapture on the accompanying Statements of Operations.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class ADV and Class S2 shares of the respective Portfolios are subject to a Shareholder Service and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “Plan”). Under the Plan, the Distributor is paid an annual shareholder service fee at the rate of 0.25% and an annual distribution fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor has contractually agreed to waive 0.01% of the distribution fee for Class ADV shares of International Index. Termination or modification of this obligation requires approval by the Board. The Distributor has also contractually agreed to waive a portion of its fee equal to 0.10% of the average daily net assets attributable
71 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)
to the distribution fee paid by Class S2 shares of the respective Portfolios, so that the actual fee paid by a Portfolio is an annual rate of 0.15%. Termination or modification of this obligation requires approval by the Board.
Class S shares of the Portfolios have a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or distribution of each Portfolio’s Class S shares. Pursuant to the 12b-1 Plan, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plan, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets.
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At December 31, 2014, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:
Subsidiary/Affiliated Investment Company | Portfolio | Percentage | ||||
ReliaStar Life Insurance Company | Russell™ Large Cap Growth Index | 31.55 | % | |||
Russell™ Large Cap Value Index | 16.71 | |||||
Security Life of Denver Insurance Company | Russell™ Large Cap Growth Index | 9.58 | ||||
Voya Index Solution 2035 Portfolio | International Index | 5.45 | ||||
Voya Institutional Trust Company | Russell™ Large Cap Index | 11.05 | ||||
Russell™ Large Cap Value Index | 12.84 | |||||
Russell™ Mid Cap Index | 6.18 | |||||
Russell™ Small Cap Index | 7.45 | |||||
Voya Insurance and Annuity Company | Euro STOXX 50® Index | 5.76 | ||||
Hang Seng Index | 30.54 | |||||
International Index | 59.86 | |||||
Russell™ Large Cap Growth Index | 43.18 | |||||
Russell™ Large Cap Index | 55.62 |
Subsidiary/Affiliated Investment Company | Portfolio | Percentage | ||||
Russell™ Large Cap Value Index | 55.97 | |||||
Russell™ Mid Cap Growth Index | 68.33 | |||||
Russell™ Mid Cap Index | 9.92 | |||||
Russell™ Small Cap Index | 21.68 | |||||
U.S. Bond Index | 5.90 | |||||
Voya Retirement Conservative Portfolio | U.S. Bond Index | 6.36 | ||||
Voya Retirement Growth Portfolio | Australia Index | 55.43 | ||||
Emerging Markets Index | 40.72 | |||||
Euro STOXX 50® Index | 52.05 | |||||
FTSE 100 Index® | 54.55 | |||||
Hang Seng Index | 37.06 | |||||
Japan TOPIX Index | 53.80 | |||||
Russell™ Mid Cap Index | 29.59 | |||||
Russell™ Small Cap Index | 26.72 | |||||
U.S. Bond Index | 28.16 | |||||
Voya Retirement Insurance and Annuity Company | International Index | 5.53 | ||||
Russell™ Large Cap Growth Index | 9.69 | |||||
Russell™ Large Cap Index | 30.16 | |||||
Russell™ Large Cap Value Index | 8.90 | |||||
Russell™ Mid Cap Index | 16.88 | |||||
Russell™ Small Cap Index | 22.43 | |||||
Voya Retirement Moderate Growth Portfolio | Australia Index | 29.89 | ||||
Emerging Markets Index | 23.17 | |||||
Euro STOXX 50® Index | 28.06 | |||||
FTSE 100 Index® | 29.41 | |||||
Hang Seng Index | 19.98 | |||||
Japan TOPIX Index | 29.01 | |||||
RussellTM Mid Cap Index | 17.68 | |||||
Russell™ Small Cap Index | 12.17 | |||||
U.S. Bond Index | 26.92 | |||||
Voya Retirement Moderate Portfolio | Australia Index | 13.27 | ||||
Emerging Markets Index | 10.29 | |||||
Euro STOXX 50® Index | 12.46 | |||||
FTSE 100 Index® | 13.06 | |||||
Hang Seng Index | 8.87 | |||||
Japan TOPIX Index | 12.88 | |||||
Russell™ Mid Cap Index | 7.01 | |||||
U.S. Bond Index | 15.80 | |||||
Voya Solution 2025 Portfolio | Russell™ Mid Cap Growth Index | 8.30 | ||||
Voya Solution 2035 Portfolio | Russell™ Mid Cap Growth Index | 7.44 | ||||
Voya Solution 2045 Portfolio | Russell™ Mid Cap Growth Index | 6.85 |
72 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control. Therefore, if certain Portfolios have a common owner that owns over 25% of the outstanding securities of the Portfolios, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Portfolios.
The Portfolios have adopted a Deferred Compensation Plan (the “Plan”), which allows eligible non-affiliated directors, as described in the Plan, to defer the receipt of all or a portion of the directors’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the Plan, the amounts deferred are invested in shares of the funds selected by the director (the “Notional Funds”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’ deferred fees, resulting in a Porfolio asset equal to the deferred compensation liability. Such assets are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of directors’ fees under the Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Plan.
NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES
At December 31, 2014, the following Portfolio had the below payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceed 5% of total liabilities:
Portfolio | Accrued Expenses | Amount | ||||
Euro STOXX 50® Index | Custody | $ | 49,115 | |||
License | 50,598 | |||||
FTSE 100 Index® | Custody | 41,182 | ||||
License | 37,939 |
NOTE 8 — EXPENSE LIMITATION AGREEMENT
The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each of the following Portfolios whereby the Investment Adviser has agreed to limit expenses, excluding interest expense, taxes, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:
Portfolio | Class ADV | Class I | Class S | Class S2 | ||||||||||||
Hang Seng Index(1) | 1.25 | % | 0.75 | % | 1.00 | % | N/A | |||||||||
International Index(2) | 1.00 | % | 0.50 | % | 0.75 | % | 0.90 | % | ||||||||
Russell™ Large Cap Growth Index(3) | N/A | N/A | N/A | N/A | ||||||||||||
Russell™ Large Cap Index | 0.87 | % | 0.37 | % | 0.62 | % | 0.77 | % | ||||||||
Russell™ Large Cap Value Index(3) | N/A | N/A | N/A | N/A | ||||||||||||
Russell™ Mid Cap Growth Index(1) | 1.00 | % | 0.50 | % | 0.75 | % | 0.90 | % | ||||||||
Russell™ Mid Cap Index | 0.93 | % | 0.43 | % | 0.68 | % | 0.83 | % | ||||||||
Russell™ Small Cap Index | 0.95 | % | 0.45 | % | 0.70 | % | 0.85 | % | ||||||||
U.S. Bond Index | 0.95 | % | 0.45 | % | 0.70 | % | 0.85 | % |
(1) | Effective January 1, 2014, the Investment Adviser has entered into a written expense limitation agreement with the Portfolio. Prior to January 1, 2014, there was no expense limitation agreement associated with the Portfolio. |
(2) | Effective the close of business on March 14, 2014, pursuant to a side letter agreement through May 1, 2016, the Investment Adviser has further lowered the expense limits for International Index to 0.98%, 0.48%, 0.73% and 0.88% for Class ADV, Class I, Class S and Class S2, respectively. Termination or modification of this obligation requires approval by the Board. |
(3) | Pursuant to a side letter agreement, through May 1, 2015, the Investment Adviser has agreed to waive all or a portion of the advisory fee so that the expense limits are 1.00%, 0.50%, and 0.75% for Class ADV, Class I, and Class S, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
The Investment Adviser may at a later date recoup from a Portfolio for management fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees and any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
As of December 31, 2014, the amount of waived and reimbursed fees that are subject to recoupment by the Investment Adviser, and the related expiration dates are as follows:
December 31, | ||||||||||||||||
2015 | 2016 | 2017 | Total | |||||||||||||
Hang Seng Index | $ | — | $ | — | $ | 20,364 | $ | 20,364 | ||||||||
International Index | 331,151 | 296,569 | 800,829 | 1,428,549 | ||||||||||||
Russell™ Large Cap Index | 78,829 | 62,087 | 75,677 | 216,593 | ||||||||||||
Russell™ Mid Cap Index | 167,301 | 18,628 | — | 185,929 | ||||||||||||
Russell™ Small Cap Index | 137,893 | 45,921 | 71,822 | 255,636 |
The Expense Limitation Agreement is contractual through May 1, 2015 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
73 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 9 — LINE OF CREDIT
The Portfolios, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement with BNY (the “Credit Agreement”) for an aggregate amount of $200,000,000. The proceeds may be used only to: (1) temporarily finance the purchase or sale of securities; or (2) finance the redemption of shares of an investor in the funds. The funds to which the line of credit is available pay a commitment fee equal to 0.07% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 23, 2014, the funds to which the Credit Agreement is available paid a commitment fee equal to 0.08% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.
Borrowings under the credit agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The following Portfolios utilized the line of credit during the year ended December 31, 2014:
Portfolio | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | |||||||
Australia Index | 13 | $ | 372,154 | 1.12 | % | |||||
Emerging Markets Index | 35 | 4,468,886 | 1.09 | |||||||
Euro STOXX 50® Index | 16 | 1,900,313 | 1.09 | |||||||
FTSE 100 Index® | 17 | 984,059 | 1.10 | |||||||
Hang Seng Index | 12 | 1,280,333 | 1.10 | |||||||
International Index | 5 | 2,887,600 | 1.09 | |||||||
Japan TOPIX Index | 14 | 570,571 | 1.12 | |||||||
Russell™ Large Cap Growth Index | 1 | 13,271,000 | 1.09 | |||||||
Russell™ Large Cap Value Index | 1 | 1,570,000 | 1.09 | |||||||
Russell™ Mid Cap Growth Index | 3 | 564,000 | 1.09 | |||||||
Russell™ Mid Cap Index | 14 | 1,983,714 | 1.09 | |||||||
Russell™ Small Cap Index | 7 | 2,043,857 | 1.10 | |||||||
U.S. Bond Index | 17 | 1,458,118 | 1.09 |
NOTE 10 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
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 | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||
Australia Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
12/31/2013 | — | — | — | (1 | ) | (1 | ) | — | — | — | (12 | ) | (12 | ) | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 3,324,972 | — | 778,244 | (3,662,441 | ) | 440,775 | 31,929,453 | — | 7,992,562 | (37,180,306 | ) | 2,741,709 | ||||||||||||||||||||||||||||
12/31/2013 | 5,194,866 | — | 963,238 | (4,576,415 | ) | 1,581,689 | 52,186,544 | — | 10,345,175 | (47,285,851 | ) | 15,245,868 | ||||||||||||||||||||||||||||
Emerging Markets Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
12/31/2013 | — | — | — | (1 | ) | (1 | ) | — | — | — | (11 | ) | (11 | ) | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 20,366,082 | — | 764,107 | (15,672,627 | ) | 5,457,562 | 228,468,026 | — | 8,397,538 | (173,824,044 | ) | 63,041,520 | ||||||||||||||||||||||||||||
12/31/2013 | 54,356,491 | — | 307,714 | (9,793,453 | ) | 44,870,752 | 618,514,259 | — | 3,501,787 | (108,246,048 | ) | 513,769,998 | ||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
12/31/2013 | — | — | — | (1 | ) | (1 | ) | — | — | — | (11 | ) | (11 | ) | ||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
12/31/2013 | — | — | — | (1 | ) | (1 | ) | — | — | — | (11 | ) | (11 | ) |
74 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 10 — CAPITAL SHARES (continued)
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 | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||
Euro STOXX 50® Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 1,336,805 | — | 83,530 | (1,803,290 | ) | (382,955 | ) | 15,602,799 | — | 1,000,682 | (20,340,400 | ) | (3,736,919 | ) | ||||||||||||||||||||||||||
12/31/2013 | 3,146,597 | — | 49,202 | (1,049,722 | ) | 2,146,077 | 33,984,875 | — | 475,786 | (10,557,738 | ) | 23,902,923 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 5,705,261 | — | 1,397,910 | (7,078,150 | ) | 25,021 | 61,677,034 | — | 16,844,821 | (81,375,380 | ) | (2,853,525 | ) | |||||||||||||||||||||||||||
12/31/2013 | 6,759,009 | — | 2,308,526 | (35,914,703 | ) | (26,847,168 | ) | 65,804,385 | — | 22,415,790 | (370,239,009 | ) | (282,018,834 | ) | ||||||||||||||||||||||||||
FTSE 100 Index® | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 319,337 | — | 61,386 | (235,216 | ) | 145,507 | 4,061,215 | — | 771,009 | (2,870,545 | ) | 1,961,679 | ||||||||||||||||||||||||||||
12/31/2013 | 1,193,207 | — | 23,057 | (986,106 | ) | 230,158 | 14,742,533 | — | 275,073 | (12,173,072 | ) | 2,844,534 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 4,604,145 | — | 3,940,650 | (6,346,742 | ) | 2,198,053 | 54,228,933 | — | 49,809,818 | (80,557,944 | ) | 23,480,807 | ||||||||||||||||||||||||||||
12/31/2013 | 3,132,046 | — | 2,598,810 | (15,884,719 | ) | (10,153,863 | ) | 37,783,396 | — | 31,107,762 | (202,006,887 | ) | (133,115,729 | ) | ||||||||||||||||||||||||||
Hang Seng Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 101,635 | — | 3,068 | (117,674 | ) | (12,971 | ) | 1,501,443 | — | 40,226 | (1,680,908 | ) | (139,239 | ) | ||||||||||||||||||||||||||
12/31/2013 | 52,175 | — | 4,432 | (41,611 | ) | 14,996 | 715,475 | — | 59,347 | (563,568 | ) | 211,254 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 475,521 | — | 160,848 | (1,055,296 | ) | (418,927 | ) | 6,637,812 | — | 2,121,591 | (15,053,271 | ) | (6,293,868 | ) | ||||||||||||||||||||||||||
12/31/2013 | 791,709 | — | 240,977 | (2,343,698 | ) | (1,311,012 | ) | 10,598,675 | — | 3,243,544 | (32,654,791 | ) | (18,812,572 | ) | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 883,102 | — | 64,834 | (1,392,894 | ) | (444,958 | ) | 12,819,845 | — | 853,855 | (19,620,552 | ) | (5,946,852 | ) | ||||||||||||||||||||||||||
12/31/2013 | 1,111,061 | — | 150,234 | (2,233,975 | ) | (972,680 | ) | 15,872,595 | — | 2,017,644 | (30,411,769 | ) | (12,521,530 | ) | ||||||||||||||||||||||||||
International Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 4,454,498 | 109,979,612 | 863,686 | (16,629,107 | ) | 98,668,689 | 42,472,687 | 1,058,745,439 | 8,654,053 | (162,556,267 | ) | 947,315,912 | ||||||||||||||||||||||||||||
12/31/2013 | 608,161 | — | 18,217 | (177,122 | ) | 449,256 | 5,442,835 | — | 162,139 | (1,581,019 | ) | 4,023,955 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 20,402,523 | — | 389,258 | (17,424,222 | ) | 3,367,559 | 203,550,636 | — | 3,966,540 | (172,627,018 | ) | 34,890,158 | ||||||||||||||||||||||||||||
12/31/2013 | 23,186,556 | — | 938,270 | (11,627,290 | ) | 12,497,536 | 215,822,524 | — | 8,444,603 | (106,101,785 | ) | 118,165,342 | ||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 1,424,879 | — | 69,514 | (3,887,500 | ) | (2,393,107 | ) | 13,854,671 | — | 704,877 | (38,696,714 | ) | (24,137,166 | ) | ||||||||||||||||||||||||||
12/31/2013 | 5,120,505 | — | 238,169 | (3,320,962 | ) | 2,037,712 | 46,426,609 | — | 2,134,036 | (30,152,264 | ) | 18,408,381 | ||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 36,137 | — | 1,338 | (77,536 | ) | (40,061 | ) | 355,270 | — | 13,516 | (753,360 | ) | (384,574 | ) | ||||||||||||||||||||||||||
12/31/2013 | 104,829 | — | 5,014 | (51,388 | ) | 58,455 | 964,977 | — | 44,782 | (456,381 | ) | 553,378 | ||||||||||||||||||||||||||||
Japan TOPIX Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 756,537 | — | 110,625 | (1,095,012 | ) | (227,850 | ) | 8,006,762 | — | 1,080,807 | (11,365,249 | ) | (2,277,680 | ) | ||||||||||||||||||||||||||
12/31/2013 | 1,937,168 | — | 29,114 | (1,276,870 | ) | 689,412 | 20,820,861 | — | 317,051 | (13,658,470 | ) | 7,479,442 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 4,027,931 | — | 3,321,992 | (5,678,030 | ) | 1,671,893 | 43,232,472 | — | 32,721,625 | (59,465,649 | ) | 16,488,448 | ||||||||||||||||||||||||||||
12/31/2013 | 3,790,571 | — | 882,544 | (16,297,211 | ) | (11,624,096 | ) | 40,458,961 | — | 9,672,687 | (179,934,563 | ) | (129,802,915 | ) |
75 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 10 — CAPITAL SHARES (continued)
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 | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||
Russell™ Large Cap Growth Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | — | * | — | — | (1,076 | ) | (1,076 | ) | 10 | — | — | (23,036 | ) | (23,026 | ) | |||||||||||||||||||||||||
12/31/2013 | 2,876 | — | 250 | (24,056 | ) | (20,930 | ) | 53,839 | — | 4,525 | (503,426 | ) | (445,062 | ) | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 397,187 | — | 161,582 | (1,403,436 | ) | (844,667 | ) | 9,105,712 | — | 3,525,724 | (31,882,901 | ) | (19,251,465 | ) | ||||||||||||||||||||||||||
12/31/2013 | 260,450 | — | 197,039 | (1,730,705 | ) | (1,273,216 | ) | 4,973,932 | — | 3,593,992 | (32,683,420 | ) | (24,115,496 | ) | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 4,035,593 | — | 103,632 | (2,917,958 | ) | 1,221,267 | 91,233,257 | — | 2,253,990 | (64,755,952 | ) | 28,731,295 | ||||||||||||||||||||||||||||
12/31/2013 | 1,800,393 | — | 120,855 | (2,207,867 | ) | (286,619 | ) | 34,552,921 | — | 2,198,353 | (41,668,418 | ) | (4,917,144 | ) | ||||||||||||||||||||||||||
Russell™ Large Cap Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 506,710 | — | 28,915 | (583,243 | ) | (47,618 | ) | 7,441,609 | — | 411,173 | (8,486,071 | ) | (633,289 | ) | ||||||||||||||||||||||||||
12/31/2013 | 1,288,430 | — | 26,174 | (594,623 | ) | 719,981 | 15,901,163 | — | 312,521 | (7,234,250 | ) | 8,979,434 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 1,623,545 | — | 192,284 | (1,715,507 | ) | 100,322 | 24,199,917 | — | 2,772,734 | (25,501,832 | ) | 1,470,819 | ||||||||||||||||||||||||||||
12/31/2013 | 1,906,734 | — | 197,032 | (2,021,016 | ) | 82,750 | 24,099,261 | — | 2,382,110 | (26,149,199 | ) | 332,172 | ||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 5,495,583 | — | 560,188 | (6,716,355 | ) | (660,584 | ) | 82,105,305 | — | 8,038,695 | (99,547,346 | ) | (9,403,346 | ) | ||||||||||||||||||||||||||
12/31/2013 | 5,740,785 | — | 605,534 | (8,482,834 | ) | (2,136,515 | ) | 70,759,364 | — | 7,284,570 | (107,926,636 | ) | (29,882,702 | ) | ||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 110,966 | — | 3,268 | (52,998 | ) | 61,236 | 1,653,343 | — | 47,422 | (783,281 | ) | 917,484 | ||||||||||||||||||||||||||||
12/31/2013 | 244,055 | — | 2,881 | (69,710 | ) | 177,226 | 3,022,856 | — | 35,086 | (886,253 | ) | 2,171,689 | ||||||||||||||||||||||||||||
Russell™ Large Cap Value Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 1 | — | — | * | (2,736 | ) | (2,735 | ) | 17 | — | — | * | (49,385 | ) | (49,368 | ) | ||||||||||||||||||||||||
12/31/2013 | 434 | — | 47 | (10 | ) | 471 | 7,135 | — | 723 | (164 | ) | 7,694 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 172,564 | — | 81,757 | (403,464 | ) | (149,143 | ) | 3,270,211 | — | 1,501,063 | (7,615,120 | ) | (2,843,846 | ) | ||||||||||||||||||||||||||
12/31/2013 | 108,936 | — | 69,762 | (544,267 | ) | (365,569 | ) | 1,769,736 | — | 1,090,379 | (8,847,067 | ) | (5,986,952 | ) | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 2,946,015 | — | 209,359 | (1,454,733 | ) | 1,700,641 | 55,701,063 | — | 3,829,184 | (27,384,162 | ) | 32,146,085 | ||||||||||||||||||||||||||||
12/31/2013 | 2,871,110 | — | 128,465 | (2,198,709 | ) | 800,866 | 46,547,726 | — | 2,002,774 | (36,845,293 | ) | 11,705,207 | ||||||||||||||||||||||||||||
Russell™ Mid Cap Growth Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
12/31/2013 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 4,840,571 | — | 21,245 | (997,569 | ) | 3,864,247 | 116,692,748 | — | 523,892 | (25,881,643 | ) | 91,334,997 | ||||||||||||||||||||||||||||
12/31/2013 | 128,183 | — | 2,165 | (121,131 | ) | 9,217 | 2,761,969 | — | 44,082 | (2,650,254 | ) | 155,797 | ||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 678,655 | — | 28,981 | (2,551,613 | ) | (1,843,977 | ) | 17,435,996 | — | 713,505 | (64,874,642 | ) | (46,725,141 | ) | ||||||||||||||||||||||||||
12/31/2013 | 1,125,771 | — | 110,363 | (2,718,988 | ) | (1,482,854 | ) | 23,453,605 | — | 2,243,685 | (58,790,838 | ) | (33,093,548 | ) |
* | Share amount is less than 0.500 or $0.50 |
76 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 10 — CAPITAL SHARES (continued)
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | |||||||||||||||||||||||||||||||
Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||
Russell™ Mid Cap Growth Index (continued) | ||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 4,676 | — | 80 | (9,400 | ) | (4,644 | ) | 117,803 | — | 1,972 | (238,918 | ) | (119,143 | ) | ||||||||||||||||||||||||||
12/31/2013 | 33,151 | — | 676 | (28,815 | ) | 5,012 | 668,568 | — | 13,731 | (622,550 | ) | 59,749 | ||||||||||||||||||||||||||||
Russell™ Mid Cap Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 1,970,592 | — | 268,032 | (640,018 | ) | 1,598,606 | 31,805,389 | — | 4,157,168 | (10,258,622 | ) | 25,703,935 | ||||||||||||||||||||||||||||
12/31/2013 | 2,699,666 | — | 207,029 | (643,620 | ) | 2,263,075 | 37,369,235 | — | 2,748,775 | (9,108,289 | ) | 31,009,721 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 5,486,772 | — | 4,930,497 | (28,520,332 | ) | (18,103,063 | ) | 90,007,360 | — | 77,852,541 | (470,334,161 | ) | (302,474,260 | ) | ||||||||||||||||||||||||||
12/31/2013 | 27,701,721 | — | 5,397,772 | (28,117,705 | ) | 4,981,788 | 392,590,929 | — | 72,842,172 | (398,545,631 | ) | 66,887,470 | ||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 6,072,468 | — | 835,090 | (5,055,299 | ) | 1,852,259 | 99,250,157 | — | 13,094,206 | (81,598,447 | ) | 30,745,916 | ||||||||||||||||||||||||||||
12/31/2013 | 6,531,996 | — | 733,333 | (3,501,165 | ) | 3,764,164 | 91,380,739 | — | 9,831,249 | (49,854,970 | ) | 51,357,018 | ||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 346,577 | — | 41,303 | (421,223 | ) | (33,343 | ) | 5,596,080 | — | 641,844 | (6,800,996 | ) | (563,072 | ) | ||||||||||||||||||||||||||
12/31/2013 | 697,328 | — | 31,231 | (146,102 | ) | 582,457 | 9,703,579 | — | 415,699 | (2,036,503 | ) | 8,082,775 | ||||||||||||||||||||||||||||
Russell™ Small Cap Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 988,089 | — | 303,398 | (493,103 | ) | 798,384 | 15,636,888 | — | 4,550,967 | (7,701,033 | ) | 12,486,822 | ||||||||||||||||||||||||||||
12/31/2013 | 1,667,314 | — | 168,230 | (692,102 | ) | 1,143,442 | 24,074,604 | — | 2,205,500 | (10,002,102 | ) | 16,278,002 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 3,752,135 | — | 2,832,013 | (9,524,339 | ) | (2,940,191 | ) | 60,600,999 | — | 43,329,797 | (153,739,037 | ) | (49,808,241 | ) | ||||||||||||||||||||||||||
12/31/2013 | 3,538,275 | — | 2,226,312 | (10,087,117 | ) | (4,322,530 | ) | 52,134,351 | — | 29,699,000 | (147,957,410 | ) | (66,124,059 | ) | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 2,621,760 | — | 1,336,994 | (6,455,028 | ) | (2,496,274 | ) | 41,988,629 | — | 20,335,677 | (103,453,228 | ) | (41,128,922 | ) | ||||||||||||||||||||||||||
12/31/2013 | 7,238,885 | — | 857,724 | (3,888,733 | ) | 4,207,876 | 106,531,390 | — | 11,373,421 | (55,756,911 | ) | 62,147,900 | ||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 130,459 | — | 44,071 | (389,488 | ) | (214,958 | ) | 2,068,645 | — | 662,390 | (6,279,192 | ) | (3,548,157 | ) | ||||||||||||||||||||||||||
12/31/2013 | 579,397 | — | 29,326 | (269,742 | ) | 338,981 | 8,198,959 | — | 384,463 | (4,204,071 | ) | 4,379,351 | ||||||||||||||||||||||||||||
U.S. Bond Index | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 747,242 | — | 22,613 | (287,381 | ) | 482,474 | 7,924,084 | — | 239,938 | (3,046,342 | ) | 5,117,680 | ||||||||||||||||||||||||||||
12/31/2013 | 559,044 | — | 29,659 | (380,119 | ) | 208,584 | 5,983,221 | — | 316,209 | (4,042,044 | ) | 2,257,386 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 44,982,966 | — | 6,865,484 | (81,696,836 | ) | (29,848,386 | ) | 479,830,423 | — | 73,018,279 | (870,252,634 | ) | (317,403,932 | ) | ||||||||||||||||||||||||||
12/31/2013 | 113,443,189 | — | 10,936,850 | (100,843,093 | ) | 23,536,946 | 1,216,588,484 | — | 116,710,924 | (1,071,035,530 | ) | 262,263,878 | ||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 8,602,034 | — | 366,689 | (6,065,053 | ) | 2,903,670 | 91,462,216 | — | 3,891,510 | (64,479,947 | ) | 30,873,779 | ||||||||||||||||||||||||||||
12/31/2013 | 2,559,289 | — | 563,286 | (7,730,458 | ) | (4,607,883 | ) | 26,946,568 | — | 6,009,391 | (82,338,639 | ) | (49,382,680 | ) | ||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 97,815 | — | 3,752 | (42,978 | ) | 58,589 | 1,034,647 | — | 39,819 | (457,516 | ) | 616,950 | ||||||||||||||||||||||||||||
12/31/2013 | 162,173 | — | 2,256 | (33,368 | ) | 131,061 | 1,712,435 | — | 23,938 | (351,917 | ) | 1,384,456 |
77 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 11 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements.
The cash collateral is invested in overnight repurchase agreements that are collateralized at 102% with securities issued or fully guaranteed by the United States Treasury; United States government or any agency, instrumentality or authority of the United States government. The securities purchased with cash collateral received are reflected in the Summary Portfolio of Investments under Securities Lending Collateral.
Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio. The following is a summary of the Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2014:
Australia Index
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
Barclays Capital Inc. | $ | 49,279 | $ | (49,279 | ) | $ | — | |||||
Barclays Capital Securities Ltd. | 164,276 | (164,276 | ) | — | ||||||||
Citigroup Global Markets | 6,082 | (6,082 | ) | — | ||||||||
Credit Suisse Securities | 401,203 | (401,203 | ) | — | ||||||||
Deutsche Bank AG | 5,410 | (5,410 | ) | — |
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
Goldman Sachs & Company | 1,041,909 | (1,041,909 | ) | — | ||||||||
JP Morgan Clearing Corp | 184,472 | (184,472 | ) | — | ||||||||
JPMorgan Securities PLC | 129,374 | (129,374 | ) | — | ||||||||
Macquarie Bank Ltd. | 19,994 | (19,994 | ) | — | ||||||||
Merrill Lynch International Ltd. | 140,875 | (140,875 | ) | — | ||||||||
Morgan Stanley & Co. LLC | 523,183 | (523,183 | ) | — | ||||||||
Scotia Capital | 33,872 | (33,872 | ) | — | ||||||||
Societe Generale | 70,094 | (70,094 | ) | — | ||||||||
UBS AG | 64,777 | (64,777 | ) | — | ||||||||
UBS Securities, LLC | 607,830 | (607,830 | ) | — | ||||||||
Total | $ | 3,442,629 | $ | (3,442,629 | ) | $ | — |
(1) | Collateral with a fair value of $3,662,887 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. |
Emerging Markets Index
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
BNP Prime Brokerage, Inc. | $ | 54,221 | $ | (54,221 | ) | $ | — | |||||
Barclays Capital Inc. | 211,828 | (211,828 | ) | — | ||||||||
Citigroup Global Markets | 136,195 | (136,195 | ) | — | ||||||||
Citigroup Global Markets Ltd. | 24,418 | (24,418 | ) | — | ||||||||
Commerzbank AG | 14,967 | (14,967 | ) | — | ||||||||
Credit Suisse Securities | 461,373 | (461,373 | ) | — | ||||||||
Deutsche Bank AG | 389,917 | (389,917 | ) | — | ||||||||
Goldman Sachs & Company | 1,373,835 | (1,373,835 | ) | — | ||||||||
Goldman Sachs International | 368,285 | (368,285 | ) | — | ||||||||
HSBC Bank PLC | 407,655 | (407,655 | ) | — | ||||||||
JP Morgan Clearing Corp | 184,586 | (184,586 | ) | — | ||||||||
JPMorgan Securities PLC | 207,759 | (207,759 | ) | — | ||||||||
Morgan Stanley & Co. International PLC | 351,563 | (351,563 | ) | — | ||||||||
Macquarie Bank Ltd. | 328,277 | (328,277 | ) | — | ||||||||
Merrill Lynch | 889,966 | (889,966 | ) | — | ||||||||
Merrill Lynch International Ltd. | 1,214,264 | (1,214,264 | ) | — | ||||||||
Morgan Stanley & Co. LLC | 719,988 | (719,988 | ) | — | ||||||||
SG Americas Securities, LLC | 2,527,041 | (2,527,041 | ) | — | ||||||||
Scotia Capital | 544,368 | (544,368 | ) | — | ||||||||
Total | $ | 10,410,507 | $ | (10,410,507 | ) | $ | — |
(1) | Collateral with a fair value of $10,986,408 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. |
Hang Seng Index
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
Citigroup Global Markets | $ | 1,645,981 | $ | (1,645,981 | ) | $ | — | |||||
Total | $ | 1,645,981 | $ | (1,645,981 | ) | $ | — |
(1) | Collateral with a fair value of $1,750,557 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. |
78 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 11 — SECURITIES LENDING (continued)
International Index
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
Barclays Capital Inc. | $ | 96,830 | $ | (96,830 | ) | $ | — | |||||
Citigroup Global Markets Inc. | 1,008,394 | (1,008,394 | ) | — | ||||||||
Credit Suisse Securities (Europe) Limited | 2,024,618 | (2,024,618 | ) | — | ||||||||
Credit Suisse Securities (USA) LLC | 342,500 | (342,500 | ) | — | ||||||||
Deutsche Bank, AG | 89,518 | (89,518 | ) | — | ||||||||
Goldman Sachs & Company | 1,056,671 | (1,056,671 | ) | — | ||||||||
JP Morgan Securities, Plc. | 497,283 | (497,283 | ) | — | ||||||||
Merrill Lynch | 782,767 | (782,767 | ) | — | ||||||||
Morgan Stanley & Co. LLC | 1,053,511 | (1,053,511 | ) | — | ||||||||
Nomura International PLC | 1,189,221 | (1,189,221 | ) | — | ||||||||
Nomura Securities International, Inc. | 656,762 | (656,762 | ) | — | ||||||||
Total | $ | 8,798,077 | $ | (8,798,077 | ) | $ | — |
(1) | Collateral with a fair value of $9,702,799 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. |
Japan TOPIX Index
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
BNP Prime Brokerage, Inc. | $ | 39,581 | $ | (39,581 | ) | $ | — | |||||
Barclays Capital Inc. | 378,902 | (378,902 | ) | — | ||||||||
Barclays Capital Securities | 13,236 | (13,236 | ) | — | ||||||||
Citigroup Global Markets | 274,207 | (274,207 | ) | — | ||||||||
Credit Suisse Securities | 156,609 | (156,609 | ) | — | ||||||||
Credit Suisse Securities (Europe) Ltd. | 1,238,753 | (1,238,753 | ) | — | ||||||||
Deutsche Bank AG | 928,756 | (928,756 | ) | — | ||||||||
Deutsche Bank Securities | 239,863 | (239,863 | ) | — | ||||||||
Goldman Sachs & Company | 1,186,037 | (1,186,037 | ) | — | ||||||||
Morgan Stanley & Co. International PLC | 12,130 | (12,130 | ) | — | ||||||||
Macquarie Bank Ltd. | 35,404 | (35,404 | ) | — | ||||||||
Merrill Lynch International Ltd. | 326,545 | (326,545 | ) | — | ||||||||
Morgan Stanley & Co. LLC | 992,057 | (992,057 | ) | — | ||||||||
Nomura International PLC | 435,849 | (435,849 | ) | — | ||||||||
Nomura Securities International | 13,654 | (13,654 | ) | — | ||||||||
Societe Generale | 187,225 | (187,225 | ) | — | ||||||||
UBS Securities, LLC | 182,407 | (182,407 | ) | — | ||||||||
Total | $ | 6,641,217 | $ | (6,641,217 | ) | $ | — |
(1) | Collateral with a fair value of $7,004,257 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. |
Russell™ Mid Cap Growth Index
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
Citigroup Global Markets | $ | 6,003 | $ | (6,003 | ) | $ | — | |||||
Deutsche Bank Securities | 398,409 | (398,409 | ) | — | ||||||||
Goldman Sachs & Company | 1,132,163 | (1,132,163 | ) | — | ||||||||
HSBC Bank PLC | 396,211 | (396,211 | ) | — | ||||||||
JPMorgan Clearing Corp. | 897,034 | (897,034 | ) | — | ||||||||
Merrill Lynch, Pierce, Fenner & Smith Inc. | 2,451,450 | (2,451,450 | ) | — | ||||||||
Morgan Stanley & Co. LLC | 1,075,482 | (1,075,482 | ) | — | ||||||||
National Financial | 405,519 | (405,519 | ) | — | ||||||||
RBC Capital Markets, LLC | 6,375 | (6,375 | ) | — | ||||||||
RBC Dominion Securities Inc | 861,523 | (861,523 | ) | — | ||||||||
SG Americas Securities, LLC | 1,302,286 | (1,302,286 | ) | — | ||||||||
Scotia Capital | 252,396 | (252,396 | ) | — | ||||||||
UBS Securities LLC. | 74,749 | (74,749 | ) | — | ||||||||
Total | $ | 9,259,602 | $ | (9,259,602 | ) | $ | — |
(1) | Collateral with a fair value of $9,487,925 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. |
Russell™ Mid Cap Index
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
Barclays Capital Inc. | $ | 763,252 | $ | (763,252 | ) | — | ||||||
Citigroup Global Markets | 599,309 | (599,309 | ) | — | ||||||||
Deutsche Bank Securities | 1,577,144 | (1,577,144 | ) | — | ||||||||
Goldman Sachs & Company | 4,961,567 | (4,961,567 | ) | — | ||||||||
HSBC Bank PLC | 2,084,184 | (2,084,184 | ) | — | ||||||||
JPMorgan Clearing Corp. | 3,124,995 | (3,124,995 | ) | — | ||||||||
Janney Montgomery Scott LLC | 12,750 | (12,750 | ) | — | ||||||||
Merrill Lynch | 1,328,987 | (1,328,987 | ) | — | ||||||||
Morgan Stanley & Co. LLC | 9,024,999 | (9,024,999 | ) | — | ||||||||
National Financial | 1,018,091 | (1,018,091 | ) | — | ||||||||
Nomura Securities International, Inc. | 5,036 | (5,036 | ) | — | ||||||||
RBC Dominion Securities Inc | 1,670,958 | (1,670,958 | ) | — | ||||||||
SG Americas Security LLC | 1,813,391 | (1,813,391 | ) | — | ||||||||
Total | $ | 27,984,663 | $ | (27,984,663 | ) | $ | — |
(1) | Collateral with a fair value of $28,736,361 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. |
Russell™ Small Cap Index
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
BMO Capital Markets | $ | 17,663 | $ | (17,663 | ) | $ | — | |||||
BNP PrimeBrokerage | 138,886 | (138,886 | ) | — | ||||||||
Barclays Capital Inc. | 3,243,831 | (3,243,831 | ) | — | ||||||||
Citadel | 1,389,532 | (1,389,532 | ) | — | ||||||||
Citigroup Global Markets | 848,105 | (848,105 | ) | — | ||||||||
Commerz Markets LLC | 8,866 | (8,866 | ) | — | ||||||||
Deutsche Bank Securities | 3,477,116 | (3,477,116 | ) | — |
79 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 11 — SECURITIES LENDING (continued)
Russell™ Small Cap Index (continued)
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
Goldman Sachs & Company | 8,565,458 | (8,565,458 | ) | — | ||||||||
HSBC Bank PLC | 1,624,847 | (1,624,847 | ) | — | ||||||||
JPMorgan Clearing Corp. | 9,436,935 | (9,436,935 | ) | — | ||||||||
Janney Montgomery Scott | 372,252 | (372,252 | ) | — | ||||||||
Merrill Lynch | 598,168 | (598,168 | ) | — | ||||||||
Mizuho Securities USA Inc. | 198,503 | (198,503 | ) | — | ||||||||
Morgan Stanley & Co. LLC | 12,299,350 | (12,299,350 | ) | — | ||||||||
National Financial | 2,780,302 | (2,780,302 | ) | — | ||||||||
RBC Dominion Securities Inc | 3,890,171 | (3,890,171 | ) | — | ||||||||
SG Americas Security LLC | 1,318,122 | (1,318,122 | ) | — | ||||||||
Scotia Capital | 1,997,476 | (1,997,476 | ) | — | ||||||||
Total | $ | 52,205,581 | $ | (52,205,581 | ) | $ | — |
(1) | Collateral with a fair value of $53,941,954 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. |
U.S Bond Index
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||
Barclays Capital Inc. | $ | 5,096,536 | $ | (5,096,536 | ) | $ | — | |||||
Citigroup Global Markets | 22,360,044 | (22,360,044 | ) | — | ||||||||
Credit Suisse Securities USA | 84,637 | (84,637 | ) | — | ||||||||
Merrill Lynch | 976,474 | (976,474 | ) | — | ||||||||
Morgan Stanley & Co. LLC | 256,549 | (256,549 | ) | — | ||||||||
Nomura Securities International, Inc. | 522,348 | (522,348 | ) | — | ||||||||
Scotia Capital | 3,465,919 | (3,465,919 | ) | — | ||||||||
UBS Securities LLC. | 153,809 | (153,809 | ) | — | ||||||||
Total | $ | 32,916,317 | $ | (32,916,317 | ) | $ | — |
(1) | Collateral with a fair value of $33,615,614 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. |
NOTE 12 — CONCENTRATION OF INVESTMENT RISKS
All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Portfolio’s risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by each Portfolio and their corresponding risks, see the Portfolios’ most recent Prospectus and/or the Statement of Additional Information.
Foreign Securities (Australia Index, Emerging Markets Index, Euro STOXX 50® Index, FTSE 100® Index, Hang Seng Index, International Index, and Japan TOPIX Index).
Investments in foreign (non-U.S.) securities may entail risks not present in domestic investments. Since securities in which the Portfolios may invest are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolios. Foreign investments may also subject the Portfolios to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as changes vis-a-vis the U.S. dollar from movements in currency, and changes in security value and interest rate, all of which could affect the market and/or credit risk of the Portfolios’ investments.
Emerging Markets Investments (Emerging Markets Index, Hang Seng Index, and International Index). Because of less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign securities can be intensified in the case of investments in issuers domiciled or doing substantial business in emerging market countries.
Non-Diversified (Australia Index, Emerging Markets Index, FTSE 100® Index and Hang Seng Index). The Portfolios are classified as non-diversified investment companies under the 1940 Act, which means that each Portfolio is not limited by the 1940 Act in the proportion of assets that they may invest in the obligations of a single issuer. Declines in the value of that single company can significantly impact the value of a Portfolio. The investment of a large percentage of a Portfolio’s assets in the securities of a small number of issuers may cause a Portfolio’s share price to fluctuate more than that of a diversified investment company. Conversely, even though classified as non-diversified, a Portfolio may actually maintain a portfolio that is diversified with a large number of issuers. In such an event, a Portfolio would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.
Investment by Funds-of-Funds (Australia Index, Emerging Markets Index, Euro STOXX 50® Index, FTSE 100® Index, Hang Seng Index, Japan TOPIX Index, Russell™ Mid Cap Index, Russell™ Mid Cap Growth Index, Russell™ Small Cap Index and U.S. Bond Index). As an underlying fund (“Underlying Fund”) of a fund-of-fund, shares of each Portfolio may be purchased by other investment companies. In some cases, an Underlying Fund may experience large inflows or redemptions due to allocations or rebalancings. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. The Investment Adviser will monitor transactions by each Underlying Fund and will attempt to minimize any adverse
80 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 12 — CONCENTRATION OF INVESTMENT RISKS (continued)
effects of the Underlying Funds and the fund-of-fund as a result of these transactions. So long as an Underlying Fund accepts investments by other investment companies, it will not purchase securities of other investment companies, except to the extent permitted by the 1940 Act or under the terms of an exemptive order granted by the SEC.
NOTE 13 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, income from passive foreign investment companies (PFICs), paydown gains, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.
The following permanent tax differences have been reclassified as of December 31, 2014:
Paid-in Capital | Undistributed Net Investment Income | Accumulated Net Realized Gains/(Losses) | ||||||||||
Australia Index | $ | — | $ | 1,529,839 | $ | (1,529,839 | ) | |||||
Emerging Markets Index | — | 78,294 | (78,294 | ) | ||||||||
Euro STOXX 50® Index | — | (605,811 | ) | 605,811 | ||||||||
FTSE 100 Index® | — | (443,408 | ) | 443,408 | ||||||||
Hang Seng Index | — | 80,627 | (80,627 | ) | ||||||||
International Index | 1,727 | 1,460,735 | (1,462,462 | ) | ||||||||
Japan TOPIX Index | 59,663 | (1,139,758 | ) | 1,080,095 | ||||||||
Russell™ Large Cap Growth Index | — | (1,184 | ) | 1,184 |
Paid-in Capital | Undistributed Net Investment Income | Accumulated Net Realized Gains/(Losses) | ||||||||||
Russell™ Large Cap Index | — | (18,801 | ) | 18,801 | ||||||||
Russell™ Large Cap Value Index | — | (28,319 | ) | 28,319 | ||||||||
Russell™ Mid Cap Growth Index | — | (3,182 | ) | 3,182 | ||||||||
Russell™ Mid Cap Index | — | 522,616 | (522,616 | ) | ||||||||
Russell™ Small Cap Index | — | (101,566 | ) | 101,566 | ||||||||
U.S. Bond Index | — | 8,495,323 | (8,495,323 | ) |
Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||
Ordinary Income | Long-term Capital Gains | Ordinary Income | Long-term Capital Gains | |||||||||||||
Australia Index | $ | 7,992,667 | $ | — | $ | 10,345,331 | $ | — | ||||||||
Emerging Markets Index | 8,397,648 | — | 3,055,303 | 446,529 | ||||||||||||
Euro STOXX 50® Index | 17,845,503 | — | 22,891,576 | — | ||||||||||||
FTSE 100 Index® | 17,437,022 | 33,143,805 | 22,485,519 | 8,897,316 | ||||||||||||
Hang Seng Index | 3,015,672 | — | 5,320,535 | — | ||||||||||||
International Index | 13,338,986 | — | 10,785,560 | — | ||||||||||||
Japan TOPIX Index | 8,379,694 | 25,422,738 | 8,563,129 | 1,426,609 | ||||||||||||
Russell™ Large Cap Growth Index | 5,779,714 | — | 5,796,870 | — | ||||||||||||
Russell™ Large Cap Index | 11,270,024 | — | 10,014,287 | — | ||||||||||||
Russell™ Large Cap Value Index | 2,594,596 | 2,735,651 | 2,135,062 | 958,814 | ||||||||||||
Russell™ Mid Cap Growth Index | 1,239,371 | — | 2,301,530 | — | ||||||||||||
Russell™ Mid Cap Index | 35,543,704 | 60,202,055 | 35,714,984 | 50,122,911 | ||||||||||||
Russell™ Small Cap Index | 17,246,488 | 51,632,343 | 12,737,750 | 30,924,634 | ||||||||||||
U.S. Bond Index | 77,189,546 | — | 89,404,861 | 33,655,601 |
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2014 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the “Act”) provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Portfolios’ pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.
Undistributed | Undistributed | Unrealized | Capital Loss Carryforwards | |||||||||||||||||
Ordinary Income | Long-term Capital Gains | Appreciation/ (Depreciation) | Amount | Character | Expiration | |||||||||||||||
Australia Index | $ | 9,770,236 | $ | — | $ | (12,428,307 | ) | $ | (55,951 | ) | Short-term | None | ||||||||
(4,675,040 | ) | Long-term | None | |||||||||||||||||
$ | (4,730,991 | ) |
81 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 13 — FEDERAL INCOME TAXES (continued)
Undistributed | Undistributed | Unrealized | Capital Loss Carryforwards | |||||||||||||||||||||
Ordinary Income | Long-term Capital Gains | Appreciation/ (Depreciation) | Amount | Character | Expiration | |||||||||||||||||||
Emerging Markets Index | 12,670,196 | — | (46,863,077 | ) | (4,992,348 | ) | Short-term | None | ||||||||||||||||
(2,406,436 | ) | Long-term | None | |||||||||||||||||||||
$ | (7,398,784 | ) | ||||||||||||||||||||||
Euro STOXX 50® Index | 14,923,243 | — | 53,638,071 | (805,470 | ) | Short-term | 2018 | |||||||||||||||||
(33,294,343 | ) | Long-term | None | |||||||||||||||||||||
$ | (34,099,813 | ) | ||||||||||||||||||||||
FTSE 100 Index® | 27,895,816 | 11,053,547 | 55,873,193 | — | — | — | ||||||||||||||||||
Hang Seng Index | 3,424,784 | — | 19,284,941 | (348,360 | ) | Short-term | 2016 | |||||||||||||||||
(211,429 | ) | Short-term | 2017 | |||||||||||||||||||||
(1,702,575 | ) | Short-term | None | |||||||||||||||||||||
$ | (2,262,364 | ) | ||||||||||||||||||||||
International Index | 41,883,527 | — | 32,714,943 | (48,436,202 | ) | Short-term | 2015 | |||||||||||||||||
(14,301,357 | ) | Short-term | 2016 | |||||||||||||||||||||
(91,978,946 | ) | Short-term | 2017 | |||||||||||||||||||||
(1,826,920 | ) | Short-term | 2018 | |||||||||||||||||||||
(6,154,952 | ) | Short-term | None | |||||||||||||||||||||
(8,243,398 | ) | Long-term | None | |||||||||||||||||||||
$ | (170,941,775 | )* | ||||||||||||||||||||||
Japan TOPIX Index | 4,938,883 | 3,776,485 | 23,160,246 | — | — | — | ||||||||||||||||||
Russell™ Large Cap Growth Index | 5,825,405 | — | 246,786,430 | (127,765,687 | ) | Short-term | 2016 | |||||||||||||||||
Russell™ Large Cap Index | 12,021,323 | — | 460,785,290 | (2,318,650 | ) | Short-term | 2015 | |||||||||||||||||
(64,791,606 | ) | Short-term | 2016 | |||||||||||||||||||||
(125,559,316 | ) | Short-term | 2017 | |||||||||||||||||||||
(8,688,924 | ) | Short-term | 2018 | |||||||||||||||||||||
$ | (201,358,496 | )* | ||||||||||||||||||||||
Russell™ Large Cap Value Index | 3,103,203 | 2,716,935 | 66,745,178 | (3,099,362 | ) | Short-term | 2015 | |||||||||||||||||
(3,099,362 | ) | Short-term | 2016 | |||||||||||||||||||||
$ | (6,198,724 | )* | ||||||||||||||||||||||
Russell™ Mid Cap Growth Index | 2,571,402 | — | 166,801,030 | (77,599,248 | ) | Short-term | 2016 | |||||||||||||||||
Russell™ Mid Cap Index | 52,233,020 | 145,590,799 | 1,065,995,160 | — | — | — | ||||||||||||||||||
Russell™ Small Cap Index | 12,635,197 | 79,828,828 | 351,213,538 | — | — | — | ||||||||||||||||||
U.S. Bond Index | 11,590,242 | — | 104,540,081 | — | — | — |
* | Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. Amounts and years of expiration may be adjusted to reflect future gain/loss activity to comply with the limitation rules. |
The Portfolios’ major tax jurisdictions are U.S. federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2010.
As of December 31, 2014, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.
82 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 14 — RESTRUCTURING PLAN
In October 2009, ING Groep N.V. (“ING Groep”) submitted a restructuring plan (the “Restructuring Plan”) to the European Commission in order to receive approval for state aid granted to ING Groep by the Kingdom of the Netherlands in November 2008 and March 2009. To receive approval for this state aid, ING Groep was required to divest its insurance and investment management businesses, including Voya Financial, Inc. (formerly, ING U.S., Inc.), before the end of 2013. In November 2012, the Restructuring Plan was amended to permit ING Groep additional time to complete the divestment. Pursuant to the amended Restructuring Plan, ING Groep was required to divest at least 25% of Voya Financial, Inc. by the end of 2013 and more than 50% by the end of 2014, and is required to divest its remaining interest by the end of 2016 (such divestment, the “Separation Plan”).
In May 2013, Voya Financial, Inc. conducted an initial public offering of its common stock (the “IPO”). In October 2013, March 2014, and September 2014, ING Groep divested additional shares in several secondary offerings of common stock of Voya Financial, Inc. and concurrent share repurchases by Voya Financial, Inc. These transactions reduced ING Groep’s ownership interest in Voya Financial, Inc. to 32%. Voya Financial, Inc. did not receive any proceeds from these offerings.
In November 2014, through an additional secondary offering and the concurrent repurchase of shares by Voya Financial, Inc., ING Groep further reduced its interest in Voya Financial, Inc. below 25% to approximately 19% (the “November 2014 Offering”). The November 2014 Offering was deemed by the Investment Adviser to be a change of control (the “Change of Control”), which resulted in the automatic termination of the existing investment advisory and sub-advisory agreements under which the Investment Adviser and Sub-Adviser provide services to the Portfolios. In anticipation of this termination, and in order to ensure that the existing investment advisory and sub-advisory services could continue uninterrupted, in 2013 the Board approved new advisory and sub-advisory agreements for the Portfolios, as applicable, in connection with the IPO. In addition, in 2013, shareholders of each Portfolio approved new investment advisory and affiliated sub-advisory agreements prompted by the IPO, as well as any future advisory and affiliated sub-advisory agreements prompted by the Separation Plan that are approved by the Board and that have terms not materially different from the current agreements. This meant that shareholders would not have another opportunity to vote on a new agreement with the Investment Adviser or the current affiliated sub-adviser
even upon a change of control prompted by the Separation Plan, as long as no single person or group of persons acting together gains “control” (as defined in the 1940 Act) of Voya Financial, Inc.
On November 18, 2014, in response to the Change of Control, the Board, at an in-person meeting, approved new investment advisory and affiliated sub-advisory agreements. At that meeting, the Investment Adviser represented that the agreements approved by the Board were not materially different from the agreements approved by shareholders in 2013 and no single person or group of persons acting together was expected to gain “control” (as defined in the 1940 Act) of Voya Financial, Inc. As a result, shareholders of the Portfolios will not be asked to vote again on these new agreements with the Investment Adviser and affiliated sub-adviser.
NOTE 15 — REORGANIZATIONS
On March 14, 2014, International Index (“Acquiring Portfolio”) acquired all of the net assets of ING American Funds International Portfolio (“Acquired Portfolio”), an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired Portfolio on February 27, 2014. The purposes of the transaction were to combine two portfolios with comparable portfolio holdings and management and to lower the net expense ratio for shareholders of the Acquired Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Assuming the acquisition had been completed on January 1, 2014, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2014, are as follows:
Net investment income | $ | 36,483,562 | ||
Net realized and unrealized loss on investments | $ | (153,818,419 | ) | |
Net decrease in net assets resulting from operations | $ | (117,334,857 | ) |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since March 14, 2014.
83 |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2014 (continued)
NOTE 15 — REORGANIZATIONS (continued)
Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
Total Net Assets of Acquired Portfolio (000s) | Total Net Assets of Acquiring Portfolio (000s) | Acquired Portfolio’s Capital Loss Carryforwards (000s) | Acquired Portfolio’s Unrealized Depreciation (000s) | Portfolios’ Conversion Ratio | ||||
$1,058,745 | $624,495 | $— | $(32,588) | 1.8740 |
The net assets of the Acquiring Portfolio after the acquisition were $1,683,240,361.
NOTE 16 — SUBSEQUENT EVENTS
On November 20, 2014, the Board approved changes to the advisory fee breakpoints for International Index, Russell™ Large Cap Growth Index, Russell™ Large Cap Value Index, Russell™ Mid Cap Growth Index, and U.S. Bond Index. Effective January 1, 2015, the advisory fee breakpoints for these Portfolios are as follows:
International Index | 0.38% on the first $500 million; 0.36% on the next $500 million; 0.34% on the next $500 million; and 0.32% thereafter | ||
Russell™ Large Cap Growth Index | 0.40% on the first $500 million; 0.38% on the next $500 million; and 0.36% thereafter | ||
Russell™ Large Cap Value Index | 0.40% on the first $250 million; 0.30% on the next $250 million; and 0.25% thereafter | ||
Russell™ Mid Cap Growth Index | 0.40% on the first $500 million; 0.38% on the next $500 million; and 0.36% thereafter |
U.S. Bond Index | 0.32% on the first $500 million; 0.30% on the next $500 million; 0.28% on the next $1 billion; 0.26% on the next $2 billion; 0.24% on the next $2 billion; and 0.22% thereafter |
On November 20, 2014, the Board approved a 0.20% advisory fee waiver side agreement for Hang Seng Index. Effective January 1, 2015, this side agreement replaces the 0.10% advisory fee waiver that was in place as of December 31, 2014. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.
On November 20, 2014, the Board approved a new expense limitation agreement for U.S. Bond Index. Effective January 1, 2015, the new expense limitation agreement, through May 1, 2016, is 0.90%, 0.40%, 0.65%, and 0.80% for Class ADV, Class I, Class S, and Class S2, respectively.
Subsequent to the period end, the Board approved amendments to the Portfolios’ Valuation Procedures which changed the valuation methodology for investments in securities of sufficient credit quality, maturing in 60 days or less from amortized cost to a price provided by an independent pricing service.
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
84 |
Voya Australia Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 98.8% | ||||||||||||||
Consumer Discretionary: 3.7% | ||||||||||||||
246,931 | Tattersall’s Ltd. | $ | 694,494 | 0.4 | ||||||||||
2,445,229 | Other Securities(a) | 6,387,525 | 3.3 | |||||||||||
7,082,019 | 3.7 | |||||||||||||
Consumer Staples: 7.3% | ||||||||||||||
90,911 | Coca-Cola Amatil Ltd. | 686,384 | 0.4 | |||||||||||
193,435 | Wesfarmers Ltd. | 6,549,255 | 3.4 | |||||||||||
216,941 | Woolworths Ltd. | 5,390,899 | 2.8 | |||||||||||
704,462 | Other Securities(a) | 1,293,892 | 0.7 | |||||||||||
13,920,430 | 7.3 | |||||||||||||
Energy: 5.1% | ||||||||||||||
201,299 | Oil Search Ltd. | 1,290,848 | 0.7 | |||||||||||
189,524 | Origin Energy Ltd. | 1,793,171 | 0.9 | |||||||||||
167,857 | Santos Ltd. | 1,121,247 | 0.6 | |||||||||||
121,946 | Woodside Petroleum Ltd. | 3,771,462 | 2.0 | |||||||||||
1,331,363 | Other Securities(a) | 1,789,892 | 0.9 | |||||||||||
9,766,620 | 5.1 | |||||||||||||
Financials: 46.4% | ||||||||||||||
506,345 | AMP Ltd. | 2,255,140 | 1.2 | |||||||||||
33,315 | ASX Ltd. | 993,938 | 0.5 | |||||||||||
474,205 | Australia & New Zealand Banking Group Ltd. | 12,338,794 | 6.5 | |||||||||||
77,084 | Bendigo Bank Ltd. | 801,515 | 0.4 | |||||||||||
279,033 | Commonwealth Bank of Australia | 19,386,870 | 10.2 | |||||||||||
155,842 | Dexus Property Group | 882,198 | 0.5 | |||||||||||
264,661 | Goodman Group | 1,222,439 | 0.6 | |||||||||||
291,694 | GPT Group | 1,032,319 | 0.5 | |||||||||||
402,998 | Insurance Australia Group | 2,046,229 | 1.1 | |||||||||||
91,274 | Lend Lease Corp., Ltd. | 1,215,667 | 0.6 | |||||||||||
55,369 | Macquarie Group Ltd. | 2,611,028 | 1.4 | |||||||||||
628,517 | Mirvac Group | 909,182 | 0.5 | |||||||||||
415,602 | National Australia Bank Ltd. | 11,333,583 | 5.9 | |||||||||||
409,479 | Novion Property Group | 703,821 | 0.4 | |||||||||||
234,910 | QBE Insurance Group Ltd. | 2,133,074 | 1.1 | |||||||||||
916,323 | @ | Scentre Group | 2,596,102 | 1.4 | ||||||||||
404,225 | Stockland | 1,350,873 | 0.7 | |||||||||||
221,427 | Suncorp Group Ltd | 2,529,536 | 1.3 | |||||||||||
328,997 | Westfield Corp. | 2,411,668 | 1.3 | |||||||||||
535,074 | Westpac Banking Corp. | 14,391,241 | 7.5 | |||||||||||
1,753,637 | Other Securities(a) | 5,276,317 | 2.8 | |||||||||||
88,421,534 | 46.4 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Health Care: 5.8% | ||||||||||||||
81,678 | CSL Ltd. | $ | 5,737,530 | 3.0 | ||||||||||
22,189 | Ramsay Health Care Ltd. | 1,028,642 | 0.6 | |||||||||||
129,971 | L | ResMed, Inc. | 730,777 | 0.4 | ||||||||||
68,162 | Sonic Healthcare Ltd. | 1,025,467 | 0.5 | |||||||||||
617,774 | Other Securities(a) | 2,537,394 | 1.3 | |||||||||||
11,059,810 | 5.8 | |||||||||||||
Industrials: 7.4% | ||||||||||||||
167,863 | Asciano Group | 822,068 | 0.4 | |||||||||||
370,332 | Aurizon Holdings Ltd. | 1,385,884 | 0.7 | |||||||||||
269,078 | Brambles Ltd. | 2,317,901 | 1.2 | |||||||||||
377,993 | @ | Qantas Airways Ltd. | 734,181 | 0.4 | ||||||||||
58,016 | Seek Ltd. | 808,981 | 0.4 | |||||||||||
377,648 | Sydney Airport | 1,445,824 | 0.8 | |||||||||||
326,372 | Transurban Group | 2,274,396 | 1.2 | |||||||||||
1,792,961 | Other Securities(a) | 4,266,090 | 2.3 | |||||||||||
14,055,325 | 7.4 | |||||||||||||
Information Technology: 0.8% | ||||||||||||||
87,635 | Computershare Ltd. | 838,286 | 0.5 | |||||||||||
93,172 | Other Securities(a) | 591,463 | 0.3 | |||||||||||
1,429,749 | 0.8 | |||||||||||||
Materials: 14.6% | ||||||||||||||
207,673 | Amcor Ltd. | 2,284,888 | 1.2 | |||||||||||
552,307 | BHP Billiton Ltd. | 13,057,994 | 6.9 | |||||||||||
280,308 | Incitec Pivot Ltd. | 725,078 | 0.4 | |||||||||||
76,308 | James Hardie Industries SE | 814,607 | 0.4 | |||||||||||
131,373 | @ | Newcrest Mining Ltd. | 1,155,942 | 0.6 | ||||||||||
63,369 | Orica Ltd. | 971,041 | 0.5 | |||||||||||
74,996 | Rio Tinto Ltd. | 3,515,882 | 1.8 | |||||||||||
3,492,475 | Other Securities(a) | 5,302,089 | 2.8 | |||||||||||
27,827,521 | 14.6 | |||||||||||||
Telecommunication Services: 5.8% | ||||||||||||||
2,104,061 | Telstra Corp., Ltd. | 10,214,854 | 5.3 | |||||||||||
190,867 | Other Securities(a) | 909,885 | 0.5 | |||||||||||
11,124,739 | 5.8 | |||||||||||||
Utilities: 1.9% | ||||||||||||||
115,864 | AGL Energy Ltd. | 1,263,741 | 0.7 | |||||||||||
191,780 | APA Group | 1,159,366 | 0.6 | |||||||||||
747,917 | Other Securities | 1,164,541 | 0.6 | |||||||||||
3,587,648 | 1.9 | |||||||||||||
Total Common Stock (Cost $196,352,364) | 188,275,395 | 98.8 |
See Accompanying Notes to Financial Statements
85 |
Voya Australia Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Utilities: 0.0% | ||||||||||||||
43,897 | Other Securities | $ | 30,727 | 0.0 | ||||||||||
Total Rights (Cost $–) | 30,727 | 0.0 | ||||||||||||
Total Long-Term Investments (Cost $196,352,364) | 188,306,122 | 98.8 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 11.2% | ||||||||||||||
Securities Lending Collateralcc: 1.9% | ||||||||||||||
1,000,000 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,000,005, collateralized by various U.S. Government/ U.S. GovernmentAgency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,020,000, due 01/01/15-09/01/49) | 1,000,000 | 0.5 | |||||||||||
1,000,000 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,000,008, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $1,020,000, due 09/30/17-02/15/42) | 1,000,000 | 0.5 | |||||||||||
662,887 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $662,890, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $676,145, due 01/07/15-10/20/64) | 662,887 | 0.4 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
1,000,000 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,000,005, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $1,020,000, due 11/15/15-07/15/56) | $ | 1,000,000 | 0.5 | ||||||||||
3,662,887 | 1.9 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 9.3% | ||||||||||||||
17,743,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $17,743,000) | 17,743,000 | 9.3 | |||||||||||
Total Short-Term Investments (Cost $21,405,887) | 21,405,887 | 11.2 | ||||||||||||
Total Investments in Securities (Cost $217,758,251) | $ | 209,712,009 | 110.0 | |||||||||||
Liabilities in Excess of Other Assets | (19,121,236 | ) | (10.0 | ) | ||||||||||
Net Assets | $ | 190,590,773 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $222,178,184.
See Accompanying Notes to Financial Statements |
86 |
Voya Australia Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Net unrealized depreciation consists of:
Gross Unrealized Appreciation | $ | 20,130,836 | ||
Gross Unrealized Depreciation | (32,597,011 | ) | ||
Net Unrealized Depreciation | $ | (12,466,175 | ) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:(1)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Consumer Discretionary | $ | — | $ | 7,082,019 | $ | — | $ | 7,082,019 | ||||||||
Consumer Staples | 151,035 | 13,769,395 | — | 13,920,430 | ||||||||||||
Energy | — | 9,766,620 | — | 9,766,620 | ||||||||||||
Financials | — | 88,421,534 | — | 88,421,534 | ||||||||||||
Health Care | — | 11,059,810 | — | 11,059,810 | ||||||||||||
Industrials | 190,699 | 13,864,626 | — | 14,055,325 | ||||||||||||
Information Technology | — | 1,429,749 | — | 1,429,749 | ||||||||||||
Materials | — | 27,827,521 | — | 27,827,521 | ||||||||||||
Telecommunication Services | — | 11,124,739 | — | 11,124,739 | ||||||||||||
Utilities | 1,263,741 | 2,323,907 | — | 3,587,648 | ||||||||||||
Total Common Stock | 1,605,475 | 186,669,920 | — | 188,275,395 | ||||||||||||
Rights | — | 30,727 | — | 30,727 | ||||||||||||
Short-Term Investments | 17,743,000 | 3,662,887 | — | 21,405,887 | ||||||||||||
Total Investments, at fair value | $ | 19,348,475 | $ | 190,363,534 | $ | — | $ | 209,712,009 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | — | 2,186 | — | 2,186 | ||||||||||||
Futures | 4,190 | — | — | 4,190 | ||||||||||||
Total Assets | $ | 19,352,665 | $ | 190,365,720 | $ | — | $ | 209,718,385 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (10,815 | ) | $ | — | $ | (10,815 | ) | ||||||
Total Liabilities | $ | — | $ | (10,815 | ) | $ | — | $ | (10,815 | ) |
(1) | For the year ended December 31, 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 at the beginning of the reporting period. At December 31, 2014, securities valued at $1,519,274 and $460,170 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy. |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
See Accompanying Notes to Financial Statements
87 |
Voya Australia Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
At December 31, 2014, the following forward foreign currency contracts were outstanding for Voya Australia Index Portfolio:
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Citigroup, Inc. | Australian Dollar | 2,100,000 | Buy | 03/18/15 | $ | 1,712,512 | $ | 1,705,115 | $ | (7,397 | ) | |||||||||||
Citigroup, Inc. | Australian Dollar | 1,300,000 | Buy | 03/18/15 | 1,058,966 | 1,055,548 | (3,418 | ) | ||||||||||||||
$ | (10,815 | ) | ||||||||||||||||||||
The Bank of New York | Australian Dollar | 600,000 | Sell | 03/18/15 | $ | 489,362 | $ | 487,176 | $ | 2,186 | ||||||||||||
$ | 2,186 |
At December 31, 2014, the following futures contracts were outstanding for Voya Australia Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
ASX SPI 200® Index | 26 | 03/20/15 | $ | 2,856,542 | $ | 4,190 | ||||||||
$ | 2,856,542 | $ | 4,190 |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 2,186 | |||
Equity contracts | Net Assets - Unrealized appreciation* | 4,190 | ||||
Total Asset Derivatives | $ | 6,376 | ||||
Liability Derivatives | ||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 10,815 | |||
Total Liability Derivatives | $ | 10,815 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | Futures | Total | |||||||||
Foreign exchange contracts | $ | 124,326 | $ | — | $ | 124,326 | ||||||
Equity contracts | — | (44,624 | ) | (44,624 | ) | |||||||
Total | $ | 124,326 | $ | (44,624 | ) | $ | 79,702 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | Futures | Total | |||||||||
Foreign exchange contracts | $ | (3,230 | ) | $ | — | $ | (3,230 | ) | ||||
Equity contracts | — | (111,212 | ) | (111,212 | ) | |||||||
Total | $ | (3,230 | ) | $ | (111,212 | ) | $ | (114,442 | ) |
* | 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. |
See Accompanying Notes to Financial Statements
88 |
Voya Australia Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2014:
Citigroup, Inc. | The Bank of New York | Totals | ||||||||||
Assets: | ||||||||||||
Forward foreign currency contracts | $ | — | $ | 2,186 | $ | 2,186 | ||||||
Total Assets | $ | — | $ | 2,186 | $ | 2,186 | ||||||
Liabilities: | �� | |||||||||||
Forward foreign currency contracts | $ | 10,815 | $ | — | $ | 10,815 | ||||||
Total Liabilities | $ | 10,815 | $ | — | $ | 10,815 | ||||||
Net OTC derivative instruments by counterparty, at fair value | $ | (10,815 | ) | $ | 2,186 | (8,629 | ) | |||||
Total collateral pledged by the Portfolio/(Received from counterparty) | $ | — | $ | — | $ | — | ||||||
Net Exposure(1) | $ | (10,815 | ) | $ | 2,186 | $ | (8,629 | ) |
(1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
See Accompanying Notes to Financial Statements
89 |
Voya Emerging Markets Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 94.6% | ||||||||||||||
Consumer Discretionary: 8.7% | ||||||||||||||
3,263,300 | Astra International Tbk PT | $ | 1,946,182 | 0.3 | ||||||||||
267,800 | Grupo Televisa S.A. | 1,825,841 | 0.3 | |||||||||||
29,553 | Grupo Televisa SAB ADR | 1,006,575 | 0.2 | |||||||||||
10,900 | Hyundai Mobis | 2,332,020 | 0.4 | |||||||||||
24,742 | Hyundai Motor Co. | 3,779,492 | 0.6 | |||||||||||
42,766 | Kia Motors Corp. | 2,032,069 | 0.3 | |||||||||||
64,387 | Naspers Ltd. | 8,328,796 | 1.3 | |||||||||||
15,048,680 | Other Securities(a) | 33,897,505 | 5.3 | |||||||||||
55,148,480 | 8.7 | |||||||||||||
Consumer Staples: 8.0% | ||||||||||||||
545,800 | AMBEV SA | 3,357,095 | 0.5 | |||||||||||
70,600 | BRF - Brasil Foods SA | 1,684,924 | 0.3 | |||||||||||
36,214 | BRF SA ADR | 845,597 | 0.1 | |||||||||||
204,600 | Fomento Economico Mexicano SA de CV ADR | 1,815,000 | 0.3 | |||||||||||
10,714 | Fomento Economico Mexicano SAB de CV ADR | 943,153 | 0.2 | |||||||||||
357,927 | ITC Ltd. | 2,085,056 | 0.3 | |||||||||||
12,737,543 | Other Securities(a) | 40,285,138 | 6.3 | |||||||||||
51,015,963 | 8.0 | |||||||||||||
Energy: 7.4% | ||||||||||||||
4,115,600 | China Petroleum & Chemical Corp. | 3,332,974 | 0.5 | |||||||||||
2,909,000 | CNOOC Ltd. | 3,933,460 | 0.6 | |||||||||||
380,123 | @ | Gazprom OAO ADR | 1,721,957 | 0.3 | ||||||||||
1,146,133 | Gazprom OAO | 2,457,012 | 0.4 | |||||||||||
35,642 | Lukoil OAO ADR | 1,366,871 | 0.2 | |||||||||||
46,096 | Lukoil OAO | 1,667,290 | 0.3 | |||||||||||
3,412,000 | PetroChina Co., Ltd. | 3,787,616 | 0.6 | |||||||||||
119,417 | Petroleo Brasileiro SA ADR | 905,181 | 0.1 | |||||||||||
485,400 | Petroleo Brasileiro SA | 1,751,180 | 0.3 | |||||||||||
23,541 | Reliance Industries Ltd. | 331,034 | 0.1 | |||||||||||
94,452 | @ | Reliance Industries Ltd. GDR | 2,636,010 | 0.4 | ||||||||||
89,597 | Sasol Ltd. | 3,344,017 | 0.5 | |||||||||||
12,319,026 | Other Securities(a) | 19,939,470 | 3.1 | |||||||||||
47,174,072 | 7.4 | |||||||||||||
Financials: 27.2% | ||||||||||||||
121,170 | Banco Bradesco SA ADR | 1,620,043 | 0.3 | |||||||||||
1,980,100 | Bank Central Asia Tbk PT | 2,100,367 | 0.3 | |||||||||||
12,832,000 | Bank of China Ltd. | 7,202,209 | 1.1 | |||||||||||
1,316,611 | Cathay Financial Holding Co., Ltd. | 1,945,476 | 0.3 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Financials (continued) | ||||||||||||||
11,677,000 | China Construction Bank | $ | 9,537,572 | 1.5 | ||||||||||
1,195,000 | China Life Insurance Co., Ltd. | 4,682,181 | 0.7 | |||||||||||
519,976 | China Life Insurance Co., Ltd. (TWD) | 429,543 | 0.1 | |||||||||||
654,000 | China Overseas Land & Investment Ltd. | 1,934,683 | 0.3 | |||||||||||
421,200 | China Pacific Insurance Group Co., Ltd. | 2,119,064 | 0.3 | |||||||||||
500,705 | FirstRand Ltd. | 2,176,668 | 0.3 | |||||||||||
396,400 | Grupo Financiero Banorte | 2,181,661 | 0.4 | |||||||||||
238,362 | Housing Development Finance Corp. | 4,274,392 | 0.7 | |||||||||||
11,925,000 | Industrial and Commercial Bank of China Ltd. | 8,707,544 | 1.4 | |||||||||||
162,417 | Itau Unibanco Holding S.A. ADR | 2,113,045 | 0.3 | |||||||||||
25,300 | Kasikornbank PCL | 174,981 | 0.0 | |||||||||||
278,400 | Kasikornbank PCL - Foreign | 1,927,160 | 0.3 | |||||||||||
62,578 | KB Financial Group, Inc. | 2,045,928 | 0.3 | |||||||||||
718,200 | Malayan Banking BHD | 1,880,838 | 0.3 | |||||||||||
414,000 | Ping An Insurance Group Co. of China Ltd. | 4,191,975 | 0.7 | |||||||||||
432,500 | Public Bank BHD | 2,259,509 | 0.4 | |||||||||||
68,431 | Shinhan Financial Group Co., Ltd. | 2,750,592 | 0.4 | |||||||||||
193,854 | Standard Bank Group Ltd. | 2,389,213 | 0.4 | |||||||||||
903,790,150 | Other Securities(a) | 104,505,353 | 16.4 | |||||||||||
173,149,997 | 27.2 | |||||||||||||
Health Care: 2.2% | ||||||||||||||
8,176,940 | Other Securities(a) | 14,102,656 | 2.2 | |||||||||||
Industrials: 6.7% | ||||||||||||||
18,800,836 | Other Securities(a) | 42,624,692 | 6.7 | |||||||||||
Information Technology: 17.1% | ||||||||||||||
2,011,107 | Hon Hai Precision Industry Co., Ltd. | 5,553,701 | 0.9 | |||||||||||
92,525 | SK Hynix, Inc. | 3,954,095 | 0.6 | |||||||||||
18,228 | Infosys Ltd. | 565,572 | 0.1 | |||||||||||
127,328 | L | Infosys Ltd. ADR | 4,005,739 | 0.6 | ||||||||||
226,820 | MediaTek, Inc. | 3,297,380 | 0.5 | |||||||||||
4,500 | NAVER Corp. | 2,881,958 | 0.5 | |||||||||||
18,047 | Samsung Electronics Co., Ltd. | 21,696,906 | 3.4 |
See Accompanying Notes to Financial Statements
90 |
Voya Emerging Markets Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Information Technology (continued) | ||||||||||||||
4,016,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | $ | 17,692,373 | 2.8 | ||||||||||
76,273 | Tata Consultancy Services Ltd. | 3,091,218 | 0.5 | |||||||||||
841,700 | Tencent Holdings Ltd. | 12,178,499 | 1.9 | |||||||||||
21,826,658 | Other Securities(a) | 33,440,193 | 5.3 | |||||||||||
108,357,634 | 17.1 | |||||||||||||
Materials: 7.0% | ||||||||||||||
1,910,884 | @ | Cemex SA de CV | 1,947,959 | 0.3 | ||||||||||
10,457 | POSCO | 2,634,064 | 0.4 | |||||||||||
113,571 | L | Vale SA ADR | 824,526 | 0.2 | ||||||||||
208,800 | Vale SA | 1,721,017 | 0.3 | |||||||||||
15,383,325 | Other Securities(a) | 37,002,268 | 5.8 | |||||||||||
44,129,834 | 7.0 | |||||||||||||
Telecommunication Services: 7.2% | ||||||||||||||
104,550 | America Movil SAB de CV ADR | 2,318,919 | 0.4 | |||||||||||
3,361,200 | America Movil SAB de CV | 3,736,249 | 0.6 | |||||||||||
992,500 | China Mobile Ltd. | 11,624,901 | 1.8 | |||||||||||
266,501 | MTN Group Ltd. | 5,069,524 | 0.8 | |||||||||||
19,348,691 | Other Securities(a) | 22,980,974 | 3.6 | |||||||||||
45,730,567 | 7.2 | |||||||||||||
Telecommunications: 0.0% | ||||||||||||||
159,124 | Other Securities | 223,378 | 0.0 | |||||||||||
Utilities: 3.1% | ||||||||||||||
800,000 | #,@ | CGN Power Co. Ltd. | 347,662 | 0.0 | ||||||||||
40,270,771 | Other Securities(a) | 19,614,792 | 3.1 | |||||||||||
19,962,454 | 3.1 | |||||||||||||
Total Common Stock (Cost $635,434,494) | 601,619,727 | 94.6 | ||||||||||||
PREFERRED STOCK: 3.3% | ||||||||||||||
Consumer Discretionary: 0.3% | ||||||||||||||
4,193 | Hyundai Motor Co. | 478,753 | 0.1 | |||||||||||
6,259 | Hyundai Motor Co.- Series 2 | 761,335 | 0.1 | |||||||||||
92,050 | Other Securities | 596,999 | 0.1 | |||||||||||
1,837,087 | 0.3 | |||||||||||||
Energy: 0.4% | ||||||||||||||
448,900 | Petroleo Brasileiro SA | 1,692,114 | 0.2 | |||||||||||
1,191,493 | Other Securities | 1,121,678 | 0.2 | |||||||||||
2,813,792 | 0.4 |
Shares | Value | Percentage of Net Assets | ||||||||||||
PREFERRED STOCK: (continued) | ||||||||||||||
Financials: 1.4% | ||||||||||||||
217,400 | Banco Bradesco SA | $ | 2,867,370 | 0.4 | ||||||||||
279,430 | Itau Unibanco Holding S.A. | 3,637,152 | 0.6 | |||||||||||
806,918 | Other Securities | 2,480,744 | 0.4 | |||||||||||
8,985,266 | 1.4 | |||||||||||||
Information Technology: 0.5% | ||||||||||||||
3,299 | Samsung Electronics Co., Ltd. | 3,102,942 | 0.5 | |||||||||||
Materials: 0.4% | ||||||||||||||
196,500 | Vale SA | 1,421,524 | 0.2 | |||||||||||
199,569 | Other Securities | 908,051 | 0.2 | |||||||||||
2,329,575 | 0.4 | |||||||||||||
Telecommunication Services: 0.1% | ||||||||||||||
49,100 | Other Securities | 865,373 | 0.1 | |||||||||||
Utilities: 0.2% | ||||||||||||||
163,859 | Other Securities | 989,977 | 0.2 | |||||||||||
Total Preferred Stock (Cost $27,036,733) | 20,924,012 | 3.3 | ||||||||||||
RIGHTS: 0.0% | ||||||||||||||
:0.0% | ||||||||||||||
43,449 | Other Securities | 7,087 | 0.0 | |||||||||||
Financials: 0.0% | ||||||||||||||
5,062 | Other Securities | 5,385 | 0.0 | |||||||||||
Total Rights (Cost $–) | 12,472 | 0.0 | ||||||||||||
WARRANTS: 0.0% | ||||||||||||||
Consumer Discretionary: 0.0% | ||||||||||||||
12,205 | Other Securities | 1,803 | 0.0 | |||||||||||
Materials: 0.0% | ||||||||||||||
42,514 | Other Securities | 2,841 | 0.0 | |||||||||||
Total Warrants (Cost $6,212) | 4,644 | 0.0 | ||||||||||||
Total Long-Term Investments (Cost $662,477,439) | 622,560,855 | 97.9 |
See Accompanying Notes to Financial Statements
91 |
Voya Emerging Markets Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 7.6% | ||||||||||||||
Securities Lending Collateralcc: 1.7% | ||||||||||||||
2,565,615 | Bank of Nova Scotia, Repurchase Agreement dated 12/31/14, 0.10%, due 01/02/15 (Repurchase Amount $2,565,629, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.125%-7.125%, Market Value plus accrued interest $2,616,943, due 02/09/15-05/15/40) | $ | 2,565,615 | 0.4 | ||||||||||
2,565,615 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,565,628, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,616,927, due 01/01/15-09/01/49) | 2,565,615 | 0.4 | |||||||||||
6,292 | Citigroup, Inc., Repurchase Agreement dated 12/31/14, 0.06%, due 01/02/15 (Repurchase Amount $6,292, collateralized by various U.S. Government and U.S. Government Agency Obligations, 1.375%-8.000%, Market Value plus accrued interest $6,418, due 12/15/17-07/15/51) | 6,292 | 0.0 | |||||||||||
717,656 | Daiwa Capital Markets, Repurchase Agreement dated 12/31/14, 0.12%, due 01/02/15 (Repurchase Amount $717,661, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $732,009, due 06/01/17-03/01/48) | 717,656 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
2,565,615 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $2,565,626, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $2,616,927, due 01/07/15-10/20/64) | $ | 2,565,615 | 0.4 | ||||||||||
2,565,615 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,565,636, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $2,617,184, due 04/15/16-02/15/42) | 2,565,615 | 0.4 | |||||||||||
10,986,408 | 1.7 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 5.9% | ||||||||||||||
37,491,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $37,491,000) | 37,491,000 | 5.9 | |||||||||||
Total Short-Term Investments (Cost $48,477,408) | 48,477,408 | 7.6 | ||||||||||||
Total Investments in Securities (Cost $710,954,847) | $ | 671,038,263 | 105.5 | |||||||||||
Liabilities in Excess of Other Assets | (35,248,992 | ) | (5.5 | ) | ||||||||||
Net Assets | $ | 635,789,271 | 100.0 |
See Accompanying Notes to Financial Statements |
92 |
Voya Emerging Markets Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
# | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
@ | Non-income producing security. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $717,937,613.
Net unrealized depreciation consists of:
Gross Unrealized Appreciation | $ | 51,563,745 | ||
Gross Unrealized Depreciation | (98,463,095 | ) | ||
Net Unrealized Depreciation | $ | (46,899,350 | ) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:(1)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Consumer Discretionary | $ | 9,553,458 | $ | 45,595,022 | $ | — | $ | 55,148,480 | ||||||||
Consumer Staples | 23,374,858 | 27,641,105 | — | 51,015,963 | ||||||||||||
Energy | 8,982,728 | 38,191,344 | — | 47,174,072 | ||||||||||||
Financials | 28,382,622 | 144,751,464 | 15,911 | 173,149,997 | ||||||||||||
Health Care | 2,129,645 | 11,973,011 | — | 14,102,656 | ||||||||||||
Industrials | 9,103,672 | 33,521,020 | — | 42,624,692 | ||||||||||||
Information Technology | 11,785,760 | 96,571,874 | — | 108,357,634 | ||||||||||||
Materials | 13,817,474 | 30,312,360 | — | 44,129,834 | ||||||||||||
Telecommunication Services | 9,149,005 | 36,581,562 | — | 45,730,567 | ||||||||||||
Telecommunications | — | 223,378 | — | 223,378 | ||||||||||||
Utilities | 6,668,102 | 13,294,352 | — | 19,962,454 | ||||||||||||
Total Common Stock | 122,947,324 | 478,656,492 | 15,911 | 601,619,727 | ||||||||||||
Preferred Stock | 15,137,140 | 5,786,872 | — | 20,924,012 | ||||||||||||
Rights | — | 12,472 | — | 12,472 | ||||||||||||
Warrants | 4,644 | — | — | 4,644 | ||||||||||||
Short-Term Investments | 37,491,000 | 10,986,408 | — | 48,477,408 | ||||||||||||
Total Investments, at fair value | $ | 175,580,108 | $ | 495,442,244 | $ | 15,911 | $ | 671,038,263 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Futures | 187,013 | — | — | 187,013 | ||||||||||||
Total Assets | $ | 175,767,121 | $ | 495,442,244 | $ | 15,911 | $ | 671,225,276 |
(1) | For the year ended December 31, 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 at the beginning of the reporting period. At December 31, 2014, securities valued at $3,057,438 and $21,391,201 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy. At December 31, 2014, securities valued at $246,606 transferred from Level 1 to Level 3 due to significant unobservable inputs. |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
See Accompanying Notes to Financial Statements
93 |
Voya Emerging Markets Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
At December 31, 2014, the following futures contracts were outstanding for Voya Emerging Markets Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
Mini MSCI Emerging Markets Index | 307 | 03/20/15 | $ | 14,700,695 | $ | 187,013 | ||||||||
$ | 14,700,695 | $ | 187,013 |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Equity contracts | Net Assets- Unrealized appreciation* | $ | 187,013 | |||
Total Asset Derivatives | $ | 187,013 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | (479,429 | ) | |
Total | $ | (479,429 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | (214,302 | ) | |
Total | $ | (214,302 | ) |
See Accompanying Notes to Financial Statements
94 |
Voya Euro STOXX 50® Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.4% | ||||||||||||||||
Consumer Discretionary: 8.1% | ||||||||||||||||
61,495 | Bayerische Motoren Werke AG | $ | 6,636,451 | 1.4 | ||||||||||||
191,012 | DaimlerChrysler AG | 15,864,361 | 3.4 | |||||||||||||
201,414 | Inditex SA | 5,745,428 | 1.3 | |||||||||||||
52,093 | LVMH Moet Hennessy Louis Vuitton S.A. | 8,251,642 | 1.8 | |||||||||||||
2,544 | Other Securities | 905,805 | 0.2 | |||||||||||||
37,403,687 | 8.1 | |||||||||||||||
Consumer Staples: 10.2% | ||||||||||||||||
147,331 | Anheuser-Busch InBev Worldwide, Inc. | 16,580,876 | 3.6 | |||||||||||||
120,027 | Carrefour S.A. | 3,652,600 | 0.8 | |||||||||||||
114,661 | Groupe Danone | 7,496,331 | 1.6 | |||||||||||||
46,709 | L’Oreal S.A. | 7,817,793 | 1.7 | |||||||||||||
299,271 | Unilever NV | 11,706,834 | 2.5 | |||||||||||||
47,254,434 | 10.2 | |||||||||||||||
Energy: 7.7% | ||||||||||||||||
517,081 | ENI S.p.A. | 9,057,469 | 1.9 | |||||||||||||
188,876 | Repsol YPF S.A. | 3,535,925 | 0.8 | |||||||||||||
455,815 | Total S.A. | 23,352,384 | 5.0 | |||||||||||||
35,945,778 | 7.7 | |||||||||||||||
Financials: 26.2% | ||||||||||||||||
87,569 | Allianz AG | 14,503,761 | 3.1 | |||||||||||||
258,873 | Assicurazioni Generali S.p.A. | 5,315,414 | 1.1 | |||||||||||||
398,355 | AXA S.A. | 9,179,333 | 2.0 | |||||||||||||
2,411,828 | Banco Santander Central Hispano S.A. | 20,242,813 | 4.4 | |||||||||||||
1,183,339 | Banco Bilbao Vizcaya Argentaria S.A. | 11,175,965 | 2.4 | |||||||||||||
214,286 | BNP Paribas | 12,650,209 | 2.7 | |||||||||||||
248,930 | Deutsche Bank AG | 7,454,069 | 1.6 | |||||||||||||
739,404 | @ | ING Groep NV | 9,552,876 | 2.1 | ||||||||||||
2,687,579 | Intesa Sanpaolo S.p.A. | 7,796,425 | 1.7 | |||||||||||||
29,301 | Muenchener Rueckversicherungs AG | 5,834,944 | 1.2 | |||||||||||||
154,317 | Societe Generale | 6,458,211 | 1.4 | |||||||||||||
18,806 | Unibail-Rodamco SE | 4,824,421 | 1.0 | |||||||||||||
1,067,308 | UniCredit SpA | 6,836,779 | 1.5 | |||||||||||||
121,825,220 | 26.2 | |||||||||||||||
Health Care: 10.2% | ||||||||||||||||
158,487 | Bayer AG | 21,603,175 | 4.7 | |||||||||||||
41,262 | Essilor International SA | 4,601,521 | 1.0 | |||||||||||||
231,531 | Sanofi | 21,108,845 | 4.5 | |||||||||||||
47,313,541 | 10.2 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Industrials: 11.0% | ||||||||||||||
96,042 | Cie de Saint-Gobain | $ | 4,068,431 | 0.9 | ||||||||||
183,341 | Deutsche Post AG | 5,951,613 | 1.3 | |||||||||||
110,050 | Airbus Group NV | 5,440,665 | 1.2 | |||||||||||
183,513 | Koninklijke Philips NV | 5,319,322 | 1.1 | |||||||||||
111,842 | Schneider Electric SE | 8,145,390 | 1.7 | |||||||||||
150,881 | Siemens AG | 16,929,473 | 3.6 | |||||||||||
98,839 | Vinci S.A. | 5,396,873 | 1.2 | |||||||||||
51,251,767 | 11.0 | |||||||||||||
Information Technology: 5.6% | ||||||||||||||
71,793 | ASML Holding NV | 7,757,072 | 1.7 | |||||||||||
717,727 | Nokia OYJ | 5,676,380 | 1.2 | |||||||||||
182,588 | SAP SE | 12,749,857 | 2.7 | |||||||||||
26,183,309 | 5.6 | |||||||||||||
Materials: 4.9% | ||||||||||||||
66,057 | Air Liquide | 8,173,895 | 1.7 | |||||||||||
176,029 | BASF AG | 14,765,513 | 3.2 | |||||||||||
22,939,408 | 4.9 | |||||||||||||
Telecommunication Services: 7.2% | ||||||||||||||
593,699 | Deutsche Telekom AG | 9,499,410 | 2.1 | |||||||||||
370,768 | Orange SA | 6,305,562 | 1.4 | |||||||||||
787,726 | Telefonica S.A. | 11,309,824 | 2.4 | |||||||||||
245,421 | Vivendi | 6,108,674 | 1.3 | |||||||||||
33,223,470 | 7.2 | |||||||||||||
Utilities: 6.3% | ||||||||||||||
383,496 | E.ON AG | 6,554,612 | 1.4 | |||||||||||
1,240,304 | Enel S.p.A. | 5,528,690 | 1.2 | |||||||||||
307,049 | Gaz de France | 7,160,106 | 1.6 | |||||||||||
1,028,866 | Iberdrola S.A. | 6,935,341 | 1.5 | |||||||||||
92,607 | RWE AG | 2,858,291 | 0.6 | |||||||||||
29,037,040 | 6.3 | |||||||||||||
Total Common Stock (Cost $373,856,542) | 452,377,654 | 97.4 | ||||||||||||
PREFERRED STOCK: 1.4% | ||||||||||||||
Consumer Discretionary: 1.4% | ||||||||||||||
29,570 | Volkswagen AG | 6,572,107 | 1.4 | |||||||||||
Total Preferred Stock (Cost $5,334,969) | 6,572,107 | 1.4 | ||||||||||||
RIGHTS: 0.1% | ||||||||||||||
Energy: 0.0% | ||||||||||||||
188,876 | Other Securities | 104,448 | 0.0 | |||||||||||
Financials: 0.1% | ||||||||||||||
1,183,339 | Other Securities | 113,120 | 0.1 |
See Accompanying Notes to Financial Statements
95 |
Voya Euro STOXX 50® Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
RIGHTS: (continued) | ||||||||||||||
Financials (continued) | ||||||||||||||
Total Rights (Cost $214,342) | $ | 217,568 | 0.1 | |||||||||||
Total Investments in Securities (Cost $379,405,853) | $ | 459,167,329 | 98.9 | |||||||||||
Assets in Excess of Other Liabilities | 5,069,318 | 1.1 | ||||||||||||
Net Assets | $ | 464,236,647 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
@ | Non-income producing security. |
Cost for federal income tax purposes is $405,514,405.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 86,376,492 | ||
Gross Unrealized Depreciation | (32,723,568 | ) | ||
Net Unrealized Appreciation | $ | 53,652,924 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Consumer Discretionary | $ | — | $ | 37,403,687 | $ | — | $ | 37,403,687 | ||||||||
Consumer Staples | — | 47,254,434 | — | 47,254,434 | ||||||||||||
Energy | — | 35,945,778 | — | 35,945,778 | ||||||||||||
Financials | — | 121,825,220 | — | 121,825,220 | ||||||||||||
Health Care | — | 47,313,541 | — | 47,313,541 | ||||||||||||
Industrials | — | 51,251,767 | — | 51,251,767 | ||||||||||||
Information Technology | — | 26,183,309 | — | 26,183,309 | ||||||||||||
Materials | — | 22,939,408 | — | 22,939,408 | ||||||||||||
Telecommunication Services | — | 33,223,470 | — | 33,223,470 | ||||||||||||
Utilities | — | 29,037,040 | — | 29,037,040 | ||||||||||||
Total Common Stock | — | 452,377,654 | — | 452,377,654 | ||||||||||||
Preferred Stock | — | 6,572,107 | — | 6,572,107 | ||||||||||||
Rights | 217,568 | — | — | 217,568 | ||||||||||||
Total Investments, at fair value | $ | 217,568 | $ | 458,949,761 | $ | — | $ | 459,167,329 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | — | 7,544 | — | 7,544 | ||||||||||||
Futures | 104,967 | — | — | 104,967 | ||||||||||||
Total Assets | $ | 322,535 | $ | 458,957,305 | $ | — | $ | 459,279,840 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (125,932 | ) | $ | — | $ | (125,932 | ) | ||||||
Total Liabilities | $ | — | $ | (125,932 | ) | $ | — | $ | (125,932 | ) |
See Accompanying Notes to Financial Statements
96 |
Voya Euro STOXX 50® Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
At December 31, 2014, the following forward foreign currency contracts were outstanding for Voya Euro STOXX 50® Index Portfolio:
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Citigroup, Inc. | EU Euro | 2,200,000 | Buy | 03/18/15 | $ | 2,678,416 | $ | 2,663,954 | $ | (14,462 | ) | |||||||||||
JPMorgan Chase & Co. | EU Euro | 3,400,000 | Buy | 03/18/15 | 4,228,491 | 4,117,021 | (111,470 | ) | ||||||||||||||
$ | (125,932 | ) | ||||||||||||||||||||
The Bank of New York | EU Euro | 1,000,000 | Sell | 03/18/15 | $ | 1,218,432 | $ | 1,210,888 | $ | 7,544 | ||||||||||||
$ | 7,544 |
At December 31, 2014, the following futures contracts were outstanding for Voya Euro STOXX 50® Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
Euro STOXX 50® | 155 | 03/20/15 | $ | 5,876,199 | $ | 104,967 | ||||||||
$ | 5,876,199 | $ | 104,967 |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 7,544 | |||
Equity contracts | Net Assets — Unrealized appreciation* | 104,967 | ||||
Total Asset Derivatives | $ | 112,511 | ||||
Liability Derivatives | ||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 125,932 | |||
Total Liability Derivatives | $ | 125,932 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
See Accompanying Notes to Financial Statements
97 |
Voya Euro STOXX 50® Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | Futures | Total | |||||||||
Foreign exchange contracts | $ | (325,983 | ) | $ | — | $ | (325,983 | ) | ||||
Equity contracts | — | 500,914 | 500,914 | |||||||||
Total | $ | (325,983 | ) | $ | 500,914 | $ | 174,931 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | Futures | Total | |||||||||
Foreign exchange contracts | $ | (110,967 | ) | $ | — | $ | (110,967 | ) | ||||
Equity contracts | — | (167,748 | ) | (167,748 | ) | |||||||
Total | $ | (110,967 | ) | $ | (167,748 | ) | $ | (278,715 | ) |
* | 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. |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2014:
Citigroup, Inc. | JPMorgan Chase & Co. | The Bank of New York | Totals | |||||||||||||
Assets: | ||||||||||||||||
Forward foreign currency contracts | $ | — | $ | — | $ | 7,544 | $ | 7,544 | ||||||||
Total Assets | $ | — | $ | — | $ | 7,544 | $ | 7,544 | ||||||||
Liabilities: | ||||||||||||||||
Forward foreign currency contracts | $ | 14,462 | $ | 111,470 | $ | — | $ | 125,932 | ||||||||
Total Liabilities | $ | 14,462 | $ | 111,470 | $ | — | $ | 125,932 | ||||||||
Net OTC derivative instruments by counterparty, at fair value | $ | (14,462 | ) | $ | (111,470 | ) | $ | 7,544 | (118,388 | ) | ||||||
Total collateral pledged by the Portfolio/(Received from counterparty) | $ | — | $ | — | $ | — | $ | — | ||||||||
Net Exposure(1) | $ | (14,462 | ) | $ | (111,470 | ) | $ | 7,544 | $ | (118,388 | ) |
(1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
See Accompanying Notes to Financial Statements
98 |
Voya FTSE 100 Index® Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.0% | ||||||||||||||||
Consumer Discretionary: 9.3% | ||||||||||||||||
164,949 | British Sky Broadcasting PLC | $ | 2,302,086 | 0.5 | ||||||||||||
262,443 | Compass Group PLC | 4,485,918 | 1.1 | |||||||||||||
373,296 | Kingfisher PLC | 1,973,299 | 0.5 | |||||||||||||
23,162 | Next PLC | 2,456,495 | 0.6 | |||||||||||||
127,904 | Pearson PLC | 2,362,152 | 0.6 | |||||||||||||
180,605 | Reed Elsevier PLC | 3,085,097 | 0.7 | |||||||||||||
28,416 | Whitbread PLC | 2,102,965 | 0.5 | |||||||||||||
209,086 | WPP PLC | 4,347,254 | 1.0 | |||||||||||||
2,205,941 | Other Securities | 15,745,340 | 3.8 | |||||||||||||
38,860,606 | 9.3 | |||||||||||||||
Consumer Staples: 15.8% | ||||||||||||||||
54,817 | Associated British Foods PLC | 2,679,959 | 0.6 | |||||||||||||
293,215 | British American Tobacco PLC | 15,889,629 | 3.8 | |||||||||||||
396,202 | Diageo PLC | 11,350,051 | 2.7 | |||||||||||||
151,549 | Imperial Tobacco Group PLC | 6,671,122 | 1.6 | |||||||||||||
101,480 | Reckitt Benckiser PLC | 8,219,279 | 2.0 | |||||||||||||
148,709 | SABMiller PLC | 7,752,390 | 1.8 | |||||||||||||
1,277,773 | Tesco PLC | 3,725,610 | 0.9 | |||||||||||||
189,779 | Unilever PLC | 7,710,391 | 1.8 | |||||||||||||
594,740 | Other Securities | 2,415,315 | 0.6 | |||||||||||||
66,413,746 | 15.8 | |||||||||||||||
Energy: 14.4% | ||||||||||||||||
535,355 | BG Group PLC | 7,163,976 | 1.7 | |||||||||||||
2,868,793 | BP PLC | 18,209,914 | 4.4 | |||||||||||||
619,140 | Royal Dutch Shell PLC - Class A | 20,662,532 | 4.9 | |||||||||||||
385,800 | Royal Dutch Shell PLC - Class B | 13,329,825 | 3.2 | |||||||||||||
142,437 | Other Securities | 917,917 | 0.2 | |||||||||||||
60,284,164 | 14.4 | |||||||||||||||
Financials: 21.9% | ||||||||||||||||
463,274 | Aviva PLC | 3,480,761 | 0.8 | |||||||||||||
2,578,967 | Barclays PLC | 9,695,212 | 2.3 | |||||||||||||
2,999,772 | HSBC Holdings PLC | 28,347,177 | 6.8 | |||||||||||||
123,750 | Land Securities Group PLC | 2,224,490 | 0.5 | |||||||||||||
934,038 | Legal & General Group PLC | 3,606,467 | 0.9 | |||||||||||||
8,502,218 | @ | Lloyds TSB Group PLC | 10,000,840 | 2.4 | ||||||||||||
770,169 | Old Mutual PLC | 2,269,820 | 0.6 | |||||||||||||
401,388 | Prudential PLC | 9,279,901 | 2.2 | |||||||||||||
339,382 | @ | Royal Bank of Scotland Group PLC | 2,064,868 | 0.5 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Financials (continued) | ||||||||||||||
318,325 | Standard Chartered PLC | $ | 4,760,846 | 1.1 | ||||||||||
376,051 | Standard Life PLC | 2,329,372 | 0.6 | |||||||||||
1,547,918 | Other Securities | 13,582,808 | 3.2 | |||||||||||
91,642,562 | 21.9 | |||||||||||||
Health Care: 9.4% | ||||||||||||||
198,509 | AstraZeneca PLC | 14,020,866 | 3.3 | |||||||||||
764,768 | GlaxoSmithKline PLC | 16,407,056 | 3.9 | |||||||||||
92,468 | Shire PLC | 6,556,000 | 1.6 | |||||||||||
141,048 | Smith & Nephew PLC | 2,543,458 | 0.6 | |||||||||||
39,527,380 | 9.4 | |||||||||||||
Industrials: 7.0% | ||||||||||||||
497,530 | BAE Systems PLC | 3,638,542 | 0.9 | |||||||||||
156,105 | Experian PLC | 2,631,460 | 0.6 | |||||||||||
320,266 | @ | International Consolidated Airlines Group SA | 2,410,988 | 0.6 | ||||||||||
294,434 | Rolls-Royce Holdings PLC | 3,955,387 | 0.9 | |||||||||||
41,561 | Wolseley PLC | 2,376,122 | 0.5 | |||||||||||
1,021,824 | Other Securities | 14,572,483 | 3.5 | |||||||||||
29,584,982 | 7.0 | |||||||||||||
Information Technology: 1.1% | ||||||||||||||
219,707 | ARM Holdings PLC | 3,375,229 | 0.8 | |||||||||||
163,861 | Other Securities | 1,183,502 | 0.3 | |||||||||||
4,558,731 | 1.1 | |||||||||||||
Materials: 8.4% | ||||||||||||||
205,545 | Anglo American PLC | 3,803,505 | 0.9 | |||||||||||
332,236 | BHP Billiton PLC | 7,120,278 | 1.7 | |||||||||||
116,245 | CRH PLC - London | 2,787,419 | 0.7 | |||||||||||
1,678,819 | Glencore PLC | 7,749,157 | 1.8 | |||||||||||
196,257 | Rio Tinto PLC | 9,046,889 | 2.2 | |||||||||||
187,510 | Other Securities | 4,593,440 | 1.1 | |||||||||||
35,100,688 | 8.4 | |||||||||||||
Telecommunication Services: 5.3% | ||||||||||||||
1,277,938 | BT Group PLC | 7,948,872 | 1.9 | |||||||||||
4,178,974 | Vodafone Group PLC | 14,328,175 | 3.4 | |||||||||||
22,277,047 | 5.3 | |||||||||||||
Utilities: 4.4% | ||||||||||||||
781,836 | Centrica PLC | 3,386,479 | 0.8 | |||||||||||
593,352 | National Grid PLC | 8,419,258 | 2.0 | |||||||||||
155,322 | Scottish & Southern Energy PLC | 3,924,543 | 0.9 | |||||||||||
144,963 | Other Securities | 2,696,321 | 0.7 | |||||||||||
18,426,601 | 4.4 |
See Accompanying Notes to Financial Statements
99 |
Voya FTSE 100 Index® Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Total Common Stock (Cost $348,135,758) | $ | 406,676,507 | 97.0 | |||||||||||
Assets in Excess of Other Liabilities | 12,426,745 | 3.0 | ||||||||||||
Net Assets | $ | 419,103,252 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
@ | Non-income producing security. |
Cost for federal income tax purposes is $350,796,223.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 88,395,744 | ||
Gross Unrealized Depreciation | (32,515,460 | ) | ||
Net Unrealized Appreciation | $ | 55,880,284 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Consumer Discretionary | $ | 1,572,429 | $ | 37,288,177 | $ | — | $ | 38,860,606 | ||||||||
Consumer Staples | — | 66,413,746 | — | 66,413,746 | ||||||||||||
Energy | — | 60,284,164 | — | 60,284,164 | ||||||||||||
Financials | — | 91,642,562 | — | 91,642,562 | ||||||||||||
Health Care | — | 39,527,380 | — | 39,527,380 | ||||||||||||
Industrials | — | 29,584,982 | — | 29,584,982 | ||||||||||||
Information Technology | — | 4,558,731 | — | 4,558,731 | ||||||||||||
Materials | — | 35,100,688 | — | 35,100,688 | ||||||||||||
Telecommunication Services | — | 22,277,047 | — | 22,277,047 | ||||||||||||
Utilities | — | 18,426,601 | — | 18,426,601 | ||||||||||||
Total Common Stock | 1,572,429 | 405,104,078 | — | 406,676,507 | ||||||||||||
Total Investments, at fair value | $ | 1,572,429 | $ | 405,104,078 | $ | — | $ | 406,676,507 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | — | 11,735 | — | 11,735 | ||||||||||||
Futures | 226,828 | — | — | 226,828 | ||||||||||||
Total Assets | $ | 1,799,257 | $ | 405,115,813 | $ | — | $ | 406,915,070 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (19,353 | ) | $ | — | $ | (19,353 | ) | ||||||
Total Liabilities | $ | — | $ | (19,353 | ) | $ | — | $ | (19,353 | ) |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
See Accompanying Notes to Financial Statements
100 |
Voya FTSE 100 Index® Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
At December 31, 2014, the following forward foreign currency contracts were outstanding for Voya FTSE 100 Index® Portfolio:
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
JPMorgan Chase & Co. | British Pound | 5,700,000 | Buy | 03/18/15 | $ | 8,869,591 | $ | 8,878,644 | $ | 9,053 | ||||||||||||
JPMorgan Chase & Co. | British Pound | 3,200,000 | Buy | 03/18/15 | 5,003,854 | 4,984,501 | (19,353 | ) | ||||||||||||||
$ | (10,300 | ) | ||||||||||||||||||||
JPMorgan Chase & Co. | British Pound | 1,250,000 | Sell | 03/18/15 | $ | 1,949,753 | $ | 1,947,071 | $ | 2,682 | ||||||||||||
$ | 2,682 |
At December 31, 2014, the following futures contracts were outstanding for Voya FTSE 100 Index® Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
FTSE 100 Index | 128 | 03/20/15 | $ | 13,012,469 | $ | 226,828 | ||||||||
$ | 13,012,469 | $ | 226,828 |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 11,735 | |||
Equity contracts | Net Assets — Unrealized appreciation* | 226,828 | ||||
Total Asset Derivatives | $ | 238,563 | ||||
Liability Derivatives | ||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 19,353 | |||
Total Liability Derivatives | $ | 19,353 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | Futures | Total | |||||||||
Foreign exchange contracts | $ | (336,048 | ) | $ | — | $ | (336,048 | ) | ||||
Equity contracts | — | 114,932 | 114,932 | |||||||||
Total | $ | (336,048 | ) | $ | 114,932 | $ | (221,116 | ) | ||||
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | Futures | Total | |||||||||
Foreign exchange contracts | $ | (74,921 | ) | $ | — | $ | (74,921 | ) | ||||
Equity contracts | — | (4,972 | ) | (4,972 | ) | |||||||
Total | $ | (74,921 | ) | $ | (4,972 | ) | $ | (79,893 | ) |
* | 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. |
See Accompanying Notes to Financial Statements
101 |
Voya FTSE 100 Index® Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2014:
JPMorgan Chase & Co. | ||||
Assets: | ||||
Forward foreign currency contracts | $ | 11,735 | ||
Total Assets | $ | 11,735 | ||
Liabilities: | ||||
Forward foreign currency contracts | $ | 19,353 | ||
Total Liabilities | $ | 19,353 | ||
Net OTC derivative instruments by counterparty, at fair value | $ | (7,618 | ) | |
Total collateral pledged by the Portfolio/(Received from counterparty) | $ | — | ||
Net Exposure(1) | $ | (7,618 | ) |
(1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
See Accompanying Notes to Financial Statements
102 |
Voya Hang Seng Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.7% | ||||||||||||||||
Consumer Discretionary: 3.4% | ||||||||||||||||
501,000 | Belle International Holdings | $ | 562,748 | 0.5 | ||||||||||||
251,000 | Galaxy Entertainment Group Ltd. | 1,394,735 | 1.3 | |||||||||||||
627,028 | Li & Fung Ltd. | 587,032 | 0.5 | |||||||||||||
261,600 | Sands China Ltd. | 1,273,507 | 1.1 | |||||||||||||
3,818,022 | 3.4 | |||||||||||||||
Consumer Staples: 3.0% | ||||||||||||||||
147,000 | China Mengniu Diary Co., Ltd. | 605,291 | 0.6 | |||||||||||||
127,286 | China Resources Enterprise | 265,911 | 0.3 | |||||||||||||
85,500 | Hengan International Group Co., Ltd. | 891,441 | 0.8 | |||||||||||||
210,000 | Tingyi Cayman Islands Holding Corp. | 477,233 | 0.4 | |||||||||||||
784,000 | L | Want Want China Holdings Ltd. | 1,030,421 | 0.9 | ||||||||||||
3,270,297 | 3.0 | |||||||||||||||
Energy: 7.9% | ||||||||||||||||
2,746,438 | China Petroleum & Chemical Corp. | 2,224,173 | 2.0 | |||||||||||||
365,341 | China Shenhua Energy Co., Ltd. | 1,078,089 | 1.0 | |||||||||||||
1,921,714 | CNOOC Ltd. | 2,598,483 | 2.3 | |||||||||||||
342,000 | Kunlun Energy Co. Ltd. | 322,760 | 0.3 | |||||||||||||
2,266,604 | PetroChina Co., Ltd. | 2,516,127 | 2.3 | |||||||||||||
8,739,632 | 7.9 | |||||||||||||||
Financials: 57.6% | ||||||||||||||||
1,296,400 | AIA Group Ltd. | 7,150,252 | 6.5 | |||||||||||||
8,555,746 | Bank of China Ltd. | 4,802,079 | 4.4 | |||||||||||||
947,451 | Bank of Communications Co., Ltd. | 880,911 | 0.8 | |||||||||||||
151,984 | Bank of East Asia Ltd. | 610,371 | 0.5 | |||||||||||||
398,629 | BOC Hong Kong Holdings Ltd. | 1,328,288 | 1.2 | |||||||||||||
149,739 | Cheung Kong Holdings Ltd. | 2,507,653 | 2.3 | |||||||||||||
9,050,107 | China Construction Bank | 7,391,971 | 6.7 | |||||||||||||
800,911 | China Life Insurance Co., Ltd. | 3,138,084 | 2.8 | |||||||||||||
438,991 | China Overseas Land & Investment Ltd. | 1,298,637 | 1.2 | |||||||||||||
218,000 | China Resources Land Ltd. | 572,908 | 0.5 | |||||||||||||
241,706 | Hang Lung Properties Ltd. | 674,289 | 0.6 | |||||||||||||
82,143 | Hang Seng Bank Ltd. | 1,365,255 | 1.2 | |||||||||||||
112,248 | Henderson Land Development Co., Ltd. | 780,154 | 0.7 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Financials (continued) | ||||||||||||||
119,241 | Hong Kong Exchanges and Clearing Ltd. | $ | 2,632,451 | 2.4 | ||||||||||
1,427,628 | HSBC Holdings PLC | 13,575,261 | 12.3 | |||||||||||
7,931,340 | Industrial and Commercial Bank of China Ltd. | 5,791,404 | 5.3 | |||||||||||
247,000 | Link Real Estate Investment Trust | 1,546,408 | 1.4 | |||||||||||
556,100 | New World Development Ltd. | 638,408 | 0.6 | |||||||||||
219,216 | Ping An Insurance Group Co. of China Ltd. | 2,219,681 | 2.0 | |||||||||||
323,265 | Sino Land Co. | 518,939 | 0.5 | |||||||||||
146,555 | Sun Hung Kai Properties Ltd. | 2,220,374 | 2.0 | |||||||||||
63,591 | Swire Pacific Ltd. | 825,442 | 0.7 | |||||||||||
146,637 | Wharf Holdings Ltd. | 1,052,720 | 1.0 | |||||||||||
63,521,940 | 57.6 | |||||||||||||
Industrials: 4.5% | ||||||||||||||
127,818 | Cathay Pacific Airways Ltd. | 278,559 | 0.3 | |||||||||||
137,593 | China Merchants Holdings International Co., Ltd. | 462,161 | 0.4 | |||||||||||
537,811 | Citic Pacific Ltd. | 916,851 | 0.8 | |||||||||||
229,464 | Hutchison Whampoa Ltd. | 2,623,133 | 2.4 | |||||||||||
157,643 | MTR Corp. | 644,959 | 0.6 | |||||||||||
4,925,663 | 4.5 | |||||||||||||
Information Technology: 8.7% | ||||||||||||||
618,000 | L | Lenovo Group Ltd. | 806,869 | 0.7 | ||||||||||
604,575 | Tencent Holdings Ltd. | 8,747,554 | 8.0 | |||||||||||
9,554,423 | 8.7 | |||||||||||||
Telecommunication Services: 7.8% | ||||||||||||||
657,601 | China Mobile Ltd. | 7,702,314 | 7.0 | |||||||||||
643,110 | China Unicom Ltd. | 861,857 | 0.8 | |||||||||||
8,564,171 | 7.8 | |||||||||||||
Utilities: 4.8% | ||||||||||||||
207,654 | China Resources Power Holdings Co. | 529,668 | 0.5 | |||||||||||
203,431 | CLP Holdings Ltd. | 1,761,592 | 1.6 | |||||||||||
676,965 | Hong Kong & China Gas | 1,542,359 | 1.4 | |||||||||||
149,822 | Power Assets Holdings Ltd. | 1,448,481 | 1.3 | |||||||||||
5,282,100 | 4.8 | |||||||||||||
Total Common Stock (Cost $85,149,273) | 107,676,248 | 97.7 |
See Accompanying Notes to Financial Statements
103 |
Voya Hang Seng Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 3.5% | ||||||||||||||
Securities Lending Collateralcc: 1.6% | ||||||||||||||
750,557 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $750,561, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $765,568, due 01/01/15-09/01/49) | $ | 750,557 | 0.7 | ||||||||||
1,000,000 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,000,008, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $1,020,000, due 09/30/17-02/15/42) | 1,000,000 | 0.9 | |||||||||||
1,750,557 | 1.6 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 1.9% | ||||||||||||||
2,142,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $2,142,000) | $ | 2,142,000 | 1.9 | ||||||||||
Total Short-Term Investments (Cost $3,892,557) | 3,892,557 | 3.5 | ||||||||||||
Total Investments in Securities (Cost $89,041,830) | $ | 111,568,805 | 101.2 | |||||||||||
Liabilities in Excess of Other Assets | (1,370,902 | ) | (1.2 | ) | ||||||||||
Net Assets | $ | 110,197,903 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
Cost for federal income tax purposes is $92,313,072.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 23,383,826 | ||
Gross Unrealized Depreciation | (4,128,093 | ) | ||
Net Unrealized Appreciation | $ | 19,255,733 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:(1)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Consumer Discretionary | $ | 587,032 | $ | 3,230,990 | $ | — | $ | 3,818,022 | ||||||||
Consumer Staples | — | 3,270,297 | — | 3,270,297 | ||||||||||||
Energy | — | 8,739,632 | — | 8,739,632 | ||||||||||||
Financials | 1,546,408 | 61,975,532 | — | 63,521,940 | ||||||||||||
Industrials | 1,195,410 | 3,730,253 | — | 4,925,663 | ||||||||||||
Information Technology | — | 9,554,423 | — | 9,554,423 | ||||||||||||
Telecommunication Services | — | 8,564,171 | — | 8,564,171 | ||||||||||||
Utilities | — | 5,282,100 | — | 5,282,100 | ||||||||||||
Total Common Stock | 3,328,850 | 104,347,398 | — | 107,676,248 | ||||||||||||
Short-Term Investments | 2,142,000 | 1,750,557 | — | 3,892,557 | ||||||||||||
Total Investments, at fair value | $ | 5,470,850 | $ | 106,097,955 | $ | — | $ | 111,568,805 |
See Accompanying Notes to Financial Statements
104 |
Voya Hang Seng Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 329 | $ | — | $ | 329 | ||||||||
Futures | 29,260 | — | — | 29,260 | ||||||||||||
Total Assets | $ | 5,500,110 | $ | 106,098,284 | $ | — | $ | 111,598,394 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (470 | ) | $ | — | $ | (470 | ) | ||||||
Total Liabilities | $ | — | $ | (470 | ) | $ | — | $ | (470 | ) |
(1) | For the year ended December 31, 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 at the beginning of the reporting period. At December 31, 2014, securities valued at $1,558,687 were transferred from Level 2 to Level 1 within the fair value hierarchy. |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
At December 31, 2014, the following forward foreign currency contracts were outstanding for Voya Hang Seng Index Portfolio:
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
JPMorgan Chase & Co. | Hong Kong Sar Dollar | 10,000,000 | Buy | 03/18/15 | $ | 1,289,178 | $ | 1,289,507 | $ | 329 | ||||||||||||
Societe Generale | Hong Kong Sar Dollar | 15,000,000 | Buy | 03/18/15 | 1,934,731 | 1,934,261 | (470 | ) | ||||||||||||||
$ | (141 | ) |
At December 31, 2014, the following futures contracts were outstanding for Voya Hang Seng Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
Hang Seng Index | 22 | 01/29/15 | $ | 3,354,620 | $ | 29,260 | ||||||||
$ | 3,354,620 | $ | 29,260 |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 329 | |||
Equity contracts | Net Assets — Unrealized appreciation* | 29,260 | ||||
Total Asset Derivatives | $ | 29,589 | ||||
Liability Derivatives | ||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 470 | |||
Total Liability Derivatives | $ | 470 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
See Accompanying Notes to Financial Statements
105 |
Voya Hang Seng Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | Futures | Total | |||||||||
Foreign exchange contracts | $ | (2,042 | ) | $ | — | $ | (2,042 | ) | ||||
Equity contracts | — | 101,252 | 101,252 | |||||||||
Total | $ | (2,042 | ) | $ | 101,252 | $ | 99,210 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | Futures | Total | |||||||||
Foreign exchange contracts | $ | 62 | $ | — | $ | 62 | ||||||
Equity contracts | — | 4,248 | 4,248 | |||||||||
Total | $ | 62 | $ | 4,248 | $ | 4,310 |
* | 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. |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2014:
JPMorgan Chase & Co. | Societe Generale | Totals | ||||||||||
Assets: | ||||||||||||
Forward foreign currency contracts | $ | 329 | $ | — | $ | 329 | ||||||
Total Assets | $ | 329 | $ | — | $ | 329 | ||||||
Liabilities: | ||||||||||||
Forward foreign currency contracts | $ | — | $ | 470 | $ | 470 | ||||||
Total Liabilities | $ | — | $ | 470 | $ | 470 | ||||||
Net OTC derivative instruments by counterparty, at fair value | $ | 329 | $ | (470 | ) | (141 | ) | |||||
Total collateral pledged by the Portfolio/(Received from counterparty) | $ | — | $ | — | $ | — | ||||||
Net Exposure(1) | $ | 329 | $ | (470 | ) | $ | (141 | ) |
(1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
See Accompanying Notes to Financial Statements
106 |
Voya International Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 96.9% | ||||||||||||||||
Consumer Discretionary: 11.6% | ||||||||||||||||
117,561 | DaimlerChrysler AG | $ | 9,763,942 | 0.6 | ||||||||||||
38,815 | # | Merlin Entertainments PLC | 240,174 | 0.0 | ||||||||||||
79,515 | Mitsubishi Motors Corp. | 726,407 | 0.1 | |||||||||||||
334,262 | Toyota Motor Corp. | 20,830,337 | 1.3 | |||||||||||||
9,701,958 | Other Securities(a) | 148,066,804 | 9.6 | |||||||||||||
179,627,664 | 11.6 | |||||||||||||||
Consumer Staples: 10.6% | ||||||||||||||||
98,021 | Anheuser-Busch InBev Worldwide, Inc. | 11,031,446 | 0.7 | |||||||||||||
227,159 | British American Tobacco PLC | 12,309,985 | 0.8 | |||||||||||||
306,256 | Diageo PLC | 8,773,356 | 0.6 | |||||||||||||
110,367 | Koninklijke Ahold NV | 1,961,543 | 0.1 | |||||||||||||
392,906 | Nestle S.A. | 28,643,246 | 1.8 | |||||||||||||
79,274 | Reckitt Benckiser PLC | 6,420,725 | 0.4 | |||||||||||||
117,826 | SABMiller PLC | 6,142,419 | 0.4 | |||||||||||||
198,238 | Unilever NV | 7,754,642 | 0.5 | |||||||||||||
156,420 | Unilever PLC | 6,355,073 | 0.4 | |||||||||||||
303,000 | #,@ | WH Group Ltd. | 172,794 | 0.0 | ||||||||||||
4,726,806 | Other Securities(a) | 75,239,919 | 4.9 | |||||||||||||
164,805,148 | 10.6 | |||||||||||||||
Energy: 5.5% | ||||||||||||||||
2,246,327 | BP PLC | 14,258,757 | 0.9 | |||||||||||||
480,966 | Royal Dutch Shell PLC - Class A | 16,051,257 | 1.0 | |||||||||||||
297,565 | Royal Dutch Shell PLC - Class B | 10,281,206 | 0.7 | |||||||||||||
260,892 | Total S.A. | 13,366,059 | 0.9 | |||||||||||||
2,366,988 | Other Securities(a) | 31,450,930 | 2.0 | |||||||||||||
85,408,209 | 5.5 | |||||||||||||||
Financials: 25.3% | ||||||||||||||||
1,473,699 | AIA Group Ltd. | 8,128,139 | 0.5 | |||||||||||||
55,851 | Allianz AG | 9,250,414 | 0.6 | |||||||||||||
336,689 | Australia & New Zealand Banking Group Ltd. | 8,760,634 | 0.6 | |||||||||||||
1,508,861 | Banco Santander Central Hispano S.A. | 12,664,084 | 0.8 | |||||||||||||
2,002,534 | Barclays PLC | 7,528,204 | 0.5 | |||||||||||||
727,638 | Banco Bilbao Vizcaya Argentaria S.A. | 6,872,128 | 0.4 | |||||||||||||
128,985 | BNP Paribas | 7,614,530 | 0.5 | |||||||||||||
197,936 | Commonwealth Bank of Australia | 13,752,350 | 0.9 | |||||||||||||
2,335,959 | HSBC Holdings PLC | 22,074,292 | 1.4 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Financials (continued) | ||||||||||||||
471,153 | @ | ING Groep NV | $ | 6,087,154 | 0.4 | |||||||||
6,975,373 | @ | Lloyds TSB Group PLC | 8,204,869 | 0.5 | ||||||||||
153,327 | Mitsubishi Estate Co., Ltd. | 3,230,734 | 0.2 | |||||||||||
1,557,406 | Mitsubishi UFJ Financial Group, Inc. | 8,556,746 | 0.6 | |||||||||||
65,676 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 308,863 | 0.0 | |||||||||||
288,521 | National Australia Bank Ltd. | 7,868,049 | 0.5 | |||||||||||
313,926 | Prudential PLC | 7,257,821 | 0.5 | |||||||||||
154,951 | Sumitomo Mitsui Financial Group, Inc. | 5,601,901 | 0.4 | |||||||||||
406,859 | Sumitomo Mitsui Trust Holdings, Inc. | 1,558,388 | 0.1 | |||||||||||
445,155 | @ | UBS Group AG | 7,652,081 | 0.5 | ||||||||||
379,441 | Westpac Banking Corp. | 10,205,367 | 0.7 | |||||||||||
36,385,574 | Other Securities(a) | 228,266,503 | 14.7 | |||||||||||
391,443,251 | 25.3 | |||||||||||||
Health Care: 10.8% | ||||||||||||||
154,277 | AstraZeneca PLC | 10,896,721 | 0.7 | |||||||||||
101,097 | Bayer AG | 13,780,412 | 0.9 | |||||||||||
591,430 | GlaxoSmithKline PLC | 12,688,325 | 0.8 | |||||||||||
280,796 | Novartis AG | 26,041,997 | 1.7 | |||||||||||
246,026 | Novo Nordisk A/S | 10,406,847 | 0.7 | |||||||||||
85,736 | Roche Holding AG - Genusschein | 23,229,502 | 1.5 | |||||||||||
145,227 | Sanofi | 13,240,448 | 0.8 | |||||||||||
105,332 | Teva Phaemaceutical Industries Ltd. | 6,038,145 | 0.4 | |||||||||||
1,511,313 | Other Securities(a) | 50,444,354 | 3.3 | |||||||||||
166,766,751 | 10.8 | |||||||||||||
Industrials: 12.6% | ||||||||||||||
10,809 | Boskalis Westminster NV | 591,309 | 0.1 | |||||||||||
116,926 | Koninklijke Philips NV | 3,389,226 | 0.2 | |||||||||||
8,650 | Koninklijke Vopak NV | 448,780 | 0.0 | |||||||||||
168,593 | Mitsubishi Corp. | 3,085,273 | 0.2 | |||||||||||
236,361 | Mitsubishi Electric Corp. | 2,807,510 | 0.2 | |||||||||||
372,193 | Mitsubishi Heavy Industries Ltd. | 2,053,980 | 0.1 | |||||||||||
16,490 | Mitsubishi Logistics Corp. | 239,829 | 0.0 | |||||||||||
96,600 | Siemens AG | 10,838,920 | 0.7 | |||||||||||
14,227,546 | Other Securities(a) | 171,032,641 | 11.1 | |||||||||||
194,487,468 | 12.6 |
See Accompanying Notes to Financial Statements
107 |
Voya International Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Information Technology: 4.6% | ||||||||||||||
112,996 | SAP SE | $ | 7,890,348 | 0.5 | ||||||||||
4,284,261 | Other Securities(a) | 63,536,946 | 4.1 | |||||||||||
71,427,294 | 4.6 | |||||||||||||
Materials: 7.3% | ||||||||||||||
111,561 | BASF AG | 9,357,864 | 0.6 | |||||||||||
390,515 | BHP Billiton Ltd. | 9,232,805 | 0.6 | |||||||||||
256,112 | BHP Billiton PLC | 5,488,835 | 0.3 | |||||||||||
1,289,443 | Glencore PLC | 5,951,861 | 0.4 | |||||||||||
20,654 | Koninklijke DSM NV | 1,259,752 | 0.1 | |||||||||||
138,515 | Mitsubishi Materials Corp. | 459,513 | 0.0 | |||||||||||
53,513 | Rio Tinto Ltd. | 2,508,739 | 0.2 | |||||||||||
154,932 | Rio Tinto PLC | 7,141,924 | 0.4 | |||||||||||
5,719,474 | Other Securities(a) | 72,411,998 | 4.7 | |||||||||||
113,813,291 | 7.3 | |||||||||||||
Telecommunication Services: 4.9% | ||||||||||||||
978,602 | BT Group PLC | 6,086,979 | 0.4 | |||||||||||
385,043 | Deutsche Telekom AG | 6,160,835 | 0.4 | |||||||||||
400,044 | Koninklijke KPN NV | 1,263,082 | 0.1 | |||||||||||
117,346 | Softbank Corp. | 6,984,820 | 0.4 | |||||||||||
519,904 | Telefonica S.A. | 7,464,553 | 0.5 | |||||||||||
3,236,417 | Vodafone Group PLC | 11,096,492 | 0.7 | |||||||||||
6,037,488 | Other Securities | 36,701,646 | 2.4 | |||||||||||
75,758,407 | 4.9 | |||||||||||||
Utilities: 3.7% | ||||||||||||||
460,332 | National Grid PLC | 6,531,795 | 0.4 | |||||||||||
6,442,959 | Other Securities | 50,728,230 | 3.3 | |||||||||||
57,260,025 | 3.7 | |||||||||||||
Total Common Stock (Cost $1,456,090,153) | 1,500,797,508 | 96.9 | ||||||||||||
PREFERRED STOCK: 0.6% | ||||||||||||||
Consumer Discretionary: 0.4% | ||||||||||||||
45,184 | Other Securities | 6,438,868 | 0.4 | |||||||||||
Consumer Staples: 0.2% | ||||||||||||||
21,824 | Other Securities | 2,350,842 | 0.2 | |||||||||||
Materials: 0.0% | ||||||||||||||
9,233 | Other Securities | 367,742 | 0.0 | |||||||||||
Total Preferred Stock (Cost $8,423,409) | 9,157,452 | 0.6 |
Shares | Value | Percentage of Net Assets | ||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Energy: 0.0% | ||||||||||||||
122,151 | Other Securities | $ | 67,549 | 0.0 | ||||||||||
Financials: 0.0% | ||||||||||||||
727,638 | Other Securities | 69,558 | 0.0 | |||||||||||
Utilities: 0.0% | ||||||||||||||
37,754 | Other Securities | 26,427 | 0.0 | |||||||||||
Total Rights (Cost $134,938) | 163,534 | 0.0 | ||||||||||||
Total Long-Term Investments (Cost $1,464,648,500) | 1,510,118,494 | 97.5 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 1.6% | ||||||||||||||
Securities Lending Collateralcc: 0.6% | ||||||||||||||
2,304,423 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%,due 01/02/15 (Repurchase Amount $2,304,434, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,350,511, due 01/01/15-09/01/49) | 2,304,423 | 0.1 | |||||||||||
2,304,423 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,304,442, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $2,350,512, due 09/30/17-02/15/42) | 2,304,423 | 0.2 |
See Accompanying Notes to Financial Statements
108 |
Voya International Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
485,107 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $485,109, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $494,809, due 01/07/15-10/20/64) | $ | 485,107 | 0.0 | ||||||||||
2,304,423 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,304,434, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $2,350,512, due 11/15/15-07/15/56) | 2,304,423 | 0.1 | |||||||||||
2,304,423 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%,due 01/02/15 (Repurchase Amount $2,304,442, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $2,350,742, due 04/15/16-02/15/42) | 2,304,423 | 0.2 | |||||||||||
9,702,799 | 0.6 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 1.0% | ||||||||||||||
14,420,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $14,420,000) | $ | 14,420,000 | 1.0 | ||||||||||
Total Short-Term Investments (Cost $24,122,799) | 24,122,799 | 1.6 | ||||||||||||
Total Investments in Securities (Cost $1,488,771,299) | $ | 1,534,241,293 | 99.1 | |||||||||||
Assets in Excess of Other Liabilities | 13,227,769 | 0.9 | ||||||||||||
Net Assets | $ | 1,547,469,062 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
# | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $1,501,403,396.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 128,264,454 | ||
Gross Unrealized Depreciation | (95,426,557 | ) | ||
Net Unrealized Appreciation | $ | 32,837,897 |
See Accompanying Notes to Financial Statements
109 |
Voya International Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:(1)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Consumer Discretionary | $ | 5,650,646 | $ | 173,977,018 | $ | — | $ | 179,627,664 | ||||||||
Consumer Staples | 892,744 | 163,912,404 | — | 164,805,148 | ||||||||||||
Energy | 404,132 | 85,004,077 | — | 85,408,209 | ||||||||||||
Financials | 10,480,781 | 380,962,470 | — | 391,443,251 | ||||||||||||
Health Care | 448,568 | 166,318,183 | — | 166,766,751 | ||||||||||||
Industrials | 1,989,021 | 192,498,447 | — | 194,487,468 | ||||||||||||
Information Technology | — | 71,427,294 | — | 71,427,294 | ||||||||||||
Materials | — | 113,813,291 | — | 113,813,291 | ||||||||||||
Telecommunication Services | 1,239,828 | 74,518,579 | — | 75,758,407 | ||||||||||||
Utilities | 904,231 | 56,355,794 | — | 57,260,025 | ||||||||||||
Total Common Stock | 22,009,951 | 1,478,787,557 | — | 1,500,797,508 | ||||||||||||
Preferred Stock | — | 9,157,452 | — | 9,157,452 | ||||||||||||
Rights | 137,107 | 26,427 | — | 163,534 | ||||||||||||
Short-Term Investments | 14,420,000 | 9,702,799 | — | 24,122,799 | ||||||||||||
Total Investments, at fair value | $ | 36,567,058 | $ | 1,497,674,235 | $ | — | $ | 1,534,241,293 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Futures | 36,344 | — | — | 36,344 | ||||||||||||
Total Assets | $ | 36,603,402 | $ | 1,497,674,235 | $ | — | $ | 1,534,277,637 |
(1) | For the year ended December 31, 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 at the beginning of the reporting period. At December 31, 2014, securities valued at $6,779,005 and $3,095,350 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy. |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
At December 31, 2014, the following futures contracts were outstanding for Voya International Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
Mini MSCI EAFE Index | 190 | 03/20/15 | $ | 16,700,050 | $ | 36,344 | ||||||||
$ | 16,700,050 | $ | 36,344 |
See Accompanying Notes to Financial Statements
110 |
Voya International Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 36,344 | |||
Total Asset Derivatives | $ | 36,344 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | (1,773,676 | ) | |
Total | $ | (1,773,676 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | (1,254,307 | ) | |
Total | $ | (1,254,307 | ) |
See Accompanying Notes to Financial Statements
111 |
Voya Japan TOPIX Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.5% | ||||||||||||||||
Consumer Discretionary: 20.9% | ||||||||||||||||
68,800 | Bridgestone Corp. | $ | 2,386,118 | 0.7 | ||||||||||||
51,800 | Denso Corp. | 2,414,286 | 0.7 | |||||||||||||
4,200 | Fast Retailing Co., Ltd. | 1,528,360 | 0.4 | |||||||||||||
71,500 | Fuji Heavy Industries Ltd. | 2,530,098 | 0.7 | |||||||||||||
187,800 | Honda Motor Co., Ltd. | 5,509,730 | 1.5 | |||||||||||||
62,600 | Mazda Motor Corp. | 1,503,375 | 0.4 | |||||||||||||
75,300 | Mitsubishi Motors Corp. | 687,901 | 0.2 | |||||||||||||
293,600 | Nissan Motor Co., Ltd. | 2,560,711 | 0.7 | |||||||||||||
252,300 | Panasonic Corp. | 2,971,700 | 0.8 | |||||||||||||
133,812 | Sony Corp. | 2,731,003 | 0.8 | |||||||||||||
287,160 | Toyota Motor Corp. | 17,895,063 | 4.9 | |||||||||||||
2,808,445 | Other Securities(a) | 32,979,909 | 9.1 | |||||||||||||
75,698,254 | 20.9 | |||||||||||||||
Consumer Staples: 7.3% | ||||||||||||||||
129,800 | Japan Tobacco, Inc. | 3,572,458 | 1.0 | |||||||||||||
60,400 | Kao Corp. | 2,381,847 | 0.6 | |||||||||||||
2,500 | Mitsubishi Shokuhin Co. Ltd. | 54,425 | 0.0 | |||||||||||||
86,500 | Seven & I Holdings Co., Ltd. | 3,111,521 | 0.9 | |||||||||||||
1,190,292 | Other Securities(a) | 17,255,609 | 4.8 | |||||||||||||
26,375,860 | 7.3 | |||||||||||||||
Energy: 0.9% | ||||||||||||||||
552,010 | Other Securities(a) | 3,477,861 | 0.9 | |||||||||||||
Financials: 17.3% | ||||||||||||||||
129,600 | Dai-ichi Life Insurance Co., Ltd. | 1,967,309 | 0.5 | |||||||||||||
195,000 | Daiwa Securities Group, Inc. | 1,526,877 | 0.4 | |||||||||||||
152,000 | Mitsubishi Estate Co., Ltd. | 3,202,773 | 0.9 | |||||||||||||
1,649,100 | Mitsubishi UFJ Financial Group, Inc. | 9,060,534 | 2.5 | |||||||||||||
52,400 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 246,428 | 0.1 | |||||||||||||
110,000 | Mitsui Fudosan Co., Ltd. | 2,949,711 | 0.8 | |||||||||||||
64,011 | MS&AD Insurance Group Holdings, Inc. | 1,516,947 | 0.4 | |||||||||||||
2,828,000 | Mizuho Financial Group, Inc. | 4,740,586 | 1.3 | |||||||||||||
422,800 | Nomura Holdings, Inc. | 2,392,640 | 0.7 | |||||||||||||
12,200 | Nomura Real Estate Holdings, Inc. | 208,772 | 0.1 | |||||||||||||
144,000 | ORIX Corp. | 1,811,923 | 0.5 | |||||||||||||
30,100 | Osaka Securities Exchange Co. Ltd. | 701,667 | 0.2 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Financials (continued) | ||||||||||||||
155,652 | Sumitomo Mitsui Financial Group, Inc. | $ | 5,627,244 | 1.6 | ||||||||||
447,440 | Sumitomo Mitsui Trust Holdings, Inc. | 1,713,824 | 0.5 | |||||||||||
50,000 | Sumitomo Realty & Development Co., Ltd. | 1,703,458 | 0.5 | |||||||||||
83,900 | Tokio Marine Holdings, Inc. | 2,724,879 | 0.7 | |||||||||||
3,313,785 | Other Securities(a) | 20,458,466 | 5.6 | |||||||||||
62,554,038 | 17.3 | |||||||||||||
Health Care: 5.8% | ||||||||||||||
249,700 | Astellas Pharma, Inc. | 3,476,349 | 1.0 | |||||||||||
82,100 | Takeda Pharmaceutical Co., Ltd. | 3,398,760 | 0.9 | |||||||||||
614,650 | Other Securities(a) | 13,991,661 | 3.9 | |||||||||||
20,866,770 | 5.8 | |||||||||||||
Industrials: 21.0% | ||||||||||||||
18,900 | Central Japan Railway Co. | 2,832,663 | 0.8 | |||||||||||
30,000 | Daikin Industries Ltd. | 1,923,722 | 0.5 | |||||||||||
38,500 | East Japan Railway Co. | 2,901,778 | 0.8 | |||||||||||
21,800 | Fanuc Ltd. | 3,594,393 | 1.0 | |||||||||||
169,700 | Itochu Corp. | 1,811,564 | 0.5 | |||||||||||
107,100 | Komatsu Ltd. | 2,367,759 | 0.7 | |||||||||||
107,000 | Kubota Corp. | 1,553,081 | 0.4 | |||||||||||
158,700 | Mitsubishi Corp. | 2,904,230 | 0.8 | |||||||||||
211,000 | Mitsubishi Electric Corp. | 2,506,271 | 0.7 | |||||||||||
352,000 | Mitsubishi Heavy Industries Ltd. | 1,942,543 | 0.5 | |||||||||||
14,000 | Mitsubishi Logistics Corp. | 203,614 | 0.1 | |||||||||||
1,600 | Mitsubishi Pencil Co., Ltd. | 47,751 | 0.0 | |||||||||||
175,200 | Mitsui & Co., Ltd. | 2,346,477 | 0.6 | |||||||||||
6,500 | SMC Corp. | 1,704,457 | 0.5 | |||||||||||
433,000 | Toshiba Corp. | 1,826,091 | 0.5 | |||||||||||
6,595,848 | Other Securities(a) | 45,566,325 | 12.6 | |||||||||||
76,032,719 | 21.0 | |||||||||||||
Information Technology: 10.5% | ||||||||||||||
121,266 | Canon, Inc. | 3,854,289 | 1.1 | |||||||||||
50,200 | Fuji Photo Film Co., Ltd. | 1,531,781 | 0.4 | |||||||||||
503,146 | Hitachi Ltd. | 3,713,603 | 1.0 | |||||||||||
50,100 | Hoya Corp. | 1,694,624 | 0.5 | |||||||||||
4,800 | Keyence Corp. | 2,138,855 | 0.6 |
See Accompanying Notes to Financial Statements
112 |
Voya Japan TOPIX Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Information Technology (continued) | ||||||||||||||
34,500 | Kyocera Corp. | $ | 1,578,707 | 0.4 | ||||||||||
22,020 | Murata Manufacturing Co., Ltd. | 2,402,845 | 0.7 | |||||||||||
11,500 | Nomura Research Institute Ltd. | 351,730 | 0.1 | |||||||||||
300 | Panasonic Information Systems | 7,686 | 0.0 | |||||||||||
1,859,942 | Other Securities(a) | 20,637,976 | 5.7 | |||||||||||
37,912,096 | 10.5 | |||||||||||||
Materials: 7.0% | ||||||||||||||
136,520 | Mitsubishi Materials Corp. | 452,895 | 0.1 | |||||||||||
51,000 | @ | Mitsubishi Paper Mills Ltd. | 36,864 | 0.0 | ||||||||||
11,000 | Mitsubishi Steel Manufacturing Co., Ltd. | 22,458 | 0.0 | |||||||||||
927,355 | Nippon Steel Corp. | 2,300,428 | 0.7 | |||||||||||
1,400 | Osaka Steel Co., Ltd. | 23,857 | 0.0 | |||||||||||
39,500 | Shin-Etsu Chemical Co., Ltd. | 2,571,441 | 0.7 | |||||||||||
3,564,710 | Other Securities(a) | 19,996,380 | 5.5 | |||||||||||
25,404,323 | 7.0 | |||||||||||||
Telecommunication Services: 4.8% | ||||||||||||||
69,500 | KDDI Corp. | 4,366,271 | 1.2 | |||||||||||
80,600 | Nippon Telegraph & Telephone Corp. | 4,117,260 | 1.1 | |||||||||||
170,500 | NTT DoCoMo, Inc. | 2,483,002 | 0.7 | |||||||||||
108,750 | Softbank Corp. | 6,473,158 | 1.8 | |||||||||||
17,439,691 | 4.8 | |||||||||||||
Utilities: 2.0% | ||||||||||||||
215,000 | Osaka Gas Co., Ltd. | 803,015 | 0.2 | |||||||||||
866,500 | Other Securities | 6,549,829 | 1.8 | |||||||||||
7,352,844 | 2.0 | |||||||||||||
Total Common Stock (Cost $325,506,649) | 353,114,456 | 97.5 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 1.9% | ||||||||||||||
Securities Lending Collateralcc: 1.9% | ||||||||||||||
1,663,516 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,663,524, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,696,786, due 01/01/15-09/01/49) | $ | 1,663,516 | 0.5 | ||||||||||
1,663,516 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,663,530, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $1,696,786, due 09/30/17-02/15/42) | 1,663,516 | 0.4 | |||||||||||
350,193 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $350,195, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $357,197, due 01/07/15-10/20/64) | 350,193 | 0.1 |
See Accompanying Notes to Financial Statements
113 |
Voya Japan TOPIX Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
1,663,516 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,663,524, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $1,696,786, due 11/15/15-07/15/56) | $ | 1,663,516 | 0.5 | ||||||||||
1,663,516 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,663,530, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,696,953, due 04/15/16-02/15/42) | 1,663,516 | 0.4 | |||||||||||
7,004,257 | 1.9 | |||||||||||||
Total Short-Term Investments (Cost $7,004,257) | 7,004,257 | 1.9 | ||||||||||||
Total Investments in Securities (Cost $332,510,906) | $ | 360,118,713 | 99.4 | |||||||||||
Assets in Excess of Other Liabilities | 2,006,827 | 0.6 | ||||||||||||
Net Assets | $ | 362,125,540 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† | Unless otherwise indicated, principal amount is shown in USD. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $336,916,641.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 60,474,719 | ||
Gross Unrealized Depreciation | (37,272,647 | ) | ||
Net Unrealized Appreciation | $ | 23,202,072 |
See Accompanying Notes to Financial Statements
114 |
Voya Japan TOPIX Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Consumer Discretionary | $ | 133,383 | $ | 75,564,871 | $ | — | $ | 75,698,254 | ||||||||
Consumer Staples | 22,459 | 26,353,401 | — | 26,375,860 | ||||||||||||
Energy | — | 3,477,861 | — | 3,477,861 | ||||||||||||
Financials | 198,156 | 62,355,882 | — | 62,554,038 | ||||||||||||
Health Care | — | 20,866,770 | — | 20,866,770 | ||||||||||||
Industrials | 695,008 | 75,337,711 | — | 76,032,719 | ||||||||||||
Information Technology | 61,440 | 37,850,656 | — | 37,912,096 | ||||||||||||
Materials | — | 25,404,323 | — | 25,404,323 | ||||||||||||
Telecommunication Services | — | 17,439,691 | — | 17,439,691 | ||||||||||||
Utilities | — | 7,352,844 | — | 7,352,844 | ||||||||||||
Total Common Stock | 1,110,446 | 352,004,010 | — | 353,114,456 | ||||||||||||
Short-Term Investments | — | 7,004,257 | — | 7,004,257 | ||||||||||||
Total Investments, at fair value | $ | 1,110,446 | $ | 359,008,267 | $ | — | $ | 360,118,713 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (52,377 | ) | $ | — | $ | (52,377 | ) | ||||||
Futures | (19,057 | ) | — | — | (19,057 | ) | ||||||||||
Total Liabilities | $ | (19,057 | ) | $ | (52,377 | ) | $ | — | $ | (71,434 | ) |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
At December 31, 2014, the following forward foreign currency contracts were outstanding for Voya Japan TOPIX Index Portfolio:
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Citigroup, Inc. | Japanese Yen | 630,000,000 | Buy | 03/18/15 | $ | 5,283,325 | $ | 5,263,222 | $ | (20,103 | ) | |||||||||||
JPMorgan Chase & Co. | Japanese Yen | 375,000,000 | Buy | 03/18/15 | 3,139,716 | 3,132,871 | (6,845 | ) | ||||||||||||||
Societe Generale | Japanese Yen | 230,000,000 | Buy | 03/18/15 | 1,942,363 | 1,921,493 | (20,870 | ) | ||||||||||||||
$ | (47,818 | ) | ||||||||||||||||||||
Citigroup, Inc. | Japanese Yen | 105,000,000 | Sell | 03/18/15 | $ | 872,645 | $ | 877,204 | $ | (4,559 | ) | |||||||||||
$ | (4,559 | ) |
At December 31, 2014, the following futures contracts were outstanding for Voya Japan TOPIX Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
Tokyo Price Index (TOPIX) | 68 | 03/12/15 | $ | 7,990,483 | $ | (19,057 | ) | |||||||
$ | 7,990,483 | $ | (19,057 | ) |
See Accompanying Notes to Financial Statements
115 |
Voya Japan TOPIX Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Liability Derivatives | ||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 52,377 | |||
Equity contracts | Net Assets — Unrealized depreciation* | 19,057 | ||||
Total Liability Derivatives | $ | 71,434 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | Futures | Total | |||||||||
Foreign exchange contracts | $ | (829,961 | ) | $ | — | $ | (829,961 | ) | ||||
Equity contracts | — | 654,153 | 654,153 | |||||||||
Total | $ | (829,961 | ) | $ | 654,153 | $ | (175,808 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | Futures | Total | |||||||||
Foreign exchange contracts | $ | 261,978 | $ | — | $ | 261,978 | ||||||
Equity contracts | — | (515,613 | ) | (515,613 | ) | |||||||
Total | $ | 261,978 | $ | (515,613 | ) | $ | (253,635 | ) |
* | 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. |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2014:
Citigroup, Inc. | JPMorgan Chase & Co. | Societe Generale | Totals | |||||||||||||
Liabilities: | ||||||||||||||||
Forward foreign currency contracts | $ | 24,662 | $ | 6,845 | $ | 20,870 | $ | 52,377 | ||||||||
Total Liabilities | $ | 24,662 | $ | 6,845 | $ | 20,870 | $ | 52,377 | ||||||||
Net OTC derivative instruments by counterparty, at fair value | $ | (24,662 | ) | $ | (6,845 | ) | $ | (20,870 | ) | $ | (52,377 | ) | ||||
Total collateral pledged by the Portfolio/(Received from counterparty) | $ | — | $ | — | $ | — | $ | — | ||||||||
Net Exposure(1) | $ | (24,662 | ) | $ | (6,845 | ) | $ | (20,870 | ) | $ | (52,377 | ) |
(1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
See Accompanying Notes to Financial Statements
116 |
Voya Russell™ Large Cap Growth Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.4% | ||||||||||||||||
Consumer Discretionary: 15.9% | ||||||||||||||||
27,130 | @ | Amazon.com, Inc. | $ | 8,419,796 | 1.6 | |||||||||||
171,150 | Comcast Corp. - Class A | 9,928,412 | 1.8 | |||||||||||||
98,758 | Home Depot, Inc. | 10,366,627 | 1.9 | |||||||||||||
73,570 | Lowe’s Cos, Inc. | 5,061,616 | 0.9 | |||||||||||||
71,377 | McDonald’s Corp. | 6,688,025 | 1.2 | |||||||||||||
50,440 | Nike, Inc. | 4,849,806 | 0.9 | |||||||||||||
3,726 | @ | Priceline.com, Inc. | 4,248,422 | 0.8 | ||||||||||||
54,359 | Starbucks Corp. | 4,460,156 | 0.8 | |||||||||||||
50,574 | TJX Cos., Inc. | 3,468,365 | 0.7 | |||||||||||||
101,349 | Twenty-First Century Fox, Inc. - Class A | 3,892,308 | 0.7 | |||||||||||||
104,797 | Walt Disney Co. | 9,870,829 | 1.8 | |||||||||||||
195,642 | Other Securities | 15,090,128 | 2.8 | |||||||||||||
86,344,490 | 15.9 | |||||||||||||||
Consumer Staples: 11.4% | ||||||||||||||||
135,700 | Altria Group, Inc. | 6,685,939 | 1.2 | |||||||||||||
286,716 | Coca-Cola Co. | 12,105,149 | 2.2 | |||||||||||||
59,094 | Colgate-Palmolive Co. | 4,088,714 | 0.8 | |||||||||||||
29,922 | Costco Wholesale Corp. | 4,241,443 | 0.8 | |||||||||||||
109,476 | PepsiCo, Inc. | 10,352,051 | 1.9 | |||||||||||||
66,675 | Philip Morris International, Inc. | 5,430,679 | 1.0 | |||||||||||||
51,824 | Walgreens Boots Alliance, Inc. | 3,948,989 | 0.7 | |||||||||||||
215,539 | Other Securities | 15,162,488 | 2.8 | |||||||||||||
62,015,452 | 11.4 | |||||||||||||||
Energy: 4.2% | ||||||||||||||||
39,463 | EOG Resources, Inc. | 3,633,358 | 0.7 | |||||||||||||
93,914 | Schlumberger Ltd. | 8,021,195 | 1.5 | |||||||||||||
199,724 | Other Securities | 10,922,806 | 2.0 | |||||||||||||
22,577,359 | 4.2 | |||||||||||||||
Financials: 3.4% | ||||||||||||||||
65,506 | American Express Co. | 6,094,679 | 1.1 | |||||||||||||
121,960 | Other Securities | 12,131,664 | 2.3 | |||||||||||||
18,226,343 | 3.4 | |||||||||||||||
Health Care: 14.0% | ||||||||||||||||
114,817 | AbbVie, Inc. | 7,513,624 | 1.4 | |||||||||||||
18,339 | @ | Actavis PLC | 4,720,642 | 0.9 | ||||||||||||
21,488 | Allergan, Inc. | 4,568,134 | 0.8 | |||||||||||||
51,824 | Amgen, Inc. | 8,255,045 | 1.5 | |||||||||||||
17,130 | @ | Biogen Idec, Inc. | 5,814,779 | 1.1 | ||||||||||||
57,831 | @ | Celgene Corp. | 6,468,976 | 1.2 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Health Care (continued) | ||||||||||||||
45,897 | @ | Express Scripts Holding Co. | $ | 3,886,099 | 0.7 | |||||||||
110,892 | @ | Gilead Sciences, Inc. | 10,452,680 | 1.9 | ||||||||||
230,704 | Other Securities | 24,435,134 | 4.5 | |||||||||||
76,115,113 | 14.0 | |||||||||||||
Industrials: 10.1% | ||||||||||||||
47,246 | 3M Co. | 7,763,463 | 1.4 | |||||||||||
52,657 | Boeing Co. | 6,844,357 | 1.3 | |||||||||||
56,551 | Honeywell International, Inc. | 5,650,576 | 1.0 | |||||||||||
19,569 | Lockheed Martin Corp. | 3,768,402 | 0.7 | |||||||||||
65,411 | Union Pacific Corp. | 7,792,412 | 1.4 | |||||||||||
51,113 | United Parcel Service, Inc. - Class B | 5,682,232 | 1.1 | |||||||||||
190,602 | Other Securities | 17,342,586 | 3.2 | |||||||||||
54,844,028 | 10.1 | |||||||||||||
Information Technology: 32.2% | ||||||||||||||
45,678 | Accenture PLC | 4,079,502 | 0.8 | |||||||||||
435,406 | Apple, Inc. | 48,060,114 | 8.9 | |||||||||||
91,514 | @ | eBay, Inc. | 5,135,766 | 0.9 | ||||||||||
142,580 | @ | Facebook, Inc. | 11,124,092 | 2.0 | ||||||||||
20,510 | @ | Google, Inc. | 10,796,464 | 2.0 | ||||||||||
20,270 | @ | Google, Inc. - Class A | 10,756,478 | 2.0 | ||||||||||
68,309 | International Business Machines Corp. | 10,959,496 | 2.0 | |||||||||||
72,598 | Mastercard, Inc. | 6,255,044 | 1.2 | |||||||||||
385,934 | Microsoft Corp. | 17,926,634 | 3.3 | |||||||||||
237,173 | Oracle Corp. | 10,665,670 | 2.0 | |||||||||||
121,880 | Qualcomm, Inc. | 9,059,340 | 1.7 | |||||||||||
77,941 | Texas Instruments, Inc. | 4,167,116 | 0.8 | |||||||||||
36,209 | Visa, Inc. | 9,494,000 | 1.7 | |||||||||||
311,855 | Other Securities | 15,873,540 | 2.9 | |||||||||||
174,353,256 | 32.2 | |||||||||||||
Materials: 3.6% | ||||||||||||||
62,600 | EI Du Pont de Nemours & Co. | 4,628,644 | 0.9 | |||||||||||
34,924 | Monsanto Co. | 4,172,370 | 0.8 | |||||||||||
105,074 | Other Securities | 10,392,608 | 1.9 | |||||||||||
19,193,622 | 3.6 | |||||||||||||
Telecommunication Services: 2.6% | ||||||||||||||
299,036 | Verizon Communications, Inc. | 13,988,904 | 2.6 | |||||||||||
2,523 | Other Securities | 99,860 | 0.0 | |||||||||||
14,088,764 | 2.6 |
See Accompanying Notes to Financial Statements
117 |
Voya Russell™ Large Cap Growth Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Utilities: 0.0% | ||||||||||||||
2,560 | Other Securities | $ | 196,864 | 0.0 | ||||||||||
Total Common Stock (Cost $281,110,623) | 527,955,291 | 97.4 | ||||||||||||
SHORT-TERM INVESTMENTS: 5.0% | ||||||||||||||
Mutual Funds: 5.0% | ||||||||||||||
27,241,055 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $27,241,055) | 27,241,055 | 5.0 | |||||||||||
Total Short-Term Investments (Cost $27,241,055) | 27,241,055 | 5.0 | ||||||||||||
Total Investments in Securities (Cost $308,351,678) | $ | 555,196,346 | 102.4 | |||||||||||
Liabilities in Excess of Other Assets | (13,057,968 | ) | (2.4 | ) | ||||||||||
Net Assets | $ | 542,138,378 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
Cost for federal income tax purposes is $308,409,917.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 247,904,690 | ||
Gross Unrealized Depreciation | (1,118,261 | ) | ||
Net Unrealized Appreciation | $ | 246,786,429 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 527,955,291 | $ | — | $ | — | $ | 527,955,291 | ||||||||
Short-Term Investments | 27,241,055 | — | — | 27,241,055 | ||||||||||||
Total Investments, at fair value | $ | 555,196,346 | $ | — | $ | — | $ | 555,196,346 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Futures | 330,035 | — | — | 330,035 | ||||||||||||
Total Assets | $ | 555,526,381 | $ | — | $ | — | $ | 555,526,381 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
At December 31, 2014, the following futures contracts were outstanding for Voya Russell™ Large Cap Growth Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
S&P 500 E-Mini | 146 | 03/20/15 | $ | 14,982,520 | $ | 330,035 | ||||||||
$ | 14,982,520 | $ | 330,035 |
See Accompanying Notes to Financial Statements
118 |
Voya Russell™ Large Cap Growth Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 330,035 | |||
Total Asset Derivatives | $ | 330,035 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 1,701,759 | ||
Total | $ | 1,701,759 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | 167,316 | |||
Total | $ | 167,316 |
See Accompanying Notes to Financial Statements
119 |
Voya Russell™ Large Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 97.1% | ||||||||||||||
Consumer Discretionary: 10.3% | ||||||||||||||
21,298 | @ | Amazon.com, Inc. | $ | 6,609,834 | 0.8 | |||||||||
146,843 | Comcast Corp. - Class A | 8,518,362 | 1.0 | |||||||||||
77,535 | Home Depot, Inc. | 8,138,849 | 0.9 | |||||||||||
56,033 | McDonald’s Corp. | 5,250,292 | 0.6 | |||||||||||
15,793 | Time Warner Cable, Inc. | 2,401,484 | 0.3 | |||||||||||
50,011 | Time Warner, Inc. | 4,271,940 | 0.5 | |||||||||||
98,179 | Walt Disney Co. | 9,247,480 | 1.1 | |||||||||||
846,391 | Other Securities | 43,361,715 | 5.1 | |||||||||||
87,799,956 | 10.3 | |||||||||||||
Consumer Staples: 10.1% | ||||||||||||||
112,614 | Altria Group, Inc. | 5,548,492 | 0.7 | |||||||||||
225,094 | Coca-Cola Co. | 9,503,469 | 1.1 | |||||||||||
66,285 | CVS Caremark Corp. | 6,383,908 | 0.7 | |||||||||||
85,941 | PepsiCo, Inc. | 8,126,581 | 1.0 | |||||||||||
89,169 | Philip Morris International,Inc. | 7,262,815 | 0.9 | |||||||||||
153,400 | Procter & Gamble Co. | 13,973,206 | 1.6 | |||||||||||
90,324 | Wal-Mart Stores, Inc. | 7,757,025 | 0.9 | |||||||||||
432,069 | Other Securities | 27,485,024 | 3.2 | |||||||||||
86,040,520 | 10.1 | |||||||||||||
Energy: 9.1% | ||||||||||||||
107,922 | Chevron Corp. | 12,106,690 | 1.4 | |||||||||||
69,603 | ConocoPhillips | 4,806,783 | 0.6 | |||||||||||
243,446 | ExxonMobil Corp. | 22,506,583 | 2.7 | |||||||||||
73,731 | Schlumberger Ltd. | 6,297,365 | 0.7 | |||||||||||
560,009 | Other Securities | 31,630,936 | 3.7 | |||||||||||
77,348,357 | 9.1 | |||||||||||||
Financials: 15.4% | ||||||||||||||
596,127 | Bank of America Corp. | 10,664,712 | 1.3 | |||||||||||
103,755 | @ | Berkshire Hathaway, Inc. | 15,578,813 | 1.8 | ||||||||||
172,217 | Citigroup, Inc. | 9,318,662 | 1.1 | |||||||||||
25,352 | Goldman Sachs Group, Inc. | 4,913,978 | 0.6 | |||||||||||
214,559 | JPMorgan Chase & Co. | 13,427,102 | 1.6 | |||||||||||
270,728 | Wells Fargo & Co. | 14,841,309 | 1.7 | |||||||||||
930,216 | Other Securities | 62,210,574 | 7.3 | |||||||||||
130,955,150 | 15.4 | |||||||||||||
Health Care: 14.5% | ||||||||||||||
90,139 | AbbVie, Inc. | 5,898,696 | 0.7 | |||||||||||
42,914 | Amgen, Inc. | 6,835,771 | 0.8 | |||||||||||
93,943 | Bristol-Myers Squibb Co. | 5,545,455 | 0.6 | |||||||||||
45,403 | @ | Celgene Corp. | 5,078,780 | 0.6 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Health Care (continued) | ||||||||||||||
87,062 | @ | Gilead Sciences, Inc. | $ | 8,206,464 | 1.0 | |||||||||
160,383 | Johnson & Johnson | 16,771,251 | 2.0 | |||||||||||
165,675 | Merck & Co., Inc. | 9,408,683 | 1.1 | |||||||||||
361,608 | Pfizer, Inc. | 11,264,089 | 1.3 | |||||||||||
55,544 | UnitedHealth Group, Inc. | 5,614,943 | 0.7 | |||||||||||
460,360 | Other Securities | 48,709,409 | 5.7 | |||||||||||
123,333,541 | 14.5 | |||||||||||||
Industrials: 10.1% | ||||||||||||||
37,090 | 3M Co. | 6,094,629 | 0.7 | |||||||||||
41,340 | Boeing Co. | 5,373,373 | 0.6 | |||||||||||
568,471 | General Electric Co. | 14,365,262 | 1.7 | |||||||||||
51,355 | Union Pacific Corp. | 6,117,921 | 0.7 | |||||||||||
51,967 | United Technologies Corp. | 5,976,205 | 0.7 | |||||||||||
547,199 | Other Securities | 48,178,672 | 5.7 | |||||||||||
86,106,062 | 10.1 | |||||||||||||
Information Technology: 20.5% | ||||||||||||||
341,823 | Apple, Inc. | 37,730,423 | 4.4 | |||||||||||
290,402 | Cisco Systems, Inc. | 8,077,532 | 1.0 | |||||||||||
111,931 | @ | Facebook, Inc. | 8,732,857 | 1.0 | ||||||||||
16,101 | @ | Google, Inc. | 8,475,566 | 1.0 | ||||||||||
15,913 | @ | Google, Inc. - Class A | 8,444,392 | 1.0 | ||||||||||
53,628 | International Business Machines Corp. | 8,604,076 | 1.0 | |||||||||||
282,209 | Intel Corp. | 10,241,365 | 1.2 | |||||||||||
56,998 | Mastercard, Inc. | 4,910,948 | 0.6 | |||||||||||
468,279 | Microsoft Corp. | 21,751,559 | 2.6 | |||||||||||
186,206 | Oracle Corp. | 8,373,684 | 1.0 | |||||||||||
95,687 | Qualcomm, Inc. | 7,112,415 | 0.8 | |||||||||||
28,426 | Visa, Inc. | 7,453,297 | 0.9 | |||||||||||
719,943 | Other Securities | 33,804,616 | 4.0 | |||||||||||
173,712,730 | 20.5 | |||||||||||||
Materials: 2.5% | ||||||||||||||
290,335 | Other Securities | 21,013,003 | 2.5 | |||||||||||
Telecommunication Services: 2.7% | ||||||||||||||
294,245 | AT&T, Inc. | 9,883,689 | 1.2 | |||||||||||
234,760 | Verizon Communications, Inc. | 10,982,073 | 1.3 | |||||||||||
89,588 | Other Securities | 1,869,793 | 0.2 | |||||||||||
22,735,555 | 2.7 |
See Accompanying Notes to Financial Statements
120 |
Voya Russell™ Large Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Utilities: 1.9% | ||||||||||||||
251,027 | Other Securities | $ | 15,882,799 | 1.9 | ||||||||||
Total Common Stock (Cost $359,453,988) | 824,927,673 | 97.1 | ||||||||||||
SHORT-TERM INVESTMENTS: 2.8% | ||||||||||||||
Mutual Funds: 2.8% | ||||||||||||||
23,614,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $23,614,000) | 23,614,000 | 2.8 | |||||||||||
Total Short-Term Investments (Cost $23,614,000) | 23,614,000 | 2.8 | ||||||||||||
Total Investments in Securities (Cost $383,067,988) | $ | 848,541,673 | 99.9 | |||||||||||
Assets in Excess of Other Liabilities | 939,048 | 0.1 | ||||||||||||
Net Assets | $ | 849,480,721 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014. |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
Cost for federal income tax purposes is $387,756,383.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 466,753,355 | ||
Gross Unrealized Depreciation | (5,968,065 | ) | ||
Net Unrealized Appreciation | $ | 460,785,290 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 824,927,673 | $ | — | $ | — | $ | 824,927,673 | ||||||||
Short-Term Investments | 23,614,000 | — | — | 23,614,000 | ||||||||||||
Total Investments, at fair value | $ | 848,541,673 | $ | — | $ | — | $ | 848,541,673 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Futures | 527,706 | — | — | 527,706 | ||||||||||||
Total Assets | $ | 849,069,379 | $ | — | $ | — | $ | 849,069,379 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
At December 31, 2014, the following futures contracts were outstanding for Voya Russell™ Large Cap Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
S&P 500 E-Mini | 250 | 03/20/15 | $ | 25,655,000 | $ | 527,706 | ||||||||
$ | 25,655,000 | $ | 527,706 |
See Accompanying Notes to Financial Statements
121 |
Voya Russell™ Large Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 527,706 | |||
Total Asset Derivatives | $ | 527,706 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 1,221,288 | ||
Total | $ | 1,221,288 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 245,854 | ||
Total | $ | 245,854 |
See Accompanying Notes to Financial Statements
122 |
Voya Russell™ Large Cap Value Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 95.2% | ||||||||||||||
Consumer Discretionary: 4.6% | ||||||||||||||
106,093 | Ford Motor Co. | $ | 1,644,442 | 0.8 | ||||||||||
43,817 | General Motors Co. | 1,529,651 | 0.7 | |||||||||||
15,567 | Target Corp. | 1,181,691 | 0.6 | |||||||||||
24,100 | Time Warner, Inc. | 2,058,622 | 1.0 | |||||||||||
63,328 | Other Securities | 3,231,812 | 1.5 | |||||||||||
9,646,218 | 4.6 | |||||||||||||
Consumer Staples: 8.7% | ||||||||||||||
27,408 | CVS Caremark Corp. | 2,639,665 | 1.3 | |||||||||||
46,213 | Mondelez International, Inc. | 1,678,687 | 0.8 | |||||||||||
17,749 | Philip Morris International, Inc. | 1,445,656 | 0.7 | |||||||||||
69,715 | Procter & Gamble Co. | 6,350,339 | 3.1 | |||||||||||
39,088 | Wal-Mart Stores, Inc. | 3,356,878 | 1.6 | |||||||||||
43,292 | Other Securities | 2,530,158 | 1.2 | |||||||||||
18,001,383 | 8.7 | |||||||||||||
Energy: 13.8% | ||||||||||||||
52,010 | Chevron Corp. | 5,834,482 | 2.8 | |||||||||||
33,542 | ConocoPhillips | 2,316,410 | 1.1 | |||||||||||
117,326 | ExxonMobil Corp. | 10,846,789 | 5.2 | |||||||||||
21,464 | Occidental Petroleum Corp. | 1,730,213 | 0.8 | |||||||||||
157,929 | Other Securities | 8,006,736 | 3.9 | |||||||||||
28,734,630 | 13.8 | |||||||||||||
Financials: 27.1% | ||||||||||||||
39,523 | American International Group, Inc. | 2,213,683 | 1.1 | |||||||||||
287,295 | Bank of America Corp. | 5,139,707 | 2.5 | |||||||||||
31,156 | Bank of New York Mellon Corp. | 1,263,999 | 0.6 | |||||||||||
50,003 | @ | Berkshire Hathaway, Inc. | 7,507,950 | 3.6 | ||||||||||
15,618 | Capital One Financial Corp. | 1,289,266 | 0.6 | |||||||||||
82,996 | Citigroup, Inc. | 4,490,914 | 2.2 | |||||||||||
12,218 | Goldman Sachs Group, Inc. | 2,368,215 | 1.1 | |||||||||||
103,402 | JPMorgan Chase & Co. | 6,470,897 | 3.1 | |||||||||||
25,562 | Metlife, Inc. | 1,382,649 | 0.7 | |||||||||||
41,902 | Morgan Stanley | 1,625,798 | 0.8 | |||||||||||
14,593 | PNC Financial Services Group, Inc. | 1,331,319 | 0.6 | |||||||||||
46,932 | US Bancorp. | 2,109,593 | 1.0 | |||||||||||
130,473 | Wells Fargo & Co. | 7,152,530 | 3.5 | |||||||||||
162,080 | Other Securities | 11,868,641 | 5.7 | |||||||||||
56,215,161 | 27.1 | |||||||||||||
Health Care: 14.8% | ||||||||||||||
41,034 | Abbott Laboratories | 1,847,351 | 0.9 | |||||||||||
29,114 | Bristol-Myers Squibb Co. | 1,718,599 | 0.8 | |||||||||||
12,318 | Covidien PLC | 1,259,885 | 0.6 | |||||||||||
26,878 | Eli Lilly & Co. | 1,854,313 | 0.9 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Health Care (continued) | ||||||||||||||
65,159 | Johnson & Johnson | $ | 6,813,677 | 3.3 | ||||||||||
27,294 | Medtronic, Inc. | 1,970,627 | 1.0 | |||||||||||
68,664 | Merck & Co., Inc. | 3,899,429 | 1.9 | |||||||||||
174,270 | Pfizer, Inc. | 5,428,510 | 2.6 | |||||||||||
26,770 | UnitedHealth Group, Inc. | 2,706,179 | 1.3 | |||||||||||
28,701 | Other Securities | 3,143,837 | 1.5 | |||||||||||
30,642,407 | 14.8 | |||||||||||||
Industrials: 10.0% | ||||||||||||||
13,439 | Caterpillar, Inc. | 1,230,072 | 0.6 | |||||||||||
8,355 | General Dynamics Corp. | 1,149,815 | 0.6 | |||||||||||
273,964 | General Electric Co. | 6,923,070 | 3.3 | |||||||||||
22,242 | United Technologies Corp. | 2,557,830 | 1.2 | |||||||||||
124,471 | Other Securities | 8,886,818 | 4.3 | |||||||||||
20,747,605 | 10.0 | |||||||||||||
Information Technology: 8.5% | ||||||||||||||
139,955 | Cisco Systems, Inc. | 3,892,848 | 1.9 | |||||||||||
50,394 | EMC Corp. | 1,498,718 | 0.7 | |||||||||||
51,776 | Hewlett-Packard Co. | 2,077,771 | 1.0 | |||||||||||
124,441 | Intel Corp. | 4,515,964 | 2.2 | |||||||||||
79,665 | Microsoft Corp. | 3,700,439 | 1.8 | |||||||||||
25,881 | @ | Yahoo!, Inc. | 1,307,249 | 0.6 | ||||||||||
31,055 | Other Securities | 755,519 | 0.3 | |||||||||||
17,748,508 | 8.5 | |||||||||||||
Materials: 1.4% | ||||||||||||||
27,633 | Dow Chemical Co. | 1,260,341 | 0.6 | |||||||||||
35,583 | Other Securities | 1,603,330 | 0.8 | |||||||||||
2,863,671 | 1.4 | |||||||||||||
Telecommunication Services: 2.7% | ||||||||||||||
141,811 | AT&T, Inc. | 4,763,432 | 2.3 | |||||||||||
41,855 | Other Securities | 859,554 | 0.4 | |||||||||||
5,622,986 | 2.7 | |||||||||||||
Utilities: 3.6% | ||||||||||||||
19,322 | Duke Energy Corp. | 1,614,160 | 0.8 | |||||||||||
11,915 | NextEra Energy, Inc. | 1,266,445 | 0.6 | |||||||||||
24,358 | Southern Co. | 1,196,222 | 0.5 | |||||||||||
64,413 | Other Securities | 3,503,042 | 1.7 | |||||||||||
7,579,869 | 3.6 | |||||||||||||
Total Common Stock (Cost $127,265,338) | 197,802,438 | 95.2 |
See Accompanying Notes to Financial Statements
123 |
Voya Russell™ Large Cap Value Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 4.4% | ||||||||||||||
Mutual Funds: 4.4% | ||||||||||||||
9,062,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $9,062,000) | $ | 9,062,000 | 4.4 | ||||||||||
Total Short-Term Investments (Cost $9,062,000) | 9,062,000 | 4.4 | ||||||||||||
Total Investments in Securities (Cost $136,327,338) | $ | 206,864,438 | 99.6 | |||||||||||
Assets in Excess of Other Liabilities | 822,062 | 0.4 | ||||||||||||
Net Assets | $ | 207,686,500 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
Cost for federal income tax purposes is $140,119,260.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 71,189,496 | ||
Gross Unrealized Depreciation | (4,444,318 | ) | ||
Net Unrealized Appreciation | $ | 66,745,178 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 197,802,438 | $ | — | $ | — | $ | 197,802,438 | ||||||||
Short-Term Investments | 9,062,000 | — | — | 9,062,000 | ||||||||||||
Total Investments, at fair value | $ | 206,864,438 | $ | — | $ | — | $ | 206,864,438 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Futures | 127,236 | — | — | 127,236 | ||||||||||||
Total Assets | $ | 206,991,674 | $ | — | $ | — | $ | 206,991,674 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
At December 31, 2014, the following futures contracts were outstanding for Voya Russell™ Large Cap Value Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
S&P 500 E-Mini | 94 | 03/20/15 | $ | 9,646,280 | $ | 127,236 | ||||||||
$ | 9,646,280 | $ | 127,236 |
See Accompanying Notes to Financial Statements
124 |
Voya Russell™ Large Cap Value Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 127,236 | |||
Total Asset Derivatives | $ | 127,236 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 764,397 | ||
Total | $ | 764,397 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 15,040 | ||
Total | $ | 15,040 |
See Accompanying Notes to Financial Statements
125 |
Voya Russell™ Mid Cap Growth Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 99.7% | ||||||||||||||
Consumer Discretionary: 24.6% | ||||||||||||||
4,141 | @ | Autozone, Inc. | $ | 2,563,735 | 0.6 | |||||||||
3,947 | @ | Chipotle Mexican Grill, Inc. | 2,701,761 | 0.6 | ||||||||||
29,142 | Discovery Communications, Inc. - Class A | 1,003,942 | 0.2 | |||||||||||
29,142 | Discovery Communications, Inc. - Class C | 982,668 | 0.2 | |||||||||||
29,951 | @ | Dollar General Corp. | 2,117,536 | 0.5 | ||||||||||
26,259 | @ | Dollar Tree, Inc. | 1,848,108 | 0.4 | ||||||||||
18,254 | Genuine Parts Co. | 1,945,329 | 0.5 | |||||||||||
27,723 | Harley-Davidson, Inc. | 1,827,223 | 0.4 | |||||||||||
35,466 | Macy’s, Inc. | 2,331,889 | 0.5 | |||||||||||
24,584 | Marriott International, Inc. | 1,918,290 | 0.5 | |||||||||||
34,562 | McGraw-Hill Cos., Inc. | 3,075,327 | 0.7 | |||||||||||
25,940 | @ | Michael Kors Holdings Ltd. | 1,948,094 | 0.5 | ||||||||||
7,612 | @ | NetFlix, Inc. | 2,600,335 | 0.6 | ||||||||||
32,813 | Omnicom Group, Inc. | 2,542,023 | 0.6 | |||||||||||
13,468 | @ | O’Reilly Automotive, Inc. | 2,594,206 | 0.6 | ||||||||||
26,970 | Ross Stores, Inc. | 2,542,192 | 0.6 | |||||||||||
12,068 | L@ | Tesla Motors, Inc. | 2,684,044 | 0.6 | ||||||||||
43,804 | VF Corp. | 3,280,920 | 0.8 | |||||||||||
1,544,957 | Other Securities(a) | 64,835,078 | 15.2 | |||||||||||
105,342,700 | 24.6 | |||||||||||||
Consumer Staples: 7.9% | ||||||||||||||
18,985 | @ | Constellation Brands, Inc. | 1,863,758 | 0.4 | ||||||||||
18,985 | Hershey Co. | 1,973,111 | 0.5 | |||||||||||
17,958 | Keurig Green Mountain, Inc. | 2,377,549 | 0.5 | |||||||||||
64,783 | Kroger Co. | 4,159,717 | 1.0 | |||||||||||
46,032 | Lorillard, Inc. | 2,897,254 | 0.7 | |||||||||||
25,660 | Mead Johnson Nutrition Co. | 2,579,856 | 0.6 | |||||||||||
18,177 | @ | Monster Beverage Corp. | 1,969,478 | 0.5 | ||||||||||
374,173 | Other Securities(a) | 15,809,763 | 3.7 | |||||||||||
33,630,486 | 7.9 | |||||||||||||
Energy: 5.0% | ||||||||||||||
30,205 | @ | Cheniere Energy, Inc. | 2,126,432 | 0.5 | ||||||||||
491,672 | Other Securities(a) | 19,147,533 | 4.5 | |||||||||||
21,273,965 | 5.0 | |||||||||||||
Financials: 8.8% | ||||||||||||||
28,930 | Aon PLC | 2,743,432 | 0.7 | |||||||||||
42,384 | Crown Castle International Corp. | 3,335,621 | 0.8 | |||||||||||
24,007 | Moody’s Corp. | 2,300,110 | 0.5 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Financials (continued) | ||||||||||||||
33,358 | T. Rowe Price Group, Inc. | $ | 2,864,118 | 0.7 | ||||||||||
506,086 | Other Securities(a) | 26,242,006 | 6.1 | |||||||||||
37,485,287 | 8.8 | |||||||||||||
Health Care: 13.7% | ||||||||||||||
28,675 | AmerisourceBergen Corp. | 2,585,338 | 0.6 | |||||||||||
37,831 | @ | Cerner Corp. | 2,446,153 | 0.6 | ||||||||||
17,723 | @ | Illumina, Inc. | 3,271,311 | 0.8 | ||||||||||
4,227 | @ | Intuitive Surgical, Inc. | 2,235,829 | 0.5 | ||||||||||
47,450 | @ | Mylan Laboratories | 2,674,757 | 0.6 | ||||||||||
30,029 | @ | Vertex Pharmaceuticals, Inc. | 3,567,445 | 0.8 | ||||||||||
63,610 | Zoetis, Inc. | 2,737,138 | 0.7 | |||||||||||
510,965 | Other Securities(a) | 38,823,010 | 9.1 | |||||||||||
58,340,981 | 13.7 | |||||||||||||
Industrials: 16.3% | ||||||||||||||
41,250 | Paccar, Inc. | 2,805,412 | 0.7 | |||||||||||
17,580 | Rockwell Automation, Inc. | 1,954,896 | 0.5 | |||||||||||
78,179 | Southwest Airlines Co. | 3,308,535 | 0.8 | |||||||||||
47,457 | Tyco International Plc | 2,081,464 | 0.5 | |||||||||||
47,422 | @ | United Continental Holdings, Inc. | 3,172,058 | 0.7 | ||||||||||
7,402 | WW Grainger, Inc. | 1,886,696 | 0.4 | |||||||||||
930,308 | Other Securities(a) | 54,500,800 | 12.7 | |||||||||||
69,709,861 | 16.3 | |||||||||||||
Information Technology: 17.5% | ||||||||||||||
7,473 | Alliance Data Systems Corp. | 2,137,651 | 0.5 | |||||||||||
39,907 | Amphenol Corp. | 2,147,396 | 0.5 | |||||||||||
103,263 | Applied Materials, Inc. | 2,573,314 | 0.6 | |||||||||||
31,720 | Avago Technologies Ltd. | 3,190,715 | 0.7 | |||||||||||
31,644 | @ | Fiserv, Inc. | 2,245,775 | 0.5 | ||||||||||
36,093 | Intuit, Inc. | 3,327,414 | 0.8 | |||||||||||
13,246 | @ | LinkedIn Corp. | 3,042,738 | 0.7 | ||||||||||
65,424 | @ | Twitter, Inc. | 2,346,759 | 0.6 | ||||||||||
1,271,370 | Other Securities(a) | 53,883,102 | 12.6 | |||||||||||
74,894,864 | 17.5 | |||||||||||||
Materials: 4.8% | ||||||||||||||
10,932 | Sherwin-Williams Co. | 2,875,553 | 0.7 | |||||||||||
279,572 | Other Securities | 17,750,952 | 4.1 | |||||||||||
20,626,505 | 4.8 | |||||||||||||
Telecommunication Services: 1.0% | ||||||||||||||
124,200 | Other Securities | 4,169,976 | 1.0 |
See Accompanying Notes to Financial Statements
126 |
Voya Russell™ Mid Cap Growth Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Utilities: 0.2% | ||||||||||||||
25,941 | Other Securities | $ | 919,926 | 0.2 | ||||||||||
Total Common Stock (Cost $258,978,568) | 426,394,551 | 99.8 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 3.1% | ||||||||||||||
Securities Lending Collateralcc: 2.3% | ||||||||||||||
2,253,389 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,253,400, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,298,457, due 01/01/15-09/01/49) | 2,253,389 | 0.5 | |||||||||||
2,253,389 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,253,408, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $2,298,457, due 09/30/17-02/15/42) | 2,253,389 | 0.5 | |||||||||||
474,369 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $474,371, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $483,856, due 01/07/15-10/20/64) | 474,369 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
2,253,389 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,253,400, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $2,298,457, due 11/15/15-07/15/56) | $ | 2,253,389 | 0.5 | ||||||||||
2,253,389 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,253,408, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $2,298,683, due 04/15/16-02/15/42) | 2,253,389 | 0.6 | |||||||||||
9,487,925 | 2.2 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 0.9% | ||||||||||||||
3,923,001 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $3,923,001) | 3,923,001 | 0.9 | |||||||||||
Total Short-Term Investments (Cost $13,410,926) | 13,410,926 | 3.1 | ||||||||||||
Total Investments in Securities (Cost $272,389,494) | $ | 439,805,477 | 102.9 | |||||||||||
Liabilities in Excess of Other Assets | (12,207,299 | ) | (2.9 | ) | ||||||||||
Net Assets | $ | 427,598,178 | 100.0 |
See Accompanying Notes to Financial Statements
127 |
Voya Russell™ Mid Cap Growth Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $273,004,447.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 175,791,266 | ||
Gross Unrealized Depreciation | (8,990,236 | ) | ||
Net Unrealized Appreciation | $ | 166,801,030 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 426,394,552 | $ | — | $ | — | $ | 426,394,552 | ||||||||
Short-Term Investments | 3,923,000 | 9,487,925 | — | 13,410,925 | ||||||||||||
Total Investments, at fair value | $ | 430,317,552 | $ | 9,487,925 | $ | — | $ | 439,805,477 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Futures | 146,550 | — | — | 146,550 | ||||||||||||
Total Assets | $ | 430,464,102 | $ | 9,487,925 | $ | — | $ | 439,952,027 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
At December 31, 2014, the following futures contracts were outstanding for Voya Russell™ Mid Cap Growth Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
S&P Mid 400 E-Mini | 30 | 03/20/15 | $ | 4,345,800 | $ | 146,550 | ||||||||
$ | 4,345,800 | $ | 146,550 |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 146,550 | |||
Total Asset Derivatives | $ | 146,550 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
See Accompanying Notes to Financial Statements
128 |
Voya Russell™ Mid Cap Growth Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 287,363 | ||
Total | $ | 287,363 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 111,645 | ||
Total | $ | 111,645 |
See Accompanying Notes to Financial Statements
129 |
Voya Russell™ Mid Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 99.1% | ||||||||||||||
Consumer Discretionary: 17.7% | ||||||||||||||
11,476 | @ | Autozone, Inc. | $ | 7,104,906 | 0.3 | |||||||||
10,938 | @ | Chipotle Mexican Grill, Inc. | 7,487,170 | 0.3 | ||||||||||
109,043 | @ | Dollar General Corp. | 7,709,340 | 0.3 | ||||||||||
85,504 | L Brands, Inc. | 7,400,371 | 0.3 | |||||||||||
33,372 | Liberty Media Corp. - A | 1,177,030 | 0.1 | |||||||||||
66,765 | Liberty Media Corp. - C | 2,338,778 | 0.1 | |||||||||||
172,652 | Liberty Media Corp. - Interactive | 5,079,422 | 0.2 | |||||||||||
127,282 | Macy’s, Inc. | 8,368,792 | 0.4 | |||||||||||
95,772 | McGraw-Hill Cos., Inc. | 8,521,793 | 0.4 | |||||||||||
21,095 | @ | NetFlix, Inc. | 7,206,263 | 0.3 | ||||||||||
37,324 | @ | O’Reilly Automotive, Inc. | 7,189,349 | 0.3 | ||||||||||
33,434 | @ | Tesla Motors, Inc. | 7,436,056 | 0.3 | ||||||||||
121,367 | VF Corp. | 9,090,388 | 0.4 | |||||||||||
7,463,152 | Other Securities(a) | 321,872,024 | 14.0 | |||||||||||
407,981,682 | 17.7 | |||||||||||||
Consumer Staples: 5.7% | ||||||||||||||
179,283 | Kroger Co. | 11,511,762 | 0.5 | |||||||||||
127,571 | Lorillard, Inc. | 8,029,319 | 0.4 | |||||||||||
71,104 | Mead Johnson Nutrition Co. | 7,148,796 | 0.3 | |||||||||||
2,097,801 | Other Securities(a) | 104,154,493 | 4.5 | |||||||||||
130,844,370 | 5.7 | |||||||||||||
Energy: 4.2% | ||||||||||||||
3,045,414 | Other Securities(a) | 98,085,832 | 4.2 | |||||||||||
Financials: 20.4% | ||||||||||||||
66,811 | Ameriprise Financial, Inc. | 8,835,755 | 0.4 | |||||||||||
104,379 | Aon PLC | 9,898,261 | 0.4 | |||||||||||
45,594 | AvalonBay Communities, Inc. | 7,449,604 | 0.3 | |||||||||||
117,452 | Crown Castle International Corp. | 9,243,472 | 0.4 | |||||||||||
114,753 | Health Care Real Estate Investment Trust, Inc. | 8,683,359 | 0.4 | |||||||||||
40,521 | Intercontinental Exchange, Inc. | 8,885,850 | 0.4 | |||||||||||
175,833 | ProLogis, Inc. | 7,566,094 | 0.3 | |||||||||||
187,457 | SunTrust Bank | 7,854,448 | 0.3 | |||||||||||
92,426 | T. Rowe Price Group, Inc. | 7,935,696 | 0.4 | |||||||||||
103,570 | Ventas, Inc. | 7,425,969 | 0.3 | |||||||||||
65,947 | Vornado Realty Trust | 7,762,621 | 0.3 | |||||||||||
48,039 | Voya Financial, Inc. | 2,035,893 | 0.1 | |||||||||||
11,989,981 | Other Securities(a) | 377,154,576 | 16.4 | |||||||||||
470,731,598 | 20.4 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Health Care: 11.6% | ||||||||||||||
79,449 | AmerisourceBergen Corp. | $ | 7,163,122 | 0.3 | ||||||||||
119,707 | Cardinal Health, Inc. | 9,663,946 | 0.4 | |||||||||||
94,522 | Cigna Corp. | 9,727,259 | 0.4 | |||||||||||
114,849 | @ | HCA Holdings, Inc. | 8,428,768 | 0.4 | ||||||||||
54,459 | Humana, Inc. | 7,821,946 | 0.4 | |||||||||||
49,043 | @ | Illumina, Inc. | 9,052,357 | 0.4 | ||||||||||
131,484 | @ | Mylan Laboratories | 7,411,753 | 0.3 | ||||||||||
49,529 | Perrigo Co. PLC | 8,279,268 | 0.4 | |||||||||||
83,105 | @ | Vertex Pharmaceuticals, Inc. | 9,872,874 | 0.4 | ||||||||||
176,256 | Zoetis, Inc. | 7,584,296 | 0.3 | |||||||||||
2,947,740 | Other Securities(a) | 182,402,793 | 7.9 | |||||||||||
267,408,382 | 11.6 | |||||||||||||
Industrials: 12.8% | ||||||||||||||
124,797 | Paccar, Inc. | 8,487,444 | 0.4 | |||||||||||
243,391 | Southwest Airlines Co. | 10,300,307 | 0.4 | |||||||||||
131,402 | @ | United Continental Holdings, Inc. | 8,789,480 | 0.4 | ||||||||||
4,754,387 | Other Securities(a) | 267,395,929 | 11.6 | |||||||||||
294,973,160 | 12.8 | |||||||||||||
Information Technology: 14.3% | ||||||||||||||
428,285 | Applied Materials, Inc. | 10,672,862 | 0.5 | |||||||||||
87,902 | Avago Technologies Ltd. | 8,842,062 | 0.4 | |||||||||||
188,200 | Broadcom Corp. | 8,154,706 | 0.3 | |||||||||||
99,877 | Intuit, Inc. | 9,207,661 | 0.4 | |||||||||||
36,698 | @ | LinkedIn Corp. | 8,429,898 | 0.4 | ||||||||||
79,582 | Sandisk Corp. | 7,797,444 | 0.3 | |||||||||||
78,318 | Western Digital Corp. | 8,669,803 | 0.4 | |||||||||||
7,425,295 | Other Securities(a) | 267,137,027 | 11.6 | |||||||||||
328,911,463 | 14.3 | |||||||||||||
Materials: 5.6% | ||||||||||||||
152,425 | International Paper Co. | 8,166,931 | 0.4 | |||||||||||
30,291 | Sherwin-Williams Co. | 7,967,745 | 0.3 | |||||||||||
2,434,187 | Other Securities | 113,949,638 | 4.9 | |||||||||||
130,084,314 | 5.6 | |||||||||||||
Telecommunication Services: 0.7% | ||||||||||||||
751,201 | Other Securities | 15,150,634 | 0.7 |
See Accompanying Notes to Financial Statements
130 |
Voya Russell™ Mid Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Utilities: 6.1% | ||||||||||||||
114,641 | Edison International | $ | 7,506,693 | 0.3 | ||||||||||
233,759 | PPL Corp. | 8,492,464 | 0.4 | |||||||||||
177,987 | Public Service Enterprise Group, Inc. | 7,370,442 | 0.3 | |||||||||||
86,351 | Sempra Energy | 9,616,047 | 0.4 | |||||||||||
2,759,849 | Other Securities | 108,751,603 | 4.7 | |||||||||||
141,737,249 | 6.1 | |||||||||||||
Total Common Stock (Cost $1,209,761,439) | 2,285,908,684 | 99.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 2.1% | ||||||||||||||
Securities Lending Collateralcc: 1.2% | ||||||||||||||
6,824,905 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $6,824,939, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $6,961,403, due 01/01/15-09/01/49) | 6,824,905 | 0.3 | |||||||||||
6,824,905 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $6,824,961, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $6,961,403, due 09/30/17-02/15/42) | 6,824,905 | 0.3 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
1,436,741 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $1,436,747, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $1,465,476,due 01/07/15-10/20/64) | $ | 1,436,741 | 0.0 | ||||||||||
6,824,905 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $6,824,939, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $6,961,404, due 11/15/15-07/15/56) | 6,824,905 | 0.3 | |||||||||||
6,824,905 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $6,824,961, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $6,962,087, due 04/15/16-02/15/42) | 6,824,905 | 0.3 | |||||||||||
28,736,361 | 1.2 |
See Accompanying Notes to Financial Statements |
131 |
Voya Russell™ Mid Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 0.9% | ||||||||||||||
20,787,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $20,787,000) | $ | 20,787,000 | 0.9 | ||||||||||
Total Short-Term Investments (Cost $49,523,361) | 49,523,361 | 2.1 | ||||||||||||
Total Investments in Securities (Cost $1,259,284,800) | $ | 2,335,432,045 | 101.2 | |||||||||||
Liabilities in Excess of Other Assets | (28,263,201 | ) | (1.2 | ) | ||||||||||
Net Assets | $ | 2,307,168,844 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $1,269,436,885.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 1,119,598,137 | ||
Gross Unrealized Depreciation | (53,602,977 | ) | ||
Net Unrealized Appreciation | $ | 1,065,995,160 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 2,285,908,684 | $ | — | $ | — | $ | 2,285,908,684 | ||||||||
Short-Term Investments | 20,787,000 | 28,736,361 | — | 49,523,361 | ||||||||||||
Total Investments, at fair value | $ | 2,306,695,684 | $ | 28,736,361 | $ | — | $ | 2,335,432,045 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Futures | 846,197 | — | — | 846,197 | ||||||||||||
Total Assets | $ | 2,307,541,881 | $ | 28,736,361 | $ | — | $ | 2,336,278,242 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
At December 31, 2014, the following futures contracts were outstanding for Voya Russell™ Mid Cap Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
S&P Mid 400 E-Mini | 166 | 03/20/15 | $ | 24,046,760 | $ | 846,197 | ||||||||
$ | 24,046,760 | $ | 846,197 |
See Accompanying Notes to Financial Statements
132 |
Voya Russell™ Mid Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 846,197 | |||
Total Asset Derivatives | $ | 846,197 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 1,936,974 | ||
Total | $ | 1,936,974 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 623,679 | ||
Total | $ | 623,679 |
See Accompanying Notes to Financial Statements
133 |
Voya Russell™ Small Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 99.6% | ||||||||||||||
Consumer Discretionary: 13.5% | ||||||||||||||
49,399 | Brunswick Corp. | $ | 2,532,193 | 0.2 | ||||||||||
10,248 | @ | Buffalo Wild Wings, Inc. | 1,848,534 | 0.2 | ||||||||||
84,640 | Dana Holding Corp. | 1,840,073 | 0.2 | |||||||||||
295,364 | @ | Office Depot, Inc. | 2,532,746 | 0.3 | ||||||||||
33,021 | @ | Tenneco, Inc. | 1,869,319 | 0.2 | ||||||||||
19,660 | Vail Resorts, Inc. | 1,791,616 | 0.2 | |||||||||||
4,669,755 | Other Securities(a) | 117,269,856 | 12.2 | |||||||||||
129,684,337 | 13.5 | |||||||||||||
Consumer Staples: 3.4% | ||||||||||||||
20,073 | Casey’s General Stores, Inc. | 1,812,993 | 0.2 | |||||||||||
23,236 | @ | TreeHouse Foods, Inc. | 1,987,375 | 0.2 | ||||||||||
26,912 | @ | United Natural Foods, Inc. | 2,080,971 | 0.2 | ||||||||||
981,351 | Other Securities(a) | 26,386,451 | 2.8 | |||||||||||
32,267,790 | 3.4 | |||||||||||||
Energy: 3.4% | ||||||||||||||
3,986,403 | Other Securities(a) | 32,419,878 | 3.4 | |||||||||||
Financials: 24.3% | ||||||||||||||
117,828 | CNO Financial Group, Inc. | 2,028,998 | 0.2 | |||||||||||
90,982 | CubeSmart | 2,007,973 | 0.2 | |||||||||||
33,558 | EPR Properties | 1,933,948 | 0.2 | |||||||||||
54,588 | First American Financial Corp. | 1,850,533 | 0.2 | |||||||||||
44,933 | Highwoods Properties, Inc. | 1,989,633 | 0.2 | |||||||||||
170,743 | Investors Bancorp, Inc. | 1,916,590 | 0.2 | |||||||||||
53,300 | LaSalle Hotel Properties | 2,157,051 | 0.2 | |||||||||||
34,920 | Prosperity Bancshares, Inc. | 1,933,171 | 0.2 | |||||||||||
65,681 | RLJ Lodging Trust | 2,202,284 | 0.2 | |||||||||||
35,892 | @ | Stifel Financial Corp. | 1,831,210 | 0.2 | ||||||||||
10,614,486 | Other Securities(a) | 213,342,618 | 22.3 | |||||||||||
233,194,009 | 24.3 | |||||||||||||
Health Care: 14.5% | ||||||||||||||
38,463 | @ | Cepheid, Inc. | 2,082,387 | 0.2 | ||||||||||
39,709 | @ | DexCom, Inc. | 2,185,980 | 0.3 | ||||||||||
50,662 | Healthsouth Corp. | 1,948,461 | 0.2 | |||||||||||
65,408 | @ | Isis Pharmaceuticals, Inc. | 4,038,290 | 0.4 | ||||||||||
59,298 | @ | NPS Pharmaceuticals, Inc. | 2,121,089 | 0.2 | ||||||||||
32,567 | @ | Parexel International Corp. | 1,809,423 | 0.2 | ||||||||||
12,900 | @ | Puma Biotechnology, Inc. | 2,441,583 | 0.3 | ||||||||||
30,781 | Steris Corp. | 1,996,148 | 0.2 | |||||||||||
35,831 | @ | Team Health Holdings, Inc. | 2,061,357 | 0.2 | ||||||||||
24,980 | @ | WellCare Health Plans, Inc. | 2,049,859 | 0.2 | ||||||||||
40,980 | West Pharmaceutical Services, Inc. | 2,181,775 | 0.2 | |||||||||||
7,488,306 | Other Securities(a) | 114,020,056 | 11.9 | |||||||||||
138,936,408 | 14.5 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Industrials: 14.0% | ||||||||||||||
25,473 | Curtiss-Wright Corp. | $ | 1,798,139 | 0.2 | ||||||||||
37,203 | Heico Corp. | 2,247,061 | 0.3 | |||||||||||
130,975 | @ | JetBlue Airways Corp. | 2,077,263 | 0.2 | ||||||||||
24,021 | @ | Moog, Inc. | 1,778,275 | 0.2 | ||||||||||
18,617 | @ | Teledyne Technologies, Inc. | 1,912,711 | 0.2 | ||||||||||
4,885,992 | Other Securities(a) | 123,883,336 | 12.9 | |||||||||||
133,696,785 | 14.0 | |||||||||||||
Information Technology: 17.5% | ||||||||||||||
50,695 | @ | Aspen Technology, Inc. | 1,775,339 | 0.2 | ||||||||||
29,960 | @ | Cavium, Inc. | 1,852,127 | 0.2 | ||||||||||
46,812 | @ | Cognex Corp. | 1,934,740 | 0.2 | ||||||||||
21,143 | FEI Co. | 1,910,270 | 0.2 | |||||||||||
37,600 | MAXIMUS, Inc. | 2,061,984 | 0.2 | |||||||||||
154,492 | @,L | RF Micro Devices, Inc. | 2,563,022 | 0.3 | ||||||||||
32,907 | SS&C Technologies Holdings, Inc. | 1,924,730 | 0.2 | |||||||||||
90,805 | @ | Triquint Semiconductor, Inc. | 2,501,678 | 0.3 | ||||||||||
18,979 | @ | Tyler Technologies, Inc. | 2,077,062 | 0.2 | ||||||||||
16,523 | Ultimate Software Group, Inc. | 2,425,824 | 0.2 | |||||||||||
21,012 | @ | WEX, Inc. | 2,078,507 | 0.2 | ||||||||||
