PORTFOLIO OF INVESTMENTS

as of March 31, 2025 (Unaudited)

1

Voya SmallCap

Opportunities Portfolio

Shares

RA

Value

Percentage

of Net

Assets

COMMON STOCK: 95.7%

Consumer Discretionary: 11.0%

73,286 

Camping World

Holdings, Inc. - Class A

$

1,184,302

0

.8

18,668 

(1)(2)

Cava Group, Inc.

1,613,102

1

.0

31,418 

Century Communities,

Inc.

2,108,148

1

.3

14,964 

Churchill Downs, Inc.

1,662,051

1

.0

19,657 

(2)

Five Below, Inc.

1,472,801

0

.9

224,003 

(2)

Genius Sports Ltd.

2,242,270

1

.4

20,543 

(1)(2)

Kura Sushi USA, Inc.

- Class A

1,051,801

0

.7

13,903 

Patrick Industries, Inc.

1,175,638

0

.7

44,502 

(2)

Skyline Champion

Corp.

4,217,009

2

.7

3,434 

Wingstop, Inc.

774,642

0

.5

17,501,764

11

.0

Consumer Staples: 1.1%

12,404 

(1)(2)

Celsius Holdings, Inc.

441,831

0

.3

45,543 

(2)

Vita Coco Co., Inc.

1,395,893

0

.8

1,837,724

1

.1

Energy: 1.4%

29,370 

Kodiak Gas Services,

Inc.

1,095,501

0

.7

36,502 

Northern Oil and Gas,

Inc.

1,103,456

0

.7

2,198,957

1

.4

Financials: 5.8%

24,381 

Moelis & Co. - Class A

1,422,875

0

.9

9,897 

Piper Sandler Cos.

2,451,091

1

.6

33,913 

(2)

Skyward Specialty

Insurance Group, Inc.

1,794,676

1

.1

46,277 

Western Alliance

Bancorp

3,555,462

2

.2

9,224,104

5

.8

Health Care: 24.1%

148,854 

(2)

Adaptive

Biotechnologies Corp.

1,105,985

0

.7

15,017 

(2)

Addus HomeCare

Corp.

1,485,031

0

.9

56,224 

(2)

ADMA Biologics, Inc.

1,115,484

0

.7

93,982 

(2)

Alignment Healthcare,

Inc.

1,749,945

1

.1

31,792 

(2)

Alkermes PLC

1,049,772

0

.7

16,108 

(1)(2)

Arcellx, Inc.

1,056,685

0

.7

19,056 

(2)

Avidity Biosciences,

Inc.

562,533

0

.3

6,605 

(2)

Axsome Therapeutics,

Inc.

770,341

0

.5

19,619 

(2)

Biohaven Ltd.

471,641

0

.3

46,207 

(2)

BioLife Solutions, Inc.

1,055,368

0

.7

36,309 

Bio-Techne Corp.

2,128,797

1

.3

15,236 

(2)

Blueprint Medicines

Corp.

1,348,538

0

.8

16,121 

(2)

Corcept Therapeutics,

Inc.

1,841,341

1

.2

25,134 

(2)

Crinetics

Pharmaceuticals, Inc.

842,994

0

.5

Shares

Value

Percentage

of Net

Assets

COMMON STOCK: (continued)

Health Care: (continued)

19,116 

(2)

Edgewise

Therapeutics, Inc.

$

420,552

0

.3

16,917 

Ensign Group, Inc.

2,189,060

1

.4

16,665 

(1)(2)

Establishment Labs

Holdings, Inc.

680,015

0

.4

10,763 

(2)

Glaukos Corp.

1,059,294

0

.7

26,180 

(2)

Guardant Health, Inc.

1,115,268

0

.7

28,160 

(2)

Halozyme

Therapeutics, Inc.

1,796,890

1

.1

30,194 

(2)

Harrow, Inc.

803,160

0

.5

5,734 

(2)

HealthEquity, Inc.

506,713

0

.3

25,848 

(2)

Insmed, Inc.

1,971,944

1

.2

4,287 

(2)

Krystal Biotech, Inc.

772,946

0

.5

16,631 

(2)

Lantheus Holdings,

Inc.

1,623,186

1

.0

13,882 

(2)

Merit Medical Systems,

Inc.

1,467,466

0

.9

6,035 

(2)

Nuvalent, Inc. - Class A

428,002

0

.3

5,337 

(2)

Penumbra, Inc.

1,427,167

0

.9

18,562 

(2)

Revolution Medicines,

Inc.

