PORTFOLIO OF INVESTMENTS

as of March 31, 2025 (Unaudited)

1

Voya MidCap Opportunities Portfolio

Shares

RA

Value

Percentage

of Net

Assets

COMMON STOCK: 97.2%

Communication Services: 3.3%

36,432 

(1)

Reddit, Inc. - Class A

$

3,821,717

0

.4

248,990 

(1)

ROBLOX Corp. - Class

A

14,513,627

1

.6

231,335 

(1)

Trade Desk, Inc.

- Class A

12,658,651

1

.3

30,993,995

3

.3

Consumer Discretionary: 14.0%

215,695 

(1)

Birkenstock Holding

PLC

9,889,616

1

.1

80,428 

(1)

Burlington Stores, Inc.

19,168,405

2

.1

34,991 

Domino's Pizza, Inc.

16,076,615

1

.7

217,834 

(1)

On Holding AG - Class

A

9,567,269

1

.0

44,168 

Ross Stores, Inc.

5,644,229

0

.6

76,577 

Royal Caribbean

Cruises Ltd.

15,731,979

1

.7

105,452 

(1)

SharkNinja, Inc.

8,795,752

1

.0

85,586 

Texas Roadhouse, Inc.

14,261,195

1

.5

336,320 

Tractor Supply Co.

18,531,232

2

.0

53,359 

Wingstop, Inc.

12,036,723

1

.3

129,703,015

14

.0

Consumer Staples: 3.5%

51,123 

Church & Dwight Co.,

Inc.

5,628,131

0

.6

599,989 

Kenvue, Inc.

14,387,736

1

.6

148,327 

McCormick & Co., Inc.

12,208,796

1

.3

32,224,663

3

.5

Energy: 4.6%

164,422 

Chesapeake Energy

Corp.

18,303,457

2

.0

64,196 

Targa Resources Corp.

12,869,372

1

.4

371,975 

TechnipFMC PLC

11,787,888

1

.2

42,960,717

4

.6

Financials: 13.4%

41,763 

Arthur J Gallagher &

Co.

14,418,258

1

.5

139,470 

(1)

Block, Inc.

7,577,405

0

.8

1,189,855 

Blue Owl Capital, Inc.

23,844,694

2

.6

25,145 

(1)

Coinbase Global, Inc.

- Class A

4,330,723

0

.5

309,019 

Lazard, Inc.

13,380,523

1

.4

24,191 

MSCI, Inc.

13,680,010

1

.5

108,580 

(1)

Robinhood Markets,

Inc. - Class A

4,519,100

0

.5

407,345 

SLM Corp.

11,963,723

1

.3

204,824 

Tradeweb Markets,

Inc. - Class A

30,408,171

3

.3

124,122,607

13

.4

Health Care: 13.4%

191,745 

Alcon, Inc.

18,202,353

2

.0

113,203 

AmerisourceBergen

Corp.

31,480,622

3

.4

164,058 

(1)

Biohaven Ltd.

3,943,954

0

.4

8,984 

(1)

Mettler-Toledo

International, Inc.

10,609,295

1

.1

Shares

Value

Percentage

of Net

Assets

COMMON STOCK: (continued)

Health Care: (continued)

181,476 

(1)(2)

MoonLake

Immunotherapeutics

$

7,090,267

0

.8

43,352 

(1)

Repligen Corp.

5,516,109

0

.6

249,367 

(1)

SpringWorks

Therapeutics, Inc.

11,004,566

1

.2

36,635 

Universal Health

Services, Inc. - Class B

6,883,717

0

.7

186,653 

(1)

Vera Therapeutics, Inc.

4,483,405

0

.5

142,943 

(1)(2)

Viking Therapeutics,

Inc.

3,452,073

0

.4

56,796 

(1)

Waters Corp.

20,933,302

2

.3

123,599,663

13

.4

Industrials: 14.8%

34,644 

Applied Industrial

Technologies, Inc.

7,806,679

0

.9

36,146 

(1)

Axon Enterprise, Inc.

19,010,989

2

.1

77,142 

(1)

Builders FirstSource,

Inc.

9,638,122

1

.0

40,536 

Comfort Systems USA,

Inc.

13,065,969

1

.4

77,640 

Dover Corp.

13,639,795

1

.5

352,701 

(1)

Kratos Defense &

Security Solutions, Inc.

10,471,693

1

.1

35,298 

(1)

Saia, Inc.