7,529,105 | Other Securities(a) | 144,702,820 | 15.1 | |||||||||||
167,808,103 | 17.5 | |||||||||||||
Materials: 4.6% | ||||||||||||||
159,893 | Graphic Packaging Holding Co. | 2,177,742 | 0.2 | |||||||||||
50,324 | PolyOne Corp. | 1,907,783 | 0.2 | |||||||||||
2,139,952 | Other Securities(a) | 39,656,644 | 4.2 | |||||||||||
43,742,169 | 4.6 | |||||||||||||
Telecommunication Services: 0.9% | ||||||||||||||
972,304 | Other Securities(a) | 8,227,318 | 0.9 | |||||||||||
Utilities: 3.5% | ||||||||||||||
65,765 | @ | Dynegy, Inc. | 1,995,968 | 0.2 | ||||||||||
28,059 | Idacorp, Inc. | 1,857,225 | 0.2 | |||||||||||
796,012 | Other Securities(a) | 29,905,614 | 3.1 | |||||||||||
33,758,807 | 3.5 | |||||||||||||
Total Common Stock (Cost $600,923,953) | 953,735,604 | 99.6 |
See Accompanying Notes to Financial Statements |
134 |
Voya Russell™ Small Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
WARRANTS: 0.0% | ||||||||||||||
Energy: 0.0% | ||||||||||||||
11,987 | Other Securities | $ | 4,647 | 0.0 | ||||||||||
Total Warrants (Cost $–) | 4,647 | 0.0 | ||||||||||||
Total Long-Term Investments (Cost $600,923,953) | 953,740,251 | 99.6 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 6.1% | ||||||||||||||
Securities Lending Collateralcc: 5.6% | ||||||||||||||
13,079,660 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $13,079,725, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $13,341,253, due 01/01/15- 09/01/49) | 13,079,660 | 1.4 | |||||||||||
949,501 | Citigroup, Inc., Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $949,505, collateralized by various U.S. Government and U.S. Government Agency Obligations, 1.375%-8.000%, Market Value plus accrued interest $968,491, due 12/15/17-07/ 15/51) | 949,501 | 0.1 | |||||||||||
13,079,660 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $13,079,768, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $13,341,254, due 09/30/17- 02/15/42) | 13,079,660 | 1.4 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
2,753,936 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $2,753,948, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $2,809,015, due 01/07/15-10/20/64) | $ | 2,753,936 | 0.3 | ||||||||||
11,000,000 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $11,000,054, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $11,220,001, due 11/15/15-07/15/56) | 11,000,000 | 1.1 | |||||||||||
13,079,197 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $13,079,305, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $13,342,092, due 04/15/16-02/15/42) | 13,079,197 | 1.3 | |||||||||||
53,941,954 | 5.6 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 0.5% | ||||||||||||||
4,771,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $4,771,000) | 4,771,000 | 0.5 | |||||||||||
Total Short-Term Investments (Cost $58,712,954) | 58,712,954 | 6.1 |
See Accompanying Notes to Financial Statements |
135 |
Voya Russell™ Small Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
Total Investments in Securities (Cost $659,636,907) | $ | 1,012,453,205 | 105.7 | |||||||||||
Liabilities in Excess of Other Assets | (54,425,493 | ) | (5.7 | ) | ||||||||||
Net Assets | $ | 958,027,712 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $661,239,667.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 404,689,353 | ||
Gross Unrealized Depreciation | (53,475,815 | ) | ||
Net Unrealized Appreciation | $ | 351,213,538 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Consumer Discretionary | $ | 129,684,337 | $ | — | $ | — | $ | 129,684,337 | ||||||||
Consumer Staples | 32,267,790 | — | — | 32,267,790 | ||||||||||||
Energy | 32,419,878 | — | — | 32,419,878 | ||||||||||||
Financials | 233,194,009 | — | — | 233,194,009 | ||||||||||||
Health Care | 138,885,096 | — | 51,312 | 138,936,408 | ||||||||||||
Industrials | 133,208,805 | 487,980 | — | 133,696,785 | ||||||||||||
Information Technology | 167,808,103 | — | — | 167,808,103 | ||||||||||||
Materials | 43,742,169 | — | — | 43,742,169 | ||||||||||||
Telecommunication Services | 8,120,552 | — | 106,766 | 8,227,318 | ||||||||||||
Utilities | 33,758,807 | — | — | 33,758,807 | ||||||||||||
Total Common Stock | 953,089,546 | 487,980 | 158,078 | 953,735,604 | ||||||||||||
Warrants | — | 4,647 | — | 4,647 | ||||||||||||
Short-Term Investments | 4,771,000 | 53,941,954 | — | 58,712,954 | ||||||||||||
Total Investments, at fair value | $ | 957,860,546 | $ | 54,434,581 | $ | 158,078 | $ | 1,012,453,205 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Futures | 251,615 | — | — | 251,615 | ||||||||||||
Total Assets | $ | 958,112,161 | $ | 54,434,581 | $ | 158,078 | $ | 1,012,704,820 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
See Accompanying Notes to Financial Statements
136 |
Voya Russell™ Small Cap Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
At December 31, 2014, the following futures contracts were outstanding for Voya Russell™ Small Cap Index Portfolio:
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
Russell 2000® Mini Index | 50 | 03/20/15 | $ | 6,003,500 | $ | 251,615 | ||||||||
$ | 6,003,500 | $ | 251,615 |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 251,615 | |||
Total Asset Derivatives | $ | 251,615 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | 1,618,970 | ||
Total | $ | 1,618,970 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | (2,175,818 | ) | |
Total | $ | (2,175,818 | ) |
See Accompanying Notes to Financial Statements
137 |
Voya U.S. Bond Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
CORPORATE BONDS/NOTES: 25.4% | ||||||||||||||
Basic Materials: 1.7% | ||||||||||||||
4,365,000 | Rio Tinto Finance USA Ltd., 6.500%, 07/15/18 | $ | 5,001,264 | 0.1 | ||||||||||
1,240,000 | Rio Tinto Finance USA PLC, 1.375%-2.250%, 06/17/16-12/14/18 | 1,243,382 | 0.1 | |||||||||||
5,350,000 | Southern Copper Corp., 5.375%-6.750%, 04/16/20-04/16/40 | 5,840,850 | 0.1 | |||||||||||
3,000,000 | Teck Resources Ltd., 4.750%, 01/15/22 | 2,928,441 | 0.1 | |||||||||||
3,350,000 | Teck Resources Ltd, 2.500%, 02/01/18 | 3,252,207 | 0.1 | |||||||||||
1,500,000 | # | Xstrata Finance Canada Ltd., 2.700%, 10/25/17 | 1,518,691 | 0.0 | ||||||||||
44,125,000 | Other Securities(a) | 45,997,087 | 1.2 | |||||||||||
65,781,922 | 1.7 | |||||||||||||
Communications: 3.4% | ||||||||||||||
250,000 | # | 21st Century Fox America, Inc., 4.750%, 09/15/44 | 274,310 | 0.0 | ||||||||||
14,505,000 | AT&T, Inc., 1.400%-6.500%, 05/15/16-09/01/37 | 15,931,532 | 0.4 | |||||||||||
5,500,000 | Cisco Systems, Inc., 1.100%-5.500%, 03/03/17-01/15/40 | 5,901,485 | 0.2 | |||||||||||
6,585,000 | Comcast Corp., 3.375%-6.500%, 11/15/17-01/15/43 | 7,197,058 | 0.2 | |||||||||||
300,000 | # | Cox Communications, Inc., 3.250%, 12/15/22 | 295,063 | 0.0 | ||||||||||
1,500,000 | # | NBCUniversal Enterprise, Inc., 1.974%, 04/15/19 | 1,486,747 | 0.0 | ||||||||||
6,105,000 | Telefonica Emisiones SAU, 3.192%-5.462%, 02/16/16-02/16/21 | 6,512,506 | 0.2 | |||||||||||
6,825,000 | Time Warner Cable, Inc., 4.125%-5.850%, 05/01/17-09/15/42 | 7,378,751 | 0.2 | |||||||||||
7,325,000 | L | Time Warner, Inc., 2.100%-6.500%, 06/01/19-06/01/44 | 8,284,048 | 0.2 | ||||||||||
776,000 | # | Verizon Communications, Inc., 2.625%, 02/21/20 | 768,041 | 0.0 | ||||||||||
4,636,000 | # | Verizon Communications, Inc., 4.862%, 08/21/46 | 4,773,874 | 0.1 | ||||||||||
133,000 | # | Verizon Communications, Inc., 5.012%, 08/21/54 | 138,199 | 0.0 | ||||||||||
16,181,000 | Verizon Communications, Inc., 1.100%-6.550%, 11/01/17-09/15/43 | 17,715,735 | 0.5 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||
Communications (continued) | ||||||||||||||
7,900,000 | Viacom, Inc., 2.200%-5.850%, 12/15/16-04/01/44 | $ | 8,098,999 | 0.2 | ||||||||||
44,605,000 | Other Securities(a) | 48,526,451 | 1.2 | |||||||||||
133,282,799 | 3.4 | |||||||||||||
Consumer, Cyclical: 1.4% | ||||||||||||||
500,000 | # | Daimler Finance North America LLC, 1.450%, 08/01/16 | 502,460 | 0.0 | ||||||||||
500,000 | # | Daimler Finance North America LLC, 2.375%, 08/01/18 | 507,448 | 0.0 | ||||||||||
300,000 | Ford Motor Co., 4.750%, 01/15/43 | 317,787 | 0.0 | |||||||||||
500,000 | Ford Motor Credit Co. LLC, 7.450%, 07/16/31 | 680,589 | 0.0 | |||||||||||
1,000,000 | # | Hyundai Capital America, 1.875%, 08/09/16 | 1,007,567 | 0.0 | ||||||||||
1,000,000 | # | Hyundai Capital America, 2.875%, 08/09/18 | 1,021,064 | 0.1 | ||||||||||
4,125,000 | # | Hyundai Capital America, 3.750%, 04/06/16 | 4,243,169 | 0.1 | ||||||||||
750,000 | # | Nissan Motor Acceptance Corp., 1.000%, 03/15/16 | 750,695 | 0.0 | ||||||||||
400,000 | # | Nissan Motor Acceptance Corp., 1.950%, 09/12/17 | 402,890 | 0.0 | ||||||||||
40,960,158 | Other Securities | 44,158,230 | 1.2 | |||||||||||
53,591,899 | 1.4 | |||||||||||||
Consumer, Non-cyclical: 3.3% | ||||||||||||||
6,195,000 | Celgene Corp., 1.900%-4.625%, 08/15/17-05/15/44 | 6,461,584 | 0.2 | |||||||||||
5,500,000 | Cigna Corp., 4.000%-5.125%, 06/15/20-02/15/22 | 5,955,290 | 0.2 | |||||||||||
500,000 | # | ERAC USA Finance LLC, 2.350%, 10/15/19 | 496,830 | 0.0 | ||||||||||
500,000 | # | ERAC USA Finance LLC, 3.850%, 11/15/24 | 508,088 | 0.0 | ||||||||||
5,750,000 | UnitedHealth Group, Inc., 0.850%-6.000%, 10/15/15-03/15/23 | 5,936,985 | 0.1 | |||||||||||
103,222,000 | Other Securities | 109,852,857 | 2.8 | |||||||||||
129,211,634 | 3.3 | |||||||||||||
Energy: 2.6% | ||||||||||||||
500,000 | Total Capital Canada Ltd., 2.750%, 07/15/23 | 485,919 | 0.0 | |||||||||||
3,500,000 | Total Capital S.A., 4.450%, 06/24/20 | 3,844,543 | 0.1 |
See Accompanying Notes to Financial Statements |
138 |
Voya U.S. Bond Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||
Energy (continued) | ||||||||||||||
500,000 | Total Capital SA, 2.125%, 08/10/18 | $ | 504,478 | 0.0 | ||||||||||
1,500,000 | Total Capital International SA, 0.750%-2.750%, 01/25/16-06/19/21 | 1,504,714 | 0.0 | |||||||||||
92,830,000 | Other Securities(a) | 95,499,612 | 2.5 | |||||||||||
101,839,266 | 2.6 | |||||||||||||
Financial: 8.0% | ||||||||||||||
6,325,000 | American Express Co., 7.000%, 03/19/18 | 7,323,072 | 0.2 | |||||||||||
500,000 | American Express Credit Corp., 2.125%, 07/27/18 | 504,867 | 0.0 | |||||||||||
500,000 | # | American Honda Finance Corp., 1.000%, 08/11/15 | 501,985 | 0.0 | ||||||||||
500,000 | # | American Honda Finance Corp., 1.500%, 09/11/17 | 500,807 | 0.0 | ||||||||||
10,000,000 | ANZ New Zealand Intl Ltd./London, 1.136%, 05/28/15 | 10,042,350 | 0.3 | |||||||||||
29,235,000 | Bank of America Corp., 1.500%-6.500%, 10/09/15-10/22/26 | 30,981,512 | 0.8 | |||||||||||
11,494,000 | Citigroup, Inc., 1.700%-8.125%, 07/25/16-05/06/44 | 12,981,223 | 0.3 | |||||||||||
5,500,000 | Credit Suisse New York, 6.000%, 02/15/18 | 6,122,518 | 0.2 | |||||||||||
6,250,000 | Ford Motor Credit Co. LLC, 1.700%-4.375%, 05/15/15-08/06/23 | 6,353,408 | 0.2 | |||||||||||
3,650,000 | Ford Motor Credit Co., LLC, 2.500%-5.875%, 01/15/16-09/20/22 | 3,961,932 | 0.1 | |||||||||||
9,000,000 | General Electric Capital Corp., 1.625%-6.750%, 07/02/15-01/14/38 | 11,811,694 | 0.3 | |||||||||||
500,000 | Goldman Sachs Group, Inc./The, 2.550%, 10/23/19 | 498,174 | 0.0 | |||||||||||
21,590,000 | Goldman Sachs Group, Inc., 3.625%-6.750%, 02/07/16-10/01/37 | 23,635,946 | 0.6 | |||||||||||
3,400,000 | HSBC Holdings PLC, 6.500%, 09/15/37 | 4,382,974 | 0.1 | |||||||||||
1,500,000 | HSBC USA, Inc., 1.625%-3.500%, 01/16/18-06/23/24 | 1,505,244 | 0.0 | |||||||||||
3,500,000 | # | Hyundai Capital Services, Inc., 4.375%, 07/27/16 | 3,665,862 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||||
Financial (continued) | ||||||||||||||
16,250,000 | JPMorgan Chase & Co., 1.100%-5.500%, 10/15/15-10/15/40 | $ | 18,081,899 | 0.5 | ||||||||||
7,195,000 | MetLife, Inc., 3.048%-6.750%, 06/01/16-12/15/44 | 7,678,846 | 0.2 | |||||||||||
14,800,000 | Morgan Stanley, 2.125%-6.625%, 04/01/18-09/08/26 | 16,346,974 | 0.4 | |||||||||||
12,983,000 | Wells Fargo & Co., 3.450%-5.606%, 04/01/21-01/15/44 | 14,634,958 | 0.4 | |||||||||||
122,154,000 | Other Securities(a) | 127,095,319 | 3.3 | |||||||||||
308,611,564 | 8.0 | |||||||||||||
Industrial: 1.7% | ||||||||||||||
5,900,000 | Burlington Northern Santa Fe, LLC, 3.000%-4.900%, 09/15/21-04/01/44 | 6,171,025 | 0.2 | |||||||||||
1,379,000 | General Electric Co., 2.700%-5.250%, 12/06/17-10/09/22 | 1,476,631 | 0.0 | |||||||||||
55,000,000 | Other Securities | 58,673,637 | 1.5 | |||||||||||
66,321,293 | 1.7 | |||||||||||||
Technology: 1.2% | ||||||||||||||
2,000,000 | Apple Inc., 1.000%-4.450%, 05/03/18-05/06/44 | 2,029,392 | 0.1 | |||||||||||
5,250,000 | Apple, Inc., 0.450%- 3.850%, 05/03/16-05/04/43 | 5,268,536 | 0.1 | |||||||||||
9,540,000 | International Business Machines Corp., 1.625%-3.375%, 07/22/16-08/01/23 | 9,664,554 | 0.3 | |||||||||||
26,585,000 | Other Securities | 27,374,805 | 0.7 | |||||||||||
44,337,287 | 1.2 | |||||||||||||
Utilities: 2.1% | ||||||||||||||
5,005,000 | Kentucky Utilities Co., 5.125%, 11/01/40 | 6,023,983 | 0.2 | |||||||||||
250,000 | # | Monongahela Power Co., 5.400%, 12/15/43 | 301,374 | 0.0 | ||||||||||
5,920,000 | Southern Co., 2.375%, 09/15/15 | 5,986,138 | 0.1 | |||||||||||
64,334,146 | Other Securities(a) | 69,535,870 | 1.8 | |||||||||||
81,847,365 | 2.1 | |||||||||||||
Total Corporate Bonds/Notes | ||||||||||||||
(Cost $942,840,127) | 984,825,029 | 25.4 |
See Accompanying Notes to Financial Statements
139 |
Voya U.S. Bond Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 1.6% | ||||||||||||||
6,023,736 | Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.226%-5.886%, 07/15/44-11/15/44 | $ | 6,234,785 | 0.2 | ||||||||||
820,000 | # | Ford Credit Auto Owner Trust/Ford Credit 2014-2 A, 2.310%, 04/15/26 | 823,129 | 0.0 | ||||||||||
7,940,131 | Greenwich Capital Commercial Funding Corp., 5.224%-5.819%, 04/10/37-03/10/39 | 8,305,739 | 0.2 | |||||||||||
5,602,321 | JPMorgan Chase Commercial Mortgage Securities Corp., 5.336%-5.698%, 05/15/47-02/12/51 | 5,965,056 | 0.1 | |||||||||||
1,000,000 | Morgan Stanley Capital I Trust, 5.073%, 08/13/42 | 1,015,183 | 0.0 | |||||||||||
3,530,000 | Morgan Stanley Bank of America Merrill Lynch Trust, 1.689%-3.134%, 12/15/48 | 3,581,045 | 0.1 | |||||||||||
3,907,054 | Morgan Stanley Capital I, 4.989%-5.331%, 08/13/42-03/15/44 | 3,919,013 | 0.1 | |||||||||||
31,457,985 | Other Securities | 33,135,994 | 0.9 | |||||||||||
Total Collateralized Mortgage Obligations | ||||||||||||||
(Cost $58,057,363) | 62,979,944 | 1.6 | ||||||||||||
MUNICIPAL BONDS: 1.0% | ||||||||||||||
California: 0.2% | ||||||||||||||
4,335,000 | State of California, 7.550%, 04/01/39 | 6,682,142 | 0.2 | |||||||||||
Connecticut: 0.1% | ||||||||||||||
3,735,000 | Other Securities | 4,691,646 | 0.1 | |||||||||||
Illinois: 0.1% | ||||||||||||||
4,400,000 | Other Securities | 4,400,453 | 0.1 | |||||||||||
New Jersey: 0.2% | ||||||||||||||
5,760,000 | Other Securities | 7,670,909 | 0.2 | |||||||||||
New York: 0.1% | ||||||||||||||
3,495,000 | Other Securities | 4,869,199 | 0.1 | |||||||||||
Ohio: 0.2% | ||||||||||||||
3,355,000 | Other Securities | 5,091,045 | 0.2 | |||||||||||
Washington: 0.1% | ||||||||||||||
3,900,000 | Other Securities | 4,758,507 | 0.1 | |||||||||||
Total Municipal Bonds | ||||||||||||||
(Cost $31,516,417) | 38,163,901 | 1.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
ASSET-BACKED SECURITIES: 0.6% | ||||||||||||||
Automobile Asset-Backed Securities: 0.3% | ||||||||||||||
131,761 | Bank of America Auto Trust, 0.780%, 06/15/16 | $ | 131,782 | 0.0 | ||||||||||
10,504,546 | Other Securities | 10,526,369 | 0.3 | |||||||||||
10,658,151 | 0.3 | |||||||||||||
Credit Card Asset-Backed Securities: 0.3% | ||||||||||||||
8,783,000 | Other Securities | 9,301,115 | 0.3 | |||||||||||
Other Asset-Backed Securities: 0.0% | ||||||||||||||
1,090,480 | Other Securities | 1,101,420 | 0.0 | |||||||||||
Total Asset-Backed Securities | ||||||||||||||
(Cost $21,236,369) | 21,060,686 | 0.6 | ||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 32.5% | ||||||||||||||
Federal Home Loan Bank: 0.2% | ||||||||||||||
8,000,000 | 2.000%, due 04/15/21 | 7,819,176 | 0.2 | |||||||||||
Federal Home Loan Mortgage Corporation: 5.8%## | ||||||||||||||
21,246,000 | 1.000%, due 09/29/17 | 21,211,390 | 0.6 | |||||||||||
37,400,000 | W | 3.500%, due 07/15/41 | 38,890,155 | 1.0 | ||||||||||
151,076,707 | W | 1.000%-6.750%, due | ||||||||||||
05/27/16-09/01/44 | 164,450,579 | 4.2 | ||||||||||||
224,552,124 | 5.8 | |||||||||||||
Federal National Mortgage Association: 17.8%## | ||||||||||||||
20,400,000 | 2.230%, due 12/06/22 | 19,795,527 | 0.5 | |||||||||||
46,046,000 | W | 2.500%, due 12/25/27 | 46,794,251 | 1.2 | ||||||||||
101,346,000 | W | 3.000%, due 11/25/42 | 102,270,389 | 2.7 | ||||||||||
50,739,927 | 3.000%, due 05/01/43 | 51,418,979 | 1.3 | |||||||||||
16,645,723 | 3.000%, due 07/01/43 | 16,866,452 | 0.4 | |||||||||||
38,386,000 | W | 3.500%, due 07/25/41 | 39,913,955 | 1.0 | ||||||||||
24,368,668 | 3.500%, due 11/01/42 | 25,438,606 | 0.7 | |||||||||||
63,284,000 | W | 4.000%, due 08/25/40 | 67,545,039 | 1.8 | ||||||||||
293,642,933 | W | 1.375%-7.250%, due 02/01/15-08/01/44 | 319,630,748 | 8.2 | ||||||||||
689,673,946 | 17.8 | |||||||||||||
Government National Mortgage Association: 7.9% | ||||||||||||||
35,163,000 | 3.000%, due 01/15/43 | 35,961,310 | 0.9 | |||||||||||
96,174,000 | 3.500%, due 10/20/41 | 100,960,160 | 2.6 | |||||||||||
31,110,691 | 4.000%, due 10/20/44 | 33,434,118 | 0.9 | |||||||||||
19,100,000 | 4.000%, due 12/20/44 | 20,511,610 | 0.5 | |||||||||||
106,196,551 | 1.625%-7.000%, due 10/15/36-05/16/51 | 115,757,046 | 3.0 | |||||||||||
306,624,244 | 7.9 | |||||||||||||
Other U.S. Agency Obligations: 0.8% | ||||||||||||||
22,990,000 | 1.100%, due 11/06/18 | 22,552,431 | 0.6 | |||||||||||
6,585,000 | 1.875%-7.125%, due 08/25/16-01/15/38 | 8,979,376 | 0.2 | |||||||||||
31,531,807 | 0.8 |
See Accompanying Notes to Financial Statements
140 |
Voya U.S. Bond Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | ||||||||||||||
Other U.S. Agency Obligations (continued) | ||||||||||||||
Total U.S. Government Agency Obligations | ||||||||||||||
(Cost $1,238,490,257) | $ | 1,260,201,297 | 32.5 | |||||||||||
FOREIGN GOVERNMENT BONDS: 3.7% | ||||||||||||||
10,010,000 | Brazil Government International Bond, 6.000%, 01/17/17 | 10,810,800 | 0.3 | |||||||||||
10,000,000 | KFW, 2.625%, 01/25/22 | 10,356,960 | 0.3 | |||||||||||
12,080,000 | Mexico Government International Bond, 4.750%, 03/08/44 | 12,653,800 | 0.3 | |||||||||||
125,000 | # | Petroleos Mexicanos, 4.250%, 01/15/25 | 124,500 | 0.0 | ||||||||||
500,000 | # | Petroleos Mexicanos, 5.500%, 06/27/44 | 512,500 | 0.0 | ||||||||||
7,395,000 | Province of British Columbia Canada, 2.100%, 05/18/16 | 7,554,015 | 0.2 | |||||||||||
13,308,000 | Province of Ontario Canada, 4.400%, 04/14/20 | 14,827,481 | 0.4 | |||||||||||
7,395,000 | Republic of Italy, 4.500%, 01/21/15 | 7,409,002 | 0.2 | |||||||||||
72,279,000 | Other Securities(a) | 79,318,964 | 2.0 | |||||||||||
Total Foreign Government Bonds | ||||||||||||||
(Cost $140,228,398) | 143,568,022 | 3.7 | ||||||||||||
U.S. TREASURY OBLIGATIONS: 39.1% | ||||||||||||||
U.S. Treasury Bonds: 4.1% | ||||||||||||||
15,979,000 | 3.125%, due 08/15/44 | 17,206,139 | 0.4 | |||||||||||
23,645,000 | 3.500%, due 02/15/39 | 27,189,906 | 0.7 | |||||||||||
18,888,000 | 3.625%, due 08/15/43 | 22,233,235 | 0.6 | |||||||||||
14,092,000 | 3.625%, due 02/15/44 | 16,601,038 | 0.4 | |||||||||||
26,505,000 | 4.375%, due 05/15/40 | 34,881,004 | 0.9 | |||||||||||
35,710,000 | 2.750%-6.000%, due 02/15/26-11/15/43 | 41,162,452 | 1.1 | |||||||||||
159,273,774 | 4.1 | |||||||||||||
U.S. Treasury Notes: 35.0% | ||||||||||||||
30,000,000 | 0.625%, due 12/31/16 | 29,970,690 | 0.8 | |||||||||||
26,756,000 | 1.375%, due 09/30/18 | 26,726,729 | 0.7 | |||||||||||
22,318,000 | L | 1.500%, due 11/30/19 | 22,173,290 | 0.6 | ||||||||||
25,914,000 | 1.875%, due 11/30/21 | 25,766,213 | 0.6 | |||||||||||
64,877,000 | 2.250%, due 11/15/24 | 65,323,029 | 1.7 | |||||||||||
5,232,000 | 1.000%-1.625%, due 12/15/17-04/30/19 | 5,233,474 | 0.1 | |||||||||||
25,975,000 | 0.250%, due 10/15/15 | 25,979,052 | 0.7 | |||||||||||
27,732,000 | 0.250%, due 12/15/15 | 27,734,163 | 0.7 | |||||||||||
19,048,000 | 0.375%, due 04/15/15 | 19,064,362 | 0.5 | |||||||||||
33,823,000 | 0.375%, due 03/15/16 | 33,824,319 | 0.9 | |||||||||||
30,595,000 | 0.500%, due 09/30/16 | 30,553,177 | 0.8 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
U.S. TREASURY OBLIGATIONS: (continued) | ||||||||||||||
U.S. Treasury Notes (continued) | ||||||||||||||
51,172,000 | 0.625%, due 07/15/16 | $ | 51,270,967 | 1.3 | ||||||||||
36,269,100 | 0.625%, due 09/30/17 | 35,869,560 | 0.9 | |||||||||||
21,817,000 | 0.750%, due 02/28/18 | 21,515,315 | 0.6 | |||||||||||
27,497,000 | 1.000%, due 08/31/19 | 26,748,339 | 0.7 | |||||||||||
46,620,000 | 1.250%, due 10/31/15 | 47,006,993 | 1.2 | |||||||||||
29,467,000 | 1.250%, due 11/30/18 | 29,250,594 | 0.8 | |||||||||||
19,814,000 | 1.500%, due 12/31/18 | 19,844,949 | 0.5 | |||||||||||
30,000,000 | 1.625%, due 06/30/19 | 30,079,680 | 0.8 | |||||||||||
19,814,000 | 1.625%, due 07/31/19 | 19,844,949 | 0.5 | |||||||||||
22,705,000 | 1.750%, due 09/30/19 | 22,836,258 | 0.6 | |||||||||||
28,376,000 | 1.750%, due 10/31/20 | 28,246,322 | 0.7 | |||||||||||
108,163,000 | 1.875%, due 09/30/17 | 110,660,051 | 2.9 | |||||||||||
24,900,000 | 2.000%, due 11/30/20 | 25,113,991 | 0.7 | |||||||||||
20,498,000 | 2.125%, due 01/31/21 | 20,795,856 | 0.5 | |||||||||||
72,155,000 | 2.375%, due 07/31/17 | 74,773,433 | 1.9 | |||||||||||
19,590,000 | 2.375%, due 12/31/20 | 20,168,512 | 0.5 | |||||||||||
18,650,000 | 2.625%, due 04/30/18 | 19,497,997 | 0.5 | |||||||||||
26,255,000 | 2.750%, due 02/15/19 | 27,626,220 | 0.7 | |||||||||||
36,569,500 | 2.750%, due 11/15/23 | 38,480,841 | 1.0 | |||||||||||
42,052,000 | 2.750%, due 02/15/24 | 44,230,167 | 1.1 | |||||||||||
327,248,400 | 0.250%-8.125%, due 01/31/15-05/15/24 | 330,120,433 | 8.5 | |||||||||||
1,356,329,925 | 35.0 | |||||||||||||
Total U.S. Treasury Obligations | ||||||||||||||
(Cost $1,486,522,731) | 1,515,603,699 | 39.1 | ||||||||||||
Total Long-Term Investments | ||||||||||||||
(Cost $3,918,891,663) | 4,026,402,578 | 103.9 | ||||||||||||
SHORT-TERM INVESTMENTS: 8.6% | ||||||||||||||
Commercial Paper: 6.6% | ||||||||||||||
15,000,000 | Apache Disc, 0.490%, 01/30/15 | 14,993,999 | 0.4 | |||||||||||
20,000,000 | Autozone Inc Disc, 0.390%, 01/23/15 | 19,995,145 | 0.5 | |||||||||||
5,000,000 | Autozone Inc Disc, 0.420%, 01/22/15 | 4,998,747 | 0.1 | |||||||||||
25,000,000 | # | Barton Capital LLC, 0.198%, 07/06/15 | 24,997,500 | 0.6 | ||||||||||
10,000,000 | Campbell Soup, 0.220%, 02/11/15 | 9,997,521 | 0.3 | |||||||||||
9,000,000 | Campbell Soup, 0.220%, 02/24/15 | 8,997,079 | 0.2 | |||||||||||
2,000,000 | Campbell Soup, 0.240%, 03/09/15 | 1,999,100 | 0.0 | |||||||||||
30,000,000 | Concord Min CP, 0.270%, 04/07/15 | 29,978,700 | 0.8 | |||||||||||
30,000,000 | Crown PT C, 0.230%, 04/07/15 | 29,981,700 | 0.8 |
See Accompanying Notes to Financial Statements |
141 |
Voya U.S. Bond Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Commercial Paper (continued) | ||||||||||||||
7,000,000 | Devon Disc, 0.490%, 01/26/15 | $ | 6,997,573 | 0.2 | ||||||||||
5,000,000 | Dominion Res Inc, 0.280%, 01/21/15 | 4,999,208 | 0.1 | |||||||||||
8,275,000 | Dominion Res Inc, 0.290%, 01/09/15 | 8,274,414 | 0.2 | |||||||||||
10,000,000 | Dominion Res Inc, 0.300%, 02/26/15 | 9,995,328 | 0.3 | |||||||||||
10,000,000 | Mondelez Intl Inc, 0.310%, 03/27/15 | 9,992,700 | 0.3 | |||||||||||
16,700,000 | # | Old Line Funding LLC, 0.199%, 10/02/14 | 16,699,753 | 0.4 | ||||||||||
7,108,000 | Pacific Gas + Elec, 0.510%, 01/09/15 | 7,107,112 | 0.2 | |||||||||||
7,400,000 | # | Thunder Bay Funding LLC, 0.199%, 10/16/14 | 7,399,890 | 0.2 | ||||||||||
20,000,000 | # | Thunder Bay Funding LLC, 0.202%, 04/10/15 | 19,999,000 | 0.5 | ||||||||||
15,000,000 | Vodafone, 0.320%, 04/08/15 | 14,986,950 | 0.4 | |||||||||||
5,000,000 | Vodafone, 0.430%, 06/29/15 | 4,989,500 | 0.1 | |||||||||||
257,380,919 | 6.6 | |||||||||||||
Securities Lending Collateralcc: 0.9% | ||||||||||||||
7,983,731 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $7,983,770, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $8,143,406, due 01/01/15-09/01/49) | 7,983,731 | 0.2 | |||||||||||
7,983,731 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $7,983,797, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $8,143,406, due 09/30/17-02/15/42) | 7,983,731 | 0.2 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
1,680,690 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $1,680,697, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $1,714,304, due 01/07/15-10/20/64) | $ | 1,680,690 | 0.1 | ||||||||||
7,983,731 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $7,983,770, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $8,143,406, due 11/15/15-07/15/56) | 7,983,731 | 0.2 | |||||||||||
7,983,731 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $7,983,797, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $8,144,206, due 04/15/16-02/15/42) | 7,983,731 | 0.2 | |||||||||||
33,615,614 | 0.9 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Financial: 0.2% | ||||||||||||||
6,100,000 | Credit Suisse (Cost $6,102,240) | 6,102,240 | 0.2 | |||||||||||
Mutual Funds: 0.9% | ||||||||||||||
36,676,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $36,676,000) | 36,676,000 | 0.9 | |||||||||||
Total Short-Term Investments (Cost $333,774,773) | 333,774,773 | 8.6 |
See Accompanying Notes to Financial Statements
142 |
Voya U.S. Bond Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
Total Investments in Securities (Cost $4,252,666,436) | $ | 4,360,177,351 | 112.5 | |||||||||||
Liabilities in Excess of Other Assets | (485,035,756 | ) | (12.5 | ) | ||||||||||
Net Assets | $ | 3,875,141,595 | 100.0 |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of December 31, 2014.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
# | Securities with purchases pursuant to Rule 144A or section 4(a)(2), |
under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
## | The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
W | Settlement is on a when-issued or delayed-delivery basis. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $4,255,637,269.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 119,550,430 | ||
Gross Unrealized Depreciation | (15,010,348 | ) | ||
Net Unrealized Appreciation | $ | 104,540,082 |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2014 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Corporate Bonds/Notes | $ — | $ | 984,825,029 | $ | — | $ | 984,825,029 | |||||||||
Collateralized Mortgage Obligations | — | 62,979,944 | — | 62,979,944 | ||||||||||||
Municipal Bonds | — | 38,163,901 | — | 38,163,901 | ||||||||||||
Short-Term Investments | 36,676,000 | 297,098,773 | — | 333,774,773 | ||||||||||||
U.S. Treasury Obligations | — | 1,515,603,699 | — | 1,515,603,699 | ||||||||||||
Foreign Government Bonds | — | 143,568,022 | — | 143,568,022 | ||||||||||||
U.S. Government Agency Obligations | — | 1,260,201,297 | — | 1,260,201,297 | ||||||||||||
Asset-Backed Securities | — | 21,060,686 | — | 21,060,686 | ||||||||||||
Total Investments, at fair value | $ | 36,676,000 | $ | 4,323,501,351 | $ | — | $ | 4,360,177,351 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Centrally Cleared Swaps | — | 80,611 | — | 80,611 | ||||||||||||
Total Assets | $ | 36,676,000 | $ | 4,323,581,962 | $ | — | $ | 4,360,257,962 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. | |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
See Accompanying Notes to Financial Statements
143 |
Voya U.S. Bond Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
At December 31, 2014, the following centrally cleared credit default swaps were outstanding for Voya U.S. Bond Index Portfolio:
Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection(1)
Reference Entity/ Obligation | Buy/Sell Protection | (Pay)/ Receive Fixed Rate (%) | Clearinghouse | Termination Date | Notional Amount(2) | Fair Value(3) | Unrealized Appreciation/ (Depreciation) | |||||||||||||
CDX.NA.IG.22 | Sell | 1.000 | Chicago Mercantile Exchange | 06/20/19 | USD40,000,000 | $ | 721,513 | $ | 80,611 | |||||||||||
$ | 721,513 | $ | 80,611 |
(1) | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally either i) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or ii) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. |
(2) | The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |
(3) | The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring. |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2014 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Credit contracts | Net Assets — Unrealized Appreciation* | $ | 80,611 | |||
Total Asset Derivatives | $ | 80,611 |
* | Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table following the Summary Portfolio of Investments. Only current day’s variation margin receivable/payable is included on the Statement of Assets and Liabilities. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2014 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | Swaps | Total | |||||||||
Credit Contracts | $ | — | $ | 1,053,644 | $ | 1,053,644 | ||||||
Interest Rate Contracts | (239,528 | ) | — | (239,528 | ) | |||||||
Total | $ | (239,528 | ) | $ | 1,053,644 | $ | 814,116 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Swaps | |||
Credit Contracts | $ | (230,489 | ) | |
Total | $ | (230,489 | ) |
See Accompanying Notes to Financial Statements
144 |
Dividends and distributions paid during the year ended December 31, 2014 were as follows:
Portfolio Name | Type | Per Share Amount | ||||
Voya Australia Index Portfolio | ||||||
Class ADV | NII | $ | 0.3486 | |||
Class I | NII | $ | 0.3973 | |||
Voya Emerging Markets Index Portfolio | ||||||
Class ADV | NII | $ | 0.1095 | |||
Class I | NII | $ | 0.1585 | |||
Class S | NII | $ | 0.1339 | |||
Class S2 | NII | $ | 0.1215 | |||
Voya Euro STOXX 50® Index Portfolio | ||||||
Class ADV | NII | $ | 0.3945 | |||
Class I | NII | $ | 0.4269 | |||
Voya FTSE 100 Index® Portfolio | ||||||
Class ADV | NII | $ | 0.4721 | |||
Class I | NII | $ | 0.5196 | |||
All Classes | STCG | $ | 0.0224 | |||
All Classes | LTCG | $ | 1.0288 | |||
Voya Hang Seng Index Portfolio | ||||||
Class ADV | NII | $ | 0.3098 | |||
Class I | NII | $ | 0.3728 | |||
Class S | NII | $ | 0.3258 | |||
Voya International Index Portfolio | ||||||
Class ADV | NII | $ | 0.0800 | |||
Class I | NII | $ | 0.0804 | |||
Class S | NII | $ | 0.0588 | |||
Class S2 | NII | $ | 0.0500 | |||
Voya Japan TOPIX Index Portfolio | ||||||
Class ADV | NII | $ | 0.1085 | |||
Class I | NII | $ | 0.1598 | |||
All Classes | STCG | $ | 0.0780 | |||
All Classes | LTCG | $ | 0.7162 | |||
Voya Russell™ Large Cap Growth Index Portfolio | ||||||
Class ADV(1) | NII | $ | — | |||
Class I | NII | $ | 0.2937 | |||
Class S | NII | $ | 0.2445 |
Portfolio Name | Type | Per Share Amount | ||||
Voya Russell™ Large Cap Index Portfolio | ||||||
Class ADV | NII | $ | 0.1823 | |||
Class I | NII | $ | 0.2369 | |||
Class S | NII | $ | 0.2034 | |||
Class S2 | NII | $ | 0.1980 | |||
Voya Russell™ Large Cap Value Index Portfolio | ||||||
Class ADV(1) | NII | $ | — | |||
Class I | NII | $ | 0.2911 | |||
Class S | NII | $ | 0.2554 | |||
All Classes | LTCG | $ | 0.2794 | |||
Voya Russell™ Mid Cap Growth Index Portfolio | ||||||
Class ADV | NII | $ | 0.0078 | |||
Class I | NII | $ | 0.1149 | |||
Class S | NII | $ | 0.0553 | |||
Class S2 | NII | $ | 0.0227 | |||
Voya Russell™ Mid Cap Index Portfolio | ||||||
Class ADV | NII | $ | 0.1205 | |||
Class I | NII | $ | 0.1775 | |||
Class S | NII | $ | 0.1443 | |||
Class S2 | NII | $ | 0.1270 | |||
All Classes | STCG | $ | 0.0863 | |||
All Classes | LTCG | $ | 0.4337 | |||
Voya Russell™ Small Cap Index Portfolio | ||||||
Class ADV | NII | $ | 0.1118 | |||
Class I | NII | $ | 0.1721 | |||
Class S | NII | $ | 0.1354 | |||
Class S2 | NII | $ | 0.1005 | |||
All Classes | STCG | $ | 0.1336 | |||
All Classes | LTCG | $ | 0.8676 | |||
Voya U.S. Bond Index Portfolio | ||||||
Class ADV | NII | $ | 0.1579 | |||
Class I | NII | $ | 0.2091 | |||
Class S | NII | $ | 0.1827 | |||
Class S2 | NII | $ | 0.1676 |
NII - Net investment income
STCG - Short-term capital gain
LTCG - Long-term capital gain
(1) | On January 3, 2014 Class ADV shares were fully redeemed. |
145 |
TAX INFORMATION (Unaudited) (continued)
Of the ordinary distributions made during the year ended December 31, 2014, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:
Voya Emerging Markets Index Portfolio | 0.11 | % | ||
Voya Russell™ Large Cap Growth Index Portfolio | 100.00 | % | ||
Voya Russell™ Large Cap Index Portfolio | 100.00 | % | ||
Voya Russell™ Large Cap Value Index Portfolio | 100.00 | % | ||
Voya Russell™ Mid Cap Growth Index Portfolio | 100.00 | % | ||
Voya Russell™ Mid Cap Index Portfolio | 72.59 | % | ||
Voya Russell™ Small Cap Index Portfolio | 53.08 | % |
Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2014. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
Creditable Foreign Taxes Paid | Per Share Amount | Portion of Ordinary Income Distribution Derived from Foreign Sourced Income* | ||||||||||
Voya Emerging Markets Index Portfolio | $ | 1,415,262 | $ | 0.0237 | 97.67 | % | ||||||
Voya Euro STOXX 50® Index Portfolio | $ | 181,445 | $ | 0.0041 | 99.44 | % | ||||||
Voya Hang Seng Index Portfolio | $ | 150,995 | $ | 0.0196 | 98.13 | % | ||||||
Voya International Index Portfolio | $ | 1,261,709 | $ | 0.0077 | 96.61 | % | ||||||
Voya Japan TOPIX Index Portfolio | $ | 722,429 | $ | 0.0199 | 100.00 | % |
* | None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code. |
Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.
146 |
DIRECTOR AND OFFICER INFORMATION (Unaudited)
The business and affairs of the Company are managed under the direction of the Company’s Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director (“Independent Director”). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about directors of the Company and is available, without charge, upon request at (800) 992-0180.
Name, Address and Age | Position(s) Held with the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s) - During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director(2) | Other Board Positions Held by Director | |||||
Independent Directors*: | ||||||||||
Colleen D. Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54 | Director | May 2013 - Present | President, Glantuam Partners, LLC, a business consulting firm (January 2009 - Present). | 158 | DSM/Dentaquest, Boston, MA (February 2014 - Present). | |||||
John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61 | Chairperson/ Director | May 2013 - Present | President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 - Present). | 158 | None. | |||||
Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 | Director | May 2013 - Present | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 - Present). | 158 | Wisconsin Energy Corporation (June 2006 - Present) and The Royce Funds (35 funds) (December 2009 - Present). | |||||
Albert E. DePrince, Jr. 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 73 | Director | June 1998 - Present | Retired. Formerly, Professor of Economics and Finance, Middle Tennessee State University (August 1991 - July 2014); Dr. DePrince continued to hold a position with the university under a post-retirement contract through the end of 2014. | 158 | None. | |||||
Peter S. Drotch 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 73 | Director | May 2013 - Present | Retired. | 158 | First Marblehead Corporation (September 2003 - Present). | |||||
Russell H. Jones 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 70 | Director | December 2007 - Present | Retired. | 158 | None. | |||||
Patrick W. Kenny 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 72 | Director | May 2013 - Present | Retired. | 158 | Assured Guaranty Ltd. (April 2004 - Present). |
147 |
DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)
Name, Address and Age | Position(s) Held with the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s) - During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director(2) | Other Board Positions Held by Director | |||||
Joseph E. Obermeyer 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57 | Director | January 2003 - Present | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 - Present). | 158 | None. | |||||
Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 64 | Director | May 2013 - Present | Consultant (May 2001 - Present). | 158 | None. | |||||
Roger B. Vincent 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 | Director | May 2013 - Present | Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989 - August 2011). | 158 | UGI Corporation (February 2006 - Present) and UGI Utilities, Inc. (February 2006 - Present). | |||||
Director who is an “Interested Person”: | ||||||||||
Shaun P. Mathews(3) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59 | Director | December 2007 - Present | President and Chief Executive Officer, Voya Investments, LLC (November 2006 - Present). | 158 | Voya Capital Corporation, LLC and Voya Investments Distributor, LLC (December 2005 - Present); Voya Funds Services, LLC, Voya Investments, LLC and Voya Investment Management, LLC (March 2006 - Present); and Voya Investment Trust Co. (April 2009 - Present). |
(1) | Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an “interested person” as defined in the 1940 Act, of the Portfolio (as defined below, “Independent Director”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Director attains the age of 75. A majority vote of the Board’s other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for purposes of appointing a successor to the Independent Director or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors). |
(2) | For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Money Market Portfolio; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Series Fund, Inc.; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Voya family of funds is as of January 31, 2015. |
(3) | Mr. Mathews is deemed to be an “Interested Person” of the Company as defined in the 1940 Act, because of his current affiliation with any of the Voya funds, Voya Financial, Inc., or any of Voya Financial, Inc.’s affiliates. |
* | Effective on December 31, 2014, J. Michael Earley retired as a Director. |
148 |
DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)
Name, Address and Age | Position(s) Held With the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s) - During the Past 5 Years | |||
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59 | President and Chief Executive Officer | December 2006 - Present | President and Chief Executive Officer, Voya Investments, LLC (November 2006 - Present). | |||
Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | Executive Vice President | April 2002 - Present | Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (April 2012 - Present). Formerly, Chief Compliance Officer, Directed Services LLC and Voya Investments, LLC (March 2011 - December 2013); Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (January 2007 - April 2012) and Chief Compliance Officer, Voya Family of Funds (March 2011 - February 2012). | |||
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 64 | Executive Vice President Chief Investment Risk Officer | March 2002 - Present May 2013 - Present | Executive Vice President, Voya Investments, LLC (July 2000 - Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 - Present). | |||
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48 | Chief Compliance Officer | February 2012 - Present | Senior Vice President and Chief Compliance Officer, Voya Investments, LLC (February 2012- Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004 - January 2012). | |||
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | March 2005 - Present | Senior Vice President, Voya Funds Services, LLC (March 2005 - Present). | |||
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50 | Senior Vice President | December 2003 - Present | Senior Vice President, Voya Investments, LLC (October 2003 - Present). | |||
Julius A. Drelick, III 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48 | Senior Vice President | September 2012 - Present | Senior Vice President - Head of Fund Compliance, Voya Funds Services, LLC (June 2012 - Present); Chief Compliance Officer of Directed Services LLC and Voya Investments, LLC (January 2014 - Present). Formerly, Vice President - Platform Product Management & Project Management, Voya Investments, LLC (April 2007 - June 2012). | |||
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 | Senior Vice President | June 2006 - Present | Senior Vice President, Head of Division Operations, Voya Funds Services, LLC (January 2006 - Present). | |||
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42 | Vice President and Treasurer | September 2012 - Present | Vice President, Voya Funds Services, LLC (March 2012 - Present). Formerly, Assistant Vice President - Director, Voya Funds Services, LLC (March 2003 - March 2012). | |||
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | Vice President | September 2004 - Present | Vice President, Voya Funds Services, LLC (September 2004 - Present). |
149 |
DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)
Name, Address and Age | Position(s) Held With the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s) - During the Past 5 Years | |||
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61 | Vice President | March 2003 - Present | Vice President, Voya Investments, LLC and Voya Funds Services, LLC (February 1996 - Present); Vice President, Voya Investments, LLC (October 2004 - Present); Vice President and Money Laundering Reporting Officer, Voya Investments Distributor, LLC (April 2010 - Present); Anti-Money Laundering Compliance Officer, Voya Financial, Inc. (January 2013 - Present); and Money Laundering Reporting Officer, Voya Investment Management Trust Co. (October 2012 - Present). Formerly, Chief Compliance Officer, Voya Investments Distributor, LLC (August 1995 - April 2010). | |||
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 | Vice President | September 2014 - Present | Vice President, Voya Funds Services, LLC (April 2014 - Present). Formerly, Director, Compliance, AXA Rosenberg Global Services, LLC (September 1997 - March 2014). | |||
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 | Vice President | March 2002 - Present | Vice President, Voya Funds Services, LLC (November 1995 - Present) and Voya Investments, LLC (August 1997 - Present). Formerly, Treasurer, Voya Family of Funds (November 1999 - February 2012). | |||
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38 | Vice President | September 2012 - Present | Vice President, Voya Funds Services, LLC (July 2007 - Present). | |||
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57 | Vice President | March 2006 - Present | Vice President - Mutual Fund Product Development, Voya Investments, LLC (July 2012 - Present); Vice President, Voya Investment Management - Voya Family of Funds (March 2010 - Present) and Vice President, Voya Funds Services, LLC (March 2006 - Present). Formerly Managing Paralegal, Registration Statements (June 2003 - July 2012). | |||
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45 | Vice President | June 2008 - Present | Vice President - Director of Tax, Voya Funds Services, LLC (March 2013 - Present). Formerly, Assistant Vice President - Director of Tax, Voya Funds Services, LLC (March 2008 - March 2013). | |||
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51 | Secretary | September 2003 - Present | Senior Vice President and Chief Counsel, Voya Investment Management - Mutual Fund Legal Department (March 2010 - Present). Formerly, Chief Counsel, ING Americas, U.S. Legal Services (October 2003 - March 2010). | |||
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63 | Assistant Secretary | August 2010 - Present | Vice President and Senior Counsel, Voya Investment Management - Mutual Fund Legal Department (March 2010 - Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008 - March 2010). | |||
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 | Assistant Secretary | September 2003 - Present | Vice President and Senior Counsel, Voya Investment Management - Mutual Fund Legal Department (March 2010 - Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008 - March 2010). |
(1) | The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified. |
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BOARD CONSIDERATION AND APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), provides that, after an initial period, the Board of Directors (the “Board”) of Voya Variable Portfolios, Inc. (the “Company”), including a majority of Board members who have no direct or indirect interest in the advisory and sub-advisory contracts of Voya Australia Index Portfolio, Voya Emerging Markets Index Portfolio, Voya Euro STOXX 50® Index Portfolio, Voya FTSE 100 Index® Portfolio, Voya Hang Seng Index Portfolio, Voya International Index Portfolio, Voya Japan TOPIX Index® Portfolio, Voya Russell™ Large Cap Growth Index Portfolio, Voya Russell™ Large Cap Index Portfolio, Voya Russell™ Large Cap Value Index Portfolio, Voya Russell™ Mid Cap Growth Index Portfolio, Voya Russell™ Mid Cap Index Portfolio, Voya Russell™ Small Cap Index Portfolio, and Voya U.S. Bond Index Portfolio (collectively, the “Portfolios”), each a series of the Company, and who are not “interested persons” of the Portfolios, as such term is defined under the 1940 Act (the “Independent Directors”), must annually review and approve the Portfolios’ existing investment advisory and sub-advisory contracts. Thus, at a meeting held on September 12, 2014, the Board, including a majority of the Independent Directors, considered whether to renew and approve the amended and restated investment advisory contract (the “Advisory Contract”) between Voya Investments, LLC (“Adviser”) and the Portfolios as well as the amended and restated sub-advisory contract (“Sub-Advisory Contract”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”).
The Independent Directors also held separate meetings on August 14 and September 10, 2014, to consider the renewal of the Advisory Contract and Sub-Advisory Contract. As a result, subsequent references herein to factors considered and determinations made by the Board include, as applicable, factors considered and determinations made on those earlier dates by the Independent Directors.
At its September 12, 2014 meeting, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolios. In reaching these decisions, the Board took into account information furnished to it throughout the year at meetings of the Board and the Board’s committees, as well as information prepared specifically in connection with the annual renewal or approval process. Determinations by the Independent Directors also took into account various factors that they believed, in light of the legal advice furnished to them by K&L Gates LLP (“K&L Gates”), their independent legal counsel, and their own business judgment, to be relevant. Further, while the Board
considered at the same meeting the advisory contracts and sub-advisory contracts that were subject to renewal for the investment companies in the Voya family of funds (“Voya funds”), the Board considered each Voya fund’s advisory and sub-advisory relationships separately.
Provided below is a general overview of the Board’s contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered at its renewal meetings. While the Board gave its attention to information furnished at the request of the Independent Directors that was most relevant to its considerations, discussed below are some of the primary factors relevant to the Board’s consideration as to whether to renew the Advisory and Sub-Advisory Contracts for the one-year period ending September 30, 2015. Each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Portfolio’s advisory and sub-advisory arrangements.
Overview of the Contract Renewal and Approval Process
The Board followed a structured process (the “Contract Review Process”) pursuant to which it requested and considered relevant information when it decided whether to approve and renew the Advisory Contract and Sub-Advisory Contract. Among other actions, the Independent Directors previously retained an independent consultant with experience in the mutual fund industry to assist them in working with personnel employed by the Adviser or its affiliates who administer the Portfolios (“Management”) to: identify the types of information presented to the Board to inform its deliberations with respect to advisory and sub-advisory relationships and to help evaluate that information; evaluate industry best practices in regard to the consideration of investment advisory and sub-advisory contracts; establish a specific format in which certain requested information was provided to the Board; and determine the process for the Board’s review of such information.
The Board has established (among other committees) three Investment Review Committees (each, an “IRC”) and a Contracts Committee. Among other matters, the Contracts Committee provides oversight with respect to the contracts renewal and approval process, and each Portfolio is assigned to an IRC, which provides oversight regarding, among other matters, the investment performance of the Adviser and Sub-Adviser, as well as the oversight by the Adviser of the performance of the Sub-Adviser. The IRCs may apply a heightened level of scrutiny in cases where performance was below a Voya fund’s relevant benchmark, and/or a selected peer group
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of investment companies (“Selected Peer Group”), and/or Lipper Inc. (“Lipper”) category median, and/or Morningstar, Inc. (“Morningstar”) category median, as applicable.
The type and format of the information provided to the Board or to legal counsel for the Independent Directors in connection with the Contract Review Process has been codified in a 15(c) methodology guide for the Voya funds (“15(c) Methodology Guide”). This 15(c) Methodology Guide was developed under the direction of the Independent Directors and sets out a blueprint pursuant to which they request certain information that they deem important to facilitate an informed review in connection with initial and annual approvals of advisory and sub-advisory contracts.
Management provided certain of the information requested by the 15(c) Methodology Guide in Fund Analysis and Comparison Tables (“FACT sheets”). The Independent Directors periodically have retained, including most recently in 2014, an independent firm to test and verify the accuracy of certain FACT sheet data for a representative sample of the Voya funds. In addition, the Contracts Committee has routinely employed an independent consultant to assist in its review and analysis of, among other matters, the 15(c) Methodology Guide, the content and format of the FACT sheets, and Selected Peer Group to be used by each Portfolio for certain comparison purposes during the renewal process.
Set forth below is a discussion of many of the Board’s primary considerations and conclusions in connection with its decision to approve each Portfolio’s Advisory and Sub-Advisory Contracts through September 30, 2015.
Nature, Extent and Quality of Service
The Independent Directors received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Portfolios by the Adviser and Sub-Adviser. This included information regarding the Adviser and Sub-Adviser provided throughout the year at regular meetings of the Board and its committees, as well as information furnished in connection with the contract renewal meetings.
The materials requested by the Independent Directors and provided to the Board, K&L Gates and/or independent consultants that assisted the Independent Directors prior to the September 12, 2014 Board meeting included, among other information, the following items for each Portfolio: (1) FACT sheets that provided information regarding the performance and expenses of the Portfolio and other similarly managed funds in its Selected Peer Group, information regarding the Portfolio’s investment portfolio, objective and strategies, and information regarding net
asset flows into and out of the Portfolio; (2) reports providing risk and attribution analyses of the Portfolio; (3) the 15(c) Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which each Portfolio’s benchmark and Selected Peer Group were selected and how profitability was determined; (4) responses from the Adviser and Sub-Adviser to the Portfolios to a series of questions posed by K&L Gates on behalf of the Independent Directors; (5) copies of the forms of Advisory and Sub-Advisory Contracts; (6) copies of the Forms ADV for the Adviser and Sub-Adviser; (7) financial statements for the Adviser and Sub-Adviser; (8) a draft narrative summary addressing key factors the Board customarily considers in evaluating the advisory and sub-advisory contracts for the Voya funds (including the Portfolios’ Advisory Contract and Sub-Advisory Contract); (9) independent analyses of Portfolio performance by the Company’s Chief Investment Risk Officer; (10) a report by the Company’s Chief Compliance Officer (“CCO”); and (11) other information relevant to the Board’s evaluations.
The Board was advised that pursuant to an agreement with the European Commission, ING Groep, N.V. (“ING Groep”) is required to divest its entire interest in Voya Financial, Inc. (formerly known as ING U.S., Inc.), its U.S.-based insurance, retirement services and investment management operations, which include the Adviser and the Sub-Adviser, by the end of 2016 (such divestment, the “Separation Plan”). Voya Financial, Inc. is and was, at the time of the September Board meeting, a minority owned subsidiary of ING Groep and a parent company of the Adviser and the Sub-Adviser. The Board further noted that the Separation Plan may result in the Adviser’s and the Sub-Adviser’s loss of access to the services and resources of ING Groep, which could adversely affect their businesses and profitability. The Board was advised that the Separation Plan contemplates one or more public offerings and each may be deemed to be a change of control.
The Board was advised that Voya Financial, Inc. had conducted an initial public offering of Voya Financial, Inc. common stock in May 2013 and ING Groep had divested additional shares through three other public offerings since May 2013, reducing its ownership interest in Voya Financial, Inc. to below 50%. The Board was advised that none of these public offerings was deemed to be a change of control. The Board recognized that if any future public offering is deemed to be a change of control, the investment advisory and sub-advisory agreements for each Voya fund would terminate and trigger a need for new agreements, which would require the approval of the Board and, potentially, shareholders of the Portfolios. The Board also was advised that there could be no assurance that the Separation Plan will be carried out completely. The
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Board considered the potential effects of the Separation Plan on the Portfolios and the Adviser and the Sub-Adviser, including the Adviser’s and the Sub-Adviser’s ability during and after the separation to perform the same level of service to the Portfolios as the Adviser and Sub-Adviser then provided. The Board was advised that neither the Adviser nor the Sub-Adviser anticipated that the Separation Plan would have a material adverse impact on the Portfolios or their operations and administration.
The Board was advised that, in connection with the Separation Plan, Voya Financial, Inc. underwent a rebranding effort (the “Rebranding”) whereby Voya Financial, Inc. and several of its affiliates effected name changes. The Voya funds’ names, as well as the Adviser’s and the Sub-Adviser’s names, were also changed in connection with the Rebranding. The Rebranding resulted in amended and restated forms of advisory and sub-advisory contracts being presented to and approved by the Board at its September 12, 2014 meeting. The Board was advised that the Advisory and Sub-Advisory Contracts have the same terms as the then-current advisory and sub-advisory contracts, except for the effective date and certain immaterial changes made to certain provisions related to the Rebranding.
For each Portfolio, a specific class of shares was used for purposes of certain comparisons between the Portfolio and its Selected Peer Group. The specified class of a Portfolio was chosen based on the 15(c) Methodology Guide and was compared to an analogous class of shares for each fund in its Selected Peer Group. The mutual funds included in each Portfolio’s Selected Peer Group were selected based upon criteria designed to represent the Portfolio share class being compared to the Selected Peer Group.
In arriving at its conclusions with respect to the Advisory Contract, the Board was mindful of the “manager-of-managers” platform of the Voya funds that has been developed by the Adviser. The Board recognized that the Adviser is responsible for monitoring the investment program, performance, and developments and ongoing operations of the Sub-Adviser under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature, extent and quality of the services the Sub-Adviser provides to the Portfolios and the Sub-Adviser’s compliance with applicable laws and regulations. The Board was advised that to assist in the selection and monitoring of the Sub-Adviser, the Adviser has developed an oversight process formulated by its Manager Research & Selection Group (“MR&S”), which analyzes both qualitative (such as in-person meetings and telephonic meetings with the
Sub-Adviser and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the Sub-Adviser and the funds that it manages. The Board recognized that MR&S also typically provides in-person reports to the IRCs at their meetings prior to any presentations from the Voya funds’ sub-advisers (including the Sub-Adviser). In addition, the Board noted that MR&S prepares periodic due diligence reports regarding the Sub-Adviser based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the Sub-Adviser’s investment process and to try to identify issues that may be relevant to the Sub-Adviser’s services to a Portfolio and/or its performance. The Board also noted that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board was advised of the resources that Management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the relevant IRC to assist them with their assessment of the investment performance of the Portfolios on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the Voya funds.
The Board also considered the techniques that the Adviser has developed to screen and perform due diligence on new sub-advisers if and when the Adviser recommends to the Board a new sub-adviser to manage a Voya fund. The Board considered that, for new non-Voya-affiliated sub-advisers, MR&S is responsible for: identifying qualified candidates; analyzing their investment processes, personnel and resources; conducting due diligence on the candidates; and selecting a firm to propose as a new sub-adviser, as well as preparing written materials and reports to the committees and the Board as part of the process of considering the approval of any new sub-adviser for a Voya fund.
The Board also considered that in the course of monitoring performance of the Sub-Adviser, MR&S has developed, based on guidance from the IRCs, a methodology for comparing performance of each Portfolio to a Selected Peer Group, to each Portfolio’s Morningstar category median, to its Lipper category median and to its primary benchmark. The Board also recognized that MR&S provides the pertinent IRC with regular updates on the Portfolios and alerts the IRCs to potential issues as they arise. The Board also was advised that the Adviser regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding the sub-advisers to the Voya funds, including the
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Sub-Adviser, and considered that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.
The Board considered that the Portfolios also benefit from the services of the Adviser’s Investment Risk Management Department (the “IRMD”), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Voya funds and the Adviser. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Voya funds. The Board also considered that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying trends in the Voya funds’ (including the Portfolios’) performance and other areas over consecutive periods. The Board considered that the services provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S.
The Board also considered the techniques used by the Adviser to monitor the performance of the Sub-Adviser and the proactive approach that the Adviser, working in cooperation with the IRCs, has taken to advocate or recommend, when it believed appropriate, changes designed to assist in improving a Voya fund’s performance.
In considering the Portfolios’ Advisory Contract, the Board also considered the extent of benefits provided to the Portfolios’ shareholders, beyond advisory services, from being part of the Voya funds. This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such funds or among Voya funds available on a product platform, and the wide range of Voya funds available for exchange or transfer. The Board also took into account the Adviser’s ongoing efforts to reduce the expenses of the Voya funds through renegotiated arrangements with the Voya funds’ service providers. In addition, the Board considered the efforts of the Adviser and the expenses that it incurred in recent years to help make the Voya funds more balanced and efficient by the launch of new investment products and the combinations of similar funds.
Further, the Board received periodic reports showing that the investment policies and restrictions for each Portfolio were consistently complied with and other periodic reports covering matters such as compliance by Adviser and Sub-Adviser personnel with codes of ethics. The Board considered reports from the Company’s CCO and/or the Adviser’s CCO evaluating whether the regulatory compliance systems and procedures of the Adviser and the Sub-Adviser are reasonably designed to ensure
compliance with the federal securities laws, including those related to, among others, late trading and market timing, best execution, fair value pricing, proxy voting and trade allocation practices. The Board also took into account the Company’s CCO’s annual and periodic reports and recommendations with respect to service provider compliance programs. In this regard, the Board also considered the policies and procedures developed by the Company’s CCO in consultation with the Board’s Compliance Committee that guide the Company’s CCO’s compliance oversight function.
The Board requested and, as applicable, considered information regarding the level of staffing, quality and experience of each Portfolio’s portfolio management team, the respective resources and reputations of the Adviser and Sub-Adviser, and the ability of the Adviser and the Sub-Adviser to attract and retain qualified investment advisory personnel, the adequacy of the resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Adviser and the Sub-Adviser, whether those resources are commensurate with the needs of the Portfolios and are sufficient to sustain appropriate levels of performance and compliance needs, and the Board considered the financial stability of the Adviser and the Sub-Adviser.
Based on their deliberations and the materials presented to them, the Board concluded that the advisory and related services provided by the Adviser and the Sub-Adviser are appropriate in light of the Portfolios’ operations, the competitive landscape of the investment company business, and investor needs, and that the nature, extent and quality of the overall services provided by the Adviser and the Sub-Adviser were appropriate.
Portfolio Performance
In assessing advisory and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio. The Board considered the performance reports and analyses from MR&S and IRMD and discussions with portfolio managers at Board and committee meetings during the year. The Board also paid particular attention in assessing performance information provided in the FACT sheets furnished in connection with the renewal and approval process. The FACT sheets prepared for each Portfolio included its investment performance compared to the Portfolio’s Morningstar category median, Lipper category median, Selected Peer Group and primary benchmark. The FACT sheet performance data was as of March 31, 2014.
With respect to each Portfolio that seeks investment results corresponding to the performance of an index (commonly referred to an as an “index fund”), the Board
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focused on the reasonableness of the differences between the Portfolio’s performance and the total return of such index during these time periods, rather than the performance of the Portfolio relative to the applicable Morningstar or Lipper category or Selected Peer Group.
The Board also considered at its September 12, 2014 meeting certain additional data regarding performance and Portfolio asset levels for various additional periods ending after March 31, 2014. The Board’s findings specific to each Portfolio’s performance are discussed under “Portfolio-by-Portfolio Analysis” below.
Economies of Scale
When evaluating the reasonableness of advisory fee rates, the Board also considered whether economies of scale likely will be realized by the Adviser and Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board noted any breakpoints in advisory fee rate schedules that will result in a lower advisory fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. In the case of sub-advisory fees, the Board considered that breakpoints would inure to the benefit of the Adviser, except to the extent that there are corresponding advisory fee rate breakpoints or waivers. The Board also considered that while some of the Portfolios do not have advisory fee breakpoints, they do have fee waiver or expense reimbursement arrangements. In this connection, the Board considered the extent to which economies of scale could be realized through such fee waivers, expense reimbursements or other expense reductions. In evaluating fee rate breakpoint arrangements and economies of scale, the Independent Directors also considered prior periodic management reports, industry information on this topic, fee rates at projected levels of growth versus peers and the Portfolios’ investment performance.
Information Regarding Services to Other Clients
The Board requested and considered information regarding the nature of services and fee rates offered by the Adviser and Sub-Adviser to other clients, including other registered investment companies and relevant institutional accounts. When fee rates offered by a sub-adviser to a Voya fund to its other clients differ materially from those charged to the Voya fund, the Board considers any underlying rationale provided by the Adviser or, in certain circumstances, the sub-adviser for these differences. The Board also noted that the fee rates charged to the Portfolios and other institutional clients of the Adviser or Sub-Adviser (including other investment companies) may differ materially due to, among other reasons: differences in services; different regulatory
requirements associated with registered investment companies, such as the Portfolios, as compared to non-registered investment company clients; market differences in fee rates that existed when a Portfolio first was organized; differences in the original sponsors of the Portfolios that now are managed by the Adviser; investment capacity constraints that existed when certain contracts were first agreed upon or that might exist at present; and different pricing structures that are necessary to be competitive in different marketing channels.
Fee Rates and Profitability
The Board reviewed and considered the contractual investment advisory fee rate, combined with the administrative fee rate, payable by each Portfolio to the Adviser and to the Adviser’s affiliated company that serves as the administrator to each Portfolio. The Board also considered the contractual sub-advisory fee rate payable by the Adviser to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual advisory fees that are paid to the Sub-Adviser, as compared to the portion retained by the Adviser. In addition, the Board considered fee waivers and expense limitations applicable to the fees payable by the Portfolios, including the Adviser’s agreement to extend each such fee waiver and expense limitation agreement for an additional period of at least one year, and not to terminate such agreement in future years without prior approval of the Board.
The Board requested information regarding and, as applicable, considered: (1) the fee rate structure of each Portfolio as it relates to the services provided under the contracts; and (2) the potential fall-out benefits to the Adviser and the Sub-Adviser and their respective affiliates from their association with the Portfolios. For each Portfolio, the Board separately determined that the fees payable to the Adviser and the fee rate payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.
For each Portfolio, the Board considered information on revenues, costs and profits realized by the Adviser and Sub-Adviser, which was prepared by Management in accordance with the allocation methodology (including related assumptions) specified in the 15(c) Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Adviser to the Sub-Adviser. In addition, the Board considered information that it requested and that was provided by Management with respect to the profitability of
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service providers affiliated with the Adviser. The Board also considered the profitability of the Adviser and its affiliated companies attributable to managing and operating each Portfolio both with and without the profitability of the distributor of the Portfolios and both before and after giving effect to any expenses incurred by the Adviser or any affiliated company in making revenue sharing or other payments to third parties, including affiliated insurance companies, for distribution and administrative services.
Although the 15(c) Methodology Guide establishes certain standards for profit calculation, the Board recognized that profitability analysis on a Portfolio-by-Portfolio basis is not an exact science and there is no uniform methodology within the asset management industry for determining profitability for this purpose. In this context, the Board realized that Management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to the Portfolios in determining profitability, and that the information presented may not portray all of the costs borne by the Adviser and Management or capture their entrepreneurial risk associated with offering and managing a mutual fund complex in the current regulatory and market environment. In addition, the Board recognized that the use of different reasonable methodologies for purposes of calculating profit data can give rise to dramatically different profit and loss results.
In making its determinations, the Board based its conclusions as to the reasonableness of the advisory and sub-advisory fees of the Adviser and the Sub-Adviser primarily on the factors described for each Portfolio below. At the request of the Board, the Adviser has from time to time agreed to implement remedial actions regarding certain Voya funds. These remedial actions have included, among others: reductions in fee rates or adjustments to expense limitation and waiver arrangements; changes in sub-advisers or portfolio managers; and strategy modifications.
Portfolio-by-Portfolio Analysis
The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its September 12, 2014 meeting in relation to approving the Portfolios’ Advisory and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category median and average, as well as its primary benchmark, a broad-based securities market index that appears in the Portfolio’s prospectus. With respect to Morningstar quintile rankings, the first quintile represents
the highest (best) performance and the fifth quintile represents the lowest performance. Each Portfolio’s management fee rate and expense ratio were compared to the fees and expense ratios of the funds in its Selected Peer Group.
Voya Australia Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Australia Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for all periods presented, with the exception of the one-year period, during which it underperformed; (2) the Portfolio outperformed its primary benchmark for the most recent calendar quarter and year-to-date periods, but underperformed for the one-year and three-year periods; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter and year-to-date periods, the third quintile for the three-year period, and the fourth quintile for the one-year period.
In analyzing this performance data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending
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September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Emerging Markets Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Emerging Markets Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for all periods presented, with the exception of the one-year period, during which it underperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the third quintile of its Morningstar category for all periods presented.
In analyzing this performance data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Euro STOXX 50® Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Euro
STOXX 50 Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for all periods presented, with the exception of the three-year period, during which it underperformed; (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it underperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the one-year period, the second quintile for the most recent calendar quarter and year-to-date periods, and the fifth (lowest) quintile for the three-year period.
In analyzing this performance data, the Board took into account: (1) Management’s representation that the Portfolio is an index fund and its objective is to replicate the performance of a specified benchmark index and that the Portfolio’s performance closely tracked the performance of its benchmark; and (2) Management’s representations regarding favorable performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is below the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) Management’s representations that advisory and administrative fee waivers result in a lower net management fee for the Portfolio; and (2) Management’s representations regarding the competitiveness of the Portfolio’s management fee.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending
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September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya FTSE 100 Index® Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya FTSE 100 Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio underperformed its Morningstar category median for the most recent calendar quarter and year-to-date periods, but outperformed for the one-year and three-year periods; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and three-year periods, and the fourth quintile for the most recent calendar quarter and year-to-date periods.
In analyzing this performance data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is below the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) Management’s representations that fee waivers/reimbursements lower the net management fee payable by the Portfolio; and (2) Management’s analysis of the competitiveness of the Portfolio’s management fee.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the
Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Hang Seng Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Hang Seng Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio underperformed its Morningstar category median for all periods presented, with the exception of the three-year period, during which it outperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, the fourth quintile for the most recent calendar quarter and year-to-date periods, and the fifth (lowest) quintile for the one-year period.
In analyzing this performance data, the Board took into account: (1) Management’s views of the Portfolio’s performance in seeking investment returns that correspond to the total return of the Hang Seng Index; and (2) Management’s analysis of factors unique to the Portfolio that affected its performance, including the impact of foreign withholding and the valuation of certain foreign securities held by the Portfolio.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account that: (1) that, as directed by the Board during the 2013 annual review cycle, in January 2014 expense limits were implemented for the Portfolio; (2) that, at the Board’s direction during the 2014 annual renewal cycle, effective January 1, 2015, new advisory fee breakpoints and a new advisory fee waiver would be implemented for the Portfolio; (3) Management’s discussion of the reasonableness of the Portfolio’s management fee rate in light of its unique
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international index strategy; and (4) Management’s representations with respect to the competitiveness of the Portfolio’s net management fee and expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya International Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya International Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for all periods presented; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which the Portfolio’s performance equaled the benchmark; and (3) the Portfolio is ranked in the second quintile for all periods presented.
In analyzing this performance data, the Board took into account: (1) Management’s representation that the Portfolio is an index fund and its objective is to replicate the performance of a specified benchmark index and that the Portfolio’s performance closely tracked the performance of its benchmark; and (2) Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s advisory fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense
ratio for the Portfolio is above the median and below the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) that, as directed by the Board during the 2014 annual review cycle, effective January 1, 2015 new advisory fee breakpoints would be implemented on behalf of the Portfolio; and (2) Management’s representations with respect to the competitiveness of the Portfolio’s management fee and expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Japan TOPIX Index® Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio underperformed its Morningstar category median for all periods presented, with the exception of the three-year period, during which it outperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the third quintile for all periods presented.
In analyzing this performance data, the Board took into account: (1) Management’s analysis of the Portfolio’s performance in seeking investment results that corresponds to the total return of the Tokyo Stock Price Index; (2) Management’s analysis of factors unique to the Portfolio that affected its performance, including the impact of foreign withholding and the valuation of certain foreign securities held by the Portfolio; and (3) Management’s representations regarding the competitiveness of the Fund’s performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an
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Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is below the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s management fee.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Russell™ Large Cap Growth Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Russell Large Cap Growth Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for all periods presented, with the exception of the one-year period, during which it underperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the most recent calendar quarter and year-to-date periods, and the fourth quintile for the one-year period.
In analyzing this performance data, the Board took into account: (1) Management’s representation that the Portfolio is an index fund and its objective is to replicate the performance of a specified benchmark index and that the Portfolio’s performance closely tracked the performance of its benchmark; and (2) Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) that, as directed by the Board during the 2014 annual review cycle, effective January 1, 2015 new advisory fee breakpoints would be implemented on behalf of the Portfolio; and (2) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Russell™ Large Cap Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Russell Large Cap Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for the one-year and three-year periods, but underperformed for the most recent calendar quarter, year-to-date, and five-year periods; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the one-year and five-year periods, and the fourth quintile for the most recent calendar quarter and year-to-date periods.
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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
In analyzing this performance data, the Board took into account: (1) Management’s representation that the Portfolio is an index fund and its objective is to replicate the performance of a specified benchmark index and that the Portfolio’s performance closely tracked the performance of its benchmark; and (2) Management’s representations regarding favorable performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Russell™ Large Cap Value Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Russell Large Cap Value Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio underperformed its Morningstar category median for all periods presented, with the exception of the three-year period, during which it outperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio
is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the one-year period, and the fourth quintile for the most recent calendar quarter and year-to-date periods.
In analyzing this performance data, the Board took into account: (1) Management’s representation that the Portfolio is an index fund and its objective is to replicate the performance of a specified benchmark index and that the Portfolio’s performance closely tracked the performance of its benchmark; and (2) Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) that, as directed by the Board during the 2014 annual review cycle, effective January 1, 2015 new advisory fee breakpoints would be implemented on behalf of the Portfolio; (2) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio; and (3) Management’s discussion of fee waivers, which lower the Portfolio’s net effective management fee rate.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
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Voya Russell™ Mid Cap Growth Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Russell Mid Cap Growth Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for all periods presented; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the most recent calendar quarter, year-to-date, and three-year periods, and the third quintile for the one-year period.
In analyzing this performance data, the Board took into account: (1) Management’s view of the Portfolio’s performance in seeking investment results that correspond to the Russell Mid Cap Growth Index; and (2) Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) Management’s analysis of the comparability of the Portfolio’s mid-cap growth investment style to those of the funds in its Selected Peer Group; (2) that, as directed by the Board during the 2013 annual renewal cycle, new expense limits were implemented for the Portfolio in January 2014; (3) that in April 2012, management fee breakpoints were instituted for the Portfolio; (4) that, at the Board’s direction during the 2014 annual review cycle, new breakpoints on the Portfolio’s advisory fee would be implemented on behalf of the Portfolio, effective January 1, 2015; and (5) Management’s representations with respect to the competitiveness of the Portfolio’s management fee rate.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the
Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Russell™ Mid Cap Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Russell Mid Cap Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for all periods presented; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the most recent calendar quarter, year-to-date, three-year, and five-year periods, and the third quintile for the one-year period.
In analyzing this performance data, the Board took into account: (1) Management’s representation that the Portfolio is an index fund and its objective is to replicate the performance of a specified benchmark index and that the Portfolio’s performance closely tracked the performance of its benchmark; and (2) Management’s representations regarding favorable performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s advisory fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) that in July 2012 breakpoints were implemented on behalf of the Portfolio, benefitting the Portfolio as assets grow; and (2) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.
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After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Russell™ Small Cap Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya Russell Small Cap Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio outperformed its Morningstar category median for all periods presented; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it outperformed; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year period, and the third quintile for the most recent calendar quarter, year-to-date, three-year, and five-year periods.
In analyzing this performance data, the Board took into account: (1) Management’s representation that the Portfolio is an index fund and its objective is to replicate the performance of a specified benchmark index and that the Portfolio’s performance closely tracked the performance of its benchmark; and (2) Management’s representations regarding favorable performance during certain periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya U.S. Bond Index Portfolio
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for Voya U.S. Bond Index Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2014: (1) the Portfolio underperformed its Morningstar category median for all periods presented; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the fourth quintile of its Morningstar category for the most recent calendar quarter, year-to-date, one-year, and three-year periods, and the fifth (lowest) quintile for the five-year period.
In analyzing this performance data, the Board took into account: (1) Management’s views of the Portfolio’s performance in seeking investment returns that correspond to the total return of the Barclays U.S. Aggregate Bond Index; and (2) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Portfolio’s performance.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s advisory fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Portfolio is
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above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) that, as directed by the Board during the 2014 annual review cycle, effective January 1, 2015 new advisory fee breakpoints and new expense limits would be implemented on behalf of the Portfolio; and (2) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Portfolio’s performance, the Portfolio’s investment performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending September 30, 2015. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS IN CONNECTION WITH A CHANGE OF CONTROL EVENT
Section 15(c) of the 1940 Act, provides that, when the Portfolios enter into new investment advisory contracts with the Adviser, and the Adviser enters into new sub-advisory contracts between the Adviser and the Sub-Adviser, the Board, including a majority of the Independent Directors, must approve the new arrangements. Discussed below are certain factors that the Board considered at a meeting held on November 18, 2014 in determining whether to approve new advisory and sub-advisory arrangements for the Portfolios in connection with a Change of Control Event, as such term is defined below, pursuant to the Separation Plan.
At the November 18, 2014 meeting, the Board noted that pursuant to an agreement with the European Commission, ING Groep, N.V. (as defined above, “ING Groep”), the former parent company of the Adviser and the Sub-Adviser, is required to divest its entire interest in Voya Financial, Inc. (formerly, ING U.S., Inc.), its U.S.-based
insurance, retirement services, and investment management operations, which include the Adviser and the Sub-Adviser, by the end of 2016 (as defined above, the “Separation Plan”). Voya Financial, Inc. previously was a wholly owned, indirect subsidiary of ING Groep and is a parent company of the Adviser and the Sub-Adviser.
Each of the Portfolios is subject to the 1940 Act, which provides that any investment advisory agreement, including any sub-advisory agreement, must terminate automatically upon its “assignment.” As used in the 1940 Act, the term assignment includes any transfer of a controlling block of outstanding voting securities of an adviser or the parent company of an adviser. Such a transfer is referred to herein as a “Change of Control Event.” ING Groep’s base case to achieve the Separation Plan was through an initial public offering of Voya Financial, Inc. (the “IPO”) followed by the divestment of ING Groep’s remaining ownership interest over time through one or more additional public offerings of Voya Financial, Inc. stock, or, possibly, through one or more privately negotiated sales of the stock. The Board recognized that the Separation Plan contemplated several public offerings and each may have been deemed to be a Change of Control Event, triggering the necessity for new agreements, which would require the approval of the Board. The Board concluded that approval by shareholders of the new agreements that would become effective in the event of one or more Change of Control Events would permit the Portfolios to benefit from the continuation of services by the Adviser, Sub-Adviser, and their affiliates throughout the Separation Plan without the need for multiple shareholder meetings. The Board was informed by the Adviser and its counsel that the Adviser obtained regulatory assurances from the staff of the U.S. Securities and Exchange Commission in March 2013 that they would not object to approval of future agreements by shareholders at a single shareholder meeting. Portfolio shareholders approved the future agreements in May 2013.
The IPO was completed in May 2013. ING Groep divested additional shares in Voya Financial, Inc. through four subsequent public offerings since May 2013, including a secondary common stock offering that closed on November 18, 2014 (the “November Transaction”). (In addition, concurrently with the November Transaction, Voya Financial, Inc. repurchased $175 million of its shares directly from ING Groep.) Upon the completion of the November Transaction and the concurrent direct share repurchase, ING Groep’s ownership in Voya Financial, Inc. was reduced from approximately 32.5% to approximately 19%. This was deemed to be a Change of Control Event that resulted in the termination of the Portfolios’ existing
164 |
ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
advisory and sub-advisory agreements (the “Prior Agreements”) at the close of business on November 18, 2014.
In light of the foregoing, on November 18, 2014 the Board, at an in-person meeting, approved new investment advisory and affiliated sub-advisory agreements (the “New Agreements”) for the Portfolios to replace the Prior Agreements upon termination. At that meeting, the Adviser represented that the agreements approved by the Board were not materially different from the agreements approved by shareholders of the Portfolios in 2013 and no single person or group of persons acting together was expected to gain “control” (as defined in the 1940 Act) of Voya Financial, Inc. As a result, shareholders of the Portfolios will not be asked to vote again on these new agreements with the Adviser and affiliated sub-advisers, including the Sub-Adviser.
The decision by the Board, including a majority of the Independent Directors, to approve the New Agreements was based on a determination by the Board that it would be in the best interests of the shareholders of the Portfolios for the Adviser and Sub-Adviser to continue providing investment advisory, sub-advisory, and related services for the Portfolios, without interruption, after the Change of Control Event.
Prior to its approval of the New Agreements, the Board reviewed, among other matters, the quality, extent and nature of the services currently being provided by the Adviser and Sub-Adviser under the Prior Agreements and to be provided under the New Agreements. A substantial portion of this review was conducted as part of, and in conjunction with, the Board’s annual reviews of the Prior Agreements, which were most recently approved for continuation at the in-person meeting of the Board held on September 12, 2014. During the review process that led to its approval of the Prior Agreements on September 12, 2014, the Board was informed by the Adviser that it was likely the Board would be asked in the very near future to consider approval of the New Agreements. The Board further noted that the Change of Control Event would result in the Adviser’s and the Sub-Adviser’s loss of access to certain services and resources of ING Groep, which could adversely affect their businesses and profitability.
On September 12, 2014, the Board concluded, in light of all factors it considered, including undertakings by the Adviser relating to certain follow-up actions, to renew the Prior Agreements and that the fee rates set forth in the Prior Agreements were fair and reasonable. Among other factors, the Board considered: (1) the nature, extent and quality of services provided under the Prior Agreements; (2) the extent to which economies of scale are reflected in fee rate schedules under the Prior Agreements; (3) the
existence of any “fall-out” benefits to the Adviser, Sub-Adviser, and their affiliates; (4) a comparison of fee rates, expense ratios, and investment performance to those of similar funds; and (5) the costs incurred and profits realized by the Adviser, the Sub-Adviser, and their affiliates with respect to their services to the Portfolios.
A further description of the process followed by the Board in approving the Prior Agreements on September 12, 2014, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth above under the section titled “BOARD CONSIDERATION AND APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS.”
In connection with its approval of the New Agreements, on November 18, 2014 the Board considered its conclusions in connection with its September 12, 2014 approvals of those Prior Agreements that were in effect on that date, including the Board’s assessment of the nature, extent and quality of services being provided and, as applicable, actions taken or to be taken in certain instances to improve the relationship between the costs and the quality of services being provided. Also in connection with its November 18, 2014 approvals of the New Agreements, the Board considered a representation from the Adviser that there were no additional developments not already disclosed to the Board since September 12, 2014 that would be a material consideration to the Board in connection with its consideration of the New Agreements.
In addition, in determining whether to approve the New Agreements, the Board took into account the considerations set out below.
1) | The Independent Directors solicited and received ongoing advice regarding the Board’s legal duties when approving the New Agreements from K&L Gates, their independent legal counsel, which law firm has extensive experience regarding such matters. |
2) | The Board considered Management’s representations regarding its commitment to maintain appropriate levels of overall staffing, ongoing resources and service quality through the transactions under the Separation Plan and after the Change of Control Event. The Board noted that such services include, but are not limited to, portfolio management services, administrative services, and regulatory compliance services. In this regard, the Board considered representations by the Adviser and its affiliates that their separation from ING Groep, as contemplated by the Separation Plan, will not lead to a reduction in the quality or scope of these |
165 |
ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
and other services provided by those firms to the Portfolios. The Board also considered the importance of the asset management operations to the overall success of Voya Financial, Inc., which provides a strong incentive to Voya Financial, Inc. to provide appropriate resource allocations to support those asset management operations.
3) | The Board considered representations by the Adviser and its affiliates that approval of the New Agreements would be necessary for the Portfolios to continue receiving investment management services from the Adviser and Sub-Adviser following the November 18th Change of Control Event. In addition, the Board considered representations by the Adviser and its affiliates, as well as related supporting documentation, indicating that the New Agreements, including the fees payable thereunder, are substantially similar to and, in any event, are no less favorable to the Portfolios than, the terms of the corresponding Prior Agreements. |
4) | The Board considered representations by the Adviser and its affiliates, including senior investment management personnel, as well as related supporting documentation, indicating that: (a) the Adviser and Sub-Adviser can be expected to provide services of the same nature, extent and quality under the New Agreements as were provided under the Prior Agreements; and (b) the November 18th Change of Control Event is not expected to result in any changes to: (i) the |
management of the Portfolios, including the continuity of the Portfolios’ portfolio managers and other personnel responsible for the management operations of the Portfolios; or (ii) the investment objective of or the principal investment strategies used to manage any of the Portfolios.
5) | The Board considered actions taken by the Adviser subsequent to the September 12, 2014 approvals of the Prior Agreements with respect to certain Voya funds in response to requests made by the Board in connection with those approvals. |
6) | The Board considered the potential benefits to be realized by the Adviser and its affiliates as a result of the New Agreements. |
Based on the foregoing and other relevant considerations, at a meeting of the Board held on November 18, 2014, the Board, including a majority of the Independent Directors, voted to approve the New Agreements. In this connection, the Board concluded that, in light of all factors considered, the terms of the New Agreements, including fee rates, were fair and reasonable, and the New Agreements should be approved so as to enable a continuation without interruption of the services being provided by the current service providers pursuant to the Prior Agreements. The Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of factors considered. The Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the New Agreements.
166 |
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Administrator
Voya Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Independent Registered Public Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111
Custodian
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Legal Counsel
Goodwin Procter LLP
Exchange Place
53 State Street
Boston, Massachusetts 02109
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 | VPAR-VIPALL (1214-021915) |
n | Voya Index Plus LargeCap Portfolio | |
n | Voya Index Plus MidCap Portfolio | |
n | Voya Index Plus SmallCap 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 |
President’s Letter | 1 | |||||
Market Perspective | 2 | |||||
Portfolio Managers’ Reports | 4 | |||||
Shareholder Expense Examples | 10 | |||||
Report of Independent Registered Public Accounting Firm | 11 | |||||
Statements of Assets and Liabilities | 12 | |||||
Statements of Operations | 13 | |||||
Statements of Changes in Net Assets | 14 | |||||
Financial Highlights | 16 | |||||
Notes to Financial Statements | 17 | |||||
Summary Portfolios of Investments | 27 | |||||
Tax Information | 36 | |||||
Director and Officer Information | 37 | |||||
Advisory Contract Approval Discussion | 41 |
New Year, Hopeful View
Executive Vice President
Voya Family of Funds
January 28, 2015
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 Short-Term U.S. Treasury Index | A market capitalization-weighted index that is composed of fixed-rate, non-convertible U.S. Treasury securities that have a remaining maturity of between one and 12 months 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 | An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities. | |||||
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. | |||||
S&P MidCap 400 Index | An unmanaged index that measures the performance of the mid-size company segment of the U.S. market. | |||||
S&P SmallCap 600 Index | An unmanaged index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million. |
VOYA INDEX PLUS LARGECAP PORTFOLIO | PORTFOLIO MANAGERS’ REPORT |
Sector Diversification as of December 31, 2014 (as a percentage of net assets) | |||||||
Information Technology | 18.8 | % | |||||
Financials | 16.7 | % | |||||
Health Care | 14.1 | % | |||||
Consumer Discretionary | 12.3 | % | |||||
Consumer Staples | 10.6 | % | |||||
Industrials | 9.2 | % | |||||
Energy | 7.9 | % | |||||
Utilities | 3.3 | % | |||||
Materials | 3.2 | % | |||||
Telecommunication Services | 2.4 | % | |||||
Assets in Excess of Other Liabilities* | 1.5 | % | |||||
Net Assets | 100.0 | % | |||||
* Includes short-term investments. Portfolio holdings are subject to change daily. |
Top Ten Holdings as of December 31, 2014 (as a percentage of net assets) | |||||||
Apple, Inc. | 4.3 | % | |||||
Microsoft Corp. | 2.8 | % | |||||
ExxonMobil Corp. | 2.7 | % | |||||
JPMorgan Chase & Co. | 2.0 | % | |||||
Pfizer, Inc. | 1.8 | % | |||||
Wells Fargo & Co. | 1.8 | % | |||||
Merck & Co., Inc. | 1.6 | % | |||||
Procter & Gamble Co. | 1.6 | % | |||||
Verizon Communications, Inc. | 1.5 | % | |||||
Cisco Systems, Inc. | 1.5 | % | |||||
Portfolio holdings are subject to change daily. |
* | Effective May 1, 2014, Christopher Corapi was removed as a portfolio manager of the Portfolio. |
PORTFOLIO MANAGERS’ REPORT | VOYA INDEX PLUS LARGECAP PORTFOLIO |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | 10 Year | ||||||||||||||
Class I | 13.86 | % | 14.55 | % | 6.82 | % | ||||||||||
Class S | 13.54 | % | 14.25 | % | 6.56 | % | ||||||||||
S&P 500® Index | 13.69 | % | 15.45 | % | 7.67 | % |
VOYA INDEX PLUS MIDCAP PORTFOLIO | PORTFOLIO MANAGERS’ REPORT |
Sector Diversification as of December 31, 2014 (as a percentage of net assets) | |||||||
Financials | 24.1 | % | |||||
Information Technology | 17.6 | % | |||||
Industrials | 14.5 | % | |||||
Consumer Discretionary | 14.2 | % | |||||
Health Care | 10.5 | % | |||||
Materials | 5.8 | % | |||||
Utilities | 5.4 | % | |||||
Consumer Staples | 3.7 | % | |||||
Energy | 3.1 | % | |||||
Assets in Excess of Other Liabilities* | 1.1 | % | |||||
Net Assets | 100.0 | % | |||||
* Includes short-term investments. Portfolio holdings are subject to change daily. |
Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | ||||||||||||
SL Green Realty Corp. | 1.4 | % | ||||||||||
Skyworks Solutions, Inc. | 1.3 | % | ||||||||||
Jarden Corp. | 1.3 | % | ||||||||||
Energizer Holdings, Inc. | 1.2 | % | ||||||||||
Packaging Corp. of America | 1.2 | % | ||||||||||
Gartner, Inc. | 1.1 | % | ||||||||||
Polaris Industries, Inc. | 1.1 | % | ||||||||||
Extra Space Storage, Inc. | 1.1 | % | ||||||||||
Mednax, Inc. | 1.1 | % | ||||||||||
Ansys, Inc. | 1.1 | % | ||||||||||
* Excludes short-term investments. Portfolio holdings are subject to change daily. |
* | Effective May 1, 2014, Christopher Corapi was removed as a portfolio manager of the Portfolio. |
PORTFOLIO MANAGERS’ REPORT | VOYA INDEX PLUS MIDCAP PORTFOLIO |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | 10 Year | ||||||||||||||
Class I | 9.56 | % | 15.90 | % | 8.24 | % | ||||||||||
Class S | 9.30 | % | 15.60 | % | 7.96 | % | ||||||||||
S&P MidCap 400 Index | 9.77 | % | 16.54 | % | 9.71 | % |
VOYA INDEX PLUS SMALLCAP PORTFOLIO | PORTFOLIO MANAGERS’ REPORT |
Sector Diversification as of December 31, 2014 (as a percentage of net assets) | |||||||
Financials | 23.0 | % | |||||
Industrials | 16.6 | % | |||||
Information Technology | 16.3 | % | |||||
Consumer Discretionary | 15.5 | % | |||||
Health Care | 11.2 | % | |||||
Materials | 5.6 | % | |||||
Energy | 3.4 | % | |||||
Consumer Staples | 3.2 | % | |||||
Utilities | 2.8 | % | |||||
Telecommunication Services | 1.1 | % | |||||
Assets in Excess of Other Liabilities* | 1.3 | % | |||||
Net Assets | 100.0 | % | |||||
* Includes short-term investments. Portfolio holdings are subject to change daily. |
Top Ten Holdings as of December 31, 2014* (as a percentage of net assets) | ||||||||||||
Casey’s General Stores, Inc. | 1.1 | % | ||||||||||
Teledyne Technologies, Inc. | 1.1 | % | ||||||||||
Toro Co. | 1.1 | % | ||||||||||
Jack in the Box, Inc. | 1.1 | % | ||||||||||
j2 Global, Inc. | 1.0 | % | ||||||||||
Pool Corp. | 1.0 | % | ||||||||||
The Geo Group, Inc. | 1.0 | % | ||||||||||
Microsemi Corp. | 1.0 | % | ||||||||||
MarketAxess Holdings, Inc. | 1.0 | % | ||||||||||
PRA Group, Inc. | 0.9 | % | ||||||||||
* Excludes short-term investments. Portfolio holdings are subject to change daily. |
* | Effective May 1, 2014, Christopher Corapi was removed as a portfolio manager of the Portfolio. |
PORTFOLIO MANAGERS’ REPORT | VOYA INDEX PLUS SMALLCAP PORTFOLIO |
Average Annual Total Returns for the Periods Ended December 31, 2014 | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | 10 Year | ||||||||||||||
Class I | 5.44 | % | 15.57 | % | 6.98 | % | ||||||||||
Class S | 5.24 | % | 15.28 | % | 6.72 | % | ||||||||||
S&P SmallCap 600® Index | 5.76 | % | 17.27 | % | 9.02 | % |
Actual Portfolio Return | Hypothetical (5% return before expenses) | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Account Value July 1, 2014 | Ending Account Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2014* | Beginning Account Value July 1, 2014 | Ending Account Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2014* | ||||||||||||||||||||||||||||
Voya Index Plus LargeCap Portfolio | |||||||||||||||||||||||||||||||||||
Class I | $ | 1,000.00 | $ | 1,061.90 | 0.44 | % | $ | 2.29 | $ | 1,000.00 | $ | 1,022.99 | 0.44 | % | $ | 2.24 | |||||||||||||||||||
Class S | 1,000.00 | 1,060.40 | 0.69 | 3.58 | 1,000.00 | 1,021.73 | 0.69 | 3.52 | |||||||||||||||||||||||||||
Voya Index Plus MidCap Portfolio | |||||||||||||||||||||||||||||||||||
Class I | 1,000.00 | 1,028.50 | 0.49 | 2.51 | 1,000.00 | 1,022.74 | 0.49 | 2.50 | |||||||||||||||||||||||||||
Class S | 1,000.00 | 1,027.50 | 0.74 | 3.78 | 1,000.00 | 1,021.48 | 0.74 | 3.77 | |||||||||||||||||||||||||||
Voya Index Plus SmallCap Portfolio | |||||||||||||||||||||||||||||||||||
Class I | 1,000.00 | 1,029.70 | 0.50 | 2.56 | 1,000.00 | 1,022.68 | 0.50 | 2.55 | |||||||||||||||||||||||||||
Class S | 1,000.00 | 1,028.60 | 0.75 | 3.83 | 1,000.00 | 1,021.42 | 0.75 | 3.82 |
* | Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year. |
Voya Variable Portfolios, Inc.
February 18, 2015
Voya Index Plus LargeCap Portfolio | Voya Index Plus MidCap Portfolio | Voya Index Plus SmallCap Portfolio | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS: | ||||||||||||||
Investments in securities at fair value+* | $ | 757,781,053 | $ | 692,476,374 | $ | 314,615,524 | ||||||||
Short-term investments at fair value** | 9,769,715 | 19,077,280 | 13,008,044 | |||||||||||
Total investments at fair value | $ | 767,550,768 | $ | 711,553,654 | $ | 327,623,568 | ||||||||
Cash | 862 | 850 | 102 | |||||||||||
Cash collateral for futures | 240,678 | 200,640 | 106,560 | |||||||||||
Receivables: | ||||||||||||||
Investment securities sold | 9,772,612 | — | 1,117,783 | |||||||||||
Fund shares sold | 19,966,467 | 878 | 18,702 | |||||||||||
Dividends | 1,114,585 | 869,217 | 466,874 | |||||||||||
Prepaid expenses | 5,813 | 5,409 | 2,438 | |||||||||||
Other assets | 134,774 | 71,331 | 35,064 | |||||||||||
Total assets | 798,786,559 | 712,701,979 | 329,371,091 | |||||||||||
LIABILITIES: | ||||||||||||||
Payable for investment securities purchased | 28,370,174 | 41,250 | 731,084 | |||||||||||
Payable for fund shares redeemed | 696,908 | 597,085 | 620,136 | |||||||||||
Payable upon receipt of securities loaned | — | 11,253,672 | 8,951,485 | |||||||||||
Payable for investment management fees | 224,215 | 237,708 | 107,542 | |||||||||||
Payable for administrative fees | 35,233 | 32,684 | 14,787 | |||||||||||
Payable for distribution and shareholder service fees | 27,786 | 26,229 | 19,573 | |||||||||||
Payable for directors fees | 3,682 | 3,542 | 1,634 | |||||||||||
Payable to directors under the deferred compensation plan (Note 6) | 134,774 | 71,331 | 35,064 | |||||||||||
Other accrued expenses and liabilities | 96,213 | 89,415 | 39,356 | |||||||||||
Total liabilities | 29,588,985 | 12,352,916 | 10,520,661 | |||||||||||
NET ASSETS | $ | 769,197,574 | $ | 700,349,063 | $ | 318,850,430 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||
Paid-in capital | $ | 709,835,809 | $ | 499,140,494 | $ | 277,411,634 | ||||||||
Undistributed net investment income | 11,283,295 | 5,931,676 | 2,466,500 | |||||||||||
Accumulated net realized gain (loss) | (78,395,731 | ) | 92,044,609 | (23,427,384 | ) | |||||||||
Net unrealized appreciation | 126,474,201 | 103,232,284 | 62,399,680 | |||||||||||
NET ASSETS | $ | 769,197,574 | $ | 700,349,063 | $ | 318,850,430 | ||||||||
_______________ | ||||||||||||||
+ Including securities loaned at value | $ | — | $ | 10,943,950 | $ | 8,742,960 | ||||||||
* Cost of investments in securities | $ | 631,416,357 | $ | 589,425,475 | $ | 252,356,438 | ||||||||
** Cost of short-term investments | $ | 9,769,715 | $ | 19,077,280 | $ | 13,008,044 | ||||||||
Class I | ||||||||||||||
Net assets | $ | 639,453,627 | $ | 577,230,063 | $ | 226,276,679 | ||||||||
Shares authorized | 200,000,000 | 100,000,000 | 100,000,000 | |||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
Shares outstanding | 28,446,595 | 23,479,213 | 9,879,811 | |||||||||||
Net asset value and redemption price per share | $ | 22.48 | $ | 24.58 | $ | 22.90 | ||||||||
Class S | ||||||||||||||
Net assets | $ | 129,743,947 | $ | 123,119,000 | $ | 92,573,751 | ||||||||
Shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
Shares outstanding | 5,819,575 | 5,068,461 | 4,085,964 | |||||||||||
Net asset value and redemption price per share | $ | 22.29 | $ | 24.29 | $ | 22.66 |
Voya Index Plus LargeCap Portfolio | Voya Index Plus MidCap Portfolio | Voya Index Plus SmallCap Portfolio | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME: | ||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 14,860,225 | $ | 9,602,563 | $ | 4,020,059 | ||||||||
Securities lending income, net | 11,285 | 166,985 | 348,074 | |||||||||||
Total investment income | 14,871,510 | 9,769,548 | 4,368,133 | |||||||||||
EXPENSES: | ||||||||||||||
Investment management fees | 2,577,461 | 2,833,605 | 1,307,063 | |||||||||||
Distribution and shareholder service fees: | ||||||||||||||
Class S | 331,356 | 322,812 | 243,823 | |||||||||||
Transfer agent fees | 865 | 727 | 496 | |||||||||||
Administrative service fees | 405,018 | 389,608 | 179,715 | |||||||||||
Shareholder reporting expense | 68,593 | 70,939 | 34,521 | |||||||||||
Professional fees | 75,379 | 75,997 | 42,063 | |||||||||||
Custody and accounting expense | 70,857 | 72,594 | 38,419 | |||||||||||
Directors fees | 22,093 | 21,252 | 9,803 | |||||||||||
Miscellaneous expense | 23,165 | 21,178 | 11,492 | |||||||||||
Interest expense | 46 | 165 | — | |||||||||||
Total expenses | 3,574,833 | 3,808,877 | 1,867,395 | |||||||||||
Net expenses | 3,574,833 | 3,808,877 | 1,867,395 | |||||||||||
Net investment income | 11,296,677 | 5,960,671 | 2,500,738 | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||
Net realized gain (loss) on: | ||||||||||||||
Investments | 87,669,683 | 93,842,003 | 31,811,053 | |||||||||||
Futures | 1,353,686 | 587,296 | 82,596 | |||||||||||
Net realized gain | 89,023,369 | 94,429,299 | 31,893,649 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||
Investments | (5,221,684 | ) | (36,188,423 | ) | (18,171,349 | ) | ||||||||
Futures | (152,341 | ) | (14,955 | ) | 18,444 | |||||||||
Net change in unrealized appreciation (depreciation) | (5,374,025 | ) | (36,203,378 | ) | (18,152,905 | ) | ||||||||
Net realized and unrealized gain | 83,649,344 | 58,225,921 | 13,740,744 | |||||||||||
Increase in net assets resulting from operations | $ | 94,946,021 | $ | 64,186,592 | $ | 16,241,482 | ||||||||
_______________ | ||||||||||||||
* Foreign taxes withheld | $ | 52,611 | $ | — | $ | 625 |
Voya Index Plus LargeCap Portfolio | Voya Index Plus MidCap Portfolio | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||
FROM OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 11,296,677 | $ | 10,762,185 | $ | 5,960,671 | $ | 5,215,017 | |||||||||||
Net realized gain | 89,023,369 | 94,675,430 | 94,429,299 | 84,884,993 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (5,374,025 | ) | 91,036,866 | (36,203,378 | ) | 109,815,353 | |||||||||||||
Increase in net assets resulting from operations | 94,946,021 | 196,474,481 | 64,186,592 | 199,915,363 | |||||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class I | (9,040,215 | ) | (10,204,197 | ) | (4,524,218 | ) | (6,251,618 | ) | |||||||||||
Class S | (1,721,169 | ) | (2,123,002 | ) | (701,737 | ) | (1,180,347 | ) | |||||||||||
Net realized gains: | |||||||||||||||||||
Class I | — | — | (24,423,502 | ) | — | ||||||||||||||
Class S | — | — | (5,528,242 | ) | — | ||||||||||||||
Total distributions | (10,761,384 | ) | (12,327,199 | ) | (35,177,699 | ) | (7,431,965 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||
Net proceeds from sale of shares | 32,926,545 | 8,649,799 | 10,163,257 | 9,954,963 | |||||||||||||||
Reinvestment of distributions | 10,761,384 | 12,327,199 | 35,177,699 | 7,431,965 | |||||||||||||||
43,687,929 | 20,976,998 | 45,340,956 | 17,386,928 | ||||||||||||||||
Cost of shares redeemed | (97,050,073 | ) | (110,132,145 | ) | (97,019,449 | ) | (96,141,714 | ) | |||||||||||
Net decrease in net assets resulting from capital share transactions | (53,362,144 | ) | (89,155,147 | ) | (51,678,493 | ) | (78,754,786 | ) | |||||||||||
Net increase (decrease) in net assets | 30,822,493 | 94,992,135 | (22,669,600 | ) | 113,728,612 | ||||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of year or period | 738,375,081 | 643,382,946 | 723,018,663 | 609,290,051 | |||||||||||||||
End of year or period | $ | 769,197,574 | $ | 738,375,081 | $ | 700,349,063 | $ | 723,018,663 | |||||||||||
Undistributed net investment income at end of year or period | $ | 11,283,295 | $ | 10,640,329 | $ | 5,931,676 | $ | 5,152,285 |
Voya Index Plus SmallCap Portfolio | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||
FROM OPERATIONS: | |||||||||||
Net investment income | $ | 2,500,738 | $ | 1,895,927 | |||||||
Net realized gain | 31,893,649 | 35,179,583 | |||||||||
Net change in unrealized appreciation (depreciation) | (18,152,905 | ) | 70,735,621 | ||||||||
Increase in net assets resulting from operations | 16,241,482 | 107,811,131 | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||
Net investment income: | |||||||||||
Class I | (1,491,399 | ) | (1,985,531 | ) | |||||||
Class S | (406,155 | ) | (735,068 | ) | |||||||
Total distributions | (1,897,554 | ) | (2,720,599 | ) | |||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||
Net proceeds from sale of shares | 6,075,360 | 17,532,869 | |||||||||
Reinvestment of distributions | 1,897,554 | 2,720,599 | |||||||||
7,972,914 | 20,253,468 | ||||||||||
Cost of shares redeemed | (53,142,438 | ) | (39,413,714 | ) | |||||||
Net decrease in net assets resulting from capital share transactions | (45,169,524 | ) | (19,160,246 | ) | |||||||
Net increase (decrease) in net assets | (30,825,596 | ) | 85,930,286 | ||||||||
NET ASSETS: | |||||||||||
Beginning of year or period | 349,676,026 | 263,745,740 | |||||||||
End of year or period | $ | 318,850,430 | $ | 349,676,026 | |||||||
Undistributed net investment income at end of year or period | $ | 2,466,500 | $ | 1,863,316 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment by affiliate | | Net asset value, end of year or period | | Total Return(1) | | Expenses before reductions/ additions(2)(3)(4) | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | Expense 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 Index Plus LargeCap Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 20.05 | 0.33 | • | 2.41 | 2.74 | 0.31 | — | — | 0.31 | — | 22.48 | 13.86 | 0.44 | 0.44 | 0.44 | 1.58 | 639,454 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 15.37 | 0.28 | • | 4.72 | 5.00 | 0.32 | — | — | 0.32 | — | 20.05 | 32.92 | 0.44 | 0.44 | 0.44 | 1.60 | 601,491 | 80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 13.64 | 0.27 | • | 1.70 | 1.97 | 0.24 | — | — | 0.24 | — | 15.37 | 14.45 | 0.45 | 0.45 | 0.45 | 1.84 | 516,227 | 166 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 13.89 | 0.21 | • | (0.20 | ) | 0.01 | 0.26 | — | — | 0.26 | — | 13.64 | (0.09 | ) | 0.44 | 0.44 | 0.44 | 1.54 | 544,124 | 130 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 12.42 | 0.22 | • | 1.50 | 1.72 | 0.25 | — | — | 0.25 | — | 13.89 | 13.96 | 0.44 | 0.44 | † | 0.44 | † | 1.75 | † | 631,278 | 157 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 19.89 | 0.28 | • | 2.38 | 2.66 | 0.26 | — | — | 0.26 | — | 22.29 | 13.54 | 0.69 | 0.69 | 0.69 | 1.33 | 129,744 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 15.24 | 0.24 | • | 4.68 | 4.92 | 0.27 | — | — | 0.27 | — | 19.89 | 32.67 | 0.69 | 0.69 | 0.69 | 1.35 | 136,884 | 80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 13.53 | 0.23 | • | 1.68 | 1.91 | 0.20 | — | — | 0.20 | — | 15.24 | 14.11 | 0.70 | 0.70 | 0.70 | 1.59 | 127,156 | 166 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 13.78 | 0.18 | • | (0.21 | ) | (0.03 | ) | 0.22 | — | — | 0.22 | — | 13.53 | (0.34 | ) | 0.69 | 0.69 | 0.69 | 1.28 | 132,939 | 130 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 12.33 | 0.19 | • | 1.48 | 1.67 | 0.22 | — | — | 0.22 | — | 13.78 | 13.63 | 0.69 | 0.69 | † | 0.69 | † | 1.50 | † | 171,456 | 157 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Index Plus MidCap Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 23.62 | 0.21 | • | 1.95 | 2.16 | 0.19 | 1.01 | — | 1.20 | — | 24.58 | 9.56 | 0.49 | 0.49 | 0.49 | 0.89 | 577,230 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 17.76 | 0.17 | • | 5.92 | 6.09 | 0.23 | — | — | 0.23 | — | 23.62 | 34.56 | 0.49 | 0.49 | 0.49 | 0.81 | 588,001 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 15.22 | 0.21 | • | 2.48 | 2.69 | 0.15 | — | — | 0.15 | — | 17.76 | 17.70 | 0.50 | 0.50 | 0.50 | 1.24 | 491,445 | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 15.51 | 0.14 | (0.30 | ) | (0.16 | ) | 0.13 | — | — | 0.13 | — | 15.22 | (1.15 | ) | 0.49 | 0.49 | 0.49 | 0.83 | 482,378 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 12.85 | 0.11 | • | 2.70 | 2.81 | 0.15 | — | — | 0.15 | — | 15.51 | 21.91 | 0.48 | 0.48 | † | 0.48 | † | 0.84 | † | 549,499 | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 23.35 | 0.15 | • | 1.93 | 2.08 | 0.13 | 1.01 | — | 1.14 | — | 24.29 | 9.30 | 0.74 | 0.74 | 0.74 | 0.63 | 123,119 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 17.56 | 0.12 | • | 5.85 | 5.97 | 0.18 | — | — | 0.18 | — | 23.35 | 34.23 | 0.74 | 0.74 | 0.74 | 0.56 | 135,017 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 15.05 | 0.17 | • | 2.44 | 2.61 | 0.10 | — | — | 0.10 | — | 17.56 | 17.38 | 0.75 | 0.75 | 0.75 | 0.99 | 117,845 | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 15.34 | 0.09 | • | (0.29 | ) | (0.20 | ) | 0.09 | — | — | 0.09 | — | 15.05 | (1.39 | ) | 0.74 | 0.74 | 0.74 | 0.58 | 117,222 | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 12.72 | 0.08 | • | 2.66 | 2.74 | 0.12 | — | — | 0.12 | — | 15.34 | 21.57 | 0.73 | 0.73 | † | 0.73 | † | 0.59 | † | 144,975 | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Index Plus SmallCap Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 21.86 | 0.18 | • | 1.00 | 1.18 | 0.14 | — | — | 0.14 | — | 22.90 | 5.44 | 0.50 | 0.50 | 0.50 | 0.84 | 226,277 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 15.48 | 0.14 | • | 6.42 | 6.56 | 0.18 | — | — | 0.18 | — | 21.86 | 42.70 | 0.49 | 0.49 | 0.49 | 0.70 | 243,564 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 13.85 | 0.16 | • | 1.55 | 1.71 | 0.08 | — | — | 0.08 | — | 15.48 | 12.38 | 0.51 | 0.51 | 0.51 | 1.06 | 176,644 | 144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 14.06 | 0.08 | (0.17 | ) | (0.09 | ) | 0.12 | — | — | 0.12 | — | 13.85 | (0.74 | ) | 0.50 | 0.50 | 0.50 | 0.52 | 186,300 | 115 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 11.52 | 0.12 | • | 2.51 | 2.63 | 0.09 | — | — | 0.09 | — | 14.06 | 22.84 | 0.49 | 0.49 | † | 0.49 | † | 0.99 | † | 215,343 | 160 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-14 | 21.62 | 0.13 | • | 1.00 | 1.13 | 0.09 | — | — | 0.09 | — | 22.66 | 5.24 | 0.75 | 0.75 | 0.75 | 0.59 | 92,574 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 15.32 | 0.08 | • | 6.36 | 6.44 | 0.14 | — | — | 0.14 | — | 21.62 | 42.28 | 0.74 | 0.74 | 0.74 | 0.45 | 106,112 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 13.70 | 0.12 | • | 1.54 | 1.66 | 0.04 | — | — | 0.04 | — | 15.32 | 12.14 | 0.76 | 0.76 | 0.76 | 0.82 | 87,102 | 144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 13.91 | 0.05 | (0.18 | ) | (0.13 | ) | 0.08 | — | — | 0.08 | — | 13.70 | (0.98 | ) | 0.75 | 0.75 | 0.75 | 0.26 | 90,025 | 115 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 11.41 | 0.09 | • | 2.47 | 2.56 | 0.06 | — | — | 0.06 | — | 13.91 | 22.47 | 0.74 | 0.74 | † | 0.74 | † | 0.74 | † | 109,387 | 160 |
(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. |
• | Calculated using average number of shares outstanding throughout the period. |
† | 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. |
in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that a Portfolio calculates its NAV may also be valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Board, in accordance with methods that are specifically authorized by the Board. All such valuations are made in accordance with valuation procedures of the Portfolios (the “Valuation Procedures”) which have been approved by the Board. The valuation techniques applied in any specific instance are set forth in the Valuation Procedures and may vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of 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.
be assured a Portfolio can obtain the fair value assigned to a security if it 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. |
payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table following each Summary Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Summary Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.
Purchases | Sales | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Index Plus LargeCap | $ | 525,595,854 | $ | 577,658,078 | ||||||
Index Plus MidCap | 506,892,008 | 585,611,907 | ||||||||
Index Plus SmallCap | 128,849,099 | 174,526,519 |
Index Plus LargeCap | 0.35 | % | ||||||||
Index Plus MidCap | 0.40 | % | ||||||||
Index Plus SmallCap | 0.40 | % |
Subsidiary | Portfolio | Percentage | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Voya Insurance and Annuity Company | Index Plus LargeCap | 16.27 | % | |||||||
Index Plus MidCap | 16.39 | |||||||||
Index Plus SmallCap | 27.64 | |||||||||
Voya Retirement Insurance and Annuity Company | Index Plus LargeCap | 75.76 | ||||||||
Index Plus MidCap | 78.22 | |||||||||
Index Plus SmallCap | 63.44 |
Portfolio | Class I | Class S | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Index Plus LargeCap | 0.55 | % | 0.80 | % | ||||||||||||||
Index Plus MidCap | 0.60 | % | 0.85 | % | ||||||||||||||
Index Plus SmallCap | 0.60 | % | 0.85 | % |
Portfolio | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Index Plus LargeCap | 2 | $ | 377,500 | 1.09 | % | |||||||||
Index Plus MidCap | 5 | 1,104,600 | 1.09 |
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 | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
Index Plus LargeCap | |||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 1,446,183 | — | 447,757 | (3,442,278 | ) | (1,548,338 | ) | 31,875,889 | — | 9,040,215 | (72,052,277 | ) | (31,136,173 | ) | |||||||||||||||||||||||||||||
12/31/2013 | 395,221 | — | 608,376 | (4,598,698 | ) | (3,595,101 | ) | 6,996,235 | — | 10,204,197 | (80,964,805 | ) | (63,764,373 | ) | |||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 50,102 | — | 85,844 | (1,198,176 | ) | (1,062,230 | ) | 1,050,656 | — | 1,721,169 | (24,997,796 | ) | (22,225,971 | ) | |||||||||||||||||||||||||||||
12/31/2013 | 87,773 | — | 127,407 | (1,674,306 | ) | (1,459,126 | ) | 1,653,564 | — | 2,123,002 | (29,167,340 | ) | (25,390,774 | ) | |||||||||||||||||||||||||||||
Index Plus MidCap | |||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 349,312 | — | 1,280,873 | (3,044,828 | ) | (1,414,643 | ) | 8,254,099 | — | 28,947,720 | (71,823,634 | ) | (34,621,815 | ) | |||||||||||||||||||||||||||||
12/31/2013 | 391,651 | — | 317,825 | (3,485,127 | ) | (2,775,651 | ) | 7,962,169 | — | 6,251,618 | (73,724,808 | ) | (59,511,021 | ) | |||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 82,857 | — | 278,497 | (1,075,070 | ) | (713,716 | ) | 1,909,158 | — | 6,229,979 | (25,195,815 | ) | (17,056,678 | ) | |||||||||||||||||||||||||||||
12/31/2013 | 93,665 | — | 60,593 | (1,082,494 | ) | (928,236 | ) | 1,992,794 | — | 1,180,347 | (22,416,906 | ) | (19,243,765 | ) | |||||||||||||||||||||||||||||
Index Plus SmallCap | |||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 238,367 | — | 69,888 | (1,572,091 | ) | (1,263,836 | ) | 5,223,155 | — | 1,491,399 | (34,190,742 | ) | (27,476,188 | ) | |||||||||||||||||||||||||||||
12/31/2013 | 838,756 | — | 118,398 | (1,222,516 | ) | (265,362 | ) | 15,696,541 | — | 1,985,531 | (22,401,455 | ) | (4,719,383 | ) | |||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 39,954 | — | 19,213 | (880,275 | ) | (821,108 | ) | 852,205 | — | 406,155 | (18,951,696 | ) | (17,693,336 | ) | |||||||||||||||||||||||||||||
12/31/2013 | 89,555 | — | 44,228 | (912,458 | ) | (778,675 | ) | 1,836,328 | — | 735,068 | (17,012,259 | ) | (14,440,863 | ) |
Index Plus MidCap | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||||
Barclays Capital Inc. | $ | 949,620 | $ | (949,620 | ) | $ | — | |||||||
Citadel Securities LLC | 110,628 | (110,628 | ) | — | ||||||||||
Citigroup Global Markets Inc. | 18,237 | (18,237 | ) | — | ||||||||||
Credit Suisse Securities USA | 549,242 | (549,242 | ) | — | ||||||||||
Deutsche Bank Securities Inc. | 2,390,497 | (2,390,497 | ) | — | ||||||||||
Goldman Sachs & Company | 888,508 | (888,508 | ) | — | ||||||||||
JPMorgan Clearing Corp. | 769,533 | (769,533 | ) | — | ||||||||||
Merrill Lynch, Pierce, Fenner & Smith Inc. | 293,930 | (293,930 | ) | — | ||||||||||
Morgan Stanley & Co. LLC | 871,816 | (871,816 | ) | — | ||||||||||
National Financial Services LLC | 147,504 | (147,504 | ) | — | ||||||||||
RBC Capital Markets, LLC | 146,702 | (146,702 | ) | — | ||||||||||
RBC Dominion Securities Inc | 1,325,131 | (1,325,131 | ) | — | ||||||||||
Scotia Capital (USA) INC | 2,070,609 | (2,070,609 | ) | — | ||||||||||
UBS Securities LLC. | 411,993 | (411,993 | ) | — | ||||||||||
Total | $ | 10,943,950 | $ | (10,943,950 | ) | $ | — |
(1) | Collateral with a fair value of $11,253,672 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. |
Index Plus SmallCap | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||||
Barclays Capital Inc. | $ | 49,645 | $ | (49,645 | ) | $ | — | |||||||
Credit Suisse Securities (USA) LLC | 210,917 | (210,917 | ) | — | ||||||||||
Deutsche Bank Securities | 957,506 | (957,506 | ) | — | ||||||||||
Goldman Sachs & Company | 4,095,649 | (4,095,649 | ) | — | ||||||||||
HSBC Bank PLC | 55,130 | (55,130 | ) | — | ||||||||||
JP Morgan Clearing Corp | 772,486 | (772,486 | ) | — | ||||||||||
Maple Securities USA Inc. | 97,930 | (97,930 | ) | — | ||||||||||
Morgan Stanley & Co. LLC | 362,122 | (362,122 | ) | — | ||||||||||
National Financial Services LLC | 1,678,982 | (1,678,982 | ) | — | ||||||||||
NewEdge USA, LLC | 324,393 | (324,393 | ) | — | ||||||||||
RBC Capital Markets, LLC | 7,642 | (7,642 | ) | — | ||||||||||
RBC Dominion Securities Inc | 32,106 | (32,106 | ) | — | ||||||||||
Scotia Capital (USA) INC | 98,452 | (98,452 | ) | — | ||||||||||
Total | $ | 8,742,960 | $ | (8,742,960 | ) | $ | — |
(1) | Collateral with a fair value of $8,951,485 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. |
Paid-in Capital | Undistributed Net Investment Income | Accumulated Net Realized Gains/(Losses) | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Index Plus LargeCap | $27 | $107,673 | $(107,700) | ||||||||||||
Index Plus MidCap | — | 44,675 | (44,675) |
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Long-term Capital Gains | Ordinary Income | |||||||||||||
Index Plus LargeCap | $ | 10,761,384 | $ | — | $ | 12,327,199 | |||||||||
Index Plus MidCap | 5,225,955 | 29,951,744 | 7,431,965 | ||||||||||||
Index Plus SmallCap | 1,897,554 | — | 2,720,599 |
Undistributed Ordinary Income | Undistributed Long-term Capital Gains | Unrealized Appreciation/ (Depreciation) | Short-term Capital Loss Carryforwards | Expiration | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Index Plus LargeCap | $ | 11,409,863 | $ | — | $ | 124,909,191 | $ | (76,830,721 | ) | 2017 | ||||||||||||
Index Plus MidCap | 17,954,020 | 80,963,622 | 102,356,173 | — | — | |||||||||||||||||
Index Plus SmallCap | 2,500,310 | — | 61,498,142 | (22,525,846 | ) | 2017 |
VOYA INDEX PLUS LARGECAP PORTFOLIO | SUMMARY PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2014 |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 98.5% | |||||||||||||||||||
Consumer Discretionary: 12.3% | |||||||||||||||||||
8,555 | @ | Chipotle Mexican Grill, Inc. | $ | 5,855,983 | 0.8 | ||||||||||||||
190,925 | Comcast Corp. — Class A | 11,075,559 | 1.4 | ||||||||||||||||
76,026 | Delphi Automotive PLC | 5,528,611 | 0.7 | ||||||||||||||||
107,914 | Home Depot, Inc. | 11,327,733 | 1.5 | ||||||||||||||||
101,596 | �� | Macy’s, Inc. | 6,679,937 | 0.9 | |||||||||||||||
89,549 | Nike, Inc. | 8,610,136 | 1.1 | ||||||||||||||||
116,850 | Walt Disney Co. | 11,006,102 | 1.4 | ||||||||||||||||
516,143 | Other Securities | 34,368,371 | 4.5 | ||||||||||||||||
94,452,432 | 12.3 | ||||||||||||||||||
Consumer Staples: 10.6% | |||||||||||||||||||
198,506 | Altria Group, Inc. | 9,780,391 | 1.3 | ||||||||||||||||
173,765 | ConAgra Foods, Inc. | 6,304,194 | 0.8 | ||||||||||||||||
106,738 | CVS Caremark Corp. | 10,279,937 | 1.3 | ||||||||||||||||
49,341 | Kimberly-Clark Corp. | 5,700,859 | 0.7 | ||||||||||||||||
53,210 | @ | Monster Beverage Corp. | 5,765,303 | 0.8 | |||||||||||||||
105,646 | PepsiCo, Inc. | 9,989,886 | 1.3 | ||||||||||||||||
136,041 | Procter & Gamble Co. | 12,391,975 | 1.6 | ||||||||||||||||
314,232 | Other Securities | 21,200,540 | 2.8 | ||||||||||||||||
81,413,085 | 10.6 | ||||||||||||||||||
Energy: 7.9% | |||||||||||||||||||
53,768 | Chevron Corp. | 6,031,694 | 0.8 | ||||||||||||||||
223,813 | ExxonMobil Corp. | 20,691,512 | 2.7 | ||||||||||||||||
88,139 | Occidental Petroleum Corp. | 7,104,885 | 0.9 | ||||||||||||||||
406,930 | Other Securities | 27,345,496 | 3.5 | ||||||||||||||||
61,173,587 | 7.9 | ||||||||||||||||||
Financials: 16.7% | |||||||||||||||||||
342,443 | Bank of America Corp. | 6,126,305 | 0.8 | ||||||||||||||||
59,210 | @ | Berkshire Hathaway, Inc. — Class B | 8,890,382 | 1.2 | |||||||||||||||
89,017 | Discover Financial Services | 5,829,723 | 0.8 | ||||||||||||||||
282,690 | Fifth Third Bancorp. | 5,759,809 | 0.7 | ||||||||||||||||
241,264 | Host Hotels & Resorts, Inc. | 5,734,845 | 0.7 | ||||||||||||||||
240,923 | JPMorgan Chase & Co. | 15,076,961 | 2.0 | ||||||||||||||||
539,402 | Regions Financial Corp. | 5,696,085 | 0.7 | ||||||||||||||||
253,060 | Wells Fargo & Co. | 13,872,749 | 1.8 | ||||||||||||||||
174,904 | XL Group PLC | 6,011,451 | 0.8 | ||||||||||||||||
1,200,952 | Other Securities | 55,183,116 | 7.2 | ||||||||||||||||
128,181,426 | 16.7 | ||||||||||||||||||
Health Care: 14.1% | |||||||||||||||||||
106,490 | AbbVie, Inc. | 6,968,706 | 0.9 | ||||||||||||||||
44,610 | Amgen, Inc. | 7,105,927 | 0.9 | ||||||||||||||||
65,087 | Cardinal Health, Inc. | 5,254,473 | 0.7 | ||||||||||||||||
89,291 | @ | Gilead Sciences, Inc. | 8,416,570 | 1.1 | |||||||||||||||
96,112 | Johnson & Johnson | 10,050,432 | 1.3 | ||||||||||||||||
118,806 | Medtronic, Inc. | 8,577,793 | 1.1 | ||||||||||||||||
219,503 | Merck & Co., Inc. | 12,465,575 | 1.6 | ||||||||||||||||
445,564 | Pfizer, Inc. | 13,879,319 | 1.8 | ||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Health Care: (continued) | |||||||||||||||||||
76,415 | UnitedHealth Group, Inc. | $ | 7,724,792 | 1.0 | |||||||||||||||
294,308 | Other Securities | 28,370,218 | 3.7 | ||||||||||||||||
108,813,805 | 14.1 | ||||||||||||||||||
Industrials: 9.2% | |||||||||||||||||||
67,435 | Boeing Co. | 8,765,201 | 1.2 | ||||||||||||||||
51,617 | General Dynamics Corp. | 7,103,532 | 0.9 | ||||||||||||||||
285,804 | General Electric Co. | 7,222,267 | 0.9 | ||||||||||||||||
71,187 | Union Pacific Corp. | 8,480,507 | 1.1 | ||||||||||||||||
650,431 | Other Securities | 38,879,648 | 5.1 | ||||||||||||||||
70,451,155 | 9.2 | ||||||||||||||||||
Information Technology: 18.8% | |||||||||||||||||||
297,598 | Apple, Inc. | 32,848,867 | 4.3 | ||||||||||||||||
416,370 | Cisco Systems, Inc. | 11,581,332 | 1.5 | ||||||||||||||||
111,143 | @ | Electronic Arts, Inc. | 5,225,388 | 0.7 | |||||||||||||||
5,802 | Google, Inc. | 3,054,173 | 0.4 | ||||||||||||||||
12,493 | @ | Google, Inc. — Class A | 6,629,535 | 0.9 | |||||||||||||||
462,115 | Microsoft Corp. | 21,465,242 | 2.8 | ||||||||||||||||
185,887 | Oracle Corp. | 8,359,338 | 1.1 | ||||||||||||||||
119,279 | Qualcomm, Inc. | 8,866,008 | 1.1 | ||||||||||||||||
850,435 | Other Securities | 46,561,420 | 6.0 | ||||||||||||||||
144,591,303 | 18.8 | ||||||||||||||||||
Materials: 3.2% | |||||||||||||||||||
96,753 | International Paper Co. | 5,184,026 | 0.7 | ||||||||||||||||
266,473 | Other Securities | 19,242,510 | 2.5 | ||||||||||||||||
24,426,536 | 3.2 | ||||||||||||||||||
Telecommunication Services: 2.4% | |||||||||||||||||||
257,371 | Verizon Communications, Inc. | 12,039,815 | 1.5 | ||||||||||||||||
385,268 | Other Securities | 6,846,261 | 0.9 | ||||||||||||||||
18,886,076 | 2.4 | ||||||||||||||||||
Utilities: 3.3% | |||||||||||||||||||
67,464 | Entergy Corp. | 5,901,751 | 0.8 | ||||||||||||||||
132,081 | Southern Co. | 6,486,498 | 0.8 | ||||||||||||||||
225,875 | Other Securities | 13,003,399 | 1.7 | ||||||||||||||||
25,391,648 | 3.3 | ||||||||||||||||||
Total Common Stock (Cost $631,416,357) | 757,781,053 | 98.5 | |||||||||||||||||
SHORT-TERM INVESTMENTS: 1.3% | |||||||||||||||||||
Mutual Funds: 1.3% | |||||||||||||||||||
9,769,715 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $9,769,715) | 9,769,715 | 1.3 | ||||||||||||||||
Total Short-Term Investments (Cost $9,769,715) | 9,769,715 | 1.3 | |||||||||||||||||
Total Investments in Securities (Cost $641,186,072) | $ | 767,550,768 | 99.8 | ||||||||||||||||
Assets in Excess of Other Liabilities | 1,646,806 | 0.2 | |||||||||||||||||
Net Assets | $ | 769,197,574 | 100.0 |
VOYA INDEX PLUS LARGECAP PORTFOLIO | SUMMARY PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2014 (CONTINUED) |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
Cost for federal income tax purposes is $642,641,577. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 133,712,357 | ||||
Gross Unrealized Depreciation | (8,803,166 | ) | ||||
Net Unrealized Appreciation | $ | 124,909,191 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock* | $ | 757,781,053 | $ | — | $ | — | $ | 757,781,053 | ||||||||||
Short-Term Investments | 9,769,715 | — | — | 9,769,715 | ||||||||||||||
Total Investments, at fair value | $ | 767,550,768 | $ | — | $ | — | $ | 767,550,768 | ||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Futures | 109,505 | — | — | 109,505 | ||||||||||||||
Total Assets | $ | 767,660,273 | $ | — | $ | — | $ | 767,660,273 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Contracts | ||||||||||||||||||
S&P 500 E-Mini | 71 | 03/20/15 | $ | 7,286,020 | $ | 109,505 | ||||||||||||
$ | 7,286,020 | $ | 109,505 |
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Asset Derivatives | ||||||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 109,505 | |||||||
Total Asset Derivatives | $ | 109,505 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
VOYA INDEX PLUS LARGECAP PORTFOLIO | SUMMARY PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2014 (CONTINUED) |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||||
Equity contracts | $ | 1,353,686 | ||||
Total | $ | 1,353,686 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||||
Equity contracts | $ | (152,341 | ) | |||
Total | $ | (152,341 | ) |
VOYA INDEX PLUS MIDCAP PORTFOLIO | SUMMARY PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2014 |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 98.9% | |||||||||||||||||||
Consumer Discretionary: 14.2% | |||||||||||||||||||
112,379 | Brinker International, Inc. | $ | 6,595,524 | 0.9 | |||||||||||||||
49,896 | DineEquity, Inc. | 5,171,221 | 0.7 | ||||||||||||||||
121,800 | Foot Locker, Inc. | 6,842,724 | 1.0 | ||||||||||||||||
56,748 | Hanesbrands, Inc. | 6,334,212 | 0.9 | ||||||||||||||||
185,703 | @ | Jarden Corp. | 8,891,460 | 1.3 | |||||||||||||||
51,339 | Polaris Industries, Inc. | 7,764,510 | 1.1 | ||||||||||||||||
38,292 | @ | Ulta Salon Cosmetics & Fragrance, Inc. | 4,895,249 | 0.7 | |||||||||||||||
1,732,822 | Other Securities(a) | 53,257,601 | 7.6 | ||||||||||||||||
99,752,501 | 14.2 | ||||||||||||||||||
Consumer Staples: 3.7% | |||||||||||||||||||
64,871 | Energizer Holdings, Inc. | 8,339,816 | 1.2 | ||||||||||||||||
100,178 | @ | Hain Celestial Group, Inc. | 5,839,375 | 0.9 | |||||||||||||||
306,748 | Other Securities | 11,342,141 | 1.6 | ||||||||||||||||
25,521,332 | 3.7 | ||||||||||||||||||
Energy: 3.1% | |||||||||||||||||||
239,923 | Superior Energy Services | 4,834,448 | 0.7 | ||||||||||||||||
931,780 | Other Securities | 16,816,307 | 2.4 | ||||||||||||||||
21,650,755 | 3.1 | ||||||||||||||||||
Financials: 24.1% | |||||||||||||||||||
137,339 | Arthur J. Gallagher & Co. | 6,465,920 | 0.9 | ||||||||||||||||
43,150 | Everest Re Group Ltd. | 7,348,445 | 1.1 | ||||||||||||||||
131,383 | Extra Space Storage, Inc. | 7,704,299 | 1.1 | ||||||||||||||||
130,777 | HCC Insurance Holdings, Inc. | 6,999,185 | 1.0 | ||||||||||||||||
144,516 | Highwoods Properties, Inc. | 6,399,169 | 0.9 | ||||||||||||||||
162,172 | LaSalle Hotel Properties | 6,563,101 | 0.9 | ||||||||||||||||
83,610 | Protective Life Corp. | 5,823,437 | 0.8 | ||||||||||||||||
60,192 | @ | Signature Bank | 7,581,784 | 1.1 | |||||||||||||||
83,917 | SL Green Realty Corp. | 9,987,801 | 1.4 | ||||||||||||||||
58,947 | @ | SVB Financial Group | 6,841,978 | 1.0 | |||||||||||||||
2,951,382 | Other Securities | 97,048,424 | 13.9 | ||||||||||||||||
168,763,543 | 24.1 | ||||||||||||||||||
Health Care: 10.5% | |||||||||||||||||||
72,830 | @ | Centene Corp. | 7,563,396 | 1.1 | |||||||||||||||
88,680 | @ | Charles River Laboratories International, Inc. | 5,643,595 | 0.8 | |||||||||||||||
129,367 | @ | Community Health Systems, Inc. | 6,975,469 | 1.0 | |||||||||||||||
53,267 | @ | Henry Schein, Inc. | 7,252,302 | 1.0 | |||||||||||||||
116,470 | @ | Mednax, Inc. | 7,699,832 | 1.1 | |||||||||||||||
61,924 | @ | WellCare Health Plans, Inc. | 5,081,483 | 0.7 | |||||||||||||||
496,655 | Other Securities | 33,512,597 | 4.8 | ||||||||||||||||
73,728,674 | 10.5 | ||||||||||||||||||
Industrials: 14.5% | |||||||||||||||||||
123,498 | Alaska Air Group, Inc. | 7,380,240 | 1.0 | ||||||||||||||||
51,157 | Hubbell, Inc. | 5,465,102 | 0.8 | ||||||||||||||||
338,903 | @ | JetBlue Airways Corp. | 5,375,002 | 0.8 | |||||||||||||||
79,498 | Lincoln Electric Holdings, Inc. | 5,492,517 | 0.8 | ||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Industrials: (continued) | |||||||||||||||||||
80,069 | Regal-Beloit Corp. | $ | 6,021,189 | 0.9 | |||||||||||||||
154,437 | Waste Connections, Inc. | 6,793,684 | 1.0 | ||||||||||||||||
106,328 | Woodward Governor Co. | 5,234,527 | 0.7 | ||||||||||||||||
1,611,342 | Other Securities(a) | 59,687,223 | 8.5 | ||||||||||||||||
101,449,484 | 14.5 | ||||||||||||||||||
Information Technology: 17.6% | |||||||||||||||||||
92,948 | @ | Ansys, Inc. | 7,621,736 | 1.1 | |||||||||||||||
156,862 | Broadridge Financial Solutions, Inc. ADR | 7,243,887 | 1.0 | ||||||||||||||||
95,526 | @ | Commvault Systems, Inc. | 4,937,739 | 0.7 | |||||||||||||||
38,701 | @ | F5 Networks, Inc. | 5,049,126 | 0.7 | |||||||||||||||
94,348 | @ | Gartner, Inc. | 7,945,045 | 1.1 | |||||||||||||||
192,339 | @ | Ingram Micro, Inc. | 5,316,250 | 0.8 | |||||||||||||||
143,300 | @ | Keysight Technologies, Inc. | 4,839,241 | 0.7 | |||||||||||||||
422,179 | @ | Polycom, Inc. | 5,699,416 | 0.8 | |||||||||||||||
149,144 | @ | PTC, Inc. | 5,466,128 | 0.8 | |||||||||||||||
123,073 | Skyworks Solutions, Inc. | 8,948,638 | 1.3 | ||||||||||||||||
129,940 | @ | SolarWinds, Inc. | 6,474,910 | 0.9 | |||||||||||||||
1,615,456 | Other Securities(a) | 53,617,026 | 7.7 | ||||||||||||||||
123,159,142 | 17.6 | ||||||||||||||||||
Materials: 5.8% | |||||||||||||||||||
91,692 | Albemarle Corp. | 5,513,440 | 0.8 | ||||||||||||||||
326,066 | Commercial Metals Co. | 5,311,615 | 0.7 | ||||||||||||||||
104,099 | Packaging Corp. of America | 8,124,927 | 1.2 | ||||||||||||||||
318,359 | Steel Dynamics, Inc. | 6,284,407 | 0.9 | ||||||||||||||||
326,144 | Other Securities | 15,693,424 | 2.2 | ||||||||||||||||
40,927,813 | 5.8 | ||||||||||||||||||
Utilities: 5.4% | |||||||||||||||||||
59,368 | DTE Energy Co. | 5,127,614 | 0.7 | ||||||||||||||||
116,989 | Westar Energy, Inc. | 4,824,627 | 0.7 | ||||||||||||||||
702,588 | Other Securities | 27,570,889 | 4.0 | ||||||||||||||||
37,523,130 | 5.4 | ||||||||||||||||||
Total Common Stock (Cost $589,425,475) | 692,476,374 | 98.9 | |||||||||||||||||
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
SHORT-TERM INVESTMENTS: 2.7% | |||||||||||||||||||
Securities Lending Collateralcc: 1.6% | |||||||||||||||||||
2,672,755 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,672,768, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%–10.500%, Market Value plus accrued interest $2,726,210, due 01/01/15–09/01/49) | 2,672,755 | 0.4 |
VOYA INDEX PLUS MIDCAP PORTFOLIO | SUMMARY PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2014 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Securities Lending Collateralcc: (continued) | |||||||||||||||||||
2,672,755 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,672,777, collateralized by various U.S. Government Securities, 0.625%–3.125%, Market Value plus accrued interest $2,726,210, due 09/30/17–02/15/42) | $ | 2,672,755 | 0.4 | |||||||||||||||
562,652 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $562,654, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–8.875%, Market Value plus accrued interest $573,905, due 01/07/15–10/20/64) | 562,652 | 0.0 | ||||||||||||||||
2,672,755 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,672,768, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%–7.250%, Market Value plus accrued interest $2,726,210, due 11/15/15–07/15/56) | 2,672,755 | 0.4 | ||||||||||||||||
2,672,755 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,672,777, collateralized by various U.S. Government Securities, 0.125%–2.500%, Market Value plus accrued interest $2,726,478, due 04/15/16–02/15/42) | 2,672,755 | 0.4 | ||||||||||||||||
11,253,672 | 1.6 | ||||||||||||||||||
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Mutual Funds: 1.1% | |||||||||||||||||||
7,823,608 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $7,823,608) | $ | 7,823,608 | 1.1 | |||||||||||||||
Total Short-Term Investments (Cost $19,077,280) | 19,077,280 | 2.7 | |||||||||||||||||
Total Investments in Securities (Cost $608,502,755) | $ | 711,553,654 | 101.6 | ||||||||||||||||
Liabilities in Excess of Other Assets | (11,204,591 | ) | (1.6 | ) | |||||||||||||||
Net Assets | $ | 700,349,063 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
ADR | American Depositary Receipt |
cc | Represents securities purchased with cash collateral received for securities on loan. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $609,197,481. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 122,533,167 | ||||
Gross Unrealized Depreciation | (20,176,994 | ) | ||||
Net Unrealized Appreciation | $ | 102,356,173 |
VOYA INDEX PLUS MIDCAP PORTFOLIO | SUMMARY PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2014 (CONTINUED) |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock* | $ | 692,476,374 | $ | — | $ | — | $ | 692,476,374 | ||||||||||
Short-Term Investments | 7,823,608 | 11,253,672 | — | 19,077,280 | ||||||||||||||
Total Investments, at fair value | $ | 700,299,982 | $ | 11,253,672 | $ | — | $ | 711,553,654 | ||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Futures | 181,385 | — | — | 181,385 | ||||||||||||||
Total Assets | $ | 700,481,367 | $ | 11,253,672 | $ | — | $ | 711,735,039 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Contracts | ||||||||||||||||||
S&P Mid 400 E-Mini | 33 | 03/20/15 | $ | 4,780,380 | $ | 181,385 | ||||||||||||
$ | 4,780,380 | $ | 181,385 |
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Asset Derivatives | ||||||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 181,385 | |||||||
Total Asset Derivatives | $ | 181,385 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||||
Equity contracts | $ | 587,296 | ||||
Total | $ | 587,296 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||||
Equity contracts | $ | (14,955 | ) | |||
Total | $ | (14,955 | ) |
VOYA INDEX PLUS SMALLCAP PORTFOLIO | SUMMARY PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2014 |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 98.7% | |||||||||||||||||||
Consumer Discretionary: 15.5% | |||||||||||||||||||
43,732 | Childrens Place Retail Stores, Inc. | $ | 2,492,724 | 0.8 | |||||||||||||||
26,774 | DineEquity, Inc. | 2,774,857 | 0.9 | ||||||||||||||||
42,550 | Jack in the Box, Inc. | 3,402,298 | 1.1 | ||||||||||||||||
96,111 | La-Z-Boy, Inc. | 2,579,619 | 0.8 | ||||||||||||||||
46,225 | Monro Muffler, Inc. | 2,671,805 | 0.8 | ||||||||||||||||
31,880 | @, L | Outerwall, Inc. | 2,398,014 | 0.7 | |||||||||||||||
48,990 | Papa John’s International, Inc. | 2,733,642 | 0.9 | ||||||||||||||||
50,924 | Pool Corp. | 3,230,619 | 1.0 | ||||||||||||||||
76,273 | Wolverine World Wide, Inc. | 2,247,765 | 0.7 | ||||||||||||||||
812,405 | Other Securities(a) | 24,925,812 | 7.8 | ||||||||||||||||
49,457,155 | 15.5 | ||||||||||||||||||
Consumer Staples: 3.2% | |||||||||||||||||||
40,116 | Casey’s General Stores, Inc. | 3,623,277 | 1.1 | ||||||||||||||||
150,823 | Other Securities | 6,566,884 | 2.1 | ||||||||||||||||
10,190,161 | 3.2 | ||||||||||||||||||
Energy: 3.4% | |||||||||||||||||||
1,095,953 | Other Securities(a) | 10,855,741 | 3.4 | ||||||||||||||||
Financials: 23.0% | |||||||||||||||||||
49,614 | EPR Properties | 2,859,255 | 0.9 | ||||||||||||||||
42,998 | Evercore Partners, Inc. | 2,251,805 | 0.7 | ||||||||||||||||
55,859 | L | Financial Engines, Inc. | 2,041,647 | 0.6 | |||||||||||||||
42,471 | MarketAxess Holdings, Inc. | 3,045,596 | 1.0 | ||||||||||||||||
83,014 | MB Financial, Inc. | 2,727,840 | 0.9 | ||||||||||||||||
34,478 | Post Properties, Inc. | 2,026,272 | 0.6 | ||||||||||||||||
50,897 | @ | PRA Group, Inc. | 2,948,463 | 0.9 | |||||||||||||||
58,873 | ProAssurance Corp. | 2,658,116 | 0.8 | ||||||||||||||||
57,015 | @ | Stifel Financial Corp. | 2,908,905 | 0.9 | |||||||||||||||
77,303 | The Geo Group, Inc. | 3,119,949 | 1.0 | ||||||||||||||||
1,754,159 | Other Securities(a) | 46,839,897 | 14.7 | ||||||||||||||||
73,427,745 | 23.0 | ||||||||||||||||||
Health Care: 11.2% | |||||||||||||||||||
38,610 | @ | Amsurg Corp. | 2,113,125 | 0.7 | |||||||||||||||
76,229 | @ | Emergent Biosolutions, Inc. | 2,075,716 | 0.6 | |||||||||||||||
41,192 | @ | Greatbatch, Inc. | 2,030,766 | 0.6 | |||||||||||||||
86,245 | @ | Impax Laboratories, Inc. | 2,732,242 | 0.9 | |||||||||||||||
68,211 | @ | Omnicell, Inc. | 2,259,148 | 0.7 | |||||||||||||||
690,032 | Other Securities | 24,432,989 | 7.7 | ||||||||||||||||
35,643,986 | 11.2 | ||||||||||||||||||
Industrials: 16.6% | |||||||||||||||||||
32,084 | Curtiss-Wright Corp. | 2,264,810 | 0.7 | ||||||||||||||||
45,879 | Forward Air Corp. | 2,310,925 | 0.7 | ||||||||||||||||
69,436 | Healthcare Services Group | 2,147,655 | 0.7 | ||||||||||||||||
77,963 | Heartland Express, Inc. | 2,105,781 | 0.6 | ||||||||||||||||
56,488 | @ | HUB Group, Inc. | 2,151,063 | 0.7 | |||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Industrials: (continued) | |||||||||||||||||||
73,442 | Knight Transportation, Inc. | $ | 2,472,058 | 0.8 | |||||||||||||||
80,043 | @ | Orbital Sciences Corp. | 2,152,356 | 0.7 | |||||||||||||||
59,864 | Simpson Manufacturing Co., Inc. | 2,071,294 | 0.6 | ||||||||||||||||
34,532 | @ | Teledyne Technologies, Inc. | 3,547,818 | 1.1 | |||||||||||||||
54,731 | Toro Co. | 3,492,385 | 1.1 | ||||||||||||||||
17,462 | Unifirst Corp. | 2,120,760 | 0.7 | ||||||||||||||||
40,727 | Watts Water Technologies, Inc. | 2,583,721 | 0.8 | ||||||||||||||||
642,439 | Other Securities | 23,611,050 | 7.4 | ||||||||||||||||
53,031,676 | 16.6 | ||||||||||||||||||
Information Technology: 16.3% | |||||||||||||||||||
95,940 | Adtran, Inc. | 2,091,492 | 0.7 | ||||||||||||||||
98,070 | @ | Advanced Energy Industries, Inc. | 2,324,259 | 0.7 | |||||||||||||||
58,258 | Blackbaud, Inc. | 2,520,241 | 0.8 | ||||||||||||||||
65,621 | @ | Cardtronics, Inc. | 2,531,658 | 0.8 | |||||||||||||||
53,006 | j2 Global, Inc. | 3,286,372 | 1.0 | ||||||||||||||||
109,836 | @ | Microsemi Corp. | 3,117,146 | 1.0 | |||||||||||||||
74,286 | MKS Instruments, Inc. | 2,718,868 | 0.8 | ||||||||||||||||
67,758 | @ | Netgear, Inc. | 2,410,830 | 0.8 | |||||||||||||||
51,382 | @ | Synchronoss Technologies, Inc. | 2,150,850 | 0.7 | |||||||||||||||
76,589 | @ | Take-Two Interactive Software, Inc. | 2,146,790 | 0.7 | |||||||||||||||
1,138,676 | Other Securities | 26,568,075 | 8.3 | ||||||||||||||||
51,866,581 | 16.3 | ||||||||||||||||||
Materials: 5.6% | |||||||||||||||||||
66,157 | @ | Boise Cascade Co. | 2,457,732 | 0.8 | |||||||||||||||
63,741 | HB Fuller Co. | 2,838,387 | 0.9 | ||||||||||||||||
374,508 | Other Securities | 12,630,006 | 3.9 | ||||||||||||||||
17,926,125 | 5.6 | ||||||||||||||||||
Telecommunication Services: 1.1% | |||||||||||||||||||
154,958 | Other Securities(a) | 3,420,832 | 1.1 | ||||||||||||||||
Utilities: 2.8% | |||||||||||||||||||
58,599 | El Paso Electric Co. | 2,347,476 | 0.8 | ||||||||||||||||
128,729 | Other Securities(a) | 6,448,046 | 2.0 | ||||||||||||||||
8,795,522 | 2.8 | ||||||||||||||||||
Total Common Stock (Cost $252,356,438) | 314,615,524 | 98.7 |
VOYA INDEX PLUS SMALLCAP PORTFOLIO | SUMMARY PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2014 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 4.1% | |||||||||||||||||||
Securities Lending Collateralcc: 2.8% | |||||||||||||||||||
2,125,982 | Citigroup, Inc., Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $2,125,991, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.375%–8.000%, Market Value plus accrued interest $2,168,502, due 12/15/17–07/15/51) | $ | 2,125,982 | 0.7 | |||||||||||||||
133,947 | Daiwa Capital Markets, Repurchase Agreement dated 12/31/14, 0.12%, due 01/02/15 (Repurchase Amount $133,948, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–6.500%, Market Value plus accrued interest $136,626, due 06/01/17–03/01/48) | 133,947 | 0.0 | ||||||||||||||||
2,615,959 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,615,981, collateralized by various U.S. Government Securities, 0.625%–3.125%, Market Value plus accrued interest $2,668,278, due 09/30/17–02/15/42) | 2,615,959 | 0.8 | ||||||||||||||||
908,926 | Morgan Stanley, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $908,930, collateralized by various U.S. Government Agency Obligations, 2.317%–9.500%, Market Value plus accrued interest $927,105, due 07/01/15–12/01/44) | 908,926 | 0.3 | ||||||||||||||||
550,712 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $550,714, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–8.875%, Market Value plus accrued interest $561,726, due 01/07/15–10/20/64) | 550,712 | 0.2 | ||||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Securities Lending Collateralcc: (continued) | |||||||||||||||||||
2,615,959 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,615,981, collateralized by various U.S. Government Securities, 0.125%–2.500%, Market Value plus accrued interest $2,668,540, due 04/15/16–02/15/42) | $ | 2,615,959 | 0.8 | |||||||||||||||
8,951,485 | 2.8 | ||||||||||||||||||
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
Mutual Funds: 1.3% | |||||||||||||||||||
4,056,559 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $4,056,559) | 4,056,559 | 1.3 | ||||||||||||||||
Total Short-Term Investments (Cost $13,008,044) | 13,008,044 | 4.1 | |||||||||||||||||
Total Investments in Securities (Cost $265,364,482) | $ | 327,623,568 | 102.8 | ||||||||||||||||
Liabilities in Excess of Other Assets | (8,773,138 | ) | (2.8 | ) | |||||||||||||||
Net Assets | $ | 318,850,430 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $266,125,426. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 72,052,347 | ||||
Gross Unrealized Depreciation | (10,554,205 | ) | ||||
Net Unrealized Appreciation | $ | 61,498,142 |
VOYA INDEX PLUS SMALLCAP PORTFOLIO | SUMMARY PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2014 (CONTINUED) |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2014 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock* | $ | 314,615,524 | $ | — | $ | — | $ | 314,615,524 | ||||||||||
Short-Term Investments | 4,056,559 | 8,951,485 | — | 13,008,044 | ||||||||||||||
Total Investments, at fair value | $ | 318,672,083 | $ | 8,951,485 | $ | — | $ | 327,623,568 | ||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Futures | 140,594 | — | — | 140,594 | ||||||||||||||
Total Assets | $ | 318,812,677 | $ | 8,951,485 | $ | — | $ | 327,764,162 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Contracts | ||||||||||||||||||
Russell 2000® Mini Index | 24 | 03/20/15 | $ | 2,881,680 | $ | 140,594 | ||||||||||||
$ | 2,881,680 | $ | 140,594 |
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Asset Derivatives | ||||||||||
Equity contracts | Net Assets — Unrealized appreciation* | $ | 140,594 | |||||||
Total Asset Derivatives | $ | 140,594 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||||
Equity contracts | $ | 82,596 | ||||
Total | $ | 82,596 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||||
Equity contracts | $ | 18,444 | ||||
Total | $ | 18,444 |
Portfolio Name | Type | Per Share Amount | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Voya Index Plus LargeCap Portfolio | ||||||||||
Class I | NII | $ | 0.3135 | |||||||
Class S | NII | $ | 0.2630 | |||||||
Voya Index Plus MidCap Portfolio | ||||||||||
Class I | NII | $ | 0.1865 | |||||||
Class S | NII | $ | 0.1278 | |||||||
All Classes | LTCG | $ | 1.0068 | |||||||
Voya Index Plus SmallCap Portfolio | ||||||||||
Class I | NII | $ | 0.1388 | |||||||
Class S | NII | $ | 0.0868 |
Voya Index Plus LargeCap Portfolio | 100.00 | % | ||||
Voya Index Plus MidCap Portfolio | 99.98 | % | ||||
Voya Index Plus SmallCap Portfolio | 100.00 | % |
Name, Address and Age | Position(s) Held with the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director(2) | Other Board Positions Held by Director | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Independent Directors*: | ||||||||||||||||||||||
Colleen D. Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54 | Director | May 2013–Present | President, Glantuam Partners, LLC, a business consulting firm (January 2009–Present). | 158 | DSM/Dentaquest, Boston, MA (February 2014– Present). | |||||||||||||||||
John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61 | Chairperson/Director | May 2013–Present | President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008–Present). | 158 | None. | |||||||||||||||||
Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 | Director | May 2013–Present | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000–Present). | 158 | Wisconsin Energy Corporation (June 2006–Present) and The Royce Funds (35 funds) (December 2009–Present). | |||||||||||||||||
Albert E. DePrince, Jr. 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 73 | Director | June 1998–Present | Retired. Formerly, Professor of Economics and Finance, Middle Tennessee State University (August 1991–July 2014); Dr. DePrince continued to hold a position with the university under a post-retirement contract through the end of 2014. | 158 | None. | |||||||||||||||||
Peter S. Drotch 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 73 | Director | May 2013–Present | Retired. | 158 | First Marblehead Corporation (September 2003–Present). | |||||||||||||||||
Russell H. Jones 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 70 | Director | December 2007–Present | Retired. | 158 | None. | |||||||||||||||||
Patrick W. Kenny 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 72 | Director | May 2013–Present | Retired. | 158 | Assured Guaranty Ltd. (April 2004–Present). | |||||||||||||||||
Joseph E. Obermeyer 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57 | Director | January 2003–Present | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999–Present). | 158 | None. | |||||||||||||||||
Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 64 | Director | May 2013–Present | Consultant (May 2001–Present). | 158 | None. | |||||||||||||||||
Roger B. Vincent 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 | Director | May 2013–Present | Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989–August 2011). | 158 | UGI Corporation (February 2006–Present) and UGI Utilities, Inc. (February 2006–Present). |
Name, Address and Age | Position(s) Held with the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director(2) | Other Board Positions Held by Director | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Director who is an “Interested Person”: | ||||||||||||||||||||||
Shaun P. Mathews(3) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59 | Director | December 2007–Present | President and Chief Executive Officer, Voya Investments, LLC (November 2006–Present). | 158 | Voya Capital Corporation, LLC and Voya Investments Distributor, LLC (December 2005–Present); Voya Funds Services, LLC, Voya Investments, LLC and Voya Investment Management, LLC (March 2006–Present); and Voya Investment Trust Co. (April 2009–Present). |
(1) | Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an “interested person” as defined in the 1940 Act, of the Portfolio (as defined below, “Independent Director”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Director attains the age of 75. A majority vote of the Board’s other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for purposes of appointing a successor to the Independent Director or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors). |
(2) | For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Money Market Portfolio; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Series Fund, Inc.; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Voya family of funds is as of January 31, 2015. |
(3) | Mr. Mathews is deemed to be an “Interested Person” of the Company as defined in the 1940 Act, because of his current affiliation with any of the Voya funds, Voya Financial, Inc., or any of Voya Financial, Inc.’s affiliates. |
* | Effective on December 31, 2014, J. Michael Earley retired as a Director. |
Name, Address and Age | Position(s) Held With the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59 | President and Chief Executive Officer | December 2006–Present | President and Chief Executive Officer, Voya Investments, LLC (November 2006–Present). | |||||||||||
Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | Executive Vice President | April 2002–Present | Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (April 2012–Present). Formerly, Chief Compliance Officer, Directed Services LLC and Voya Investments, LLC (March 2011–December 2013); Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (January 2007–April 2012) and Chief Compliance Officer, Voya Family of Funds (March 2011–February 2012). | |||||||||||
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 64 | Executive Vice President Chief Investment Risk Officer | March 2002–Present May 2013–Present | Executive Vice President, Voya Investments, LLC (July 2000–Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003–Present). | |||||||||||
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48 | Chief Compliance Officer | February 2012–Present | Senior Vice President and Chief Compliance Officer, Voya Investments, LLC (February 2012–Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004–January 2012). | |||||||||||
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | March 2005–Present | Senior Vice President, Voya Funds Services, LLC (March 2005–Present). | |||||||||||
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50 | Senior Vice President | December 2003–Present | Senior Vice President, Voya Investments, LLC (October 2003–Present). | |||||||||||
Julius A. Drelick, III 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48 | Senior Vice President | September 2012–Present | Senior Vice President — Head of Fund Compliance, Voya Funds Services, LLC (June 2012–Present); Chief Compliance Officer of Directed Services LLC and Voya Investments, LLC (January 2014–Present). Formerly, Vice President — Platform Product Management & Project Management, Voya Investments, LLC (April 2007–June 2012). | |||||||||||
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 | Senior Vice President | June 2006–Present | Senior Vice President, Head of Division Operations, Voya Funds Services, LLC (January 2006–Present). | |||||||||||
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42 | Vice President and Treasurer | September 2012–Present | Vice President, Voya Funds Services, LLC (March 2012–Present). Formerly, Assistant Vice President — Director, Voya Funds Services, LLC (March 2003–March 2012). | |||||||||||
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | Vice President | September 2004–Present | Vice President, Voya Funds Services, LLC (September 2004–Present). |
Name, Address and Age | Position(s) Held With the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61 | Vice President | March 2003–Present | Vice President, Voya Investments, LLC and Voya Funds Services, LLC (February 1996–Present); Vice President, Voya Investments, LLC (October 2004–Present); Vice President and Money Laundering Reporting Officer, Voya Investments Distributor, LLC (April 2010–Present); Anti-Money Laundering Compliance Officer, Voya Financial, Inc. (January 2013–Present); and Money Laundering Reporting Officer, Voya Investment Management Trust Co. (October 2012–Present). Formerly, Chief Compliance Officer, Voya Investments Distributor, LLC (August 1995–April 2010). | |||||||||||
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 | Vice President | September 2014–Present | Vice President, Voya Funds Services, LLC (April 2014–Present). Formerly, Director, Compliance, AXA Rosenberg Global Services, LLC (September 1997–March 2014). | |||||||||||
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 | Vice President | March 2002–Present | Vice President, Voya Funds Services, LLC (November 1995–Present) and Voya Investments, LLC (August 1997–Present). Formerly, Treasurer, Voya Family of Funds (November 1999–February 2012). | |||||||||||
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38 | Vice President | September 2012–Present | Vice President, Voya Funds Services, LLC (July 2007–Present). | |||||||||||
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57 | Vice President | March 2006–Present | Vice President — Mutual Fund Product Development, Voya Investments, LLC (July 2012–Present); Vice President, Voya Investment Management — Voya Family of Funds (March 2010–Present) and Vice President, Voya Funds Services, LLC (March 2006–Present). Formerly Managing Paralegal, Registration Statements (June 2003–July 2012). | |||||||||||
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45 | Vice President | June 2008–Present | Vice President — Director of Tax, Voya Funds Services, LLC (March 2013–Present). Formerly, Assistant Vice President — Director of Tax, Voya Funds Services, LLC (March 2008–March 2013). | |||||||||||
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51 | Secretary | September 2003–Present | Senior Vice President and Chief Counsel, Voya Investment Management — Mutual Fund Legal Department (March 2010–Present). Formerly, Chief Counsel, ING Americas, U.S. Legal Services (October 2003–March 2010). | |||||||||||
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63 | Assistant Secretary | August 2010–Present | Vice President and Senior Counsel, Voya Investment Management — Mutual Fund Legal Department (March 2010–Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008–March 2010). | |||||||||||
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 | Assistant Secretary | September 2003–Present | Vice President and Senior Counsel, Voya Investment Management — Mutual Fund Legal Department (March 2010–Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008–March 2010). |
(1) | The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified. |
which they request certain information that they deem important to facilitate an informed review in connection with initial and annual approvals of advisory and sub-advisory contracts.
changes. The Voya funds’ names, as well as the Adviser’s and the Sub-Adviser’s names, were also changed in connection with the Rebranding. The Rebranding resulted in amended and restated forms of advisory and sub-advisory contracts being presented to and approved by the Board at its September 12, 2014 meeting. The Board was advised that the Advisory and Sub-Advisory Contracts have the same terms as the then-current advisory and sub-advisory contracts, except for the effective date and certain immaterial changes made to certain provisions related to the Rebranding.