656,352

0

.4

104,830 

Select Medical

Holdings Corp.

1,750,661

1

.1

20,661 

(2)

SpringWorks

Therapeutics, Inc.

911,770

0

.6

18,158 

(2)

TG Therapeutics, Inc.

715,970

0

.4

12,060 

(2)

Twist Bioscience Corp.

473,476

0

.3

19,685 

(2)

Vaxcyte, Inc.

743,306

0

.5

13,085 

(2)

Vera Therapeutics, Inc.

314,302

0

.2

38,411,955

24

.1

Industrials: 26.6%

15,460 

AAON, Inc.

1,207,890

0

.8

13,609 

Arcosa, Inc.

1,049,526

0

.7

54,905 

(2)

AZEK Co., Inc.

2,684,305

1

.7

34,749 

(2)

Casella Waste

Systems, Inc. - Class A

3,874,861

2

.4

53,467 

(2)

CECO Environmental

Corp.

1,219,048

0

.8

13,325 

(2)

Chart Industries, Inc.

1,923,597

1

.2

8,650 

(2)

Clean Harbors, Inc.

1,704,915

1

.1

22,194 

(2)

Construction Partners,

Inc. - Class A

1,595,083

1

.0

10,830 

(2)

Dycom Industries, Inc.

1,649,842

1

.0

33,652 

Flowserve Corp.

1,643,564

1

.0

13,286 

FTAI Aviation Ltd.

1,475,145

0

.9

16,512 

Granite Construction,

Inc.

1,245,005

0

.8

16,715 

John Bean

Technologies Corp.

2,042,573

1

.3

20,147 

(2)

Kirby Corp.

2,035,048

1

.3

72,683 

(2)

Kratos Defense &

Security Solutions, Inc.

2,157,958

1

.4

74,049 

(2)

NV5 Global, Inc.

1,426,924

0

.9

47,835 

(2)

Rocket Lab USA, Inc.

855,290

0

.5

7,232 

(2)

Saia, Inc.

2,527,078

1

.6

16,153 

(1)(2)

SiteOne Landscape

Supply, Inc.

1,961,620

1

.2

10,180 

Standex International

Corp.

1,642,950

1

.0

PORTFOLIO OF INVESTMENTS

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

2

Voya SmallCap

Opportunities Portfolio

Shares

Value

Percentage

of Net

Assets

COMMON STOCK: (continued)

Industrials: (continued)

109,999 

(2)

Sun Country Airlines

Holdings, Inc.

$

1,355,188

0

.8

20,046 

VSE Corp.

2,405,319

1

.5

44,396 

(2)

WNS Holdings Ltd.

2,729,910

1

.7

42,412,639

26

.6

Information Technology: 22.1%

60,787 

(2)

ACI Worldwide, Inc.

3,325,657

2

.1

17,777 

(2)

Agilysys, Inc.

1,289,544

0

.8

52,381 

(2)

Allegro MicroSystems,

Inc.

1,316,335

0

.8

80,268 

(1)(2)

Applied Digital Corp.

451,106

0

.3

5,164 

(2)

CyberArk Software Ltd.

1,745,432

1

.1

52,692 

(2)

ExlService Holdings,

Inc.

2,487,589

1

.5

30,868 

(2)

Gitlab, Inc. - Class A

1,450,796

0

.9

10,381 

(2)

Globant SA

1,222,051

0

.7

18,759 

(2)

Intapp, Inc.

1,095,151

0

.7

45,733 

(2)

Lattice Semiconductor

Corp.

2,398,696

1

.5

15,141 

Littelfuse, Inc.

2,978,840

1

.9

33,207 

(2)

Lumentum Holdings,

Inc.

2,070,124

1

.3

32,866 

(2)

Procore Technologies,

Inc.

2,169,813

1

.3

19,320 

(2)

Q2 Holdings, Inc.

1,545,793

1

.0

58,427 

(2)

Rambus, Inc.

3,025,058

1

.9

76,625 

(2)

SentinelOne, Inc.

- Class A

1,393,043

0

.9

10,090 

(2)

SiTime Corp.

1,542,458

1

.0

72,039 

(2)

Tower Semiconductor

Ltd.

2,568,911

1

.6

110,543 

(2)

Weave

Communications, Inc.

1,225,922

0

.8

35,302,319

22

.1

Materials: 3.6%

20,101 

Carpenter Technology

Corp.

3,641,899

2

.3

22,700 

Innospec, Inc.

