PORTFOLIO

OF

INVESTMENTS

as

of

September

30,

2023

(Unaudited)

1

Voya

Global

High

Dividend

Low

Volatility

Portfolio

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK

:

99.0%

Australia

:

3.0%

61,044 

Ampol

Ltd.

$

1,317,950

0.3

103,134 

ANZ

Group

Holdings

Ltd.

1,691,570

0.4

607,667 

Aurizon

Holdings

Ltd.

1,358,695

0.3

217,714 

Brambles

Ltd.

2,000,039

0.4

358,660 

Medibank

Pvt

Ltd.

791,611

0.2

164,403 

QBE

Insurance

Group

Ltd.

1,646,866

0.3

302,962 

Scentre

Group

476,064

0.1

1,081,504 

Telstra

Group

Ltd.

2,672,012

0.6

245,429 

Transurban

Group

1,994,273

0.4

Canada

:

3.3%

19,394 

iA

Financial

Corp.,

Inc.

1,216,542

0.3

34,463 

Parkland

Corp.

1,008,073

0.2

17,461 

Rogers

Communications,

Inc.

-

Class

B

670,415

0.2

36,468 

Royal

Bank

of

Canada

3,187,006

0.7

59,855 

Suncor

Energy,

Inc.

2,058,404

0.4

52,172 

TELUS

Corp.

851,960

0.2

20,428 

Thomson

Reuters

Corp.

2,499,037

0.5

48,871 

Toronto-Dominion

Bank

2,944,314

0.6

11,703 

West

Fraser

Timber

Co.

Ltd.

849,647

0.2

China

:

0.5%

626,000 

BOC

Hong

Kong

Holdings

Ltd.

1,708,899

0.3

491,000 

SITC

International

Holdings

Co.

Ltd.

823,804

0.2

Denmark

:

0.4%

74,457 

Danske

Bank

A/S

1,727,849

0.4

Finland

:

0.1%

13,069 

Elisa

Oyj

606,051

0.1

France

:

2.9%

90,051 

AXA

SA

2,671,711

0.6

16,287 

BNP

Paribas

SA

1,035,630

0.2

2,789 

Dassault

Aviation

SA

525,308

0.1

20,259 

Edenred

1,267,323

0.3

66,156 

Getlink

SE

1,054,653

0.2

18,143 

(1)

La

Francaise

des

Jeux

SAEM

589,279

0.1

254,136 

Orange

SA

2,915,008

0.6

16,626 

Sanofi

1,785,221

0.4

9,062 

Thales

SA

1,273,602

0.3

62,144 

Vivendi

SE

544,264

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Germany

:

0.4%

30,106 

BASF

SE

$

1,362,746

0.3

8,902 

(1)

Scout24

SE

617,252

0.1

Hong

Kong

:

1.1%

346,500 

CK

Hutchison

Holdings

Ltd.

1,839,600

0.4

546,000 

Hang

Lung

Properties

Ltd.

747,014

0.1

16,800 

Jardine

Matheson

Holdings

Ltd.

783,720

0.2

159,700 

Link

REIT

780,859

0.2

218,000 

Power

Assets

Holdings

Ltd.

1,052,832

0.2

Israel

:

0.7%

248,405 

Bank

Leumi

Le-Israel

BM

2,058,247

0.4

245,122 

Israel

Discount

Bank

Ltd.

-

Class

A

1,328,598

0.3

Italy

:

1.1%

785,752 

Intesa

Sanpaolo

SpA

2,012,483

0.4

108,644 

(1)

Poste

Italiane

SpA

1,140,905

0.2

168,857 

Snam

SpA

792,323

0.2

54,637 

UniCredit

SpA

1,301,803

0.3

Japan

:

7.9%

85,300 

Asahi

Kasei

Corp.

536,918

0.1

114,500 

Central

Japan

Railway

Co.

2,784,411

0.6

75,200 

Chubu

Electric

Power

Co.,

Inc.

957,288

0.2

34,500 

Daiwa

House

Industry

Co.

