# EDGAR Filing Document

**Accession Number:** 0000002664
**File Stem:** 0001104659-25-087867
**Filing Date:** 2025-9
**Character Count:** 459573
**Document Hash:** 82603640dd65f93744b1fc4bc086276a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-087867.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001104659-25-087867

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya VARIABLE FUNDS
- **CENTRAL INDEX KEY:** 0000002664

**ORGANIZATION NAME:**
- **EIN:** 060912550
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02514
- **FILM NUMBER:** 251297279

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 480-477-3000

**MAIL ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 06103-3602

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING VARIABLE FUNDS
- **DATE OF NAME CHANGE:** 20020501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AETNA VARIABLE FUND
- **DATE OF NAME CHANGE:** 20020322

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING VARIABLE FUNDS
- **DATE OF NAME CHANGE:** 20020320

## Series and Classes Contracts Data

### Voya Growth and Income Portfolio (Series ID: S000008703)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028787 | Class ADV    | IAVGX           |
| C000028788 | Class I      | IIVGX           |
| C000028789 | Class S      | ISVGX           |
| C000074892 | Class S2     | IGISX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

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: **811-02514**

**Voya Variable Funds**

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| **7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ** | **85258** |
| (Address of principal executive offices) | (Zip code) |

---

**CT Corporation System, 101 Federal Street, Boston, MA 02110**

(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, 2025 to June 30, 2025**

**Item 1. Reports to Stockholders.**

(a) The following is a copy of the report transmitted to stockholders
pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Growth and Income Portfolio](#classnamee1595660-c499-4e50-88f7-2e0f3c0d71e2)<br> **[Class ADV - IAVGX](#classnamee1595660-c499-4e50-88f7-2e0f3c0d71e2)**  |
|  [Voya Growth and Income Portfolio](#classnamef827ad81-a75c-417f-a49a-44d59c8ffb29)<br> **[Class I - IIVGX](#classnamef827ad81-a75c-417f-a49a-44d59c8ffb29)**  |
|  [Voya Growth and Income Portfolio](#classnamee7d4f4fc-23a0-4c6f-831a-7af38ce2a757)<br> **[Class S - ISVGX](#classnamee7d4f4fc-23a0-4c6f-831a-7af38ce2a757)**  |
|  [Voya Growth and Income Portfolio](#classnamec8141946-ed8a-4503-9ba4-d896fde0ebdb)<br> **[Class S2 - IGISX](#classnamec8141946-ed8a-4503-9ba4-d896fde0ebdb)**  |

---

# Class ADV: IAVGX
![Image](tm2522622d4_tsrimg007.jpg)

# Voya Growth and Income Portfolio

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2025
This semi-annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $57 | 1.12% |

---

## Fund Statistics
* Total Net Assets$2,510,425,555

* # of Portfolio Holdings74

* Portfolio Turnover Rate41%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.3% |
| Apple, Inc. | 6.3% |
| Amazon.com, Inc. | 4.7% |
| Meta Platforms, Inc. - Class A | 4.5% |
| Broadcom, Inc. | 4.1% |
| NVIDIA Corp. | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.2% |
| AT&T, Inc. | 1.8% |
| Micron Technology, Inc. | 1.9% |
| Boeing Co. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d4_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.9)% |
| Short-Term Investments | 1.5% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d4_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.3% |
| Financials | 14.0% |
| Health Care | 10.2% |
| Communication Services | 9.7% |
| Industrials | 8.1% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 5.3% |
| Energy | 4.2% |
| Real Estate | 3.2% |
| Utilities | 2.5% |
| Materials | 2.1% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.9)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IAVGX
![QR Code](tm2522622d4_tsrimg003.jpg)

# Voya Growth and Income Portfolio
92913H303-SAR

# Class I: IIVGX
![Image](tm2522622d4_tsrimg007.jpg)

# Voya Growth and Income Portfolio

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2025
This semi-annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $34 | 0.67% |

---

## Fund Statistics
* Total Net Assets$2,510,425,555

* # of Portfolio Holdings74

* Portfolio Turnover Rate41%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.3% |
| Apple, Inc. | 6.3% |
| Amazon.com, Inc. | 4.7% |
| Meta Platforms, Inc. - Class A | 4.5% |
| Broadcom, Inc. | 4.1% |
| NVIDIA Corp. | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.2% |
| AT&T, Inc. | 1.8% |
| Micron Technology, Inc. | 1.9% |
| Boeing Co. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d4_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.9)% |
| Short-Term Investments | 1.5% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d4_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.3% |
| Financials | 14.0% |
| Health Care | 10.2% |
| Communication Services | 9.7% |
| Industrials | 8.1% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 5.3% |
| Energy | 4.2% |
| Real Estate | 3.2% |
| Utilities | 2.5% |
| Materials | 2.1% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.9)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IIVGX
![QR Code](tm2522622d4_tsrimg003.jpg)

# Voya Growth and Income Portfolio
92913H105-SAR

# Class S: ISVGX
![Image](tm2522622d4_tsrimg007.jpg)

# Voya Growth and Income Portfolio

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2025
This semi-annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $47 | 0.92% |

---

## Fund Statistics
* Total Net Assets$2,510,425,555

* # of Portfolio Holdings74

* Portfolio Turnover Rate41%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.3% |
| Apple, Inc. | 6.3% |
| Amazon.com, Inc. | 4.7% |
| Meta Platforms, Inc. - Class A | 4.5% |
| Broadcom, Inc. | 4.1% |
| NVIDIA Corp. | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.2% |
| AT&T, Inc. | 1.8% |
| Micron Technology, Inc. | 1.9% |
| Boeing Co. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d4_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.9)% |
| Short-Term Investments | 1.5% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d4_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.3% |
| Financials | 14.0% |
| Health Care | 10.2% |
| Communication Services | 9.7% |
| Industrials | 8.1% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 5.3% |
| Energy | 4.2% |
| Real Estate | 3.2% |
| Utilities | 2.5% |
| Materials | 2.1% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.9)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: ISVGX
![QR Code](tm2522622d4_tsrimg003.jpg)

# Voya Growth and Income Portfolio
92913H204-SAR

# Class S2: IGISX
![Image](tm2522622d4_tsrimg007.jpg)

# Voya Growth and Income Portfolio

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2025
This semi-annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $54 | 1.07% |

---

## Fund Statistics
* Total Net Assets$2,510,425,555

* # of Portfolio Holdings74

* Portfolio Turnover Rate41%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.3% |
| Apple, Inc. | 6.3% |
| Amazon.com, Inc. | 4.7% |
| Meta Platforms, Inc. - Class A | 4.5% |
| Broadcom, Inc. | 4.1% |
| NVIDIA Corp. | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.2% |
| AT&T, Inc. | 1.8% |
| Micron Technology, Inc. | 1.9% |
| Boeing Co. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d4_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.9)% |
| Short-Term Investments | 1.5% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d4_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.3% |
| Financials | 14.0% |
| Health Care | 10.2% |
| Communication Services | 9.7% |
| Industrials | 8.1% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 5.3% |
| Energy | 4.2% |
| Real Estate | 3.2% |
| Utilities | 2.5% |
| Materials | 2.1% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.9)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IGISX
![QR Code](tm2522622d4_tsrimg003.jpg)

# Voya Growth and Income Portfolio
92913H402-SAR

(b) Not applicable.

**Item 2. Code of Ethics.**

Not required for semi-annual filing.

**Item 3. Audit Committee Financial Expert.**

Not required for semi-annual filing.

**Item 4. Principal Accountant Fees and Services.**

Not required for semi-annual filing.

**Item 5. Audit Committee of Listed Registrants.**

Not required for semi-annual filing.

**Item 6. Investments.**

(a) Schedule is included as part of the report to shareholders filed
under Item 7 of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The semi-annual financial statements, the Financial Highlights, and the Items 8-11 are attached herewith.

![](tm2522622d1_ncsr-img001.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

Classes ADV, I, R6, S, and S2

**Voya Variable Product Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya Global High Dividend Low Volatility Portfolio

■ Voya Government Money Market Portfolio

■ Voya Growth and Income Portfolio

■ Voya Intermediate Bond 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.

---

| | |
|:---|:---|
| ![](tm2522622d1_ncsr-img002.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com**  | ![](tm2522622d1_ncsr-img003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#a001) | [1](#a001) |
| [Statements of Operations](#a002) | [5](#a002) |
| [Statements of Changes in Net Assets](#a003) | [8](#a003) |
| [Financial Highlights](#a004) | [11](#a004) |
| [Notes to Financial Statements](#a005) | [14](#a005) |
| [Portfolios of Investments](#a006) | [32](#a006) |

---

---

| |
|:---|
| &nbsp;&nbsp;**Go Paperless with E-Delivery!** |
| &nbsp;&nbsp;Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements. |
| &nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
| &nbsp;&nbsp;You will be notified by e-mail when these communications become available on the internet. |

---

**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; and (2) 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 https://individuals.voya.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 NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/variable-portfolio/prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180. Voya Government Money Market Portfolio does not file on Form N-PORT.