Portfolios’) performance and other areas over consecutive periods. The Board considered that the services provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S.
levels of growth versus peers and the Portfolios’ investment performance.
in sub-advisers or portfolio managers; and strategy modifications.
or more additional public offerings of Voya Financial, Inc. stock, or, possibly, through one or more privately negotiated sales of the stock. The Board recognized that the Separation Plan contemplated several public offerings and each may have been deemed to be a Change of Control Event, triggering the necessity for new agreements, which would require the approval of the Board. The Board concluded that approval by shareholders of the new agreements that would become effective in the event of one or more Change of Control Events would permit the Portfolios to benefit from the continuation of services by the Adviser, Sub-Adviser, and their affiliates throughout the Separation Plan without the need for multiple shareholder meetings. The Board was informed by the Adviser and its counsel that the Adviser obtained regulatory assurances from the staff of the U.S. Securities and Exchange Commission in March 2013 that they would not object to approval of future agreements by shareholders at a single shareholder meeting. Portfolio shareholders approved the future agreements in May 2013.
including the Board’s assessment of the nature, extent and quality of services being provided and, as applicable, actions taken in certain instances to improve the relationship between the costs and the quality of services being provided. Also in connection with its November 18, 2014 approvals of the New Agreements, the Board considered a representation from the Adviser that there were no additional developments not already disclosed to the Board since September 12, 2014 that would be a material consideration to the Board in connection with its consideration of the New Agreements.
1) | The Independent Directors solicited and received ongoing advice regarding the Board’s legal duties when approving the New Agreements from K&L Gates, their independent legal counsel, which law firm has extensive experience regarding such matters. |
2) | The Board considered Management’s representations regarding its commitment to maintain appropriate levels of overall staffing, ongoing resources and service quality through the transactions under the Separation Plan and after the Change of Control Event. The Board noted that such services include, but are not limited to, portfolio management services, administrative services, and regulatory compliance services. In this regard, the Board considered representations by the Adviser and its affiliates that their separation from ING Groep, as contemplated by the Separation Plan, will not lead to a reduction in the quality or scope of these and other services provided by those firms to the Portfolios. The Board also considered the importance of the asset management operations to the overall success of Voya Financial, Inc., which provides a strong incentive to Voya Financial, Inc. to provide appropriate resource allocations to support those asset management operations. |
3) | The Board considered representations by the Adviser and its affiliates that approval of the New Agreements would be necessary for the Portfolios to continue receiving investment management services from the Adviser and Sub-Adviser following the November 18th Change of Control Event. In addition, the Board considered representations by the Adviser and its affiliates, as well as related supporting documentation, indicating that the New Agreements, including the fees payable thereunder, are substantially similar to and, in any event, are no less favorable to the Portfolios than, the terms of the corresponding Prior Agreements. |
4) | The Board considered representations by the Adviser and its affiliates, including senior investment management personnel, as well as related supporting documentation, indicating that: (a) the Adviser and Sub-Adviser can be expected to provide services of the same nature, extent and quality under the New Agreements as were provided under the Prior Agreements; and (b) the November 18th Change of Control Event is not expected to result in any changes to: (i) the management of the Portfolios, including the continuity of the Portfolios’ portfolio managers and other personnel responsible for the management operations of the Portfolios; or (ii) the investment objective of or the principal investment strategies used to manage any of the Portfolios. |
5) | The Board considered actions taken by the Adviser subsequent to the September 12, 2014, approvals of the Prior Agreements with respect to certain Voya funds in response to requests made by the Board in connection with those approvals. |
6) | The Board considered the potential benefits to be realized by the Adviser and its affiliates as a result of the New Agreements. |
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
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Goodwin Procter LLP
Exchange Place
53 State Street
Boston, Massachusetts 02109
RETIREMENT | INVESTMENTS | INSURANCE voyainvestments.com | VPAR-AIP (1214-021615) |
Item 2. Code of Ethics.
As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 10(a)(1), Exhibit 99.CODE ETH.
Item 3. Audit Committee Financial Expert.
The Board of Trustees has determined that J. Michael Earley*, Colleen D. Baldwin, Peter S. Drotch, Patrick W. Kenny, Joseph E. Obermeyer, and Roger B. Vincent are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Earley*, Ms. Baldwin, Mr. Drotch, Mr. Kenny, Mr. Obermeyer and Mr. Vincent are “independent” for purposes of Item 3 of Form N-CSR.
*Effective On December 31, 2014, J. Michael Earley retired as a Director/Trustee.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $380,923 for year ended December 31, 2014 and $410,857 for year ended December 31, 2013. |
(b) | Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $47,850 for year ended December 31, 2014 and $45,600 for year ended December 31, 2013. |
(c) | Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $84,265 in the year ended December 31, 2014 and $78,641 in the year ended December 31, 2013. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state and excise tax returns, tax services related to mergers and routine consulting. |
(d) | All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $17,408 in the year ended December 31, 2014 and $3,987 in the year ended December 31, 2013. |
(e) (1) | Audit Committee Pre-Approval Policies and Procedures |
2 |
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY
I. | Statement of Principles |
Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the Voya funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.
Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.
For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.
The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.
II. | Audit Services |
The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.
The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.
The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.
III. | Audit-related Services |
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.
The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.
IV. | Tax Services |
The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.
The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult
outside counsel to determine that tax planning and reporting positions are consistent with this Policy.
The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.
V. | Other Services |
The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.
The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.
A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.
VI. | Pre-approval of Fee levels and Budgeted Amounts |
The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).
VII. | Procedures |
Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.
VIII. | Delegation |
The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.
IX. | Additional Requirements |
The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.
Part of KPMG’s performance of an audit in accordance with standards of the Public Company Accounting Oversight Board (US) includes their responsibility to maintain and monitor auditor independence with respect to the Voya funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the Voya entities that would impair KPMG independence with the respect to the Voya funds. In addition to receiving pre-approval from the Voya funds Audit Committee for services provided to the Voya funds and for services for Voya entities in the Investment Company Complex, the audit team has developed a process for periodic notification via email to the Voya funds’ Audit Committee Chairpersons regarding requests to provide services to ING Groep NV and its affiliates from KPMG offices worldwide. Additionally, KPMG provides a quarterly summary of the fees for services that have commenced for ING Groep NV and Affiliates at each Audit Committee Meeting.
Last Approved: May 22, 2014
Appendix A
Pre-Approved Audit Services for the Pre-Approval Period October 1, 2013 through December 31, 2014
Service | ||
The Fund(s) | Fee Range | |
Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee1 |
Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre-Approval Period |
Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $13,750 per audit |
Audit of summary portfolio of investments | √ | Not to exceed $525 per fund |
1 | For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling. |
Appendix B
Pre-Approved Audit-Related Services for the Pre-Approval Period October 1, 2013 through December 31, 2014
Service | |||
The Fund(s) | Fund Affiliates | Fee Range | |
Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed $10,000 per merger |
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.] | √ | Not to exceed $5,000 per occurrence during the Pre-Approval Period | |
Review of the Funds’ semi-annual and quarterly financial statements | √ | Not to exceed $2,525 per set of financial statements per fund | |
Reports to regulatory or government agencies related to the annual engagement | √ | Up to $5,000 per occurrence during the Pre-Approval Period | |
Regulatory compliance assistance | √ | √ | Not to exceed $5,000 per quarter |
Training courses | √ | Not to exceed $5,000 per course | |
For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies | √ | Not to exceed $9,450 per quarter |
Appendix C
Pre-Approved Tax Services for the Pre-Approval Period October 1, 2013 through December 31, 2014
Service | |||
The Fund(s) | Fund Affiliates | Fee Range | |
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions | √ | As presented to Audit Committee2 | |
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ | As presented to Audit Committee2 | |
Assistance and advice regarding year-end reporting for 1099’s | √ | As presented to Audit Committee2 | |
Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period |
2 | For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling. |
Appendix C, continued
Service | |||
The Fund(s) | Fund Affiliates | Fee Range | |
Tax training courses | √ | Not to exceed $5,000 per course during the Pre-Approval Period | |
Tax services associated with Fund mergers | √ | √ | Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, and similar routine tax consultations. | √ | Not to exceed $120,000 during the Pre-Approval Period |
Appendix D
Pre-Approved Other Services for the Pre-Approval Period October 1, 2013 through December 31, 2014
Service | |||
The Fund(s) | Fund Affiliates | Fee Range | |
Agreed-upon procedures for Class B share 12b-1 programs | √ | Not to exceed $60,000 during the Pre-Approval Period | |
Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians) Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | √
| √
| Not to exceed $5,300 per Fund during the Pre-Approval Period |
Agreed upon procedures for 15 (c) FACT Books | √ | Not to exceed $50,000 during the Pre-Approval Period |
Appendix E
Prohibited Non-Audit Services
Dated: October 1, 2013 to December 31, 2014
· | Bookkeeping or other services related to the accounting records or financial statements of the Funds |
· | Financial information systems design and implementation |
· | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports |
· | Actuarial services |
· | Internal audit outsourcing services |
· | Management functions |
· | Human resources |
· | Broker-dealer, investment adviser, or investment banking services |
· | Legal services |
· | Expert services unrelated to the audit |
· | Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible |
EXHIBIT A
VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND
VOYA BALANCED PORTFOLIO, INC.
VOYA EMERGING MARKETS LOCAL BOND FUND
VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND
VOYA EQUITY TRUST
VOYA FUNDS TRUST
VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND
VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND
VOYA GLOBAL STRATEGIC INCOME FUND
VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND
VOYA INTERMEDIATE BOND PORTFOLIO
VOYA INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND
VOYA INVESTORS TRUST
VOYA MONEY MARKET PORTFOLIO
VOYA MUTUAL FUNDS
VOYA PARTNERS, INC.
VOYA PRIME RATE TRUST
VOYA RISK MANAGED NATURAL RESOURCES
VOYA SENIOR INCOME FUND
VOYA SEPARATE PORTFOLIOS TRUST
VOYA SERIES FUND, INC.
VOYA SHORT DURATION HIGH INCOME FUND
VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
VOYA VARIABLE FUNDS
VOYA VARIABLE INSURANCE TRUST
VOYA VARIABLE PORTFOLIOS INC,
VOYA VARIABLE PRODUCTS TRUST
(e)(2) | Percentage of services referred to in 4(b) — (4)(d) that were approved by the audit committee |
100% of the services were approved by the audit committee.
(f) | Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50%. |
Not applicable.
(g) | Non-Audit Fees: The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to each Registrant by the independent registered public accounting firm for each Registrant's fiscal years ended December 31, 2014 and December 31, 2013; and (ii) the aggregate non-audit fees billed to the investment adviser, or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the same time periods. |
Registrant/Investment Adviser | 2014 | 2013 | |
Voya Variable Portfolios, Inc. | $ 149,523 | $ 128,228 | |
Voya Investments, LLC (1) | $ 184,250 | $ 1,135,567 |
(1) Each Registrant's investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc. |
(h) | Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
12 |
Item 6. Schedule of Investments
Summary schedule is included as part of the report to shareholders filed under Item 1 of this Form, if applicable.
13 |
Report of Independent Registered Public Accounting Firm
The Shareholders and Board of Directors
Voya Variable Portfolios, Inc.
We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Voya Australia Index Portfolio, Voya Emerging Markets Index Portfolio, Voya Euro STOXX 50® Index Portfolio, Voya FTSE 100 Index® Portfolio, Voya Hang Seng Index Portfolio, Voya International Index Portfolio, Voya Japan TOPIX Index Portfolio, Voya Russell™ Large Cap Growth Index Portfolio, Voya Russell™ Large Cap Index Portfolio, Voya Russell™ Large Cap Value Index Portfolio, Voya Russell™ Mid Cap Growth Index Portfolio, Voya Russell™ Mid Cap Index Portfolio, Voya Russell™ Small Cap Index Portfolio, Voya U.S. Bond Index Portfolio, Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio, Voya Index Plus SmallCap Portfolio, Voya Small Company Portfolio, and Voya Global Value Advantage Portfolio, each a series of Voya Variable Portfolios, Inc., as of December 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended (collectively, the "financial statements"), and the financial highlights for each of the years or periods in the five-year period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR), and the portfolios of investments as of December 31, 2014 (included in Item 6 of this Form N-CSR). These financial statements, financial highlights, and portfolios of investments are the responsibility of management. Our responsibility is to express an opinion on these financial statements, financial highlights, and portfolios of investments based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements, financial highlights, and portfolios of investments are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and portfolios of investments. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements, financial highlights, and portfolios of investments referred to above present fairly, in all material respects, the financial position of the aforementioned funds of Voya Variable Portfolios, Inc. as of December 31, 2014, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Boston, Massachusetts
February 24, 2015
Voya Global Value Advantage Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 96.8% | ||||||||||||||||
Consumer Discretionary: 14.4% | ||||||||||||||||
13,663 | Bayerische Motoren Werke AG | 1,474,491 | 0.9 | |||||||||||||
50,009 | Brinker International, Inc. | 2,935,028 | 1.7 | |||||||||||||
23,200 | Home Depot, Inc. | 2,435,304 | 1.4 | |||||||||||||
40,098 | Macy's, Inc. | 2,636,444 | 1.6 | |||||||||||||
33,300 | Nike, Inc. | 3,201,795 | 1.9 | |||||||||||||
66,016 | Reed Elsevier NV | 1,576,506 | 0.9 | |||||||||||||
21,939 | Renault S.A. | 1,597,960 | 0.9 | |||||||||||||
30,800 | Starbucks Corp. | 2,527,140 | 1.5 | |||||||||||||
58,500 | Toyota Motor Corp. | 3,645,568 | 2.2 | |||||||||||||
24,800 | Walt Disney Co. | 2,335,912 | 1.4 | |||||||||||||
24,366,148 | 14.4 | |||||||||||||||
Consumer Staples: 9.8% | ||||||||||||||||
36,100 | Altria Group, Inc. | 1,778,647 | 1.1 | |||||||||||||
21,161 | Casino Guichard Perrachon S.A. | 1,946,065 | 1.1 | |||||||||||||
67,100 | ConAgra Foods, Inc. | 2,434,388 | 1.4 | |||||||||||||
15,500 | CVS Caremark Corp. | 1,492,805 | 0.9 | |||||||||||||
82,600 | Japan Tobacco, Inc. | 2,273,382 | 1.3 | |||||||||||||
39,810 | Kraft Foods Group, Inc. | 2,494,495 | 1.5 | |||||||||||||
12,092 | KT&G Corp. | 839,588 | 0.5 | |||||||||||||
25,000 | Procter & Gamble Co. | 2,277,250 | 1.3 | |||||||||||||
81,274 | Spar Group Ltd./The | 1,128,541 | 0.7 | |||||||||||||
16,665,161 | 9.8 | |||||||||||||||
Energy: 6.3% | ||||||||||||||||
22,100 | Hess Corp. | 1,631,422 | 1.0 | |||||||||||||
32,000 | Occidental Petroleum Corp. | 2,579,520 | 1.5 | |||||||||||||
34,500 | Royal Dutch Shell PLC - Class A ADR | 2,309,775 | 1.3 | |||||||||||||
24,541 | Sasol Ltd. | 915,941 | 0.5 | |||||||||||||
64,368 | Total S.A. | 3,297,711 | 2.0 | |||||||||||||
10,734,369 | 6.3 | |||||||||||||||
Financials: 18.4% | ||||||||||||||||
71,002 | Admiral Group PLC | 1,456,616 | 0.9 | |||||||||||||
2,583,000 | Bank of China Ltd. | 1,449,759 | 0.8 | |||||||||||||
42,500 | Blackstone Group LP | 1,437,775 | 0.8 | |||||||||||||
1,794,000 | China Construction Bank | 1,465,308 | 0.9 | |||||||||||||
15,100 | Extra Space Storage, Inc. | 885,464 | 0.5 | |||||||||||||
31,410 | Hyundai Marine & Fire Insurance Co., Ltd. | 743,155 | 0.4 | |||||||||||||
621,538 | Intesa Sanpaolo S.p.A. | 1,803,026 | 1.1 | |||||||||||||
46,237 | JPMorgan Chase & Co. | 2,893,511 | 1.7 | |||||||||||||
513,623 | Legal & General Group PLC | 1,983,179 | 1.2 | |||||||||||||
46,669 | Macquarie Group Ltd. | 2,200,763 | 1.3 | |||||||||||||
1,154,300 | Mizuho Financial Group, Inc. | 1,934,957 | 1.1 | |||||||||||||
139,949 | Nordea Bank AB | 1,620,020 | 0.9 | |||||||||||||
31,300 | Prudential Financial, Inc. | 2,831,398 | 1.7 | |||||||||||||
40,455 | Starwood Property Trust, Inc. | 940,174 | 0.6 | |||||||||||||
8,219 | Swiss Life Holding | 1,942,575 | 1.1 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: (continued) | ||||||||||||||||
Financials (continued) | ||||||||||||||||
99,000 | United Overseas Bank Ltd. | 1,826,951 | 1.1 | |||||||||||||
12,600 | Ventas, Inc. | 903,420 | 0.5 | |||||||||||||
54,800 | Wells Fargo & Co. | 3,004,136 | 1.8 | |||||||||||||
31,322,187 | 18.4 | |||||||||||||||
Health Care: 12.0% | ||||||||||||||||
19,400 | Cardinal Health, Inc. | 1,566,162 | 0.9 | |||||||||||||
30,500 | Medtronic, Inc. | 2,202,100 | 1.3 | |||||||||||||
47,800 | Merck & Co., Inc. | 2,714,562 | 1.6 | |||||||||||||
39,913 | Novartis AG | 3,701,670 | 2.2 | |||||||||||||
92,400 | Pfizer, Inc. | 2,878,260 | 1.7 | |||||||||||||
12,183 | Roche Holding AG - Genusschein | 3,300,889 | 1.9 | |||||||||||||
63,900 | Shionogi & Co., Ltd. | 1,650,911 | 1.0 | |||||||||||||
23,200 | UnitedHealth Group, Inc. | 2,345,288 | 1.4 | |||||||||||||
20,359,842 | 12.0 | |||||||||||||||
Industrials: 11.7% | ||||||||||||||||
17,100 | Boeing Co. | 2,222,658 | 1.3 | |||||||||||||
1,565,500 | China Railway Construction Corp. Ltd. | 1,987,717 | 1.1 | |||||||||||||
102,800 | LIXIL Group Corp. | 2,163,503 | 1.3 | |||||||||||||
59,200 | KAR Auction Services, Inc. | 2,051,280 | 1.2 | |||||||||||||
58,558 | Koninklijke Philips NV | 1,697,367 | 1.0 | |||||||||||||
155,200 | Mitsubishi Corp. | 2,840,180 | 1.7 | |||||||||||||
21,176 | Siemens AG | 2,376,035 | 1.4 | |||||||||||||
18,800 | Union Pacific Corp. | 2,239,644 | 1.3 | |||||||||||||
19,500 | United Technologies Corp. | 2,242,500 | 1.4 | |||||||||||||
19,820,884 | 11.7 | |||||||||||||||
Information Technology: 12.1% | ||||||||||||||||
46,638 | Apple, Inc. | 5,147,902 | 3.0 | |||||||||||||
114,000 | Cisco Systems, Inc. | 3,170,910 | 1.9 | |||||||||||||
72,000 | MediaTek, Inc. | 1,046,695 | 0.6 | |||||||||||||
56,100 | Microchip Technology, Inc. | 2,530,671 | 1.5 | |||||||||||||
111,600 | Microsoft Corp. | 5,183,820 | 3.1 | |||||||||||||
41,400 | Oracle Corp. | 1,861,758 | 1.1 | |||||||||||||
68,100 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,524,078 | 0.9 | |||||||||||||
20,465,834 | 12.1 | |||||||||||||||
Materials: 4.6% | ||||||||||||||||
23,808 | BASF AG | 1,997,042 | 1.2 | |||||||||||||
36,500 | International Paper Co. | 1,955,670 | 1.2 | |||||||||||||
42,208 | Koninklijke DSM NV | 2,574,399 | 1.5 | |||||||||||||
61,900 | Steel Dynamics, Inc. | 1,221,906 | 0.7 | |||||||||||||
7,749,017 | 4.6 | |||||||||||||||
Telecommunication Services: 5.0% | ||||||||||||||||
48,600 | CenturyTel, Inc. | 1,923,588 | 1.1 | |||||||||||||
159,000 | China Mobile Ltd. | 1,862,327 | 1.1 | |||||||||||||
68,693 | MTN Group Ltd. | 1,306,715 | 0.8 | |||||||||||||
666,851 | Spark New Zealand Ltd. | 1,616,554 | 0.9 | |||||||||||||
90,722 | Telenor ASA | 1,835,180 | 1.1 | |||||||||||||
8,544,364 | 5.0 | |||||||||||||||
Utilities: 2.5% | ||||||||||||||||
53,200 | Southern Co. | 2,612,652 | 1.5 |
Voya Global Value Advantage Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Utilities (continued) | ||||||||||||||
97,674 | Suez Environnement S.A. | 1,701,800 | 1.0 | |||||||||||
4,314,452 | 2.5 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $150,983,776) | 164,342,258 | 96.8 | ||||||||||||
PREFERRED STOCK: 1.4% | ||||||||||||||
Financials: 0.8% | ||||||||||||||
99,760 | Itau Unibanco Holding S.A. | 1,298,509 | 0.8 | |||||||||||
Utilities: 0.6% | ||||||||||||||
215,108 | Cia Energetica de Minas Gerais | 1,063,320 | 0.6 | |||||||||||
Total Preferred Stock | ||||||||||||||
(Cost $2,685,505) | 2,361,829 | 1.4 | ||||||||||||
Total Long-Term Investments | ||||||||||||||
(Cost $153,669,281) | 166,704,087 | 98.2 | ||||||||||||
SHORT-TERM INVESTMENTS: 2.5% | ||||||||||||||
Mutual Funds: 2.5% | ||||||||||||||
4,257,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $4,257,000) | 4,257,000 | 2.5 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $4,257,000) | 4,257,000 | 2.5 | ||||||||||||
Total Investments in Securities (Cost $157,926,281) | $ | 170,961,087 | 100.7 | |||||||||||
Liabilities in Excess of Other Assets | (1,200,797 | ) | (0.7 | ) | ||||||||||
Net Assets | $ | 169,760,290 | 100.0 |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
ADR | American Depositary Receipt |
Cost for federal income tax purposes is $158,023,231. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 18,796,961 | ||
Gross Unrealized Depreciation | (5,859,105 | ) | ||
Net Unrealized Appreciation | $ | 12,937,856 |
Voya Small Company Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.7% | ||||||||||||||||
Consumer Discretionary: 14.2% | ||||||||||||||||
121,200 | AMC Entertainment Holdings, Inc. | 3,173,016 | 0.5 | |||||||||||||
409,000 | @ | Belmond Ltd | 5,059,330 | 0.8 | ||||||||||||
109,700 | Cheesecake Factory | 5,519,007 | 0.8 | |||||||||||||
96,000 | Childrens Place Retail Stores, Inc. | 5,472,000 | 0.8 | |||||||||||||
24,471 | L | Dave & Buster's Entertainment, Inc. | 668,058 | 0.1 | ||||||||||||
114,436 | @ | Express, Inc. | 1,681,065 | 0.3 | ||||||||||||
205,300 | Finish Line | 4,990,843 | 0.8 | |||||||||||||
88,400 | @ | Hibbett Sporting Goods, Inc. | 4,281,212 | 0.7 | ||||||||||||
168,955 | @ | Imax Corp. | 5,220,710 | 0.8 | ||||||||||||
69,300 | Jack in the Box, Inc. | 5,541,228 | 0.9 | |||||||||||||
164,200 | La Quinta Holdings, Inc. | 3,622,252 | 0.6 | |||||||||||||
226,511 | La-Z-Boy, Inc. | 6,079,555 | 0.9 | |||||||||||||
78,557 | Life Time Fitness, Inc. | 4,447,897 | 0.7 | |||||||||||||
96,450 | Monro Muffler, Inc. | 5,574,810 | 0.9 | |||||||||||||
81,400 | Papa John's International, Inc. | 4,542,120 | 0.7 | |||||||||||||
203,500 | Pier 1 Imports, Inc. | 3,133,900 | 0.5 | |||||||||||||
59,716 | Pool Corp. | 3,788,383 | 0.6 | |||||||||||||
147,900 | @ | Sally Beauty Holdings, Inc. | 4,546,446 | 0.7 | ||||||||||||
75,800 | Sturm Ruger & Co., Inc. | 2,624,954 | 0.4 | |||||||||||||
60,500 | Vail Resorts, Inc. | 5,513,365 | 0.8 | |||||||||||||
190,500 | Wolverine World Wide, Inc. | 5,614,035 | 0.9 | |||||||||||||
91,094,186 | 14.2 | |||||||||||||||
Consumer Staples: 2.1% | ||||||||||||||||
51,410 | Casey's General Stores, Inc. | 4,643,351 | 0.7 | |||||||||||||
227,700 | Flowers Foods, Inc. | 4,369,563 | 0.7 | |||||||||||||
120,300 | Pinnacle Foods, Inc. | 4,246,590 | 0.7 | |||||||||||||
13,259,504 | 2.1 | |||||||||||||||
Energy: 3.9% | ||||||||||||||||
236,800 | Bill Barrett Corp. | 2,697,152 | 0.4 | |||||||||||||
103,400 | Carrizo Oil & Gas, Inc. | 4,301,440 | 0.7 | |||||||||||||
313,500 | Cloud Peak Energy, Inc. | 2,877,930 | 0.4 | |||||||||||||
10,290 | @ | Dril-Quip, Inc. | 789,552 | 0.1 | ||||||||||||
338,810 | Energy XXI Bermuda Ltd. | 1,104,520 | 0.2 | |||||||||||||
676,000 | @ | Key Energy Services, Inc. | 1,128,920 | 0.2 | ||||||||||||
426,700 | L | Nordic American Tankers Ltd. | 4,296,869 | 0.7 | ||||||||||||
633,300 | Petroquest Energy, Inc. | 2,368,542 | 0.4 | |||||||||||||
97,300 | Rosetta Resources, Inc. | 2,170,763 | 0.3 | |||||||||||||
91,500 | @ | Unit Corp. | 3,120,150 | 0.5 | ||||||||||||
24,855,838 | 3.9 | |||||||||||||||
Financials: 24.7% | ||||||||||||||||
221,200 | Colony Financial, Inc. | 5,268,984 | 0.8 | |||||||||||||
205,982 | CubeSmart | 4,546,023 | 0.7 | |||||||||||||
132,200 | CyrusOne, Inc. | 3,642,110 | 0.6 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: (continued) | ||||||||||||||||
Financials (continued) | ||||||||||||||||
167,237 | DCT Industrial Trust, Inc. | 5,963,671 | 0.9 | |||||||||||||
133,935 | Encore Capital Group, Inc. | 5,946,714 | 0.9 | |||||||||||||
55,118 | EPR Properties | 3,176,450 | 0.5 | |||||||||||||
97,803 | Evercore Partners, Inc. | 5,121,943 | 0.8 | |||||||||||||
191,579 | First American Financial Corp. | 6,494,528 | 1.0 | |||||||||||||
321,195 | FirstMerit Corp. | 6,067,374 | 1.0 | |||||||||||||
124,578 | Great Western Bancorp, Inc. | 2,839,133 | 0.4 | |||||||||||||
137,800 | Highwoods Properties, Inc. | 6,101,784 | 1.0 | |||||||||||||
44,600 | Infinity Property & Casualty Corp. | 3,445,796 | 0.5 | |||||||||||||
147,118 | LaSalle Hotel Properties | 5,953,865 | 0.9 | |||||||||||||
73,637 | MarketAxess Holdings, Inc. | 5,280,509 | 0.8 | |||||||||||||
188,300 | MB Financial, Inc. | 6,187,538 | 1.0 | |||||||||||||
58,600 | Nelnet, Inc. | 2,714,938 | 0.4 | |||||||||||||
119,500 | PacWest Bancorp | 5,432,470 | 0.9 | |||||||||||||
53,976 | Primerica, Inc. | 2,928,738 | 0.5 | |||||||||||||
77,836 | ProAssurance Corp. | 3,514,295 | 0.6 | |||||||||||||
96,018 | Prosperity Bancshares, Inc. | 5,315,557 | 0.8 | |||||||||||||
348,800 | Radian Group, Inc. | 5,831,936 | 0.9 | |||||||||||||
169,088 | L | Redwood Trust, Inc. | 3,331,034 | 0.5 | ||||||||||||
173,500 | Selective Insurance Group | 4,713,995 | 0.7 | |||||||||||||
40,333 | Signature Bank | 5,080,345 | 0.8 | |||||||||||||
95,100 | South State Corp. | 6,379,308 | 1.0 | |||||||||||||
80,800 | Springleaf Holdings, Inc. | 2,922,536 | 0.5 | |||||||||||||
61,489 | Square 1 Financial, Inc. | 1,518,778 | 0.2 | |||||||||||||
230,000 | Starwood Property Trust, Inc. | 5,345,200 | 0.8 | |||||||||||||
283,500 | Sterling Bancorp/DE | 4,076,730 | 0.6 | |||||||||||||
70,285 | @ | Stifel Financial Corp. | 3,585,941 | 0.6 | ||||||||||||
237,900 | Susquehanna Bancshares, Inc. | 3,194,997 | 0.5 | |||||||||||||
48,624 | @ | SVB Financial Group | 5,643,788 | 0.9 | ||||||||||||
212,960 | Talmer Bancorp, Inc. | 2,989,958 | 0.5 | |||||||||||||
12,819 | Virtus Investment Partners | 2,185,511 | 0.3 | |||||||||||||
182,000 | Webster Financial Corp. | 5,920,460 | 0.9 | |||||||||||||
158,662,937 | 24.7 | |||||||||||||||
Health Care: 10.4% | ||||||||||||||||
55,491 | Acorda Therapeutics, Inc. | 2,267,917 | 0.3 | |||||||||||||
188,300 | AMN Healthcare Services, Inc. | 3,690,680 | 0.6 | |||||||||||||
55,949 | @ | Amsurg Corp. | 3,062,089 | 0.5 | ||||||||||||
77,799 | Charles River Laboratories International, Inc. | 4,951,128 | 0.8 | |||||||||||||
16,800 | Cubist Pharmaceuticals, Inc. | 1,690,920 | 0.3 | |||||||||||||
100,700 | Envision Healthcare Holdings, Inc. | 3,493,283 | 0.5 | |||||||||||||
105,700 | @ | Greatbatch, Inc. | 5,211,010 | 0.8 | ||||||||||||
73,724 | @ | Haemonetics Corp. | 2,758,752 | 0.4 | ||||||||||||
177,800 | @,L | Halozyme Therapeutics, Inc. | 1,715,770 | 0.3 |
Voya Small Company Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Health Care (continued) | ||||||||||||||
170,549 | Healthsouth Corp. | 6,559,315 | 1.0 | |||||||||||
55,375 | Impax Laboratories, Inc. | 1,754,280 | 0.3 | |||||||||||
38,200 | Isis Pharmaceuticals, Inc. | 2,358,468 | 0.4 | |||||||||||
110,700 | @ | Masimo Corp. | 2,915,838 | 0.4 | ||||||||||
75,748 | Medicines Co. | 2,095,947 | 0.3 | |||||||||||
67,914 | @ | Mednax, Inc. | 4,489,795 | 0.7 | ||||||||||
88,252 | @ | Nektar Therapeutics | 1,367,906 | 0.2 | ||||||||||
124,736 | Owens & Minor, Inc. | 4,379,481 | 0.7 | |||||||||||
78,980 | L | Steris Corp. | 5,121,853 | 0.8 | ||||||||||
94,600 | @ | Thoratec Corp. | 3,070,716 | 0.5 | ||||||||||
43,700 | WellCare Health Plans, Inc. | 3,586,022 | 0.6 | |||||||||||
66,541,170 | 10.4 | |||||||||||||
Industrials: 18.7% | ||||||||||||||
191,700 | Actuant Corp. | 5,221,908 | 0.8 | |||||||||||
127,400 | @ | Atlas Air Worldwide Holdings, Inc. | 6,280,820 | 1.0 | ||||||||||
150,800 | Barnes Group, Inc. | 5,581,108 | 0.9 | |||||||||||
135,600 | @ | Beacon Roofing Supply, Inc. | 3,769,680 | 0.6 | ||||||||||
397,200 | @ | Blount International, Inc. | 6,978,804 | 1.1 | ||||||||||
224,600 | Brady Corp. | 6,140,564 | 0.9 | |||||||||||
91,600 | Clarcor, Inc. | 6,104,224 | 0.9 | |||||||||||
66,200 | Curtiss-Wright Corp. | 4,673,058 | 0.7 | |||||||||||
85,300 | Forward Air Corp. | 4,296,561 | 0.7 | |||||||||||
177,917 | Healthcare Services Group | 5,502,973 | 0.9 | |||||||||||
235,100 | Heartland Express, Inc. | 6,350,051 | 1.0 | |||||||||||
97,800 | @ | HUB Group, Inc. | 3,724,224 | 0.6 | ||||||||||
160,300 | KAR Auction Services, Inc. | 5,554,395 | 0.9 | |||||||||||
152,300 | @ | On Assignment, Inc. | 5,054,837 | 0.8 | ||||||||||
189,000 | Orbital Sciences Corp. | 5,082,210 | 0.8 | |||||||||||
60,122 | Regal-Beloit Corp. | 4,521,175 | 0.7 | |||||||||||
130,294 | Resources Connection, Inc. | 2,143,336 | 0.3 | |||||||||||
43,799 | Teledyne Technologies, Inc. | 4,499,909 | 0.7 | |||||||||||
149,200 | Tetra Tech, Inc. | 3,983,640 | 0.6 | |||||||||||
86,900 | Toro Co. | 5,545,089 | 0.9 | |||||||||||
86,300 | Universal Forest Products, Inc. | 4,591,160 | 0.7 | |||||||||||
80,500 | Waste Connections, Inc. | 3,541,195 | 0.5 | |||||||||||
103,813 | Watts Water Technologies, Inc. | 6,585,897 | 1.0 | |||||||||||
95,400 | Woodward Governor Co. | 4,696,542 | 0.7 | |||||||||||
120,423,360 | 18.7 | |||||||||||||
Information Technology: 16.9% | ||||||||||||||
150,600 | Advanced Energy Industries, Inc. | 3,569,220 | 0.6 | |||||||||||
107,500 | Advent Software, Inc. | 3,293,800 | 0.5 | |||||||||||
30,543 | @ | Ansys, Inc. | 2,504,526 | 0.4 | ||||||||||
165,638 | Bankrate, Inc. | 2,058,880 | 0.3 | |||||||||||
31,812 | Blackhawk Network Holdings, Inc. | 1,234,306 | 0.2 | |||||||||||
40,000 | @ | CACI International, Inc. | 3,447,200 | 0.5 | ||||||||||
176,766 | @ | Cardtronics, Inc. | 6,819,632 | 1.1 | ||||||||||
114,800 | @ | Commvault Systems, Inc. | 5,934,012 | 0.9 | ||||||||||
136,300 | Cornerstone OnDemand, Inc. | 4,797,760 | 0.8 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
Information Technology (continued) | ||||||||||||||
225,500 | EVERTEC, Inc. | 4,990,315 | 0.8 | |||||||||||
33,000 | @ | Finisar Corp. | 640,530 | 0.1 | ||||||||||
75,300 | Flir Systems, Inc. | 2,432,943 | 0.4 | |||||||||||
104,500 | j2 Global, Inc. | 6,479,000 | 1.0 | |||||||||||
46,100 | Littelfuse, Inc. | 4,456,487 | 0.7 | |||||||||||
209,100 | @ | Microsemi Corp. | 5,934,258 | 0.9 | ||||||||||
79,917 | MKS Instruments, Inc. | 2,924,962 | 0.5 | |||||||||||
115,500 | Netgear, Inc. | 4,109,490 | 0.6 | |||||||||||
96,400 | Plantronics, Inc. | 5,111,128 | 0.8 | |||||||||||
99,759 | @ | Plexus Corp. | 4,111,069 | 0.7 | ||||||||||
302,000 | @ | Polycom, Inc. | 4,077,000 | 0.6 | ||||||||||
131,500 | Q2 Holdings, Inc. | 2,477,460 | 0.4 | |||||||||||
231,000 | Qlik Technologies, Inc. | 7,135,590 | 1.1 | |||||||||||
74,800 | @ | Rofin-Sinar Technologies, Inc. | 2,151,996 | 0.3 | ||||||||||
99,500 | @ | Semtech Corp. | 2,743,215 | 0.4 | ||||||||||
40,200 | Ultimate Software Group, Inc. | 5,901,963 | 0.9 | |||||||||||
117,100 | Veeco Instruments, Inc. | 4,084,448 | 0.6 | |||||||||||
49,500 | WEX, Inc. | 4,896,540 | 0.8 | |||||||||||
108,317,730 | 16.9 | |||||||||||||
Materials: 4.4% | ||||||||||||||
323,000 | Commercial Metals Co. | 5,261,670 | 0.8 | |||||||||||
156,700 | HB Fuller Co. | 6,977,851 | 1.1 | |||||||||||
78,889 | Minerals Technologies, Inc. | 5,478,841 | 0.8 | |||||||||||
48,600 | Olin Corp. | 1,106,622 | 0.2 | |||||||||||
671,000 | @ | Thompson Creek Metals Co., Inc. | 1,120,570 | 0.2 | ||||||||||
129,400 | Worthington Industries | 3,893,646 | 0.6 | |||||||||||
305,100 | Zep, Inc. | 4,622,265 | 0.7 | |||||||||||
28,461,465 | 4.4 | |||||||||||||
Utilities: 2.4% | ||||||||||||||
19,300 | Cleco Corp. | 1,052,622 | 0.2 | |||||||||||
135,097 | El Paso Electric Co. | 5,411,986 | 0.8 | |||||||||||
34,900 | Idacorp, Inc. | 2,310,031 | 0.4 | |||||||||||
86,400 | ONE Gas, Inc. | 3,561,408 | 0.5 | |||||||||||
86,785 | Portland General Electric Co. | 3,283,076 | 0.5 | |||||||||||
15,619,123 | 2.4 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $495,669,794) | 627,235,313 | 97.7 | ||||||||||||
EXCHANGE-TRADED FUNDS: 0.5% | ||||||||||||||
26,900 | iShares Russell 2000 Index Fund | 3,219,123 | 0.5 | |||||||||||
Total Exchange-Traded Funds | ||||||||||||||
(Cost $3,071,821) | 3,219,123 | 0.5 | ||||||||||||
Total Long-Term Investments | ||||||||||||||
(Cost $498,741,615) | 630,454,436 | 98.2 |
Voya Small Company Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 3.0% | ||||||||||||||
Securities Lending Collateralcc: 0.9% | ||||||||||||||
1,403,678 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,403,685, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,431,752, due 01/01/15-09/01/49) | 1,403,678 | 0.2 | |||||||||||
1,403,678 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,403,690, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $1,431,752, due 09/30/17-02/15/42) | 1,403,678 | 0.2 | |||||||||||
295,494 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $295,495, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $301,404, due 01/07/15-10/20/64) | 295,494 | 0.1 | |||||||||||
1,403,678 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,403,685, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $1,431,752, due 11/15/15-07/15/56) | 1,403,678 | 0.2 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | ||||||||||||||
Securities Lending Collateralcc (continued) | ||||||||||||||
1,403,678 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,403,690, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,431,892, due 04/15/16-02/15/42) | 1,403,678 | 0.2 | |||||||||||
5,910,206 | 0.9 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 2.1% | ||||||||||||||
13,114,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $13,114,000) | 13,114,000 | 2.1 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $19,024,206) | 19,024,206 | 3.0 | ||||||||||||
Total Investments in Securities (Cost $517,765,821) | $ | 649,478,642 | 101.2 | |||||||||||
Liabilities in Excess of Other Assets | (7,645,668 | ) | (1.2 | ) | ||||||||||
Net Assets | $ | 641,832,974 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
Cost for federal income tax purposes is $521,593,052. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 153,337,091 | ||
Gross Unrealized Depreciation | (25,451,501 | ) | ||
Net Unrealized Appreciation | $ | 127,885,590 |
Voya Australia Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 98.8% | ||||||||||||||
Consumer Discretionary: 3.7% | ||||||||||||||
18,610 | L | Ainsworth Game Technology Ltd. | 35,672 | 0.0 | ||||||||||
120,252 | @ | APN News & Media Ltd. | 81,271 | 0.0 | ||||||||||
10,824 | ARB Corp. Ltd. | 99,805 | 0.1 | |||||||||||
100,708 | Aristocrat Leisure Ltd. | 534,814 | 0.3 | |||||||||||
39,040 | Automotive Holdings Group | 120,601 | 0.1 | |||||||||||
15,615 | L | Breville Group Ltd. | 81,681 | 0.0 | ||||||||||
65,187 | Crown Ltd. | 670,407 | 0.4 | |||||||||||
10,326 | Domino's Pizza Enterprises Ltd. | 210,248 | 0.1 | |||||||||||
134,379 | Echo Entertainment Group Ltd. | 412,486 | 0.2 | |||||||||||
360,009 | John Fairfax Holdings Ltd. | 255,388 | 0.1 | |||||||||||
9,709 | L | Flight Centre Ltd. | 257,007 | 0.1 | ||||||||||
12,066 | G.U.D. Holdings Ltd. | 70,961 | 0.0 | |||||||||||
59,844 | G8 Education Ltd. | 202,168 | 0.1 | |||||||||||
102,855 | Harvey Norman Holdings Ltd. | 280,751 | 0.1 | |||||||||||
18,573 | Invocare Ltd. | 182,564 | 0.1 | |||||||||||
16,730 | L | JB Hi-Fi Ltd. | 214,699 | 0.1 | ||||||||||
34,421 | Kathmandu Holdings Ltd. | 56,317 | 0.0 | |||||||||||
100,081 | L | Myer Holdings Ltd. | 113,404 | 0.1 | ||||||||||
52,614 | Navitas Ltd. | 216,237 | 0.1 | |||||||||||
6,235 | @,L | News Corp. | 93,424 | 0.1 | ||||||||||
101,951 | Nine Entertainment Co. Holdings Ltd. | 158,376 | 0.1 | |||||||||||
160,294 | Pacific Brands Ltd. | 70,471 | 0.0 | |||||||||||
15,844 | Premier Investments Ltd. | 126,610 | 0.1 | |||||||||||
8,259 | REA Group Ltd. | 302,809 | 0.2 | |||||||||||
19,977 | Retail Food Group Ltd. | 93,312 | 0.1 | |||||||||||
106,685 | Seven West Media Ltd. | 116,923 | 0.1 | |||||||||||
29,514 | Sky Network Television Ltd. | 137,784 | 0.1 | |||||||||||
26,806 | SKYCITY Entertainment Group Ltd. | 80,486 | 0.0 | |||||||||||
32,362 | Slater & Gordon Ltd. | 167,835 | 0.1 | |||||||||||
96,506 | Southern Cross Media Group Ltd. | 88,023 | 0.0 | |||||||||||
57,629 | STW Communications Group Ltd. | 45,598 | 0.0 | |||||||||||
23,778 | L | Super Retail Group Ltd. | 138,182 | 0.1 | ||||||||||
131,306 | TABCORP Holdings Ltd. | 443,252 | 0.2 | |||||||||||
246,931 | Tattersall's Ltd. | 694,494 | 0.4 | |||||||||||
294,152 | @,L | Ten Network Holdings Ltd. | 53,832 | 0.0 | ||||||||||
38,365 | Trade Me Ltd. | 107,014 | 0.1 | |||||||||||
13,723 | L | Village Roadshow Ltd. | 67,113 | 0.0 | ||||||||||
7,082,019 | 3.7 | |||||||||||||
Consumer Staples: 7.3% | ||||||||||||||
69,538 | @ | Asaleo Care Ltd. | 93,491 | 0.1 | ||||||||||
23,607 | Bega Cheese Ltd. | 98,677 | 0.1 | |||||||||||
90,911 | Coca-Cola Amatil Ltd. | 686,384 | 0.4 | |||||||||||
289,065 | Goodman Fielder Ltd. | 151,035 | 0.1 |
31,426 | L | GrainCorp Ltd. | 210,765 | 0.1 | ||||||||||
155,462 | Metcash Ltd. | 234,295 | 0.1 | |||||||||||
24,817 | Tassal Group Ltd. | 78,943 | 0.0 | |||||||||||
110,547 | Treasury Wine Estates Ltd. | 426,686 | 0.2 | |||||||||||
193,435 | Wesfarmers Ltd. | 6,549,255 | 3.4 | |||||||||||
216,941 | Woolworths Ltd. | 5,390,899 | 2.8 | |||||||||||
13,920,430 | 7.3 | |||||||||||||
Energy: 5.1% | ||||||||||||||
92,131 | @ | Australian Worldwide Exploration Ltd. | 95,943 | 0.1 | ||||||||||
219,940 | Beach Petroleum Ltd. | 186,499 | 0.1 | |||||||||||
23,234 | Caltex Australia Ltd. | 644,675 | 0.3 | |||||||||||
71,905 | @ | Drillsearch Energy Ltd. | 47,280 | 0.0 | ||||||||||
195,892 | @,L | Horizon Oil Ltd. | 25,246 | 0.0 | ||||||||||
33,238 | @ | Karoon Gas Australia Ltd. | 65,032 | 0.0 | ||||||||||
79,409 | @,L | Liquefied Natural Gas Ltd. | 155,413 | 0.1 | ||||||||||
201,299 | Oil Search Ltd. | 1,290,848 | 0.7 | |||||||||||
189,524 | Origin Energy Ltd. | 1,793,171 | 0.9 | |||||||||||
227,333 | @,L | Paladin Resources Ltd. | 65,944 | 0.0 | ||||||||||
167,857 | Santos Ltd. | 1,121,247 | 0.6 | |||||||||||
159,748 | @ | Senex Energy Ltd. | 41,562 | 0.0 | ||||||||||
88,601 | @ | Sundance Energy Australia Ltd. | 37,795 | 0.0 | ||||||||||
102,254 | @,L | Whitehaven Coal Ltd. | 115,866 | 0.1 | ||||||||||
121,946 | Woodside Petroleum Ltd. | 3,771,462 | 2.0 | |||||||||||
37,678 | WorleyParsons Ltd. | 308,637 | 0.2 | |||||||||||
9,766,620 | 5.1 | |||||||||||||
Financials: 46.4% | ||||||||||||||
43,413 | Abacus Property Group | 104,873 | 0.1 | |||||||||||
506,345 | AMP Ltd. | 2,255,140 | 1.2 | |||||||||||
72,029 | Ardent Leisure Group | 170,519 | 0.1 | |||||||||||
33,315 | ASX Ltd. | 993,938 | 0.5 | |||||||||||
474,205 | Australia & New Zealand Banking Group Ltd. | 12,338,794 | 6.5 | |||||||||||
60,123 | Aveo Group | 105,156 | 0.1 | |||||||||||
61,391 | Bank of Queensland Ltd. | 604,820 | 0.3 | |||||||||||
77,084 | Bendigo Bank Ltd. | 801,515 | 0.4 | |||||||||||
83,197 | BWP Trust | 188,766 | 0.1 | |||||||||||
97,077 | Challenger Financial Services Group Ltd. | 512,813 | 0.3 | |||||||||||
72,917 | @ | Chapter Hall Units Contingent | – | – | ||||||||||
47,251 | Charter Hall Group | 173,180 | 0.1 | |||||||||||
52,638 | Charter Hall Retail REIT | 176,075 | 0.1 | |||||||||||
279,033 | Commonwealth Bank of Australia | 19,386,870 | 10.2 | |||||||||||
54,686 | Cover-More Group Ltd. | 84,245 | 0.0 | |||||||||||
220,819 | Cromwell Property Group | 184,909 | 0.1 | |||||||||||
155,842 | Dexus Property Group | 882,198 | 0.5 | |||||||||||
245,658 | Federation Centres Ltd | 571,957 | 0.3 | |||||||||||
38,099 | L | FlexiGroup Ltd./Australia | 92,497 | 0.0 | ||||||||||
38,035 | Genworth Mortgage Insurance Australia Ltd. | 111,785 | 0.1 | |||||||||||
264,661 | Goodman Group | 1,222,439 | 0.6 | |||||||||||
291,694 | GPT Group | 1,032,319 | 0.5 |
See Accompanying Notes to Financial Statements
1 |
Voya Australia Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
118,785 | Henderson Group PLC | 390,008 | 0.2 | |||||||||||
105,679 | Investa Office Fund | 311,988 | 0.2 | |||||||||||
402,998 | Insurance Australia Group | 2,046,229 | 1.1 | |||||||||||
45,456 | IOOF Holdings Ltd. | 327,715 | 0.2 | |||||||||||
91,274 | Lend Lease Corp., Ltd. | 1,215,667 | 0.6 | |||||||||||
55,369 | Macquarie Group Ltd. | 2,611,028 | 1.4 | |||||||||||
21,724 | L | Magellan Financial Group Ltd. | 289,350 | 0.1 | ||||||||||
628,517 | Mirvac Group | 909,182 | 0.5 | |||||||||||
415,602 | National Australia Bank Ltd. | 11,333,583 | 5.9 | |||||||||||
409,479 | Novion Property Group | 703,821 | 0.4 | |||||||||||
38,001 | L | Ozforex Group Ltd. | 87,227 | 0.0 | ||||||||||
8,125 | Perpetual Ltd. | 303,656 | 0.2 | |||||||||||
36,848 | Platinum Asset Management Ltd. | 216,463 | 0.1 | |||||||||||
234,910 | QBE Insurance Group Ltd. | 2,133,074 | 1.1 | |||||||||||
916,323 | @ | Scentre Group | 2,596,102 | 1.4 | ||||||||||
110,656 | Shopping Centres Australasia Property Group | 166,621 | 0.1 | |||||||||||
81,030 | Steadfast Group Ltd. | 101,695 | 0.0 | |||||||||||
404,225 | Stockland | 1,350,873 | 0.7 | |||||||||||
221,427 | Suncorp Group Ltd | 2,529,536 | 1.3 | |||||||||||
328,997 | Westfield Corp. | 2,411,668 | 1.3 | |||||||||||
535,074 | Westpac Banking Corp. | 14,391,240 | 7.5 | |||||||||||
88,421,534 | 46.4 | |||||||||||||
Health Care: 5.8% | ||||||||||||||
26,454 | Ansell Ltd. | 484,018 | 0.3 | |||||||||||
9,731 | Cochlear Ltd. | 613,898 | 0.3 | |||||||||||
81,678 | CSL Ltd. | 5,737,530 | 3.0 | |||||||||||
16,539 | Greencross Ltd. | 106,954 | 0.1 | |||||||||||
184,821 | @ | Healthscope Ltd. | 408,316 | 0.2 | ||||||||||
42,467 | @ | Japara Healthcare Ltd. | 71,107 | 0.0 | ||||||||||
33,475 | @,L | Mesoblast Ltd. | 118,965 | 0.1 | ||||||||||
86,110 | Primary Health Care Ltd. | 329,480 | 0.2 | |||||||||||
22,189 | Ramsay Health Care Ltd. | 1,028,642 | 0.5 | |||||||||||
129,971 | L | ResMed, Inc. | 730,777 | 0.4 | ||||||||||
197,848 | Sigma Pharmaceuticals Ltd. | 118,768 | 0.1 | |||||||||||
9,378 | Sirtex Medical Ltd. | 216,015 | 0.1 | |||||||||||
68,162 | Sonic Healthcare Ltd. | 1,025,467 | 0.5 | |||||||||||
10,951 | Virtus Health Ltd. | 69,873 | 0.0 | |||||||||||
11,059,810 | 5.8 | |||||||||||||
Industrials: 7.4% | ||||||||||||||
67,852 | L | ALS Ltd. | 293,920 | 0.2 | ||||||||||
167,863 | Asciano Group | 822,068 | 0.4 | |||||||||||
370,332 | Aurizon Holdings Ltd. | 1,385,884 | 0.7 | |||||||||||
29,435 | Bradken Ltd. | 112,543 | 0.1 | |||||||||||
269,078 | Brambles Ltd. | 2,317,901 | 1.2 | |||||||||||
18,959 | Cabcharge Australia Ltd. | 70,164 | 0.0 | |||||||||||
27,487 | L | Cardno Ltd. | 76,114 | 0.0 | ||||||||||
88,822 | CSR Ltd. | 280,627 | 0.1 | |||||||||||
74,819 | Downer EDI Ltd. | 285,921 | 0.2 | |||||||||||
51,290 | GWA Group Ltd. | 123,722 | 0.1 | |||||||||||
17,339 | Leighton Holdings Ltd. | 315,718 | 0.2 | |||||||||||
65,406 | Macquarie Atlas Roads Group | 169,868 | 0.1 | |||||||||||
9,748 | McMillan Shakespeare Ltd. | 83,171 | 0.0 |
61,714 | L | Mermaid Marine Australia Ltd. | 61,869 | 0.0 | ||||||||||
26,885 | Mineral Resources Ltd. | 164,528 | 0.1 | |||||||||||
15,604 | L | Monadelphous Group Ltd. | 118,674 | 0.1 | ||||||||||
377,993 | @ | Qantas Airways Ltd. | 734,181 | 0.4 | ||||||||||
119,400 | Qube Logistics Holdings Ltd. | 235,338 | 0.1 | |||||||||||
53,439 | Recall Holdings Ltd. | 312,175 | 0.2 | |||||||||||
36,271 | SAI Global Ltd. | 118,140 | 0.1 | |||||||||||
58,016 | Seek Ltd. | 808,981 | 0.4 | |||||||||||
16,770 | Seven Group Holdings Ltd. | 79,201 | 0.0 | |||||||||||
34,901 | Skilled Group Ltd. | 42,204 | 0.0 | |||||||||||
124,752 | @ | Spotless Group Holdings Ltd. | 193,245 | 0.1 | ||||||||||
377,648 | Sydney Airport | 1,445,824 | 0.8 | |||||||||||
116,719 | Toll Holdings Ltd. | 555,992 | 0.3 | |||||||||||
88,196 | @ | Transfield Services Ltd. | 116,779 | 0.1 | ||||||||||
271,611 | Transpacific Industries Group Ltd. | 190,699 | 0.1 | |||||||||||
326,372 | Transurban Group | 2,274,396 | 1.2 | |||||||||||
28,177 | L | UGL Ltd. | 50,242 | 0.0 | ||||||||||
115,936 | Veda Group Ltd. | 215,236 | 0.1 | |||||||||||
231,429 | @ | Virgin Australia Holdings Ltd. | – | – | ||||||||||
14,055,325 | 7.4 | |||||||||||||
Information Technology: 0.8% | ||||||||||||||
36,704 | L | Carsales.com.au Ltd. | 310,478 | 0.2 | ||||||||||
87,635 | Computershare Ltd. | 838,286 | 0.4 | |||||||||||
22,048 | Iress Market Technology Ltd. | 191,724 | 0.1 | |||||||||||
34,420 | Technology One Ltd. | 89,261 | 0.1 | |||||||||||
1,429,749 | 0.8 | |||||||||||||
Materials: 14.6% | ||||||||||||||
76,516 | Adelaide Brighton Ltd. | 221,710 | 0.1 | |||||||||||
425,492 | @ | Alumina Ltd. | 614,708 | 0.3 | ||||||||||
207,673 | Amcor Ltd. | 2,284,888 | 1.2 | |||||||||||
466,706 | Arrium Ltd. | 80,759 | 0.0 | |||||||||||
148,275 | L | Atlas Iron Ltd. | 19,658 | 0.0 | ||||||||||
33,107 | L | BC Iron Ltd. | 14,039 | 0.0 | ||||||||||
135,355 | @,L | Beadell Resources Ltd. | 24,515 | 0.0 | ||||||||||
552,307 | BHP Billiton Ltd. | 13,057,994 | 6.9 | |||||||||||
93,590 | @ | BlueScope Steel Ltd. | 423,602 | 0.2 | ||||||||||
131,895 | Boral Ltd. | 566,008 | 0.3 | |||||||||||
65,588 | DuluxGroup Ltd. | 308,651 | 0.2 | |||||||||||
78,173 | Evolution Mining Ltd. | 40,534 | 0.0 | |||||||||||
34,099 | Fletcher Building Ltd. | 219,205 | 0.1 | |||||||||||
292,807 | L | Fortescue Metals Group Ltd. | 642,899 | 0.3 | ||||||||||
72,022 | Iluka Resources Ltd. | 345,889 | 0.2 | |||||||||||
280,308 | Incitec Pivot Ltd. | 725,078 | 0.4 | |||||||||||
40,019 | Independence Group NL | 143,303 | 0.1 | |||||||||||
76,308 | James Hardie Industries SE | 814,607 | 0.4 | |||||||||||
580,140 | @,L | Lynas Corp. Ltd. | 31,755 | 0.0 | ||||||||||
110,345 | Mount Gibson Iron Ltd. | 21,648 | 0.0 | |||||||||||
131,373 | @ | Newcrest Mining Ltd. | 1,155,942 | 0.6 | ||||||||||
98,753 | Northern Star Resources Ltd | 119,013 | 0.1 | |||||||||||
30,786 | Nufarm Ltd. | 118,386 | 0.1 | |||||||||||
63,369 | Orica Ltd. | 971,041 | 0.5 | |||||||||||
207,673 | Orora Ltd. | 328,096 | 0.2 | |||||||||||
54,147 | OZ Minerals Ltd. | 151,908 | 0.1 |
See Accompanying Notes to Financial Statements
2 |
Voya Australia Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
29,357 | Pact Group Holdings Ltd. | 103,811 | 0.1 | |||||||||||
85,344 | Pan Australian Resources Ltd. | 97,288 | 0.0 | |||||||||||
70,291 | @,L | Regis Resources Ltd. | 109,578 | 0.1 | ||||||||||
74,996 | Rio Tinto Ltd. | 3,515,882 | 1.8 | |||||||||||
16,985 | Sandfire Resources NL | 62,290 | 0.0 | |||||||||||
28,615 | Sims Group Ltd. | 279,481 | 0.1 | |||||||||||
49,569 | @,L | Sirius Resources NL | 101,823 | 0.1 | ||||||||||
36,826 | Western Areas Ltd | 111,532 | 0.1 | |||||||||||
27,827,521 | 14.6 | |||||||||||||
Telecommunication Services: 5.8% | ||||||||||||||
26,820 | iiNET Ltd. | 171,378 | 0.1 | |||||||||||
30,873 | L | M2 Telecommunications Group Ltd. | 203,842 | 0.1 | ||||||||||
20,228 | Singapore Telecommunications Ltd. | 59,581 | 0.0 | |||||||||||
45,390 | Telecom Corp. of New Zealand Ltd. | 110,112 | 0.1 | |||||||||||
2,104,061 | Telstra Corp., Ltd. | 10,214,854 | 5.4 | |||||||||||
50,425 | TPG Telecom Ltd. | 275,838 | 0.1 | |||||||||||
17,131 | Vocus Communications Ltd. | 89,134 | 0.0 | |||||||||||
11,124,739 | 5.8 | |||||||||||||
Utilities: 1.9% | ||||||||||||||
115,864 | AGL Energy Ltd. | 1,263,740 | 0.7 | |||||||||||
191,780 | APA Group | 1,159,366 | 0.6 | |||||||||||
284,430 | AusNet Services | 307,290 | 0.2 | |||||||||||
233,154 | DUET Group | 458,280 | 0.2 | |||||||||||
230,333 | Spark Infrastructure Group | 398,972 | 0.2 | |||||||||||
3,587,648 | 1.9 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $196,352,364) | 188,275,395 | 98.8 | ||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Utilities: 0.0% | ||||||||||||||
43,897 | @ | APA GROUP - RTS | 30,727 | 0.0 | ||||||||||
Total Rights | ||||||||||||||
(Cost $–) | 30,727 | 0.0 | ||||||||||||
Total Long-Term Investments | ||||||||||||||
(Cost $196,352,364) | 188,306,122 | 98.8 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 11.2% | ||||||||||||||
Securities Lending Collateralcc: 1.9% | ||||||||||||||
1,000,000 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,000,005, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,020,000, due 01/01/15-09/01/49) | 1,000,000 | 0.5 | |||||||||||
1,000,000 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,000,008, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $1,020,000, due 09/30/17-02/15/42) | 1,000,000 | 0.5 | |||||||||||
662,887 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $662,890, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $676,145, due 01/07/15-10/20/64) | 662,887 | 0.4 | |||||||||||
1,000,000 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,000,005, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $1,020,000, due 11/15/15-07/15/56) | 1,000,000 | 0.5 | |||||||||||
3,662,887 | 1.9 |
See Accompanying Notes to Financial Statements
3 |
Voya Australia Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 9.3% | ||||||||||||||
17,743,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $17,743,000) | 17,743,000 | 9.3 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $21,405,887) | 21,405,887 | 11.2 | ||||||||||||
Total Investments in Securities (Cost $217,758,251) | $ | 209,712,009 | 110.0 | |||||||||||
Liabilities in Excess of Other Assets | (19,121,236 | ) | (10.0 | ) | ||||||||||
Net Assets | $ | 190,590,773 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
Cost for federal income tax purposes is $222,178,184. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 20,130,836 | ||
Gross Unrealized Depreciation | (32,597,011 | ) | ||
Net Unrealized Depreciation | $ | (12,466,175 | ) |
See Accompanying Notes to Financial Statements
4 |
Voya Emerging Markets Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 94.6% | ||||||||||||||
Consumer Discretionary: 8.7% | ||||||||||||||
900,000 | @ | Alibaba Pictures Group Ltd. | 159,091 | 0.0 | ||||||||||
164,000 | Anta Sports Products Ltd. | 288,293 | 0.0 | |||||||||||
44,736 | Arcelik A/S | 286,443 | 0.0 | |||||||||||
3,263,300 | Astra International Tbk PT | 1,946,182 | 0.3 | |||||||||||
302,000 | Astro Malaysia Holdings Bhd | 261,047 | 0.0 | |||||||||||
19,400 | @ | B2W Cia Digital | 163,771 | 0.0 | ||||||||||
15,056 | Bajaj Auto Ltd. | 578,932 | 0.1 | |||||||||||
171,300 | BEC World PCL | 265,111 | 0.0 | |||||||||||
769,000 | Belle International Holdings | 863,779 | 0.1 | |||||||||||
512,000 | Brilliance China Automotive Holdings Ltd. | 819,770 | 0.1 | |||||||||||
104,500 | L | Byd Co., Ltd. | 403,008 | 0.1 | ||||||||||
2,228 | L | CCC SA | 83,776 | 0.0 | ||||||||||
16,256 | @ | Cheil Communications, Inc. | 254,381 | 0.0 | ||||||||||
280,650 | Cheng Shin Rubber Industry Co. Ltd. | 658,721 | 0.1 | |||||||||||
147,200 | Chongqing Changan Automobile Co. Ltd. | 333,327 | 0.1 | |||||||||||
37,846 | Cyfrowy Polsat SA | 250,017 | 0.0 | |||||||||||
48,500 | Cyrela Brazil Realty SA | 201,794 | 0.0 | |||||||||||
452,000 | Dongfeng Motor Group Co., Ltd. | 632,268 | 0.1 | |||||||||||
32,240 | Eclat Textile Co. Ltd | 324,025 | 0.1 | |||||||||||
32,500 | El Puerto de Liverpool SAB de CV | 325,688 | 0.0 | |||||||||||
54,800 | Estacio Participacoes SA | 491,060 | 0.1 | |||||||||||
123,060 | Far Eastern Department Stores Co., Ltd. | 109,285 | 0.0 | |||||||||||
4,548 | Folli Follie Group | 145,310 | 0.0 | |||||||||||
2,349 | Ford Otomotiv Sanayi A/S | 32,660 | �� | 0.0 | ||||||||||
38,907 | Foschini Group Ltd./The | 446,669 | 0.1 | |||||||||||
1,010,000 | Geely Automobile Holdings Ltd. | 319,337 | 0.1 | |||||||||||
349,500 | Genting Bhd | 885,364 | 0.1 | |||||||||||
519,700 | Genting Malaysia BHD | 603,487 | 0.1 | |||||||||||
49,000 | Giant Manufacturing Co., Ltd. | 433,017 | 0.1 | |||||||||||
586,600 | Global Mediacom Tbk PT | 67,211 | 0.0 | |||||||||||
1,917,000 | GOME Electrical Appliances Holdings Ltd. | 280,199 | 0.0 | |||||||||||
165,500 | Great Wall Motor Co. Ltd. | 936,146 | 0.2 | |||||||||||
267,800 | Grupo Televisa S.A. | 1,825,841 | 0.3 | |||||||||||
29,553 | Grupo Televisa SAB ADR | 1,006,575 | 0.2 | |||||||||||
416,000 | Guangzhou Automobile Group Co. Ltd. | 376,134 | 0.1 |
185,000 | Haier Electronics Group Co. Ltd. | 437,652 | 0.1 | |||||||||||
6,716 | Halla Visteon Climate Control Corp. | 295,885 | 0.1 | |||||||||||
12,671 | Hankook Tire Co. Ltd. | 602,146 | 0.1 | |||||||||||
7,391 | Hero Honda Motors Ltd | 362,666 | 0.1 | |||||||||||
659,867 | Home Product Center PCL | 165,143 | 0.0 | |||||||||||
41,000 | Hotai Motor Co. Ltd. | 613,561 | 0.1 | |||||||||||
5,152 | Hotel Shilla Co. Ltd. | 427,340 | 0.1 | |||||||||||
2,700 | Hyundai Department Store Co. Ltd. | 300,307 | 0.1 | |||||||||||
10,900 | Hyundai Mobis | 2,332,020 | 0.4 | |||||||||||
24,742 | Hyundai Motor Co. | 3,779,492 | 0.6 | |||||||||||
2,658 | Hyundai Wia Corp. | 424,944 | 0.1 | |||||||||||
33,162 | Imperial Holdings Ltd. | 527,961 | 0.1 | |||||||||||
170,000 | Intime Retail Group Co. Ltd. | 122,925 | 0.0 | |||||||||||
77,850 | Jollibee Foods Corp. | 372,159 | 0.1 | |||||||||||
16,334 | Jumbo SA | 166,089 | 0.0 | |||||||||||
19,149 | Kangwon Land, Inc. | 527,805 | 0.1 | |||||||||||
42,766 | Kia Motors Corp. | 2,032,069 | 0.3 | |||||||||||
222,904 | Kroton Educacional SA | 1,299,756 | 0.2 | |||||||||||
17,472 | LG Electronics, Inc. | 935,909 | 0.2 | |||||||||||
22,500 | Lojas Renner SA | 647,271 | 0.1 | |||||||||||
1,965 | Lotte Shopping Co. Ltd. | 486,008 | 0.1 | |||||||||||
128 | LPP SA | 259,781 | 0.0 | |||||||||||
12,120 | Mahindra & Mahindra Ltd. | 235,962 | 0.0 | |||||||||||
49,135 | Mahindra & Mahindra Ltd. GDR | 965,503 | 0.2 | |||||||||||
304,900 | Matahari Department Store Tbk PT | 367,393 | 0.1 | |||||||||||
845,100 | Media Nusantara Citra Tbk PT | 172,742 | 0.0 | |||||||||||
38,850 | Merida Industry Co. Ltd. | 262,314 | 0.0 | |||||||||||
276,000 | Minor International PCL | 270,748 | 0.0 | |||||||||||
22,058 | Motherson Sumi Systems Ltd. | 158,860 | 0.0 | |||||||||||
41,636 | Mr Price Group Ltd. | 842,250 | 0.1 | |||||||||||
64,387 | Naspers Ltd. | 8,328,796 | 1.3 | |||||||||||
37,697 | OPAP S.A. | 403,973 | 0.1 | |||||||||||
6,333 | Paradise Co. Ltd | 134,995 | 0.0 | |||||||||||
377,000 | POU Chen Corp. | 454,610 | 0.1 | |||||||||||
105,081 | Ruentex Industries Ltd. | 220,355 | 0.0 | |||||||||||
154,162 | SACI Falabella | 1,034,199 | 0.2 | |||||||||||
98,000 | Shenzhou International Group Holdings Ltd. | 322,958 | 0.1 | |||||||||||
1,342 | Shinsegae Co., Ltd. | 220,294 | 0.0 | |||||||||||
342,645 | Steinhoff International Holdings Ltd. | 1,752,906 | 0.3 | |||||||||||
849,700 | Surya Citra Media Tbk PT | 239,788 | 0.0 | |||||||||||
30,870 | Tata Motors Ltd. | 241,482 | 0.0 | |||||||||||
19,817 | Tata Motors Ltd. ADR | 837,863 | 0.1 | |||||||||||
65,463 | Truworths International Ltd. | 434,724 | 0.1 | |||||||||||
31,812 | L | Tsogo Sun Holdings Ltd. | 79,949 | 0.0 | ||||||||||
100,300 | UMW Holdings Bhd | 314,887 | 0.1 | |||||||||||
21,300 | @ | Via Varejo SA | 166,429 | 0.0 | ||||||||||
156,894 | Woolworths Holdings Ltd./South Africa | 1,040,480 | 0.2 | |||||||||||
9,272 | Coway Co., Ltd. | 707,005 | 0.1 | |||||||||||
174,000 | Yulon Motor Co., Ltd. | 254,638 | 0.0 |
See Accompanying Notes to Financial Statements
5 |
Voya Emerging Markets Index Portfolio | SUMMARY PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
84,198 | Zee Telefilms Ltd. | 505,769 | 0.1 | |||||||||||
55,148,480 | 8.7 | |||||||||||||
Consumer Staples: 8.0% | ||||||||||||||
32,483 | Almacenes Exito SA | 399,118 | 0.1 | |||||||||||
212,531 | Ambev SA ADR | 1,321,943 | 0.2 | |||||||||||
545,800 | AMBEV SA | 3,357,095 | 0.5 | |||||||||||
518 | Amorepacific Corp. | 1,045,771 | 0.2 | |||||||||||
511 | Amorepacific Group | 462,169 | 0.1 | |||||||||||
36,218 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 351,697 | 0.1 | |||||||||||
67,000 | Arca Continental SAB de CV | 423,877 | 0.1 | |||||||||||
32,500 | Astra Agro Lestari Tbk PT | 63,504 | 0.0 | |||||||||||
36,863 | BIM Birlesik Magazalar AS | 788,311 | 0.1 | |||||||||||
70,600 | BRF - Brasil Foods SA | 1,684,924 | 0.3 | |||||||||||
36,214 | BRF SA ADR | 845,597 | 0.1 | |||||||||||
24,200 | British American Tobacco Malaysia Bhd | 448,205 | 0.1 | |||||||||||
212,042 | Cencosud SA | 529,039 | 0.1 | |||||||||||
470,300 | Charoen Pokphand Foods PCL | 387,056 | 0.1 | |||||||||||
1,291,000 | Charoen Pokphand Indonesia Tbk PT | 392,962 | 0.1 | |||||||||||
221,000 | China Agri-Industries Holdings Ltd. | 90,732 | 0.0 | |||||||||||
706,000 | China Huishan Dairy Holdings Co. Ltd | 122,230 | 0.0 | |||||||||||
229,000 | China Mengniu Diary Co., Ltd. | 942,937 | 0.1 | |||||||||||
216,000 | China Resources Enterprise | 451,241 | 0.1 | |||||||||||
23,000 | Cia Brasileira de Distribuicao Grupo Pao de Acucar | 853,393 | 0.1 | |||||||||||
28,257 | Cia Cervecerias Unidas SA | 267,285 | 0.0 | |||||||||||
1,404 | CJ CheilJedang Corp. | 391,241 | 0.1 | |||||||||||
69,500 | Coca-Cola Femsa SAB de CV | 596,559 | 0.1 | |||||||||||
14,495 | Coca-Cola Icecek AS | 313,491 | 0.1 | |||||||||||
79,400 | L | Controladora Comercial Mexicana SA de CV | 280,816 | 0.0 | ||||||||||
724,300 | L | CP ALL PCL | 931,245 | 0.1 | ||||||||||
61,151 | Dabur India Ltd. | 225,688 | 0.0 | |||||||||||
3,559 | E-Mart Co. Ltd. | 658,619 | 0.1 | |||||||||||
35,665 | Embotelladora Andina SA | 100,901 | 0.0 | |||||||||||
11,461 | Eurocash SA | 122,635 | 0.0 | |||||||||||
180,400 | Felda Global Ventures Holdings Bhd | 112,131 | 0.0 | |||||||||||
204,600 | Fomento Economico Mexicano SA de CV ADR | 1,814,999 | 0.3 | |||||||||||
10,714 | Fomento Economico Mexicano SAB de CV ADR | 943,153 | 0.1 | |||||||||||
344 | GlaxoSmithKline Consumer Healthcare Ltd | 31,960 | 0.0 | |||||||||||
21,383 | Godrej Consumer Products Ltd. | 329,540 | 0.1 | |||||||||||
28,400 | Gruma SA de CV | 302,831 | 0.0 | |||||||||||
268,000 | Grupo Bimbo SAB de CV | 739,310 | 0.1 |
63,000 | Grupo Comercial Chedraui, S.A. de C.V. | 180,625 | 0.0 | |||||||||||
117,900 | Grupo Lala SAB de CV | 227,189 | 0.0 | |||||||||||
83,900 | Gudang Garam Tbk PT | 411,019 | 0.1 | |||||||||||
119,000 | Hengan International Group Co., Ltd. | 1,240,719 | 0.2 | |||||||||||
120,332 | Hindustan Lever Ltd. | 1,446,101 | 0.2 | |||||||||||
67,700 | Hypermarcas SA | 424,048 | 0.1 | |||||||||||
214,600 | Indofood CBP Sukses Makmur TBK PT | 226,311 | 0.0 | |||||||||||
846,700 | Indofood Sukses Makmur Tbk PT | 461,608 | 0.1 | |||||||||||
510,300 | IOI Corp. Bhd | 700,338 | 0.1 | |||||||||||
357,927 | ITC Ltd. | 2,085,056 | 0.3 | |||||||||||
126,900 | JBS SA | 534,678 | 0.1 | |||||||||||
272,900 | Kimberly-Clark Corp. | 593,568 | 0.1 | |||||||||||
17,760 | KT&G Corp. | 1,233,137 | 0.2 | |||||||||||
86,400 | Kuala Lumpur Kepong BHD | 563,398 | 0.1 | |||||||||||
1,503 | LG Household & Health Care Ltd. | 851,903 | 0.1 | |||||||||||
130 | Lotte Confectionery Co. Ltd. | 210,624 | 0.0 | |||||||||||
6,800 | M Dias Branco SA | 232,789 | 0.0 | |||||||||||
41,508 | Magnit PJSC GDR | 1,875,870 | 0.3 | |||||||||||
21,787 | Massmart Holdings Ltd. | 266,999 | 0.0 | |||||||||||
31,000 | Natura Cosmeticos S.A. | 371,436 | 0.1 | |||||||||||
4,395 | Nestle India Ltd. | 444,555 | 0.1 | |||||||||||
589 | Orion Corp. | 543,828 | 0.1 | |||||||||||
43,670 | L | Pick n Pay Stores Ltd. | 197,497 | 0.0 | ||||||||||
95,500 | PPB Group Bhd | 390,576 | 0.1 | |||||||||||
95,000 | President Chain Store Corp. | 733,763 | 0.1 | |||||||||||
39,600 | Raia Drogasil SA | 377,647 | 0.1 | |||||||||||
72,847 | Shoprite Holdings Ltd. | 1,054,296 | 0.2 | |||||||||||
65,900 | Souza Cruz S.A. | 478,966 | 0.1 | |||||||||||
28,839 | Spar Group Ltd./The | 400,448 | 0.1 | |||||||||||
30,720 | Standard Foods Corp. | 68,050 | 0.0 | |||||||||||
400,000 | L | Sun Art Retail Group Ltd. | 397,697 | 0.1 | ||||||||||
11,800 | Thai Union Frozen Products PCL | 32,257 | 0.0 | |||||||||||
43,600 | Thai Union Frozen Products PCL | 119,187 | 0.0 | |||||||||||
27,826 | Tiger Brands Ltd. | 881,909 | 0.1 | |||||||||||
330,000 | Tingyi Cayman Islands Holding Corp. | 749,937 | 0.1 | |||||||||||
62,000 | Tsingtao Brewery Co., Ltd. | 418,193 | 0.1 | |||||||||||
26,784 | Ulker Biskuvi Sanayi AS | 212,014 | 0.0 | |||||||||||
252,300 | Unilever Indonesia Tbk PT | 654,406 | 0.1 | |||||||||||
250,200 | Uni-President China Holdings Ltd. | 230,369 | 0.0 | |||||||||||
765,201 | Uni-President Enterprises Corp. | 1,210,099 | 0.2 | |||||||||||
8,164 | United Spirits Ltd. | 360,026 | 0.1 | |||||||||||
147,070 | Universal Robina Corp. | 641,209 | 0.1 | |||||||||||
44,533 | Vina Concha y Toro SA | 87,077 | 0.0 | |||||||||||
840,000 | Wal-Mart de Mexico SA de CV | 1,805,968 | 0.3 | |||||||||||
962,000 | Want Want China Holdings Ltd. | 1,264,368 | 0.2 | |||||||||||
51,015,963 | 8.0 |
See Accompanying Notes to Financial Statements
6 |
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Energy: 7.4% | ||||||||||||||
2,477,900 | Adaro Energy Tbk PT | 206,743 | 0.0 | |||||||||||
123,200 | Banpu PCL | 92,998 | 0.0 | |||||||||||
34,320 | Bharat Petroleum Corp. Ltd. | 349,600 | 0.1 | |||||||||||
80,807 | Cairn India Ltd. | 307,919 | 0.0 | |||||||||||
703,000 | L | China Coal Energy Co. - Class H | 439,457 | 0.1 | ||||||||||
310,000 | China Oilfield Services Ltd. | 535,264 | 0.1 | |||||||||||
4,115,600 | China Petroleum & Chemical Corp. | 3,332,974 | 0.5 | |||||||||||
546,500 | China Shenhua Energy Co., Ltd. | 1,612,673 | 0.3 | |||||||||||
2,909,000 | CNOOC Ltd. | 3,933,460 | 0.6 | |||||||||||
86,500 | Coal India Ltd. | 524,012 | 0.1 | |||||||||||
23,100 | Cosan SA Industria e Comercio | 250,709 | 0.0 | |||||||||||
824,693 | Ecopetrol SA | 721,802 | 0.1 | |||||||||||
75,587 | Empresas COPEC SA | 853,003 | 0.1 | |||||||||||
141,000 | Energy Absolute PCL | 106,437 | 0.0 | |||||||||||
27,435 | L | Exxaro Resources Ltd. | 244,866 | 0.0 | ||||||||||
192,000 | Formosa Petrochemical Corp. | 416,512 | 0.1 | |||||||||||
380,123 | @ | Gazprom OAO ADR | 1,721,957 | 0.3 | ||||||||||
1,146,133 | Gazprom OAO | 2,457,012 | 0.4 | |||||||||||
8,805 | GS Holdings Corp. | 320,494 | 0.1 | |||||||||||
8,017 | Gulf International Services OSC | 214,453 | 0.0 | |||||||||||
71,400 | Indo Tambangraya Megah PT | 88,065 | 0.0 | |||||||||||
189,947 | Inner Mongolia Yitai Coal Co. | 272,004 | 0.1 | |||||||||||
1,862,600 | IRPC PCL | 172,575 | 0.0 | |||||||||||
548,000 | Kunlun Energy Co. Ltd. | 517,172 | 0.1 | |||||||||||
35,642 | Lukoil OAO ADR | 1,366,871 | 0.2 | |||||||||||
46,096 | Lukoil OAO | 1,667,290 | 0.3 | |||||||||||
7,455 | MOL Hungarian Oil & Gas PLC | 327,187 | 0.1 | |||||||||||
14,755 | NovaTek OAO GDR | 1,149,062 | 0.2 | |||||||||||
130,906 | Oil & Natural Gas Corp., Ltd. | 704,469 | 0.1 | |||||||||||
21,616 | Oil India Ltd. | 196,484 | 0.0 | |||||||||||
3,412,000 | PetroChina Co., Ltd. | 3,787,616 | 0.6 | |||||||||||
119,417 | Petroleo Brasileiro SA ADR | 905,181 | 0.1 | |||||||||||
485,400 | Petroleo Brasileiro SA | 1,751,180 | 0.3 | |||||||||||
42,700 | Petronas Dagangan BHD | 209,270 | 0.0 | |||||||||||
53,251 | Polski Koncern Naftowy Orlen | 728,189 | 0.1 | |||||||||||
340,227 | Polskie Gornictwo Naftowe I Gazownictwo SA | 424,281 | 0.1 | |||||||||||
227,600 | PTT Exploration & Production PCL | 770,741 | 0.1 | |||||||||||
151,400 | PTT PCL | 1,483,141 | 0.2 | |||||||||||
23,541 | Reliance Industries Ltd. | 331,034 | 0.1 | |||||||||||
94,452 | @ | Reliance Industries Ltd. GDR | 2,636,010 | 0.4 | ||||||||||
194,316 | Rosneft OAO | 619,058 | 0.1 | |||||||||||
645,900 | Sapurakencana Petroleum Bhd | 427,321 | 0.1 | |||||||||||
89,597 | Sasol Ltd. | 3,344,017 | 0.5 | |||||||||||
9,871 | SK Innovation Co. Ltd. | 760,271 | 0.1 | |||||||||||
7,458 | S-Oil Corp. | 327,703 | 0.1 | |||||||||||
1,255,551 | Surgutneftegas OAO | 484,824 | 0.1 |
34,300 | Tambang Batubara Bukit Asam Persero Tbk PT | 34,356 | 0.0 | |||||||||||
231,115 | Tatneft OAO | 864,888 | 0.1 | |||||||||||
165,000 | Thai Oil PCL | 209,961 | 0.0 | |||||||||||
21,894 | Tupras Turkiye Petrol Rafine | 518,008 | 0.1 | |||||||||||
58,900 | Ultrapar Participacoes SA | 1,140,021 | 0.2 | |||||||||||
370,000 | Yanzhou Coal Mining Co., Ltd. | 313,477 | 0.0 | |||||||||||
47,174,072 | 7.4 | |||||||||||||
Financials: 27.2% | ||||||||||||||
210,073 | Abu Dhabi Commercial Bank PJSC | 395,616 | 0.1 | |||||||||||
265,182 | @ | African Bank Investments Ltd. | 15,911 | 0.0 | ||||||||||
250 | L | Agile Property Holdings Ltd. | 142 | 0.0 | ||||||||||
3,458,000 | Agricultural Bank of China Ltd. | 1,739,256 | 0.3 | |||||||||||
300,066 | Akbank TAS | 1,107,899 | 0.2 | |||||||||||
570,962 | Aldar Properties PJSC | 402,161 | 0.1 | |||||||||||
8,287 | @ | Alior Bank SA | 181,687 | 0.0 | ||||||||||
195,500 | Alliance Financial Group Bhd | 262,791 | 0.0 | |||||||||||
695,810 | @ | Alpha Bank AE | 390,867 | 0.1 | ||||||||||
320,300 | AMMB Holdings Bhd | 601,520 | 0.1 | |||||||||||
31,450 | Ayala Corp. | 485,891 | 0.1 | |||||||||||
974,100 | Ayala Land, Inc. | 726,364 | 0.1 | |||||||||||
121,170 | Banco Bradesco SA ADR | 1,620,043 | 0.3 | |||||||||||
103,500 | Banco Bradesco SA | 1,336,288 | 0.2 | |||||||||||
16,376 | Banco Davivienda SA | 193,632 | 0.0 | |||||||||||
3,883,125 | Banco de Chile | 449,928 | 0.1 | |||||||||||
5,914 | Banco de Credito e Inversiones | 291,792 | 0.0 | |||||||||||
141,300 | Banco do Brasil S.A. | 1,263,525 | 0.2 | |||||||||||
74,200 | Banco Santander Brasil S.A. | 375,717 | 0.1 | |||||||||||
11,151,042 | Banco Santander Chile S.A. | 557,276 | 0.1 | |||||||||||
18,524 | BanColombia SA ADR | 886,929 | 0.1 | |||||||||||
55,900 | Bangkok Bank PCL | 328,335 | 0.1 | |||||||||||
46,300 | Bangkok Bank PCL - Foreign | 275,074 | 0.0 | |||||||||||
1,980,100 | Bank Central Asia Tbk PT | 2,100,367 | 0.3 | |||||||||||
602,900 | Bank Danamon Indonesia Tbk PT | 219,399 | 0.0 | |||||||||||
6,131 | Bank Handlowy w Warszawie | 184,232 | 0.0 | |||||||||||
1,518,500 | Bank Mandiri Persero TBK PT | 1,320,546 | 0.2 | |||||||||||
74,455 | Bank Millennium SA | 173,672 | 0.0 | |||||||||||
12,832,000 | Bank of China Ltd. | 7,202,209 | 1.1 | |||||||||||
1,418,000 | Bank of Communications Co., Ltd. | 1,318,413 | 0.2 | |||||||||||
131,810 | Bank of the Philippine Islands | 275,741 | 0.0 | |||||||||||
21,911 | Bank Pekao S.A. | 1,101,163 | 0.2 | |||||||||||
1,782,500 | Bank Rakyat Indonesia | 1,675,515 | 0.3 | |||||||||||
5,169 | Bank Zachodni WBK SA | 545,073 | 0.1 | |||||||||||
56,135 | Barclays Africa Group Ltd. | 877,778 | 0.1 |
See Accompanying Notes to Financial Statements
7 |
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
19,131 | Barwa Real Estate Co. | 217,002 | 0.0 | |||||||||||
114,200 | BB Seguridade Participacoes SA | 1,381,639 | 0.2 | |||||||||||
252,390 | BDO Unibank, Inc. | 617,414 | 0.1 | |||||||||||
301,400 | BM&F Bovespa S.A. | 1,116,842 | 0.2 | |||||||||||
1,226,700 | Bank Negara Indonesia Persero Tbk PT | 601,076 | 0.1 | |||||||||||
79,000 | BR Malls Participacoes S.A. | 488,289 | 0.1 | |||||||||||
51,817 | @ | Brait SE | 350,778 | 0.1 | ||||||||||
2,984 | BRE Bank SA | 418,294 | 0.1 | |||||||||||
35,759 | BS Financial Group, Inc. | 470,793 | 0.1 | |||||||||||
1,293,100 | Bumi Serpong Damai PT | 187,683 | 0.0 | |||||||||||
1,316,611 | Cathay Financial Holding Co., Ltd. | 1,945,477 | 0.3 | |||||||||||
277,400 | Central Pattana PCL | 380,530 | 0.1 | |||||||||||
37,126 | CETIP SA - Balcao Organizado de Ativos e Derivativos | 449,724 | 0.1 | |||||||||||
173,700 | Chailease Holding Co. Ltd. | 430,190 | 0.1 | |||||||||||
879,813 | Chang Hwa Commercial Bank | 502,982 | 0.1 | |||||||||||
766,000 | @ | China Cinda Asset Management Co. Ltd. | 370,939 | 0.1 | ||||||||||
1,340,000 | China Citic Bank | 1,068,301 | 0.2 | |||||||||||
11,677,000 | China Construction Bank | 9,537,572 | 1.5 | |||||||||||
2,369,000 | China Development Financial Holding Corp. | 752,633 | 0.1 | |||||||||||
436,000 | China Everbright Bank Co. Ltd | 236,207 | 0.0 | |||||||||||
152,000 | China Everbright Ltd. | 359,689 | 0.1 | |||||||||||
238,500 | China Galaxy Securities Co. Ltd. | 297,221 | 0.0 | |||||||||||
1,195,000 | China Life Insurance Co., Ltd. | 4,682,182 | 0.7 | |||||||||||
519,976 | China Life Insurance Co., Ltd. (TWD) | 429,543 | 0.1 | |||||||||||
734,880 | China Merchants Bank Co., Ltd. | 1,834,373 | 0.3 | |||||||||||
1,015,000 | China Minsheng Banking Corp. Ltd. | 1,326,931 | 0.2 | |||||||||||
654,000 | China Overseas Land & Investment Ltd. | 1,934,683 | 0.3 | |||||||||||
421,200 | China Pacific Insurance Group Co., Ltd. | 2,119,064 | 0.3 | |||||||||||
344,000 | China Resources Land Ltd. | 904,038 | 0.1 | |||||||||||
292,000 | China South City Holdings Ltd. | 132,093 | 0.0 | |||||||||||
190,428 | @ | China Taiping Insurance Holdings Co., Ltd. | 541,161 | 0.1 | ||||||||||
237,700 | @ | China Vanke Co. Ltd | 527,301 | 0.1 | ||||||||||
2,243,303 | CTBC Financial Holding Co. Ltd | 1,451,300 | 0.2 | |||||||||||
455,000 | Chongqing Rural Commercial Bank | 282,289 | 0.0 | |||||||||||
803,800 | CIMB Group Holdings Bhd | 1,275,724 | 0.2 | |||||||||||
175,500 | CITIC Securities Co. Ltd. | 655,974 | 0.1 | |||||||||||
6,377 | Commercial Bank of Qatar | 118,749 | 0.0 |
151,119 | Commercial International Bank | 1,031,104 | 0.2 | |||||||||||
182,700 | Compartamos SAB de CV | 367,165 | 0.1 | |||||||||||
33,938 | Coronation Fund Managers Ltd | 335,863 | 0.1 | |||||||||||
15,244 | Corp Financiera Colombiana SA | 256,322 | 0.0 | |||||||||||
22,906,027 | Corpbanca | 275,069 | 0.0 | |||||||||||
936,133 | Country Garden Holdings Co. Ltd. | 373,534 | 0.1 | |||||||||||
10,932 | Credicorp Ltd. | 1,751,088 | 0.3 | |||||||||||
35,364 | @ | Daewoo Securities Co., Ltd. | 312,509 | 0.1 | ||||||||||
27,195 | DGB Financial Group, Inc. | 279,541 | 0.0 | |||||||||||
55,588 | Discovery Holdings Ltd. | 532,229 | 0.1 | |||||||||||
82,323 | DLF Ltd. | 176,788 | 0.0 | |||||||||||
4,069 | Doha Bank QSC | 63,099 | 0.0 | |||||||||||
8,035 | Dongbu Insurance Co., Ltd. | 401,250 | 0.1 | |||||||||||
367,882 | Dubai Financial Market | 194,595 | 0.0 | |||||||||||
139,884 | Dubai Islamic Bank PJSC | 256,848 | 0.0 | |||||||||||
1,085,487 | E.Sun Financial Holding Co., Ltd. | 672,594 | 0.1 | |||||||||||
552,867 | Emaar Properties PJSC | 1,065,538 | 0.2 | |||||||||||
342,815 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 405,472 | 0.1 | |||||||||||
1,418,829 | @ | Eurobank Ergasias SA | 316,956 | 0.1 | ||||||||||
1,131,000 | L | Evergrande Real Estate Group Ltd. | 455,770 | 0.1 | ||||||||||
249,000 | Far East Horizon Ltd. | 244,736 | 0.0 | |||||||||||
383,500 | Fibra Uno Administracion SA de CV | 1,130,193 | 0.2 | |||||||||||
1,248,306 | First Financial Holding Co., Ltd. | 731,981 | 0.1 | |||||||||||
114,452 | First Gulf Bank PJSC | 525,718 | 0.1 | |||||||||||
500,705 | FirstRand Ltd. | 2,176,669 | 0.3 | |||||||||||
458,000 | Franshion Properties China Ltd. | 130,704 | 0.0 | |||||||||||
1,066,000 | Fubon Financial Holding Co., Ltd. | 1,696,783 | 0.3 | |||||||||||
175,488 | @ | Getin Noble Bank SA | 107,992 | 0.0 | ||||||||||
335,887 | Growthpoint Properties Ltd. | 798,068 | 0.1 | |||||||||||
598,216 | Grupo Aval Acciones y Valores | 322,203 | 0.1 | |||||||||||
41,110 | Grupo de Inversiones Suramericana SA | 691,942 | 0.1 | |||||||||||
396,400 | Grupo Financiero Banorte | 2,181,661 | 0.3 | |||||||||||
382,700 | Grupo Financiero Inbursa SA | 987,764 | 0.2 | |||||||||||
297,600 | Grupo Financiero Santander Mexico SAB de CV | 622,078 | 0.1 | |||||||||||
183,200 | L | Guangzhou R&F Properties Co., Ltd. | 223,048 | 0.0 | ||||||||||
152,814 | Haci Omer Sabanci Holding AS | 663,321 | 0.1 | |||||||||||
230,400 | Haitong Securities Co. Ltd. | 575,052 | 0.1 | |||||||||||
46,983 | Hana Financial Group, Inc. | 1,360,735 | 0.2 |
See Accompanying Notes to Financial Statements
8 |
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
39,835 | Hanwha Life Insurance Co. Ltd. | 300,969 | 0.1 | |||||||||||
56,000 | Highwealth Construction Corp. | 112,294 | 0.0 | |||||||||||
91,300 | Hong Leong Bank BHD | 365,043 | 0.1 | |||||||||||
36,000 | Hong Leong Financial Group Bhd | 169,171 | 0.0 | |||||||||||
238,362 | Housing Development Finance Corp. | 4,274,392 | 0.7 | |||||||||||
1,064,916 | Hua Nan Financial Holdings Co. Ltd. | 595,568 | 0.1 | |||||||||||
10,890 | Hyundai Marine & Fire Insurance Co., Ltd. | 257,656 | 0.0 | |||||||||||
70,085 | ICICI Bank Ltd. ADR | 809,482 | 0.1 | |||||||||||
48,637 | ICICI Bank Ltd. | 270,662 | 0.0 | |||||||||||
11,925,000 | Industrial and Commercial Bank of China Ltd. | 8,707,544 | 1.4 | |||||||||||
38,195 | Industrial Bank Of Korea | 488,613 | 0.1 | |||||||||||
44,387 | Investec Ltd. | 371,995 | 0.1 | |||||||||||
257,599 | IOI Properties Group Bhd | 177,648 | 0.0 | |||||||||||
162,417 | Itau Unibanco Holding S.A. ADR | 2,113,045 | 0.3 | |||||||||||
25,300 | Kasikornbank PCL | 174,981 | 0.0 | |||||||||||
278,400 | Kasikornbank PCL - Foreign | 1,927,160 | 0.3 | |||||||||||
62,578 | KB Financial Group, Inc. | 2,045,928 | 0.3 | |||||||||||
2,699 | Komercni Banka AS | 555,457 | 0.1 | |||||||||||
7,612 | Korea Investment Holdings Co., Ltd. | 334,715 | 0.1 | |||||||||||
635,300 | Krung Thai Bank PCL | 435,852 | 0.1 | |||||||||||
18,881 | Liberty Holdings Ltd. | 200,256 | 0.0 | |||||||||||
53,292 | LIC Housing Finance Ltd. | 366,724 | 0.1 | |||||||||||
3,490,900 | Lippo Karawaci Tbk PT | 286,616 | 0.0 | |||||||||||
241,000 | Longfor Properties Co., Ltd. | 308,999 | 0.1 | |||||||||||
49,950 | Mahindra & Mahindra Financial Services Ltd. | 259,749 | 0.0 | |||||||||||
718,200 | Malayan Banking BHD | 1,880,838 | 0.3 | |||||||||||
65,702 | Masraf Al Rayan | 786,526 | 0.1 | |||||||||||
1,600,839 | Mega Financial Holdings Co., Ltd. | 1,235,034 | 0.2 | |||||||||||
1,229,000 | Megaworld Corp. | 126,996 | 0.0 | |||||||||||
2,103,000 | Metro Pacific Investments Corp. | 214,880 | 0.0 | |||||||||||
3,517 | Mirae Asset Securities Co., Ltd. | 136,769 | 0.0 | |||||||||||
182,459 | MMI Holdings Ltd. | 473,192 | 0.1 | |||||||||||
278,705 | Moscow Exchange MICEX-RTS OAO | 268,754 | 0.0 | |||||||||||
16,500 | Multiplan Empreendimentos Imobiliarios SA | 294,470 | 0.0 | |||||||||||
112,421 | National Bank of Abu Dhabi PJSC | 424,335 | 0.1 | |||||||||||
263,996 | @ | National Bank of Greece SA | 463,376 | 0.1 | ||||||||||
34,300 | Nedbank Group Ltd. | 734,548 | 0.1 | |||||||||||
134,600 | New China Life Insurance Co. Ltd. | 675,401 | 0.1 | |||||||||||
476,000 | L | New World China Land Ltd. | 281,447 | 0.0 | ||||||||||
38,047 | OTP Bank Nyrt | 548,809 | 0.1 |
981,000 | People's Insurance Co. Group of China Ltd. | 455,939 | 0.1 | |||||||||||
567,496 | PICC Property & Casualty Co., Ltd. | 1,095,111 | 0.2 | |||||||||||
414,000 | Ping An Insurance Group Co. of China Ltd. | 4,191,975 | 0.7 | |||||||||||
372,204 | @ | Piraeus Bank SA | 405,009 | 0.1 | ||||||||||
21,100 | Porto Seguro SA | 241,306 | 0.0 | |||||||||||
46,894 | Power Finance Corp. Ltd | 222,715 | 0.0 | |||||||||||
141,818 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 1,423,554 | 0.2 | |||||||||||
432,500 | Public Bank BHD | 2,259,509 | 0.4 | |||||||||||
9,174 | Powszechny Zaklad Ubezpieczen SA | 1,251,998 | 0.2 | |||||||||||
12,278 | Qatar Islamic Bank SAQ | 337,859 | 0.1 | |||||||||||
26,356 | Qatar National Bank | 1,530,947 | 0.2 | |||||||||||
566,602 | Redefine Properties Ltd. | 524,073 | 0.1 | |||||||||||
77,418 | Remgro Ltd. | 1,693,650 | 0.3 | |||||||||||
24,263 | Resilient Property Income Fund Ltd. | 176,166 | 0.0 | |||||||||||
90,100 | RHB Capital Bhd | 196,357 | 0.0 | |||||||||||
122,192 | RMB Holdings Ltd. | 674,801 | 0.1 | |||||||||||
116,234 | RMI Holdings | 410,566 | 0.1 | |||||||||||
129,126 | Ruentex Development Co. Ltd. | 204,094 | 0.0 | |||||||||||
56,547 | Rural Electrification Corp. Ltd. | 298,448 | 0.0 | |||||||||||
7,067 | Samsung Card Co. | 284,185 | 0.0 | |||||||||||
5,409 | Samsung Fire & Marine Insurance Co. Ltd. | 1,390,204 | 0.2 | |||||||||||
9,718 | Samsung Life Insurance Co. Ltd. | 1,029,028 | 0.2 | |||||||||||
11,152 | Samsung Securities Co. Ltd. | 448,433 | 0.1 | |||||||||||
287,411 | Sanlam Ltd. | 1,729,434 | 0.3 | |||||||||||
170,265 | @ | Sberbank of Russia ADR | 659,436 | 0.1 | ||||||||||
1,075,042 | Sberbank RF | 943,227 | 0.2 | |||||||||||
250,500 | Shimao Property Holdings Ltd. | 554,757 | 0.1 | |||||||||||
1,448,613 | Shin Kong Financial Holding Co., Ltd. | 410,327 | 0.1 | |||||||||||
68,431 | Shinhan Financial Group Co., Ltd. | 2,750,592 | 0.4 | |||||||||||
27,139 | Shriram Transport Finance Co. Ltd. | 475,456 | 0.1 | |||||||||||
422,500 | Shui On Land Ltd. | 99,361 | 0.0 | |||||||||||
254,400 | Siam Commercial Bank PCL | 1,401,155 | 0.2 | |||||||||||
672,500 | Sino-Ocean Land Holdings Ltd. | 379,177 | 0.1 | |||||||||||
1,272,598 | SinoPac Financial Holdings Co., Ltd. | 521,489 | 0.1 | |||||||||||
1,080,600 | SM Prime Holdings, Inc. | 409,054 | 0.1 | |||||||||||
341,000 | Soho China Ltd. | 240,507 | 0.0 | |||||||||||
193,854 | Standard Bank Group Ltd. | 2,389,213 | 0.4 | |||||||||||
59,052 | State Bank of India | 290,099 | 0.0 | |||||||||||
21,358 | @,L | State Bank of India Ltd. GDR | 1,054,017 | 0.2 | ||||||||||
1,396,317 | Taishin Financial Holdings Co., Ltd. | 573,210 | 0.1 | |||||||||||
735,040 | @ | Taiwan Business Bank | 212,945 | 0.0 |
See Accompanying Notes to Financial Statements
9 |
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
969,176 | Taiwan Cooperative Financial Holding Co. Ltd. | 498,219 | 0.1 | |||||||||||
152,948 | Talaat Moustafa Group | 209,046 | 0.0 | |||||||||||
1,772,400 | TMB Bank PCL | 156,519 | 0.0 | |||||||||||
376,395 | Turkiye Garanti Bankasi A/S | 1,512,030 | 0.2 | |||||||||||
104,438 | Turkiye Halk Bankasi AS | 618,648 | 0.1 | |||||||||||
265,026 | Turkiye Is Bankasi | 762,061 | 0.1 | |||||||||||
140,081 | Turkiye Vakiflar Bankasi Tao | 291,355 | 0.0 | |||||||||||
120,600 | UEM Sunrise Bhd | 48,334 | 0.0 | |||||||||||
791,237,930 | VTB Bank OJSC | 863,068 | 0.1 | |||||||||||
50,011 | @ | Woori Bank | 454,997 | 0.1 | ||||||||||
23,849 | Woori Investment & Securities Co., Ltd. | 220,063 | 0.0 | |||||||||||
162,057 | Yapi Ve Kredi Bankasi | 337,473 | 0.1 | |||||||||||
1,421,425 | Yuanta Financial Holding Co., Ltd. | 689,432 | 0.1 | |||||||||||
1,150,000 | Yuexiu Property Co. Ltd | 220,061 | 0.0 | |||||||||||
173,149,997 | 27.2 | |||||||||||||
Health Care: 2.2% | ||||||||||||||
14,021 | Apollo Hospitals Enterprise Ltd. | 250,933 | 0.0 | |||||||||||
51,861 | Aspen Pharmacare Holdings Ltd. | 1,809,227 | 0.3 | |||||||||||
23,532 | Aurobindo Pharma Ltd | 422,377 | 0.1 | |||||||||||
59,400 | Bangkok Dusit Medical Services PCL | 30,940 | 0.0 | |||||||||||
506,300 | L | Bangkok Dusit Medical Services PCL | 263,723 | 0.0 | ||||||||||
7,200 | Bumrungrad Hospital PCL | 30,721 | 0.0 | |||||||||||
52,000 | Bumrungrad Hospital PCL | 221,875 | 0.0 | |||||||||||
11,037 | Celltrion, Inc. | 387,659 | 0.1 | |||||||||||
143,000 | China Medical System Holdings Ltd. | 235,592 | 0.0 | |||||||||||
396,000 | China Pharmaceutical Group Ltd. | 348,070 | 0.1 | |||||||||||
61,205 | Cipla Ltd. | 605,451 | 0.1 | |||||||||||
6,314 | Divi's Laboratories Ltd. | 172,320 | 0.0 | |||||||||||
5,098 | Dr. Reddys Laboratories Ltd. | 260,616 | 0.0 | |||||||||||
16,760 | L | Dr. Reddy's Laboratories Ltd. ADR | 845,542 | 0.1 | ||||||||||
144,000 | @ | Genomma Lab Internacional SAB de CV | 273,872 | 0.1 | ||||||||||
416,900 | IHH Healthcare Bhd | 574,136 | 0.1 | |||||||||||
3,698,000 | Kalbe Farma Tbk PT | 545,190 | 0.1 | |||||||||||
167,223 | Life Healthcare Group Holdings Ltd. | 617,747 | 0.1 | |||||||||||
66,946 | Mediclinic International Ltd. | 579,484 | 0.1 | |||||||||||
162,939 | Network Healthcare Holdings Ltd. | 532,503 | 0.1 | |||||||||||
32,100 | Odontoprev SA | 119,068 | 0.0 | |||||||||||
35,900 | @ | Qualicorp SA | 375,450 | 0.1 | ||||||||||
21,839 | @ | Ranbaxy Laboratories Ltd. | 216,982 | 0.0 | ||||||||||
24,326 | Richter Gedeon Nyrt | 327,598 | 0.1 | |||||||||||
328,000 | Shandong Weigao Group Medical Polymer Co., Ltd. | 264,780 | 0.0 |
58,500 | Shanghai Fosun Pharmaceutical Group Co. Ltd. | 209,040 | 0.0 | |||||||||||
130,300 | Shanghai Pharmaceuticals Holding Co. Ltd. | 293,392 | 0.1 | |||||||||||
732,000 | Sihuan Pharmaceutical Holdings Group Ltd | 486,896 | 0.1 | |||||||||||
516,000 | Sino Biopharmaceutical | 464,971 | 0.1 | |||||||||||
171,200 | Sinopharm Group Co. | 602,427 | 0.1 | |||||||||||
115,584 | Sun Pharmaceutical Industries Ltd. | 1,510,480 | 0.2 | |||||||||||
1,455 | Yuhan Corp. | 223,594 | 0.0 | |||||||||||
14,102,656 | 2.2 | |||||||||||||
Industrials: 6.7% | ||||||||||||||
320,690 | Aboitiz Equity Ventures, Inc. | 374,244 | 0.1 | |||||||||||
20,078 | Adani Enterprises Ltd. | 153,693 | 0.0 | |||||||||||
2,223 | Aditya Birla Nuvo Ltd. | 59,329 | 0.0 | |||||||||||
346,000 | Air China Ltd. | 279,169 | 0.1 | |||||||||||
201,000 | AirAsia BHD | 156,362 | 0.0 | |||||||||||
74,000 | Airports of Thailand PCL | 630,465 | 0.1 | |||||||||||
465,700 | Alfa SA de CV | 1,039,746 | 0.2 | |||||||||||
377,500 | Alliance Global Group, Inc. | 188,575 | 0.0 | |||||||||||
216,921 | @ | Arabtec Holding Co. | 167,537 | 0.0 | ||||||||||
384,000 | AviChina Industry & Technology Co. Ltd. | 235,432 | 0.0 | |||||||||||
41,866 | Barloworld Ltd. | 344,619 | 0.1 | |||||||||||
264,000 | Beijing Capital International Airport Co., Ltd. | 210,449 | 0.0 | |||||||||||
90,000 | Beijing Enterprises Holdings Ltd. | 703,864 | 0.1 | |||||||||||
97,805 | Bharat Heavy Electricals Ltd. | 408,559 | 0.1 | |||||||||||
51,194 | Bidvest Group Ltd. | 1,338,410 | 0.2 | |||||||||||
911,600 | BTS Group Holdings PCL | 265,432 | 0.0 | |||||||||||
319,000 | @ | China Airlines Ltd. | 145,919 | 0.0 | ||||||||||
761,000 | China Communications Construction Co., Ltd. | 911,382 | 0.2 | |||||||||||
477,000 | @,L | China COSCO Holdings Co., Ltd. | 234,286 | 0.0 | ||||||||||
417,000 | China Everbright International Ltd. | 615,659 | 0.1 | |||||||||||
84,100 | China International Marine Containers Group Co. Ltd. | 185,433 | 0.0 | |||||||||||
195,129 | China Merchants Holdings International Co., Ltd. | 655,418 | 0.1 | |||||||||||
372,500 | China Railway Construction Corp. Ltd. | 472,964 | 0.1 | |||||||||||
686,000 | China Railway Group Ltd. | 561,059 | 0.1 | |||||||||||
659,000 | @ | China Shipping Container Lines Co., Ltd. | 207,030 | 0.0 | ||||||||||
362,000 | China South Locomotive and Rolling Stock Corp. | 487,357 | 0.1 | |||||||||||
320,000 | China State Construction International Holdings Ltd. | 447,530 | 0.1 |
See Accompanying Notes to Financial Statements
10 |
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
149,100 | CCR SA | 864,356 | 0.1 | |||||||||||
331,000 | Citic Pacific Ltd. | 564,283 | 0.1 | |||||||||||
2,600 | CJ Corp. | 368,111 | 0.1 | |||||||||||
326,000 | COSCO Pacific Ltd. | 461,704 | 0.1 | |||||||||||
88,000 | CTCI Corp. | 140,334 | 0.0 | |||||||||||
5,224 | Daelim Industrial Co., Ltd. | 311,458 | 0.1 | |||||||||||
8,305 | Daewoo International Corp. | 237,335 | 0.0 | |||||||||||
19,357 | Daewoo Shipbuilding & Marine Engineering Co., Ltd. | 325,566 | 0.1 | |||||||||||
621,742 | Dialog Group BHD | 266,203 | 0.0 | |||||||||||
704,950 | DMCI Holdings, Inc. | 246,537 | 0.0 | |||||||||||
641 | Doosan Corp. | 60,221 | 0.0 | |||||||||||
11,228 | Doosan Heavy Industries and Construction Co. Ltd. | 239,870 | 0.0 | |||||||||||
23,079 | @ | Doosan Infracore Co., Ltd. | 202,307 | 0.0 | ||||||||||
28,379 | DP World Ltd. | 592,810 | 0.1 | |||||||||||
33,300 | EcoRodovias Infraestrutura e Logistica SA | 133,541 | 0.0 | |||||||||||
106,400 | Embraer SA | 978,262 | 0.1 | |||||||||||
72,018 | Enka Insaat Ve Sanayi AS | 162,512 | 0.0 | |||||||||||
295,000 | @ | Eva Airways Corp. | 205,623 | 0.0 | ||||||||||
314,000 | @ | Evergreen Marine Corp. | 221,406 | 0.0 | ||||||||||
574,986 | Far Eastern New Century Corp. | 568,700 | 0.1 | |||||||||||
328,300 | Gamuda BHD | 471,261 | 0.1 | |||||||||||
2,345 | Glovis Co. Ltd. | 620,524 | 0.1 | |||||||||||
58,400 | Grupo Aeroportuario del Pacifico SA de CV | 367,015 | 0.1 | |||||||||||
36,200 | Grupo Aeroportuario del Sureste SA de CV | 478,553 | 0.1 | |||||||||||
91,700 | Grupo Carso SAB de CV | 451,174 | 0.1 | |||||||||||
8,967 | @ | GS Engineering & Construction Corp. | 187,762 | 0.0 | ||||||||||
119,000 | Haitian International Holdings Ltd. | 249,411 | 0.0 | |||||||||||
34,947 | Hiwin Technologies Corp. | 289,225 | 0.1 | |||||||||||
9,665 | Hyundai Development Co-Engineering & Construction | 338,892 | 0.1 | |||||||||||
12,784 | Hyundai Engineering & Construction Co. Ltd. | 486,714 | 0.1 | |||||||||||
6,884 | Hyundai Heavy Industries | 714,505 | 0.1 | |||||||||||
7,661 | @ | Hyundai Merchant Marine Co., Ltd. | 69,699 | 0.0 | ||||||||||
1,168 | Hyundai Mipo Dockyard Co., Ltd. | 73,349 | 0.0 | |||||||||||
225,300 | IJM Corp. Bhd | 423,344 | 0.1 | |||||||||||
21,982 | Industries Qatar QSC | 1,000,964 | 0.2 | |||||||||||
84,340 | International Container Terminal Services, Inc. | 215,529 | 0.0 | |||||||||||
383,900 | Jasa Marga Persero Tbk PT | 217,853 | 0.0 | |||||||||||
374,460 | JG Summit Holdings, Inc. | 548,391 | 0.1 | |||||||||||
228,000 | Jiangsu Expressway Co. Ltd. | 271,460 | 0.0 | |||||||||||
873 | KCC Corp. | 411,579 | 0.1 |
1,848 | KEPCO Plant Service & Engineering Co. Ltd. | 133,938 | 0.0 | |||||||||||
113,257 | KOC Holding AS | 598,952 | 0.1 | |||||||||||
8,621 | Korea Aerospace Industries Ltd | 311,103 | 0.1 | |||||||||||
815 | @ | Korea Express Co., Ltd. | 143,903 | 0.0 | ||||||||||
5,156 | @ | Korean Air Lines Co. Ltd. | 221,162 | 0.0 | ||||||||||
49,906 | Lan Airlines SA | 580,896 | 0.1 | |||||||||||
8,990 | Larsen & Toubro Ltd. | 211,802 | 0.0 | |||||||||||
43,610 | @,L | Larsen & Toubro Ltd. GDR | 1,010,945 | 0.2 | ||||||||||
15,983 | LG Corp. | 887,735 | 0.1 | |||||||||||
27,210 | Localiza Rent a Car SA | 365,537 | 0.0 | |||||||||||
2,777 | LS Corp. | 136,977 | 0.0 | |||||||||||
1,186 | LS Industrial Systems Co. Ltd. | 64,405 | 0.0 | |||||||||||
121,400 | Malaysia Airports Holdings Bhd | 236,099 | 0.0 | |||||||||||
189,700 | MISC Bhd | 391,389 | 0.1 | |||||||||||
68,613 | Adani Ports and Special Economic Zone | 345,364 | 0.1 | |||||||||||
131,100 | @ | OHL Mexico SAB de CV | 243,029 | 0.0 | ||||||||||
45,600 | @ | Promotora y Operadora de Infraestructura SAB de CV | 548,266 | 0.1 | ||||||||||
3,491 | S-1 Corp. | 225,233 | 0.0 | |||||||||||
20,318 | Samsung Corp. | 1,134,771 | 0.2 | |||||||||||
4,815 | @ | Samsung Engineering Co. Ltd. | 164,808 | 0.0 | ||||||||||
27,846 | Samsung Heavy Industries Co., Ltd. | 502,291 | 0.1 | |||||||||||
518,000 | Shanghai Electric Group Co., Ltd. | 275,050 | 0.1 | |||||||||||
99,000 | Shanghai Industrial Holdings Ltd. | 295,658 | 0.1 | |||||||||||
7,584 | Siemens India Ltd. | 108,598 | 0.0 | |||||||||||
482,600 | Sime Darby Bhd | 1,269,420 | 0.2 | |||||||||||
126,000 | Sinopec Engineering Group Co. Ltd. | 84,801 | 0.0 | |||||||||||
235,000 | Sinotrans Ltd. | 155,266 | 0.0 | |||||||||||
4,444 | SK Holdings Co. Ltd. | 659,613 | 0.1 | |||||||||||
18,083 | @ | SK Networks Co. Ltd. | 145,762 | 0.0 | ||||||||||
26,738 | SM Investments Corp. | 483,129 | 0.1 | |||||||||||
78,000 | Taiwan Glass Industry Corp. | 60,662 | 0.0 | |||||||||||
26,735 | TAV Havalimanlari Holding AS | 218,255 | 0.0 | |||||||||||
341,000 | Teco Electric and Machinery Co. Ltd. | 322,437 | 0.1 | |||||||||||
98,708 | Turk Hava Yollari | 405,586 | 0.1 | |||||||||||
19,772 | Turk Sise Ve Cam Fabrikalari | 30,709 | 0.0 | |||||||||||
300,600 | United Tractors Tbk PT | 419,819 | 0.1 | |||||||||||
623,000 | @ | Walsin Lihwa Corp. | 195,402 | 0.0 | ||||||||||
50,340 | Weg S.A. | 579,491 | 0.1 | |||||||||||
87,000 | Weichai Power Co. Ltd. | 364,689 | 0.1 | |||||||||||
128,000 | ENN Energy Holdings Ltd. | 724,136 | 0.1 | |||||||||||
270,000 | Zhejiang Expressway Co., Ltd. | 312,677 | 0.1 | |||||||||||
98,500 | Zhuzhou CSR Times Electric Co., Ltd. | 536,662 | 0.1 | |||||||||||
42,624,692 | 6.7 |
See Accompanying Notes to Financial Statements
11 |
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Information Technology: 17.1% | ||||||||||||||
124,000 | L | AAC Technologies Holdings, Inc. | 659,464 | 0.1 | ||||||||||
517,000 | @ | Acer, Inc. | 346,553 | 0.1 | ||||||||||
1,029,000 | Advanced Semiconductor Engineering, Inc. | 1,222,068 | 0.2 | |||||||||||
55,269 | Advantech Co. Ltd. | 405,751 | 0.1 | |||||||||||
115,000 | Asustek Computer, Inc. | 1,254,766 | 0.2 | |||||||||||
1,527,000 | AU Optronics Corp. | 775,055 | 0.1 | |||||||||||
110,000 | Catcher Technology Co., Ltd. | 849,468 | 0.1 | |||||||||||
90,169 | Chicony Electronics Co. Ltd. | 251,087 | 0.0 | |||||||||||
1,358,439 | InnoLux Display Corp. | 656,550 | 0.1 | |||||||||||
116,000 | Cielo SA | 1,818,419 | 0.3 | |||||||||||
764,000 | Compal Electronics, Inc. | 533,480 | 0.1 | |||||||||||
3,938 | Daum Kakao Corp. | 440,689 | 0.1 | |||||||||||
295,000 | Delta Electronics, Inc. | 1,743,225 | 0.3 | |||||||||||
15,000 | Delta Electronics Thailand PCL | 32,020 | 0.0 | |||||||||||
50,800 | Delta Electronics Thailand PCL | 108,441 | 0.0 | |||||||||||
170,000 | Epistar Corp. | 336,430 | 0.1 | |||||||||||
171,282 | Foxconn Technology Co., Ltd. | 460,213 | 0.1 | |||||||||||
1,716,000 | @,L | GCL Poly Energy Holdings Ltd. | 398,596 | 0.1 | ||||||||||
2,140,000 | L | Hanergy Thin Film Power Group Ltd. | 775,457 | 0.1 | ||||||||||
40,087 | HCL Technologies Ltd. | 1,012,415 | 0.2 | |||||||||||
7,000 | Hermes Microvision, Inc. | 350,075 | 0.1 | |||||||||||
2,011,107 | Hon Hai Precision Industry Co., Ltd. | 5,553,700 | 0.9 | |||||||||||
116,000 | HTC Corp. | 517,749 | 0.1 | |||||||||||
92,525 | @ | SK Hynix, Inc. | 3,954,095 | 0.6 | ||||||||||
18,228 | Infosys Ltd. | 565,572 | 0.1 | |||||||||||
127,328 | L | Infosys Ltd. ADR | 4,005,739 | 0.6 | ||||||||||
362,000 | @ | Inotera Memories, Inc. | 567,977 | 0.1 | ||||||||||
470,000 | Inventec Co., Ltd. | 314,336 | 0.1 | |||||||||||
120,800 | Kingboard Chemicals Holdings | 202,838 | 0.0 | |||||||||||
121,000 | L | Kingsoft Corp. Ltd | 237,806 | 0.0 | ||||||||||
32,000 | Kinsus Interconnect Technology Corp. | 105,732 | 0.0 | |||||||||||
16,000 | Largan Precision Co. Ltd. | 1,197,700 | 0.2 | |||||||||||
1,016,000 | Lenovo Group Ltd. | 1,326,503 | 0.2 | |||||||||||
37,745 | @ | LG Display Co., Ltd. | 1,144,782 | 0.2 | ||||||||||
2,088 | @ | LG Innotek Co. Ltd. | 212,249 | 0.0 | ||||||||||
391,331 | Lite-On Technology Corp. | 447,049 | 0.1 | |||||||||||
226,820 | MediaTek, Inc. | 3,297,380 | 0.5 | |||||||||||
2,540 | NCSoft Corp. | 416,546 | 0.1 | |||||||||||
4,500 | NAVER Corp. | 2,881,958 | 0.5 | |||||||||||
103,000 | Novatek Microelectronics Corp., Ltd. | 575,574 | 0.1 | |||||||||||
281,000 | Pegatron Corp. | 642,293 | 0.1 | |||||||||||
20,000 | Phison Electronics Corp. | 137,230 | 0.0 | |||||||||||
129,000 | Powertech Technology, Inc. | 219,501 | 0.0 | |||||||||||
432,000 | Quanta Computer, Inc. | 1,076,181 | 0.2 |
83,340 | Radiant Opto-Electronics Corp. | 265,341 | 0.0 | |||||||||||
92,760 | Realtek Semiconductor Corp. | 308,039 | 0.0 | |||||||||||
10,435 | Samsung Electro-Mechanics Co. Ltd. | 515,960 | 0.1 | |||||||||||
18,047 | Samsung Electronics Co., Ltd. | 21,696,906 | 3.4 | |||||||||||
8,954 | Samsung SDI Co., Ltd. | 936,161 | 0.1 | |||||||||||
4,041 | @ | Samsung SDS Co. Ltd. | 1,079,046 | 0.2 | ||||||||||
3,384,000 | @ | Semiconductor Manufacturing International Corp. | 308,873 | 0.0 | ||||||||||
497,000 | Siliconware Precision Industries Co. | 748,893 | 0.1 | |||||||||||
52,000 | Simplo Technology Co. Ltd. | 256,278 | 0.0 | |||||||||||
3,412 | SK C&C Co. Ltd. | 660,814 | 0.1 | |||||||||||
229,000 | Synnex Technology International Corp. | 331,658 | 0.1 | |||||||||||
4,016,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 17,692,373 | 2.8 | |||||||||||
76,273 | Tata Consultancy Services Ltd. | 3,091,218 | 0.5 | |||||||||||
10,331 | Tech Mahindra Ltd. | 423,542 | 0.1 | |||||||||||
841,700 | Tencent Holdings Ltd. | 12,178,499 | 1.9 | |||||||||||
22,300 | Totvs S.A. | 293,620 | 0.1 | |||||||||||
46,000 | TPK Holding Co. Ltd. | 272,840 | 0.0 | |||||||||||
209,000 | Unimicron Technology Corp. | 158,300 | 0.0 | |||||||||||
2,019,000 | United Microelectronics Corp. | 937,164 | 0.1 | |||||||||||
158,000 | Vanguard International Semiconductor Corp. | 258,542 | 0.0 | |||||||||||
26,049 | Wipro Ltd. | 226,311 | 0.0 | |||||||||||
63,804 | Wipro Ltd. ADR | 722,261 | 0.1 | |||||||||||
444,144 | Wistron Corp. | 400,127 | 0.1 | |||||||||||
291,000 | WPG Holdings Ltd | 337,835 | 0.1 | |||||||||||
104,600 | ZTE Corp. | 226,321 | 0.0 | |||||||||||
108,357,634 | 17.1 | |||||||||||||
Materials: 7.0% | ||||||||||||||
21,219 | African Rainbow Minerals Ltd. | 217,290 | 0.0 | |||||||||||
317,400 | Alrosa AO | 322,516 | 0.1 | |||||||||||
692,000 | @,L | Aluminum Corp. of China Ltd. | 320,035 | 0.1 | ||||||||||
117,741 | Ambuja Cements Ltd. | 425,696 | 0.1 | |||||||||||
9,414 | @ | Anglo Platinum Ltd. | 276,381 | 0.0 | ||||||||||
68,614 | @ | AngloGold Ashanti Ltd. | 599,180 | 0.1 | ||||||||||
209,000 | L | Anhui Conch Cement Co., Ltd. | 773,794 | 0.1 | ||||||||||
384,356 | Asia Cement Corp. | 473,311 | 0.1 | |||||||||||
48,450 | Asian Paints Ltd. | 574,295 | 0.1 | |||||||||||
2,190 | Assore Ltd. | 28,102 | 0.0 | |||||||||||
41,500 | BBMG Corp. | 34,501 | 0.0 | |||||||||||
42,700 | Bradespar SA | 229,708 | 0.0 | |||||||||||
28,300 | Braskem SA | 186,310 | 0.0 | |||||||||||
8,116 | CAP SA | 35,869 | 0.0 | |||||||||||
69,594 | Cementos Argos SA | 298,699 | 0.1 | |||||||||||
22,888 | @ | Cemex Latam Holdings SA | 154,096 | 0.0 | ||||||||||
1,910,884 | @ | Cemex SA de CV | 1,947,959 | 0.3 | ||||||||||
528,000 | China National Building Material Co., Ltd. | 509,354 | 0.1 | |||||||||||
344,000 | China Resources Cement Holdings Ltd. | 221,697 | 0.0 |
See Accompanying Notes to Financial Statements
12 |
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
1,893,535 | China Steel Corp. | 1,570,699 | 0.3 | |||||||||||
33,586 | Cia de Minas Buenaventura SAA ADR | 321,082 | 0.1 | |||||||||||
126,100 | Cia Siderurgica Nacional S.A. | 264,705 | 0.1 | |||||||||||
54,800 | Duratex SA | 165,542 | 0.0 | |||||||||||
209,755 | Empresas CMPC SA | 524,854 | 0.1 | |||||||||||
242,706 | Eregli Demir ve Celik Fabrikalari TAS | 461,769 | 0.1 | |||||||||||
42,600 | @ | Fibria Celulose SA | 521,001 | 0.1 | ||||||||||
530,600 | Formosa Chemicals & Fibre Co. | 1,118,469 | 0.2 | |||||||||||
670,600 | Formosa Plastics Corp. | 1,527,893 | 0.2 | |||||||||||
318,500 | Fosun International | 415,159 | 0.1 | |||||||||||
130,310 | Gold Fields Ltd. | 589,101 | 0.1 | |||||||||||
48,846 | Grupo Argos SA/Colombia | 421,352 | 0.1 | |||||||||||
606,500 | Grupo Mexico SA de CV Series B | 1,760,253 | 0.3 | |||||||||||
19,577 | Hanwha Chemical Corp. | 207,806 | 0.0 | |||||||||||
7,548 | Hanwha Corp. | 213,406 | 0.0 | |||||||||||
187,616 | Hindalco Industries Ltd | 465,254 | 0.1 | |||||||||||
2,738 | Lotte Chemical Corp. | 394,196 | 0.1 | |||||||||||
4,391 | Hyosung Corp. | 272,505 | 0.0 | |||||||||||
11,259 | Hyundai Steel Co. | 644,892 | 0.1 | |||||||||||
90,489 | @ | Impala Platinum Holdings Ltd. | 591,366 | 0.1 | ||||||||||
247,600 | Indocement Tunggal Prakarsa Tbk PT | 499,595 | 0.1 | |||||||||||
157,700 | Indorama Ventures PCL | 96,246 | 0.0 | |||||||||||
23,605 | Industrias Penoles SAB de CV | 461,596 | 0.1 | |||||||||||
243,000 | Jiangxi Copper Co., Ltd. | 414,760 | 0.1 | |||||||||||
54,279 | Jindal Steel & Power Ltd. | 130,130 | 0.0 | |||||||||||
13,720 | Jsw Steel Ltd. | 226,719 | 0.0 | |||||||||||
24,090 | KGHM Polska Miedz SA | 734,381 | 0.1 | |||||||||||
82,000 | Klabin SA | 450,072 | 0.1 | |||||||||||
1,463 | Korea Zinc Co., Ltd. | 534,751 | 0.1 | |||||||||||
11,428 | L | Kumba Iron Ore Ltd. | 236,343 | 0.0 | ||||||||||
2,281 | Kumho Petrochemical Co. Ltd | 166,546 | 0.0 | |||||||||||
76,000 | Lafarge Malaysia Bhd | 212,144 | 0.0 | |||||||||||
167,000 | Lee & Man Paper Manufacturing Ltd. | 93,255 | 0.0 | |||||||||||
7,548 | LG Chem Ltd. | 1,234,268 | 0.2 | |||||||||||
52,500 | Metalurgica Gerdau SA | 223,177 | 0.0 | |||||||||||
157,900 | Mexichem SA de CV | 479,573 | 0.1 | |||||||||||
97,700 | @ | Minera Frisco SAB de CV | 142,308 | 0.0 | ||||||||||
8,976 | MMC Norilsk Nickel OJSC | 1,187,779 | 0.2 | |||||||||||
111,093 | Nampak Ltd. | 417,566 | 0.1 | |||||||||||
768,890 | Nan Ya Plastics Corp. | 1,585,497 | 0.3 | |||||||||||
291,000 | Nine Dragons Paper Holdings Ltd. | 253,401 | 0.0 | |||||||||||
3,107 | @ | OCI Co. Ltd | 219,885 | 0.0 | ||||||||||
473,800 | Petronas Chemicals Group Bhd | 736,873 | 0.1 | |||||||||||
10,457 | POSCO | 2,634,064 | 0.4 | |||||||||||
107,838 | L | PPC Ltd. | 256,363 | 0.0 |
294,800 | PTT Global Chemical PCL | 457,428 | 0.1 | |||||||||||
104,228 | @,L | Sappi Ltd. | 377,904 | 0.1 | ||||||||||
500,300 | Semen Gresik Persero Tbk PT | 653,145 | 0.1 | |||||||||||
58,270 | Sesa Goa Ltd. | 196,814 | 0.0 | |||||||||||
34,373 | Sesa Goa Ltd. ADR | 466,785 | 0.1 | |||||||||||
41,121 | Severstal OAO | 333,970 | 0.1 | |||||||||||
2,200 | Siam Cement PCL | 29,862 | 0.0 | |||||||||||
62,600 | Siam Cement PCL - Foreign | 854,159 | 0.1 | |||||||||||
668,000 | Sinopec Shanghai Petrochemical Co. Ltd. | 194,646 | 0.0 | |||||||||||
17,100 | Sociedad Quimica y Minera de Chile SA | 415,398 | 0.1 | |||||||||||
27,408 | Southern Copper Corp. | 772,906 | 0.1 | |||||||||||
56,700 | Suzano Papel e Celulose | 239,965 | 0.0 | |||||||||||
56,545 | Synthos SA | 65,436 | 0.0 | |||||||||||
580,000 | Taiwan Cement Corp. | 792,896 | 0.1 | |||||||||||
149,000 | Taiwan Fertilizer Co., Ltd. | 262,653 | 0.0 | |||||||||||
52,249 | Tata Steel Ltd. | 329,100 | 0.1 | |||||||||||
6,892 | Titan Cement Co. SA | 159,872 | 0.0 | |||||||||||
56,500 | TSRC Corp. | 60,445 | 0.0 | |||||||||||
6,393 | Ultratech Cement Ltd | 270,002 | 0.0 | |||||||||||
13,600 | Uralkali GDR | 160,344 | 0.0 | |||||||||||
169,388 | Uralkali OJSC | 351,596 | 0.1 | |||||||||||
113,571 | L | Vale SA ADR | 824,525 | 0.1 | ||||||||||
208,800 | Vale SA | 1,721,017 | 0.3 | |||||||||||
7,602 | Zaklady Azotowe w Tarnowie-Moscicach SA | 135,804 | 0.0 | |||||||||||
1,046,000 | L | Zijin Mining Group Co., Ltd. | 295,773 | 0.1 | ||||||||||
44,129,834 | 7.0 | |||||||||||||
Telecommunication Services: 7.2% | ||||||||||||||
173,200 | L | Advanced Info Service PCL | 1,313,405 | 0.2 | ||||||||||
432,000 | @ | Alibaba Health Information Technology Ltd. | 281,731 | 0.1 | ||||||||||
104,550 | America Movil SAB de CV ADR | 2,318,919 | 0.4 | |||||||||||
3,361,200 | America Movil SAB de CV | 3,736,249 | 0.6 | |||||||||||
295,000 | Asia Pacific Telecom Co. Ltd. | 162,343 | 0.0 | |||||||||||
427,900 | Axiata Group Bhd | 861,241 | 0.1 | |||||||||||
105,613 | Bharti Airtel Ltd. | 587,253 | 0.1 | |||||||||||
460,000 | China Communications Services Corp., Ltd. | 215,095 | 0.0 | |||||||||||
992,500 | China Mobile Ltd. | 11,624,901 | 1.8 | |||||||||||
2,224,000 | China Telecom Corp., Ltd. | 1,289,892 | 0.2 | |||||||||||
884,000 | China Unicom Ltd. | 1,184,683 | 0.2 | |||||||||||
606,000 | Chunghwa Telecom Co., Ltd. | 1,796,206 | 0.3 | |||||||||||
516,000 | Digi.Com BHD | 908,978 | 0.1 | |||||||||||
22,183 | Empresa Nacional de Telecom | 222,839 | 0.0 | |||||||||||
275,000 | Far EasTone Telecommunications Co., Ltd. | 633,531 | 0.1 | |||||||||||
4,980 | Globe Telecom, Inc. | 191,211 | 0.0 |
See Accompanying Notes to Financial Statements
13 |
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
42,755 | @ | Hellenic Telecommunications Organization S.A. | 467,515 | 0.1 | ||||||||||
156,231 | Idea Cellular Ltd. | 378,580 | 0.1 | |||||||||||
11,136 | KT Corp. ADR | 157,240 | 0.0 | |||||||||||
11,714 | KT Corp. | 331,242 | 0.1 | |||||||||||
38,347 | LG Telecom Ltd. | 399,824 | 0.1 | |||||||||||
325,000 | Maxis Bhd | 634,673 | 0.1 | |||||||||||
16,300 | @ | MegaFon OAO GDR | 222,126 | 0.0 | ||||||||||
84,408 | Mobile Telesystems OJSC ADR | 606,049 | 0.1 | |||||||||||
266,501 | MTN Group Ltd. | 5,069,524 | 0.8 | |||||||||||
52,680 | @ | Oi SA | 170,632 | 0.0 | ||||||||||
14,928 | Ooredoo QSC | 501,374 | 0.1 | |||||||||||
489,780 | @ | Global Telecom Holding | 275,428 | 0.0 | ||||||||||
14,955 | Philippine Long Distance Telephone Co. | 965,111 | 0.2 | |||||||||||
134,466 | Reliance Communications Ltd. | 169,560 | 0.0 | |||||||||||
23,132 | @ | Sistema JSFC GDR | 120,518 | 0.0 | ||||||||||
5,083 | SK Telecom Co., Ltd. ADR | 137,292 | 0.0 | |||||||||||
1,441 | SK Telecom Co., Ltd. | 352,459 | 0.1 | |||||||||||
278,000 | Taiwan Mobile Co., Ltd. | 919,277 | 0.2 | |||||||||||
12,276 | Telefonica O2 Czech Republic A | 124,946 | 0.0 | |||||||||||
191,000 | Telekom Malaysia BHD | 374,960 | 0.1 | |||||||||||
119,576 | Orange Polska SA | 279,399 | 0.0 | |||||||||||
8,084,100 | Telekomunikasi Indonesia Persero Tbk PT | 1,857,959 | 0.3 | |||||||||||
26,853 | @ | Telkom SA Ltd. | 161,396 | 0.0 | ||||||||||
143,300 | Tim Participacoes SA | 635,044 | 0.1 | |||||||||||
348,700 | Tower Bersama Infrastructure Tbk PT | 272,724 | 0.0 | |||||||||||
1,375,202 | @ | True Corp. PCL | 458,637 | 0.1 | ||||||||||
105,362 | Turk Telekomunikasyon AS | 327,782 | 0.1 | |||||||||||
142,352 | @ | Turkcell Iletisim Hizmet AS | 868,702 | 0.1 | ||||||||||
59,880 | L | Vodacom Group Pty Ltd. | 662,594 | 0.1 | ||||||||||
63,858 | Vodafone Qatar | 283,850 | 0.1 | |||||||||||
550,000 | XL Axiata Tbk PT | 215,673 | 0.0 | |||||||||||
45,730,567 | 7.2 | |||||||||||||
Telecommunications: 0.0% | ||||||||||||||
159,124 | Rostelecom OJSC | 223,378 | 0.0 | |||||||||||
Utilities: 3.1% | ||||||||||||||
251,200 | Aboitiz Power Corp. | 238,911 | 0.0 | |||||||||||
421,876 | AES Gener SA | 224,215 | 0.0 | |||||||||||
477,580 | Aguas Andinas SA | 276,452 | 0.0 | |||||||||||
662,000 | L | Beijing Enterprises Water Group Ltd. | 447,319 | 0.1 | ||||||||||
27,986 | CEZ AS | 718,622 | 0.1 | |||||||||||
800,000 | #,@ | CGN Power Co. Ltd. | 347,662 | 0.1 | ||||||||||
348,000 | China Gas Holdings Ltd. | 544,995 | 0.1 | |||||||||||
514,000 | China Longyuan Power Group Corp. | 530,037 | 0.1 | |||||||||||
156,000 | China Resources Gas Group Ltd. | 403,162 | 0.1 | |||||||||||
322,000 | China Resources Power Holdings Co. | 821,334 | 0.1 |
59,900 | Cia de Saneamento Basico do Estado de Sao Paulo | 383,304 | 0.1 | |||||||||||
18,700 | Cia Paranaense de Energia | 252,551 | 0.0 | |||||||||||
1,485,570 | Colbun SA | 395,491 | 0.1 | |||||||||||
44,900 | CPFL Energia S.A. | 312,317 | 0.0 | |||||||||||
534,000 | Datang International Power Generation Co., Ltd. | 288,331 | 0.1 | |||||||||||
37,900 | EDP - Energias do Brasil S.A. | 127,892 | 0.0 | |||||||||||
19,200 | Centrais Eletricas Brasileiras SA | 59,084 | 0.0 | |||||||||||
562,374 | Empresa Nacional de Electricidad S.A. | 853,893 | 0.1 | |||||||||||
39,724 | Enea SA | 170,903 | 0.0 | |||||||||||
34,190 | Energa SA | 222,348 | 0.0 | |||||||||||
1,442,000 | Energy Development Corp. | 262,198 | 0.0 | |||||||||||
3,324,769 | Enersis SA | 1,088,863 | 0.2 | |||||||||||
58,139 | GAIL India Ltd. | 408,035 | 0.1 | |||||||||||
91,500 | Glow Energy PCL | 246,035 | 0.0 | |||||||||||
416,000 | Guangdong Investment Ltd. | 541,817 | 0.1 | |||||||||||
182,000 | Huadian Power International Co. | 157,891 | 0.0 | |||||||||||
558,000 | Huaneng Power International, Inc. | 753,994 | 0.1 | |||||||||||
65,926 | Interconexion Electrica SA ESP | 239,403 | 0.0 | |||||||||||
109,581 | Isagen SA ESP | 136,717 | 0.0 | |||||||||||
41,209 | Korea Electric Power Corp. | 1,587,907 | 0.3 | |||||||||||
4,901 | @ | Korea Gas Corp. | 220,390 | 0.0 | ||||||||||
252,678 | NTPC Ltd. | 574,531 | 0.1 | |||||||||||
1,871,100 | Perusahaan Gas Negara PT | 905,468 | 0.2 | |||||||||||
109,600 | Petronas Gas BHD | 694,619 | 0.1 | |||||||||||
128,476 | PGE SA | 679,282 | 0.1 | |||||||||||
19,136 | @ | Public Power Corp. | 124,955 | 0.0 | ||||||||||
5,343 | Qatar Electricity & Water Co. | 270,737 | 0.1 | |||||||||||
15,501 | Reliance Infrastructure Ltd | 125,028 | 0.0 | |||||||||||
23,714,910 | RusHydro JSC | 206,625 | 0.0 | |||||||||||
190,663 | Tata Power Co. Ltd. | 247,225 | 0.0 | |||||||||||
203,644 | Tauron Polska Energia SA | 287,947 | 0.1 | |||||||||||
453,000 | Tenaga Nasional BHD | 1,784,120 | 0.3 | |||||||||||
28,700 | Tractebel Energia S.A. | 365,255 | 0.1 | |||||||||||
810,500 | YTL Corp. Bhd | 368,567 | 0.1 | |||||||||||
156,395 | YTL Power International | 66,022 | 0.0 | |||||||||||
19,962,454 | 3.1 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $635,434,494) | 601,619,727 | 94.6 | ||||||||||||
PREFERRED STOCK: 3.3% | ||||||||||||||
Consumer Discretionary: 0.3% | ||||||||||||||
4,193 | Hyundai Motor Co. | 478,753 | 0.1 | |||||||||||
6,259 | Hyundai Motor Co.- Series 2 | 761,335 | 0.1 | |||||||||||
92,050 | Lojas Americanas SA | 596,999 | 0.1 | |||||||||||
1,837,087 | 0.3 |
See Accompanying Notes to Financial Statements
14 |
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Energy: 0.4% | ||||||||||||||
270 | AK Transneft OAO | 554,884 | 0.1 | |||||||||||
448,900 | Petroleo Brasileiro SA | 1,692,114 | 0.2 | |||||||||||
1,191,223 | Surgutneftegas OAO | 566,794 | 0.1 | |||||||||||
2,813,792 | 0.4 | |||||||||||||
Financials: 1.4% | ||||||||||||||
217,400 | Banco Bradesco SA | 2,867,370 | 0.5 | |||||||||||
35,300 | Banco do Estado do Rio Grande do Sul | 192,555 | 0.0 | |||||||||||
18,060 | Grupo de Inversiones Suramericana SA | 300,177 | 0.0 | |||||||||||
279,430 | Itau Unibanco Holding S.A. | 3,637,152 | 0.6 | |||||||||||
523,522 | Investimentos Itau SA | 1,849,324 | 0.3 | |||||||||||
230,036 | Sberbank of Russia | 138,688 | 0.0 | |||||||||||
8,985,266 | 1.4 | |||||||||||||
Information Technology: 0.5% | ||||||||||||||
3,299 | Samsung Electronics Co., Ltd. | 3,102,942 | 0.5 | |||||||||||
Materials: 0.4% | ||||||||||||||
145,300 | Gerdau SA | 523,653 | 0.1 | |||||||||||
15,432 | Grupo Argos SA/Colombia | 129,871 | 0.0 | |||||||||||
1,437 | LG Chem Ltd. | 183,475 | 0.0 | |||||||||||
37,400 | @ | Usinas Siderurgicas de Minas Gerais SA | 71,052 | 0.0 | ||||||||||
196,500 | Vale SA | 1,421,524 | 0.3 | |||||||||||
2,329,575 | 0.4 | |||||||||||||
Telecommunication Services: 0.1% | ||||||||||||||
49,100 | Telefonica Brasil SA | 865,373 | 0.1 | |||||||||||
Utilities: 0.2% | ||||||||||||||
128,859 | Cia Energetica de Minas Gerais | 636,975 | 0.1 | |||||||||||
35,000 | Cia Energetica de Sao Paulo | 353,002 | 0.1 | |||||||||||
989,977 | 0.2 | |||||||||||||
Total Preferred Stock | ||||||||||||||
(Cost $27,036,733) | 20,924,012 | 3.3 | ||||||||||||
RIGHTS: 0.0% | ||||||||||||||
: 0.0% | ||||||||||||||
43,449 | @ | EVA AIRWAYS CORP RIGHTS | 7,087 | 0.0 | ||||||||||
Financials: 0.0% | ||||||||||||||
5,062 | @ | DGB Financial Group, Inc. | 5,385 | 0.0 | ||||||||||
Total Rights | ||||||||||||||
(Cost $–) | 12,472 | 0.0 | ||||||||||||
WARRANTS: 0.0% | ||||||||||||||
Consumer Discretionary: 0.0% | ||||||||||||||
12,205 | @ | Minor International PCL | 1,803 | 0.0 | ||||||||||
Materials: 0.0% | ||||||||||||||
24,030 | @ | Indorama Ventures PCL W1 | 1,695 | 0.0 |
18,484 | @ | Indorama Ventures PCL W2 | 1,146 | 0.0 | ||||||||||
2,841 | 0.0 | |||||||||||||
Total Warrants | ||||||||||||||
(Cost $6,212) | 4,644 | 0.0 | ||||||||||||
Total Long-Term Investments | ||||||||||||||
(Cost $662,477,439) | 622,560,855 | 97.9 | ||||||||||||
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 7.6% | ||||||||||||||
Securities Lending Collateralcc: 1.7% | ||||||||||||||
2,565,615 | Bank of Nova Scotia, Repurchase Agreement dated 12/31/14, 0.10%, due 01/02/15 (Repurchase Amount $2,565,629, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.125%, Market Value plus accrued interest $2,616,943, due 02/09/15-05/15/40) | 2,565,615 | 0.4 | |||||||||||
2,565,615 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,565,628, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,616,927, due 01/01/15-09/01/49) | 2,565,615 | 0.4 | |||||||||||
6,292 | Citigroup, Inc., Repurchase Agreement dated 12/31/14, 0.06%, due 01/02/15 (Repurchase Amount $6,292, collateralized by various U.S. Government and U.S. Government Agency Obligations, 1.375%-8.000%, Market Value plus accrued interest $6,418, due 12/15/17-07/15/51) | 6,292 | 0.0 |
See Accompanying Notes to Financial Statements
15 |
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
717,656 | Daiwa Capital Markets, Repurchase Agreement dated 12/31/14, 0.12%, due 01/02/15 (Repurchase Amount $717,661, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $732,009, due 06/01/17-03/01/48) | 717,656 | 0.1 | |||||||||||
2,565,615 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $2,565,626, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $2,616,927, due 01/07/15-10/20/64) | 2,565,615 | 0.4 | |||||||||||
2,565,615 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,565,636, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $2,617,184, due 04/15/16-02/15/42) | 2,565,615 | 0.4 | |||||||||||
10,986,408 | 1.7 | |||||||||||||
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 5.9% | ||||||||||||||
37,491,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $37,491,000) | 37,491,000 | 5.9 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $48,477,408) | 48,477,408 | 7.6 | ||||||||||||
Total Investments in Securities (Cost $710,954,847) | $ | 671,038,263 | 105.5 | |||||||||||
Liabilities in Excess of Other Assets | (35,248,992 | ) | (5.5) | |||||||||||
Net Assets | $ | 635,789,271 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
# | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
@ | Non-income producing security. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
Cost for federal income tax purposes is $717,937,613.
