PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
1
Voya
Small
Company
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
97
.6
%
Communication
Services
:
2
.7
%
919,090
(1)
Globalstar,
Inc.
$
1,204,008
0
.4
164,551
(1)
Magnite,
Inc.
1,240,714
0
.5
124,758
(1)
Playtika
Holding
Corp.
1,201,419
0
.4
418,427
(1)
Vimeo,
Inc.
1,481,232
0
.5
10,916
(1)
Ziff
Davis,
Inc.
695,240
0
.3
128,042
(1)
ZipRecruiter,
Inc.
- Class
A
1,535,224
0
.6
7,357,837
2
.7
Consumer
Discretionary
:
6
.7
%
45,378
Acushnet
Holdings
Corp.
2,406,849
0
.9
158,160
Arko
Corp.
1,130,844
0
.4
79,895
Gentex
Corp.
2,599,783
0
.9
33,692
(1)
G-III
Apparel
Group
Ltd.
839,605
0
.3
310,042
(1)
GrowGeneration
Corp.
905,323
0
.3
18,599
H&R
Block,
Inc.
800,873
0
.3
64,941
International
Game
Technology
PLC
1,969,011
0
.7
39,498
KB
Home
1,827,967
0
.7
97,023
(1)
Lindblad
Expeditions
Holdings,
Inc.
698,566
0
.3
392,499
(1)
Peloton
Interactive,
Inc.
- Class
A
1,982,120
0
.7
70,886
Steven
Madden
Ltd.
2,252,048
0
.8
112,255
(1)
Udemy,
Inc.
1,066,423
0
.4
18,479,412
6
.7
Consumer
Staples
:
1
.9
%
117,368
Dole
PLC
1,359,122
0
.5
17,271
(1)
National
Beverage
Corp.
812,082
0
.3
221,433
Primo
Water
Corp.
3,055,775
1
.1
5,226,979
1
.9
Energy
:
4
.1
%
46,841
California
Resources
Corp.
2,623,565
1
.0
445,087
(1)
Clean
Energy
Fuels
Corp.
1,704,683
0
.6
153,280
Excelerate
Energy,
Inc.
- Class
A
2,611,891
0
.9
18,706
Murphy
Oil
Corp.
848,317
0
.3
177,833
SFL
Corp.
Ltd.
1,982,838
0
.7
73,089
World
Fuel
Services
Corp.
1,639,386
0
.6
11,410,680
4
.1
Financials
:
19
.5
%
178,445
AGNC
Investment
Corp.
1,684,521
0
.6
85,927
(1)
Ambac
Financial
Group,
Inc.
1,036,280
0
.4
61,356
Arrow
Financial
Corp.
1,044,279
0
.4
106,108
Associated
Banc-Corp.
1,815,508
0
.7
98,644
Atlantic
Union
Bankshares
Corp.
2,838,974
1
.0
57,479
BankUnited,
Inc.
1,304,773
0
.5
87,102
BCB
Bancorp,
Inc.
970,316
0
.4
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Financials:
(continued)
60,384
Berkshire
Hills
Bancorp,
Inc.
$
1,210,699
0
.4
328,615
BGC
Group,
Inc.
- Class
A
1,735,087
0
.6
112,218
Capstar
Financial
Holdings,
Inc.
1,592,373
0
.6
76,365
ConnectOne
Bancorp,
Inc.
1,361,588
0
.5
119,296
Eastern
Bankshares,
Inc.
1,495,972
0
.5
78,049
Farmers
National
Banc
Corp.
902,246
0
.3
162,911
First
BanCorp/Puerto
Rico
2,192,782
0
.8
309,431
(1)
Genworth
Financial,
Inc.
- Class
A
1,813,266
0
.7
14,722
HCI
Group,
Inc.
799,257
0
.3
61,024
Hilltop
Holdings,
Inc.
1,730,641
0
.6
182,593
KKR
Real
Estate
Finance
Trust,
Inc.
2,167,379
0
.8
145,094
Ladder
Capital
Corp.
1,488,664
0
.5
297,835
(1)
Marqeta,
Inc.
- Class
A
1,781,053
0
.6
89,049
MFA
Financial,
Inc.
855,761
0
.3
51,566
NBT
Bancorp,
Inc.
1,634,127
0
.6
78,730
Old
Republic
International
Corp.