Ltd.

925,959

0.2

578,700 

ENEOS

Holdings,

Inc.

2,277,843

0.5

4,900 

Hirose

Electric

Co.

Ltd.

566,797

0.1

31,700 

Inpex

Corp.

475,447

0.1

146,300 

Japan

Post

Bank

Co.

Ltd.

1,273,080

0.3

398,000 

Japan

Post

Holdings

Co.

Ltd.

3,184,057

0.7

140,800 

Japan

Tobacco,

Inc.

3,239,532

0.7

13,700 

(2)

McDonald's

Holdings

Co.

Japan

Ltd.

523,468

0.1

20,800 

NEC

Corp.

1,148,631

0.2

1,429,100 

Nippon

Telegraph

&

Telephone

Corp.

1,691,533

0.4

16,100 

Nitto

Denko

Corp.

1,055,764

0.2

34,300 

ORIX

Corp.

640,463

0.1

65,400 

Osaka

Gas

Co.

Ltd.

1,076,150

0.2

36,700 

Secom

Co.

Ltd.

2,489,758

0.5

PORTFOLIO

OF

INVESTMENTS

as

of

September

30,

2023

(Unaudited)

(continued)

2

Voya

Global

High

Dividend

Low

Volatility

Portfolio

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Japan:

(continued)

53,200 

Sekisui

Chemical

Co.

Ltd.

$

765,386

0.2

125,000 

Sekisui

House

Ltd.

2,487,680

0.5

29,200 

(2)

Sompo

Holdings,

Inc.

1,251,418

0.3

52,900 

Sumitomo

Mitsui

Financial

Group,

Inc.

2,598,768

0.6

106,900 

Takeda

Pharmaceutical

Co.

Ltd.

3,313,528

0.7

61,500 

(2)

Tokio

Marine

Holdings,

Inc.

1,423,953

0.3

40,000 

USS

Co.

Ltd.

661,254

0.1

Jordan

:

0.2%

43,561 

Hikma

Pharmaceuticals

PLC

1,106,159

0.2

Netherlands

:

1.3%

286,836 

Koninklijke

KPN

NV

945,029

0.2

67,411 

NN

Group

NV

2,161,075

0.5

17,869 

OCI

NV

496,885

0.1

21,181 

Wolters

Kluwer

NV

2,564,501

0.5

New

Zealand

:

0.1%

180,148 

Spark

New

Zealand

Ltd.

518,619

0.1

Norway

:

0.4%

62,595 

Aker

BP

ASA

1,728,377

0.4

Singapore

:

0.4%

936,600 

Genting

Singapore

Ltd.

578,200

0.1

256,700 

Keppel

Corp.

Ltd.

1,274,728

0.3

Spain

:

2.4%

31,735 

ACS

Actividades

de

Construccion

y

Servicios

SA

1,140,863

0.2

8,592 

(1)

Aena

SME

SA

1,292,903

0.3

27,630 

Enagas

SA

457,539

0.1

60,194 

Industria

de

Diseno

Textil

SA

2,239,943

0.5

74,686 

Red

Electrica

Corp.

SA

1,174,911

0.3

205,625 

Repsol

SA

3,382,329

0.7

383,593 

Telefonica

SA

1,567,109

0.3

Switzerland

:

1.4%

31,858 

Holcim

AG

2,039,196

0.4

10,553 

Julius

Baer

Group

Ltd.

675,475

0.2

26,156 

Novartis

AG,

Reg

2,671,277

0.6

3,782 

Roche

Holding

AG

1,032,490

0.2

United

Kingdom

:

4.2%

255,502 

BAE

Systems

PLC

3,104,839

0.7

504,478 

BP

PLC

3,251,852

0.7

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

United

Kingdom:

(continued)

88,222 

British

American

Tobacco

PLC

$

2,770,073

0.6

436,677 

Centrica

PLC

821,356

0.2

12,626 

DCC

PLC

706,929

0.1

77,313 

GSK

PLC

1,398,894

0.3

122,322 

Imperial

Brands

PLC

2,481,491

0.5

287,978 

NatWest

Group

PLC

823,782

0.2

237,493 

Sage

Group

PLC

2,857,986

0.6

50,457 

Smiths

Group

PLC

993,402

0.2

542,838 

Vodafone

Group

PLC

508,860

0.1

United

States

:

67.2%

49,839 

AbbVie,

Inc.