The Voya Government Money Market Portfolio files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Portfolio's Form N-MFP is available on the SEC's website at www.sec.gov or the monthly schedule of portfolio holdings are also available at: https://individuals.voya.com/product/variable-portfolio/prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Voya<br> Global<br> High Dividend<br> Low Volatility<br> Portfolio** | **Voya<br> Government<br> Money<br> Market<br> Portfolio** | **Voya<br> Growth and<br> Income<br> Portfolio** |
| **ASSETS:** | **ASSETS:** | | | |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $489959709 | $– | $2494009992 |
| Short-term investments at fair value† | Short-term investments at fair value† | 12377638 |  | 37902398 |
| Short-term investments at amortized cost | Short-term investments at amortized cost |  | 707554918 |  |
| Repurchase agreements | Repurchase agreements |  | 187133000 |  |
| Cash | Cash | 211350 | 108941 | 812105 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 35571 |  |  |
| Receivables: | Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities and currencies sold | &nbsp;&nbsp;&nbsp;Investment securities and currencies sold | 4335442 | 117210337 |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;Fund shares sold | 90388 | 292201 | 127058 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;Dividends | 685728 | 4171 | 1216178 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;Interest | 39 | 1253767 | 136 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 1022758 |  | 4190 |
| Prepaid expenses | Prepaid expenses | 4614 | 8179 | 22660 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 33197 |  |  |
| Other assets | Other assets | 64678 | 128039 | 290193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 508821112 | 1013693553 | 2534384910 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |
| Payable for investment securities and currencies purchased | Payable for investment securities and currencies purchased | 4307624 | 90339688 |  |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 305091 | 264887 | 1062068 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 11328638 |  | 20822398 |
| Payable for investment management fees | Payable for investment management fees | 224402 | 229274 | 1300610 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 75093 |  | 39178 |
| Payable to directors/ trustees under the deferred compensation plan | Payable to directors/ trustees under the deferred compensation plan |  |  |  |
| (Note 6) | (Note 6) | 64678 | 128039 | 290193 |
| Payable for directors/ trustees fees | Payable for directors/ trustees fees | 1194 | 2187 | 6000 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 81127 | 164035 | 438908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 16387847 | 91128110 | 23959355 |
| **NET ASSETS** | **NET ASSETS** | $492433265 | $922565443 | $2510425555 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | Paid-in capital | $391837082 | $922561919 | $1853295603 |
| Total distributable earnings | Total distributable earnings | 100596183 | 3524 | 657129952 |
| **NET ASSETS** | **NET ASSETS** | $492433265 | $922565443 | $2510425555 |
| + | Including securities loaned at value | $10733084 | $— | $20404453 |
| \* | Cost of investments in securities | $418490680 | $— | $1827045058 |
| † | Cost of short-term investments | $12377638 | $— | $37902398 |
| ‡ | Cost of foreign currencies | $35109 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya<br> Global<br> High Dividend<br> Low Volatility<br> Portfolio** | **Voya<br> Government<br> Money<br> Market<br> Portfolio** | **Voya<br> Growth and<br> Income<br> Portfolio** |
| **Class ADV** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $13906020 | n/a | $89797791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | $1.000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1131396 | n/a | 4364341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.29 | n/a | $20.58 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $137068635 | $922565443 | $2387327537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $1.000 | $1.000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 11161102 | 922461876 | 109850256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.28 | $1.00 | $21.73 |
| **Class S** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $341304470 | n/a | $32520759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 300000000 | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | $1.000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 27631530 | n/a | 1575335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.35 | n/a | $20.64 |
| **Class S2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $154140 | n/a | $779468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | $1.000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 12697 | n/a | 39451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.14 | n/a | $19.76 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | | **Voya<br> Intermediate<br> Bond<br> Portfolio** | **Voya<br> Small<br> Company<br> Portfolio** |
| **ASSETS:** | **ASSETS:** | | |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $745443952 | $233393636 |
| Investments in affiliates at fair value<sup>\*\*</sup> | Investments in affiliates at fair value<sup>\*\*</sup> | 164767234 |  |
| Short-term investments at fair value† | Short-term investments at fair value† | 13036101 | 9640648 |
| Cash | Cash | 7426961 | 109943 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 3122628 |  |
| Cash pledged for centrally cleared swaps (Note 2) | Cash pledged for centrally cleared swaps (Note 2) | 3066000 |  |
| Cash pledged as collateral for OTC derivatives (Note 2) | Cash pledged as collateral for OTC derivatives (Note 2) | 610000 |  |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 2343005 |  |
| Receivables: | Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;Investment securities sold | 11571621 |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold on a delayed-delivery or when-issued basis | &nbsp;&nbsp;&nbsp;Investment securities sold on a delayed-delivery or when-issued basis | 16372220 |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;Fund shares sold | 2112394 | 154116 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;Dividends | 894226 | 362823 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;Interest | 5662070 |  |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 11497 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 823605 |  |
| Unrealized appreciation on forward foreign currency contracts | Unrealized appreciation on forward foreign currency contracts | 1530 |  |
| Unrealized appreciation on forward premium swaptions | Unrealized appreciation on forward premium swaptions | 2151173 |  |
| Prepaid expenses | Prepaid expenses | 8283 | 2314 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 95146 | 10596 |
| Other assets | Other assets | 398521 | 51602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 979906670 | 243737175 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased | 18195013 |  |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | Payable for investment securities purchased on a delayed-delivery or when-issued basis | 32587674 |  |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 12535 | 66118 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 5985550 | 8961648 |
| Unrealized depreciation on forward foreign currency contracts | Unrealized depreciation on forward foreign currency contracts | 1199341 |  |
| Unrealized depreciation on forward premium swaptions | Unrealized depreciation on forward premium swaptions | 670492 |  |
| Variation margin payable on centrally cleared swaps | Variation margin payable on centrally cleared swaps | 170839 |  |
| Cash received as collateral for OTC derivatives (Note 2) | Cash received as collateral for OTC derivatives (Note 2) | 1590000 |  |
| Payable for investment management fees | Payable for investment management fees | 372359 | 142636 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 87708 | 11731 |
| Payable to directors/ trustees under the deferred compensation plan (Note 6) | Payable to directors/ trustees under the deferred compensation plan (Note 6) | 398521 | 51602 |
| Payable for directors/ trustees fees | Payable for directors/ trustees fees | 2269 | 609 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 415922 | 74978 |
| Written options, at fair value^ | Written options, at fair value^ | 77295 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 61765518 | 9309322 |
| **NET ASSETS** | **NET ASSETS** | $918141152 | $234427853 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | Paid-in capital | $1326786556 | $245650301 |
| Total distributable loss | Total distributable loss | (408645404) | (11222448) |
| **NET ASSETS** | **NET ASSETS** | $918141152 | $234427853 |
| + | Including securities loaned at value | $5798650 | $8693957 |
| \* | Cost of investments in securities | $771717990 | $237774492 |
| \*\* | Cost of investments in affiliates | $158718201 | $— |
| † | Cost of short-term investments | $13037225 | $9640648 |
| ‡ | Cost of foreign currencies | $2321026 | $— |
| ^ | Premiums received on written options | $294795 | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Voya<br> Intermediate<br> Bond<br> Portfolio** | **Voya<br> Small<br> Company<br> Portfolio** |
| **Class ADV** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $180832058 | $8600689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $1.000 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 16675771 | 738650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.84 | $11.64 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $670068119 | $177653678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $1.000 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 61110603 | 13382254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.96 | $13.28 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $7712476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 580156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $13.29 |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $59467695 | $40461010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $1.000 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 5458757 | 3231004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.89 | $12.52 |
| **Class S2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $7773280 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $1.000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 716828 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.84 | n/a |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya<br> Global<br> High Dividend<br> Low Volatility<br> Portfolio** | **Voya<br> Government<br> Money<br> Market<br> Portfolio** | **Voya<br> Growth and<br> Income<br> Portfolio** |
| **INVESTMENT INCOME:** | | | |
| Dividends, net of foreign taxes withheld\* | $8492553 | $244319 | $17069589 |
| Interest | 585 | 18683187 | 5029 |
| Securities lending income, net | 25748 |  | 3974 |
| Other | 1839 | 3272 | 9255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 8520725 | 18930778 | 17087847 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 1326525 | 1518151 | 7143740 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 32270 |  | 217358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 413728 |  | 36950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 295 |  | 1437 |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 3773 |  | 17437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 37909 | 320779 | 454041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 96753 |  | 5928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 43 |  | 144 |
| Shareholder reporting expense | 12022 | 14428 | 34715 |
| Professional fees | 18711 | 32946 | 80602 |
| Custody and accounting expense | 41096 | 24495 | 64875 |
| Director/ Trustee fees and expenses | 5971 | 10934 | 30000 |
| Miscellaneous expense | 13993 | 21610 | 65534 |
| Interest expense | 924 |  | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2004013 | 1943343 | 8154533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (133308) | (195195) | 72916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1870705 | 1748148 | 8227449 |
| Net investment income | 6650020 | 17182630 | 8860398 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 26073205 | 251786 | (7914864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 105495 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 26178700 | 251786 | (7914864) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 25433075 |  | 129969708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 105704 |  | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 25538779 |  | 129969821 |
| Net realized and unrealized gain | 51717479 | 251786 | 122054957 |
| **Increase in net assets resulting from operations** | $58367499 | $17434416 | $130915355 |
| \* Foreign taxes withheld | $511306 | $— | $61439 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Voya<br> Intermediate<br> Bond<br> Portfolio** | **Voya<br> Small<br> Company<br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $38548 | $2194821 |
| Dividends from affiliated underlying funds | 5273925 |  |
| Interest | 18863890 |  |
| Securities lending income, net | 40048 | 24493 |
| Other | 3497 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 24219908 | 2220340 |
| **EXPENSES:** |  |  |
| Investment management fees | 2250043 | 906371 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 444511 | 21215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 73702 | 54884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 15766 |  |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 106755 | 5013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 393488 | 107413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 35401 | 25916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 4734 |  |
| Shareholder reporting expense | 36845 | 9774 |
| Professional fees | 51242 | 12509 |
| Custody and accounting expense | 170350 | 20598 |
| Director/ Trustee fees and expenses | 11343 | 3044 |
| Miscellaneous expense | 50122 | 9006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3644302 | 1175750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (711216) | (60522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2933086 | 1115228 |
| Net investment income | 21286822 | 1105112 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1542349) | 7485813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (149280) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 8010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (5017437) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (1404779) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 307805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales commitments | 138794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (7659236) | 7485813 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 19193020 | (12154869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 2728833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (1896544) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 14736 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 4370909 |  |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended June 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Voya<br> Intermediate<br> Bond<br> Portfolio** | **Voya<br> Small<br> Company<br> Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 726164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 469695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 25606813 | (12154607) |
| Net realized and unrealized gain (loss) | 17947577 | (4668794) |
| **Increase (decrease) in net assets resulting from operations** | $39234399 | $(3563682) |
| \* Foreign taxes withheld | $— | $16105 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya<br> Global High Dividend<br> Low Volatility Portfolio** | **Voya<br> Global High Dividend<br> Low Volatility Portfolio** | **Voya<br> Government Money<br> Market Portfolio** | **Voya<br> Government Money<br> Market Portfolio** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $6650020 | $11691531 | $17182630 | $39531844 |
| Net realized gain | 26178700 | 38011042 | 251786 | 430899 |
| Net change in unrealized appreciation (depreciation) | 25538779 | 9343547 |  |  |
| Increase in net assets resulting from operations | 58367499 | 59046120 | 17434416 | 39962743 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (896857) | (702630) |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (9138296) | (7775423) | (17438724) | (39871963) |
| &nbsp;&nbsp;&nbsp;Class S<sup>(1)</sup> | (22679154) | (20314859) |  | (549) |
| &nbsp;&nbsp;&nbsp;Class S2 | (10114) | (13458) |  |  |
| &nbsp;&nbsp;&nbsp;Class T<sup>(2)</sup> |  | (6126) |  |  |
| Total distributions | (32724421) | (28812496) | (17438724) | (39872512) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 7748737 | 8840756 | 153279315 | 192650111 |
| Reinvestment of distributions | 32724421 | 28812496 | 17438724 | 39871963 |
|  | 40473158 | 37653252 | 170718039 | 232522074 |
| Cost of shares redeemed | (39471960) | (88580448) | (72778924) | (198605887) |
| Net increase (decrease) in net assets resulting from capital share transactions | 1001198 | (50927196) | 97939115 | 33916187 |
| Net increase (decrease) in net assets | 26644276 | (20693572) | 97934807 | 34006418 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 465788989 | 486482561 | 824630636 | 790624218 |
| End of year or period | $492433265 | $465788989 | $922565443 | $824630636 |

---

<sup>(1)</sup> Class S of Voya Government Money Market Portfolio was fully redeemed on close of business May 1, 2024.