Net unrealized depreciation consists of:
Gross Unrealized Appreciation | $ | 51,563,745 | ||
Gross Unrealized Depreciation | (98,463,095 | ) | ||
Net Unrealized Depreciation | $ | (46,899,350 | ) |
See Accompanying Notes to Financial Statements
16 |
Voya Euro STOXX 50® Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.4% | ||||||||||||||||
Consumer Discretionary: 8.1% | ||||||||||||||||
61,495 | Bayerische Motoren Werke AG | 6,636,451 | 1.4 | |||||||||||||
191,012 | DaimlerChrysler AG | 15,864,361 | 3.4 | |||||||||||||
2,544 | Hermes International | 905,805 | 0.2 | |||||||||||||
201,414 | Inditex SA | 5,745,428 | 1.3 | |||||||||||||
52,093 | LVMH Moet Hennessy Louis Vuitton S.A. | 8,251,642 | 1.8 | |||||||||||||
37,403,687 | 8.1 | |||||||||||||||
Consumer Staples: 10.2% | ||||||||||||||||
147,331 | Anheuser-Busch InBev Worldwide, Inc. | 16,580,876 | 3.6 | |||||||||||||
120,027 | Carrefour S.A. | 3,652,600 | 0.8 | |||||||||||||
114,661 | Groupe Danone | 7,496,331 | 1.6 | |||||||||||||
46,709 | L'Oreal S.A. | 7,817,793 | 1.7 | |||||||||||||
299,271 | Unilever NV | 11,706,834 | 2.5 | |||||||||||||
47,254,434 | 10.2 | |||||||||||||||
Energy: 7.7% | ||||||||||||||||
517,081 | ENI S.p.A. | 9,057,469 | 1.9 | |||||||||||||
188,876 | Repsol YPF S.A. | 3,535,925 | 0.8 | |||||||||||||
455,815 | Total S.A. | 23,352,384 | 5.0 | |||||||||||||
35,945,778 | 7.7 | |||||||||||||||
Financials: 26.2% | ||||||||||||||||
87,569 | Allianz AG | 14,503,761 | 3.1 | |||||||||||||
258,873 | Assicurazioni Generali S.p.A. | 5,315,414 | 1.1 | |||||||||||||
398,355 | AXA S.A. | 9,179,333 | 2.0 | |||||||||||||
2,411,828 | Banco Santander Central Hispano S.A. | 20,242,813 | 4.4 | |||||||||||||
1,183,339 | Banco Bilbao Vizcaya Argentaria S.A. | 11,175,965 | 2.4 | |||||||||||||
214,286 | BNP Paribas | 12,650,209 | 2.7 | |||||||||||||
248,930 | Deutsche Bank AG | 7,454,069 | 1.6 | |||||||||||||
739,404 | **,@ | ING Groep NV | 9,552,876 | 2.1 | ||||||||||||
2,687,579 | Intesa Sanpaolo S.p.A. | 7,796,425 | 1.7 | |||||||||||||
29,301 | Muenchener Rueckversicherungs AG | 5,834,944 | 1.2 | |||||||||||||
154,317 | Societe Generale | 6,458,211 | 1.4 | |||||||||||||
18,806 | Unibail-Rodamco SE | 4,824,421 | 1.0 | |||||||||||||
1,067,308 | UniCredit SpA | 6,836,779 | 1.5 | |||||||||||||
121,825,220 | 26.2 | |||||||||||||||
Health Care: 10.2% | ||||||||||||||||
158,487 | Bayer AG | 21,603,175 | 4.7 | |||||||||||||
41,262 | Essilor International SA | 4,601,521 | 1.0 | |||||||||||||
231,531 | Sanofi | 21,108,845 | 4.5 | |||||||||||||
47,313,541 | 10.2 | |||||||||||||||
Industrials: 11.0% | ||||||||||||||||
96,042 | Cie de Saint-Gobain | 4,068,431 | 0.9 | |||||||||||||
183,341 | Deutsche Post AG | 5,951,613 | 1.3 | |||||||||||||
110,050 | Airbus Group NV | 5,440,665 | 1.2 | |||||||||||||
183,513 | Koninklijke Philips NV | 5,319,322 | 1.1 | |||||||||||||
111,842 | Schneider Electric SE | 8,145,390 | 1.7 | |||||||||||||
150,881 | Siemens AG | 16,929,473 | 3.6 | |||||||||||||
98,839 | Vinci S.A. | 5,396,873 | 1.2 | |||||||||||||
51,251,767 | 11.0 |
Information Technology: 5.6% | ||||||||||||||||
71,793 | ASML Holding NV | 7,757,072 | 1.7 | |||||||||||||
717,727 | Nokia OYJ | 5,676,380 | 1.2 | |||||||||||||
182,588 | SAP SE | 12,749,857 | 2.7 | |||||||||||||
26,183,309 | 5.6 | |||||||||||||||
Materials: 4.9% | ||||||||||||||||
66,057 | Air Liquide | 8,173,895 | 1.7 | |||||||||||||
176,029 | BASF AG | 14,765,513 | 3.2 | |||||||||||||
22,939,408 | 4.9 | |||||||||||||||
Telecommunication Services: 7.2% | ||||||||||||||||
593,699 | Deutsche Telekom AG | 9,499,410 | 2.1 | |||||||||||||
370,768 | Orange SA | 6,305,562 | 1.4 | |||||||||||||
787,726 | Telefonica S.A. | 11,309,824 | 2.4 | |||||||||||||
245,421 | Vivendi | 6,108,674 | 1.3 | |||||||||||||
33,223,470 | 7.2 | |||||||||||||||
Utilities: 6.3% | ||||||||||||||||
383,496 | E.ON AG | 6,554,612 | 1.4 | |||||||||||||
1,240,304 | Enel S.p.A. | 5,528,690 | 1.2 | |||||||||||||
307,049 | Gaz de France | 7,160,106 | 1.6 | |||||||||||||
1,028,866 | Iberdrola S.A. | 6,935,341 | 1.5 | |||||||||||||
92,607 | RWE AG | 2,858,291 | 0.6 | |||||||||||||
29,037,040 | 6.3 | |||||||||||||||
Total Common Stock (Cost $373,856,542) | 452,377,654 | 97.4 | ||||||||||||||
PREFERRED STOCK: 1.4% | ||||||||||||||||
Consumer Discretionary: 1.4% | ||||||||||||||||
29,570 | Volkswagen AG | 6,572,107 | 1.4 | |||||||||||||
Total Preferred Stock (Cost $5,334,969) | 6,572,107 | 1.4 | ||||||||||||||
RIGHTS: 0.1% | ||||||||||||||||
Energy: 0.0% | ||||||||||||||||
188,876 | @ | Repsol SA | 104,448 | 0.0 | ||||||||||||
Financials: 0.1% | ||||||||||||||||
1,183,339 | @ | Banco Bilbao Vizcaya Argentaria SA | 113,120 | 0.1 | ||||||||||||
Total Rights (Cost $214,342) | 217,568 | 0.1 | ||||||||||||||
Total Investments in Securities (Cost $379,405,853) | $ | 459,167,329 | 98.9 | |||||||||||||
Assets in Excess of Other Liabilities | 5,069,318 | 1.1 | ||||||||||||||
Net Assets | $ | 464,236,647 | 100.0 |
@ | Non-income producing security. |
** | Investment in affiliate |
Cost for federal income tax purposes is $405,514,405.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 86,376,492 | ||
Gross Unrealized Depreciation | (32,723,568 | ) | ||
Net Unrealized Appreciation | $ | 53,652,924 |
See Accompanying Notes to Financial Statements |
17 |
Voya FTSE 100 Index® Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.0% | ||||||||||||||||
Consumer Discretionary: 9.3% | ||||||||||||||||
154,953 | Barratt Developments PLC | 1,127,769 | 0.3 | |||||||||||||
164,949 | British Sky Broadcasting PLC | 2,302,086 | 0.5 | |||||||||||||
69,817 | Burberry Group PLC | 1,771,381 | 0.4 | |||||||||||||
28,757 | Carnival PLC | 1,299,767 | 0.3 | |||||||||||||
262,443 | Compass Group PLC | 4,485,918 | 1.1 | |||||||||||||
147,775 | Dixons Carphone PLC | 1,065,012 | 0.3 | |||||||||||||
256,674 | GKN PLC | 1,366,211 | 0.3 | |||||||||||||
37,253 | InterContinental Hotels Group PLC | 1,498,928 | 0.3 | |||||||||||||
589,955 | ITV PLC | 1,967,927 | 0.5 | |||||||||||||
373,296 | Kingfisher PLC | 1,973,299 | 0.5 | |||||||||||||
263,295 | Marks & Spencer Group PLC | 1,949,545 | 0.5 | |||||||||||||
23,162 | Next PLC | 2,456,495 | 0.6 | |||||||||||||
127,904 | Pearson PLC | 2,362,153 | 0.6 | |||||||||||||
48,201 | Persimmon PLC | 1,177,259 | 0.3 | |||||||||||||
180,605 | Reed Elsevier PLC | 3,085,097 | 0.7 | |||||||||||||
39,549 | @ | Sports Direct International PLC | 435,068 | 0.1 | ||||||||||||
508,181 | @ | Taylor Wimpey PLC | 1,084,163 | 0.3 | ||||||||||||
29,954 | TUI AG | 494,892 | 0.1 | |||||||||||||
31,577 | @ | TUI AG | 507,417 | 0.1 | ||||||||||||
28,416 | Whitbread PLC | 2,102,965 | 0.5 | |||||||||||||
209,086 | WPP PLC | 4,347,254 | 1.0 | |||||||||||||
38,860,606 | 9.3 | |||||||||||||||
Consumer Staples: 15.8% | ||||||||||||||||
54,817 | Associated British Foods PLC | 2,679,959 | 0.6 | |||||||||||||
293,215 | British American Tobacco PLC | 15,889,629 | 3.8 | |||||||||||||
31,107 | Coca-Cola HBC AG | 592,263 | 0.1 | |||||||||||||
396,202 | Diageo PLC | 11,350,051 | 2.7 | |||||||||||||
151,549 | Imperial Tobacco Group PLC | 6,671,122 | 1.6 | |||||||||||||
222,550 | J Sainsbury PLC | 849,850 | 0.2 | |||||||||||||
101,480 | Reckitt Benckiser PLC | 8,219,279 | 2.0 | |||||||||||||
148,709 | SABMiller PLC | 7,752,390 | 1.9 | |||||||||||||
1,277,773 | Tesco PLC | 3,725,610 | 0.9 | |||||||||||||
189,779 | Unilever PLC | 7,710,391 | 1.8 | |||||||||||||
341,083 | WM Morrison Supermarkets PLC | 973,202 | 0.2 | |||||||||||||
66,413,746 | 15.8 | |||||||||||||||
Energy: 14.4% | ||||||||||||||||
535,355 | BG Group PLC | 7,163,976 | 1.7 | |||||||||||||
2,868,793 | BP PLC | 18,209,914 | 4.4 | |||||||||||||
619,140 | Royal Dutch Shell PLC - Class A | 20,662,532 | 4.9 | |||||||||||||
385,800 | Royal Dutch Shell PLC - Class B | 13,329,825 | 3.2 | |||||||||||||
142,437 | Tullow Oil PLC | 917,917 | 0.2 | |||||||||||||
60,284,164 | 14.4 | |||||||||||||||
Financials: 21.9% | ||||||||||||||||
151,853 | 3i Group PLC | 1,058,839 | 0.3 | |||||||||||||
155,340 | Aberdeen Asset Management PLC | 1,037,977 | 0.2 | |||||||||||||
30,897 | Admiral Group PLC | 633,856 | 0.1 |
463,274 | Aviva PLC | 3,480,761 | 0.8 | |||||||||||||
2,578,967 | Barclays PLC | 9,695,212 | 2.3 | |||||||||||||
159,417 | British Land Co. PLC | 1,922,359 | 0.5 | |||||||||||||
144,659 | Capital Shopping Centres Group PLC | 747,880 | 0.2 | |||||||||||||
236,384 | Direct Line Insurance Group PLC | 1,069,307 | 0.3 | |||||||||||||
123,593 | Hammerson PLC | 1,157,440 | 0.3 | |||||||||||||
34,384 | Hargreaves Lansdown PLC | 538,004 | 0.1 | |||||||||||||
2,999,772 | HSBC Holdings PLC | 28,347,177 | 6.8 | |||||||||||||
123,750 | Land Securities Group PLC | 2,224,490 | 0.5 | |||||||||||||
934,038 | Legal & General Group PLC | 3,606,467 | 0.9 | |||||||||||||
8,502,218 | @ | Lloyds TSB Group PLC | 10,000,840 | 2.4 | ||||||||||||
39,812 | London Stock Exchange Group PLC | 1,369,894 | 0.3 | |||||||||||||
770,169 | Old Mutual PLC | 2,269,820 | 0.5 | |||||||||||||
401,388 | Prudential PLC | 9,279,901 | 2.2 | |||||||||||||
214,539 | Resolution Ltd. | 1,218,419 | 0.3 | |||||||||||||
339,382 | @ | Royal Bank of Scotland Group PLC | 2,064,868 | 0.5 | ||||||||||||
158,401 | @ | RSA Insurance Group PLC | 1,069,441 | 0.3 | ||||||||||||
17,810 | Schroders PLC | 740,226 | 0.2 | |||||||||||||
80,829 | St. James's Place PLC | 1,019,166 | 0.2 | |||||||||||||
318,325 | Standard Chartered PLC | 4,760,846 | 1.1 | |||||||||||||
376,051 | Standard Life PLC | 2,329,372 | 0.6 | |||||||||||||
91,642,562 | 21.9 | |||||||||||||||
Health Care: 9.4% | ||||||||||||||||
198,509 | AstraZeneca PLC | 14,020,866 | 3.3 | |||||||||||||
764,768 | GlaxoSmithKline PLC | 16,407,056 | 3.9 | |||||||||||||
92,468 | Shire PLC | 6,556,000 | 1.6 | |||||||||||||
141,048 | Smith & Nephew PLC | 2,543,458 | 0.6 | |||||||||||||
39,527,380 | 9.4 | |||||||||||||||
Industrials: 7.0% | ||||||||||||||||
37,813 | Aggreko PLC | 881,800 | 0.2 | |||||||||||||
79,319 | Ashtead Group PLC | 1,408,701 | 0.3 | |||||||||||||
79,141 | Babcock International Group | 1,296,512 | 0.3 | |||||||||||||
497,530 | BAE Systems PLC | 3,638,542 | 0.9 | |||||||||||||
52,321 | Bunzl PLC | 1,430,313 | 0.3 | |||||||||||||
105,407 | Capita Group PLC | 1,767,435 | 0.4 | |||||||||||||
39,152 | EasyJet PLC | 1,013,220 | 0.2 | |||||||||||||
156,105 | Experian PLC | 2,631,460 | 0.6 | |||||||||||||
244,514 | Group 4 Securicor PLC | 1,054,744 | 0.3 | |||||||||||||
320,266 | @ | International Consolidated Airlines Group SA | 2,410,988 | 0.6 | ||||||||||||
25,332 | Intertek Group PLC | 916,818 | 0.2 | |||||||||||||
126,946 | Meggitt PLC | 1,021,187 | 0.2 | |||||||||||||
294,434 | Rolls-Royce Holdings PLC | 3,955,387 | 0.9 | |||||||||||||
97,706 | Royal Mail PLC | 651,109 | 0.2 | |||||||||||||
61,781 | Smiths Group PLC | 1,050,533 | 0.3 | |||||||||||||
38,903 | Travis Perkins PLC | 1,119,787 | 0.3 | |||||||||||||
33,489 | Weir Group PLC | 960,324 | 0.2 | |||||||||||||
41,561 | Wolseley PLC | 2,376,122 | 0.6 | |||||||||||||
29,584,982 | 7.0 | |||||||||||||||
Information Technology: 1.1% | ||||||||||||||||
219,707 | ARM Holdings PLC | 3,375,229 | 0.8 |
See Accompanying Notes to Financial Statements |
18 |
Voya FTSE 100 Index® Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
163,861 | Sage Group PLC/The | 1,183,502 | 0.3 | |||||||||||||
4,558,731 | 1.1 | |||||||||||||||
Materials: 8.4% | ||||||||||||||||
205,545 | Anglo American PLC | 3,803,505 | 0.9 | |||||||||||||
55,930 | Antofagasta PLC | 651,696 | 0.2 | |||||||||||||
332,236 | BHP Billiton PLC | 7,120,278 | 1.7 | |||||||||||||
116,245 | CRH PLC - London | 2,787,419 | 0.7 | |||||||||||||
26,943 | Fresnillo PLC | 320,217 | 0.1 | |||||||||||||
1,678,819 | Glencore PLC | 7,749,157 | 1.8 | |||||||||||||
32,293 | Johnson Matthey PLC | 1,698,963 | 0.4 | |||||||||||||
57,874 | Mondi PLC | 940,193 | 0.2 | |||||||||||||
14,470 | Randgold Resources Ltd. | 982,371 | 0.2 | |||||||||||||
196,257 | Rio Tinto PLC | 9,046,889 | 2.2 | |||||||||||||
35,100,688 | 8.4 | |||||||||||||||
Telecommunication Services: 5.3% | ||||||||||||||||
1,277,938 | BT Group PLC | 7,948,872 | 1.9 | |||||||||||||
4,178,974 | Vodafone Group PLC | 14,328,175 | 3.4 | |||||||||||||
22,277,047 | 5.3 | |||||||||||||||
Utilities: 4.4% | ||||||||||||||||
781,836 | Centrica PLC | 3,386,478 | 0.8 | |||||||||||||
593,352 | National Grid PLC | 8,419,258 | 2.0 | |||||||||||||
155,322 | Scottish & Southern Energy PLC | 3,924,543 | 0.9 | |||||||||||||
37,519 | Severn Trent PLC | 1,170,192 | 0.3 | |||||||||||||
107,444 | United Utilities Group PLC | 1,526,130 | 0.4 | |||||||||||||
18,426,601 | 4.4 | |||||||||||||||
Total Common Stock (Cost $348,135,758) | 406,676,507 | 97.0 | ||||||||||||||
Assets in Excess of Other Liabilities | 12,426,745 | 3.0 | ||||||||||||||
Net Assets | $ | 419,103,252 | 100.0 |
@ | Non-income producing security. |
Cost for federal income tax purposes is $350,796,223.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 88,395,744 | ||
Gross Unrealized Depreciation | (32,515,460 | ) | ||
Net Unrealized Appreciation | $ | 55,880,284 |
See Accompanying Notes to Financial Statements
19 |
Voya Hang Seng Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.7% | ||||||||||||||||
Consumer Discretionary: 3.4% | ||||||||||||||||
501,000 | Belle International Holdings | 562,748 | 0.5 | |||||||||||||
251,000 | Galaxy Entertainment Group Ltd. | 1,394,735 | 1.3 | |||||||||||||
627,028 | Li & Fung Ltd. | 587,032 | 0.5 | |||||||||||||
261,600 | Sands China Ltd. | 1,273,507 | 1.1 | |||||||||||||
3,818,022 | 3.4 | |||||||||||||||
Consumer Staples: 3.0% | ||||||||||||||||
147,000 | China Mengniu Diary Co., Ltd. | 605,291 | 0.6 | |||||||||||||
127,286 | China Resources Enterprise | 265,911 | 0.3 | |||||||||||||
85,500 | Hengan International Group Co., Ltd. | 891,441 | 0.8 | |||||||||||||
210,000 | Tingyi Cayman Islands Holding Corp. | 477,233 | 0.4 | |||||||||||||
784,000 | L | Want Want China Holdings Ltd. | 1,030,421 | 0.9 | ||||||||||||
3,270,297 | 3.0 | |||||||||||||||
Energy: 7.9% | ||||||||||||||||
2,746,438 | China Petroleum & Chemical Corp. | 2,224,173 | 2.0 | |||||||||||||
365,341 | China Shenhua Energy Co., Ltd. | 1,078,089 | 1.0 | |||||||||||||
1,921,714 | CNOOC Ltd. | 2,598,483 | 2.3 | |||||||||||||
342,000 | Kunlun Energy Co. Ltd. | 322,760 | 0.3 | |||||||||||||
2,266,604 | PetroChina Co., Ltd. | 2,516,127 | 2.3 | |||||||||||||
8,739,632 | 7.9 | |||||||||||||||
Financials: 57.6% | ||||||||||||||||
1,296,400 | AIA Group Ltd. | 7,150,252 | 6.5 | |||||||||||||
8,555,746 | Bank of China Ltd. | 4,802,079 | 4.4 | |||||||||||||
947,451 | Bank of Communications Co., Ltd. | 880,911 | 0.8 | |||||||||||||
151,984 | Bank of East Asia Ltd. | 610,371 | 0.5 | |||||||||||||
398,629 | BOC Hong Kong Holdings Ltd. | 1,328,288 | 1.2 | |||||||||||||
149,739 | Cheung Kong Holdings Ltd. | 2,507,653 | 2.3 | |||||||||||||
9,050,107 | China Construction Bank | 7,391,971 | 6.7 | |||||||||||||
800,911 | China Life Insurance Co., Ltd. | 3,138,084 | 2.8 | |||||||||||||
438,991 | China Overseas Land & Investment Ltd. | 1,298,637 | 1.2 | |||||||||||||
218,000 | China Resources Land Ltd. | 572,908 | 0.5 | |||||||||||||
241,706 | Hang Lung Properties Ltd. | 674,289 | 0.6 | |||||||||||||
82,143 | Hang Seng Bank Ltd. | 1,365,255 | 1.2 | |||||||||||||
112,248 | Henderson Land Development Co., Ltd. | 780,154 | 0.7 | |||||||||||||
119,241 | Hong Kong Exchanges and Clearing Ltd. | 2,632,451 | 2.4 | |||||||||||||
1,427,628 | HSBC Holdings PLC | 13,575,261 | 12.3 | |||||||||||||
7,931,340 | Industrial and Commercial Bank of China Ltd. | 5,791,404 | 5.3 |
247,000 | Link Real Estate Investment Trust | 1,546,408 | 1.4 | |||||||||||||
556,100 | New World Development Ltd. | 638,408 | 0.6 | |||||||||||||
219,216 | Ping An Insurance Group Co. of China Ltd. | 2,219,681 | 2.0 | |||||||||||||
323,265 | Sino Land Co. | 518,939 | 0.5 | |||||||||||||
146,555 | Sun Hung Kai Properties Ltd. | 2,220,374 | 2.0 | |||||||||||||
63,591 | Swire Pacific Ltd. | 825,442 | 0.7 | |||||||||||||
146,637 | Wharf Holdings Ltd. | 1,052,720 | 1.0 | |||||||||||||
63,521,940 | 57.6 | |||||||||||||||
Industrials: 4.5% | ||||||||||||||||
127,818 | Cathay Pacific Airways Ltd. | 278,559 | 0.3 | |||||||||||||
137,593 | China Merchants Holdings International Co., Ltd. | 462,161 | 0.4 | |||||||||||||
537,811 | Citic Pacific Ltd. | 916,851 | 0.8 | |||||||||||||
229,464 | Hutchison Whampoa Ltd. | 2,623,133 | 2.4 | |||||||||||||
157,643 | MTR Corp. | 644,959 | 0.6 | |||||||||||||
4,925,663 | 4.5 | |||||||||||||||
Information Technology: 8.7% | ||||||||||||||||
618,000 | L | Lenovo Group Ltd. | 806,869 | 0.7 | ||||||||||||
604,575 | Tencent Holdings Ltd. | 8,747,554 | 8.0 | |||||||||||||
9,554,423 | 8.7 | |||||||||||||||
Telecommunication Services: 7.8% | ||||||||||||||||
657,601 | China Mobile Ltd. | 7,702,314 | 7.0 | |||||||||||||
643,110 | China Unicom Ltd. | 861,857 | 0.8 | |||||||||||||
8,564,171 | 7.8 | |||||||||||||||
Utilities: 4.8% | ||||||||||||||||
207,654 | China Resources Power Holdings Co. | 529,668 | 0.5 | |||||||||||||
203,431 | CLP Holdings Ltd. | 1,761,592 | 1.6 | |||||||||||||
676,965 | Hong Kong & China Gas | 1,542,359 | 1.4 | |||||||||||||
149,822 | Power Assets Holdings Ltd. | 1,448,481 | 1.3 | |||||||||||||
5,282,100 | 4.8 | |||||||||||||||
Total Common Stock | ||||||||||||||||
(Cost $85,149,273) | 107,676,248 | 97.7 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
SHORT-TERM INVESTMENTS: 3.5% | ||||||||||||||||
Securities Lending Collateralcc: 1.6% | ||||||||||||||||
750,557 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $750,561, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $765,568, due 01/01/15-09/01/49) | 750,557 | 0.7 |
See Accompanying Notes to Financial Statements
20 |
Voya Hang Seng Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
1,000,000 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,000,008, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $1,020,000, due 09/30/17-02/15/42) | 1,000,000 | 0.9 | |||||||||||||
1,750,557 | 1.6 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
Mutual Funds: 1.9% | ||||||||||||||||
2,142,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||||
(Cost $2,142,000) | 2,142,000 | 1.9 | ||||||||||||||
Total Short-Term Investments | ||||||||||||||||
(Cost $3,892,557) | 3,892,557 | 3.5 | ||||||||||||||
Total Investments in Securities (Cost $89,041,830) | $ | 111,568,805 | 101.2 | |||||||||||||
Liabilities in Excess of Other Assets | (1,370,902 | ) | (1.2 | ) | ||||||||||||
Net Assets | $ | 110,197,903 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
Cost for federal income tax purposes is $92,313,072.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 23,383,826 | ||
Gross Unrealized Depreciation | (4,128,093 | ) | ||
Net Unrealized Appreciation | $ | 19,255,733 |
See Accompanying Notes to Financial Statements
21 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 96.9% | ||||||||||||||||
Consumer Discretionary: 11.6% | ||||||||||||||||
20,741 | Accor S.A. | 932,331 | 0.1 | |||||||||||||
25,762 | Adidas AG | 1,789,060 | 0.1 | |||||||||||||
24,211 | Aisin Seiki Co., Ltd. | 869,863 | 0.1 | |||||||||||||
10,293 | @ | Altice SA | 812,818 | 0.1 | ||||||||||||
20,949 | Asics Corp. | 504,354 | 0.0 | |||||||||||||
5,334 | Axel Springer AG | 321,720 | 0.0 | |||||||||||||
40,405 | Bayerische Motoren Werke AG | 4,360,449 | 0.3 | |||||||||||||
9,737 | Benesse Holdings, Inc. | 288,925 | 0.0 | |||||||||||||
80,043 | Bridgestone Corp. | 2,776,047 | 0.2 | |||||||||||||
126,485 | British Sky Broadcasting PLC | 1,765,269 | 0.1 | |||||||||||||
55,556 | Burberry Group PLC | 1,409,554 | 0.1 | |||||||||||||
23,090 | Carnival PLC | 1,043,629 | 0.1 | |||||||||||||
25,587 | L | Casio Computer Co., Ltd. | 391,413 | 0.0 | ||||||||||||
6,601 | Christian Dior S.A. | 1,129,686 | 0.1 | |||||||||||||
63,479 | Cie Financiere Richemont SA | 5,627,961 | 0.4 | |||||||||||||
22,686 | Cie Generale des Etablissements Michelin | 2,047,796 | 0.1 | |||||||||||||
206,468 | Compass Group PLC | 3,529,142 | 0.2 | |||||||||||||
13,499 | Continental AG | 2,847,254 | 0.2 | |||||||||||||
48,216 | Crown Ltd. | 495,871 | 0.0 | |||||||||||||
24,711 | L | Daihatsu Motor Co., Ltd. | 322,746 | 0.0 | ||||||||||||
117,561 | DaimlerChrysler AG | 9,763,942 | 0.6 | |||||||||||||
59,767 | Denso Corp. | 2,785,611 | 0.2 | |||||||||||||
26,903 | Dentsu, Inc. | 1,131,040 | 0.1 | |||||||||||||
121,573 | Dixons Carphone PLC | 876,174 | 0.1 | |||||||||||||
7,221 | Don Quijote Holdings Co. Ltd. | 496,422 | 0.0 | |||||||||||||
29,883 | Electrolux AB | 873,158 | 0.1 | |||||||||||||
19,239 | Eutelsat Communications | 622,184 | 0.0 | |||||||||||||
6,542 | Fast Retailing Co., Ltd. | 2,380,602 | 0.2 | |||||||||||||
108,328 | @ | Fiat Chrysler Automobiles NV | 1,258,745 | 0.1 | ||||||||||||
7,185 | Flight Centre Ltd. | 190,194 | 0.0 | |||||||||||||
72,235 | Fuji Heavy Industries Ltd. | 2,556,107 | 0.2 | |||||||||||||
285,159 | Galaxy Entertainment Group Ltd. | 1,584,547 | 0.1 | |||||||||||||
810,212 | Genting International PLC | 656,914 | 0.1 | |||||||||||||
201,128 | GKN PLC | 1,070,554 | 0.1 | |||||||||||||
115,670 | Hennes & Mauritz AB | 4,805,512 | 0.3 | |||||||||||||
2,047 | Hermes International | 728,929 | 0.1 | |||||||||||||
198,742 | Honda Motor Co., Ltd. | 5,830,750 | 0.4 | |||||||||||||
3,926 | Hugo Boss AG | 480,275 | 0.0 | |||||||||||||
52,526 | Husqvarna AB - B Shares | 386,091 | 0.0 | |||||||||||||
20,591 | Iida Group Holdings Co. Ltd. | 250,830 | 0.0 | |||||||||||||
132,618 | Inditex SA | 3,782,990 | 0.3 | |||||||||||||
29,333 | InterContinental Hotels Group PLC | 1,180,255 | 0.1 | |||||||||||||
44,366 | Isetan Mitsukoshi Holdings Ltd. | 548,994 | 0.0 | |||||||||||||
73,268 | Isuzu Motors Ltd. | 892,427 | 0.1 |
471,622 | ITV PLC | 1,573,200 | 0.1 | |||||||||||||
32,552 | J Front Retailing Co., Ltd. | 377,017 | 0.0 | |||||||||||||
13,070 | Jardine Cycle & Carriage Ltd. | 418,732 | 0.0 | |||||||||||||
9,045 | JC Decaux SA | 311,427 | 0.0 | |||||||||||||
3,253 | @ | Kabel Deutschland Holding AG | 440,843 | 0.0 | ||||||||||||
291,282 | Kingfisher PLC | 1,539,760 | 0.1 | |||||||||||||
11,500 | Koito Manufacturing Co., Ltd. | 351,805 | 0.0 | |||||||||||||
14,977 | Lagardere SCA | 390,032 | 0.0 | |||||||||||||
698,194 | Li & Fung Ltd. | 653,658 | 0.0 | |||||||||||||
20,275 | Luxottica Group S.p.A. | 1,111,455 | 0.1 | |||||||||||||
33,969 | LVMH Moet Hennessy Louis Vuitton S.A. | 5,380,762 | 0.4 | |||||||||||||
198,959 | Marks & Spencer Group PLC | 1,473,175 | 0.1 | |||||||||||||
31,119 | Marui Group Co., Ltd. | 280,684 | 0.0 | |||||||||||||
67,066 | Mazda Motor Corp. | 1,610,629 | 0.1 | |||||||||||||
38,815 | # | Merlin Entertainments PLC | 240,174 | 0.0 | ||||||||||||
122,468 | MGM China Holdings Ltd. | 309,221 | 0.0 | |||||||||||||
79,515 | Mitsubishi Motors Corp. | 726,407 | 0.1 | |||||||||||||
22,193 | Namco Bandai Holdings, Inc. | 469,854 | 0.0 | |||||||||||||
18,938 | Next PLC | 2,008,510 | 0.1 | |||||||||||||
22,985 | NGK Spark Plug Co., Ltd. | 698,409 | 0.1 | |||||||||||||
42,569 | L | Nikon Corp. | 565,611 | 0.0 | ||||||||||||
301,092 | Nissan Motor Co., Ltd. | 2,626,055 | 0.2 | |||||||||||||
8,806 | Nitori Co., Ltd. | 473,133 | 0.0 | |||||||||||||
14,025 | Nokian Renkaat OYJ | 342,120 | 0.0 | |||||||||||||
11,300 | @ | Numericable-SFR | 559,797 | 0.0 | ||||||||||||
6,270 | Oriental Land Co., Ltd. | 1,445,950 | 0.1 | |||||||||||||
269,731 | Panasonic Corp. | 3,177,010 | 0.2 | |||||||||||||
14,444 | Pandora A/S | 1,170,789 | 0.1 | |||||||||||||
101,062 | Pearson PLC | 1,866,430 | 0.1 | |||||||||||||
37,558 | Persimmon PLC | 917,315 | 0.1 | |||||||||||||
48,232 | @ | Peugeot S.A. | 590,959 | 0.0 | ||||||||||||
29,096 | Pirelli & C S.p.A. | 392,430 | 0.0 | |||||||||||||
9,167 | Kering | 1,761,632 | 0.1 | |||||||||||||
27,383 | ProSiebenSat.1 Media AG | 1,144,156 | 0.1 | |||||||||||||
22,835 | Publicis Groupe | 1,637,625 | 0.1 | |||||||||||||
97,970 | Rakuten, Inc. | 1,362,353 | 0.1 | |||||||||||||
6,830 | REA Group Ltd. | 250,416 | 0.0 | |||||||||||||
86,949 | Reed Elsevier NV | 2,076,401 | 0.1 | |||||||||||||
141,260 | Reed Elsevier PLC | 2,413,005 | 0.2 | |||||||||||||
23,306 | Renault S.A. | 1,697,527 | 0.1 | |||||||||||||
4,666 | Rinnai Corp. | 313,519 | 0.0 | |||||||||||||
4,828 | RTL Group SA | 454,870 | 0.0 | |||||||||||||
293,602 | Sands China Ltd. | 1,429,297 | 0.1 | |||||||||||||
6,188 | Sankyo Co., Ltd. | 212,272 | 0.0 | |||||||||||||
6,580 | L | Sanrio Co., Ltd. | 162,576 | 0.0 | ||||||||||||
22,610 | Sega Sammy Holdings, Inc. | 289,276 | 0.0 | |||||||||||||
53,519 | Sekisui Chemical Co., Ltd. | 643,886 | 0.1 | |||||||||||||
68,285 | L | Sekisui House Ltd. | 898,493 | 0.1 | ||||||||||||
37,525 | SES S.A. | 1,349,276 | 0.1 | |||||||||||||
169 | SES SA | 6,069 | 0.0 | |||||||||||||
149,385 | Shangri-La Asia Ltd. | 204,700 | 0.0 | |||||||||||||
190,500 | L | Sharp Corp. | 421,442 | 0.0 | ||||||||||||
2,961 | Shimamura Co., Ltd. | 255,525 | 0.0 | |||||||||||||
9,855 | Shimano, Inc. | 1,276,436 | 0.1 |
See Accompanying Notes to Financial Statements
22 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
222,327 | Singapore Press Holdings Ltd. | 705,770 | 0.1 | |||||||||||||
249,365 | SJM Holdings Ltd. | 394,220 | 0.0 | |||||||||||||
11,621 | Sodexho Alliance S.A. | 1,137,516 | 0.1 | |||||||||||||
128,470 | Sony Corp. | 2,621,977 | 0.2 | |||||||||||||
34,733 | @ | Sports Direct International PLC | 382,089 | 0.0 | ||||||||||||
18,388 | Stanley Electric Co., Ltd. | 397,061 | 0.0 | |||||||||||||
24,059 | Sumitomo Rubber Industries, Inc. | 357,663 | 0.0 | |||||||||||||
45,044 | Suzuki Motor Corp. | 1,349,849 | 0.1 | |||||||||||||
3,761 | Swatch Group AG - BR | 1,670,849 | 0.1 | |||||||||||||
5,838 | Swatch Group AG - Reg | 504,997 | 0.0 | |||||||||||||
88,886 | TABCORP Holdings Ltd. | 300,054 | 0.0 | |||||||||||||
36,689 | Takashimaya Co., Ltd. | 292,950 | 0.0 | |||||||||||||
188,834 | Tattersall's Ltd. | 531,096 | 0.0 | |||||||||||||
170,500 | Techtronic Industries Co. | 546,978 | 0.0 | |||||||||||||
6,819 | @ | Telenet Group Holding NV | 382,668 | 0.0 | ||||||||||||
17,100 | Toho Co., Ltd. | 387,991 | 0.0 | |||||||||||||
21,205 | Toyota Industries Corp. | 1,086,793 | 0.1 | |||||||||||||
334,262 | Toyota Motor Corp. | 20,830,337 | 1.4 | |||||||||||||
55,252 | @ | TUI AG | 887,856 | 0.1 | ||||||||||||
29,026 | USS Co., Ltd. | 445,976 | 0.0 | |||||||||||||
9,314 | Valeo SA | 1,158,946 | 0.1 | |||||||||||||
3,652 | Volkswagen AG | 791,769 | 0.1 | |||||||||||||
22,748 | Whitbread PLC | 1,683,497 | 0.1 | |||||||||||||
107,630 | William Hill PLC | 604,784 | 0.0 | |||||||||||||
38,339 | Wolters Kluwer NV | 1,169,926 | 0.1 | |||||||||||||
160,904 | WPP PLC | 3,345,468 | 0.2 | |||||||||||||
191,279 | Wynn Macau Ltd. | 533,640 | 0.0 | |||||||||||||
113,137 | L | Yamada Denki Co., Ltd. | 379,588 | 0.0 | ||||||||||||
21,407 | Yamaha Corp. | 315,537 | 0.0 | |||||||||||||
33,304 | Yamaha Motor Co., Ltd. | 666,323 | 0.1 | |||||||||||||
28,538 | Yokohama Rubber Co., Ltd. | 259,848 | 0.0 | |||||||||||||
97,449 | Yue Yuen Industrial Holdings | 350,408 | 0.0 | |||||||||||||
179,627,664 | 11.6 | |||||||||||||||
Consumer Staples: 10.6% | ||||||||||||||||
80,880 | Aeon Co., Ltd. | 812,803 | 0.1 | |||||||||||||
71,428 | Ajinomoto Co., Inc. | 1,329,767 | 0.1 | |||||||||||||
98,021 | Anheuser-Busch InBev Worldwide, Inc. | 11,031,446 | 0.7 | |||||||||||||
10,918 | Aryzta AG | 839,043 | 0.1 | |||||||||||||
47,758 | Asahi Group Holdings, Ltd. | 1,477,505 | 0.1 | |||||||||||||
43,657 | Associated British Foods PLC | 2,134,355 | 0.1 | |||||||||||||
288 | Barry Callebaut AG | 295,265 | 0.0 | |||||||||||||
12,361 | Beiersdorf AG | 1,003,642 | 0.1 | |||||||||||||
227,159 | British American Tobacco PLC | 12,309,985 | 0.8 | |||||||||||||
10,101 | Calbee, Inc. | 347,947 | 0.0 | |||||||||||||
13,655 | Carlsberg A/S | 1,048,702 | 0.1 | |||||||||||||
75,583 | Carrefour S.A. | 2,300,103 | 0.2 | |||||||||||||
6,805 | Casino Guichard Perrachon S.A. | 625,820 | 0.1 | |||||||||||||
71,562 | Coca-Cola Amatil Ltd. | 540,298 | 0.0 | |||||||||||||
25,010 | Coca-Cola HBC AG | 476,179 | 0.0 |
9,039 | Colruyt S.A. | 420,219 | 0.0 | |||||||||||||
12,839 | Delhaize Group | 935,007 | 0.1 | |||||||||||||
306,256 | Diageo PLC | 8,773,356 | 0.6 | |||||||||||||
75,174 | Distribuidora Internacional de Alimentacion SA | 509,386 | 0.0 | |||||||||||||
8,138 | FamilyMart Co., Ltd. | 306,508 | 0.0 | |||||||||||||
855,969 | Golden Agri-Resources Ltd. | 296,249 | 0.0 | |||||||||||||
70,343 | Groupe Danone | 4,598,900 | 0.3 | |||||||||||||
7,195 | L | Hakon Invest AB | 280,161 | 0.0 | ||||||||||||
12,376 | Heineken Holding NV | 774,759 | 0.1 | |||||||||||||
28,221 | Heineken NV | 2,003,913 | 0.1 | |||||||||||||
14,414 | Henkel AG & Co. KGaA | 1,396,266 | 0.1 | |||||||||||||
116,953 | Imperial Tobacco Group PLC | 5,148,221 | 0.3 | |||||||||||||
149,568 | J Sainsbury PLC | 571,154 | 0.0 | |||||||||||||
134,002 | Japan Tobacco, Inc. | 3,688,109 | 0.2 | |||||||||||||
30,183 | Jeronimo Martins | 302,446 | 0.0 | |||||||||||||
63,875 | Kao Corp. | 2,518,883 | 0.2 | |||||||||||||
7,297 | Kerry Group PLC | 504,123 | 0.0 | |||||||||||||
12,729 | Kerry Group PLC KYGA | 892,744 | 0.0 | |||||||||||||
19,834 | Kikkoman Corp. | 486,112 | 0.0 | |||||||||||||
102,956 | Kirin Brewery Co., Ltd. | 1,279,320 | 0.1 | |||||||||||||
110,367 | Koninklijke Ahold NV | 1,961,543 | 0.1 | |||||||||||||
8,464 | Lawson, Inc. | 511,464 | 0.0 | |||||||||||||
112 | Lindt & Spruengli AG - PC | 553,781 | 0.0 | |||||||||||||
12 | Lindt & Spruengli AG - Reg | 692,422 | 0.1 | |||||||||||||
30,367 | L'Oreal S.A. | 5,082,595 | 0.3 | |||||||||||||
7,794 | MEIJI Holdings Co., Ltd. | 709,092 | 0.1 | |||||||||||||
115,952 | Metcash Ltd. | 174,750 | 0.0 | |||||||||||||
19,730 | Metro AG | 603,103 | 0.0 | |||||||||||||
392,906 | Nestle S.A. | 28,643,246 | 1.9 | |||||||||||||
22,419 | NH Foods Ltd. | 490,490 | 0.0 | |||||||||||||
30,867 | Nisshin Seifun Group, Inc. | 298,823 | 0.0 | |||||||||||||
7,917 | Nissin Food Products Co., Ltd. | 377,349 | 0.0 | |||||||||||||
25,845 | Pernod Ricard SA | 2,872,361 | 0.2 | |||||||||||||
79,274 | Reckitt Benckiser PLC | 6,420,725 | 0.4 | |||||||||||||
2,981 | Remy Cointreau SA | 198,891 | 0.0 | |||||||||||||
117,826 | SABMiller PLC | 6,142,419 | 0.4 | |||||||||||||
91,771 | Seven & I Holdings Co., Ltd. | 3,301,126 | 0.2 | |||||||||||||
45,662 | Shiseido Co., Ltd. | 640,383 | 0.1 | |||||||||||||
17,634 | Suntory Beverage & Food Ltd. | 609,242 | 0.0 | |||||||||||||
71,116 | Svenska Cellulosa AB SCA | 1,533,168 | 0.1 | |||||||||||||
25,538 | Swedish Match AB | 800,221 | 0.1 | |||||||||||||
58,589 | Tate & Lyle PLC | 548,949 | 0.0 | |||||||||||||
990,969 | Tesco PLC | 2,889,374 | 0.2 | |||||||||||||
12,388 | Toyo Suisan Kaisha Ltd. | 398,880 | 0.0 | |||||||||||||
84,072 | Treasury Wine Estates Ltd. | 324,499 | 0.0 | |||||||||||||
46,178 | Uni-Charm Corp. | 1,106,845 | 0.1 | |||||||||||||
198,238 | Unilever NV | 7,754,642 | 0.5 | |||||||||||||
156,420 | Unilever PLC | 6,355,073 | 0.4 | |||||||||||||
137,350 | Wesfarmers Ltd. | 4,650,349 | 0.3 | |||||||||||||
303,000 | #,@ | WH Group Ltd. | 172,794 | 0.0 | ||||||||||||
252,176 | Wilmar International Ltd. | 614,461 | 0.1 |
See Accompanying Notes to Financial Statements
23 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
255,731 | WM Morrison Supermarkets PLC | 729,670 | 0.1 | |||||||||||||
153,076 | Woolworths Ltd. | 3,803,879 | 0.3 | |||||||||||||
10,985 | Yakult Honsha Co., Ltd. | 579,843 | 0.0 | |||||||||||||
164,805,148 | 10.6 | |||||||||||||||
Energy: 5.5% | ||||||||||||||||
36,951 | Subsea 7 SA | 378,116 | 0.0 | |||||||||||||
38,952 | Amec PLC | 514,431 | 0.0 | |||||||||||||
416,730 | BG Group PLC | 5,576,568 | 0.4 | |||||||||||||
2,246,327 | BP PLC | 14,258,757 | 0.9 | |||||||||||||
19,147 | Caltex Australia Ltd. | 531,273 | 0.0 | |||||||||||||
310,142 | ENI S.p.A. | 5,432,614 | 0.4 | |||||||||||||
47,904 | Galp Energia SGPS SA | 486,467 | 0.0 | |||||||||||||
44 | Idemitsu Kosan Co., Ltd. | 727 | 0.0 | |||||||||||||
109,016 | Inpex Holdings, Inc. | 1,213,672 | 0.1 | |||||||||||||
274,166 | JX Holdings, Inc. | 1,066,946 | 0.1 | |||||||||||||
28,164 | @ | Lundin Petroleum AB | 403,037 | 0.0 | ||||||||||||
16,649 | Neste Oil OYJ | 404,132 | 0.0 | |||||||||||||
19,061 | OMV AG | 506,133 | 0.0 | |||||||||||||
140,114 | Origin Energy Ltd. | 1,325,681 | 0.1 | |||||||||||||
32,294 | Petrofac Ltd. | 351,810 | 0.0 | |||||||||||||
122,151 | Repsol YPF S.A. | 2,286,774 | 0.1 | |||||||||||||
480,966 | Royal Dutch Shell PLC - Class A | 16,051,257 | 1.0 | |||||||||||||
297,565 | Royal Dutch Shell PLC - Class B | 10,281,206 | 0.7 | |||||||||||||
33,885 | @ | Saipem S.p.A. | 355,206 | 0.0 | ||||||||||||
122,556 | Santos Ltd. | 818,647 | 0.1 | |||||||||||||
46,883 | @ | SeaDrill Ltd. | 542,444 | 0.0 | ||||||||||||
25,919 | L | Showa Shell Sekiyu KK | 255,314 | 0.0 | ||||||||||||
135,622 | Statoil ASA | 2,387,874 | 0.2 | |||||||||||||
12,845 | Technip S.A. | 765,147 | 0.1 | |||||||||||||
59,836 | Tenaris S.A. | 904,175 | 0.1 | |||||||||||||
41,470 | L | TonenGeneral Sekiyu KK | 354,013 | 0.0 | ||||||||||||
260,892 | Total S.A. | 13,366,059 | 0.9 | |||||||||||||
45,289 | L | Transocean Ltd - RIGN | 831,048 | 0.1 | ||||||||||||
113,899 | Tullow Oil PLC | 734,007 | 0.0 | |||||||||||||
90,774 | Woodside Petroleum Ltd. | 2,807,396 | 0.2 | |||||||||||||
26,525 | WorleyParsons Ltd. | 217,278 | 0.0 | |||||||||||||
85,408,209 | 5.5 | |||||||||||||||
Financials: 25.3% | ||||||||||||||||
120,956 | 3i Group PLC | 843,401 | 0.1 | |||||||||||||
114,210 | Aberdeen Asset Management PLC | 763,147 | 0.1 | |||||||||||||
54,543 | @,L | Acom Co., Ltd. | 166,512 | 0.0 | ||||||||||||
23,965 | Admiral Group PLC | 491,645 | 0.0 | |||||||||||||
224,439 | Aegon NV | 1,686,882 | 0.1 | |||||||||||||
14,798 | L | AEON Financial Service Co., Ltd. | 292,274 | 0.0 | ||||||||||||
14,942 | Aeon Mall Co., Ltd. | 264,787 | 0.0 | |||||||||||||
27,436 | Ageas | 975,495 | 0.1 | |||||||||||||
1,473,699 | AIA Group Ltd. | 8,128,139 | 0.5 | |||||||||||||
55,851 | Allianz AG | 9,250,414 | 0.6 | |||||||||||||
369,441 | AMP Ltd. | 1,645,402 | 0.1 | |||||||||||||
157,682 | Aozora Bank Ltd. | 488,112 | 0.0 | |||||||||||||
265,797 | Ascendas Real Estate Investment Trust | 476,774 | 0.0 | |||||||||||||
142,813 | Assicurazioni Generali S.p.A. | 2,932,365 | 0.2 | |||||||||||||
24,547 | ASX Ltd. | 732,349 | 0.1 |
336,689 | Australia & New Zealand Banking Group Ltd. | 8,760,634 | 0.6 | |||||||||||||
360,160 | Aviva PLC | 2,706,025 | 0.2 | |||||||||||||
221,311 | AXA S.A. | 5,099,691 | 0.3 | |||||||||||||
6,033 | Baloise Holding AG | 771,087 | 0.1 | |||||||||||||
545,003 | @,L | Banca Monte dei Paschi di Siena SpA | 310,474 | 0.0 | ||||||||||||
4,340,494 | @ | Banco Comercial Portugues SA | 340,602 | 0.0 | ||||||||||||
422,417 | Banco de Sabadell SA | 1,117,702 | 0.1 | |||||||||||||
45,683 | @ | Banco Popolare SC | 549,648 | 0.0 | ||||||||||||
– | Banco Popular Espanol S.A. | – | – | |||||||||||||
222,123 | Banco Popular Espanol SA | 1,107,249 | 0.1 | |||||||||||||
1,508,861 | Banco Santander Central Hispano S.A. | 12,664,084 | 0.8 | |||||||||||||
152,127 | Bank Hapoalim BM | 715,321 | 0.1 | |||||||||||||
187,453 | @ | Bank Leumi Le-Israel BM | 640,379 | 0.0 | ||||||||||||
161,352 | Bank of East Asia Ltd. | 647,993 | 0.0 | |||||||||||||
46,557 | Bank of Kyoto Ltd. | 389,199 | 0.0 | |||||||||||||
45,589 | Bank of Queensland Ltd. | 449,139 | 0.0 | |||||||||||||
148,809 | Bank of Yokohama Ltd. | 808,224 | 0.1 | |||||||||||||
573,201 | @ | Bankia SA | 850,591 | 0.1 | ||||||||||||
79,645 | Bankinter S.A. | 639,847 | 0.0 | |||||||||||||
2,002,534 | Barclays PLC | 7,528,204 | 0.5 | |||||||||||||
727,638 | Banco Bilbao Vizcaya Argentaria S.A. | 6,872,128 | 0.5 | |||||||||||||
57,163 | Bendigo Bank Ltd. | 594,377 | 0.0 | |||||||||||||
128,985 | BNP Paribas | 7,614,530 | 0.5 | |||||||||||||
451,917 | BOC Hong Kong Holdings Ltd. | 1,505,851 | 0.1 | |||||||||||||
117,737 | British Land Co. PLC | 1,419,753 | 0.1 | |||||||||||||
160,000 | CapitaCommercial Trust | 211,240 | 0.0 | |||||||||||||
107,933 | Capital Shopping Centres Group PLC | 558,008 | 0.0 | |||||||||||||
334,996 | CapitaLand Ltd. | 832,918 | 0.1 | |||||||||||||
316,201 | CapitaMall Trust | 485,486 | 0.0 | |||||||||||||
169,800 | Cheung Kong Holdings Ltd. | 2,843,611 | 0.2 | |||||||||||||
101,266 | Chiba Bank Ltd. | 663,586 | 0.0 | |||||||||||||
24,106 | Chugoku Bank Ltd. | 328,587 | 0.0 | |||||||||||||
54,981 | City Developments Ltd. | 424,181 | 0.0 | |||||||||||||
20,492 | CNP Assurances | 363,287 | 0.0 | |||||||||||||
118,980 | @ | Commerzbank AG | 1,560,617 | 0.1 | ||||||||||||
197,936 | Commonwealth Bank of Australia | 13,752,350 | 0.9 | |||||||||||||
8,530 | Corio NV | 417,731 | 0.0 | |||||||||||||
124,441 | Credit Agricole SA | 1,606,354 | 0.1 | |||||||||||||
19,124 | Credit Saison Co., Ltd. | 355,638 | 0.0 | |||||||||||||
185,350 | Credit Suisse Group | 4,656,224 | 0.3 | |||||||||||||
270,414 | CaixaBank SA | 1,416,936 | 0.1 | |||||||||||||
131,383 | Dai-ichi Life Insurance Co., Ltd. | 1,994,374 | 0.1 | |||||||||||||
9,181 | Daito Trust Construction Co., Ltd. | 1,041,473 | 0.1 | |||||||||||||
73,554 | Daiwa House Industry Co., Ltd. | 1,389,527 | 0.1 | |||||||||||||
204,121 | Daiwa Securities Group, Inc. | 1,598,296 | 0.1 | |||||||||||||
82,581 | @ | Danske Bank A/S | 2,232,649 | 0.2 | ||||||||||||
213,320 | DBS Group Holdings Ltd. | 3,302,477 | 0.2 |
See Accompanying Notes to Financial Statements |
24 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
25,139 | Delta Lloyd NV | 552,817 | 0.0 | |||||||||||||
26,928 | Deutsche Annington Immobilien SE | 914,253 | 0.1 | |||||||||||||
167,734 | Deutsche Bank AG | 5,022,700 | 0.3 | |||||||||||||
23,962 | Deutsche Boerse AG | 1,702,790 | 0.1 | |||||||||||||
36,198 | Deutsche Wohnen AG | 853,903 | 0.1 | |||||||||||||
121,669 | Dexus Property Group | 688,750 | 0.1 | |||||||||||||
181,525 | Direct Line Insurance Group PLC | 821,147 | 0.1 | |||||||||||||
118,428 | DnB NOR ASA | 1,746,887 | 0.1 | |||||||||||||
35,138 | L | Erste Bank der Oesterreichischen Sparkassen AG | 817,266 | 0.1 | ||||||||||||
4,821 | Eurazeo SA | 337,645 | 0.0 | |||||||||||||
12,815 | Exor S.p.A. | 525,823 | 0.0 | |||||||||||||
196,524 | Federation Centres Ltd | 457,560 | 0.0 | |||||||||||||
285,541 | First Pacific Co. | 281,972 | 0.0 | |||||||||||||
3,390 | Fonciere Des Regions | 313,323 | 0.0 | |||||||||||||
104,719 | Fukuoka Financial Group, Inc. | 539,875 | 0.0 | |||||||||||||
3,172 | Gecina S.A. | 395,986 | 0.0 | |||||||||||||
26,122 | Gjensidige Forsikring ASA | 426,243 | 0.0 | |||||||||||||
393,297 | Global Logistic Properties Ltd. | 733,264 | 0.1 | |||||||||||||
218,078 | Goodman Group | 1,007,277 | 0.1 | |||||||||||||
3,327,266 | @ | Governor & Co. of the Bank of Ireland | 1,248,696 | 0.1 | ||||||||||||
216,592 | GPT Group | 766,529 | 0.1 | |||||||||||||
10,079 | Groupe Bruxelles Lambert S.A. | 859,945 | 0.1 | |||||||||||||
56,145 | Gunma Bank Ltd. | 364,354 | 0.0 | |||||||||||||
61,047 | Hachijuni Bank Ltd. | 392,141 | 0.0 | |||||||||||||
90,416 | Hammerson PLC | 846,740 | 0.1 | |||||||||||||
278,823 | Hang Lung Properties Ltd. | 777,835 | 0.1 | |||||||||||||
94,736 | Hang Seng Bank Ltd. | 1,574,557 | 0.1 | |||||||||||||
7,643 | Hannover Rueckversicheru - Reg | 689,487 | 0.1 | |||||||||||||
28,368 | Hargreaves Lansdown PLC | 443,872 | 0.0 | |||||||||||||
132,845 | Henderson Land Development Co., Ltd. | 923,309 | 0.1 | |||||||||||||
135,388 | Hong Kong Exchanges and Clearing Ltd. | 2,988,925 | 0.2 | |||||||||||||
2,335,959 | HSBC Holdings PLC | 22,074,292 | 1.4 | |||||||||||||
84,644 | Hysan Development Co., Ltd. | 375,651 | 0.0 | |||||||||||||
4,626 | ICADE | 370,140 | 0.0 | |||||||||||||
68,036 | ICAP PLC | 476,401 | 0.0 | |||||||||||||
132,179 | @ | Immofinanz Immobilien Anlagen AG | 332,895 | 0.0 | ||||||||||||
8,717 | Industrivarden AB | 151,311 | 0.0 | |||||||||||||
471,153 | **,@ | ING Groep NV | 6,087,154 | 0.4 | ||||||||||||
293,190 | Insurance Australia Group | 1,488,677 | 0.1 | |||||||||||||
1,427,449 | Intesa Sanpaolo S.p.A. | 4,140,901 | 0.3 | |||||||||||||
69,415 | Investec PLC | 581,579 | 0.0 | |||||||||||||
56,383 | Investor AB | 2,049,964 | 0.1 | |||||||||||||
38,056 | Iyo Bank Ltd. | 412,175 | 0.0 | |||||||||||||
107 | Japan Prime Realty Investment Corp. | 372,301 | 0.0 | |||||||||||||
162 | Japan Real Estate Investment Corp. | 780,561 | 0.1 | |||||||||||||
290 | Japan Retail Fund Investment Corp. | 612,852 | 0.0 | |||||||||||||
97,344 | Joyo Bank Ltd. | 482,037 | 0.0 |
27,683 | Julius Baer Group Ltd. | 1,263,951 | 0.1 | |||||||||||||
30,724 | @ | KBC Groep NV | 1,714,712 | 0.1 | ||||||||||||
81,060 | Kerry Properties Ltd. | 292,423 | 0.0 | |||||||||||||
28,938 | Kinnevik Investment AB | 941,041 | 0.1 | |||||||||||||
12,649 | L | Klepierre | 543,127 | 0.0 | ||||||||||||
97,134 | Land Securities Group PLC | 1,746,049 | 0.1 | |||||||||||||
724,783 | Legal & General Group PLC | 2,798,501 | 0.2 | |||||||||||||
71,810 | Lend Lease Corp., Ltd. | 956,428 | 0.1 | |||||||||||||
286,532 | Link Real Estate Investment Trust | 1,793,908 | 0.1 | |||||||||||||
6,975,373 | @ | Lloyds TSB Group PLC | 8,204,869 | 0.5 | ||||||||||||
28,657 | London Stock Exchange Group PLC | 986,061 | 0.1 | |||||||||||||
35,832 | Macquarie Group Ltd. | 1,689,724 | 0.1 | |||||||||||||
117,182 | Corp. Mapfre S.A. | 396,074 | 0.0 | |||||||||||||
250,000 | @ | Medibank Pvt Ltd. | 491,881 | 0.0 | ||||||||||||
75,833 | Mediobanca S.p.A. | 616,185 | 0.0 | |||||||||||||
483,921 | Mirvac Group | 700,016 | 0.1 | |||||||||||||
153,327 | Mitsubishi Estate Co., Ltd. | 3,230,734 | 0.2 | |||||||||||||
1,557,406 | Mitsubishi UFJ Financial Group, Inc. | 8,556,746 | 0.6 | |||||||||||||
65,676 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 308,863 | 0.0 | |||||||||||||
114,619 | Mitsui Fudosan Co., Ltd. | 3,073,572 | 0.2 | |||||||||||||
63,154 | MS&AD Insurance Group Holdings, Inc. | 1,496,637 | 0.1 | |||||||||||||
2,808,861 | Mizuho Financial Group, Inc. | 4,708,503 | 0.3 | |||||||||||||
21,233 | Muenchener Rueckversicherungs AG | 4,228,298 | 0.3 | |||||||||||||
288,521 | National Australia Bank Ltd. | 7,868,049 | 0.5 | |||||||||||||
117,023 | Natixis | 772,192 | 0.1 | |||||||||||||
640,094 | New World Development Ltd. | 734,834 | 0.1 | |||||||||||||
175 | Nippon Prologis REIT, Inc. | 379,970 | 0.0 | |||||||||||||
175 | Nippon Building Fund, Inc. | 878,519 | 0.1 | |||||||||||||
41,113 | NKSJ Holdings, Inc. | 1,033,898 | 0.1 | |||||||||||||
10,484 | @ | NN Group NV | 312,985 | 0.0 | ||||||||||||
442,226 | Nomura Holdings, Inc. | 2,502,572 | 0.2 | |||||||||||||
16,745 | Nomura Real Estate Holdings, Inc. | 286,549 | 0.0 | |||||||||||||
368,566 | Nordea Bank AB | 4,266,441 | 0.3 | |||||||||||||
274,288 | Novion Property Group | 471,452 | 0.0 | |||||||||||||
601,490 | Old Mutual PLC | 1,772,694 | 0.1 | |||||||||||||
162,663 | ORIX Corp. | 2,046,756 | 0.1 | |||||||||||||
32,307 | Osaka Securities Exchange Co. Ltd. | 753,115 | 0.1 | |||||||||||||
377,322 | Oversea-Chinese Banking Corp. | 2,968,760 | 0.2 | |||||||||||||
2,901 | Pargesa Holding SA | 223,858 | 0.0 | |||||||||||||
2,208 | Partners Group | 642,389 | 0.0 | |||||||||||||
313,926 | Prudential PLC | 7,257,821 | 0.5 | |||||||||||||
164,859 | QBE Insurance Group Ltd. | 1,496,984 | 0.1 | |||||||||||||
13,952 | Raiffeisen International Bank Holding AG | 213,188 | 0.0 | |||||||||||||
175,745 | Resolution Ltd. | 998,098 | 0.1 | |||||||||||||
275,813 | Resona Holdings, Inc. | 1,393,270 | 0.1 | |||||||||||||
306,204 | @ | Royal Bank of Scotland Group PLC | 1,863,007 | 0.1 |
See Accompanying Notes to Financial Statements
25 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
124,466 | @ | RSA Insurance Group PLC | 840,330 | 0.1 | ||||||||||||
54,546 | Sampo OYJ | 2,553,545 | 0.2 | |||||||||||||
26,170 | Softbank Investment Corp. | 285,924 | 0.0 | |||||||||||||
667,540 | @ | Scentre Group | 1,891,257 | 0.1 | ||||||||||||
13,952 | Schroders PLC | 579,878 | 0.0 | |||||||||||||
19,471 | Scor S.A. | 589,980 | 0.0 | |||||||||||||
93,548 | Segro PLC | 535,907 | 0.0 | |||||||||||||
72,807 | Seven Bank Ltd. | 305,606 | 0.0 | |||||||||||||
202,940 | Shinsei Bank Ltd. | 353,200 | 0.0 | |||||||||||||
69,181 | Shizuoka Bank Ltd. | 632,613 | 0.0 | |||||||||||||
29,664 | Hulic Co. Ltd. | 296,556 | 0.0 | |||||||||||||
112,351 | Singapore Exchange Ltd. | 660,524 | 0.0 | |||||||||||||
384,626 | Sino Land Co. | 617,442 | 0.0 | |||||||||||||
185,369 | Skandinaviska Enskilda Banken AB | 2,353,920 | 0.2 | |||||||||||||
88,574 | Societe Generale | 3,706,847 | 0.2 | |||||||||||||
23,298 | Sony Financial Holdings, Inc. | 343,066 | 0.0 | |||||||||||||
300,620 | Standard Chartered PLC | 4,496,051 | 0.3 | |||||||||||||
291,637 | Standard Life PLC | 1,806,487 | 0.1 | |||||||||||||
291,199 | Stockland | 973,153 | 0.1 | |||||||||||||
154,951 | Sumitomo Mitsui Financial Group, Inc. | 5,601,901 | 0.4 | |||||||||||||
406,859 | Sumitomo Mitsui Trust Holdings, Inc. | 1,558,387 | 0.1 | |||||||||||||
44,496 | Sumitomo Realty & Development Co., Ltd. | 1,515,941 | 0.1 | |||||||||||||
200,471 | Sun Hung Kai Properties Ltd. | 3,037,226 | 0.2 | |||||||||||||
161,860 | Suncorp Group Ltd | 1,849,055 | 0.1 | |||||||||||||
109,000 | Suntec Real Estate Investment Trust | 161,245 | 0.0 | |||||||||||||
23,061 | Suruga Bank Ltd. | 423,792 | 0.0 | |||||||||||||
61,073 | Svenska Handelsbanken AB | 2,857,476 | 0.2 | |||||||||||||
110,250 | Swedbank AB | 2,735,405 | 0.2 | |||||||||||||
76,620 | Swire Pacific Ltd. | 994,564 | 0.1 | |||||||||||||
153,425 | Swire Properties Ltd. | 451,440 | 0.0 | |||||||||||||
4,084 | Swiss Life Holding | 965,260 | 0.1 | |||||||||||||
7,394 | Swiss Prime Site AG | 542,911 | 0.1 | |||||||||||||
43,204 | Swiss Re Ltd. | 3,619,273 | 0.2 | |||||||||||||
73,411 | T&D Holdings, Inc. | 880,040 | 0.1 | |||||||||||||
85,688 | Tokio Marine Holdings, Inc. | 2,782,949 | 0.2 | |||||||||||||
50,822 | Tokyo Tatemono Co., Ltd. | 369,863 | 0.0 | |||||||||||||
62,235 | Tokyu Fudosan Holdings Corp. | 431,806 | 0.0 | |||||||||||||
1,337 | TrygVesta A/S | 149,392 | 0.0 | |||||||||||||
445,155 | @ | UBS Group AG | 7,652,081 | 0.5 | ||||||||||||
11,908 | Unibail-Rodamco SE | 3,054,834 | 0.2 | |||||||||||||
536,024 | UniCredit SpA | 3,433,571 | 0.2 | |||||||||||||
107,085 | Unione di Banche Italiane SCPA | 765,902 | 0.1 | |||||||||||||
114,160 | UnipolSai SpA | 307,360 | 0.0 | |||||||||||||
159,856 | United Overseas Bank Ltd. | 2,949,991 | 0.2 | |||||||||||||
322 | United Urban Investment Corp. | 506,868 | 0.0 | |||||||||||||
3,946 | Wendel | 442,127 | 0.0 | |||||||||||||
248,000 | Westfield Corp. | 1,817,931 | 0.1 | |||||||||||||
379,441 | Westpac Banking Corp. | 10,205,367 | 0.7 | |||||||||||||
185,857 | Wharf Holdings Ltd. | 1,334,284 | 0.1 |
116,504 | Wheelock & Co., Ltd. | 540,921 | 0.0 | |||||||||||||
18,321 | Zurich Insurance Group AG | 5,725,356 | 0.4 | |||||||||||||
391,443,251 | 25.3 | |||||||||||||||
Health Care: 10.8% | ||||||||||||||||
12,549 | Actelion Ltd. - Reg | 1,444,655 | 0.1 | |||||||||||||
23,868 | Alfresa Holdings Corp. | 288,229 | 0.0 | |||||||||||||
264,620 | Astellas Pharma, Inc. | 3,684,067 | 0.2 | |||||||||||||
154,277 | AstraZeneca PLC | 10,896,721 | 0.7 | |||||||||||||
101,097 | Bayer AG | 13,780,412 | 0.9 | |||||||||||||
5,286 | Celesio AG | 170,372 | 0.0 | |||||||||||||
27,706 | Chugai Pharmaceutical Co., Ltd. | 680,275 | 0.0 | |||||||||||||
7,503 | Cochlear Ltd. | 473,341 | 0.0 | |||||||||||||
14,430 | Coloplast A/S | 1,207,567 | 0.1 | |||||||||||||
57,942 | CSL Ltd. | 4,070,178 | 0.3 | |||||||||||||
78,593 | Daiichi Sankyo Co., Ltd. | 1,098,947 | 0.1 | |||||||||||||
21,209 | Dainippon Sumitomo Pharma Co., Ltd. | 205,385 | 0.0 | |||||||||||||
31,279 | Eisai Co., Ltd. | 1,209,658 | 0.1 | |||||||||||||
43,875 | L | Elekta AB | 448,569 | 0.0 | ||||||||||||
25,110 | Essilor International SA | 2,800,257 | 0.2 | |||||||||||||
46,770 | Fresenius AG | 2,431,767 | 0.2 | |||||||||||||
26,709 | Fresenius Medical Care AG & Co. KGaA | 1,993,481 | 0.1 | |||||||||||||
24,285 | Getinge AB | 553,027 | 0.0 | |||||||||||||
591,430 | GlaxoSmithKline PLC | 12,688,325 | 0.8 | |||||||||||||
18,569 | Grifols SA | 740,971 | 0.0 | |||||||||||||
8,029 | Hisamitsu Pharmaceutical Co., Inc. | 253,177 | 0.0 | |||||||||||||
31,714 | Kyowa Hakko Kogyo Co., Ltd. | 298,638 | 0.0 | |||||||||||||
6,617 | Lonza Group AG | 745,019 | 0.1 | |||||||||||||
23,600 | M3, Inc. | 394,875 | 0.0 | |||||||||||||
15,946 | Merck KGaA | 1,500,656 | 0.1 | |||||||||||||
8,132 | Miraca Holdings, Inc. | 349,830 | 0.0 | |||||||||||||
31,313 | Mitsubishi Tanabe Pharma Corp. | 459,005 | 0.0 | |||||||||||||
280,796 | Novartis AG | 26,041,997 | 1.7 | |||||||||||||
246,026 | Novo Nordisk A/S | 10,406,847 | 0.7 | |||||||||||||
29,957 | @ | Olympus Corp. | 1,049,404 | 0.1 | ||||||||||||
10,318 | Ono Pharmaceutical Co., Ltd. | 913,509 | 0.1 | |||||||||||||
12,086 | Orion Oyj | 375,882 | 0.0 | |||||||||||||
47,146 | Otsuka Holdings Co. Ltd. | 1,413,495 | 0.1 | |||||||||||||
30,118 | @ | Qiagen NV | 701,542 | 0.0 | ||||||||||||
17,193 | Ramsay Health Care Ltd. | 797,036 | 0.1 | |||||||||||||
85,736 | Roche Holding AG - Genusschein | 23,229,502 | 1.5 | |||||||||||||
45,693 | Ryman Healthcare Ltd. | 303,095 | 0.0 | |||||||||||||
145,227 | Sanofi | 13,240,448 | 0.9 | |||||||||||||
9,389 | Santen Pharmaceutical Co., Ltd. | 505,455 | 0.0 | |||||||||||||
38,232 | Shionogi & Co., Ltd. | 987,756 | 0.1 | |||||||||||||
72,167 | Shire PLC | 5,116,655 | 0.3 | |||||||||||||
109,810 | Smith & Nephew PLC | 1,980,157 | 0.1 | |||||||||||||
48,645 | Sonic Healthcare Ltd. | 731,843 | 0.0 | |||||||||||||
6,574 | Sonova Holding AG - Reg | 965,790 | 0.1 | |||||||||||||
10,107 | Suzuken Co., Ltd. | 279,189 | 0.0 | |||||||||||||
18,038 | Sysmex Corp. | 800,572 | 0.1 |
See Accompanying Notes to Financial Statements |
26 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
96,162 | Takeda Pharmaceutical Co., Ltd. | 3,980,896 | 0.3 | |||||||||||||
38,764 | Terumo Corp. | 879,798 | 0.1 | |||||||||||||
105,332 | Teva Phaemaceutical Industries Ltd. | 6,038,145 | 0.4 | |||||||||||||
15,260 | UCB S.A. | 1,160,334 | 0.1 | |||||||||||||
166,766,751 | 10.8 | |||||||||||||||
Industrials: 12.6% | ||||||||||||||||
267,323 | ABB Ltd. | 5,656,058 | 0.4 | |||||||||||||
49,299 | Abertis Infraestructuras S.A. | 977,591 | 0.1 | |||||||||||||
22,283 | ACS Actividades de Construccion y Servicios S.A. | 776,677 | 0.1 | |||||||||||||
20,013 | Adecco S.A. | 1,375,680 | 0.1 | |||||||||||||
3,663 | Aeroports de Paris | 442,949 | 0.0 | |||||||||||||
31,980 | Aggreko PLC | 745,775 | 0.1 | |||||||||||||
38,958 | Alfa Laval AB | 736,688 | 0.1 | |||||||||||||
168,895 | All Nippon Airways Co., Ltd. | 417,615 | 0.0 | |||||||||||||
50,116 | L | ALS Ltd. | 217,092 | 0.0 | ||||||||||||
26,410 | @ | Alstom | 851,794 | 0.1 | ||||||||||||
43,289 | Amada Co., Ltd. | 370,934 | 0.0 | |||||||||||||
9,526 | L | Andritz AG | 523,705 | 0.0 | ||||||||||||
439 | AP Moller - Maersk A/S - Class A | 840,082 | 0.1 | |||||||||||||
857 | AP Moller - Maersk A/S - Class B | 1,704,532 | 0.1 | |||||||||||||
131,107 | L | Asahi Glass Co., Ltd. | 638,252 | 0.0 | ||||||||||||
126,009 | Asciano Group | 617,098 | 0.0 | |||||||||||||
54,691 | Ashtead Group PLC | 971,309 | 0.1 | |||||||||||||
41,174 | Assa Abloy AB | 2,174,667 | 0.1 | |||||||||||||
50,136 | Altantia S.p.A. | 1,165,262 | 0.1 | |||||||||||||
82,276 | Atlas Copco AB - Class A | 2,289,385 | 0.2 | |||||||||||||
47,134 | Atlas Copco AB - Class B | 1,206,528 | 0.1 | |||||||||||||
128,169 | Auckland International Airport Ltd. | 421,724 | 0.0 | |||||||||||||
268,243 | Aurizon Holdings Ltd. | 1,003,839 | 0.1 | |||||||||||||
31,167 | Babcock International Group | 510,587 | 0.0 | |||||||||||||
386,414 | BAE Systems PLC | 2,825,927 | 0.2 | |||||||||||||
66,900 | L | Bollore Investissement | 304,670 | 0.0 | ||||||||||||
20,775 | Bouygues S.A. | 750,149 | 0.1 | |||||||||||||
195,491 | Brambles Ltd. | 1,684,005 | 0.1 | |||||||||||||
19,527 | Brenntag AG | 1,091,759 | 0.1 | |||||||||||||
42,355 | Bunzl PLC | 1,157,870 | 0.1 | |||||||||||||
28,039 | Bureau Veritas SA | 621,232 | 0.0 | |||||||||||||
81,059 | Capita Group PLC | 1,359,174 | 0.1 | |||||||||||||
146,879 | Cathay Pacific Airways Ltd. | 320,099 | 0.0 | |||||||||||||
17,728 | Central Japan Railway Co. | 2,657,008 | 0.2 | |||||||||||||
20,646 | Chiyoda Corp. | 171,052 | 0.0 | |||||||||||||
53,633 | Cie de Saint-Gobain | 2,271,945 | 0.2 | |||||||||||||
119,012 | CNH Industrial NV | 963,414 | 0.1 | |||||||||||||
142,279 | Cobham PLC | 714,251 | 0.1 | |||||||||||||
287,502 | ComfortDelgro Corp., Ltd. | 562,619 | 0.0 | |||||||||||||
74,748 | Dai Nippon Printing Co., Ltd. | 673,222 | 0.0 | |||||||||||||
28,798 | Daikin Industries Ltd. | 1,846,645 | 0.1 | |||||||||||||
30,538 | Deutsche Lufthansa AG | 506,045 | 0.0 | |||||||||||||
115,972 | Deutsche Post AG | 3,764,682 | 0.2 |
23,274 | DSV A/S | 708,670 | 0.1 | |||||||||||||
40,833 | East Japan Railway Co. | 3,077,618 | 0.2 | |||||||||||||
19,324 | EasyJet PLC | 500,088 | 0.0 | |||||||||||||
25,741 | Edenred | 711,895 | 0.1 | |||||||||||||
71,640 | Airbus Group NV | 3,541,747 | 0.2 | |||||||||||||
122,178 | Experian PLC | 2,059,553 | 0.1 | |||||||||||||
23,493 | Fanuc Ltd. | 3,873,535 | 0.3 | |||||||||||||
52,739 | Ferrovial SA | 1,042,556 | 0.1 | |||||||||||||
51,624 | @ | Finmeccanica S.p.A. | 479,837 | 0.0 | ||||||||||||
4,343 | Fraport AG Frankfurt Airport Services Worldwide | 250,600 | 0.0 | |||||||||||||
74,617 | Fuji Electric Holdings Co., Ltd. | 297,489 | 0.0 | |||||||||||||
193,591 | Group 4 Securicor PLC | 835,081 | 0.1 | |||||||||||||
23,187 | GEA Group AG | 1,019,446 | 0.1 | |||||||||||||
4,759 | Geberit AG - Reg | 1,609,983 | 0.1 | |||||||||||||
59,377 | Groupe Eurotunnel S.A. | 766,569 | 0.1 | |||||||||||||
147,788 | Hankyu Hanshin Holdings, Inc. | 792,749 | 0.1 | |||||||||||||
31,898 | Hexagon AB | 984,039 | 0.1 | |||||||||||||
31,332 | Hino Motors Ltd. | 412,433 | 0.0 | |||||||||||||
14,410 | Hitachi Construction Machinery Co., Ltd. | 304,673 | 0.0 | |||||||||||||
742,773 | Hutchison Port Holdings Trust | 512,513 | 0.1 | |||||||||||||
258,929 | Hutchison Whampoa Ltd. | 2,959,965 | 0.2 | |||||||||||||
164,424 | IHI Corp. | 832,719 | 0.1 | |||||||||||||
34,007 | IMI PLC | 665,313 | 0.0 | |||||||||||||
133,097 | @ | International Consolidated Airlines Group SA | 991,478 | 0.1 | ||||||||||||
20,295 | Intertek Group PLC | 734,519 | 0.1 | |||||||||||||
7,881 | @ | ISS A/S | 226,207 | 0.0 | ||||||||||||
183,516 | Itochu Corp. | 1,959,051 | 0.1 | |||||||||||||
16,378 | Japan Airlines Co. Ltd. | 485,592 | 0.0 | |||||||||||||
25,639 | JGC Corp. | 527,825 | 0.0 | |||||||||||||
33,592 | LIXIL Group Corp. | 706,969 | 0.1 | |||||||||||||
26,665 | JTEKT Corp. | 448,766 | 0.0 | |||||||||||||
104,909 | Kajima Corp. | 431,421 | 0.0 | |||||||||||||
35,520 | Kamigumi Co., Ltd. | 316,406 | 0.0 | |||||||||||||
177,535 | Kawasaki Heavy Industries Ltd. | 807,348 | 0.1 | |||||||||||||
4,000 | Keihan Electric Railway Co., Ltd. | 21,405 | 0.0 | |||||||||||||
61,217 | Keihin Electric Express Railway Co., Ltd. | 452,932 | 0.0 | |||||||||||||
76,343 | Keio Corp. | 549,179 | 0.0 | |||||||||||||
38,996 | Keisei Electric Railway Co., Ltd. | 474,171 | 0.0 | |||||||||||||
180,204 | Keppel Corp., Ltd. | 1,201,128 | 0.1 | |||||||||||||
231,972 | Kintetsu Corp. | 762,702 | 0.1 | |||||||||||||
114,583 | Komatsu Ltd. | 2,533,193 | 0.2 | |||||||||||||
37,764 | Kone OYJ | 1,719,314 | 0.1 | |||||||||||||
10,809 | Boskalis Westminster NV | 591,309 | 0.0 | |||||||||||||
116,926 | Koninklijke Philips NV | 3,389,226 | 0.2 | |||||||||||||
8,650 | Koninklijke Vopak NV | 448,780 | 0.0 | |||||||||||||
139,222 | Kubota Corp. | 2,020,777 | 0.1 | |||||||||||||
6,741 | Kuehne & Nagel International AG | 915,666 | 0.1 | |||||||||||||
15,548 | Kurita Water Industries Ltd. | 324,209 | 0.0 | |||||||||||||
32,364 | Legrand S.A. | 1,697,760 | 0.1 |
See Accompanying Notes to Financial Statements
27 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
13,084 | Leighton Holdings Ltd. | 238,240 | 0.0 | |||||||||||||
15,004 | Makita Corp. | 676,110 | 0.1 | |||||||||||||
4,769 | MAN SE | 531,119 | 0.0 | |||||||||||||
202,456 | Marubeni Corp. | 1,211,371 | 0.1 | |||||||||||||
101,016 | Meggitt PLC | 812,599 | 0.1 | |||||||||||||
132,996 | Melrose Industries PLC | 550,532 | 0.0 | |||||||||||||
14,190 | Metso OYJ | 424,845 | 0.0 | |||||||||||||
26,000 | Minebea Co., Ltd. | 383,965 | 0.0 | |||||||||||||
168,593 | Mitsubishi Corp. | 3,085,273 | 0.2 | |||||||||||||
236,361 | Mitsubishi Electric Corp. | 2,807,510 | 0.2 | |||||||||||||
372,193 | Mitsubishi Heavy Industries Ltd. | 2,053,980 | 0.1 | |||||||||||||
16,490 | Mitsubishi Logistics Corp. | 239,828 | 0.0 | |||||||||||||
207,801 | Mitsui & Co., Ltd. | 2,783,107 | 0.2 | |||||||||||||
133,930 | Mitsui OSK Lines Ltd. | 396,800 | 0.0 | |||||||||||||
176,644 | MTR Corp. | 722,698 | 0.1 | |||||||||||||
14,521 | Nabtesco Corp. | 350,953 | 0.0 | |||||||||||||
110,000 | Nagoya Railroad Co., Ltd. | 409,555 | 0.0 | |||||||||||||
32,769 | NGK Insulators Ltd. | 671,709 | 0.0 | |||||||||||||
25,092 | Nidec Corp. | 1,620,583 | 0.1 | |||||||||||||
107,220 | Nippon Express Co., Ltd. | 543,367 | 0.0 | |||||||||||||
203,030 | Nippon Yusen KK | 573,460 | 0.0 | |||||||||||||
572,211 | Noble Group Ltd. | 488,175 | 0.0 | |||||||||||||
59,549 | NSK Ltd. | 703,080 | 0.1 | |||||||||||||
194,580 | NWS Holdings Ltd. | 356,906 | 0.0 | |||||||||||||
82,015 | Obayashi Corp. | 528,685 | 0.0 | |||||||||||||
10,992 | @,L | OCI | 382,191 | 0.0 | ||||||||||||
80,654 | Odakyu Electric Railway Co., Ltd. | 714,443 | 0.1 | |||||||||||||
100,282 | Orkla ASA | 682,666 | 0.1 | |||||||||||||
11,041 | Osram Licht AG | 433,470 | 0.0 | |||||||||||||
13,399 | Park24 Co., Ltd. | 197,252 | 0.0 | |||||||||||||
25,204 | Prysmian S.p.A. | 459,313 | 0.0 | |||||||||||||
15,809 | Randstad Holdings NV | 760,674 | 0.1 | |||||||||||||
8,400 | Recruit Holdings Co. Ltd. | 241,242 | 0.0 | |||||||||||||
32,242 | Rexel SA | 577,653 | 0.0 | |||||||||||||
231,114 | Rolls-Royce Holdings PLC | 3,104,754 | 0.2 | |||||||||||||
79,590 | Royal Mail PLC | 530,385 | 0.0 | |||||||||||||
33,207 | Safran S.A. | 2,048,710 | 0.1 | |||||||||||||
128,061 | Sandvik AB | 1,245,148 | 0.1 | |||||||||||||
5,603 | Schindler Holding AG - Part Cert | 808,873 | 0.1 | |||||||||||||
2,908 | Schindler Holding AG - Reg | 417,100 | 0.0 | |||||||||||||
63,803 | Schneider Electric SE | 4,646,736 | 0.3 | |||||||||||||
25,806 | Secom Co., Ltd. | 1,482,674 | 0.1 | |||||||||||||
41,681 | Securitas AB | 504,244 | 0.0 | |||||||||||||
41,498 | Seek Ltd. | 578,653 | 0.0 | |||||||||||||
132,194 | SembCorp Industries Ltd. | 442,720 | 0.0 | |||||||||||||
103,838 | L | SembCorp Marine Ltd. | 254,786 | 0.0 | ||||||||||||
666 | SGS S.A. | 1,359,952 | 0.1 | |||||||||||||
78,692 | Shimizu Corp. | 534,482 | 0.0 | |||||||||||||
96,600 | Siemens AG | 10,838,920 | 0.7 | |||||||||||||
74,860 | Singapore Airlines Ltd. | 653,037 | 0.0 | |||||||||||||
47,716 | Skanska AB | 1,024,482 | 0.1 | |||||||||||||
47,921 | SKF AB - B Shares | 1,009,481 | 0.1 | |||||||||||||
6,836 | SMC Corp. | 1,792,564 | 0.1 | |||||||||||||
48,967 | Smiths Group PLC | 832,642 | 0.1 | |||||||||||||
245,993 | Snam Rete Gas S.p.A. | 1,217,477 | 0.1 | |||||||||||||
3,747 | Societe BIC S.A. | 498,068 | 0.0 |
200,906 | Singapore Technologies Engineering Ltd. | 514,238 | 0.0 | |||||||||||||
2,927 | Sulzer AG | 313,105 | 0.0 | |||||||||||||
137,555 | Sumitomo Corp. | 1,412,784 | 0.1 | |||||||||||||
96,433 | Sumitomo Electric Industries Ltd. | 1,204,378 | 0.1 | |||||||||||||
73,982 | Sumitomo Heavy Industries | 397,948 | 0.0 | |||||||||||||
133,913 | Sydney Airport | 512,685 | 0.0 | |||||||||||||
125,809 | Taisei Corp. | 713,590 | 0.1 | |||||||||||||
11,520 | Thales S.A. | 623,316 | 0.0 | |||||||||||||
15,078 | THK Co., Ltd. | 362,353 | 0.0 | |||||||||||||
53,006 | TNT Express NV | 353,361 | 0.0 | |||||||||||||
134,927 | Tobu Railway Co., Ltd. | 576,967 | 0.0 | |||||||||||||
142,389 | Tokyu Corp. | 882,309 | 0.1 | |||||||||||||
87,641 | Toll Holdings Ltd. | 417,479 | 0.0 | |||||||||||||
77,432 | Toppan Printing Co., Ltd. | 503,110 | 0.0 | |||||||||||||
495,619 | Toshiba Corp. | 2,090,175 | 0.1 | |||||||||||||
36,869 | Toto Ltd. | 428,886 | 0.0 | |||||||||||||
27,054 | Toyota Tsusho Corp. | 628,462 | 0.0 | |||||||||||||
205,261 | Transurban Group | 1,430,407 | 0.1 | |||||||||||||
30,569 | Travis Perkins PLC | 879,901 | 0.1 | |||||||||||||
13,441 | Vallourec | 364,274 | 0.0 | |||||||||||||
27,985 | @ | Vestas Wind Systems A/S | 1,016,324 | 0.1 | ||||||||||||
59,349 | Vinci S.A. | 3,240,614 | 0.2 | |||||||||||||
188,229 | Volvo AB - B Shares | 2,029,766 | 0.1 | |||||||||||||
18,366 | Wartsila OYJ | 822,031 | 0.1 | |||||||||||||
26,690 | Weir Group PLC | 765,358 | 0.1 | |||||||||||||
20,921 | West Japan Railway Co. | 989,109 | 0.1 | |||||||||||||
32,049 | Wolseley PLC | 1,832,303 | 0.1 | |||||||||||||
45,001 | Yamato Holdings Co., Ltd. | 891,096 | 0.1 | |||||||||||||
20,562 | Zardoya Otis SA | 228,025 | 0.0 | |||||||||||||
22,748 | Zodiac Aerospace | 765,877 | 0.1 | |||||||||||||
194,487,468 | 12.6 | |||||||||||||||
Information Technology: 4.6% | ||||||||||||||||
19,956 | Advantest Corp. | 247,342 | 0.0 | |||||||||||||
343,547 | @ | Alcatel-Lucent | 1,228,947 | 0.1 | ||||||||||||
50,069 | Amadeus IT Holding S.A. | 1,994,120 | 0.1 | |||||||||||||
171,667 | ARM Holdings PLC | 2,637,219 | 0.2 | |||||||||||||
31,500 | ASM Pacific Technology Ltd. | 299,925 | 0.0 | |||||||||||||
43,723 | ASML Holding NV | 4,724,172 | 0.3 | |||||||||||||
9,770 | Atos Origin | 776,282 | 0.1 | |||||||||||||
31,186 | Brother Industries Ltd. | 565,320 | 0.0 | |||||||||||||
137,993 | Canon, Inc. | 4,385,936 | 0.3 | |||||||||||||
18,230 | Capgemini S.A. | 1,303,761 | 0.1 | |||||||||||||
35,567 | Citizen Holdings Co., Ltd. | 273,667 | 0.0 | |||||||||||||
62,148 | Computershare Ltd. | 594,486 | 0.0 | |||||||||||||
16,159 | Dassault Systemes SA | 985,385 | 0.1 | |||||||||||||
371,640 | Telefonaktiebolaget LM Ericsson | 4,499,856 | 0.3 | |||||||||||||
57,760 | Fuji Photo Film Co., Ltd. | 1,762,463 | 0.1 | |||||||||||||
230,135 | Fujitsu Ltd. | 1,227,003 | 0.1 | |||||||||||||
10,140 | L | Gemalto NV | 827,552 | 0.1 | ||||||||||||
50,196 | L | GungHo Online Entertainment, Inc. | 181,740 | 0.0 | ||||||||||||
9,271 | Hamamatsu Photonics KK | 441,328 | 0.0 |
See Accompanying Notes to Financial Statements
28 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
3,886 | Hirose Electric Co., Ltd. | 450,866 | 0.0 | |||||||||||||
590,956 | Hitachi Ltd. | 4,361,708 | 0.3 | |||||||||||||
52,637 | Hoya Corp. | 1,780,438 | 0.1 | |||||||||||||
15,261 | Ibiden Co., Ltd. | 225,346 | 0.0 | |||||||||||||
136,821 | Infineon Technologies AG | 1,447,824 | 0.1 | |||||||||||||
45,100 | Japan Display, Inc. | 137,645 | 0.0 | |||||||||||||
19,323 | Kakaku.com, Inc. | 276,448 | 0.0 | |||||||||||||
5,622 | Keyence Corp. | 2,505,134 | 0.2 | |||||||||||||
13,266 | Konami Corp. | 243,211 | 0.0 | |||||||||||||
59,023 | Konica Minolta Holdings, Inc. | 643,116 | 0.0 | |||||||||||||
39,494 | Kyocera Corp. | 1,807,230 | 0.1 | |||||||||||||
24,948 | Murata Manufacturing Co., Ltd. | 2,722,351 | 0.2 | |||||||||||||
320,207 | NEC Corp. | 930,522 | 0.1 | |||||||||||||
8,267 | NICE Systems Ltd. | 418,090 | 0.0 | |||||||||||||
13,094 | Nintendo Co., Ltd. | 1,366,459 | 0.1 | |||||||||||||
51,414 | Nippon Electric Glass Co., Ltd. | 231,352 | 0.0 | |||||||||||||
457,378 | Nokia OYJ | 3,617,324 | 0.2 | |||||||||||||
13,888 | Nomura Research Institute Ltd. | 424,767 | 0.0 | |||||||||||||
15,584 | NTT Data Corp. | 580,579 | 0.0 | |||||||||||||
25,323 | Omron Corp. | 1,132,837 | 0.1 | |||||||||||||
6,561 | Otsuka Corp. | 208,039 | 0.0 | |||||||||||||
86,932 | Ricoh Co., Ltd. | 878,801 | 0.1 | |||||||||||||
12,050 | Rohm Co., Ltd. | 726,052 | 0.1 | |||||||||||||
139,701 | Sage Group PLC/The | 1,009,004 | 0.1 | |||||||||||||
112,996 | SAP SE | 7,890,348 | 0.5 | |||||||||||||
16,008 | Seiko Epson Corp. | 669,842 | 0.1 | |||||||||||||
33,172 | Shimadzu Corp. | 337,425 | 0.0 | |||||||||||||
75,975 | L | STMicroelectronics NV | 566,892 | 0.0 | ||||||||||||
15,412 | TDK Corp. | 907,697 | 0.1 | |||||||||||||
21,165 | Tokyo Electron Ltd. | 1,604,947 | 0.1 | |||||||||||||
14,153 | Trend Micro, Inc. | 391,093 | 0.0 | |||||||||||||
14,824 | United Internet AG | 667,747 | 0.1 | |||||||||||||
180,244 | Yahoo! Japan Corp. | 645,981 | 0.0 | |||||||||||||
27,842 | Yaskawa Electric Corp. | 355,629 | 0.0 | |||||||||||||
28,073 | Yokogawa Electric Corp. | 308,046 | 0.0 | |||||||||||||
71,427,294 | 4.6 | |||||||||||||||
Materials: 7.3% | ||||||||||||||||
41,979 | Air Liquide | 5,194,482 | 0.3 | |||||||||||||
22,043 | Air Water, Inc. | 349,148 | 0.0 | |||||||||||||
29,438 | Akzo Nobel NV | 2,036,822 | 0.1 | |||||||||||||
331,219 | @ | Alumina Ltd. | 478,512 | 0.0 | ||||||||||||
148,916 | Amcor Ltd. | 1,638,424 | 0.1 | |||||||||||||
170,994 | Anglo American PLC | 3,164,157 | 0.2 | |||||||||||||
48,688 | Antofagasta PLC | 567,312 | 0.0 | |||||||||||||
122,154 | ArcelorMittal | 1,338,310 | 0.1 | |||||||||||||
8,137 | Arkema | 538,157 | 0.0 | |||||||||||||
158,653 | Asahi Kasei Corp. | 1,447,301 | 0.1 | |||||||||||||
111,561 | BASF AG | 9,357,864 | 0.6 | |||||||||||||
390,515 | BHP Billiton Ltd. | 9,232,805 | 0.6 | |||||||||||||
256,112 | BHP Billiton PLC | 5,488,835 | 0.4 | |||||||||||||
35,144 | Boliden AB | 561,770 | 0.0 | |||||||||||||
105,917 | Boral Ltd. | 454,527 | 0.0 | |||||||||||||
31,412 | CRH PLC - Dublin | 755,318 | 0.1 | |||||||||||||
60,857 | CRH PLC - London | 1,459,279 | 0.1 | |||||||||||||
16,947 | Croda International | 699,479 | 0.1 | |||||||||||||
37,984 | Daicel Corp. | 443,672 | 0.0 | |||||||||||||
1,021 | EMS-Chemie Holding AG | 413,325 | 0.0 | |||||||||||||
85,940 | Fletcher Building Ltd. | 553,692 | 0.0 |
199,982 | L | Fortescue Metals Group Ltd. | 439,089 | 0.0 | ||||||||||||
27,322 | Fresnillo PLC | 324,721 | 0.0 | |||||||||||||
1,143 | Givaudan | 2,050,379 | 0.1 | |||||||||||||
1,289,443 | Glencore PLC | 5,951,861 | 0.4 | |||||||||||||
17,253 | HeidelbergCement AG | 1,217,719 | 0.1 | |||||||||||||
27,910 | Hitachi Metals Ltd. | 474,215 | 0.0 | |||||||||||||
27,605 | Holcim Ltd. | 1,973,320 | 0.1 | |||||||||||||
54,100 | Iluka Resources Ltd. | 259,818 | 0.0 | |||||||||||||
4,464 | Imerys SA | 328,421 | 0.0 | |||||||||||||
214,615 | Incitec Pivot Ltd. | 555,148 | 0.0 | |||||||||||||
54,341 | Israel Chemicals Ltd. | 390,994 | 0.0 | |||||||||||||
318 | Israel Corp., Ltd. | 150,510 | 0.0 | |||||||||||||
57,010 | James Hardie Industries SE | 608,596 | 0.0 | |||||||||||||
60,702 | JFE Holdings, Inc. | 1,353,709 | 0.1 | |||||||||||||
25,024 | Johnson Matthey PLC | 1,316,535 | 0.1 | |||||||||||||
24,035 | JSR Corp. | 412,544 | 0.0 | |||||||||||||
21,272 | K+S AG | 587,006 | 0.0 | |||||||||||||
30,553 | Kansai Paint Co., Ltd. | 473,326 | 0.0 | |||||||||||||
400,769 | Kobe Steel Ltd. | 690,324 | 0.1 | |||||||||||||
20,654 | Koninklijke DSM NV | 1,259,753 | 0.1 | |||||||||||||
44,867 | Kuraray Co., Ltd. | 509,770 | 0.0 | |||||||||||||
22,724 | Lafarge S.A. | 1,595,231 | 0.1 | |||||||||||||
11,002 | Lanxess | 509,529 | 0.0 | |||||||||||||
22,789 | Linde AG | 4,197,800 | 0.3 | |||||||||||||
138,515 | Mitsubishi Materials Corp. | 459,513 | 0.0 | |||||||||||||
175,048 | Mitsubishi Chemical Holdings Corp. | 849,069 | 0.1 | |||||||||||||
52,678 | Mitsubishi Gas Chemical Co., Inc. | 264,385 | 0.0 | |||||||||||||
108,074 | Mitsui Chemicals, Inc. | 306,106 | 0.0 | |||||||||||||
95,455 | @ | Newcrest Mining Ltd. | 839,902 | 0.1 | ||||||||||||
18,817 | Nippon Paint Co., Ltd. | 545,279 | 0.0 | |||||||||||||
928,800 | Nippon Steel Corp. | 2,304,012 | 0.2 | |||||||||||||
19,542 | Nitto Denko Corp. | 1,091,919 | 0.1 | |||||||||||||
163,993 | Norsk Hydro ASA | 923,778 | 0.1 | |||||||||||||
29,957 | Novozymes A/S | 1,260,997 | 0.1 | |||||||||||||
103,826 | OJI Paper Co., Ltd. | 371,478 | 0.0 | |||||||||||||
47,283 | Orica Ltd. | 724,545 | 0.1 | |||||||||||||
10,953 | Randgold Resources Ltd. | 743,601 | 0.1 | |||||||||||||
87,711 | Rexam PLC | 617,486 | 0.1 | |||||||||||||
53,513 | Rio Tinto Ltd. | 2,508,739 | 0.2 | |||||||||||||
154,932 | Rio Tinto PLC | 7,141,924 | 0.5 | |||||||||||||
50,489 | Shin-Etsu Chemical Co., Ltd. | 3,286,822 | 0.2 | |||||||||||||
265 | Sika AG | 781,734 | 0.1 | |||||||||||||
7,403 | Solvay S.A. | 1,001,740 | 0.1 | |||||||||||||
66,197 | Stora Enso OYJ (Euro Denominated Security) | 591,867 | 0.0 | |||||||||||||
188,171 | Sumitomo Chemical Co., Ltd. | 740,778 | 0.1 | |||||||||||||
62,561 | Sumitomo Metal Mining Co., Ltd. | 933,091 | 0.1 | |||||||||||||
12,690 | Symrise AG | 764,513 | 0.1 | |||||||||||||
11,380 | Syngenta AG | 3,660,464 | 0.2 | |||||||||||||
147,001 | Taiheiyo Cement Corp. | 461,198 | 0.0 | |||||||||||||
16,725 | L | Taiyo Nippon Sanso Corp. | 184,119 | 0.0 | ||||||||||||
131,509 | Teijin Ltd. | 349,538 | 0.0 | |||||||||||||
56,421 | ThyssenKrupp AG | 1,437,263 | 0.1 | |||||||||||||
183,903 | Toray Industries, Inc. | 1,469,382 | 0.1 | |||||||||||||
22,085 | Toyo Seikan Kaisha Ltd. | 274,330 | 0.0 | |||||||||||||
13,154 | Umicore | 529,322 | 0.0 |
See Accompanying Notes to Financial Statements
29 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
63,849 | UPM-Kymmene OYJ | 1,046,371 | 0.1 | |||||||||||||
14,267 | Voestalpine AG | 563,735 | 0.0 | |||||||||||||
22,024 | Yara International ASA | 980,782 | 0.1 | |||||||||||||
113,813,291 | 7.3 | |||||||||||||||
Telecommunication Services: 4.9% | ||||||||||||||||
19,061 | Belgacom S.A. | 691,602 | 0.1 | |||||||||||||
258,805 | Bezeq Israeli Telecommunication Corp., Ltd. | 459,072 | 0.0 | |||||||||||||
978,602 | BT Group PLC | 6,086,979 | 0.4 | |||||||||||||
385,043 | Deutsche Telekom AG | 6,160,835 | 0.4 | |||||||||||||
18,286 | Elisa OYJ | 499,118 | 0.0 | |||||||||||||
227,282 | Orange SA | 3,865,330 | 0.3 | |||||||||||||
345,867 | HKT Trust / HKT Ltd. | 450,473 | 0.0 | |||||||||||||
3,283 | Iliad SA | 789,356 | 0.1 | |||||||||||||
54,239 | Inmarsat PLC | 672,536 | 0.0 | |||||||||||||
71,567 | KDDI Corp. | 4,496,129 | 0.3 | |||||||||||||
400,044 | Koninklijke KPN NV | 1,263,082 | 0.1 | |||||||||||||
8,292 | Millicom International Cellular S.A. | 614,397 | 0.0 | |||||||||||||
46,199 | Nippon Telegraph & Telephone Corp. | 2,359,966 | 0.2 | |||||||||||||
188,554 | NTT DoCoMo, Inc. | 2,745,923 | 0.2 | |||||||||||||
234,000 | PCCW Ltd. | 159,328 | 0.0 | |||||||||||||
1,007,150 | Singapore Telecommunications Ltd. | 2,956,293 | 0.2 | |||||||||||||
117,346 | Softbank Corp. | 6,984,820 | 0.5 | |||||||||||||
2,957 | Swisscom AG | 1,551,649 | 0.1 | |||||||||||||
105,785 | TDC A/S | 806,812 | 0.1 | |||||||||||||
43,133 | Tele2 AB | 522,673 | 0.0 | |||||||||||||
247,420 | Spark New Zealand Ltd. | 599,786 | 0.0 | |||||||||||||
1,255,479 | @ | Telecom Italia S.p.A. | 1,338,956 | 0.1 | ||||||||||||
749,090 | Telecom Italia S.p.A. RNC | 626,275 | 0.0 | |||||||||||||
53,237 | Telefonica Deutschland Holding AG | 282,149 | 0.0 | |||||||||||||
519,904 | Telefonica S.A. | 7,464,553 | 0.5 | |||||||||||||
92,329 | Telenor ASA | 1,867,688 | 0.1 | |||||||||||||
294,493 | TeliaSonera AB | 1,893,404 | 0.1 | |||||||||||||
537,831 | Telstra Corp., Ltd. | 2,611,077 | 0.2 | |||||||||||||
24,105 | TPG Telecom Ltd. | 131,861 | 0.0 | |||||||||||||
149,044 | Vivendi | 3,709,794 | 0.2 | |||||||||||||
3,236,417 | Vodafone Group PLC | 11,096,491 | 0.7 | |||||||||||||
75,758,407 | 4.9 | |||||||||||||||
Utilities: 3.7% | ||||||||||||||||
82,903 | AGL Energy Ltd. | 904,231 | 0.1 | |||||||||||||
113,263 | APA Group | 684,708 | 0.0 | |||||||||||||
615,375 | Centrica PLC | 2,665,462 | 0.2 | |||||||||||||
79,402 | Cheung Kong Infrastructure Holdings Ltd. | 583,904 | 0.0 | |||||||||||||
82,542 | Chubu Electric Power Co., Inc. | 969,953 | 0.1 | |||||||||||||
39,272 | Chugoku Electric Power Co., Inc. | 513,461 | 0.0 | |||||||||||||
230,365 | CLP Holdings Ltd. | 1,994,824 | 0.1 | |||||||||||||
245,655 | E.ON AG | 4,198,670 | 0.3 | |||||||||||||
15,642 | Electric Power Development Co., Ltd. | 528,558 | 0.0 | |||||||||||||
29,608 | Electricite de France SA | 815,063 | 0.1 | |||||||||||||
25,510 | Enagas | 804,614 | 0.0 | |||||||||||||
223,675 | Enel Green Power SpA | 468,637 | 0.0 |
809,847 | Enel S.p.A. | 3,609,916 | 0.2 | |||||||||||||
292,198 | Energias de Portugal S.A. | 1,133,043 | 0.1 | |||||||||||||
54,504 | Fortum OYJ | 1,183,369 | 0.1 | |||||||||||||
43,646 | Gas Natural SDG S.A. | 1,096,416 | 0.1 | |||||||||||||
176,804 | Gaz de France | 4,122,910 | 0.3 | |||||||||||||
23,581 | Hokuriku Electric Power Co. | 301,139 | 0.0 | |||||||||||||
783,115 | Hong Kong & China Gas | 1,784,205 | 0.1 | |||||||||||||
175,845 | Power Assets Holdings Ltd. | 1,700,072 | 0.1 | |||||||||||||
640,567 | Iberdrola S.A. | 4,317,910 | 0.3 | |||||||||||||
88,962 | @ | Kansai Electric Power Co., Inc. | 846,304 | 0.1 | ||||||||||||
53,560 | Kyushu Electric Power Co., Inc. | 536,414 | 0.0 | |||||||||||||
131,000 | Meridian Energy Ltd. | 178,958 | 0.0 | |||||||||||||
460,332 | National Grid PLC | 6,531,795 | 0.4 | |||||||||||||
245,828 | Osaka Gas Co., Ltd. | 918,156 | 0.1 | |||||||||||||
13,734 | Red Electrica de Espana | 1,210,675 | 0.1 | |||||||||||||
59,804 | RWE AG | 1,845,835 | 0.1 | |||||||||||||
119,580 | Scottish & Southern Energy PLC | 3,021,445 | 0.2 | |||||||||||||
29,158 | Severn Trent PLC | 909,418 | 0.1 | |||||||||||||
23,344 | Shikoku Electric Power Co., Inc. | 283,155 | 0.0 | |||||||||||||
35,609 | Suez Environnement S.A. | 620,425 | 0.0 | |||||||||||||
187,422 | Terna S.p.A | 851,305 | 0.1 | |||||||||||||
57,113 | Tohoku Electric Power Co., Inc. | 664,595 | 0.0 | |||||||||||||
178,966 | @ | Tokyo Electric Power Co., Inc. | 727,911 | 0.0 | ||||||||||||
299,361 | Tokyo Gas Co., Ltd. | 1,615,252 | 0.1 | |||||||||||||
84,117 | United Utilities Group PLC | 1,194,794 | 0.1 | |||||||||||||
52,082 | Veolia Environnement | 922,523 | 0.1 | |||||||||||||
57,260,025 | 3.7 | |||||||||||||||
Total Common Stock | ||||||||||||||||
(Cost $1,456,090,153) | 1,500,797,508 | 96.9 | ||||||||||||||
PREFERRED STOCK: 0.6% | ||||||||||||||||
Consumer Discretionary: 0.4% | ||||||||||||||||
6,702 | Bayerische Motoren Werke AG | 547,553 | 0.0 | |||||||||||||
18,825 | Porsche AG | 1,522,430 | 0.1 | |||||||||||||
19,657 | Volkswagen AG | 4,368,885 | 0.3 | |||||||||||||
6,438,868 | 0.4 | |||||||||||||||
Consumer Staples: 0.2% | ||||||||||||||||
21,824 | Henkel AG & Co. KGaA | 2,350,842 | 0.2 | |||||||||||||
Materials: 0.0% | ||||||||||||||||
9,233 | Fuchs Petrolub AG | 367,742 | 0.0 | |||||||||||||
Total Preferred Stock | ||||||||||||||||
(Cost $8,423,409) | 9,157,452 | 0.6 | ||||||||||||||
RIGHTS: 0.0% | ||||||||||||||||
Energy: 0.0% | ||||||||||||||||
122,151 | @ | Repsol SA | 67,549 | 0.0 |
See Accompanying Notes to Financial Statements |
30 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Financials: 0.0% | ||||||||||||||||
727,638 | @ | Banco Bilbao Vizcaya Argentaria SA | 69,558 | 0.0 | ||||||||||||
Utilities: 0.0% | ||||||||||||||||
37,754 | @ | APA GROUP - RTS | 26,427 | 0.0 | ||||||||||||
Total Rights | ||||||||||||||||
(Cost $134,938) | 163,534 | 0.0 | ||||||||||||||
Total Long-Term Investments | ||||||||||||||||
(Cost $1,464,648,500) | 1,510,118,494 | 97.5 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
SHORT-TERM INVESTMENTS: 1.6% | ||||||||||||||||
Securities Lending Collateralcc: 0.6% | ||||||||||||||||
2,304,423 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,304,434, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,350,511, due 01/01/15-09/01/49) | 2,304,423 | 0.1 | |||||||||||||
2,304,423 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,304,442, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $2,350,512, due 09/30/17-02/15/42) | 2,304,423 | 0.2 | |||||||||||||
485,107 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $485,109, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $494,809, due 01/07/15-10/20/64) | 485,107 | 0.0 |
2,304,423 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,304,434, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $2,350,512, due 11/15/15-07/15/56) | 2,304,423 | 0.1 | |||||||||||||
2,304,423 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,304,442, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $2,350,742, due 04/15/16-02/15/42) | 2,304,423 | 0.2 | |||||||||||||
9,702,799 | 0.6 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
Mutual Funds: 1.0% | ||||||||||||||||
14,420,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||||
(Cost $14,420,000) | 14,420,000 | 1.0 | ||||||||||||||
Total Short-Term Investments | ||||||||||||||||
(Cost $24,122,799) | 24,122,799 | 1.6 | ||||||||||||||
Total Investments in Securities (Cost $1,488,771,299) | $ | 1,534,241,293 | 99.1 | |||||||||||||
Assets in Excess of Other Liabilities | 13,227,769 | 0.9 | ||||||||||||||
Net Assets | $ | 1,547,469,062 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
# | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
** | Investment in affiliate |
See Accompanying Notes to Financial Statements
31 |
Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Cost for federal income tax purposes is $1,501,403,396.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 128,264,454 | ||
Gross Unrealized Depreciation | (95,426,557 | ) | ||
Net Unrealized Appreciation | $ | 32,837,897 |
See Accompanying Notes to Financial Statements
32 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.5% | ||||||||||||||||
Consumer Discretionary: 20.9% | ||||||||||||||||
3,000 | ABC-Mart, Inc. | 145,165 | 0.1 | |||||||||||||
9,800 | Accordia Golf Co., Ltd. | 88,335 | 0.0 | |||||||||||||
700 | Aeon Fantasy Co., Ltd. | 9,118 | 0.0 | |||||||||||||
1,900 | Aisan Industry Co., Ltd. | 16,255 | 0.0 | |||||||||||||
19,000 | Aisin Seiki Co., Ltd. | 682,640 | 0.2 | |||||||||||||
8,000 | L | Akebono Brake Industry Co., Ltd. | 28,002 | 0.0 | ||||||||||||
2,300 | Alpen Co., Ltd. | 32,314 | 0.0 | |||||||||||||
4,600 | Alpine Electronics, Inc. | 75,519 | 0.0 | |||||||||||||
500 | Amiyaki Tei Co., Ltd. | 16,427 | 0.0 | |||||||||||||
400 | Amuse, Inc. | 11,590 | 0.0 | |||||||||||||
4,300 | AOKI Holdings, Inc. | 43,652 | 0.0 | |||||||||||||
5,800 | Aoyama Trading Co., Ltd. | 126,730 | 0.1 | |||||||||||||
3,000 | Arata Corp. | 7,911 | 0.0 | |||||||||||||
1,900 | Arc Land Sakamoto Co., Ltd. | 36,933 | 0.0 | |||||||||||||
1,200 | Asahi Co., Ltd. | 11,067 | 0.0 | |||||||||||||
4,300 | Asatsu-DK, Inc. | 103,416 | 0.0 | |||||||||||||
20,800 | Asics Corp. | 500,766 | 0.2 | |||||||||||||
2,100 | ASKUL Corp. | 37,305 | 0.0 | |||||||||||||
18,000 | Atsugi Co., Ltd. | 17,168 | 0.0 | |||||||||||||
7,700 | Autobacs Seven Co., Ltd. | 108,946 | 0.0 | |||||||||||||
4,200 | Avex Group Holdings, Inc. | 68,689 | 0.0 | |||||||||||||
7,900 | Belluna Co., Ltd. | 33,078 | 0.0 | |||||||||||||
7,600 | Benesse Holdings, Inc. | 225,514 | 0.1 | |||||||||||||
6,400 | Best Denki Co., Ltd. | 7,248 | 0.0 | |||||||||||||
8,700 | BIC Camera, Inc. | 99,781 | 0.0 | |||||||||||||
68,800 | Bridgestone Corp. | 2,386,118 | 0.7 | |||||||||||||
14,000 | Calsonic Kansei Corp. | 77,598 | 0.0 | |||||||||||||
1,400 | Can Do Co., Ltd. | 18,335 | 0.0 | |||||||||||||
5,800 | Canon Sales Co., Inc. | 98,296 | 0.0 | |||||||||||||
21,300 | L | Casio Computer Co., Ltd. | 325,834 | 0.1 | ||||||||||||
700 | Central Sports Co., Ltd. | 10,634 | 0.0 | |||||||||||||
2,300 | Chiyoda Co., Ltd. | 45,276 | 0.0 | |||||||||||||
2,300 | Chofu Seisakusho Co., Ltd. | 58,385 | 0.0 | |||||||||||||
700 | Chori Co., Ltd. | 10,882 | 0.0 | |||||||||||||
13,000 | @,L | Clarion Co., Ltd. | 40,283 | 0.0 | ||||||||||||
2,700 | Cleanup Corp. | 19,595 | 0.0 | |||||||||||||
8,000 | Colowide Co., Ltd. | 111,995 | 0.0 | |||||||||||||
1,100 | L | COOKPAD, Inc. | 37,460 | 0.0 | ||||||||||||
1,200 | Corona Corp. | 11,716 | 0.0 | |||||||||||||
1,000 | Create Restaurants Holdings, Inc. | 13,825 | 0.0 | |||||||||||||
3,700 | CyberAgent, Inc. | 138,715 | 0.1 | |||||||||||||
2,000 | Daido Metal Co., Ltd. | 20,074 | 0.0 | |||||||||||||
4,300 | Daidoh Ltd. | 18,352 | 0.0 | |||||||||||||
22,800 | L | Daihatsu Motor Co., Ltd. | 297,787 | 0.1 | ||||||||||||
1,300 | Daikoku Denki Co., Ltd. | 19,302 | 0.0 | |||||||||||||
400 | Daikyonishikawa Corp. | 11,827 | 0.0 | |||||||||||||
1,500 | Dainichi Co., Ltd. | 9,762 | 0.0 | |||||||||||||
1,300 | Daisyo Corp. | 14,935 | 0.0 | |||||||||||||
9,300 | DCM Holdings Co., Ltd. | 59,467 | 0.0 | |||||||||||||
11,300 | Dena Co., Ltd. | 134,983 | 0.1 | |||||||||||||
51,800 | Denso Corp. | 2,414,286 | 0.7 |
23,400 | Dentsu, Inc. | 983,769 | 0.3 | |||||||||||||
6,000 | Descente Ltd. | 58,275 | 0.0 | |||||||||||||
7,200 | Don Quijote Holdings Co. Ltd. | 494,978 | 0.2 | |||||||||||||
1,900 | Doshisha Co., Ltd. | 26,828 | 0.0 | |||||||||||||
4,800 | Doutor Nichires Holdings Co., Ltd. | 69,016 | 0.0 | |||||||||||||
2,200 | Dunlop Sports Co. Ltd. | 24,423 | 0.0 | |||||||||||||
5,000 | Dynic Corp. | 7,396 | 0.0 | |||||||||||||
3,000 | Eagle Industry Co., Ltd. | 54,731 | 0.0 | |||||||||||||
8,700 | EDION Corp. | 60,854 | 0.0 | |||||||||||||
3,200 | Exedy Corp. | 77,040 | 0.0 | |||||||||||||
2,300 | Yondoshi Holdings, Inc. | 35,882 | 0.0 | |||||||||||||
4,200 | Fast Retailing Co., Ltd. | 1,528,360 | 0.4 | |||||||||||||
3,100 | FCC Co., Ltd. | 53,337 | 0.0 | |||||||||||||
1,000 | Felissimo Corp. | 8,459 | 0.0 | |||||||||||||
2,000 | Foster Electric Co., Ltd. | 34,968 | 0.0 | |||||||||||||
8,000 | France Bed Holdings Co., Ltd. | 12,014 | 0.0 | |||||||||||||
1,200 | F-Tech, Inc. | 11,814 | 0.0 | |||||||||||||
2,300 | Fuji Co., Ltd. | 41,753 | 0.0 | |||||||||||||
71,500 | Fuji Heavy Industries Ltd. | 2,530,098 | 0.7 | |||||||||||||
3,000 | Fuji Kiko Co., Ltd. | 14,025 | 0.0 | |||||||||||||
7,000 | L | Fuji Kyuko Co., Ltd. | 67,524 | 0.0 | ||||||||||||
21,000 | Fuji Television Network, Inc. | 258,986 | 0.1 | |||||||||||||
10,000 | Fujibo Holdings, Inc. | 28,078 | 0.0 | |||||||||||||
2,500 | Fujikura Rubber Ltd. | 16,519 | 0.0 | |||||||||||||
8,000 | Fujita Kanko, Inc. | 24,522 | 0.0 | |||||||||||||
5,000 | Fujitsu General Ltd. | 48,174 | 0.0 | |||||||||||||
2,800 | Funai Electric Co., Ltd. | 33,418 | 0.0 | |||||||||||||
1,000 | Furukawa Battery Co., Ltd. | 8,457 | 0.0 | |||||||||||||
4,600 | Futaba Industrial Co., Ltd. | 21,577 | 0.0 | |||||||||||||
8,000 | Gakken Holdings Co., Ltd. | 17,018 | 0.0 | |||||||||||||
1,100 | Genki Sushi Co., Ltd. | 24,261 | 0.0 | |||||||||||||
2,900 | Geo Corp. | 23,203 | 0.0 | |||||||||||||
11,000 | GLOBERIDE, Inc. | 18,862 | 0.0 | |||||||||||||
4,000 | Goldwin, Inc. | 20,871 | 0.0 | |||||||||||||
1,000 | Gourmet Kineya Co., Ltd. | 7,463 | 0.0 | |||||||||||||
5,900 | Gulliver International Co., Ltd. | 40,305 | 0.0 | |||||||||||||
16,000 | Gunze Ltd. | 41,374 | 0.0 | |||||||||||||
8,335 | H2O Retailing Corp. | 132,023 | 0.1 | |||||||||||||
29,600 | Hakuhodo DY Holdings, Inc. | 283,270 | 0.1 | |||||||||||||
300 | Hakuyosha Co., Ltd. | 609 | 0.0 | |||||||||||||
2,000 | Happinet Corp. | 24,894 | 0.0 | |||||||||||||
1,500 | Hard Off Corp. Co., Ltd. | 11,471 | 0.0 | |||||||||||||
1,400 | Haruyama Trading Co., Ltd. | 8,178 | 0.0 | |||||||||||||
28,700 | Haseko Corp. | 230,830 | 0.1 | |||||||||||||
4,700 | Heiwa Corp. | 93,647 | 0.0 | |||||||||||||
1,464 | Hiday Hidaka Corp. | 45,848 | 0.0 | |||||||||||||
2,000 | Hikari Tsushin, Inc. | 121,649 | 0.0 | |||||||||||||
1,500 | Hiramatsu, Inc. | 8,087 | 0.0 | |||||||||||||
3,400 | HIS Co., Ltd. | 95,985 | 0.0 | |||||||||||||
7,200 | Hitachi Koki Co., Ltd. | 54,993 | 0.0 | |||||||||||||
187,800 | Honda Motor Co., Ltd. | 5,509,730 | 1.5 | |||||||||||||
1,210 | Honeys Co., Ltd. | 9,480 | 0.0 | |||||||||||||
3,400 | Hoosiers Holdings Co. Ltd. | 15,215 | 0.0 |
See Accompanying Notes to Financial Statements
33 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
900 | Ichibanya Co., Ltd. | 38,090 | 0.0 | |||||||||||||
3,000 | Ichikawa Co., Ltd. | 6,933 | 0.0 | |||||||||||||
7,000 | Ichikoh Industries Ltd. | 14,805 | 0.0 | |||||||||||||
12,020 | Iida Group Holdings Co. Ltd. | 146,422 | 0.1 | |||||||||||||
1,600 | Ikyu Corp. | 17,866 | 0.0 | |||||||||||||
2,500 | Imasen Electric Industrial | 34,928 | 0.0 | |||||||||||||
2,000 | Intage, Inc. | 29,087 | 0.0 | |||||||||||||
41,600 | Isetan Mitsukoshi Holdings Ltd. | 514,767 | 0.2 | |||||||||||||
63,500 | Isuzu Motors Ltd. | 773,450 | 0.2 | |||||||||||||
4,500 | Izumi Co., Ltd. | 158,082 | 0.1 | |||||||||||||
20,000 | @,L | Izutsuya Co., Ltd. | 10,620 | 0.0 | ||||||||||||
24,500 | J Front Retailing Co., Ltd. | 283,759 | 0.1 | |||||||||||||
30,000 | @,L | Janome Sewing Machine Co., Ltd. | 33,517 | 0.0 | ||||||||||||
2,000 | Japan Vilene Co. Ltd. | 10,189 | 0.0 | |||||||||||||
8,000 | Japan Wool Textile Co., Ltd. | 52,542 | 0.0 | |||||||||||||
1,000 | L | Jin Co. Ltd. | 24,986 | 0.0 | ||||||||||||
700 | Joban Kosan Co. Ltd. | 876 | 0.0 | |||||||||||||
5,000 | Joshin Denki Co., Ltd. | 40,628 | 0.0 | |||||||||||||
900 | Joyful Honda Co. Ltd. | 31,293 | 0.0 | |||||||||||||
5,500 | L | JP-Holdings, Inc./Japan | 16,953 | 0.0 | ||||||||||||
15,670 | JVC Kenwood Holdings, Inc. | 34,082 | 0.0 | |||||||||||||
5,086 | @ | Kadokawa Dwango Corp. | 80,888 | 0.0 | ||||||||||||
4,600 | L | Kappa Create Co., Ltd. | 43,735 | 0.0 | ||||||||||||
4,000 | Kasai Kogyo Co., Ltd. | 35,246 | 0.0 | |||||||||||||
400 | Kawai Musical Instruments Manufacturing Co., Ltd. | 8,038 | 0.0 | |||||||||||||
22,000 | KYB Co. Ltd. | 93,533 | 0.0 | |||||||||||||
5,800 | Keihin Corp. | 86,087 | 0.0 | |||||||||||||
6,700 | L | Keiyo Co., Ltd. | 31,711 | 0.0 | ||||||||||||
120,000 | @ | Kimuratan Corp. | 9,016 | 0.0 | ||||||||||||
11,000 | @ | Kinki Nippon Tourist Co., Ltd. | 13,838 | 0.0 | ||||||||||||
5,000 | @ | Kintetsu Department Store Co. Ltd | 12,903 | 0.0 | ||||||||||||
7,000 | Kinugawa Rubber Industrial Co., Ltd. | 29,774 | 0.0 | |||||||||||||
1,800 | Kisoji Co., Ltd. | 29,608 | 0.0 | |||||||||||||
2,900 | Kohnan Shoji Co., Ltd. | 32,583 | 0.0 | |||||||||||||
12,000 | Koito Manufacturing Co., Ltd. | 367,101 | 0.1 | |||||||||||||
3,800 | Kojima Co., Ltd. | 9,326 | 0.0 | |||||||||||||
7,000 | Komatsu Seiren Co., Ltd. | 32,859 | 0.0 | |||||||||||||
2,900 | Komeri Co., Ltd. | 62,759 | 0.0 | |||||||||||||
2,400 | Konaka Co., Ltd. | 12,440 | 0.0 | |||||||||||||
2,200 | Kourakuen Corp. | 29,430 | 0.0 | |||||||||||||
4,860 | Ks Holdings Corp. | 127,747 | 0.1 | |||||||||||||
700 | Kura Corp. | 19,705 | 0.0 | |||||||||||||
23,000 | Kurabo Industries Ltd. | 35,553 | 0.0 | |||||||||||||
1,600 | L | Kyoritsu Maintenance Co., Ltd. | 76,911 | 0.0 | ||||||||||||
1,300 | LEC, Inc. | 13,762 | 0.0 | |||||||||||||
5,200 | Look, Inc. | 9,953 | 0.0 | |||||||||||||
900 | Mars Engineering Corp. | 15,393 | 0.0 | |||||||||||||
24,100 | Marui Group Co., Ltd. | 217,375 | 0.1 | |||||||||||||
4,500 | Matsuya Co., Ltd. | 59,640 | 0.0 | |||||||||||||
800 | Matsuya Foods Co., Ltd. | 16,807 | 0.0 |
62,600 | Mazda Motor Corp. | 1,503,375 | 0.4 | |||||||||||||
3,700 | Meiko Network Japan Co., Ltd. | 37,621 | 0.0 | |||||||||||||
1,800 | Meiwa Estate Co., Ltd. | 7,610 | 0.0 | |||||||||||||
3,000 | Misawa Homes Co., Ltd. | 25,502 | 0.0 | |||||||||||||
4,400 | Mitsuba Corp. | 78,409 | 0.0 | |||||||||||||
75,300 | Mitsubishi Motors Corp. | 687,901 | 0.2 | |||||||||||||
2,000 | Mitsui Home Co., Ltd. | 8,306 | 0.0 | |||||||||||||
13,000 | Mizuno Corp. | 63,537 | 0.0 | |||||||||||||
600 | Monogatari Corp. | 18,739 | 0.0 | |||||||||||||
3,000 | MOS Food Services, Inc. | 55,377 | 0.0 | |||||||||||||
4,100 | Mr Max Corp. | 9,671 | 0.0 | |||||||||||||
2,600 | Musashi Seimitsu Industry Co., Ltd. | 49,179 | 0.0 | |||||||||||||
15,000 | @ | Naigai Co., Ltd. | 7,692 | 0.0 | ||||||||||||
1,800 | Nakayamafuku Co., Ltd. | 13,015 | 0.0 | |||||||||||||
22,700 | Namco Bandai Holdings, Inc. | 480,588 | 0.1 | |||||||||||||
2,400 | Next Co. Ltd | 19,484 | 0.0 | |||||||||||||
18,700 | NGK Spark Plug Co., Ltd. | 568,207 | 0.2 | |||||||||||||
17,100 | NHK Spring Co., Ltd. | 148,793 | 0.1 | |||||||||||||
10,000 | Nice Holdings, Inc. | 15,817 | 0.0 | |||||||||||||
5,100 | Nifco, Inc. | 164,967 | 0.1 | |||||||||||||
1,300 | Nihon Eslead Corp. | 13,262 | 0.0 | |||||||||||||
38,300 | Nikon Corp. | 508,889 | 0.2 | |||||||||||||
50 | Nippon Columbia Co. Ltd. | 179 | 0.0 | |||||||||||||
1,800 | Nippon Felt Co., Ltd. | 8,012 | 0.0 | |||||||||||||
9,000 | Nippon Piston Ring Co., Ltd. | 18,427 | 0.0 | |||||||||||||
18,200 | Nippon Television Network Corp. | 267,144 | 0.1 | |||||||||||||
6,000 | Nishimatsuya Chain Co., Ltd. | 48,760 | 0.0 | |||||||||||||
293,600 | Nissan Motor Co., Ltd. | 2,560,712 | 0.7 | |||||||||||||
8,400 | Nissan Shatai Co., Ltd. | 101,953 | 0.0 | |||||||||||||
11,000 | L | Nissei Build Kogyo Co., Ltd. | 26,715 | 0.0 | ||||||||||||
2,900 | L | Nissen Holdings Co., Ltd. | 8,194 | 0.0 | ||||||||||||
15,000 | Nisshinbo Industries, Inc. | 154,661 | 0.1 | |||||||||||||
4,900 | Nissin Kogyo Co., Ltd. | 68,053 | 0.0 | |||||||||||||
8,500 | Nitori Co., Ltd. | 456,692 | 0.1 | |||||||||||||
10,100 | NOK Corp. | 257,080 | 0.1 | |||||||||||||
2,800 | Noritsu Koki Co., Ltd. | 15,463 | 0.0 | |||||||||||||
2,000 | Ohashi Technica, Inc. | 26,327 | 0.0 | |||||||||||||
600 | Ohsho Food Service Corp. | 21,777 | 0.0 | |||||||||||||
17,000 | Onward Kashiyama Co., Ltd. | 102,209 | 0.0 | |||||||||||||
6,000 | Oriental Land Co., Ltd. | 1,383,684 | 0.4 | |||||||||||||
6,100 | Pacific Industrial Co., Ltd. | 47,298 | 0.0 | |||||||||||||
1,000 | Pal Co., Ltd. | 27,334 | 0.0 | |||||||||||||
3,600 | Paltac Corp. | 41,474 | 0.0 | |||||||||||||
10,000 | PanaHome Corp. | 63,646 | 0.0 | |||||||||||||
252,300 | Panasonic Corp. | 2,971,700 | 0.8 | |||||||||||||
2,600 | Parco Co., Ltd. | 21,255 | 0.0 | |||||||||||||
4,400 | Paris Miki Holdings, Inc. | 17,345 | 0.0 | |||||||||||||
3,800 | PGM Holdings K K | 36,006 | 0.0 | |||||||||||||
1,100 | PIA Corp. | 18,574 | 0.0 | |||||||||||||
900 | Piolax, Inc. | 38,373 | 0.0 |
See Accompanying Notes to Financial Statements
34 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
30,200 | @ | Pioneer Corp. | 57,419 | 0.0 | ||||||||||||
2,600 | Plenus Co., Ltd. | 46,244 | 0.0 | |||||||||||||
1,850 | Adastria Holdings Co. Ltd | 48,381 | 0.0 | |||||||||||||
9,000 | Press Kogyo Co., Ltd. | 31,856 | 0.0 | |||||||||||||
94,600 | Rakuten, Inc. | 1,315,490 | 0.4 | |||||||||||||
1,300 | Renaissance, Inc. | 12,600 | 0.0 | |||||||||||||
7,400 | Resorttrust, Inc. | 162,018 | 0.1 | |||||||||||||
2,200 | Right On Co., Ltd. | 13,557 | 0.0 | |||||||||||||
8,000 | Riken Corp. | 30,137 | 0.0 | |||||||||||||
1,600 | Ringer Hut Co., Ltd. | 25,857 | 0.0 | |||||||||||||
3,600 | Rinnai Corp. | 241,892 | 0.1 | |||||||||||||
3,940 | L | Riso Kyoiku Co. Ltd. | 7,835 | 0.0 | ||||||||||||
6,600 | Round One Corp. | 38,465 | 0.0 | |||||||||||||
3,700 | Royal Holdings Co., Ltd. | 51,492 | 0.0 | |||||||||||||
2,400 | Ryohin Keikaku Co., Ltd. | 295,797 | 0.1 | |||||||||||||
5,000 | L | Sagami Chain Co., Ltd. | 44,546 | 0.0 | ||||||||||||
1,900 | Saizeriya Co., Ltd. | 25,067 | 0.0 | |||||||||||||
9,000 | Sakai Ovex Co., Ltd. | 13,122 | 0.0 | |||||||||||||
600 | San Holdings, Inc. | 9,031 | 0.0 | |||||||||||||
12,000 | Sanden Corp. | 64,144 | 0.0 | |||||||||||||
4,500 | Sangetsu Co., Ltd. | 108,984 | 0.0 | |||||||||||||
6,400 | Sankyo Co., Ltd. | 219,545 | 0.1 | |||||||||||||
4,700 | Sankyo Seiko Co., Ltd. | 18,411 | 0.0 | |||||||||||||
5,800 | L | Sanrio Co., Ltd. | 143,304 | 0.1 | ||||||||||||
5,000 | Sanyo Electric Railway Co. Ltd | 18,313 | 0.0 | |||||||||||||
11,000 | Sanyo Shokai Ltd. | 26,673 | 0.0 | |||||||||||||
4,800 | Scroll Corp. | 11,316 | 0.0 | |||||||||||||
21,600 | Sega Sammy Holdings, Inc. | 276,354 | 0.1 | |||||||||||||
14,000 | Seiko Holdings Corp. | 78,053 | 0.0 | |||||||||||||
6,600 | Seiren Co., Ltd. | 50,979 | 0.0 | |||||||||||||
48,000 | Sekisui Chemical Co., Ltd. | 577,487 | 0.2 | |||||||||||||
68,400 | Sekisui House Ltd. | 900,006 | 0.3 | |||||||||||||
6,800 | Senshukai Co., Ltd. | 47,241 | 0.0 | |||||||||||||
170,000 | L | Sharp Corp. | 376,090 | 0.1 | ||||||||||||
5,600 | Shimachu Co., Ltd. | 135,723 | 0.1 | |||||||||||||
2,400 | Shimamura Co., Ltd. | 207,113 | 0.1 | |||||||||||||
9,200 | Shimano, Inc. | 1,191,600 | 0.3 | |||||||||||||
2,400 | Shimojima Co., Ltd. | 20,283 | 0.0 | |||||||||||||
5,000 | Shinyei Kaisha | 8,170 | 0.0 | |||||||||||||
5,000 | Shiroki Corp. | 13,647 | 0.0 | |||||||||||||
1,400 | Shobunsha Publications, Inc. | 10,239 | 0.0 | |||||||||||||
16,000 | L | Shochiku Co., Ltd. | 155,476 | 0.1 | ||||||||||||
6,300 | Showa Corp. | 58,195 | 0.0 | |||||||||||||
16,900 | Sky Perfect Jsat Corp. | 99,724 | 0.0 | |||||||||||||
2,800 | Skylark Co. Ltd. | 28,262 | 0.0 | |||||||||||||
133,812 | Sony Corp. | 2,731,003 | 0.8 | |||||||||||||
1,200 | St. Marc Holdings Co., Ltd. | 68,875 | 0.0 | |||||||||||||
14,800 | Stanley Electric Co., Ltd. | 319,583 | 0.1 | |||||||||||||
6,300 | Start Today Co. Ltd. | 130,907 | 0.1 | |||||||||||||
1,800 | Starts Corp., Inc. | 23,610 | 0.0 | |||||||||||||
1,300 | Studio Alice Co., Ltd. | 17,775 | 0.0 | |||||||||||||
10,000 | Suminoe Textile Co., Ltd. | 23,593 | 0.0 | |||||||||||||
17,700 | Sumitomo Forestry Co., Ltd. | 173,099 | 0.1 | |||||||||||||
17,100 | Sumitomo Rubber Industries, Inc. | 254,210 | 0.1 | |||||||||||||
43,700 | Suzuki Motor Corp. | 1,309,573 | 0.4 |
19,000 | @,L | Yamada SxL Home Co. Ltd | 16,522 | 0.0 | ||||||||||||
7,000 | T RAD Co., Ltd. | 14,620 | 0.0 | |||||||||||||
2,600 | Tachi-S Co., Ltd. | 35,718 | 0.0 | |||||||||||||
2,500 | Taiho Kogyo Co., Ltd. | 27,116 | 0.0 | |||||||||||||
2,400 | Takamatsu Construction Group Co., Ltd. | 48,490 | 0.0 | |||||||||||||
30,000 | Takashimaya Co., Ltd. | 239,541 | 0.1 | |||||||||||||
3,800 | L | Takata Corp. | 45,813 | 0.0 | ||||||||||||
1,040 | Take And Give Needs Co., Ltd. | 8,428 | 0.0 | |||||||||||||
2,000 | Takihyo Co., Ltd. | 6,864 | 0.0 | |||||||||||||
2,300 | Tamron Co., Ltd. | 45,603 | 0.0 | |||||||||||||
4,000 | TBK Co., Ltd. | 22,393 | 0.0 | |||||||||||||
2,400 | TPR Co., Ltd. | 60,625 | 0.0 | |||||||||||||
3,000 | T-Gaia Corp. | 29,604 | 0.0 | |||||||||||||
1,900 | Toa Corp./Hyogo | 19,422 | 0.0 | |||||||||||||
11,000 | Toabo Corp. | 6,937 | 0.0 | |||||||||||||
10,000 | Toei Co., Ltd. | 57,225 | 0.0 | |||||||||||||
15,200 | Toho Co., Ltd. | 344,881 | 0.1 | |||||||||||||
5,500 | Tokai Rika Co., Ltd. | 115,451 | 0.0 | |||||||||||||
4,800 | Tokai Rubber Industries, Inc. | 36,089 | 0.0 | |||||||||||||
820 | Token Corp. | 33,085 | 0.0 | |||||||||||||
12,300 | Tokyo Broadcasting System, Inc. | 144,363 | 0.1 | |||||||||||||
1,050 | Tokyo Derica Co. Ltd. | 13,485 | 0.0 | |||||||||||||
18,000 | Tokyo Dome Corp. | 79,077 | 0.0 | |||||||||||||
17,000 | L | Tokyotokeiba Co., Ltd. | 42,050 | 0.0 | ||||||||||||
5,900 | Tomy Co., Ltd. | 31,008 | 0.0 | |||||||||||||
4,000 | Tonichi Carlife Group, Inc. | 9,386 | 0.0 | |||||||||||||
4,900 | Topre Corp. | 70,187 | 0.0 | |||||||||||||
2,200 | Toridoll.corp | 30,913 | 0.0 | |||||||||||||
9,500 | Toyo Tire & Rubber Co., Ltd. | 186,425 | 0.1 | |||||||||||||
6,400 | Toyoda Gosei Co., Ltd. | 128,731 | 0.1 | |||||||||||||
7,600 | Toyota Boshoku Corp. | 100,896 | 0.0 | |||||||||||||
18,900 | Toyota Industries Corp. | 968,658 | 0.3 | |||||||||||||
287,160 | Toyota Motor Corp. | 17,895,063 | 5.0 | |||||||||||||
4,200 | TS Tech Co., Ltd. | 98,233 | 0.0 | |||||||||||||
11,850 | TSI Holdings Co. Ltd. | 69,658 | 0.0 | |||||||||||||
600 | Tsutsumi Jewelry Co., Ltd. | 12,761 | 0.0 | |||||||||||||
6,300 | TV Asahi Corp. | 99,231 | 0.0 | |||||||||||||
2,300 | Tv Tokyo Holdings Corp. | 52,208 | 0.0 | |||||||||||||
3,700 | Unipres Corp. | 60,614 | 0.0 | |||||||||||||
3,100 | United Arrows Ltd. | 86,574 | 0.0 | |||||||||||||
75,000 | @ | Unitika Ltd. | 38,581 | 0.0 | ||||||||||||
3,100 | L | U-Shin Ltd. | 18,179 | 0.0 | ||||||||||||
26,400 | USS Co., Ltd. | 405,628 | 0.1 | |||||||||||||
1,200 | ValueCommerce Co. Ltd. | 6,112 | 0.0 | |||||||||||||
15,000 | Wacoal Holdings Corp. | 151,421 | 0.1 | |||||||||||||
2,600 | L | WATAMI Co., Ltd. | 24,074 | 0.0 | ||||||||||||
300 | Wowow, Inc. | 12,486 | 0.0 | |||||||||||||
2,500 | Xebio Co., Ltd. | 41,615 | 0.0 | |||||||||||||
75,800 | L | Yamada Denki Co., Ltd. | 254,318 | 0.1 | ||||||||||||
15,600 | Yamaha Corp. | 229,942 | 0.1 | |||||||||||||
32,100 | Yamaha Motor Co., Ltd. | 642,234 | 0.2 | |||||||||||||
2,900 | Yamato International, Inc. | 10,014 | 0.0 | |||||||||||||
1,500 | Yellow Hat Ltd. | 30,673 | 0.0 | |||||||||||||
5,300 | Yokohama Reito Co., Ltd. | 35,478 | 0.0 |
See Accompanying Notes to Financial Statements
35 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
24,000 | Yokohama Rubber Co., Ltd. | 218,528 | 0.1 | |||||||||||||
5,000 | Yomiuri Land Co., Ltd. | 20,699 | 0.0 | |||||||||||||
1,600 | Yorozu Corp. | 26,544 | 0.0 | |||||||||||||
6,800 | Yoshinoya D&C Co., Ltd. | 78,246 | 0.0 | |||||||||||||
2,400 | Zenrin Co., Ltd. | 27,415 | 0.0 | |||||||||||||
8,200 | L | Zensho Holdings Co., Ltd. | 67,337 | 0.0 | ||||||||||||
75,698,254 | 20.9 | |||||||||||||||
Consumer Staples: 7.3% | ||||||||||||||||
84,745 | L | Aeon Co., Ltd. | 851,644 | 0.2 | ||||||||||||
2,300 | Aeon Hokkaido Corp. | 13,662 | 0.0 | |||||||||||||
2,600 | Ain Pharmaciez, Inc. | 74,553 | 0.0 | |||||||||||||
55,000 | Ajinomoto Co., Inc. | 1,023,929 | 0.3 | |||||||||||||
4,500 | Arcs Co., Ltd. | 92,894 | 0.0 | |||||||||||||
2,400 | Ariake Japan Co., Ltd. | 58,357 | 0.0 | |||||||||||||
2,300 | Artnature, Inc. | 25,619 | 0.0 | |||||||||||||
46,800 | Asahi Group Holdings, Ltd. | 1,447,867 | 0.4 | |||||||||||||
600 | Belc Co., Ltd. | 18,216 | 0.0 | |||||||||||||
8,700 | Calbee, Inc. | 299,687 | 0.1 | |||||||||||||
2,100 | Cawachi Ltd. | 31,124 | 0.0 | |||||||||||||
2,200 | CFS Corp. | 12,734 | 0.0 | |||||||||||||
3,300 | Chubu Shiryo Co., Ltd. | 18,806 | 0.0 | |||||||||||||
6,670 | Coca-Cola Central Japan Co., Ltd. | 101,841 | 0.0 | |||||||||||||
7,300 | Coca-Cola West Co., Ltd. | 100,666 | 0.0 | |||||||||||||
2,620 | Cocokara Fine Holdings, Inc. | 64,862 | 0.0 | |||||||||||||
1,200 | Cosmos Pharmaceutical Corp. | 163,951 | 0.1 | |||||||||||||
1,300 | Create SD Holdings | 41,539 | 0.0 | |||||||||||||
800 | Daikokutenbussan Co., Ltd. | 22,968 | 0.0 | |||||||||||||
1,600 | Dr Ci:Labo Co., Ltd. | 54,642 | 0.0 | |||||||||||||
1,200 | Dydo Drinco, Inc. | 49,939 | 0.0 | |||||||||||||
5,000 | Ezaki Glico Co., Ltd. | 174,787 | 0.1 | |||||||||||||
6,600 | FamilyMart Co., Ltd. | 248,581 | 0.1 | |||||||||||||
5,200 | Fancl Corp. | 73,977 | 0.0 | |||||||||||||
24,680 | Feed One Holdings Co. Ltd. | 22,459 | 0.0 | |||||||||||||
6,500 | Fuji Oil Co., Ltd. | 83,085 | 0.0 | |||||||||||||
2,000 | Fujicco Co., Ltd. | 33,255 | 0.0 | |||||||||||||
19,000 | Fujiya Co., Ltd. | 30,971 | 0.0 | |||||||||||||
200 | Genky Stores, Inc. | 12,777 | 0.0 | |||||||||||||
900 | Harashin Narus Holdings Co., Ltd. | 19,641 | 0.0 | |||||||||||||
12,000 | @ | Hayashikane Sangyo Co., Ltd. | 7,843 | 0.0 | ||||||||||||
3,800 | Heiwado Co., Ltd. | 73,345 | 0.0 | |||||||||||||
2,900 | Hokuto Corp. | 48,284 | 0.0 | |||||||||||||
9,100 | House Foods Corp. | 157,049 | 0.1 | |||||||||||||
3,300 | Inageya Co., Ltd. | 33,386 | 0.0 | |||||||||||||
6,700 | L | Ito En Ltd. | 121,342 | 0.0 | ||||||||||||
1,000 | Itochu-Shokuhin Co., Ltd. | 31,355 | 0.0 | |||||||||||||
12,000 | Itoham Foods, Inc. | 63,169 | 0.0 | |||||||||||||
129,800 | Japan Tobacco, Inc. | 3,572,458 | 1.0 | |||||||||||||
17,000 | J-Oil Mills, Inc. | 55,121 | 0.0 | |||||||||||||
9,900 | L | Kagome Co., Ltd. | 150,558 | 0.1 | ||||||||||||
1,100 | Kameda Seika Co. Ltd. | 33,813 | 0.0 | |||||||||||||
60,400 | Kao Corp. | 2,381,847 | 0.7 | |||||||||||||
2,100 | Kasumi Co., Ltd. | 17,683 | 0.0 | |||||||||||||
2,800 | Kato Sangyo Co., Ltd. | 52,745 | 0.0 |
11,900 | Kewpie Corp. | 221,844 | 0.1 | |||||||||||||
2,600 | KEY Coffee, Inc. | 36,180 | 0.0 | |||||||||||||
20,000 | Kikkoman Corp. | 490,180 | 0.1 | |||||||||||||
98,800 | Kirin Brewery Co., Ltd. | 1,227,678 | 0.4 | |||||||||||||
3,800 | Kobayashi Pharmaceutical Co., Ltd. | 221,111 | 0.1 | |||||||||||||
3,700 | Kose Corp. | 144,634 | 0.1 | |||||||||||||
700 | Kusuri No Aoki Co. Ltd. | 38,042 | 0.0 | |||||||||||||
10,000 | Kyokuyo Co. Ltd. | 22,875 | 0.0 | |||||||||||||
7,800 | Lawson, Inc. | 471,339 | 0.1 | |||||||||||||
2,000 | Life Corp. | 27,979 | 0.0 | |||||||||||||
26,000 | L | Lion Corp. | 135,595 | 0.1 | ||||||||||||
2,600 | Mandom Corp. | 85,368 | 0.0 | |||||||||||||
7,000 | Marudai Food Co., Ltd. | 24,039 | 0.0 | |||||||||||||
8,000 | Maruetsu, Inc. | 34,971 | 0.0 | |||||||||||||
4,900 | Maruha Nichiro Corp. | 73,296 | 0.0 | |||||||||||||
4,600 | Matsumotokiyoshi Holdings Co., Ltd. | 131,899 | 0.1 | |||||||||||||
4,900 | Megmilk Snow Brand Co., Ltd. | 58,491 | 0.0 | |||||||||||||
6,900 | MEIJI Holdings Co., Ltd. | 627,757 | 0.2 | |||||||||||||
700 | Meito Sangyo Co., Ltd. | 6,951 | 0.0 | |||||||||||||
1,512 | Milbon Co., Ltd. | 41,162 | 0.0 | |||||||||||||
700 | Ministop Co., Ltd. | 9,289 | 0.0 | |||||||||||||
2,500 | Mitsubishi Shokuhin Co. Ltd. | 54,425 | 0.0 | |||||||||||||
15,000 | Mitsui Sugar Co., Ltd. | 49,283 | 0.0 | |||||||||||||
14,000 | Miyoshi Oil & Fat Co., Ltd. | 15,914 | 0.0 | |||||||||||||
26,000 | Morinaga & Co., Ltd. | 68,174 | 0.0 | |||||||||||||
26,000 | Morinaga Milk Industry Co., Ltd. | 89,872 | 0.0 | |||||||||||||
7,000 | Morozoff Ltd. | 21,711 | 0.0 | |||||||||||||
1,000 | Nagatanien Co., Ltd. | 9,094 | 0.0 | |||||||||||||
2,000 | Nakamuraya Co., Ltd. | 7,788 | 0.0 | |||||||||||||
2,000 | Natori Co., Ltd. | 21,847 | 0.0 | |||||||||||||
25,000 | Nichirei Corp. | 113,131 | 0.0 | |||||||||||||
510 | Nihon Chouzai Co., Ltd. | 17,158 | 0.0 | |||||||||||||
18,000 | Nippon Beet Sugar Manufacturing Co., Ltd. | 31,086 | 0.0 | |||||||||||||
15,000 | Nippon Flour Mills Co., Ltd. | 66,677 | 0.0 | |||||||||||||
16,000 | NH Foods Ltd. | 350,053 | 0.1 | |||||||||||||
30,800 | Nippon Suisan Kaisha Ltd. | 95,768 | 0.0 | |||||||||||||
12,000 | Nisshin Oillio Group Ltd. | 41,942 | 0.0 | |||||||||||||
26,345 | Nisshin Seifun Group, Inc. | 255,045 | 0.1 | |||||||||||||
9,600 | Nissin Food Products Co., Ltd. | 457,566 | 0.1 | |||||||||||||
1,000 | Noevir Holdings Co. Ltd. | 17,437 | 0.0 | |||||||||||||
9,000 | Oenon Holdings, Inc. | 16,162 | 0.0 | |||||||||||||
1,000 | OIE Sangyo Co., Ltd. | 6,963 | 0.0 | |||||||||||||
2,000 | Okuwa Co., Ltd. | 15,352 | 0.0 | |||||||||||||
2,300 | Olympic Group Corp. | 16,672 | 0.0 | |||||||||||||
3,500 | Pigeon Corp. | 204,071 | 0.1 | |||||||||||||
2,500 | Pola Orbis Holdings, Inc. | 99,920 | 0.0 | |||||||||||||
9,000 | Prima Meat Packers Ltd. | 20,253 | 0.0 | |||||||||||||
1,500 | Rock Field Co., Ltd. | 24,405 | 0.0 | |||||||||||||
1,100 | S Foods, Inc. | 21,758 | 0.0 | |||||||||||||
1,800 | Sakata Seed Corp. | 30,041 | 0.0 |
See Accompanying Notes to Financial Statements
36 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
1,400 | San-A Co., Ltd. | 47,306 | 0.0 | |||||||||||||
38,000 | Sapporo Holdings Ltd. | 160,586 | 0.1 | |||||||||||||
86,500 | Seven & I Holdings Co., Ltd. | 3,111,522 | 0.9 | |||||||||||||
38,400 | Shiseido Co., Ltd. | 538,537 | 0.2 | |||||||||||||
4,000 | Showa Sangyo Co., Ltd. | 16,042 | 0.0 | |||||||||||||
600 | Sogo Medical Co., Ltd. | 30,409 | 0.0 | |||||||||||||
2,400 | ST Corp. | 20,074 | 0.0 | |||||||||||||
5,000 | Starzen Co., Ltd. | 17,456 | 0.0 | |||||||||||||
3,900 | Sugi Holdings Co., Ltd. | 159,196 | 0.1 | |||||||||||||
4,500 | Sundrug Co., Ltd. | 183,952 | 0.1 | |||||||||||||
13,800 | Suntory Beverage & Food Ltd. | 476,780 | 0.1 | |||||||||||||
20,000 | Takara Holdings, Inc. | 129,716 | 0.1 | |||||||||||||
4,000 | Tobu Store Co., Ltd. | 9,503 | 0.0 | |||||||||||||
7,000 | Toho Co., Ltd./Hyogo | 25,972 | 0.0 | |||||||||||||
2,900 | Torigoe Co., Ltd. | 18,587 | 0.0 | |||||||||||||
12,000 | Toyo Suisan Kaisha Ltd. | 386,387 | 0.1 | |||||||||||||
4,200 | Tsuruha Holdings, Inc. | 243,025 | 0.1 | |||||||||||||
43,100 | Uni-Charm Corp. | 1,033,068 | 0.3 | |||||||||||||
3,700 | Aderans Co. Ltd. | 34,815 | 0.0 | |||||||||||||
21,000 | UNY Co., Ltd. | 106,905 | 0.0 | |||||||||||||
4,500 | Valor Co., Ltd. | 79,702 | 0.0 | |||||||||||||
2,300 | Warabeya Nichiyo Co., Ltd. | 38,693 | 0.0 | |||||||||||||
1,680 | Welcia Holdings Co. Ltd | 49,742 | 0.0 | |||||||||||||
1,500 | Yaizu Suisankagaku Industry Co., Ltd. | 13,041 | 0.0 | |||||||||||||
12,500 | Yakult Honsha Co., Ltd. | 659,812 | 0.2 | |||||||||||||
11,000 | Yamatane Corp. | 15,782 | 0.0 | |||||||||||||
630 | Yamaya Corp. | 8,253 | 0.0 | |||||||||||||
18,000 | Yamazaki Baking Co., Ltd. | 222,107 | 0.1 | |||||||||||||
1,200 | Yaoko Co., Ltd. | 69,242 | 0.0 | |||||||||||||
2,000 | Yomeishu Seizo Co., Ltd. | 15,362 | 0.0 | |||||||||||||
1,000 | Yonekyu Corp. | 15,007 | 0.0 | |||||||||||||
26,375,860 | 7.3 | |||||||||||||||
Energy: 0.9% | ||||||||||||||||
4,700 | AOC Holdings, Inc. | 14,290 | 0.0 | |||||||||||||
61,000 | Cosmo Oil Co., Ltd. | 86,671 | 0.0 | |||||||||||||
10,400 | Idemitsu Kosan Co., Ltd. | 171,738 | 0.0 | |||||||||||||
121,000 | Inpex Holdings, Inc. | 1,347,090 | 0.4 | |||||||||||||
2,600 | Itochu Enex Co., Ltd. | 18,331 | 0.0 | |||||||||||||
700 | L | Japan Drilling Co. Ltd. | 24,830 | 0.0 | ||||||||||||
4,000 | Japan Oil Transportation Co., Ltd. | 7,733 | 0.0 | |||||||||||||
3,300 | Japan Petroleum Exploration Co. | 103,677 | 0.0 | |||||||||||||
240,910 | JX Holdings, Inc. | 937,527 | 0.3 | |||||||||||||
3,800 | Mitsuuroko Co., Ltd. | 17,483 | 0.0 | |||||||||||||
2,300 | L | Modec, Inc. | 38,607 | 0.0 | ||||||||||||
9,500 | Nippon Coke & Engineering Co., Ltd. | 8,898 | 0.0 | |||||||||||||
3,600 | Nippon Gas Co., Ltd. | 81,188 | 0.0 | |||||||||||||
3,500 | Sala Corp. | 17,621 | 0.0 | |||||||||||||
4,000 | San-Ai Oil Co., Ltd. | 26,801 | 0.0 | |||||||||||||
5,100 | Shinko Plantech Co., Ltd. | 35,738 | 0.0 | |||||||||||||
19,600 | L | Showa Shell Sekiyu KK | 193,069 | 0.1 | ||||||||||||
8,000 | Sinanen Co., Ltd. | 29,532 | 0.0 | |||||||||||||
35,000 | L | TonenGeneral Sekiyu KK | 298,781 | 0.1 |
9,000 | Toyo Kanetsu K K | 18,256 | 0.0 | |||||||||||||
3,477,861 | 0.9 | |||||||||||||||
Financials: 17.3% | ||||||||||||||||
32,000 | 77 Bank Ltd. | 168,176 | 0.1 | |||||||||||||
43,800 | @,L | Acom Co., Ltd. | 133,715 | 0.1 | ||||||||||||
13,000 | L | AEON Financial Service Co., Ltd. | 256,762 | 0.1 | ||||||||||||
13,170 | Aeon Mall Co., Ltd. | 233,385 | 0.1 | |||||||||||||
1,000 | Aichi Bank Ltd. | 49,432 | 0.0 | |||||||||||||
32,600 | @,L | Aiful Corp. | 109,861 | 0.0 | ||||||||||||
3,700 | Airport Facilities Co., Ltd. | 22,157 | 0.0 | |||||||||||||
14,000 | Akita Bank Ltd. | 38,483 | 0.0 | |||||||||||||
1,000 | @ | Anicom Holdings, Inc. | 11,613 | 0.0 | ||||||||||||
20,000 | Aomori Bank Ltd. | 57,891 | 0.0 | |||||||||||||
126,000 | Aozora Bank Ltd. | 390,039 | 0.1 | |||||||||||||
9,400 | Ashikaga Holdings Co. Ltd. | 37,850 | 0.0 | |||||||||||||
20,000 | Awa Bank Ltd. | 106,944 | 0.0 | |||||||||||||
1,600 | Bank of Iwate Ltd. | 68,812 | 0.0 | |||||||||||||
38,000 | Bank of Kyoto Ltd. | 317,666 | 0.1 | |||||||||||||
20,000 | Bank of Nagoya Ltd. | 73,992 | 0.0 | |||||||||||||
1,700 | Bank of Okinawa Ltd. | 69,263 | 0.0 | |||||||||||||
12,000 | Bank of Saga Ltd. | 27,250 | 0.0 | |||||||||||||
4,300 | Bank of the Ryukyus Ltd. | 60,614 | 0.0 | |||||||||||||
137,000 | Bank of Yokohama Ltd. | 744,086 | 0.2 | |||||||||||||
5,000 | Century Leasing System, Inc. | 124,575 | 0.1 | |||||||||||||
80,000 | Chiba Bank Ltd. | 524,232 | 0.2 | |||||||||||||
5,100 | Chiba Kogyo Bank Ltd. | 35,443 | 0.0 | |||||||||||||
15,400 | Chugoku Bank Ltd. | 209,916 | 0.1 | |||||||||||||
15,000 | Chukyo Bank Ltd. | 26,823 | 0.0 | |||||||||||||
16,300 | Credit Saison Co., Ltd. | 303,121 | 0.1 | |||||||||||||
6,800 | Daibiru Corp. | 63,963 | 0.0 | |||||||||||||
129,600 | Dai-ichi Life Insurance Co., Ltd. | 1,967,309 | 0.6 | |||||||||||||
31,000 | Daikyo, Inc. | 47,916 | 0.0 | |||||||||||||
23,000 | Daisan Bank Ltd. | 38,285 | 0.0 | |||||||||||||
30,000 | Daishi Bank Ltd. | 99,575 | 0.0 | |||||||||||||
13,000 | Daito Bank Ltd. | 15,158 | 0.0 | |||||||||||||
9,000 | Daito Trust Construction Co., Ltd. | 1,020,941 | 0.3 | |||||||||||||
66,300 | Daiwa House Industry Co., Ltd. | 1,252,490 | 0.4 | |||||||||||||
195,000 | Daiwa Securities Group, Inc. | 1,526,877 | 0.4 | |||||||||||||
500 | eGuarantee, Inc. | 7,290 | 0.0 | |||||||||||||
17,000 | Ehime Bank Ltd. | 35,864 | 0.0 | |||||||||||||
14,000 | Eighteenth Bank Ltd. | 39,072 | 0.0 | |||||||||||||
11,800 | L | FIDEA Holdings Co., Ltd. | 21,428 | 0.0 | ||||||||||||
900 | Financial Products Group Co. Ltd. | 10,761 | 0.0 | |||||||||||||
19,000 | Fukui Bank Ltd. | 42,195 | 0.0 | |||||||||||||
82,000 | Fukuoka Financial Group, Inc. | 422,748 | 0.1 | |||||||||||||
34,000 | Fukushima Bank Ltd. | 26,455 | 0.0 | |||||||||||||
2,200 | Fuyo General Lease Co., Ltd. | 75,957 | 0.0 | |||||||||||||
900 | GCA Savvian Corp. | 8,575 | 0.0 | |||||||||||||
1,720 | Goldcrest Co., Ltd. | 31,807 | 0.0 | |||||||||||||
46,000 | Gunma Bank Ltd. | 298,518 | 0.1 | |||||||||||||
38,000 | Hachijuni Bank Ltd. | 244,097 | 0.1 | |||||||||||||
4,600 | Heiwa Real Estate Co., Ltd. | 69,680 | 0.0 |
See Accompanying Notes to Financial Statements
37 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
12,000 | Higashi-Nippon Bank Ltd. | 33,422 | 0.0 | |||||||||||||
17,000 | Higo Bank Ltd. | 90,040 | 0.0 | |||||||||||||
60,000 | Hiroshima Bank Ltd. | 285,577 | 0.1 | |||||||||||||
4,400 | Hitachi Capital Corp. | 96,841 | 0.0 | |||||||||||||
25,000 | Hokkoku Bank Ltd. | 80,151 | 0.0 | |||||||||||||
29,000 | Hokuetsu Bank Ltd. | 52,543 | 0.0 | |||||||||||||
138,000 | Hokugin Financial Group, Inc. | 278,282 | 0.1 | |||||||||||||
20,000 | Hyakugo Bank Ltd. | 82,512 | 0.0 | |||||||||||||
26,000 | Hyakujushi Bank Ltd. | 84,930 | 0.0 | |||||||||||||
4,200 | IBJ Leasing Co., Ltd. | 83,344 | 0.0 | |||||||||||||
4,500 | Ichiyoshi Securities Co., Ltd. | 48,405 | 0.0 | |||||||||||||
2,500 | IwaiCosmo Holdings, Inc. | 27,981 | 0.0 | |||||||||||||
22,000 | Iyo Bank Ltd. | 238,276 | 0.1 | |||||||||||||
12,000 | Jaccs Co., Ltd. | 60,799 | 0.0 | |||||||||||||
3,100 | Jafco Co., Ltd. | 106,151 | 0.0 | |||||||||||||
20,000 | @ | Japan Asia Investment Co., Ltd. | 13,051 | 0.0 | ||||||||||||
11,111 | Japan Securities Finance Co., Ltd. | 56,022 | 0.0 | |||||||||||||
13,700 | Jimoto Holdings, Inc. | 25,987 | 0.0 | |||||||||||||
800 | Jowa Holdings Co. Ltd | 23,636 | 0.0 | |||||||||||||
74,000 | Joyo Bank Ltd. | 366,440 | 0.1 | |||||||||||||
26,000 | Juroku Bank Ltd. | 92,026 | 0.0 | |||||||||||||
10,200 | kabu.com Securities Co., Ltd. | 50,040 | 0.0 | |||||||||||||
14,000 | Kagoshima Bank Ltd. | 87,859 | 0.0 | |||||||||||||
2,700 | Kansai Urban Banking Corp. | 27,941 | 0.0 | |||||||||||||
5,900 | Keihanshin Building Co. Ltd. | 31,250 | 0.0 | |||||||||||||
17,000 | Keiyo Bank Ltd. | 94,870 | 0.0 | |||||||||||||
29,500 | Kenedix, Inc. | 134,328 | 0.1 | |||||||||||||
1,200 | Kita-Nippon Bank Ltd. | 29,307 | 0.0 | |||||||||||||
9,300 | Kiyo Bank Ltd./The | 119,181 | 0.1 | |||||||||||||
7,000 | Kosei Securities Co., Ltd. | 13,763 | 0.0 | |||||||||||||
3,100 | Kyokuto Securities Co., Ltd. | 49,153 | 0.0 | |||||||||||||
24,000 | @ | Leopalace21 Corp. | 151,406 | 0.1 | ||||||||||||
6,400 | Marusan Securities Co., Ltd. | 42,932 | 0.0 | |||||||||||||
11,800 | Matsui Securities Co., Ltd. | 102,103 | 0.0 | |||||||||||||
17,000 | L | Michinoku Bank Ltd. | 31,643 | 0.0 | ||||||||||||
5,000 | Mie Bank Ltd. | 11,328 | 0.0 | |||||||||||||
8,000 | Minato Bank Ltd. | 14,137 | 0.0 | |||||||||||||
5,000 | Mito Securities Co., Ltd. | 17,754 | 0.0 | |||||||||||||
152,000 | Mitsubishi Estate Co., Ltd. | 3,202,773 | 0.9 | |||||||||||||
1,649,100 | Mitsubishi UFJ Financial Group, Inc. | 9,060,534 | 2.5 | |||||||||||||
52,400 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 246,428 | 0.1 | |||||||||||||
110,000 | Mitsui Fudosan Co., Ltd. | 2,949,711 | 0.8 | |||||||||||||
64,011 | MS&AD Insurance Group Holdings, Inc. | 1,516,946 | 0.4 | |||||||||||||
16,000 | Miyazaki Bank Ltd. | 49,946 | 0.0 | |||||||||||||
2,828,000 | Mizuho Financial Group, Inc. | 4,740,585 | 1.3 | |||||||||||||
26,000 | Monex Beans Holdings, Inc. | 61,912 | 0.0 |
800 | MONEY SQUARE JAPAN, Inc. | 9,428 | 0.0 | |||||||||||||
3,600 | Musashino Bank Ltd. | 119,652 | 0.0 | |||||||||||||
13,000 | Nagano Bank Ltd. | 23,193 | 0.0 | |||||||||||||
22,000 | Nanto Bank Ltd. | 75,497 | 0.0 | |||||||||||||
70,000 | Nishi-Nippon City Bank Ltd. | 201,414 | 0.1 | |||||||||||||
45,950 | NKSJ Holdings, Inc. | 1,155,538 | 0.3 | |||||||||||||
422,800 | Nomura Holdings, Inc. | 2,392,640 | 0.7 | |||||||||||||
12,200 | Nomura Real Estate Holdings, Inc. | 208,772 | 0.1 | |||||||||||||
33,000 | North Pacific Bank Ltd. | 127,398 | 0.1 | |||||||||||||
12,000 | NTT Urban Development Corp. | 120,847 | 0.0 | |||||||||||||
31,000 | Ogaki Kyoritsu Bank Ltd. | 93,470 | 0.0 | |||||||||||||
15,000 | Oita Bank Ltd. | 52,974 | 0.0 | |||||||||||||
16,000 | Okasan Securities Group, Inc. | 120,306 | 0.0 | |||||||||||||
800 | Open House Co. Ltd. | 15,752 | 0.0 | |||||||||||||
44,500 | @ | Orient Corp. | 72,907 | 0.0 | ||||||||||||
144,000 | ORIX Corp. | 1,811,923 | 0.5 | |||||||||||||
30,100 | Osaka Securities Exchange Co. Ltd. | 701,667 | 0.2 | |||||||||||||
1,800 | Pocket Card Co., Ltd. | 8,640 | 0.0 | |||||||||||||
900 | Relo Holdings, Inc. | 64,345 | 0.0 | |||||||||||||
234,200 | Resona Holdings, Inc. | 1,183,062 | 0.3 | |||||||||||||
1,800 | Ricoh Leasing Co., Ltd. | 46,420 | 0.0 | |||||||||||||
13,000 | San-In Godo Bank Ltd. | 97,753 | 0.0 | |||||||||||||
24,260 | Softbank Investment Corp. | 265,056 | 0.1 | |||||||||||||
19,230 | Senshu Ikeda Holdings, Inc. | 87,208 | 0.0 | |||||||||||||
70,600 | Seven Bank Ltd. | 296,343 | 0.1 | |||||||||||||
22,000 | Shiga Bank Ltd. | 117,201 | 0.0 | |||||||||||||
13,000 | Shikoku Bank Ltd. | 27,269 | 0.0 | |||||||||||||
1,200 | Shimizu Bank Ltd. | 29,361 | 0.0 | |||||||||||||
180,000 | Shinsei Bank Ltd. | 313,275 | 0.1 | |||||||||||||
60,000 | Shizuoka Bank Ltd. | 548,659 | 0.2 | |||||||||||||
34,300 | L | Hulic Co. Ltd. | 342,903 | 0.1 | ||||||||||||
19,900 | Sony Financial Holdings, Inc. | 293,030 | 0.1 | |||||||||||||
155,652 | Sumitomo Mitsui Financial Group, Inc. | 5,627,244 | 1.6 | |||||||||||||
447,440 | Sumitomo Mitsui Trust Holdings, Inc. | 1,713,824 | 0.5 | |||||||||||||
920 | Sumitomo Real Estate Sales Co., Ltd. | 20,720 | 0.0 | |||||||||||||
50,000 | Sumitomo Realty & Development Co., Ltd. | 1,703,458 | 0.5 | |||||||||||||
2,300 | Sun Frontier Fudousan Co., Ltd. | 21,137 | 0.0 | |||||||||||||
21,000 | Suruga Bank Ltd. | 385,917 | 0.1 | |||||||||||||
73,500 | T&D Holdings, Inc. | 881,107 | 0.3 | |||||||||||||
7,000 | Taiko Bank Ltd. | 12,842 | 0.0 | |||||||||||||
8,000 | Takara Leben Co., Ltd. | 34,646 | 0.0 | |||||||||||||
8,000 | TOC Co., Ltd. | 44,896 | 0.0 | |||||||||||||
10,000 | Tochigi Bank Ltd. | 44,316 | 0.0 | |||||||||||||
16,000 | Toho Bank Ltd. | 53,876 | 0.0 | |||||||||||||
18,000 | Tohoku Bank Ltd. | 23,435 | 0.0 | |||||||||||||
23,500 | Tokai Tokyo Financial Holdings | 160,359 | 0.1 | |||||||||||||
83,900 | Tokio Marine Holdings, Inc. | 2,724,879 | 0.8 | |||||||||||||
5,000 | Tokyo Rakutenchi Co., Ltd. | 21,158 | 0.0 |
See Accompanying Notes to Financial Statements
38 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
44,000 | Tokyo Tatemono Co., Ltd. | 320,216 | 0.1 | |||||||||||||
15,000 | Tokyo Theatres Co., Inc. | 17,662 | 0.0 | |||||||||||||
2,828 | @ | Tokyo TY Financial Group, Inc. | 78,975 | 0.0 | ||||||||||||
49,296 | Tokyu Fudosan Holdings Corp. | 342,031 | 0.1 | |||||||||||||
11,000 | Tomato Bank Ltd. | 16,152 | 0.0 | |||||||||||||
15,600 | TOMONY Holdings, Inc. | 66,801 | 0.0 | |||||||||||||
3,600 | Tosei Corp. | 20,632 | 0.0 | |||||||||||||
12,000 | Tottori Bank Ltd. | 23,449 | 0.0 | |||||||||||||
13,000 | Towa Bank Ltd. | 10,987 | 0.0 | |||||||||||||
11,000 | Toyo Securities Co., Ltd. | 31,441 | 0.0 | |||||||||||||
10,300 | Tsukuba Bank Ltd. | 31,208 | 0.0 | |||||||||||||
11,000 | L | Yamagata Bank Ltd. | 47,884 | 0.0 | ||||||||||||
21,000 | Yamaguchi Financial Group, Inc. | 215,820 | 0.1 | |||||||||||||
15,000 | Yamanashi Chuo Bank Ltd. | 60,705 | 0.0 | |||||||||||||
4,900 | Zenkoku Hosho Co. Ltd. | 139,050 | 0.1 | |||||||||||||
62,554,038 | 17.3 | |||||||||||||||
Health Care: 5.8% | ||||||||||||||||
23,800 | Alfresa Holdings Corp. | 287,408 | 0.1 | |||||||||||||
1,600 | As One Corp. | 41,755 | 0.0 | |||||||||||||
2,200 | ASKA Pharmaceutical Co., Ltd. | 23,607 | 0.0 | |||||||||||||
249,700 | Astellas Pharma, Inc. | 3,476,349 | 1.0 | |||||||||||||
1,800 | BML, Inc. | 47,834 | 0.0 | |||||||||||||
21,600 | Chugai Pharmaceutical Co., Ltd. | 530,352 | 0.2 | |||||||||||||
1,400 | L | CMIC Co., Ltd. | 21,905 | 0.0 | ||||||||||||
900 | Create Medic Co., Ltd. | 7,723 | 0.0 | |||||||||||||
71,000 | Daiichi Sankyo Co., Ltd. | 992,776 | 0.3 | |||||||||||||
1,000 | Daiken Medical Co. Ltd | 9,296 | 0.0 | |||||||||||||
15,100 | Dainippon Sumitomo Pharma Co., Ltd. | 146,226 | 0.0 | |||||||||||||
600 | Daito Pharmaceutical Co. Ltd. | 9,442 | 0.0 | |||||||||||||
2,200 | Eiken Chemical Co., Ltd. | 35,653 | 0.0 | |||||||||||||
27,800 | Eisai Co., Ltd. | 1,075,114 | 0.3 | |||||||||||||
3,400 | EPS Co., Ltd. | 40,037 | 0.0 | |||||||||||||
1,700 | FALCO SD Holdings Co., Ltd. | 17,702 | 0.0 | |||||||||||||
6,000 | Fuso Pharmaceutical Industries Ltd. | 14,756 | 0.0 | |||||||||||||
6,000 | Hisamitsu Pharmaceutical Co., Inc. | 189,197 | 0.1 | |||||||||||||
1,700 | Hogy Medical Co., Ltd. | 77,529 | 0.0 | |||||||||||||
1,400 | JCR Pharmaceuticals Co. Ltd. | 27,090 | 0.0 | |||||||||||||
9,000 | Jeol Ltd. | 46,221 | 0.0 | |||||||||||||
8,000 | Kaken Pharmaceutical Co., Ltd. | 154,690 | 0.1 | |||||||||||||
4,400 | Kissei Pharmaceutical Co., Ltd. | 115,422 | 0.0 | |||||||||||||
6,500 | Kyorin Co., Ltd. | 120,453 | 0.0 | |||||||||||||