7,429,001

1.6

3,192 

Acuity

Brands,

Inc.

543,630

0.1

27,324 

AECOM

2,268,985

0.5

269,203 

AGNC

Investment

Corp.

2,541,276

0.5

43,755 

Agree

Realty

Corp.

2,417,026

0.5

23,744 

ALLETE,

Inc.

1,253,683

0.3

11,442 

Allison

Transmission

Holdings,

Inc.

675,765

0.1

90,625 

Altria

Group,

Inc.

3,810,781

0.8

283,268 

Amcor

PLC

2,594,735

0.6

27,960 

Amdocs

Ltd.

2,362,340

0.5

42,914 

American

Electric

Power

Co.,

Inc.

3,227,991

0.7

26,490 

American

International

Group,

Inc.

1,605,294

0.3

1,566 

Ameriprise

Financial,

Inc.

516,279

0.1

16,238 

AMETEK,

Inc.

2,399,327

0.5

21,102 

Amgen,

Inc.

5,671,374

1.2

8,223 

Aon

PLC

-

Class

A

2,666,061

0.6

20,289 

AptarGroup,

Inc.

2,536,937

0.5

15,256 

Assurant,

Inc.

2,190,457

0.5

11,640 

Automatic

Data

Processing,

Inc.

2,800,351

0.6

54,817 

Avnet,

Inc.

2,641,631

0.6

37,093 

Axis

Capital

Holdings

Ltd.

2,090,932

0.4

71,533 

Baker

Hughes

Co.

2,526,546

0.5

80,866 

Bristol-Myers

Squibb

Co.

4,693,463

1.0

17,600 

Brown

&

Brown,

Inc.

1,229,184

0.3

38,834 

Cardinal

Health,

Inc.

3,371,568

0.7

16,230 

Cheniere

Energy,

Inc.

2,693,531

0.6

27,652 

Church

&

Dwight

Co.,

Inc.

2,533,753

0.5

9,889 

Cigna

Group

2,828,946

0.6

PORTFOLIO

OF

INVESTMENTS

as

of

September

30,

2023

(Unaudited)

(continued)

3

Voya

Global

High

Dividend

Low

Volatility

Portfolio

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

United

States:

(continued)

3,071 

Cintas

Corp.

$

1,477,182

0.3

118,809 

Cisco

Systems,

Inc.

6,387,172

1.4

51,011 

Citigroup,

Inc.

2,098,082

0.4

17,113 

CME

Group,

Inc.

3,426,365

0.7

26,215 

CNO

Financial

Group,

Inc.

622,082

0.1

27,769 

Coca-Cola

Co.

1,554,509

0.3

43,246 

Colgate-Palmolive

Co.

3,075,223

0.7

44,400 

Commerce

Bancshares,

Inc.

2,130,312

0.5

78,909 

Coterra

Energy,

Inc.

2,134,488

0.5

65,128 

CSX

Corp.

2,002,686

0.4

41,826 

CVS

Health

Corp.

2,920,291

0.6

65,881 

Dow,

Inc.

3,396,824

0.7

43,079 

DT

Midstream,

Inc.

2,279,741

0.5

23,961 

DTE

Energy

Co.

2,378,848

0.5

36,972 

Edison

International

2,339,958

0.5

26,303 

Electronic

Arts,

Inc.

3,166,881

0.7

5,142 

Elevance

Health,

Inc.

2,238,930

0.5

40,573 

Emerson

Electric

Co.

3,918,135

0.8

13,643 

EOG

Resources,

Inc.

1,729,387

0.4

183,617 

Equitrans

Midstream

Corp.