2,120,986
0
.8
33,170
Origin
Bancorp,
Inc.
957,618
0
.4
69,687
Pacific
Premier
Bancorp,
Inc.
1,516,389
0
.6
121,233
(1)
Pagseguro
Digital
Ltd.
- Class
A
1,043,816
0
.4
105,308
ProAssurance
Corp.
1,989,268
0
.7
54,199
Provident
Financial
Services,
Inc.
828,703
0
.3
259,798
Redwood
Trust,
Inc.
1,852,360
0
.7
34,359
(1)
Remitly
Global,
Inc.
866,534
0
.3
37,995
SEI
Investments
Co.
2,288,439
0
.8
98,276
Simmons
First
National
Corp.
- Class
A
1,666,761
0
.6
37,824
United
Community
Banks,
Inc.
961,108
0
.4
205,642
Valley
National
Bancorp
1,760,296
0
.6
49,761
Victory
Capital
Holdings,
Inc.
- Class
A
1,659,032
0
.6
96,885
WisdomTree,
Inc.
678,195
0
.2
53,645,051
19
.5
Health
Care
:
12
.5
%
1,011,885
(1)
23andMe
Holding
Co.
- Class
A
989,320
0
.4
122,416
(1)
Alignment
Healthcare,
Inc.
849,567
0
.3
105,683
(1)
Allscripts
Healthcare
Solutions,
Inc.
1,388,675
0
.5
135,638
(1)
Amicus
Therapeutics,
Inc.
1,649,358
0
.6
71,144
(1)
Avanos
Medical,
Inc.
1,438,532
0
.5
301,018
(1)
BioCryst
Pharmaceuticals,
Inc.
2,131,207
0
.8
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
2
Voya
Small
Company
Portfolio
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Health
Care:
(continued)
15,742
Bio-Techne
Corp.
$
1,071,558
0
.4
26,708
Bruker
Corp.
1,663,908
0
.6
807,944
(1)
Cerus
Corp.
1,308,869
0
.5
222,814
(1)
Community
Health
Systems,
Inc.
646,161
0
.2
16,449
(1)
Haemonetics
Corp.
1,473,501
0
.5
18,535
(1)
HealthEquity,
Inc.
1,353,982
0
.5
132,595
(1)
Hims
&
Hers
Health,
Inc.
834,023
0
.3
82,328
(1)
Insmed,
Inc.
2,078,782
0
.8
437,802
(1)
MannKind
Corp.
1,808,122
0
.7
7,768
(1)
Medpace
Holdings,
Inc.
1,880,866
0
.7
22,390
(1)
Merit
Medical
Systems,
Inc.
1,545,358
0
.6
74,331
(1)
NeoGenomics,
Inc.
914,271
0
.3
711,086
(1)
OPKO
Health,
Inc.
1,137,738
0
.4
124,569
Patterson
Cos.,
Inc.
3,692,225
1
.3
68,319
(1)
QIAGEN
NV
2,766,920
1
.0
862,042
(1)
Rigel
Pharmaceuticals,
Inc.
931,005
0
.3
31,709
Select
Medical
Holdings
Corp.
801,286
0
.3
34,355,234
12
.5
Industrials
:
17
.9
%
55,979
ABM
Industries,
Inc.
2,239,720
0
.8
45,744
Allison
Transmission
Holdings,
Inc.
2,701,641
1
.0
27,042
Apogee
Enterprises,
Inc.
1,273,137
0
.5
55,107
Barnes
Group,
Inc.
1,871,985
0
.7
162,555
(1)
CoreCivic,
Inc.
1,828,744
0
.7
32,183
Crane
Holdings
Co.
1,788,409
0
.6
6,257
CSW
Industrials,
Inc.
1,096,477
0
.4
97,574
First
Advantage
Corp.
1,345,545
0
.5
25,466
Franklin
Electric
Co.,
Inc.
2,272,331
0
.8
75,315
Hillenbrand,
Inc.
3,186,578
1
.2
35,868
(1)
Hudson
Technologies,
Inc.
477,044
0
.2
19,196
Insperity,
Inc.
1,873,530
0
.7
177,839
(1)
Legalzoom.com,
Inc.
1,945,559
0
.7
119,573
(1)
Manitowoc
Co.,
Inc.
1,799,574
0
.7
61,344
Marten
Transport
Ltd.
1,209,090
0
.4
278,379
Mueller
Water
Products,
Inc.