25,000 | Kyowa Hakko Kogyo Co., Ltd. | 235,415 | 0.1 | |||||||||||||
17,900 | M3, Inc. | 299,503 | 0.1 | |||||||||||||
500 | Mani, Inc. | 29,747 | 0.0 | |||||||||||||
20,300 | Medipal Holdings Corp. | 237,098 | 0.1 |
5,600 | Miraca Holdings, Inc. | 240,906 | 0.1 | |||||||||||||
22,400 | Mitsubishi Tanabe Pharma Corp. | 328,353 | 0.1 | |||||||||||||
1,900 | Mochida Pharmaceutical Co., Ltd. | 102,861 | 0.0 | |||||||||||||
3,600 | Nagaileben Co., Ltd. | 58,530 | 0.0 | |||||||||||||
6,300 | Nichii Gakkan Co. | 49,936 | 0.0 | |||||||||||||
5,550 | Nichi-iko Pharmaceutical Co., Ltd. | 86,084 | 0.0 | |||||||||||||
4,500 | Nihon Kohden Corp. | 221,744 | 0.1 | |||||||||||||
8,000 | Nikkiso Co., Ltd. | 74,018 | 0.0 | |||||||||||||
5,000 | Nippon Chemiphar Co., Ltd. | 22,652 | 0.0 | |||||||||||||
5,000 | Nippon Shinyaku Co., Ltd. | 160,643 | 0.1 | |||||||||||||
11,900 | L | Nipro Corp. | 102,488 | 0.0 | ||||||||||||
1,400 | Nissui Pharmaceutical Co., Ltd. | 14,700 | 0.0 | |||||||||||||
31,200 | @ | Olympus Corp. | 1,092,947 | 0.3 | ||||||||||||
9,900 | Ono Pharmaceutical Co., Ltd. | 876,502 | 0.3 | |||||||||||||
43,400 | Otsuka Holdings Co. Ltd. | 1,301,185 | 0.4 | |||||||||||||
1,900 | Paramount Bed Holdings Co. Ltd. | 50,081 | 0.0 | |||||||||||||
10,000 | Rohto Pharmaceutical Co., Ltd. | 124,940 | 0.0 | |||||||||||||
8,100 | Santen Pharmaceutical Co., Ltd. | 436,062 | 0.1 | |||||||||||||
3,600 | Sawai Pharmaceutical Co., Ltd. | 206,820 | 0.1 | |||||||||||||
4,500 | Seikagaku Corp. | 72,777 | 0.0 | |||||||||||||
2,600 | @,L | Shin Nippon Biomedical Laboratories Ltd. | 17,042 | 0.0 | ||||||||||||
34,100 | Shionogi & Co., Ltd. | 881,003 | 0.3 | |||||||||||||
3,100 | Ship Healthcare Holdings, Inc. | 70,337 | 0.0 | |||||||||||||
8,800 | Suzuken Co., Ltd. | 243,086 | 0.1 | |||||||||||||
16,200 | Sysmex Corp. | 718,996 | 0.2 | |||||||||||||
1,500 | Taiko Pharmaceutical Co. Ltd. | 25,022 | 0.0 | |||||||||||||
5,200 | Taisho Pharmaceutical Holdings Co. Ltd. | 317,723 | 0.1 | |||||||||||||
82,100 | Takeda Pharmaceutical Co., Ltd. | 3,398,760 | 0.9 | |||||||||||||
31,800 | Terumo Corp. | 721,741 | 0.2 | |||||||||||||
7,000 | Toho Holdings Co., Ltd. | 101,924 | 0.0 | |||||||||||||
1,600 | Tokai Corp./Gifu | 47,858 | 0.0 | |||||||||||||
2,100 | Torii Pharmaceutical Co., Ltd. | 51,321 | 0.0 | |||||||||||||
1,400 | Towa Pharmaceutical Co., Ltd. | 61,942 | 0.0 | |||||||||||||
2,000 | Tsukui Corp. | 17,043 | 0.0 | |||||||||||||
6,400 | L | Tsumura & Co. | 141,524 | 0.0 | ||||||||||||
5,300 | Vital KSK Holdings, Inc. | 39,861 | 0.0 | |||||||||||||
5,000 | Wakamoto Pharmaceutical Co., Ltd. | 10,945 | 0.0 | |||||||||||||
4,000 | ZERIA Pharmaceutical Co., Ltd. | 66,113 | 0.0 | |||||||||||||
20,866,770 | 5.8 | |||||||||||||||
Industrials: 21.0% | ||||||||||||||||
1,800 | Advan Co., Ltd. | 17,687 | 0.0 | |||||||||||||
1,800 | Aeon Delight Co., Ltd. | 41,939 | 0.0 | |||||||||||||
7,300 | Aica Kogyo Co., Ltd. | 150,753 | 0.1 |
See Accompanying Notes to Financial Statements
39 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
4,800 | Aichi Corp. | 22,756 | 0.0 | |||||||||||||
5,800 | Aida Engineering Ltd. | 52,167 | 0.0 | |||||||||||||
414,000 | All Nippon Airways Co., Ltd. | 1,023,670 | 0.3 | |||||||||||||
33,300 | Amada Co., Ltd. | 285,341 | 0.1 | |||||||||||||
3,000 | Anest Iwata Corp. | 20,292 | 0.0 | |||||||||||||
6,000 | @ | Arrk Corp. | 6,981 | 0.0 | ||||||||||||
6,300 | Asahi Diamond Industrial Co., Ltd. | 65,867 | 0.0 | |||||||||||||
105,000 | L | Asahi Glass Co., Ltd. | 511,159 | 0.2 | ||||||||||||
3,600 | Asahi Kogyosha Co., Ltd. | 12,480 | 0.0 | |||||||||||||
6,000 | @ | Asanuma Corp. | 7,811 | 0.0 | ||||||||||||
1,500 | Asunaro Aoki Construction Co., Ltd. | 9,960 | 0.0 | |||||||||||||
3,000 | Bando Chemical Industries Ltd. | 10,815 | 0.0 | |||||||||||||
4,000 | Bunka Shutter Co., Ltd. | 32,280 | 0.0 | |||||||||||||
23,000 | Central Glass Co., Ltd. | 83,413 | 0.0 | |||||||||||||
18,900 | Central Japan Railway Co. | 2,832,663 | 0.8 | |||||||||||||
1,900 | Central Security Patrols Co., Ltd. | 18,416 | 0.0 | |||||||||||||
18,000 | Chiyoda Corp. | 149,130 | 0.1 | |||||||||||||
1,300 | Chiyoda Integre Co., Ltd. | 22,666 | 0.0 | |||||||||||||
4,000 | Chudenko Corp. | 61,817 | 0.0 | |||||||||||||
5,000 | Chugai Ro Co., Ltd. | 11,323 | 0.0 | |||||||||||||
5,900 | CKD Corp. | 56,086 | 0.0 | |||||||||||||
10,200 | COMSYS Holdings Corp. | 139,534 | 0.1 | |||||||||||||
4,000 | Cosel Co., Ltd. | 40,939 | 0.0 | |||||||||||||
1,000 | CTI Engineering Co., Ltd. | 12,695 | 0.0 | |||||||||||||
63,000 | Dai Nippon Printing Co., Ltd. | 567,413 | 0.2 | |||||||||||||
6,000 | Dai-Dan Co., Ltd. | 36,280 | 0.0 | |||||||||||||
9,500 | Daifuku Co., Ltd. | 106,296 | 0.0 | |||||||||||||
12,000 | Daihen Corp. | 60,316 | 0.0 | |||||||||||||
7,000 | L | Daiho Corp. | 32,088 | 0.0 | ||||||||||||
21,000 | @,L | Daiichi Chuo KK | 8,662 | 0.0 | ||||||||||||
9,000 | Daiichi Jitsugyo Co., Ltd. | 44,909 | 0.0 | |||||||||||||
30,000 | Daikin Industries Ltd. | 1,923,722 | 0.5 | |||||||||||||
3,500 | Daiseki Co., Ltd. | 60,469 | 0.0 | |||||||||||||
2,000 | Daiwa Industries Ltd. | 12,515 | 0.0 | |||||||||||||
1,400 | Daiwa Odakyu Construction | 9,659 | 0.0 | |||||||||||||
1,200 | Denyo Co., Ltd. | 17,899 | 0.0 | |||||||||||||
600 | Dream Incubator, Inc. | 14,482 | 0.0 | |||||||||||||
7,000 | Duskin Co., Ltd. | 102,792 | 0.0 | |||||||||||||
38,500 | East Japan Railway Co. | 2,901,778 | 0.8 | |||||||||||||
45,000 | Ebara Corp. | 184,391 | 0.1 | |||||||||||||
700 | Ebara Jitsugyo Co. Ltd. | 8,424 | 0.0 | |||||||||||||
900 | Emori Group Holdings Co. Ltd | 8,219 | 0.0 | |||||||||||||
700 | Endo Lighting Corp. | 7,630 | 0.0 | |||||||||||||
10,000 | @ | Enshu Ltd. | 9,564 | 0.0 | ||||||||||||
21,800 | Fanuc Ltd. | 3,594,393 | 1.0 | |||||||||||||
13,800 | Fudo Tetra Corp. | 28,152 | 0.0 | |||||||||||||
60,000 | Fuji Electric Holdings Co., Ltd. | 239,213 | 0.1 | |||||||||||||
6,300 | Fuji Machine Manufacturing Co., Ltd. | 58,356 | 0.0 | |||||||||||||
30,000 | Fujikura Ltd. | 123,369 | 0.1 | |||||||||||||
7,000 | Fujitec Co., Ltd. | 74,297 | 0.0 | |||||||||||||
3,000 | Fukuda Corp. | 25,321 | 0.0 |
1,600 | Fukushima Industries Corp. | 25,597 | 0.0 | |||||||||||||
15,000 | L | Fukuyama Transporting Co., Ltd. | 81,058 | 0.0 | ||||||||||||
4,000 | FULLCAST Holdings Co., Ltd. | 15,899 | 0.0 | |||||||||||||
3,800 | Funai Soken Holdings, Inc. | 31,203 | 0.0 | |||||||||||||
35,000 | Furukawa Co., Ltd. | 60,092 | 0.0 | |||||||||||||
63,000 | Furukawa Electric Co., Ltd. | 104,512 | 0.0 | |||||||||||||
4,500 | Futaba Corp. | 65,289 | 0.0 | |||||||||||||
1,000 | Gakujo Co., Ltd. | 8,724 | 0.0 | |||||||||||||
1,100 | Gecoss Corp. | 16,346 | 0.0 | |||||||||||||
7,000 | Glory Ltd. | 188,588 | 0.1 | |||||||||||||
41,000 | GS Yuasa Corp. | 174,322 | 0.1 | |||||||||||||
600 | Hamakyorex Co., Ltd. | 18,478 | 0.0 | |||||||||||||
139,000 | Hankyu Hanshin Holdings, Inc. | 745,609 | 0.2 | |||||||||||||
23,000 | Hanwa Co., Ltd. | 81,019 | 0.0 | |||||||||||||
14,800 | Hazama Ando Corp. | 95,141 | 0.0 | |||||||||||||
2,200 | Hibiya Engineering Ltd. | 29,965 | 0.0 | |||||||||||||
27,600 | Hino Motors Ltd. | 363,308 | 0.1 | |||||||||||||
5,000 | Hisaka Works Ltd. | 40,468 | 0.0 | |||||||||||||
9,600 | Hitachi Construction Machinery Co., Ltd. | 202,975 | 0.1 | |||||||||||||
4,900 | Hitachi Transport System Ltd. | 59,988 | 0.0 | |||||||||||||
17,300 | Hitachi Zosen Corp. | 99,994 | 0.0 | |||||||||||||
1,000 | Hokuetsu Industries Co. Ltd. | 9,122 | 0.0 | |||||||||||||
4,800 | Hoshizaki Electric Co., Ltd. | 231,302 | 0.1 | |||||||||||||
5,000 | Hosokawa Micron Corp. | 28,764 | 0.0 | |||||||||||||
2,000 | Howa Machinery Ltd. | 12,518 | 0.0 | |||||||||||||
4,000 | Ichinen Holdings Co., Ltd. | 35,251 | 0.0 | |||||||||||||
1,000 | Idec Corp. | 8,547 | 0.0 | |||||||||||||
152,000 | IHI Corp. | 769,798 | 0.2 | |||||||||||||
8,200 | Iino Kaiun Kaisha Ltd. | 45,611 | 0.0 | |||||||||||||
3,200 | Inaba Denki Sangyo Co., Ltd. | 103,319 | 0.0 | |||||||||||||
500 | Inaba Seisakusho Co., Ltd. | 5,547 | 0.0 | |||||||||||||
7,200 | Inabata & Co., Ltd. | 64,708 | 0.0 | |||||||||||||
1,330 | Inui Warehouse Co. Ltd. | 10,716 | 0.0 | |||||||||||||
22,000 | L | Iseki & Co., Ltd. | 41,602 | 0.0 | ||||||||||||
169,700 | Itochu Corp. | 1,811,564 | 0.5 | |||||||||||||
2,600 | Itoki Corp. | 13,373 | 0.0 | |||||||||||||
6,000 | Iwasaki Electric Co., Ltd. | 11,995 | 0.0 | |||||||||||||
24,000 | Iwatani International Corp. | 157,254 | 0.1 | |||||||||||||
38,700 | Japan Airlines Co. Ltd. | 1,147,419 | 0.3 | |||||||||||||
7,100 | Japan Airport Terminal Co., Ltd. | 279,200 | 0.1 | |||||||||||||
50 | Japan Bridge Corp. | 120 | 0.0 | |||||||||||||
16,000 | Japan Pulp & Paper Co., Ltd. | 43,892 | 0.0 | |||||||||||||
34,000 | L | Japan Steel Works Ltd. | 120,296 | 0.1 | ||||||||||||
7,000 | Japan Transcity Corp. | 21,736 | 0.0 | |||||||||||||
24,000 | JGC Corp. | 494,083 | 0.2 | |||||||||||||
2,600 | JK Holdings Co., Ltd. | 12,754 | 0.0 | |||||||||||||
31,270 | LIXIL Group Corp. | 658,101 | 0.2 | |||||||||||||
22,600 | JTEKT Corp. | 380,353 | 0.1 | |||||||||||||
20,000 | Juki Corp. | 70,748 | 0.0 |
See Accompanying Notes to Financial Statements
40 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
104,000 | Kajima Corp. | 427,683 | 0.1 | |||||||||||||
26,000 | Kamigumi Co., Ltd. | 231,603 | 0.1 | |||||||||||||
2,000 | Kanaden Corp. | 13,544 | 0.0 | |||||||||||||
3,000 | Kanagawa Chuo Kotsu Co., Ltd. | 14,439 | 0.0 | |||||||||||||
2,900 | Kanamoto Co., Ltd. | 78,416 | 0.0 | |||||||||||||
10,000 | Kandenko Co., Ltd. | 57,392 | 0.0 | |||||||||||||
51,000 | Kanematsu Corp. | 72,618 | 0.0 | |||||||||||||
3,400 | Katakura Industries Co., Ltd. | 35,896 | 0.0 | |||||||||||||
6,000 | Kato Works Co., Ltd. | 48,451 | 0.0 | |||||||||||||
700 | Kawada Technologies, Inc. | 23,384 | 0.0 | |||||||||||||
153,000 | Kawasaki Heavy Industries Ltd. | 695,774 | 0.2 | |||||||||||||
89,000 | Kawasaki Kisen Kaisha Ltd. | 237,762 | 0.1 | |||||||||||||
46,000 | Keihan Electric Railway Co., Ltd. | 246,158 | 0.1 | |||||||||||||
55,000 | Keihin Electric Express Railway Co., Ltd. | 406,933 | 0.1 | |||||||||||||
58,000 | Keio Corp. | 417,228 | 0.1 | |||||||||||||
32,000 | Keisei Electric Railway Co., Ltd. | 389,103 | 0.1 | |||||||||||||
3,300 | Kimura Chemical Plants Co., Ltd. | 14,207 | 0.0 | |||||||||||||
900 | Kimura Unity Co., Ltd. | 7,428 | 0.0 | |||||||||||||
16,000 | Kinden Corp. | 161,611 | 0.1 | |||||||||||||
2,000 | King Jim Co., Ltd. | 12,335 | 0.0 | |||||||||||||
3,000 | Kinki Sharyo Co., Ltd. | 8,162 | 0.0 | |||||||||||||
209,000 | Kintetsu Corp. | 687,172 | 0.2 | |||||||||||||
1,900 | Kintetsu World Express, Inc. | 72,907 | 0.0 | |||||||||||||
14,000 | Kitagawa Iron Works Co., Ltd. | 25,364 | 0.0 | |||||||||||||
8,000 | Kitano Construction Corp. | 25,627 | 0.0 | |||||||||||||
2,200 | Kito Corp. | 21,727 | 0.0 | |||||||||||||
10,800 | Kitz Corp. | 44,111 | 0.0 | |||||||||||||
4,000 | @ | Kobe Electric Railway Co. Ltd | 11,532 | 0.0 | ||||||||||||
12,700 | Kokuyo Co., Ltd. | 94,858 | 0.0 | |||||||||||||
3,950 | Komai Tekko, Inc. | 9,583 | 0.0 | |||||||||||||
107,100 | Komatsu Ltd. | 2,367,760 | 0.7 | |||||||||||||
900 | Komatsu Wall Industry Co., Ltd. | 20,603 | 0.0 | |||||||||||||
5,300 | Komori Corp. | 60,257 | 0.0 | |||||||||||||
900 | Konoike Transport Co. Ltd. | 18,423 | 0.0 | |||||||||||||
800 | KRS Corp. | 9,264 | 0.0 | |||||||||||||
107,000 | Kubota Corp. | 1,553,081 | 0.4 | |||||||||||||
27,000 | @ | Kumagai Gumi Co., Ltd. | 86,457 | 0.0 | ||||||||||||
12,300 | Kurita Water Industries Ltd. | 256,481 | 0.1 | |||||||||||||
3,200 | Kuroda Electric Co., Ltd. | 44,104 | 0.0 | |||||||||||||
3,000 | Kyodo Printing Co., Ltd. | 9,505 | 0.0 | |||||||||||||
4,100 | Kyokuto Kaihatsu Kogyo Co. Ltd. | 48,690 | 0.0 | |||||||||||||
10,200 | Kyowa Exeo Corp. | 108,780 | 0.0 | |||||||||||||
4,000 | Kyudenko Corp. | 44,250 | 0.0 | |||||||||||||
6,200 | Mabuchi Motor Co., Ltd. | 246,093 | 0.1 | |||||||||||||
15,000 | Maeda Corp. | 122,312 | 0.1 | |||||||||||||
1,200 | Maeda Kosen Co. Ltd | 12,207 | 0.0 | |||||||||||||
8,000 | Maeda Road Construction Co., Ltd. | 118,665 | 0.1 |
2,800 | Maezawa Industries, Inc. | 7,620 | 0.0 | |||||||||||||
2,900 | Maezawa Kasei Industries Co., Ltd. | 29,027 | 0.0 | |||||||||||||
1,500 | Maezawa Kyuso Industries Co., Ltd. | 17,609 | 0.0 | |||||||||||||
11,000 | Makino Milling Machine Co., Ltd. | 81,084 | 0.0 | |||||||||||||
13,500 | Makita Corp. | 608,337 | 0.2 | |||||||||||||
180,400 | Marubeni Corp. | 1,079,401 | 0.3 | |||||||||||||
700 | Maruka Machinery Co. Ltd. | 8,145 | 0.0 | |||||||||||||
12,000 | Maruzen Showa Unyu Co., Ltd. | 38,756 | 0.0 | |||||||||||||
1,500 | Matsuda Sangyo Co., Ltd. | 16,238 | 0.0 | |||||||||||||
4,000 | Matsui Construction Co., Ltd. | 19,474 | 0.0 | |||||||||||||
2,000 | Max Co., Ltd. | 20,473 | 0.0 | |||||||||||||
23,000 | Meidensha Corp. | 72,540 | 0.0 | |||||||||||||
3,000 | Meisei Industrial Co. Ltd | 18,498 | 0.0 | |||||||||||||
3,400 | Meitec Corp. | 100,509 | 0.0 | |||||||||||||
2,400 | Meiwa Corp. | 9,285 | 0.0 | |||||||||||||
30,000 | Minebea Co., Ltd. | 443,037 | 0.1 | |||||||||||||
6,710 | Mirait Holdings Corp. | 76,130 | 0.0 | |||||||||||||
7,600 | MISUMI Group, Inc. | 250,612 | 0.1 | |||||||||||||
158,700 | Mitsubishi Corp. | 2,904,230 | 0.8 | |||||||||||||
211,000 | Mitsubishi Electric Corp. | 2,506,271 | 0.7 | |||||||||||||
352,000 | Mitsubishi Heavy Industries Ltd. | 1,942,543 | 0.6 | |||||||||||||
14,000 | Mitsubishi Logistics Corp. | 203,614 | 0.1 | |||||||||||||
1,600 | Mitsubishi Pencil Co., Ltd. | 47,751 | 0.0 | |||||||||||||
9,000 | L | Mitsubishi Kakoki Kaisha Ltd. | 34,949 | 0.0 | ||||||||||||
3,000 | Mitsuboshi Belting Co., Ltd. | 22,045 | 0.0 | |||||||||||||
175,200 | Mitsui & Co., Ltd. | 2,346,477 | 0.7 | |||||||||||||
78,000 | Mitsui Engineering & Shipbuilding Co., Ltd. | 137,076 | 0.1 | |||||||||||||
17,000 | Mitsui Matsushima Co., Ltd. | 17,927 | 0.0 | |||||||||||||
108,000 | Mitsui OSK Lines Ltd. | 319,976 | 0.1 | |||||||||||||
13,000 | Mitsui-Soko Co., Ltd. | 46,034 | 0.0 | |||||||||||||
4,000 | Mitsumura Printing Co., Ltd. | 8,800 | 0.0 | |||||||||||||
9,600 | Miura Co., Ltd. | 97,149 | 0.0 | |||||||||||||
11,000 | L | Miyaji Engineering Group, Inc. | 18,334 | 0.0 | ||||||||||||
3,800 | L | MonotaRO Co. Ltd. | 76,566 | 0.0 | ||||||||||||
12,800 | DMG Mori Seiki Co., Ltd | 158,494 | 0.1 | |||||||||||||
4,000 | Morita Holdings Corp. | 39,651 | 0.0 | |||||||||||||
4,700 | Moshi Moshi Hotline, Inc. | 43,379 | 0.0 | |||||||||||||
11,800 | Nabtesco Corp. | 285,190 | 0.1 | |||||||||||||
1,900 | NAC Co., Ltd. | 17,929 | 0.0 | |||||||||||||
19,000 | Nachi-Fujikoshi Corp. | 116,629 | 0.1 | |||||||||||||
11,600 | Nagase & Co., Ltd. | 138,508 | 0.1 | |||||||||||||
74,000 | Nagoya Railroad Co., Ltd. | 275,519 | 0.1 | |||||||||||||
5,844 | Namura Shipbuilding Co., Ltd. | 62,944 | 0.0 | |||||||||||||
46,000 | Nankai Electric Railway Co., Ltd. | 177,179 | 0.1 |
See Accompanying Notes to Financial Statements
41 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
800 | NEC Capital Solutions Ltd. | 12,735 | 0.0 | |||||||||||||
28,000 | NGK Insulators Ltd. | 573,952 | 0.2 | |||||||||||||
10,000 | Nichias Corp. | 56,976 | 0.0 | |||||||||||||
1,100 | Nichiden Corp. | 21,978 | 0.0 | |||||||||||||
3,300 | Nichiha Corp. | 32,652 | 0.0 | |||||||||||||
4,000 | Nichireki Co., Ltd. | 29,664 | 0.0 | |||||||||||||
22,714 | Nidec Corp. | 1,466,999 | 0.4 | |||||||||||||
3,600 | Nihon M&A Center, Inc. | 108,453 | 0.0 | |||||||||||||
600 | Nihon Trim Co., Ltd. | 12,793 | 0.0 | |||||||||||||
4,000 | Nikko Co. Ltd./Hyogo | 13,481 | 0.0 | |||||||||||||
6,000 | Nippo Corp. | 97,529 | 0.0 | |||||||||||||
16,000 | Nippon Carbon Co., Ltd. | 30,232 | 0.0 | |||||||||||||
8,300 | Nippon Conveyor Co., Ltd. | 17,671 | 0.0 | |||||||||||||
3,000 | Nippon Densetsu Kogyo Co., Ltd. | 40,184 | 0.0 | |||||||||||||
81,000 | Nippon Express Co., Ltd. | 410,490 | 0.1 | |||||||||||||
2,100 | Nippon Hume Corp. | 15,932 | 0.0 | |||||||||||||
1,700 | Nippon Kanzai Co., Ltd. | 37,758 | 0.0 | |||||||||||||
10,000 | Nippon Koei Co. Ltd. | 40,156 | 0.0 | |||||||||||||
7,400 | Nippon Konpo Unyu Soko Co., Ltd. | 108,330 | 0.0 | |||||||||||||
17,600 | Nippon Parking Development Co. Ltd. | 17,701 | 0.0 | |||||||||||||
8,000 | Nippon Road Co., Ltd. | 39,431 | 0.0 | |||||||||||||
2,000 | Nippon Seisen Co., Ltd. | 11,593 | 0.0 | |||||||||||||
8,000 | Nippon Sharyo Ltd. | 23,457 | 0.0 | |||||||||||||
112,000 | Nippon Sheet Glass Co., Ltd. | 105,229 | 0.0 | |||||||||||||
13,280 | Nippon Steel & Sumikin Bussan Corp. | 45,625 | 0.0 | |||||||||||||
6,000 | Nippon Thompson Co., Ltd. | 29,191 | 0.0 | |||||||||||||
173,880 | Nippon Yusen KK | 491,126 | 0.2 | |||||||||||||
4,000 | Nippon Yusoki Co., Ltd. | 25,156 | 0.0 | |||||||||||||
27,000 | Nishimatsu Construction Co., Ltd. | 110,474 | 0.0 | |||||||||||||
32,000 | Nishi-Nippon Railroad Co., Ltd. | 130,474 | 0.1 | |||||||||||||
1,300 | Nishio Rent All Co., Ltd. | 42,798 | 0.0 | |||||||||||||
600 | Nissei ASB Machine Co. Ltd | 14,816 | 0.0 | |||||||||||||
2,100 | Nissei Plastic Industrial Co., Ltd. | 21,706 | 0.0 | |||||||||||||
3,800 | Nissha Printing Co., Ltd. | 63,537 | 0.0 | |||||||||||||
12,000 | Nissin Corp. | 27,709 | 0.0 | |||||||||||||
5,000 | Nissin Electric Co., Ltd. | 26,659 | 0.0 | |||||||||||||
2,400 | Nitta Corp. | 54,445 | 0.0 | |||||||||||||
19,000 | Nitto Boseki Co., Ltd. | 67,911 | 0.0 | |||||||||||||
3,800 | Nitto Kogyo Corp. | 73,862 | 0.0 | |||||||||||||
500 | Nitto Kohki Co., Ltd. | 9,072 | 0.0 | |||||||||||||
2,900 | Nittoc Construction Co. Ltd | 12,274 | 0.0 | |||||||||||||
5,000 | Nomura Co., Ltd. | 39,317 | 0.0 | |||||||||||||
13,000 | Noritake Co., Ltd. | 28,769 | 0.0 | |||||||||||||
5,100 | Noritz Corp. | 83,419 | 0.0 | |||||||||||||
12,000 | L | NS United Kaiun Kaisha Ltd. | 33,965 | 0.0 | ||||||||||||
44,000 | NSK Ltd. | 519,497 | 0.2 | |||||||||||||
49,000 | NTN Corp. | 216,394 | 0.1 | |||||||||||||
1,300 | Obara Corp. | 57,697 | 0.0 | |||||||||||||
69,000 | Obayashi Corp. | 444,788 | 0.1 | |||||||||||||
5,000 | Obayashi Road Corp. | 31,964 | 0.0 |
68,000 | Odakyu Electric Railway Co., Ltd. | 602,352 | 0.2 | |||||||||||||
2,280 | Oiles Corp. | 38,762 | 0.0 | |||||||||||||
10,000 | Okamura Corp. | 70,389 | 0.0 | |||||||||||||
7,000 | OKK Corp. | 9,153 | 0.0 | |||||||||||||
14,000 | Okuma Corp. | 110,151 | 0.0 | |||||||||||||
23,000 | Okumura Corp. | 103,856 | 0.0 | |||||||||||||
1,900 | Onoken Co., Ltd. | 15,656 | 0.0 | |||||||||||||
4,000 | Organo Corp. | 15,906 | 0.0 | |||||||||||||
10,300 | OSG Corp. | 166,211 | 0.1 | |||||||||||||
800 | Outsourcing, Inc. | 11,802 | 0.0 | |||||||||||||
2,600 | Oyo Corp. | 39,604 | 0.0 | |||||||||||||
11,100 | Park24 Co., Ltd. | 163,407 | 0.1 | |||||||||||||
2,800 | Pegasus Sewing Machine Manufacturing Co., Ltd. | 14,494 | 0.0 | |||||||||||||
27,800 | L | Penta-Ocean Construction Co., Ltd. | 94,848 | 0.0 | ||||||||||||
2,000 | Pilot Corp. | 114,272 | 0.0 | |||||||||||||
1,400 | Prestige International, Inc. | 11,063 | 0.0 | |||||||||||||
2,500 | Pronexus, Inc. | 15,544 | 0.0 | |||||||||||||
3,400 | PS Mitsubishi Construction Co., Ltd. | 13,951 | 0.0 | |||||||||||||
4,700 | Raito Kogyo Co., Ltd. | 40,839 | 0.0 | |||||||||||||
10,000 | @ | Rasa Industries Ltd. | 11,034 | 0.0 | ||||||||||||
24,200 | Recruit Holdings Co. Ltd. | 695,007 | 0.2 | |||||||||||||
2,200 | Rheon Automatic Machinery Co., Ltd. | 9,635 | 0.0 | |||||||||||||
13,000 | Ryobi Ltd. | 35,044 | 0.0 | |||||||||||||
7,000 | Sakai Heavy Industries Ltd. | 17,756 | 0.0 | |||||||||||||
600 | Sakai Moving Service Co., Ltd. | 17,330 | 0.0 | |||||||||||||
3,800 | @,L | Sanix, Inc. | 12,652 | 0.0 | ||||||||||||
3,000 | Sanki Engineering Co., Ltd. | 20,109 | 0.0 | |||||||||||||
3,300 | Sankyo Tateyama, Inc. | 60,384 | 0.0 | |||||||||||||
27,000 | Sankyu, Inc. | 109,591 | 0.0 | |||||||||||||
19,000 | Sanwa Holdings Corp. | 132,452 | 0.1 | |||||||||||||
3,000 | Sanyo Denki Co. Ltd. | 20,074 | 0.0 | |||||||||||||
9,000 | Sata Construction Co., Ltd. | 10,527 | 0.0 | |||||||||||||
2,400 | Sato Holding Corp. | 54,555 | 0.0 | |||||||||||||
2,300 | Sato Shoji Corp. | 14,361 | 0.0 | |||||||||||||
1,300 | SBS Holdings, Inc. | 10,706 | 0.0 | |||||||||||||
21,400 | Secom Co., Ltd. | 1,229,529 | 0.4 | |||||||||||||
2,000 | Seibu Electric Industry Co., Ltd. | 8,113 | 0.0 | |||||||||||||
16,400 | L | Seibu Holdings, Inc. | 334,361 | 0.1 | ||||||||||||
2,600 | Seikitokyu Kogyo Co., Ltd. | 13,171 | 0.0 | |||||||||||||
15,000 | Seino Holdings Co., Ltd. | 151,194 | 0.1 | |||||||||||||
3,600 | Sekisui Jushi Corp. | 47,945 | 0.0 | |||||||||||||
10,000 | L | Senko Co., Ltd. | 50,204 | 0.0 | ||||||||||||
6,000 | Shibusawa Warehouse Co., Ltd. | 17,149 | 0.0 | |||||||||||||
1,800 | Shibuya Kogyo Co., Ltd. | 35,032 | 0.0 | |||||||||||||
2,600 | Shima Seiki Manufacturing Ltd. | 46,977 | 0.0 | |||||||||||||
72,000 | Shimizu Corp. | 489,029 | 0.2 | |||||||||||||
1,900 | Shin Nippon Air Technologies Co. Ltd. | 15,601 | 0.0 |
See Accompanying Notes to Financial Statements |
42 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
5,000 | Shin-Keisei Electric Railway Co., Ltd. | 16,009 | 0.0 | |||||||||||||
10,000 | Shinmaywa Industries Ltd. | 94,214 | 0.0 | |||||||||||||
5,100 | Shinnihon Corp. | 20,184 | 0.0 | |||||||||||||
9,000 | Shinsho Corp. | 20,318 | 0.0 | |||||||||||||
900 | Shinwa Co., Ltd./Nagoya | 9,785 | 0.0 | |||||||||||||
2,400 | SHO-BOND Holdings Co., Ltd. | 93,840 | 0.0 | |||||||||||||
6,000 | Sinfonia Technology Co. Ltd. | 8,794 | 0.0 | |||||||||||||
4,900 | Sintokogio Ltd. | 33,289 | 0.0 | |||||||||||||
5,000 | L | Skymark Airlines, Inc. | 13,549 | 0.0 | ||||||||||||
6,500 | SMC Corp. | 1,704,457 | 0.5 | |||||||||||||
2,000 | Soda Nikka Co., Ltd. | 8,146 | 0.0 | |||||||||||||
7,200 | Sohgo Security Services Co., Ltd. | 174,146 | 0.1 | |||||||||||||
145,500 | Sojitz Corp. | 203,191 | 0.1 | |||||||||||||
39,000 | Sotetsu Holdings, Inc. | 160,720 | 0.1 | |||||||||||||
4,600 | Star Micronics Co., Ltd. | 58,442 | 0.0 | |||||||||||||
3,000 | Subaru Enterprise Co., Ltd. | 11,306 | 0.0 | |||||||||||||
2,200 | Sugimoto & Co., Ltd. | 22,164 | 0.0 | |||||||||||||
8,600 | @ | Sumiseki Holdings, Inc. | 8,522 | 0.0 | ||||||||||||
120,000 | Sumitomo Corp. | 1,232,483 | 0.4 | |||||||||||||
1,200 | Sumitomo Densetsu Co., Ltd. | 14,834 | 0.0 | |||||||||||||
82,300 | Sumitomo Electric Industries Ltd. | 1,027,867 | 0.3 | |||||||||||||
58,700 | Sumitomo Heavy Industries | 315,746 | 0.1 | |||||||||||||
84,900 | Sumitomo Mitsui Construction Co., Ltd. | 107,170 | 0.0 | |||||||||||||
6,000 | Sumitomo Precision Products | 24,778 | 0.0 | |||||||||||||
16,000 | Sumitomo Warehouse Co., Ltd. | 85,919 | 0.0 | |||||||||||||
20,000 | L | SWCC Showa Holdings Co., Ltd. | 16,815 | 0.0 | ||||||||||||
10,000 | Tadano Ltd. | 123,532 | 0.1 | |||||||||||||
3,000 | Taihei Dengyo Kaisha Ltd. | 22,901 | 0.0 | |||||||||||||
3,000 | Nippon Steel & Sumikin Texeng Co., Ltd. | 14,128 | 0.0 | |||||||||||||
14,000 | Taiheiyo Kouhatsu, Inc. | 11,381 | 0.0 | |||||||||||||
3,300 | Taikisha Ltd. | 71,790 | 0.0 | |||||||||||||
118,500 | Taisei Corp. | 672,134 | 0.2 | |||||||||||||
1,800 | Takaoka Toko Co. Ltd | 26,145 | 0.0 | |||||||||||||
2,300 | Takara Printing Co., Ltd. | 16,029 | 0.0 | |||||||||||||
9,000 | Takara Standard Co., Ltd. | 65,132 | 0.0 | |||||||||||||
7,400 | Takasago Thermal Engineering Co., Ltd. | 94,797 | 0.0 | |||||||||||||
1,800 | Takeei Corp. | 14,159 | 0.0 | |||||||||||||
7,000 | Takisawa Machine Tool Co., Ltd. | 12,327 | 0.0 | |||||||||||||
9,000 | Takuma Co., Ltd. | 59,747 | 0.0 | |||||||||||||
3,900 | L | Tanseisha Co., Ltd. | 26,491 | 0.0 | ||||||||||||
4,100 | Tatsuta Electric Wire and Cable Co., Ltd. | 17,156 | 0.0 | |||||||||||||
1,600 | Teikoku Electric Manufacturing Co., Ltd. | 17,460 | 0.0 | |||||||||||||
2,500 | Teikoku Sen-I Co., Ltd. | 55,668 | 0.0 | |||||||||||||
14,000 | L | Tekken Corp. | 53,447 | 0.0 |
4,600 | Temp Holdings Co., Ltd. | 144,345 | 0.1 | |||||||||||||
13,200 | THK Co., Ltd. | 317,221 | 0.1 | |||||||||||||
24,000 | Toa Corp. | 40,902 | 0.0 | |||||||||||||
4,000 | TOA Road Corp. | 15,371 | 0.0 | |||||||||||||
17,200 | @ | Tobishima Corp. | 39,994 | 0.0 | ||||||||||||
113,000 | Tobu Railway Co., Ltd. | 483,204 | 0.2 | |||||||||||||
2,400 | Tocalo Co., Ltd. | 41,179 | 0.0 | |||||||||||||
29,000 | Toda Corp. | 114,376 | 0.0 | |||||||||||||
5,000 | Toenec Corp. | 23,477 | 0.0 | |||||||||||||
11,600 | TOKAI Holdings Corp. | 52,773 | 0.0 | |||||||||||||
2,000 | Tokyo Energy & Systems, Inc. | 14,489 | 0.0 | |||||||||||||
8,000 | TOKYO KEIKI INC. | 18,483 | 0.0 | |||||||||||||
2,500 | Tokyo Sangyo Co. Ltd. | 9,744 | 0.0 | |||||||||||||
8,190 | Tokyu Construction Co., Ltd. | 38,376 | 0.0 | |||||||||||||
114,000 | Tokyu Corp. | 706,398 | 0.2 | |||||||||||||
9,000 | Toli Corp. | 18,220 | 0.0 | |||||||||||||
1,900 | Tomoe Corp. | 7,089 | 0.0 | |||||||||||||
5,400 | Toppan Forms Co., Ltd. | 54,201 | 0.0 | |||||||||||||
58,000 | Toppan Printing Co., Ltd. | 376,852 | 0.1 | |||||||||||||
3,900 | Torishima Pump Manufacturing Co., Ltd. | 27,899 | 0.0 | |||||||||||||
433,000 | Toshiba Corp. | 1,826,092 | 0.5 | |||||||||||||
12,000 | Toshiba Machine Co., Ltd. | 47,552 | 0.0 | |||||||||||||
4,600 | Toshiba Plant Systems & Services Corp. | 71,151 | 0.0 | |||||||||||||
5,000 | L | Tosho Printing Co., Ltd. | 13,580 | 0.0 | ||||||||||||
2,800 | Totetsu Kogyo Co., Ltd. | 63,828 | 0.0 | |||||||||||||
32,000 | Toto Ltd. | 372,247 | 0.1 | |||||||||||||
50 | @ | Totoku Electric Co., Ltd. | 614 | 0.0 | ||||||||||||
9,600 | Toyo Construction Co., Ltd. | 41,165 | 0.0 | |||||||||||||
13,000 | Toyo Engineering Corp. | 47,575 | 0.0 | |||||||||||||
5,000 | Toyo Logistics Co., Ltd. | 12,397 | 0.0 | |||||||||||||
1,200 | Toyo Tanso Co., Ltd. | 19,634 | 0.0 | |||||||||||||
5,000 | Toyo Wharf & Warehouse Co., Ltd. | 8,264 | 0.0 | |||||||||||||
22,800 | Toyota Tsusho Corp. | 529,642 | 0.2 | |||||||||||||
500 | Trancom Co. Ltd. | 20,164 | 0.0 | |||||||||||||
2,700 | Trusco Nakayama Corp. | 69,865 | 0.0 | |||||||||||||
12,000 | Tsubakimoto Chain Co. | 96,440 | 0.0 | |||||||||||||
3,000 | Tsubakimoto Kogyo Co., Ltd. | 7,556 | 0.0 | |||||||||||||
8,000 | Tsugami Corp. | 42,520 | 0.0 | |||||||||||||
3,000 | Tsukishima Kikai Co., Ltd. | 31,131 | 0.0 | |||||||||||||
2,100 | Tsurumi Manufacturing Co., Ltd. | 33,415 | 0.0 | |||||||||||||
4,000 | Uchida Yoko Co., Ltd. | 12,593 | 0.0 | |||||||||||||
4,100 | Ueki Corp. | 9,011 | 0.0 | |||||||||||||
1,000 | Union Tool Co. | 21,972 | 0.0 | |||||||||||||
12,100 | Ushio, Inc. | 126,010 | 0.1 | |||||||||||||
12,000 | Wakachiku Construction Co., Ltd. | 20,570 | 0.0 | |||||||||||||
3,000 | Wakita & Co. Ltd. | 28,132 | 0.0 | |||||||||||||
600 | Weathernews, Inc. | 14,944 | 0.0 | |||||||||||||
19,400 | West Japan Railway Co. | 917,198 | 0.3 | |||||||||||||
4,000 | Yahagi Construction Co., Ltd. | 31,337 | 0.0 | |||||||||||||
1,100 | YAMABIKO Corp. | 47,668 | 0.0 |
See Accompanying Notes to Financial Statements
43 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
38,100 | Yamato Holdings Co., Ltd. | 754,445 | 0.2 | |||||||||||||
6,900 | Yamazen Corp. | 49,029 | 0.0 | |||||||||||||
2,100 | Yasuda Logistics Corp. | 18,586 | 0.0 | |||||||||||||
4,000 | Yokogawa Bridge Corp. | 45,585 | 0.0 | |||||||||||||
4,000 | Yondenko Corp. | 14,924 | 0.0 | |||||||||||||
2,400 | Yuasa Trading Co., Ltd. | 46,981 | 0.0 | |||||||||||||
4,000 | Yuken Kogyo Co., Ltd. | 8,323 | 0.0 | |||||||||||||
1,500 | Yusen Logistics Co. Ltd. | 16,606 | 0.0 | |||||||||||||
900 | Yushin Precision Equipment Co., Ltd. | 17,069 | 0.0 | |||||||||||||
76,032,719 | 21.0 | |||||||||||||||
Information Technology: 10.5% | ||||||||||||||||
2,300 | A&D Co., Ltd. | 9,718 | 0.0 | |||||||||||||
14,500 | Advantest Corp. | 179,718 | 0.1 | |||||||||||||
3,700 | Ai Holdings Corp. | 65,221 | 0.0 | |||||||||||||
4,000 | Aichi Tokei Denki Co., Ltd. | 10,702 | 0.0 | |||||||||||||
2,100 | Aiphone Co., Ltd. | 33,308 | 0.0 | |||||||||||||
1,280 | Alpha Systems, Inc. | 17,682 | 0.0 | |||||||||||||
16,600 | Alps Electric Co., Ltd. | 313,780 | 0.1 | |||||||||||||
7,200 | Amano Corp. | 73,800 | 0.0 | |||||||||||||
14,200 | Anritsu Corp. | 98,783 | 0.0 | |||||||||||||
500 | Argo Graphics, Inc. | 7,532 | 0.0 | |||||||||||||
3,100 | Arisawa Manufacturing Co., Ltd. | 22,530 | 0.0 | |||||||||||||
3,000 | Asahi Net, Inc. | 12,686 | 0.0 | |||||||||||||
200 | Ateam, Inc. | 8,217 | 0.0 | |||||||||||||
1,925 | Axell Corp. | 24,081 | 0.0 | |||||||||||||
1,800 | Broadleaf Co. Ltd. | 25,315 | 0.0 | |||||||||||||
27,100 | Brother Industries Ltd. | 491,251 | 0.1 | |||||||||||||
2,500 | CAC Holdings Corp. | 24,311 | 0.0 | |||||||||||||
1,600 | Canon Electronics, Inc. | 25,316 | 0.0 | |||||||||||||
121,266 | Canon, Inc. | 3,854,289 | 1.1 | |||||||||||||
5,900 | Capcom Co., Ltd. | 88,630 | 0.0 | |||||||||||||
3,000 | Computer Institute of Japan Ltd. | 12,199 | 0.0 | |||||||||||||
23,200 | Citizen Holdings Co., Ltd. | 178,510 | 0.1 | |||||||||||||
6,200 | CMK Corp. | 16,393 | 0.0 | |||||||||||||
3,400 | L | COLOPL, Inc. | 76,406 | 0.0 | ||||||||||||
2,700 | Cybernet Systems Co., Ltd. | 10,942 | 0.0 | |||||||||||||
3,600 | Cybozu, Inc. | 11,197 | 0.0 | |||||||||||||
1,200 | Dai-ichi Seiko Co. Ltd | 23,862 | 0.0 | |||||||||||||
21,000 | Dainippon Screen Manufacturing Co., Ltd. | 123,404 | 0.0 | |||||||||||||
21,000 | Daiwabo Holdings Co., Ltd. | 36,520 | 0.0 | |||||||||||||
5,000 | Denki Kogyo Co., Ltd. | 22,103 | 0.0 | |||||||||||||
1,200 | Digital Arts, Inc. | 10,497 | 0.0 | |||||||||||||
400 | Dip Corp. | 13,997 | 0.0 | |||||||||||||
2,500 | Disco Corp. | 199,956 | 0.1 | |||||||||||||
2,100 | DTS Corp. | 44,796 | 0.0 | |||||||||||||
2,600 | Eizo Nanao Corp. | 50,719 | 0.0 | |||||||||||||
500 | enish inc | 6,279 | 0.0 | |||||||||||||
900 | Enplas Corp. | 30,395 | 0.0 | |||||||||||||
1,000 | ESPEC Corp. | 9,003 | 0.0 | |||||||||||||
1,000 | Excel Co., Ltd. | 13,440 | 0.0 | |||||||||||||
3,900 | F N Communications, Inc. | 42,130 | 0.0 | |||||||||||||
870 | Faith, Inc. | 8,040 | 0.0 | |||||||||||||
2,300 | Fuji Soft, Inc. | 46,779 | 0.0 | |||||||||||||
50,200 | Fuji Photo Film Co., Ltd. | 1,531,781 | 0.4 |
201,000 | Fujitsu Ltd. | 1,071,665 | 0.3 | |||||||||||||
2,700 | Furuno Electric Co., Ltd. | 21,676 | 0.0 | |||||||||||||
8,200 | GMO internet, Inc. | 69,630 | 0.0 | |||||||||||||
1,900 | GMO Payment Gateway, Inc. | 35,550 | 0.0 | |||||||||||||
2,000 | Gurunavi, Inc. | 27,637 | 0.0 | |||||||||||||
13,900 | L | Gree, Inc. | 83,676 | 0.0 | ||||||||||||
8,800 | Hamamatsu Photonics KK | 418,907 | 0.1 | |||||||||||||
400 | Hearts United Group Co. Ltd | 6,353 | 0.0 | |||||||||||||
1,200 | Hioki EE Corp. | 17,131 | 0.0 | |||||||||||||
3,400 | Hirose Electric Co., Ltd. | 394,478 | 0.1 | |||||||||||||
6,400 | Hitachi High-Technologies Corp. | 183,851 | 0.1 | |||||||||||||
5,000 | Hitachi Kokusai Electric, Inc. | 69,938 | 0.0 | |||||||||||||
503,146 | Hitachi Ltd. | 3,713,603 | 1.0 | |||||||||||||
3,900 | Hitachi Maxell Ltd. | 61,440 | 0.0 | |||||||||||||
3,000 | Hochiki Corp. | 23,378 | 0.0 | |||||||||||||
8,000 | Hokuriku Electric Industry Co., Ltd. | 11,555 | 0.0 | |||||||||||||
4,200 | Horiba Ltd. | 139,027 | 0.1 | |||||||||||||
6,400 | Hosiden Corp. | 35,643 | 0.0 | |||||||||||||
50,100 | Hoya Corp. | 1,694,624 | 0.5 | |||||||||||||
13,900 | Ibiden Co., Ltd. | 205,249 | 0.1 | |||||||||||||
1,800 | Icom, Inc. | 43,309 | 0.0 | |||||||||||||
2,600 | Ines Corp. | 19,920 | 0.0 | |||||||||||||
1,300 | I-Net Corp. | 9,648 | 0.0 | |||||||||||||
2,600 | Innotech Corp. | 10,638 | 0.0 | |||||||||||||
3,800 | Internet Initiative Japan, Inc. | 77,294 | 0.0 | |||||||||||||
900 | Information Services International-Dentsu Ltd. | 8,979 | 0.0 | |||||||||||||
7,600 | IT Holdings Corp. | 114,797 | 0.0 | |||||||||||||
3,900 | Itfor, Inc. | 14,886 | 0.0 | |||||||||||||
2,600 | Itochu Techno-Solutions Corp. | 91,739 | 0.0 | |||||||||||||
9,000 | Iwatsu Electric Co., Ltd. | 7,079 | 0.0 | |||||||||||||
6,000 | Japan Aviation Electronics Industry Ltd. | 131,083 | 0.1 | |||||||||||||
2,300 | L | Japan Cash Machine Co., Ltd. | 33,456 | 0.0 | ||||||||||||
2,200 | Japan Digital Laboratory Co. | 29,558 | 0.0 | |||||||||||||
33,400 | Japan Display, Inc. | 101,937 | 0.0 | |||||||||||||
600 | Japan Material Co. Ltd | 8,830 | 0.0 | |||||||||||||
5,000 | Japan Radio Co., Ltd. | 15,369 | 0.0 | |||||||||||||
1,700 | Jastec Co., Ltd. | 11,342 | 0.0 | |||||||||||||
1,600 | JBCC Holdings, Inc. | 9,980 | 0.0 | |||||||||||||
2,500 | @ | Justsystems Corp. | 15,281 | 0.0 | ||||||||||||
2,900 | Kaga Electronics Co., Ltd. | 36,164 | 0.0 | |||||||||||||
14,600 | Kakaku.com, Inc. | 208,878 | 0.1 | |||||||||||||
2,400 | Kanematsu Electronics Ltd. | 34,153 | 0.0 | |||||||||||||
4,800 | Keyence Corp. | 2,138,855 | 0.6 | |||||||||||||
1,800 | @ | KLab, Inc. | 19,196 | 0.0 | ||||||||||||
1,500 | Koa Corp. | 14,074 | 0.0 | |||||||||||||
8,923 | Konami Corp. | 163,589 | 0.1 | |||||||||||||
49,600 | Konica Minolta Holdings, Inc. | 540,443 | 0.2 | |||||||||||||
34,500 | Kyocera Corp. | 1,578,707 | 0.4 | |||||||||||||
1,200 | Lasertec Corp. | 13,572 | 0.0 | |||||||||||||
1,000 | @ | Livesense, Inc. | 5,822 | 0.0 |
See Accompanying Notes to Financial Statements
44 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
800 | Macnica, Inc. | 22,334 | 0.0 | |||||||||||||
1,700 | Mamezou Holdings Co. Ltd | 9,723 | 0.0 | |||||||||||||
2,000 | Marubun Corp. | 13,552 | 0.0 | |||||||||||||
800 | Maruwa Co., Ltd./Aichi | 23,157 | 0.0 | |||||||||||||
3,300 | L | Marvelous, Inc. | 44,603 | 0.0 | ||||||||||||
2,300 | Megachips Corp. | 27,324 | 0.0 | |||||||||||||
1,300 | Melco Holdings, Inc. | 19,344 | 0.0 | |||||||||||||
3,200 | Mimasu Semiconductor Industry Co., Ltd. | 31,084 | 0.0 | |||||||||||||
7,900 | Mitsumi Electric Co., Ltd. | 62,510 | 0.0 | |||||||||||||
22,020 | Murata Manufacturing Co., Ltd. | 2,402,845 | 0.7 | |||||||||||||
3,200 | Mutoh Holdings Co., Ltd. | 12,548 | 0.0 | |||||||||||||
1,600 | Nagano Keiki Co., Ltd. | 9,247 | 0.0 | |||||||||||||
269,000 | NEC Corp. | 781,714 | 0.2 | |||||||||||||
3,000 | NEC Networks & System Integration Corp. | 62,176 | 0.0 | |||||||||||||
9,200 | Net One systems Co., Ltd. | 54,210 | 0.0 | |||||||||||||
3,000 | @ | New Japan Radio Co., Ltd. | 11,808 | 0.0 | ||||||||||||
18,900 | Nexon Co. Ltd. | 176,188 | 0.1 | |||||||||||||
7,500 | Nichicon Corp. | 58,586 | 0.0 | |||||||||||||
2,000 | Nihon Dempa Kogyo Co., Ltd. | 16,069 | 0.0 | |||||||||||||
6,500 | Nihon Unisys Ltd. | 57,661 | 0.0 | |||||||||||||
12,900 | Nintendo Co., Ltd. | 1,346,213 | 0.4 | |||||||||||||
1,900 | L | Nippon Ceramic Co., Ltd. | 28,006 | 0.0 | ||||||||||||
15,000 | @ | Nippon Chemi-Con Corp. | 42,916 | 0.0 | ||||||||||||
43,000 | Nippon Electric Glass Co., Ltd. | 193,490 | 0.1 | |||||||||||||
5,700 | Nippon Signal Co., Ltd. | 59,884 | 0.0 | |||||||||||||
3,300 | Nohmi Bosai Ltd. | 43,441 | 0.0 | |||||||||||||
11,500 | Nomura Research Institute Ltd. | 351,730 | 0.1 | |||||||||||||
1,700 | NS Solutions Corp. | 45,478 | 0.0 | |||||||||||||
4,500 | NSD CO., Ltd. | 65,890 | 0.0 | |||||||||||||
12,600 | NTT Data Corp. | 469,411 | 0.1 | |||||||||||||
1,600 | OBIC Business Consultants Ltd. | 44,256 | 0.0 | |||||||||||||
7,100 | Obic Co., Ltd. | 230,393 | 0.1 | |||||||||||||
1,100 | Oizumi Corp. | 8,180 | 0.0 | |||||||||||||
77,000 | Oki Electric Industry Ltd. | 146,782 | 0.1 | |||||||||||||
23,600 | Omron Corp. | 1,055,758 | 0.3 | |||||||||||||
700 | Optex Co., Ltd. | 11,243 | 0.0 | |||||||||||||
3,400 | Oracle Corp. Japan | 138,537 | 0.1 | |||||||||||||
3,000 | Origin Electric Co. Ltd. | 13,037 | 0.0 | |||||||||||||
4,000 | L | Osaki Electric Co., Ltd. | 27,644 | 0.0 | ||||||||||||
5,800 | Otsuka Corp. | 183,909 | 0.1 | |||||||||||||
300 | Panasonic Information Systems | 7,686 | 0.0 | |||||||||||||
1,000 | Poletowin Pitcrew Holdings, Inc. | 6,833 | 0.0 | |||||||||||||
9,300 | @,L | Renesas Electronics Corp. | 62,578 | 0.0 | ||||||||||||
62,300 | Ricoh Co., Ltd. | 629,794 | 0.2 | |||||||||||||
3,400 | Riso Kagaku Corp. | 54,732 | 0.0 | |||||||||||||
10,200 | Rohm Co., Ltd. | 614,583 | 0.2 | |||||||||||||
600 | Roland DG Corp. | 19,828 | 0.0 | |||||||||||||
3,100 | Ryosan Co., Ltd. | 67,498 | 0.0 |
2,000 | Ryoyo Electro Corp. | 21,289 | 0.0 | |||||||||||||
10,000 | Sanken Electric Co., Ltd. | 79,519 | 0.0 | |||||||||||||
1,800 | Sanshin Electronics Co., Ltd. | 12,327 | 0.0 | |||||||||||||
2,800 | Satori Electric Co., Ltd. | 17,828 | 0.0 | |||||||||||||
7,000 | Saxa Holdings, Inc. | 14,553 | 0.0 | |||||||||||||
14,200 | Seiko Epson Corp. | 594,188 | 0.2 | |||||||||||||
5,000 | Shibaura Mechatronics Corp. | 14,846 | 0.0 | |||||||||||||
25,000 | Shimadzu Corp. | 254,300 | 0.1 | |||||||||||||
6,000 | Shindengen Electric Manufacturing Co., Ltd. | 34,475 | 0.0 | |||||||||||||
1,500 | Shinkawa Ltd. | 8,129 | 0.0 | |||||||||||||
8,000 | Shinko Electric Industries | 54,155 | 0.0 | |||||||||||||
1,300 | Shinko Shoji Co., Ltd. | 12,975 | 0.0 | |||||||||||||
2,300 | Siix Corp. | 48,504 | 0.0 | |||||||||||||
7,000 | SMK Corp. | 27,913 | 0.0 | |||||||||||||
2,400 | SMS Co. Ltd. | 25,157 | 0.0 | |||||||||||||
600 | Softbank Technology Corp. | 6,242 | 0.0 | |||||||||||||
1,700 | Sourcenext Corp. | 11,087 | 0.0 | |||||||||||||
7,600 | Square Enix Holdings Co., Ltd. | 156,709 | 0.1 | |||||||||||||
1,800 | SRA Holdings | 21,580 | 0.0 | |||||||||||||
14,500 | Sumco Corp. | 207,584 | 0.1 | |||||||||||||
5,344 | SCSK Corp. | 133,865 | 0.1 | |||||||||||||
2,600 | Systena Corp. | 18,624 | 0.0 | |||||||||||||
2,200 | Tachibana Eletech Co., Ltd. | 31,240 | 0.0 | |||||||||||||
11,500 | Taiyo Yuden Co., Ltd. | 133,821 | 0.1 | |||||||||||||
800 | Takachiho Koheki Co. Ltd | 6,892 | 0.0 | |||||||||||||
9,000 | Tamura Corp. | 32,198 | 0.0 | |||||||||||||
12,700 | TDK Corp. | 747,972 | 0.2 | |||||||||||||
20,000 | @ | Teac Corp. | 9,584 | 0.0 | ||||||||||||
4,300 | Koei Tecmo Holdings Co. Ltd | 63,155 | 0.0 | |||||||||||||
1,900 | TKC Corp. | 31,243 | 0.0 | |||||||||||||
9,000 | Toko, Inc. | 24,301 | 0.0 | |||||||||||||
17,600 | Tokyo Electron Ltd. | 1,334,612 | 0.4 | |||||||||||||
4,000 | Tokyo Seimitsu Co., Ltd. | 80,563 | 0.0 | |||||||||||||
5,800 | Topcon Corp. | 123,009 | 0.0 | |||||||||||||
16,000 | Toshiba Tec Corp. | 109,672 | 0.0 | |||||||||||||
700 | Toukei Computer Co., Ltd. | 10,191 | 0.0 | |||||||||||||
3,600 | Towa Corp. | 19,686 | 0.0 | |||||||||||||
3,600 | Toyo Corp./Chuo-ku | 30,362 | 0.0 | |||||||||||||
3,300 | Trans Cosmos, Inc. | 54,403 | 0.0 | |||||||||||||
10,800 | L | Trend Micro, Inc. | 298,439 | 0.1 | ||||||||||||
1,200 | UKC Holdings Corp. | 16,897 | 0.0 | |||||||||||||
4,400 | @ | Ulvac, Inc. | 67,019 | 0.0 | ||||||||||||
8,000 | Uniden Corp. | 15,063 | 0.0 | |||||||||||||
600 | V Technology Co. Ltd | 12,300 | 0.0 | |||||||||||||
17,600 | L | Wacom Co., Ltd. | 67,954 | 0.0 | ||||||||||||
146,900 | Yahoo! Japan Corp. | 526,479 | 0.2 | |||||||||||||
2,900 | Yamaichi Electronics Co., Ltd. | 19,908 | 0.0 | |||||||||||||
7,100 | Yamatake Corp. | 163,572 | 0.1 | |||||||||||||
24,000 | Yaskawa Electric Corp. | 306,555 | 0.1 | |||||||||||||
20,100 | Yokogawa Electric Corp. | 220,558 | 0.1 | |||||||||||||
2,200 | Yokowo Co., Ltd. | 12,379 | 0.0 | |||||||||||||
37,912,096 | 10.5 |
See Accompanying Notes to Financial Statements
45 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Materials: 7.0% | ||||||||||||||||
10,000 | Achilles Corp. | 12,292 | 0.0 | |||||||||||||
11,000 | ADEKA Corp. | 130,216 | 0.0 | |||||||||||||
13,000 | Aichi Steel Corp. | 45,570 | 0.0 | |||||||||||||
19,000 | Air Water, Inc. | 300,949 | 0.1 | |||||||||||||
1,000 | Alconix Corp. | 16,332 | 0.0 | |||||||||||||
8,000 | Araya Industrial Co., Ltd. | 11,897 | 0.0 | |||||||||||||
3,800 | Asahi Holdings, Inc. | 58,571 | 0.0 | |||||||||||||
138,000 | Asahi Kasei Corp. | 1,258,895 | 0.4 | |||||||||||||
6,000 | Asahi Organic Chemicals Industry Co., Ltd. | 14,198 | 0.0 | |||||||||||||
1,800 | Carlit Holdings Co. Ltd. | 9,382 | 0.0 | |||||||||||||
6,000 | Chuetsu Pulp & Paper Co., Ltd. | 8,876 | 0.0 | |||||||||||||
7,000 | Chugoku Marine Paints Ltd. | 59,072 | 0.0 | |||||||||||||
18,000 | Dai Nippon Toryo Co., Ltd. | 23,517 | 0.0 | |||||||||||||
29,000 | Daicel Corp. | 338,734 | 0.1 | |||||||||||||
39,000 | Daido Steel Co., Ltd. | 147,301 | 0.1 | |||||||||||||
4,000 | DKS Co. Ltd | 12,559 | 0.0 | |||||||||||||
8,000 | Daiken Corp. | 17,644 | 0.0 | |||||||||||||
4,000 | Daiki Aluminium Industry Co., Ltd. | 10,738 | 0.0 | |||||||||||||
8,000 | Dainichiseika Color & Chemicals Manufacturing Co., Ltd. | 42,596 | 0.0 | |||||||||||||
8,000 | Daio Paper Corp. | 65,312 | 0.0 | |||||||||||||
9,000 | Daiso Co., Ltd. | 28,898 | 0.0 | |||||||||||||
3,000 | DC Co., Ltd. | 11,847 | 0.0 | |||||||||||||
42,000 | Denki Kagaku Kogyo K K | 153,828 | 0.1 | |||||||||||||
80,000 | Dainippon Ink & Chemicals | 191,795 | 0.1 | |||||||||||||
25,000 | Dowa Holdings Co., Ltd. | 198,625 | 0.1 | |||||||||||||
1,900 | Earth Chemical Co., Ltd. | 63,427 | 0.0 | |||||||||||||
800 | Ebara-Udylite Co., Ltd. | 37,233 | 0.0 | |||||||||||||
2,200 | FP Corp. | 70,521 | 0.0 | |||||||||||||
2,600 | Fuji Seal International, Inc. | 75,778 | 0.0 | |||||||||||||
2,000 | Fujikura Kasei Co., Ltd. | 9,737 | 0.0 | |||||||||||||
1,400 | Fujimi, Inc. | 20,346 | 0.0 | |||||||||||||
1,800 | Fujimori Kogyo Co., Ltd. | 50,221 | 0.0 | |||||||||||||
28,338 | L | Furukawa-Sky Aluminum Corp. | 72,250 | 0.0 | ||||||||||||
15,000 | Godo Steel Ltd. | 22,373 | 0.0 | |||||||||||||
5,000 | Gun-Ei Chemical Industry Co., Ltd. | 14,163 | 0.0 | |||||||||||||
1,000 | Hakudo Co., Ltd. | 9,169 | 0.0 | |||||||||||||
3,000 | Harima Chemicals, Inc. | 11,576 | 0.0 | |||||||||||||
9,900 | Hitachi Chemical Co., Ltd. | 174,901 | 0.1 | |||||||||||||
20,720 | Hitachi Metals Ltd. | 352,051 | 0.1 | |||||||||||||
5,000 | Hokkan Holdings Ltd. | 12,116 | 0.0 | |||||||||||||
13,100 | Hokuetsu Kishu Paper Co. Ltd. | 55,758 | 0.0 | |||||||||||||
2,000 | Ihara Chemical Industry Co., Ltd. | 20,856 | 0.0 | |||||||||||||
45,000 | @ | Ishihara Sangyo Kaisha Ltd. | 38,992 | 0.0 | ||||||||||||
2,700 | Japan Pile Corp. | 17,207 | 0.0 |
500 | Japan Pure Chemical Co. Ltd. | 9,853 | 0.0 | |||||||||||||
55,847 | JFE Holdings, Inc. | 1,245,438 | 0.4 | |||||||||||||
1,600 | JSP Corp. | 28,567 | 0.0 | |||||||||||||
20,400 | JSR Corp. | 350,152 | 0.1 | |||||||||||||
29,000 | Kaneka Corp. | 155,388 | 0.1 | |||||||||||||
27,000 | Kansai Paint Co., Ltd. | 418,283 | 0.1 | |||||||||||||
7,000 | Kanto Denka Kogyo Co., Ltd. | 35,154 | 0.0 | |||||||||||||
5,800 | Kimoto Co., Ltd. | 14,723 | 0.0 | |||||||||||||
2,000 | Koatsu Gas Kogyo Co., Ltd. | 9,590 | 0.0 | |||||||||||||
353,000 | Kobe Steel Ltd. | 608,042 | 0.2 | |||||||||||||
1,100 | Kohsoku Corp. | 8,509 | 0.0 | |||||||||||||
2,300 | Konishi Co., Ltd. | 36,418 | 0.0 | |||||||||||||
7,000 | Krosaki Harima Corp. | 14,288 | 0.0 | |||||||||||||
5,000 | Kumiai Chemical Industry Co., Ltd. | 33,385 | 0.0 | |||||||||||||
36,200 | Kuraray Co., Ltd. | 411,297 | 0.1 | |||||||||||||
17,000 | Kureha Corp. | 71,099 | 0.0 | |||||||||||||
12,000 | Kurimoto Ltd. | 22,710 | 0.0 | |||||||||||||
2,500 | Kyoei Steel Ltd. | 43,032 | 0.0 | |||||||||||||
2,600 | Kyowa Leather Cloth Co. Ltd. | 16,411 | 0.0 | |||||||||||||
5,600 | Lintec Corp. | 123,788 | 0.0 | |||||||||||||
7,200 | Maruichi Steel Tube Ltd. | 153,240 | 0.1 | |||||||||||||
1,800 | MEC Co., Ltd./Japan | 14,000 | 0.0 | |||||||||||||
1,000 | Mitani Sekisan Co. Ltd | 17,001 | 0.0 | |||||||||||||
136,520 | Mitsubishi Materials Corp. | 452,895 | 0.1 | |||||||||||||
51,000 | @ | Mitsubishi Paper Mills Ltd. | 36,864 | 0.0 | ||||||||||||
11,000 | Mitsubishi Steel Manufacturing Co., Ltd. | 22,458 | 0.0 | |||||||||||||
136,200 | Mitsubishi Chemical Holdings Corp. | 660,637 | 0.2 | |||||||||||||
32,000 | Mitsubishi Gas Chemical Co., Inc. | 160,605 | 0.1 | |||||||||||||
101,000 | Mitsui Chemicals, Inc. | 286,070 | 0.1 | |||||||||||||
54,000 | Mitsui Mining & Smelting Co., Ltd. | 130,288 | 0.0 | |||||||||||||
800 | MORESCO Corp. | 12,442 | 0.0 | |||||||||||||
4,000 | Nakabayashi Co. Ltd. | 6,890 | 0.0 | |||||||||||||
17,000 | @ | Nakayama Steel Works Ltd. | 11,348 | 0.0 | ||||||||||||
4,700 | Neturen Co., Ltd. | 31,300 | 0.0 | |||||||||||||
6,000 | Nihon Nohyaku Co., Ltd. | 69,028 | 0.0 | |||||||||||||
6,000 | Nihon Parkerizing Co., Ltd. | 136,890 | 0.1 | |||||||||||||
12,000 | Nihon Yamamura Glass Co., Ltd. | 17,129 | 0.0 | |||||||||||||
6,000 | Nippon Carbide Industries Co., Inc. | 11,421 | 0.0 | |||||||||||||
5,000 | Nippon Concrete Industries Co., Ltd. | 24,043 | 0.0 | |||||||||||||
11,000 | Nippon Denko Co., Ltd. | 26,508 | 0.0 | |||||||||||||
2,300 | Nippon Fine Chemical Co., Ltd. | 16,355 | 0.0 | |||||||||||||
15,000 | Nippon Kayaku Co., Ltd. | 186,549 | 0.1 | |||||||||||||
7,000 | @ | Nippon Kinzoku Co., Ltd. | 8,424 | 0.0 | ||||||||||||
16,000 | Nippon Koshuha Steel Co., Ltd. | 14,222 | 0.0 | |||||||||||||
56,000 | Nippon Light Metal Holdings Co. Ltd. | 79,871 | 0.0 |
See Accompanying Notes to Financial Statements |
46 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
20,000 | Nippon Paint Co., Ltd. | 579,560 | 0.2 | |||||||||||||
9,729 | Nippon Paper Industries Co. Ltd. | 139,730 | 0.1 | |||||||||||||
3,000 | Nippon Pillar Packing Co., Ltd. | 22,753 | 0.0 | |||||||||||||
18,000 | Nippon Shokubai Co., Ltd. | 235,800 | 0.1 | |||||||||||||
16,000 | Nippon Soda Co., Ltd. | 87,826 | 0.0 | |||||||||||||
927,355 | Nippon Steel Corp. | 2,300,428 | 0.6 | |||||||||||||
5,000 | Nippon Synthetic Chemical Industry Co., Ltd. | 29,611 | 0.0 | |||||||||||||
14,000 | Nippon Valqua Industries Ltd. | 37,401 | 0.0 | |||||||||||||
19,000 | @,L | Nippon Yakin Kogyo Co., Ltd. | 39,035 | 0.0 | ||||||||||||
15,000 | Nissan Chemical Industries Ltd. | 272,050 | 0.1 | |||||||||||||
10,076 | Nisshin Steel Holdings Co. Ltd. | 96,066 | 0.0 | |||||||||||||
6,000 | Nittetsu Mining Co., Ltd. | 21,159 | 0.0 | |||||||||||||
16,900 | Nitto Denko Corp. | 944,296 | 0.3 | |||||||||||||
18,000 | NOF Corp. | 113,739 | 0.0 | |||||||||||||
88,000 | OJI Paper Co., Ltd. | 314,854 | 0.1 | |||||||||||||
4,900 | Okabe Co., Ltd. | 44,475 | 0.0 | |||||||||||||
9,000 | Okamoto Industries, Inc. | 32,141 | 0.0 | |||||||||||||
4,000 | Okura Industrial Co., Ltd. | 11,741 | 0.0 | |||||||||||||
1,400 | Osaka Steel Co., Ltd. | 23,857 | 0.0 | |||||||||||||
2,600 | L | OSAKA Titanium Technologies Co. | 49,444 | 0.0 | ||||||||||||
17,000 | Pacific Metals Co., Ltd. | 51,225 | 0.0 | |||||||||||||
2,200 | Pack Corp. | 41,650 | 0.0 | |||||||||||||
21,000 | Rengo Co., Ltd. | 86,536 | 0.0 | |||||||||||||
3,000 | Riken Technos Corp. | 11,014 | 0.0 | |||||||||||||
5,000 | Sakai Chemical Industry Co. Ltd. | 15,779 | 0.0 | |||||||||||||
4,000 | Sakata INX Corp. | 44,479 | 0.0 | |||||||||||||
7,000 | Sanyo Chemical Industries Ltd. | 50,285 | 0.0 | |||||||||||||
15,000 | Sanyo Special Steel Co., Ltd. | 49,980 | 0.0 | |||||||||||||
1,100 | Seiko PMC Corp. | 8,374 | 0.0 | |||||||||||||
9,000 | L | Sekisui Plastics Co., Ltd. | 34,209 | 0.0 | ||||||||||||
2,000 | Shikoku Chemicals Corp. | 13,660 | 0.0 | |||||||||||||
4,000 | Shinagawa Refractories Co., Ltd. | 8,917 | 0.0 | |||||||||||||
39,500 | Shin-Etsu Chemical Co., Ltd. | 2,571,441 | 0.7 | |||||||||||||
6,500 | Shin-Etsu Polymer Co., Ltd. | 26,896 | 0.0 | |||||||||||||
153,000 | L | Showa Denko KK | 188,344 | 0.1 | ||||||||||||
1,600 | Stella Chemifa Corp. | 17,524 | 0.0 | |||||||||||||
18,000 | Sumitomo Bakelite Co., Ltd. | 69,956 | 0.0 | |||||||||||||
160,000 | Sumitomo Chemical Co., Ltd. | 629,876 | 0.2 | |||||||||||||
58,000 | Sumitomo Metal Mining Co., Ltd. | 865,064 | 0.3 | |||||||||||||
44,000 | Sumitomo Osaka Cement Co., Ltd. | 125,666 | 0.0 | |||||||||||||
7,000 | Sumitomo Seika Chemicals Co., Ltd. | 46,618 | 0.0 | |||||||||||||
3,500 | T Hasegawa Co., Ltd. | 49,311 | 0.0 | |||||||||||||
134,000 | Taiheiyo Cement Corp. | 420,409 | 0.1 |
800 | Taisei Lamick Co., Ltd. | 18,106 | 0.0 | |||||||||||||
1,900 | Taiyo Ink Manufacturing Co., Ltd. | 67,298 | 0.0 | |||||||||||||
29,000 | L | Taiyo Nippon Sanso Corp. | 319,249 | 0.1 | ||||||||||||
11,000 | Takasago International Corp. | 49,779 | 0.0 | |||||||||||||
5,000 | Takiron Co., Ltd. | 22,239 | 0.0 | |||||||||||||
4,000 | Tayca Corp. | 14,531 | 0.0 | |||||||||||||
92,000 | Teijin Ltd. | 244,527 | 0.1 | |||||||||||||
2,200 | Tenma Corp. | 29,127 | 0.0 | |||||||||||||
29,000 | Toagosei Co., Ltd. | 115,037 | 0.0 | |||||||||||||
4,000 | Toda Kogyo Corp. | 15,398 | 0.0 | |||||||||||||
3,000 | Toho Titanium Co., Ltd. | 19,507 | 0.0 | |||||||||||||
12,000 | Toho Zinc Co., Ltd. | 39,687 | 0.0 | |||||||||||||
25,000 | Tokai Carbon Co., Ltd. | 73,022 | 0.0 | |||||||||||||
11,000 | Tokushu Tokai Holdings Co., Ltd. | 25,290 | 0.0 | |||||||||||||
39,000 | Tokuyama Corp. | 78,630 | 0.0 | |||||||||||||
4,900 | Tokyo Ohka Kogyo Co., Ltd. | 149,918 | 0.1 | |||||||||||||
11,000 | Tokyo Rope Manufacturing Co., Ltd. | 21,667 | 0.0 | |||||||||||||
12,100 | Tokyo Steel Manufacturing Co., Ltd. | 74,422 | 0.0 | |||||||||||||
6,000 | Tokyo Tekko Co., Ltd. | 27,721 | 0.0 | |||||||||||||
6,000 | Tomoegawa Co., Ltd. | 9,738 | 0.0 | |||||||||||||
6,000 | Tomoku Co., Ltd. | 14,121 | 0.0 | |||||||||||||
12,000 | Topy Industries Ltd. | 23,638 | 0.0 | |||||||||||||
163,000 | Toray Industries, Inc. | 1,302,368 | 0.4 | |||||||||||||
55,000 | Tosoh Corp. | 264,488 | 0.1 | |||||||||||||
24,000 | Toyo Ink Manufacturing Co., Ltd. | 117,771 | 0.0 | |||||||||||||
7,000 | Toyo Kohan Co., Ltd. | 37,142 | 0.0 | |||||||||||||
14,500 | Toyo Seikan Kaisha Ltd. | 180,112 | 0.1 | |||||||||||||
100,000 | Toyobo Co., Ltd. | 134,054 | 0.0 | |||||||||||||
4,000 | TYK Corp. | 7,215 | 0.0 | |||||||||||||
108,000 | Ube Industries Ltd./Japan | 160,578 | 0.1 | |||||||||||||
5,000 | Wood One Co., Ltd. | 11,302 | 0.0 | |||||||||||||
4,600 | Yamato Kogyo Co., Ltd. | 128,655 | 0.0 | |||||||||||||
18,000 | Yodogawa Steel Works Ltd. | 66,953 | 0.0 | |||||||||||||
1,100 | Yushiro Chemical Industry Co., Ltd. | 15,462 | 0.0 | |||||||||||||
18,000 | Zeon Corp. | 161,468 | 0.1 | |||||||||||||
25,404,323 | 7.0 | |||||||||||||||
Telecommunication Services: 4.8% | ||||||||||||||||
69,500 | KDDI Corp. | 4,366,271 | 1.2 | |||||||||||||
80,600 | Nippon Telegraph & Telephone Corp. | 4,117,260 | 1.1 | |||||||||||||
170,500 | NTT DoCoMo, Inc. | 2,483,002 | 0.7 | |||||||||||||
108,750 | Softbank Corp. | 6,473,158 | 1.8 | |||||||||||||
17,439,691 | 4.8 | |||||||||||||||
Utilities: 2.0% | ||||||||||||||||
63,600 | Chubu Electric Power Co., Inc. | 747,365 | 0.2 | |||||||||||||
28,700 | Chugoku Electric Power Co., Inc. | 375,238 | 0.1 | |||||||||||||
13,000 | Electric Power Development Co., Ltd. | 439,283 | 0.1 | |||||||||||||
19,600 | @ | Hokkaido Electric Power Co., Inc. | 156,897 | 0.0 | ||||||||||||
6,000 | Hokkaido Gas Co., Ltd. | 14,340 | 0.0 |
See Accompanying Notes to Financial Statements |
47 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
20,000 | Hokuriku Electric Power Co. | 255,409 | 0.1 | |||||||||||||
2,000 | K&O Energy Group, Inc. | 24,636 | 0.0 | |||||||||||||
85,000 | @ | Kansai Electric Power Co., Inc. | 808,613 | 0.2 | ||||||||||||
45,200 | Kyushu Electric Power Co., Inc. | 452,687 | 0.1 | |||||||||||||
1,300 | Okinawa Electric Power Co., Inc. | 41,139 | 0.0 | |||||||||||||
215,000 | Osaka Gas Co., Ltd. | 803,015 | 0.2 | |||||||||||||
30,000 | Saibu Gas Co., Ltd. | 65,610 | 0.0 | |||||||||||||
18,100 | Shikoku Electric Power Co., Inc. | 219,547 | 0.1 | |||||||||||||
6,000 | Shizuoka Gas Co., Ltd. | 37,473 | 0.0 | |||||||||||||
55,000 | Toho Gas Co., Ltd. | 269,080 | 0.1 | |||||||||||||
51,600 | Tohoku Electric Power Co., Inc. | 600,443 | 0.2 | |||||||||||||
174,400 | @ | Tokyo Electric Power Co., Inc. | 709,340 | 0.2 | ||||||||||||
247,000 | Tokyo Gas Co., Ltd. | 1,332,729 | 0.4 | |||||||||||||
7,352,844 | 2.0 | |||||||||||||||
Total Common Stock | ||||||||||||||||
(Cost $325,506,649) | 353,114,456 | 97.5 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||||
SHORT-TERM INVESTMENTS: 1.9% | ||||||||||||||||
Securities Lending Collateralcc: 1.9% | ||||||||||||||||
1,663,516 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,663,524, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,696,786, due 01/01/15-09/01/49) | 1,663,516 | 0.5 | |||||||||||||
1,663,516 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,663,530, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $1,696,786, due 09/30/17-02/15/42) | 1,663,516 | 0.4 |
350,193 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $350,195, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $357,197, due 01/07/15-10/20/64) | 350,193 | 0.1 | |||||||||||||
1,663,516 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $1,663,524, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $1,696,786, due 11/15/15-07/15/56) | 1,663,516 | 0.5 | |||||||||||||
1,663,516 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $1,663,530, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,696,953, due 04/15/16-02/15/42) | 1,663,516 | 0.4 | |||||||||||||
7,004,257 | 1.9 | |||||||||||||||
Total Short-Term Investments | ||||||||||||||||
(Cost $7,004,257) | 7,004,257 | 1.9 | ||||||||||||||
Total Investments in Securities (Cost $332,510,906) | $ | 360,118,713 | 99.4 | |||||||||||||
Assets in Excess of Other Liabilities | 2,006,827 | 0.6 | ||||||||||||||
Net Assets | $ | 362,125,540 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
See Accompanying Notes to Financial Statements |
48 |
Voya Japan TOPIX Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Cost for federal income tax purposes is $336,916,641.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 60,474,719 | ||
Gross Unrealized Depreciation | (37,272,647 | ) | ||
Net Unrealized Appreciation | $ | 23,202,072 |
See Accompanying Notes to Financial Statements |
49 |
Voya Russell™ Large Cap Growth Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.4% | ||||||||||||||||
Consumer Discretionary: 15.9% | ||||||||||||||||
27,130 | @ | Amazon.com, Inc. | 8,419,796 | 1.6 | ||||||||||||
34,250 | CBS Corp. - Class B | 1,895,395 | 0.4 | |||||||||||||
171,150 | Comcast Corp. – Class A | 9,928,412 | 1.8 | |||||||||||||
33,778 | @ | DirecTV Group | 2,928,553 | 0.6 | ||||||||||||
98,758 | Home Depot, Inc. | 10,366,627 | 1.9 | |||||||||||||
12,804 | Johnson Controls, Inc. | 618,945 | 0.1 | |||||||||||||
27,157 | Las Vegas Sands Corp. | 1,579,451 | 0.3 | |||||||||||||
73,570 | Lowe's Cos, Inc. | 5,061,616 | 0.9 | |||||||||||||
71,377 | McDonald's Corp. | 6,688,025 | 1.2 | |||||||||||||
50,440 | Nike, Inc. | 4,849,806 | 0.9 | |||||||||||||
3,726 | @ | Priceline.com, Inc. | 4,248,422 | 0.8 | ||||||||||||
54,359 | Starbucks Corp. | 4,460,156 | 0.8 | |||||||||||||
4,625 | Target Corp. | 351,084 | 0.1 | |||||||||||||
20,119 | Time Warner Cable, Inc. | 3,059,295 | 0.6 | |||||||||||||
50,574 | TJX Cos., Inc. | 3,468,365 | 0.6 | |||||||||||||
101,349 | Twenty-First Century Fox, Inc. - Class A | 3,892,308 | 0.7 | |||||||||||||
31,035 | Viacom - Class B | 2,335,384 | 0.4 | |||||||||||||
104,797 | Walt Disney Co. | 9,870,829 | 1.8 | |||||||||||||
31,874 | Yum! Brands, Inc. | 2,322,021 | 0.4 | |||||||||||||
86,344,490 | 15.9 | |||||||||||||||
Consumer Staples: 11.4% | ||||||||||||||||
135,700 | Altria Group, Inc. | 6,685,939 | 1.2 | |||||||||||||
4,631 | Archer-Daniels-Midland Co. | 240,812 | 0.1 | |||||||||||||
286,716 | Coca-Cola Co. | 12,105,149 | 2.2 | |||||||||||||
59,094 | Colgate-Palmolive Co. | 4,088,714 | 0.8 | |||||||||||||
29,922 | Costco Wholesale Corp. | 4,241,443 | 0.8 | |||||||||||||
11,990 | CVS Caremark Corp. | 1,154,757 | 0.2 | |||||||||||||
16,559 | Estee Lauder Cos., Inc. | 1,261,796 | 0.2 | |||||||||||||
44,370 | General Mills, Inc. | 2,366,252 | 0.4 | |||||||||||||
16,915 | Kellogg Co. | 1,106,918 | 0.2 | |||||||||||||
22,554 | Kimberly-Clark Corp. | 2,605,889 | 0.5 | |||||||||||||
42,988 | Kraft Foods Group, Inc. | 2,693,628 | 0.5 | |||||||||||||
109,476 | PepsiCo, Inc. | 10,352,050 | 1.9 | |||||||||||||
66,675 | Philip Morris International, Inc. | 5,430,679 | 1.0 | |||||||||||||
11,141 | Procter & Gamble Co. | 1,014,834 | 0.2 | |||||||||||||
16,832 | Reynolds American, Inc. | 1,081,793 | 0.2 | |||||||||||||
15,825 | Sysco Corp. | 628,094 | 0.1 | |||||||||||||
51,824 | Walgreens Boots Alliance, Inc. | 3,948,989 | 0.7 | |||||||||||||
11,734 | Wal-Mart Stores, Inc. | 1,007,716 | 0.2 | |||||||||||||
62,015,452 | 11.4 | |||||||||||||||
Energy: 4.2% | ||||||||||||||||
2,666 | Anadarko Petroleum Corp. | 219,945 | 0.0 | |||||||||||||
2,615 | Baker Hughes, Inc. | 146,623 | 0.0 | |||||||||||||
39,463 | EOG Resources, Inc. | 3,633,358 | 0.7 | |||||||||||||
60,981 | Halliburton Co. | 2,398,383 | 0.5 | |||||||||||||
27,062 | Kinder Morgan, Inc. | 1,144,993 | 0.2 | |||||||||||||
13,527 | Marathon Petroleum Corp. | 1,220,947 | 0.2 |
2,637 | National Oilwell Varco, Inc. | 172,803 | 0.0 | |||||||||||||
16,752 | Phillips 66 | 1,201,118 | 0.2 | |||||||||||||
10,332 | Pioneer Natural Resources Co. | 1,537,918 | 0.3 | |||||||||||||
93,914 | Schlumberger Ltd. | 8,021,195 | 1.5 | |||||||||||||
9,216 | Valero Energy Corp. | 456,192 | 0.1 | |||||||||||||
53,936 | Williams Cos., Inc. | 2,423,884 | 0.5 | |||||||||||||
22,577,359 | 4.2 | |||||||||||||||
Financials: 3.4% | ||||||||||||||||
65,506 | American Express Co. | 6,094,678 | 1.1 | |||||||||||||
28,578 | American Tower Corp. | 2,824,935 | 0.5 | |||||||||||||
3,517 | Blackrock, Inc. | 1,257,539 | 0.2 | |||||||||||||
13,395 | Charles Schwab Corp. | 404,395 | 0.1 | |||||||||||||
23,413 | Franklin Resources, Inc. | 1,296,378 | 0.3 | |||||||||||||
26,748 | Marsh & McLennan Cos., Inc. | 1,531,056 | 0.3 | |||||||||||||
9,573 | Public Storage, Inc. | 1,769,569 | 0.3 | |||||||||||||
16,736 | Simon Property Group, Inc. | 3,047,793 | 0.6 | |||||||||||||
18,226,343 | 3.4 | |||||||||||||||
Health Care: 14.0% | ||||||||||||||||
114,817 | AbbVie, Inc. | 7,513,624 | 1.4 | |||||||||||||
18,339 | @ | Actavis PLC | 4,720,642 | 0.9 | ||||||||||||
7,694 | Aetna, Inc. | 683,458 | 0.1 | |||||||||||||
14,285 | @ | Alexion Pharmaceuticals, Inc. | 2,643,153 | 0.5 | ||||||||||||
21,488 | Allergan, Inc. | 4,568,134 | 0.8 | |||||||||||||
51,824 | Amgen, Inc. | 8,255,045 | 1.5 | |||||||||||||
39,182 | Baxter International, Inc. | 2,871,649 | 0.5 | |||||||||||||
13,954 | Becton Dickinson & Co. | 1,941,839 | 0.4 | |||||||||||||
17,130 | @ | Biogen Idec, Inc. | 5,814,778 | 1.1 | ||||||||||||
42,724 | Bristol-Myers Squibb Co. | 2,521,998 | 0.5 | |||||||||||||
57,831 | Celgene Corp. | 6,468,976 | 1.2 | |||||||||||||
45,897 | @ | Express Scripts Holding Co. | 3,886,099 | 0.7 | ||||||||||||
110,892 | @ | Gilead Sciences, Inc. | 10,452,680 | 1.9 | ||||||||||||
2,817 | Halyard Health, Inc. | 128,089 | 0.0 | |||||||||||||
32,074 | Johnson & Johnson | 3,353,978 | 0.6 | |||||||||||||
16,652 | McKesson Corp. | 3,456,622 | 0.6 | |||||||||||||
29,544 | Merck & Co., Inc. | 1,677,804 | 0.3 | |||||||||||||
5,696 | Regeneron Pharmaceuticals, Inc. | 2,336,784 | 0.4 | |||||||||||||
14,472 | Stryker Corp. | 1,365,144 | 0.3 | |||||||||||||
11,610 | Thermo Fisher Scientific, Inc. | 1,454,617 | 0.3 | |||||||||||||
76,115,113 | 14.0 | |||||||||||||||
Industrials: 10.1% | ||||||||||||||||
47,246 | 3M Co. | 7,763,463 | 1.4 | |||||||||||||
52,010 | American Airlines Group, Inc. | 2,789,296 | 0.5 | |||||||||||||
52,657 | Boeing Co. | 6,844,357 | 1.3 | |||||||||||||
9,559 | Caterpillar, Inc. | 874,935 | 0.2 | |||||||||||||
13,281 | Cummins, Inc. | 1,914,722 | 0.4 | |||||||||||||
10,309 | Danaher Corp. | 883,584 | 0.2 | |||||||||||||
5,781 | Deere & Co. | 511,445 | 0.1 | |||||||||||||
3,188 | Delta Airlines, Inc. | 156,818 | 0.0 | |||||||||||||
37,853 | Emerson Electric Co. | 2,336,666 | 0.4 | |||||||||||||
9,176 | FedEx Corp. | 1,593,504 | 0.3 |
See Accompanying Notes to Financial Statements
50 |
Voya Russell™ Large Cap Growth Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
�� | 56,551 | Honeywell International, Inc. | 5,650,576 | 1.0 | ||||||||||||
23,371 | Illinois Tool Works, Inc. | 2,213,234 | 0.4 | |||||||||||||
19,569 | Lockheed Martin Corp. | 3,768,402 | 0.7 | |||||||||||||
4,741 | Norfolk Southern Corp. | 519,661 | 0.1 | |||||||||||||
10,454 | Precision Castparts Corp. | 2,518,160 | 0.5 | |||||||||||||
65,411 | Union Pacific Corp. | 7,792,412 | 1.4 | |||||||||||||
51,113 | United Parcel Service, Inc. - Class B | 5,682,232 | 1.0 | |||||||||||||
7,416 | United Technologies Corp. | 852,840 | 0.2 | |||||||||||||
3,463 | Waste Management, Inc. | 177,721 | 0.0 | |||||||||||||
54,844,028 | 10.1 | |||||||||||||||
Information Technology: 32.2% | ||||||||||||||||
45,678 | Accenture PLC | 4,079,502 | 0.8 | |||||||||||||
35,939 | @ | Adobe Systems, Inc. | 2,612,765 | 0.5 | ||||||||||||
435,406 | Apple, Inc. | 48,060,114 | 8.9 | |||||||||||||
34,811 | Automatic Data Processing, Inc. | 2,902,193 | 0.5 | |||||||||||||
11,602 | CDK Global, Inc. | 472,897 | 0.1 | |||||||||||||
43,940 | Cognizant Technology Solutions Corp. | 2,313,880 | 0.4 | |||||||||||||
21,919 | Corning, Inc. | 502,603 | 0.1 | |||||||||||||
91,514 | @ | eBay, Inc. | 5,135,766 | 0.9 | ||||||||||||
14,637 | EMC Corp. | 435,304 | 0.1 | |||||||||||||
142,580 | Facebook, Inc. | 11,124,092 | 2.0 | |||||||||||||
20,270 | Google, Inc. – Class A | 10,756,478 | 2.0 | |||||||||||||
20,510 | Google, Inc. - Class C | 10,796,464 | 2.0 | |||||||||||||
68,309 | International Business Machines Corp. | 10,959,496 | 2.0 | |||||||||||||
30,551 | Intel Corp. | 1,108,696 | 0.2 | |||||||||||||
72,598 | Mastercard, Inc. | 6,255,044 | 1.2 | |||||||||||||
67,790 | @ | Micron Technology, Inc. | 2,373,328 | 0.4 | ||||||||||||
385,934 | Microsoft Corp. | 17,926,634 | 3.3 | |||||||||||||
237,173 | Oracle Corp. | 10,665,670 | 2.0 | |||||||||||||
121,880 | Qualcomm, Inc. | 9,059,340 | 1.7 | |||||||||||||
44,338 | @ | Salesforce.com, Inc. | 2,629,687 | 0.5 | ||||||||||||
77,941 | Texas Instruments, Inc. | 4,167,116 | 0.8 | |||||||||||||
36,209 | Visa, Inc. | 9,494,000 | 1.7 | |||||||||||||
6,328 | VMware, Inc. | 522,187 | 0.1 | |||||||||||||
174,353,256 | 32.2 | |||||||||||||||
Materials: 3.6% | ||||||||||||||||
13,915 | Dow Chemical Co. | 634,663 | 0.1 | |||||||||||||
19,248 | Ecolab, Inc. | 2,011,801 | 0.4 | |||||||||||||
62,600 | EI Du Pont de Nemours & Co. | 4,628,644 | 0.9 | |||||||||||||
30,235 | LyondellBasell Industries NV - Class A | 2,400,357 | 0.4 | |||||||||||||
34,924 | Monsanto Co. | 4,172,370 | 0.8 | |||||||||||||
9,984 | PPG Industries, Inc. | 2,307,802 | 0.4 | |||||||||||||
21,155 | Praxair, Inc. | 2,740,842 | 0.5 | |||||||||||||
10,537 | Southern Copper Corp. | 297,143 | 0.1 | |||||||||||||
19,193,622 | 3.6 | |||||||||||||||
Telecommunication Services: 2.6% | ||||||||||||||||
2,523 | CenturyTel, Inc. | 99,860 | 0.0 | |||||||||||||
299,036 | Verizon Communications, Inc. | 13,988,904 | 2.6 | |||||||||||||
14,088,764 | 2.6 |
Utilities: 0.0% | ||||||||||||||||
2,560 | Dominion Resources, Inc. | 196,864 | 0.0 | |||||||||||||
Total Common Stock | ||||||||||||||||
(Cost $281,110,623) | 527,955,291 | 97.4 | ||||||||||||||
SHORT-TERM INVESTMENTS: 5.0% | ||||||||||||||||
Mutual Funds: 5.0% | ||||||||||||||||
27,241,055 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||||
(Cost $27,241,055) | 27,241,055 | 5.0 | ||||||||||||||
Total Short-Term Investments | ||||||||||||||||
(Cost $27,241,055) | 27,241,055 | 5.0 | ||||||||||||||
Total Investments in Securities (Cost $308,351,678) | $ | 555,196,346 | 102.4 | |||||||||||||
Liabilities in Excess of Other Assets | (13,057,968 | ) | (2.4 | ) | ||||||||||||
Net Assets | $ | 542,138,378 | 100.0 |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
Cost for federal income tax purposes is $308,409,917.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 247,904,690 | ||
Gross Unrealized Depreciation | (1,118,261 | ) | ||
Net Unrealized Appreciation | $ | 246,786,429 |
See Accompanying Notes to Financial Statements
51 |
Voya Russell™ Large Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||||
COMMON STOCK: 97.1% | ||||||||||||||||
Consumer Discretionary: 10.3% | ||||||||||||||||
21,298 | @ | Amazon.com, Inc. | 6,609,834 | 0.8 | ||||||||||||
24,088 | Carnival Corp. | 1,091,909 | 0.1 | |||||||||||||
29,686 | CBS Corp. - Class B | 1,642,823 | 0.2 | |||||||||||||
146,843 | Comcast Corp. – Class A | 8,518,362 | 1.0 | |||||||||||||
26,515 | @ | DirecTV Group | 2,298,850 | 0.3 | ||||||||||||
220,162 | Ford Motor Co. | 3,412,511 | 0.4 | |||||||||||||
90,908 | General Motors Co. | 3,173,598 | 0.4 | |||||||||||||
77,535 | Home Depot, Inc. | 8,138,849 | 1.0 | |||||||||||||
37,645 | Johnson Controls, Inc. | 1,819,759 | 0.2 | |||||||||||||
21,318 | Las Vegas Sands Corp. | 1,239,855 | 0.1 | |||||||||||||
57,752 | Lowe's Cos, Inc. | 3,973,338 | 0.5 | |||||||||||||
56,033 | McDonald's Corp. | 5,250,292 | 0.6 | |||||||||||||
39,599 | Nike, Inc. | 3,807,444 | 0.4 | |||||||||||||
2,925 | @ | Priceline.com, Inc. | 3,335,114 | 0.4 | ||||||||||||
42,672 | Starbucks Corp. | 3,501,238 | 0.4 | |||||||||||||
35,924 | Target Corp. | 2,726,991 | 0.3 | |||||||||||||
20,151 | Thomson Reuters Corp. | 812,891 | 0.1 | |||||||||||||
15,793 | Time Warner Cable, Inc. | 2,401,484 | 0.3 | |||||||||||||
50,011 | Time Warner, Inc. | 4,271,940 | 0.5 | |||||||||||||
39,701 | TJX Cos., Inc. | 2,722,695 | 0.3 | |||||||||||||
107,951 | Twenty-First Century Fox, Inc. - Class A | 4,145,858 | 0.5 | |||||||||||||
24,370 | Viacom - Class B | 1,833,843 | 0.2 | |||||||||||||
98,179 | Walt Disney Co. | 9,247,480 | 1.1 | |||||||||||||
25,024 | Yum! Brands, Inc. | 1,822,998 | 0.2 | |||||||||||||
87,799,956 | 10.3 | |||||||||||||||
Consumer Staples: 10.1% | ||||||||||||||||
112,614 | Altria Group, Inc. | 5,548,492 | 0.7 | |||||||||||||
37,101 | Archer-Daniels-Midland Co. | 1,929,252 | 0.2 | |||||||||||||
225,094 | Coca-Cola Co. | 9,503,469 | 1.1 | |||||||||||||
51,899 | Colgate-Palmolive Co. | 3,590,892 | 0.4 | |||||||||||||
24,940 | Costco Wholesale Corp. | 3,535,245 | 0.4 | |||||||||||||
66,285 | CVS Caremark Corp. | 6,383,908 | 0.8 | |||||||||||||
13,005 | Estee Lauder Cos., Inc. | 990,981 | 0.1 | |||||||||||||
34,830 | General Mills, Inc. | 1,857,484 | 0.2 | |||||||||||||
14,561 | Kellogg Co. | 952,872 | �� | 0.1 | ||||||||||||
21,359 | Kimberly-Clark Corp. | 2,467,819 | 0.3 | |||||||||||||
33,743 | Kraft Foods Group, Inc. | 2,114,336 | 0.2 | |||||||||||||
95,879 | Mondelez International, Inc. | 3,482,805 | 0.4 | |||||||||||||
85,941 | PepsiCo, Inc. | 8,126,581 | 1.0 | |||||||||||||
89,169 | Philip Morris International, Inc. | 7,262,815 | 0.9 | |||||||||||||
153,400 | Procter & Gamble Co. | 13,973,206 | 1.6 | |||||||||||||
17,504 | Reynolds American, Inc. | 1,124,982 | 0.1 | |||||||||||||
33,140 | Sysco Corp. | 1,315,326 | 0.2 | |||||||||||||
54,108 | Walgreens Boots Alliance, Inc. | 4,123,030 | 0.5 | |||||||||||||
90,324 | Wal-Mart Stores, Inc. | 7,757,025 | 0.9 | |||||||||||||
86,040,520 | 10.1 |
Energy: 9.1% | ||||||||||||||||
28,633 | Anadarko Petroleum Corp. | 2,362,222 | 0.3 | |||||||||||||
21,868 | Apache Corp. | 1,370,468 | 0.2 | |||||||||||||
24,718 | Baker Hughes, Inc. | 1,385,938 | 0.2 | |||||||||||||
17,815 | California Resources Corp. | 98,161 | 0.0 | |||||||||||||
107,922 | Chevron Corp. | 12,106,690 | 1.4 | |||||||||||||
69,603 | ConocoPhillips | 4,806,783 | 0.6 | |||||||||||||
23,124 | Devon Energy Corp. | 1,415,420 | 0.2 | |||||||||||||
30,979 | EOG Resources, Inc. | 2,852,237 | 0.3 | |||||||||||||
243,446 | ExxonMobil Corp. | 22,506,583 | 2.6 | |||||||||||||
47,872 | Halliburton Co. | 1,882,806 | 0.2 | |||||||||||||
15,755 | Hess Corp. | 1,163,034 | 0.1 | |||||||||||||
76,993 | Kinder Morgan, Inc. | 3,257,574 | 0.4 | |||||||||||||
38,321 | Marathon Oil Corp. | 1,084,101 | 0.1 | |||||||||||||
14,252 | Marathon Petroleum Corp. | 1,286,385 | 0.2 | |||||||||||||
24,324 | National Oilwell Varco, Inc. | 1,593,952 | 0.2 | |||||||||||||
44,539 | Occidental Petroleum Corp. | 3,590,289 | 0.4 | |||||||||||||
32,080 | Phillips 66 | 2,300,136 | 0.3 | |||||||||||||
8,111 | Pioneer Natural Resources Co. | 1,207,322 | 0.1 | |||||||||||||
73,731 | Schlumberger Ltd. | 6,297,365 | 0.7 | |||||||||||||
38,025 | Spectra Energy Corp. | 1,380,307 | 0.2 | |||||||||||||
30,250 | Valero Energy Corp. | 1,497,375 | 0.2 | |||||||||||||
42,350 | Williams Cos., Inc. | 1,903,209 | 0.2 | |||||||||||||
77,348,357 | 9.1 | |||||||||||||||
Financials: 15.4% | ||||||||||||||||
19,146 | ACE Ltd. | 2,199,492 | 0.3 | |||||||||||||
25,750 | Aflac, Inc. | 1,573,067 | 0.2 | |||||||||||||
82,014 | American International Group, Inc. | 4,593,604 | 0.5 | |||||||||||||
24,608 | Allstate Corp. | 1,728,712 | 0.2 | |||||||||||||
51,424 | American Express Co. | 4,784,489 | 0.6 | |||||||||||||
22,439 | American Tower Corp. | 2,218,095 | 0.3 | |||||||||||||
596,127 | Bank of America Corp. | 10,664,712 | 1.3 | |||||||||||||
64,645 | Bank of New York Mellon Corp. | 2,622,648 | 0.3 | |||||||||||||
40,737 | BB&T Corp. | 1,584,262 | 0.2 | |||||||||||||
103,755 | @ | Berkshire Hathaway, Inc. – Class B | 15,578,813 | 1.8 | ||||||||||||
7,227 | Blackrock, Inc. | 2,584,086 | 0.3 | |||||||||||||
32,401 | Capital One Financial Corp. | 2,674,703 | 0.3 | |||||||||||||
63,728 | Charles Schwab Corp. | 1,923,948 | 0.2 | |||||||||||||
13,864 | Chubb Corp. | 1,434,508 | 0.2 | |||||||||||||
172,217 | Citigroup, Inc. | 9,318,662 | 1.1 | |||||||||||||
18,079 | CME Group, Inc. | 1,602,703 | 0.2 | |||||||||||||
26,434 | Discover Financial Services | 1,731,163 | 0.2 | |||||||||||||
20,481 | Equity Residential | 1,471,355 | 0.2 | |||||||||||||
22,494 | Franklin Resources, Inc. | 1,245,493 | 0.1 | |||||||||||||
25,352 | Goldman Sachs Group, Inc. | 4,913,978 | 0.6 | |||||||||||||
214,559 | JPMorgan Chase & Co. | 13,427,102 | 1.6 | |||||||||||||
31,161 | Marsh & McLennan Cos., Inc. | 1,783,656 | 0.2 | |||||||||||||
53,039 | Metlife, Inc. | 2,868,879 | 0.3 | |||||||||||||
86,947 | Morgan Stanley | 3,373,544 | 0.4 | |||||||||||||
30,284 | PNC Financial Services Group, Inc. | 2,762,809 | 0.3 |
See Accompanying Notes to Financial Statements
52 |
Voya Russell™ Large Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
26,080 | Prudential Financial, Inc. | 2,359,197 | 0.3 | |||||||||||||
8,142 | Public Storage, Inc. | 1,505,049 | 0.2 | |||||||||||||
17,610 | Simon Property Group, Inc. | 3,206,957 | 0.4 | |||||||||||||
24,402 | State Street Corp. | 1,915,557 | 0.2 | |||||||||||||
19,702 | Travelers Cos., Inc. | 2,085,457 | 0.2 | |||||||||||||
97,378 | US Bancorp. | 4,377,141 | 0.5 | |||||||||||||
270,728 | Wells Fargo & Co. | 14,841,309 | 1.7 | |||||||||||||
130,955,150 | 15.4 | |||||||||||||||
Health Care: 14.5% | ||||||||||||||||
85,149 | Abbott Laboratories | 3,833,408 | 0.5 | |||||||||||||
90,139 | AbbVie, Inc. | 5,898,696 | 0.7 | |||||||||||||
14,396 | @ | Actavis PLC | 3,705,674 | 0.4 | ||||||||||||
20,260 | Aetna, Inc. | 1,799,696 | 0.2 | |||||||||||||
11,213 | @ | Alexion Pharmaceuticals, Inc. | 2,074,741 | 0.2 | ||||||||||||
16,870 | Allergan, Inc. | 3,586,393 | 0.4 | |||||||||||||
42,914 | Amgen, Inc. | 6,835,771 | 0.8 | |||||||||||||
15,856 | Anthem, Inc. | 1,992,624 | 0.2 | |||||||||||||
30,757 | Baxter International, Inc. | 2,254,181 | 0.3 | |||||||||||||
10,950 | Becton Dickinson & Co. | 1,523,802 | 0.2 | |||||||||||||
13,447 | @ | Biogen Idec, Inc. | 4,564,584 | 0.5 | ||||||||||||
93,943 | Bristol-Myers Squibb Co. | 5,545,455 | 0.7 | |||||||||||||
45,403 | Celgene Corp. | 5,078,780 | 0.6 | |||||||||||||
25,563 | Covidien PLC | 2,614,584 | 0.3 | |||||||||||||
55,770 | Eli Lilly & Co. | 3,847,572 | 0.5 | |||||||||||||
41,603 | @ | Express Scripts Holding Co. | 3,522,526 | 0.4 | ||||||||||||
87,062 | @ | Gilead Sciences, Inc. | 8,206,464 | 1.0 | ||||||||||||
2,669 | Halyard Health, Inc. | 121,359 | 0.0 | |||||||||||||
160,383 | Johnson & Johnson | 16,771,250 | 2.0 | |||||||||||||
13,072 | McKesson Corp. | 2,713,486 | 0.3 | |||||||||||||
56,637 | Medtronic, Inc. | 4,089,191 | 0.5 | |||||||||||||
165,675 | Merck & Co., Inc. | 9,408,683 | 1.1 | |||||||||||||
361,608 | Pfizer, Inc. | 11,264,089 | 1.3 | |||||||||||||
4,470 | Regeneron Pharmaceuticals, Inc. | 1,833,818 | 0.2 | |||||||||||||
19,059 | Stryker Corp. | 1,797,836 | 0.2 | |||||||||||||
22,619 | Thermo Fisher Scientific, Inc. | 2,833,935 | 0.3 | |||||||||||||
55,544 | UnitedHealth Group, Inc. | 5,614,943 | 0.7 | |||||||||||||
123,333,541 | 14.5 | |||||||||||||||
Industrials: 10.1% | ||||||||||||||||
37,090 | 3M Co. | 6,094,629 | 0.7 | |||||||||||||
40,826 | American Airlines Group, Inc. | 2,189,498 | 0.3 | |||||||||||||
41,340 | Boeing Co. | 5,373,373 | 0.6 | |||||||||||||
35,391 | Caterpillar, Inc. | 3,239,338 | 0.4 | |||||||||||||
56,950 | CSX Corp. | 2,063,299 | 0.2 | |||||||||||||
10,424 | Cummins, Inc. | 1,502,828 | 0.2 | |||||||||||||
34,441 | Danaher Corp. | 2,951,938 | 0.4 | |||||||||||||
20,625 | Deere & Co. | 1,824,694 | 0.2 | |||||||||||||
48,076 | Delta Airlines, Inc. | 2,364,858 | 0.3 | |||||||||||||
27,030 | Eaton Corp. PLC | 1,836,959 | 0.2 | |||||||||||||
39,777 | Emerson Electric Co. | 2,455,434 | 0.3 | |||||||||||||
16,755 | FedEx Corp. | 2,909,673 | 0.3 | |||||||||||||
17,335 | General Dynamics Corp. | 2,385,643 | 0.3 | |||||||||||||
568,471 | General Electric Co. | 14,365,262 | 1.7 | |||||||||||||
44,399 | Honeywell International, Inc. | 4,436,348 | 0.5 |
18,345 | Illinois Tool Works, Inc. | 1,737,272 | 0.2 | |||||||||||||
15,363 | Lockheed Martin Corp. | 2,958,453 | 0.4 | |||||||||||||
17,557 | Norfolk Southern Corp. | 1,924,423 | 0.2 | |||||||||||||
11,452 | Northrop Grumman Corp. | 1,687,910 | 0.2 | |||||||||||||
8,206 | Precision Castparts Corp. | 1,976,661 | 0.2 | |||||||||||||
17,738 | Raytheon Co. | 1,918,720 | 0.2 | |||||||||||||
51,355 | Union Pacific Corp. | 6,117,921 | 0.7 | |||||||||||||
40,125 | United Parcel Service, Inc. - Class B | 4,460,696 | 0.5 | |||||||||||||
51,967 | United Technologies Corp. | 5,976,205 | 0.7 | |||||||||||||
26,384 | Waste Management, Inc. | 1,354,027 | 0.2 | |||||||||||||
86,106,062 | 10.1 | |||||||||||||||
Information Technology: 20.5% | ||||||||||||||||
35,859 | Accenture PLC | 3,202,567 | 0.4 | |||||||||||||
28,219 | @ | Adobe Systems, Inc. | 2,051,521 | 0.2 | ||||||||||||
341,823 | Apple, Inc. | 37,730,423 | 4.4 | |||||||||||||
27,329 | Automatic Data Processing, Inc. | 2,278,419 | 0.3 | |||||||||||||
9,109 | CDK Global, Inc. | 371,283 | 0.0 | |||||||||||||
290,402 | Cisco Systems, Inc. | 8,077,532 | 1.0 | |||||||||||||
34,491 | Cognizant Technology Solutions Corp. | 1,816,296 | 0.2 | |||||||||||||
74,160 | Corning, Inc. | 1,700,489 | 0.2 | |||||||||||||
71,848 | @ | eBay, Inc. | 4,032,110 | 0.5 | ||||||||||||
116,075 | EMC Corp. | 3,452,070 | 0.4 | |||||||||||||
111,931 | Facebook, Inc. | 8,732,857 | 1.0 | |||||||||||||
15,913 | Google, Inc. – Class A | 8,444,393 | 1.0 | |||||||||||||
16,101 | Google, Inc. - Class C | 8,475,566 | 1.0 | |||||||||||||
107,439 | Hewlett-Packard Co. | 4,311,527 | 0.5 | |||||||||||||
53,628 | International Business Machines Corp. | 8,604,076 | 1.0 | |||||||||||||
282,209 | Intel Corp. | 10,241,365 | 1.2 | |||||||||||||
56,998 | Mastercard, Inc. | 4,910,948 | 0.6 | |||||||||||||
60,682 | @ | Micron Technology, Inc. | 2,124,477 | 0.3 | ||||||||||||
468,279 | Microsoft Corp. | 21,751,559 | 2.6 | |||||||||||||
186,206 | Oracle Corp. | 8,373,684 | 1.0 | |||||||||||||
95,687 | Qualcomm, Inc. | 7,112,415 | 0.8 | |||||||||||||
34,808 | @ | Salesforce.com, Inc. | 2,064,462 | 0.2 | ||||||||||||
61,184 | Texas Instruments, Inc. | 3,271,203 | 0.4 | |||||||||||||
28,426 | Visa, Inc. | 7,453,297 | 0.9 | |||||||||||||
5,037 | VMware, Inc. | 415,653 | 0.1 | |||||||||||||
53,703 | @ | Yahoo!, Inc. | 2,712,538 | 0.3 | ||||||||||||
173,712,730 | 20.5 | |||||||||||||||
Materials: 2.5% | ||||||||||||||||
12,034 | Air Products & Chemicals, Inc. | 1,735,664 | 0.2 | |||||||||||||
68,264 | Dow Chemical Co. | 3,113,521 | 0.4 | |||||||||||||
15,114 | Ecolab, Inc. | 1,579,715 | 0.2 | |||||||||||||
52,058 | EI Du Pont de Nemours & Co. | 3,849,169 | 0.4 | |||||||||||||
58,894 | Freeport-McMoRan, Inc. | 1,375,764 | 0.2 | |||||||||||||
23,732 | LyondellBasell Industries NV - Class A | 1,884,083 | 0.2 | |||||||||||||
27,418 | Monsanto Co. | 3,275,628 | 0.4 | |||||||||||||
7,837 | PPG Industries, Inc. | 1,811,523 | 0.2 | |||||||||||||
16,608 | Praxair, Inc. | 2,151,733 | 0.3 | |||||||||||||
8,376 | Southern Copper Corp. | 236,203 | 0.0 | |||||||||||||
21,013,003 | 2.5 |
See Accompanying Notes to Financial Statements |
53 |
Voya Russell™ Large Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Telecommunication Services: 2.7% | ||||||||||||||||
294,245 | AT&T, Inc. | 9,883,689 | 1.2 | |||||||||||||
32,468 | CenturyTel, Inc. | 1,285,083 | 0.2 | |||||||||||||
41,865 | Sprint Corp. | 173,740 | 0.0 | |||||||||||||
15,255 | T-Mobile US, Inc. | 410,970 | 0.0 | |||||||||||||
234,760 | Verizon Communications, Inc. | 10,982,073 | 1.3 | |||||||||||||
22,735,555 | 2.7 | |||||||||||||||
Utilities: 1.9% | ||||||||||||||||
27,672 | American Electric Power Co., Inc. | 1,680,244 | 0.2 | |||||||||||||
32,975 | Dominion Resources, Inc. | 2,535,778 | 0.3 | |||||||||||||
40,089 | Duke Energy Corp. | 3,349,035 | 0.4 | |||||||||||||
48,678 | Exelon Corp. | 1,804,980 | 0.2 | |||||||||||||
24,724 | NextEra Energy, Inc. | 2,627,914 | 0.3 | |||||||||||||
26,351 | Pacific Gas & Electric Co. | 1,402,927 | 0.2 | |||||||||||||
50,538 | Southern Co. | 2,481,921 | 0.3 | |||||||||||||
15,882,799 | 1.9 | |||||||||||||||
Total Common Stock | ||||||||||||||||
(Cost $359,453,988) | 824,927,673 | 97.1 | ||||||||||||||
SHORT-TERM INVESTMENTS: 2.8% | ||||||||||||||||
Mutual Funds: 2.8% | ||||||||||||||||
23,614,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||||
(Cost $23,614,000) | 23,614,000 | 2.8 | ||||||||||||||
Total Short-Term Investments | ||||||||||||||||
(Cost $23,614,000) | 23,614,000 | 2.8 | ||||||||||||||
Total Investments in Securities (Cost $383,067,988) | $ | 848,541,673 | 99.9 | |||||||||||||
Assets in Excess of Other Liabilities | 939,048 | 0.1 | ||||||||||||||
Net Assets | $ | 849,480,721 | 100.0 |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
Cost for federal income tax purposes is $387,756,383.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 466,753,355 | ||
Gross Unrealized Depreciation | (5,968,065 | ) | ||
Net Unrealized Appreciation | $ | 460,785,290 |
See Accompanying Notes to Financial Statements
54 |
Voya Russell™ Large Cap Value Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 95.2% | ||||||||||||||
Consumer Discretionary: 4.6% | ||||||||||||||
11,608 | Carnival Corp. | 526,191 | 0.3 | |||||||||||
1,346 | CBS Corp. - Class B | 74,488 | 0.0 | |||||||||||
6,016 | Comcast Corp. – Class A | 348,988 | 0.2 | |||||||||||
106,093 | Ford Motor Co. | 1,644,442 | 0.8 | |||||||||||
43,817 | General Motors Co. | 1,529,651 | 0.7 | |||||||||||
13,301 | Johnson Controls, Inc. | 642,970 | 0.3 | |||||||||||
15,567 | Target Corp. | 1,181,691 | 0.6 | |||||||||||
9,707 | Thomson Reuters Corp. | 391,580 | 0.2 | |||||||||||
24,100 | Time Warner, Inc. | 2,058,622 | 1.0 | |||||||||||
13,684 | Twenty-First Century Fox, Inc. - Class A | 525,534 | 0.2 | |||||||||||
7,666 | Walt Disney Co. | 722,061 | 0.3 | |||||||||||
9,646,218 | 4.6 | |||||||||||||
Consumer Staples: 8.7% | ||||||||||||||
2,931 | Altria Group, Inc. | 144,410 | 0.1 | |||||||||||
16,127 | Archer-Daniels-Midland Co. | 838,604 | 0.4 | |||||||||||
2,651 | Colgate-Palmolive Co. | 183,423 | 0.1 | |||||||||||
693 | Costco Wholesale Corp. | 98,233 | 0.0 | |||||||||||
27,408 | CVS Caremark Corp. | 2,639,665 | 1.3 | |||||||||||
615 | Kellogg Co. | 40,246 | 0.0 | |||||||||||
1,762 | Kimberly-Clark Corp. | 203,582 | 0.1 | |||||||||||
46,213 | Mondelez International, Inc. | 1,678,687 | 0.8 | |||||||||||
17,749 | Philip Morris International, Inc. | 1,445,656 | 0.7 | |||||||||||
69,715 | Procter & Gamble Co. | 6,350,339 | 3.1 | |||||||||||
2,067 | Reynolds American, Inc. | 132,846 | 0.1 | |||||||||||
9,980 | Sysco Corp. | 396,106 | 0.2 | |||||||||||
6,466 | Walgreens Boots Alliance, Inc. | 492,709 | 0.2 | |||||||||||
39,088 | Wal-Mart Stores, Inc. | 3,356,877 | 1.6 | |||||||||||
18,001,383 | 8.7 | |||||||||||||
Energy: 13.8% | ||||||||||||||
12,792 | Anadarko Petroleum Corp. | 1,055,340 | 0.5 | |||||||||||
10,539 | Apache Corp. | 660,479 | 0.3 | |||||||||||
10,922 | Baker Hughes, Inc. | 612,397 | 0.3 | |||||||||||
8,585 | California Resources Corp. | 47,303 | 0.0 | |||||||||||
52,010 | Chevron Corp. | 5,834,482 | 2.8 | |||||||||||
33,542 | ConocoPhillips | 2,316,411 | 1.1 | |||||||||||
11,144 | Devon Energy Corp. | 682,124 | 0.3 | |||||||||||
117,326 | ExxonMobil Corp. | 10,846,789 | 5.2 | |||||||||||
7,593 | Hess Corp. | 560,515 | 0.3 | |||||||||||
26,862 | Kinder Morgan, Inc. | 1,136,531 | 0.6 | |||||||||||
18,472 | Marathon Oil Corp. | 522,573 | 0.3 | |||||||||||
1,752 | Marathon Petroleum Corp. | 158,136 | 0.1 | |||||||||||
10,727 | National Oilwell Varco, Inc. | 702,940 | 0.3 | |||||||||||
21,464 | Occidental Petroleum Corp. | 1,730,213 | 0.8 | |||||||||||
9,122 | Phillips 66 | 654,047 | 0.3 |
18,325 | Spectra Energy Corp. | 665,197 | 0.3 | |||||||||||
11,094 | Valero Energy Corp. | 549,153 | 0.3 | |||||||||||
28,734,630 | 13.8 | |||||||||||||
Financials: 27.1% | ||||||||||||||
9,227 | ACE Ltd. | 1,059,998 | 0.5 | |||||||||||
12,409 | Aflac, Inc. | 758,066 | 0.4 | |||||||||||
39,523 | American International Group, Inc. | 2,213,683 | 1.1 | |||||||||||
11,857 | Allstate Corp. | 832,954 | 0.4 | |||||||||||
287,295 | Bank of America Corp. | 5,139,707 | 2.5 | |||||||||||
31,156 | Bank of New York Mellon Corp. | 1,263,999 | 0.6 | |||||||||||
19,633 | BB&T Corp. | 763,527 | 0.4 | |||||||||||
50,003 | @ | Berkshire Hathaway, Inc. – Class B | 7,507,950 | 3.6 | ||||||||||
2,153 | Blackrock, Inc. | 769,827 | 0.4 | |||||||||||
15,618 | Capital One Financial Corp. | 1,289,266 | 0.6 | |||||||||||
25,644 | Charles Schwab Corp. | 774,192 | 0.4 | |||||||||||
6,679 | Chubb Corp. | 691,076 | 0.3 | |||||||||||
82,996 | Citigroup, Inc. | 4,490,914 | 2.2 | |||||||||||
8,710 | CME Group, Inc. | 772,141 | 0.4 | |||||||||||
12,738 | Discover Financial Services | 834,212 | 0.4 | |||||||||||
9,870 | Equity Residential | 709,061 | 0.3 | |||||||||||
1,984 | Franklin Resources, Inc. | 109,854 | 0.1 | |||||||||||
12,218 | Goldman Sachs Group, Inc. | 2,368,215 | 1.1 | |||||||||||
103,402 | JPMorgan Chase & Co. | 6,470,897 | 3.1 | |||||||||||
4,895 | Marsh & McLennan Cos., Inc. | 280,190 | 0.1 | |||||||||||
25,562 | Metlife, Inc. | 1,382,649 | 0.7 | |||||||||||
41,902 | Morgan Stanley | 1,625,798 | 0.8 | |||||||||||
14,593 | PNC Financial Services Group, Inc. | 1,331,319 | 0.6 | |||||||||||
12,569 | Prudential Financial, Inc. | 1,136,992 | 0.6 | |||||||||||
301 | Public Storage, Inc. | 55,640 | 0.0 | |||||||||||
2,157 | Simon Property Group, Inc. | 392,811 | 0.2 | |||||||||||
11,760 | State Street Corp. | 923,160 | 0.4 | |||||||||||
9,494 | Travelers Cos., Inc. | 1,004,940 | 0.5 | |||||||||||
46,932 | US Bancorp. | 2,109,593 | 1.0 | |||||||||||
130,473 | Wells Fargo & Co. | 7,152,530 | 3.4 | |||||||||||
56,215,161 | 27.1 | |||||||||||||
Health Care: 14.8% | ||||||||||||||
41,034 | Abbott Laboratories | 1,847,351 | 0.9 | |||||||||||
6,856 | Aetna, Inc. | 609,019 | 0.3 | |||||||||||
1,076 | Amgen, Inc. | 171,396 | 0.1 | |||||||||||
7,642 | Anthem, Inc. | 960,370 | 0.5 | |||||||||||
29,114 | Bristol-Myers Squibb Co. | 1,718,599 | 0.8 | |||||||||||
12,318 | Covidien PLC | 1,259,885 | 0.6 | |||||||||||
26,878 | Eli Lilly & Co. | 1,854,313 | 0.9 | |||||||||||
2,687 | @ | Express Scripts Holding Co. | 227,508 | 0.1 | ||||||||||
220 | Halyard Health, Inc. | 10,003 | 0.0 | |||||||||||
65,159 | Johnson & Johnson | 6,813,677 | 3.3 | |||||||||||
27,294 | Medtronic, Inc. | 1,970,627 | 0.9 | |||||||||||
68,664 | Merck & Co., Inc. | 3,899,429 | 1.9 | |||||||||||
174,270 | Pfizer, Inc. | 5,428,511 | 2.6 | |||||||||||
3,712 | Stryker Corp. | 350,153 | 0.2 |
See Accompanying Notes to Financial Statements
55 |
Voya Russell™ Large Cap Value Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
6,508 | Thermo Fisher Scientific, Inc. | 815,387 | 0.4 | |||||||||||
26,770 | UnitedHealth Group, Inc. | 2,706,179 | 1.3 | |||||||||||
30,642,407 | 14.8 | |||||||||||||
Industrials: 10.0% | ||||||||||||||
13,439 | Caterpillar, Inc. | 1,230,072 | 0.6 | |||||||||||
27,440 | CSX Corp. | 994,151 | 0.5 | |||||||||||
12,700 | Danaher Corp. | 1,088,517 | 0.5 | |||||||||||
7,753 | Deere & Co. | 685,908 | 0.3 | |||||||||||
21,961 | Delta Airlines, Inc. | 1,080,262 | 0.5 | |||||||||||
13,025 | Eaton Corp. PLC | 885,179 | 0.4 | |||||||||||
4,852 | Emerson Electric Co. | 299,514 | 0.1 | |||||||||||
4,602 | FedEx Corp. | 799,183 | 0.4 | |||||||||||
8,355 | General Dynamics Corp. | 1,149,815 | 0.6 | |||||||||||
273,964 | General Electric Co. | 6,923,070 | 3.3 | |||||||||||
6,666 | Norfolk Southern Corp. | 730,660 | 0.4 | |||||||||||
5,519 | Northrop Grumman Corp. | 813,446 | 0.4 | |||||||||||
8,549 | Raytheon Co. | 924,745 | 0.5 | |||||||||||
22,242 | United Technologies Corp. | 2,557,830 | 1.2 | |||||||||||
11,404 | Waste Management, Inc. | 585,253 | 0.3 | |||||||||||
20,747,605 | 10.0 | |||||||||||||
Information Technology: 8.5% | ||||||||||||||
139,955 | Cisco Systems, Inc. | 3,892,848 | 1.9 | |||||||||||
27,460 | Corning, Inc. | 629,658 | 0.3 | |||||||||||
50,394 | EMC Corp. | 1,498,718 | 0.7 | |||||||||||
51,776 | Hewlett-Packard Co. | 2,077,771 | 1.0 | |||||||||||
124,441 | Intel Corp. | 4,515,964 | 2.2 | |||||||||||
3,595 | @ | Micron Technology, Inc. | 125,861 | 0.0 | ||||||||||
79,665 | Microsoft Corp. | 3,700,439 | 1.8 | |||||||||||
25,881 | @ | Yahoo!, Inc. | 1,307,249 | 0.6 | ||||||||||
17,748,508 | 8.5 | |||||||||||||
Materials: 1.4% | ||||||||||||||
5,800 | Air Products & Chemicals, Inc. | 836,534 | 0.4 | |||||||||||
27,633 | Dow Chemical Co. | 1,260,341 | 0.6 | |||||||||||
1,405 | EI Du Pont de Nemours & Co. | 103,886 | 0.1 | |||||||||||
28,378 | Freeport-McMoRan, Inc. | 662,910 | 0.3 | |||||||||||
2,863,671 | 1.4 | |||||||||||||
Telecommunication Services: 2.7% | ||||||||||||||
141,811 | AT&T, Inc. | 4,763,432 | 2.3 | |||||||||||
14,692 | CenturyTel, Inc. | 581,509 | 0.3 | |||||||||||
19,909 | Sprint Corp. | 82,622 | 0.0 | |||||||||||
7,254 | T-Mobile US, Inc. | 195,423 | 0.1 | |||||||||||
5,622,986 | 2.7 | |||||||||||||
Utilities: 3.6% | ||||||||||||||
13,337 | American Electric Power Co., Inc. | 809,823 | 0.4 | |||||||||||
14,921 | Dominion Resources, Inc. | 1,147,425 | 0.5 | |||||||||||
19,322 | Duke Energy Corp. | 1,614,160 | 0.8 | |||||||||||
23,459 | Exelon Corp. | 869,860 | 0.4 | |||||||||||
11,915 | NextEra Energy, Inc. | 1,266,445 | 0.6 | |||||||||||
12,696 | Pacific Gas & Electric Co. | 675,935 | 0.3 |
24,358 | Southern Co. | 1,196,221 | 0.6 | |||||||||||
7,579,869 | 3.6 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $127,265,338) | 197,802,438 | 95.2 | ||||||||||||
SHORT-TERM INVESTMENTS: 4.4% | ||||||||||||||
Mutual Funds: 4.4% | ||||||||||||||
9,062,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $9,062,000) | 9,062,000 | 4.4 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $9,062,000) | 9,062,000 | 4.4 | ||||||||||||
Total Investments in Securities (Cost $136,327,338) | $ | 206,864,438 | 99.6 | |||||||||||
Assets in Excess of Other Liabilities | 822,062 | 0.4 | ||||||||||||
Net Assets | $ | 207,686,500 | 100.0 |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
Cost for federal income tax purposes is $140,119,260. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 71,189,496 | ||
Gross Unrealized Depreciation | (4,444,318 | ) | ||
Net Unrealized Appreciation | $ | 66,745,178 |
See Accompanying Notes to Financial Statements
56 |
Voya Russell™ Mid Cap Growth Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 99.8% | ||||||||||||||
Consumer Discretionary: 24.6% | ||||||||||||||
1,508 | Aaron's, Inc. | 46,100 | 0.0 | |||||||||||
1,344 | L | Abercrombie & Fitch Co. | 38,492 | 0.0 | ||||||||||
9,264 | Advance Auto Parts, Inc. | 1,475,570 | 0.4 | |||||||||||
7,579 | AMC Networks, Inc. | 483,313 | 0.1 | |||||||||||
5,013 | ARAMARK Holdings Corp. | 156,155 | 0.0 | |||||||||||
8,764 | @ | Autonation, Inc. | 529,433 | 0.1 | ||||||||||
4,141 | @ | Autozone, Inc. | 2,563,734 | 0.6 | ||||||||||
9,949 | @ | Bed Bath & Beyond, Inc. | 757,815 | 0.2 | ||||||||||
11,013 | Best Buy Co., Inc. | 429,287 | 0.1 | |||||||||||
2,016 | Big Lots, Inc. | 80,680 | 0.0 | |||||||||||
29,026 | BorgWarner, Inc. | 1,594,979 | 0.4 | |||||||||||
8,248 | Brinker International, Inc. | 484,075 | 0.1 | |||||||||||
747 | Cabela's, Inc. | 39,374 | 0.0 | |||||||||||
24,837 | L | Cablevision Systems Corp. | 512,636 | 0.1 | ||||||||||
19,287 | @ | Carmax, Inc. | 1,284,128 | 0.3 | ||||||||||
6,818 | Carter's, Inc. | 595,280 | 0.1 | |||||||||||
10,075 | Charter Communications, Inc. | 1,678,696 | 0.4 | |||||||||||
8,638 | Chico's FAS, Inc. | 140,022 | 0.0 | |||||||||||
3,947 | Chipotle Mexican Grill, Inc. | 2,701,761 | 0.6 | |||||||||||
328 | Choice Hotels International, Inc. | 18,375 | 0.0 | |||||||||||
14,654 | Cinemark Holdings, Inc. | 521,389 | 0.1 | |||||||||||
2,690 | Clear Channel Outdoor Holdings, Inc. | 28,487 | 0.0 | |||||||||||
34,814 | Coach, Inc. | 1,307,614 | 0.3 | |||||||||||
6,749 | Coty, Inc - Class A | 139,434 | 0.0 | |||||||||||
8,273 | CST Brands, Inc. | 360,786 | 0.1 | |||||||||||
4,394 | @ | Deckers Outdoor Corp. | 400,030 | 0.1 | ||||||||||
2,184 | Dick's Sporting Goods, Inc. | 108,436 | 0.0 | |||||||||||
2,071 | Dillard's, Inc. | 259,248 | 0.1 | |||||||||||
29,142 | Discovery Communications, Inc. - Class A | 1,003,942 | 0.2 | |||||||||||
29,142 | Discovery Communications, Inc. - Class C | 982,668 | 0.2 | |||||||||||
19,847 | @ | Dish Network Corp. - Class A | 1,446,648 | 0.3 | ||||||||||
29,951 | Dollar General Corp. | 2,117,536 | 0.5 | |||||||||||
26,259 | @ | Dollar Tree, Inc. | 1,848,108 | 0.4 | ||||||||||
7,064 | Domino's Pizza, Inc. | 665,217 | 0.2 | |||||||||||
3,613 | D.R. Horton, Inc. | 91,373 | 0.0 | |||||||||||
13,507 | Dunkin' Brands Group, Inc. | 576,074 | 0.1 | |||||||||||
12,846 | Expedia, Inc. | 1,096,535 | 0.3 | |||||||||||
11,453 | Family Dollar Stores, Inc. | 907,192 | 0.2 | |||||||||||
2,710 | Foot Locker, Inc. | 152,248 | 0.0 | |||||||||||
5,920 | @ | Fossil Group, Inc. | 655,581 | 0.2 | ||||||||||
760 | L | GameStop Corp. | 25,688 | 0.0 | ||||||||||
31,840 | Gap, Inc. | 1,340,782 | 0.3 |
11,025 | Gentex Corp. | 398,333 | 0.1 | |||||||||||
18,254 | Genuine Parts Co. | 1,945,329 | 0.5 | |||||||||||
11,562 | GNC Holdings, Inc. | 542,951 | 0.1 | |||||||||||
34,961 | Goodyear Tire & Rubber Co. | 998,836 | 0.2 | |||||||||||
1,706 | L | GoPro, Inc. | 107,853 | 0.0 | ||||||||||
61,094 | Groupon, Inc. | 504,636 | 0.1 | |||||||||||
34,813 | H&R Block, Inc. | 1,172,502 | 0.3 | |||||||||||
12,643 | Hanesbrands, Inc. | 1,411,212 | 0.3 | |||||||||||
27,723 | Harley-Davidson, Inc. | 1,827,223 | 0.4 | |||||||||||
8,646 | Harman International Industries, Inc. | 922,615 | 0.2 | |||||||||||
12,389 | Hasbro, Inc. | 681,271 | 0.2 | |||||||||||
17,177 | Hilton Worldwide Holdings, Inc. | 448,148 | 0.1 | |||||||||||
11,103 | HomeAway, Inc. | 330,647 | 0.1 | |||||||||||
313 | Hyatt Hotels Corp. | 18,846 | 0.0 | |||||||||||
53,782 | Interpublic Group of Cos., Inc. | 1,117,052 | 0.3 | |||||||||||
7,600 | @ | Jarden Corp. | 363,888 | 0.1 | ||||||||||
16,073 | @ | Kate Spade & Co. | 514,497 | 0.1 | ||||||||||
1,496 | Kohl's Corp. | 91,316 | 0.0 | |||||||||||
11,018 | L Brands, Inc. | 953,608 | 0.2 | |||||||||||
8,269 | Lear Corp. | 811,023 | 0.2 | |||||||||||
8,791 | Leggett & Platt, Inc. | 374,584 | 0.1 | |||||||||||
1,395 | Lennar Corp. | 62,510 | 0.0 | |||||||||||
31,166 | Liberty Media Corp. - Interactive | 916,904 | 0.2 | |||||||||||
9,459 | Liberty TripAdvisor Holdings, Inc. | 254,447 | 0.1 | |||||||||||
18,219 | Liberty Ventures | 687,221 | 0.2 | |||||||||||
10,317 | L | Lions Gate Entertainment Corp. | 330,350 | 0.1 | ||||||||||
9,424 | Live Nation, Inc. | 246,061 | 0.1 | |||||||||||
38,334 | @ | LKQ Corp. | 1,077,952 | 0.3 | ||||||||||
35,466 | Macy's, Inc. | 2,331,889 | 0.6 | |||||||||||
24,584 | Marriott International, Inc. | 1,918,290 | 0.5 | |||||||||||
15,588 | Mattel, Inc. | 482,371 | 0.1 | |||||||||||
34,562 | McGraw-Hill Cos., Inc. | 3,075,327 | 0.7 | |||||||||||
4,119 | @ | MGM Resorts International | 88,064 | 0.0 | ||||||||||
25,940 | Michael Kors Holdings Ltd. | 1,948,094 | 0.5 | |||||||||||
2,325 | Michaels Cos, Inc. | 57,497 | 0.0 | |||||||||||
2,480 | Morningstar, Inc. | 160,481 | 0.0 | |||||||||||
2,789 | Murphy USA, Inc. | 192,051 | 0.1 | |||||||||||
7,612 | @ | NetFlix, Inc. | 2,600,335 | 0.6 | ||||||||||
20,830 | Newell Rubbermaid, Inc. | 793,415 | 0.2 | |||||||||||
17,602 | Nordstrom, Inc. | 1,397,423 | 0.3 | |||||||||||
10,666 | @ | Norwegian Cruise Line Holdings Ltd. | 498,742 | 0.1 | ||||||||||
533 | @ | NVR, Inc. | 679,751 | 0.2 | ||||||||||
32,813 | Omnicom Group, Inc. | 2,542,023 | 0.6 | |||||||||||
13,468 | @ | O'Reilly Automotive, Inc. | 2,594,206 | 0.6 | ||||||||||
26,086 | Pandora Media, Inc. | 465,113 | 0.1 | |||||||||||
3,111 | @ | Panera Bread Co. | 543,803 | 0.1 | ||||||||||
2,475 | Penske Auto Group, Inc. | 121,448 | 0.0 | |||||||||||
12,597 | Petsmart, Inc. | 1,024,073 | 0.2 | |||||||||||
8,367 | Polaris Industries, Inc. | 1,265,425 | 0.3 | |||||||||||
9,153 | PVH Corp. | 1,173,140 | 0.3 | |||||||||||
5,638 | Ralph Lauren Corp. | 1,043,932 | 0.2 | |||||||||||
2,665 | L | Regal Entertainment Group | 56,924 | 0.0 |
See Accompanying Notes to Financial Statements
57 |
Voya Russell™ Mid Cap Growth Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
27,134 | @ | Restaurant Brands International, Inc. | 1,059,311 | 0.3 | ||||||||||
26,970 | Ross Stores, Inc. | 2,542,192 | 0.6 | |||||||||||
15,238 | @ | Sally Beauty Holdings, Inc. | 468,416 | 0.1 | ||||||||||
13,415 | Scripps Networks Interactive - Class A | 1,009,747 | 0.2 | |||||||||||
2,695 | Sears Holding Corp. | 88,881 | 0.0 | |||||||||||
8,733 | SeaWorld Entertainment, Inc. | 156,321 | 0.0 | |||||||||||
21,085 | Service Corp. International | 478,629 | 0.1 | |||||||||||
3,638 | ServiceMaster Global Holdings, Inc. | 97,389 | 0.0 | |||||||||||
6,998 | Signet Jewelers Ltd. | 920,727 | 0.2 | |||||||||||
329,182 | @ | Sirius XM Holdings, Inc. | 1,152,137 | 0.3 | ||||||||||
9,349 | Six Flags Entertainment Corp. | 403,409 | 0.1 | |||||||||||
10,179 | Starwood Hotels & Resorts Worldwide, Inc. | 825,212 | 0.2 | |||||||||||
10,531 | @ | Starz | 312,771 | 0.1 | ||||||||||
7,718 | @ | Tempur Sealy International, Inc. | 423,795 | 0.1 | ||||||||||
12,068 | L | Tesla Motors, Inc. | 2,684,044 | 0.6 | ||||||||||
5,900 | Thor Industries, Inc. | 329,633 | 0.1 | |||||||||||
14,323 | Tiffany & Co. | 1,530,556 | 0.4 | |||||||||||
17,585 | Tractor Supply Co. | 1,386,050 | 0.3 | |||||||||||
14,140 | TripAdvisor, Inc. | 1,055,692 | 0.3 | |||||||||||
6,404 | Tupperware Corp. | 403,452 | 0.1 | |||||||||||
8,167 | @ | Ulta Salon Cosmetics & Fragrance, Inc. | 1,044,069 | 0.3 | ||||||||||
21,964 | Under Armour, Inc. | 1,491,356 | 0.4 | |||||||||||
9,915 | @ | Urban Outfitters, Inc. | 348,314 | 0.1 | ||||||||||
43,804 | VF Corp. | 3,280,920 | 0.8 | |||||||||||
919 | Whirlpool Corp. | 178,047 | 0.0 | |||||||||||
11,952 | Williams-Sonoma, Inc. | 904,527 | 0.2 | |||||||||||
16,164 | Wyndham Worldwide Corp. | 1,386,225 | 0.3 | |||||||||||
10,289 | Wynn Resorts Ltd. | 1,530,592 | 0.4 | |||||||||||
1,698 | L | Zulily, Inc. | 39,733 | 0.0 | ||||||||||
105,342,700 | 24.6 | |||||||||||||
Consumer Staples: 7.9% | ||||||||||||||
22,736 | Avon Products, Inc. | 213,491 | 0.0 | |||||||||||
19,536 | Brown-Forman Corp. | 1,716,042 | 0.4 | |||||||||||
14,673 | Campbell Soup Co. | 645,612 | 0.2 | |||||||||||
17,260 | Church & Dwight Co., Inc. | 1,360,261 | 0.3 | |||||||||||
13,537 | Clorox Co. | 1,410,691 | 0.3 | |||||||||||
31,924 | Coca-Cola Enterprises, Inc. | 1,411,679 | 0.3 | |||||||||||
18,985 | @ | Constellation Brands, Inc. | 1,863,758 | 0.4 | ||||||||||
24,932 | Dr Pepper Snapple Group, Inc. | 1,787,126 | 0.4 | |||||||||||
21,818 | Flowers Foods, Inc. | 418,687 | 0.1 | |||||||||||
11,654 | Hain Celestial Group, Inc. | 679,312 | 0.2 | |||||||||||
9,758 | @,L | Herbalife Ltd. | 367,877 | 0.1 | ||||||||||
18,985 | Hershey Co. | 1,973,111 | 0.5 | |||||||||||
16,990 | Hormel Foods Corp. | 885,179 | 0.2 | |||||||||||
1,437 | Ingredion, Inc. | 121,915 | 0.0 | |||||||||||
17,958 | Keurig Green Mountain, Inc. | 2,377,549 | 0.6 | |||||||||||
64,783 | Kroger Co. | 4,159,716 | 1.0 | |||||||||||
46,032 | Lorillard, Inc. | 2,897,254 | 0.7 | |||||||||||
16,570 | McCormick & Co., Inc. | 1,231,151 | 0.3 |
25,660 | Mead Johnson Nutrition Co. | 2,579,856 | 0.6 | |||||||||||
18,177 | @ | Monster Beverage Corp. | 1,969,478 | 0.5 | ||||||||||
7,565 | L | Nu Skin Enterprises, Inc. | 330,591 | 0.1 | ||||||||||
1,065 | @,L | Pilgrim's Pride Corp. | 34,921 | 0.0 | ||||||||||
82,844 | @ | Rite Aid Corp. | 622,987 | 0.1 | ||||||||||
2,724 | Spectrum Brands Holdings, Inc. | 260,632 | 0.1 | |||||||||||
12,540 | Sprouts Farmers Market, Inc. | 426,109 | 0.1 | |||||||||||
2,232 | Tyson Foods, Inc. | 89,481 | 0.0 | |||||||||||
22,079 | WhiteWave Foods Co. | 772,544 | 0.2 | |||||||||||
20,299 | Whole Foods Market, Inc. | 1,023,476 | 0.2 | |||||||||||
33,630,486 | 7.9 | |||||||||||||
Energy: 5.0% | ||||||||||||||
6,803 | Antero Resources Corp. | 276,066 | 0.1 | |||||||||||
1,796 | Atwood Oceanics, Inc. | 50,952 | 0.0 | |||||||||||
52,985 | Cabot Oil & Gas Corp. | 1,568,886 | 0.4 | |||||||||||
16,566 | @ | Cameron International Corp. | 827,472 | 0.2 | ||||||||||
30,205 | @ | Cheniere Energy, Inc. | 2,126,432 | 0.5 | ||||||||||
15,542 | Chesapeake Energy Corp. | 304,157 | 0.1 | |||||||||||
1,350 | Cimarex Energy Co. | 143,100 | 0.0 | |||||||||||
40,911 | Cobalt International Energy, Inc. | 363,699 | 0.1 | |||||||||||
14,311 | Concho Resources, Inc. | 1,427,522 | 0.3 | |||||||||||
10,929 | Continental Resources, Inc. | 419,236 | 0.1 | |||||||||||
824 | CVR Energy, Inc. | 31,897 | 0.0 | |||||||||||
9,712 | Dresser-Rand Group, Inc. | 794,442 | 0.2 | |||||||||||
5,183 | @ | Dril-Quip, Inc. | 397,692 | 0.1 | ||||||||||
17,456 | EQT Corp. | 1,321,419 | 0.3 | |||||||||||
29,861 | @ | FMC Technologies, Inc. | 1,398,689 | 0.3 | ||||||||||
611 | Frank's International N.V. | 10,161 | 0.0 | |||||||||||
8,776 | @ | Gulfport Energy Corp. | 366,310 | 0.1 | ||||||||||
8,306 | Helmerich & Payne, Inc. | 559,990 | 0.1 | |||||||||||
4,668 | HollyFrontier Corp. | 174,957 | 0.1 | |||||||||||
13,555 | Kosmos Energy, LLC | 113,726 | 0.0 | |||||||||||
8,748 | L | Laredo Petroleum, Inc. | 90,542 | 0.0 | ||||||||||
3,508 | Memorial Resource Development Corp. | 63,249 | 0.0 | |||||||||||
3,785 | Nabors Industries Ltd. | 49,129 | 0.0 | |||||||||||
32,657 | Noble Energy, Inc. | 1,548,921 | 0.4 | |||||||||||
12,980 | Oasis Petroleum, Inc. | 214,689 | 0.1 | |||||||||||
13,712 | Oceaneering International, Inc. | 806,403 | 0.2 | |||||||||||
13,987 | Oneok, Inc. | 696,413 | 0.2 | |||||||||||
9,472 | Patterson-UTI Energy, Inc. | 157,140 | 0.0 | |||||||||||
2,791 | PBF Energy, Inc. | 74,352 | 0.0 | |||||||||||
2,968 | QEP Resources, Inc. | 60,013 | 0.0 | |||||||||||
20,809 | Range Resources Corp. | 1,112,241 | 0.3 | |||||||||||
6,307 | Rice Energy, Inc. | 132,258 | 0.0 | |||||||||||
7,895 | RPC, Inc. | 102,951 | 0.0 | |||||||||||
1,180 | Seventy Seven Energy, Inc. | 6,384 | 0.0 | |||||||||||
8,605 | SM Energy Co. | 331,981 | 0.1 | |||||||||||
5,445 | L | Solar City | 291,199 | 0.1 | ||||||||||
44,831 | @ | Southwestern Energy Co. | 1,223,438 | 0.3 |
See Accompanying Notes to Financial Statements
58 |
Voya Russell™ Mid Cap Growth Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
1,362 | Superior Energy Services | 27,444 | 0.0 | |||||||||||
4,791 | Targa Resources Corp. | 508,086 | 0.1 | |||||||||||
2,676 | Teekay Corp. | 136,182 | 0.0 | |||||||||||
7,063 | Tesoro Corp. | 525,134 | 0.1 | |||||||||||
5,883 | @,L | Ultra Petroleum Corp. | 77,420 | 0.0 | ||||||||||
434 | @ | Unit Corp. | 14,799 | 0.0 | ||||||||||
7,575 | @ | Whiting Petroleum Corp. | 249,975 | 0.1 | ||||||||||
2,063 | World Fuel Services Corp. | 96,817 | 0.0 | |||||||||||
21,273,965 | 5.0 | |||||||||||||
Financials: 8.8% | ||||||||||||||
7,019 | @ | Affiliated Managers Group, Inc. | 1,489,713 | 0.3 | ||||||||||
30,719 | Ally Financial, Inc. | 725,583 | 0.2 | |||||||||||
1,550 | American Financial Group, Inc. | 94,116 | 0.0 | |||||||||||
8,438 | Ameriprise Financial, Inc. | 1,115,926 | 0.3 | |||||||||||
28,930 | Aon PLC | 2,743,432 | 0.6 | |||||||||||
10,607 | Apartment Investment & Management Co. | 394,050 | 0.1 | |||||||||||
18,848 | Arthur J. Gallagher & Co. | 887,364 | 0.2 | |||||||||||
3,523 | Artisan Partners Asset Management, Inc. | 178,017 | 0.0 | |||||||||||
2,257 | Boston Properties, Inc. | 290,453 | 0.1 | |||||||||||
951 | Brown & Brown, Inc. | 31,297 | 0.0 | |||||||||||
10,915 | CBOE Holdings, Inc. | 692,229 | 0.2 | |||||||||||
35,574 | @ | CBRE Group, Inc. | 1,218,410 | 0.3 | ||||||||||
2,405 | Columbia Property Trust, Inc. | 60,967 | 0.0 | |||||||||||
42,384 | Crown Castle International Corp. | 3,335,621 | 0.8 | |||||||||||
15,277 | Eaton Vance Corp. | 625,288 | 0.1 | |||||||||||
7,741 | Equity Lifestyle Properties, Inc. | 399,049 | 0.1 | |||||||||||
3,138 | Erie Indemnity Co. | 284,836 | 0.1 | |||||||||||
14,721 | Extra Space Storage, Inc. | 863,239 | 0.2 | |||||||||||
5,670 | Federal Realty Investment Trust | 756,718 | 0.2 | |||||||||||
8,854 | Federated Investors, Inc. | 291,562 | 0.1 | |||||||||||
1,807 | Gaming and Leisure Properties, Inc. | 53,017 | 0.0 | |||||||||||
21,987 | Health Care Real Estate Investment Trust, Inc. | 1,663,756 | 0.4 | |||||||||||
1,823 | Healthcare Trust of America, Inc. | 49,112 | 0.0 | |||||||||||
2,419 | Howard Hughes Corp. | 315,486 | 0.1 | |||||||||||
6,201 | Intercontinental Exchange, Inc. | 1,359,817 | 0.3 | |||||||||||
8,492 | Invesco Ltd. | 335,604 | 0.1 | |||||||||||
20,987 | Iron Mountain, Inc. | 811,357 | 0.2 | |||||||||||
1,527 | Jones Lang LaSalle, Inc. | 228,943 | 0.1 | |||||||||||
10,090 | Lamar Advertising Co. | 541,228 | 0.1 | |||||||||||
15,684 | @ | Lazard Ltd. | 784,671 | 0.2 | ||||||||||
5,223 | Legg Mason, Inc. | 278,752 | 0.1 | |||||||||||
7,761 | Leucadia National Corp. | 174,002 | 0.0 | |||||||||||
11,105 | LPL Financial Holdings, Inc. | 494,728 | 0.1 | |||||||||||
24,007 | Moody's Corp. | 2,300,111 | 0.5 | |||||||||||
6,637 | MSCI, Inc. - Class A | 314,859 | 0.1 |
2,489 | L | Nationstar Mortgage Holdings, Inc. | 70,165 | 0.0 | ||||||||||
5,134 | NorthStar Asset Management Group, Inc./New York | 115,874 | 0.0 | |||||||||||
5,883 | NorthStar Realty Finance Corp. | 103,423 | 0.0 | |||||||||||
12,616 | @ | Ocwen Financial Corp. | 190,502 | 0.0 | ||||||||||
5,301 | L | Omega Healthcare Investors, Inc. | 207,110 | 0.1 | ||||||||||
1,358 | Outfront Media, Inc. | 36,449 | 0.0 | |||||||||||
972 | Paramount Group, Inc. | 18,069 | 0.0 | |||||||||||
10,836 | Plum Creek Timber Co., Inc. | 463,672 | 0.1 | |||||||||||
1,926 | Rayonier, Inc. | 53,812 | 0.0 | |||||||||||
8,113 | Realogy Holdings Corp. | 360,947 | 0.1 | |||||||||||
2,462 | Reinsurance Group of America, Inc. | 215,720 | 0.1 | |||||||||||
823 | Santander Consumer USA Holdings, Inc. | 16,139 | 0.0 | |||||||||||
15,801 | SEI Investments Co. | 632,672 | 0.1 | |||||||||||
5,899 | Signature Bank | 743,038 | 0.2 | |||||||||||
18,451 | @ | SLM Corp. | 188,016 | 0.0 | ||||||||||
564 | @ | SVB Financial Group | 65,463 | 0.0 | ||||||||||
11,915 | Synchrony Financial | 354,471 | 0.1 | |||||||||||
33,358 | T. Rowe Price Group, Inc. | 2,864,118 | 0.7 | |||||||||||
7,289 | Tanger Factory Outlet Centers, Inc. | 269,401 | 0.1 | |||||||||||
7,502 | Taubman Centers, Inc. | 573,303 | 0.1 | |||||||||||
29,861 | TD Ameritrade Holding Corp. | 1,068,427 | 0.3 | |||||||||||
17,675 | Ventas, Inc. | 1,267,298 | 0.3 | |||||||||||
5,355 | Vornado Realty Trust | 630,337 | 0.1 | |||||||||||
10,820 | Waddell & Reed Financial, Inc. | 539,052 | 0.1 | |||||||||||
7,091 | Weyerhaeuser Co. | 254,496 | 0.1 | |||||||||||
37,485,287 | 8.8 | |||||||||||||
Health Care: 13.7% | ||||||||||||||
6,161 | Agilent Technologies, Inc. | 252,231 | 0.1 | |||||||||||
10,363 | Align Technology, Inc. | 579,395 | 0.1 | |||||||||||
15,707 | @ | Alkermes PLC | 919,802 | 0.2 | ||||||||||
8,595 | @ | Allscripts Healthcare Solutions, Inc. | 109,758 | 0.0 | ||||||||||
7,154 | Alnylam Pharmaceuticals, Inc. | 693,938 | 0.2 | |||||||||||
28,675 | AmerisourceBergen Corp. | 2,585,338 | 0.6 | |||||||||||
4,804 | L | Athenahealth, Inc. | 699,943 | 0.2 | ||||||||||
18,527 | BioMarin Pharmaceuticals, Inc. | 1,674,841 | 0.4 | |||||||||||
2,306 | Bio-Techne Corp. | 213,075 | 0.0 | |||||||||||
16,125 | @ | Boston Scientific Corp. | 213,656 | 0.1 | ||||||||||
21,800 | @ | Brookdale Senior Living, Inc. | 799,406 | 0.2 | ||||||||||
14,130 | Bruker BioSciences Corp. | 277,231 | 0.1 | |||||||||||
3,537 | Cardinal Health, Inc. | 285,542 | 0.1 | |||||||||||
26,262 | @ | Catamaran Corp. | 1,359,059 | 0.3 | ||||||||||
7,323 | @ | Centene Corp. | 760,494 | 0.2 | ||||||||||
37,831 | @ | Cerner Corp. | 2,446,153 | 0.6 | ||||||||||
2,935 | Charles River Laboratories International, Inc. | 186,783 | 0.0 | |||||||||||
2,690 | Cigna Corp. | 276,828 | 0.1 |
See Accompanying Notes to Financial Statements
59 |
Voya Russell™ Mid Cap Growth Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
4,503 | Cooper Cos., Inc. | 729,891 | 0.2 | |||||||||||
6,599 | Covance, Inc. | 685,240 | 0.2 | |||||||||||
9,682 | CR Bard, Inc. | 1,613,215 | 0.4 | |||||||||||
9,064 | Cubist Pharmaceuticals, Inc. | 912,292 | 0.2 | |||||||||||
7,831 | @ | DaVita, Inc. | 593,120 | 0.1 | ||||||||||
5,658 | Dentsply International, Inc. | 301,402 | 0.1 | |||||||||||
13,396 | @ | Edwards Lifesciences Corp. | 1,706,383 | 0.4 | ||||||||||
19,335 | Endo International PLC | 1,394,440 | 0.3 | |||||||||||
10,412 | Envision Healthcare Holdings, Inc. | 361,192 | 0.1 | |||||||||||
3,980 | @ | HCA Holdings, Inc. | 292,092 | 0.1 | ||||||||||
10,840 | @ | Henry Schein, Inc. | 1,475,866 | 0.3 | ||||||||||
522 | Hill-Rom Holdings, Inc. | 23,814 | 0.0 | |||||||||||
9,984 | @ | Hologic, Inc. | 266,972 | 0.1 | ||||||||||
6,056 | @ | Idexx Laboratories, Inc. | 897,923 | 0.2 | ||||||||||
17,723 | @ | Illumina, Inc. | 3,271,311 | 0.8 | ||||||||||
9,585 | IMS Health Holdings, Inc. | 245,759 | 0.1 | |||||||||||
18,362 | @ | Incyte Corp., Ltd. | 1,342,446 | 0.3 | ||||||||||
1,599 | Intercept Pharmaceuticals, Inc. | 249,444 | 0.1 | |||||||||||
4,227 | @ | Intuitive Surgical, Inc. | 2,235,829 | 0.5 | ||||||||||
7,540 | Jazz Pharmaceuticals PLC | 1,234,524 | 0.3 | |||||||||||
4,264 | @ | Laboratory Corp. of America Holdings | 460,086 | 0.1 | ||||||||||
10,396 | Mallinckrodt PLC - W/I | 1,029,516 | 0.2 | |||||||||||
9,717 | @ | Medivation, Inc. | 967,910 | 0.2 | ||||||||||
8,337 | @ | Mednax, Inc. | 551,159 | 0.1 | ||||||||||
3,711 | Mettler Toledo International, Inc. | 1,122,429 | 0.3 | |||||||||||
47,450 | @ | Mylan Laboratories | 2,674,757 | 0.6 | ||||||||||
8,415 | @,L | Myriad Genetics, Inc. | 286,615 | 0.1 | ||||||||||
983 | Patterson Cos., Inc. | 47,282 | 0.0 | |||||||||||
2,748 | PerkinElmer, Inc. | 120,170 | 0.0 | |||||||||||
4,045 | Perrigo Co. PLC | 676,162 | 0.2 | |||||||||||
7,728 | @ | Pharmacyclics, Inc. | 944,825 | 0.2 | ||||||||||
4,156 | Premier, Inc. | 139,351 | 0.0 | |||||||||||
3,213 | Quintiles Transnational Holdings, Inc. | 189,149 | 0.0 | |||||||||||
17,821 | Resmed, Inc. | 999,045 | 0.2 | |||||||||||
8,051 | @ | Salix Pharmaceuticals Ltd. | 925,382 | 0.2 | ||||||||||
12,844 | Seattle Genetics, Inc. | 412,678 | 0.1 | |||||||||||
4,556 | @ | Sirona Dental Systems, Inc. | 398,058 | 0.1 | ||||||||||
23,240 | St. Jude Medical, Inc. | 1,511,297 | 0.4 | |||||||||||
12,396 | @ | Tenet Healthcare Corp. | 628,105 | 0.1 | ||||||||||
6,090 | @ | United Therapeutics Corp. | 788,594 | 0.2 | ||||||||||
2,518 | Universal Health Services, Inc. | 280,153 | 0.1 | |||||||||||
13,200 | @ | Varian Medical Systems, Inc. | 1,141,932 | 0.3 | ||||||||||
4,850 | Veeva Systems, Inc. | 128,089 | 0.0 | |||||||||||
30,029 | @ | Vertex Pharmaceuticals, Inc. | 3,567,445 | 0.8 | ||||||||||
1,936 | VWR Corp. | 50,084 | 0.0 | |||||||||||
10,768 | @ | Waters Corp. | 1,213,769 | 0.3 | ||||||||||
1,615 | Zimmer Holdings, Inc. | 183,173 | 0.0 | |||||||||||
63,610 | Zoetis, Inc. | 2,737,138 | 0.6 | |||||||||||
58,340,981 | 13.7 |
Industrials: 16.3% | ||||||||||||||
5,488 | Acuity Brands, Inc. | 768,704 | 0.2 | |||||||||||
886 | Air Lease Corp. | 30,399 | 0.0 | |||||||||||
15,950 | Alaska Air Group, Inc. | 953,172 | 0.2 | |||||||||||
12,257 | Allegion Public Ltd. | 679,773 | 0.2 | |||||||||||
17,147 | Allison Transmission Holdings, Inc. | 581,283 | 0.1 | |||||||||||
529 | Amerco, Inc. | 150,374 | 0.0 | |||||||||||
31,144 | Ametek, Inc. | 1,639,109 | 0.4 | |||||||||||
4,378 | AO Smith Corp. | 246,963 | 0.1 | |||||||||||
5,807 | @ | Armstrong World Industries, Inc. | 296,854 | 0.1 | ||||||||||
13,382 | @ | Avis Budget Group, Inc. | 887,628 | 0.2 | ||||||||||
13,366 | BE Aerospace, Inc. | 775,495 | 0.2 | |||||||||||
18,848 | CH Robinson Worldwide, Inc. | 1,411,527 | 0.3 | |||||||||||
12,513 | L | Chicago Bridge & Iron Co. NV | 525,296 | 0.1 | ||||||||||
10,220 | Cintas Corp. | 801,657 | 0.2 | |||||||||||
5,739 | @ | Clean Harbors, Inc. | 275,759 | 0.1 | ||||||||||
12,103 | Colfax Corp. | 624,152 | 0.1 | |||||||||||
3,360 | Copa Holdings S.A. | 348,230 | 0.1 | |||||||||||
14,288 | @ | Copart, Inc. | 521,369 | 0.1 | ||||||||||
4,102 | CoStar Group, Inc. | 753,250 | 0.2 | |||||||||||
5,652 | Covanta Holding Corp. | 124,401 | 0.0 | |||||||||||
2,283 | Crane Co. | 134,012 | 0.0 | |||||||||||
16,577 | Donaldson Co., Inc. | 640,370 | 0.2 | |||||||||||
15,602 | Dover Corp. | 1,118,975 | 0.3 | |||||||||||
1,697 | Dun & Bradstreet Corp. | 205,269 | 0.1 | |||||||||||
8,290 | Equifax, Inc. | 670,412 | 0.2 | |||||||||||
25,057 | Expeditors International Washington, Inc. | 1,117,793 | 0.3 | |||||||||||
37,680 | Fastenal Co. | 1,792,061 | 0.4 | |||||||||||
17,439 | Flowserve Corp. | 1,043,375 | 0.2 | |||||||||||
12,348 | Fluor Corp. | 748,659 | 0.2 | |||||||||||
8,906 | Fortune Brands Home & Security, Inc. | 403,175 | 0.1 | |||||||||||
3,079 | @ | Genesee & Wyoming, Inc. | 276,864 | 0.1 | ||||||||||
7,694 | Graco, Inc. | 616,905 | 0.1 | |||||||||||
13,607 | HD Supply Holdings, Inc | 401,270 | 0.1 | |||||||||||
56,839 | Hertz Global Holdings, Inc. | 1,417,565 | 0.3 | |||||||||||
12,416 | @ | Hexcel Corp. | 515,140 | 0.1 | ||||||||||
1,222 | Hubbell, Inc. | 130,546 | 0.0 | |||||||||||
5,271 | Huntington Ingalls Industries, Inc. | 592,777 | 0.1 | |||||||||||
9,446 | IDEX Corp. | 735,277 | 0.2 | |||||||||||
8,640 | IHS, Inc. | 983,923 | 0.2 | |||||||||||
2,948 | Ingersoll-Rand PLC - Class A | 186,874 | 0.0 | |||||||||||
2,647 | ITT Corp. | 107,098 | 0.0 | |||||||||||
11,685 | JB Hunt Transport Services, Inc. | 984,461 | 0.2 | |||||||||||
10,815 | Kansas City Southern | 1,319,754 | 0.3 | |||||||||||
7,216 | KAR Auction Services, Inc. | 250,034 | 0.1 | |||||||||||
7,237 | @ | Kirby Corp. | 584,315 | 0.1 | ||||||||||
6,683 | KLX, Inc. | 275,674 | 0.1 | |||||||||||
5,706 | Landstar System, Inc. | 413,856 | 0.1 | |||||||||||
6,239 | Lennox International, Inc. | 593,142 | 0.1 | |||||||||||
3,516 | Lincoln Electric Holdings, Inc. | 242,920 | 0.1 | |||||||||||
17,331 | Manitowoc Co., Inc. | 383,015 | 0.1 | |||||||||||
45,263 | Masco Corp. | 1,140,628 | 0.3 | |||||||||||
7,273 | @ | Middleby Corp. | 720,754 | 0.2 |
See Accompanying Notes to Financial Statements
60 |
Voya Russell™ Mid Cap Growth Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
5,989 | MRC Global, Inc. | 90,733 | 0.0 | |||||||||||
6,021 | MSC Industrial Direct Co. | 489,206 | 0.1 | |||||||||||
1,127 | @ | Navistar International Corp. | 37,732 | 0.0 | ||||||||||
26,731 | Nielsen Holdings NV | 1,195,678 | 0.3 | |||||||||||
8,174 | Nordson Corp. | 637,245 | 0.2 | |||||||||||
1,170 | L | NOW, Inc./DE | 30,104 | 0.0 | ||||||||||
7,986 | @ | Old Dominion Freight Line | 620,033 | 0.1 | ||||||||||
41,250 | Paccar, Inc. | 2,805,412 | 0.7 | |||||||||||
13,938 | Pall Corp. | 1,410,665 | 0.3 | |||||||||||
10,080 | Parker Hannifin Corp. | 1,299,816 | 0.3 | |||||||||||
1,716 | Pentair PLC | 113,977 | 0.0 | |||||||||||
11,883 | Pitney Bowes, Inc. | 289,589 | 0.1 | |||||||||||
6,623 | @ | Quanta Services, Inc. | 188,027 | 0.0 | ||||||||||
17,457 | Robert Half International, Inc. | 1,019,140 | 0.2 | |||||||||||
17,580 | Rockwell Automation, Inc. | 1,954,896 | 0.5 | |||||||||||
15,175 | Rockwell Collins, Inc. | 1,281,984 | 0.3 | |||||||||||
8,151 | Rollins, Inc. | 269,798 | 0.1 | |||||||||||
5,741 | Roper Industries, Inc. | 897,605 | 0.2 | |||||||||||
2,542 | RR Donnelley & Sons Co. | 42,718 | 0.0 | |||||||||||
13,452 | @,L | Seadrill LTD | 160,617 | 0.0 | ||||||||||
1,046 | Snap-On, Inc. | 143,030 | 0.0 | |||||||||||
78,179 | Southwest Airlines Co. | 3,308,535 | 0.8 | |||||||||||
14,242 | Spirit Aerosystems Holdings, Inc. | 612,976 | 0.1 | |||||||||||
9,237 | Spirit Airlines, Inc. | 698,132 | 0.2 | |||||||||||
2,241 | Stanley Black & Decker, Inc. | 215,315 | 0.1 | |||||||||||
10,753 | @ | Stericycle, Inc. | 1,409,503 | 0.3 | ||||||||||
725 | Timken Co. | 30,943 | 0.0 | |||||||||||
7,162 | Toro Co. | 457,007 | 0.1 | |||||||||||
6,720 | TransDigm Group, Inc. | 1,319,472 | 0.3 | |||||||||||
15,066 | Trinity Industries, Inc. | 421,999 | 0.1 | |||||||||||
1,604 | Triumph Group, Inc. | 107,821 | 0.0 | |||||||||||
47,457 | Tyco International Plc | 2,081,464 | 0.5 | |||||||||||
47,422 | @ | United Continental Holdings, Inc. | 3,172,058 | 0.7 | ||||||||||
12,352 | United Rentals, Inc. | 1,260,028 | 0.3 | |||||||||||
11,953 | @ | USG Corp. | 334,564 | 0.1 | ||||||||||
224 | Valmont Industries, Inc. | 28,448 | 0.0 | |||||||||||
21,130 | Verisk Analytics, Inc. | 1,353,377 | 0.3 | |||||||||||
175 | Veritiv Corp. | 9,077 | 0.0 | |||||||||||
7,193 | @ | WABCO Holdings, Inc. | 753,683 | 0.2 | ||||||||||
12,247 | Wabtec Corp. | 1,064,142 | 0.3 | |||||||||||
9,557 | Waste Connections, Inc. | 420,412 | 0.1 | |||||||||||
7,402 | WW Grainger, Inc. | 1,886,696 | 0.4 | |||||||||||
16,914 | Xylem, Inc. | 643,916 | 0.2 | |||||||||||
69,709,861 | 16.3 | |||||||||||||
Information Technology: 17.5% | ||||||||||||||
13,956 | @,L | 3D Systems Corp. | 458,734 | 0.1 | ||||||||||
41,523 | Activision Blizzard, Inc. | 836,688 | 0.2 | |||||||||||
79,191 | @,L | Advanced Micro Devices, Inc. | 211,440 | 0.0 | ||||||||||
22,603 | Akamai Technologies, Inc. | 1,423,085 | 0.3 | |||||||||||
7,473 | Alliance Data Systems Corp. | 2,137,652 | 0.5 | |||||||||||
14,880 | Altera Corp. | 549,667 | 0.1 | |||||||||||
39,907 | Amphenol Corp. | 2,147,396 | 0.5 | |||||||||||
18,189 | Analog Devices, Inc. | 1,009,853 | 0.2 | |||||||||||
2,748 | @ | Ansys, Inc. | 225,336 | 0.1 |
103,263 | Applied Materials, Inc. | 2,573,314 | 0.6 | |||||||||||
606 | L | Arista Networks, Inc. | 36,821 | 0.0 | ||||||||||
15,965 | ARRIS Group, Inc. | 481,983 | 0.1 | |||||||||||
53,442 | @ | Atmel Corp. | 448,646 | 0.1 | ||||||||||
22,788 | @ | Autodesk, Inc. | 1,368,647 | 0.3 | ||||||||||
31,720 | Avago Technologies Ltd. | 3,190,715 | 0.7 | |||||||||||
3,609 | Avnet, Inc. | 155,259 | 0.0 | |||||||||||
8,916 | Booz Allen Hamilton Holding Corp. | 236,541 | 0.1 | |||||||||||
15,319 | Broadridge Financial Solutions, Inc. ADR | 707,431 | 0.2 | |||||||||||
36,767 | @ | Cadence Design Systems, Inc. | 697,470 | 0.2 | ||||||||||
11,139 | CDW Corp./DE | 391,759 | 0.1 | |||||||||||
18,829 | @ | Citrix Systems, Inc. | 1,201,290 | 0.3 | ||||||||||
7,989 | CommScope Holding Co., Inc. | 182,389 | 0.0 | |||||||||||
1,134 | Computer Sciences Corp. | 71,499 | 0.0 | |||||||||||
8,574 | @,L | Cree, Inc. | 276,254 | 0.1 | ||||||||||
8,291 | Diebold, Inc. | 287,200 | 0.1 | |||||||||||
3,153 | DST Systems, Inc. | 296,855 | 0.1 | |||||||||||
1,357 | EchoStar Corp. | 71,242 | 0.0 | |||||||||||
30,595 | @ | Electronic Arts, Inc. | 1,438,424 | 0.3 | ||||||||||
6,754 | Equinix, Inc. | 1,531,334 | 0.4 | |||||||||||
9,616 | @ | F5 Networks, Inc. | 1,254,551 | 0.3 | ||||||||||
5,377 | Factset Research Systems, Inc. | 756,813 | 0.2 | |||||||||||
4,582 | Fidelity National Information Services, Inc. | 285,000 | 0.1 | |||||||||||
8,925 | L | FireEye, Inc. | 281,852 | 0.1 | ||||||||||
31,644 | @ | Fiserv, Inc. | 2,245,775 | 0.5 | ||||||||||
10,531 | FleetCor Technologies, Inc. | 1,566,065 | 0.4 | |||||||||||
12,713 | Flir Systems, Inc. | 410,757 | 0.1 | |||||||||||
17,409 | @ | Fortinet, Inc. | 533,760 | 0.1 | ||||||||||
12,446 | Freescale Semiconductor Holdings Ltd. | 314,013 | 0.1 | |||||||||||
11,457 | @ | Gartner, Inc. | 964,794 | 0.2 | ||||||||||
2,267 | @ | Genpact Ltd. | 42,914 | 0.0 | ||||||||||
8,660 | Global Payments, Inc. | 699,122 | 0.2 | |||||||||||
2,804 | Harris Corp. | 201,383 | 0.0 | |||||||||||
3,936 | IAC/InterActiveCorp | 239,269 | 0.1 | |||||||||||
12,543 | @ | Informatica Corp. | 478,327 | 0.1 | ||||||||||
36,093 | Intuit, Inc. | 3,327,414 | 0.8 | |||||||||||
4,269 | @,L | IPG Photonics Corp. | 319,833 | 0.1 | ||||||||||
10,738 | Jack Henry & Associates, Inc. | 667,259 | 0.2 | |||||||||||
11,931 | Juniper Networks, Inc. | 266,300 | 0.1 | |||||||||||
3,080 | Keysight Technologies, Inc. | 104,012 | 0.0 | |||||||||||
19,203 | KLA-Tencor Corp. | 1,350,355 | 0.3 | |||||||||||
5,476 | Lam Research Corp. | 434,466 | 0.1 | |||||||||||
30,032 | Linear Technology Corp. | 1,369,459 | 0.3 | |||||||||||
13,246 | LinkedIn Corp. | 3,042,739 | 0.7 | |||||||||||
32,953 | Maxim Integrated Products | 1,050,212 | 0.2 | |||||||||||
25,434 | Microchip Technology, Inc. | 1,147,328 | 0.3 | |||||||||||
5,700 | Motorola Solutions, Inc. | 382,356 | 0.1 | |||||||||||
12,751 | National Instruments Corp. | 396,429 | 0.1 | |||||||||||
2,067 | @ | NCR Corp. | 60,232 | 0.0 |
See Accompanying Notes to Financial Statements
61 |
Voya Russell™ Mid Cap Growth Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