1,720,491

0.4

8,562 

Erie

Indemnity

Co.

-

Class

A

2,515,430

0.5

9,618 

Essent

Group

Ltd.

454,835

0.1

7,825 

Everest

Re

Group

Ltd.

2,908,318

0.6

43,637 

Evergy,

Inc.

2,212,396

0.5

35,373 

First

Hawaiian,

Inc.

638,483

0.1

23,961 

Fortive

Corp.

1,776,948

0.4

56,451 

Gaming

and

Leisure

Properties,

Inc.

2,571,343

0.5

50,524 

General

Mills,

Inc.

3,233,031

0.7

17,014 

General

Motors

Co.

560,952

0.1

71,783 

Genpact

Ltd.

2,598,545

0.6

73,384 

Gentex

Corp.

2,387,915

0.5

18,811 

Genuine

Parts

Co.

2,715,932

0.6

55,210 

Gilead

Sciences,

Inc.

4,137,437

0.9

49,266 

H&R

Block,

Inc.

2,121,394

0.5

13,498 

Hanover

Insurance

Group,

Inc.

1,498,008

0.3

42,697 

Hartford

Financial

Services

Group,

Inc.

3,027,644

0.6

4,997 

Humana,

Inc.

2,431,140

0.5

18,886 

International

Bancshares

Corp.

818,519

0.2

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

United

States:

(continued)

22,707 

Iridium

Communications,

Inc.

$

1,032,941

0.2

58,719 

Johnson

&

Johnson

9,145,484

1.9

13,514 

JPMorgan

Chase

&

Co.

1,959,800

0.4

96,853 

Juniper

Networks,

Inc.

2,691,545

0.6

26,945 

Kimberly-Clark

Corp.

3,256,303

0.7

29,880 

Leidos

Holdings,

Inc.

2,753,741

0.6

24,665 

LKQ

Corp.

1,221,164

0.3

1,588 

Lockheed

Martin

Corp.

649,428

0.1

42,950 

Loews

Corp.

2,719,165

0.6

18,766 

Marsh

&

McLennan

Cos.,

Inc.

3,571,170

0.8

15,513 

McDonald's

Corp.

4,086,745

0.9

7,110 

McKesson

Corp.

3,091,784

0.7

71,673 

Merck

&

Co.,

Inc.

7,378,735

1.6

23,348 

MetLife,

Inc.

1,468,823

0.3

150,522 

MGIC

Investment

Corp.

2,512,212

0.5

33,093 

Mondelez

International,

Inc.

-

Class

A

2,296,654

0.5

27,674 

MSC

Industrial

Direct

Co.,

Inc.

-

Class

A

2,716,203

0.6

68,905 

National

Retail

Properties,

Inc.

2,435,103

0.5

27,105 

NetApp,

Inc.

2,056,727

0.4

78,701 

NiSource,

Inc.

1,942,341

0.4

33,348 

NorthWestern

Corp.

1,602,705

0.3

3,540 

NVIDIA

Corp.

1,539,865

0.3

28,024 

OneMain

Holdings,

Inc.

1,123,482

0.2

31,599 

ONEOK,

Inc.

2,004,325

0.4

50,124 

Patterson

Cos.,

Inc.

1,485,675

0.3

38,614 

PepsiCo,

Inc.

6,542,756

1.4

72,051 

Pfizer,

Inc.

2,389,932

0.5

54,400 

Philip

Morris

International,

Inc.

5,036,352

1.1

29,289 

Phillips

66

3,519,073

0.7

31,728 

Pinnacle

West

Capital

Corp.

2,337,719

0.5

10,318 

PPG

Industries,

Inc.

1,339,276

0.3

41,808 

Procter

&

Gamble

Co.

6,098,115

1.3

11,712 

Qualcomm,

Inc.

1,300,735

0.3

11,292 

Reinsurance

Group

of

America,

Inc.

1,639,486

0.3

9,297 

Reliance

Steel

&

Aluminum

Co.

2,437,952

0.5

226,267 

Rithm

Capital

Corp.