<sup>(2)</sup> Class T of Global High Dividend Low Volatility Portfolio was fully redeemed on close of business May 1, 2024.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Growth and<br> Income Portfolio** | **Voya Growth and<br> Income Portfolio** | **Voya Intermediate<br> Bond Portfolio** | **Voya Intermediate<br> Bond Portfolio** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $8860398 | $19147228 | $21286822 | $79661968 |
| Net realized gain (loss) | (7914864) | 319619231 | (7659236) | 3949419 |
| Net change in unrealized appreciation (depreciation) | 129969821 | 140369905 | 25606813 | 12710358 |
| Increase in net assets resulting from operations | 130915355 | 479136364 | 39234399 | 96321745 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (1352194) | (12702776) | (3700833) | (7732052) |
| &nbsp;&nbsp;&nbsp;Class I | (33888955) | (312765110) | (15284752) | (30980523) |
| &nbsp;&nbsp;&nbsp;Class S | (462636) | (4527241) | (1300891) | (42299441) |
| &nbsp;&nbsp;&nbsp;Class S2 | (11867) | (99988) | (168357) | (336876) |
| Total distributions | (35715652) | (330095115) | (20454833) | (81348892) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 126528169 | 287031123 | 29747904 | 131883666 |
| Reinvestment of distributions | 35697877 | 329890863 | 20453685 | 79932512 |
|  | 162226046 | 616921986 | 50201589 | 211816178 |
| Cost of shares redeemed | (165108390) | (352602050) | (59096553) | (1634330372) |
| Net increase (decrease) in net assets resulting from capital share transactions | (2882344) | 264319936 | (8894964) | (1422514194) |
| Net increase (decrease) in net assets | 92317359 | 413361185 | 9884602 | (1407541341) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 2418108196 | 2004747011 | 908256550 | 2315797891 |
| End of year or period | $2510425555 | $2418108196 | $918141152 | $908256550 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Voya Small<br> Company Portfolio** | **Voya Small<br> Company Portfolio** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $1105112 | $2780526 |
| Net realized gain | 7485813 | 39799928 |
| Net change in unrealized appreciation (depreciation) | (12154607) | (12809188) |
| Increase (decrease) in net assets resulting from operations | (3563682) | 29771266 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (1396502) | (345295) |
| &nbsp;&nbsp;&nbsp;Class I | (26769416) | (8310232) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1181485) | (312443) |
| &nbsp;&nbsp;&nbsp;Class S | (6453592) | (2352815) |
| Total distributions | (35800995) | (11320785) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 2695110 | 10172719 |
| Reinvestment of distributions | 35800995 | 11320785 |
|  | 38496105 | 21493504 |
| Cost of shares redeemed | (56140437) | (52121635) |
| Net decrease in net assets resulting from capital share transactions | (17644332) | (30628131) |
| Net decrease in net assets | (57009009) | (12177650) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 291436862 | 303614512 |
| End of year or period | $234427853 | $291436862 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)** <br> **from investment <br> operations** | **Income (loss)** <br> **from investment <br> operations** | **Income (loss)** <br> **from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental** <br> **Data** | **Supplemental** <br> **Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From <br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** | **Voya Global High Dividend Low Volatility Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 06-30-25<sup>+</sup> | 11.68 | 0.15 | <sup>•</sup> | 1.31 | 1.46 | 0.07 | 0.78 |  | 0.85 |  | 12.29 | **12.81** | 1.16 | 1.10 | 1.10 | 2.52 | 13906 | 39 |
| 12-31-24 | 11.01 | 0.24 | <sup>•</sup> | 1.09 | 1.33 | 0.27 | 0.39 |  | 0.66 |  | 11.68 | **12.38** | 1.17 | 1.10 | 1.10 | 2.09 | 12252 | 72 |
| 12-31-23 | 11.01 | 0.27 | <sup>•</sup> | 0.37 | 0.64 | 0.27 | 0.37 |  | 0.64 |  | 11.01 | **6.18** | 1.16 | 1.10 | 1.10 | 2.54 | 10354 | 70 |
| 12-31-22 | 12.32 | 0.25 | <sup>•</sup> | (0.93) | (0.68) | 0.24 | 0.39 |  | 0.63 |  | 11.01 | **(5.38)** | 1.15 | 1.10 | 1.10 | 2.23 | 11235 | 68 |
| 12-31-21 | 10.46 | 0.21 | <sup>•</sup> | 1.89 | 2.10 | 0.24 |  |  | 0.24 |  | 12.32 | **20.23** | 1.16 | 1.10 | 1.10 | 1.85 | 13886 | 71 |
| 12-31-20 | 10.83 | 0.18 |  | (0.35) | (0.17) | 0.19 |  | 0.01 | 0.20 |  | 10.46 | **(1.27)** | 1.16 | 1.10 | 1.10 | 1.86 | 13684 | 72 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 06-30-25<sup>+</sup> | 11.66 | 0.18 | <sup>•</sup> | 1.30 | 1.48 | 0.08 | 0.78 |  | 0.86 |  | 12.28 | **13.05** | 0.66 | 0.60 | 0.60 | 3.01 | 137069 | 39 |
| 12-31-24 | 10.99 | 0.30 | <sup>•</sup> | 1.08 | 1.38 | 0.32 | 0.39 |  | 0.71 |  | 11.66 | **12.94** | 0.67 | 0.60 | 0.60 | 2.59 | 124887 | 72 |
| 12-31-23 | 10.99 | 0.32 | <sup>•</sup> | 0.37 | 0.69 | 0.32 | 0.37 |  | 0.69 |  | 10.99 | **6.74** | 0.66 | 0.60 | 0.60 | 3.04 | 122202 | 70 |
| 12-31-22 | 12.30 | 0.30 | <sup>•</sup> | (0.92) | (0.62) | 0.30 | 0.39 |  | 0.69 |  | 10.99 | **(4.90)** | 0.65 | 0.60 | 0.60 | 2.73 | 125985 | 68 |
| 12-31-21 | 10.44 | 0.27 | <sup>•</sup> | 1.89 | 2.16 | 0.30 |  |  | 0.30 |  | 12.30 | **20.87** | 0.66 | 0.60 | 0.60 | 2.35 | 144785 | 71 |
| 12-31-20 | 10.82 | 0.23 |  | (0.36) | (0.13) | 0.24 |  | 0.01 | 0.25 |  | 10.44 | **(0.83)** | 0.66 | 0.60 | 0.60 | 2.36 | 129379 | 72 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 06-30-25<sup>+</sup> | 11.73 | 0.17 | <sup>•</sup> | 1.31 | 1.48 | 0.08 | 0.78 |  | 0.86 |  | 12.35 | **12.90** | 0.91 | 0.85 | 0.85 | 2.74 | 341304 | 39 |
| 12-31-24 | 11.05 | 0.27 | <sup>•</sup> | 1.09 | 1.36 | 0.29 | 0.39 |  | 0.68 |  | 11.73 | **12.68** | 0.92 | 0.85 | 0.85 | 2.34 | 328504 | 72 |
| 12-31-23 | 11.05 | 0.30 | <sup>•</sup> | 0.36 | 0.66 | 0.29 | 0.37 |  | 0.66 |  | 11.05 | **6.43** | 0.91 | 0.85 | 0.85 | 2.78 | 351456 | 70 |
| 12-31-22 | 12.36 | 0.28 | <sup>•</sup> | (0.93) | (0.65) | 0.27 | 0.39 |  | 0.66 |  | 11.05 | **(5.11)** | 0.90 | 0.85 | 0.85 | 2.48 | 392545 | 68 |
| 12-31-21 | 10.49 | 0.24 | <sup>•</sup> | 1.90 | 2.14 | 0.27 |  |  | 0.27 |  | 12.36 | **20.56** | 0.91 | 0.85 | 0.85 | 2.10 | 474598 | 71 |
| 12-31-20 | 10.87 | 0.21 |  | (0.37) | (0.16) | 0.21 |  | 0.01 | 0.22 |  | 10.49 | **(1.09)** | 0.91 | 0.85 | 0.85 | 2.11 | 465405 | 72 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 06-30-25<sup>+</sup> | 11.55 | 0.15 | <sup>•</sup> | 1.29 | 1.44 | 0.07 | 0.78 |  | 0.85 |  | 12.14 | **12.81** | 1.06 | 1.00 | 1.00 | 2.59 | 154 | 39 |
| 12-31-24 | 10.89 | 0.25 | <sup>•</sup> | 1.08 | 1.33 | 0.28 | 0.39 |  | 0.67 |  | 11.55 | **12.50** | 1.07 | 1.00 | 1.00 | 2.20 | 146 | 72 |
| 12-31-23 | 10.89 | 0.28 | <sup>•</sup> | 0.37 | 0.65 | 0.28 | 0.37 |  | 0.65 |  | 10.89 | **6.37** | 1.06 | 1.00 | 1.00 | 2.64 | 229 | 70 |
| 12-31-22 | 12.20 | 0.26 | <sup>•</sup> | (0.93) | (0.67) | 0.25 | 0.39 |  | 0.64 |  | 10.89 | **(5.33)** | 1.05 | 1.00 | 1.00 | 2.34 | 223 | 68 |
| 12-31-21 | 10.35 | 0.22 | <sup>•</sup> | 1.88 | 2.10 | 0.25 |  |  | 0.25 |  | 12.20 | **20.46** | 1.06 | 1.00 | 1.00 | 1.92 | 265 | 71 |
| 12-31-20 | 10.73 | 0.19 |  | (0.36) | (0.17) | 0.20 |  | 0.01 | 0.21 |  | 10.35 | **(1.25)** | 1.06 | 1.00 | 1.00 | 1.95 | 354 | 72 |
| **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** | **Voya Government Money Market Portfolio** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 06-30-25<sup>+</sup> | 1.00 | 0.02 | <sup>•</sup> |  | 0.02 | 0.02 | 0.00 \* |  | 0.02 |  | 1.00 | **2.01** | 0.45 | 0.40 | 0.40 | 3.96 | 922565 |  |
| 12-31-24 | 1.00 | 0.05 | <sup>•</sup> |  | 0.05 | 0.05 | 0.00 \* |  | 0.05 |  | 1.00 | **4.91** | 0.45 | 0.40 | 0.40 | 4.79 | 824631 |  |
| 12-31-23 | 1.00 | 0.05 | <sup>•</sup> |  | 0.05 | 0.05 |  |  | 0.05 |  | 1.00 | **4.77** | 0.48 | 0.43 | 0.43 | 4.72 | 789249 |  |
| 12-31-22 | 1.00 | 0.01 | <sup>•</sup> | 0.00 \* | 0.01 | 0.01 |  |  | 0.01 |  | 1.00 | **1.39** | 0.50 | 0.35 | 0.35 | 1.43 | 523130 |  |
| 12-31-21 | 1.00 |  | <sup>•</sup> | 0.00 \* | 0.00 \* | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.09** | 0.50 | 0.05 | 0.05 | 0.00 \* | 485800 |  |
| 12-31-20 | 1.00 | 0.00 | \* | 0.00 \* | 0.00 \* | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.29** | 0.51 | 0.17 | 0.17 | 0.20 | 569945 |  |
| **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** | **Voya Growth and Income Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 06-30-25<sup>+</sup> | 19.85 | 0.03 | <sup>•</sup> | 1.01 | 1.04 |  | 0.31 |  | 0.31 |  | 20.58 | **5.37** | 1.16 | 1.12 | 1.12 | 0.31 | 89798 | 41 |
| 12-31-24 | 18.60 | 0.09 | <sup>•</sup> | 4.29 | 4.38 | 0.10 | 3.03 |  | 3.13 |  | 19.85 | **23.32** | 1.16 | 1.12 | 1.12 | 0.41 | 91161 | 95 |
| 12-31-23 | 16.21 | 0.12 | <sup>•</sup> | 4.22 | 4.34 | 0.13 | 1.82 |  | 1.95 |  | 18.60 | **26.78** | 1.19 | 1.12 | 1.12 | 0.64 | 83897 | 75 |
| 12-31-22 | 22.50 | 0.13 | <sup>•</sup> | (3.55) | (3.42) | 0.14 | 2.73 |  | 2.87 |  | 16.21 | **(15.08)** | 1.18 | 1.11 | 1.11 | 0.64 | 73784 | 56 |
| 12-31-21 | 29.29 | 0.13 | <sup>•</sup> | 8.14 | 8.27 | 0.19 | 14.87 |  | 15.06 |  | 22.50 | **28.41** | 1.16 | 1.06 | 1.06 | 0.39 | 97015 | 65 |
| 12-31-20 | 27.93 | 0.26 |  | 4.22 | 4.48 | 0.26 | 2.86 |  | 3.12 |  | 29.29 | **16.74** | 1.17 | 1.07 | 1.07 | 0.90 | 903118 | 92 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 06-30-25<sup>+</sup> | 20.90 | 0.08 | <sup>•</sup> | 1.06 | 1.14 |  | 0.31 |  | 0.31 |  | 21.73 | **5.58** | 0.66 | 0.67 | 0.67 | 0.76 | 2387328 | 41 |
| 12-31-24 | 19.45 | 0.19 | <sup>•</sup> | 4.49 | 4.68 | 0.20 | 3.03 |  | 3.23 |  | 20.90 | **23.85** | 0.66 | 0.67 | 0.67 | 0.86 | 2293616 | 95 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)** <br> **from investment <br> operations** | **Income (loss)** <br> **from investment <br> operations** | **Income (loss)** <br> **from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental** <br> **Data** | **Supplemental** <br> **Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total <br> from<br> investment<br> operations | From <br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Growth and Income Portfolio (continued)** | **Voya Growth and Income Portfolio (continued)** | **Voya Growth and Income Portfolio (continued)** | **Voya Growth and Income Portfolio (continued)** | **Voya Growth and Income Portfolio (continued)** | **Voya Growth and Income Portfolio (continued)** | **Voya Growth and Income Portfolio (continued)** | **Voya Growth and Income Portfolio (continued)** | **Voya Growth and Income Portfolio (continued)** |  |  |  |  |  |  |  |  |  |  |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |  |  |  |  |  |  |  |  |  |  |
| 12-31-23 | 16.88 | 0.21 | <sup>•</sup> | 4.41 | 4.62 | 0.23 | 1.82 |  | 2.05 |  | 19.45 | **27.39** | 0.69 | 0.67 | 0.67 | 1.09 | 1890606 | 75 |
| 12-31-22 | 23.30 | 0.22 | <sup>•</sup> | (3.68) | (3.46) | 0.23 | 2.73 |  | 2.96 |  | 16.88 | **(14.71)** | 0.68 | 0.66 | 0.66 | 1.09 | 1644921 | 56 |
| 12-31-21 | 29.90 | 0.29 | <sup>•</sup> | 8.33 | 8.62 | 0.35 | 14.87 |  | 15.22 |  | 23.30 | **29.00** | 0.66 | 0.61 | 0.61 | 0.85 | 2137930 | 65 |
| 12-31-20 | 28.44 | 0.39 |  | 4.32 | 4.71 | 0.39 | 2.86 |  | 3.25 |  | 29.90 | **17.26** | 0.67 | 0.62 | 0.62 | 1.35 | 1845796 | 92 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 19.89 | 0.05 | <sup>•</sup> | 1.01 | 1.06 |  | 0.31 |  | 0.31 |  | 20.64 | **5.46** | 0.91 | 0.92 | 0.92 | 0.50 | 32521 | 41 |
| 12-31-24 | 18.63 | 0.13 | <sup>•</sup> | 4.30 | 4.43 | 0.14 | 3.03 |  | 3.17 |  | 19.89 | **23.56** | 0.91 | 0.92 | 0.92 | 0.61 | 32627 | 95 |
| 12-31-23 | 16.23 | 0.15 | <sup>•</sup> | 4.24 | 4.39 | 0.17 | 1.82 |  | 1.99 |  | 18.63 | **27.06** | 0.94 | 0.92 | 0.92 | 0.84 | 29695 | 75 |
| 12-31-22 | 22.54 | 0.17 | <sup>•</sup> | (3.57) | (3.40) | 0.18 | 2.73 |  | 2.91 |  | 16.23 | **(14.96)** | 0.93 | 0.91 | 0.91 | 0.84 | 32229 | 56 |
| 12-31-21 | 29.32 | 0.20 | <sup>•</sup> | 8.16 | 8.36 | 0.27 | 14.87 |  | 15.14 |  | 22.54 | **28.72** | 0.91 | 0.86 | 0.86 | 0.59 | 42612 | 65 |
| 12-31-20 | 27.96 | 0.32 |  | 4.22 | 4.54 | 0.32 | 2.86 |  | 3.18 |  | 29.32 | **16.93** | 0.92 | 0.87 | 0.87 | 1.10 | 482532 | 92 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 19.07 | 0.03 | <sup>•</sup> | 0.97 | 1.00 |  | 0.31 |  | 0.31 |  | 19.76 | **5.38** | 1.06 | 1.07 | 1.07 | 0.36 | 779 | 41 |
| 12-31-24 | 17.98 | 0.09 | <sup>•</sup> | 4.15 | 4.24 | 0.12 | 3.03 |  | 3.15 |  | 19.07 | **23.36** | 1.06 | 1.07 | 1.07 | 0.46 | 704 | 95 |
| 12-31-23 | 15.74 | 0.12 | <sup>•</sup> | 4.11 | 4.23 | 0.17 | 1.82 |  | 1.99 |  | 17.98 | **26.90** | 1.09 | 1.07 | 1.07 | 0.69 | 549 | 75 |
| 12-31-22 | 21.97 | 0.13 | <sup>•</sup> | (3.47) | (3.34) | 0.16 | 2.73 |  | 2.89 |  | 15.74 | **(15.08)** | 1.08 | 1.06 | 1.06 | 0.69 | 413 | 56 |
| 12-31-21 | 28.88 | 0.15 | <sup>•</sup> | 8.03 | 8.18 | 0.22 | 14.87 |  | 15.09 |  | 21.97 | **28.52** | 1.06 | 1.01 | 1.01 | 0.46 | 488 | 65 |
| 12-31-20 | 27.59 | 0.25 | <sup>•</sup> | 4.19 | 4.44 | 0.29 | 2.86 |  | 3.15 |  | 28.88 | **16.81** | 1.07 | 1.02 | 1.02 | 0.95 | 367 | 92 |
| **Voya Intermediate Bond Portfolio** | **Voya Intermediate Bond Portfolio** | **Voya Intermediate Bond Portfolio** | **Voya Intermediate Bond Portfolio** | **Voya Intermediate Bond Portfolio** | **Voya Intermediate Bond Portfolio** | **Voya Intermediate Bond Portfolio** | **Voya Intermediate Bond Portfolio** | **Voya Intermediate Bond Portfolio** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.62 | 0.23 | <sup>•</sup> | 0.21 | 0.44 | 0.22 |  |  | 0.22 |  | 10.84 | **4.18** | 1.19 | 1.03 | 1.03 | 4.35 | 180832 | 62 |
| 12-31-24 | 10.82 | 0.43 | <sup>•</sup> | (0.19) | 0.24 | 0.44 |  |  | 0.44 |  | 10.62 | **2.28** | 1.10 | 1.03 | 1.03 | 4.00 | 180921 | 240 |
| 12-31-23 | 10.51 | 0.39 | <sup>•</sup> | 0.31 | 0.70 | 0.39 |  |  | 0.39 |  | 10.82 | **6.78** | 1.09 | 1.03 | 1.03 | 3.71 | 193771 | 278 |
| 12-31-22 | 12.68 | 0.28 | <sup>•</sup> | (2.16) | (1.88) | 0.29 |  |  | 0.29 |  | 10.51 | **(14.90)** | 1.08 | 1.03 | 1.03 | 2.51 | 203733 | 246 |
| 12-31-21 | 13.19 | 0.26 | <sup>•</sup> | (0.44) | (0.18) | 0.25 | 0.00 \* | 0.08 | 0.33 |  | 12.68 | **(1.42)** | 1.07 | 1.03 | 1.03 | 2.01 | 284547 | 139 |
| 12-31-20 | 12.94 | 0.32 |  | 0.61 | 0.93 | 0.38 | 0.30 |  | 0.68 |  | 13.19 | **7.32** | 1.08 | 1.03 | 1.03 | 2.40 | 312654 | 99 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.74 | 0.26 | <sup>•</sup> | 0.21 | 0.47 | 0.25 |  |  | 0.25 |  | 10.96 | **4.42** | 0.69 | 0.53 | 0.53 | 4.85 | 670068 | 62 |
| 12-31-24 | 10.94 | 0.49 | <sup>•</sup> | (0.19) | 0.30 | 0.50 |  |  | 0.50 |  | 10.74 | **2.82** | 0.60 | 0.53 | 0.53 | 4.50 | 658204 | 240 |
| 12-31-23 | 10.63 | 0.45 | <sup>•</sup> | 0.30 | 0.75 | 0.44 |  |  | 0.44 |  | 10.94 | **7.28** | 0.59 | 0.53 | 0.53 | 4.21 | 712402 | 278 |
| 12-31-22 | 12.82 | 0.34 | <sup>•</sup> | (2.18) | (1.84) | 0.35 |  |  | 0.35 |  | 10.63 | **(14.44)** | 0.58 | 0.53 | 0.53 | 3.02 | 727981 | 246 |
| 12-31-21 | 13.33 | 0.33 | <sup>•</sup> | (0.45) | (0.12) | 0.31 | 0.00 \* | 0.08 | 0.39 |  | 12.82 | **(0.88)** | 0.57 | 0.53 | 0.53 | 2.51 | 976144 | 139 |
| 12-31-20 | 13.08 | 0.39 |  | 0.61 | 1.00 | 0.45 | 0.30 |  | 0.75 |  | 13.33 | **7.81** | 0.58 | 0.53 | 0.53 | 2.89 | 1108593 | 99 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.67 | 0.25 | <sup>•</sup> | 0.21 | 0.46 | 0.24 |  |  | 0.24 |  | 10.89 | **4.30** | 0.94 | 0.78 | 0.78 | 4.60 | 59468 | 62 |
| 12-31-24 | 10.87 | 0.46 | <sup>•</sup> | (0.19) | 0.27 | 0.47 |  |  | 0.47 |  | 10.67 | **2.55** | 0.85 | 0.78 | 0.78 | 4.28 | 60945 | 240 |
| 12-31-23 | 10.56 | 0.42 | <sup>•</sup> | 0.30 | 0.72 | 0.41 |  |  | 0.41 |  | 10.87 | **7.03** | 0.84 | 0.78 | 0.78 | 3.96 | 1401595 | 278 |
| 12-31-22 | 12.74 | 0.31 | <sup>•</sup> | (2.17) | (1.86) | 0.32 |  |  | 0.32 |  | 10.56 | **(14.68)** | 0.83 | 0.78 | 0.78 | 2.77 | 1481569 | 246 |
| 12-31-21 | 13.24 | 0.29 | <sup>•</sup> | (0.43) | (0.14) | 0.28 | 0.00 \* | 0.08 | 0.36 |  | 12.74 | **(1.07)** | 0.82 | 0.78 | 0.78 | 2.26 | 1956289 | 139 |
| 12-31-20 | 12.99 | 0.35 |  | 0.62 | 0.97 | 0.42 | 0.30 |  | 0.72 |  | 13.24 | **7.57** | 0.83 | 0.78 | 0.78 | 2.65 | 2139406 | 99 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.62 | 0.24 | <sup>•</sup> | 0.21 | 0.45 | 0.23 |  |  | 0.23 |  | 10.84 | **4.24** | 1.09 | 0.93 | 0.93 | 4.44 | 7773 | 62 |
| 12-31-24 | 10.82 | 0.44 | <sup>•</sup> | (0.19) | 0.25 | 0.45 |  |  | 0.45 |  | 10.62 | **2.38** | 1.00 | 0.93 | 0.93 | 4.10 | 8187 | 240 |
| 12-31-23 | 10.51 | 0.40 | <sup>•</sup> | 0.31 | 0.71 | 0.40 |  |  | 0.40 |  | 10.82 | **6.89** | 0.99 | 0.93 | 0.93 | 3.81 | 8030 | 278 |
| 12-31-22 | 12.69 | 0.29 | <sup>•</sup> | (2.17) | (1.88) | 0.30 |  |  | 0.30 |  | 10.51 | **(14.88)** | 0.98 | 0.93 | 0.93 | 2.56 | 7618 | 246 |
| 12-31-21 | 13.19 | 0.27 | <sup>•</sup> | (0.43) | (0.16) | 0.26 | 0.00 \* | 0.08 | 0.34 |  | 12.69 | **(1.24)** | 0.97 | 0.93 | 0.93 | 2.11 | 15571 | 139 |
| 12-31-20 | 12.94 | 0.33 |  | 0.62 | 0.95 | 0.40 | 0.30 |  | 0.70 |  | 13.19 | **7.42** | 0.98 | 0.93 | 0.93 | 2.50 | 21316 | 99 |