14,308 | NetApp, Inc. | 593,067 | 0.1 | |||||||||||
5,273 | L | NetSuite, Inc. | 575,653 | 0.1 | ||||||||||
11,731 | Nvidia Corp. | 235,207 | 0.1 | |||||||||||
29,001 | ON Semiconductor Corp. | 293,780 | 0.1 | |||||||||||
6,956 | Palo Alto Networks, Inc. | 852,597 | 0.2 | |||||||||||
36,824 | Paychex, Inc. | 1,700,164 | 0.4 | |||||||||||
15,060 | @ | PTC, Inc. | 551,949 | 0.1 | ||||||||||
14,896 | Rackspace Hosting, Inc. | 697,282 | 0.2 | |||||||||||
24,038 | @ | Red Hat, Inc. | 1,661,987 | 0.4 | ||||||||||
20,385 | @ | Riverbed Technolgoy, Inc. | 416,058 | 0.1 | ||||||||||
5,901 | Sabre Corp. | 119,613 | 0.0 | |||||||||||
13,644 | Sandisk Corp. | 1,336,839 | 0.3 | |||||||||||
18,292 | ServiceNow, Inc. | 1,241,112 | 0.3 | |||||||||||
24,074 | Skyworks Solutions, Inc. | 1,750,421 | 0.4 | |||||||||||
8,341 | SolarWinds, Inc. | 415,632 | 0.1 | |||||||||||
8,737 | Solera Holdings, Inc. | 447,160 | 0.1 | |||||||||||
15,008 | Splunk, Inc. | 884,722 | 0.2 | |||||||||||
3,600 | @,L | Stratasys Ltd. | 299,196 | 0.1 | ||||||||||
10,985 | SunEdison, Inc. | 214,317 | 0.1 | |||||||||||
569 | L | SunPower Corp. | 14,697 | 0.0 | ||||||||||
4,888 | Tableau Software, Inc. | 414,307 | 0.1 | |||||||||||
15,803 | Teradata Corp. | 690,275 | 0.2 | |||||||||||
2,922 | Teradyne, Inc. | 57,826 | 0.0 | |||||||||||
16,452 | Total System Services, Inc. | 558,710 | 0.1 | |||||||||||
33,128 | @ | Trimble Navigation Ltd. | 879,217 | 0.2 | ||||||||||
65,424 | Twitter, Inc. | 2,346,759 | 0.5 | |||||||||||
15,817 | Vantiv, Inc. | 536,513 | 0.1 | |||||||||||
14,159 | VeriFone Holdings, Inc. | 526,715 | 0.1 | |||||||||||
14,096 | @ | VeriSign, Inc. | 803,472 | 0.2 | ||||||||||
68,430 | Western Union Co. | 1,225,581 | 0.3 | |||||||||||
11,892 | Workday, Inc. | 970,506 | 0.2 | |||||||||||
34,065 | Xilinx, Inc. | 1,474,674 | 0.3 | |||||||||||
6,519 | L | Yelp, Inc. | 356,785 | 0.1 | ||||||||||
6,410 | @ | Zebra Technologies Corp. | 496,198 | 0.1 | ||||||||||
3,949 | L | Zillow, Inc. | 418,160 | 0.1 | ||||||||||
74,894,864 | 17.5 | |||||||||||||
Materials: 4.8% | ||||||||||||||
9,435 | Airgas, Inc. | 1,086,723 | 0.3 | |||||||||||
4,155 | Albemarle Corp. | 249,840 | 0.1 | |||||||||||
1,904 | Aptargroup, Inc. | 127,263 | 0.0 | |||||||||||
4,236 | Avery Dennison Corp. | 219,764 | 0.0 | |||||||||||
4,286 | @ | Axalta Coating Systems Ltd. | 111,522 | 0.0 | ||||||||||
17,703 | Ball Corp. | 1,206,814 | 0.3 | |||||||||||
572 | Cabot Corp. | 25,088 | 0.0 | |||||||||||
440 | Carpenter Technology Corp. | 21,670 | 0.0 | |||||||||||
1,751 | Celanese Corp. | 104,990 | 0.0 | |||||||||||
4,304 | Compass Minerals International, Inc. | 373,716 | 0.1 | |||||||||||
17,595 | @ | Crown Holdings, Inc. | 895,585 | 0.2 | ||||||||||
1,102 | Cytec Industries, Inc. | 50,879 | 0.0 | |||||||||||
6,356 | Eagle Materials, Inc. | 483,247 | 0.1 | |||||||||||
17,359 | Eastman Chemical Co. | 1,316,854 | 0.3 | |||||||||||
16,906 | FMC Corp. | 964,149 | 0.2 | |||||||||||
17,976 | Huntsman Corp. | 409,493 | 0.1 | |||||||||||
10,322 | International Flavors & Fragrances, Inc. | 1,046,238 | 0.2 | |||||||||||
8,529 | International Paper Co. | 456,984 | 0.1 | |||||||||||
7,845 | Martin Marietta Materials, Inc. | 865,460 | 0.2 | |||||||||||
1,156 | NewMarket Corp. | 466,481 | 0.1 |
12,726 | @ | Owens-Illinois, Inc. | 343,475 | 0.1 | ||||||||||
12,484 | Packaging Corp. of America | 974,376 | 0.2 | |||||||||||
12,109 | Platform Specialty Products Corp. | 281,171 | 0.1 | |||||||||||
684 | Rayonier Advanced Materials, Inc. | 15,253 | 0.0 | |||||||||||
597 | Rockwood Holdings, Inc. | 47,044 | 0.0 | |||||||||||
15,688 | RPM International, Inc. | 795,538 | 0.2 | |||||||||||
5,745 | Scotts Miracle-Gro Co. | 358,028 | 0.1 | |||||||||||
27,420 | Sealed Air Corp. | 1,163,431 | 0.3 | |||||||||||
10,932 | Sherwin-Williams Co. | 2,875,553 | 0.7 | |||||||||||
6,940 | Sigma-Aldrich Corp. | 952,654 | 0.2 | |||||||||||
5,601 | Silgan Holdings, Inc. | 300,214 | 0.1 | |||||||||||
1,697 | Tahoe Resources, Inc. | 23,537 | 0.0 | |||||||||||
362 | TimkenSteel Corp. | 13,405 | 0.0 | |||||||||||
10,743 | Valspar Corp. | 929,055 | 0.2 | |||||||||||
4,495 | Westlake Chemical Corp. | 274,600 | 0.1 | |||||||||||
8,349 | @ | WR Grace & Co. | 796,411 | 0.2 | ||||||||||
20,626,505 | 4.8 | |||||||||||||
Telecommunication Services: 1.0% | ||||||||||||||
35,128 | @ | Level 3 Communications, Inc. | 1,734,621 | 0.4 | ||||||||||
16,356 | SBA Communications Corp. | 1,811,590 | 0.4 | |||||||||||
71,615 | Windstream Holdings, Inc. | 590,108 | 0.2 | |||||||||||
1,101 | Zayo Group Holdings, Inc. | 33,657 | 0.0 | |||||||||||
4,169,976 | 1.0 | |||||||||||||
Utilities: 0.2% | ||||||||||||||
7,042 | Calpine Corp. | 155,839 | 0.0 | |||||||||||
18,899 | ITC Holdings Corp. | 764,087 | 0.2 | |||||||||||
919,926 | 0.2 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $258,978,568) | 426,394,551 | 99.8 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 3.1% | ||||||||||||||
Securities Lending Collateralcc: 2.2% | ||||||||||||||
2,253,389 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,253,400, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,298,457, due 01/01/15-09/01/49) | 2,253,389 | 0.5 |
See Accompanying Notes to Financial Statements
62 |
Voya Russell™ Mid Cap Growth Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
2,253,389 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,253,408, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $2,298,457, due 09/30/17-02/15/42) | 2,253,389 | 0.5 | |||||||||||
474,369 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $474,371, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $483,856, due 01/07/15-10/20/64) | 474,369 | 0.1 | |||||||||||
2,253,389 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,253,400, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $2,298,457, due 11/15/15-07/15/56) | 2,253,389 | 0.5 | |||||||||||
2,253,389 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,253,408, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $2,298,683, due 04/15/16-02/15/42) | 2,253,389 | 0.6 | |||||||||||
9,487,925 | 2.2 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 0.9% | ||||||||||||||
3,923,001 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $3,923,001) | 3,923,001 | 0.9 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $13,410,926) | 13,410,926 | 3.1 | ||||||||||||
Total Investments in Securities (Cost $272,389,494) | $ | 439,805,477 | 102.9 | |||||||||||
Liabilities in Excess of Other Assets | (12,207,299 | ) | (2.9 | ) | ||||||||||
Net Assets | $ | 427,598,178 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
ADR | American Depositary Receipt |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
Cost for federal income tax purposes is $273,004,447. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 175,791,266 | ||
Gross Unrealized Depreciation | (8,990,236 | ) | ||
Net Unrealized Appreciation | $ | 166,801,030 |
See Accompanying Notes to Financial Statements
63 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 99.1% | ||||||||||||||
Consumer Discretionary: 17.7% | ||||||||||||||
23,397 | Aaron's, Inc. | 715,246 | 0.0 | |||||||||||
25,593 | L | Abercrombie & Fitch Co. | 732,984 | 0.0 | ||||||||||
25,674 | Advance Auto Parts, Inc. | 4,089,355 | 0.2 | |||||||||||
20,998 | AMC Networks, Inc. | 1,339,042 | 0.1 | |||||||||||
34,072 | @ | Apollo Group, Inc. - Class A | 1,162,196 | 0.1 | ||||||||||
15,334 | ARAMARK Holdings Corp. | 477,654 | 0.0 | |||||||||||
47,142 | @ | Ascena Retail Group, Inc. | 592,104 | 0.0 | ||||||||||
24,236 | @ | Autonation, Inc. | 1,464,097 | 0.1 | ||||||||||
11,476 | @ | Autozone, Inc. | 7,104,906 | 0.3 | ||||||||||
65,187 | @ | Bed Bath & Beyond, Inc. | 4,965,294 | 0.2 | ||||||||||
101,053 | Best Buy Co., Inc. | 3,939,046 | 0.2 | |||||||||||
19,239 | Big Lots, Inc. | 769,945 | 0.0 | |||||||||||
80,446 | BorgWarner, Inc. | 4,420,508 | 0.2 | |||||||||||
22,850 | Brinker International, Inc. | 1,341,066 | 0.1 | |||||||||||
17,597 | Cabela's, Inc. | 927,538 | 0.0 | |||||||||||
68,810 | Cablevision Systems Corp. | 1,420,238 | 0.1 | |||||||||||
77,572 | @ | Carmax, Inc. | 5,164,744 | 0.2 | ||||||||||
18,896 | Carter's, Inc. | 1,649,810 | 0.1 | |||||||||||
27,922 | Charter Communications, Inc. | 4,652,364 | 0.2 | |||||||||||
53,889 | Chico's FAS, Inc. | 873,541 | 0.0 | |||||||||||
10,938 | Chipotle Mexican Grill, Inc. | 7,487,170 | 0.3 | |||||||||||
12,638 | Choice Hotels International, Inc. | 707,981 | 0.0 | |||||||||||
40,604 | Cinemark Holdings, Inc. | 1,444,690 | 0.1 | |||||||||||
15,705 | Clear Channel Outdoor Holdings, Inc. | 166,316 | 0.0 | |||||||||||
96,469 | Coach, Inc. | 3,623,376 | 0.2 | |||||||||||
24,162 | Coty, Inc - Class A | 499,187 | 0.0 | |||||||||||
26,621 | CST Brands, Inc. | 1,160,942 | 0.1 | |||||||||||
46,561 | Darden Restaurants, Inc. | 2,729,871 | 0.1 | |||||||||||
12,177 | @ | Deckers Outdoor Corp. | 1,108,594 | 0.1 | ||||||||||
22,350 | DeVry, Inc. | 1,060,954 | 0.0 | |||||||||||
33,975 | Dick's Sporting Goods, Inc. | 1,686,859 | 0.1 | |||||||||||
8,451 | Dillard's, Inc. | 1,057,896 | 0.0 | |||||||||||
80,735 | Discovery Communications, Inc. - Class A | 2,781,321 | 0.1 | |||||||||||
80,725 | Discovery Communications, Inc. - Class C | 2,722,047 | 0.1 | |||||||||||
75,031 | @ | Dish Network Corp. - Class A | 5,469,010 | 0.2 | ||||||||||
109,043 | Dollar General Corp. | 7,709,340 | 0.3 | |||||||||||
72,772 | @ | Dollar Tree, Inc. | 5,121,693 | 0.2 | ||||||||||
19,561 | Domino's Pizza, Inc. | 1,842,059 | 0.1 | |||||||||||
113,393 | D.R. Horton, Inc. | 2,867,709 | 0.1 | |||||||||||
27,137 | L | DreamWorks Animation SKG, Inc. | 605,969 | 0.0 |
26,406 | DSW, Inc. | 984,944 | 0.0 | |||||||||||
37,416 | Dunkin' Brands Group, Inc. | 1,595,792 | 0.1 | |||||||||||
35,584 | Expedia, Inc. | 3,037,450 | 0.1 | |||||||||||
33,648 | Family Dollar Stores, Inc. | 2,665,258 | 0.1 | |||||||||||
51,322 | Foot Locker, Inc. | 2,883,270 | 0.1 | |||||||||||
16,401 | @ | Fossil Group, Inc. | 1,816,247 | 0.1 | ||||||||||
38,203 | L | GameStop Corp. | 1,291,261 | 0.1 | ||||||||||
79,821 | Gannett Co., Inc. | 2,548,685 | 0.1 | |||||||||||
88,269 | Gap, Inc. | 3,717,008 | 0.2 | |||||||||||
42,956 | L | Garmin Ltd. | 2,269,365 | 0.1 | ||||||||||
51,367 | Gentex Corp. | 1,855,890 | 0.1 | |||||||||||
54,041 | Genuine Parts Co. | 5,759,149 | 0.3 | |||||||||||
32,044 | GNC Holdings, Inc. | 1,504,786 | 0.1 | |||||||||||
96,900 | Goodyear Tire & Rubber Co. | 2,768,433 | 0.1 | |||||||||||
7,425 | L | GoPro, Inc. | 469,408 | 0.0 | ||||||||||
1,225 | Graham Holdings Co. | 1,058,045 | 0.0 | |||||||||||
169,295 | Groupon, Inc. | 1,398,377 | 0.1 | |||||||||||
96,509 | H&R Block, Inc. | 3,250,423 | 0.1 | |||||||||||
35,031 | Hanesbrands, Inc. | 3,910,160 | 0.2 | |||||||||||
76,824 | Harley-Davidson, Inc. | 5,063,470 | 0.2 | |||||||||||
23,951 | Harman International Industries, Inc. | 2,555,811 | 0.1 | |||||||||||
40,731 | Hasbro, Inc. | 2,239,798 | 0.1 | |||||||||||
47,638 | Hilton Worldwide Holdings, Inc. | 1,242,875 | 0.1 | |||||||||||
32,872 | HomeAway, Inc. | 978,928 | 0.0 | |||||||||||
14,596 | Hyatt Hotels Corp. | 878,825 | 0.0 | |||||||||||
86,909 | International Game Technology | 1,499,180 | 0.1 | |||||||||||
149,003 | Interpublic Group of Cos., Inc. | 3,094,792 | 0.1 | |||||||||||
68,088 | @ | Jarden Corp. | 3,260,053 | 0.1 | ||||||||||
110,469 | @,L | JC Penney Co., Inc. | 715,839 | 0.0 | ||||||||||
15,528 | John Wiley & Sons, Inc. | 919,879 | 0.0 | |||||||||||
44,549 | @ | Kate Spade & Co. | 1,426,013 | 0.1 | ||||||||||
73,363 | Kohl's Corp. | 4,478,078 | 0.2 | |||||||||||
85,504 | L Brands, Inc. | 7,400,371 | 0.3 | |||||||||||
28,596 | Lear Corp. | 2,804,696 | 0.1 | |||||||||||
48,806 | Leggett & Platt, Inc. | 2,079,624 | 0.1 | |||||||||||
62,575 | Lennar Corp. | 2,803,986 | 0.1 | |||||||||||
8,615 | Liberty Broadband Corp. | 431,525 | 0.0 | |||||||||||
21,719 | L | Liberty Broadband Corp. | 1,082,041 | 0.0 | ||||||||||
33,372 | Liberty Media Corp. - A | 1,177,030 | 0.1 | |||||||||||
66,765 | Liberty Media Corp. - C | 2,338,778 | 0.1 | |||||||||||
172,652 | Liberty Media Corp. - Interactive | 5,079,422 | 0.2 | |||||||||||
25,897 | Liberty TripAdvisor Holdings, Inc. | 696,629 | 0.0 | |||||||||||
50,466 | Liberty Ventures | 1,903,578 | 0.1 | |||||||||||
28,311 | L | Lions Gate Entertainment Corp. | 906,518 | 0.0 | ||||||||||
50,880 | Live Nation, Inc. | 1,328,477 | 0.1 | |||||||||||
106,227 | @ | LKQ Corp. | 2,987,103 | 0.1 | ||||||||||
127,282 | Macy's, Inc. | 8,368,792 | 0.4 | |||||||||||
21,741 | The Madison Square Garden, Inc. | 1,636,228 | 0.1 | |||||||||||
77,940 | Marriott International, Inc. | 6,081,658 | 0.3 | |||||||||||
119,387 | Mattel, Inc. | 3,694,431 | 0.2 | |||||||||||
95,772 | McGraw-Hill Cos., Inc. | 8,521,793 | 0.4 |
See Accompanying Notes to Financial Statements
64 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
131,231 | @ | MGM Resorts International | 2,805,719 | 0.1 | ||||||||||
71,870 | Michael Kors Holdings Ltd. | 5,397,437 | 0.2 | |||||||||||
10,269 | Michaels Cos, Inc. | 253,952 | 0.0 | |||||||||||
21,608 | @ | Mohawk Industries, Inc. | 3,357,019 | 0.1 | ||||||||||
7,011 | Morningstar, Inc. | 453,682 | 0.0 | |||||||||||
16,461 | Murphy USA, Inc. | 1,133,504 | 0.1 | |||||||||||
21,095 | @ | NetFlix, Inc. | 7,206,263 | 0.3 | ||||||||||
97,354 | Newell Rubbermaid, Inc. | 3,708,214 | 0.2 | |||||||||||
174,967 | News Corp - Class A | 2,745,232 | 0.1 | |||||||||||
48,764 | Nordstrom, Inc. | 3,871,374 | 0.2 | |||||||||||
31,829 | @ | Norwegian Cruise Line Holdings Ltd. | 1,488,324 | 0.1 | ||||||||||
1,477 | @ | NVR, Inc. | 1,883,662 | 0.1 | ||||||||||
90,926 | Omnicom Group, Inc. | 7,044,037 | 0.3 | |||||||||||
37,324 | @ | O'Reilly Automotive, Inc. | 7,189,349 | 0.3 | ||||||||||
72,293 | Pandora Media, Inc. | 1,288,984 | 0.1 | |||||||||||
8,611 | @ | Panera Bread Co. | 1,505,203 | 0.1 | ||||||||||
14,973 | Penske Auto Group, Inc. | 734,725 | 0.0 | |||||||||||
34,895 | Petsmart, Inc. | 2,836,789 | 0.1 | |||||||||||
23,187 | Polaris Industries, Inc. | 3,506,802 | 0.2 | |||||||||||
133,232 | Pulte Homes, Inc. | 2,859,159 | 0.1 | |||||||||||
28,940 | PVH Corp. | 3,709,240 | 0.2 | |||||||||||
20,777 | Ralph Lauren Corp. | 3,847,069 | 0.2 | |||||||||||
29,666 | L | Regal Entertainment Group | 633,666 | 0.0 | ||||||||||
75,182 | @ | Restaurant Brands International, Inc. | 2,935,105 | 0.1 | ||||||||||
74,730 | Ross Stores, Inc. | 7,044,050 | 0.3 | |||||||||||
58,433 | Royal Caribbean Cruises Ltd. | 4,816,632 | 0.2 | |||||||||||
56,992 | @ | Sally Beauty Holdings, Inc. | 1,751,934 | 0.1 | ||||||||||
37,182 | Scripps Networks Interactive - Class A | 2,798,689 | 0.1 | |||||||||||
9,650 | Sears Holding Corp. | 318,257 | 0.0 | |||||||||||
23,899 | SeaWorld Entertainment, Inc. | 427,792 | 0.0 | |||||||||||
75,113 | Service Corp. International | 1,705,065 | 0.1 | |||||||||||
15,343 | ServiceMaster Global Holdings, Inc. | 410,732 | 0.0 | |||||||||||
28,261 | Signet Jewelers Ltd. | 3,718,300 | 0.2 | |||||||||||
911,990 | @ | Sirius XM Holdings, Inc. | 3,191,965 | 0.1 | ||||||||||
25,659 | Six Flags Entertainment Corp. | 1,107,186 | 0.1 | |||||||||||
227,507 | Staples, Inc. | 4,122,427 | 0.2 | |||||||||||
62,842 | Starwood Hotels & Resorts Worldwide, Inc. | 5,094,601 | 0.2 | |||||||||||
32,923 | @ | Starz | 977,813 | 0.0 | ||||||||||
12,041 | Taylor Morrison Home Corp. | 227,454 | 0.0 | |||||||||||
21,404 | @ | Tempur Sealy International, Inc. | 1,175,294 | 0.1 | ||||||||||
33,434 | Tesla Motors, Inc. | 7,436,056 | 0.3 | |||||||||||
16,167 | Thor Industries, Inc. | 903,250 | 0.0 | |||||||||||
39,688 | Tiffany & Co. | 4,241,060 | 0.2 | |||||||||||
62,552 | @ | Toll Brothers, Inc. | 2,143,657 | 0.1 | ||||||||||
48,715 | Tractor Supply Co. | 3,839,716 | 0.2 | |||||||||||
39,195 | TripAdvisor, Inc. | 2,926,299 | 0.1 |
38,960 | TRW Automotive Holdings Corp. | 4,007,036 | 0.2 | |||||||||||
17,767 | Tupperware Corp. | 1,119,321 | 0.1 | |||||||||||
22,629 | @ | Ulta Salon Cosmetics & Fragrance, Inc. | 2,892,891 | 0.1 | ||||||||||
60,868 | Under Armour, Inc. | 4,132,937 | 0.2 | |||||||||||
37,651 | @ | Urban Outfitters, Inc. | 1,322,680 | 0.1 | ||||||||||
121,367 | VF Corp. | 9,090,388 | 0.4 | |||||||||||
15,465 | Visteon Corp. | 1,652,590 | 0.1 | |||||||||||
96,786 | Wendy's Company | 873,978 | 0.0 | |||||||||||
27,347 | Whirlpool Corp. | 5,298,208 | 0.2 | |||||||||||
33,120 | Williams-Sonoma, Inc. | 2,506,522 | 0.1 | |||||||||||
44,793 | Wyndham Worldwide Corp. | 3,841,448 | 0.2 | |||||||||||
28,507 | Wynn Resorts Ltd. | 4,240,701 | 0.2 | |||||||||||
4,932 | L | Zulily, Inc. | 115,409 | 0.0 | ||||||||||
407,981,682 | 17.7 | |||||||||||||
Consumer Staples: 5.7% | ||||||||||||||
152,880 | Avon Products, Inc. | 1,435,543 | 0.1 | |||||||||||
54,138 | Brown-Forman Corp. | 4,755,482 | 0.2 | |||||||||||
51,805 | Bunge Ltd. | 4,709,593 | 0.2 | |||||||||||
61,147 | Campbell Soup Co. | 2,690,468 | 0.1 | |||||||||||
47,828 | Church & Dwight Co., Inc. | 3,769,325 | 0.2 | |||||||||||
45,244 | Clorox Co. | 4,714,877 | 0.2 | |||||||||||
88,461 | Coca-Cola Enterprises, Inc. | 3,911,746 | 0.2 | |||||||||||
148,206 | ConAgra Foods, Inc. | 5,376,914 | 0.2 | |||||||||||
56,447 | @ | Constellation Brands, Inc. | 5,541,402 | 0.2 | ||||||||||
69,096 | Dr Pepper Snapple Group, Inc. | 4,952,801 | 0.2 | |||||||||||
21,706 | Energizer Holdings, Inc. | 2,790,523 | 0.1 | |||||||||||
60,418 | Flowers Foods, Inc. | 1,159,421 | 0.1 | |||||||||||
35,282 | Hain Celestial Group, Inc. | 2,056,588 | 0.1 | |||||||||||
26,758 | @,L | Herbalife Ltd. | 1,008,777 | 0.0 | ||||||||||
52,612 | Hershey Co. | 5,467,965 | 0.2 | |||||||||||
47,083 | Hormel Foods Corp. | 2,453,024 | 0.1 | |||||||||||
26,210 | Ingredion, Inc. | 2,223,656 | 0.1 | |||||||||||
36,485 | JM Smucker Co. | 3,684,255 | 0.2 | |||||||||||
49,766 | Keurig Green Mountain, Inc. | 6,588,770 | 0.3 | |||||||||||
179,283 | Kroger Co. | 11,511,762 | 0.5 | |||||||||||
127,571 | Lorillard, Inc. | 8,029,319 | 0.4 | |||||||||||
45,910 | McCormick & Co., Inc. | 3,411,113 | 0.2 | |||||||||||
71,104 | Mead Johnson Nutrition Co. | 7,148,796 | 0.3 | |||||||||||
47,829 | Molson Coors Brewing Co. | 3,564,217 | 0.2 | |||||||||||
50,377 | @ | Monster Beverage Corp. | 5,458,348 | 0.2 | ||||||||||
20,762 | Nu Skin Enterprises, Inc. | 907,299 | 0.0 | |||||||||||
22,929 | @,L | Pilgrim's Pride Corp. | 751,842 | 0.0 | ||||||||||
19,741 | Pinnacle Foods, Inc. | 696,857 | 0.0 | |||||||||||
343,291 | @ | Rite Aid Corp. | 2,581,548 | 0.1 | ||||||||||
81,058 | Safeway, Inc. | 2,846,757 | 0.1 | |||||||||||
7,701 | Spectrum Brands Holdings, Inc. | 736,832 | 0.0 | |||||||||||
34,364 | Sprouts Farmers Market, Inc. | 1,167,689 | 0.1 | |||||||||||
101,792 | Tyson Foods, Inc. | 4,080,841 | 0.2 | |||||||||||
61,162 | WhiteWave Foods Co. | 2,140,058 | 0.1 |
See Accompanying Notes to Financial Statements
65 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
129,313 | Whole Foods Market, Inc. | 6,519,962 | 0.3 | |||||||||||
130,844,370 | 5.7 | |||||||||||||
Energy: 4.2% | ||||||||||||||
18,681 | Antero Resources Corp. | 758,075 | 0.0 | |||||||||||
23,306 | Atwood Oceanics, Inc. | 661,191 | 0.0 | |||||||||||
146,839 | Cabot Oil & Gas Corp. | 4,347,903 | 0.2 | |||||||||||
71,844 | @ | Cameron International Corp. | 3,588,608 | 0.2 | ||||||||||
83,692 | @ | Cheniere Energy, Inc. | 5,891,917 | 0.3 | ||||||||||
185,321 | Chesapeake Energy Corp. | 3,626,732 | 0.2 | |||||||||||
30,626 | Cimarex Energy Co. | 3,246,356 | 0.1 | |||||||||||
123,515 | Cobalt International Energy, Inc. | 1,098,048 | 0.1 | |||||||||||
39,654 | Concho Resources, Inc. | 3,955,487 | 0.2 | |||||||||||
80,889 | Consol Energy, Inc. | 2,734,857 | 0.1 | |||||||||||
30,270 | Continental Resources, Inc. | 1,161,157 | 0.1 | |||||||||||
5,834 | CVR Energy, Inc. | 225,834 | 0.0 | |||||||||||
123,701 | Denbury Resources, Inc. | 1,005,689 | 0.0 | |||||||||||
23,593 | Diamond Offshore Drilling | 866,099 | 0.0 | |||||||||||
26,898 | Dresser-Rand Group, Inc. | 2,200,256 | 0.1 | |||||||||||
14,357 | @ | Dril-Quip, Inc. | 1,101,613 | 0.1 | ||||||||||
12,267 | EP Energy Corp. | 128,068 | 0.0 | |||||||||||
53,377 | EQT Corp. | 4,040,639 | 0.2 | |||||||||||
82,750 | @ | FMC Technologies, Inc. | 3,876,010 | 0.2 | ||||||||||
12,780 | Frank's International N.V. | 212,531 | 0.0 | |||||||||||
18,411 | L | Golar LNG Ltd. | 671,449 | 0.0 | ||||||||||
30,070 | @ | Gulfport Energy Corp. | 1,255,122 | 0.1 | ||||||||||
33,977 | Helmerich & Payne, Inc. | 2,290,729 | 0.1 | |||||||||||
69,915 | HollyFrontier Corp. | 2,620,414 | 0.1 | |||||||||||
39,305 | Kosmos Energy, LLC | 329,769 | 0.0 | |||||||||||
28,198 | L | Laredo Petroleum, Inc. | 291,849 | 0.0 | ||||||||||
18,295 | Memorial Resource Development Corp. | 329,859 | 0.0 | |||||||||||
63,120 | Murphy Oil Corp. | 3,188,822 | 0.1 | |||||||||||
104,684 | Nabors Industries Ltd. | 1,358,798 | 0.1 | |||||||||||
47,980 | @ | Newfield Exploration Co. | 1,301,218 | 0.1 | ||||||||||
126,925 | Noble Energy, Inc. | 6,020,053 | 0.3 | |||||||||||
36,743 | Oasis Petroleum, Inc. | 607,729 | 0.0 | |||||||||||
37,992 | Oceaneering International, Inc. | 2,234,310 | 0.1 | |||||||||||
16,508 | Oil States International, Inc. | 807,241 | 0.0 | |||||||||||
73,117 | Oneok, Inc. | 3,640,495 | 0.2 | |||||||||||
50,878 | Patterson-UTI Energy, Inc. | 844,066 | 0.0 | |||||||||||
25,036 | PBF Energy, Inc. | 666,959 | 0.0 | |||||||||||
95,409 | L | Peabody Energy Corp. | 738,466 | 0.0 | ||||||||||
63,317 | QEP Resources, Inc. | 1,280,270 | 0.1 | |||||||||||
57,658 | Range Resources Corp. | 3,081,820 | 0.1 | |||||||||||
18,747 | Rice Energy, Inc. | 393,125 | 0.0 | |||||||||||
43,721 | Rowan Companies PLC | 1,019,574 | 0.0 | |||||||||||
22,912 | RPC, Inc. | 298,773 | 0.0 |
179,262 | L | SandRidge Energy, Inc. | 326,257 | 0.0 | ||||||||||
14,006 | Seventy Seven Energy, Inc. | 75,772 | 0.0 | |||||||||||
23,564 | SM Energy Co. | 909,099 | 0.0 | |||||||||||
14,945 | L | Solar City | 799,259 | 0.0 | ||||||||||
124,214 | @ | Southwestern Energy Co. | 3,389,800 | 0.2 | ||||||||||
55,132 | Superior Energy Services | 1,110,910 | 0.1 | |||||||||||
13,269 | Targa Resources Corp. | 1,407,177 | 0.1 | |||||||||||
16,002 | Teekay Corp. | 814,342 | 0.0 | |||||||||||
45,492 | Tesoro Corp. | 3,382,330 | 0.1 | |||||||||||
18,070 | Tidewater, Inc. | 585,649 | 0.0 | |||||||||||
55,534 | @,L | Ultra Petroleum Corp. | 730,827 | 0.0 | ||||||||||
18,003 | @ | Unit Corp. | 613,902 | 0.0 | ||||||||||
58,432 | @ | Whiting Petroleum Corp. | 1,928,256 | 0.1 | ||||||||||
25,309 | World Fuel Services Corp. | 1,187,751 | 0.1 | |||||||||||
71,068 | WPX Energy, Inc. | 826,521 | 0.0 | |||||||||||
98,085,832 | 4.2 | |||||||||||||
Financials: 20.4% | ||||||||||||||
19,455 | @ | Affiliated Managers Group, Inc. | 4,129,129 | 0.2 | ||||||||||
25,206 | Alexandria Real Estate Equities, Inc. | 2,236,780 | 0.1 | |||||||||||
5,793 | @ | Alleghany Corp. | 2,685,055 | 0.1 | ||||||||||
34,670 | Allied World Assurance Co. Holdings Ltd. | 1,314,686 | 0.1 | |||||||||||
95,169 | Ally Financial, Inc. | 2,247,892 | 0.1 | |||||||||||
36,925 | American Campus Communities, Inc. | 1,527,218 | 0.1 | |||||||||||
124,113 | American Capital Agency Corp. | 2,709,387 | 0.1 | |||||||||||
25,499 | American Financial Group, Inc. | 1,548,299 | 0.1 | |||||||||||
53,833 | American Homes 4 Rent | 916,776 | 0.0 | |||||||||||
2,721 | American National Insurance | 310,901 | 0.0 | |||||||||||
319,573 | @ | American Realty Capital Properties, Inc. | 2,892,136 | 0.1 | ||||||||||
66,811 | Ameriprise Financial, Inc. | 8,835,755 | 0.4 | |||||||||||
333,284 | Annaly Capital Management, Inc. | 3,602,800 | 0.2 | |||||||||||
104,379 | Aon PLC | 9,898,261 | 0.4 | |||||||||||
51,377 | Apartment Investment & Management Co. | 1,908,656 | 0.1 | |||||||||||
47,174 | @ | Arch Capital Group Ltd. | 2,787,983 | 0.1 | ||||||||||
55,285 | Arthur J. Gallagher & Co. | 2,602,818 | 0.1 | |||||||||||
9,946 | Artisan Partners Asset Management, Inc. | 502,571 | 0.0 | |||||||||||
23,027 | Aspen Insurance Holdings Ltd. | 1,007,892 | 0.0 | |||||||||||
56,066 | Associated Banc-Corp. | 1,044,510 | 0.0 | |||||||||||
25,208 | Assurant, Inc. | 1,724,983 | 0.1 | |||||||||||
59,500 | Assured Guaranty Ltd. | 1,546,405 | 0.1 | |||||||||||
45,594 | AvalonBay Communities, Inc. | 7,449,604 | 0.3 | |||||||||||
35,940 | Axis Capital Holdings Ltd. | 1,836,175 | 0.1 | |||||||||||
15,652 | Bank of Hawaii Corp. | 928,320 | 0.0 | |||||||||||
35,739 | BankUnited, Inc. | 1,035,359 | 0.0 |
See Accompanying Notes to Financial Statements
66 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
67,766 | BioMed Realty Trust, Inc. | 1,459,680 | 0.1 | |||||||||||
9,859 | BOK Financial Corp. | 591,934 | 0.0 | |||||||||||
53,259 | Boston Properties, Inc. | 6,853,901 | 0.3 | |||||||||||
62,921 | Brandywine Realty Trust | 1,005,478 | 0.0 | |||||||||||
19,324 | Brixmor Property Group, Inc. | 480,008 | 0.0 | |||||||||||
42,469 | Brown & Brown, Inc. | 1,397,655 | 0.1 | |||||||||||
30,092 | Camden Property Trust | 2,221,993 | 0.1 | |||||||||||
58,578 | CBL & Associates Properties, Inc. | 1,137,585 | 0.0 | |||||||||||
30,267 | CBOE Holdings, Inc. | 1,919,533 | 0.1 | |||||||||||
98,568 | @ | CBRE Group, Inc. | 3,375,954 | 0.1 | ||||||||||
361,643 | Chimera Investment Corp. | 1,150,025 | 0.1 | |||||||||||
57,514 | Cincinnati Financial Corp. | 2,980,951 | 0.1 | |||||||||||
64,390 | CIT Group, Inc. | 3,079,774 | 0.1 | |||||||||||
56,605 | Citizens Financial Group, Inc. | 1,407,200 | 0.1 | |||||||||||
16,753 | City National Corp. | 1,353,810 | 0.1 | |||||||||||
9,619 | CNA Financial Corp. | 372,351 | 0.0 | |||||||||||
43,990 | Columbia Property Trust, Inc. | 1,115,146 | 0.0 | |||||||||||
63,940 | Comerica, Inc. | 2,994,950 | 0.1 | |||||||||||
30,040 | Commerce Bancshares, Inc. | 1,306,440 | 0.1 | |||||||||||
33,560 | Corporate Office Properties Trust SBI MD | 952,097 | 0.0 | |||||||||||
40,971 | Corrections Corp. of America | 1,488,886 | 0.1 | |||||||||||
117,452 | Crown Castle International Corp. | 9,243,472 | 0.4 | |||||||||||
18,646 | Cullen/Frost Bankers, Inc. | 1,317,153 | 0.1 | |||||||||||
106,016 | DDR Corp. | 1,946,454 | 0.1 | |||||||||||
47,635 | Digital Realty Trust, Inc. | 3,158,200 | 0.1 | |||||||||||
50,532 | Douglas Emmett, Inc. | 1,435,109 | 0.1 | |||||||||||
115,980 | Duke Realty Corp. | 2,342,796 | 0.1 | |||||||||||
101,525 | @ | E*Trade Financial Corp. | 2,462,489 | 0.1 | ||||||||||
50,463 | East-West Bancorp., Inc. | 1,953,423 | 0.1 | |||||||||||
42,339 | Eaton Vance Corp. | 1,732,935 | 0.1 | |||||||||||
15,704 | Endurance Specialty Holdings Ltd. | 939,727 | 0.0 | |||||||||||
45,369 | @ | Equity Commonwealth | 1,164,622 | 0.1 | ||||||||||
29,296 | Equity Lifestyle Properties, Inc. | 1,510,209 | 0.1 | |||||||||||
8,857 | Erie Indemnity Co. | 803,950 | 0.0 | |||||||||||
21,991 | Essex Property Trust, Inc. | 4,543,341 | 0.2 | |||||||||||
16,225 | Everest Re Group Ltd. | 2,763,118 | 0.1 | |||||||||||
40,795 | Extra Space Storage, Inc. | 2,392,219 | 0.1 | |||||||||||
23,673 | Federal Realty Investment Trust | 3,159,399 | 0.1 | |||||||||||
33,020 | Federated Investors, Inc. | 1,087,349 | 0.0 | |||||||||||
299,230 | Fifth Third Bancorp. | 6,096,811 | 0.3 | |||||||||||
83,258 | First Horizon National Corp. | 1,130,644 | 0.0 | |||||||||||
124,994 | First Niagara Financial Group, Inc. | 1,053,699 | 0.0 |
48,419 | First Republic Bank | 2,523,598 | 0.1 | |||||||||||
97,418 | FNF Group | 3,356,050 | 0.1 | |||||||||||
33,575 | FNFV Group | 528,471 | 0.0 | |||||||||||
57,906 | @ | Forest City Enterprises, Inc. | 1,233,398 | 0.1 | ||||||||||
66,520 | Fulton Financial Corp. | 822,187 | 0.0 | |||||||||||
29,672 | Gaming and Leisure Properties, Inc. | 870,576 | 0.0 | |||||||||||
199,457 | General Growth Properties, Inc. | 5,610,725 | 0.2 | |||||||||||
174,675 | @ | Genworth Financial, Inc. | 1,484,738 | 0.1 | ||||||||||
15,498 | Hanover Insurance Group, Inc. | 1,105,317 | 0.0 | |||||||||||
158,198 | Hartford Financial Services Group, Inc. | 6,595,275 | 0.3 | |||||||||||
35,154 | HCC Insurance Holdings, Inc. | 1,881,442 | 0.1 | |||||||||||
161,221 | HCP, Inc. | 7,098,561 | 0.3 | |||||||||||
114,753 | Health Care Real Estate Investment Trust, Inc. | 8,683,360 | 0.4 | |||||||||||
41,749 | Healthcare Trust of America, Inc. | 1,124,718 | 0.0 | |||||||||||
20,114 | Home Properties, Inc. | 1,319,478 | 0.1 | |||||||||||
52,675 | Hospitality Properties Trust | 1,632,925 | 0.1 | |||||||||||
266,356 | Host Hotels & Resorts, Inc. | 6,331,282 | 0.3 | |||||||||||
13,937 | Howard Hughes Corp. | 1,817,664 | 0.1 | |||||||||||
186,024 | Hudson City Bancorp., Inc. | 1,882,563 | 0.1 | |||||||||||
291,151 | Huntington Bancshares, Inc. | 3,062,909 | 0.1 | |||||||||||
19,598 | Interactive Brokers Group, Inc. | 571,478 | 0.0 | |||||||||||
40,521 | Intercontinental Exchange, Inc. | 8,885,850 | 0.4 | |||||||||||
152,234 | Invesco Ltd. | 6,016,288 | 0.3 | |||||||||||
65,273 | Iron Mountain, Inc. | 2,523,454 | 0.1 | |||||||||||
15,685 | Jones Lang LaSalle, Inc. | 2,351,652 | 0.1 | |||||||||||
310,805 | Keycorp | 4,320,190 | 0.2 | |||||||||||
28,920 | Kilroy Realty Corp. | 1,997,504 | 0.1 | |||||||||||
144,429 | Kimco Realty Corp. | 3,630,945 | 0.2 | |||||||||||
27,957 | Lamar Advertising Co. | 1,499,613 | 0.1 | |||||||||||
43,470 | @ | Lazard Ltd. | 2,174,804 | 0.1 | ||||||||||
36,525 | Legg Mason, Inc. | 1,949,339 | 0.1 | |||||||||||
129,713 | Leucadia National Corp. | 2,908,165 | 0.1 | |||||||||||
51,943 | Liberty Property Trust | 1,954,615 | 0.1 | |||||||||||
92,775 | Lincoln National Corp. | 5,350,334 | 0.2 | |||||||||||
114,557 | Loews Corp. | 4,813,685 | 0.2 | |||||||||||
30,746 | LPL Financial Holdings, Inc. | 1,369,734 | 0.1 | |||||||||||
46,263 | M&T Bank Corp. | 5,811,558 | 0.3 | |||||||||||
55,562 | Macerich Co. | 4,634,426 | 0.2 | |||||||||||
4,914 | @ | Markel Corp. | 3,355,476 | 0.1 | ||||||||||
51,318 | @ | MBIA, Inc. | 489,574 | 0.0 | ||||||||||
9,755 | Mercury General Corp. | 552,816 | 0.0 | |||||||||||
129,092 | MFA Mortgage Investments, Inc. | 1,031,445 | 0.0 | |||||||||||
26,401 | Mid-America Apartment Communities, Inc. | 1,971,627 | 0.1 | |||||||||||
66,524 | Moody's Corp. | 6,373,664 | 0.3 | |||||||||||
41,076 | MSCI, Inc. - Class A | 1,948,645 | 0.1 |
See Accompanying Notes to Financial Statements
67 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
41,109 | Nasdaq Stock Market, Inc. | 1,971,588 | 0.1 | |||||||||||
46,406 | National Retail Properties, Inc. | 1,827,004 | 0.1 | |||||||||||
7,820 | L | Nationstar Mortgage Holdings, Inc. | 220,446 | 0.0 | ||||||||||
148,688 | Navient Corp. | 3,213,148 | 0.1 | |||||||||||
155,697 | New York Community Bancorp., Inc. | 2,491,152 | 0.1 | |||||||||||
83,209 | Northern Trust Corp. | 5,608,287 | 0.2 | |||||||||||
64,601 | NorthStar Asset Management Group, Inc./New York | 1,458,045 | 0.1 | |||||||||||
76,192 | NorthStar Realty Finance Corp. | 1,339,455 | 0.1 | |||||||||||
35,646 | @,L | Ocwen Financial Corp. | 538,255 | 0.0 | ||||||||||
91,641 | Old Republic International Corp. | 1,340,708 | 0.1 | |||||||||||
44,363 | L | Omega Healthcare Investors, Inc. | 1,733,262 | 0.1 | ||||||||||
55,317 | Outfront Media, Inc. | 1,484,708 | 0.1 | |||||||||||
35,847 | PacWest Bancorp | 1,629,605 | 0.1 | |||||||||||
54,188 | Paramount Group, Inc. | 1,007,355 | 0.0 | |||||||||||
17,766 | PartnerRe Ltd. | 2,027,634 | 0.1 | |||||||||||
109,114 | People's United Financial, Inc. | 1,656,351 | 0.1 | |||||||||||
54,336 | L | Piedmont Office Realty Trust, Inc. | 1,023,690 | 0.0 | ||||||||||
62,303 | Plum Creek Timber Co., Inc. | 2,665,945 | 0.1 | |||||||||||
36,433 | @ | Popular, Inc. | 1,240,544 | 0.1 | ||||||||||
19,109 | Post Properties, Inc. | 1,123,036 | 0.0 | |||||||||||
103,510 | Principal Financial Group, Inc. | 5,376,309 | 0.2 | |||||||||||
20,870 | ProAssurance Corp. | 942,281 | 0.0 | |||||||||||
208,306 | Progressive Corp. | 5,622,179 | 0.2 | |||||||||||
175,833 | ProLogis, Inc. | 7,566,094 | 0.3 | |||||||||||
27,731 | Protective Life Corp. | 1,931,464 | 0.1 | |||||||||||
43,924 | Raymond James Financial, Inc. | 2,516,406 | 0.1 | |||||||||||
44,459 | Rayonier, Inc. | 1,242,184 | 0.1 | |||||||||||
51,409 | Realogy Holdings Corp. | 2,287,186 | 0.1 | |||||||||||
77,893 | Realty Income Corp. | 3,716,275 | 0.2 | |||||||||||
32,477 | Regency Centers Corp. | 2,071,383 | 0.1 | |||||||||||
485,262 | Regions Financial Corp. | 5,124,367 | 0.2 | |||||||||||
24,315 | Reinsurance Group of America, Inc. | 2,130,480 | 0.1 | |||||||||||
14,264 | RenaissanceRe Holdings Ltd. | 1,386,746 | 0.1 | |||||||||||
83,207 | Retail Properties of America, Inc. | 1,388,725 | 0.1 | |||||||||||
31,771 | Santander Consumer USA Holdings, Inc. | 623,029 | 0.0 | |||||||||||
46,737 | SEI Investments Co. | 1,871,349 | 0.1 | |||||||||||
71,629 | Senior Housing Properties Trust | 1,583,717 | 0.1 | |||||||||||
17,694 | Signature Bank | 2,228,736 | 0.1 | |||||||||||
33,571 | SL Green Realty Corp. | 3,995,620 | 0.2 | |||||||||||
148,651 | @ | SLM Corp. | 1,514,754 | 0.1 | ||||||||||
140,213 | Spirit Realty Capital, Inc. | 1,667,133 | 0.1 | |||||||||||
15,394 | Stancorp Financial Group, Inc. | 1,075,425 | 0.0 | |||||||||||
77,904 | Starwood Property Trust, Inc. | 1,810,489 | 0.1 |
187,457 | SunTrust Bank | 7,854,448 | 0.3 | |||||||||||
17,732 | @ | SVB Financial Group | 2,058,153 | 0.1 | ||||||||||
45,245 | Synchrony Financial | 1,346,039 | 0.1 | |||||||||||
48,918 | Synovus Financial Corp. | 1,325,189 | 0.1 | |||||||||||
92,426 | T. Rowe Price Group, Inc. | 7,935,696 | 0.3 | |||||||||||
31,987 | Tanger Factory Outlet Centers, Inc. | 1,182,240 | 0.1 | |||||||||||
22,253 | Taubman Centers, Inc. | 1,700,574 | 0.1 | |||||||||||
58,632 | TCF Financial Corp. | 931,662 | 0.0 | |||||||||||
94,556 | TD Ameritrade Holding Corp. | 3,383,214 | 0.1 | |||||||||||
27,371 | TFS Financial Corp. | 407,417 | 0.0 | |||||||||||
46,333 | Torchmark Corp. | 2,509,859 | 0.1 | |||||||||||
128,730 | Two Harbors Investment Corp. | 1,289,875 | 0.1 | |||||||||||
88,454 | UDR, Inc. | 2,726,152 | 0.1 | |||||||||||
90,573 | UnumProvident Corp. | 3,159,186 | 0.1 | |||||||||||
31,966 | Validus Holdings Ltd. | 1,328,507 | 0.1 | |||||||||||
103,570 | Ventas, Inc. | 7,425,969 | 0.3 | |||||||||||
65,947 | Vornado Realty Trust | 7,762,621 | 0.3 | |||||||||||
48,039 | ** | Voya Financial, Inc. | 2,035,893 | 0.1 | ||||||||||
29,983 | Waddell & Reed Financial, Inc. | 1,493,753 | 0.1 | |||||||||||
54,674 | Washington Prime Group, Inc. | 941,486 | 0.0 | |||||||||||
42,995 | Weingarten Realty Investors | 1,501,385 | 0.1 | |||||||||||
185,159 | Weyerhaeuser Co. | 6,645,357 | 0.3 | |||||||||||
2,174 | White Mountains Insurance Group Ltd. | 1,369,859 | 0.1 | |||||||||||
34,970 | WP Carey, Inc. | 2,451,397 | 0.1 | |||||||||||
35,305 | WR Berkley Corp. | 1,809,734 | 0.1 | |||||||||||
95,536 | XL Group PLC | 3,283,572 | 0.1 | |||||||||||
71,374 | Zions Bancorp. | 2,034,873 | 0.1 | |||||||||||
470,731,598 | 20.4 | |||||||||||||
Health Care: 11.6% | ||||||||||||||
117,296 | Agilent Technologies, Inc. | 4,802,098 | 0.2 | |||||||||||
29,037 | Alere, Inc. | 1,103,406 | 0.0 | |||||||||||
28,742 | Align Technology, Inc. | 1,606,965 | 0.1 | |||||||||||
50,842 | @ | Alkermes PLC | 2,977,307 | 0.1 | ||||||||||
63,219 | @ | Allscripts Healthcare Solutions, Inc. | 807,307 | 0.0 | ||||||||||
23,375 | Alnylam Pharmaceuticals, Inc. | 2,267,375 | 0.1 | |||||||||||
79,449 | AmerisourceBergen Corp. | 7,163,122 | 0.3 | |||||||||||
13,308 | L | Athenahealth, Inc. | 1,938,976 | 0.1 | ||||||||||
51,344 | BioMarin Pharmaceuticals, Inc. | 4,641,498 | 0.2 | |||||||||||
7,298 | @ | Bio-Rad Laboratories, Inc. | 879,847 | 0.0 | ||||||||||
13,017 | Bio-Techne Corp. | 1,202,771 | 0.1 | |||||||||||
465,344 | @ | Boston Scientific Corp. | 6,165,808 | 0.3 | ||||||||||
60,418 | @ | Brookdale Senior Living, Inc. | 2,215,528 | 0.1 | ||||||||||
38,759 | Bruker BioSciences Corp. | 760,452 | 0.0 | |||||||||||
119,707 | Cardinal Health, Inc. | 9,663,946 | 0.4 | |||||||||||
72,934 | CareFusion Corp. | 4,327,904 | 0.2 | |||||||||||
72,775 | @ | Catamaran Corp. | 3,766,106 | 0.2 | ||||||||||
20,288 | @ | Centene Corp. | 2,106,909 | 0.1 | ||||||||||
104,843 | @ | Cerner Corp. | 6,779,148 | 0.3 |
See Accompanying Notes to Financial Statements
68 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
17,002 | Charles River Laboratories International, Inc. | 1,082,007 | 0.0 | |||||||||||
94,522 | Cigna Corp. | 9,727,259 | 0.4 | |||||||||||
40,550 | @ | Community Health Systems, Inc. | 2,186,456 | 0.1 | ||||||||||
16,841 | Cooper Cos., Inc. | 2,729,758 | 0.1 | |||||||||||
20,190 | Covance, Inc. | 2,096,530 | 0.1 | |||||||||||
26,827 | CR Bard, Inc. | 4,469,915 | 0.2 | |||||||||||
26,495 | Cubist Pharmaceuticals, Inc. | 2,666,722 | 0.1 | |||||||||||
62,547 | @ | DaVita, Inc. | 4,737,310 | 0.2 | ||||||||||
49,877 | Dentsply International, Inc. | 2,656,948 | 0.1 | |||||||||||
37,119 | @ | Edwards Lifesciences Corp. | 4,728,218 | 0.2 | ||||||||||
53,573 | Endo International PLC | 3,863,685 | 0.2 | |||||||||||
28,533 | Envision Healthcare Holdings, Inc. | 989,810 | 0.0 | |||||||||||
114,849 | @ | HCA Holdings, Inc. | 8,428,768 | 0.4 | ||||||||||
28,234 | Health Net, Inc. | 1,511,366 | 0.1 | |||||||||||
30,027 | @ | Henry Schein, Inc. | 4,088,176 | 0.2 | ||||||||||
20,150 | Hill-Rom Holdings, Inc. | 919,243 | 0.0 | |||||||||||
84,547 | @ | Hologic, Inc. | 2,260,787 | 0.1 | ||||||||||
58,799 | Hospira, Inc. | 3,601,439 | 0.2 | |||||||||||
54,459 | Humana, Inc. | 7,821,946 | 0.3 | |||||||||||
16,773 | @ | Idexx Laboratories, Inc. | 2,486,933 | 0.1 | ||||||||||
49,043 | @ | Illumina, Inc. | 9,052,357 | 0.4 | ||||||||||
27,090 | IMS Health Holdings, Inc. | 694,588 | 0.0 | |||||||||||
50,872 | @ | Incyte Corp., Ltd. | 3,719,252 | 0.2 | ||||||||||
4,529 | Intercept Pharmaceuticals, Inc. | 706,524 | 0.0 | |||||||||||
12,650 | @ | Intuitive Surgical, Inc. | 6,691,091 | 0.3 | ||||||||||
20,903 | Jazz Pharmaceuticals PLC | 3,422,448 | 0.2 | |||||||||||
29,829 | @ | Laboratory Corp. of America Holdings | 3,218,549 | 0.1 | ||||||||||
15,664 | LifePoint Hospitals, Inc. | 1,126,398 | 0.1 | |||||||||||
39,785 | Mallinckrodt PLC - W/I | 3,939,908 | 0.2 | |||||||||||
26,919 | @ | Medivation, Inc. | 2,681,402 | 0.1 | ||||||||||
35,256 | @ | Mednax, Inc. | 2,330,774 | 0.1 | ||||||||||
10,283 | Mettler Toledo International, Inc. | 3,110,196 | 0.1 | |||||||||||
131,484 | @ | Mylan Laboratories | 7,411,753 | 0.3 | ||||||||||
26,324 | @,L | Myriad Genetics, Inc. | 896,595 | 0.0 | ||||||||||
34,840 | Omnicare, Inc. | 2,540,881 | 0.1 | |||||||||||
30,204 | Patterson Cos., Inc. | 1,452,812 | 0.1 | |||||||||||
39,861 | PerkinElmer, Inc. | 1,743,121 | 0.1 | |||||||||||
49,529 | Perrigo Co. PLC | 8,279,268 | 0.4 | |||||||||||
21,412 | @ | Pharmacyclics, Inc. | 2,617,831 | 0.1 | ||||||||||
12,034 | Premier, Inc. | 403,500 | 0.0 | |||||||||||
82,173 | @ | Qiagen NV | 1,927,779 | 0.1 | ||||||||||
50,830 | Quest Diagnostics | 3,408,660 | 0.1 | |||||||||||
18,893 | Quintiles Transnational Holdings, Inc. | 1,112,231 | 0.1 | |||||||||||
49,378 | L | Resmed, Inc. | 2,768,131 | 0.1 | ||||||||||
22,315 | @ | Salix Pharmaceuticals Ltd. | 2,564,886 | 0.1 | ||||||||||
36,265 | Seattle Genetics, Inc. | 1,165,194 | 0.1 | |||||||||||
20,279 | @ | Sirona Dental Systems, Inc. | 1,771,776 | 0.1 | ||||||||||
100,013 | St. Jude Medical, Inc. | 6,503,845 | 0.3 | |||||||||||
14,563 | Teleflex, Inc. | 1,672,124 | 0.1 | |||||||||||
34,363 | @ | Tenet Healthcare Corp. | 1,741,173 | 0.1 | ||||||||||
16,874 | @ | United Therapeutics Corp. | 2,185,014 | 0.1 |
31,269 | Universal Health Services, Inc. | 3,478,989 | 0.2 | |||||||||||
36,567 | @ | Varian Medical Systems, Inc. | 3,163,411 | 0.1 | ||||||||||
31,052 | @ | VCA, Inc. | 1,514,406 | 0.1 | ||||||||||
14,062 | Veeva Systems, Inc. | 371,377 | 0.0 | |||||||||||
83,105 | @ | Vertex Pharmaceuticals, Inc. | 9,872,874 | 0.4 | ||||||||||
10,592 | VWR Corp. | 274,015 | 0.0 | |||||||||||
29,836 | @ | Waters Corp. | 3,363,114 | 0.1 | ||||||||||
59,038 | Zimmer Holdings, Inc. | 6,696,090 | 0.3 | |||||||||||
176,256 | Zoetis, Inc. | 7,584,296 | 0.3 | |||||||||||
267,408,382 | 11.6 | |||||||||||||
Industrials: 12.8% | ||||||||||||||
15,201 | Acuity Brands, Inc. | 2,129,204 | 0.1 | |||||||||||
61,335 | ADT Corp. | 2,222,167 | 0.1 | |||||||||||
52,713 | Aecom Technology Corp. | 1,600,894 | 0.1 | |||||||||||
33,039 | AGCO Corp. | 1,493,363 | 0.1 | |||||||||||
35,839 | Air Lease Corp. | 1,229,636 | 0.1 | |||||||||||
48,357 | Alaska Air Group, Inc. | 2,889,814 | 0.1 | |||||||||||
33,971 | Allegion Public Ltd. | 1,884,032 | 0.1 | |||||||||||
11,215 | Alliant Techsystems, Inc. | 1,303,744 | 0.1 | |||||||||||
47,518 | Allison Transmission Holdings, Inc. | 1,610,860 | 0.1 | |||||||||||
2,654 | Amerco, Inc. | 754,426 | 0.0 | |||||||||||
86,300 | Ametek, Inc. | 4,541,969 | 0.2 | |||||||||||
26,567 | AO Smith Corp. | 1,498,644 | 0.1 | |||||||||||
15,951 | @ | Armstrong World Industries, Inc. | 815,415 | 0.0 | ||||||||||
37,084 | @ | Avis Budget Group, Inc. | 2,459,782 | 0.1 | ||||||||||
38,780 | Babcock & Wilcox Co. | 1,175,034 | 0.0 | |||||||||||
37,046 | BE Aerospace, Inc. | 2,149,409 | 0.1 | |||||||||||
22,550 | Carlisle Cos., Inc. | 2,034,912 | 0.1 | |||||||||||
52,213 | CH Robinson Worldwide, Inc. | 3,910,232 | 0.2 | |||||||||||
34,658 | L | Chicago Bridge & Iron Co. NV | 1,454,943 | 0.1 | ||||||||||
35,397 | Cintas Corp. | 2,776,541 | 0.1 | |||||||||||
21,375 | @ | Clean Harbors, Inc. | 1,027,069 | 0.0 | ||||||||||
33,541 | Colfax Corp. | 1,729,709 | 0.1 | |||||||||||
20,070 | Con-way, Inc. | 987,043 | 0.0 | |||||||||||
11,966 | Copa Holdings S.A. | 1,240,156 | 0.1 | |||||||||||
39,596 | @ | Copart, Inc. | 1,444,858 | 0.1 | ||||||||||
11,366 | CoStar Group, Inc. | 2,087,139 | 0.1 | |||||||||||
37,959 | Covanta Holding Corp. | 835,478 | 0.0 | |||||||||||
17,122 | Crane Co. | 1,005,061 | 0.0 | |||||||||||
50,317 | Donaldson Co., Inc. | 1,943,746 | 0.1 | |||||||||||
58,562 | Dover Corp. | 4,200,067 | 0.2 | |||||||||||
13,032 | Dun & Bradstreet Corp. | 1,576,351 | 0.1 | |||||||||||
42,948 | Equifax, Inc. | 3,473,205 | 0.1 | |||||||||||
66,662 | Exelis, Inc. | 1,168,585 | 0.0 | |||||||||||
69,466 | Expeditors International Washington, Inc. | 3,098,878 | 0.1 | |||||||||||
104,401 | Fastenal Co. | 4,965,312 | 0.2 | |||||||||||
48,305 | Flowserve Corp. | 2,890,088 | 0.1 | |||||||||||
55,978 | Fluor Corp. | 3,393,946 | 0.1 | |||||||||||
58,418 | Fortune Brands Home & Security, Inc. | 2,644,583 | 0.1 | |||||||||||
16,198 | GATX Corp. | 932,033 | 0.0 | |||||||||||
18,328 | @ | Genesee & Wyoming, Inc. | 1,648,054 | 0.1 | ||||||||||
21,329 | Graco, Inc. | 1,710,159 | 0.1 |
See Accompanying Notes to Financial Statements
69 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
37,329 | HD Supply Holdings, Inc | 1,100,832 | 0.0 | |||||||||||
157,507 | Hertz Global Holdings, Inc. | 3,928,225 | 0.2 | |||||||||||
34,431 | @ | Hexcel Corp. | 1,428,542 | 0.1 | ||||||||||
20,824 | Hubbell, Inc. | 2,224,628 | 0.1 | |||||||||||
17,284 | Huntington Ingalls Industries, Inc. | 1,943,759 | 0.1 | |||||||||||
28,361 | IDEX Corp. | 2,207,620 | 0.1 | |||||||||||
23,947 | IHS, Inc. | 2,727,084 | 0.1 | |||||||||||
95,138 | Ingersoll-Rand PLC - Class A | 6,030,798 | 0.3 | |||||||||||
32,279 | ITT Corp. | 1,306,008 | 0.1 | |||||||||||
46,541 | @ | Jacobs Engineering Group, Inc. | 2,079,917 | 0.1 | ||||||||||
32,373 | JB Hunt Transport Services, Inc. | 2,727,425 | 0.1 | |||||||||||
35,215 | Joy Global, Inc. | 1,638,202 | 0.1 | |||||||||||
38,819 | Kansas City Southern | 4,737,083 | 0.2 | |||||||||||
49,209 | KAR Auction Services, Inc. | 1,705,092 | 0.1 | |||||||||||
51,756 | KBR, Inc. | 877,264 | 0.0 | |||||||||||
27,645 | Kennametal, Inc. | 989,415 | 0.0 | |||||||||||
20,055 | @ | Kirby Corp. | 1,619,241 | 0.1 | ||||||||||
18,885 | KLX, Inc. | 779,006 | 0.0 | |||||||||||
30,331 | L-3 Communications Holdings, Inc. | 3,828,075 | 0.2 | |||||||||||
15,823 | Landstar System, Inc. | 1,147,642 | 0.0 | |||||||||||
17,299 | Lennox International, Inc. | 1,644,616 | 0.1 | |||||||||||
28,281 | Lincoln Electric Holdings, Inc. | 1,953,934 | 0.1 | |||||||||||
47,565 | Manitowoc Co., Inc. | 1,051,186 | 0.0 | |||||||||||
28,013 | Manpower, Inc. | 1,909,646 | 0.1 | |||||||||||
125,477 | Masco Corp. | 3,162,020 | 0.1 | |||||||||||
20,148 | @ | Middleby Corp. | 1,996,667 | 0.1 | ||||||||||
37,019 | MRC Global, Inc. | 560,838 | 0.0 | |||||||||||
16,685 | MSC Industrial Direct Co. | 1,355,656 | 0.1 | |||||||||||
19,881 | @ | Navistar International Corp. | 665,616 | 0.0 | ||||||||||
99,136 | Nielsen Holdings NV | 4,434,353 | 0.2 | |||||||||||
22,634 | Nordson Corp. | 1,764,547 | 0.1 | |||||||||||
37,722 | L | NOW, Inc./DE | 970,587 | 0.0 | ||||||||||
22,126 | @ | Old Dominion Freight Line | 1,717,863 | 0.1 | ||||||||||
27,496 | Oshkosh Truck Corp. | 1,337,680 | 0.1 | |||||||||||
41,403 | Owens Corning, Inc. | 1,482,641 | 0.1 | |||||||||||
124,797 | Paccar, Inc. | 8,487,444 | 0.4 | |||||||||||
38,619 | Pall Corp. | 3,908,629 | 0.2 | |||||||||||
52,408 | Parker Hannifin Corp. | 6,758,012 | 0.3 | |||||||||||
68,092 | Pentair PLC | 4,522,671 | 0.2 | |||||||||||
71,269 | Pitney Bowes, Inc. | 1,736,825 | 0.1 | |||||||||||
75,123 | @ | Quanta Services, Inc. | 2,132,742 | 0.1 | ||||||||||
15,888 | Regal-Beloit Corp. | 1,194,778 | 0.0 | |||||||||||
93,465 | Republic Services, Inc. | 3,761,966 | 0.2 | |||||||||||
48,368 | Robert Half International, Inc. | 2,823,724 | 0.1 | |||||||||||
48,705 | Rockwell Automation, Inc. | 5,415,996 | 0.2 | |||||||||||
47,681 | Rockwell Collins, Inc. | 4,028,091 | 0.2 | |||||||||||
22,347 | Rollins, Inc. | 739,686 | 0.0 | |||||||||||
35,102 | Roper Industries, Inc. | 5,488,198 | 0.2 | |||||||||||
70,181 | RR Donnelley & Sons Co. | 1,179,392 | 0.0 | |||||||||||
18,722 | Ryder System, Inc. | 1,738,338 | 0.1 | |||||||||||
124,271 | @,L | Seadrill LTD | 1,483,796 | 0.1 |
20,484 | Snap-On, Inc. | 2,800,982 | 0.1 | |||||||||||
243,391 | Southwest Airlines Co. | 10,300,307 | 0.4 | |||||||||||
42,380 | Spirit Aerosystems Holdings, Inc. | 1,824,035 | 0.1 | |||||||||||
25,604 | Spirit Airlines, Inc. | 1,935,150 | 0.1 | |||||||||||
14,441 | SPX Corp. | 1,240,771 | 0.1 | |||||||||||
54,907 | Stanley Black & Decker, Inc. | 5,275,465 | 0.2 | |||||||||||
29,805 | @ | Stericycle, Inc. | 3,906,839 | 0.2 | ||||||||||
38,833 | Terex Corp. | 1,082,664 | 0.0 | |||||||||||
98,184 | Textron, Inc. | 4,134,528 | 0.2 | |||||||||||
28,664 | Timken Co. | 1,223,379 | 0.0 | |||||||||||
19,832 | Toro Co. | 1,265,480 | 0.1 | |||||||||||
22,859 | Towers Watson & Co. | 2,586,953 | 0.1 | |||||||||||
18,619 | TransDigm Group, Inc. | 3,655,841 | 0.2 | |||||||||||
54,514 | Trinity Industries, Inc. | 1,526,937 | 0.1 | |||||||||||
18,360 | Triumph Group, Inc. | 1,234,159 | 0.1 | |||||||||||
147,226 | Tyco International Plc | 6,457,332 | 0.3 | |||||||||||
131,402 | @ | United Continental Holdings, Inc. | 8,789,480 | 0.4 | ||||||||||
34,232 | United Rentals, Inc. | 3,492,006 | 0.1 | |||||||||||
32,749 | @ | USG Corp. | 916,644 | 0.0 | ||||||||||
8,660 | Valmont Industries, Inc. | 1,099,820 | 0.0 | |||||||||||
3,918 | Vectrus, Inc. | 107,353 | 0.0 | |||||||||||
58,559 | Verisk Analytics, Inc. | 3,750,704 | 0.2 | |||||||||||
3,083 | Veritiv Corp. | 159,915 | 0.0 | |||||||||||
19,943 | @ | WABCO Holdings, Inc. | 2,089,628 | 0.1 | ||||||||||
33,933 | Wabtec Corp. | 2,948,438 | 0.1 | |||||||||||
43,587 | Waste Connections, Inc. | 1,917,392 | 0.1 | |||||||||||
15,626 | Wesco International, Inc. | 1,190,857 | 0.0 | |||||||||||
20,509 | WW Grainger, Inc. | 5,227,539 | 0.2 | |||||||||||
64,671 | Xylem, Inc. | 2,462,025 | 0.1 | |||||||||||
294,973,160 | 12.8 | |||||||||||||
Information Technology: 14.3% | ||||||||||||||
38,700 | @,L | 3D Systems Corp. | 1,272,069 | 0.1 | ||||||||||
174,285 | Activision Blizzard, Inc. | 3,511,843 | 0.2 | |||||||||||
224,257 | @,L | Advanced Micro Devices, Inc. | 598,766 | 0.0 | ||||||||||
62,635 | Akamai Technologies, Inc. | 3,943,500 | 0.2 | |||||||||||
20,694 | Alliance Data Systems Corp. | 5,919,519 | 0.3 | |||||||||||
110,220 | Altera Corp. | 4,071,527 | 0.2 | |||||||||||
56,282 | @ | Amdocs Ltd. | 2,625,837 | 0.1 | ||||||||||
110,587 | Amphenol Corp. | 5,950,686 | 0.3 | |||||||||||
110,525 | Analog Devices, Inc. | 6,136,348 | 0.3 | |||||||||||
32,615 | @ | Ansys, Inc. | 2,674,430 | 0.1 | ||||||||||
28,104 | @ | AOL, Inc. | 1,297,562 | 0.1 | ||||||||||
428,285 | Applied Materials, Inc. | 10,672,862 | 0.5 | |||||||||||
2,213 | L | Arista Networks, Inc. | 134,462 | 0.0 | ||||||||||
44,286 | ARRIS Group, Inc. | 1,336,994 | 0.1 | |||||||||||
35,064 | @ | Arrow Electronics, Inc. | 2,029,855 | 0.1 | ||||||||||
148,019 | @ | Atmel Corp. | 1,242,620 | 0.1 | ||||||||||
80,022 | @ | Autodesk, Inc. | 4,806,121 | 0.2 | ||||||||||
87,902 | Avago Technologies Ltd. | 8,842,062 | 0.4 | |||||||||||
48,680 | Avnet, Inc. | 2,094,214 | 0.1 | |||||||||||
17,351 | AVX Corp. | 242,914 | 0.0 | |||||||||||
26,949 | Booz Allen Hamilton Holding Corp. | 714,957 | 0.0 | |||||||||||
188,200 | Broadcom Corp. | 8,154,706 | 0.4 | |||||||||||
42,453 | Broadridge Financial Solutions, Inc. ADR | 1,960,480 | 0.1 |
See Accompanying Notes to Financial Statements
70 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
153,184 | Brocade Communications Systems, Inc. | 1,813,699 | 0.1 | |||||||||||
112,554 | CA, Inc. | 3,427,269 | 0.1 | |||||||||||
101,837 | @ | Cadence Design Systems, Inc. | 1,931,848 | 0.1 | ||||||||||
30,598 | CDW Corp./DE | 1,076,132 | 0.0 | |||||||||||
57,638 | @ | Citrix Systems, Inc. | 3,677,304 | 0.2 | ||||||||||
22,570 | CommScope Holding Co., Inc. | 515,273 | 0.0 | |||||||||||
50,973 | Computer Sciences Corp. | 3,213,848 | 0.1 | |||||||||||
32,340 | @ | CoreLogic, Inc. | 1,021,621 | 0.0 | ||||||||||
42,893 | @,L | Cree, Inc. | 1,382,012 | 0.1 | ||||||||||
22,694 | Diebold, Inc. | 786,120 | 0.0 | |||||||||||
17,370 | Dolby Laboratories, Inc. | 748,994 | 0.0 | |||||||||||
10,638 | DST Systems, Inc. | 1,001,568 | 0.0 | |||||||||||
15,163 | EchoStar Corp. | 796,058 | 0.0 | |||||||||||
110,677 | @ | Electronic Arts, Inc. | 5,203,479 | 0.2 | ||||||||||
18,713 | Equinix, Inc. | 4,242,799 | 0.2 | |||||||||||
26,638 | @ | F5 Networks, Inc. | 3,475,327 | 0.1 | ||||||||||
14,896 | Factset Research Systems, Inc. | 2,096,612 | 0.1 | |||||||||||
101,271 | Fidelity National Information Services, Inc. | 6,299,056 | 0.3 | |||||||||||
30,186 | L | FireEye, Inc. | 953,274 | 0.0 | ||||||||||
26,276 | First Solar, Inc. | 1,171,778 | 0.1 | |||||||||||
87,699 | @ | Fiserv, Inc. | 6,223,998 | 0.3 | ||||||||||
29,178 | FleetCor Technologies, Inc. | 4,339,060 | 0.2 | |||||||||||
49,844 | Flir Systems, Inc. | 1,610,460 | 0.1 | |||||||||||
48,184 | @ | Fortinet, Inc. | 1,477,321 | 0.1 | ||||||||||
37,031 | Freescale Semiconductor Holdings Ltd. | 934,292 | 0.0 | |||||||||||
31,755 | @ | Gartner, Inc. | 2,674,089 | 0.1 | ||||||||||
56,286 | @ | Genpact Ltd. | 1,065,494 | 0.0 | ||||||||||
23,982 | Global Payments, Inc. | 1,936,067 | 0.1 | |||||||||||
37,462 | Harris Corp. | 2,690,521 | 0.1 | |||||||||||
26,189 | IAC/InterActiveCorp | 1,592,029 | 0.1 | |||||||||||
38,634 | @ | Informatica Corp. | 1,473,308 | 0.1 | ||||||||||
54,588 | Ingram Micro, Inc. | 1,508,812 | 0.1 | |||||||||||
99,877 | Intuit, Inc. | 9,207,661 | 0.4 | |||||||||||
11,708 | @,L | IPG Photonics Corp. | 877,163 | 0.0 | ||||||||||
71,470 | Jabil Circuit, Inc. | 1,560,190 | 0.1 | |||||||||||
29,758 | Jack Henry & Associates, Inc. | 1,849,162 | 0.1 | |||||||||||
81,345 | @ | JDS Uniphase Corp. | 1,116,053 | 0.0 | ||||||||||
152,159 | Juniper Networks, Inc. | 3,396,189 | 0.1 | |||||||||||
58,674 | Keysight Technologies, Inc. | 1,981,421 | 0.1 | |||||||||||
58,359 | KLA-Tencor Corp. | 4,103,805 | 0.2 | |||||||||||
30,891 | L | Knowles Corp. | 727,483 | 0.0 | ||||||||||
57,037 | Lam Research Corp. | 4,525,316 | 0.2 | |||||||||||
22,599 | Leidos Holdings, Inc. | 983,508 | 0.0 | |||||||||||
21,785 | Lexmark International, Inc. | 899,067 | 0.0 | |||||||||||
83,223 | Linear Technology Corp. | 3,794,969 | 0.2 | |||||||||||
36,698 | LinkedIn Corp. | 8,429,898 | 0.4 | |||||||||||
142,723 | Marvell Technology Group Ltd. | 2,069,484 | 0.1 | |||||||||||
99,467 | Maxim Integrated Products | 3,170,013 | 0.1 |
70,474 | Microchip Technology, Inc. | 3,179,082 | 0.1 | |||||||||||
70,166 | Motorola Solutions, Inc. | 4,706,735 | 0.2 | |||||||||||
34,966 | National Instruments Corp. | 1,087,093 | 0.0 | |||||||||||
59,060 | @ | NCR Corp. | 1,721,008 | 0.1 | ||||||||||
109,661 | NetApp, Inc. | 4,545,448 | 0.2 | |||||||||||
14,604 | NetSuite, Inc. | 1,594,319 | 0.1 | |||||||||||
92,357 | Nuance Communications, Inc. | 1,317,934 | 0.1 | |||||||||||
196,361 | Nvidia Corp. | 3,937,038 | 0.2 | |||||||||||
155,096 | ON Semiconductor Corp. | 1,571,122 | 0.1 | |||||||||||
19,282 | Palo Alto Networks, Inc. | 2,363,395 | 0.1 | |||||||||||
114,519 | Paychex, Inc. | 5,287,342 | 0.2 | |||||||||||
41,707 | @ | PTC, Inc. | 1,528,562 | 0.1 | ||||||||||
41,287 | Rackspace Hosting, Inc. | 1,932,644 | 0.1 | |||||||||||
66,630 | @ | Red Hat, Inc. | 4,606,798 | 0.2 | ||||||||||
56,441 | @ | Riverbed Technolgoy, Inc. | 1,151,961 | 0.0 | ||||||||||
33,306 | @ | Rovi Corp. | 752,383 | 0.0 | ||||||||||
16,775 | Sabre Corp. | 340,029 | 0.0 | |||||||||||
79,582 | Sandisk Corp. | 7,797,444 | 0.3 | |||||||||||
50,691 | ServiceNow, Inc. | 3,439,384 | 0.1 | |||||||||||
66,698 | Skyworks Solutions, Inc. | 4,849,612 | 0.2 | |||||||||||
23,103 | SolarWinds, Inc. | 1,151,223 | 0.0 | |||||||||||
24,202 | Solera Holdings, Inc. | 1,238,658 | 0.1 | |||||||||||
41,595 | Splunk, Inc. | 2,452,025 | 0.1 | |||||||||||
17,376 | @,L | Stratasys Ltd. | 1,444,119 | 0.1 | ||||||||||
94,170 | SunEdison, Inc. | 1,837,257 | 0.1 | |||||||||||
16,627 | L | SunPower Corp. | 429,475 | 0.0 | ||||||||||
243,362 | Symantec Corp. | 6,243,452 | 0.3 | |||||||||||
54,438 | @ | Synopsys, Inc. | 2,366,420 | 0.1 | ||||||||||
13,412 | Tableau Software, Inc. | 1,136,801 | 0.0 | |||||||||||
13,445 | @ | Tech Data Corp. | 850,127 | 0.0 | ||||||||||
55,509 | Teradata Corp. | 2,424,633 | 0.1 | |||||||||||
71,994 | Teradyne, Inc. | 1,424,761 | 0.1 | |||||||||||
59,004 | Total System Services, Inc. | 2,003,776 | 0.1 | |||||||||||
91,828 | @ | Trimble Navigation Ltd. | 2,437,115 | 0.1 | ||||||||||
181,317 | Twitter, Inc. | 6,503,841 | 0.3 | |||||||||||
50,888 | United States Steel Corp. | 1,360,745 | 0.1 | |||||||||||
43,801 | Vantiv, Inc. | 1,485,730 | 0.1 | |||||||||||
39,228 | VeriFone Holdings, Inc. | 1,459,282 | 0.1 | |||||||||||
39,071 | @ | VeriSign, Inc. | 2,227,047 | 0.1 | ||||||||||
49,042 | Vishay Intertechnology, Inc. | 693,944 | 0.0 | |||||||||||
78,318 | Western Digital Corp. | 8,669,803 | 0.4 | |||||||||||
189,637 | Western Union Co. | 3,396,399 | 0.1 | |||||||||||
32,963 | Workday, Inc. | 2,690,110 | 0.1 | |||||||||||
410,662 | Xerox Corp. | 5,691,775 | 0.2 | |||||||||||
94,416 | Xilinx, Inc. | 4,087,269 | 0.2 | |||||||||||
17,871 | L | Yelp, Inc. | 978,080 | 0.0 | ||||||||||
17,776 | @ | Zebra Technologies Corp. | 1,376,040 | 0.1 | ||||||||||
10,944 | L | Zillow, Inc. | 1,158,860 | 0.0 | ||||||||||
262,453 | L | Zynga, Inc. | 698,125 | 0.0 | ||||||||||
328,911,463 | 14.3 | |||||||||||||
Materials: 5.6% | ||||||||||||||
26,147 | Airgas, Inc. | 3,011,611 | 0.1 | |||||||||||
27,974 | Albemarle Corp. | 1,682,077 | 0.1 | |||||||||||
412,439 | Alcoa, Inc. | 6,512,412 | 0.3 |
See Accompanying Notes to Financial Statements
71 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
38,187 | Allegheny Technologies, Inc. | 1,327,762 | 0.1 | |||||||||||
23,034 | Aptargroup, Inc. | 1,539,593 | 0.1 | |||||||||||
24,331 | Ashland, Inc. | 2,913,881 | 0.1 | |||||||||||
33,510 | Avery Dennison Corp. | 1,738,499 | 0.1 | |||||||||||
20,671 | @ | Axalta Coating Systems Ltd. | 537,859 | 0.0 | ||||||||||
49,065 | Ball Corp. | 3,344,761 | 0.2 | |||||||||||
35,507 | Bemis Co., Inc. | 1,605,271 | 0.1 | |||||||||||
22,683 | Cabot Corp. | 994,876 | 0.0 | |||||||||||
18,687 | Carpenter Technology Corp. | 920,335 | 0.0 | |||||||||||
54,848 | Celanese Corp. | 3,288,686 | 0.1 | |||||||||||
18,325 | CF Industries Holdings, Inc. | 4,994,296 | 0.2 | |||||||||||
55,623 | Cliffs Natural Resources, Inc. | 397,148 | 0.0 | |||||||||||
11,799 | Compass Minerals International, Inc. | 1,024,507 | 0.1 | |||||||||||
48,779 | @ | Crown Holdings, Inc. | 2,482,851 | 0.1 | ||||||||||
25,225 | Cytec Industries, Inc. | 1,164,638 | 0.1 | |||||||||||
22,576 | Domtar Corp. | 908,007 | 0.0 | |||||||||||
17,596 | Eagle Materials, Inc. | 1,337,824 | 0.1 | |||||||||||
52,847 | Eastman Chemical Co. | 4,008,973 | 0.2 | |||||||||||
46,863 | FMC Corp. | 2,672,597 | 0.1 | |||||||||||
11,503 | Greif, Inc. - Class A | 543,287 | 0.0 | |||||||||||
70,988 | Huntsman Corp. | 1,617,107 | 0.1 | |||||||||||
28,594 | International Flavors & Fragrances, Inc. | 2,898,288 | 0.1 | |||||||||||
152,425 | International Paper Co. | 8,166,932 | 0.4 | |||||||||||
21,745 | Martin Marietta Materials, Inc. | 2,398,908 | 0.1 | |||||||||||
59,058 | MeadWestvaco Corp. | 2,621,585 | 0.1 | |||||||||||
117,717 | Mosaic Co. | 5,373,781 | 0.2 | |||||||||||
3,171 | NewMarket Corp. | 1,279,594 | 0.1 | |||||||||||
175,430 | Newmont Mining Corp. | 3,315,627 | 0.1 | |||||||||||
112,047 | Nucor Corp. | 5,495,905 | 0.2 | |||||||||||
58,054 | @ | Owens-Illinois, Inc. | 1,566,877 | 0.1 | ||||||||||
34,578 | Packaging Corp. of America | 2,698,813 | 0.1 | |||||||||||
34,255 | Platform Specialty Products Corp. | 795,401 | 0.0 | |||||||||||
15,704 | Rayonier Advanced Materials, Inc. | 350,199 | 0.0 | |||||||||||
27,329 | Reliance Steel & Aluminum Co. | 1,674,448 | 0.1 | |||||||||||
50,491 | Rock-Tenn Co. | 3,078,941 | 0.1 | |||||||||||
25,526 | Rockwood Holdings, Inc. | 2,011,449 | 0.1 | |||||||||||
22,679 | Royal Gold, Inc. | 1,421,973 | 0.1 | |||||||||||
46,888 | RPM International, Inc. | 2,377,690 | 0.1 | |||||||||||
15,781 | Scotts Miracle-Gro Co. | 983,472 | 0.0 | |||||||||||
75,969 | Sealed Air Corp. | 3,223,365 | 0.1 | |||||||||||
30,291 | Sherwin-Williams Co. | 7,967,745 | 0.4 | |||||||||||
41,808 | Sigma-Aldrich Corp. | 5,738,984 | 0.3 | |||||||||||
15,360 | Silgan Holdings, Inc. | 823,296 | 0.0 | |||||||||||
35,915 | Sonoco Products Co. | 1,569,486 | 0.1 | |||||||||||
84,495 | Steel Dynamics, Inc. | 1,667,931 | 0.1 | |||||||||||
30,484 | Tahoe Resources, Inc. | 422,813 | 0.0 | |||||||||||
14,810 | TimkenSteel Corp. | 548,414 | 0.0 | |||||||||||
29,781 | Valspar Corp. | 2,575,461 | 0.1 | |||||||||||
46,013 | Vulcan Materials Co. | 3,024,434 | 0.1 | |||||||||||
14,454 | Westlake Chemical Corp. | 882,995 | 0.0 | |||||||||||
26,844 | @ | WR Grace & Co. | 2,560,649 | 0.1 | ||||||||||
130,084,314 | 5.6 |
Telecommunication Services: 0.7% | ||||||||||||||
352,736 | Frontier Communications Corp. | 2,352,749 | 0.1 | |||||||||||
97,318 | @ | Level 3 Communications, Inc. | 4,805,563 | 0.2 | ||||||||||
45,319 | SBA Communications Corp. | 5,019,532 | 0.2 | |||||||||||
30,278 | Telephone & Data Systems, Inc. | 764,520 | 0.1 | |||||||||||
4,932 | United States Cellular Corp. | 196,442 | 0.0 | |||||||||||
211,933 | Windstream Holdings, Inc. | 1,746,328 | 0.1 | |||||||||||
8,685 | Zayo Group Holdings, Inc. | 265,500 | 0.0 | |||||||||||
15,150,634 | 0.7 | |||||||||||||
Utilities: 6.1% | ||||||||||||||
255,155 | AES Corp. | 3,513,484 | 0.1 | |||||||||||
41,950 | AGL Resources, Inc. | 2,286,694 | 0.1 | |||||||||||
39,027 | Alliant Energy Corp. | 2,592,173 | 0.1 | |||||||||||
85,360 | Ameren Corp. | 3,937,657 | 0.2 | |||||||||||
62,985 | American Water Works Co., Inc. | 3,357,100 | 0.1 | |||||||||||
62,262 | Aqua America, Inc. | 1,662,395 | 0.1 | |||||||||||
35,254 | Atmos Energy Corp. | 1,965,058 | 0.1 | |||||||||||
137,106 | Calpine Corp. | 3,034,156 | 0.1 | |||||||||||
151,236 | CenterPoint Energy, Inc. | 3,543,459 | 0.2 | |||||||||||
94,824 | CMS Energy Corp. | 3,295,134 | 0.1 | |||||||||||
103,064 | Consolidated Edison, Inc. | 6,803,255 | 0.3 | |||||||||||
62,285 | DTE Energy Co. | 5,379,555 | 0.2 | |||||||||||
114,641 | Edison International | 7,506,693 | 0.3 | |||||||||||
25,618 | Energen Corp. | 1,633,404 | 0.1 | |||||||||||
63,115 | Entergy Corp. | 5,521,300 | 0.2 | |||||||||||
147,711 | FirstEnergy Corp. | 5,759,252 | 0.2 | |||||||||||
54,161 | Great Plains Energy, Inc. | 1,538,714 | 0.1 | |||||||||||
35,727 | Hawaiian Electric Industries | 1,196,140 | 0.0 | |||||||||||
28,127 | Integrys Energy Group, Inc. | 2,189,687 | 0.1 | |||||||||||
55,464 | ITC Holdings Corp. | 2,242,410 | 0.1 | |||||||||||
67,411 | MDU Resources Group, Inc. | 1,584,158 | 0.1 | |||||||||||
29,573 | National Fuel Gas Co. | 2,056,211 | 0.1 | |||||||||||
110,767 | NiSource, Inc. | 4,698,736 | 0.2 | |||||||||||
111,171 | Northeast Utilities | 5,949,872 | 0.3 | |||||||||||
118,690 | NRG Energy, Inc. | 3,198,696 | 0.1 | |||||||||||
70,049 | OGE Energy Corp. | 2,485,339 | 0.1 | |||||||||||
88,339 | Pepco Holdings, Inc. | 2,378,969 | 0.1 | |||||||||||
38,828 | Pinnacle West Capital Corp. | 2,652,341 | 0.1 | |||||||||||
233,759 | PPL Corp. | 8,492,464 | 0.4 | |||||||||||
177,987 | Public Service Enterprise Group, Inc. | 7,370,442 | 0.3 | |||||||||||
61,666 | Questar Corp. | 1,558,916 | 0.1 | |||||||||||
49,822 | SCANA Corp. | 3,009,249 | 0.1 | |||||||||||
86,351 | Sempra Energy | 9,616,047 | 0.4 | |||||||||||
82,051 | TECO Energy, Inc. | 1,681,225 | 0.1 | |||||||||||
60,713 | UGI Corp. | 2,305,880 | 0.1 | |||||||||||
29,025 | Vectren Corp. | 1,341,826 | 0.1 | |||||||||||
45,375 | Westar Energy, Inc. | 1,871,265 | 0.1 | |||||||||||
79,346 | Wisconsin Energy Corp. | 4,184,708 | 0.2 |
See Accompanying Notes to Financial Statements
72 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
176,592 | Xcel Energy, Inc. | 6,343,185 | 0.3 | |||||||||||
141,737,249 | 6.1 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $1,209,855,012) | 2,285,908,684 | 99.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 2.1% | ||||||||||||||
Securities Lending Collateralcc: 1.2% | ||||||||||||||
6,824,905 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $6,824,939, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $6,961,403, due 01/01/15-09/01/49) | 6,824,905 | 0.3 | |||||||||||
6,824,905 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $6,824,961, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $6,961,403, due 09/30/17-02/15/42) | 6,824,905 | 0.3 | |||||||||||
1,436,741 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $1,436,747, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $1,465,476, due 01/07/15-10/20/64) | 1,436,741 | 0.0 |
6,824,905 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $6,824,939, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $6,961,404, due 11/15/15-07/15/56) | 6,824,905 | 0.3 | |||||||||||
6,824,905 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $6,824,961, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $6,962,087, due 04/15/16-02/15/42) | 6,824,905 | 0.3 | |||||||||||
28,736,361 | 1.2 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 0.9% | ||||||||||||||
20,787,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $20,787,000) | 20,787,000 | 0.9 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $49,523,361) | 49,523,361 | 2.1 | ||||||||||||
Total Investments in Securities (Cost $1,259,378,373) | $ | 2,335,432,045 | 101.2 | |||||||||||
Liabilities in Excess of Other Assets | (28,263,201 | ) | (1.2 | ) | ||||||||||
Net Assets | $ | 2,307,168,844 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
ADR | American Depositary Receipt |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
** | Investment in affiliate |
See Accompanying Notes to Financial Statements
73 |
Voya Russell™ Mid Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Cost for federal income tax purposes is $1,269,530,458. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 1,119,504,564 | ||
Gross Unrealized Depreciation | (53,602,977 | ) | ||
Net Unrealized Appreciation | $ | 1,065,901,587 |
See Accompanying Notes to Financial Statements
74 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 99.6% | ||||||||||||||
Consumer Discretionary: 13.5% | ||||||||||||||
12,744 | AMC Entertainment Holdings, Inc. | 333,638 | 0.0 | |||||||||||
37,743 | @ | American Axle & Manufacturing Holdings, Inc. | 852,614 | 0.1 | ||||||||||
88,212 | American Eagle Outfitters | 1,224,383 | 0.1 | |||||||||||
13,530 | American Public Education, Inc. | 498,851 | 0.1 | |||||||||||
7,264 | @ | America's Car-Mart, Inc. | 387,752 | 0.0 | ||||||||||
27,426 | @ | ANN, Inc. | 1,000,500 | 0.1 | ||||||||||
9,700 | Arctic Cat, Inc. | 344,350 | 0.0 | |||||||||||
17,431 | @ | Asbury Automotive Group, Inc. | 1,323,362 | 0.1 | ||||||||||
11,607 | Ascent Capital Group, Inc. | 614,359 | 0.1 | |||||||||||
24,200 | @ | Barnes & Noble, Inc. | 561,924 | 0.1 | ||||||||||
21,151 | @ | Beazer Homes USA, Inc. | 409,483 | 0.0 | ||||||||||
57,400 | @ | Belmond Ltd | 710,038 | 0.1 | ||||||||||
1,045 | @ | Biglari Holdings, Inc. | 417,488 | 0.0 | ||||||||||
11,788 | BJ's Restaurants, Inc. | 591,875 | 0.1 | |||||||||||
19,174 | Black Diamond, Inc. | 167,772 | 0.0 | |||||||||||
34,099 | Bloomin' Brands, Inc. | 844,291 | 0.1 | |||||||||||
8,580 | Blue Nile, Inc. | 308,966 | 0.0 | |||||||||||
16,322 | Bob Evans Farms, Inc. | 835,360 | 0.1 | |||||||||||
42,154 | @ | Boyd Gaming Corp. | 538,728 | 0.1 | ||||||||||
12,050 | Bright Horizons Family Solutions, Inc. | 566,470 | 0.1 | |||||||||||
26,160 | Brown Shoe Co., Inc. | 841,044 | 0.1 | |||||||||||
49,399 | Brunswick Corp. | 2,532,193 | 0.3 | |||||||||||
14,753 | L | Buckle, Inc. | 774,828 | 0.1 | ||||||||||
10,248 | @ | Buffalo Wild Wings, Inc. | 1,848,534 | 0.2 | ||||||||||
12,570 | Burlington Stores, Inc. | 594,058 | 0.1 | |||||||||||
18,368 | L | Caesars Acquisition Co. | 189,374 | 0.0 | ||||||||||
29,511 | L | Caesars Entertainment Co. | 463,028 | 0.1 | ||||||||||
44,250 | Callaway Golf Co. | 340,725 | 0.0 | |||||||||||
8,267 | Capella Education Co. | 636,228 | 0.1 | |||||||||||
48,265 | @ | Career Education Corp. | 335,924 | 0.0 | ||||||||||
14,596 | @ | Carmike Cinemas, Inc. | 383,437 | 0.0 | ||||||||||
19,925 | Cato Corp. | 840,436 | 0.1 | |||||||||||
8,061 | @ | Cavco Industries, Inc. | 638,995 | 0.1 | ||||||||||
60,036 | @,L | Central European Media Enterprises Ltd. | 192,716 | 0.0 | ||||||||||
26,316 | Cheesecake Factory | 1,323,958 | 0.1 | |||||||||||
12,232 | Childrens Place Retail Stores, Inc. | 697,224 | 0.1 | |||||||||||
31,483 | @ | Christopher & Banks Corp. | 179,768 | 0.0 | ||||||||||
6,176 | Churchill Downs, Inc. | 588,573 | 0.1 | |||||||||||
9,923 | Chuy's Holdings, Inc. | 195,185 | 0.0 | |||||||||||
16,687 | Citi Trends, Inc. | 421,347 | 0.0 | |||||||||||
15,220 | Columbia Sportswear Co. | 677,899 | 0.1 | |||||||||||
14,261 | @,L | Conn's, Inc. | 266,538 | 0.0 | ||||||||||
8,777 | L | Container Store Group, Inc. | 167,904 | 0.0 |
31,627 | Cooper Tire & Rubber Co. | 1,095,876 | 0.1 | |||||||||||
7,712 | Cooper-Standard Holding, Inc. | 446,371 | 0.0 | |||||||||||
14,785 | Core-Mark Holding Co., Inc. | 915,635 | 0.1 | |||||||||||
10,432 | Cracker Barrel Old Country Store | 1,468,408 | 0.2 | |||||||||||
57,115 | @ | CROCS, Inc. | 713,366 | 0.1 | ||||||||||
8,490 | CSS Industries, Inc. | 234,664 | 0.0 | |||||||||||
58,324 | Cumulus Media, Inc. | 246,711 | 0.0 | |||||||||||
84,640 | Dana Holding Corp. | 1,840,074 | 0.2 | |||||||||||
12,933 | Del Frisco's Restaurant Group, Inc. | 307,029 | 0.0 | |||||||||||
72,660 | Denny's Corp. | 749,125 | 0.1 | |||||||||||
17,025 | Diamond Resorts International, Inc. | 474,997 | 0.1 | |||||||||||
10,077 | DineEquity, Inc. | 1,044,380 | 0.1 | |||||||||||
15,828 | @ | Dorman Products, Inc. | 764,018 | 0.1 | ||||||||||
13,310 | Drew Industries, Inc. | 679,742 | 0.1 | |||||||||||
25,996 | @ | Entercom Communications Corp. | 316,111 | 0.0 | ||||||||||
35,019 | Entravision Communications Corp. | 226,923 | 0.0 | |||||||||||
14,140 | Ethan Allen Interiors, Inc. | 437,916 | 0.0 | |||||||||||
38,425 | EVINE Live, Inc. | 253,221 | 0.0 | |||||||||||
24,698 | @ | EW Scripps Co. | 552,000 | 0.1 | ||||||||||
49,171 | @ | Express, Inc. | 722,322 | 0.1 | ||||||||||
12,449 | @ | Federal Mogul Corp. | 200,304 | 0.0 | ||||||||||
12,900 | Fiesta Restaurant Group, Inc. | 784,320 | 0.1 | |||||||||||
29,926 | Finish Line | 727,501 | 0.1 | |||||||||||
28,949 | Five Below, Inc. | 1,181,988 | 0.1 | |||||||||||
24,628 | Francesca's Holdings Corp. | 411,288 | 0.0 | |||||||||||
17,890 | Fred's, Inc. | 311,465 | 0.0 | |||||||||||
13,846 | FTD Cos, Inc. | 482,118 | 0.1 | |||||||||||
13,712 | @ | Genesco, Inc. | 1,050,613 | 0.1 | ||||||||||
20,961 | @ | Gentherm, Inc. | 767,592 | 0.1 | ||||||||||
10,410 | @ | G-III Apparel Group Ltd. | 1,051,514 | 0.1 | ||||||||||
26,310 | Grand Canyon Education, Inc. | 1,227,625 | 0.1 | |||||||||||
36,936 | @ | Gray Television, Inc. | 413,683 | 0.0 | ||||||||||
12,560 | Group 1 Automotive, Inc. | 1,125,627 | 0.1 | |||||||||||
25,245 | Guess?, Inc. | 532,165 | 0.1 | |||||||||||
27,960 | Harte-Hanks, Inc. | 216,410 | 0.0 | |||||||||||
13,719 | Haverty Furniture Cos., Inc. | 301,955 | 0.0 | |||||||||||
16,379 | @ | Helen of Troy Ltd. | 1,065,618 | 0.1 | ||||||||||
17,109 | @ | Hibbett Sporting Goods, Inc. | 828,589 | 0.1 | ||||||||||
52,981 | Houghton Mifflin Harcourt Co. | 1,097,237 | 0.1 | |||||||||||
87,537 | @,L | Hovnanian Enterprises, Inc. | 361,528 | 0.0 | ||||||||||
19,476 | HSN, Inc. | 1,480,176 | 0.2 | |||||||||||
26,491 | @ | Iconix Brand Group, Inc. | 895,131 | 0.1 | ||||||||||
10,000 | International Speedway Corp. | 316,500 | 0.0 | |||||||||||
26,350 | Interval Leisure Group, Inc. | 550,451 | 0.1 | |||||||||||
14,587 | L | iRobot Corp. | 506,461 | 0.1 |
See Accompanying Notes to Financial Statements
75 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
15,575 | @,L | ITT Educational Services, Inc. | 149,676 | 0.0 | ||||||||||
21,786 | Jack in the Box, Inc. | 1,742,009 | 0.2 | |||||||||||
17,637 | @ | Jamba, Inc. | 266,142 | 0.0 | ||||||||||
44,000 | @ | Journal Communications, Inc. | 502,920 | 0.1 | ||||||||||
17,314 | K12, Inc. | 205,517 | 0.0 | |||||||||||
40,434 | L | KB Home | 669,183 | 0.1 | ||||||||||
37,300 | @ | Krispy Kreme Doughnuts, Inc. | 736,302 | 0.1 | ||||||||||
12,524 | La Quinta Holdings, Inc. | 276,279 | 0.0 | |||||||||||
7,760 | L | Lands' End, Inc. | 418,730 | 0.0 | ||||||||||
33,582 | La-Z-Boy, Inc. | 901,341 | 0.1 | |||||||||||
35,914 | Leapfrog Enterprises, Inc. | 169,514 | 0.0 | |||||||||||
45,219 | @,L | Lee Enterprises, Inc. | 166,406 | 0.0 | ||||||||||
16,500 | @ | Libbey, Inc. | 518,760 | 0.1 | ||||||||||
23,084 | Life Time Fitness, Inc. | 1,307,016 | 0.1 | |||||||||||
44,299 | LifeLock, Inc. | 819,974 | 0.1 | |||||||||||
10,685 | Lifetime Brands, Inc. | 183,782 | 0.0 | |||||||||||
10,475 | Lithia Motors, Inc. | 908,078 | 0.1 | |||||||||||
15,618 | L | Lumber Liquidators | 1,035,630 | 0.1 | ||||||||||
20,841 | @ | M/I Homes, Inc. | 478,509 | 0.1 | ||||||||||
16,980 | Marcus Corp. | 314,300 | 0.0 | |||||||||||
20,700 | MarineMax, Inc. | 415,035 | 0.0 | |||||||||||
16,696 | Marriott Vacations Worldwide Corp. | 1,244,520 | 0.1 | |||||||||||
8,635 | L | Mattress Firm Holding Corp. | 501,521 | 0.1 | ||||||||||
61,320 | @ | McClatchy Co. | 203,582 | 0.0 | ||||||||||
18,053 | L | MDC Holdings, Inc. | 477,863 | 0.1 | ||||||||||
31,783 | MDC Partners, Inc. | 722,110 | 0.1 | |||||||||||
28,919 | @,L | Media General, Inc. | 483,815 | 0.1 | ||||||||||
24,438 | Men's Wearhouse, Inc. | 1,078,938 | 0.1 | |||||||||||
19,600 | Meredith Corp. | 1,064,672 | 0.1 | |||||||||||
19,238 | @ | Meritage Homes Corp. | 692,376 | 0.1 | ||||||||||
34,800 | @ | Modine Manufacturing Co. | 473,280 | 0.1 | ||||||||||
18,702 | Monro Muffler, Inc. | 1,080,976 | 0.1 | |||||||||||
29,707 | Morgans Hotel Group Co. | 232,903 | 0.0 | |||||||||||
9,688 | @ | Motorcar Parts of America, Inc. | 301,200 | 0.0 | ||||||||||
9,182 | Movado Group, Inc. | 260,493 | 0.0 | |||||||||||
3,750 | Nacco Industries, Inc. | 222,600 | 0.0 | |||||||||||
33,800 | National CineMedia, Inc. | 485,706 | 0.1 | |||||||||||
26,739 | @ | Nautilus, Inc. | 405,898 | 0.0 | ||||||||||
10,271 | New Media Investment Group, Inc. | 242,704 | 0.0 | |||||||||||
65,676 | New York Times Co. | 868,237 | 0.1 | |||||||||||
17,082 | Nexstar Broadcasting Group, Inc. | 884,677 | 0.1 | |||||||||||
20,940 | Nutri/System, Inc. | 409,377 | 0.0 | |||||||||||
295,364 | @ | Office Depot, Inc. | 2,532,746 | 0.3 | ||||||||||
28,828 | Orbitz Worldwide, Inc. | 237,254 | 0.0 | |||||||||||
11,321 | Outerwall, Inc. | 851,566 | 0.1 | |||||||||||
5,833 | Oxford Industries, Inc. | 322,040 | 0.0 | |||||||||||
20,765 | Papa John's International, Inc. | 1,158,687 | 0.1 | |||||||||||
42,167 | @ | Penn National Gaming, Inc. | 578,953 | 0.1 | ||||||||||
31,803 | @ | PEP Boys-Manny Moe & Jack | 312,305 | 0.0 | ||||||||||
9,760 | @ | Perry Ellis International, Inc. | 253,077 | 0.0 |
52,354 | Pier 1 Imports, Inc. | 806,252 | 0.1 | |||||||||||
34,906 | @ | Pinnacle Entertainment, Inc. | 776,658 | 0.1 | ||||||||||
25,826 | Pool Corp. | 1,638,401 | 0.2 | |||||||||||
15,636 | @ | Popeyes Louisiana Kitchen, Inc. | 879,838 | 0.1 | ||||||||||
82,219 | @ | Quiksilver, Inc. | 181,704 | 0.0 | ||||||||||
9,502 | Red Robin Gourmet Burgers, Inc. | 731,416 | 0.1 | |||||||||||
36,110 | @ | Regis Corp. | 605,204 | 0.1 | ||||||||||
28,750 | Rent-A-Center, Inc. | 1,044,200 | 0.1 | |||||||||||
6,416 | @ | Rentrak Corp. | 467,213 | 0.1 | ||||||||||
16,669 | Restoration Hardware Holdings, Inc. | 1,600,391 | 0.2 | |||||||||||
17,192 | RetailMeNot, Inc. | 251,347 | 0.0 | |||||||||||
47,480 | @ | Ruby Tuesday, Inc. | 324,763 | 0.0 | ||||||||||
34,604 | Ruth's Hospitality Group, Inc. | 519,060 | 0.1 | |||||||||||
25,828 | Ryland Group, Inc. | 995,928 | 0.1 | |||||||||||
17,420 | Scholastic Corp. | 634,436 | 0.1 | |||||||||||
34,278 | @,L | Scientific Games Corp. | 436,359 | 0.0 | ||||||||||
29,169 | @ | Select Comfort Corp. | 788,438 | 0.1 | ||||||||||
16,873 | @ | Sequential Brands Group, Inc. | 220,530 | 0.0 | ||||||||||
25,209 | L | SFX Entertainment, Inc. | 114,197 | 0.0 | ||||||||||
21,271 | Shutterfly, Inc. | 886,894 | 0.1 | |||||||||||
8,251 | Shutterstock, Inc. | 570,144 | 0.1 | |||||||||||
39,252 | L | Sinclair Broadcast Group, Inc. | 1,073,935 | 0.1 | ||||||||||
20,969 | Skechers USA, Inc. | 1,158,537 | 0.1 | |||||||||||
37,267 | L | Smith & Wesson Holding Corp. | 352,918 | 0.0 | ||||||||||
26,279 | Sonic Automotive, Inc. | 710,584 | 0.1 | |||||||||||
34,791 | Sonic Corp. | 947,359 | 0.1 | |||||||||||
35,329 | Sotheby's | 1,525,506 | 0.2 | |||||||||||
26,308 | Spartan Motors, Inc. | 138,380 | 0.0 | |||||||||||
11,360 | Speedway Motorsports, Inc. | 248,443 | 0.0 | |||||||||||
24,790 | Stage Stores, Inc. | 513,153 | 0.1 | |||||||||||
15,634 | Standard Motor Products, Inc. | 595,968 | 0.1 | |||||||||||
64,764 | @ | Standard-Pacific Corp. | 472,130 | 0.1 | ||||||||||
18,726 | Stein Mart, Inc. | 273,774 | 0.0 | |||||||||||
9,780 | @ | Steiner Leisure Ltd. | 451,934 | 0.1 | ||||||||||
33,805 | @ | Steven Madden Ltd. | 1,076,013 | 0.1 | ||||||||||
22,606 | Stoneridge, Inc. | 290,713 | 0.0 | |||||||||||
7,613 | @ | Strayer Education, Inc. | 565,494 | 0.1 | ||||||||||
11,340 | Sturm Ruger & Co., Inc. | 392,704 | 0.0 | |||||||||||
15,060 | Superior Industries International | 298,037 | 0.0 | |||||||||||
33,021 | @ | Tenneco, Inc. | 1,869,319 | 0.2 | ||||||||||
34,920 | Texas Roadhouse, Inc. | 1,178,899 | 0.1 | |||||||||||
52,147 | Time, Inc. | 1,283,338 | 0.1 | |||||||||||
10,200 | Tower International, Inc. | 260,610 | 0.0 | |||||||||||
16,488 | Travelport Worldwide Ltd. | 296,784 | 0.0 | |||||||||||
80,062 | TRI Pointe Homes, Inc. | 1,220,945 | 0.1 | |||||||||||
29,465 | @ | Tuesday Morning Corp. | 639,390 | 0.1 | ||||||||||
25,872 | Tumi Holdings, Inc. | 613,943 | 0.1 | |||||||||||
10,940 | @ | Universal Electronics, Inc. | 711,428 | 0.1 | ||||||||||
19,660 | Vail Resorts, Inc. | 1,791,616 | 0.2 | |||||||||||
14,700 | Vera Bradley, Inc. | 299,586 | 0.0 | |||||||||||
14,688 | Vitamin Shoppe, Inc. | 713,543 | 0.1 | |||||||||||
11,474 | @ | Weight Watchers International, Inc. | 285,014 | 0.0 |
See Accompanying Notes to Financial Statements
76 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
5,228 | Weyco Group, Inc. | 155,115 | 0.0 | |||||||||||
5,822 | @ | William Lyon Homes | 118,012 | 0.0 | ||||||||||
19,680 | Winnebago Industries | 428,237 | 0.0 | |||||||||||
54,384 | Wolverine World Wide, Inc. | 1,602,696 | 0.2 | |||||||||||
23,241 | World Wrestling Entertainment, Inc. | 286,794 | 0.0 | |||||||||||
14,550 | @ | Zumiez, Inc. | 562,066 | 0.1 | ||||||||||
129,684,337 | 13.5 | |||||||||||||
Consumer Staples: 3.4% | ||||||||||||||
87,940 | @ | Alliance One International, Inc. | 138,945 | 0.0 | ||||||||||
16,442 | Andersons, Inc. | 873,728 | 0.1 | |||||||||||
28,490 | B&G Foods, Inc. | 851,851 | 0.1 | |||||||||||
4,813 | Boston Beer Co., Inc. | 1,393,556 | 0.1 | |||||||||||
44,633 | Boulder Brands, Inc. | 493,641 | 0.1 | |||||||||||
9,570 | Calavo Growers, Inc. | 452,661 | 0.0 | |||||||||||
20,305 | L | Cal-Maine Foods, Inc. | 792,504 | 0.1 | ||||||||||
20,073 | Casey's General Stores, Inc. | 1,812,993 | 0.2 | |||||||||||
26,800 | Central Garden & Pet Co. | 255,940 | 0.0 | |||||||||||
32,368 | @ | Chiquita Brands International, Inc. | 468,041 | 0.1 | ||||||||||
4,300 | Coca-Cola Bottling Co. Consolidated | 378,529 | 0.0 | |||||||||||
89,067 | @ | Darling International, Inc. | 1,617,457 | 0.2 | ||||||||||
39,839 | Dean Foods Co. | 772,080 | 0.1 | |||||||||||
15,243 | @ | Diamond Foods, Inc. | 430,310 | 0.0 | ||||||||||
8,443 | Diplomat Pharmacy, Inc. | 231,085 | 0.0 | |||||||||||
17,090 | L | Elizabeth Arden, Inc. | 365,555 | 0.0 | ||||||||||
22,360 | Fresh Del Monte Produce, Inc. | 750,178 | 0.1 | |||||||||||
21,077 | L | Fresh Market, Inc. | 868,372 | 0.1 | ||||||||||
36,992 | @ | Harbinger Group, Inc. | 523,807 | 0.1 | ||||||||||
33,087 | @ | IGI Laboratories, Inc. | 291,166 | 0.0 | ||||||||||
13,062 | Ingles Markets, Inc. | 484,470 | 0.1 | |||||||||||
4,943 | Inter Parfums, Inc. | 135,685 | 0.0 | |||||||||||
10,120 | J&J Snack Foods Corp. | 1,100,752 | 0.1 | |||||||||||
11,298 | Lancaster Colony Corp. | 1,057,945 | 0.1 | |||||||||||
16,617 | Pantry, Inc. | 615,826 | 0.1 | |||||||||||
19,811 | Post Holdings, Inc. | 829,883 | 0.1 | |||||||||||
29,480 | Prestige Brands Holdings, Inc. | 1,023,546 | 0.1 | |||||||||||
11,781 | Pricesmart, Inc. | 1,074,663 | 0.1 | |||||||||||
30,017 | @ | Roundy's, Inc. | 145,282 | 0.0 | ||||||||||
12,619 | Sanderson Farms, Inc. | 1,060,311 | 0.1 | |||||||||||
129 | @ | Seaboard Corp. | 541,536 | 0.1 | ||||||||||
8,630 | @ | Seneca Foods Corp. | 233,269 | 0.0 | ||||||||||
21,143 | Snyders-Lance, Inc. | 645,919 | 0.1 | |||||||||||
28,852 | SpartanNash Co. | 754,191 | 0.1 | |||||||||||
118,154 | @ | Supervalu, Inc. | 1,146,094 | 0.1 | ||||||||||
13,714 | L | Tootsie Roll Industries, Inc. | 420,334 | 0.0 | ||||||||||
23,236 | TreeHouse Foods, Inc. | 1,987,375 | 0.2 | |||||||||||
26,912 | @ | United Natural Foods, Inc. | 2,080,970 | 0.2 | ||||||||||
14,271 | Universal Corp. | 627,639 | 0.1 | |||||||||||
5,050 | @ | USANA Health Sciences, Inc. | 518,080 | 0.1 | ||||||||||
34,011 | Vector Group Ltd. | 724,774 | 0.1 | |||||||||||
10,690 | WD-40 Co. | 909,505 | 0.1 |
8,100 | Weis Markets, Inc. | 387,342 | 0.0 | |||||||||||
32,267,790 | 3.4 | |||||||||||||
Energy: 3.4% | ||||||||||||||
63,428 | Abraxas Petroleum Corp. | 186,478 | 0.0 | |||||||||||
147,009 | L | Alpha Natural Resources, Inc. | 245,505 | 0.0 | ||||||||||
19,800 | L | Approach Resources, Inc. | 126,522 | 0.0 | ||||||||||
157,079 | L | Arch Coal, Inc. | 279,601 | 0.0 | ||||||||||
24,520 | Basic Energy Services, Inc. | 171,885 | 0.0 | |||||||||||
29,660 | Bill Barrett Corp. | 337,827 | 0.0 | |||||||||||
17,074 | Bonanza Creek Energy, Inc. | 409,776 | 0.1 | |||||||||||
121,842 | @ | BPZ Energy, Inc. | 35,212 | 0.0 | ||||||||||
18,109 | Bristow Group, Inc. | 1,191,391 | 0.1 | |||||||||||
28,100 | C&J Energy Services, Inc. | 371,201 | 0.1 | |||||||||||
33,371 | Callon Petroleum Co. | 181,872 | 0.0 | |||||||||||
11,418 | L | CARBO Ceramics, Inc. | 457,291 | 0.1 | ||||||||||
23,213 | Carrizo Oil & Gas, Inc. | 965,661 | 0.1 | |||||||||||
3,188 | Clayton Williams Energy, Inc. | 203,394 | 0.0 | |||||||||||
52,247 | L | Clean Energy Fuels Corp. | 260,974 | 0.0 | ||||||||||
42,466 | Cloud Peak Energy, Inc. | 389,838 | 0.1 | |||||||||||
31,442 | L | Comstock Resources, Inc. | 214,120 | 0.0 | ||||||||||
9,120 | @ | Contango Oil & Gas Co. | 266,669 | 0.0 | ||||||||||
8,689 | Dawson Geophysical Co. | 106,266 | 0.0 | |||||||||||
28,750 | Delek US Holdings, Inc. | 784,300 | 0.1 | |||||||||||
47,408 | L | DHT Holdings, Inc. | 346,552 | 0.1 | ||||||||||
20,709 | Diamondback Energy, Inc. | 1,237,984 | 0.1 | |||||||||||
40,052 | @,L | Emerald Oil, Inc. | 48,062 | 0.0 | ||||||||||
60,281 | L | Energy XXI Bermuda Ltd. | 196,516 | 0.0 | ||||||||||
15,075 | Era Group, Inc. | 318,836 | 0.0 | |||||||||||
85,783 | @,L | EXCO Resources, Inc. | 186,149 | 0.0 | ||||||||||
29,636 | Exterran Holdings, Inc. | 965,541 | 0.1 | |||||||||||
26,693 | Forum Energy Technologies, Inc. | 553,346 | 0.1 | |||||||||||
65,066 | @,L | Frontline Ltd. | 163,316 | 0.0 | ||||||||||
25,500 | L | GasLog Ltd. | 518,925 | 0.1 | ||||||||||
40,606 | @,L | Gastar Exploration, Inc. | 97,860 | 0.0 | ||||||||||
7,476 | @ | Geospace Technologies Corp. | 198,114 | 0.0 | ||||||||||
23,180 | @,L | Goodrich Petroleum Corp. | 102,919 | 0.0 | ||||||||||
20,723 | Green Plains Renewable Energy, Inc. | 513,516 | 0.1 | |||||||||||
14,197 | Gulfmark Offshore, Inc. | 346,691 | 0.1 | |||||||||||
143,729 | @,L | Halcon Resources Corp. | 255,838 | 0.0 | ||||||||||
39,196 | @ | Harvest Natural Resources, Inc. | 70,945 | 0.0 | ||||||||||
57,600 | @ | Helix Energy Solutions Group, Inc. | 1,249,920 | 0.1 | ||||||||||
90,490 | L | Hercules Offshore, Inc. | 90,490 | 0.0 | ||||||||||
17,861 | Hornbeck Offshore Services, Inc. | 445,989 | 0.1 | |||||||||||
84,580 | @ | ION Geophysical Corp. | 232,595 | 0.0 |
See Accompanying Notes to Financial Statements
77 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
92,610 | @ | Key Energy Services, Inc. | 154,659 | 0.0 | ||||||||||
119,879 | @,L | Magnum Hunter Resources Corp. | 376,420 | 0.1 | ||||||||||
40,868 | Matador Resources Co. | 826,760 | 0.1 | |||||||||||
21,182 | @ | Matrix Service Co. | 472,782 | 0.1 | ||||||||||
116,129 | @ | McDermott International, Inc. | 337,935 | 0.0 | ||||||||||
34,000 | L | Midstates Petroleum Co., Inc. | 51,340 | 0.0 | ||||||||||
12,741 | Natural Gas Services Group, Inc. | 293,553 | 0.0 | |||||||||||
53,740 | @ | Newpark Resources | 512,680 | 0.1 | ||||||||||
54,579 | L | Nordic American Tankers Ltd. | 549,611 | 0.1 | ||||||||||
15,353 | @ | North Atlantic Drilling Ltd. | 25,025 | 0.0 | ||||||||||
37,232 | L | Northern Oil And Gas, Inc. | 210,361 | 0.0 | ||||||||||
12,270 | @,L | Nuverra Environmental Solutions, Inc. | 68,098 | 0.0 | ||||||||||
15,774 | @,L | Pacific Ethanol, Inc. | 162,945 | 0.0 | ||||||||||
12,180 | Panhandle Oil and Gas, Inc. | 283,550 | 0.0 | |||||||||||
81,074 | @ | Parker Drilling Co. | 248,897 | 0.0 | ||||||||||
23,202 | Parsley Energy, Inc. | 370,304 | 0.1 | |||||||||||
20,451 | PDC Energy, Inc. | 844,013 | 0.1 | |||||||||||
39,063 | @ | Penn Virginia Corp. | 260,941 | 0.0 | ||||||||||
8,960 | @ | PHI, Inc. | 335,104 | 0.0 | ||||||||||
47,203 | Pioneer Energy Services Corp. | 261,505 | 0.0 | |||||||||||
90,372 | @ | Quicksilver Resources, Inc. | 17,912 | 0.0 | ||||||||||
19,816 | Renewable Energy Group, Inc. | 192,413 | 0.0 | |||||||||||
191,268 | @ | Rentech, Inc. | 240,998 | 0.0 | ||||||||||
55,700 | Resolute Energy Corp. | 73,524 | 0.0 | |||||||||||
4,321 | @ | Rex Stores Corp. | 267,772 | 0.0 | ||||||||||
26,730 | Rex Energy Corp. | 136,323 | 0.0 | |||||||||||
7,227 | RigNet, Inc. | 296,524 | 0.0 | |||||||||||
14,779 | @,L | Ring Energy, Inc. | 155,180 | 0.0 | ||||||||||
32,520 | Rosetta Resources, Inc. | 725,521 | 0.1 | |||||||||||
13,922 | RSP Permian, Inc. | 349,999 | 0.1 | |||||||||||
21,418 | L | Sanchez Energy Corp. | 198,973 | 0.0 | ||||||||||
102,253 | Scorpio Tankers, Inc. | 888,579 | 0.1 | |||||||||||
7,992 | @ | SEACOR Holdings, Inc. | 589,890 | 0.1 | ||||||||||
23,500 | SemGroup Corp. - Class A | 1,607,165 | 0.2 | |||||||||||
32,213 | L | Ship Finance International Ltd. | 454,848 | 0.1 | ||||||||||
46,323 | L | Solazyme, Inc. | 119,513 | 0.0 | ||||||||||
26,980 | Stone Energy Corp. | 455,422 | 0.1 | |||||||||||
33,106 | @,L | Swift Energy Co. | 134,079 | 0.0 | ||||||||||
36,120 | @ | Synergy Resources Corp. | 452,945 | 0.1 | ||||||||||
19,500 | Tesco Corp. | 249,990 | 0.0 | |||||||||||
50,570 | @ | Tetra Technologies, Inc. | 337,808 | 0.0 | ||||||||||
22,307 | @ | TransAtlantic Petroleum Ltd. | 120,235 | 0.0 | ||||||||||
42,300 | @,L | Triangle Petroleum Corp. | 202,194 | 0.0 | ||||||||||
45,370 | @ | Vaalco Energy, Inc. | 206,887 | 0.0 | ||||||||||
172,950 | @ | Vantage Drilling Co. | 84,538 | 0.0 | ||||||||||
17,040 | W&T Offshore, Inc. | 125,074 | 0.0 | |||||||||||
73,588 | Warren Resources, Inc. | 118,477 | 0.0 |
28,966 | Western Refining, Inc. | 1,094,335 | 0.1 | |||||||||||
10,563 | @ | Westmoreland Coal Co. | 350,797 | 0.1 | ||||||||||
31,833 | Willbros Group, Inc. | 199,593 | 0.0 | |||||||||||
32,419,878 | 3.4 | |||||||||||||
Financials: 24.3% | ||||||||||||||
12,150 | 1st Source Corp. | 416,867 | 0.0 | |||||||||||
23,696 | Acadia Realty Trust | 758,983 | 0.1 | |||||||||||
34,296 | @ | Actua Corp. | 633,447 | 0.1 | ||||||||||
10,318 | AG Mortgage Investment Trust, Inc. | 191,605 | 0.0 | |||||||||||
12,300 | Agree Realty Corp. | 382,407 | 0.0 | |||||||||||
26,349 | Alexander & Baldwin, Inc. | 1,034,462 | 0.1 | |||||||||||
1,450 | Alexander's, Inc. | 633,911 | 0.1 | |||||||||||
815 | @,L | Altisource Asset Management Corp. | 252,748 | 0.0 | ||||||||||
8,433 | @,L | Altisource Portfolio Solutions SA | 284,951 | 0.0 | ||||||||||
30,762 | Altisource Residential Corp. | 596,783 | 0.1 | |||||||||||
22,329 | Ambac Financial Group, Inc. | 547,060 | 0.1 | |||||||||||
24,200 | American Assets Trust, Inc. | 963,402 | 0.1 | |||||||||||
33,837 | American Capital Mortgage Investment Corp. | 637,489 | 0.1 | |||||||||||
36,920 | American Equity Investment Life Holding Co. | 1,077,695 | 0.1 | |||||||||||
71,857 | American Realty Capital Healthcare Trust, Inc. | 855,098 | 0.1 | |||||||||||
22,578 | American Residential Properties, Inc. | 396,695 | 0.0 | |||||||||||
23,256 | Ameris Bancorp. | 596,284 | 0.1 | |||||||||||
13,520 | Amerisafe, Inc. | 572,707 | 0.1 | |||||||||||
8,572 | Ames National Corp. | 222,358 | 0.0 | |||||||||||
17,365 | AmREIT, Inc. | 460,867 | 0.1 | |||||||||||
15,040 | Amtrust Financial Services, Inc. | 846,000 | 0.1 | |||||||||||
109,237 | Anworth Mortgage Asset Corp. | 573,494 | 0.1 | |||||||||||
23,000 | Apollo Commercial Real Estate Finance, Inc. | 376,280 | 0.0 | |||||||||||
20,640 | Apollo Residential Mortgage, Inc. | 325,493 | 0.0 | |||||||||||
17,793 | Argo Group International Holdings Ltd. | 986,978 | 0.1 | |||||||||||
1,092 | Arlington Asset Investment Corp. | 29,058 | 0.0 | |||||||||||
19,978 | Armada Hoffler Properties, Inc. | 189,591 | 0.0 | |||||||||||
200,500 | ARMOUR Residential REIT, Inc. | 737,840 | 0.1 | |||||||||||
6,944 | Arrow Financial Corp. | 190,891 | 0.0 | |||||||||||
23,785 | Ashford Hospitality Prime, Inc. | 408,151 | 0.0 | |||||||||||
40,411 | Ashford Hospitality Trust, Inc. | 423,507 | 0.0 | |||||||||||
39,249 | Associated Estates Realty Corp. | 910,969 | 0.1 | |||||||||||
63,180 | Astoria Financial Corp. | 844,085 | 0.1 | |||||||||||
4,900 | Aviv REIT, Inc. | 168,952 | 0.0 | |||||||||||
5,850 | Bancfirst Corp. | 370,831 | 0.0 |
See Accompanying Notes to Financial Statements
78 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
26,950 | Bancorp, Inc. | 293,485 | 0.0 | |||||||||||
49,700 | Bancorpsouth, Inc. | 1,118,747 | 0.1 | |||||||||||
38,520 | Bank Mutual Corp. | 264,247 | 0.0 | |||||||||||
40,560 | Bank of the Ozarks, Inc. | 1,538,035 | 0.2 | |||||||||||
19,721 | BankFinancial Corp. | 233,891 | 0.0 | |||||||||||
15,500 | Banner Corp. | 666,810 | 0.1 | |||||||||||
37,274 | BBCN Bancorp, Inc. | 536,000 | 0.1 | |||||||||||
28,050 | Beneficial Mutual Bancorp, Inc. | 344,173 | 0.0 | |||||||||||
15,227 | Berkshire Hills Bancorp., Inc. | 405,952 | 0.0 | |||||||||||
78,142 | BGC Partners, Inc. | 714,999 | 0.1 | |||||||||||
18,880 | Banco Latinoamericano de Comercio Exterior SA | 568,288 | 0.1 | |||||||||||
20,409 | BNC Bancorp | 351,239 | 0.0 | |||||||||||
8,741 | BofI Holding, Inc. | 680,137 | 0.1 | |||||||||||
41,879 | Boston Private Financial Holdings, Inc. | 564,110 | 0.1 | |||||||||||
9,833 | OceanFirst Financial Corp. | 168,538 | 0.0 | |||||||||||
60,248 | Brookline Bancorp., Inc. | 604,287 | 0.1 | |||||||||||
11,800 | Bryn Mawr Bank Corp. | 369,340 | 0.0 | |||||||||||
11,689 | Calamos Asset Management, Inc. | 155,697 | 0.0 | |||||||||||
6,340 | Camden National Corp. | 252,586 | 0.0 | |||||||||||
57,930 | Campus Crest Communities, Inc. | 423,468 | 0.0 | |||||||||||
4,255 | Capital Bank Financial Corp. | 114,034 | 0.0 | |||||||||||
69,929 | Capitol Federal Financial, Inc. | 893,693 | 0.1 | |||||||||||
49,591 | Capstead Mortgage Corp. | 608,977 | 0.1 | |||||||||||
28,829 | Cardinal Financial Corp. | 571,679 | 0.1 | |||||||||||
16,806 | CareTrust REIT, Inc. | 207,218 | 0.0 | |||||||||||
11,494 | Cash America International, Inc. | 259,994 | 0.0 | |||||||||||
46,737 | Cathay General Bancorp. | 1,196,000 | 0.1 | |||||||||||
57,976 | Cedar Shopping Centers, Inc. | 425,544 | 0.0 | |||||||||||
33,707 | Centerstate Banks of Florida, Inc. | 401,450 | 0.0 | |||||||||||
123,877 | Chambers Street Properties | 998,449 | 0.1 | |||||||||||
21,376 | Chatham Lodging Trust | 619,263 | 0.1 | |||||||||||
21,835 | Chemical Financial Corp. | 669,024 | 0.1 | |||||||||||
30,531 | Chesapeake Lodging Trust | 1,136,059 | 0.1 | |||||||||||
13,382 | Citizens & Northern Corp. | 276,606 | 0.0 | |||||||||||
34,285 | @,L | Citizens, Inc. | 260,566 | 0.0 | ||||||||||
11,240 | City Holding Co. | 522,997 | 0.1 | |||||||||||
10,460 | CNB Financial Corp. | 193,510 | 0.0 | |||||||||||
117,828 | CNO Financial Group, Inc. | 2,028,998 | 0.2 | |||||||||||
32,320 | CoBiz Financial, Inc. | 424,362 | 0.0 | |||||||||||
11,518 | L | Cohen & Steers, Inc. | 484,677 | 0.1 | ||||||||||
48,522 | Colony Financial, Inc. | 1,155,794 | 0.1 | |||||||||||
35,101 | Columbia Banking System, Inc. | 969,139 | 0.1 | |||||||||||
21,790 | Community Bank System, Inc. | 830,853 | 0.1 |
12,639 | Community Trust Bancorp., Inc. | 462,714 | 0.1 | |||||||||||
4,137 | Consolidated-Tomoka Land Co. | 230,845 | 0.0 | |||||||||||
15,972 | Coresite Realty Corp. | 623,707 | 0.1 | |||||||||||
100,503 | Cousins Properties, Inc. | 1,147,744 | 0.1 | |||||||||||
87,400 | Cowen Group, Inc. | 419,520 | 0.0 | |||||||||||
4,650 | @ | Credit Acceptance Corp. | 634,306 | 0.1 | ||||||||||
90,982 | CubeSmart | 2,007,973 | 0.2 | |||||||||||
21,010 | Customers Bancorp, Inc. | 408,855 | 0.0 | |||||||||||
53,420 | CVB Financial Corp. | 855,788 | 0.1 | |||||||||||
8,118 | CyrusOne, Inc. | 223,651 | 0.0 | |||||||||||
85,128 | CYS Investments, Inc. | 742,316 | 0.1 | |||||||||||
38,845 | DCT Industrial Trust, Inc. | 1,385,213 | 0.1 | |||||||||||
107,595 | DiamondRock Hospitality Co. | 1,599,938 | 0.2 | |||||||||||
19,710 | Dime Community Bancshares | 320,879 | 0.0 | |||||||||||
39,230 | DuPont Fabros Technology, Inc. | 1,304,005 | 0.1 | |||||||||||
35,550 | Dynex Capital, Inc. | 293,287 | 0.0 | |||||||||||
17,710 | @ | Eagle Bancorp, Inc. | 629,059 | 0.1 | ||||||||||
20,501 | EastGroup Properties, Inc. | 1,298,123 | 0.1 | |||||||||||
23,018 | Education Realty Trust, Inc. | 842,229 | 0.1 | |||||||||||
13,380 | eHealth, Inc. | 333,430 | 0.0 | |||||||||||
50,305 | Empire State Realty Trust, Inc. | 884,362 | 0.1 | |||||||||||
25,165 | Employers Holdings, Inc. | 591,629 | 0.1 | |||||||||||
15,293 | Encore Capital Group, Inc. | 679,009 | 0.1 | |||||||||||
16,283 | Enova International, Inc. | 362,460 | 0.0 | |||||||||||
4,049 | @ | Enstar Group Ltd. | 619,052 | 0.1 | ||||||||||
18,450 | Enterprise Financial Services Corp. | 364,018 | 0.0 | |||||||||||
17,854 | Envestnet, Inc. | 877,346 | 0.1 | |||||||||||
33,558 | EPR Properties | 1,933,948 | 0.2 | |||||||||||
24,270 | Equity One, Inc. | 615,487 | 0.1 | |||||||||||
13,156 | ESB Financial Corp. | 249,175 | 0.0 | |||||||||||
14,329 | @ | Essent Group Ltd. | 368,399 | 0.0 | ||||||||||
44,160 | EverBank Financial Corp. | 841,690 | 0.1 | |||||||||||
16,609 | Evercore Partners, Inc. | 869,813 | 0.1 | |||||||||||
48,782 | Excel Trust, Inc. | 653,191 | 0.1 | |||||||||||
32,960 | @ | Ezcorp, Inc. | 387,280 | 0.0 | ||||||||||
9,070 | FBL Financial Group, Inc. | 526,332 | 0.1 | |||||||||||
9,438 | Federated National Holding Co. | 228,022 | 0.0 | |||||||||||
89,123 | FelCor Lodging Trust, Inc. | 964,311 | 0.1 | |||||||||||
28,141 | Financial Engines, Inc. | 1,028,554 | 0.1 | |||||||||||
54,588 | First American Financial Corp. | 1,850,533 | 0.2 | |||||||||||
64,390 | @ | First BanCorp/Puerto Rico | 377,969 | 0.0 | ||||||||||
18,342 | First Bancorp. | 338,777 | 0.0 | |||||||||||
37,230 | First Busey Corp. | 242,367 | 0.0 | |||||||||||
18,403 | @ | First Cash Financial Services, Inc. | 1,024,495 | 0.1 |
See Accompanying Notes to Financial Statements
79 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
3,248 | First Citizens BancShares, Inc. | 821,062 | 0.1 | |||||||||||
50,920 | First Commonwealth Financial Corp. | 469,482 | 0.1 | |||||||||||
6,006 | First Defiance Financial Corp. | 204,564 | 0.0 | |||||||||||
38,080 | First Financial Bancorp. | 707,907 | 0.1 | |||||||||||
43,177 | First Financial Bankshares, Inc. | 1,290,129 | 0.1 | |||||||||||
9,230 | First Financial Corp. | 328,773 | 0.0 | |||||||||||
59,110 | First Industrial Realty Trust, Inc. | 1,215,302 | 0.1 | |||||||||||
1,109 | First Interstate Bancsystem, Inc. | 30,852 | 0.0 | |||||||||||
19,220 | First Merchants Corp. | 437,255 | 0.0 | |||||||||||
48,230 | First Midwest Bancorp., Inc. | 825,215 | 0.1 | |||||||||||
8,811 | First NBC Bank Holding Co. | 310,147 | 0.0 | |||||||||||
47,808 | First Potomac Realty Trust | 590,907 | 0.1 | |||||||||||
90,423 | FirstMerit Corp. | 1,708,090 | 0.2 | |||||||||||
14,217 | @ | Flagstar Bancorp, Inc. | 223,633 | 0.0 | ||||||||||
25,800 | Flushing Financial Corp. | 522,966 | 0.1 | |||||||||||
74,062 | FNB Corp. | 986,506 | 0.1 | |||||||||||
26,370 | Forestar Real Estate Group, Inc. | 406,098 | 0.0 | |||||||||||
54,736 | Franklin Street Properties Corp. | 671,611 | 0.1 | |||||||||||
30,316 | FXCM, Inc. | 502,336 | 0.1 | |||||||||||
4,640 | GAMCO Investors, Inc. | 412,682 | 0.0 | |||||||||||
23,009 | Getty Realty Corp. | 418,994 | 0.0 | |||||||||||
60,855 | GFI Group, Inc. | 331,660 | 0.0 | |||||||||||
45,460 | Glacier Bancorp., Inc. | 1,262,424 | 0.1 | |||||||||||
16,494 | Gladstone Commercial Corp. | 283,202 | 0.0 | |||||||||||
75,352 | Glimcher Realty Trust | 1,035,336 | 0.1 | |||||||||||
26,933 | Government Properties Income Trust | 619,728 | 0.1 | |||||||||||
102,749 | Gramercy Property Trust Inc. | 708,968 | 0.1 | |||||||||||
7,197 | Great Southern Bancorp., Inc. | 285,505 | 0.0 | |||||||||||
10,109 | Great Western Bancorp, Inc. | 230,384 | 0.0 | |||||||||||
16,349 | Green Dot Corp. | 334,991 | 0.0 | |||||||||||
15,700 | Greenhill & Co., Inc. | 684,520 | 0.1 | |||||||||||
17,641 | @ | Greenlight Capital Re Ltd. | 575,979 | 0.1 | ||||||||||
42,317 | Hancock Holding Co. | 1,299,132 | 0.1 | |||||||||||
22,000 | Hanmi Financial Corp. | 479,820 | 0.1 | |||||||||||
22,649 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 322,295 | 0.0 | |||||||||||
41,636 | Hatteras Financial Corp. | 767,351 | 0.1 | |||||||||||
6,455 | HCI Group, Inc. | 279,114 | 0.0 | |||||||||||
50,340 | Healthcare Realty Trust, Inc. | 1,375,289 | 0.1 | |||||||||||
8,120 | Heartland Financial USA, Inc. | 220,052 | 0.0 | |||||||||||
15,207 | Heritage Financial Corp. | 266,883 | 0.0 | |||||||||||
126,731 | Hersha Hospitality Trust | 890,919 | 0.1 |
22,812 | HFF, Inc. | 819,407 | 0.1 | |||||||||||
44,933 | Highwoods Properties, Inc. | 1,989,633 | 0.2 | |||||||||||
36,020 | @ | Hilltop Holdings, Inc. | 718,599 | 0.1 | ||||||||||
26,848 | Home Bancshares, Inc. | 863,432 | 0.1 | |||||||||||
37,848 | Home Loan Servicing Solutions Ltd. | 738,793 | 0.1 | |||||||||||
12,676 | HomeStreet, Inc. | 220,689 | 0.0 | |||||||||||
17,479 | HomeTrust Bancshares Inc. | 291,200 | 0.0 | |||||||||||
26,670 | Horace Mann Educators Corp. | 884,911 | 0.1 | |||||||||||
27,049 | Hudson Pacific Properties, Inc. | 813,093 | 0.1 | |||||||||||
13,993 | Hudson Valley Holding Corp. | 380,050 | 0.0 | |||||||||||
17,040 | IBERIABANK Corp. | 1,105,044 | 0.1 | |||||||||||
19,780 | Independent Bank Corp./MI | 258,129 | 0.0 | |||||||||||
13,110 | Independent Bank Corp. | 561,239 | 0.1 | |||||||||||
7,526 | Independent Bank Group, Inc. | 293,966 | 0.0 | |||||||||||
8,050 | Infinity Property & Casualty Corp. | 621,943 | 0.1 | |||||||||||
56,772 | Inland Real Estate Corp. | 621,653 | 0.1 | |||||||||||
26,956 | @ | Insmed Inc. | 417,009 | 0.0 | ||||||||||
35,630 | International Bancshares Corp. | 945,620 | 0.1 | |||||||||||
13,555 | @ | Intl. FCStone, Inc. | 278,826 | 0.0 | ||||||||||
69,034 | Invesco Mortgage Capital, Inc. | 1,067,266 | 0.1 | |||||||||||
28,900 | @ | Investment Technology Group, Inc. | 601,698 | 0.1 | ||||||||||
170,743 | Investors Bancorp, Inc. | 1,916,590 | 0.2 | |||||||||||
89,225 | Investors Real Estate Trust | 728,968 | 0.1 | |||||||||||
59,919 | @ | iStar Financial, Inc. | 817,894 | 0.1 | ||||||||||
64,644 | Janus Capital Group, Inc. | 1,042,708 | 0.1 | |||||||||||
4,087 | Kansas City Life Insurance Co. | 196,299 | 0.0 | |||||||||||
27,019 | KCG Holdings, Inc. | 314,771 | 0.0 | |||||||||||
19,310 | Kemper Corp. | 697,284 | 0.1 | |||||||||||
35,631 | Kennedy-Wilson Holdings, Inc. | 901,464 | 0.1 | |||||||||||
16,565 | Kite Realty Group Trust | 476,078 | 0.1 | |||||||||||
11,670 | Lakeland Financial Corp. | 507,295 | 0.1 | |||||||||||
53,300 | LaSalle Hotel Properties | 2,157,051 | 0.2 | |||||||||||
94,042 | Lexington Realty Trust | 1,032,581 | 0.1 | |||||||||||
17,999 | LTC Properties, Inc. | 777,017 | 0.1 | |||||||||||
38,507 | Mack-Cali Realty Corp. | 733,943 | 0.1 | |||||||||||
41,320 | Maiden Holdings Ltd. | 528,483 | 0.1 | |||||||||||
19,262 | MainSource Financial Group, Inc. | 402,961 | 0.0 | |||||||||||
14,621 | Manning & Napier, Inc. | 202,062 | 0.0 | |||||||||||
22,070 | MarketAxess Holdings, Inc. | 1,582,640 | 0.2 | |||||||||||
34,500 | MB Financial, Inc. | 1,133,670 | 0.1 | |||||||||||
31,600 | Meadowbrook Insurance Group, Inc. | 267,336 | 0.0 | |||||||||||
81,329 | Medical Properties Trust, Inc. | 1,120,714 | 0.1 |
See Accompanying Notes to Financial Statements
80 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
3,103 | Merchants Bancshares, Inc. | 95,045 | 0.0 | |||||||||||
177,290 | @ | MGIC Investment Corp. | 1,652,343 | 0.2 | ||||||||||
51,598 | Monmouth Real Estate Investment Corp. | 571,190 | 0.1 | |||||||||||
21,014 | Montpelier Re Holdings Ltd. | 752,721 | 0.1 | |||||||||||
28,242 | National Bank Holdings Corp. | 548,177 | 0.1 | |||||||||||
4,911 | L | National Bankshares, Inc. | 149,245 | 0.0 | ||||||||||
4,869 | National General Holdings Corp. | 90,612 | 0.0 | |||||||||||
15,810 | National Health Investors, Inc. | 1,106,068 | 0.1 | |||||||||||
6,943 | National Interstate Corp. | 206,901 | 0.0 | |||||||||||
82,810 | National Penn Bancshares, Inc. | 871,575 | 0.1 | |||||||||||
1,665 | National Western Life Insurance Co. | 448,301 | 0.1 | |||||||||||
7,530 | @ | Navigators Group, Inc. | 552,250 | 0.1 | ||||||||||
22,730 | NBT Bancorp., Inc. | 597,117 | 0.1 | |||||||||||
12,070 | Nelnet, Inc. | 559,203 | 0.1 | |||||||||||
61,853 | New Residential Investment Corp. | 789,863 | 0.1 | |||||||||||
71,468 | L | New York Mortgage Trust, Inc. | 551,018 | 0.1 | ||||||||||
77,596 | New York REIT, Inc. | 821,742 | 0.1 | |||||||||||
30,588 | @ | NewBridge Bancorp | 266,421 | 0.0 | ||||||||||
23,200 | NewStar Financial, Inc. | 296,960 | 0.0 | |||||||||||
34,304 | NMI Holdings, Inc. | 313,196 | 0.0 | |||||||||||
41,053 | Northfield Bancorp, Inc./NJ | 607,584 | 0.1 | |||||||||||
71,570 | Northwest Bancshares, Inc. | 896,772 | 0.1 | |||||||||||
25,727 | OFG Bancorp | 428,355 | 0.0 | |||||||||||
58,330 | Old National Bancorp. | 867,950 | 0.1 | |||||||||||
13,358 | @ | OM Asset Management Plc | 216,934 | 0.0 | ||||||||||
12,880 | One Liberty Properties, Inc. | 304,870 | 0.0 | |||||||||||
39,883 | Oritani Financial Corp. | 614,198 | 0.1 | |||||||||||
10,800 | Federal Agricultural Mortgage Corp. | 327,672 | 0.0 | |||||||||||
10,535 | Owens Realty Mortgage, Inc. | 154,338 | 0.0 | |||||||||||
7,360 | L | Park National Corp. | 651,213 | 0.1 | ||||||||||
28,732 | Park Sterling Corp. | 211,180 | 0.0 | |||||||||||
27,943 | Parkway Properties, Inc. | 513,872 | 0.1 | |||||||||||
30,384 | Pebblebrook Hotel Trust | 1,386,422 | 0.1 | |||||||||||
43,513 | Pennsylvania Real Estate Investment Trust | 1,020,815 | 0.1 | |||||||||||
13,668 | PennyMac Financial Services, Inc. | 236,456 | 0.0 | |||||||||||
36,897 | Pennymac Mortgage Investment Trust | 778,158 | 0.1 | |||||||||||
11,671 | Peoples Bancorp., Inc. | 302,629 | 0.0 | |||||||||||
6,437 | Peoples Financial Services Corp. | 319,790 | 0.0 | |||||||||||
29,308 | PHH Corp. | 702,220 | 0.1 | |||||||||||
5,160 | @ | Phoenix Cos, Inc. | 355,369 | 0.0 | ||||||||||
23,975 | Physicians Realty Trust | 397,985 | 0.0 | |||||||||||
24,286 | @ | Pico Holdings, Inc. | 457,791 | 0.1 |
22,580 | Pinnacle Financial Partners, Inc. | 892,813 | 0.1 | |||||||||||
11,121 | Piper Jaffray Cos. | 646,019 | 0.1 | |||||||||||
12,868 | Platinum Underwriters Holdings Ltd. | 944,769 | 0.1 | |||||||||||
24,918 | Potlatch Corp. | 1,043,317 | 0.1 | |||||||||||
27,701 | @ | PRA Group, Inc. | 1,604,719 | 0.2 | ||||||||||
28,127 | Primerica, Inc. | 1,526,171 | 0.2 | |||||||||||
31,734 | PrivateBancorp, Inc. | 1,059,916 | 0.1 | |||||||||||
34,920 | Prosperity Bancshares, Inc. | 1,933,171 | 0.2 | |||||||||||
38,970 | Provident Financial Services, Inc. | 703,798 | 0.1 | |||||||||||
10,890 | PS Business Parks, Inc. | 866,191 | 0.1 | |||||||||||
100,750 | Radian Group, Inc. | 1,684,540 | 0.2 | |||||||||||
68,826 | RAIT Financial Trust | 527,895 | 0.1 | |||||||||||
32,772 | Ramco-Gershenson Properties | 614,147 | 0.1 | |||||||||||
52,273 | Redwood Trust, Inc. | 1,029,778 | 0.1 | |||||||||||
20,115 | Renasant Corp. | 581,927 | 0.1 | |||||||||||
23,617 | @ | Republic First Bancorp, Inc. | 88,564 | 0.0 | ||||||||||
103,226 | Resource Capital Corp. | 520,259 | 0.1 | |||||||||||
51,365 | Retail Opportunity Investments | 862,418 | 0.1 | |||||||||||
20,238 | Rexford Industrial Realty, Inc. | 317,939 | 0.0 | |||||||||||
24,980 | RLI Corp. | 1,234,012 | 0.1 | |||||||||||
65,681 | RLJ Lodging Trust | 2,202,284 | 0.2 | |||||||||||
22,240 | Rouse Properties, Inc. | 411,885 | 0.0 | |||||||||||
23,665 | Ryman Hospitality Properties | 1,248,092 | 0.1 | |||||||||||
15,760 | S&T Bancorp, Inc. | 469,806 | 0.1 | |||||||||||
29,900 | Sabra Healthcare REIT, Inc. | 908,063 | 0.1 | |||||||||||
18,093 | @ | Safeguard Scientifics, Inc. | 358,603 | 0.0 | ||||||||||
9,020 | Safety Insurance Group, Inc. | 577,370 | 0.1 | |||||||||||
18,640 | Sandy Spring Bancorp, Inc. | 486,131 | 0.1 | |||||||||||
11,720 | Select Income REIT | 286,085 | 0.0 | |||||||||||
37,990 | Selective Insurance Group | 1,032,188 | 0.1 | |||||||||||
25,726 | Silver Bay Realty Trust Corp. | 426,023 | 0.0 | |||||||||||
11,510 | Simmons First National Corp. | 467,882 | 0.1 | |||||||||||
15,910 | South State Corp. | 1,067,243 | 0.1 | |||||||||||
20,586 | Southside Bancshares, Inc. | 595,141 | 0.1 | |||||||||||
16,979 | Southwest Bancorp., Inc. | 294,755 | 0.0 | |||||||||||
17,240 | Sovran Self Storage, Inc. | 1,503,673 | 0.2 | |||||||||||
14,799 | Springleaf Holdings, Inc. | 535,280 | 0.1 | |||||||||||
35,628 | @ | St. Joe Co. | 655,199 | 0.1 | ||||||||||
31,050 | STAG Industrial, Inc. | 760,725 | 0.1 | |||||||||||
17,195 | Starwood Waypoint Residential Trust | 453,432 | 0.1 | |||||||||||
10,080 | State Auto Financial Corp. | 223,978 | 0.0 | |||||||||||
30,400 | State Bank Financial Corp. | 607,392 | 0.1 | |||||||||||
53,121 | Sterling Bancorp/DE | 763,880 | 0.1 |
See Accompanying Notes to Financial Statements
81 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
15,900 | Stewart Information Services Corp. | 588,936 | 0.1 | |||||||||||
35,892 | @ | Stifel Financial Corp. | 1,831,210 | 0.2 | ||||||||||
10,540 | Stock Yards Bancorp, Inc. | 351,404 | 0.0 | |||||||||||
17,397 | Store Capital Corp. | 375,949 | 0.0 | |||||||||||
122,220 | @ | Strategic Hotel Capital, Inc. | 1,616,971 | 0.2 | ||||||||||
51,755 | Summit Hotel Properties, Inc. | 643,832 | 0.1 | |||||||||||
27,117 | Sun Communities, Inc. | 1,639,494 | 0.2 | |||||||||||
101,888 | Sunstone Hotel Investors, Inc. | 1,682,171 | 0.2 | |||||||||||
113,225 | Susquehanna Bancshares, Inc. | 1,520,612 | 0.2 | |||||||||||
31,227 | @ | SWS Group, Inc. | 215,779 | 0.0 | ||||||||||
36,459 | Symetra Financial Corp. | 840,380 | 0.1 | |||||||||||
8,290 | @ | Tejon Ranch Co. | 244,223 | 0.0 | ||||||||||
27,719 | Terreno Realty Corp. | 571,843 | 0.1 | |||||||||||
5,779 | Territorial Bancorp, Inc. | 124,537 | 0.0 | |||||||||||
20,188 | Texas Capital Bancshares, Inc. | 1,096,814 | 0.1 | |||||||||||
41,386 | The Geo Group, Inc. | 1,670,339 | 0.2 | |||||||||||
15,009 | Third Point Reinsurance Ltd. | 217,480 | 0.0 | |||||||||||
11,732 | Tompkins Financial Corp. | 648,780 | 0.1 | |||||||||||
17,056 | TowneBank | 257,887 | 0.0 | |||||||||||
10,390 | Trico Bancshares | 256,633 | 0.0 | |||||||||||
50,250 | Trustco Bank Corp. | 364,815 | 0.0 | |||||||||||
43,128 | Trustmark Corp. | 1,058,361 | 0.1 | |||||||||||
23,310 | UMB Financial Corp. | 1,326,106 | 0.1 | |||||||||||
18,382 | UMH Properties, Inc. | 175,548 | 0.0 | |||||||||||
96,296 | Umpqua Holdings Corp. | 1,637,995 | 0.2 | |||||||||||
25,009 | Union Bankshares Corp. | 602,217 | 0.1 | |||||||||||
31,141 | United Bankshares, Inc. | 1,166,230 | 0.1 | |||||||||||
26,781 | United Community Banks, Inc./GA | 507,232 | 0.1 | |||||||||||
29,250 | United Community Financial Corp. | 157,073 | 0.0 | |||||||||||
46,571 | United Financial Bancorp, Inc. | 668,760 | 0.1 | |||||||||||
18,520 | United Fire Group, Inc. | 550,600 | 0.1 | |||||||||||
10,400 | Universal Health Realty Income Trust | 500,448 | 0.1 | |||||||||||
16,204 | Universal Insurance Holdings, Inc. | 331,372 | 0.0 | |||||||||||
14,960 | Univest Corp. of Pennsylvania | 302,790 | 0.0 | |||||||||||
14,040 | Urstadt Biddle Properties, Inc. | 307,195 | 0.0 | |||||||||||
103,981 | Valley National Bancorp. | 1,009,656 | 0.1 | |||||||||||
21,924 | ViewPoint Financial Group | 522,887 | 0.1 | |||||||||||
4,034 | Virtus Investment Partners | 687,757 | 0.1 | |||||||||||
23,971 | @,L | Walter Investment Management Corp. | 395,761 | 0.0 | ||||||||||
46,140 | Washington Federal, Inc. | 1,022,001 | 0.1 | |||||||||||
42,240 | Washington Real Estate Investment Trust | 1,168,358 | 0.1 |
11,810 | Washington Trust Bancorp, Inc. | 474,526 | 0.1 | |||||||||||
28,279 | Waterstone Financial, Inc. | 371,869 | 0.0 | |||||||||||
49,633 | Webster Financial Corp. | 1,614,561 | 0.2 | |||||||||||
16,970 | WesBanco, Inc. | 590,556 | 0.1 | |||||||||||
19,296 | Westamerica Bancorp. | 945,890 | 0.1 | |||||||||||
44,440 | Western Alliance Bancorp. | 1,235,432 | 0.1 | |||||||||||
17,344 | Western Asset Mortgage Capital Corp. | 254,957 | 0.0 | |||||||||||
6,296 | Westwood Holdings Group, Inc. | 389,219 | 0.0 | |||||||||||
20,725 | Whitestone REIT | 313,155 | 0.0 | |||||||||||
59,150 | Wilshire Bancorp., Inc. | 599,190 | 0.1 | |||||||||||
20,940 | Wintrust Financial Corp. | 979,154 | 0.1 | |||||||||||
60,572 | WisdomTree Investments, Inc. | 949,466 | 0.1 | |||||||||||
5,339 | @,L | World Acceptance, Corp. | 424,184 | 0.0 | ||||||||||
6,380 | WSFS Financial Corp. | 490,558 | 0.1 | |||||||||||
14,358 | @ | Yadkin Financial Corporation | 282,135 | 0.0 | ||||||||||
233,194,009 | 24.3 | |||||||||||||
Health Care: 14.5% | ||||||||||||||
12,180 | Abaxism, Inc. | 692,189 | 0.1 | |||||||||||
22,866 | @ | Abiomed, Inc. | 870,280 | 0.1 | ||||||||||
19,415 | Acadia Healthcare Co., Inc. | 1,188,392 | 0.1 | |||||||||||
43,109 | L | Acadia Pharmaceuticals, Inc. | 1,368,711 | 0.2 | ||||||||||
12,226 | @,L | Accelerate Diagnostics, Inc. | 234,617 | 0.0 | ||||||||||
8,951 | Acceleron Pharma, Inc. | 348,731 | 0.0 | |||||||||||
48,503 | L | Accuray, Inc. | 366,198 | 0.0 | ||||||||||
56,001 | Achillion Pharmaceuticals, Inc. | 686,012 | 0.1 | |||||||||||
26,160 | Acorda Therapeutics, Inc. | 1,069,159 | 0.1 | |||||||||||
18,253 | L | Aegerion Pharmaceuticals, Inc. | 382,218 | 0.0 | ||||||||||
6,347 | Aerie Pharmaceuticals, Inc. | 185,269 | 0.0 | |||||||||||
54,581 | @ | Affymetrix, Inc. | 538,714 | 0.1 | ||||||||||
57,596 | @ | Agenus, Inc. | 228,656 | 0.0 | ||||||||||
7,616 | L | Agios Pharmaceuticals, Inc. | 853,297 | 0.1 | ||||||||||
21,916 | @ | Air Methods Corp. | 964,961 | 0.1 | ||||||||||
34,358 | @ | Akorn, Inc. | 1,243,760 | 0.1 | ||||||||||
18,589 | @ | Albany Molecular Research, Inc. | 302,629 | 0.0 | ||||||||||
13,157 | @ | AMAG Pharmaceuticals, Inc. | 560,751 | 0.1 | ||||||||||
16,902 | @ | Amedisys, Inc. | 496,074 | 0.1 | ||||||||||
32,510 | AMN Healthcare Services, Inc. | 637,196 | 0.1 | |||||||||||
28,004 | @,L | Ampio Pharmaceuticals, Inc. | 96,054 | 0.0 | ||||||||||
23,083 | @ | Amsurg Corp. | 1,263,333 | 0.1 | ||||||||||
21,318 | Anacor Pharmaceuticals, Inc. | 687,505 | 0.1 | |||||||||||
7,800 | Analogic Corp. | 659,958 | 0.1 | |||||||||||
18,000 | Angiodynamics, Inc. | 342,180 | 0.0 |
See Accompanying Notes to Financial Statements
82 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
9,319 | Anika Therapeutics, Inc. | 379,656 | 0.0 | |||||||||||
93,600 | @,L | Antares Pharma, Inc. | 240,552 | 0.0 | ||||||||||
15,920 | Aratana Therapeutics, Inc. | 283,694 | 0.0 | |||||||||||
137,629 | L | Arena Pharmaceuticals, Inc. | 477,573 | 0.1 | ||||||||||
90,880 | L | Ariad Pharmaceuticals, Inc. | 624,346 | 0.1 | ||||||||||
77,330 | Array Biopharma, Inc. | 365,771 | 0.0 | |||||||||||
30,115 | @,L | Arrowhead Research Corp. | 222,249 | 0.0 | ||||||||||
25,448 | AtriCure, Inc. | 507,942 | 0.1 | |||||||||||
830 | Atrion Corp. | 282,208 | 0.0 | |||||||||||
29,009 | Auxilium Pharmaceuticals, Inc. | 997,474 | 0.1 | |||||||||||
96,224 | @ | AVANIR Pharmaceuticals, Inc. | 1,630,997 | 0.2 | ||||||||||
44,615 | BioScrip, Inc. | 311,859 | 0.0 | |||||||||||
40,197 | L | BioCryst Pharmaceuticals, Inc. | 488,796 | 0.1 | ||||||||||
22,707 | BioDelivery Sciences International, Inc. | 272,938 | 0.0 | |||||||||||
68,543 | L | Bio-Path Holdings, Inc. | 182,324 | 0.0 | ||||||||||
13,276 | @ | Bio-Reference Labs, Inc. | 426,558 | 0.1 | ||||||||||
10,864 | Bluebird Bio, Inc. | 996,446 | 0.1 | |||||||||||
23,461 | @ | Cambrex Corp. | 507,227 | 0.1 | ||||||||||
17,352 | Cantel Medical Corp. | 750,648 | 0.1 | |||||||||||
21,680 | Capital Senior Living Corp. | 540,049 | 0.1 | |||||||||||
15,613 | @ | Cardiovascular Systems, Inc. | 469,639 | 0.1 | ||||||||||
27,604 | Catalent, Inc. | 769,600 | 0.1 | |||||||||||
48,389 | @ | Celldex Therapeutics, Inc. | 883,099 | 0.1 | ||||||||||
38,463 | Cepheid, Inc. | 2,082,387 | 0.2 | |||||||||||
68,989 | L | Cerus Corp. | 430,491 | 0.1 | ||||||||||
9,468 | Chemed Corp. | 1,000,484 | 0.1 | |||||||||||
15,904 | Chimerix, Inc. | 640,295 | 0.1 | |||||||||||
12,980 | Clinical Data, Inc. | – | – | |||||||||||
13,543 | L | Clovis Oncology, Inc. | 758,408 | 0.1 | ||||||||||
7,230 | Computer Programs & Systems, Inc. | 439,222 | 0.1 | |||||||||||
17,866 | Conmed Corp. | 803,255 | 0.1 | |||||||||||
7,800 | @ | Corvel Corp. | 290,316 | 0.0 | ||||||||||
22,390 | CryoLife, Inc. | 253,679 | 0.0 | |||||||||||
114,959 | @,L | CTI BioPharma Corp. | 271,303 | 0.0 | ||||||||||
16,790 | Cyberonics | 934,867 | 0.1 | |||||||||||
20,237 | Cynosure, Inc. | 554,899 | 0.1 | |||||||||||
42,952 | @,L | CytRx Corp. | 117,688 | 0.0 | ||||||||||
35,279 | Depomed, Inc. | 568,345 | 0.1 | |||||||||||
39,709 | DexCom, Inc. | 2,185,980 | 0.2 | |||||||||||
80,333 | Dyax Corp. | 1,129,482 | 0.1 | |||||||||||
17,115 | L | Dynavax Technologies Corp. | 288,559 | 0.0 | ||||||||||
21,004 | Emergent Biosolutions, Inc. | 571,939 | 0.1 | |||||||||||
5,290 | Enanta Pharmaceuticals, Inc. | 268,996 | 0.0 | |||||||||||
23,200 | L | Endocyte, Inc. | 145,928 | 0.0 | ||||||||||
36,630 | Endologix, Inc. | 560,073 | 0.1 | |||||||||||
10,961 | Ensign Group, Inc. | 486,559 | 0.1 | |||||||||||
7,801 | L | Epizyme, Inc. | 147,205 | 0.0 | ||||||||||
47,453 | @,L | Exact Sciences Corp. | 1,302,110 | 0.1 | ||||||||||
10,008 | @ | Exactech, Inc. | 235,889 | 0.0 | ||||||||||
21,953 | ExamWorks Group, Inc. | 913,025 | 0.1 |
114,667 | Exelixis, Inc. | 165,120 | 0.0 | |||||||||||
12,705 | FivePrime Therapeutics, Inc. | 343,035 | 0.0 | |||||||||||
19,530 | Fluidigm Corp. | 658,747 | 0.1 | |||||||||||
8,166 | L | Foundation Medicine, Inc. | 181,449 | 0.0 | ||||||||||
5,252 | Furiex Pharmaceuticals, Inc. - CVR | 51,312 | 0.0 | |||||||||||
13,649 | @,L | Galectin Therapeutics, Inc. | 47,362 | 0.0 | ||||||||||
103,585 | @ | Galena Biopharma, Inc. | 156,413 | 0.0 | ||||||||||
22,809 | GenMark Diagnostics, Inc. | 310,430 | 0.0 | |||||||||||
9,840 | L | Genomic Health, Inc. | 314,585 | 0.0 | ||||||||||
22,783 | @ | Gentiva Health Services, Inc. | 434,016 | 0.1 | ||||||||||
119,704 | L | Geron Corp. | 389,038 | 0.0 | ||||||||||
28,462 | Globus Medical Inc | 676,542 | 0.1 | |||||||||||
15,180 | Greatbatch, Inc. | 748,374 | 0.1 | |||||||||||
31,121 | @ | Haemonetics Corp. | 1,164,548 | 0.1 | ||||||||||
60,782 | @ | Halozyme Therapeutics, Inc. | 586,546 | 0.1 | ||||||||||
17,968 | @ | Hanger Orthopedic Group, Inc. | 393,499 | 0.0 | ||||||||||
50,662 | Healthsouth Corp. | 1,948,461 | 0.2 | |||||||||||
13,424 | HealthStream, Inc. | 395,740 | 0.0 | |||||||||||
24,120 | @ | Healthways, Inc. | 479,506 | 0.1 | ||||||||||
8,408 | HeartWare International, Inc. | 617,399 | 0.1 | |||||||||||
17,249 | Heron Therapeutics, Inc. | 173,525 | 0.0 | |||||||||||
50,018 | @ | HMS Holdings Corp. | 1,057,381 | 0.1 | ||||||||||
41,925 | Horizon Pharma PLC | 540,413 | 0.1 | |||||||||||
8,542 | Hyperion Therapeutics, Inc. | 205,008 | 0.0 | |||||||||||
6,580 | @ | ICU Medical, Inc. | 538,902 | 0.1 | ||||||||||
47,705 | L | Immunogen, Inc. | 291,000 | 0.0 | ||||||||||
61,662 | @,L | Immunomedics, Inc. | 295,978 | 0.0 | ||||||||||
39,931 | Impax Laboratories, Inc. | 1,265,014 | 0.1 | |||||||||||
33,630 | @ | Infinity Pharmaceuticals, Inc. | 568,011 | 0.1 | ||||||||||
35,380 | L | Inovio Pharmaceuticals, Inc. | 324,788 | 0.0 | ||||||||||
28,243 | Insulet Corp. | 1,300,873 | 0.1 | |||||||||||
5,321 | Insys Therapeutics, Inc. | 224,333 | 0.0 | |||||||||||
12,830 | @ | Integra LifeSciences Holdings Corp. | 695,771 | 0.1 | ||||||||||
12,331 | L | Intra-Cellular Therapies, Inc. | 217,642 | 0.0 | ||||||||||
18,800 | L | Intrexon Corp. | 517,564 | 0.1 | ||||||||||
19,460 | Invacare Corp. | 326,150 | 0.0 | |||||||||||
12,070 | IPC The Hospitalist Co., Inc. | 553,892 | 0.1 | |||||||||||
65,373 | Ironwood Pharmaceuticals, Inc. | 1,001,514 | 0.1 | |||||||||||
65,408 | Isis Pharmaceuticals, Inc. | 4,038,290 | 0.4 | |||||||||||
6,651 | L | Karyopharm Therapeutics, Inc. | 248,947 | 0.0 | ||||||||||
54,700 | L | Keryx Biopharmaceuticals, Inc. | 774,005 | 0.1 | ||||||||||
33,956 | Kindred Healthcare, Inc. | 617,320 | 0.1 |
See Accompanying Notes to Financial Statements
83 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
10,313 | L | KYTHERA Biopharmaceuticals, Inc. | 357,655 | 0.0 | ||||||||||
7,080 | Landauer, Inc. | 241,711 | 0.0 | |||||||||||
14,705 | @ | Lannett Co., Inc. | 630,550 | 0.1 | ||||||||||
8,751 | LDR Holding Corp. | 286,858 | 0.0 | |||||||||||
139,200 | Lexicon Genetics, Inc. | 126,658 | 0.0 | |||||||||||
13,524 | @ | Ligand Pharmaceuticals, Inc. | 719,612 | 0.1 | ||||||||||
24,304 | Luminex Corp. | 455,943 | 0.1 | |||||||||||
11,625 | MacroGenics, Inc. | 407,689 | 0.1 | |||||||||||
14,998 | Magellan Health Services, Inc. | 900,330 | 0.1 | |||||||||||
124,651 | L | MannKind Corp. | 650,055 | 0.1 | ||||||||||
27,185 | @ | Masimo Corp. | 716,053 | 0.1 | ||||||||||
35,730 | MedAssets, Inc. | 706,025 | 0.1 | |||||||||||
32,142 | Medicines Co. | 889,369 | 0.1 | |||||||||||
29,050 | @ | Medidata Solutions, Inc. | 1,387,137 | 0.2 | ||||||||||
28,590 | Meridian Bioscience, Inc. | 470,591 | 0.1 | |||||||||||
19,212 | @ | Merit Medical Systems, Inc. | 332,944 | 0.0 | ||||||||||
62,658 | L | Merrimack Pharmaceutical, Inc. | 708,035 | 0.1 | ||||||||||
63,273 | @,L | MiMedx Group Inc. | 729,538 | 0.1 | ||||||||||
12,412 | @ | Molina Healthcare, Inc. | 664,414 | 0.1 | ||||||||||
30,881 | Momenta Pharmaceuticals, Inc. | 371,807 | 0.0 | |||||||||||
7,885 | MWI Veterinary Supply, Inc. | 1,339,740 | 0.1 | |||||||||||
39,869 | @ | NanoViricides, Inc. | 108,444 | 0.0 | ||||||||||
5,070 | National Healthcare Corp. | 318,599 | 0.0 | |||||||||||
21,918 | Natus Medical, Inc. | 789,925 | 0.1 | |||||||||||
112,043 | Navidea Biopharmaceuticals, Inc. | 211,761 | 0.0 | |||||||||||
68,822 | @ | Nektar Therapeutics | 1,066,741 | 0.1 | ||||||||||
22,522 | @ | Neogen Corp. | 1,116,866 | 0.1 | ||||||||||
45,254 | L | Neuralstem, Inc. | 123,091 | 0.0 | ||||||||||
40,383 | @ | Neurocrine Biosciences, Inc. | 902,156 | 0.1 | ||||||||||
13,166 | L | NewLink Genetics Corp. | 523,348 | 0.1 | ||||||||||
27,646 | @,L | Northwest Biotherapeutics, Inc. | 147,906 | 0.0 | ||||||||||
143,350 | Novavax, Inc. | 850,066 | 0.1 | |||||||||||
59,298 | NPS Pharmaceuticals, Inc. | 2,121,089 | 0.2 | |||||||||||
25,036 | NuVasive, Inc. | 1,180,698 | 0.1 | |||||||||||
35,591 | NxStage Medical, Inc. | 638,147 | 0.1 | |||||||||||