2,102,020

0.4

62,063 

Rollins,

Inc.

2,316,812

0.5

32,756 

Sempra

Energy

2,228,391

0.5

PORTFOLIO

OF

INVESTMENTS

as

of

September

30,

2023

(Unaudited)

(continued)

4

Voya

Global

High

Dividend

Low

Volatility

Portfolio

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

United

States:

(continued)

8,801 

Sherwin-Williams

Co.

$

2,244,695

0.5

10,952 

Snap-on,

Inc.

2,793,417

0.6

35,614 

Sonoco

Products

Co.

1,935,621

0.4

31,336 

Spirit

Realty

Capital,

Inc.

1,050,696

0.2

46,565 

SS&C

Technologies

Holdings,

Inc.

2,446,525

0.5

24,839 

Synchrony

Financial

759,328

0.2

30,648 

Texas

Instruments,

Inc.

4,873,338

1.0

12,346 

TJX

Cos.,

Inc.

1,097,312

0.2

19,828 

Travelers

Cos.,

Inc.

3,238,111

0.7

2,789 

UnitedHealth

Group,

Inc.

1,406,186

0.3

54,218 

Unum

Group

2,666,983

0.6

10,827 

Valero

Energy

Corp.

1,534,294

0.3

148,725 

Verizon

Communications,

Inc.

4,820,177

1.0

80,933 

VICI

Properties,

Inc.

2,355,150

0.5

41,491 

Virtu

Financial,

Inc.

-

Class

A

716,550

0.2

45,117 

Wells

Fargo

&

Co.

1,843,481

0.4

132,100 

Wendy's

Co.

2,696,161

0.6

13,347 

Willis

Towers

Watson

PLC

2,788,989

0.6

40,434 

WP

Carey,

Inc.

2,186,671

0.5

55,720 

Xcel

Energy,

Inc.

3,188,298

0.7

Total

Common

Stock

(Cost

$456,755,901)

466,097,046

99.0

EXCHANGE-TRADED

FUNDS

:

0.4%

12,788 

iShares

MSCI

EAFE

Value

ETF

625,717

0.1

8,266 

iShares

Russell

1000

Value

ETF

1,254,944

0.3

Total

Exchange-Traded

Funds

(Cost

$1,912,012)

1,880,661

0.4

Total

Long-Term

Investments

(Cost

$458,667,913)

467,977,707

99.4

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

0.8%

Repurchase

Agreements

:

0.7%

1,000,000 

(3)

Bethesda

Securities

LLC,

Repurchase

Agreement

dated

09/29/2023,

5.390%,

due

10/02/2023

(Repurchase

Amount

$1,000,443,

collateralized

by

various

U.S.

Government

Agency

Obligations,

3.062%-6.000%,

Market

Value

plus

accrued

interest

$1,020,000,

due

08/01/28-07/01/53)

$

1,000,000

0.2

1,000,000 

(3)

Citigroup

Global

Markets

Inc.,

Repurchase

Agreement

dated

09/29/2023,

5.300%,

due

10/02/2023

(Repurchase

Amount

$1,000,436,

collateralized

by

various

U.S.

Government/U.S.

Government

Agency

Obligations,

0.000%-

7.087%,

Market

Value

plus

accrued

interest

$1,020,000,

due

08/05/25-05/20/72)

1,000,000

0.2

365,999 

(3)

Daiwa

Capital

Markets,

Repurchase

Agreement

dated

09/29/2023,

5.320%,

due

10/02/2023

(Repurchase

Amount

$366,159,

collateralized

by

various

U.S.

Government/U.S.

Government

Agency

Obligations,

0.000%-

7.000%,

Market

Value

plus

accrued

interest

$373,342,

due

01/31/24-10/01/53)

365,999

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

September

30,

2023

(Unaudited)

(continued)

5

Voya

Global

High

Dividend

Low

Volatility

Portfolio

Principal

Amount†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS:

(continued)

Repurchase

Agreements

(continued)

1,000,000 

(3)

Industrial

&

Comm.