- Class
A
3,529,846
1
.3
218,554
(1)
NOW,
Inc.
2,594,236
0
.9
26,940
Pentair
PLC
1,744,365
0
.6
304,511
(1)
Planet
Labs
PBC
791,729
0
.3
80,577
(1)
Resideo
Technologies,
Inc.
1,273,116
0
.5
152,295
Shyft
Group,
Inc.
2,279,856
0
.8
37,283
Timken
Co.
2,739,928
1
.0
33,997
(1)
Titan
Machinery,
Inc.
903,640
0
.3
77,110
Wabash
National
Corp.
1,628,563
0
.6
14,189
Watts
Water
Technologies,
Inc.
- Class
A
2,452,143
0
.9
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Industrials:
(continued)
82,172
Zurn
Elkay
Water
Solutions
Corp.
$
2,302,459
0
.8
49,149,245
17
.9
Information
Technology
:
15
.9
%
346,474
(1)
8x8,
Inc.
873,115
0
.3
133,816
A10
Networks,
Inc.
2,011,254
0
.7
94,418
(1)
ACI
Worldwide,
Inc.
2,130,070
0
.8
10,391
(1)
Agilysys,
Inc.
687,469
0
.2
115,446
(1)
Box,
Inc.
- Class
A
2,794,948
1
.0
79,168
(2)
Clear
Secure,
Inc.
- Class
A
1,507,359
0
.5
44,452
Cognex
Corp.
1,886,543
0
.7
48,151
CSG
Systems
International,
Inc.
2,461,479
0
.9
110,170
(1)
Dropbox,
Inc.
- Class
A
2,999,929
1
.1
53,468
(1)
EngageSmart,
Inc.
961,889
0
.3
48,870
EVERTEC,
Inc.
1,816,987
0
.7
91,787
(1)
Freshworks,
Inc.
- Class
A
1,828,397
0
.7
84,525
Gen
Digital,
Inc.
1,494,402
0
.5
41,566
(1)
Intapp,
Inc.
1,393,292
0
.5
13,831
(1)
MACOM
Technology
Solutions
Holdings,
Inc.
1,128,333
0
.4
77,164
(1)
N-able,
Inc.
995,416
0
.4
30,700
(1)
Nutanix,
Inc.
- Class
A
1,070,816
0
.4
68,927
(1)
PowerSchool
Holdings,
Inc.
- Class
A
1,561,886
0
.6
30,204
(1)
Procore
Technologies,
Inc.
1,972,925
0
.7
219,352
(1)
Sabre
Corp.
984,890
0
.4
28,851
Sapiens
International
Corp.
NV
820,234
0
.3
128,386
(1)
Sprinklr,
Inc.
- Class
A
1,776,862
0
.6
42,286
(1)
Squarespace,
Inc.
- Class
A
1,225,025
0
.4
30,546
(1)
Veeco
Instruments,
Inc.
858,648
0
.3
196,936
(1)
Viavi
Solutions,
Inc.
1,799,995
0
.7
216,143
(1)
Yext,
Inc.
1,368,185
0
.5
184,828
(1)
Zeta
Global
Holdings
Corp.
- Class
A
1,543,314
0
.6
231,053
(1)
Zuora,
Inc.
- Class
A
1,903,877
0
.7
43,857,539
15
.9
Materials
:
7
.6
%
24,017
Ashland,
Inc.
1,961,708
0
.7
58,530
Avient
Corp.
2,067,280
0
.7
14,539
Balchem
Corp.
1,803,418
0
.7
197,922
Element
Solutions,
Inc.
3,881,250
1
.4
453,753
(1)
Glatfelter
Corp.
907,506
0
.3
473,669
Hecla
Mining
Co.
1,852,046
0
.7
42,729
Minerals
Technologies,
Inc.
2,339,840
0
.8
109,669
(1)
O-I
Glass,
Inc.
1,834,762
0
.7
382,007
(1)
Rayonier
Advanced
Materials,
Inc.
1,352,305
0
.5
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
3
Voya
Small
Company
Portfolio
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Materials:
(continued)
51,871
Sensient
Technologies
Corp.
$
3,033,416
1
.1
21,033,531
7
.6
Real
Estate
:
7
.0
%
88,183
Acadia
Realty
Trust
1,265,426
0
.5
257,281
(1)
Anywhere
Real
Estate,
Inc.