12,334,180

1

.3

6,128 

TransDigm Group, Inc.

8,476,801

0

.9

161,472 

(1)

Trex Co., Inc.

9,381,523

1

.0

92,515 

Verisk Analytics, Inc.

27,534,314

3

.0

77,456 

Vertiv Holdings Co.

- Class A

5,592,323

0

.6

136,952,388

14

.8

Information Technology: 25.6%

126,846 

(1)

AppLovin Corp. - Class

A

33,610,385

3

.6

68,987 

(1)

Astera Labs, Inc.

4,116,454

0

.4

51,809 

(1)

Atlassian Corp. - Class

A

10,994,388

1

.2

25,450 

(1)

Crowdstrike Holdings,

Inc. - Class A

8,973,161

1

.0

187,678 

(1)

Datadog, Inc. - Class A

18,619,534

2

.0

76,603 

(1)

DocuSign, Inc.

6,235,484

0

.7

75,775 

Entegris, Inc.

6,628,797

0

.7

10,556 

(1)

Fair Isaac Corp.

19,466,953

2

.1

23,796 

(1)

Gartner, Inc.

9,988,133

1

.1

23,087 

(1)

HubSpot, Inc.

13,189,372

1

.4

170,570 

(1)

Klaviyo, Inc. - Class A

5,161,448

0

.6

103,260 

(1)

Lattice Semiconductor

Corp.

5,415,987

0

.6

45,300 

(1)

Monday.com Ltd.

11,015,148

1

.2

29,112 

Monolithic Power

Systems, Inc.

16,884,378

1

.8

679,446 

(1)

Palantir Technologies,

Inc. - Class A

57,345,243

6

.2

89,267 

(1)

Rambus, Inc.

4,621,799

0

.5

29,746 

(1)

SiTime Corp.

4,547,271

0

.5

236,813,935

25

.6

PORTFOLIO OF INVESTMENTS

as of March 31, 2025 (Unaudited) (continued)

2

Voya MidCap Opportunities Portfolio

Shares

Value

Percentage

of Net

Assets

COMMON STOCK: (continued)

Materials: 1.3%

51,731 

Vulcan Materials Co.

$

12,068,842

1

.3

Real Estate: 2.6%

84,315 

Boston Properties, Inc.

5,665,125

0

.6

120,001 

Welltower, Inc.

18,385,353

2

.0

24,050,478

2

.6

Utilities: 0.7%

53,582 

Vistra Corp.

6,292,670

0

.7

Total Common Stock

(Cost $850,855,021)

899,782,973

97

.2

Principal

Amount†

RA

Value

Percentage

of Net

Assets

SHORT-TERM INVESTMENTS: 1.2%

Repurchase Agreements: 0.1%

957,754 

(3)

Citigroup Global

Markets Inc.,

Repurchase

Agreement dated

03/31/2025, 4.350%,

due 04/01/2025

(Repurchase

Amount $957,868,

collateralized

by various U.S.

Government

Securities, 1.500%-

3.500%, Market

Value plus accrued

interest $976,909, due

08/15/26-09/30/26)

957,754

0

.1

Total Repurchase

Agreements

(Cost $957,754)

957,754

0

.1

Shares

RA

Value

Percentage

of Net

Assets

Mutual Funds: 1.1%

9,978,000 

(4)

Morgan Stanley

Institutional Liquidity

Funds - Government

Portfolio (Institutional

Share Class), 4.270%

(Cost $9,978,000)

$

9,978,000

1

.1

Total Short-Term

Investments

(Cost $10,935,754)

10,935,754

1

.2

Total Investments in

Securities

(Cost $861,790,775)

$

910,718,727

98

.4

Assets in Excess of

Other Liabilities

15,201,000

1.6

Net Assets

$

925,919,727

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 March 31, 2025.

PORTFOLIO OF INVESTMENTS

as of March 31, 2025 (Unaudited) (continued)

3

Voya MidCap Opportunities Portfolio

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 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

March 31, 2025

Asset Table

Investments, at fair value

Common Stock*

$

899,782,973

$

—

$

—

$

899,782,973

Short-Term Investments

9,978,000

957,754

—

10,935,754

Total Investments, at fair value

$

909,760,973

$

957,754

$

—

$

910,718,727

*

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation

$

126,736,245

Gross Unrealized Depreciation

(

77,808,293

)

Net Unrealized Appreciation

$

48,927,952