Bank

of

China,

Repurchase

Agreement

dated

09/29/2023,

5.330%,

due

10/02/2023

(Repurchase

Amount

$1,000,438,

collateralized

by

various

U.S.

Government

Securities,

0.000%-

7.500%,

Market

Value

plus

accrued

interest

$1,020,000,

due

10/31/23-02/15/53)

$

1,000,000

0.2

Total

Repurchase

Agreements

(Cost

$3,365,999)

3,365,999

0.7

Shares

RA

Value

Percentage

of

Net

Assets

Mutual

Funds

:

0.1%

412,000 

(4)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

(Institutional

Share

Class),

5.270%

(Cost

$412,000)

$

412,000

0.1

Total

Short-Term

Investments

(Cost

$3,777,999)

3,777,999

0.8

Total

Investments

in

Securities

(Cost

$462,445,912)

$

471,755,706

100.2

Liabilities

in

Excess

of

Other

Assets

(1,160,649)

(0.2)

Net

Assets

$

470,595,057

100.0

†

Unless

otherwise

indicated,

principal

amount

is

shown

in

USD.

(1)

Securities

with

purchases

pursuant

to

Rule

144A

or

section

4(a)(2),

under

the

Securities

Act

of

1933

and

may

not

be

resold

subject

to

that

rule

except

to

qualified

institutional

buyers.

(2)

Security,

or

a

portion

of

the

security,

is

on

loan.

(3)

All

or

a

portion

of

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.

Sector

Diversification

Percentage

of

Net

Assets

Financials

22.1

%

Health

Care

15.3

Industrials

13.7

Consumer

Staples

9.8

Energy

7.6

Utilities

6.2

Information

Technology

6.0

Consumer

Discretionary

5.2

Sector

Diversification

Percentage

of

Net

Assets

Communication

Services

4.9

%

Materials

4.8

Real

Estate

3.4

Exchange-Traded

Funds

0.4

Short-Term

Investments

0.8

Liabilities

in

Excess

of

Other

Assets

(0.2)

Net

Assets

100.0%

Portfolio

holdings

are

subject

to

change

daily.

PORTFOLIO

OF

INVESTMENTS

as

of

September

30,

2023

(Unaudited)

(continued)

6

Voya

Global

High

Dividend

Low

Volatility

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

Australia

$

—

$

13,949,080

$

—

$

13,949,080

Canada

15,285,398

—

—

15,285,398

China

—

2,532,703

—

2,532,703

Denmark

—

1,727,849

—

1,727,849

Finland

—

606,051

—

606,051

France

—

13,661,999

—

13,661,999

Germany

—

1,979,998

—

1,979,998

Hong

Kong

783,720

4,420,305

—

5,204,025

Israel

—

3,386,845

—

3,386,845

Italy

—

5,247,514

—

5,247,514

Japan

523,468

36,825,618

—

37,349,086

Jordan

—

1,106,159

—

1,106,159

Netherlands

—

6,167,490

—

6,167,490

New

Zealand

—

518,619

—

518,619

Norway

—

1,728,377

—

1,728,377

Singapore

—

1,852,928

—

1,852,928

Spain

—

11,255,597

—

11,255,597

Switzerland

—

6,418,438

—

6,418,438

United

Kingdom

—

19,719,464

—

19,719,464

United

States

316,399,426

—

—

316,399,426

Total

Common

Stock

332,992,012

133,105,034

—

466,097,046

Exchange-Traded

Funds

1,880,661

—

—

1,880,661

Short-Term

Investments

412,000

3,365,999

—

3,777,999

Total

Investments,

at

fair

value

$

335,284,673

$

136,471,033

$

—

$

471,755,706

#

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

Fund

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

Fund’s

investments

are

categorized

as

Level

2

investments.

Net

unrealized

appreciation

consisted

of:

Gross

Unrealized

Appreciation

$

35,093,253

Gross

Unrealized

Depreciation

(25,783,459)

Net

Unrealized

Appreciation

$

9,309,794