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See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)** <br> **from investment <br> operations** | **Income (loss)** <br> **from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental** <br> **Data** | **Supplemental** <br> **Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total <br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Small Company Portfolio** | **Voya Small Company Portfolio** | **Voya Small Company Portfolio** | **Voya Small Company Portfolio** | **Voya Small Company Portfolio** | **Voya Small Company Portfolio** | **Voya Small Company Portfolio** | **Voya Small Company Portfolio** | **Voya Small Company Portfolio** | **Voya Small Company Portfolio** | **Voya Small Company Portfolio** |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 14.33 | 0.03 | (0.44) | (0.41) | 0.10 | 2.18 |  | 2.28 |  | 11.64 | **(2.14)** | 1.41 | 1.36 | 1.36 | 0.51 | 8601 | 65 |
| 12-31-24 | 13.56 | 0.07 | 1.23 | 1.30 | 0.08 | 0.45 |  | 0.53 |  | 14.33 | **10.00** | 1.42 | 1.36 | 1.36 | 0.51 | 8698 | 183 |
| 12-31-23 | 11.56 | 0.04 | 1.97 | 2.01 | 0.01 |  |  | 0.01 |  | 13.56 | **17.37** | 1.45 | 1.36 | 1.36 | 0.36 | 8712 | 193 |
| 12-31-22 | 19.74 | (0.01) | (3.40) | (3.41) |  | 4.77 |  | 4.77 |  | 11.56 | **(17.04)** | 1.46 | 1.38 | 1.38 | (0.05) | 7493 | 209 |
| 12-31-21 | 17.36 | (0.10) | 2.56 | 2.46 |  | 0.08 |  | 0.08 |  | 19.74 | **14.19** | 1.49 | 1.40 | 1.40 | (0.52) | 8826 | 129 |
| 12-31-20 | 15.91 | (0.04) | 1.77 | 1.73 | 0.01 | 0.27 |  | 0.28 |  | 17.36 | **11.73** | 1.52 | 1.40 | 1.40 | (0.31) | 6851 | 134 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.03 | 0.07 | (0.47) | (0.40) | 0.17 | 2.18 |  | 2.35 |  | 13.28 | **(1.83)** | 0.91 | 0.86 | 0.86 | 0.98 | 177654 | 65 |
| 12-31-24 | 15.09 | 0.15 | 1.38 | 1.53 | 0.14 | 0.45 |  | 0.59 |  | 16.03 | **10.56** | 0.92 | 0.86 | 0.86 | 1.01 | 215963 | 183 |
| 12-31-23 | 12.85 | 0.11 | 2.19 | 2.30 | 0.06 |  |  | 0.06 |  | 15.09 | **18.00** | 0.95 | 0.86 | 0.86 | 0.84 | 225540 | 193 |
| 12-31-22 | 21.22 | 0.06 | (3.66) | (3.60) |  | 4.77 |  | 4.77 |  | 12.85 | **(16.68)** | 0.96 | 0.88 | 0.88 | 0.42 | 226999 | 209 |
| 12-31-21 | 18.59 | (0.01) | 2.75 | 2.74 | 0.03 | 0.08 |  | 0.11 |  | 21.22 | **14.76** | 0.99 | 0.90 | 0.90 | (0.03) | 344506 | 129 |
| 12-31-20 | 17.04 | 0.05 | 1.86 | 1.91 | 0.09 | 0.27 |  | 0.36 |  | 18.59 | **12.28** | 1.02 | 0.90 | 0.90 | 0.19 | 347004 | 134 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.06 | 0.08 | (0.49) | (0.41) | 0.18 | 2.18 |  | 2.36 |  | 13.29 | **(1.87)** | 0.80 | 0.80 | 0.80 | 1.07 | 7712 | 65 |
| 12-31-24 | 15.11 | 0.17 | 1.38 | 1.55 | 0.15 | 0.45 |  | 0.60 |  | 16.06 | **10.69** | 0.79 | 0.79 | 0.79 | 1.10 | 7892 | 183 |
| 12-31-23 | 12.87 | 0.12 | 2.19 | 2.31 | 0.07 |  |  | 0.07 |  | 15.11 | **18.05** | 0.80 | 0.80 | 0.80 | 0.92 | 5042 | 193 |
| 12-31-22 | 21.23 | 0.07 | (3.66) | (3.59) |  | 4.77 |  | 4.77 |  | 12.87 | **(16.62)** | 0.83 | 0.83 | 0.83 | 0.45 | 8465 | 209 |
| 12-31-21 | 18.60 | 0.00 | 2.74 | 2.74 | 0.03 | 0.08 |  | 0.11 |  | 21.23 | **14.77** | 0.87 | 0.87 | 0.87 | 0.00 \* | 14790 | 129 |
| 12-31-20 | 17.04 | 0.03 | 1.89 | 1.92 | 0.09 | 0.27 |  | 0.36 |  | 18.60 | **12.34** | 0.89 | 0.89 | 0.89 | 0.25 | 11466 | 134 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.23 | 0.05 | (0.47) | (0.42) | 0.11 | 2.18 |  | 2.29 |  | 12.52 | **(2.06)** | 1.16 | 1.11 | 1.11 | 0.70 | 40461 | 65 |
| 12-31-24 | 14.36 | 0.11 | 1.31 | 1.42 | 0.10 | 0.45 |  | 0.55 |  | 15.23 | **10.34** | 1.17 | 1.11 | 1.11 | 0.76 | 58884 | 183 |
| 12-31-23 | 12.23 | 0.08 | 2.08 | 2.16 | 0.03 |  |  | 0.03 |  | 14.36 | **17.68** | 1.20 | 1.11 | 1.11 | 0.60 | 64320 | 193 |
| 12-31-22 | 20.51 | 0.03 | (3.54) | (3.51) |  | 4.77 |  | 4.77 |  | 12.23 | **(16.86)** | 1.21 | 1.13 | 1.13 | 0.18 | 59003 | 209 |
| 12-31-21 | 17.99 | (0.06) | 2.66 | 2.60 |  | 0.08 |  | 0.08 |  | 20.51 | **14.47** | 1.24 | 1.15 | 1.15 | (0.28) | 80449 | 129 |
| 12-31-20 | 16.48 | 0.00 | 1.83 | 1.83 | 0.05 | 0.27 |  | 0.32 |  | 17.99 | **12.04** | 1.27 | 1.15 | 1.15 | (0.06) | 80512 | 134 |

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| | |
|:---|:---|
| <sup>(1)</sup> | 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. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the 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 the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, 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. |
| <sup>(4)</sup> | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <sup>+</sup> | Unaudited. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited)

**NOTE 1 — ORGANIZATION**

As further detailed below, the Voya Variable Product Funds are series of Voya Variable Funds, Voya Variable Portfolios, Inc., Voya Intermediate Bond Portfolio, and Voya Government 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").

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 seventeen active separate investment series. The two diversified series of Voya Variable Portfolios, Inc. included in this report are Voya Global High Dividend Low Volatility Portfolio ("Global High Dividend Low Volatility"), 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 Government Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Government Money Market Portfolio ("Government Money Market"). Each of the Voya Variable Product Funds is a "Portfolio" and collectively, they are the "Portfolios." The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

The classes of shares included in this report are: Adviser ("Class ADV"), Class I, Class R6, Class S, and Service 2 ("Class S2"); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated 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 any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

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 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 Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

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***. Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio, (except Government Money Market), is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share.

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not

limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 – unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Government Money Market uses the amortized cost method to value its portfolio securities and seeks to maintain a constant NAV of $1.00 per share, although there may be circumstances under which this goal cannot be achieved. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security. Although the Board has established procedures designed to stabilize, to the extent reasonably possible, the share price of Government Money Market, there can be no assurance that the Portfolio's NAV can be maintained at $1.00 per share.

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 significant unobservable inputs, including the Sub-Adviser's or Pricing Committee'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 are generally considered

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

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. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. ***Securities 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:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Market value of investment securities,
 other assets and liabilities — at the exchange rates prevailing at Market Close.

&nbsp;&nbsp;&nbsp;&nbsp;(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 Market Close, 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 each Portfolio's book, 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, 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. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

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 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 or credit factors.

In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks

associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** A Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit 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.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC") with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***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 Master Agreements are with select counterparties and they govern transactions, including certain 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 June 30, 2025, the maximum amount of loss that Intermediate Bond would incur if the counterparties to its derivative transactions failed to perform would be $2,151,173 which represent the gross payments to be received by the Portfolio on OTC forward premium swaptions, open forward foreign currency contracts and purchased options were they to be unwound as of June 30, 2025. At June 30, 2025, Intermediate Bond received $1,590,000 in cash collateral from certain counterparties.

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 June 30, 2025, Intermediate Bond had a liability position of $1,947,128 on OTC forward premium swaptions, open forward foreign currency contracts and written options. If a contingent feature would have been triggered as of June 30, 2025, the Portfolio could have been required to pay these amounts in cash to its counterparties. At June 30, 2025, Intermediate Bond pledged $610,000 in cash collateral to certain counterparties for open OTC derivatives.

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 period ended June 30, 2025, Intermediate Bond had average contract amounts of $505,057 and $13,282,066, respectively, on forward foreign currency contracts purchased and sold.

Intermediate Bond entered into forward foreign currency contracts to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the respective Portfolio of Investments for Intermediate Bond for open forward foreign currency contracts at June 30, 2025.

Each Portfolio, with the exception of Government 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

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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 and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table within each Portfolio's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the 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 period ended June 30, 2025, Intermediate Bond has purchased and sold futures contracts on various bonds and notes as part of its duration management. 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 period ended June 30, 2025, Intermediate Bond had average notional values of $204,621,151 and $149,546,867, respectively, on futures contracts purchased and sold. Please refer to the tables within the respective Portfolio of Investments for Intermediate Bond for open futures contracts at June 30, 2025.

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. Forward premium swaptions include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. 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 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 period ended June 30, 2025, Intermediate Bond had purchased forward premium swaptions with an average notional value of $100,283,124 to manage its duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at June 30, 2025.

During the period ended June 30, 2025, Intermediate Bond had written forward premium swaptions with an average notional value of $109,773,073 to generate income. Please

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

refer to the tables within the Portfolio of Investments for open written forward premium swaptions at June 30, 2025.

During the period ended June 30, 2025, Intermediate Bond had purchased interest swaptions to manage its duration strategy. Intermediate Bond had average notional values of $11,649,959 on purchased interest swaptions. Please refer to the tables within the Portfolio of Investments for open purchased interest rate swaptions at June 30, 2025.

During the period ended June 30, 2025, Intermediate Bond had written interest swaptions to generate income. Intermediate Bond had average notional values of $18,112,480 on written interest swaptions. Please refer to the tables within the Portfolio of Investments for open written interest rate swaptions at June 30, 2025.