21,600 | L | Omeros Corp. | 535,248 | 0.1 | ||||||||||
25,370 | Omnicell, Inc. | 840,254 | 0.1 | |||||||||||
8,652 | L | OncoMed Pharmaceuticals, Inc. | 188,268 | 0.0 | ||||||||||
61,046 | @ | Oncothyreon, Inc. | 115,987 | 0.0 | ||||||||||
7,157 | Ophthotech Corp. | 321,135 | 0.0 | |||||||||||
113,794 | L | Opko Health, Inc. | 1,136,802 | 0.1 | ||||||||||
40,441 | @ | OraSure Technologies, Inc. | 410,072 | 0.1 | ||||||||||
61,907 | L | Orexigen Therapeutics, Inc. | 375,156 | 0.0 | ||||||||||
36,578 | @,L | Organovo Holdings, Inc. | 265,191 | 0.0 | ||||||||||
10,580 | @ | Orthofix International NV | 318,035 | 0.0 |
12,822 | L | Osiris Therapeutics, Inc. | 205,024 | 0.0 | ||||||||||
31,747 | Owens & Minor, Inc. | 1,114,637 | 0.1 | |||||||||||
51,607 | Pacific Biosciences of California, Inc. | 404,599 | 0.1 | |||||||||||
18,755 | Pacira Pharmaceuticals, Inc./DE | 1,662,818 | 0.2 | |||||||||||
32,617 | @ | Pain Therapeutics, Inc. | 66,213 | 0.0 | ||||||||||
32,567 | @ | Parexel International Corp. | 1,809,423 | 0.2 | ||||||||||
91,630 | L | PDL BioPharma, Inc. | 706,467 | 0.1 | ||||||||||
134,571 | @,L | Peregrine Pharmaceuticals, Inc. | 187,054 | 0.0 | ||||||||||
23,943 | @ | Pernix Therapeutics Holdings, Inc. | 224,825 | 0.0 | ||||||||||
19,410 | PharMerica Corp. | 401,981 | 0.1 | |||||||||||
9,150 | Phibro Animal Health Corp. | 288,683 | 0.0 | |||||||||||
20,097 | Portola Pharmaceuticals, Inc. | 569,147 | 0.1 | |||||||||||
10,732 | PRA Health Sciences, Inc. | 259,929 | 0.0 | |||||||||||
45,141 | Progenics Pharmaceuticals, Inc. | 341,266 | 0.0 | |||||||||||
13,212 | Prothena Corp. PLC | 274,281 | 0.0 | |||||||||||
8,295 | Providence Service Corp. | 302,270 | 0.0 | |||||||||||
12,970 | PTC Therapeutics, Inc. | 671,457 | 0.1 | |||||||||||
12,900 | Puma Biotechnology, Inc. | 2,441,583 | 0.3 | |||||||||||
25,280 | Quality Systems, Inc. | 394,115 | 0.0 | |||||||||||
15,810 | Quidel Corp. | 457,225 | 0.1 | |||||||||||
26,711 | @ | RadNet, Inc. | 228,112 | 0.0 | ||||||||||
42,769 | @,L | Raptor Pharmaceutical Corp. | 449,930 | 0.1 | ||||||||||
12,080 | Receptos, Inc. | 1,479,921 | 0.2 | |||||||||||
9,545 | L | Relypsa, Inc. | 293,986 | 0.0 | ||||||||||
15,968 | Repligen Corp. | 316,166 | 0.0 | |||||||||||
18,253 | @,L | Repros Therapeutics, Inc. | 181,982 | 0.0 | ||||||||||
15,292 | @,L | Retrophin, Inc. | 187,174 | 0.0 | ||||||||||
94,546 | @ | Rigel Pharmaceuticals, Inc. | 214,619 | 0.0 | ||||||||||
24,337 | L | Rockwell Medical Technologies, Inc. | 250,184 | 0.0 | ||||||||||
60,380 | RTI Biologics, Inc. | 313,976 | 0.0 | |||||||||||
14,215 | Sagent Pharmaceuticals, Inc. | 356,939 | 0.0 | |||||||||||
46,313 | Sangamo Biosciences, Inc. | 704,421 | 0.1 | |||||||||||
22,534 | @,L | Sarepta Therapeutics, Inc. | 326,067 | 0.0 | ||||||||||
36,900 | @ | Sciclone Pharmaceuticals, Inc. | 323,244 | 0.0 | ||||||||||
33,448 | Select Medical Holdings Corp. | 481,651 | 0.1 | |||||||||||
82,971 | @,L | Sequenom, Inc. | 306,993 | 0.0 | ||||||||||
23,433 | Spectranetics Corp. | 810,313 | 0.1 | |||||||||||
42,460 | @,L | Spectrum Pharmaceuticals, Inc. | 294,248 | 0.0 | ||||||||||
28,028 | @,L | Staar Surgical Co. | 255,335 | 0.0 | ||||||||||
30,781 | Steris Corp. | 1,996,148 | 0.2 | |||||||||||
38,357 | @,L | Sunesis Pharmaceuticals, Inc. | 97,810 | 0.0 | ||||||||||
20,308 | L | Supernus Pharmaceuticals, Inc. | 168,556 | 0.0 |
See Accompanying Notes to Financial Statements
84 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
11,186 | @ | SurModics, Inc. | 247,211 | 0.0 | ||||||||||
11,737 | @,L | Synageva BioPharma Corp. | 1,089,076 | 0.1 | ||||||||||
61,742 | L | Synergy Pharmaceuticals, Inc. | 188,313 | 0.0 | ||||||||||
35,831 | Team Health Holdings, Inc. | 2,061,357 | 0.2 | |||||||||||
10,929 | L | Tesaro, Inc. | 406,450 | 0.1 | ||||||||||
16,889 | Tetraphase Pharmaceuticals, Inc. | 670,662 | 0.1 | |||||||||||
19,552 | @,L | TG Therapeutics, Inc. | 309,704 | 0.0 | ||||||||||
67,745 | @,L | TherapeuticsMD, Inc. | 301,465 | 0.0 | ||||||||||
12,422 | @,L | Theravance Biopharma, Inc. | 185,336 | 0.0 | ||||||||||
44,987 | L | Theravance, Inc. | 636,566 | 0.1 | ||||||||||
27,802 | @ | Thoratec Corp. | 902,453 | 0.1 | ||||||||||
42,200 | @ | Threshold Pharmaceuticals, Inc. | 134,196 | 0.0 | ||||||||||
15,948 | @ | Tornier NV | 406,674 | 0.1 | ||||||||||
12,570 | Triple-S Management Corp. | 300,549 | 0.0 | |||||||||||
42,590 | Trius Therapeutics, Inc. - CVR | – | – | |||||||||||
81,911 | L | Unilife Corp. | 274,402 | 0.0 | ||||||||||
25,820 | Universal American Corp./NY | 239,610 | 0.0 | |||||||||||
23,897 | L | Vanda Pharmaceuticals, Inc. | 342,205 | 0.0 | ||||||||||
11,813 | Vascular Solutions, Inc. | 320,841 | 0.0 | |||||||||||
66,260 | @,L | Vivus, Inc. | 190,829 | 0.0 | ||||||||||
18,536 | Vocera Communications, Inc. | 193,145 | 0.0 | |||||||||||
33,090 | Volcano Corp. | 591,649 | 0.1 | |||||||||||
24,980 | WellCare Health Plans, Inc. | 2,049,859 | 0.2 | |||||||||||
40,980 | West Pharmaceutical Services, Inc. | 2,181,775 | 0.2 | |||||||||||
22,600 | Wright Medical Group, Inc. | 607,262 | 0.1 | |||||||||||
49,672 | Xenoport, Inc. | 435,623 | 0.1 | |||||||||||
53,900 | @ | XOMA Corp. | 193,501 | 0.0 | ||||||||||
16,637 | Zeltiq Aesthetics, Inc. | 464,339 | 0.1 | |||||||||||
50,886 | @,L | ZIOPHARM Oncology, Inc. | 257,992 | 0.0 | ||||||||||
99,691 | Zogenix, Inc. | 136,577 | 0.0 | |||||||||||
138,936,408 | 14.5 | |||||||||||||
Industrials: 14.0% | ||||||||||||||
28,945 | AAON, Inc. | 648,079 | 0.1 | |||||||||||
23,620 | AAR Corp. | 656,164 | 0.1 | |||||||||||
33,395 | ABM Industries, Inc. | 956,767 | 0.1 | |||||||||||
28,744 | Acacia Research - Acacia Technologies | 486,923 | 0.1 | |||||||||||
74,560 | @ | ACCO Brands Corp. | 671,786 | 0.1 | ||||||||||
14,169 | Aceto Corp. | 307,467 | 0.0 | |||||||||||
32,277 | Actuant Corp. | 879,225 | 0.1 | |||||||||||
19,434 | @ | Advisory Board Co. | 951,877 | 0.1 | ||||||||||
28,790 | Aegion Corp. | 535,782 | 0.1 | |||||||||||
9,760 | Aerovironment, Inc. | 265,960 | 0.0 | |||||||||||
49,380 | Air Transport Services Group, Inc. | 422,693 | 0.0 | |||||||||||
37,246 | Aircastle Ltd. | 795,947 | 0.1 | |||||||||||
5,200 | Alamo Group, Inc. | 251,888 | 0.0 | |||||||||||
15,490 | Albany International Corp. | 588,465 | 0.1 | |||||||||||
6,759 | Allegiant Travel Co. | 1,016,080 | 0.1 | |||||||||||
17,130 | Altra Holdings, Inc. | 486,321 | 0.1 |
2,960 | L | American Railcar Industries, Inc. | 152,440 | 0.0 | ||||||||||
6,960 | American Science & Engineering, Inc. | 361,224 | 0.0 | |||||||||||
8,840 | @ | American Woodmark Corp. | 357,490 | 0.0 | ||||||||||
18,700 | Apogee Enterprises, Inc. | 792,319 | 0.1 | |||||||||||
23,786 | Applied Industrial Technologies, Inc. | 1,084,404 | 0.1 | |||||||||||
16,173 | ArcBest Corp. | 749,942 | 0.1 | |||||||||||
10,747 | Argan, Inc. | 361,529 | 0.0 | |||||||||||
15,410 | Astec Industries, Inc. | 605,767 | 0.1 | |||||||||||
7,038 | @ | Astronics Corp. | 389,272 | 0.0 | ||||||||||
14,337 | Atlas Air Worldwide Holdings, Inc. | 706,814 | 0.1 | |||||||||||
16,120 | AZZ, Inc. | 756,350 | 0.1 | |||||||||||
27,069 | Barnes Group, Inc. | 1,001,824 | 0.1 | |||||||||||
6,797 | Barrett Business Services, Inc. | 186,238 | 0.0 | |||||||||||
27,280 | @ | Beacon Roofing Supply, Inc. | 758,384 | 0.1 | ||||||||||
21,768 | Belden CDT, Inc. | 1,715,536 | 0.2 | |||||||||||
32,450 | Blount International, Inc. | 570,146 | 0.1 | |||||||||||
30,270 | Brady Corp. | 827,582 | 0.1 | |||||||||||
27,270 | Briggs & Stratton Corp. | 556,853 | 0.1 | |||||||||||
29,147 | Brink's Co. | 711,478 | 0.1 | |||||||||||
22,467 | Builders FirstSource, Inc. | 154,348 | 0.0 | |||||||||||
11,800 | CAI International, Inc. | 273,760 | 0.0 | |||||||||||
292,618 | Capstone Turbine Corp. | 216,332 | 0.0 | |||||||||||
33,580 | @ | CBIZ, Inc. | 287,445 | 0.0 | ||||||||||
13,670 | Celadon Group, Inc. | 310,172 | 0.0 | |||||||||||
17,720 | Chart Industries, Inc. | 606,024 | 0.1 | |||||||||||
10,346 | CIRCOR International, Inc. | 623,657 | 0.1 | |||||||||||
24,525 | @ | Civeo Corp. | 100,798 | 0.0 | ||||||||||
26,590 | Clarcor, Inc. | 1,771,958 | 0.2 | |||||||||||
18,040 | Columbus McKinnon Corp. | 505,842 | 0.1 | |||||||||||
27,280 | Comfort Systems USA, Inc. | 467,034 | 0.1 | |||||||||||
19,556 | Corporate Executive Board Co. | 1,418,397 | 0.1 | |||||||||||
9,520 | Cubic Corp. | 501,133 | 0.1 | |||||||||||
25,473 | Curtiss-Wright Corp. | 1,798,139 | 0.2 | |||||||||||
27,681 | Deluxe Corp. | 1,723,142 | 0.2 | |||||||||||
40,930 | @ | DigitalGlobe, Inc. | 1,267,602 | 0.1 | ||||||||||
21,304 | Douglas Dynamics, Inc. | 456,545 | 0.0 | |||||||||||
5,069 | @ | DXP Enterprises, Inc. | 256,137 | 0.0 | ||||||||||
19,803 | @ | Dycom Industries, Inc. | 694,887 | 0.1 | ||||||||||
14,560 | Dynamic Materials Corp. | 233,251 | 0.0 | |||||||||||
11,600 | Echo Global Logistics, Inc. | 338,720 | 0.0 | |||||||||||
21,197 | Eclipse Resouces Corp | 149,015 | 0.0 | |||||||||||
36,881 | EMCOR Group, Inc. | 1,640,836 | 0.2 | |||||||||||
13,610 | Encore Wire Corp. | 508,061 | 0.1 | |||||||||||
19,488 | Enernoc, Inc. | 301,090 | 0.0 | |||||||||||
25,542 | EnerSys | 1,576,452 | 0.2 | |||||||||||
12,271 | Engility Holdings, Inc. | 525,199 | 0.1 | |||||||||||
17,520 | Ennis, Inc. | 235,994 | 0.0 | |||||||||||
12,440 | EnPro Industries, Inc. | 780,734 | 0.1 | |||||||||||
15,700 | ESCO Technologies, Inc. | 579,330 | 0.1 |
See Accompanying Notes to Financial Statements
85 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
15,300 | @ | Esterline Technologies Corp. | 1,678,104 | 0.2 | ||||||||||
6,193 | L | ExOne Co/The | 104,042 | 0.0 | ||||||||||
8,190 | Exponent, Inc. | 675,675 | 0.1 | |||||||||||
42,240 | Federal Signal Corp. | 652,186 | 0.1 | |||||||||||
18,770 | Forward Air Corp. | 945,445 | 0.1 | |||||||||||
30,164 | Franklin Electric Co., Inc. | 1,132,055 | 0.1 | |||||||||||
21,822 | @ | FTI Consulting, Inc. | 842,984 | 0.1 | ||||||||||
139,140 | @,L | FuelCell Energy, Inc. | 214,276 | 0.0 | ||||||||||
26,921 | @ | Furmanite Corp. | 210,522 | 0.0 | ||||||||||
10,950 | G&K Services, Inc. | 775,807 | 0.1 | |||||||||||
40,151 | @,L | Gencorp, Inc. | 734,763 | 0.1 | ||||||||||
34,886 | Generac Holdings, Inc. | 1,631,269 | 0.2 | |||||||||||
20,250 | General Cable Corp. | 301,725 | 0.0 | |||||||||||
24,989 | @ | Gibraltar Industries, Inc. | 406,321 | 0.0 | ||||||||||
15,448 | Global Power Equipment Group, Inc. | 213,337 | 0.0 | |||||||||||
14,265 | Gorman-Rupp Co. | 458,192 | 0.0 | |||||||||||
70,557 | GrafTech International Ltd. | 357,018 | 0.0 | |||||||||||
7,726 | Graham Corp. | 222,277 | 0.0 | |||||||||||
18,976 | Granite Construction, Inc. | 721,468 | 0.1 | |||||||||||
41,440 | @ | Great Lakes Dredge & Dock Corp. | 354,726 | 0.0 | ||||||||||
14,870 | L | Greenbrier Cos., Inc. | 798,965 | 0.1 | ||||||||||
21,230 | Griffon Corp. | 282,359 | 0.0 | |||||||||||
20,731 | H&E Equipment Services, Inc. | 582,334 | 0.1 | |||||||||||
36,429 | Harsco Corp. | 688,144 | 0.1 | |||||||||||
26,254 | Hawaiian Holdings, Inc. | 683,917 | 0.1 | |||||||||||
35,233 | Healthcare Services Group | 1,089,757 | 0.1 | |||||||||||
36,890 | Heartland Express, Inc. | 996,399 | 0.1 | |||||||||||
37,203 | Heico Corp. | 2,247,061 | 0.2 | |||||||||||
14,690 | Heidrick & Struggles International, Inc. | 338,604 | 0.0 | |||||||||||
31,432 | Herman Miller, Inc. | 925,044 | 0.1 | |||||||||||
28,900 | Hillenbrand, Inc. | 997,050 | 0.1 | |||||||||||
27,272 | HNI, Corp. | 1,392,508 | 0.1 | |||||||||||
11,853 | Houston Wire & Cable Co. | 141,643 | 0.0 | |||||||||||
22,747 | @ | HUB Group, Inc. | 866,206 | 0.1 | ||||||||||
13,554 | Huron Consulting Group, Inc. | 926,958 | 0.1 | |||||||||||
5,379 | Hyster-Yale Materials Handling, Inc. | 393,743 | 0.0 | |||||||||||
3,750 | Hyster-Yale Materials Handling, Inc. - B shares | 274,500 | 0.0 | |||||||||||
13,357 | ICF International, Inc. | 547,370 | 0.1 | |||||||||||
32,624 | Innerworkings, Inc. | 254,141 | 0.0 | |||||||||||
13,880 | Insperity, Inc. | 470,393 | 0.1 | |||||||||||
15,921 | Insteel Industries, Inc. | 375,417 | 0.0 | |||||||||||
33,570 | Interface, Inc. | 552,898 | 0.1 | |||||||||||
130,975 | @ | JetBlue Airways Corp. | 2,077,263 | 0.2 | ||||||||||
17,870 | John Bean Technologies Corp. | 587,208 | 0.1 | |||||||||||
8,640 | Kadant, Inc. | 368,842 | 0.0 | |||||||||||
15,500 | Kaman Corp. | 621,395 | 0.1 | |||||||||||
15,330 | Kelly Services, Inc. | 260,917 | 0.0 | |||||||||||
29,295 | L | Keyw Holding Corp. | 304,082 | 0.0 | ||||||||||
20,006 | Kforce, Inc. | 482,745 | 0.1 | |||||||||||
22,680 | Kimball International, Inc. | 206,842 | 0.0 |
32,001 | Knight Transportation, Inc. | 1,077,154 | 0.1 | |||||||||||
17,848 | L | Knightsbridge Tankers Ltd. | 80,851 | 0.0 | ||||||||||
31,040 | Knoll, Inc. | 657,117 | 0.1 | |||||||||||
27,230 | Korn/Ferry International | 783,135 | 0.1 | |||||||||||
45,001 | @ | Kratos Defense & Security Solutions, Inc. | 225,905 | 0.0 | ||||||||||
9,169 | LB Foster Co. | 445,338 | 0.0 | |||||||||||
7,406 | L | Lindsay Manufacturing Co. | 634,990 | 0.1 | ||||||||||
14,100 | Marten Transport Ltd. | 308,226 | 0.0 | |||||||||||
13,858 | @ | Masonite International Corp. | 851,713 | 0.1 | ||||||||||
31,615 | @ | Mastec, Inc. | 714,815 | 0.1 | ||||||||||
21,153 | Matson, Inc. | 730,202 | 0.1 | |||||||||||
18,879 | Matthews International Corp. | 918,841 | 0.1 | |||||||||||
15,580 | McGrath Rentcorp | 558,699 | 0.1 | |||||||||||
54,473 | @ | Meritor, Inc. | 825,266 | 0.1 | ||||||||||
9,095 | Miller Industries, Inc. | 189,085 | 0.0 | |||||||||||
23,730 | Mobile Mini, Inc. | 961,302 | 0.1 | |||||||||||
24,021 | @ | Moog, Inc. | 1,778,275 | 0.2 | ||||||||||
15,920 | MSA Safety, Inc. | 845,193 | 0.1 | |||||||||||
28,615 | Mueller Industries, Inc. | 976,916 | 0.1 | |||||||||||
98,053 | Mueller Water Products, Inc. | 1,004,063 | 0.1 | |||||||||||
10,100 | Multi-Color Corp. | 559,742 | 0.1 | |||||||||||
16,990 | MYR Group, Inc./Delaware | 465,526 | 0.1 | |||||||||||
3,760 | L | National Presto Industries, Inc. | 218,230 | 0.0 | ||||||||||
32,770 | @ | Navigant Consulting, Inc. | 503,675 | 0.1 | ||||||||||
42,187 | @,L | Navios Maritime Holdings, Inc. | 173,389 | 0.0 | ||||||||||
9,339 | @ | NCI Building Systems, Inc. | 172,958 | 0.0 | ||||||||||
6,000 | Nortek, Inc. | 487,980 | 0.1 | |||||||||||
4,805 | Northwest Pipe Co. | 144,727 | 0.0 | |||||||||||
27,880 | @ | On Assignment, Inc. | 925,337 | 0.1 | ||||||||||
36,631 | Orbital Sciences Corp. | 985,008 | 0.1 | |||||||||||
22,359 | Orion Marine Group, Inc. | 247,067 | 0.0 | |||||||||||
4,259 | Park-Ohio Holdings Corp. | 268,445 | 0.0 | |||||||||||
23,691 | PGT, Inc. | 228,144 | 0.0 | |||||||||||
98,190 | @,L | Plug Power, Inc. | 294,570 | 0.0 | ||||||||||
25,165 | Polypore International, Inc. | 1,184,013 | 0.1 | |||||||||||
7,301 | Powell Industries, Inc. | 358,260 | 0.0 | |||||||||||
17,527 | @ | PowerSecure International, Inc. | 204,190 | 0.0 | ||||||||||
18,117 | Primoris Services Corp. | 421,039 | 0.0 | |||||||||||
11,384 | Proto Labs, Inc. | 764,549 | 0.1 | |||||||||||
16,978 | Quad/Graphics, Inc. | 389,815 | 0.0 | |||||||||||
23,080 | Quality Distribution, Inc. | 245,571 | 0.0 | |||||||||||
22,771 | Quanex Building Products Corp. | 427,639 | 0.0 | |||||||||||
20,465 | Raven Industries, Inc. | 511,625 | 0.1 | |||||||||||
13,000 | RBC Bearings, Inc. | 838,890 | 0.1 | |||||||||||
31,416 | Republic Airways Holdings, Inc. | 458,359 | 0.0 | |||||||||||
29,940 | Resources Connection, Inc. | 492,513 | 0.1 | |||||||||||
33,783 | Rexnord Corp. | 953,018 | 0.1 |
See Accompanying Notes to Financial Statements
86 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
15,000 | Roadrunner Transportation Systems, Inc. | 350,250 | 0.0 | |||||||||||
20,600 | RPX Corp. | 283,868 | 0.0 | |||||||||||
20,400 | @ | Rush Enterprises, Inc. - Class A | 653,820 | 0.1 | ||||||||||
12,092 | @ | Saia, Inc. | 669,413 | 0.1 | ||||||||||
79,941 | Scorpio Bulkers Inc. | 157,484 | 0.0 | |||||||||||
24,810 | Simpson Manufacturing Co., Inc. | 858,426 | 0.1 | |||||||||||
32,734 | Skywest, Inc. | 434,708 | 0.0 | |||||||||||
11,040 | @ | SP Plus Corp. | 278,539 | 0.0 | ||||||||||
8,050 | Standex International Corp. | 621,943 | 0.1 | |||||||||||
37,977 | Steelcase, Inc. | 681,687 | 0.1 | |||||||||||
11,967 | Sun Hydraulics Corp. | 471,260 | 0.1 | |||||||||||
43,126 | Swift Transportation Co. | 1,234,697 | 0.1 | |||||||||||
15,174 | TAL International Group, Inc. | 661,131 | 0.1 | |||||||||||
30,497 | @,L | Taser International, Inc. | 807,561 | 0.1 | ||||||||||
12,204 | @ | Team, Inc. | 493,774 | 0.1 | ||||||||||
18,617 | Teledyne Technologies, Inc. | 1,912,711 | 0.2 | |||||||||||
11,980 | Tennant Co. | 864,597 | 0.1 | |||||||||||
36,545 | Tetra Tech, Inc. | 975,752 | 0.1 | |||||||||||
9,409 | Textainer Group Holdings Ltd. | 322,917 | 0.0 | |||||||||||
17,256 | Thermon Group Holdings, Inc. | 417,423 | 0.0 | |||||||||||
29,635 | Titan International, Inc. | 315,020 | 0.0 | |||||||||||
14,540 | L | Titan Machinery, Inc. | 202,688 | 0.0 | ||||||||||
18,466 | Trex Co., Inc. | 786,282 | 0.1 | |||||||||||
22,953 | Trimas Corp. | 718,199 | 0.1 | |||||||||||
27,520 | @ | TrueBlue, Inc. | 612,320 | 0.1 | ||||||||||
22,998 | @ | Tutor Perini Corp. | 553,562 | 0.1 | ||||||||||
8,891 | Twin Disc, Inc. | 176,575 | 0.0 | |||||||||||
7,992 | Unifirst Corp. | 970,628 | 0.1 | |||||||||||
23,978 | United Stationers, Inc. | 1,010,912 | 0.1 | |||||||||||
11,469 | Universal Forest Products, Inc. | 610,151 | 0.1 | |||||||||||
14,110 | US Ecology, Inc. | 566,093 | 0.1 | |||||||||||
42,645 | UTI Worldwide, Inc. | 514,725 | 0.1 | |||||||||||
17,360 | Viad Corp. | 462,818 | 0.0 | |||||||||||
8,437 | Virgin America, Inc. | 364,900 | 0.0 | |||||||||||
4,454 | VSE Corp. | 293,519 | 0.0 | |||||||||||
43,200 | @ | Wabash National Corp. | 533,952 | 0.1 | ||||||||||
18,499 | WageWorks, Inc. | 1,194,480 | 0.1 | |||||||||||
12,168 | Watsco, Inc. | 1,301,976 | 0.1 | |||||||||||
15,374 | Watts Water Technologies, Inc. | 975,327 | 0.1 | |||||||||||
20,879 | Werner Enterprises, Inc. | 650,381 | 0.1 | |||||||||||
20,633 | Wesco Aircraft Holdings, Inc. | 288,449 | 0.0 | |||||||||||
13,299 | West Corp. | 438,867 | 0.0 | |||||||||||
34,831 | Woodward Governor Co. | 1,714,730 | 0.2 | |||||||||||
27,878 | @,L | XPO Logistics, Inc. | 1,139,653 | 0.1 | ||||||||||
18,733 | @,L | YRC Worldwide, Inc. | 421,305 | 0.0 | ||||||||||
133,696,785 | 14.0 | |||||||||||||
Information Technology: 17.5% | ||||||||||||||
64,208 | ACI Worldwide, Inc. | 1,295,075 | 0.1 | |||||||||||
44,230 | @ | Actuate Corp. | 291,918 | 0.0 | ||||||||||
44,800 | @ | Acxiom Corp. | 908,096 | 0.1 | ||||||||||
34,081 | Adtran, Inc. | 742,966 | 0.1 |
21,387 | Advanced Energy Industries, Inc. | 506,872 | 0.1 | |||||||||||
23,323 | Advent Software, Inc. | 714,617 | 0.1 | |||||||||||
14,667 | @ | Agilysys, Inc. | 184,658 | 0.0 | ||||||||||
15,546 | L | Ambarella Inc | 788,493 | 0.1 | ||||||||||
25,970 | American Software, Inc. | 236,587 | 0.0 | |||||||||||
31,120 | Amkor Technology, Inc. | 220,952 | 0.0 | |||||||||||
28,307 | L | Angie's List, Inc. | 176,353 | 0.0 | ||||||||||
12,552 | Anixter International, Inc. | 1,110,350 | 0.1 | |||||||||||
54,085 | @ | Applied Micro Circuits Corp. | 352,634 | 0.0 | ||||||||||
9,348 | L | Applied Optoelectronics, Inc. | 104,885 | 0.0 | ||||||||||
57,550 | Aruba Networks, Inc. | 1,046,259 | 0.1 | |||||||||||
50,695 | @ | Aspen Technology, Inc. | 1,775,339 | 0.2 | ||||||||||
18,190 | @ | AVG Technologies | 359,071 | 0.0 | ||||||||||
9,820 | Badger Meter, Inc. | 582,817 | 0.1 | |||||||||||
35,782 | Bankrate, Inc. | 444,770 | 0.1 | |||||||||||
33,605 | L | Bazaarvoice, Inc. | 270,184 | 0.0 | ||||||||||
25,065 | @ | Benchmark Electronics, Inc. | 637,654 | 0.1 | ||||||||||
10,080 | Black Box Corp. | 240,912 | 0.0 | |||||||||||
28,960 | Blackbaud, Inc. | 1,252,810 | 0.1 | |||||||||||
27,995 | L | Blackhawk Network Holdings, Inc. | 1,086,206 | 0.1 | ||||||||||
23,434 | @ | Blucora, Inc. | 324,561 | 0.0 | ||||||||||
20,464 | Bottomline Technologies, Inc. | 517,330 | 0.1 | |||||||||||
27,477 | Brightcove, Inc. | 213,771 | 0.0 | |||||||||||
18,000 | BroadSoft, Inc. | 522,360 | 0.1 | |||||||||||
38,480 | Brooks Automation, Inc. | 490,620 | 0.1 | |||||||||||
14,647 | @ | Cabot Microelectronics Corp. | 693,096 | 0.1 | ||||||||||
11,171 | @ | CACI International, Inc. | 962,717 | 0.1 | ||||||||||
22,980 | @ | CalAmp Corp. | 420,534 | 0.0 | ||||||||||
26,837 | Calix, Inc. | 268,907 | 0.0 | |||||||||||
31,725 | Callidus Software, Inc. | 518,069 | 0.1 | |||||||||||
25,828 | Cardtronics, Inc. | 996,444 | 0.1 | |||||||||||
8,629 | Cass Information Systems, Inc. | 459,494 | 0.1 | |||||||||||
29,960 | Cavium, Inc. | 1,852,127 | 0.2 | |||||||||||
16,930 | Ceva, Inc. | 307,110 | 0.0 | |||||||||||
13,707 | L | ChannelAdvisor Corp. | 295,797 | 0.0 | ||||||||||
30,090 | @ | Checkpoint Systems, Inc. | 413,136 | 0.0 | ||||||||||
43,791 | L | Chegg, Inc. | 302,596 | 0.0 | ||||||||||
81,311 | @ | Ciber, Inc. | 288,654 | 0.0 | ||||||||||
56,606 | @ | Ciena Corp. | 1,098,722 | 0.1 | ||||||||||
17,727 | @ | Cimpress NV | 1,326,689 | 0.1 | ||||||||||
61,345 | Cinedigm Corp. | 99,379 | 0.0 | |||||||||||
33,064 | @ | Cirrus Logic, Inc. | 779,319 | 0.1 | ||||||||||
46,812 | @ | Cognex Corp. | 1,934,740 | 0.2 | ||||||||||
13,437 | @ | Coherent, Inc. | 815,895 | 0.1 | ||||||||||
15,820 | Cohu, Inc. | 188,258 | 0.0 | |||||||||||
25,629 | Commvault Systems, Inc. | 1,324,763 | 0.1 | |||||||||||
21,602 | comScore, Inc. | 1,002,981 | 0.1 | |||||||||||
13,432 | Comtech Telecommunications | 423,377 | 0.0 | |||||||||||
16,137 | Comverse, Inc. | 303,053 | 0.0 | |||||||||||
20,309 | Constant Contact, Inc. | 745,340 | 0.1 | |||||||||||
51,015 | Convergys Corp. | 1,039,176 | 0.1 | |||||||||||
29,206 | Cornerstone OnDemand, Inc. | 1,028,051 | 0.1 | |||||||||||
13,829 | Covisint Corp. | 36,647 | 0.0 | |||||||||||
24,000 | @ | Cray, Inc. | 827,520 | 0.1 |
See Accompanying Notes to Financial Statements
87 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
17,497 | CSG Systems International | 438,650 | 0.1 | |||||||||||
22,100 | CTS Corp. | 394,043 | 0.0 | |||||||||||
18,122 | @ | CUI Global, Inc. | 135,009 | 0.0 | ||||||||||
9,718 | Cvent, Inc. | 270,549 | 0.0 | |||||||||||
73,072 | Cypress Semiconductor Corp. | 1,043,468 | 0.1 | |||||||||||
31,010 | Daktronics, Inc. | 387,935 | 0.0 | |||||||||||
27,040 | DealerTrack Holdings, Inc. | 1,198,142 | 0.1 | |||||||||||
16,397 | Demandware, Inc. | 943,483 | 0.1 | |||||||||||
23,166 | Digital River, Inc. | 572,895 | 0.1 | |||||||||||
23,410 | @ | Diodes, Inc. | 645,414 | 0.1 | ||||||||||
42,639 | Dot Hill Systems Corp. | 188,464 | 0.0 | |||||||||||
20,431 | @ | DSP Group, Inc. | 222,085 | 0.0 | ||||||||||
13,563 | DTS, Inc. | 417,062 | 0.0 | |||||||||||
16,236 | E2open, Inc. | 156,028 | 0.0 | |||||||||||
78,982 | EarthLink Holdings Corp. | 346,731 | 0.0 | |||||||||||
17,250 | L | Ebix, Inc. | 293,078 | 0.0 | ||||||||||
15,380 | Electro Rent Corp. | 215,935 | 0.0 | |||||||||||
23,840 | Electro Scientific Industries, Inc. | 184,998 | 0.0 | |||||||||||
24,763 | @ | Electronics for Imaging | 1,060,599 | 0.1 | ||||||||||
17,625 | Ellie Mae, Inc. | 710,640 | 0.1 | |||||||||||
54,790 | @ | Emulex Corp. | 310,659 | 0.0 | ||||||||||
84,510 | Entegris, Inc. | 1,116,377 | 0.1 | |||||||||||
70,910 | Entropic Communications, Inc. | 179,402 | 0.0 | |||||||||||
17,035 | EPAM Systems, Inc. | 813,421 | 0.1 | |||||||||||
23,250 | EPIQ Systems, Inc. | 397,110 | 0.0 | |||||||||||
4,031 | @ | ePlus, Inc. | 305,106 | 0.0 | ||||||||||
28,672 | Euronet Worldwide, Inc. | 1,574,093 | 0.2 | |||||||||||
26,669 | EVERTEC, Inc. | 590,185 | 0.1 | |||||||||||
19,590 | @ | Exar Corp. | 199,818 | 0.0 | ||||||||||
17,866 | ExlService Holdings, Inc. | 512,933 | 0.1 | |||||||||||
63,530 | @ | Extreme Networks, Inc. | 224,261 | 0.0 | ||||||||||
20,600 | @ | Fabrinet | 365,444 | 0.0 | ||||||||||
17,378 | Fair Isaac Corp. | 1,256,429 | 0.1 | |||||||||||
54,436 | Fairchild Semiconductor International, Inc. | 918,880 | 0.1 | |||||||||||
10,797 | Faro Technologies, Inc. | 676,756 | 0.1 | |||||||||||
21,143 | FEI Co. | 1,910,270 | 0.2 | |||||||||||
55,138 | @ | Finisar Corp. | 1,070,229 | 0.1 | ||||||||||
21,225 | @ | FleetMatics Group PLC | 753,275 | 0.1 | ||||||||||
44,403 | Formfactor, Inc. | 381,866 | 0.0 | |||||||||||
9,870 | Forrester Research, Inc. | 388,483 | 0.0 | |||||||||||
15,014 | Gigamon, Inc. | 266,198 | 0.0 | |||||||||||
52,204 | Global Cash Access, Inc. | 373,259 | 0.0 | |||||||||||
24,596 | L | Global Eagle Entertainment, Inc. | 334,752 | 0.0 | ||||||||||
57,578 | L | Glu Mobile, Inc. | 224,554 | 0.0 | ||||||||||
32,244 | L | Gogo, Inc. | 532,993 | 0.1 | ||||||||||
29,400 | @ | GSI Group, Inc. | 432,768 | 0.1 | ||||||||||
32,806 | Guidewire Software, Inc. | 1,660,968 | 0.2 | |||||||||||
58,970 | @ | Harmonic, Inc. | 413,380 | 0.0 | ||||||||||
20,351 | Heartland Payment Systems, Inc. | 1,097,936 | 0.1 | |||||||||||
18,818 | @ | iGate Corp. | 742,935 | 0.1 | ||||||||||
33,420 | @ | II-VI, Inc. | 456,183 | 0.1 | ||||||||||
27,334 | Immersion Corp. | 258,853 | 0.0 | |||||||||||
12,880 | Imperva, Inc. | 636,658 | 0.1 |
65,091 | Infinera Corp. | 958,140 | 0.1 | |||||||||||
29,970 | Infoblox, Inc. | 605,694 | 0.1 | |||||||||||
30,323 | Information Services Group, Inc. | 127,963 | 0.0 | |||||||||||
23,200 | Inphi Corp. | 428,736 | 0.1 | |||||||||||
23,627 | @ | Insight Enterprises, Inc. | 611,703 | 0.1 | ||||||||||
71,355 | @ | Integrated Device Technology, Inc. | 1,398,558 | 0.2 | ||||||||||
22,400 | Integrated Silicon Solution, Inc. | 371,168 | 0.0 | |||||||||||
9,400 | Interactive Intelligence Group | 450,260 | 0.1 | |||||||||||
21,389 | InterDigital, Inc. | 1,131,478 | 0.1 | |||||||||||
45,570 | @ | Internap Network Services Corp. | 362,737 | 0.0 | ||||||||||
31,770 | @ | International Rectifier Corp. | 1,267,623 | 0.1 | ||||||||||
60,719 | Intersil Corp. | 878,604 | 0.1 | |||||||||||
30,900 | IntraLinks Holdings, Inc. | 367,710 | 0.0 | |||||||||||
35,348 | L | InvenSense, Inc. | 574,759 | 0.1 | ||||||||||
18,031 | Itron, Inc. | 762,531 | 0.1 | |||||||||||
31,928 | Ixia | 359,190 | 0.0 | |||||||||||
15,870 | IXYS Corp. | 199,962 | 0.0 | |||||||||||
25,020 | j2 Global, Inc. | 1,551,240 | 0.2 | |||||||||||
30,833 | L | Jive Software, Inc. | 185,923 | 0.0 | ||||||||||
17,010 | Kimball Electronics, Inc. | 204,460 | 0.0 | |||||||||||
37,481 | Kofax Ltd. | 263,491 | 0.0 | |||||||||||
48,759 | @ | Kopin Corp. | 176,508 | 0.0 | ||||||||||
77,472 | @ | Lattice Semiconductor Corp. | 533,782 | 0.1 | ||||||||||
65,570 | Lionbridge Technologies | 377,028 | 0.0 | |||||||||||
17,412 | Liquidity Services, Inc. | 142,256 | 0.0 | |||||||||||
10,707 | Littelfuse, Inc. | 1,035,046 | 0.1 | |||||||||||
39,896 | LivePerson, Inc. | 562,534 | 0.1 | |||||||||||
14,883 | LogMeIn, Inc. | 734,327 | 0.1 | |||||||||||
6,340 | @ | Loral Space & Communications, Inc. | 499,021 | 0.1 | ||||||||||
43,283 | Manhattan Associates, Inc. | 1,762,484 | 0.2 | |||||||||||
17,310 | Mantech International Corp. | 523,281 | 0.1 | |||||||||||
20,566 | Marchex, Inc. | 94,398 | 0.0 | |||||||||||
22,658 | L | Marin Software, Inc. | 191,687 | 0.0 | ||||||||||
15,688 | Marketo, Inc. | 513,311 | 0.1 | |||||||||||
37,600 | MAXIMUS, Inc. | 2,061,984 | 0.2 | |||||||||||
17,094 | @ | Maxwell Technologies, Inc. | 155,897 | 0.0 | ||||||||||
52,900 | Mentor Graphics Corp. | 1,159,568 | 0.1 | |||||||||||
32,533 | @ | Mercury Computer Systems, Inc. | 452,859 | 0.1 | ||||||||||
19,665 | Methode Electronics, Inc. | 717,969 | 0.1 | |||||||||||
35,340 | Micrel, Inc. | 512,783 | 0.1 | |||||||||||
49,817 | @ | Microsemi Corp. | 1,413,806 | 0.2 | ||||||||||
5,270 | @ | MicroStrategy, Inc. | 855,848 | 0.1 | ||||||||||
49,000 | L | Millennial Media, Inc. | 78,400 | 0.0 | ||||||||||
29,629 | MKS Instruments, Inc. | 1,084,421 | 0.1 | |||||||||||
17,712 | Model N, Inc. | 188,101 | 0.0 | |||||||||||
12,316 | @ | MoneyGram International, Inc. | 111,952 | 0.0 | ||||||||||
21,310 | Monolithic Power Systems, Inc. | 1,059,959 | 0.1 | |||||||||||
23,270 | Monotype Imaging Holdings, Inc. | 670,874 | 0.1 |
See Accompanying Notes to Financial Statements
88 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
73,099 | @ | Monster Worldwide, Inc. | 337,717 | 0.0 | ||||||||||
9,963 | MTS Systems Corp. | 747,524 | 0.1 | |||||||||||
19,158 | Netgear, Inc. | 681,642 | 0.1 | |||||||||||
21,540 | Netscout Systems, Inc. | 787,072 | 0.1 | |||||||||||
28,025 | L | NeuStar, Inc. | 779,095 | 0.1 | ||||||||||
25,170 | @ | Newport Corp. | 480,999 | 0.1 | ||||||||||
38,160 | NIC, Inc. | 686,498 | 0.1 | |||||||||||
13,974 | @ | Numerex Corp. | 154,552 | 0.0 | ||||||||||
4,200 | @ | NVE Corp. | 297,318 | 0.0 | ||||||||||
33,071 | @ | Omnivision Technologies, Inc. | 859,846 | 0.1 | ||||||||||
10,222 | OSI Systems, Inc. | 723,411 | 0.1 | |||||||||||
11,510 | Park Electrochemical Corp. | 286,944 | 0.0 | |||||||||||
24,992 | PDF Solutions, Inc. | 371,381 | 0.0 | |||||||||||
25,600 | Pegasystems, Inc. | 531,712 | 0.1 | |||||||||||
28,927 | Perficient, Inc. | 538,910 | 0.1 | |||||||||||
23,289 | @ | Pericom Semiconductor Corp. | 315,333 | 0.0 | ||||||||||
48,640 | @ | Photronics, Inc. | 404,198 | 0.0 | ||||||||||
21,326 | Plantronics, Inc. | 1,130,705 | 0.1 | |||||||||||
16,925 | @ | Plexus Corp. | 697,479 | 0.1 | ||||||||||
76,005 | @ | PMC - Sierra, Inc. | 696,206 | 0.1 | ||||||||||
62,963 | @ | Polycom, Inc. | 850,001 | 0.1 | ||||||||||
14,810 | Power Integrations, Inc. | 766,269 | 0.1 | |||||||||||
32,862 | @ | Progress Software Corp. | 887,931 | 0.1 | ||||||||||
20,728 | Proofpoint, Inc. | 999,711 | 0.1 | |||||||||||
13,911 | PROS Holdings, Inc. | 382,274 | 0.0 | |||||||||||
49,653 | Qlik Technologies, Inc. | 1,533,781 | 0.2 | |||||||||||
46,200 | @ | QLogic Corp. | 615,384 | 0.1 | ||||||||||
12,714 | Qualys, Inc. | 479,954 | 0.1 | |||||||||||
190,303 | Quantum Corp. | 334,933 | 0.0 | |||||||||||
44,964 | L | QuickLogic Corp. | 141,187 | 0.0 | ||||||||||
33,255 | QuinStreet, Inc. | 201,858 | 0.0 | |||||||||||
20,378 | Rally Software Development Corp. | 231,698 | 0.0 | |||||||||||
73,900 | @ | Rambus, Inc. | 819,551 | 0.1 | ||||||||||
30,375 | RealD, Inc. | 358,425 | 0.0 | |||||||||||
26,301 | RealPage, Inc. | 577,570 | 0.1 | |||||||||||
154,492 | @,L | RF Micro Devices, Inc. | 2,563,022 | 0.3 | ||||||||||
9,973 | L | Rocket Fuel, Inc. | 160,765 | 0.0 | ||||||||||
17,170 | @ | Rofin-Sinar Technologies, Inc. | 493,981 | 0.1 | ||||||||||
10,192 | @ | Rogers Corp. | 830,037 | 0.1 | ||||||||||
22,430 | L | Rubicon Technology, Inc. | 102,505 | 0.0 | ||||||||||
36,806 | Ruckus Wireless, Inc. | 442,408 | 0.1 | |||||||||||
17,030 | Rudolph Technologies, Inc. | 174,217 | 0.0 | |||||||||||
40,594 | @ | Sanmina Corp. | 955,177 | 0.1 | ||||||||||
61,300 | @ | Sapient Corp. | 1,525,144 | 0.2 | ||||||||||
15,730 | @ | Scansource, Inc. | 631,717 | 0.1 | ||||||||||
20,935 | Science Applications International Corp. | 1,036,911 | 0.1 | |||||||||||
17,764 | SciQuest, Inc. | 256,690 | 0.0 | |||||||||||
21,000 | @ | Seachange Intl., Inc. | 133,980 | 0.0 | ||||||||||
36,684 | @ | Semtech Corp. | 1,011,378 | 0.1 | ||||||||||
49,688 | ServiceSource International, Inc. | 232,540 | 0.0 | |||||||||||
54,418 | ShoreTel, Inc. | 399,972 | 0.0 | |||||||||||
30,903 | Silicon Graphics International Corp. | 351,676 | 0.0 | |||||||||||
52,550 | @ | Silicon Image, Inc. | 290,076 | 0.0 | ||||||||||
19,436 | Silicon Laboratories, Inc. | 925,542 | 0.1 |
21,659 | L | Silver Spring Networks, Inc. | 182,585 | 0.0 | ||||||||||
136,789 | @ | Sonus Networks, Inc. | 543,052 | 0.1 | ||||||||||
27,325 | Spansion, Inc. | 935,062 | 0.1 | |||||||||||
8,755 | SPS Commerce, Inc. | 495,796 | 0.1 | |||||||||||
32,907 | SS&C Technologies Holdings, Inc. | 1,924,730 | 0.2 | |||||||||||
10,598 | @ | Stamps.com, Inc. | 508,598 | 0.1 | ||||||||||
19,243 | Super Micro Computer, Inc. | 671,196 | 0.1 | |||||||||||
24,526 | @ | SYKES Enterprises, Inc. | 575,625 | 0.1 | ||||||||||
18,806 | @ | Synaptics, Inc. | 1,294,605 | 0.1 | ||||||||||
16,370 | Synchronoss Technologies, Inc. | 685,248 | 0.1 | |||||||||||
12,574 | SYNNEX Corp. | 982,784 | 0.1 | |||||||||||
17,500 | @ | Syntel, Inc. | 787,150 | 0.1 | ||||||||||
46,581 | @ | Take-Two Interactive Software, Inc. | 1,305,665 | 0.1 | ||||||||||
21,033 | Tangoe, Inc. | 274,060 | 0.0 | |||||||||||
15,216 | TeleTech Holdings, Inc. | 360,315 | 0.0 | |||||||||||
29,960 | Tessera Technologies, Inc. | 1,071,370 | 0.1 | |||||||||||
12,689 | L | Textura Corp. | 361,256 | 0.0 | ||||||||||
62,357 | Tivo, Inc. | 738,307 | 0.1 | |||||||||||
90,805 | @ | Triquint Semiconductor, Inc. | 2,501,678 | 0.3 | ||||||||||
20,375 | L | Trulia, Inc. | 937,861 | 0.1 | ||||||||||
46,680 | TTM Technologies, Inc. | 351,500 | 0.0 | |||||||||||
18,979 | @ | Tyler Technologies, Inc. | 2,077,062 | 0.2 | ||||||||||
16,078 | L | Ubiquiti Networks, Inc. | 476,552 | 0.1 | ||||||||||
16,523 | Ultimate Software Group, Inc. | 2,425,824 | 0.3 | |||||||||||
17,710 | @ | Ultratech, Inc. | 328,698 | 0.0 | ||||||||||
26,814 | @ | Unisys Corp. | 790,477 | 0.1 | ||||||||||
22,855 | @,L | Universal Display Corp. | 634,226 | 0.1 | ||||||||||
105,483 | @ | Unwired Planet Inc. | 105,483 | 0.0 | ||||||||||
5,564 | L | Vasco Data Security Intl. | 156,960 | 0.0 | ||||||||||
22,345 | Veeco Instruments, Inc. | 779,394 | 0.1 | |||||||||||
29,517 | Verint Systems, Inc. | 1,720,251 | 0.2 | |||||||||||
22,320 | @ | Viasat, Inc. | 1,406,830 | 0.2 | ||||||||||
50,331 | Violin Memory, Inc. | 241,086 | 0.0 | |||||||||||
26,200 | @,L | VirnetX Holding Corp. | 143,838 | 0.0 | ||||||||||
18,400 | Virtusa Corp. | 766,728 | 0.1 | |||||||||||
13,226 | Vishay Precision Group, Inc. | 226,958 | 0.0 | |||||||||||
66,385 | L | Vringo, Inc. | 36,518 | 0.0 | ||||||||||
24,100 | Web.com Group, Inc. | 457,659 | 0.1 | |||||||||||
21,964 | WebMD Health Corp. | 868,676 | 0.1 | |||||||||||
21,012 | WEX, Inc. | 2,078,507 | 0.2 | |||||||||||
39,700 | @ | Xcerra Corp. | 363,652 | 0.0 | ||||||||||
23,992 | XO Group, Inc. | 436,894 | 0.1 | |||||||||||
18,243 | L | Xoom Corp. | 319,435 | 0.0 | ||||||||||
51,605 | @ | Zix Corp. | 185,778 | 0.0 | ||||||||||
167,808,103 | 17.5 | |||||||||||||
Materials: 4.6% | ||||||||||||||
18,667 | A Schulman, Inc. | 756,574 | 0.1 | |||||||||||
17,594 | Advanced Emissions Solutions, Inc. | 400,967 | 0.0 | |||||||||||
2,912 | @ | AEP Industries, Inc. | 169,333 | 0.0 | ||||||||||
86,756 | @,L | AK Steel Holding Corp. | 515,331 | 0.1 | ||||||||||
94,999 | L | Allied Nevada Gold Corp. | 82,649 | 0.0 | ||||||||||
18,280 | American Vanguard Corp. | 212,414 | 0.0 |
See Accompanying Notes to Financial Statements
89 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
35,983 | Axiall Corp. | 1,528,198 | 0.2 | |||||||||||
15,215 | Balchem Corp. | 1,013,928 | 0.1 | |||||||||||
40,988 | Berry Plastics Group, Inc. | 1,293,171 | 0.1 | |||||||||||
13,913 | Boise Cascade Co. | 516,868 | 0.1 | |||||||||||
38,480 | @ | Calgon Carbon Corp. | 799,614 | 0.1 | ||||||||||
29,481 | @ | Century Aluminum Co. | 719,336 | 0.1 | ||||||||||
48,577 | Chemtura Corp. | 1,201,309 | 0.1 | |||||||||||
12,628 | @ | Clearwater Paper Corp. | 865,649 | 0.1 | ||||||||||
73,787 | @,L | Coeur d'Alene Mines Corp. | 377,052 | 0.0 | ||||||||||
52,649 | Commercial Metals Co. | 857,652 | 0.1 | |||||||||||
7,544 | Deltic Timber Corp. | 516,010 | 0.1 | |||||||||||
46,339 | @ | Ferro Corp. | 600,553 | 0.1 | ||||||||||
33,404 | @ | Flotek Industries, Inc. | 625,657 | 0.1 | ||||||||||
40,457 | Globe Specialty Metals, Inc. | 697,074 | 0.1 | |||||||||||
38,243 | Gold Resource Corp. | 129,261 | 0.0 | |||||||||||
159,893 | Graphic Packaging Holding Co. | 2,177,743 | 0.2 | |||||||||||
6,410 | Hawkins, Inc. | 277,745 | 0.0 | |||||||||||
8,240 | Haynes International, Inc. | 399,640 | 0.0 | |||||||||||
26,673 | HB Fuller Co. | 1,187,749 | 0.1 | |||||||||||
45,154 | @ | Headwaters, Inc. | 676,858 | 0.1 | ||||||||||
220,047 | Hecla Mining Co. | 613,931 | 0.1 | |||||||||||
32,120 | Horsehead Holding Corp. | 508,460 | 0.1 | |||||||||||
12,450 | Innophos Holdings, Inc. | 727,702 | 0.1 | |||||||||||
11,400 | Innospec, Inc. | 486,780 | 0.1 | |||||||||||
30,635 | @,L | Intrepid Potash, Inc. | 425,214 | 0.0 | ||||||||||
8,277 | Kaiser Aluminum Corp. | 591,226 | 0.1 | |||||||||||
45,993 | KapStone Paper and Packaging Corp. | 1,348,055 | 0.1 | |||||||||||
12,030 | Koppers Holdings, Inc. | 312,539 | 0.0 | |||||||||||
21,400 | Kraton Performance Polymers, Inc. | 444,906 | 0.1 | |||||||||||
28,866 | Landec Corp. | 398,639 | 0.0 | |||||||||||
73,592 | @ | Louisiana-Pacific Corp. | 1,218,684 | 0.1 | ||||||||||
11,370 | @ | LSB Industries, Inc. | 357,473 | 0.0 | ||||||||||
11,974 | Materion Corp. | 421,844 | 0.0 | |||||||||||
19,794 | Minerals Technologies, Inc. | 1,374,693 | 0.1 | |||||||||||
106,145 | L | Molycorp, Inc. | 93,471 | 0.0 | ||||||||||
19,190 | Myers Industries, Inc. | 337,744 | 0.0 | |||||||||||
10,995 | Neenah Paper, Inc. | 662,669 | 0.1 | |||||||||||
36,268 | Olin Corp. | 825,822 | 0.1 | |||||||||||
19,800 | OM Group, Inc. | 590,040 | 0.1 | |||||||||||
43,420 | @ | Omnova Solutions, Inc. | 353,439 | 0.0 | ||||||||||
21,710 | PH Glatfelter Co. | 555,125 | 0.1 | |||||||||||
50,324 | PolyOne Corp. | 1,907,783 | 0.2 | |||||||||||
6,735 | Quaker Chemical Corp. | 619,889 | 0.1 | |||||||||||
41,726 | Resolute Forest Products | 734,795 | 0.1 | |||||||||||
19,780 | @ | RTI International Metals, Inc. | 499,643 | 0.1 | ||||||||||
18,008 | Schnitzer Steel Industries, Inc. | 406,260 | 0.0 | |||||||||||
17,322 | Schweitzer-Mauduit International, Inc. | 732,721 | 0.1 | |||||||||||
30,358 | L | Senomyx, Inc. | 182,452 | 0.0 | ||||||||||
24,694 | Sensient Technologies Corp. | 1,490,036 | 0.2 | |||||||||||
9,180 | Stepan Co. | 367,934 | 0.0 | |||||||||||
65,985 | @ | Stillwater Mining Co | 972,619 | 0.1 | ||||||||||
43,300 | SunCoke Energy, Inc. | 837,422 | 0.1 | |||||||||||
18,710 | Tredegar Corp. | 420,788 | 0.0 |
29,247 | Tronox Ltd. - CL A | 698,418 | 0.1 | |||||||||||
12,459 | US Concrete Inc. | 354,459 | 0.0 | |||||||||||
27,452 | US Silica Holdings, Inc. | 705,242 | 0.1 | |||||||||||
43,879 | Walter Industries, Inc. | 60,553 | 0.0 | |||||||||||
37,119 | Wausau Paper Corp. | 422,043 | 0.0 | |||||||||||
28,689 | Worthington Industries | 863,252 | 0.1 | |||||||||||
14,460 | Zep, Inc. | 219,069 | 0.0 | |||||||||||
43,742,169 | 4.6 | |||||||||||||
Telecommunication Services: 0.9% | ||||||||||||||
62,141 | 8x8, Inc. | 569,212 | 0.1 | |||||||||||
5,350 | Atlantic Tele-Network, Inc. | 361,607 | 0.0 | |||||||||||
145,040 | @ | Cincinnati Bell, Inc. | 462,678 | 0.1 | ||||||||||
25,955 | Cogent Communications Group, Inc. | 918,548 | 0.1 | |||||||||||
24,137 | L | Consolidated Communications Holdings, Inc. | 671,733 | 0.1 | ||||||||||
16,116 | L | Fairpoint Communications, Inc. | 229,008 | 0.0 | ||||||||||
30,820 | General Communication, Inc. | 423,775 | 0.1 | |||||||||||
156,111 | L | Globalstar, Inc. | 429,305 | 0.1 | ||||||||||
42,970 | @ | inContact, Inc. | 377,706 | 0.0 | ||||||||||
16,895 | Inteliquent, Inc. | 331,649 | 0.0 | |||||||||||
12,181 | @ | Intelsat SA | 211,462 | 0.0 | ||||||||||
46,600 | Iridium Communications, Inc. | 454,350 | 0.1 | |||||||||||
40,289 | Leap Wireless International, Inc. - CVR | 106,766 | 0.0 | |||||||||||
16,131 | Lumos Networks Corp. | 271,323 | 0.0 | |||||||||||
16,372 | @,L | magicJack VocalTec Ltd. | 132,941 | 0.0 | ||||||||||
112,006 | Pendrell Corp. | 154,568 | 0.0 | |||||||||||
35,370 | @ | Premier Global Services, Inc. | 375,629 | 0.0 | ||||||||||
8,426 | Reis, Inc. | 220,508 | 0.0 | |||||||||||
8,604 | RingCentral, Inc. | 128,372 | 0.0 | |||||||||||
19,757 | Shenandoah Telecom Co. | 617,406 | 0.1 | |||||||||||
20,630 | Spok Holdings, Inc. | 358,137 | 0.0 | |||||||||||
110,403 | Vonage Holdings Corp. | 420,635 | 0.1 | |||||||||||
8,227,318 | 0.9 | |||||||||||||
Utilities: 3.5% | ||||||||||||||
16,147 | Abengoa Yield PLC | 441,136 | 0.0 | |||||||||||
20,480 | Allete, Inc. | 1,129,267 | 0.1 | |||||||||||
22,700 | American States Water Co. | 854,882 | 0.1 | |||||||||||
102,927 | L | Atlantic Power Corp. | 278,932 | 0.0 | ||||||||||
34,810 | Avista Corp. | 1,230,533 | 0.1 | |||||||||||
24,722 | Black Hills Corp. | 1,311,255 | 0.1 | |||||||||||
25,280 | California Water Service Group | 622,141 | 0.1 | |||||||||||
5,820 | Chesapeake Utilities Corp. | 289,021 | 0.0 | |||||||||||
32,008 | Cleco Corp. | 1,745,716 | 0.2 | |||||||||||
65,765 | Dynegy, Inc. | 1,995,968 | 0.2 | |||||||||||
27,800 | El Paso Electric Co. | 1,113,668 | 0.1 | |||||||||||
26,590 | Empire District Electric Co. | 790,787 | 0.1 | |||||||||||
28,059 | Idacorp, Inc. | 1,857,225 | 0.2 | |||||||||||
22,399 | Laclede Group, Inc. | 1,191,627 | 0.1 | |||||||||||
21,690 | MGE Energy, Inc. | 989,281 | 0.1 |
See Accompanying Notes to Financial Statements
90 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
25,298 | New Jersey Resources Corp. | 1,548,238 | 0.2 | |||||||||||
18,570 | Northwest Natural Gas Co. | 926,643 | 0.1 | |||||||||||
25,824 | NorthWestern Corp. | 1,461,122 | 0.2 | |||||||||||
10,260 | NRG Yield, Inc. | 483,656 | 0.1 | |||||||||||
22,746 | ONE Gas, Inc. | 937,590 | 0.1 | |||||||||||
6,496 | Ormat Technologies, Inc. | 176,561 | 0.0 | |||||||||||
20,700 | Otter Tail Corp. | 640,872 | 0.1 | |||||||||||
16,286 | Pattern Energy Group, Inc. | 401,613 | 0.0 | |||||||||||
45,008 | Piedmont Natural Gas Co. | 1,773,765 | 0.2 | |||||||||||
49,945 | PNM Resources, Inc. | 1,479,870 | 0.2 | |||||||||||
40,383 | Portland General Electric Co. | 1,527,689 | 0.2 | |||||||||||
9,130 | SJW Corp. | 293,256 | 0.0 | |||||||||||
19,750 | South Jersey Industries, Inc. | 1,163,868 | 0.1 | |||||||||||
26,676 | Southwest Gas Corp. | 1,648,844 | 0.2 | |||||||||||
10,140 | TerraForm Power, Inc. | 313,123 | 0.0 | |||||||||||
28,870 | UIL Holdings Corp. | 1,257,000 | 0.1 | |||||||||||
6,300 | Unitil Corp. | 231,021 | 0.0 | |||||||||||
30,257 | WGL Holdings, Inc. | 1,652,637 | 0.2 | |||||||||||
33,758,807 | 3.5 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $600,923,953) | 953,735,604 | 99.6 | ||||||||||||
WARRANTS: 0.0% | ||||||||||||||
Energy: 0.0% | ||||||||||||||
11,987 | @ | Magnum Hunter Resources Corp. | 4,647 | 0.0 | ||||||||||
Total Warrants | ||||||||||||||
(Cost $–) | 4,647 | 0.0 | ||||||||||||
Total Long-Term Investments | ||||||||||||||
(Cost $600,923,953) | 953,740,251 | 99.6 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 6.1% | ||||||||||||||
Securities Lending Collateralcc: 5.6% | ||||||||||||||
13,079,660 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $13,079,725, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $13,341,253, due 01/01/15-09/01/49) | 13,079,660 | 1.4 |
949,501 | Citigroup, Inc., Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $949,505, collateralized by various U.S. Government and U.S. Government Agency Obligations, 1.375%-8.000%, Market Value plus accrued interest $968,491, due 12/15/17-07/15/51) | 949,501 | 0.1 | |||||||||||
13,079,660 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $13,079,768, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $13,341,254, due 09/30/17-02/15/42) | 13,079,660 | 1.4 | |||||||||||
2,753,936 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $2,753,948, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $2,809,015, due 01/07/15-10/20/64) | 2,753,936 | 0.3 | |||||||||||
11,000,000 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $11,000,054, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $11,220,001, due 11/15/15-07/15/56) | 11,000,000 | 1.1 |
See Accompanying Notes to Financial Statements
91 |
Voya Russell™ Small Cap Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
13,079,197 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $13,079,305, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $13,342,092, due 04/15/16-02/15/42) | 13,079,197 | 1.3 | |||||||||||
53,941,954 | 5.6 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 0.5% | ||||||||||||||
4,771,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $4,771,000) | 4,771,000 | 0.5 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $58,712,954) | 58,712,954 | 6.1 | ||||||||||||
Total Investments in Securities (Cost $659,636,907) | $ | 1,012,453,205 | 105.7 | |||||||||||
Liabilities in Excess of Other Assets | (54,425,493 | ) | (5.7 | ) | ||||||||||
Net Assets | $ | 958,027,712 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
Cost for federal income tax purposes is $661,239,667. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 404,689,353 | ||
Gross Unrealized Depreciation | (53,475,815 | ) | ||
Net Unrealized Appreciation | $ | 351,213,538 |
See Accompanying Notes to Financial Statements
92 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
CORPORATE BONDS/NOTES: 25.4% | ||||||||||||||
Basic Materials: 1.7% | ||||||||||||||
1,000,000 | Agrium, Inc., 3.150%, 10/01/22 | 977,829 | 0.0 | |||||||||||
1,000,000 | Agrium, Inc., 3.500%, 06/01/23 | 987,861 | 0.0 | |||||||||||
1,000,000 | Agrium, Inc., 6.750%, 01/15/19 | 1,153,116 | 0.0 | |||||||||||
750,000 | Air Products & Chemicals, Inc., 1.200%, 10/15/17 | 742,977 | 0.0 | |||||||||||
500,000 | Airgas, Inc., 2.900%, 11/15/22 | 494,878 | 0.0 | |||||||||||
3,200,000 | AngloGold Ashanti Ltd., 5.375%, 04/15/20 | 3,081,059 | 0.1 | |||||||||||
1,300,000 | Barrick Australian Finance Pty Ltd., 5.950%, 10/15/39 | 1,249,369 | 0.1 | |||||||||||
3,700,000 | BHP Billiton Finance USA Ltd., 3.250%, 11/21/21 | 3,827,106 | 0.1 | |||||||||||
500,000 | Cabot Corp., 2.550%, 01/15/18 | 504,027 | 0.0 | |||||||||||
800,000 | Cabot Corp., 3.700%, 07/15/22 | 815,873 | 0.0 | |||||||||||
500,000 | CF Industries, Inc., 3.450%, 06/01/23 | 489,655 | 0.0 | |||||||||||
400,000 | CF Industries, Inc., 5.150%, 03/15/34 | 419,687 | 0.0 | |||||||||||
1,500,000 | CF Industries, Inc., 7.125%, 05/01/20 | 1,789,071 | 0.1 | |||||||||||
3,282,000 | Dow Chemical Co., 8.550%, 05/15/19 | 4,084,167 | 0.1 | |||||||||||
500,000 | Dow Chemical Co/The, 4.250%, 10/01/34 | 492,697 | 0.0 | |||||||||||
500,000 | Dow Chemical Co/The, 4.625%, 10/01/44 | 508,384 | 0.0 | |||||||||||
1,000,000 | Eastman Chemical Co., 4.500%, 01/15/21 | 1,068,521 | 0.0 | |||||||||||
400,000 | Eastman Chemical Co., 4.650%, 10/15/44 | 410,968 | 0.0 | |||||||||||
500,000 | Ecolab, Inc., 1.000%, 08/09/15 | 501,424 | 0.0 | |||||||||||
725,000 | Ecolab, Inc., 4.350%, 12/08/21 | 791,140 | 0.0 | |||||||||||
2,279,000 | EI Du Pont de Nemours & Co., 6.000%, 07/15/18 | 2,597,513 | 0.1 | |||||||||||
525,000 | Freeport-McMoRan Copper & Gold, Inc., 2.375%, 03/15/18 | 519,624 | 0.0 | |||||||||||
750,000 | Freeport-McMoRan Copper & Gold, Inc., 3.100%, 03/15/20 | 730,415 | 0.0 | |||||||||||
500,000 | Freeport-McMoRan Copper & Gold, Inc., 3.550%, 03/01/22 | 472,996 | 0.0 | |||||||||||
500,000 | Freeport-McMoRan Copper & Gold, Inc., 5.450%, 03/15/43 | 474,438 | 0.0 | |||||||||||
250,000 | Freeport-McMoRan, Inc., 2.300%, 11/14/17 | 250,491 | 0.0 | |||||||||||
200,000 | Freeport-McMoRan, Inc., 4.000%, 11/14/21 | 198,455 | 0.0 |
200,000 | Freeport-McMoRan, Inc., 5.400%, 11/14/34 | 195,566 | 0.0 | |||||||||||
250,000 | Goldcorp, Inc., 3.625%, 06/09/21 | 250,759 | 0.0 | |||||||||||
400,000 | International Paper Co., 3.650%, 06/15/24 | 400,506 | 0.0 | |||||||||||
500,000 | LYB International Finance BV, 4.000%, 07/15/23 | 512,391 | 0.0 | |||||||||||
250,000 | Monsanto Co., 2.125%, 07/15/19 | 249,344 | 0.0 | |||||||||||
1,000,000 | Monsanto Co., 2.200%, 07/15/22 | 947,838 | 0.0 | |||||||||||
400,000 | Monsanto Co., 2.750%, 07/15/21 | 399,314 | 0.0 | |||||||||||
1,000,000 | Monsanto Co., 3.600%, 07/15/42 | 914,771 | 0.0 | |||||||||||
250,000 | Monsanto Co., 4.200%, 07/15/34 | 261,359 | 0.0 | |||||||||||
250,000 | Mosaic Co., 5.450%, 11/15/33 | 283,716 | 0.0 | |||||||||||
1,500,000 | Newmont Mining Corp., 3.500%, 03/15/22 | 1,410,944 | 0.1 | |||||||||||
2,000,000 | Potash Corp. of Saskatchewan, Inc., 5.625%, 12/01/40 | 2,478,092 | 0.1 | |||||||||||
1,000,000 | Praxair, Inc., 2.200%, 08/15/22 | 959,870 | 0.0 | |||||||||||
4,365,000 | Rio Tinto Finance USA Ltd., 6.500%, 07/15/18 | 5,001,264 | 0.1 | |||||||||||
500,000 | Rio Tinto Finance USA PLC, 1.375%, 06/17/16 | 502,497 | 0.0 | |||||||||||
490,000 | Rio Tinto Finance USA PLC, 1.625%, 08/21/17 | 490,145 | 0.0 | |||||||||||
250,000 | Rio Tinto Finance USA PLC, 2.250%, 12/14/18 | 250,739 | 0.0 | |||||||||||
1,539,000 | RPM International, Inc., 3.450%, 11/15/22 | 1,518,207 | 0.1 | |||||||||||
600,000 | Sherwin-Williams Co., 1.350%, 12/15/17 | 596,335 | 0.0 | |||||||||||
5,000,000 | Southern Copper Corp., 5.375%, 04/16/20 | 5,470,200 | 0.2 | |||||||||||
350,000 | Southern Copper Corp., 6.750%, 04/16/40 | 370,650 | 0.0 | |||||||||||
3,000,000 | Teck Resources Ltd., 4.750%, 01/15/22 | 2,928,441 | 0.1 | |||||||||||
3,350,000 | Teck Resources Ltd, 2.500%, 02/01/18 | 3,252,207 | 0.1 | |||||||||||
1,220,000 | Vale Overseas Ltd., 4.625%, 09/15/20 | 1,242,460 | 0.1 | |||||||||||
1,955,000 | Vale Overseas Ltd., 6.875%, 11/21/36 | 2,070,716 | 0.1 | |||||||||||
1,000,000 | L | Vale Overseas Ltd, 4.375%, 01/11/22 | 968,850 | 0.0 | ||||||||||
750,000 | Vale SA, 5.625%, 09/11/42 | 702,308 | 0.0 | |||||||||||
1,500,000 | # | Xstrata Finance Canada Ltd., 2.700%, 10/25/17 | 1,518,692 | 0.1 | ||||||||||
65,781,922 | 1.7 | |||||||||||||
Communications: 3.4% | ||||||||||||||
250,000 | # | 21st Century Fox America, Inc., 4.750%, 09/15/44 | 274,310 | 0.0 | ||||||||||
300,000 | Amazon.com, Inc., 0.650%, 11/27/15 | 299,900 | 0.0 |
See Accompanying Notes to Financial Statements |
93 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
300,000 | Amazon.com, Inc., 1.200%, 11/29/17 | 297,051 | 0.0 | |||||||||||
300,000 | Amazon.com, Inc., 2.500%, 11/29/22 | 284,457 | 0.0 | |||||||||||
5,000,000 | America Movil SAB de CV, 5.000%, 03/30/20 | 5,538,700 | 0.2 | |||||||||||
300,000 | AT&T, Inc., 1.400%, 12/01/17 | 297,223 | 0.0 | |||||||||||
755,000 | AT&T, Inc., 1.700%, 06/01/17 | 758,490 | 0.0 | |||||||||||
300,000 | AT&T, Inc., 2.625%, 12/01/22 | 286,234 | 0.0 | |||||||||||
8,000,000 | AT&T, Inc., 2.950%, 05/15/16 | 8,206,448 | 0.2 | |||||||||||
5,150,000 | AT&T, Inc., 6.500%, 09/01/37 | 6,383,137 | 0.2 | |||||||||||
500,000 | British Telecommunications PLC, 1.250%, 02/14/17 | 497,796 | 0.0 | |||||||||||
1,500,000 | British Telecommunications PLC, 1.625%, 06/28/16 | 1,511,701 | 0.1 | |||||||||||
500,000 | British Telecommunications PLC, 2.350%, 02/14/19 | 499,768 | 0.0 | |||||||||||
300,000 | CBS Corp., 2.300%, 08/15/19 | 296,738 | 0.0 | |||||||||||
300,000 | CBS Corp., 3.700%, 08/15/24 | 299,779 | 0.0 | |||||||||||
2,000,000 | CBS Corp., 4.300%, 02/15/21 | 2,156,374 | 0.1 | |||||||||||
300,000 | CBS Corp., 4.900%, 08/15/44 | 305,825 | 0.0 | |||||||||||
1,000,000 | Cisco Systems, Inc., 1.100%, 03/03/17 | 1,001,292 | 0.0 | |||||||||||
1,000,000 | Cisco Systems, Inc., 2.125%, 03/01/19 | 1,005,301 | 0.0 | |||||||||||
1,000,000 | Cisco Systems, Inc., 2.900%, 03/04/21 | 1,019,723 | 0.0 | |||||||||||
1,000,000 | Cisco Systems, Inc., 3.625%, 03/04/24 | 1,043,279 | 0.0 | |||||||||||
1,500,000 | Cisco Systems, Inc., 5.500%, 01/15/40 | 1,831,890 | 0.1 | |||||||||||
500,000 | Comcast Corp., 3.375%, 02/15/25 | 511,893 | 0.0 | |||||||||||
1,250,000 | Comcast Corp., 3.600%, 03/01/24 | 1,315,354 | 0.1 | |||||||||||
750,000 | Comcast Corp., 4.250%, 01/15/33 | 796,722 | 0.0 | |||||||||||
750,000 | Comcast Corp., 4.200%, 08/15/34 | 786,876 | 0.0 | |||||||||||
1,000,000 | Comcast Corp., 4.500%, 01/15/43 | 1,069,645 | 0.0 | |||||||||||
2,000,000 | Comcast Corp., 6.300%, 11/15/17 | 2,266,778 | 0.1 | |||||||||||
335,000 | Comcast Corp., 6.500%, 11/15/35 | 449,790 | 0.0 | |||||||||||
750,000 | Corning, Inc., 1.450%, 11/15/17 | 744,720 | 0.0 | |||||||||||
300,000 | # | Cox Communications, Inc., 3.250%, 12/15/22 | 295,063 | 0.0 | ||||||||||
500,000 | DirecTV Financing Co., Inc., 1.750%, 01/15/18 | 497,107 | 0.0 | |||||||||||
3,120,000 | DirecTV Holdings, LLC, 6.000%, 08/15/40 | 3,508,855 | 0.1 | |||||||||||
750,000 | Discovery Communications LLC, 3.250%, 04/01/23 | 729,379 | 0.0 |
1,800,000 | Discovery Communications, LLC, 4.375%, 06/15/21 | 1,906,731 | 0.1 | |||||||||||
250,000 | eBay, Inc., 1.350%, 07/15/17 | 248,255 | 0.0 | |||||||||||
300,000 | eBay, Inc., 2.875%, 08/01/21 | 297,403 | 0.0 | |||||||||||
300,000 | eBay, Inc., 3.450%, 08/01/24 | 295,570 | 0.0 | |||||||||||
250,000 | eBay, Inc., 4.000%, 07/15/42 | 223,464 | 0.0 | |||||||||||
1,500,000 | Expedia, Inc., 5.950%, 08/15/20 | 1,678,228 | 0.1 | |||||||||||
1,000,000 | Expedia, Inc., 7.456%, 08/15/18 | 1,164,007 | 0.1 | |||||||||||
4,220,000 | Google, Inc., 2.125%, 05/19/16 | 4,313,089 | 0.1 | |||||||||||
500,000 | L | Juniper Networks, Inc., 4.500%, 03/15/24 | 505,647 | 0.0 | ||||||||||
300,000 | Motorola Solutions, Inc., 3.500%, 09/01/21 | 300,451 | 0.0 | |||||||||||
100,000 | L | Motorola Solutions, Inc., 4.000%, 09/01/24 | 100,802 | 0.0 | ||||||||||
1,500,000 | # | NBCUniversal Enterprise, Inc., 1.974%, 04/15/19 | 1,486,747 | 0.1 | ||||||||||
500,000 | NBCUniversal Media, LLC, 2.875%, 01/15/23 | 500,395 | 0.0 | |||||||||||
500,000 | NBCUniversal Media, LLC, 4.450%, 01/15/43 | 531,971 | 0.0 | |||||||||||
3,550,000 | News America, Inc., 6.150%, 03/01/37 | 4,463,912 | 0.1 | |||||||||||
1,500,000 | Omnicom Group, Inc., 3.625%, 05/01/22 | 1,542,360 | 0.1 | |||||||||||
250,000 | Orange SA, 2.750%, 02/06/19 | 254,889 | 0.0 | |||||||||||
500,000 | Orange SA, 5.500%, 02/06/44 | 588,758 | 0.0 | |||||||||||
1,500,000 | Qwest Corp., 6.750%, 12/01/21 | 1,736,903 | 0.1 | |||||||||||
250,000 | Rogers Communications, Inc., 5.000%, 03/15/44 | 274,482 | 0.0 | |||||||||||
250,000 | Scripps Networks Interactive, Inc., 3.900%, 11/15/24 | 255,053 | 0.0 | |||||||||||
1,000,000 | Telefonaktiebolaget LM Ericsson, 4.125%, 05/15/22 | 1,047,648 | 0.0 | |||||||||||
750,000 | Telefonica Emisiones SAU, 3.192%, 04/27/18 | 771,924 | 0.0 | |||||||||||
2,655,000 | Telefonica Emisiones SAU, 3.992%, 02/16/16 | 2,731,862 | 0.1 | |||||||||||
700,000 | Telefonica Emisiones SAU, 5.134%, 04/27/20 | 775,811 | 0.0 | |||||||||||
2,000,000 | Telefonica Emisiones SAU, 5.462%, 02/16/21 | 2,232,908 | 0.1 | |||||||||||
750,000 | Time Warner Cable, Inc., 4.125%, 02/15/21 | 803,729 | 0.0 | |||||||||||
1,000,000 | Time Warner Cable, Inc., 4.500%, 09/15/42 | 1,032,046 | 0.0 | |||||||||||
5,075,000 | Time Warner Cable, Inc., 5.850%, 05/01/17 | 5,542,976 | 0.2 | |||||||||||
500,000 | Time Warner, Inc., 2.100%, 06/01/19 | 493,117 | 0.0 | |||||||||||
500,000 | Time Warner, Inc., 3.550%, 06/01/24 | 499,043 | 0.0 | |||||||||||
500,000 | L | Time Warner, Inc., 4.650%, 06/01/44 | 523,409 | 0.0 |
See Accompanying Notes to Financial Statements
94 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
3,500,000 | Time Warner, Inc., 4.875%, 03/15/20 | 3,855,604 | 0.1 | |||||||||||
400,000 | Time Warner, Inc., 5.350%, 12/15/43 | 456,079 | 0.0 | |||||||||||
1,925,000 | Time Warner, Inc., 6.500%, 11/15/36 | 2,456,797 | 0.1 | |||||||||||
500,000 | Verizon Communications, Inc., 1.100%, 11/01/17 | 492,817 | 0.0 | |||||||||||
500,000 | Verizon Communications, Inc., 2.550%, 06/17/19 | 504,491 | 0.0 | |||||||||||
776,000 | # | Verizon Communications, Inc., 2.625%, 02/21/20 | 768,041 | 0.0 | ||||||||||
500,000 | Verizon Communications, Inc., 3.450%, 03/15/21 | 511,447 | 0.0 | |||||||||||
500,000 | Verizon Communications, Inc., 4.150%, 03/15/24 | 518,012 | 0.0 | |||||||||||
650,000 | Verizon Communications, Inc., 4.400%, 11/01/34 | 648,211 | 0.0 | |||||||||||
3,000,000 | Verizon Communications, Inc., 4.500%, 09/15/20 | 3,259,734 | 0.1 | |||||||||||
3,000,000 | Verizon Communications, Inc., 4.750%, 11/01/41 | 3,087,255 | 0.1 | |||||||||||
4,636,000 | # | Verizon Communications, Inc., 4.862%, 08/21/46 | 4,773,875 | 0.1 | ||||||||||
133,000 | # | Verizon Communications, Inc., 5.012%, 08/21/54 | 138,199 | 0.0 | ||||||||||
250,000 | Verizon Communications, Inc., 5.050%, 03/15/34 | 267,180 | 0.0 | |||||||||||
1,375,000 | Verizon Communications, Inc., 5.150%, 09/15/23 | 1,519,394 | 0.1 | |||||||||||
5,225,000 | Verizon Communications, Inc., 6.350%, 04/01/19 | 6,060,253 | 0.2 | |||||||||||
546,000 | Verizon Communications, Inc., 6.400%, 09/15/33 | 673,733 | 0.0 | |||||||||||
135,000 | Verizon Communications, Inc., 6.550%, 09/15/43 | 173,208 | 0.0 | |||||||||||
400,000 | Viacom, Inc., 2.200%, 04/01/19 | 394,700 | 0.0 | |||||||||||
3,500,000 | Viacom, Inc., 2.500%, 12/15/16 | 3,578,803 | 0.1 | |||||||||||
1,000,000 | Viacom, Inc., 2.500%, 09/01/18 | 1,009,719 | 0.0 | |||||||||||
1,000,000 | Viacom, Inc., 3.250%, 03/15/23 | 967,461 | 0.0 | |||||||||||
400,000 | Viacom, Inc., 3.875%, 04/01/24 | 402,296 | 0.0 | |||||||||||
200,000 | Viacom, Inc., 4.850%, 12/15/34 | 205,319 | 0.0 | |||||||||||
400,000 | Viacom, Inc., 5.250%, 04/01/44 | 424,599 | 0.0 | |||||||||||
1,000,000 | Viacom, Inc., 5.850%, 09/01/43 | 1,116,103 | 0.0 | |||||||||||
500,000 | Vodafone Group PLC, 1.500%, 02/19/18 | 491,447 | 0.0 |
500,000 | Vodafone Group PLC, 2.950%, 02/19/23 | 482,801 | 0.0 | |||||||||||
3,965,000 | Vodafone Group PLC, 6.150%, 02/27/37 | 4,799,835 | 0.1 | |||||||||||
300,000 | Walt Disney Co., 0.450%, 12/01/15 | 300,026 | 0.0 | |||||||||||
300,000 | Walt Disney Co., 1.100%, 12/01/17 | 298,523 | 0.0 | |||||||||||
300,000 | Walt Disney Co., 2.350%, 12/01/22 | 294,694 | 0.0 | |||||||||||
1,000,000 | Walt Disney Co., 5.500%, 03/15/19 | 1,142,446 | 0.0 | |||||||||||
1,000,000 | WPP Finance 2010, 3.625%, 09/07/22 | 1,018,509 | 0.0 | |||||||||||
133,282,799 | 3.4 | |||||||||||||
Consumer, Cyclical: 1.4% | ||||||||||||||
500,000 | AutoZone, Inc., 2.875%, 01/15/23 | 482,076 | 0.0 | |||||||||||
750,000 | AutoZone, Inc., 3.125%, 07/15/23 | 739,003 | 0.0 | |||||||||||
500,000 | Carnival Corp., 1.200%, 02/05/16 | 499,928 | 0.0 | |||||||||||
1,905,643 | Continental Airlines 2009-2 Class A Pass Through Trust, 7.250%, 11/10/19 | 2,201,018 | 0.1 | |||||||||||
300,000 | Costco Wholesale Corp., 1.125%, 12/15/17 | 298,290 | 0.0 | |||||||||||
300,000 | Costco Wholesale Corp., 1.700%, 12/15/19 | 294,934 | 0.0 | |||||||||||
250,000 | CVS Caremark Corp., 3.375%, 08/12/24 | 252,929 | 0.0 | |||||||||||
100,000 | CVS Caremark Corp., 1.200%, 12/05/16 | 100,354 | 0.0 | |||||||||||
250,000 | CVS Caremark Corp., 2.250%, 12/05/18 | 252,469 | 0.0 | |||||||||||
250,000 | CVS Caremark Corp., 2.250%, 08/12/19 | 249,226 | 0.0 | |||||||||||
750,000 | CVS Caremark Corp., 2.750%, 12/01/22 | 731,773 | �� | 0.0 | ||||||||||
250,000 | CVS Caremark Corp., 4.000%, 12/05/23 | 265,053 | 0.0 | |||||||||||
200,000 | CVS Caremark Corp., 5.300%, 12/05/43 | 240,032 | 0.0 | |||||||||||
500,000 | # | Daimler Finance North America LLC, 1.450%, 08/01/16 | 502,460 | 0.0 | ||||||||||
500,000 | # | Daimler Finance North America LLC, 2.375%, 08/01/18 | 507,447 | 0.0 | ||||||||||
1,072,515 | Delta Air Lines 2007-1 Class A Pass Through Trust, 6.821%, 08/10/22 | 1,244,117 | 0.1 | |||||||||||
300,000 | Ford Motor Co., 4.750%, 01/15/43 | 317,786 | 0.0 | |||||||||||
500,000 | Ford Motor Credit Co. LLC, 7.450%, 07/16/31 | 680,589 | 0.0 | |||||||||||
3,350,000 | Home Depot, Inc., 5.875%, 12/16/36 | 4,389,961 | 0.1 | |||||||||||
500,000 | Hyatt Hotels Corp., 3.375%, 07/15/23 | 491,172 | 0.0 | |||||||||||
1,000,000 | # | Hyundai Capital America, 1.875%, 08/09/16 | 1,007,567 | 0.0 |
See Accompanying Notes to Financial Statements
95 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
1,000,000 | # | Hyundai Capital America, 2.875%, 08/09/18 | 1,021,064 | 0.1 | ||||||||||
4,125,000 | # | Hyundai Capital America, 3.750%, 04/06/16 | 4,243,169 | 0.1 | ||||||||||
200,000 | Johnson Controls, Inc., 1.400%, 11/02/17 | 198,335 | 0.0 | |||||||||||
400,000 | Johnson Controls, Inc., 3.625%, 07/02/24 | 404,280 | 0.0 | |||||||||||
250,000 | Johnson Controls, Inc., 4.625%, 07/02/44 | 258,306 | 0.0 | |||||||||||
1,000,000 | Lowe's Cos, Inc., 1.625%, 04/15/17 | 1,008,495 | 0.0 | |||||||||||
600,000 | Lowe's Cos, Inc., 4.250%, 09/15/44 | 636,318 | 0.0 | |||||||||||
500,000 | Macy's Retail Holdings, Inc., 2.875%, 02/15/23 | 486,411 | 0.0 | |||||||||||
532,000 | Macy's Retail Holdings, Inc., 3.625%, 06/01/24 | 539,304 | 0.0 | |||||||||||
1,000,000 | Macy's Retail Holdings, Inc., 3.875%, 01/15/22 | 1,040,917 | 0.1 | |||||||||||
2,000,000 | Marriott International, Inc., 3.000%, 03/01/19 | 2,054,942 | 0.1 | |||||||||||
500,000 | Mattel, Inc., 1.700%, 03/15/18 | 494,144 | 0.0 | |||||||||||
500,000 | Mattel, Inc., 2.350%, 05/06/19 | 498,743 | 0.0 | |||||||||||
500,000 | Mattel, Inc., 3.150%, 03/15/23 | 492,913 | 0.0 | |||||||||||
325,000 | McDonald's Corp., 6.300%, 10/15/37 | 426,100 | 0.0 | |||||||||||
1,250,000 | Mohawk Industries, Inc., 3.850%, 02/01/23 | 1,252,655 | 0.1 | |||||||||||
300,000 | Newell Rubbermaid, Inc., 2.050%, 12/01/17 | 299,318 | 0.0 | |||||||||||
250,000 | Newell Rubbermaid, Inc., 2.875%, 12/01/19 | 250,378 | 0.0 | |||||||||||
750,000 | # | Nissan Motor Acceptance Corp., 1.000%, 03/15/16 | 750,695 | 0.0 | ||||||||||
400,000 | # | Nissan Motor Acceptance Corp., 1.950%, 09/12/17 | 402,890 | 0.0 | ||||||||||
3,200,000 | Nordstrom, Inc., 4.750%, 05/01/20 | 3,543,747 | 0.1 | |||||||||||
500,000 | NVR, Inc., 3.950%, 09/15/22 | 513,673 | 0.0 | |||||||||||
300,000 | O'Reilly Automotive, Inc., 3.800%, 09/01/22 | 310,402 | 0.0 | |||||||||||
250,000 | Starbucks Corp., 2.000%, 12/05/18 | 252,901 | 0.0 | |||||||||||
500,000 | Starwood Hotels & Resorts Worldwide, Inc., 3.125%, 02/15/23 | 486,892 | 0.0 | |||||||||||
400,000 | Starwood Hotels & Resorts Worldwide, Inc., 4.500%, 10/01/34 | 409,281 | 0.0 | |||||||||||
500,000 | TJX Cos, Inc., 2.500%, 05/15/23 | 480,594 | 0.0 | |||||||||||
5,295,000 | Toyota Motor Credit Corp., 2.800%, 01/11/16 | 5,412,162 | 0.2 | |||||||||||
500,000 | Walgreen Co., 1.000%, 03/13/15 | 500,503 | 0.0 | |||||||||||
500,000 | Walgreen Co., 1.800%, 09/15/17 | 500,608 | 0.0 |
250,000 | Walgreens Boots Alliance, Inc., 2.700%, 11/18/19 | 251,553 | 0.0 | |||||||||||
250,000 | Walgreens Boots Alliance, Inc., 3.300%, 11/18/21 | 252,116 | 0.0 | |||||||||||
250,000 | Walgreens Boots Alliance, Inc., 3.800%, 11/18/24 | 255,487 | 0.0 | |||||||||||
250,000 | Walgreens Boots Alliance, Inc., 4.500%, 11/18/34 | 261,198 | 0.0 | |||||||||||
250,000 | Walgreens Boots Alliance, Inc., 4.800%, 11/18/44 | 264,652 | 0.0 | |||||||||||
3,130,000 | Wal-Mart Stores, Inc., 5.625%, 04/01/40 | 3,997,476 | 0.1 | |||||||||||
1,000,000 | Wal-Mart Stores, Inc., 3.300%, 04/22/24 | 1,034,531 | 0.1 | |||||||||||
300,000 | Whirlpool Corp., 3.700%, 05/01/25 | 304,269 | 0.0 | |||||||||||
200,000 | Whirlpool Corp., 4.000%, 03/01/24 | 208,480 | 0.0 | |||||||||||
1,000,000 | Wyndham Worldwide Corp., 4.250%, 03/01/22 | 1,022,893 | 0.1 | |||||||||||
800,000 | Yum! Brands, Inc., 3.750%, 11/01/21 | 820,920 | 0.0 | |||||||||||
53,591,899 | 1.4 | |||||||||||||
Consumer, Non-cyclical: 3.3% | ||||||||||||||
1,725,000 | Aetna, Inc., 1.500%, 11/15/17 | 1,712,865 | 0.1 | |||||||||||
400,000 | Aetna, Inc., 2.200%, 03/15/19 | 397,753 | 0.0 | |||||||||||
500,000 | Aetna, Inc., 2.750%, 11/15/22 | 485,861 | 0.0 | |||||||||||
300,000 | Aetna, Inc., 4.500%, 05/15/42 | 318,880 | 0.0 | |||||||||||
250,000 | Aetna, Inc., 3.500%, 11/15/24 | 254,627 | 0.0 | |||||||||||
500,000 | Allergan, Inc./United States, 2.800%, 03/15/23 | 462,104 | 0.0 | |||||||||||
500,000 | Altria Group, Inc., 2.950%, 05/02/23 | 484,366 | 0.0 | |||||||||||
300,000 | Altria Group, Inc., 4.250%, 08/09/42 | 288,638 | 0.0 | |||||||||||
1,156,000 | Altria Group, Inc., 9.950%, 11/10/38 | 1,983,570 | 0.1 | |||||||||||
500,000 | AmerisourceBergen Corp., 3.400%, 05/15/24 | 501,227 | 0.0 | |||||||||||
250,000 | Amgen, Inc., 3.625%, 05/22/24 | 254,602 | 0.0 | |||||||||||
4,400,000 | Amgen, Inc., 3.875%, 11/15/21 | 4,655,446 | 0.1 | |||||||||||
661,000 | Amgen, Inc., 6.375%, 06/01/37 | 834,691 | 0.0 | |||||||||||
500,000 | Anheuser-Busch InBev Worldwide, Inc., 0.800%, 07/15/15 | 500,909 | 0.0 | |||||||||||
500,000 | Anheuser-Busch InBev Worldwide, Inc., 1.375%, 07/15/17 | 499,898 | 0.0 | |||||||||||
250,000 | Anheuser-Busch InBev Worldwide, Inc., 3.750%, 07/15/42 | 236,012 | 0.0 |
See Accompanying Notes to Financial Statements
96 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
3,500,000 | Anheuser-Busch InBev Worldwide, Inc., 5.375%, 01/15/20 | 3,968,646 | 0.1 | |||||||||||
750,000 | AstraZeneca PLC, 1.950%, 09/18/19 | 749,299 | 0.0 | |||||||||||
2,900,000 | AstraZeneca PLC, 6.450%, 09/15/37 | 3,920,875 | 0.1 | |||||||||||
500,000 | Baxter International, Inc., 0.950%, 06/01/16 | 500,081 | 0.0 | |||||||||||
239,000 | Baxter International, Inc., 1.850%, 06/15/18 | 238,023 | 0.0 | |||||||||||
1,000,000 | Baxter International, Inc., 3.200%, 06/15/23 | 1,009,447 | 0.0 | |||||||||||
500,000 | Baxter International, Inc., 3.650%, 08/15/42 | 478,107 | 0.0 | |||||||||||
4,370,000 | Becton Dickinson and Co., 3.125%, 11/08/21 | 4,392,977 | 0.1 | |||||||||||
2,000,000 | Biogen Idec, Inc., 6.875%, 03/01/18 | 2,306,532 | 0.1 | |||||||||||
1,500,000 | Bristol-Myers Squibb Co., 0.875%, 08/01/17 | 1,487,580 | 0.1 | |||||||||||
500,000 | Bristol-Myers Squibb Co., 3.250%, 08/01/42 | 439,946 | 0.0 | |||||||||||
500,000 | Bunge Ltd. Finance Corp., 3.200%, 06/15/17 | 514,456 | 0.0 | |||||||||||
500,000 | Campbell Soup Co., 3.800%, 08/02/42 | 459,796 | 0.0 | |||||||||||
400,000 | Cardinal Health, Inc., 1.900%, 06/15/17 | 403,406 | 0.0 | |||||||||||
500,000 | Cardinal Health, Inc., 3.200%, 03/15/23 | 497,884 | 0.0 | |||||||||||
500,000 | Cardinal Health, Inc., 4.600%, 03/15/43 | 528,519 | 0.0 | |||||||||||
500,000 | Celgene Corp., 1.900%, 08/15/17 | 502,114 | 0.0 | |||||||||||
1,000,000 | Celgene Corp., 2.300%, 08/15/18 | 1,009,130 | 0.0 | |||||||||||
250,000 | Celgene Corp., 3.625%, 05/15/24 | 255,775 | 0.0 | |||||||||||
2,945,000 | Celgene Corp., 3.950%, 10/15/20 | 3,119,391 | 0.1 | |||||||||||
500,000 | Celgene Corp., 4.625%, 05/15/44 | 520,725 | 0.0 | |||||||||||
1,000,000 | Celgene Corp., 4.000%, 08/15/23 | 1,054,448 | 0.1 | |||||||||||
3,000,000 | Cigna Corp., 4.000%, 02/15/22 | 3,165,900 | 0.1 | |||||||||||
2,500,000 | Cigna Corp., 5.125%, 06/15/20 | 2,789,390 | 0.1 | |||||||||||
750,000 | Clorox Co., 3.050%, 09/15/22 | 744,949 | 0.0 | |||||||||||
3,000,000 | Coca-Cola Co., 3.150%, 11/15/20 | 3,140,511 | 0.1 | |||||||||||
1,000,000 | Colgate-Palmolive Co., 0.900%, 05/01/18 | 977,997 | 0.0 | |||||||||||
792,000 | ConAgra Foods, Inc., 2.100%, 03/15/18 | 790,103 | 0.0 | |||||||||||
543,000 | ConAgra Foods, Inc., 3.200%, 01/25/23 | 532,813 | 0.0 | |||||||||||
500,000 | Coventry Health Care, Inc., 5.450%, 06/15/21 | 575,245 | 0.0 | |||||||||||
500,000 | Covidien International Finance SA, 3.200%, 06/15/22 | 505,324 | 0.0 | |||||||||||
750,000 | Diageo Capital PLC, 1.125%, 04/29/18 | 734,504 | 0.0 | |||||||||||
750,000 | Diageo Capital PLC, 2.625%, 04/29/23 | 730,556 | 0.0 |
500,000 | Diageo Investment Corp., 2.875%, 05/11/22 | 500,521 | 0.0 | |||||||||||
750,000 | Dr Pepper Snapple Group, Inc., 2.000%, 01/15/20 | 733,572 | 0.0 | |||||||||||
3,275,000 | Dr Pepper Snapple Group, Inc., 2.900%, 01/15/16 | 3,342,380 | 0.1 | |||||||||||
500,000 | # | ERAC USA Finance LLC, 2.350%, 10/15/19 | 496,830 | 0.0 | ||||||||||
500,000 | # | ERAC USA Finance LLC, 3.850%, 11/15/24 | 508,088 | 0.0 | ||||||||||
300,000 | Estee Lauder Cos, Inc., 3.700%, 08/15/42 | 286,453 | 0.0 | |||||||||||
400,000 | Express Scripts Holding Co., 2.250%, 06/15/19 | 396,132 | 0.0 | |||||||||||
250,000 | Express Scripts Holding Co., 3.500%, 06/15/24 | 249,621 | 0.0 | |||||||||||
4,210,000 | Express Scripts, Inc., 3.125%, 05/15/16 | 4,329,998 | 0.1 | |||||||||||
350,000 | Flowers Foods, Inc., 4.375%, 04/01/22 | 369,301 | 0.0 | |||||||||||
500,000 | General Mills, Inc., 0.875%, 01/29/16 | 501,200 | 0.0 | |||||||||||
750,000 | General Mills, Inc., 4.150%, 02/15/43 | 751,765 | 0.0 | |||||||||||
350,000 | Gilead Sciences, Inc., 2.050%, 04/01/19 | 350,404 | 0.0 | |||||||||||
200,000 | Gilead Sciences, Inc., 4.500%, 02/01/45 | 214,656 | 0.0 | |||||||||||
350,000 | Gilead Sciences, Inc., 4.800%, 04/01/44 | 389,816 | 0.0 | |||||||||||
1,000,000 | GlaxoSmithKline Capital PLC, 1.500%, 05/08/17 | 1,004,975 | 0.0 | |||||||||||
500,000 | GlaxoSmithKline Capital, Inc., 0.700%, 03/18/16 | 500,220 | 0.0 | |||||||||||
500,000 | GlaxoSmithKline Capital, Inc., 2.800%, 03/18/23 | 494,602 | 0.0 | |||||||||||
3,550,000 | Humana, Inc., 3.150%, 12/01/22 | 3,457,874 | 0.1 | |||||||||||
1,070,000 | Humana, Inc., 6.300%, 08/01/18 | 1,221,437 | 0.1 | |||||||||||
551,000 | Kellogg Co., 4.000%, 12/15/20 | 590,523 | 0.0 | |||||||||||
1,000,000 | Kraft Foods Group, Inc., 2.250%, 06/05/17 | 1,017,156 | 0.1 | |||||||||||
3,266,000 | Kraft Foods, Inc., 6.125%, 08/23/18 | 3,737,480 | 0.1 | |||||||||||
400,000 | Kroger Co., 2.300%, 01/15/19 | 400,288 | 0.0 | |||||||||||
400,000 | Kroger Co., 3.300%, 01/15/21 | 406,462 | 0.0 | |||||||||||
1,000,000 | Kroger Co., 3.850%, 08/01/23 | 1,038,718 | 0.1 | |||||||||||
1,379,000 | Kroger Co., 7.500%, 04/01/31 | 1,867,163 | 0.1 | |||||||||||
500,000 | Laboratory Corp. of America Holdings, 2.200%, 08/23/17 | 504,721 | 0.0 | |||||||||||
3,000,000 | Lorillard Tobacco Co., 8.125%, 06/23/19 | 3,640,476 | 0.1 | |||||||||||
500,000 | McKesson Corp., 1.400%, 03/15/18 | 494,246 | 0.0 | |||||||||||
500,000 | McKesson Corp., 2.284%, 03/15/19 | 499,452 | 0.0 |
See Accompanying Notes to Financial Statements |
97 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
500,000 | McKesson Corp., 2.850%, 03/15/23 | 478,431 | 0.0 | |||||||||||
1,500,000 | McKesson Corp., 3.250%, 03/01/16 | 1,536,509 | 0.1 | |||||||||||
400,000 | McKesson Corp., 3.796%, 03/15/24 | 411,691 | 0.0 | |||||||||||
300,000 | McKesson Corp., 4.883%, 03/15/44 | 331,797 | 0.0 | |||||||||||
250,000 | Mead Johnson Nutrition Co., 4.600%, 06/01/44 | 263,591 | 0.0 | |||||||||||
400,000 | Medtronic, Inc., 2.750%, 04/01/23 | 389,630 | 0.0 | |||||||||||
350,000 | Medtronic, Inc., 4.000%, 04/01/43 | 335,087 | 0.0 | |||||||||||
250,000 | Medtronic, Inc., 4.625%, 03/15/44 | 270,211 | 0.0 | |||||||||||
1,000,000 | Merck & Co., Inc., 4.150%, 05/18/43 | 1,068,439 | 0.1 | |||||||||||
500,000 | Molson Coors Brewing Co., 5.000%, 05/01/42 | 544,822 | 0.0 | |||||||||||
1,000,000 | Mondelez International, Inc., 4.000%, 02/01/24 | 1,048,212 | 0.1 | |||||||||||
250,000 | Mylan, Inc./PA, 2.550%, 03/28/19 | 249,288 | 0.0 | |||||||||||
500,000 | Novartis Capital Corp., 3.400%, 05/06/24 | 521,181 | 0.0 | |||||||||||
1,500,000 | PepsiCo, Inc., 4.000%, 03/05/42 | 1,517,234 | 0.1 | |||||||||||
2,405,000 | PepsiCo, Inc., 4.875%, 11/01/40 | 2,712,236 | 0.1 | |||||||||||
250,000 | PepsiCo, Inc., 4.250%, 10/22/44 | 262,021 | 0.0 | |||||||||||
750,000 | Pfizer, Inc., 3.400%, 05/15/24 | 781,848 | 0.0 | |||||||||||
1,000,000 | Pfizer, Inc., 4.300%, 06/15/43 | 1,075,444 | 0.1 | |||||||||||
2,000,000 | Pfizer, Inc., 6.200%, 03/15/19 | 2,328,960 | 0.1 | |||||||||||
250,000 | Philip Morris International, Inc., 1.250%, 11/09/17 | 248,728 | 0.0 | |||||||||||
250,000 | Philip Morris International, Inc., 3.250%, 11/10/24 | 251,066 | 0.0 | |||||||||||
500,000 | Philip Morris International, Inc., 4.250%, 11/10/44 | 510,601 | 0.0 | |||||||||||
500,000 | Philip Morris International, Inc., 6.375%, 05/16/38 | 641,430 | 0.0 | |||||||||||
250,000 | Reynolds American, Inc., 3.250%, 11/01/22 | 243,927 | 0.0 | |||||||||||
250,000 | Reynolds American, Inc., 6.150%, 09/15/43 | 290,968 | 0.0 | |||||||||||
3,330,000 | Sanofi-Aventis SA, 4.000%, 03/29/21 | 3,622,970 | 0.1 | |||||||||||
500,000 | St Jude Medical, Inc., 3.250%, 04/15/23 | 500,747 | 0.0 | |||||||||||
500,000 | St Jude Medical, Inc., 4.750%, 04/15/43 | 532,824 | 0.0 | |||||||||||
1,000,000 | Stryker Corp., 1.300%, 04/01/18 | 986,305 | 0.0 | |||||||||||
250,000 | Synchrony Financial, 3.750%, 08/15/21 | 255,591 | 0.0 | |||||||||||
250,000 | Synchrony Financial, 3.000%, 08/15/19 | 252,895 | 0.0 | |||||||||||
300,000 | Synchrony Financial, 4.250%, 08/15/24 | 308,194 | 0.0 |
500,000 | Sysco Corp., 3.000%, 10/02/21 | 508,340 | 0.0 | |||||||||||
250,000 | Sysco Corp., 4.500%, 10/02/44 | 272,306 | 0.0 | |||||||||||
500,000 | Teva Pharmaceutical Finance IV, LLC, 2.250%, 03/18/20 | 491,739 | 0.0 | |||||||||||
150,000 | Tyson Foods, Inc., 2.650%, 08/15/19 | 151,527 | 0.0 | |||||||||||
1,000,000 | UnitedHealth Group, Inc., 0.850%, 10/15/15 | 1,003,209 | 0.0 | |||||||||||
750,000 | UnitedHealth Group, Inc., 1.625%, 03/15/19 | 740,038 | 0.0 | |||||||||||
500,000 | UnitedHealth Group, Inc., 2.750%, 02/15/23 | 491,449 | 0.0 | |||||||||||
500,000 | UnitedHealth Group, Inc., 2.875%, 03/15/23 | 497,679 | 0.0 | |||||||||||
2,000,000 | UnitedHealth Group, Inc., 3.375%, 11/15/21 | 2,078,150 | 0.1 | |||||||||||
1,000,000 | UnitedHealth Group, Inc., 6.000%, 02/15/18 | 1,126,461 | 0.1 | |||||||||||
300,000 | UnitedHealth Group, Inc., 2.300%, 12/15/19 | 301,519 | 0.0 | |||||||||||
300,000 | UnitedHealth Group, Inc., 2.875%, 12/15/21 | 303,889 | 0.0 | |||||||||||
500,000 | Ventas Realty L.P., 3.750%, 05/01/24 | 504,257 | 0.0 | |||||||||||
500,000 | Actavis plc, 1.875%, 10/01/17 | 498,429 | 0.0 | |||||||||||
500,000 | Actavis plc, 3.250%, 10/01/22 | 487,635 | 0.0 | |||||||||||
500,000 | Actavis plc, 4.625%, 10/01/42 | 491,861 | 0.0 | |||||||||||
1,250,000 | WellPoint, Inc., 1.250%, 09/10/15 | 1,255,404 | 0.1 | |||||||||||
250,000 | WellPoint, Inc., 1.875%, 01/15/18 | 250,132 | 0.0 | |||||||||||
250,000 | WellPoint, Inc., 2.250%, 08/15/19 | 247,763 | 0.0 | |||||||||||
1,000,000 | WellPoint, Inc., 2.300%, 07/15/18 | 1,006,382 | 0.0 | |||||||||||
250,000 | WellPoint, Inc., 3.500%, 08/15/24 | 252,313 | 0.0 | |||||||||||
250,000 | WellPoint, Inc., 4.650%, 08/15/44 | 265,846 | 0.0 | |||||||||||
129,211,634 | 3.3 | |||||||||||||
Energy: 2.6% | ||||||||||||||
3,500,000 | Anadarko Petroleum Corp., 5.950%, 09/15/16 | 3,745,311 | 0.1 | |||||||||||
625,000 | Anadarko Petroleum Corp., 8.700%, 03/15/19 | 766,287 | 0.0 | |||||||||||
543,000 | Apache Corp., 3.250%, 04/15/22 | 534,368 | 0.0 | |||||||||||
3,000,000 | Apache Corp., 5.625%, 01/15/17 | 3,243,345 | 0.1 | |||||||||||
250,000 | Boardwalk Pipelines L.P., 4.950%, 12/15/24 | 249,030 | 0.0 | |||||||||||
1,000,000 | BP Capital Markets PLC, 1.375%, 11/06/17 | 989,858 | 0.0 | |||||||||||
1,000,000 | BP Capital Markets PLC, 2.750%, 05/10/23 | 936,843 | 0.0 | |||||||||||
250,000 | BP Capital Markets PLC, 3.535%, 11/04/24 | 246,034 | 0.0 | |||||||||||
500,000 | BP Capital Markets PLC, 3.814%, 02/10/24 | 504,206 | 0.0 |
See Accompanying Notes to Financial Statements |
98 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
1,650,000 | Cameron International Corp., 3.600%, 04/30/22 | 1,629,147 | 0.1 | |||||||||||
400,000 | Cameron International Corp., 3.700%, 06/15/24 | 388,216 | 0.0 | |||||||||||
250,000 | Canadian Natural Resources Ltd., 3.800%, 04/15/24 | 245,787 | 0.0 | |||||||||||
500,000 | Cenovus Energy, Inc., 4.450%, 09/15/42 | 432,724 | 0.0 | |||||||||||
1,000,000 | Cenovus Energy, Inc., 5.200%, 09/15/43 | 966,589 | 0.0 | |||||||||||
300,000 | Chevron Corp., 1.104%, 12/05/17 | 298,723 | 0.0 | |||||||||||
300,000 | Chevron Corp., 2.355%, 12/05/22 | 291,436 | 0.0 | |||||||||||
500,000 | CNOOC Finance 2013 Ltd., 1.750%, 05/09/18 | 492,290 | 0.0 | |||||||||||
500,000 | CNOOC Finance 2013 Ltd., 3.000%, 05/09/23 | 474,065 | 0.0 | |||||||||||
500,000 | CNOOC Nexen Finance 2014 ULC, 1.625%, 04/30/17 | 497,870 | 0.0 | |||||||||||
750,000 | CNOOC Nexen Finance 2014 ULC, 4.250%, 04/30/24 | 777,500 | 0.0 | |||||||||||
250,000 | CNOOC Nexen Finance 2014 ULC, 4.875%, 04/30/44 | 270,281 | 0.0 | |||||||||||
2,000,000 | ConocoPhillips, 6.500%, 02/01/39 | 2,666,422 | 0.1 | |||||||||||
500,000 | ConocoPhillips Co., 4.150%, 11/15/34 | 514,753 | 0.0 | |||||||||||
400,000 | Devon Energy Corp., 3.250%, 05/15/22 | 393,580 | 0.0 | |||||||||||
3,750,000 | Devon Energy Corp., 4.000%, 07/15/21 | 3,882,967 | 0.1 | |||||||||||
250,000 | L | Diamond Offshore Drilling, Inc., 4.875%, 11/01/43 | 213,741 | 0.0 | ||||||||||
500,000 | Ecopetrol SA, 4.125%, 01/16/25 | 476,250 | 0.0 | |||||||||||
400,000 | El Paso Pipeline Partners Operating Co. LLC, 4.300%, 05/01/24 | 401,522 | 0.0 | |||||||||||
250,000 | Enbridge, Inc., 3.500%, 06/10/24 | 235,300 | 0.0 | |||||||||||
250,000 | Enbridge, Inc., 4.500%, 06/10/44 | 216,662 | 0.0 | |||||||||||
500,000 | Energy Transfer Partners L.P., 3.600%, 02/01/23 | 484,671 | 0.0 | |||||||||||
1,809,000 | Energy Transfer Partners L.P., 6.500%, 02/01/42 | 2,086,388 | 0.1 | |||||||||||
250,000 | Ensco PLC, 4.500%, 10/01/24 | 241,395 | 0.0 | |||||||||||
250,000 | L | Ensco PLC, 5.750%, 10/01/44 | 248,543 | 0.0 | ||||||||||
100,000 | Enterprise Products Operating LLC, 3.750%, 02/15/25 | 100,586 | 0.0 | |||||||||||
100,000 | Enterprise Products Operating LLC, 4.850%, 03/15/44 | 104,682 | 0.0 | |||||||||||
4,805,000 | Enterprise Products Operating, LLC, 3.200%, 02/01/16 | 4,920,911 | 0.1 |
300,000 | Enterprise Products Operating, LLC, 4.450%, 02/15/43 | 297,582 | 0.0 | |||||||||||
400,000 | EOG Resources, Inc., 2.450%, 04/01/20 | 398,411 | 0.0 | |||||||||||
1,950,000 | L | EOG Resources, Inc., 2.625%, 03/15/23 | 1,873,283 | 0.1 | ||||||||||
500,000 | FMC Technologies, Inc., 2.000%, 10/01/17 | 496,783 | 0.0 | |||||||||||
1,000,000 | Halliburton Co., 1.000%, 08/01/16 | 999,639 | 0.0 | |||||||||||
500,000 | Halliburton Co., 2.000%, 08/01/18 | 498,267 | 0.0 | |||||||||||
500,000 | L | Halliburton Co., 3.500%, 08/01/23 | 505,454 | 0.0 | ||||||||||
500,000 | Halliburton Co., 4.750%, 08/01/43 | 519,752 | 0.0 | |||||||||||
1,500,000 | Hess Corp., 5.600%, 02/15/41 | 1,614,162 | 0.1 | |||||||||||
1,350,000 | Hess Corp., 8.125%, 02/15/19 | 1,607,653 | 0.1 | |||||||||||
500,000 | Kinder Morgan Energy Partners L.P., 3.500%, 03/01/21 | 492,590 | 0.0 | |||||||||||
500,000 | Kinder Morgan Energy Partners L.P., 3.500%, 09/01/23 | 475,546 | 0.0 | |||||||||||
2,825,000 | Kinder Morgan Energy Partners L.P., 6.950%, 01/15/38 | 3,270,387 | 0.1 | |||||||||||
667,000 | Kinder Morgan Energy Partners LP, 3.950%, 09/01/22 | 662,454 | 0.0 | |||||||||||
400,000 | Kinder Morgan Energy Partners L.P., 5.400%, 09/01/44 | 402,289 | 0.0 | |||||||||||
500,000 | Kinder Morgan, Inc./DE, 4.300%, 06/01/25 | 502,703 | 0.0 | |||||||||||
300,000 | Kinder Morgan, Inc./DE, 3.050%, 12/01/19 | 297,951 | 0.0 | |||||||||||
500,000 | Kinder Morgan, Inc./DE, 5.550%, 06/01/45 | 514,001 | 0.0 | |||||||||||
1,500,000 | Magellan Midstream Partners L.P., 4.200%, 12/01/42 | 1,401,584 | 0.1 | |||||||||||
600,000 | Magellan Midstream Partners L.P., 6.550%, 07/15/19 | 701,802 | 0.0 | |||||||||||
1,000,000 | Marathon Oil Corp., 0.900%, 11/01/15 | 997,413 | 0.0 | |||||||||||
500,000 | Marathon Oil Corp., 2.800%, 11/01/22 | 469,060 | 0.0 | |||||||||||
1,000,000 | Marathon Petroleum Corp., 3.500%, 03/01/16 | 1,025,218 | 0.0 | |||||||||||
400,000 | Marathon Petroleum Corp., 4.750%, 09/15/44 | 379,223 | 0.0 | |||||||||||
500,000 | Murphy Oil Corp., 2.500%, 12/01/17 | 497,383 | 0.0 | |||||||||||
1,350,000 | Murphy Oil Corp., 3.700%, 12/01/22 | 1,213,669 | 0.1 | |||||||||||
300,000 | Noble Energy, Inc., 3.900%, 11/15/24 | 297,106 | 0.0 | |||||||||||
200,000 | Noble Energy, Inc., 5.050%, 11/15/44 | 198,442 | 0.0 |
See Accompanying Notes to Financial Statements
99 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
3,000,000 | Noble Holding International Ltd., 4.625%, 03/01/21 | 2,732,583 | 0.1 | |||||||||||
3,700,000 | Occidental Petroleum Corp., 2.500%, 02/01/16 | 3,761,690 | 0.1 | |||||||||||
1,500,000 | ONEOK Partners L.P., 2.000%, 10/01/17 | 1,492,721 | 0.1 | |||||||||||
3,920,000 | ONEOK Partners L.P., 3.250%, 02/01/16 | 4,000,207 | 0.1 | |||||||||||
1,000,000 | Petrobras Global Finance BV, 2.000%, 05/20/16 | 957,650 | 0.0 | |||||||||||
1,000,000 | Petrobras Global Finance BV, 3.000%, 01/15/19 | 886,570 | 0.0 | |||||||||||
250,000 | Petrobras Global Finance BV, 3.250%, 03/17/17 | 236,250 | 0.0 | |||||||||||
1,000,000 | Petrobras Global Finance BV, 4.375%, 05/20/23 | 862,580 | 0.0 | |||||||||||
500,000 | Petrobras Global Finance BV, 4.875%, 03/17/20 | 469,005 | 0.0 | |||||||||||
250,000 | Phillips 66, 4.650%, 11/15/34 | 257,070 | 0.0 | |||||||||||
500,000 | Pioneer Natural Resources Co., 3.950%, 07/15/22 | 495,697 | 0.0 | |||||||||||
300,000 | Plains All American Pipeline L.P. / PAA Finance Corp., 2.850%, 01/31/23 | 284,186 | 0.0 | |||||||||||
275,000 | Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/22 | 276,918 | 0.0 | |||||||||||
250,000 | Plains All American Pipeline L.P. / PAA Finance Corp., 4.700%, 06/15/44 | 249,180 | 0.0 | |||||||||||
750,000 | Shell International Finance BV, 1.125%, 08/21/17 | 749,260 | 0.0 | |||||||||||
250,000 | Statoil ASA, 2.250%, 11/08/19 | 250,430 | 0.0 | |||||||||||
250,000 | Statoil ASA, 2.750%, 11/10/21 | 251,132 | 0.0 | |||||||||||
500,000 | Statoil ASA, 3.950%, 05/15/43 | 490,721 | 0.0 | |||||||||||
2,950,000 | Suncor Energy, Inc., 6.500%, 06/15/38 | 3,641,170 | 0.1 | |||||||||||
500,000 | Sunoco Logistics Partners Operations L.P., 3.450%, 01/15/23 | 480,318 | 0.0 | |||||||||||
500,000 | Sunoco Logistics Partners Operations L.P., 4.950%, 01/15/43 | 480,905 | 0.0 | |||||||||||
400,000 | Talisman Energy, Inc., 5.500%, 05/15/42 | 378,865 | 0.0 | |||||||||||
2,000,000 | TC Pipelines L.P., 4.650%, 06/15/21 | 2,081,980 | 0.1 | |||||||||||
500,000 | Total Capital Canada Ltd., 2.750%, 07/15/23 | 485,920 | 0.0 | |||||||||||
500,000 | Total Capital International SA, 0.750%, 01/25/16 | 500,531 | 0.0 |
500,000 | Total Capital International SA, 1.000%, 08/12/16 | 501,575 | 0.0 | |||||||||||
500,000 | Total Capital International SA, 2.750%, 06/19/21 | 502,608 | 0.0 | |||||||||||
3,500,000 | Total Capital S.A., 4.450%, 06/24/20 | 3,844,544 | 0.1 | |||||||||||
500,000 | Total Capital SA, 2.125%, 08/10/18 | 504,478 | 0.0 | |||||||||||
2,000,000 | Trans-Canada PipeLines Ltd., 4.625%, 03/01/34 | 2,035,484 | 0.1 | |||||||||||
1,000,000 | Trans-Canada Pipelines Ltd., 7.625%, 01/15/39 | 1,378,650 | 0.1 | |||||||||||
1,676,000 | L | Transocean, Inc., 6.800%, 03/15/38 | 1,440,021 | 0.1 | ||||||||||
1,785,000 | Valero Energy Corp., 6.625%, 06/15/37 | 2,114,070 | 0.1 | |||||||||||
1,500,000 | Weatherford International Ltd. Bermuda, 5.125%, 09/15/20 | 1,475,484 | 0.1 | |||||||||||
1,500,000 | Weatherford International Ltd., 4.500%, 04/15/22 | 1,337,049 | 0.1 | |||||||||||
400,000 | Williams Cos, Inc., 4.550%, 06/24/24 | 372,692 | 0.0 | |||||||||||
700,000 | Williams Cos., Inc., 7.875%, 09/01/21 | 809,690 | 0.0 | |||||||||||
500,000 | Williams Partners L.P., 4.300%, 03/04/24 | 500,019 | 0.0 | |||||||||||
500,000 | Williams Partners L.P., 5.400%, 03/04/44 | 491,273 | 0.0 | |||||||||||
101,839,266 | 2.6 | |||||||||||||
Financial: 8.0% | ||||||||||||||
750,000 | ACE INA Holdings, Inc., 2.700%, 03/13/23 | 729,560 | 0.0 | |||||||||||
1,000,000 | L | ACE INA Holdings, Inc., 5.800%, 03/15/18 | 1,123,895 | 0.1 | ||||||||||
1,000,000 | Aflac, Inc., 3.625%, 06/15/23 | 1,026,074 | 0.0 | |||||||||||
1,000,000 | American International Group, Inc., 2.375%, 08/24/15 | 1,008,353 | 0.0 | |||||||||||
500,000 | American International Group, Inc., 3.375%, 08/15/20 | 520,063 | 0.0 | |||||||||||
1,500,000 | American International Group, Inc., 4.875%, 06/01/22 | 1,687,665 | 0.1 | |||||||||||
1,000,000 | American International Group, Inc., 5.850%, 01/16/18 | 1,118,885 | 0.1 | |||||||||||
777,000 | American International Group, Inc., 6.400%, 12/15/20 | 927,721 | 0.0 | |||||||||||
400,000 | Alexandria Real Estate Equities, Inc., 2.750%, 01/15/20 | 396,636 | 0.0 | |||||||||||
1,500,000 | Allstate Corp./The, 3.150%, 06/15/23 | 1,510,087 | 0.1 | |||||||||||
6,325,000 | American Express Co., 7.000%, 03/19/18 | 7,323,072 | 0.2 | |||||||||||
500,000 | American Express Credit Corp., 2.125%, 07/27/18 | 504,867 | 0.0 |
See Accompanying Notes to Financial Statements
100 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
500,000 | # | American Honda Finance Corp., 1.500%, 09/11/17 | 500,807 | 0.0 | ||||||||||
500,000 | # | American Honda Finance Corp., 1.000%, 08/11/15 | 501,985 | 0.0 | ||||||||||
500,000 | American International Group, Inc., 2.300%, 07/16/19 | 501,044 | 0.0 | |||||||||||
900,000 | American International Group, Inc., 4.500%, 07/16/44 | 954,825 | 0.0 | |||||||||||
500,000 | American Tower Corp., 3.400%, 02/15/19 | 509,395 | 0.0 | |||||||||||
1,000,000 | American Tower Corp., 3.500%, 01/31/23 | 967,886 | 0.0 | |||||||||||
1,250,000 | American Tower Corp., 4.500%, 01/15/18 | 1,328,425 | 0.1 | |||||||||||
667,000 | American Tower Corp., 4.700%, 03/15/22 | 700,411 | 0.0 | |||||||||||
10,000,000 | ANZ New Zealand Intl Ltd./London, 1.136%, 05/28/15 | 10,042,350 | 0.3 | |||||||||||
1,000,000 | Aon PLC, 4.450%, 05/24/43 | 1,000,670 | 0.0 | |||||||||||
500,000 | Aon PLC, 4.600%, 06/14/44 | 521,349 | 0.0 | |||||||||||
400,000 | Assured Guaranty US Holdings, Inc., 5.000%, 07/01/24 | 422,456 | 0.0 | |||||||||||
500,000 | AvalonBay Communities, Inc., 2.850%, 03/15/23 | 485,042 | 0.0 | |||||||||||
500,000 | AvalonBay Communities, Inc., 2.950%, 09/15/22 | 487,889 | 0.0 | |||||||||||
4,050,000 | AvalonBay Communities, Inc., 5.700%, 03/15/17 | 4,405,821 | 0.1 | |||||||||||
1,000,000 | Bank of America Corp., 1.500%, 10/09/15 | 1,004,410 | 0.0 | |||||||||||
1,000,000 | Bank of America Corp., 2.000%, 01/11/18 | 999,967 | 0.0 | |||||||||||
500,000 | Bank of America Corp., 2.650%, 04/01/19 | 504,169 | 0.0 | |||||||||||
4,000,000 | Bank of America Corp., 3.300%, 01/11/23 | 4,004,508 | 0.1 | |||||||||||
2,000,000 | Bank of America Corp., 3.625%, 03/17/16 | 2,057,178 | 0.1 | |||||||||||
1,000,000 | Bank of America Corp., 3.875%, 03/22/17 | 1,046,913 | 0.0 | |||||||||||
1,000,000 | Bank of America Corp., 4.100%, 07/24/23 | 1,054,290 | 0.1 | |||||||||||
1,000,000 | Bank of America Corp., 4.250%, 10/22/26 | 999,132 | 0.0 | |||||||||||
500,000 | Bank of America Corp., 4.000%, 04/01/24 | 521,215 | 0.0 | |||||||||||
1,610,000 | Bank of America Corp., 5.650%, 05/01/18 | 1,790,033 | 0.1 | |||||||||||
1,900,000 | Bank of America Corp., 5.700%, 01/24/22 | 2,204,283 | 0.1 | |||||||||||
13,725,000 | Bank of America Corp., 6.500%, 08/01/16 | 14,795,413 | 0.4 | |||||||||||
1,000,000 | Bank of Montreal, 1.300%, 07/15/16 | 1,006,235 | 0.0 | |||||||||||
1,000,000 | Bank of Montreal, 1.400%, 09/11/17 | 999,649 | 0.0 |
1,000,000 | Bank of New York Mellon Corp./The, 1.350%, 03/06/18 | 991,659 | 0.0 | |||||||||||
1,000,000 | Bank of New York Mellon Corp./The, 2.100%, 08/01/18 | 1,011,595 | 0.0 | |||||||||||
1,000,000 | Bank of New York Mellon Corp., 1.300%, 01/25/18 | 991,346 | 0.0 | |||||||||||
1,100,000 | Bank of Nova Scotia, 0.750%, 10/09/15 | 1,102,025 | 0.1 | |||||||||||
500,000 | Bank of Nova Scotia, 1.375%, 12/18/17 | 497,204 | 0.0 | |||||||||||
1,000,000 | Bank of Nova Scotia, 1.375%, 07/15/16 | 1,007,309 | 0.0 | |||||||||||
500,000 | Bank of Nova Scotia, 2.050%, 06/05/19 | 498,715 | 0.0 | |||||||||||
500,000 | Barclays Bank PLC, 3.750%, 05/15/24 | 516,391 | 0.0 | |||||||||||
750,000 | Barclays Bank PLC, 5.125%, 01/08/20 | 841,861 | 0.0 | |||||||||||
1,000,000 | BB&T Corp., 1.600%, 08/15/17 | 1,000,168 | 0.0 | |||||||||||
250,000 | BB&T Corp., 2.450%, 01/15/20 | 249,628 | 0.0 | |||||||||||
1,000,000 | BB&T Corp., 3.950%, 03/22/22 | 1,054,042 | 0.1 | |||||||||||
750,000 | BBVA, 4.664%, 10/09/15 | 770,212 | 0.0 | |||||||||||
1,000,000 | Berkshire Hathaway Finance Corp., 0.950%, 08/15/16 | 1,003,947 | 0.0 | |||||||||||
750,000 | Berkshire Hathaway Finance Corp., 1.300%, 05/15/18 | 744,952 | 0.0 | |||||||||||
1,000,000 | Berkshire Hathaway Finance Corp., 1.600%, 05/15/17 | 1,009,195 | 0.0 | |||||||||||
500,000 | Berkshire Hathaway Finance Corp., 2.000%, 08/15/18 | 506,086 | 0.0 | |||||||||||
1,020,000 | Berkshire Hathaway Finance Corp., 3.000%, 05/15/22 | 1,037,623 | 0.0 | |||||||||||
250,000 | Berkshire Hathaway, Inc., 0.800%, 02/11/16 | 250,607 | 0.0 | |||||||||||
750,000 | Berkshire Hathaway, Inc., 1.550%, 02/09/18 | 750,196 | 0.0 | |||||||||||
300,000 | BlackRock, Inc., 1.375%, 06/01/15 | 301,425 | 0.0 | |||||||||||
500,000 | BlackRock, Inc., 5.000%, 12/10/19 | 565,915 | 0.0 | |||||||||||
250,000 | BNP Paribas SA, 1.375%, 03/17/17 | 249,446 | 0.0 | |||||||||||
250,000 | L | BNP Paribas SA, 2.450%, 03/17/19 | 253,585 | 0.0 | ||||||||||
500,000 | BNP Paribas SA, 3.250%, 03/03/23 | 510,653 | 0.0 | |||||||||||
2,475,000 | BNP Paribas, 3.600%, 02/23/16 | 2,545,119 | 0.1 | |||||||||||
4,500,000 | Boston Properties L.P., 5.625%, 11/15/20 | 5,140,534 | 0.2 | |||||||||||
400,000 | Branch Banking & Trust Co., 3.800%, 10/30/26 | 408,777 | 0.0 | |||||||||||
500,000 | Brandywine Operating Partnership L.P., 3.950%, 02/15/23 | 505,095 | 0.0 |
See Accompanying Notes to Financial Statements
101 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
300,000 | Canadian Imperial Bank of Commerce/Canada, 0.900%, 10/01/15 | 300,936 | 0.0 | |||||||||||
500,000 | Capital One Financial Corp., 2.450%, 04/24/19 | 499,361 | 0.0 | |||||||||||
500,000 | Capital One Financial Corp., 3.750%, 04/24/24 | 511,791 | 0.0 | |||||||||||
1,000,000 | Chubb Corp., 6.000%, 05/11/37 | 1,311,163 | 0.1 | |||||||||||
1,000,000 | Citigroup, Inc., 1.700%, 07/25/16 | 1,007,477 | 0.0 | |||||||||||
500,000 | Citigroup, Inc., 2.500%, 07/29/19 | 500,723 | 0.0 | |||||||||||
1,000,000 | Citigroup, Inc., 3.375%, 03/01/23 | 1,010,733 | 0.0 | |||||||||||
2,000,000 | Citigroup, Inc., 3.500%, 05/15/23 | 1,949,072 | 0.1 | |||||||||||
500,000 | Citigroup, Inc., 3.750%, 06/16/24 | 512,042 | 0.0 | |||||||||||
750,000 | Citigroup, Inc., 4.050%, 07/30/22 | 777,257 | 0.0 | |||||||||||
700,000 | Citigroup, Inc., 4.000%, 08/05/24 | 703,648 | 0.0 | |||||||||||
2,000,000 | Citigroup, Inc., 5.300%, 05/06/44 | 2,199,828 | 0.1 | |||||||||||
1,044,000 | Citigroup, Inc., 6.125%, 08/25/36 | 1,248,506 | 0.1 | |||||||||||
2,000,000 | Citigroup, Inc., 8.125%, 07/15/39 | 3,071,936 | 0.1 | |||||||||||
500,000 | Citigroup, Inc., 4.300%, 11/20/26 | 500,031 | 0.0 | |||||||||||
1,000,000 | CME Group, Inc., 3.000%, 09/15/22 | 1,017,978 | 0.0 | |||||||||||
500,000 | Comerica, Inc., 2.125%, 05/23/19 | 497,172 | 0.0 | |||||||||||
250,000 | Comerica, Inc., 3.800%, 07/22/26 | 252,355 | 0.0 | |||||||||||
500,000 | Commonwealth Bank of Australia/New York NY, 1.900%, 09/18/17 | 505,491 | 0.0 | |||||||||||
250,000 | Compass Bank, 2.750%, 09/29/19 | 250,527 | 0.0 | |||||||||||
500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.950%, 11/09/22 | 510,169 | 0.0 | |||||||||||
500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY, 2.250%, 01/14/19 | 504,206 | 0.0 | |||||||||||
1,000,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrect, 3.375%, 01/19/17 | 1,043,757 | 0.0 | |||||||||||
5,500,000 | Credit Suisse New York, 6.000%, 02/15/18 | 6,122,517 | 0.2 | |||||||||||
1,000,000 | Deutsche Bank AG/London, 3.700%, 05/30/24 | 1,016,773 | 0.0 | |||||||||||
500,000 | Discover Bank/Greenwood DE, 3.200%, 08/09/21 | 502,884 | 0.0 |
400,000 | Discover Bank/Greenwood DE, 4.250%, 03/13/26 | 416,488 | 0.0 | |||||||||||
500,000 | Discover Bank/Greenwood DE, 4.200%, 08/08/23 | 525,611 | 0.0 | |||||||||||
500,000 | Discover Financial Services, 3.950%, 11/06/24 | 503,618 | 0.0 | |||||||||||
500,000 | ERP Operating L.P., 4.500%, 07/01/44 | 523,237 | 0.0 | |||||||||||
2,000,000 | Fifth Third Bancorp, 3.500%, 03/15/22 | 2,053,376 | 0.1 | |||||||||||
400,000 | Fifth Third Bancorp, 4.300%, 01/16/24 | 420,041 | 0.0 | |||||||||||
250,000 | First Tennessee Bank NA, 2.950%, 12/01/19 | 249,527 | 0.0 | |||||||||||
1,000,000 | Ford Motor Credit Co. LLC, 1.700%, 05/09/16 | 1,004,082 | 0.0 | |||||||||||
2,250,000 | Ford Motor Credit Co. LLC, 2.375%, 01/16/18 | 2,264,684 | 0.1 | |||||||||||
2,000,000 | Ford Motor Credit Co. LLC, 2.750%, 05/15/15 | 2,013,678 | 0.1 | |||||||||||
1,000,000 | Ford Motor Credit Co. LLC, 4.375%, 08/06/23 | 1,070,965 | 0.1 | |||||||||||
600,000 | Ford Motor Credit Co., LLC, 2.500%, 01/15/16 | 606,962 | 0.0 | |||||||||||
1,000,000 | Ford Motor Credit Co., LLC, 4.250%, 02/03/17 | 1,050,648 | 0.1 | |||||||||||
750,000 | Ford Motor Credit Co., LLC, 4.250%, 09/20/22 | 797,109 | 0.0 | |||||||||||
1,300,000 | Ford Motor Credit Co., LLC, 5.875%, 08/02/21 | 1,507,212 | 0.1 | |||||||||||
1,000,000 | General Electric Capital Corp., 1.625%, 07/02/15 | 1,006,485 | 0.0 | |||||||||||
1,500,000 | General Electric Capital Corp., 5.875%, 01/14/38 | 1,901,970 | 0.1 | |||||||||||
6,500,000 | General Electric Capital Corp., 6.750%, 03/15/32 | 8,903,239 | 0.3 | |||||||||||
1,196,000 | Genworth Financial, Inc., 6.515%, 05/22/18 | 1,222,318 | 0.1 | |||||||||||
750,000 | Genworth Holdings, Inc., 4.900%, 08/15/23 | 608,309 | 0.0 | |||||||||||
500,000 | Goldman Sachs Group, Inc., 2.550%, 10/23/19 | 498,174 | 0.0 | |||||||||||
2,050,000 | Goldman Sachs Group, Inc., 3.625%, 01/22/23 | 2,079,479 | 0.1 | |||||||||||
8,950,000 | Goldman Sachs Group, Inc., 3.625%, 02/07/16 | 9,187,229 | 0.3 | |||||||||||
1,000,000 | Goldman Sachs Group, Inc., 3.850%, 07/08/24 | 1,026,792 | 0.0 | |||||||||||
750,000 | Goldman Sachs Group, Inc., 5.750%, 01/24/22 | 868,358 | 0.0 | |||||||||||
4,840,000 | Goldman Sachs Group, Inc., 6.150%, 04/01/18 | 5,434,928 | 0.2 | |||||||||||
4,000,000 | Goldman Sachs Group, Inc., 6.750%, 10/01/37 | 5,039,160 | 0.2 | |||||||||||
1,350,000 | Hartford Financial Services Group, Inc., 5.375%, 03/15/17 | 1,459,116 | 0.1 | |||||||||||
500,000 | HCP, Inc., 2.625%, 02/01/20 | 495,390 | 0.0 | |||||||||||
3,400,000 | HCP, Inc., 3.750%, 02/01/16 | 3,495,829 | 0.1 | |||||||||||
250,000 | HCP, Inc., 3.875%, 08/15/24 | 254,451 | 0.0 |
See Accompanying Notes to Financial Statements
102 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
500,000 | Health Care REIT, Inc., 2.250%, 03/15/18 | 503,515 | 0.0 | |||||||||||
500,000 | Hospitality Properties Trust, 4.500%, 06/15/23 | 509,730 | 0.0 | |||||||||||
500,000 | Hospitality Properties Trust, 5.000%, 08/15/22 | 527,679 | 0.0 | |||||||||||
750,000 | Host Hotels & Resorts L.P., 3.750%, 10/15/23 | 749,476 | 0.0 | |||||||||||
3,400,000 | HSBC Holdings PLC, 6.500%, 09/15/37 | 4,382,974 | 0.1 | |||||||||||
1,000,000 | HSBC USA, Inc., 1.625%, 01/16/18 | 996,882 | 0.0 | |||||||||||
250,000 | HSBC USA, Inc., 2.250%, 06/23/19 | 249,881 | 0.0 | |||||||||||
250,000 | HSBC USA, Inc., 3.500%, 06/23/24 | 258,481 | 0.0 | |||||||||||
1,000,000 | Huntington Bancshares, Inc./OH, 2.600%, 08/02/18 | 1,012,997 | 0.0 | |||||||||||
1,000,000 | Huntington National Bank, 1.350%, 08/02/16 | 1,001,132 | 0.0 | |||||||||||
3,500,000 | # | Hyundai Capital Services, Inc., 4.375%, 07/27/16 | 3,665,862 | 0.1 | ||||||||||
500,000 | Jefferies Group LLC, 5.125%, 04/13/18 | 528,098 | 0.0 | |||||||||||
900,000 | Jefferies Group, Inc., 5.125%, 01/20/23 | 916,365 | 0.0 | |||||||||||
2,700,000 | John Deere Capital Corp., 2.250%, 06/07/16 | 2,761,460 | 0.1 | |||||||||||
375,000 | JPMorgan Chase & Co., 1.100%, 10/15/15 | 375,792 | 0.0 | |||||||||||
1,500,000 | JPMorgan Chase & Co., 1.625%, 05/15/18 | 1,484,841 | 0.1 | |||||||||||
1,500,000 | JPMorgan Chase & Co., 3.375%, 05/01/23 | 1,485,572 | 0.1 | |||||||||||
500,000 | JPMorgan Chase & Co., 3.875%, 09/10/24 | 501,027 | 0.0 | |||||||||||
1,000,000 | JPMorgan Chase & Co., 4.125%, 12/15/26 | 999,607 | 0.0 | |||||||||||
4,000,000 | JPMorgan Chase & Co., 4.500%, 01/24/22 | 4,373,644 | 0.1 | |||||||||||
7,375,000 | JPMorgan Chase & Co., 5.500%, 10/15/40 | 8,861,417 | 0.3 | |||||||||||
750,000 | KeyBank NA/Cleveland OH, 1.650%, 02/01/18 | 747,737 | 0.0 | |||||||||||
400,000 | Kilroy Realty L.P., 4.250%, 08/15/29 | 401,115 | 0.0 | |||||||||||
1,500,000 | Lincoln National Corp., 4.200%, 03/15/22 | 1,595,739 | 0.1 | |||||||||||
4,005,000 | Lincoln National Corp., 4.300%, 06/15/15 | 4,069,100 | 0.1 | |||||||||||
250,000 | Manufacturers & Traders Trust Co., 2.250%, 07/25/19 | 249,663 | 0.0 | |||||||||||
1,000,000 | Markel Corp., 3.625%, 03/30/23 | 1,007,492 | 0.0 | |||||||||||
400,000 | Marsh & McLennan Cos, Inc., 3.500%, 03/10/25 | 403,382 | 0.0 | |||||||||||
500,000 | MetLife, Inc., 3.048%, 12/15/22 | 499,968 | 0.0 | |||||||||||
500,000 | MetLife, Inc., 3.600%, 04/10/24 | 514,129 | 0.0 |
400,000 | MetLife, Inc., 4.125%, 08/13/42 | 402,254 | 0.0 | |||||||||||
300,000 | MetLife, Inc., 4.721%, 12/15/44 | 335,078 | 0.0 | |||||||||||
5,495,000 | MetLife, Inc., 6.750%, 06/01/16 | 5,927,418 | 0.2 | |||||||||||
1,500,000 | Morgan Stanley, 2.125%, 04/25/18 | 1,502,189 | 0.1 | |||||||||||
500,000 | Morgan Stanley, 3.700%, 10/23/24 | 507,847 | 0.0 | |||||||||||
1,000,000 | Morgan Stanley, 4.100%, 05/22/23 | 1,013,509 | 0.0 | |||||||||||
500,000 | Morgan Stanley, 4.350%, 09/08/26 | 503,674 | 0.0 | |||||||||||
800,000 | Morgan Stanley, 4.875%, 11/01/22 | 851,047 | 0.0 | |||||||||||
10,500,000 | Morgan Stanley, 6.625%, 04/01/18 | 11,968,709 | 0.3 | |||||||||||
500,000 | MUFG Union Bank NA, 2.250%, 05/06/19 | 498,841 | 0.0 | |||||||||||
500,000 | National Australia Bank Ltd./New York, 1.600%, 08/07/15 | 502,968 | 0.0 | |||||||||||
500,000 | National Australia Bank Ltd/New York, 1.300%, 07/25/16 | 503,058 | 0.0 | |||||||||||
500,000 | National Retail Properties, Inc., 3.900%, 06/15/24 | 510,916 | 0.0 | |||||||||||
300,000 | Northern Trust Corp., 2.375%, 08/02/22 | 292,880 | 0.0 | |||||||||||
250,000 | Northern Trust Corp., 3.950%, 10/30/25 | 260,762 | 0.0 | |||||||||||
1,000,000 | NYSE Euronext, 2.000%, 10/05/17 | 1,009,267 | 0.0 | |||||||||||
500,000 | PNC Bank NA, 2.700%, 11/01/22 | 479,665 | 0.0 | |||||||||||
1,000,000 | PNC Bank NA, 2.950%, 01/30/23 | 978,929 | 0.0 | |||||||||||
500,000 | + | PNC Financial Services Group, Inc./The, 2.854%, 11/09/22 | 492,563 | 0.0 | ||||||||||
500,000 | PNC Funding Corp., 3.300%, 03/08/22 | 515,020 | 0.0 | |||||||||||
500,000 | Primerica, Inc., 4.750%, 07/15/22 | 546,256 | 0.0 | |||||||||||
300,000 | Principal Financial Group, Inc., 1.850%, 11/15/17 | 300,470 | 0.0 | |||||||||||
300,000 | Principal Financial Group, Inc., 3.125%, 05/15/23 | 295,886 | 0.0 | |||||||||||
1,000,000 | Principal Financial Group, Inc., 3.300%, 09/15/22 | 1,001,396 | 0.0 | |||||||||||
1,000,000 | Private Export Funding Corp., 1.450%, 08/15/19 | 961,618 | 0.0 | |||||||||||
1,000,000 | Private Export Funding Corp., 2.250%, 03/15/20 | 1,005,897 | 0.0 | |||||||||||
1,000,000 | Private Export Funding Corp., 3.550%, 01/15/24 | 1,060,830 | 0.1 | |||||||||||
500,000 | ProLogis L.P., 2.750%, 02/15/19 | 507,619 | 0.0 | |||||||||||
500,000 | ProLogis L.P., 4.250%, 08/15/23 | 529,248 | 0.0 |
See Accompanying Notes to Financial Statements
103 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
400,000 | Protective Life Corp., 7.375%, 10/15/19 | 481,854 | 0.0 | |||||||||||
3,800,000 | Prudential Financial, Inc., 6.200%, 11/15/40 | 4,856,389 | 0.1 | |||||||||||
400,000 | Realty Income Corp., 3.875%, 07/15/24 | 407,862 | 0.0 | |||||||||||
300,000 | Realty Income Corp., 4.125%, 10/15/26 | 306,517 | 0.0 | |||||||||||
750,000 | Royal Bank of Canada, 0.800%, 10/30/15 | 751,966 | 0.0 | |||||||||||
750,000 | Royal Bank of Canada, 1.500%, 01/16/18 | 746,446 | 0.0 | |||||||||||
500,000 | Royal Bank of Scotland PLC/The, 1.875%, 03/31/17 | 499,906 | 0.0 | |||||||||||
500,000 | Santander Holdings USA, Inc./PA, 3.000%, 09/24/15 | 506,076 | 0.0 | |||||||||||
250,000 | Senior Housing Properties Trust, 3.250%, 05/01/19 | 251,794 | 0.0 | |||||||||||
250,000 | Senior Housing Properties Trust, 4.750%, 05/01/24 | 256,990 | 0.0 | |||||||||||
500,000 | Simon Property Group L.P., 4.250%, 10/01/44 | 519,586 | 0.0 | |||||||||||
1,000,000 | Simon Property Group L.P., 3.375%, 03/15/22 | 1,031,013 | 0.0 | |||||||||||
1,500,000 | State Street Corp., 3.100%, 05/15/23 | 1,481,570 | 0.1 | |||||||||||
500,000 | SunTrust Bank/Atlanta GA, 2.750%, 05/01/23 | 488,721 | 0.0 | |||||||||||
1,000,000 | SunTrust Bank/Atlanta GA, 5.000%, 09/01/15 | 1,027,639 | 0.0 | |||||||||||
250,000 | SunTrust Banks, Inc., 2.500%, 05/01/19 | 251,894 | 0.0 | |||||||||||
3,000,000 | Travelers Cos, Inc., 3.900%, 11/01/20 | 3,226,827 | 0.1 | |||||||||||
700,000 | UBS AG/Stamford CT, 2.375%, 08/14/19 | 700,414 | 0.0 | |||||||||||
1,464,000 | UBS AG/Stamford CT, 4.875%, 08/04/20 | 1,630,217 | 0.1 | |||||||||||
750,000 | US Bancorp, 2.950%, 07/15/22 | 740,569 | 0.0 | |||||||||||
1,000,000 | US Bancorp, 3.000%, 03/15/22 | 1,011,583 | 0.0 | |||||||||||
500,000 | Ventas Realty L.P. / Ventas Capital Corp., 2.700%, 04/01/20 | 495,373 | 0.0 | |||||||||||
600,000 | Ventas Realty L.P. / Ventas Capital Corp., 3.250%, 08/15/22 | 593,075 | 0.0 | |||||||||||
1,000,000 | Wells Fargo & Co., 3.450%, 02/13/23 | 1,014,564 | 0.0 | |||||||||||
8,000,000 | Wells Fargo & Co., 4.600%, 04/01/21 | 8,913,448 | 0.3 | |||||||||||
3,983,000 | Wells Fargo & Co., 5.606%, 01/15/44 | 4,706,946 | 0.1 | |||||||||||
500,000 | Westpac Banking Corp., 1.125%, 09/25/15 | 502,774 | 0.0 | |||||||||||
1,000,000 | Westpac Banking Corp., 1.600%, 01/12/18 | 1,000,672 | 0.0 | |||||||||||
500,000 | Westpac Banking Corp., 2.000%, 08/14/17 | 506,963 | 0.0 | |||||||||||
1,000,000 | WR Berkley Corp., 4.625%, 03/15/22 | 1,073,972 | 0.1 |
400,000 | XLIT Ltd., 2.300%, 12/15/18 | 400,637 | 0.0 | |||||||||||
308,611,564 | 8.0 | |||||||||||||
Industrial: 1.7% | ||||||||||||||
500,000 | 3M Co., 2.000%, 06/26/22 | 485,093 | 0.0 | |||||||||||
200,000 | 3M Co., 3.875%, 06/15/44 | 206,586 | 0.0 | |||||||||||
1,300,000 | Agilent Technologies, Inc., 3.200%, 10/01/22 | 1,269,510 | 0.1 | |||||||||||
1,000,000 | Agilent Technologies, Inc., 3.875%, 07/15/23 | 995,406 | 0.0 | |||||||||||
398,000 | Agilent Technologies, Inc., 6.500%, 11/01/17 | 442,087 | 0.0 | |||||||||||
750,000 | Boeing Capital Corp., 4.700%, 10/27/19 | 835,772 | 0.0 | |||||||||||
500,000 | Burlington Northern Santa Fe, LLC, 3.000%, 03/15/23 | 499,307 | 0.0 | |||||||||||
4,000,000 | Burlington Northern Santa Fe, LLC, 3.450%, 09/15/21 | 4,180,008 | 0.1 | |||||||||||
500,000 | Burlington Northern Santa Fe, LLC, 4.375%, 09/01/42 | 515,670 | 0.0 | |||||||||||
500,000 | Burlington Northern Santa Fe, LLC, 4.450%, 03/15/43 | 524,482 | 0.0 | |||||||||||
400,000 | Burlington Northern Santa Fe, LLC, 4.900%, 04/01/44 | 451,557 | 0.0 | |||||||||||
1,000,000 | Canadian National Railway Co., 2.250%, 11/15/22 | 968,393 | 0.0 | |||||||||||
1,000,000 | Caterpillar Financial Services Corp., 1.250%, 11/06/17 | 996,031 | 0.1 | |||||||||||
300,000 | Caterpillar Financial Services Corp., 1.300%, 03/01/18 | 298,145 | 0.0 | |||||||||||
300,000 | Caterpillar Financial Services Corp., 2.625%, 03/01/23 | 294,495 | 0.0 | |||||||||||
500,000 | Caterpillar Financial Services Corp., 3.750%, 11/24/23 | 531,495 | 0.0 | |||||||||||
300,000 | Caterpillar, Inc., 1.500%, 06/26/17 | 302,053 | 0.0 | |||||||||||
1,500,000 | Caterpillar, Inc., 2.600%, 06/26/22 | 1,485,004 | 0.1 | |||||||||||
250,000 | Caterpillar, Inc., 3.400%, 05/15/24 | 257,438 | 0.0 | |||||||||||
250,000 | Caterpillar, Inc., 4.300%, 05/15/44 | 268,099 | 0.0 | |||||||||||
1,000,000 | CSX Corp., 4.100%, 03/15/44 | 994,797 | 0.0 | |||||||||||
1,000,000 | CSX Corp., 4.400%, 03/01/43 | 1,045,817 | 0.1 | |||||||||||
1,580,000 | Cummins, Inc., 7.125%, 03/01/28 | 2,147,891 | 0.1 | |||||||||||
3,510,000 | Dover Corp., 4.300%, 03/01/21 | 3,878,933 | 0.1 | |||||||||||
200,000 | FedEx Corp., 3.875%, 08/01/42 | 193,551 | 0.0 | |||||||||||
500,000 | General Dynamics Corp., 1.000%, 11/15/17 | 495,342 | 0.0 |
See Accompanying Notes to Financial Statements
104 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
500,000 | General Dynamics Corp., 2.250%, 11/15/22 | 482,817 | 0.0 | |||||||||||
500,000 | General Dynamics Corp., 3.600%, 11/15/42 | 477,867 | 0.0 | |||||||||||
500,000 | General Electric Co., 2.700%, 10/09/22 | 501,074 | 0.0 | |||||||||||
879,000 | General Electric Co., 5.250%, 12/06/17 | 975,557 | 0.0 | |||||||||||
2,600,000 | Honeywell International, Inc., 5.375%, 03/01/41 | 3,264,542 | 0.1 | |||||||||||
500,000 | Illinois Tool Works, Inc., 3.500%, 03/01/24 | 521,439 | 0.0 | |||||||||||
500,000 | Illinois Tool Works, Inc., 3.900%, 09/01/42 | 505,811 | 0.0 | |||||||||||
250,000 | Ingersoll-Rand Luxembourg Finance SA, 2.625%, 05/01/20 | 248,688 | 0.0 | |||||||||||
250,000 | Ingersoll-Rand Luxembourg Finance SA, 4.650%, 11/01/44 | 255,212 | 0.0 | |||||||||||
750,000 | John Deere Capital Corp., 2.800%, 03/04/21 | 760,020 | 0.0 | |||||||||||
500,000 | John Deere Capital Corp., 3.350%, 06/12/24 | 513,497 | 0.0 | |||||||||||
500,000 | Kennametal, Inc., 2.650%, 11/01/19 | 495,265 | 0.0 | |||||||||||
800,000 | L-3 Communications Corp., 4.950%, 02/15/21 | 870,664 | 0.0 | |||||||||||
3,500,000 | Lockheed Martin Corp., 3.350%, 09/15/21 | 3,630,970 | 0.1 | |||||||||||
1,500,000 | Lockheed Martin Corp., 4.070%, 12/15/42 | 1,519,934 | 0.1 | |||||||||||
2,000,000 | Norfolk Southern Corp., 3.950%, 10/01/42 | 1,969,860 | 0.1 | |||||||||||
1,000,000 | Norfolk Southern Corp., 4.800%, 08/15/43 | 1,117,826 | 0.1 | |||||||||||
200,000 | Packaging Corp. of America, 3.650%, 09/15/24 | 197,276 | 0.0 | |||||||||||
250,000 | Parker-Hannifin Corp., 4.200%, 11/21/34 | 265,189 | 0.0 | |||||||||||
3,800,000 | Raytheon Co., 3.125%, 10/15/20 | 3,929,816 | 0.1 | |||||||||||
2,000,000 | Republic Airways Holdings, Inc., 5.250%, 11/15/21 | 2,267,872 | 0.1 | |||||||||||
500,000 | Roper Industries, Inc., 1.850%, 11/15/17 | 500,993 | 0.0 | |||||||||||
1,250,000 | Roper Industries, Inc., 2.050%, 10/01/18 | 1,240,791 | 0.1 | |||||||||||
500,000 | Ryder System, Inc., 2.450%, 09/03/19 | 497,021 | 0.0 | |||||||||||
500,000 | Ryder System, Inc., 2.500%, 03/01/17 | 507,350 | 0.0 | |||||||||||
350,000 | Ryder System, Inc., 2.500%, 03/01/18 | 357,051 | 0.0 | |||||||||||
300,000 | Stanley Black & Decker, Inc., 2.900%, 11/01/22 | 296,289 | 0.0 | |||||||||||
750,000 | Textron, Inc., 3.650%, 03/01/21 | 770,997 | 0.0 |
500,000 | Thermo Fisher Scientific, Inc., 1.850%, 01/15/18 | 496,468 | 0.0 | |||||||||||
250,000 | Thermo Fisher Scientific, Inc., 2.400%, 02/01/19 | 250,614 | 0.0 | |||||||||||
2,500,000 | Thermo Fisher Scientific, Inc., 3.200%, 03/01/16 | 2,560,875 | 0.1 | |||||||||||
250,000 | Thermo Fisher Scientific, Inc., 4.150%, 02/01/24 | 264,146 | 0.0 | |||||||||||
400,000 | Thermo Fisher Scientific, Inc., 3.300%, 02/15/22 | 401,292 | 0.0 | |||||||||||
616,000 | Tyco International Finance S.A., 3.375%, 10/15/15 | 628,324 | 0.0 | |||||||||||
250,000 | Union Pacific Corp., 2.250%, 02/15/19 | 253,431 | 0.0 | |||||||||||
500,000 | Union Pacific Corp., 2.750%, 04/15/23 | 496,915 | 0.0 | |||||||||||
250,000 | Union Pacific Corp., 3.750%, 03/15/24 | 267,876 | 0.0 | |||||||||||
500,000 | Union Pacific Corp., 4.250%, 04/15/43 | 529,450 | 0.0 | |||||||||||
250,000 | Union Pacific Corp., 4.850%, 06/15/44 | 287,149 | 0.0 | |||||||||||
400,000 | United Parcel Service, Inc., 1.125%, 10/01/17 | 398,328 | 0.0 | |||||||||||
500,000 | United Technologies Corp., 1.800%, 06/01/17 | 506,866 | 0.0 | |||||||||||
750,000 | United Technologies Corp., 3.100%, 06/01/22 | 766,509 | 0.0 | |||||||||||
500,000 | United Technologies Corp., 4.500%, 06/01/42 | 546,604 | 0.0 | |||||||||||
406,000 | United Technologies Corp., 6.125%, 07/15/38 | 537,433 | 0.0 | |||||||||||
2,790,000 | Waste Management, Inc., 6.125%, 11/30/39 | 3,624,363 | 0.1 | |||||||||||
66,321,293 | 1.7 | |||||||||||||
Technology: 1.2% | ||||||||||||||
1,500,000 | Apple Inc., 1.000%, 05/03/18 | 1,477,005 | 0.1 | |||||||||||
500,000 | Apple Inc., 4.450%, 05/06/44 | 552,387 | 0.0 | |||||||||||
1,500,000 | Apple, Inc., 0.450%, 05/03/16 | 1,499,181 | 0.1 | |||||||||||
250,000 | Apple, Inc., 1.050%, 05/05/17 | 250,791 | 0.0 | |||||||||||
500,000 | Apple, Inc., 2.100%, 05/06/19 | 505,989 | 0.0 | |||||||||||
1,000,000 | Apple, Inc., 2.400%, 05/03/23 | 973,088 | 0.0 | |||||||||||
500,000 | Apple, Inc., 2.850%, 05/06/21 | 511,923 | 0.0 | |||||||||||
500,000 | Apple, Inc., 3.450%, 05/06/24 | 524,259 | 0.0 | |||||||||||
1,000,000 | Apple, Inc., 3.850%, 05/04/43 | 1,003,304 | 0.1 | |||||||||||
600,000 | Autodesk, Inc., 1.950%, 12/15/17 | 602,339 | 0.0 | |||||||||||
400,000 | Autodesk, Inc., 3.600%, 12/15/22 | 396,207 | 0.0 | |||||||||||
See Accompanying Notes to Financial Statements
105 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
3,500,000 | Broadcom Corp., 2.700%, 11/01/18 | 3,586,915 | 0.1 | |||||||||||
750,000 | EMC Corp./MA, 1.875%, 06/01/18 | 748,130 | 0.0 | |||||||||||
750,000 | EMC Corp./MA, 2.650%, 06/01/20 | 747,324 | 0.0 | |||||||||||
750,000 | Hewlett-Packard Co., 2.125%, 09/13/15 | 756,098 | 0.0 | |||||||||||
1,950,000 | Hewlett-Packard Co., 2.600%, 09/15/17 | 1,988,039 | 0.1 | |||||||||||
2,000,000 | Hewlett-Packard Co., 3.750%, 12/01/20 | 2,070,564 | 0.1 | |||||||||||
1,000,000 | International Business Machines Corp., 1.625%, 05/15/20 | 965,088 | 0.0 | |||||||||||
500,000 | International Business Machines Corp., 1.875%, 05/15/19 | 498,828 | 0.0 | |||||||||||
7,040,000 | International Business Machines Corp., 1.950%, 07/22/16 | 7,176,977 | 0.2 | |||||||||||
1,000,000 | International Business Machines Corp., 3.375%, 08/01/23 | 1,023,660 | 0.1 | |||||||||||
600,000 | Intel Corp., 1.350%, 12/15/17 | 599,082 | 0.0 | |||||||||||
750,000 | Microsoft Corp., 1.000%, 05/01/18 | 741,106 | 0.0 | |||||||||||
1,000,000 | Microsoft Corp., 2.375%, 05/01/23 | 983,332 | 0.0 | |||||||||||
750,000 | Microsoft Corp., 3.625%, 12/15/23 | 804,106 | 0.0 | |||||||||||
250,000 | Microsoft Corp., 4.875%, 12/15/43 | 295,476 | 0.0 | |||||||||||
300,000 | NetApp Inc., 2.000%, 12/15/17 | 301,918 | 0.0 | |||||||||||
250,000 | NetApp, Inc., 3.375%, 06/15/21 | 251,003 | 0.0 | |||||||||||
1,000,000 | Oracle Corp., 1.200%, 10/15/17 | 996,921 | 0.1 | |||||||||||
500,000 | Oracle Corp., 2.250%, 10/08/19 | 503,911 | 0.0 | |||||||||||
500,000 | Oracle Corp., 2.500%, 10/15/22 | 487,902 | 0.0 | |||||||||||
750,000 | Oracle Corp., 2.800%, 07/08/24 | 760,452 | 0.0 | |||||||||||
500,000 | Oracle Corp., 3.400%, 07/08/21 | 511,643 | 0.0 | |||||||||||
600,000 | Oracle Corp., 4.300%, 07/08/34 | 643,672 | 0.0 | |||||||||||
1,500,000 | Oracle Corp., 5.375%, 07/15/40 | 1,806,125 | 0.1 | |||||||||||
4,220,000 | Texas Instruments, Inc., 2.375%, 05/16/16 | 4,319,263 | 0.1 | |||||||||||
250,000 | Xerox Corp., 2.750%, 03/15/19 | 250,871 | 0.0 | |||||||||||
400,000 | Xerox Corp., 2.800%, 05/15/20 | 393,404 | 0.0 | |||||||||||
400,000 | Xerox Corp., 2.950%, 03/15/17 | 411,246 | 0.0 | |||||||||||
400,000 | Xerox Corp., 3.800%, 05/15/24 | 393,060 | 0.0 | |||||||||||
465,000 | Xerox Corp., 6.350%, 05/15/18 | 526,187 | 0.0 | |||||||||||
250,000 | Xilinx, Inc., 2.125%, 03/15/19 | 248,642 | 0.0 |
250,000 | Xilinx, Inc., 3.000%, 03/15/21 | 249,869 | 0.0 | |||||||||||
44,337,287 | 1.2 | |||||||||||||
Utilities: 2.1% | ||||||||||||||
500,000 | Alabama Power Co., 4.150%, 08/15/44 | 527,211 | 0.0 | |||||||||||
300,000 | Ameren Illinois Co., 2.700%, 09/01/22 | 295,926 | 0.0 | |||||||||||
250,000 | Ameren Illinois Co., 4.300%, 07/01/44 | 268,780 | 0.0 | |||||||||||
500,000 | Appalachian Power Co., 4.400%, 05/15/44 | 527,606 | 0.0 | |||||||||||
400,000 | Arizona Public Service Co., 3.350%, 06/15/24 | 413,857 | 0.0 | |||||||||||
500,000 | Atmos Energy Corp., 4.125%, 10/15/44 | 520,540 | 0.0 | |||||||||||
1,000,000 | Baltimore Gas & Electric Co., 3.350%, 07/01/23 | 1,026,891 | 0.1 | |||||||||||
250,000 | CMS Energy Corp., 3.875%, 03/01/24 | 260,087 | 0.0 | |||||||||||
250,000 | CMS Energy Corp., 4.875%, 03/01/44 | 274,604 | 0.0 | |||||||||||
500,000 | Consolidated Edison Co. of New York, Inc., 4.450%, 03/15/44 | 543,011 | 0.0 | |||||||||||
400,000 | Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/54 | 440,170 | 0.0 | |||||||||||
300,000 | Consumers Energy Co., 2.850%, 05/15/22 | 300,413 | 0.0 | |||||||||||
250,000 | Delmarva Power & Light Co., 3.500%, 11/15/23 | 260,695 | 0.0 | |||||||||||
200,000 | Dominion Gas Holdings LLC, 2.500%, 12/15/19 | 200,728 | 0.0 | |||||||||||
200,000 | Dominion Gas Holdings LLC, 3.600%, 12/15/24 | 203,873 | 0.0 | |||||||||||
250,000 | DTE Electric Co., 4.300%, 07/01/44 | 272,495 | 0.0 | |||||||||||
400,000 | DTE Energy Co., 3.500%, 06/01/24 | 407,750 | 0.0 | |||||||||||
400,000 | DTE Energy Co., 3.850%, 12/01/23 | 420,982 | 0.0 | |||||||||||
300,000 | Duke Energy Corp., 1.625%, 08/15/17 | 300,412 | 0.0 | |||||||||||
400,000 | Duke Energy Corp., 2.100%, 06/15/18 | 404,024 | 0.0 | |||||||||||
500,000 | Duke Energy Corp., 3.950%, 10/15/23 | 531,077 | 0.0 | |||||||||||
1,500,000 | Duke Energy Progress, Inc., 4.375%, 03/30/44 | 1,654,042 | 0.1 | |||||||||||
150,000 | Duke Energy Progress, Inc., 4.150%, 12/01/44 | 160,148 | 0.0 | |||||||||||
500,000 | Empresa Nacional de Electricidad SA/Chile, 4.250%, 04/15/24 | 504,671 | 0.0 | |||||||||||
400,000 | Entergy Arkansas, Inc., 3.700%, 06/01/24 | 419,976 | 0.0 | |||||||||||
1,000,000 | Entergy Corp., 4.700%, 01/15/17 | 1,053,660 | 0.1 | |||||||||||
5,260,000 | Exelon Generation Co., LLC, 5.200%, 10/01/19 | 5,818,554 | 0.2 | |||||||||||
500,000 | Florida Power & Light Co., 3.250%, 06/01/24 | 513,105 | 0.0 | |||||||||||
750,000 | Florida Power & Light Co., 3.800%, 12/15/42 | 760,285 | 0.0 |
See Accompanying Notes to Financial Statements |
106 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
2,000,000 | Florida Power & Light Co., 4.050%, 06/01/42 | 2,126,802 | 0.1 | |||||||||||
500,000 | NextEra Energy Capital Holdings, Inc., 1.200%, 06/01/15 | 500,989 | 0.0 | |||||||||||
1,000,000 | Georgia Power Co., 0.750%, 08/10/15 | 1,000,873 | 0.0 | |||||||||||
250,000 | ITC Holdings Corp., 3.650%, 06/15/24 | 254,019 | 0.0 | |||||||||||
500,000 | Jersey Central Power & Light Co., 6.150%, 06/01/37 | 597,366 | 0.0 | |||||||||||
5,005,000 | Kentucky Utilities Co., 5.125%, 11/01/40 | 6,023,983 | 0.2 | |||||||||||
3,765,000 | Midamerican Energy Holdings Co., 6.125%, 04/01/36 | 4,745,376 | 0.1 | |||||||||||
2,000,000 | Mississippi Power Co., 4.250%, 03/15/42 | 2,035,418 | 0.1 | |||||||||||
250,000 | # | Monongahela Power Co., 5.400%, 12/15/43 | 301,374 | 0.0 | ||||||||||
500,000 | Northern States Power Co/MN, 4.125%, 05/15/44 | 531,285 | 0.0 | |||||||||||
500,000 | Northern States Power Co/WI, 3.300%, 06/15/24 | 510,700 | 0.0 | |||||||||||
3,595,000 | Ohio Power Co., 5.375%, 10/01/21 | 4,164,599 | 0.1 | |||||||||||
250,000 | Oklahoma Gas & Electric Co., 4.000%, 12/15/44 | 254,363 | 0.0 | |||||||||||
250,000 | Oklahoma Gas & Electric Co., 4.550%, 03/15/44 | 280,579 | 0.0 | |||||||||||
750,000 | Oncor Electric Delivery Co. LLC, 4.100%, 06/01/22 | 806,767 | 0.0 | |||||||||||
1,000,000 | Pacific Gas & Electric Co., 3.250%, 06/15/23 | 1,003,745 | 0.0 | |||||||||||
3,850,000 | Pacific Gas & Electric Co., 3.500%, 10/01/20 | 4,006,137 | 0.1 | |||||||||||
500,000 | Pacific Gas & Electric Co., 4.750%, 02/15/44 | 552,154 | 0.0 | |||||||||||
500,000 | Pacific Gas & Electric Co., 4.300%, 03/15/45 | 515,418 | 0.0 | |||||||||||
750,000 | PECO Energy Co., 4.150%, 10/01/44 | 800,574 | 0.0 | |||||||||||
250,000 | Piedmont Natural Gas Co., Inc., 4.100%, 09/18/34 | 268,637 | 0.0 | |||||||||||
500,000 | PPL Capital Funding, Inc., 1.900%, 06/01/18 | 499,605 | 0.0 | |||||||||||
2,000,000 | Progress Energy, Inc., 4.400%, 01/15/21 | 2,182,778 | 0.1 | |||||||||||
3,410,000 | Public Service Co. of Colorado, 3.200%, 11/15/20 | 3,552,350 | 0.1 | |||||||||||
1,000,000 | Public Service Electric & Gas Co., 2.375%, 05/15/23 | 963,513 | 0.0 | |||||||||||
750,000 | Public Service Electric & Gas Co., 3.800%, 01/01/43 | 761,615 | 0.0 | |||||||||||
250,000 | Public Service Electric & Gas Co., 4.000%, 06/01/44 | 258,776 | 0.0 | |||||||||||
2,700,000 | SCANA Corp., 4.750%, 05/15/21 | 2,914,137 | 0.1 |
750,000 | Sempra Energy, 3.550%, 06/15/24 | 758,474 | 0.0 | |||||||||||
1,906,146 | Southaven Combined Cycle Generation LLC, 3.846%, 08/15/33 | 2,021,372 | 0.1 | |||||||||||
3,915,000 | Southern California Edison Co., 3.875%, 06/01/21 | 4,257,265 | 0.1 | |||||||||||
500,000 | Southern California Edison Co., 3.900%, 03/15/43 | 508,536 | 0.0 | |||||||||||
500,000 | Southern California Edison Co., 4.650%, 10/01/43 | 568,615 | 0.0 | |||||||||||
5,920,000 | Southern Co., 2.375%, 09/15/15 | 5,986,138 | 0.2 | |||||||||||
250,000 | L | Union Electric Co., 3.500%, 04/15/24 | 261,102 | 0.0 | ||||||||||
300,000 | Union Electric Co., 3.900%, 09/15/42 | 304,038 | 0.0 | |||||||||||
500,000 | Virginia Electric and Power Co., 1.200%, 01/15/18 | 494,167 | 0.0 | |||||||||||
500,000 | Virginia Electric and Power Co., 4.450%, 02/15/44 | 548,459 | 0.0 | |||||||||||
1,533,000 | Virginia Electric and Power Co., 6.000%, 05/15/37 | 2,026,663 | 0.1 | |||||||||||
1,000,000 | Westar Energy, Inc., 4.125%, 03/01/42 | 1,049,392 | 0.1 | |||||||||||
500,000 | Westar Energy, Inc., 4.625%, 09/01/43 | 573,472 | 0.0 | |||||||||||
250,000 | Wisconsin Electric Power Co., 4.250%, 06/01/44 | 270,017 | 0.0 | |||||||||||
500,000 | Wisconsin Power & Light Co., 4.100%, 10/15/44 | 520,150 | 0.0 | |||||||||||
81,847,365 | 2.1 | |||||||||||||
Total Corporate Bonds/Notes | ||||||||||||||
(Cost $942,840,127) | 984,825,029 | 25.4 | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 1.6% | ||||||||||||||
1,000,000 | Banc of America Commercial Mortgage, Inc., 5.414%, 09/10/47 | 1,046,972 | 0.0 | |||||||||||
450,000 | Banc of America Commercial Mortgage, Inc., 5.547%, 06/10/49 | 483,246 | 0.0 | |||||||||||
1,465,304 | Banc of America Commercial Mortgage, Inc., 5.889%, 07/10/44 | 1,543,386 | 0.0 | |||||||||||
1,450,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.369%, 10/10/45 | 1,473,244 | 0.0 | |||||||||||
2,302,536 | Bear Stearns Commercial Mortgage Securities, 5.575%, 04/12/38 | 2,388,965 | 0.1 | |||||||||||
3,000,000 | Citigroup Commercial Mortgage Trust, 4.023%, 03/10/47 | 3,224,268 | 0.1 | |||||||||||
1,994,000 | Citigroup Commercial Mortgage Trust, 5.710%, 12/10/49 | 2,164,478 | 0.1 |
See Accompanying Notes to Financial Statements
107 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
1,076,304 | Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.226%, 07/15/44 | 1,094,113 | 0.0 | |||||||||||
2,000,000 | Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.226%, 07/15/44 | 2,053,547 | 0.1 | |||||||||||
2,000,000 | Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.226%, 07/15/44 | 2,054,020 | 0.1 | |||||||||||