2,150,825

1

.3

5,792,724

3

.6

Total Common Stock

(Cost $154,135,790)

152,682,186

95

.7

EXCHANGE-TRADED FUNDS: 0.9%

18,950 

SPDR S&P Biotech

ETF

1,536,845

0

.9

Total Exchange-Traded

Funds

(Cost $1,390,083)

1,536,845

0

.9

Total Long-Term

Investments

(Cost $155,525,873)

154,219,031

96

.6

Principal

Amount†

RA

Value

Percentage

of Net

Assets

SHORT-TERM INVESTMENTS: 6.5%

Repurchase Agreements: 3.4%

1,000,000 

(3)

Citadel Securities

LLC, Repurchase

Agreement dated

03/31/2025, 4.440%,

due 04/01/2025

(Repurchase

Amount $1,000,122,

collateralized

by various U.S.

Government

Securities, 0.000%-

4.625%, Market Value

plus accrued interest

$1,020,126, due

04/15/25-02/15/55)

$

1,000,000

0

.6

785,664 

(3)

Citigroup Global

Markets Inc.,

Repurchase

Agreement dated

03/31/2025, 4.350%,

due 04/01/2025

(Repurchase

Amount $785,758,

collateralized

by various U.S.

Government

Securities, 1.500%-

3.500%, Market

Value plus accrued

interest $801,377, due

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

785,664

0

.5

1,337,434 

(3)

Daiwa Capital

Markets America

Inc., Repurchase

Agreement dated

03/31/2025, 4.370%,

due 04/01/2025

(Repurchase

Amount $1,337,594,

collateralized

by various U.S.

Government/U.S.

Government Agency

Obligations, 0.000%-

7.000%, Market Value

plus accrued interest

$1,364,183, due

04/10/25-03/01/55)

1,337,434

0

.9

PORTFOLIO OF INVESTMENTS

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

3

Voya SmallCap

Opportunities Portfolio

Principal

Amount†

RA

Value

Percentage

of Net

Assets

SHORT-TERM INVESTMENTS: (continued)

Repurchase Agreements (continued)

1,337,434 

(3)

RBC Dominion

Securities, Inc.,

Repurchase

Agreement dated

03/31/2025, 4.360%,

due 04/01/2025

(Repurchase

Amount $1,337,594,

collateralized

by various U.S.

Government/U.S.

Government Agency

Obligations, 0.000%-

7.500%, Market Value

plus accrued interest

$1,364,183, due

04/10/25-12/15/66)

$

1,337,434

0

.8

1,000,000 

(3)

State of Wisconsin

Investment Board,

Repurchase

Agreement dated

03/31/2025, 4.470%,

due 04/01/2025

(Repurchase

Amount $1,000,122,

collateralized

by various U.S.

Government

Securities, 0.125%-

3.625%, Market Value

plus accrued interest

$1,018,647, due

04/15/26-02/15/53)

1,000,000

0

.6

Total Repurchase

Agreements

(Cost $5,460,532)

5,460,532

3

.4

Time Deposits: 0.2%

130,000 

(3)

Royal Bank of Canada

130,000

0

.1

120,000 

(3)

Societe Generale

120,000

0

.1

Total Time Deposits

(Cost $250,000)

250,000

0

.2

Shares

RA

Value

Percentage

of Net

Assets

Mutual Funds: 2.9%

4,579,000 

(4)

Morgan Stanley

Institutional Liquidity

Funds - Government

Portfolio (Institutional

Share Class), 4.270%

(Cost $4,579,000)

$

4,579,000

2

.9

Total Short-Term

Investments

(Cost $10,289,532)

$

10,289,532

6

.5

Total Investments in

Securities

(Cost $165,815,405)

$

164,508,563

103

.1

Liabilities in Excess

of Other Assets

(

4,995,918

)

(3.1)

Net Assets

$

159,512,645

100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Security, or a portion of the security, is on loan.

(2)

Non-income producing security.

(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)

4

Voya SmallCap

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*

$

152,682,186

$

—

$

—

$

152,682,186

Exchange-Traded Funds

1,536,845

—

—

1,536,845

Short-Term Investments

4,579,000

5,710,532

—

10,289,532

Total Investments, at fair value

$

158,798,031

$

5,710,532

$

—

$

164,508,563

*

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

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation

$

14,728,606

Gross Unrealized Depreciation

(

16,035,448

)

Net Unrealized Depreciation

$

(

1,306,842

)