During the period ended June 30, 2025, Intermediate Bond had written credit default swaptions to generate income. Intermediate Bond had average notional values of $22,653,400 on written credit default swaptions. Please refer to the tables within the Portfolio of Investments for open written credit default swaptions at June 30, 2025.

G. ***Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios distribute capital gains, if any, annually. Small Company declares and pays dividends, if any, annually. Growth and Income declares and pays dividends, if any, semi-annually. Government Money Market and Intermediate Bond declare dividends daily and pay dividends, if any, monthly. Global High Dividend Low Volatility declares and pays dividends, if any, quarterly. 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 GAAP for investment companies.

H. ***Federal Income Taxes.*** It is the policy of each Portfolio 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 its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on U.S. 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.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

I. ***Use of Estimates.*** The preparation of financial statements in conformity with 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 within the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at June 30, 2025

K. ***Securities Lending.*** Each Portfolio (except Government 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. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

L. ***Restricted Securities.*** The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule144A") 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 determined in good faith under procedures approved by the Board.

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

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 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 June 30, 2025, there was no collateral pledged or received for open when-issued or 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. For fee based roll transactions, the fee is recorded as income.

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). 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 within each Portfolio's 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

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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 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 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

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

disclosed in each Portfolio's Portfolio of Investments and 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. 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. 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 period ended June 30, 2025, Intermediate Bond bought and sold 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. Intermediate Bond used CDX swaps to hedge or gain additional exposure to credit risk associated with various sectors within the credit market.

For the period ended June 30, 2025, Intermediate Bond had an average notional amount of $65,323,333 and $18,351,000 respectively, on credit default swaps to buy and sell protection. Please refer to the tables within the Portfolio of Investments for Intermediate Bond for open credit default swaps to buy protection at June 30, 2025. There were no open credit default swaps to sell protection at June 30, 2025.

***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 period ended June 30, 2025, Intermediate Bond has entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate ("Long interest rate swap") in order to increase exposure to interest rate risk. During the period ended June 30, 2025, Intermediate Bond had average notional amount of $4,368,035 on Long interest rate swaps.

For the period ended June 30, 2025, Intermediate Bond has entered into interest rate swaps in which it pays a fixed interest rate and receive a floating interest rate ("Short interest rate swap") in order to decrease exposure to interest rate risk. During the period ended June 30, 2025, Intermediate Bond had average notional amounts of $88,781,636 on Short interest rate swaps.

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 tables within the Portfolio of Investments for open interest rate swaps at June 30, 2025.

At June 30, 2025, Intermediate Bond had pledged $3,066,000 in cash collateral for open centrally cleared swaps.

***Volatility Swap Contracts.*** Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, a Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

During the period ended June 30, 2025, Intermediate Bond did not enter into any volatility 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.

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (continued)

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended June 30, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Global High Dividend Low Volatility | $189006875 | $214234635 |
| Growth and Income | 996820856 | 1038788671 |
| Intermediate Bond | 159124182 | 201117938 |
| Small Company | 158375990 | 210605828 |

---

U.S. government securities not included above were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Intermediate Bond | $404897665 | $349826495 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Portfolios have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Global High Dividend Low Volatility | 0.56% on the first $500 million; |
|  | 0.53% on the next $500 million; |
|  | 0.51% thereafter |
| Government Money Market | 0.35% |
| Growth and Income | 0.600% on the first $5 billion; |
|  | 0.550% on the next $5 billion; |
|  | 0.525% thereafter |
| Intermediate Bond | 0.50% on first $4 billion; |
|  | 0.48% on next $3 billion; |
|  | 0.46% thereafter |
| Small Company | 0.75% |

---

For Government Money Market, the Investment Adviser is contractually obligated to waive a portion of the management fee equal to 0.045% on the first $5 billion and 0.070% thereafter of the Portfolio's average daily net assets. This waiver is not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser has entered into sub-advisory agreements with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and

is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios' assets in accordance with each Portfolio's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class ADV, Class S, and Class S2 shares of the respective Portfolios are subject to a shareholder service and distribution plan or a distribution plan (each a "Plan" and collectively, the "Plans"). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Portfolios' 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 Plans for Class ADV and Class S2 shares of the respective Portfolios, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of each Portfolio's average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the Portfolio's average daily net assets attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the rate of 0.15% of the Portfolio's average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.05% of the distribution fee for Class ADV shares of Growth and Income so that the actual fee paid by Class ADV shares of the Portfolio is an annual rate of 0.20%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Under the Plan for Class S shares of the respective Portfolios, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to its Class S shares.

The Distributor and the Investment Adviser 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 Government Money Market in maintaining a yield of not less than zero through May 1, 2026. There is no guarantee that the Portfolio will maintain such a yield. Management fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (continued)

**NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)**

restrictions. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expense) of the Portfolio on that day. Distribution and shareholder servicing fees waived are not subject to recoupment. For the period ended June 30, 2025, there were no amounts waived or reimbursed to assist the Portfolio in maintaining 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 June 30, 2025, Government Money Markets did not have any amounts of waived and/ or reimbursed fees that are subject to possible recoupment by the Investment Adviser.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At June 30, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Portfolio** | **Percentage** |
| Voya Institutional Trust Company | Government Money Market | 9.23% |
|  | Growth and Income | 5.48 |
|  | Intermediate Bond | 24.88 |
| Voya Retirement Insurance and Annuity Company | Government Money Market | 87.73 |
|  | Growth and Income | 71.54 |
|  | Intermediate Bond | 60.09 |
|  | Small Company | 74.28 |

---

The Investment Adviser may direct the Portfolios' Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent directors/ trustees, as described in the DC 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 DC Plan, the amounts deferred are invested in shares of the funds selected by the director/trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors'/trustees'

deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors'/trustees' fees under the DC 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 DC Plan.

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2025, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
| Global High Dividend Low Volatility | $138230 |
| Government Money Market | 320478 |
| Growth and Income | 475160 |
| Intermediate Bond | 540016 |
| Small Company | 138106 |

---

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the following Portfolios whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Class <br> ADV** | **Class <br> I** | **Class <br> R6** | **Class <br> S** | **Class <br> S2** |
| Global High Dividend Low Volatility | 1.34% | 0.84% | N/A | 1.09% | 1.24% |
| Growth and Income | 1.27% | 0.67% | N/A | 0.92% | 1.07% |
| Intermediate Bond | 1.03% | 0.53% | N/A | 0.78% | 0.93% |
| Small Company | 1.36% | 0.86% | 0.86% | 1.11% | N/A |

---

Pursuant to a side letter agreement through May 1, 2026, the Investment Adviser has further lowered the expense limits to the levels listed below for Global High Dividend Low Volatility. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Class <br> ADV** | **Class <br> I** | **Class <br> S** | **Class <br> S2** |
| Global High Dividend Low Volatility | 1.10% | 0.60% | 0.85% | 1.00% |

---

Unless otherwise specified above and with the exception of the non-recoupable management fee waiver for Government Money Market, the Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (continued)

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)**

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 net of 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 June 30, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Growth and Income | $75441 | $— | $— | $75441 |
| Intermediate Bond | 569909 | 36441 | 378577 | 984927 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of June 30, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Growth and Income** |  |  |  |  |
| Class ADV | $5503 | $2896 | $— | $8399 |
| Class I | 114676 | 66738 |  | 181414 |
| Class S | 2420 | 924 |  | 3344 |
| Class S2 | 25 | 16 |  | 41 |
| **Intermediate Bond** |  |  |  |  |
| Class ADV | $45332 | $110963 | $171060 | $327355 |
| Class I | 162124 | 401380 | 623121 | 1186625 |
| Class S | 329975 | 806789 | 259885 | 1396649 |
| Class S2 | 1737 | 4558 | 7595 | 13890 |
| **Small Company** |  |  |  |  |
| Class ADV | $5965 | $5868 | $4205 | $16038 |
| Class I | 187758 | 150725 | 96640 | 435123 |
| Class S | 46929 | 42581 | 24975 | 114485 |

---

The Expense Limitation Agreements are contractual through May 1, 2026 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of

$400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

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 period ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Days <br> Utilized** | **Approximate <br> Average <br> Daily Balance <br> For Days <br> Utilized** | **Approximate <br> Weighted <br> Average <br> Interest Rate <br> For Days <br> Utilized** |
| Global High Dividend Low Volatility | 2 | $3122000 | 5.33% |
| Growth and Income | 4 | 2992750 | 5.33 |

---

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (continued)

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 85171 |  | 75743 | (78090) |  | 82824 | 1042729 |  | 896857 | (957071) |  | 982515 |
| 12/31/2024 | 232407 |  | 61970 | (186038) |  | 108339 | 2642472 |  | 702630 | (2170911) |  | 1174191 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 183827 |  | 772352 | (505225) |  | 450954 | 2248630 |  | 9138296 | (6129796) |  | 5257130 |
| 12/31/2024 | 206073 |  | 685757 | (1302840) |  | (411010) | 2388367 |  | 7775423 | (15156505) |  | (4992715) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 364497 |  | 1906365 | (2642357) |  | (371495) | 4456302 |  | 22679154 | (32374825) |  | (5239369) |
| 12/31/2024 | 331203 |  | 1782669 | (5914590) |  | (3800718) | 3775068 |  | 20314859 | (68793849) |  | (44703922) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 90 |  | 865 | (860) |  | 95 | 1076 |  | 10114 | (10268) |  | 922 |
| 12/31/2024 | 176 |  | 1202 | (9831) |  | (8453) | 1984 |  | 13458 | (116306) |  | (100864) |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 2831 |  | 520 | (206600) |  | (203249) | 32865 |  | 6126 | (2342877) |  | (2303886) |
| **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 153279316 |  | 17438724 | (72778924) |  | 97939116 | 153279315 |  | 17438724 | (72778924) |  | 97939115 |
| 12/31/2024 | 192650111 |  | 39871963 | (197231018) |  | 35291056 | 192650111 |  | 39871963 | (197231018) |  | 35291056 |
| **Class S<sup>(2)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (1374869) |  | (1374869) |  |  |  | (1374869) |  | (1374869) |
| **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 33502 |  | 71773 | (334466) |  | (229191) | 650640 |  | 1352194 | (6516355) |  | (4513521) |
| 12/31/2024 | 121095 |  | 625208 | (663588) |  | 82715 | 2445633 |  | 12702776 | (13983639) |  | 1164770 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 5736057 |  | 1702925 | (7347428) |  | 91554 | 121010030 |  | 33871180 | (151769812) |  | 3111398 |
| 12/31/2024 | 12976830 |  | 14619310 | (15063445) |  | 12532695 | 278871315 |  | 312560858 | (329330078) |  | 262102095 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 246411 |  | 24478 | (335981) |  | (65092) | 4829793 |  | 462636 | (6820152) |  | (1527723) |
| 12/31/2024 | 266549 |  | 222385 | (442346) |  | 46588 | 5686342 |  | 4527241 | (9285341) |  | 928242 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1994 |  | 656 | (105) |  | 2545 | 37706 |  | 11867 | (2071) |  | 47502 |
| 12/31/2024 | 1402 |  | 5121 | (149) |  | 6374 | 27833 |  | 99988 | (2992) |  | 124829 |
| **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 354159 |  | 343666 | (1054524) |  | (356699) | 3792348 |  | 3700833 | (11278131) |  | (3784950) |
| 12/31/2024 | 540054 |  | 720148 | (2132849) |  | (872647) | 5799273 |  | 7732052 | (22881389) |  | (9350064) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 2001353 |  | 1403783 | (3586565) |  | (181429) | 21691985 |  | 15283622 | (38792818) |  | (1817211) |
| 12/31/2024 | 3866247 |  | 2853655 | (10537400) |  | (3817498) | 42032984 |  | 30973661 | (114261510) |  | (41254865) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 286734 |  | 120229 | (660397) |  | (253434) | 3087704 |  | 1300873 | (7096257) |  | (2707680) |
| 12/31/2024 | 7643461 |  | 3806311 | (134729103) |  | (123279331) | 82066385 |  | 40889923 | (1495177628) |  | (1372221320) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 109773 |  | 15631 | (179231) |  | (53827) | 1175867 |  | 168357 | (1929347) |  | (585123) |
| 12/31/2024 | 183902 |  | 31375 | (186564) |  | 28713 | 1985024 |  | 336876 | (2009845) |  | 312055 |
| **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 43628 |  | 125359 | (37136) |  | 131851 | 605024 |  | 1396502 | (497225) |  | 1504301 |
| 12/31/2024 | 47530 |  | 26561 | (109939) |  | (35848) | 633203 |  | 345295 | (1506032) |  | (527534) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 27432 |  | 2107828 | (2221461) |  | (86201) | 419611 |  | 26769416 | (35938391) |  | (8749364) |
| 12/31/2024 | 172044 |  | 573119 | (2226596) |  | (1481433) | 2648079 |  | 8310232 | (34274526) |  | (23316215) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 55786 |  | 92957 | (59880) |  | 88863 | 763966 |  | 1181485 | (904368) |  | 1041083 |
| 12/31/2024 | 276765 |  | 21518 | (140658) |  | 157625 | 4085673 |  | 312443 | (2219178) |  | 2178938 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 63118 |  | 538697 | (1237774) |  | (635959) | 906509 |  | 6453592 | (18800453) |  | (11440352) |
| 12/31/2024 | 194821 |  | 170617 | (978278) |  | (612840) | 2805764 |  | 2352815 | (14121899) |  | (8963320) |

---

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (continued)

**NOTE 9 — CAPITAL SHARES (continued)**

<sup>(1)</sup> Class T was fully redeemed on close of business May 1, 2024.

<sup>(2)</sup> Class S was fully redeemed on close of business May 1, 2024.