947,432 | Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.886%, 11/15/44 | 1,033,105 | 0.0 | |||||||||||
1,115,000 | Commercial Mortgage Pass Through Certificates, 3.288%, 12/10/44 | 1,155,229 | 0.0 | |||||||||||
1,215,935 | Commercial Mortgage Pass-through Certificates, 5.306%, 12/10/46 | 1,289,004 | 0.0 | |||||||||||
987,277 | Credit Suisse Mortgage Capital Certificates, 5.311%, 12/15/39 | 1,041,232 | 0.0 | |||||||||||
2,000,000 | Credit Suisse Mortgage Capital Certificates, 5.509%, 09/15/39 | 2,117,045 | 0.1 | |||||||||||
1,162,739 | Credit Suisse Mortgage Capital Certificates, 5.898%, 09/15/39 | 1,251,923 | 0.0 | |||||||||||
1,038,728 | CW Capital Cobalt Ltd., 5.766%, 05/15/46 | 1,128,321 | 0.0 | |||||||||||
605,000 | DBUBS Mortgage Trust, 3.642%, 08/10/44 | 624,865 | 0.0 | |||||||||||
820,000 | # | Ford Credit Auto Owner Trust/Ford Credit 2014-2 A, 2.310%, 04/15/26 | 823,129 | 0.0 | ||||||||||
1,500,000 | GE Capital Commercial Mortgage Corp., 5.313%, 11/10/45 | 1,524,244 | 0.0 | |||||||||||
1,750,000 | Greenwich Capital Commercial Funding Corp., 5.224%, 04/10/37 | 1,769,774 | 0.1 | |||||||||||
2,500,000 | Greenwich Capital Commercial Funding Corp., 5.444%, 03/10/39 | 2,669,365 | 0.1 | |||||||||||
2,000,000 | Greenwich Capital Commercial Funding Corp., 5.475%, 03/10/39 | 2,098,725 | 0.1 | |||||||||||
1,690,131 | Greenwich Capital Commercial Funding Corp., 5.819%, 07/10/38 | 1,767,875 | 0.0 | |||||||||||
595,000 | GS Mortgage Securities Corp. II, 2.773%, 11/10/45 | 593,026 | 0.0 | |||||||||||
162,259 | GS Mortgage Securities Corp. II, 5.560%, 11/10/39 | 171,885 | 0.0 | |||||||||||
3,159,908 | GS Mortgage Securities Corp. II, 5.796%, 08/10/45 | 3,424,108 | 0.1 |
1,136,173 | JPMorgan Chase Commercial Mortgage Securities Corp., 5.336%, 05/15/47 | 1,207,742 | 0.0 | |||||||||||
2,210,592 | JPMorgan Chase Commercial Mortgage Securities Corp., 5.440%, 06/12/47 | 2,352,730 | 0.1 | |||||||||||
505,557 | JPMorgan Chase Commercial Mortgage Securities Corp., 5.688%, 02/12/51 | 524,930 | 0.0 | |||||||||||
1,750,000 | JPMorgan Chase Commercial Mortgage Securities Corp., 5.698%, 02/12/49 | 1,879,653 | 0.1 | |||||||||||
1,735,000 | Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.204%, 12/12/49 | 1,850,975 | 0.1 | |||||||||||
410,000 | Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.882%, 08/12/49 | 447,645 | 0.0 | |||||||||||
330,000 | Morgan Stanley Bank of America Merrill Lynch Trust, 1.689%, 12/15/48 | 328,322 | 0.0 | |||||||||||
3,200,000 | Morgan Stanley Bank of America Merrill Lynch Trust, 3.134%, 12/15/48 | 3,252,723 | 0.1 | |||||||||||
1,000,000 | Morgan Stanley Capital I Trust, 5.073%, 08/13/42 | 1,015,184 | 0.0 | |||||||||||
2,907,054 | Morgan Stanley Capital I, 4.989%, 08/13/42 | 2,914,893 | 0.1 | |||||||||||
1,000,000 | Morgan Stanley Capital I, 5.331%, 03/15/44 | 1,004,120 | 0.0 | |||||||||||
310,471 | Wachovia Bank Commercial Mortgage Trust, 5.308%, 11/15/48 | 329,307 | 0.0 | |||||||||||
978,826 | Wachovia Bank Commercial Mortgage Trust, 5.418%, 01/15/45 | 1,004,654 | 0.0 | |||||||||||
2,500,000 | Wells Fargo Commercial Mortgage Trust, 1.844%, 10/15/45 | 2,518,381 | 0.1 | |||||||||||
320,000 | WF-RBS Commercial Mortgage Trust, 3.667%, 11/15/44 | 339,591 | 0.0 | |||||||||||
Total Collateralized Mortgage Obligations | ||||||||||||||
(Cost $58,057,363) | 62,979,944 | 1.6 | ||||||||||||
MUNICIPAL BONDS: 1.0% | ||||||||||||||
California: 0.2% | ||||||||||||||
4,335,000 | State of California, 7.550%, 04/01/39 | 6,682,142 | 0.2 | |||||||||||
Connecticut: 0.1% | ||||||||||||||
3,735,000 | State of Connecticut, 5.850%, 03/15/32 | 4,691,646 | 0.1 |
See Accompanying Notes to Financial Statements
108 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Illinois: 0.1% | ||||||||||||||
4,400,000 | State of Illinois, 4.421%, 01/01/15 | 4,400,453 | 0.1 | |||||||||||
New Jersey: 0.2% | ||||||||||||||
3,425,000 | New Jersey State Turnpike Authority, 7.102%, 01/01/41 | 5,004,199 | 0.1 | |||||||||||
2,335,000 | Port Authority of New York & New Jersey, 4.926%, 10/01/51 | 2,666,710 | 0.1 | |||||||||||
7,670,909 | 0.2 | |||||||||||||
New York: 0.1% | ||||||||||||||
3,495,000 | Metropolitan Transportation Authority, 6.814%, 11/15/40 | 4,869,199 | 0.1 | |||||||||||
Ohio: 0.2% | ||||||||||||||
3,355,000 | American Municipal Power, Inc., 7.834%, 02/15/41 | 5,091,045 | 0.2 | |||||||||||
Washington: 0.1% | ||||||||||||||
3,900,000 | State of Washington, 5.140%, 08/01/40 | 4,758,507 | 0.1 | |||||||||||
Total Municipal Bonds | ||||||||||||||
(Cost $31,516,418) | 38,163,901 | 1.0 | ||||||||||||
ASSET-BACKED SECURITIES: 0.6% | ||||||||||||||
Automobile Asset-Backed Securities: 0.3% | ||||||||||||||
115,591 | Ally Auto Receivables Trust, 0.740%, 04/15/16 | 115,622 | 0.0 | |||||||||||
1,180,000 | AmeriCredit Automobile Receivables Trust 2012-4, 1.930%, 08/08/18 | 1,187,711 | 0.1 | |||||||||||
131,761 | Bank of America Auto Trust, 0.780%, 06/15/16 | 131,782 | 0.0 | |||||||||||
1,200,000 | Capital Auto Receivables Asset Trust / Ally, 1.690%, 10/22/18 | 1,206,062 | 0.1 | |||||||||||
1,000,000 | CarMax Auto Owner Trust, 1.610%, 10/15/19 | 999,024 | 0.0 | |||||||||||
1,000,000 | Harley-Davidson Motorcycle Trust, 0.870%, 07/15/19 | 998,997 | 0.0 | |||||||||||
1,000,000 | Honda Auto Receivables Owner Trust, 0.620%, 03/21/19 | 996,513 | 0.0 | |||||||||||
850,000 | Hyundai Auto Receivables Trust 2013-C, 1.550%, 03/15/19 | 854,074 | 0.0 | |||||||||||
750,000 | Hyundai Auto Receivables Trust 2013-C, 2.100%, 03/15/19 | 756,236 | 0.0 | |||||||||||
1,000,000 | Mercedes-Benz Auto Receivables Trust 2014-1, 1.310%, 11/16/20 | 993,630 | 0.0 |
1,000,000 | Nissan Auto Receivables Owner Trust, 0.750%, 07/15/19 | 997,957 | 0.0 | |||||||||||
1,300,000 | Toyota Auto Receivables 2013-B Owner Trust, 1.460%, 01/15/19 | 1,311,530 | 0.1 | |||||||||||
108,955 | Toyota Auto Receivables Owner Trust, 0.750%, 02/16/16 | 109,013 | 0.0 | |||||||||||
10,658,151 | 0.3 | |||||||||||||
Credit Card Asset-Backed Securities: 0.3% | ||||||||||||||
535,000 | Capital One Multi-Asset Execution Trust, 5.750%, 07/15/20 | 595,565 | 0.0 | |||||||||||
1,000,000 | Capital One Multi-Asset Execution Trust 2014-A5 A, 1.480%, 07/15/20 | 1,000,818 | 0.0 | |||||||||||
1,310,000 | Chase Issuance Trust, 1.300%, 02/18/20 | 1,299,132 | 0.1 | |||||||||||
1,490,000 | Chase Issuance Trust, 5.230%, 04/15/19 | 1,616,289 | 0.1 | |||||||||||
500,000 | Citibank Credit Card Issuance Trust, 2.880%, 01/23/23 | 513,515 | 0.0 | |||||||||||
1,948,000 | Citibank Credit Card Issuance Trust, 5.650%, 09/20/19 | 2,161,942 | 0.1 | |||||||||||
1,000,000 | Discover Card Execution Note Trust, 2.120%, 12/15/21 | 1,003,298 | 0.0 | |||||||||||
1,000,000 | Discover Card Execution Note Trust, 5.650%, 03/16/20 | 1,110,556 | 0.0 | |||||||||||
9,301,115 | 0.3 | |||||||||||||
Other Asset-Backed Securities: 0.0% | ||||||||||||||
251,588 | AEP Texas Central Transition Funding, LLC, 0.880%, 12/01/18 | 251,513 | 0.0 | |||||||||||
500,000 | AEP Texas Central Transition Funding, LLC, 1.976%, 06/01/21 | 499,711 | 0.0 | |||||||||||
338,892 | PSE&G Transition Funding, LLC, 6.890%, 12/15/17 | 350,196 | 0.0 | |||||||||||
1,101,420 | 0.0 | |||||||||||||
Total Asset-Backed Securities | ||||||||||||||
(Cost $21,236,369) | 21,060,686 | 0.6 | ||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 32.5% | ||||||||||||||
Federal Home Loan Bank: 0.2% | ||||||||||||||
8,000,000 | 2.000%, due 04/15/21 | 7,819,176 | 0.2 | |||||||||||
Federal Home Loan Mortgage Corporation: 5.8%## | ||||||||||||||
7,735,000 | 1.000%, due 03/08/17 | 7,761,330 | 0.2 | |||||||||||
21,246,000 | 1.000%, due 09/29/17 | 21,211,390 | 0.6 | |||||||||||
8,405,000 | 2.500%, due 05/27/16 | 8,646,013 | 0.2 | |||||||||||
11,449,189 | 2.543%, due 02/01/42 | 11,969,945 | 0.3 | |||||||||||
37,400,000 | W | 3.500%, due 07/15/41 | 38,890,155 | 1.0 | ||||||||||
709,686 | 3.500%, due 01/01/42 | 739,590 | 0.0 | |||||||||||
3,717,536 | 3.500%, due 01/01/42 | 3,871,882 | 0.1 | |||||||||||
4,515,000 | 3.750%, due 03/27/19 | 4,915,855 | 0.1 |
See Accompanying Notes to Financial Statements
109 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
2,883,339 | 4.000%, due 01/01/25 | 3,071,312 | 0.1 | |||||||||||
419,351 | 4.000%, due 08/01/40 | 447,679 | 0.0 | |||||||||||
5,364,000 | W | 4.000%, due 10/15/40 | 5,703,755 | 0.2 | ||||||||||
3,689,064 | 4.000%, due 04/01/41 | 3,938,272 | 0.1 | |||||||||||
2,611,883 | 4.000%, due 05/01/41 | 2,788,324 | 0.1 | |||||||||||
141,201 | 4.000%, due 08/01/41 | 150,740 | 0.0 | |||||||||||
484,640 | 4.000%, due 12/01/41 | 517,379 | 0.0 | |||||||||||
2,459,394 | 4.000%, due 01/01/42 | 2,625,534 | 0.1 | |||||||||||
6,103,090 | 4.000%, due 03/01/42 | 6,515,373 | 0.2 | |||||||||||
5,175,352 | 4.000%, due 03/01/42 | 5,524,963 | 0.2 | |||||||||||
2,384,930 | 4.000%, due 02/01/44 | 2,574,620 | 0.1 | |||||||||||
1,965,897 | 4.000%, due 03/01/44 | 2,121,616 | 0.1 | |||||||||||
1,207,793 | 4.000%, due 03/01/44 | 1,301,021 | 0.0 | |||||||||||
1,813,784 | 4.000%, due 09/01/44 | 1,936,311 | 0.1 | |||||||||||
20,749 | 4.500%, due 04/01/23 | 22,309 | 0.0 | |||||||||||
254,486 | 4.500%, due 03/01/39 | 275,784 | 0.0 | |||||||||||
690,703 | 4.500%, due 08/01/39 | 748,984 | 0.0 | |||||||||||
1,473,450 | 4.500%, due 09/01/39 | 1,597,750 | 0.1 | |||||||||||
908,953 | 4.500%, due 09/01/39 | 985,623 | 0.0 | |||||||||||
1,022,984 | 4.500%, due 09/01/39 | 1,109,528 | 0.0 | |||||||||||
1,765,260 | 4.500%, due 10/01/39 | 1,912,809 | 0.1 | |||||||||||
2,426,257 | 4.500%, due 12/01/39 | 2,631,609 | 0.1 | |||||||||||
436,758 | 4.500%, due 03/01/40 | 473,961 | 0.0 | |||||||||||
1,459,923 | 4.500%, due 04/01/40 | 1,584,247 | 0.1 | |||||||||||
278,431 | 4.500%, due 06/01/40 | 302,164 | 0.0 | |||||||||||
2,144,018 | 4.500%, due 07/01/40 | 2,326,593 | 0.1 | |||||||||||
1,635,201 | 4.500%, due 07/01/40 | 1,774,839 | 0.1 | |||||||||||
1,551,110 | 4.500%, due 08/01/40 | 1,683,552 | 0.1 | |||||||||||
449,592 | 4.500%, due 08/01/40 | 487,895 | 0.0 | |||||||||||
516,702 | 4.500%, due 03/01/41 | 560,780 | 0.0 | |||||||||||
1,932,880 | 4.500%, due 03/01/41 | 2,097,881 | 0.1 | |||||||||||
656,257 | 4.500%, due 04/01/41 | 712,375 | 0.0 | |||||||||||
1,695,903 | 4.500%, due 06/01/41 | 1,840,719 | 0.1 | |||||||||||
1,574,986 | 4.500%, due 07/01/41 | 1,709,933 | 0.1 | |||||||||||
831,937 | 4.500%, due 08/01/41 | 905,159 | 0.0 | |||||||||||
7,341,073 | 4.500%, due 08/01/41 | 7,971,584 | 0.2 | |||||||||||
49,288 | 5.000%, due 03/01/34 | 54,664 | 0.0 | |||||||||||
355,448 | 5.000%, due 12/01/34 | 393,792 | 0.0 | |||||||||||
275,093 | 5.000%, due 08/01/35 | 304,253 | 0.0 | |||||||||||
1,293,848 | 5.000%, due 08/01/35 | 1,432,329 | 0.1 | |||||||||||
805,667 | 5.000%, due 10/01/35 | 888,938 | 0.0 | |||||||||||
393,435 | 5.000%, due 10/01/35 | 435,066 | 0.0 | |||||||||||
426,095 | 5.000%, due 10/01/35 | 470,272 | 0.0 | |||||||||||
949,958 | 5.000%, due 12/01/35 | 1,050,262 | 0.0 | |||||||||||
122,796 | 5.000%, due 04/01/36 | 135,479 | 0.0 | |||||||||||
417,721 | 5.000%, due 11/01/36 | 462,103 | 0.0 | |||||||||||
296,291 | 5.000%, due 02/01/37 | 326,792 | 0.0 | |||||||||||
244,299 | 5.000%, due 05/01/37 | 269,360 | 0.0 | |||||||||||
3,431,606 | 5.000%, due 10/01/37 | 3,794,214 | 0.1 | |||||||||||
628,829 | 5.000%, due 03/01/38 | 694,830 | 0.0 | |||||||||||
900,782 | 5.000%, due 03/01/38 | 993,705 | 0.0 | |||||||||||
2,094,825 | 5.000%, due 03/01/38 | 2,309,653 | 0.1 | |||||||||||
613,549 | 5.000%, due 04/01/38 | 676,414 | 0.0 | |||||||||||
64,546 | 5.000%, due 10/01/38 | 71,159 | 0.0 | |||||||||||
235,441 | 5.000%, due 06/01/40 | 260,749 | 0.0 | |||||||||||
493,802 | 5.000%, due 08/01/40 | 547,019 | 0.0 | |||||||||||
1,507,021 | 5.000%, due 04/01/41 | 1,668,938 | 0.1 | |||||||||||
110,121 | 5.200%, due 08/01/37 | 121,970 | 0.0 | |||||||||||
190,000 | 5.400%, due 03/17/21 | 200,419 | 0.0 | |||||||||||
201,988 | 5.490%, due 02/01/37 | 225,309 | 0.0 | |||||||||||
1,161,848 | 5.500%, due 12/01/24 | 1,261,570 | 0.0 | |||||||||||
276,387 | 5.500%, due 09/01/34 | 312,151 | 0.0 | |||||||||||
271,323 | 5.500%, due 01/01/35 | 304,166 | 0.0 | |||||||||||
152,221 | 5.500%, due 09/01/35 | 171,497 | 0.0 | |||||||||||
2,838,774 | 5.500%, due 09/01/35 | 3,191,333 | 0.1 | |||||||||||
1,760,779 | 5.500%, due 10/01/35 | 1,977,289 | 0.1 | |||||||||||
1,178,147 | 5.500%, due 03/01/36 | 1,322,090 | 0.0 | |||||||||||
233,757 | 5.500%, due 03/01/36 | 261,628 | 0.0 | |||||||||||
175,209 | 5.500%, due 05/01/36 | 195,664 | 0.0 | |||||||||||
817,315 | 5.500%, due 06/01/36 | 922,325 | 0.0 |
412,908 | 5.500%, due 07/01/36 | 462,923 | 0.0 | |||||||||||
63,870 | 5.500%, due 07/01/36 | 71,483 | 0.0 | |||||||||||
14,517 | 5.500%, due 07/01/36 | 16,390 | 0.0 | |||||||||||
110,576 | 5.500%, due 10/01/36 | 123,813 | 0.0 | |||||||||||
409,730 | 5.500%, due 11/01/36 | 458,499 | 0.0 | |||||||||||
269,109 | 5.500%, due 12/01/36 | 300,482 | 0.0 | |||||||||||
158,464 | 5.500%, due 12/01/36 | 177,364 | 0.0 | |||||||||||
116,830 | 5.500%, due 12/01/36 | 130,445 | 0.0 | |||||||||||
319,058 | 5.500%, due 02/01/37 | 357,072 | 0.0 | |||||||||||
39,545 | 5.500%, due 02/01/37 | 44,121 | 0.0 | |||||||||||
96,343 | 5.500%, due 05/01/37 | 107,780 | 0.0 | |||||||||||
15,238 | 5.500%, due 06/01/37 | 17,029 | 0.0 | |||||||||||
217,503 | 5.500%, due 12/01/37 | 242,699 | 0.0 | |||||||||||
84,412 | 5.500%, due 03/01/38 | 94,486 | 0.0 | |||||||||||
18,861 | 5.500%, due 06/01/38 | 21,087 | 0.0 | |||||||||||
43,402 | 5.500%, due 06/01/38 | 48,575 | 0.0 | |||||||||||
26,895 | 5.500%, due 08/01/38 | 30,069 | 0.0 | |||||||||||
5,003 | 5.500%, due 10/01/38 | 5,603 | 0.0 | |||||||||||
2,715,949 | 5.500%, due 11/01/38 | 3,060,885 | 0.1 | |||||||||||
64,875 | 5.500%, due 12/01/38 | 72,557 | 0.0 | |||||||||||
50,870 | 5.500%, due 12/01/38 | 56,743 | 0.0 | |||||||||||
47,808 | 5.500%, due 12/01/38 | 53,504 | 0.0 | |||||||||||
453,504 | 5.500%, due 01/01/39 | 507,380 | 0.0 | |||||||||||
72,816 | 5.500%, due 01/01/39 | 81,485 | 0.0 | |||||||||||
251,355 | 5.500%, due 01/01/40 | 281,153 | 0.0 | |||||||||||
330,661 | 5.500%, due 01/01/40 | 370,187 | 0.0 | |||||||||||
228,173 | 5.500%, due 03/01/40 | 255,197 | 0.0 | |||||||||||
197,627 | 5.500%, due 01/01/41 | 220,931 | 0.0 | |||||||||||
168,391 | 5.750%, due 05/01/37 | 189,107 | 0.0 | |||||||||||
127,845 | 5.750%, due 06/01/37 | 143,547 | 0.0 | |||||||||||
312,981 | 5.800%, due 07/01/37 | 351,926 | 0.0 | |||||||||||
380,173 | 5.800%, due 08/01/37 | 427,559 | 0.0 | |||||||||||
95,285 | 5.800%, due 09/01/37 | 107,196 | 0.0 | |||||||||||
279,461 | 5.800%, due 09/01/37 | 314,398 | 0.0 | |||||||||||
15,940 | 6.000%, due 04/01/28 | 18,227 | 0.0 | |||||||||||
144,850 | 6.000%, due 07/01/28 | 163,922 | 0.0 | |||||||||||
1,191 | 6.000%, due 04/01/36 | 1,360 | 0.0 | |||||||||||
9,796 | 6.000%, due 04/01/36 | 11,174 | 0.0 | |||||||||||
37,519 | 6.000%, due 04/01/36 | 42,883 | 0.0 | |||||||||||
121,108 | 6.000%, due 06/01/36 | 138,257 | 0.0 | |||||||||||
40,836 | 6.000%, due 07/01/36 | 46,582 | 0.0 | |||||||||||
12,669 | 6.000%, due 08/01/36 | 14,417 | 0.0 | |||||||||||
40,569 | 6.000%, due 08/01/36 | 46,227 | 0.0 | |||||||||||
316,485 | 6.000%, due 08/01/36 | 359,975 | 0.0 | |||||||||||
210,161 | 6.000%, due 01/01/37 | 238,641 | 0.0 | |||||||||||
158,896 | 6.000%, due 02/01/37 | 180,150 | 0.0 | |||||||||||
11,269 | 6.000%, due 04/01/37 | 12,744 | 0.0 | |||||||||||
4,658 | 6.000%, due 06/01/37 | 5,263 | 0.0 | |||||||||||
81,779 | 6.000%, due 06/01/37 | 92,371 | 0.0 | |||||||||||
30,330 | 6.000%, due 07/01/37 | 34,278 | 0.0 | |||||||||||
1,281 | 6.000%, due 07/01/37 | 1,450 | 0.0 | |||||||||||
114,227 | 6.000%, due 08/01/37 | 129,202 | 0.0 | |||||||||||
78,791 | 6.000%, due 08/01/37 | 89,200 | 0.0 | |||||||||||
7,982 | 6.000%, due 08/01/37 | 9,017 | 0.0 | |||||||||||
25,180 | 6.000%, due 08/01/37 | 28,466 | 0.0 | |||||||||||
376,642 | 6.000%, due 08/01/37 | 426,248 | 0.0 | |||||||||||
340,246 | 6.000%, due 08/01/37 | 384,637 | 0.0 | |||||||||||
34,656 | 6.000%, due 08/01/37 | 39,197 | 0.0 | |||||||||||
15,808 | 6.000%, due 08/01/37 | 17,897 | 0.0 | |||||||||||
27,190 | 6.000%, due 09/01/37 | 30,751 | 0.0 | |||||||||||
68,483 | 6.000%, due 09/01/37 | 77,587 | 0.0 | |||||||||||
8,502 | 6.000%, due 09/01/37 | 9,606 | 0.0 | |||||||||||
20,108 | 6.000%, due 10/01/37 | 22,814 | 0.0 | |||||||||||
32,698 | 6.000%, due 10/01/37 | 36,953 | 0.0 | |||||||||||
45,630 | 6.000%, due 10/01/37 | 51,669 | 0.0 | |||||||||||
67,236 | 6.000%, due 10/01/37 | 76,092 | 0.0 | |||||||||||
82,046 | 6.000%, due 11/01/37 | 92,717 | 0.0 | |||||||||||
11,762 | 6.000%, due 11/01/37 | 13,285 | 0.0 | |||||||||||
13,763 | 6.000%, due 11/01/37 | 15,558 | 0.0 | |||||||||||
243,246 | 6.000%, due 12/01/37 | 275,031 | 0.0 |
See Accompanying Notes to Financial Statements |
110 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
8,806 | 6.000%, due 12/01/37 | 9,966 | 0.0 | |||||||||||
134,937 | 6.000%, due 12/01/37 | 152,499 | 0.0 | |||||||||||
140,778 | 6.000%, due 01/01/38 | 159,109 | 0.0 | |||||||||||
7,254 | 6.000%, due 01/01/38 | 8,201 | 0.0 | |||||||||||
79,874 | 6.000%, due 01/01/38 | 90,401 | 0.0 | |||||||||||
10,894 | 6.000%, due 02/01/38 | 12,318 | 0.0 | |||||||||||
127,980 | 6.000%, due 02/01/38 | 144,616 | 0.0 | |||||||||||
108,992 | 6.000%, due 05/01/38 | 123,280 | 0.0 | |||||||||||
6,705 | 6.000%, due 06/01/38 | 7,583 | 0.0 | |||||||||||
169,844 | 6.000%, due 07/01/38 | 192,086 | 0.0 | |||||||||||
203,267 | 6.000%, due 07/01/38 | 229,773 | 0.0 | |||||||||||
99,853 | 6.000%, due 08/01/38 | 112,923 | 0.0 | |||||||||||
901,114 | 6.000%, due 09/01/38 | 1,018,774 | 0.0 | |||||||||||
37,420 | 6.000%, due 09/01/38 | 42,348 | 0.0 | |||||||||||
92,187 | 6.000%, due 09/01/38 | 104,126 | 0.0 | |||||||||||
4,168 | 6.000%, due 09/01/38 | 4,715 | 0.0 | |||||||||||
43,343 | 6.000%, due 11/01/38 | 49,066 | 0.0 | |||||||||||
427,266 | 6.000%, due 01/01/39 | 482,998 | 0.0 | |||||||||||
680,477 | 6.000%, due 04/01/39 | 769,545 | 0.0 | |||||||||||
152,869 | 6.000%, due 08/01/39 | 172,946 | 0.0 | |||||||||||
228,195 | 6.000%, due 10/01/39 | 258,238 | 0.0 | |||||||||||
57,122 | 6.000%, due 11/01/39 | 64,585 | 0.0 | |||||||||||
429,307 | 6.000%, due 11/01/39 | 485,973 | 0.0 | |||||||||||
89,361 | 6.000%, due 11/01/39 | 101,089 | 0.0 | |||||||||||
8,637 | 6.000%, due 12/01/39 | 9,764 | 0.0 | |||||||||||
315,038 | 6.000%, due 05/01/40 | 356,458 | 0.0 | |||||||||||
101,506 | 6.150%, due 12/01/37 | 115,934 | 0.0 | |||||||||||
66,886 | 6.150%, due 12/01/37 | 76,328 | 0.0 | |||||||||||
372,718 | 6.150%, due 01/01/38 | 422,485 | 0.0 | |||||||||||
180,096 | 6.150%, due 02/01/38 | 203,958 | 0.0 | |||||||||||
209,812 | 6.150%, due 02/01/38 | 237,696 | 0.0 | |||||||||||
840,000 | 6.250%, due 07/15/32 | 1,229,976 | 0.0 | |||||||||||
34,385 | 6.500%, due 06/01/36 | 39,099 | 0.0 | |||||||||||
5,155 | 6.500%, due 08/01/36 | 5,938 | 0.0 | |||||||||||
131,810 | 6.500%, due 10/01/36 | 149,876 | 0.0 | |||||||||||
9,988 | 6.500%, due 10/01/36 | 11,396 | 0.0 | |||||||||||
70,386 | 6.500%, due 07/01/37 | 80,028 | 0.0 | |||||||||||
1,474 | 6.500%, due 08/01/37 | 1,676 | 0.0 | |||||||||||
47,244 | 6.500%, due 09/01/37 | 54,558 | 0.0 | |||||||||||
31,152 | 6.500%, due 09/01/37 | 35,420 | 0.0 | |||||||||||
16,355 | 6.500%, due 10/01/37 | 18,595 | 0.0 | |||||||||||
62,934 | 6.500%, due 11/01/37 | 71,663 | 0.0 | |||||||||||
83,240 | 6.500%, due 01/01/38 | 94,655 | 0.0 | |||||||||||
37,983 | 6.500%, due 02/01/38 | 43,192 | 0.0 | |||||||||||
97,807 | 6.500%, due 02/01/38 | 111,221 | 0.0 | |||||||||||
23,444 | 6.500%, due 04/01/38 | 27,512 | 0.0 | |||||||||||
73,775 | 6.500%, due 04/01/38 | 83,879 | 0.0 | |||||||||||
1,603 | 6.500%, due 05/01/38 | 1,822 | 0.0 | |||||||||||
12,362 | 6.500%, due 05/01/38 | 14,205 | 0.0 | |||||||||||
7,046 | 6.500%, due 07/01/38 | 8,013 | 0.0 | |||||||||||
6,023 | 6.500%, due 08/01/38 | 6,848 | 0.0 | |||||||||||
9,019 | 6.500%, due 09/01/38 | 10,256 | 0.0 | |||||||||||
15,636 | 6.500%, due 10/01/38 | 17,775 | 0.0 | |||||||||||
952 | 6.500%, due 10/01/38 | 1,083 | 0.0 | |||||||||||
37,496 | 6.500%, due 11/01/38 | 42,633 | 0.0 | |||||||||||
24,143 | 6.500%, due 12/01/38 | 27,446 | 0.0 | |||||||||||
7,639 | 6.500%, due 12/01/38 | 8,684 | 0.0 | |||||||||||
15,954 | 6.500%, due 12/01/38 | 18,142 | 0.0 | |||||||||||
159,271 | 6.500%, due 12/01/38 | 181,017 | 0.0 | |||||||||||
841,897 | 6.500%, due 12/01/38 | 1,015,357 | 0.0 | |||||||||||
9,307 | 6.500%, due 01/01/39 | 11,221 | 0.0 | |||||||||||
2,540,000 | 6.750%, due 03/15/31 | 3,825,095 | 0.1 | |||||||||||
224,552,124 | 5.8 | |||||||||||||
Federal National Mortgage Association: 17.8%## | ||||||||||||||
6,025,000 | 1.375%, due 11/15/16 | 6,108,585 | 0.2 | |||||||||||
20,400,000 | 2.230%, due 12/06/22 | 19,795,528 | 0.5 | |||||||||||
5,000,000 | 2.250%, due 03/15/16 | 5,109,135 | 0.1 | |||||||||||
8,750,000 | 2.375%, due 04/11/16 | 8,968,067 | 0.2 | |||||||||||
9,386,213 | 2.500%, due 09/01/27 | 9,585,384 | 0.3 |
46,046,000 | W | 2.500%, due 12/25/27 | 46,794,251 | 1.2 | ||||||||||
2,965,860 | 3.000%, due 12/01/26 | 3,091,607 | 0.1 | |||||||||||
2,354,732 | 3.000%, due 01/01/27 | 2,454,566 | 0.1 | |||||||||||
2,150,700 | 3.000%, due 01/01/27 | 2,238,724 | 0.1 | |||||||||||
101,346,000 | W | 3.000%, due 11/25/42 | 102,270,389 | 2.7 | ||||||||||
50,739,927 | 3.000%, due 05/01/43 | 51,418,979 | 1.3 | |||||||||||
16,645,723 | 3.000%, due 07/01/43 | 16,866,452 | 0.5 | |||||||||||
3,800,000 | W | 3.500%, due 01/25/26 | 4,014,640 | 0.1 | ||||||||||
635,325 | 3.500%, due 08/01/26 | 672,295 | 0.0 | |||||||||||
734,094 | 3.500%, due 08/01/26 | 776,969 | 0.0 | |||||||||||
74,265 | 3.500%, due 09/01/26 | 78,604 | 0.0 | |||||||||||
480,534 | 3.500%, due 10/01/26 | 508,209 | 0.0 | |||||||||||
1,329,551 | 3.500%, due 10/01/26 | 1,407,523 | 0.1 | |||||||||||
2,559,578 | 3.500%, due 11/01/26 | 2,709,036 | 0.1 | |||||||||||
2,624,809 | 3.500%, due 12/01/26 | 2,777,884 | 0.1 | |||||||||||
2,767,056 | 3.500%, due 12/01/26 | 2,928,310 | 0.1 | |||||||||||
3,005,967 | 3.500%, due 01/01/27 | 3,179,090 | 0.1 | |||||||||||
2,548,268 | 3.500%, due 03/01/41 | 2,661,794 | 0.1 | |||||||||||
38,386,000 | W | 3.500%, due 07/25/41 | 39,913,955 | 1.0 | ||||||||||
3,146,456 | 3.500%, due 12/01/41 | 3,287,593 | 0.1 | |||||||||||
5,354,322 | 3.500%, due 01/01/42 | 5,594,501 | 0.2 | |||||||||||
24,368,668 | 3.500%, due 11/01/42 | 25,438,606 | 0.7 | |||||||||||
56,200 | 4.000%, due 11/01/20 | 59,574 | 0.0 | |||||||||||
65,376 | 4.000%, due 07/01/22 | 69,287 | 0.0 | |||||||||||
25,145 | 4.000%, due 04/01/23 | 26,703 | 0.0 | |||||||||||
14,672 | 4.000%, due 05/01/23 | 15,573 | 0.0 | |||||||||||
30,743 | 4.000%, due 07/01/23 | 32,618 | 0.0 | |||||||||||
115,913 | 4.000%, due 03/01/24 | 123,111 | 0.0 | |||||||||||
91,479 | 4.000%, due 03/01/24 | 97,183 | 0.0 | |||||||||||
76,102 | 4.000%, due 04/01/24 | 80,775 | 0.0 | |||||||||||
2,330 | 4.000%, due 04/01/24 | 2,473 | 0.0 | |||||||||||
509,726 | 4.000%, due 07/01/24 | 542,045 | 0.0 | |||||||||||
167,855 | 4.000%, due 07/01/24 | 178,904 | 0.0 | |||||||||||
8,232 | 4.000%, due 08/01/24 | 8,771 | 0.0 | |||||||||||
156,993 | 4.000%, due 01/01/25 | 167,299 | 0.0 | |||||||||||
134,661 | 4.000%, due 02/01/25 | 143,559 | 0.0 | |||||||||||
686,397 | 4.000%, due 02/01/25 | 731,953 | 0.0 | |||||||||||
536,841 | 4.000%, due 06/01/25 | 571,893 | 0.0 | |||||||||||
12,921 | 4.000%, due 07/01/25 | 13,810 | 0.0 | |||||||||||
73,304 | 4.000%, due 09/01/25 | 78,362 | 0.0 | |||||||||||
67,164 | 4.000%, due 09/01/25 | 71,481 | 0.0 | |||||||||||
950,892 | 4.000%, due 12/01/25 | 1,013,017 | 0.0 | |||||||||||
866,062 | 4.000%, due 02/01/26 | 927,964 | 0.0 | |||||||||||
152,756 | 4.000%, due 03/01/26 | 163,683 | 0.0 | |||||||||||
257,601 | 4.000%, due 04/01/26 | 276,038 | 0.0 | |||||||||||
541,064 | 4.000%, due 04/01/26 | 579,612 | 0.0 | |||||||||||
1,818,361 | 4.000%, due 04/01/26 | 1,948,320 | 0.1 | |||||||||||
929,975 | 4.000%, due 05/01/26 | 996,343 | 0.0 | |||||||||||
383,793 | 4.000%, due 09/01/26 | 407,966 | 0.0 | |||||||||||
63,284,000 | W | 4.000%, due 08/25/40 | 67,545,040 | 1.8 | ||||||||||
1,632,138 | 4.000%, due 10/01/40 | 1,751,286 | 0.1 | |||||||||||
475,330 | 4.000%, due 10/01/40 | 508,147 | 0.0 | |||||||||||
3,198,810 | 4.000%, due 12/01/40 | 3,433,089 | 0.1 | |||||||||||
2,901,799 | 4.000%, due 12/01/40 | 3,101,754 | 0.1 | |||||||||||
6,441,782 | 4.000%, due 02/01/41 | 6,885,154 | 0.2 | |||||||||||
1,210,171 | 4.000%, due 03/01/41 | 1,293,464 | 0.0 | |||||||||||
1,052,645 | 4.000%, due 04/01/41 | 1,125,096 | 0.0 | |||||||||||
1,428,350 | 4.000%, due 08/01/41 | 1,532,673 | 0.1 | |||||||||||
885,660 | 4.000%, due 09/01/41 | 946,618 | 0.0 | |||||||||||
7,533,760 | 4.000%, due 11/01/41 | 8,052,290 | 0.2 | |||||||||||
1,581,423 | 4.000%, due 12/01/41 | 1,690,269 | 0.1 | |||||||||||
2,653,379 | 4.000%, due 01/01/42 | 2,836,004 | 0.1 | |||||||||||
1,732,589 | 4.000%, due 07/01/42 | 1,851,839 | 0.1 | |||||||||||
1,349,939 | 4.000%, due 07/01/42 | 1,442,852 | 0.1 | |||||||||||
3,341,807 | 4.000%, due 07/01/43 | 3,606,731 | 0.1 | |||||||||||
1,635,081 | 4.000%, due 02/01/44 | 1,763,268 | 0.1 | |||||||||||
3,922,626 | 4.000%, due 02/01/44 | 4,230,295 | 0.1 | |||||||||||
1,436,298 | 4.000%, due 03/01/44 | 1,550,199 | 0.1 | |||||||||||
15,375,315 | 4.000%, due 08/01/44 | 16,433,562 | 0.4 | |||||||||||
39,847 | 4.500%, due 05/01/19 | 41,987 | 0.0 |
See Accompanying Notes to Financial Statements |
111 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
13,759 | 4.500%, due 05/01/19 | 14,469 | 0.0 | |||||||||||
34,476 | 4.500%, due 01/01/20 | 36,463 | 0.0 | |||||||||||
29,071 | 4.500%, due 08/01/20 | 30,757 | 0.0 | |||||||||||
4,040 | 4.500%, due 06/01/22 | 4,248 | 0.0 | |||||||||||
3,038 | 4.500%, due 07/01/22 | 3,192 | 0.0 | |||||||||||
51,421 | 4.500%, due 11/01/22 | 54,738 | 0.0 | |||||||||||
11,901 | 4.500%, due 02/01/23 | 12,514 | 0.0 | |||||||||||
82,041 | 4.500%, due 02/01/23 | 86,233 | 0.0 | |||||||||||
406,393 | 4.500%, due 03/01/23 | 437,313 | 0.0 | |||||||||||
7,197 | 4.500%, due 03/01/23 | 7,665 | 0.0 | |||||||||||
1,869 | 4.500%, due 03/01/23 | 2,011 | 0.0 | |||||||||||
3,881 | 4.500%, due 04/01/23 | 4,169 | 0.0 | |||||||||||
230,942 | 4.500%, due 04/01/23 | 248,328 | 0.0 | |||||||||||
75,095 | 4.500%, due 04/01/23 | 80,744 | 0.0 | |||||||||||
207,803 | 4.500%, due 04/01/23 | 223,454 | 0.0 | |||||||||||
53,368 | 4.500%, due 04/01/23 | 57,426 | 0.0 | |||||||||||
2,815 | 4.500%, due 05/01/23 | 3,028 | 0.0 | |||||||||||
5,947 | 4.500%, due 05/01/23 | 6,394 | 0.0 | |||||||||||
293,276 | 4.500%, due 05/01/23 | 315,387 | 0.0 | |||||||||||
4,609 | 4.500%, due 05/01/23 | 4,955 | 0.0 | |||||||||||
5,819 | 4.500%, due 07/01/23 | 6,118 | 0.0 | |||||||||||
29,796 | 4.500%, due 01/01/24 | 31,785 | 0.0 | |||||||||||
0 | 4.500%, due 05/01/24 | 0 | – | |||||||||||
949,565 | 4.500%, due 07/01/24 | 1,027,300 | 0.0 | |||||||||||
1,253,605 | 4.500%, due 08/01/24 | 1,355,575 | 0.1 | |||||||||||
43,693 | 4.500%, due 09/01/24 | 47,235 | 0.0 | |||||||||||
43,863 | 4.500%, due 09/01/24 | 47,160 | 0.0 | |||||||||||
187,966 | 4.500%, due 09/01/24 | 203,189 | 0.0 | |||||||||||
636,273 | 4.500%, due 09/01/24 | 686,910 | 0.0 | |||||||||||
170,341 | 4.500%, due 10/01/24 | 181,913 | 0.0 | |||||||||||
94,326 | 4.500%, due 10/01/24 | 100,470 | 0.0 | |||||||||||
433,902 | 4.500%, due 10/01/24 | 469,060 | 0.0 | |||||||||||
209,453 | 4.500%, due 11/01/24 | 226,318 | 0.0 | |||||||||||
10,002 | 4.500%, due 11/01/24 | 10,523 | 0.0 | |||||||||||
56,102 | 4.500%, due 11/01/24 | 59,104 | 0.0 | |||||||||||
285,274 | 4.500%, due 11/01/24 | 303,810 | 0.0 | |||||||||||
40,855 | 4.500%, due 11/01/24 | 44,173 | 0.0 | |||||||||||
20,688 | 4.500%, due 11/01/24 | 22,164 | 0.0 | |||||||||||
227,350 | 4.500%, due 12/01/24 | 245,810 | 0.0 | |||||||||||
552,250 | 4.500%, due 12/01/24 | 597,072 | 0.0 | |||||||||||
456,886 | 4.500%, due 01/01/25 | 494,050 | 0.0 | |||||||||||
301,288 | 4.500%, due 01/01/25 | 325,662 | 0.0 | |||||||||||
6,244 | 4.500%, due 01/01/25 | 6,750 | 0.0 | |||||||||||
951,701 | 4.500%, due 05/01/25 | 1,027,328 | 0.0 | |||||||||||
71,831 | 4.500%, due 08/01/25 | 77,451 | 0.0 | |||||||||||
1,142,002 | 4.500%, due 01/01/26 | 1,234,287 | 0.0 | |||||||||||
537,677 | 4.500%, due 04/01/26 | 581,360 | 0.0 | |||||||||||
11,119 | 4.500%, due 06/01/34 | 12,136 | 0.0 | |||||||||||
52,493 | 4.500%, due 05/01/35 | 57,478 | 0.0 | |||||||||||
4,719 | 4.500%, due 03/01/38 | 5,123 | 0.0 | |||||||||||
14,376 | 4.500%, due 05/01/38 | 15,606 | 0.0 | |||||||||||
2,851 | 4.500%, due 05/01/38 | 3,095 | 0.0 | |||||||||||
38,047 | 4.500%, due 06/01/38 | 41,517 | 0.0 | |||||||||||
10,180 | 4.500%, due 07/01/38 | 11,051 | 0.0 | |||||||||||
26,911 | 4.500%, due 07/01/38 | 29,212 | 0.0 | |||||||||||
39,962 | 4.500%, due 09/01/38 | 43,379 | 0.0 | |||||||||||
1,334,456 | 4.500%, due 03/01/39 | 1,450,620 | 0.1 | |||||||||||
61,123 | 4.500%, due 04/01/39 | 66,422 | 0.0 | |||||||||||
83,890 | 4.500%, due 04/01/39 | 91,154 | 0.0 | |||||||||||
3,050,281 | 4.500%, due 06/01/39 | 3,318,109 | 0.1 | |||||||||||
2,702,515 | 4.500%, due 07/01/39 | 2,937,268 | 0.1 | |||||||||||
1,446,030 | 4.500%, due 07/01/39 | 1,573,049 | 0.1 | |||||||||||
2,055,886 | 4.500%, due 07/01/39 | 2,236,107 | 0.1 | |||||||||||
4,186,607 | 4.500%, due 09/01/39 | 4,549,790 | 0.1 | |||||||||||
2,794,790 | 4.500%, due 10/01/39 | 3,038,752 | 0.1 | |||||||||||
1,376,284 | 4.500%, due 12/01/39 | 1,496,392 | 0.1 | |||||||||||
1,149,793 | 4.500%, due 12/01/39 | 1,249,564 | 0.0 | |||||||||||
955,197 | 4.500%, due 12/01/39 | 1,038,598 | 0.0 | |||||||||||
611,140 | 4.500%, due 03/01/40 | 664,256 | 0.0 | |||||||||||
1,590,976 | 4.500%, due 09/01/40 | 1,729,226 | 0.1 |
693,625 | 4.500%, due 10/01/40 | 753,915 | 0.0 | |||||||||||
706,281 | 4.500%, due 10/01/40 | 767,647 | 0.0 | |||||||||||
945,889 | 4.500%, due 10/01/40 | 1,028,272 | 0.0 | |||||||||||
1,901,362 | 4.500%, due 03/01/41 | 2,066,321 | 0.1 | |||||||||||
2,149,024 | 4.500%, due 04/01/41 | 2,335,817 | 0.1 | |||||||||||
778,004 | 4.500%, due 06/01/41 | 846,190 | 0.0 | |||||||||||
1,059,554 | 4.500%, due 06/01/41 | 1,151,743 | 0.0 | |||||||||||
6,854,226 | 4.500%, due 06/01/41 | 7,454,470 | 0.2 | |||||||||||
831,246 | 4.500%, due 06/01/41 | 903,439 | 0.0 | |||||||||||
444,978 | 4.500%, due 07/01/41 | 483,792 | 0.0 | |||||||||||
11,008,779 | 4.500%, due 07/01/41 | 12,023,491 | 0.3 | |||||||||||
333,585 | 4.500%, due 07/01/41 | 362,630 | 0.0 | |||||||||||
685,279 | 4.500%, due 08/01/41 | 744,968 | 0.0 | |||||||||||
2,841,197 | 4.500%, due 08/01/41 | 3,088,555 | 0.1 | |||||||||||
3,521,878 | 4.500%, due 08/01/41 | 3,827,828 | 0.1 | |||||||||||
125 | 5.000%, due 02/01/15 | 128 | 0.0 | |||||||||||
11,705 | 5.000%, due 04/01/16 | 12,324 | 0.0 | |||||||||||
192,712 | 5.000%, due 01/01/18 | 203,070 | 0.0 | |||||||||||
83,693 | 5.000%, due 01/01/18 | 88,197 | 0.0 | |||||||||||
164,913 | 5.000%, due 02/01/18 | 173,785 | 0.0 | |||||||||||
30,656 | 5.000%, due 04/01/18 | 32,307 | 0.0 | |||||||||||
1,914 | 5.000%, due 02/01/20 | 2,055 | 0.0 | |||||||||||
3,547 | 5.000%, due 06/01/21 | 3,780 | 0.0 | |||||||||||
26,522 | 5.000%, due 11/01/21 | 28,401 | 0.0 | |||||||||||
44,478 | 5.000%, due 01/01/22 | 47,423 | 0.0 | |||||||||||
2,519 | 5.000%, due 02/01/22 | 2,685 | 0.0 | |||||||||||
4,727 | 5.000%, due 04/01/22 | 5,090 | 0.0 | |||||||||||
7,289 | 5.000%, due 06/01/22 | 7,806 | 0.0 | |||||||||||
100,221 | 5.000%, due 06/01/22 | 108,245 | 0.0 | |||||||||||
573 | 5.000%, due 06/01/22 | 604 | 0.0 | |||||||||||
56,021 | 5.000%, due 06/01/22 | 60,429 | 0.0 | |||||||||||
49,257 | 5.000%, due 07/01/22 | 51,941 | 0.0 | |||||||||||
1,475 | 5.000%, due 07/01/22 | 1,556 | 0.0 | |||||||||||
46,904 | 5.000%, due 08/01/22 | 49,478 | 0.0 | |||||||||||
15,753 | 5.000%, due 09/01/22 | 16,620 | 0.0 | |||||||||||
60,317 | 5.000%, due 12/01/22 | 63,576 | 0.0 | |||||||||||
3,337 | 5.000%, due 01/01/23 | 3,603 | 0.0 | |||||||||||
55,611 | 5.000%, due 01/01/23 | 59,258 | 0.0 | |||||||||||
474,387 | 5.000%, due 02/01/23 | 512,402 | 0.0 | |||||||||||
151,968 | 5.000%, due 02/01/23 | 164,087 | 0.0 | |||||||||||
2,197 | 5.000%, due 02/01/23 | 2,370 | 0.0 | |||||||||||
19,154 | 5.000%, due 03/01/23 | 20,680 | 0.0 | |||||||||||
70,912 | 5.000%, due 03/01/23 | 76,581 | 0.0 | |||||||||||
25,099 | 5.000%, due 03/01/23 | 26,468 | 0.0 | |||||||||||
2,821 | 5.000%, due 03/01/23 | 3,046 | 0.0 | |||||||||||
143,684 | 5.000%, due 03/01/23 | 154,434 | 0.0 | |||||||||||
22,199 | 5.000%, due 04/01/23 | 24,209 | 0.0 | |||||||||||
98,651 | 5.000%, due 04/01/23 | 106,521 | 0.0 | |||||||||||
88,629 | 5.000%, due 04/01/23 | 95,561 | 0.0 | |||||||||||
14,620 | 5.000%, due 04/01/23 | 15,414 | 0.0 | |||||||||||
32,125 | 5.000%, due 05/01/23 | 34,691 | 0.0 | |||||||||||
33,869 | 5.000%, due 05/01/23 | 36,562 | 0.0 | |||||||||||
12,567 | 5.000%, due 05/01/23 | 13,551 | 0.0 | |||||||||||
10,442 | 5.000%, due 06/01/23 | 11,016 | 0.0 | |||||||||||
34,059 | 5.000%, due 06/01/23 | 35,916 | 0.0 | |||||||||||
28,687 | 5.000%, due 06/01/23 | 30,817 | 0.0 | |||||||||||
62,746 | 5.000%, due 06/01/23 | 67,456 | 0.0 | |||||||||||
125,686 | 5.000%, due 06/01/23 | 132,546 | 0.0 | |||||||||||
657,386 | 5.000%, due 07/01/23 | 709,807 | 0.0 | |||||||||||
249,451 | 5.000%, due 08/01/23 | 263,053 | 0.0 | |||||||||||
1,104 | 5.000%, due 09/01/23 | 1,190 | 0.0 | |||||||||||
31,948 | 5.000%, due 02/01/24 | 34,469 | 0.0 | |||||||||||
238,019 | 5.000%, due 03/01/24 | 259,942 | 0.0 | |||||||||||
87,206 | 5.000%, due 04/01/24 | 91,976 | 0.0 | |||||||||||
31,585 | 5.000%, due 04/01/24 | 34,131 | 0.0 | |||||||||||
127,137 | 5.000%, due 05/01/24 | 136,764 | 0.0 | |||||||||||
200,347 | 5.000%, due 06/01/24 | 215,478 | 0.0 | |||||||||||
883,903 | 5.000%, due 08/01/24 | 932,455 | 0.0 | |||||||||||
391,666 | 5.000%, due 07/01/33 | 434,017 | 0.0 | |||||||||||
128,584 | 5.000%, due 02/01/34 | 142,051 | 0.0 |
See Accompanying Notes to Financial Statements |
112 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
80,536 | 5.000%, due 11/01/34 | 89,211 | 0.0 | |||||||||||
5,206,650 | 5.000%, due 02/01/35 | 5,768,182 | 0.2 | |||||||||||
1,014,831 | 5.000%, due 06/01/35 | 1,123,827 | 0.0 | |||||||||||
65,518 | 5.000%, due 08/01/35 | 72,470 | 0.0 | |||||||||||
329,018 | 5.000%, due 09/01/35 | 364,068 | 0.0 | |||||||||||
1,260,718 | 5.000%, due 09/01/35 | 1,400,115 | 0.1 | |||||||||||
769,050 | 5.000%, due 09/01/35 | 850,435 | 0.0 | |||||||||||
96,829 | 5.000%, due 10/01/35 | 107,207 | 0.0 | |||||||||||
1,203,458 | 5.000%, due 03/01/36 | 1,332,450 | 0.1 | |||||||||||
1,521,830 | 5.000%, due 03/01/36 | 1,682,425 | 0.1 | |||||||||||
393,467 | 5.000%, due 04/01/36 | 434,736 | 0.0 | |||||||||||
13,037 | 5.000%, due 05/01/36 | 14,429 | 0.0 | |||||||||||
1,084,006 | 5.000%, due 05/01/36 | 1,198,413 | 0.0 | |||||||||||
196,106 | 5.000%, due 06/01/36 | 216,973 | 0.0 | |||||||||||
162,530 | 5.000%, due 12/01/36 | 179,933 | 0.0 | |||||||||||
480,243 | 5.000%, due 12/01/36 | 530,997 | 0.0 | |||||||||||
480,540 | 5.000%, due 07/01/37 | 532,289 | 0.0 | |||||||||||
425,448 | 5.000%, due 01/01/38 | 471,516 | 0.0 | |||||||||||
1,604,521 | 5.000%, due 02/01/38 | 1,777,312 | 0.1 | |||||||||||
769,850 | 5.000%, due 02/01/38 | 852,453 | 0.0 | |||||||||||
1,066,664 | 5.000%, due 08/01/38 | 1,180,971 | 0.0 | |||||||||||
348,158 | 5.000%, due 07/01/40 | 386,028 | 0.0 | |||||||||||
804,882 | 5.000%, due 07/01/40 | 890,530 | 0.0 | |||||||||||
11,310,000 | 5.375%, due 06/12/17 | 12,512,886 | 0.3 | |||||||||||
5,012 | 5.500%, due 04/01/15 | 5,290 | 0.0 | |||||||||||
5,445 | 5.500%, due 06/01/15 | 5,747 | 0.0 | |||||||||||
13,138 | 5.500%, due 04/01/16 | 13,867 | 0.0 | |||||||||||
60,597 | 5.500%, due 11/01/16 | 63,962 | 0.0 | |||||||||||
10,568 | 5.500%, due 01/01/17 | 11,157 | 0.0 | |||||||||||
25,371 | 5.500%, due 01/01/17 | 26,783 | 0.0 | |||||||||||
40,078 | 5.500%, due 02/01/17 | 42,312 | 0.0 | |||||||||||
49,896 | 5.500%, due 10/01/17 | 52,714 | 0.0 | |||||||||||
18,151 | 5.500%, due 11/01/17 | 19,173 | 0.0 | |||||||||||
102,332 | 5.500%, due 11/01/17 | 108,097 | 0.0 | |||||||||||
20 | 5.500%, due 02/01/18 | 21 | 0.0 | |||||||||||
22,805 | 5.500%, due 09/01/18 | 24,106 | 0.0 | |||||||||||
63,125 | 5.500%, due 07/01/20 | 66,668 | 0.0 | |||||||||||
2,486 | 5.500%, due 04/01/21 | 2,719 | 0.0 | |||||||||||
13,562 | 5.500%, due 10/01/21 | 14,334 | 0.0 | |||||||||||
6,920 | 5.500%, due 11/01/21 | 7,317 | 0.0 | |||||||||||
530,660 | 5.500%, due 11/01/21 | 580,205 | 0.0 | |||||||||||
143,572 | 5.500%, due 11/01/21 | 156,891 | 0.0 | |||||||||||
164,021 | 5.500%, due 12/01/21 | 173,446 | 0.0 | |||||||||||
351,192 | 5.500%, due 12/01/21 | 381,944 | 0.0 | |||||||||||
390,978 | 5.500%, due 12/01/21 | 419,369 | 0.0 | |||||||||||
11,820 | 5.500%, due 01/01/22 | 12,568 | 0.0 | |||||||||||
11,574 | 5.500%, due 01/01/22 | 12,652 | 0.0 | |||||||||||
82,589 | 5.500%, due 01/01/22 | 88,599 | 0.0 | |||||||||||
71,255 | 5.500%, due 02/01/22 | 77,880 | 0.0 | |||||||||||
5,381 | 5.500%, due 04/01/22 | 5,880 | 0.0 | |||||||||||
60,029 | 5.500%, due 06/01/22 | 65,388 | 0.0 | |||||||||||
61,807 | 5.500%, due 06/01/22 | 67,950 | 0.0 | |||||||||||
7,462 | 5.500%, due 07/01/22 | 8,140 | 0.0 | |||||||||||
79,383 | 5.500%, due 07/01/22 | 86,724 | 0.0 | |||||||||||
2,766 | 5.500%, due 07/01/22 | 2,926 | 0.0 | |||||||||||
6,783 | 5.500%, due 08/01/22 | 7,221 | 0.0 | |||||||||||
33,458 | 5.500%, due 09/01/22 | 36,443 | 0.0 | |||||||||||
138,433 | 5.500%, due 09/01/22 | 151,283 | 0.0 | |||||||||||
140,887 | 5.500%, due 11/01/22 | 148,822 | 0.0 | |||||||||||
28,796 | 5.500%, due 01/01/23 | 30,449 | 0.0 | |||||||||||
23,462 | 5.500%, due 01/01/23 | 25,636 | 0.0 | |||||||||||
21,105 | 5.500%, due 02/01/23 | 23,203 | 0.0 | |||||||||||
18,275 | 5.500%, due 03/01/23 | 19,709 | 0.0 | |||||||||||
11,003 | 5.500%, due 04/01/23 | 11,979 | 0.0 | |||||||||||
29,187 | 5.500%, due 06/01/23 | 30,864 | 0.0 | |||||||||||
92,420 | 5.500%, due 08/01/23 | 100,993 | 0.0 | |||||||||||
5,737 | 5.500%, due 08/01/23 | 6,155 | 0.0 | |||||||||||
37,964 | 5.500%, due 08/01/23 | 41,327 | 0.0 | |||||||||||
16,003 | 5.500%, due 08/01/23 | 17,483 | 0.0 | |||||||||||
99,670 | 5.500%, due 09/01/23 | 108,913 | 0.0 |
34,805 | 5.500%, due 10/01/23 | 36,836 | 0.0 | |||||||||||
191,554 | 5.500%, due 11/01/23 | 207,664 | 0.0 | |||||||||||
9,550 | 5.500%, due 11/01/23 | 10,144 | 0.0 | |||||||||||
8,486 | 5.500%, due 11/01/23 | 9,034 | 0.0 | |||||||||||
212,197 | 5.500%, due 02/01/24 | 229,766 | 0.0 | |||||||||||
6,430 | 5.500%, due 03/01/24 | 6,800 | 0.0 | |||||||||||
15,291 | 5.500%, due 07/01/24 | 16,544 | 0.0 | |||||||||||
145,359 | 5.500%, due 07/01/24 | 156,425 | 0.0 | |||||||||||
311,087 | 5.500%, due 05/01/25 | 329,108 | 0.0 | |||||||||||
178,486 | 5.500%, due 08/01/25 | 188,962 | 0.0 | |||||||||||
8,101 | 5.500%, due 07/01/27 | 9,054 | 0.0 | |||||||||||
1,883 | 5.500%, due 08/01/27 | 2,105 | 0.0 | |||||||||||
271,667 | 5.500%, due 03/01/34 | 305,678 | 0.0 | |||||||||||
342,297 | 5.500%, due 04/01/34 | 385,160 | 0.0 | |||||||||||
126,697 | 5.500%, due 11/01/34 | 142,515 | 0.0 | |||||||||||
115,644 | 5.500%, due 12/01/34 | 130,211 | 0.0 | |||||||||||
1,603,135 | 5.500%, due 02/01/35 | 1,801,429 | 0.1 | |||||||||||
203,382 | 5.500%, due 05/01/35 | 228,300 | 0.0 | |||||||||||
1,673,208 | 5.500%, due 09/01/35 | 1,877,288 | 0.1 | |||||||||||
259,772 | 5.500%, due 09/01/35 | 291,218 | 0.0 | |||||||||||
270,738 | 5.500%, due 04/01/36 | 303,345 | 0.0 | |||||||||||
329,737 | 5.500%, due 04/01/36 | 368,698 | 0.0 | |||||||||||
77,018 | 5.500%, due 05/01/36 | 86,200 | 0.0 | |||||||||||
267,398 | 5.500%, due 06/01/36 | 299,319 | 0.0 | |||||||||||
769,598 | 5.500%, due 07/01/36 | 865,043 | 0.0 | |||||||||||
466,131 | 5.500%, due 11/01/36 | 521,924 | 0.0 | |||||||||||
716,212 | 5.500%, due 12/01/36 | 802,137 | 0.0 | |||||||||||
135,565 | 5.500%, due 12/01/36 | 152,251 | 0.0 | |||||||||||
1,635,317 | 5.500%, due 12/01/36 | 1,829,880 | 0.1 | |||||||||||
225,678 | 5.500%, due 01/01/37 | 253,113 | 0.0 | |||||||||||
1,030,708 | 5.500%, due 03/01/37 | 1,151,905 | 0.0 | |||||||||||
2,105,502 | 5.500%, due 03/01/37 | 2,353,080 | 0.1 | |||||||||||
201,813 | 5.500%, due 03/01/37 | 225,660 | 0.0 | |||||||||||
882,854 | 5.500%, due 08/01/37 | 989,946 | 0.0 | |||||||||||
3,761 | 5.500%, due 01/01/38 | 4,203 | 0.0 | |||||||||||
3,051 | 5.500%, due 01/01/38 | 3,410 | 0.0 | |||||||||||
9,720 | 5.500%, due 01/01/38 | 10,863 | 0.0 | |||||||||||
39,241 | 5.500%, due 03/01/38 | 43,859 | 0.0 | |||||||||||
78,029 | 5.500%, due 05/01/38 | 87,204 | 0.0 | |||||||||||
144,263 | 5.500%, due 06/01/38 | 161,227 | 0.0 | |||||||||||
699,844 | 5.500%, due 06/01/38 | 782,136 | 0.0 | |||||||||||
3,521,049 | 5.500%, due 09/01/38 | 3,936,518 | 0.1 | |||||||||||
932,095 | 5.500%, due 12/01/38 | 1,041,696 | 0.0 | |||||||||||
252,564 | 5.500%, due 06/01/39 | 282,262 | 0.0 | |||||||||||
83,922 | 5.500%, due 04/01/40 | 95,656 | 0.0 | |||||||||||
163,167 | 5.500%, due 05/01/40 | 182,513 | 0.0 | |||||||||||
266,711 | 5.500%, due 06/01/40 | 298,485 | 0.0 | |||||||||||
36,972 | 5.500%, due 07/01/40 | 41,340 | 0.0 | |||||||||||
177,116 | 5.700%, due 07/01/36 | 199,969 | 0.0 | |||||||||||
22,073 | 5.700%, due 07/01/36 | 24,645 | 0.0 | |||||||||||
50,227 | 5.700%, due 08/01/36 | 56,371 | 0.0 | |||||||||||
98,217 | 6.000%, due 10/01/18 | 104,965 | 0.0 | |||||||||||
28,346 | 6.000%, due 01/01/34 | 32,366 | 0.0 | |||||||||||
8,551 | 6.000%, due 07/01/34 | 9,684 | 0.0 | |||||||||||
154,409 | 6.000%, due 12/01/34 | 176,380 | 0.0 | |||||||||||
149,706 | 6.000%, due 05/01/35 | 171,001 | 0.0 | |||||||||||
157,333 | 6.000%, due 01/01/36 | 179,520 | 0.0 | |||||||||||
213,986 | 6.000%, due 01/01/36 | 242,576 | 0.0 | |||||||||||
66,508 | 6.000%, due 02/01/36 | 75,561 | �� | 0.0 | ||||||||||
74,486 | 6.000%, due 03/01/36 | 84,379 | 0.0 | |||||||||||
31,709 | 6.000%, due 03/01/36 | 36,160 | 0.0 | |||||||||||
39,926 | 6.000%, due 04/01/36 | 45,578 | 0.0 | |||||||||||
79,461 | 6.000%, due 04/01/36 | 90,411 | 0.0 | |||||||||||
915,000 | 6.000%, due 04/18/36 | 975,845 | 0.0 | |||||||||||
170,610 | 6.000%, due 05/01/36 | 193,999 | 0.0 | |||||||||||
1,315 | 6.000%, due 06/01/36 | 1,494 | 0.0 | |||||||||||
32,437 | 6.000%, due 08/01/36 | 36,883 | 0.0 | |||||||||||
5,729 | 6.000%, due 08/01/36 | 6,487 | 0.0 | |||||||||||
80,719 | 6.000%, due 09/01/36 | 91,402 | 0.0 | |||||||||||
181,134 | 6.000%, due 09/01/36 | 205,726 | 0.0 |
See Accompanying Notes to Financial Statements |
113 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
226,168 | 6.000%, due 09/01/36 | 256,793 | 0.0 | |||||||||||
74,286 | 6.000%, due 09/01/36 | 84,226 | 0.0 | |||||||||||
47,908 | 6.000%, due 10/01/36 | 54,299 | 0.0 | |||||||||||
52,153 | 6.000%, due 10/01/36 | 59,055 | 0.0 | |||||||||||
305,852 | 6.000%, due 12/01/36 | 347,379 | 0.0 | |||||||||||
1,002,083 | 6.000%, due 12/01/36 | 1,137,001 | 0.0 | |||||||||||
81,041 | 6.000%, due 01/01/37 | 91,767 | 0.0 | |||||||||||
28,231 | 6.000%, due 02/01/37 | 32,037 | 0.0 | |||||||||||
11,114 | 6.000%, due 04/01/37 | 12,598 | 0.0 | |||||||||||
320,958 | 6.000%, due 07/01/37 | 364,722 | 0.0 | |||||||||||
11,017 | 6.000%, due 08/01/37 | 12,498 | 0.0 | |||||||||||
73,752 | 6.000%, due 08/01/37 | 83,693 | 0.0 | |||||||||||
11,777 | 6.000%, due 08/01/37 | 13,336 | 0.0 | |||||||||||
77,046 | 6.000%, due 09/01/37 | 87,290 | 0.0 | |||||||||||
62,484 | 6.000%, due 09/01/37 | 70,948 | 0.0 | |||||||||||
4,473 | 6.000%, due 09/01/37 | 5,075 | 0.0 | |||||||||||
48,426 | 6.000%, due 09/01/37 | 54,946 | 0.0 | |||||||||||
118,768 | 6.000%, due 09/01/37 | 134,512 | 0.0 | |||||||||||
1,930 | 6.000%, due 09/01/37 | 2,185 | 0.0 | |||||||||||
14,821 | 6.000%, due 09/01/37 | 16,815 | 0.0 | |||||||||||
4,991 | 6.000%, due 10/01/37 | 5,662 | 0.0 | |||||||||||
1,558 | 6.000%, due 10/01/37 | 1,768 | 0.0 | |||||||||||
17,918 | 6.000%, due 10/01/37 | 20,462 | 0.0 | |||||||||||
4,327 | 6.000%, due 10/01/37 | 4,899 | 0.0 | |||||||||||
11,575 | 6.000%, due 11/01/37 | 13,143 | 0.0 | |||||||||||
61,436 | 6.000%, due 11/01/37 | 69,728 | 0.0 | |||||||||||
48,940 | 6.000%, due 11/01/37 | 55,417 | 0.0 | |||||||||||
39,566 | 6.000%, due 11/01/37 | 44,803 | 0.0 | |||||||||||
128,337 | 6.000%, due 11/01/37 | 145,764 | 0.0 | |||||||||||
8,099 | 6.000%, due 11/01/37 | 9,171 | 0.0 | |||||||||||
165,915 | 6.000%, due 11/01/37 | 188,587 | 0.0 | |||||||||||
36,512 | 6.000%, due 12/01/37 | 41,482 | 0.0 | |||||||||||
185,502 | 6.000%, due 12/01/37 | 210,052 | 0.0 | |||||||||||
32,945 | 6.000%, due 12/01/37 | 37,403 | 0.0 | |||||||||||
90,270 | 6.000%, due 12/01/37 | 102,466 | 0.0 | |||||||||||
9,379 | 6.000%, due 01/01/38 | 10,621 | 0.0 | |||||||||||
42,728 | 6.000%, due 01/01/38 | 48,474 | 0.0 | |||||||||||
61,913 | 6.000%, due 01/01/38 | 70,137 | 0.0 | |||||||||||
1,718 | 6.000%, due 02/01/38 | 1,946 | 0.0 | |||||||||||
244,270 | 6.000%, due 02/01/38 | 277,195 | 0.0 | |||||||||||
18,121 | 6.000%, due 03/01/38 | 20,521 | 0.0 | |||||||||||
139,820 | 6.000%, due 03/01/38 | 158,324 | 0.0 | |||||||||||
1,052,985 | 6.000%, due 04/01/38 | 1,196,347 | 0.0 | |||||||||||
71,817 | 6.000%, due 04/01/38 | 81,455 | 0.0 | |||||||||||
75,704 | 6.000%, due 05/01/38 | 85,895 | 0.0 | |||||||||||
119,261 | 6.000%, due 05/01/38 | 135,352 | 0.0 | |||||||||||
7,203 | 6.000%, due 06/01/38 | 8,175 | 0.0 | |||||||||||
44,610 | 6.000%, due 07/01/38 | 50,557 | 0.0 | |||||||||||
145,347 | 6.000%, due 07/01/38 | 164,702 | 0.0 | |||||||||||
8,661 | 6.000%, due 08/01/38 | 9,847 | 0.0 | |||||||||||
2,167 | 6.000%, due 08/01/38 | 2,454 | 0.0 | |||||||||||
297,653 | 6.000%, due 09/01/38 | 337,145 | 0.0 | |||||||||||
47,249 | 6.000%, due 09/01/38 | 54,323 | 0.0 | |||||||||||
58,844 | 6.000%, due 09/01/38 | 66,693 | 0.0 | |||||||||||
6,259 | 6.000%, due 10/01/38 | 7,088 | 0.0 | |||||||||||
203,136 | 6.000%, due 10/01/38 | 230,020 | 0.0 | |||||||||||
329,779 | 6.000%, due 10/01/38 | 374,708 | 0.0 | |||||||||||
423,625 | 6.000%, due 10/01/38 | 479,689 | 0.0 | |||||||||||
24,372 | 6.000%, due 10/01/38 | 27,597 | 0.0 | |||||||||||
47,654 | 6.000%, due 05/01/39 | 53,960 | 0.0 | |||||||||||
2,238,502 | 6.000%, due 10/01/39 | 2,541,232 | 0.1 | |||||||||||
66,242 | 6.000%, due 11/01/39 | 75,027 | 0.0 | |||||||||||
31,776 | 6.500%, due 04/01/28 | 36,213 | 0.0 | |||||||||||
1,569 | 6.500%, due 04/01/30 | 1,808 | 0.0 | |||||||||||
37,422 | 6.500%, due 08/01/32 | 42,651 | 0.0 | |||||||||||
122,105 | 6.500%, due 02/01/34 | 139,173 | 0.0 | |||||||||||
13,733 | 6.500%, due 11/01/34 | 16,381 | 0.0 | |||||||||||
56,957 | 6.500%, due 01/01/36 | 64,913 | 0.0 | |||||||||||
70,810 | 6.500%, due 03/01/36 | 83,271 | 0.0 | |||||||||||
230,013 | 6.500%, due 04/01/36 | 262,168 | 0.0 |
4,924 | 6.500%, due 05/01/36 | 5,628 | 0.0 | |||||||||||
20,273 | 6.500%, due 06/01/36 | 23,108 | 0.0 | |||||||||||
187,351 | 6.500%, due 07/01/36 | 213,657 | 0.0 | |||||||||||
343,631 | 6.500%, due 07/01/36 | 391,566 | 0.0 | |||||||||||
4,670 | 6.500%, due 07/01/36 | 5,358 | 0.0 | |||||||||||
9,994 | 6.500%, due 07/01/36 | 11,398 | 0.0 | |||||||||||
28,832 | 6.500%, due 07/01/36 | 32,851 | 0.0 | |||||||||||
75,759 | 6.500%, due 07/01/36 | 87,078 | 0.0 | |||||||||||
6,051 | 6.500%, due 08/01/36 | 6,897 | 0.0 | |||||||||||
9,666 | 6.500%, due 08/01/36 | 11,018 | 0.0 | |||||||||||
4,702,864 | 6.500%, due 08/25/36 | 5,240,989 | 0.2 | |||||||||||
379,645 | 6.500%, due 09/01/36 | 432,700 | 0.0 | |||||||||||
23,060 | 6.500%, due 09/01/36 | 26,283 | 0.0 | |||||||||||
3,937 | 6.500%, due 09/01/36 | 4,487 | 0.0 | |||||||||||
32,398 | 6.500%, due 09/01/36 | 36,914 | 0.0 | |||||||||||
12,672 | 6.500%, due 11/01/36 | 14,442 | 0.0 | |||||||||||
6,199 | 6.500%, due 11/01/36 | 7,100 | 0.0 | |||||||||||
384 | 6.500%, due 11/01/36 | 438 | 0.0 | |||||||||||
15,055 | 6.500%, due 12/01/36 | 17,160 | 0.0 | |||||||||||
7,524 | 6.500%, due 12/01/36 | 8,574 | 0.0 | |||||||||||
7,223 | 6.500%, due 12/01/36 | 8,233 | 0.0 | |||||||||||
58,275 | 6.500%, due 01/01/37 | 66,416 | 0.0 | |||||||||||
72,913 | 6.500%, due 01/01/37 | 84,518 | 0.0 | |||||||||||
1,401 | 6.500%, due 01/01/37 | 1,596 | 0.0 | |||||||||||
141,770 | 6.500%, due 01/01/37 | 162,797 | 0.0 | |||||||||||
68,099 | 6.500%, due 02/01/37 | 77,631 | 0.0 | |||||||||||
39,119 | 6.500%, due 03/01/37 | 44,588 | 0.0 | |||||||||||
135,626 | 6.500%, due 03/01/37 | 154,521 | 0.0 | |||||||||||
177 | 6.500%, due 03/01/37 | 202 | 0.0 | |||||||||||
214,701 | 6.500%, due 03/01/37 | 250,328 | 0.0 | |||||||||||
24,059 | 6.500%, due 03/01/37 | 27,418 | 0.0 | |||||||||||
2,303 | 6.500%, due 04/01/37 | 2,625 | 0.0 | |||||||||||
11,390 | 6.500%, due 04/01/37 | 12,979 | 0.0 | |||||||||||
163,075 | 6.500%, due 04/01/37 | 185,874 | 0.0 | |||||||||||
3,685 | 6.500%, due 07/01/37 | 4,199 | 0.0 | |||||||||||
9,959 | 6.500%, due 08/01/37 | 11,354 | 0.0 | |||||||||||
12,552 | 6.500%, due 08/01/37 | 15,064 | 0.0 | |||||||||||
10,210 | 6.500%, due 08/01/37 | 11,638 | 0.0 | |||||||||||
52,935 | 6.500%, due 09/01/37 | 60,331 | 0.0 | |||||||||||
3,235 | 6.500%, due 09/01/37 | 3,687 | 0.0 | |||||||||||
26,194 | 6.500%, due 09/01/37 | 29,851 | 0.0 | |||||||||||
7,745 | 6.500%, due 09/01/37 | 8,827 | 0.0 | |||||||||||
218,470 | 6.500%, due 09/01/37 | 249,014 | 0.0 | |||||||||||
1,409 | 6.500%, due 09/01/37 | 1,605 | 0.0 | |||||||||||
321,507 | 6.500%, due 09/01/37 | 366,342 | 0.0 | |||||||||||
4,569 | 6.500%, due 09/01/37 | 5,342 | 0.0 | |||||||||||
65,645 | 6.500%, due 10/01/37 | 74,827 | 0.0 | |||||||||||
102,141 | 6.500%, due 10/01/37 | 116,399 | 0.0 | |||||||||||
4,248 | 6.500%, due 10/01/37 | 4,841 | 0.0 | |||||||||||
20,271 | 6.500%, due 10/01/37 | 23,101 | 0.0 | |||||||||||
8,685 | 6.500%, due 10/01/37 | 9,899 | 0.0 | |||||||||||
309,034 | 6.500%, due 11/01/37 | 352,106 | 0.0 | |||||||||||
54,127 | 6.500%, due 12/01/37 | 61,684 | 0.0 | |||||||||||
43,580 | 6.500%, due 12/01/37 | 49,665 | 0.0 | |||||||||||
3,697 | 6.500%, due 12/01/37 | 4,214 | 0.0 | |||||||||||
1,621 | 6.500%, due 12/01/37 | 1,848 | 0.0 | |||||||||||
3,183 | 6.500%, due 12/01/37 | 3,628 | 0.0 | |||||||||||
373,058 | 6.500%, due 12/01/37 | 425,172 | 0.0 | |||||||||||
12,128 | 6.500%, due 12/01/37 | 13,824 | 0.0 | |||||||||||
1,525 | 6.500%, due 12/01/37 | 1,738 | 0.0 | |||||||||||
1,015 | 6.500%, due 01/01/38 | 1,157 | 0.0 | |||||||||||
39,567 | 6.500%, due 01/01/38 | 45,097 | 0.0 | |||||||||||
65,614 | 6.500%, due 01/01/38 | 78,535 | 0.0 | |||||||||||
1,565 | 6.500%, due 01/01/38 | 1,783 | 0.0 | |||||||||||
669,998 | 6.500%, due 02/01/38 | 802,167 | 0.0 | |||||||||||
145,590 | 6.500%, due 03/01/38 | 165,898 | 0.0 | |||||||||||
182,819 | 6.500%, due 04/01/38 | 208,339 | 0.0 | |||||||||||
18,804 | 6.500%, due 05/01/38 | 22,585 | 0.0 | |||||||||||
1,715 | 6.500%, due 06/01/38 | 1,955 | 0.0 | |||||||||||
76,897 | 6.500%, due 08/01/38 | 87,648 | 0.0 |
See Accompanying Notes to Financial Statements |
114 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
632,416 | 6.500%, due 08/01/38 | 720,798 | 0.0 | |||||||||||
277,436 | 6.500%, due 08/01/38 | 318,629 | 0.0 | |||||||||||
114,134 | 6.500%, due 09/01/38 | 130,082 | 0.0 | |||||||||||
38,700 | 6.500%, due 09/01/38 | 44,111 | 0.0 | |||||||||||
14,975 | 6.500%, due 09/01/38 | 17,068 | 0.0 | |||||||||||
12,202 | 6.500%, due 10/01/38 | 13,905 | 0.0 | |||||||||||
102,849 | 6.500%, due 10/01/38 | 117,230 | 0.0 | |||||||||||
65,505 | 6.500%, due 10/01/38 | 74,653 | 0.0 | |||||||||||
795,393 | 6.500%, due 10/01/38 | 906,470 | 0.0 | |||||||||||
175,883 | 6.500%, due 11/01/38 | 200,461 | 0.0 | |||||||||||
4,892 | 6.500%, due 01/01/39 | 5,575 | 0.0 | |||||||||||
151,666 | 6.500%, due 01/01/39 | 182,350 | 0.0 | |||||||||||
76,283 | 6.500%, due 03/01/39 | 87,056 | 0.0 | |||||||||||
10,967 | 6.500%, due 08/01/39 | 12,497 | 0.0 | |||||||||||
5,899 | 6.500%, due 09/01/39 | 6,724 | 0.0 | |||||||||||
805,000 | 6.625%, due 11/15/30 | 1,197,285 | 0.0 | |||||||||||
3,430,000 | 7.125%, due 01/15/30 | 5,236,025 | 0.2 | |||||||||||
1,560,000 | 7.250%, due 05/15/30 | 2,431,887 | 0.1 | |||||||||||
689,673,946 | 17.8 | |||||||||||||
Government National Mortgage Association: 7.9% | ||||||||||||||
14,348,977 | 1.625%, due 02/20/41 | 14,933,091 | 0.4 | |||||||||||
35,163,000 | 3.000%, due 01/15/43 | 35,961,310 | 0.9 | |||||||||||
96,174,000 | 3.500%, due 10/20/41 | 100,960,160 | 2.6 | |||||||||||
5,670,959 | 3.500%, due 01/20/43 | 5,963,209 | 0.2 | |||||||||||
4,279,242 | 4.000%, due 08/20/42 | 4,594,271 | 0.1 | |||||||||||
6,833,456 | 4.000%, due 10/20/42 | 7,336,602 | 0.2 | |||||||||||
0 | 4.000%, due 08/20/44 | 0 | – | |||||||||||
31,110,691 | 4.000%, due 10/20/44 | 33,434,118 | 0.9 | |||||||||||
19,100,000 | 4.000%, due 12/20/44 | 20,511,610 | 0.5 | |||||||||||
1,000,000 | 4.397%, due 05/16/51 | 1,082,236 | 0.0 | |||||||||||
3,282,557 | 4.500%, due 07/20/40 | 3,607,802 | 0.1 | |||||||||||
3,286,526 | 4.500%, due 02/20/41 | 3,607,420 | 0.1 | |||||||||||
3,916,187 | 4.500%, due 05/20/41 | 4,295,783 | 0.1 | |||||||||||
4,433,678 | 4.500%, due 06/20/41 | 4,861,878 | 0.1 | |||||||||||
7,000,000 | 4.500%, due 06/20/41 | 7,649,414 | 0.2 | |||||||||||
8,056,892 | 4.500%, due 07/20/41 | 8,833,435 | 0.2 | |||||||||||
3,204,658 | 4.500%, due 09/20/41 | 3,511,780 | 0.1 | |||||||||||
7,534,001 | 4.500%, due 10/20/41 | 8,256,448 | 0.2 | |||||||||||
0 | 4.500%, due 12/20/41 | 0 | – | |||||||||||
37,359 | 5.000%, due 10/15/37 | 41,347 | 0.0 | |||||||||||
4,859 | 5.000%, due 04/15/38 | 5,360 | 0.0 | |||||||||||
188,111 | 5.000%, due 03/15/39 | 207,969 | 0.0 | |||||||||||
326,558 | 5.000%, due 08/15/39 | 361,479 | 0.0 | |||||||||||
3,191,202 | 5.000%, due 09/15/39 | 3,521,146 | 0.1 | |||||||||||
2,816,705 | 5.000%, due 09/15/39 | 3,115,816 | 0.1 | |||||||||||
2,271,273 | 5.000%, due 02/15/40 | 2,513,253 | 0.1 | |||||||||||
2,593,503 | 5.000%, due 04/15/40 | 2,876,398 | 0.1 | |||||||||||
3,729,606 | 5.000%, due 06/15/40 | 4,124,904 | 0.1 | |||||||||||
275,007 | 5.000%, due 07/15/40 | 304,155 | 0.0 | |||||||||||
2,021,959 | 5.000%, due 04/15/42 | 2,228,088 | 0.1 | |||||||||||
2,266,700 | 5.000%, due 04/20/42 | 2,523,540 | 0.1 | |||||||||||
106,792 | 5.500%, due 07/20/38 | 119,488 | 0.0 | |||||||||||
1,352,577 | 5.500%, due 09/20/39 | 1,515,885 | 0.0 | |||||||||||
93,653 | 5.500%, due 10/20/39 | 106,103 | 0.0 | |||||||||||
2,190,313 | 5.500%, due 11/20/39 | 2,453,641 | 0.1 | |||||||||||
50,818 | 5.500%, due 11/20/39 | 57,590 | 0.0 | |||||||||||
30,874 | 5.500%, due 12/20/40 | 34,507 | 0.0 | |||||||||||
90,559 | 5.500%, due 01/20/41 | 102,259 | 0.0 | |||||||||||
326,011 | 5.500%, due 03/20/41 | 368,595 | 0.0 | |||||||||||
986,174 | 5.500%, due 04/20/41 | 1,114,103 | 0.0 | |||||||||||
1,661,686 | 5.500%, due 05/20/41 | 1,878,558 | 0.1 | |||||||||||
1,493,979 | 5.500%, due 06/20/41 | 1,689,561 | 0.0 | |||||||||||
46,846 | 6.000%, due 10/15/36 | 53,513 | 0.0 | |||||||||||
131,105 | 6.000%, due 08/15/37 | 151,358 | 0.0 | |||||||||||
236,867 | 6.000%, due 11/15/37 | 267,963 | 0.0 | |||||||||||
24,217 | 6.000%, due 12/15/37 | 27,395 | 0.0 | |||||||||||
104,397 | 6.000%, due 01/15/38 | 118,031 | 0.0 | |||||||||||
118,953 | 6.000%, due 01/15/38 | 134,483 | 0.0 |
418,651 | 6.000%, due 02/15/38 | 473,201 | 0.0 | |||||||||||
2,695 | 6.000%, due 02/15/38 | 3,047 | 0.0 | |||||||||||
82,230 | 6.000%, due 02/15/38 | 92,873 | 0.0 | |||||||||||
5,047 | 6.000%, due 04/15/38 | 5,798 | 0.0 | |||||||||||
765,782 | 6.000%, due 05/15/38 | 865,770 | 0.0 | |||||||||||
541,210 | 6.000%, due 05/15/38 | 611,869 | 0.0 | |||||||||||
97,459 | 6.000%, due 07/15/38 | 110,184 | 0.0 | |||||||||||
137,162 | 6.000%, due 09/15/38 | 155,071 | 0.0 | |||||||||||
203,742 | 6.000%, due 11/15/38 | 230,626 | 0.0 | |||||||||||
2,318,346 | 6.000%, due 08/20/40 | 2,649,586 | 0.1 | |||||||||||
8,431 | 7.000%, due 12/15/37 | 9,164 | 0.0 | |||||||||||
306,624,244 | 7.9 | |||||||||||||
Other U.S. Agency Obligations: 0.8% | ||||||||||||||
22,990,000 | 1.100%, due 11/06/18 | 22,552,431 | 0.6 | |||||||||||
1,500,000 | 1.875%, due 08/15/22 | 1,455,998 | 0.0 | |||||||||||
75,000 | 5.125%, due 08/25/16 | 80,591 | 0.0 | |||||||||||
10,000 | 6.150%, due 01/15/38 | 14,327 | 0.0 | |||||||||||
5,000,000 | 7.125%, due 05/01/30 | 7,428,460 | 0.2 | |||||||||||
31,531,807 | 0.8 | |||||||||||||
Total U.S. Government Agency Obligations | ||||||||||||||
(Cost $1,238,490,257) | 1,260,201,297 | 32.5 | ||||||||||||
FOREIGN GOVERNMENT BONDS: 3.7% | ||||||||||||||
5,100,000 | Asian Development Bank, 2.625%, 02/09/15 | 5,112,845 | 0.1 | |||||||||||
3,000,000 | Colombia Government International Bond, 4.000%, 02/26/24 | 3,075,000 | 0.1 | |||||||||||
1,950,000 | Colombia Government International Bond, 7.375%, 09/18/37 | 2,642,250 | 0.1 | |||||||||||
2,964,000 | Corp Andina de Fomento, 4.375%, 06/15/22 | 3,196,046 | 0.1 | |||||||||||
2,000,000 | European Investment Bank, 4.000%, 02/16/21 | 2,238,806 | 0.1 | |||||||||||
3,775,000 | Export-Import Bank of Korea, 3.750%, 10/20/16 | 3,944,226 | 0.1 | |||||||||||
1,000,000 | Export-Import Bank of Korea, 4.000%, 01/14/24 | 1,083,149 | 0.0 | |||||||||||
10,010,000 | Brazil Government International Bond, 6.000%, 01/17/17 | 10,810,800 | 0.3 | |||||||||||
1,000,000 | Inter-American Development Bank, 3.200%, 08/07/42 | 996,236 | 0.0 | |||||||||||
1,000,000 | International Finance Corp., 1.250%, 07/16/18 | 995,909 | 0.0 | |||||||||||
3,695,000 | International Finance Corp., 2.250%, 04/11/16 | 3,775,115 | 0.1 | |||||||||||
3,700,000 | Japan Finance Corp., 2.500%, 05/18/16 | 3,793,081 | 0.1 | |||||||||||
3,810,000 | Korea Development Bank, 3.250%, 03/09/16 | 3,903,158 | 0.1 | |||||||||||
10,000,000 | KFW, 2.625%, 01/25/22 | 10,356,960 | 0.3 | |||||||||||
3,285,000 | Landwirtschaftliche Rentenbank, 3.125%, 07/15/15 | 3,333,799 | 0.1 |
See Accompanying Notes to Financial Statements |
115 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
12,080,000 | Mexico Government International Bond, 4.750%, 03/08/44 | 12,653,800 | 0.3 | |||||||||||
2,710,000 | Nordic Investment Bank, 5.000%, 02/01/17 | 2,940,098 | 0.1 | |||||||||||
3,695,000 | Oesterreichische Kontrollbank AG, 4.875%, 02/16/16 | 3,869,825 | 0.1 | |||||||||||
1,460,000 | Panama Government International Bond, 8.875%, 09/30/27 | 2,127,950 | 0.0 | |||||||||||
2,000,000 | Pemex Project Funding Master Trust, 6.625%, 06/15/38 | 2,305,000 | 0.1 | |||||||||||
4,000,000 | Peru Government International Bond, 6.550%, 03/14/37 | 5,210,000 | 0.1 | |||||||||||
155,000 | Peruvian Government International Bond, 7.125%, 03/30/19 | 184,062 | 0.0 | |||||||||||
3,755,000 | Petrobras International Finance Co., 5.750%, 01/20/20 | 3,632,227 | 0.1 | |||||||||||
125,000 | # | Petroleos Mexicanos, 4.250%, 01/15/25 | 124,500 | 0.0 | ||||||||||
500,000 | Petroleos Mexicanos, 4.875%, 01/18/24 | 520,750 | 0.0 | |||||||||||
500,000 | # | Petroleos Mexicanos, 5.500%, 06/27/44 | 512,500 | 0.0 | ||||||||||
3,680,000 | L | Petroleos Mexicanos, 6.000%, 03/05/20 | 4,149,200 | 0.1 | ||||||||||
4,000,000 | Philippine Government International Bond, 6.375%, 01/15/32 | 5,255,000 | 0.1 | |||||||||||
3,405,000 | Poland Government International Bond, 5.125%, 04/21/21 | 3,838,456 | 0.1 | |||||||||||
7,395,000 | Province of British Columbia Canada, 2.100%, 05/18/16 | 7,554,015 | 0.2 | |||||||||||
13,308,000 | Province of Ontario Canada, 4.400%, 04/14/20 | 14,827,481 | 0.4 | |||||||||||
7,395,000 | Republic of Italy, 4.500%, 01/21/15 | 7,409,002 | 0.2 | |||||||||||
500,000 | Republic of Korea, 4.125%, 06/10/44 | 585,270 | 0.0 | |||||||||||
3,140,000 | South Africa Government Bond, 5.500%, 03/09/20 | 3,454,006 | 0.1 | |||||||||||
3,000,000 | Uruguay Government International Bond, 4.500%, 08/14/24 | 3,157,500 | 0.1 | |||||||||||
Total Foreign Government Bonds | ||||||||||||||
(Cost $140,228,398) | 143,568,022 | 3.7 | ||||||||||||
U.S. TREASURY OBLIGATIONS: 39.1% | ||||||||||||||
U.S. Treasury Bonds: 4.1% | ||||||||||||||
15,979,000 | 3.125%, due 08/15/44 | 17,206,139 | 0.4 | |||||||||||
9,582,000 | 2.750%, due 11/15/42 | 9,583,495 | 0.2 | |||||||||||
2,882,000 | 3.125%, due 02/15/43 | 3,097,475 | 0.1 | |||||||||||
23,645,000 | 3.500%, due 02/15/39 | 27,189,906 | 0.7 | |||||||||||
18,888,000 | 3.625%, due 08/15/43 | 22,233,235 | 0.6 | |||||||||||
14,092,000 | 3.625%, due 02/15/44 | 16,601,038 | 0.4 | |||||||||||
13,251,000 | 3.750%, due 11/15/43 | 15,944,676 | 0.4 | |||||||||||
7,845,000 | 3.875%, due 08/15/40 | 9,589,289 | 0.3 |
26,505,000 | 4.375%, due 05/15/40 | 34,881,004 | 0.9 | |||||||||||
2,150,000 | 6.000%, due 02/15/26 | 2,947,517 | 0.1 | |||||||||||
159,273,774 | 4.1 | |||||||||||||
U.S. Treasury Notes: 35.0% | ||||||||||||||
30,000,000 | 0.625%, due 12/31/16 | 29,970,690 | 0.8 | |||||||||||
2,915,000 | 1.000%, due 12/15/17 | 2,908,508 | 0.1 | |||||||||||
26,756,000 | 1.375%, due 09/30/18 | 26,726,729 | 0.7 | |||||||||||
22,318,000 | L | 1.500%, due 11/30/19 | 22,173,290 | 0.6 | ||||||||||
2,317,000 | 1.625%, due 04/30/19 | 2,324,966 | 0.1 | |||||||||||
25,914,000 | 1.875%, due 11/30/21 | 25,766,212 | 0.7 | |||||||||||
64,877,000 | 2.250%, due 11/15/24 | 65,323,029 | 1.7 | |||||||||||
2,748,000 | 0.250%, due 01/31/15 | 2,748,492 | 0.1 | |||||||||||
9,397,600 | 0.250%, due 07/31/15 | 9,404,940 | 0.2 | |||||||||||
14,708,000 | 0.250%, due 09/15/15 | 14,714,604 | 0.4 | |||||||||||
25,975,000 | 0.250%, due 10/15/15 | 25,979,052 | 0.7 | |||||||||||
3,465,000 | 0.250%, due 10/31/15 | 3,465,541 | 0.1 | |||||||||||
2,142,000 | 0.250%, due 11/30/15 | 2,142,084 | 0.1 | |||||||||||
27,732,000 | 0.250%, due 12/15/15 | 27,734,163 | 0.7 | |||||||||||
893,600 | 0.250%, due 12/31/15 | 893,461 | 0.0 | |||||||||||
19,048,000 | 0.375%, due 04/15/15 | 19,064,362 | 0.5 | |||||||||||
1,368,100 | 0.375%, due 06/30/15 | 1,370,024 | 0.0 | |||||||||||
5,914,000 | 0.375%, due 08/31/15 | 5,921,854 | 0.2 | |||||||||||
9,440,000 | 0.375%, due 11/15/15 | 9,449,591 | 0.2 | |||||||||||
5,000,000 | 0.375%, due 01/15/16 | 5,004,490 | 0.1 | |||||||||||
15,697,000 | 0.375%, due 02/15/16 | 15,701,897 | 0.4 | |||||||||||
33,823,000 | 0.375%, due 03/15/16 | 33,824,319 | 0.9 | |||||||||||
6,248,000 | 0.500%, due 06/15/16 | 6,252,030 | 0.2 | |||||||||||
5,000,000 | 0.500%, due 07/31/16 | 5,001,465 | 0.1 | |||||||||||
12,990,000 | 0.500%, due 08/31/16 | 12,981,375 | 0.3 | |||||||||||
30,595,000 | 0.500%, due 09/30/16 | 30,553,177 | 0.8 | |||||||||||
51,172,000 | 0.625%, due 07/15/16 | 51,270,967 | 1.3 | |||||||||||
13,521,000 | 0.625%, due 08/15/16 | 13,538,956 | 0.3 | |||||||||||
7,054,000 | 0.625%, due 10/15/16 | 7,056,067 | 0.2 | |||||||||||
16,290,000 | 0.625%, due 11/15/16 | 16,289,365 | 0.4 | |||||||||||
9,514,500 | 0.625%, due 12/15/16 | 9,509,115 | 0.2 | |||||||||||
9,340,000 | 0.625%, due 02/15/17 | 9,315,193 | 0.2 | |||||||||||
36,269,100 | 0.625%, due 09/30/17 | 35,869,560 | 0.9 | |||||||||||
13,873,000 | 0.750%, due 01/15/17 | 13,884,376 | 0.4 | |||||||||||
6,188,000 | 0.750%, due 03/15/17 | 6,186,069 | 0.2 | |||||||||||
1,952,000 | 0.750%, due 10/31/17 | 1,935,835 | 0.0 | |||||||||||
2,285,600 | 0.750%, due 12/31/17 | 2,260,959 | 0.1 | |||||||||||
21,817,000 | 0.750%, due 02/28/18 | 21,515,315 | 0.6 | |||||||||||
2,784,000 | 0.875%, due 04/15/17 | 2,787,914 | 0.1 | |||||||||||
3,547,000 | 0.875%, due 05/15/17 | 3,548,107 | 0.1 | |||||||||||
3,885,000 | 0.875%, due 06/15/17 | 3,882,117 | 0.1 | |||||||||||
6,000,000 | 0.875%, due 08/15/17 | 5,984,298 | 0.2 | |||||||||||
2,768,000 | 0.875%, due 10/15/17 | 2,756,756 | 0.1 | |||||||||||
1,864,000 | 0.875%, due 11/15/17 | 1,854,462 | 0.0 | |||||||||||
1,918,000 | 0.875%, due 01/31/18 | 1,902,192 | 0.0 | |||||||||||
27,497,000 | 1.000%, due 08/31/19 | 26,748,339 | 0.7 | |||||||||||
46,620,000 | 1.250%, due 10/31/15 | 47,006,993 | 1.2 | |||||||||||
29,467,000 | 1.250%, due 11/30/18 | 29,250,594 | 0.8 | |||||||||||
1,000 | 1.250%, due 10/31/19 | 984 | 0.0 | |||||||||||
3,534,000 | 1.250%, due 02/29/20 | 3,459,729 | 0.1 | |||||||||||
933,000 | 1.375%, due 01/31/20 | 920,135 | 0.0 | |||||||||||
19,814,000 | 1.500%, due 12/31/18 | 19,844,949 | 0.5 | |||||||||||
11,925,000 | 1.500%, due 01/31/19 | 11,930,593 | 0.3 | |||||||||||
5,048,000 | 1.500%, due 02/28/19 | 5,050,367 | 0.1 | |||||||||||
6,540,000 | 1.500%, due 03/31/19 | 6,539,235 | 0.2 | |||||||||||
5,304,000 | 1.500%, due 05/31/19 | 5,291,981 | 0.1 | |||||||||||
4,475,000 | 1.625%, due 03/31/19 | 4,494,229 | 0.1 | |||||||||||
30,000,000 | 1.625%, due 06/30/19 | 30,079,680 | 0.8 | |||||||||||
19,814,000 | 1.625%, due 07/31/19 | 19,844,949 | 0.5 | |||||||||||
12,097,000 | 1.625%, due 08/31/19 | 12,108,819 | 0.3 | |||||||||||
8,876,000 | 1.625%, due 08/15/22 | 8,628,093 | 0.2 | |||||||||||
22,705,000 | 1.750%, due 09/30/19 | 22,836,258 | 0.6 | |||||||||||
28,376,000 | 1.750%, due 10/31/20 | 28,246,322 | 0.7 | |||||||||||
108,163,000 | 1.875%, due 09/30/17 | 110,660,051 | 2.9 | |||||||||||
24,900,000 | 2.000%, due 11/30/20 | 25,113,991 | 0.6 |
See Accompanying Notes to Financial Statements |
116 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
12,097,000 | 2.000%, due 02/28/21 | 12,178,752 | 0.3 | |||||||||||
20,498,000 | 2.125%, due 01/31/21 | 20,795,856 | 0.5 | |||||||||||
3,700,000 | 2.125%, due 09/30/21 | 3,740,759 | 0.1 | |||||||||||
9,810,000 | 2.250%, due 03/31/21 | 10,013,862 | 0.3 | |||||||||||
8,794,000 | 2.250%, due 04/30/21 | 8,974,004 | 0.2 | |||||||||||
72,155,000 | 2.375%, due 07/31/17 | 74,773,433 | 1.9 | |||||||||||
19,590,000 | 2.375%, due 12/31/20 | 20,168,512 | 0.5 | |||||||||||
13,230,000 | 2.500%, due 08/15/23 | 13,649,126 | 0.4 | |||||||||||
9,874,000 | 2.500%, due 05/15/24 | 10,165,589 | 0.3 | |||||||||||
18,650,000 | 2.625%, due 04/30/18 | 19,497,997 | 0.5 | |||||||||||
26,255,000 | 2.750%, due 02/15/19 | 27,626,220 | 0.7 | |||||||||||
36,569,500 | 2.750%, due 11/15/23 | 38,480,841 | 1.0 | |||||||||||
42,052,000 | 2.750%, due 02/15/24 | 44,230,167 | 1.1 | |||||||||||
9,190,000 | 3.500%, due 05/15/20 | 10,025,720 | 0.3 | |||||||||||
4,025,000 | 8.125%, due 08/15/19 | 5,204,828 | 0.1 | |||||||||||
1,356,329,925 | 35.0 | |||||||||||||
Total U.S. Treasury Obligations | ||||||||||||||
(Cost $1,486,522,731) | 1,515,603,699 | 39.1 | ||||||||||||
Total Long-Term Investments | ||||||||||||||
(Cost $3,918,891,663) | 4,026,402,578 | 103.9 | ||||||||||||
SHORT-TERM INVESTMENTS: 8.6% | ||||||||||||||
Commercial Paper: 6.6% | ||||||||||||||
15,000,000 | Apache Disc, 0.490%, 01/30/15 | 14,993,999 | 0.4 | |||||||||||
20,000,000 | Autozone Inc Disc, 0.390%, 01/23/15 | 19,995,145 | 0.5 | |||||||||||
5,000,000 | Autozone Inc Disc, 0.420%, 01/22/15 | 4,998,747 | 0.1 | |||||||||||
25,000,000 | # | Barton Capital LLC, 0.198%, 07/06/15 | 24,997,500 | 0.6 | ||||||||||
10,000,000 | Campbell Soup, 0.220%, 02/11/15 | 9,997,521 | 0.3 | |||||||||||
9,000,000 | Campbell Soup, 0.220%, 02/24/15 | 8,997,079 | 0.2 | |||||||||||
2,000,000 | Campbell Soup, 0.240%, 03/09/15 | 1,999,100 | 0.0 | |||||||||||
30,000,000 | Concord Min CP, 0.270%, 04/07/15 | 29,978,700 | 0.8 | |||||||||||
30,000,000 | Crown PT C, 0.230%, 04/07/15 | 29,981,700 | 0.8 | |||||||||||
7,000,000 | Devon Disc, 0.490%, 01/26/15 | 6,997,573 | 0.2 | |||||||||||
5,000,000 | Dominion Res Inc, 0.280%, 01/21/15 | 4,999,208 | 0.1 | |||||||||||
8,275,000 | Dominion Res Inc, 0.290%, 01/09/15 | 8,274,414 | 0.2 | |||||||||||
10,000,000 | Dominion Res Inc, 0.300%, 02/26/15 | 9,995,328 | 0.3 | |||||||||||
10,000,000 | Mondelez Intl Inc, 0.310%, 03/27/15 | 9,992,700 | 0.3 | |||||||||||
16,700,000 | # | Old Line Funding LLC, 0.199%, 10/02/14 | 16,699,753 | 0.4 | ||||||||||
7,108,000 | Pacific Gas + Elec, 0.510%, 01/09/15 | 7,107,112 | 0.2 | |||||||||||
7,400,000 | # | Thunder Bay Funding LLC, 0.199%, 10/16/14 | 7,399,890 | 0.2 | ||||||||||
20,000,000 | # | Thunder Bay Funding LLC, 0.202%, 04/10/15 | 19,999,000 | 0.5 | ||||||||||
15,000,000 | Vodafone, 0.320%, 04/08/15 | 14,986,950 | 0.4 | |||||||||||
5,000,000 | Vodafone, 0.430%, 06/29/15 | 4,989,500 | 0.1 | |||||||||||
257,380,919 | 6.6 |
Securities Lending Collateralcc: 0.9% | ||||||||||||||
7,983,731 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $7,983,770, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $8,143,406, due 01/01/15-09/01/49) | 7,983,731 | 0.2 | |||||||||||
7,983,731 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $7,983,797, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $8,143,406, due 09/30/17-02/15/42) | 7,983,731 | 0.2 | |||||||||||
1,680,690 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $1,680,697, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $1,714,304, due 01/07/15-10/20/64) | 1,680,690 | 0.1 | |||||||||||
7,983,731 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $7,983,770, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $8,143,406, due 11/15/15-07/15/56) | 7,983,731 | 0.2 |
See Accompanying Notes to Financial Statements |
117 |
Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
7,983,731 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $7,983,797, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $8,144,206, due 04/15/16-02/15/42) | 7,983,731 | 0.2 | |||||||||||
33,615,614 | 0.9 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Financial: 0.2% | ||||||||||||||
6,100,000 | Credit Suisse"" | |||||||||||||
(Cost $6,102,240) | 6,102,240 | 0.2 | ||||||||||||
Mutual Funds: 0.9% | ||||||||||||||
36,676,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $36,676,000) | 36,676,000 | 0.9 | ||||||||||||
�� | ||||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $333,774,773) | 333,774,773 | 8.6 | ||||||||||||
Total Investments in Securities (Cost $4,252,666,436) | $ | 4,360,177,351 | 112.5 | |||||||||||
Liabilities in Excess of Other Assets | (485,035,756 | ) | (12.5) | |||||||||||
Net Assets | $ | 3,875,141,595 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
# | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
## | The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
+ | Step-up basis bonds. Interest rates shown reflect current and next coupon rates. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
W | Settlement is on a when-issued or delayed-delivery basis. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
Cost for federal income tax purposes is $4,255,637,269.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 119,550,430 | ||
Gross Unrealized Depreciation | (15,010,348 | ) | ||
Net Unrealized Appreciation | $ | 104,540,082 |
See Accompanying Notes to Financial Statements
118 |
Voya Index Plus LargeCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 98.5% | ||||||||||||||
Consumer Discretionary: 12.3% | ||||||||||||||
8,249 | @ | Amazon.com, Inc. | 2,560,077 | 0.3 | ||||||||||
8,555 | @ | Chipotle Mexican Grill, Inc. | 5,855,983 | 0.8 | ||||||||||
190,925 | Comcast Corp. – Class A | 11,075,559 | 1.4 | |||||||||||
76,026 | Delphi Automotive PLC | 5,528,611 | 0.7 | |||||||||||
42,531 | @ | DirecTV Group | 3,687,438 | 0.5 | ||||||||||
28,111 | @ | Dollar Tree, Inc. | 1,978,452 | 0.3 | ||||||||||
74,283 | Gap, Inc. | 3,128,057 | 0.4 | |||||||||||
140,021 | Hilton Worldwide Holdings, Inc. | 3,653,148 | 0.5 | |||||||||||
107,914 | Home Depot, Inc. | 11,327,733 | 1.5 | |||||||||||
55,969 | Lowe's Cos, Inc. | 3,850,667 | 0.5 | |||||||||||
101,596 | Macy's, Inc. | 6,679,937 | 0.9 | |||||||||||
31,054 | McDonald's Corp. | 2,909,760 | 0.4 | |||||||||||
64,049 | Michael Kors Holdings Ltd. | 4,810,080 | 0.6 | |||||||||||
89,549 | Nike, Inc. | 8,610,136 | 1.1 | |||||||||||
41,630 | Ross Stores, Inc. | 3,924,044 | 0.5 | |||||||||||
30,246 | @ | Ulta Salon Cosmetics & Fragrance, Inc. | 3,866,649 | 0.5 | ||||||||||
116,850 | Walt Disney Co. | 11,006,101 | 1.4 | |||||||||||
94,452,432 | 12.3 | |||||||||||||
Consumer Staples: 10.6% | ||||||||||||||
198,506 | Altria Group, Inc. | 9,780,390 | 1.3 | |||||||||||
90,292 | Archer-Daniels-Midland Co. | 4,695,184 | 0.6 | |||||||||||
78,091 | Coca-Cola Co. | 3,297,002 | 0.4 | |||||||||||
173,765 | ConAgra Foods, Inc. | 6,304,194 | 0.8 | |||||||||||
28,637 | Costco Wholesale Corp. | 4,059,295 | 0.5 | |||||||||||
106,738 | CVS Caremark Corp. | 10,279,937 | 1.3 | |||||||||||
54,946 | Dr Pepper Snapple Group, Inc. | 3,938,529 | 0.5 | |||||||||||
49,341 | Kimberly-Clark Corp. | 5,700,859 | 0.8 | |||||||||||
53,210 | @ | Monster Beverage Corp. | 5,765,303 | 0.8 | ||||||||||
105,646 | PepsiCo, Inc. | 9,989,886 | 1.3 | |||||||||||
30,897 | Philip Morris International, Inc. | 2,516,561 | 0.3 | |||||||||||
136,041 | Procter & Gamble Co. | 12,391,975 | 1.6 | |||||||||||
31,369 | Wal-Mart Stores, Inc. | 2,693,970 | 0.4 | |||||||||||
81,413,085 | 10.6 | |||||||||||||
Energy: 7.9% | ||||||||||||||
58,432 | Anadarko Petroleum Corp. | 4,820,640 | 0.6 | |||||||||||
81,953 | @ | Cameron International Corp. | 4,093,552 | 0.5 | ||||||||||
53,768 | Chevron Corp. | 6,031,694 | 0.8 | |||||||||||
21,841 | ConocoPhillips | 1,508,340 | 0.2 | |||||||||||
41,632 | EOG Resources, Inc. | 3,833,058 | 0.5 | |||||||||||
223,813 | ExxonMobil Corp. | 20,691,512 | 2.7 | |||||||||||
32,934 | Hess Corp. | 2,431,188 | 0.3 | |||||||||||
88,139 | Occidental Petroleum Corp. | 7,104,885 | 0.9 | |||||||||||
58,702 | Royal Dutch Shell PLC - Class A ADR | 3,930,099 | 0.5 | |||||||||||
33,766 | Schlumberger Ltd. | 2,883,954 | 0.4 |
77,670 | Valero Energy Corp. | 3,844,665 | 0.5 | |||||||||||
61,173,587 | 7.9 | |||||||||||||
Financials: 16.7% | ||||||||||||||
36,179 | Ameriprise Financial, Inc. | 4,784,673 | 0.6 | |||||||||||
20,352 | Aon PLC | 1,929,980 | 0.2 | |||||||||||
342,443 | Bank of America Corp. | 6,126,305 | 0.8 | |||||||||||
59,210 | @ | Berkshire Hathaway, Inc. – Class B | 8,890,382 | 1.2 | ||||||||||
123,930 | Blackstone Group LP | 4,192,552 | 0.5 | |||||||||||
34,812 | Capital One Financial Corp. | 2,873,731 | 0.4 | |||||||||||
69,651 | Charles Schwab Corp. | 2,102,764 | 0.3 | |||||||||||
64,269 | Citigroup, Inc. | 3,477,596 | 0.4 | |||||||||||
89,017 | Discover Financial Services | 5,829,723 | 0.8 | |||||||||||
41,378 | Extra Space Storage, Inc. | 2,426,406 | 0.3 | |||||||||||
282,690 | Fifth Third Bancorp. | 5,759,809 | 0.7 | |||||||||||
40,110 | HCP, Inc. | 1,766,043 | 0.2 | |||||||||||
241,264 | Host Hotels & Resorts, Inc. | 5,734,845 | 0.7 | |||||||||||
55,375 | Invesco Ltd. | 2,188,420 | 0.3 | |||||||||||
240,923 | JPMorgan Chase & Co. | 15,076,961 | 2.0 | |||||||||||
71,257 | Lincoln National Corp. | 4,109,391 | 0.5 | |||||||||||
205,091 | Navient Corp. | 4,432,017 | 0.6 | |||||||||||
45,891 | ProLogis, Inc. | 1,974,690 | 0.3 | |||||||||||
56,892 | Prudential Financial, Inc. | 5,146,450 | 0.7 | |||||||||||
539,402 | Regions Financial Corp. | 5,696,085 | 0.7 | |||||||||||
117,572 | Starwood Property Trust, Inc. | 2,732,373 | 0.4 | |||||||||||
48,346 | Travelers Cos., Inc. | 5,117,424 | 0.7 | |||||||||||
61,269 | UnumProvident Corp. | 2,137,063 | 0.3 | |||||||||||
108,578 | Weingarten Realty Investors | 3,791,544 | 0.5 | |||||||||||
253,060 | Wells Fargo & Co. | 13,872,749 | 1.8 | |||||||||||
174,904 | XL Group PLC | 6,011,450 | 0.8 | |||||||||||
128,181,426 | 16.7 | |||||||||||||
Health Care: 14.1% | ||||||||||||||
106,490 | AbbVie, Inc. | 6,968,706 | 0.9 | |||||||||||
6,373 | @ | Actavis PLC | 1,640,474 | 0.2 | ||||||||||
21,750 | Aetna, Inc. | 1,932,052 | 0.3 | |||||||||||
12,547 | @ | Alexion Pharmaceuticals, Inc. | 2,321,571 | 0.3 | ||||||||||
44,610 | Amgen, Inc. | 7,105,927 | 0.9 | |||||||||||
35,961 | Anthem, Inc. | 4,519,219 | 0.6 | |||||||||||
52,225 | Bristol-Myers Squibb Co. | 3,082,842 | 0.4 | |||||||||||
65,087 | Cardinal Health, Inc. | 5,254,473 | 0.7 | |||||||||||
16,537 | Celgene Corp. | 1,849,829 | 0.2 | |||||||||||
45,840 | Cigna Corp. | 4,717,394 | 0.6 | |||||||||||
35,157 | @ | Edwards Lifesciences Corp. | 4,478,299 | 0.6 | ||||||||||
89,291 | @ | Gilead Sciences, Inc. | 8,416,570 | 1.1 | ||||||||||
96,112 | Johnson & Johnson | 10,050,432 | 1.3 | |||||||||||
118,806 | Medtronic, Inc. | 8,577,793 | 1.1 | |||||||||||
219,503 | Merck & Co., Inc. | 12,465,575 | 1.6 | |||||||||||
67,918 | @ | Mylan Laboratories | 3,828,538 | 0.5 | ||||||||||
445,564 | Pfizer, Inc. | 13,879,319 | 1.8 | |||||||||||
76,415 | UnitedHealth Group, Inc. | 7,724,792 | 1.0 | |||||||||||
108,813,805 | 14.1 |
Voya Index Plus LargeCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Industrials: 9.2% | ||||||||||||||
11,889 | 3M Co. | 1,953,600 | 0.3 | |||||||||||
87,843 | ADT Corp. | 3,182,552 | 0.4 | |||||||||||
32,197 | Ametek, Inc. | 1,694,528 | 0.2 | |||||||||||
67,435 | Boeing Co. | 8,765,201 | 1.1 | |||||||||||
45,700 | Caterpillar, Inc. | 4,182,921 | 0.5 | |||||||||||
13,147 | Cummins, Inc. | 1,895,403 | 0.3 | |||||||||||
28,684 | Danaher Corp. | 2,458,506 | 0.3 | |||||||||||
42,496 | Delta Airlines, Inc. | 2,090,378 | 0.3 | |||||||||||
34,612 | Equifax, Inc. | 2,799,072 | 0.4 | |||||||||||
51,617 | General Dynamics Corp. | 7,103,532 | 0.9 | |||||||||||
285,804 | General Electric Co. | 7,222,267 | 0.9 | |||||||||||
90,329 | @ | Quanta Services, Inc. | 2,564,440 | 0.3 | ||||||||||
38,187 | Republic Services, Inc. | 1,537,027 | 0.2 | |||||||||||
20,550 | Roper Industries, Inc. | 3,212,993 | 0.4 | |||||||||||
120,687 | Southwest Airlines Co. | 5,107,474 | 0.7 | |||||||||||
47,632 | Textron, Inc. | 2,005,784 | 0.3 | |||||||||||
71,187 | Union Pacific Corp. | 8,480,507 | 1.1 | |||||||||||
36,478 | United Technologies Corp. | 4,194,970 | 0.6 | |||||||||||
70,451,155 | 9.2 | |||||||||||||
Information Technology: 18.8% | ||||||||||||||
297,598 | Apple, Inc. | 32,848,867 | 4.3 | |||||||||||
416,370 | Cisco Systems, Inc. | 11,581,332 | 1.5 | |||||||||||
41,569 | Cognizant Technology Solutions Corp. | 2,189,024 | 0.3 | |||||||||||
51,557 | Computer Sciences Corp. | 3,250,669 | 0.4 | |||||||||||
111,143 | @ | Electronic Arts, Inc. | 5,225,388 | 0.7 | ||||||||||
158,255 | EMC Corp. | 4,706,504 | 0.6 | |||||||||||
25,771 | @ | F5 Networks, Inc. | 3,362,213 | 0.4 | ||||||||||
60,104 | Facebook, Inc. | 4,689,314 | 0.6 | |||||||||||
12,493 | @ | Google, Inc. – Class A | 6,629,535 | 0.9 | ||||||||||
5,802 | Google, Inc. - Class C | 3,054,173 | 0.4 | |||||||||||
86,002 | Hewlett-Packard Co. | 3,451,260 | 0.5 | |||||||||||
27,259 | International Business Machines Corp. | 4,373,434 | 0.6 | |||||||||||
135,863 | Intel Corp. | 4,930,468 | 0.6 | |||||||||||
87,659 | Microchip Technology, Inc. | 3,954,297 | 0.5 | |||||||||||
47,967 | @ | Micron Technology, Inc. | 1,679,325 | 0.2 | ||||||||||
462,115 | Microsoft Corp. | 21,465,242 | 2.8 | |||||||||||
57,668 | NetApp, Inc. | 2,390,339 | 0.3 | |||||||||||
185,887 | Oracle Corp. | 8,359,338 | 1.1 | |||||||||||
119,279 | Qualcomm, Inc. | 8,866,008 | 1.2 | |||||||||||
32,536 | @ | Red Hat, Inc. | 2,249,539 | 0.3 | ||||||||||
7,284 | Visa, Inc. | 1,909,865 | 0.2 | |||||||||||
30,941 | Western Digital Corp. | 3,425,169 | 0.4 | |||||||||||
144,591,303 | 18.8 | |||||||||||||
Materials: 3.2% | ||||||||||||||
14,738 | CF Industries Holdings, Inc. | 4,016,694 | 0.5 | |||||||||||
39,422 | @ | Crown Holdings, Inc. | 2,006,580 | 0.3 | ||||||||||
45,294 | Eastman Chemical Co. | 3,436,003 | 0.4 | |||||||||||
96,753 | International Paper Co. | 5,184,026 | 0.7 | |||||||||||
35,498 | LyondellBasell Industries NV - Class A | 2,818,186 | 0.4 | |||||||||||
101,857 | Mosaic Co. | 4,649,772 | 0.6 | |||||||||||
29,664 | Packaging Corp. of America | 2,315,275 | 0.3 | |||||||||||
24,426,536 | 3.2 | |||||||||||||
Telecommunication Services: 2.4% | ||||||||||||||
111,751 | AT&T, Inc. | 3,753,716 | 0.5 |
38,535 | CenturyTel, Inc. | 1,525,215 | 0.2 | |||||||||||
234,982 | Frontier Communications Corp. | 1,567,330 | 0.2 | |||||||||||
257,371 | Verizon Communications, Inc. | 12,039,815 | 1.5 | |||||||||||
18,886,076 | 2.4 | |||||||||||||
Utilities: 3.3% | ||||||||||||||
28,501 | Consolidated Edison, Inc. | 1,881,351 | 0.2 | |||||||||||
24,738 | DTE Energy Co. | 2,136,621 | 0.3 | |||||||||||
67,464 | Entergy Corp. | 5,901,751 | 0.8 | |||||||||||
68,274 | Pinnacle West Capital Corp. | 4,663,797 | 0.6 | |||||||||||
104,362 | Public Service Enterprise Group, Inc. | 4,321,630 | 0.6 | |||||||||||
132,081 | Southern Co. | 6,486,498 | 0.8 | |||||||||||
25,391,648 | 3.3 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $631,416,357) | 757,781,053 | 98.5 | ||||||||||||
SHORT-TERM INVESTMENTS: 1.3% | ||||||||||||||
Mutual Funds: 1.3% | ||||||||||||||
9,769,715 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $9,769,715) | 9,769,715 | 1.3 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $9,769,715) | 9,769,715 | 1.3 | ||||||||||||
Total Investments in Securities (Cost $641,186,072) | $ | 767,550,768 | 99.8 | |||||||||||
Assets in Excess of Other Liabilities | 1,646,806 | 0.2 | ||||||||||||
Net Assets | $ | 769,197,574 | 100.0 |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
ADR | American Depositary Receipt |
Cost for federal income tax purposes is $642,459,894.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 133,894,040 | ||
Gross Unrealized Depreciation | (8,803,166 | ) | ||
Net Unrealized Appreciation | $ | 125,090,874 |
ING Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 98.9% | ||||||||||||||
Consumer Discretionary: 14.2% | ||||||||||||||
10,071 | Advance Auto Parts, Inc. | 1,604,109 | 0.2 | |||||||||||
17,419 | @ | ANN, Inc. | 635,445 | 0.1 | ||||||||||
112,379 | Brinker International, Inc. | 6,595,524 | 0.9 | |||||||||||
87,864 | Cheesecake Factory | 4,420,438 | 0.6 | |||||||||||
6,597 | Chipotle Mexican Grill, Inc. | 4,515,712 | 0.7 | |||||||||||
40,811 | Cinemark Holdings, Inc. | 1,452,055 | 0.2 | |||||||||||
49,372 | CST Brands, Inc. | 2,153,113 | 0.3 | |||||||||||
33,670 | @ | Deckers Outdoor Corp. | 3,065,317 | 0.4 | ||||||||||
49,896 | DineEquity, Inc. | 5,171,221 | 0.7 | |||||||||||
121,800 | Foot Locker, Inc. | 6,842,724 | 1.0 | |||||||||||
93,710 | Gentex Corp. | 3,385,742 | 0.5 | |||||||||||
112,513 | Guess?, Inc. | 2,371,774 | 0.3 | |||||||||||
56,748 | Hanesbrands, Inc. | 6,334,212 | 0.9 | |||||||||||
123,380 | International Speedway Corp. | 3,904,977 | 0.6 | |||||||||||
185,703 | @ | Jarden Corp. | 8,891,460 | 1.3 | ||||||||||
406,954 | @,L | JC Penney Co., Inc. | 2,637,062 | 0.4 | ||||||||||
77,310 | Life Time Fitness, Inc. | 4,377,292 | 0.6 | |||||||||||
152,792 | @ | LKQ Corp. | 4,296,511 | 0.6 | ||||||||||
125,925 | L | MDC Holdings, Inc. | 3,333,235 | 0.5 | ||||||||||
32,741 | Murphy USA, Inc. | 2,254,545 | 0.3 | |||||||||||
198,457 | @ | Office Depot, Inc. | 1,701,769 | 0.3 | ||||||||||
51,339 | Polaris Industries, Inc. | 7,764,510 | 1.1 | |||||||||||
10,321 | Signet Jewelers Ltd. | 1,357,934 | 0.2 | |||||||||||
25,471 | Thor Industries, Inc. | 1,423,065 | 0.2 | |||||||||||
127,444 | @ | Toll Brothers, Inc. | 4,367,506 | 0.6 | ||||||||||
38,292 | @ | Ulta Salon Cosmetics & Fragrance, Inc. | 4,895,249 | 0.7 | ||||||||||
99,752,501 | 14.2 | |||||||||||||
Consumer Staples: 3.7% | ||||||||||||||
18,975 | Church & Dwight Co., Inc. | 1,495,420 | 0.2 | |||||||||||
64,871 | Energizer Holdings, Inc. | 8,339,816 | 1.2 | |||||||||||
168,069 | Flowers Foods, Inc. | 3,225,244 | 0.5 | |||||||||||
100,178 | @ | Hain Celestial Group, Inc. | 5,839,376 | 0.8 | ||||||||||
50,215 | Ingredion, Inc. | 4,260,240 | 0.6 | |||||||||||
69,489 | Sprouts Farmers Market, Inc. | 2,361,236 | 0.4 | |||||||||||
25,521,332 | 3.7 | |||||||||||||
Energy: 3.1% | ||||||||||||||
229,662 | California Resources Corp. | 1,265,438 | 0.2 | |||||||||||
21,060 | @ | Cameron International Corp. | 1,051,947 | 0.1 | ||||||||||
35,364 | HollyFrontier Corp. | 1,325,443 | 0.2 | |||||||||||
221,641 | Patterson-UTI Energy, Inc. | 3,677,024 | 0.5 | |||||||||||
30,124 | Rosetta Resources, Inc. | 672,066 | 0.1 | |||||||||||
71,113 | SM Energy Co. | 2,743,540 | 0.4 | |||||||||||
239,923 | Superior Energy Services | 4,834,448 | 0.7 | |||||||||||
103,538 | @ | Unit Corp. | 3,530,646 | 0.5 | ||||||||||
219,278 | WPX Energy, Inc. | 2,550,203 | 0.4 | |||||||||||
21,650,755 | 3.1 |
Financials: 24.1% | ||||||||||||||
100,924 | Alexander & Baldwin, Inc. | 3,962,276 | 0.6 | |||||||||||
137,339 | Arthur J. Gallagher & Co. | 6,465,920 | 0.9 | |||||||||||
66,964 | Aspen Insurance Holdings Ltd. | 2,931,014 | 0.4 | |||||||||||
118,461 | BankUnited, Inc. | 3,431,815 | 0.5 | |||||||||||
114,335 | Carlyle Group L.P. | 3,144,213 | 0.5 | |||||||||||
31,455 | City National Corp. | 2,541,879 | 0.4 | |||||||||||
146,668 | Corporate Office Properties Trust SBI MD | 4,160,971 | 0.6 | |||||||||||
37,060 | Corrections Corp. of America | 1,346,760 | 0.2 | |||||||||||
80,461 | DCT Industrial Trust, Inc. | 2,869,239 | 0.4 | |||||||||||
27,692 | East-West Bancorp., Inc. | 1,071,957 | 0.2 | |||||||||||
43,150 | Everest Re Group Ltd. | 7,348,445 | 1.1 | |||||||||||
131,383 | Extra Space Storage, Inc. | 7,704,299 | 1.1 | |||||||||||
10,306 | Federal Realty Investment Trust | 1,375,439 | 0.2 | |||||||||||
61,733 | First American Financial Corp. | 2,092,749 | 0.3 | |||||||||||
137,519 | First Horizon National Corp. | 1,867,508 | 0.3 | |||||||||||
164,591 | FirstMerit Corp. | 3,109,124 | 0.4 | |||||||||||
130,777 | HCC Insurance Holdings, Inc. | 6,999,185 | 1.0 | |||||||||||
144,516 | Highwoods Properties, Inc. | 6,399,169 | 0.9 | |||||||||||
65,517 | Home Properties, Inc. | 4,297,915 | 0.6 | |||||||||||
147,226 | Host Hotels & Resorts, Inc. | 3,499,562 | 0.5 | |||||||||||
56,297 | Invesco Ltd. | 2,224,857 | 0.3 | |||||||||||
7,614 | Jones Lang LaSalle, Inc. | 1,141,567 | 0.2 | |||||||||||
333,051 | Keycorp | 4,629,409 | 0.7 | |||||||||||
56,974 | Lamar Advertising Co. | 3,056,085 | 0.4 | |||||||||||
162,172 | LaSalle Hotel Properties | 6,563,101 | 0.9 | |||||||||||
71,952 | Mack-Cali Realty Corp. | 1,371,405 | 0.2 | |||||||||||
14,195 | Mid-America Apartment Communities, Inc. | 1,060,083 | 0.2 | |||||||||||
102,282 | Navient Corp. | 2,210,314 | 0.3 | |||||||||||
35,974 | Omega Healthcare Investors, Inc. | 1,405,504 | 0.2 | |||||||||||
41,389 | PacWest Bancorp | 1,881,544 | 0.3 | |||||||||||
27,103 | Primerica, Inc. | 1,470,609 | 0.2 | |||||||||||
52,083 | Prosperity Bancshares, Inc. | 2,883,315 | 0.4 | |||||||||||
83,610 | Protective Life Corp. | 5,823,437 | 0.8 | |||||||||||
25,783 | Raymond James Financial, Inc. | 1,477,108 | 0.2 | |||||||||||
32,683 | Realty Income Corp. | 1,559,306 | 0.2 | |||||||||||
26,730 | Reinsurance Group of America, Inc. | 2,342,083 | 0.3 | |||||||||||
23,775 | RenaissanceRe Holdings Ltd. | 2,311,406 | 0.3 | |||||||||||
58,532 | SEI Investments Co. | 2,343,621 | 0.3 | |||||||||||
43,510 | Senior Housing Properties Trust | 962,006 | 0.1 | |||||||||||
60,192 | @ | Signature Bank | 7,581,784 | 1.1 | ||||||||||
83,917 | SL Green Realty Corp. | 9,987,801 | 1.4 |
Voya Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
205,873 | Starwood Property Trust, Inc. | 4,784,489 | 0.7 | |||||||||||
58,947 | @ | SVB Financial Group | 6,841,978 | 1.0 | ||||||||||
116,743 | The Geo Group, Inc. | 4,711,748 | 0.7 | |||||||||||
92,935 | Validus Holdings Ltd. | 3,862,379 | 0.6 | |||||||||||
11,376 | Waddell & Reed Financial, Inc. | 566,752 | 0.1 | |||||||||||
59,097 | Washington Prime Group, Inc. | 1,017,650 | 0.1 | |||||||||||
71,291 | Webster Financial Corp. | 2,319,096 | 0.3 | |||||||||||
73,228 | WR Berkley Corp. | 3,753,667 | 0.5 | |||||||||||
168,763,543 | 24.1 | |||||||||||||
Health Care: 10.5% | ||||||||||||||
11,819 | Align Technology, Inc. | 660,800 | 0.1 | |||||||||||
72,830 | @ | Centene Corp. | 7,563,396 | 1.1 | ||||||||||
88,680 | @ | Charles River Laboratories International, Inc. | 5,643,595 | 0.8 | ||||||||||
129,367 | @ | Community Health Systems, Inc. | 6,975,469 | 1.0 | ||||||||||
2,097 | Cooper Cos., Inc. | 339,903 | 0.0 | |||||||||||
18,706 | Cubist Pharmaceuticals, Inc. | 1,882,759 | 0.3 | |||||||||||
21,836 | Endo International PLC | 1,574,812 | 0.2 | |||||||||||
83,420 | Health Net, Inc. | 4,465,473 | 0.6 | |||||||||||
53,267 | @ | Henry Schein, Inc. | 7,252,302 | 1.0 | ||||||||||
31,891 | @ | Medivation, Inc. | 3,176,663 | 0.5 | ||||||||||
116,470 | @ | Mednax, Inc. | 7,699,832 | 1.1 | ||||||||||
12,868 | Mettler Toledo International, Inc. | 3,892,055 | 0.6 | |||||||||||
26,652 | Owens & Minor, Inc. | 935,752 | 0.1 | |||||||||||
17,742 | @ | Salix Pharmaceuticals Ltd. | 2,039,265 | 0.3 | ||||||||||
65,224 | Steris Corp. | 4,229,776 | 0.6 | |||||||||||
115,195 | @ | Thoratec Corp. | 3,739,230 | 0.5 | ||||||||||
35,615 | Universal Health Services, Inc. | 3,962,525 | 0.6 | |||||||||||
53,590 | @ | VCA, Inc. | 2,613,584 | 0.4 | ||||||||||
61,924 | @ | WellCare Health Plans, Inc. | 5,081,483 | 0.7 | ||||||||||
73,728,674 | 10.5 | |||||||||||||
Industrials: 14.5% | ||||||||||||||
70,529 | Aecom Technology Corp. | 2,141,966 | 0.3 | |||||||||||
96,545 | AGCO Corp. | 4,363,834 | 0.6 | |||||||||||
123,498 | Alaska Air Group, Inc. | 7,380,240 | 1.1 | |||||||||||
10,492 | Alliant Techsystems, Inc. | 1,219,695 | 0.2 | |||||||||||
81,997 | Ametek, Inc. | 4,315,502 | 0.6 | |||||||||||
4,469 | BE Aerospace, Inc. | 259,291 | 0.0 | |||||||||||
66,189 | Clarcor, Inc. | 4,410,835 | 0.6 | |||||||||||
6,160 | Corporate Executive Board Co. | 446,785 | 0.1 | |||||||||||
5,200 | Deluxe Corp. | 323,700 | 0.0 | |||||||||||
25,922 | Equifax, Inc. | 2,096,312 | 0.3 | |||||||||||
49,056 | Fortune Brands Home & Security, Inc. | 2,220,765 | 0.3 | |||||||||||
39,712 | GATX Corp. | 2,285,028 | 0.3 | |||||||||||
39,283 | Granite Construction, Inc. | 1,493,540 | 0.2 | |||||||||||
51,157 | Hubbell, Inc. | 5,465,102 | 0.8 | |||||||||||
16,428 | Huntington Ingalls Industries, Inc. | 1,847,493 | 0.3 | |||||||||||
338,903 | @ | JetBlue Airways Corp. | 5,375,002 | 0.8 | ||||||||||
33,612 | @ | Kirby Corp. | 2,713,833 | 0.4 |
79,498 | Lincoln Electric Holdings, Inc. | 5,492,517 | 0.8 | |||||||||||
449,082 | Mueller Water Products, Inc. | 4,598,600 | 0.7 | |||||||||||
139,499 | L | NOW, Inc./DE | 3,589,309 | 0.5 | ||||||||||
16,471 | @ | Old Dominion Freight Line | 1,278,808 | 0.2 | ||||||||||
35,243 | Oshkosh Truck Corp. | 1,714,572 | 0.2 | |||||||||||
129,664 | @ | Quanta Services, Inc. | 3,681,161 | 0.5 | ||||||||||
80,069 | Regal-Beloit Corp. | 6,021,189 | 0.9 | |||||||||||
27,899 | Roper Industries, Inc. | 4,362,009 | 0.6 | |||||||||||
11,275 | Towers Watson & Co. | 1,275,992 | 0.2 | |||||||||||
149,791 | Trinity Industries, Inc. | 4,195,646 | 0.6 | |||||||||||
16,095 | Wabtec Corp. | 1,398,494 | 0.2 | |||||||||||
154,437 | Waste Connections, Inc. | 6,793,684 | 1.0 | |||||||||||
106,328 | Woodward Governor Co. | 5,234,527 | 0.7 | |||||||||||
90,729 | Xylem, Inc. | 3,454,053 | 0.5 | |||||||||||
101,449,484 | 14.5 | |||||||||||||
Information Technology: 17.6% | ||||||||||||||
92,948 | @ | Ansys, Inc. | 7,621,736 | 1.1 | ||||||||||
75,549 | ARRIS Group, Inc. | 2,280,824 | 0.3 | |||||||||||
156,862 | Broadridge Financial Solutions, Inc. ADR | 7,243,887 | 1.0 | |||||||||||
156,587 | Brocade Communications Systems, Inc. | 1,853,990 | 0.3 | |||||||||||
196,138 | @ | Cadence Design Systems, Inc. | 3,720,738 | 0.5 | ||||||||||
26,936 | Cavium, Inc. | 1,665,184 | 0.2 | |||||||||||
95,526 | @ | Commvault Systems, Inc. | 4,937,739 | 0.7 | ||||||||||
8,965 | Equinix, Inc. | 2,032,634 | 0.3 | |||||||||||
38,701 | @ | F5 Networks, Inc. | 5,049,126 | 0.7 | ||||||||||
42,564 | Fairchild Semiconductor International, Inc. | 718,480 | 0.1 | |||||||||||
94,348 | @ | Gartner, Inc. | 7,945,045 | 1.1 | ||||||||||
192,339 | @ | Ingram Micro, Inc. | 5,316,250 | 0.8 | ||||||||||
105,251 | @ | International Rectifier Corp. | 4,199,515 | 0.6 | ||||||||||
14,952 | Jack Henry & Associates, Inc. | 929,117 | 0.1 | |||||||||||
143,300 | @ | Keysight Technologies, Inc. | 4,839,241 | 0.7 | ||||||||||
15,064 | KLA-Tencor Corp. | 1,059,301 | 0.2 | |||||||||||
31,852 | L | Knowles Corp. | 750,115 | 0.1 | ||||||||||
96,645 | Lexmark International, Inc. | 3,988,539 | 0.6 | |||||||||||
50,723 | Mentor Graphics Corp. | 1,111,848 | 0.2 | |||||||||||
37,901 | Microchip Technology, Inc. | 1,709,714 | 0.3 | |||||||||||
97,928 | National Instruments Corp. | 3,044,582 | 0.4 | |||||||||||
60,688 | NeuStar, Inc. | 1,687,126 | 0.3 | |||||||||||
78,529 | Plantronics, Inc. | 4,163,608 | 0.6 | |||||||||||
422,179 | @ | Polycom, Inc. | 5,699,417 | 0.8 | ||||||||||
149,144 | @ | PTC, Inc. | 5,466,128 | 0.8 | ||||||||||
79,016 | @,L | RF Micro Devices, Inc. | 1,310,875 | 0.2 | ||||||||||
78,064 | @ | Riverbed Technolgoy, Inc. | 1,593,286 | 0.2 | ||||||||||
150,339 | @ | Semtech Corp. | 4,144,846 | 0.6 | ||||||||||
123,073 | Skyworks Solutions, Inc. | 8,948,638 | 1.3 | |||||||||||
129,940 | @ | SolarWinds, Inc. | 6,474,910 | 0.9 |
Voya Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
21,358 | @ | Synopsys, Inc. | 928,432 | 0.1 | ||||||||||
29,493 | Ultimate Software Group, Inc. | 4,330,015 | 0.6 | |||||||||||
131,939 | United States Steel Corp. | 3,528,049 | 0.5 | |||||||||||
28,975 | WEX, Inc. | 2,866,207 | 0.4 | |||||||||||
123,159,142 | 17.6 | |||||||||||||
Materials: 5.8% | ||||||||||||||
91,692 | Albemarle Corp. | 5,513,440 | 0.8 | |||||||||||
8,922 | Ashland, Inc. | 1,068,499 | 0.1 | |||||||||||
26,417 | Cabot Corp. | 1,158,649 | 0.2 | |||||||||||
326,066 | Commercial Metals Co. | 5,311,615 | 0.8 | |||||||||||
46,008 | Eastman Chemical Co. | 3,490,167 | 0.5 | |||||||||||
14,154 | Minerals Technologies, Inc. | 982,995 | 0.1 | |||||||||||
104,099 | Packaging Corp. of America | 8,124,927 | 1.2 | |||||||||||
24,858 | Rock-Tenn Co. | 1,515,841 | 0.2 | |||||||||||
26,393 | Royal Gold, Inc. | 1,654,841 | 0.2 | |||||||||||
318,359 | Steel Dynamics, Inc. | 6,284,407 | 0.9 | |||||||||||
61,171 | TimkenSteel Corp. | 2,265,162 | 0.3 | |||||||||||
118,221 | Worthington Industries | 3,557,270 | 0.5 | |||||||||||
40,927,813 | 5.8 | |||||||||||||
Utilities: 5.4% | ||||||||||||||
175,614 | CenterPoint Energy, Inc. | 4,114,636 | 0.6 | |||||||||||
59,368 | DTE Energy Co. | 5,127,614 | 0.7 | |||||||||||
91,338 | El Paso Electric Co. | 3,659,000 | 0.5 | |||||||||||
21,811 | Energen Corp. | 1,390,670 | 0.2 | |||||||||||
65,793 | Great Plains Energy, Inc. | 1,869,179 | 0.3 | |||||||||||
53,873 | Idacorp, Inc. | 3,565,854 | 0.5 | |||||||||||
59,505 | OGE Energy Corp. | 2,111,238 | 0.3 | |||||||||||
112,056 | ONE Gas, Inc. | 4,618,948 | 0.7 | |||||||||||
52,983 | Pinnacle West Capital Corp. | 3,619,269 | 0.5 | |||||||||||
35,916 | PNM Resources, Inc. | 1,064,191 | 0.2 | |||||||||||
33,699 | Vectren Corp. | 1,557,905 | 0.2 | |||||||||||
116,989 | Westar Energy, Inc. | 4,824,626 | 0.7 | |||||||||||
37,523,130 | 5.4 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $589,425,475) | 692,476,374 | 98.9 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 2.7% | ||||||||||||||
Securities Lending Collateralcc: 1.6% | ||||||||||||||
2,672,755 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,672,768, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,726,210, due 01/01/15-09/01/49) | 2,672,755 | 0.4 |
2,672,755 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,672,777, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $2,726,210, due 09/30/17-02/15/42) | 2,672,755 | 0.4 | |||||||||||
562,652 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $562,654, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $573,905, due 01/07/15-10/20/64) | 562,652 | 0.0 | |||||||||||
2,672,755 | Royal Bank of Scotland PLC, Repurchase Agreement dated 12/31/14, 0.09%, due 01/02/15 (Repurchase Amount $2,672,768, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.375%-7.250%, Market Value plus accrued interest $2,726,210, due 11/15/15-07/15/56) | 2,672,755 | 0.4 | |||||||||||
2,672,755 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,672,777, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $2,726,478, due 04/15/16-02/15/42) | 2,672,755 | 0.4 | |||||||||||
11,253,672 | 1.6 |
Voya Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 1.1% | ||||||||||||||
7,823,608 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $7,823,608) | 7,823,608 | 1.1 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $19,077,280) | 19,077,280 | 2.7 | ||||||||||||
Total Investments in Securities (Cost $608,502,755) | $ | 711,553,654 | 101.6 | |||||||||||
Liabilities in Excess of Other Assets | (11,204,591 | ) | (1.6 | ) | ||||||||||
Net Assets | $ | 700,349,063 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
ADR | American Depositary Receipt |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
Cost for federal income tax purposes is $609,092,959.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 122,637,689 | ||
Gross Unrealized Depreciation | (20,176,994 | ) | ||
Net Unrealized Appreciation | $ | 102,460,695 |
Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 98.7% | ||||||||||||||
Consumer Discretionary: 15.5% | ||||||||||||||
45,594 | Arctic Cat, Inc. | 1,618,587 | 0.5 | |||||||||||
11,308 | Big 5 Sporting Goods Corp. | 165,436 | 0.0 | |||||||||||
19,555 | Brown Shoe Co., Inc. | 628,693 | 0.2 | |||||||||||
9,902 | @ | Buffalo Wild Wings, Inc. | 1,786,123 | 0.6 | ||||||||||
61,885 | Callaway Golf Co. | 476,515 | 0.1 | |||||||||||
25,750 | Cheesecake Factory | 1,295,483 | 0.4 | |||||||||||
43,732 | Childrens Place Retail Stores, Inc. | 2,492,724 | 0.8 | |||||||||||
48,280 | Cinemark Holdings, Inc. | 1,717,802 | 0.5 | |||||||||||
2,626 | Cracker Barrel Old Country Store | 369,636 | 0.1 | |||||||||||
66,884 | Dana Holding Corp. | 1,454,058 | 0.5 | |||||||||||
26,774 | DineEquity, Inc. | 2,774,857 | 0.9 | |||||||||||
80,081 | Finish Line | 1,946,769 | 0.6 | |||||||||||
6,416 | Fred's, Inc. | 111,703 | 0.0 | |||||||||||
22,157 | Haverty Furniture Cos., Inc. | 487,676 | 0.2 | |||||||||||
6,620 | @ | Helen of Troy Ltd. | 430,697 | 0.1 | ||||||||||
35,649 | @ | Hibbett Sporting Goods, Inc. | 1,726,481 | 0.5 | ||||||||||
42,550 | Jack in the Box, Inc. | 3,402,298 | 1.1 | |||||||||||
96,111 | La-Z-Boy, Inc. | 2,579,619 | 0.8 | |||||||||||
13,330 | L | Lumber Liquidators | 883,912 | 0.3 | ||||||||||
18,141 | Marriott Vacations Worldwide Corp. | 1,352,230 | 0.4 | |||||||||||
46,225 | Monro Muffler, Inc. | 2,671,805 | 0.8 | |||||||||||
33,239 | Movado Group, Inc. | 942,990 | 0.3 | |||||||||||
31,880 | @,L | Outerwall, Inc. | 2,398,014 | 0.8 | ||||||||||
48,990 | Papa John's International, Inc. | 2,733,642 | 0.9 | |||||||||||
14,663 | L | PetMed Express, Inc. | 210,707 | 0.1 | ||||||||||
50,924 | Pool Corp. | 3,230,619 | 1.0 | |||||||||||
58,389 | Ruth's Hospitality Group, Inc. | 875,835 | 0.3 | |||||||||||
97,696 | L | Smith & Wesson Holding Corp. | 925,181 | 0.3 | ||||||||||
32,551 | Standard Motor Products, Inc. | 1,240,844 | 0.4 | |||||||||||
31,440 | Sturm Ruger & Co., Inc. | 1,088,767 | 0.3 | |||||||||||
14,420 | @ | Universal Electronics, Inc. | 937,733 | 0.3 | ||||||||||
14,057 | Vail Resorts, Inc. | 1,281,014 | 0.4 | |||||||||||
21,517 | VOXX International Corp. | 188,489 | 0.1 | |||||||||||
76,273 | Wolverine World Wide, Inc. | 2,247,765 | 0.7 | |||||||||||
20,255 | @ | Zumiez, Inc. | 782,451 | 0.2 | ||||||||||
49,457,155 | 15.5 | |||||||||||||
Consumer Staples: 3.2% | ||||||||||||||
5,923 | Calavo Growers, Inc. | 280,158 | 0.1 | |||||||||||
40,116 | Casey's General Stores, Inc. | 3,623,277 | 1.1 | |||||||||||
13,429 | @ | Darling International, Inc. | 243,871 | 0.1 | ||||||||||
8,503 | Inter Parfums, Inc. | 233,407 | 0.1 | |||||||||||
2,770 | J&J Snack Foods Corp. | 301,293 | 0.1 | |||||||||||
34,674 | Medifast, Inc. | 1,163,313 | 0.4 | |||||||||||
44,360 | Pinnacle Foods, Inc. | 1,565,908 | 0.5 | |||||||||||
23,508 | Sanderson Farms, Inc. | 1,975,260 | 0.6 |
11,851 | SpartanNash Co. | 309,785 | 0.1 | |||||||||||
5,805 | WD-40 Co. | 493,889 | 0.1 | |||||||||||
10,190,161 | 3.2 | |||||||||||||
Energy: 3.4% | ||||||||||||||
59,928 | L | Approach Resources, Inc. | 382,940 | 0.1 | ||||||||||
4,402 | Bristow Group, Inc. | 289,608 | 0.1 | |||||||||||
99,417 | C&J Energy Services, Inc. | 1,313,299 | 0.4 | |||||||||||
48,197 | Carrizo Oil & Gas, Inc. | 2,004,995 | 0.6 | |||||||||||
123,999 | Cloud Peak Energy, Inc. | 1,138,311 | 0.4 | |||||||||||
99,513 | L | Energy XXI Bermuda Ltd. | 324,412 | 0.1 | ||||||||||
10,483 | Exterran Holdings, Inc. | 341,536 | 0.1 | |||||||||||
16,622 | @ | Geospace Technologies Corp. | 440,483 | 0.1 | ||||||||||
31,083 | Green Plains Renewable Energy, Inc. | 770,237 | 0.3 | |||||||||||
19,734 | @ | Matrix Service Co. | 440,463 | 0.1 | ||||||||||
11,424 | L | Northern Oil And Gas, Inc. | 64,546 | 0.0 | ||||||||||
166,621 | L | Paragon Offshore PLC | 461,540 | 0.2 | ||||||||||
196,318 | Petroquest Energy, Inc. | 734,229 | 0.2 | |||||||||||
126,360 | Pioneer Energy Services Corp. | 700,034 | 0.2 | |||||||||||
22,132 | @,L | Swift Energy Co. | 89,635 | 0.0 | ||||||||||
7,975 | Tesco Corp. | 102,239 | 0.0 | |||||||||||
18,500 | @ | Tetra Technologies, Inc. | 123,580 | 0.1 | ||||||||||
33,245 | @ | Unit Corp. | 1,133,654 | 0.4 | ||||||||||
10,855,741 | 3.4 | |||||||||||||
Financials: 23.0% | ||||||||||||||
16,842 | American Assets Trust, Inc. | 670,480 | 0.2 | |||||||||||
84,006 | Associated Estates Realty Corp. | 1,949,779 | 0.6 | |||||||||||
18,648 | Banner Corp. | 802,237 | 0.3 | |||||||||||
9,539 | BofI Holding, Inc. | 742,230 | 0.2 | |||||||||||
128,653 | Boston Private Financial Holdings, Inc. | 1,732,956 | 0.5 | |||||||||||
26,086 | Cash America International, Inc. | 590,065 | 0.2 | |||||||||||
31,075 | Cedar Shopping Centers, Inc. | 228,091 | 0.1 | |||||||||||
36,376 | Chesapeake Lodging Trust | 1,353,551 | 0.4 | |||||||||||
9,833 | Community Bank System, Inc. | 374,932 | 0.1 | |||||||||||
50,125 | Coresite Realty Corp. | 1,957,381 | 0.6 | |||||||||||
59,496 | CubeSmart | 1,313,077 | 0.4 | |||||||||||
38,299 | CyrusOne, Inc. | 1,055,138 | 0.3 | |||||||||||
48,833 | DCT Industrial Trust, Inc. | 1,741,385 | 0.6 | |||||||||||
77,929 | DiamondRock Hospitality Co. | 1,158,804 | 0.4 | |||||||||||
38,745 | eHealth, Inc. | 965,525 | 0.3 | |||||||||||
42,543 | Encore Capital Group, Inc. | 1,888,909 | 0.6 | |||||||||||
49,614 | EPR Properties | 2,859,255 | 0.9 | |||||||||||
42,998 | Evercore Partners, Inc. | 2,251,805 | 0.7 | |||||||||||
55,859 | L | Financial Engines, Inc. | 2,041,647 | 0.6 | ||||||||||
57,299 | First American Financial Corp. | 1,942,436 | 0.6 |
Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
21,293 | First Commonwealth Financial Corp. | 196,322 | 0.1 | |||||||||||
30,677 | Hanmi Financial Corp. | 669,065 | 0.2 | |||||||||||
21,981 | HCI Group, Inc. | 950,459 | 0.3 | |||||||||||
5,852 | HFF, Inc. | 210,204 | 0.1 | |||||||||||
37,662 | Highwoods Properties, Inc. | 1,667,673 | 0.5 | |||||||||||
44,484 | LaSalle Hotel Properties | 1,800,268 | 0.6 | |||||||||||
42,471 | MarketAxess Holdings, Inc. | 3,045,595 | 1.0 | |||||||||||
83,014 | MB Financial, Inc. | 2,727,840 | 0.9 | |||||||||||
179,156 | @ | MGIC Investment Corp. | 1,669,734 | 0.5 | ||||||||||
29,840 | Oritani Financial Corp. | 459,536 | 0.1 | |||||||||||
19,343 | Pinnacle Financial Partners, Inc. | 764,822 | 0.2 | |||||||||||
34,478 | Post Properties, Inc. | 2,026,272 | 0.6 | |||||||||||
50,897 | @ | PRA Group, Inc. | 2,948,463 | 0.9 | ||||||||||
59,978 | PrivateBancorp, Inc. | 2,003,265 | 0.6 | |||||||||||
58,873 | ProAssurance Corp. | 2,658,116 | 0.8 | |||||||||||
25,199 | Prosperity Bancshares, Inc. | 1,395,017 | 0.4 | |||||||||||
8,664 | Provident Financial Services, Inc. | 156,472 | 0.1 | |||||||||||
95,061 | Radian Group, Inc. | 1,589,420 | 0.5 | |||||||||||
67,462 | Selective Insurance Group | 1,832,943 | 0.6 | |||||||||||
14,322 | Signature Bank | 1,803,999 | 0.6 | |||||||||||
9,153 | Sovran Self Storage, Inc. | 798,325 | 0.3 | |||||||||||
13,222 | Sterling Bancorp/DE | 190,132 | 0.1 | |||||||||||
57,015 | @ | Stifel Financial Corp. | 2,908,905 | 0.9 | ||||||||||
86,898 | Susquehanna Bancshares, Inc. | 1,167,040 | 0.4 | |||||||||||
14,989 | @ | SVB Financial Group | 1,739,773 | 0.5 | ||||||||||
77,303 | The Geo Group, Inc. | 3,119,949 | 1.0 | |||||||||||
57,808 | Trustco Bank Corp. | 419,686 | 0.1 | |||||||||||
44,964 | Universal Insurance Holdings, Inc. | 919,514 | 0.3 | |||||||||||
2,712 | Virtus Investment Partners | 462,369 | 0.1 | |||||||||||
55,806 | Webster Financial Corp. | 1,815,369 | 0.6 | |||||||||||
29,203 | Wintrust Financial Corp. | 1,365,532 | 0.4 | |||||||||||
4,103 | @,L | World Acceptance, Corp. | 325,983 | 0.1 | ||||||||||
73,427,745 | 23.0 | |||||||||||||
Health Care: 11.2% | ||||||||||||||
46,142 | Acorda Therapeutics, Inc. | 1,885,824 | 0.6 | |||||||||||
31,133 | @ | Air Methods Corp. | 1,370,786 | 0.4 | ||||||||||
3,900 | @ | Almost Family, Inc. | 112,905 | 0.0 | ||||||||||
91,092 | AMN Healthcare Services, Inc. | 1,785,403 | 0.6 | |||||||||||
38,610 | @ | Amsurg Corp. | 2,113,125 | 0.7 | ||||||||||
7,532 | Analogic Corp. | 637,283 | 0.2 | |||||||||||
4,081 | @ | Bio-Rad Laboratories, Inc. | 492,005 | 0.2 | ||||||||||
7,601 | Computer Programs & Systems, Inc. | 461,761 | 0.1 | |||||||||||
14,227 | Conmed Corp. | 639,646 | 0.2 | |||||||||||
50,915 | Cynosure, Inc. | 1,396,089 | 0.4 | |||||||||||
76,229 | @ | Emergent Biosolutions, Inc. | 2,075,716 | 0.7 |
41,192 | @ | Greatbatch, Inc. | 2,030,766 | 0.6 | ||||||||||
23,519 | @ | Haemonetics Corp. | 880,081 | 0.3 | ||||||||||
43,428 | Healthsouth Corp. | 1,670,241 | 0.5 | |||||||||||
86,245 | @ | Impax Laboratories, Inc. | 2,732,242 | 0.9 | ||||||||||
35,434 | IPC The Hospitalist Co., Inc. | 1,626,066 | 0.5 | |||||||||||
71,007 | Luminex Corp. | 1,332,091 | 0.4 | |||||||||||
43,973 | @ | Masimo Corp. | 1,158,249 | 0.4 | ||||||||||
16,848 | Medicines Co. | 466,184 | 0.1 | |||||||||||
19,390 | @ | Mednax, Inc. | 1,281,873 | 0.4 | ||||||||||
67,184 | @ | Merit Medical Systems, Inc. | 1,164,299 | 0.4 | ||||||||||
10,130 | MWI Veterinary Supply, Inc. | 1,721,188 | 0.5 | |||||||||||
68,211 | @ | Omnicell, Inc. | 2,259,148 | 0.7 | ||||||||||
46,403 | Owens & Minor, Inc. | 1,629,209 | 0.5 | |||||||||||
6,854 | @ | Parexel International Corp. | 380,808 | 0.1 | ||||||||||
12,748 | @ | SurModics, Inc. | 281,731 | 0.1 | ||||||||||
27,153 | Team Health Holdings, Inc. | 1,562,112 | 0.5 | |||||||||||
9,338 | West Pharmaceutical Services, Inc. | 497,155 | 0.2 | |||||||||||
35,643,986 | 11.2 | |||||||||||||
Industrials: 16.6% | ||||||||||||||
67,176 | Actuant Corp. | 1,829,874 | 0.6 | |||||||||||
9,010 | Allegiant Travel Co. | 1,354,473 | 0.4 | |||||||||||
11,651 | Atlas Air Worldwide Holdings, Inc. | 574,394 | 0.2 | |||||||||||
42,422 | Barnes Group, Inc. | 1,570,038 | 0.5 | |||||||||||
68,262 | Brady Corp. | 1,866,283 | 0.6 | |||||||||||
22,072 | CIRCOR International, Inc. | 1,330,500 | 0.4 | |||||||||||
32,084 | Curtiss-Wright Corp. | 2,264,810 | 0.7 | |||||||||||
7,385 | EMCOR Group, Inc. | 328,559 | 0.1 | |||||||||||
4,422 | EnerSys | 272,926 | 0.1 | |||||||||||
14,425 | EnPro Industries, Inc. | 905,313 | 0.3 | |||||||||||
45,879 | Forward Air Corp. | 2,310,925 | 0.7 | |||||||||||
69,436 | Healthcare Services Group | 2,147,656 | 0.7 | |||||||||||
77,963 | Heartland Express, Inc. | 2,105,781 | 0.7 | |||||||||||
56,488 | @ | HUB Group, Inc. | 2,151,063 | 0.7 | ||||||||||
14,394 | Insperity, Inc. | 487,813 | 0.1 | |||||||||||
49,882 | KAR Auction Services, Inc. | 1,728,411 | 0.5 | |||||||||||
73,442 | Knight Transportation, Inc. | 2,472,058 | 0.8 | |||||||||||
9,127 | @ | Moog, Inc. | 675,672 | 0.2 | ||||||||||
55,573 | @ | Navigant Consulting, Inc. | 854,157 | 0.3 | ||||||||||
32,643 | @ | On Assignment, Inc. | 1,083,421 | 0.3 | ||||||||||
80,043 | @ | Orbital Sciences Corp. | 2,152,356 | 0.7 | ||||||||||
4,948 | Powell Industries, Inc. | 242,798 | 0.1 | |||||||||||
15,000 | Regal-Beloit Corp. | 1,128,000 | 0.4 | |||||||||||
46,240 | Resources Connection, Inc. | 760,648 | 0.2 | |||||||||||
59,864 | Simpson Manufacturing Co., Inc. | 2,071,295 | 0.6 | |||||||||||
13,888 | Standex International Corp. | 1,072,987 | 0.3 | |||||||||||
34,532 | @ | Teledyne Technologies, Inc. | 3,547,818 | 1.1 |
Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
63,666 | Tetra Tech, Inc. | 1,699,882 | 0.5 | |||||||||||
54,731 | Toro Co. | 3,492,385 | 1.1 | |||||||||||
17,462 | Unifirst Corp. | 2,120,760 | 0.7 | |||||||||||
32,197 | Universal Forest Products, Inc. | 1,712,880 | 0.5 | |||||||||||
24,343 | Viad Corp. | 648,984 | 0.2 | |||||||||||
33,713 | Waste Connections, Inc. | 1,483,035 | 0.5 | |||||||||||
40,727 | Watts Water Technologies, Inc. | 2,583,721 | 0.8 | |||||||||||
53,031,676 | 16.6 | |||||||||||||
Information Technology: 16.3% | ||||||||||||||
95,940 | Adtran, Inc. | 2,091,492 | 0.6 | |||||||||||
98,070 | @ | Advanced Energy Industries, Inc. | 2,324,259 | 0.7 | ||||||||||
36,270 | @ | Aspen Technology, Inc. | 1,270,175 | 0.4 | ||||||||||
71,338 | @ | Benchmark Electronics, Inc. | 1,814,839 | 0.6 | ||||||||||
58,258 | Blackbaud, Inc. | 2,520,241 | 0.8 | |||||||||||
119,048 | Brooks Automation, Inc. | 1,517,862 | 0.5 | |||||||||||
3,810 | @ | Cabot Microelectronics Corp. | 180,289 | 0.1 | ||||||||||
16,991 | @ | CACI International, Inc. | 1,464,284 | 0.5 | ||||||||||
65,621 | @ | Cardtronics, Inc. | 2,531,658 | 0.8 | ||||||||||
32,729 | @ | Coherent, Inc. | 1,987,305 | 0.6 | ||||||||||
26,661 | DealerTrack Holdings, Inc. | 1,181,349 | 0.4 | |||||||||||
24,706 | @ | Diodes, Inc. | 681,144 | 0.2 | ||||||||||
54,742 | ExlService Holdings, Inc. | 1,571,643 | 0.5 | |||||||||||
16,248 | Faro Technologies, Inc. | 1,018,425 | 0.3 | |||||||||||
11,270 | Forrester Research, Inc. | 443,587 | 0.1 | |||||||||||
172,157 | @ | Harmonic, Inc. | 1,206,821 | 0.4 | ||||||||||
11,200 | @ | Insight Enterprises, Inc. | 289,968 | 0.1 | ||||||||||
53,006 | j2 Global, Inc. | 3,286,372 | 1.0 | |||||||||||
23,658 | Liquidity Services, Inc. | 193,286 | 0.1 | |||||||||||
6,319 | Littelfuse, Inc. | 610,858 | 0.2 | |||||||||||
106,443 | LivePerson, Inc. | 1,500,846 | 0.5 | |||||||||||
3,991 | Manhattan Associates, Inc. | 162,513 | 0.0 | |||||||||||
7,930 | MAXIMUS, Inc. | 434,881 | 0.1 | |||||||||||
109,836 | @ | Microsemi Corp. | 3,117,146 | 1.0 | ||||||||||
74,286 | MKS Instruments, Inc. | 2,718,868 | 0.8 | |||||||||||
11,100 | Monolithic Power Systems, Inc. | 552,114 | 0.2 | |||||||||||
67,758 | @ | Netgear, Inc. | 2,410,830 | 0.8 | ||||||||||
53,630 | Perficient, Inc. | 999,127 | 0.3 | |||||||||||
37,050 | @ | Plexus Corp. | 1,526,830 | 0.5 | ||||||||||
97,248 | @ | PMC - Sierra, Inc. | 890,792 | 0.3 | ||||||||||
54,174 | @ | Polycom, Inc. | 731,349 | 0.2 | ||||||||||
35,105 | @ | Rofin-Sinar Technologies, Inc. | 1,009,971 | 0.3 | ||||||||||
16,205 | @ | Sanmina Corp. | 381,304 | 0.1 | ||||||||||
14,084 | @ | Stamps.com, Inc. | 675,891 | 0.2 | ||||||||||
58,557 | @ | SYKES Enterprises, Inc. | 1,374,333 | 0.4 | ||||||||||
51,382 | @ | Synchronoss Technologies, Inc. | 2,150,850 | 0.7 | ||||||||||
76,589 | @ | Take-Two Interactive Software, Inc. | 2,146,790 | 0.7 | ||||||||||
8,555 | Veeco Instruments, Inc. | 298,398 | 0.1 | |||||||||||
3,894 | @ | Viasat, Inc. | 245,439 | 0.1 | ||||||||||
3,563 | WEX, Inc. | 352,452 | 0.1 | |||||||||||
51,866,581 | 16.3 |
Materials: 5.6% | ||||||||||||||
66,157 | @ | Boise Cascade Co. | 2,457,733 | 0.7 | ||||||||||
97,410 | Commercial Metals Co. | 1,586,809 | 0.5 | |||||||||||
45,831 | FutureFuel Corp. | 596,720 | 0.2 | |||||||||||
4,789 | Haynes International, Inc. | 232,266 | 0.1 | |||||||||||
63,741 | HB Fuller Co. | 2,838,387 | 0.9 | |||||||||||
22,509 | Kaiser Aluminum Corp. | 1,607,818 | 0.5 | |||||||||||
27,902 | Materion Corp. | 982,987 | 0.3 | |||||||||||
22,830 | Minerals Technologies, Inc. | 1,585,543 | 0.5 | |||||||||||
26,845 | Neenah Paper, Inc. | 1,617,948 | 0.5 | |||||||||||
22,896 | OM Group, Inc. | 682,301 | 0.2 | |||||||||||
13,704 | Quaker Chemical Corp. | 1,261,316 | 0.4 | |||||||||||
36,909 | @ | RTI International Metals, Inc. | 932,321 | 0.3 | ||||||||||
10,744 | US Silica Holdings, Inc. | 276,013 | 0.1 | |||||||||||
42,139 | Worthington Industries | 1,267,963 | 0.4 | |||||||||||
17,926,125 | 5.6 | |||||||||||||
Telecommunication Services: 1.1% | ||||||||||||||
16,403 | Atlantic Tele-Network, Inc. | 1,108,679 | 0.4 | |||||||||||
49,931 | @ | Cincinnati Bell, Inc. | 159,280 | 0.1 | ||||||||||
59,928 | L | Consolidated Communications Holdings, Inc. | 1,667,796 | 0.5 | ||||||||||
24,233 | Lumos Networks Corp. | 407,599 | 0.1 | |||||||||||
4,463 | Spok Holdings, Inc. | 77,478 | 0.0 | |||||||||||
3,420,832 | 1.1 | |||||||||||||
Utilities: 2.8% | ||||||||||||||
45,866 | American States Water Co. | 1,727,313 | 0.5 | |||||||||||
58,599 | El Paso Electric Co. | 2,347,476 | 0.7 | |||||||||||
27,568 | Idacorp, Inc. | 1,824,726 | 0.6 | |||||||||||
28,871 | L | Northwest Natural Gas Co. | 1,440,663 | 0.5 | ||||||||||
7,943 | Piedmont Natural Gas Co. | 313,034 | 0.1 | |||||||||||
18,481 | Southwest Gas Corp. | 1,142,310 | 0.4 | |||||||||||
8,795,522 | 2.8 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $252,356,438) | 314,615,524 | 98.7 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 4.1% | ||||||||||||||
Securities Lending Collateralcc: 2.8% | ||||||||||||||
2,125,982 | Citigroup, Inc., Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $2,125,991, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.375%-8.000%, Market Value plus accrued interest $2,168,502, due 12/15/17-07/15/51) | 2,125,982 | 0.7 |
Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2014 (continued) |
133,947 | Daiwa Capital Markets, Repurchase Agreement dated 12/31/14, 0.12%, due 01/02/15 (Repurchase Amount $133,948, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $136,626, due 06/01/17-03/01/48) | 133,947 | 0.0 | |||||||||||
2,615,959 | Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,615,981, collateralized by various U.S. Government Securities, 0.625%-3.125%, Market Value plus accrued interest $2,668,278, due 09/30/17-02/15/42) | 2,615,959 | 0.8 | |||||||||||
908,926 | Morgan Stanley, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $908,930, collateralized by various U.S. Government Agency Obligations, 2.317%-9.500%, Market Value plus accrued interest $927,105, due 07/01/15-12/01/44) | 908,926 | 0.3 | |||||||||||
550,712 | Nomura Securities, Repurchase Agreement dated 12/31/14, 0.08%, due 01/02/15 (Repurchase Amount $550,714, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $561,726, due 01/07/15-10/20/64) | 550,712 | 0.2 |
2,615,959 | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/14, 0.15%, due 01/02/15 (Repurchase Amount $2,615,981, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $2,668,540, due 04/15/16-02/15/42) | 2,615,959 | 0.8 | |||||||||||
8,951,485 | 2.8 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 1.3% | ||||||||||||||
4,056,559 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $4,056,559) | 4,056,559 | 1.3 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $13,008,044) | 13,008,044 | 4.1 | ||||||||||||
Total Investments in Securities (Cost $265,364,482) | $ | 327,623,568 | 102.8 | |||||||||||
Liabilities in Excess of Other Assets | (8,773,138 | ) | (2.8 | ) | ||||||||||
Net Assets | $ | 318,850,430 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2014. |
@ | Non-income producing security. |
cc | Represents securities purchased with cash collateral received for securities on loan. |
L | Loaned security, a portion or all of the security is on loan at December 31, 2014. |
Cost for federal income tax purposes is $266,125,426.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 72,052,347 | ||
Gross Unrealized Depreciation | (10,554,205 | ) | ||
Net Unrealized Appreciation | $ | 61,498,142 |
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 Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider, evaluate and make recommendations to the Board with respect to the nomination and selection of Independent Trustees. In evaluating candidates, the Nominating Committee may consider a variety of factors, but 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 nominees it identifies. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include sufficient background information concerning the candidate and should be received in a timely manner. At a minimum, the following information as to each individual proposed for nomination as director should be included: the individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a director (if elected), and all information relating to such individual that is required to be disclosed in a solicitation of proxies for election of directors, 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 SEC.
In evaluating a candidate for the position of Independent Trustee, including any candidate recommended by shareholders of the Fund, the Nominating Committee shall consider the following: (i) the candidate’s knowledge in matters relating to the mutual fund industry; (ii) any experience possessed by the candidate as a director or senior officer of other public companies; (iii) the candidate’s educational background, reputation for high ethical standards and professional integrity; (iv) any specific financial, technical or other expertise possessed by the candidate, and the extent to which such expertise would complement the Board’s existing mix of skills, core competencies and qualifications; (v) the candidate’s perceived ability to contribute to the ongoing functions of the Board, including the candidate’s ability and commitment to attend meetings regularly and work collaboratively with other members of the Board; (vi) the candidate’s ability to qualify as an Independent Trustee for purposes of the 1940 Act; and (vii) such other factors as the Committee determines to be relevant in light of the existing composition of the Board and any anticipated vacancies. Prior to making a final recommendation to the Board, the Committee shall conduct personal interviews with those candidates it concludes are the most qualified candidates.
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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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. |
(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT |
(3) | Not applicable. |
15 |
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 Portfolios, Inc.
By | /s/ Shaun P. Mathews | |
Shaun P. Mathews | ||
President and Chief Executive Officer | ||
Date: | March 6, 2015 |
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: | March 6, 2015 |
By | /s/ Todd Modic | |
Todd Modic | ||
Senior Vice President and Chief Financial Officer | ||
Date: | March 6, 2015 |
16 |