1,654,317
0
.6
209,509
(1)
Apartment
Investment
and
Management
Co.
- Class
A
1,424,661
0
.5
72,373
CareTrust
REIT,
Inc.
1,483,646
0
.5
122,824
Empire
State
Realty
Trust,
Inc.
- Class
A
987,505
0
.4
87,231
Essential
Properties
Realty
Trust,
Inc.
1,886,807
0
.7
37,850
Getty
Realty
Corp.
1,049,580
0
.4
46,751
Gladstone
Land
Corp.
665,267
0
.3
73,288
Global
Net
Lease,
Inc.
704,298
0
.3
131,527
Macerich
Co.
1,434,960
0
.5
37,152
Peakstone
Realty
Trust
618,209
0
.2
67,836
Plymouth
Industrial
REIT,
Inc.
1,421,164
0
.5
105,557
Retail
Opportunity
Investments
Corp.
1,306,796
0
.5
86,701
Sabra
Health
Care
REIT,
Inc.
1,208,612
0
.4
192,978
Summit
Hotel
Properties,
Inc.
1,119,272
0
.4
197,610
Uniti
Group,
Inc.
932,719
0
.3
19,163,239
7
.0
Utilities
:
1
.8
%
36,291
ALLETE,
Inc.
1,916,165
0
.7
91,550
Avista
Corp.
2,963,473
1
.1
4,879,638
1
.8
Total
Common
Stock
(Cost
$287,243,060)
268,558,385
97
.6
EXCHANGE-TRADED
FUNDS
:
1
.7
%
26,127
iShares
Russell
2000
ETF
4,617,686
1
.7
Total
Exchange-Traded
Funds
(Cost
$4,922,750)
4,617,686
1
.7
Total
Long-Term
Investments
(Cost
$292,165,810)
273,176,071
99
.3
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
0
.5
%
Repurchase
Agreements
:
0
.3
%
940,000
(3)
Bethesda
Securities
LLC,
Repurchase
Agreement
dated
09/29/2023,
5.390%,
due
10/02/2023
(Repurchase
Amount
$940,416,
collateralized
by
various
U.S.
Government
Agency
Obligations,
3.062%-
6.000%,
Market
Value
plus
accrued
interest
$958,800,
due
08/01/28-07/01/53)
$
940,000
0
.3
20,661
(3)
National
Bank
Financial,
Repurchase
Agreement
dated
09/29/2023,
5.330%,
due
10/02/2023
(Repurchase
Amount
$20,670,
collateralized
by
various
U.S.
Government
Securities,
0.000%-
4.750%,
Market
Value
plus
accrued
interest
$21,074,
due
10/02/23)
20,661
0.0
Total
Repurchase
Agreements
(Cost
$960,661)
960,661
0
.3
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
0
.2
%
431,000
(4)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
5.270%
(Cost
$431,000)
$
431,000
0
.2
Total
Short-Term
Investments
(Cost
$1,391,661)
1,391,661
0
.5
Total
Investments
in
Securities
(Cost
$293,557,471)
$
274,567,732
99
.8
Assets
in
Excess
of
Other
Liabilities
459,290
0.2
Net
Assets
$
275,027,022
100.0
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Non-income
producing
security.
(2)
Security,
or
a
portion
of
the
security,
is
on
loan.
(3)
All
or
a
portion
of
the
security
represents
securities
purchased
with
cash
collateral
received
for
securities
on
loan.
(4)
Rate
shown
is
the
7-day
yield
as
of
September
30,
2023.
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
4
Voya
Small
Company
Portfolio
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
September
30,
2023
in
valuing
the
assets
and
liabilities:
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Fair
Value
at
September
30,
2023
Asset
Table
Investments,
at
fair
value
Common
Stock*
$
268,558,385
$
—
$
—
$
268,558,385
Exchange-Traded
Funds
4,617,686
—
—
4,617,686
Short-Term
Investments
431,000
960,661
—
1,391,661
Total
Investments,
at
fair
value
$
273,607,071
$
960,661
$
—
$
274,567,732
*
For
further
breakdown
of
Common
Stock
by
sector,
please
refer
to
the
Portfolio
of
Investments.
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
8,549,186
Gross
Unrealized
Depreciation
(
27,538,924
)
Net
Unrealized
Depreciation
$
(
18,989,738
)