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, each Portfolio (except Government 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 Market Close 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 to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

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 tables represent a summary of each respective Portfolio's securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2025:

**Global High Dividend Low Volatility**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| Citigroup Global Markets Limited | $208369 | $(208369) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank PLC | 2345315 | (2345315) |  |
| JP Morgan Securities Plc. | 739654 | (739654) |  |
| Mizuho Securities USA LLC. | 3733897 | (3733897) |  |
| UBS AG | 3705849 | (3705849) |  |
| Total | $10733084 | $(10733084) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $11,328,638 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**Growth and Income**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral** <br> **Received<sup>(1)</sup>** | **Net Amount** |
| BofA Securities Inc | $17029950 | $(17029950) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| TD Prime Services LLC | 3374503 | (3374503) |  |
| Total | $20404453 | $(20404453) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $20,822,398 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**Intermediate Bond**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| BNP Paribas | $203699 | $(203699) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| BofA Securities Inc | 429784 | (429784) |  |
| Canadian Imperial Bank of Commerce | 472227 | (472227) |  |
| Citigroup Global Markets Inc. | 380456 | (380456) |  |
| Goldman, Sachs & Co. LLC | 8869 | (8869) |  |
| J.P. Morgan Securities LLC | 1342696 | (1342696) |  |
| Jefferies LLC | 174997 | (174997) |  |

---

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (continued)

**NOTE 10 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| National Bank Financial Inc | $1604411 | $(1604411) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| NatWest Markets Securities Inc. | 335859 | (335859) |  |
| TD Securities Inc | 845652 | (845652) |  |
| Total | $5798650 | $(5798650) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $5,985,550 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**Small Company**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| Barclays Capital Inc. | $1905244 | $(1905244) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| BMO Capital Markets Corp | 414 | (414) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 280878 | (280878) |  |
| BNP Paribas Securities Corp. | 1112476 | (1112476) |  |
| BofA Securities Inc | 166640 | (166640) |  |
| Citigroup Global Markets Inc. | 7494 | (7494) |  |
| Goldman, Sachs & Co. LLC | 92728 | (92728) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| HSBC Bank PLC | $36387 | $(36387) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| J.P. Morgan Securities LLC | 208309 | (208309) |  |
| Janney Montgomery Scott LLC | 197455 | (197455) |  |
| Jefferies LLC | 65486 | (65486) |  |
| Morgan Stanley & Co. LLC | 412753 | (412753) |  |
| National Financial Services LLC | 372165 | (372165) |  |
| Natixis Securities America LLC | 59341 | (59341) |  |
| Scotia Capital (USA) INC | 8302 | (8302) |  |
| State Street Bank and Trust Company | 618543 | (618543) |  |
| TD Prime Services LLC | 1019724 | (1019724) |  |
| UBS AG | 1962781 | (1962781) |  |
| Wells Fargo Securities LLC | 166837 | (166837) |  |
| Total | $8693957 | $(8693957) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $8,961,648 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from 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 U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydowns, straddle loss deferrals, swaps and wash sale deferrals.

Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, 2024** | **Year Ended <br> December 31, 2024** | **Year Ended <br> December 31, 2023** | **Year Ended <br> December 31, 2023** |
|  | **Ordinary** <br> **Income** | **Long-term** <br> **Capital Gains** | **Ordinary** <br> **Income** | **Long-term** <br> **Capital Gains** |
| Global High Dividend Low |  |  |  |  |
| Volatility | $15234189 | $13578307 | $13652061 | $17125548 |
| Government Money Market | 39872512 |  | 29047186 |  |
| Growth and Income | 44698285 | 285396830 | 81111926 | 110458275 |
| Intermediate Bond | 81348892 |  | 92040500 |  |
| Small Company | 11320785 |  | 1166900 |  |

---

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, 2024, were:

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (continued)

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | |
|  | **Undistributed** <br> **Ordinary**<br>**Income** | **Undistributed** <br> **Long-term**<br>**Capital Gains** | **Unrealized** <br> **Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total** <br> **Distributable**<br>**Earnings/(Loss)** |
| Global High Dividend Low Volatility | $6530171 | $23413348 | $45009586 | $— |  | $74953105 |
| Government Money Market | 7832 |  |  |  |  | 7832 |
| Growth and Income | 30404399 | 5322088 | 526203762 |  |  | 561930249 |
| Intermediate Bond | 5726253 |  | (52751394) | (52163390) | Short term | (427424969) |
|  |  |  |  | (328236438) | Long term |  |
|  |  |  |  | $(380399828) |  |  |
| Small Company | 35823092 |  | (7680863) |  |  | 28142229 |

---

The Portfolios' major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.

As of June 30, 2025, 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. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers

or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 13 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (continued)

**NOTE 13 — SEGMENT REPORTING (continued)**

280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Portfolios' financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. Each Portfolio has one operating segment that derives its income from earnings

on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of a Portfolio holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and portfolio composition to make resource allocation decisions. Detailed financial information regarding each Portfolio is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Portfolios' performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — SUBSEQUENT EVENTS**

*Dividends*: Subsequent to June 30, 2025, the following Portfolios paid dividends and distributions of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE AMOUNTS** | **PER SHARE AMOUNTS** | **PER SHARE AMOUNTS** | | |
|  | **Net** <br> **Investment <br> Income** | **Short-term** <br> **Capital Gains** | **Long-term** <br> **Capital Gains** | <br>**Payable Date** | <br>**Record Date** |
| **Global High Dividend Low Volatility** |  |  |  |  |  |
| Class ADV | $0.0873 | $- | $- | July 2, 2025 | June 30, 2025 |
| Class I | $0.0945 | $- | $- | July 2, 2025 | June 30, 2025 |
| Class S | $0.1020 | $- | $- | July 2, 2025 | June 30, 2025 |
| Class S2 | $0.0902 | $- | $- | July 2, 2025 | June 30, 2025 |
| **Government Money Market** |  |  |  |  |  |
| Class I | $- | $0.0001 | $- | July 31, 2025 | July 30, 2025 |
| Class I | $0.0034 | $- | $- | August 1, 2025 | Daily |
| **Intermediate Bond** |  |  |  |  |  |
| Class ADV | $0.0388 | $- | $- | August 1, 2025 | Daily |
| Class I | $0.0439 | $- | $- | August 1, 2025 | Daily |
| Class S | $0.0413 | $- | $- | August 1, 2025 | Daily |
| Class S2 | $0.0397 | $- | $- | August 1, 2025 | Daily |

---

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("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.

Voya Global High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** |
|  | **Australia: 1.3%** | **Australia: 1.3%** | **Australia: 1.3%** |
| 10915 | ASX Ltd. | $501167 | 0.1 |
| 3159 | Cochlear Ltd. | 624775 | 0.1 |
| 480663 | Medibank Pvt Ltd. | 1596234 | 0.3 |
| 318128 | Scentre Group | 747193 | 0.2 |
| 900387 | Telstra Group Ltd. | 2870995 | 0.6 |
|  |  | **6340364** | **1.3** |
|  | **Canada: 4.0%** | **Canada: 4.0%** | **Canada: 4.0%** |
| 10267 | Bank of Montreal | 1137796 | 0.2 |
| 68545 <sup>(1)</sup> | Bank of Nova Scotia | 3790298 | 0.8 |
| 27561 | Canadian Natural Resources Ltd. | 866246 | 0.2 |
| 11106 | Canadian Tire Corp. Ltd. - Class A | 1511982 | 0.3 |
| 18552 | CCL Industries, Inc. - Class B | 1081854 | 0.2 |
| 129186 | Cenovus Energy, Inc. | 1757897 | 0.4 |
| 4755 | iA Financial Corp., Inc. | 521295 | 0.1 |
| 74895 | Keyera Corp. | 2449659 | 0.5 |
| 63580 | Suncor Energy, Inc. | 2381653 | 0.5 |
| 13195 | Thomson Reuters Corp. | 2653438 | 0.5 |
| 31771 | TMX Group Ltd. | 1346666 | 0.3 |
|  |  | **19498784** | **4.0** |
|  | **Denmark: 0.6%** | **Denmark: 0.6%** | **Denmark: 0.6%** |
| 77554 | Danske Bank A/S | **3167601** | **0.6** |
|  | **Finland: 0.2%** | **Finland: 0.2%** | **Finland: 0.2%** |
| 179082 | Nokia Oyj | **929193** | **0.2** |
|  | **France: 3.0%** | **France: 3.0%** | **France: 3.0%** |
| 52011 | AXA SA | 2554010 | 0.5 |
| 36871 | BNP Paribas SA | 3307401 | 0.7 |
| 54951 | Carrefour SA | 775154 | 0.2 |
| 8817 | Danone SA | 721439 | 0.1 |
| 11198 | Eiffage SA | 1573472 | 0.3 |
| 100990 | Engie SA | 2373555 | 0.5 |
| 4488 | Ipsen SA | 534602 | 0.1 |
| 202330 | Orange SA | 3081128 | 0.6 |
|  |  | **14920761** | **3.0** |
|  | **Germany: 1.2%** | **Germany: 1.2%** | **Germany: 1.2%** |
| 39667 | Deutsche Telekom AG, Reg | 1451959 | 0.3 |
| 36008 | Fresenius SE & Co. KGaA | 1812028 | 0.4 |
| 11039 <sup>(2)</sup> | Scout24 SE | 1523926 | 0.3 |
| 9674 | Symrise AG | 1014461 | 0.2 |
|  |  | **5802374** | **1.2** |
|  | **Hong Kong: 1.1%** | **Hong Kong: 1.1%** | **Hong Kong: 1.1%** |
| 767000 | HKT Trust & HKT Ltd. - Stapled Security | 1146720 | 0.2 |
| 23300 | Jardine Matheson Holdings Ltd. | 1120031 | 0.2 |
| 189900 | Link REIT | 1017198 | 0.2 |
| 104500 | Power Assets Holdings Ltd. | 671890 | 0.1 |
| 83500 | Swire Pacific Ltd. - Class A | 715771 | 0.2 |
| 957500 <sup>(2)</sup> | WH Group Ltd. | 922831 | 0.2 |
|  |  | **5594441** | **1.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **RA** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Israel: 0.3%** | **Israel: 0.3%** | **Israel: 0.3%** |
| 75760 | Bank Leumi Le-Israel BM | $**1409556** | **0.3** |
|  | **Italy: 1.8%** | **Italy: 1.8%** | **Italy: 1.8%** |
| 706733 | Intesa Sanpaolo SpA | 4071083 | 0.8 |
| 87647 <sup>(1)(2)</sup> | Poste Italiane SpA | 1883177 | 0.4 |
| 43850 | UniCredit SpA | 2941615 | 0.6 |
|  |  | **8895875** | **1.8** |
|  | **Japan: 4.7%** | **Japan: 4.7%** | **Japan: 4.7%** |
| 151500 | Asahi Kasei Corp. | 1078493 | 0.2 |
| 127500 | Central Japan Railway Co. | 2850210 | 0.6 |
| 192700 | Dai-ichi Life Holdings, Inc. | 1465022 | 0.3 |
| 14100 | Daito Trust Construction Co. Ltd. | 1535750 | 0.3 |
| 63100 | Daiwa House Industry Co. Ltd. | 2168293 | 0.4 |
| 143700 <sup>(1)</sup> | Japan Airlines Co. Ltd. | 2930892 | 0.6 |
| 56200 | Japan Post Holdings Co. Ltd. | 520537 | 0.1 |
| 26600 | Japan Tobacco, Inc. | 783621 | 0.2 |
| 185900 <sup>(1)</sup> | Kirin Holdings Co. Ltd. | 2605134 | 0.5 |
| 290700 | Mitsubishi Chemical Group Corp. | 1527926 | 0.3 |
| 25900 | MS&AD Insurance Group Holdings, Inc. | 579010 | 0.1 |
| 46500 | Ono Pharmaceutical Co. Ltd. | 503957 | 0.1 |
| 73100 | Secom Co. Ltd. | 2626112 | 0.5 |
| 599700 | Z Holdings Corp. | 2208458 | 0.5 |
|  |  | **23383415** | **4.7** |
|  | **Netherlands: 1.6%** | **Netherlands: 1.6%** | **Netherlands: 1.6%** |
| 7423 | ASR Nederland NV | 493227 | 0.1 |
| 622423 | Koninklijke KPN NV | 3036307 | 0.6 |
| 45641 | NN Group NV | 3036920 | 0.6 |
| 8933 | Wolters Kluwer NV | 1493942 | 0.3 |
|  |  | **8060396** | **1.6** |
|  | **New Zealand: 0.1%** | **New Zealand: 0.1%** | **New Zealand: 0.1%** |
| 25058 | Fisher & Paykel Healthcare Corp. Ltd. | **550394** | **0.1** |
|  | **Norway: 1.0%** | **Norway: 1.0%** | **Norway: 1.0%** |
| 121988 | DNB Bank ASA | 3373527 | 0.7 |
| 75459 | Mowi ASA | 1457371 | 0.3 |
|  |  | **4830898** | **1.0** |
|  | **Puerto Rico: 0.4%** | **Puerto Rico: 0.4%** | **Puerto Rico: 0.4%** |
| 16642 | Popular, Inc. | **1834115** | **0.4** |
|  | **Singapore: 0.4%** | **Singapore: 0.4%** | **Singapore: 0.4%** |
| 16500 | DBS Group Holdings Ltd. | 582484 | 0.1 |
| 119700 | Singapore Exchange Ltd. | 1401595 | 0.3 |
|  |  | **1984079** | **0.4** |
|  | **Spain: 1.4%** | **Spain: 1.4%** | **Spain: 1.4%** |
| 17778 | ACS Actividades de Construccion y Servicios SA | 1235710 | 0.2 |
| 88462 <sup>(2)</sup> | Aena SME SA | 2361392 | 0.5 |
| 9318 | Amadeus IT Group SA | 787215 | 0.2 |
| 156458 <sup>(1)</sup> | Repsol SA | 2288424 | 0.5 |
|  |  | **6672741** | **1.4** |

---

See Accompanying Notes to Financial Statements

Voya Global High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Sweden: 0.3%** | **Sweden: 0.3%** | **Sweden: 0.3%** |
| 23820 | Swedbank AB - Class A | $630904 | 0.1 |
| 91210 | Telefonaktiebolaget LM Ericsson - Class B | 779419 | 0.2 |
|  |  | **1410323** | **0.3** |
|  | **Switzerland: 1.3%** | **Switzerland: 1.3%** | **Switzerland: 1.3%** |
| 8255 | ABB Ltd., Reg | 494712 | 0.1 |
| 4620 | DSM-Firmenich AG | 491501 | 0.1 |
| 13589 | SGS SA | 1379768 | 0.3 |
| 5773 | Zurich Insurance Group AG | 4039502 | 0.8 |
|  |  | **6405483** | **1.3** |
|  | **United Kingdom: 4.6%** | **United Kingdom: 4.6%** | **United Kingdom: 4.6%** |
| 16642 | Admiral Group PLC | 747333 | 0.2 |
| 65667 <sup>(2)</sup> | Auto Trader Group PLC | 743795 | 0.2 |
| 102604 | BAE Systems PLC | 2662862 | 0.5 |
| 137583 | Barclays PLC | 635738 | 0.1 |
| 87331 | British American Tobacco PLC | 4152259 | 0.8 |
| 328000 | CK Hutchison Holdings Ltd. | 2019719 | 0.4 |
| 81104 | HSBC Holdings PLC | 981047 | 0.2 |
| 64702 | Imperial Brands PLC | 2556379 | 0.5 |
| 277800 | NatWest Group PLC | 1950971 | 0.4 |
| 120753 | Pearson PLC | 1778808 | 0.4 |
| 144889 | Sage Group PLC | 2488143 | 0.5 |
| 36580 | Smith & Nephew PLC | 560193 | 0.1 |
| 50746 | Smiths Group PLC | 1565223 | 0.3 |
|  |  | **22842470** | **4.6** |
|  | **United States: 68.3%** | **United States: 68.3%** | **United States: 68.3%** |
| 36037 | AbbVie, Inc. | 6689188 | 1.4 |
| 216608 | ADT, Inc. | 1834670 | 0.4 |
| 15375 | AECOM | 1735223 | 0.4 |
| 9419 | Allstate Corp. | 1896139 | 0.4 |
| 10436 | Alphabet, Inc. - Class A | 1839136 | 0.4 |
| 66750 | Altria Group, Inc. | 3913553 | 0.8 |
| 183884 | Amcor PLC | 1689894 | 0.3 |
| 16746 | Amdocs Ltd. | 1527905 | 0.3 |
| 3300 | Ameriprise Financial, Inc. | 1761309 | 0.4 |
| 10889 | AmerisourceBergen Corp. | 3265067 | 0.7 |
| 12932 | AMETEK, Inc. | 2340175 | 0.5 |
| 17243 | AptarGroup, Inc. | 2697322 | 0.5 |
| 12151 | Assurant, Inc. | 2399701 | 0.5 |
| 185477 | AT&T, Inc. | 5367704 | 1.1 |
| 10806 | Automatic Data Processing, Inc. | 3332570 | 0.7 |
| 51409 | Avnet, Inc. | 2728790 | 0.6 |
| 26433 | Axis Capital Holdings Ltd. | 2744274 | 0.6 |
| 30999 | Baker Hughes Co. | 1188502 | 0.2 |
| 24500 | Bank of New York Mellon Corp. | 2232195 | 0.5 |
| 29059 | Black Hills Corp. | 1630210 | 0.3 |
| 82137 | Bristol-Myers Squibb Co. | 3802122 | 0.8 |
| 85211 | Brixmor Property Group, Inc. | 2218894 | 0.5 |
| 8237 | Brown & Brown, Inc. | 913236 | 0.2 |
| 20202 | Cardinal Health, Inc. | 3393936 | 0.7 |
| 14474 | Cboe Global Markets, Inc. | 3375482 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 10990 | Church & Dwight Co., Inc. | $1056249 | 0.2 |
| 11301 | Cigna Group | 3735885 | 0.8 |
| 9144 | Cintas Corp. | 2037923 | 0.4 |
| 97562 | Cisco Systems, Inc. | 6768852 | 1.4 |
| 36452 | Citigroup, Inc. | 3102794 | 0.6 |
| 14195 | CME Group, Inc. | 3912426 | 0.8 |
| 27120 | CNA Financial Corp. | 1261894 | 0.3 |
| 36524 | Cognizant Technology Solutions Corp. - Class A | 2849968 | 0.6 |
| 37996 | Colgate-Palmolive Co. | 3453836 | 0.7 |
| 54939 | Conagra Brands, Inc. | 1124601 | 0.2 |
| 32059 | ConocoPhillips | 2876975 | 0.6 |
| 18149 | COPT Defense Properties | 500549 | 0.1 |
| 59521 | Coterra Energy, Inc. | 1510643 | 0.3 |
| 25854 | CSX Corp. | 843616 | 0.2 |
| 7941 | Digital Realty Trust, Inc. | 1384355 | 0.3 |
| 27448 | DT Midstream, Inc. | 3016810 | 0.6 |
| 31929 | Duke Energy Corp. | 3767622 | 0.8 |
| 7346 | DuPont de Nemours, Inc. | 503862 | 0.1 |
| 15757 | Eastman Chemical Co. | 1176418 | 0.2 |
| 45648 | Edison International | 2355437 | 0.5 |
| 9198 | Elevance Health, Inc. | 3577654 | 0.7 |
| 7186 | Emerson Electric Co. | 958109 | 0.2 |
| 11202 | Entergy Corp. | 931110 | 0.2 |
| 11243 | EOG Resources, Inc. | 1344775 | 0.3 |
| 27333 | Equitable Holdings, Inc. | 1533381 | 0.3 |
| 6767 | Equity Residential | 456705 | 0.1 |
| 41618 | Essent Group Ltd. | 2527461 | 0.5 |
| 4525 | Essex Property Trust, Inc. | 1282385 | 0.3 |
| 22650 | Evergy, Inc. | 1561265 | 0.3 |
| 71024 | Exelon Corp. | 3083862 | 0.6 |
| 14157 | First Industrial Realty Trust, Inc. | 681376 | 0.1 |
| 19082 | Fortive Corp. | 994745 | 0.2 |
| 60114 | Gaming and Leisure Properties, Inc. | 2806122 | 0.6 |
| 21874 | General Motors Co. | 1076420 | 0.2 |
| 59925 | Genpact Ltd. | 2637299 | 0.5 |
| 29381 | Gilead Sciences, Inc. | 3257471 | 0.7 |
| 12576 | Globe Life, Inc. | 1563071 | 0.3 |
| 48013 | H&R Block, Inc. | 2635434 | 0.5 |
| 22411 | Hancock Whitney Corp. | 1286391 | 0.3 |
| 15003 | Hanover Insurance Group, Inc. | 2548560 | 0.5 |
| 27000 | Hartford Financial Services Group, Inc. | 3425490 | 0.7 |
| 28011 | Healthpeak Properties, Inc. | 490473 | 0.1 |
| 34330 | Hewlett Packard Enterprise Co. | 702048 | 0.1 |
| 8897 | Hexcel Corp. | 502592 | 0.1 |
| 1935 | Humana, Inc. | 473069 | 0.1 |
| 17487 | Ingredion, Inc. | 2371587 | 0.5 |
| 18231 | Iridium Communications, Inc. | 550029 | 0.1 |
| 7790 | Jack Henry & Associates, Inc. | 1403524 | 0.3 |
| 49774 | Johnson & Johnson | 7602979 | 1.5 |
| 2255 | JPMorgan Chase & Co. | 653747 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Global High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 7527 | Kemper Corp. | $485793 | 0.1 |
| 14157 | Keurig Dr Pepper, Inc. | 468030 | 0.1 |
| 22827 | Kimberly-Clark Corp. | 2942857 | 0.6 |
| 119925 | Kinder Morgan, Inc. | 3525795 | 0.7 |
| 4180 | Leidos Holdings, Inc. | 659437 | 0.1 |
| 6901 | Lockheed Martin Corp. | 3196129 | 0.6 |
| 34205 | Loews Corp. | 3135230 | 0.6 |
| 17599 | Marsh & McLennan Cos., Inc. | 3847845 | 0.8 |
| 3654 | McKesson Corp. | 2677578 | 0.5 |
| 45791 | Medtronic PLC | 3991601 | 0.8 |
| 44898 | Merck & Co., Inc. | 3554126 | 0.7 |
| 15147 | Meta Platforms, Inc. - Class A | 11179849 | 2.3 |
| 34991 | MetLife, Inc. | 2813976 | 0.6 |
| 106535 | MGIC Investment Corp. | 2965934 | 0.6 |
| 5678 | Microsoft Corp. | 2824294 | 0.6 |
| 6224 | Motorola Solutions, Inc. | 2616943 | 0.5 |
| 30176 | National Fuel Gas Co. | 2556209 | 0.5 |
| 62755 | National Retail Properties, Inc. | 2709761 | 0.6 |
| 26046 | NetApp, Inc. | 2775201 | 0.6 |
| 30340 | New York Times Co. - Class A | 1698433 | 0.3 |
| 72925 | NiSource, Inc. | 2941795 | 0.6 |
| 38794 | NorthWestern Corp. | 1990132 | 0.4 |
| 59502 | OGE Energy Corp. | 2640699 | 0.5 |
| 69265 | Old Republic International Corp. | 2662547 | 0.5 |
| 6121 | ONE Gas, Inc. | 439855 | 0.1 |
| 35118 | ONEOK, Inc. | 2866682 | 0.6 |
| 10186 | Paycom Software, Inc. | 2357040 | 0.5 |
| 38416 | PepsiCo, Inc. | 5072449 | 1 |
| 188293 | Pfizer, Inc. | 4564222 | 0.9 |
| 26394 | PG&E Corp. | 367932 | 0.1 |
| 13689 | Philip Morris International, Inc. | 2493178 | 0.5 |
| 47382 | Procter & Gamble Co. | 7548900 | 1.5 |
| 8988 | Prosperity Bancshares, Inc. | 631317 | 0.1 |
| 13786 | Qualcomm, Inc. | 2195558 | 0.4 |
| 6361 <sup>(3)</sup> | Ralliant Corp. | 308429 | 0.1 |
| 1705 | Ralph Lauren Corp. | 467647 | 0.1 |
| 38214 | Raytheon Technologies Corp. | 5580008 | 1.1 |
| 11458 | Regency Centers Corp. | 816153 | 0.2 |
| 13045 | Republic Services, Inc. | 3217027 | 0.7 |
| 148133 | Rithm Capital Corp. | 1672422 | 0.3 |
| 10974 | Roche Holding AG | 3582132 | 0.7 |
| 4804 | Royal Gold, Inc. | 854343 | 0.2 |
| 10590 | RPM International, Inc. | 1163206 | 0.2 |
| 25769 | Sabra Health Care REIT, Inc. | 475180 | 0.1 |
| 13121 | Simon Property Group, Inc. | 2109332 | 0.4 |
| 20306 | Smithfield Foods, Inc. | 477800 | 0.1 |
| 8723 | Snap-on, Inc. | 2714423 | 0.6 |
| 37082 | SS&C Technologies Holdings, Inc. | 3070390 | 0.6 |
| 30699 | Synchrony Financial | 2048851 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **RA** | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 20496 | TJX Cos., Inc. | $| 2531051 | 0.5 |
| 6494 | Tradeweb Markets, Inc. - Class A |  | 950722 | 0.2 |
| 55346 | Travel + Leisure Co. |  | 2856407 | 0.6 |
| 33199 | Unum Group |  | 2681151 | 0.5 |
| 53228 | US Bancorp |  | 2408567 | 0.5 |
| 10097 | VeriSign, Inc. |  | 2916014 | 0.6 |
| 118422 | Verizon Communications, Inc. |  | 5124120 | 1 |
| 323119 | Viatris, Inc. |  | 2885453 | 0.6 |
| 8184 | Visa, Inc. - Class A |  | 2905729 | 0.6 |
| 10322 | Waste Management, Inc. |  | 2361880 | 0.5 |
| 2701 | Watts Water Technologies, Inc. - Class A |  | 664149 | 0.1 |
| 76201 | Wells Fargo & Co. |  | 6105224 | 1.2 |
| 114901 | Wendy's Co. |  | 1312169 | 0.3 |
| 60660 | Williams Cos., Inc. |  | 3810055 | 0.8 |
|  |  |  | **336144407** | **68.3** |
|  | Total Common Stock <br> (Cost $409,234,698) |  | **480677670** | **97.6** |
| **EXCHANGE-TRADED FUNDS: 1.5%** | **EXCHANGE-TRADED FUNDS: 1.5%** | **EXCHANGE-TRADED FUNDS: 1.5%** | **EXCHANGE-TRADED FUNDS: 1.5%** | **EXCHANGE-TRADED FUNDS: 1.5%** |
| 33861 | iShares MSCI EAFE Value ETF |  | 2149496 | 0.4 |
| 27022 | iShares Russell 1000 Value ETF |  | 5248483 | 1.1 |
|  |  |  | **7397979** | **1.5** |
|  | Total Exchange-Traded Funds <br> (Cost $7,361,692) |  | **7397979** | **1.5** |
| **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** |
|  | **Germany: 0.4%** | **Germany: 0.4%** | **Germany: 0.4%** | **Germany: 0.4%** |
| 12203 | Henkel AG & Co. KGaA |  | 958959 | 0.2 |
| 8751 | Volkswagen AG |  | 925101 | 0.2 |
|  |  |  | **1884060** | **0.4** |
|  | Total Preferred Stock <br> (Cost $1,894,290) |  | **1884060** | **0.4** |
|  | Total Long-Term Investments <br> (Cost $418,490,680) |  | **489959709** | **99.5** |
| **Principal <br> Amount†** |  | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** |
|  | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** |
| 270000 <sup>(4)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 |  | 270000 | 0.1 |
| 260000 <sup>(4)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 |  | 260000 | 0 |
| 270000 <sup>(4)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 |  | 270000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Global High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | **RA** | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Time Deposits (continued)** | **Time Deposits (continued)** | **Time Deposits (continued)** | **Time Deposits (continued)** |
| 270000 <sup>(4)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | $| 270000 | 0.0 |
|  | Total Time Deposits <br> (Cost $1,070,000) |  | **1070000** | **0.2** |
|  | **Repurchase Agreements: 2.1%** | **Repurchase Agreements: 2.1%** | **Repurchase Agreements: 2.1%** | **Repurchase Agreements: 2.1%** |
| 383358 <sup>(4)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $383,404, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $391,025, due 07/10/25-05/15/42) |  | 383358 | 0.1 |
| 2707313 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,707,639, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $2,761,459, due 06/01/30-02/01/57) |  | 2707313 | 0.6 |
| 2707313 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,707,639, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $2,761,459, due 08/15/34-06/01/55) |  | 2707313 | 0.5 |
| 1888707 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,888,934, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,926,481, due 03/01/34-05/01/55) |  | 1888707 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 2571947 <sup>(4)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $2,572,263, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,615,653, due 07/15/26-02/15/54) | $2571947 | 0.5 |
|  | Total Repurchase Agreements <br> (Cost $10,258,638) | **10258638** | **2.1** |
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** |
| 1049000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% <br> (Cost $1,049,000) | $**1049000** | **0.2** |
|  | Total Short-Term Investments <br> (Cost $12,377,638) | **12377638** | **2.5** |
|  | **Total Investments in Securities <br> (Cost $430,868,318)** | $**502337347** | **102.0** |
|  | **Liabilities in Excess of Other Assets** | **(9904082)** | **(2.0)** |
|  | **Net Assets** | $**492433265** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | 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. |
| <sup>(3)</sup> | Non-income producing security. |
| <sup>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

See Accompanying Notes to Financial Statements

Voya Global High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage <br> of Net Assets** |
| Financials | 25.3% |
| Industrials | 13.6 |
| Health Care | 12.5 |
| Consumer Staples | 9.3 |
| Communication Services | 8.5 |
| Information Technology | 6.6 |
| Energy | 6.1 |
| Utilities | 5.5 |
| Real Estate | 4.3 |
| Consumer Discretionary | 3.6 |
| Materials | 2.7 |
| Exchange-Traded Funds | 1.5 |
| Short-Term Investments | 2.5 |
| Liabilities in Excess of Other Assets | (2.0) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

**Fair Value Measurements^**

The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs#<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $6340364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $6340364 |
| &nbsp;&nbsp;&nbsp;Canada | 19498784 |  |  | 19498784 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 3167601 |  | 3167601 |
| &nbsp;&nbsp;&nbsp;Finland |  | 929193 |  | 929193 |
| &nbsp;&nbsp;&nbsp;France |  | 14920761 |  | 14920761 |
| &nbsp;&nbsp;&nbsp;Germany |  | 5802374 |  | 5802374 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 1120031 | 4474410 |  | 5594441 |
| &nbsp;&nbsp;&nbsp;Israel |  | 1409556 |  | 1409556 |
| &nbsp;&nbsp;&nbsp;Italy |  | 8895875 |  | 8895875 |
| &nbsp;&nbsp;&nbsp;Japan |  | 23383415 |  | 23383415 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 8060396 |  | 8060396 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 550394 |  | 550394 |
| &nbsp;&nbsp;&nbsp;Norway |  | 4830898 |  | 4830898 |
| &nbsp;&nbsp;&nbsp;Puerto Rico | 1834115 |  |  | 1834115 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 1984079 |  | 1984079 |
| &nbsp;&nbsp;&nbsp;Spain |  | 6672741 |  | 6672741 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 1410323 |  | 1410323 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 6405483 |  | 6405483 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 22842470 |  | 22842470 |
| &nbsp;&nbsp;&nbsp;United States | 332562275 | 3582132 |  | 336144407 |
| Total Common Stock | 355015205 | 125662465 |  | 480677670 |
| Exchange-Traded Funds | 7397979 |  |  | 7397979 |
| Preferred Stock |  | 1884060 |  | 1884060 |
| Short-Term Investments | 1049000 | 11328638 |  | 12377638 |
| Total Investments, at fair value | $363462184 | $138875163 | $— | $502337347 |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | 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

Voya Global High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

At June 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $431,863,028.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $81342135 |
| Gross Unrealized Depreciation | (10793770) |
| Net Unrealized Appreciation | $70548365 |

---

See Accompanying Notes to Financial Statements

Voya Government Money Market Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **U.S. TREASURY DEBT: 51.5%** | **U.S. TREASURY DEBT: 51.5%** |  |  |
| 17500000 <sup>(1)</sup> | United States Treasury Bill, 4.290%, 09/16/2025 | $17341107 | 1.9 |
| 115500000 <sup>(1)</sup> | United States Treasury Bill, 4.300%, 09/11/2025 | 114515633 | 12.4 |
| 8500000 <sup>(1)</sup> | United States Treasury Bill, 4.310%, 10/21/2025 | 8388008 | 0.9 |
| 266000000 <sup>(1)</sup> | United States Treasury Bill, 4.320%, 08/07/2025 | 264807968 | 28.7 |
| 64750000 <sup>(1)</sup> | United States Treasury Bill, 4.400%, 08/26/2025 | 64308333 | 7 |
| 6000000 <sup>(2)</sup> | United States Treasury Floating Rate Notes, 4.406%, (USBMMY3M + 0.125%), 07/31/2025 | 5999997 | 0.6 |
|  |  | **475361046** | **51.5** |
|  | Total U.S. Treasury Debt |  |  |
|  | (Cost $475,361,046) | **475361046** | **51.5** |
| **U.S. GOVERNMENT AGENCY DEBT: 17.2%** | **U.S. GOVERNMENT AGENCY DEBT: 17.2%** |  |  |
| 15000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 4.430%, (SOFRRATE + 0.040%), 04/10/2026 | 14997631 | 1.6 |
| 3500000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 4.740%, (SOFRRATE + 0.350%), 11/25/2025 | 3503964 | 0.4 |
| 52000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0001, 4.440%, (SOFRRATE + 0.050%), 01/28/2026 | 52000535 | 5.6 |
| 9250000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0001, 4.455%, (SOFRRATE + 0.065%), 09/05/2025 | 9250000 | 1 |
| 3500000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0002, 4.480%, (FEDL01 + 0.150%), 04/24/2026 | 3502347 | 0.4 |
| 9000000 <sup>(2)</sup> | Federal Home Loan Banks, 4.440%, (SOFRRATE + 0.050%), 08/21/2025 | 9000000 | 1 |
| 9250000 <sup>(2)</sup> | Federal Home Loan Banks, 4.455%, (SOFRRATE + 0.065%), 09/16/2025 | 9250000 | 1 |
| 1000000 | Federal Home Loan Banks, 4.500%, 12/12/2025 | 1000795 | 0.1 |
| 5000000 <sup>(2)</sup> | Federal Home Loan Banks, 4.500%, (SOFRRATE + 0.110%), 04/10/2026 | 5001861 | 0.6 |
| 13000000 <sup>(2)</sup> | Federal Home Loan Banks 0001, 4.550%, (SOFRRATE + 0.160%), 10/20/2025 | 13003400 | 1.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** |  |  |
| 33000000 <sup>(2)</sup> | Federal Home Loan Banks 0002, 4.395%, (SOFRRATE + 0.005%), 07/11/2025 | $32999985 | 3.6 |
| 5000000 | Federal Home Loan Mortgage Corp., 0.465%, 09/30/2025 | 4953354 | 0.5 |
|  |  | **158463872** | **17.2** |
|  | Total U.S. Government Agency Debt |  |  |
|  | (Cost $158,463,872) | **158463872** | **17.2** |
| **U.S. TREASURY REPURCHASE AGREEMENTS: 20.3%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 20.3%** |  |  |
| 187133000 | Deutsche Bank, Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 $187,155,768 to be received upon repurchase (Collateralized by $287,469,360, various U.S. Treasuries, 0.000-2.875%, Market Value plus accrued interest $192,069,451 due 02/15/2036-5/15/2043) | 187133000 | 20.3 |
|  | Total U.S. Treasury Repurchase Agreements |  |  |
|  | (Cost $187,133,000) | **187133000** | **20.3** |

---

See Accompanying Notes to Financial Statements

Voya Government Money Market Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **INVESTMENT COMPANIES: 8.0%** | **INVESTMENT COMPANIES: 8.0%** |  |  |
| 31730000 <sup>(3)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, Fixed Income, 4.220%, 04/01/2022 | $31730000 | 3.4 |
| 42000000 <sup>(3)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), Fixed Income, 4.230%, 01/02/2025 | 42000000 | 4.6 |
|  |  | **73730000** | **8.0** |
|  | Total Investment Companies |  |  |
|  | (Cost $73,730,000) | **73730000** | **8.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $894,687,918)** | $**894687918** | **97.0** |
|  | **Assets in Excess of** |  |  |
|  | **Other Liabilities** | **27877525** | **3.0** |
|  | **Net Assets** | $**922565443** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2025.

<sup>(2)</sup> Variable rate security. Rate shown is the rate in effect as of June 30, 2025.

<sup>(3)</sup> Rate shown is the 7-day yield as of June 30, 2025.

Reference Rate Abbreviations:

SOFRRATE&nbsp;&nbsp;&nbsp;&nbsp; 1-day Secured Overnight Financing Rate

USBMMY3M&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 3-month Bill Money Market Yield

See Accompanying Notes to Financial Statements

Voya Government Money Market Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Investment Companies | $73730000 | $— | $— | $73730000 |
| U.S. Government Agency Debt |  | 158463872 |  | 158463872 |
| U.S. Treasury Debt |  | 475361046 |  | 475361046 |
| U.S. Treasury Repurchase Agreements |  | 187133000 |  | 187133000 |
| Total Investments, at fair value | $73730000 | $820957918 | $— | $894687918 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

The following table is a summary of the Fund's treasury repurchase agreement by counterparty which is subject to offset under a MRA as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **U.S. Treasury<br> Repurchase<br> Agreements,<br> at fair value** | **Fair Value of<br> Non-Cash Collateral<br> Received Including<br> Accrued Interest<sup>(1)</sup>** | **Net Amount** |
| Deutsche Bank | $187133000 | $(187133000) | $— |
| Totals | $187133000 | $(187133000) | $— |

---

<sup>(1)</sup> Collateral with a fair value of $192,069,451 has been pledged by the counterparty and received in connection with the above treasury repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

At June 30, 2025, the aggregate cost of securities for U.S. federal income tax purposes is the same as for financial statement purposes.

See Accompanying Notes to Financial Statements

Voya Growth and Income Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 99.4%** | **COMMON STOCK: 99.4%** |  |  |
|  | **Communication Services: 9.7%** |  |  |
| 1609436 | AT&T, Inc. | $46577078 | 1.8 |
| 152129 | Meta Platforms, Inc. - Class A | 112284894 | 4.5 |
| 614183 <sup>(1)</sup> | Pinterest, Inc. - Class A | 22024602 | 0.9 |
| 99097 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 24065706 | 1 |
| 3313232 <sup>(1)</sup> | Warner Bros Discovery, Inc. | 37969639 | 1.5 |
|  |  | **242921919** | **9.7** |
|  | **Consumer Discretionary: 7.8%** |  |  |
| 535045 <sup>(1)</sup> | Amazon.com, Inc. | 117383523 | 4.7 |
| 5768 | Booking Holdings, Inc. | 33392336 | 1.3 |
| 86812 | Lowe's Cos., Inc. | 19260978 | 0.8 |
| 149860 | Tapestry, Inc. | 13159207 | 0.5 |
| 83081 | Williams-Sonoma, Inc. | 13572943 | 0.5 |
|  |  | **196768987** | **7.8** |
|  | **Consumer Staples: 5.3%** |  |  |
| 1695987 | Albertsons Cos., Inc. - Class A | 36480680 | 1.5 |
| 1518227 | Kenvue, Inc. | 31776491 | 1.3 |
| 342564 | McCormick & Co., Inc. | 25973203 | 1 |
| 208595 | Philip Morris International, Inc. | 37991407 | 1.5 |
|  |  | **132221781** | **5.3** |
|  | **Energy: 4.2%** |  |  |
| 358197 | Chesapeake Energy Corp. | 41887557 | 1.7 |
| 244236 | Chevron Corp. | 34972153 | 1.4 |
| 697159 | HF Sinclair Corp. | 28639292 | 1.1 |
|  |  | **105499002** | **4.2** |
|  | **Financials: 14.0%** |  |  |
| 503142 | American International Group, Inc. | 43063924 | 1.7 |
| 107710 | Arthur J Gallagher & Co. | 34480125 | 1.4 |
| 828083 | Bank of America Corp. | 39184887 | 1.6 |
| 371069 | Bank of New York Mellon Corp. | 33808096 | 1.3 |
| 51729 | Goldman Sachs Group, Inc. | 36611200 | 1.4 |
| 172363 | Intercontinental Exchange, Inc. | 31623440 | 1.3 |
| 137945 | PNC Financial Services Group, Inc. | 25715707 | 1 |
| 257885 | State Street Corp. | 27423491 | 1.1 |
| 124515 | Visa, Inc. - Class A | 44209051 | 1.8 |
| 449342 | Wells Fargo & Co. | 36001281 | 1.4 |
|  |  | **352121202** | **14.0** |
|  | **Health Care: 10.2%** |  |  |
| 277485 | Abbott Laboratories | 37740735 | 1.5 |
| 197402 | AbbVie, Inc. | 36641759 | 1.5 |
| 439333 <sup>(1)</sup> | Centene Corp. | 23846995 | 0.9 |
| 114288 | Danaher Corp. | 22576451 | 0.9 |
| 36274 | McKesson Corp. | 26580862 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 16906 <sup>(1)</sup> | Mettler-Toledo International, Inc. | $19859816 | 0.8 |
| 1017149 | Pfizer, Inc. | 24655692 | 1 |
| 94036 | Quest Diagnostics, Inc. | 16891687 | 0.7 |
| 62123 | Stryker Corp. | 24577722 | 1 |
| 52883 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 23543512 | 0.9 |
|  |  | **256915231** | **10.2** |
|  | **Industrials: 8.1%** |  |  |
| 272961 | 3M Co. | 41555582 | 1.7 |
| 217141 <sup>(1)</sup> | Boeing Co. | 45497554 | 1.8 |
| 76243 | Deere & Co. | 38768803 | 1.6 |
| 379127 | Johnson Controls International PLC | 40043394 | 1.6 |
| 33278 | Parker-Hannifin Corp. | 23243685 | 0.9 |
| 48400 <sup>(1)</sup> | Saia, Inc. | 13261116 | 0.5 |
|  |  | **202370134** | **8.1** |
|  | **Information Technology: 32.3%** |  |  |
| 87471 | Accenture PLC - Class A | 26144207 | 1 |
| 66019 <sup>(1)</sup> | Adobe, Inc. | 25541431 | 1 |
| 196364 <sup>(1)</sup> | Advanced Micro Devices, Inc. | 27864052 | 1.1 |
| 765924 | Apple, Inc. | 157144627 | 6.3 |
| 376416 | Broadcom, Inc. | 103759070 | 4.1 |
| 557134 | Cisco Systems, Inc. | 38653957 | 1.5 |
| 126980 <sup>(1)</sup> | Globant SA | 11534863 | 0.5 |
| 375617 | Micron Technology, Inc. | 46294795 | 1.9 |
| 418961 | Microsoft Corp. | 208395391 | 8.3 |
| 568696 | NVIDIA Corp. | 89848281 | 3.6 |
| 241812 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 54768000 | 2.2 |
| 84194 <sup>(1)</sup> | Workday, Inc. - Class A | 20206560 | 0.8 |
|  |  | **810155234** | **32.3** |
|  | **Materials: 2.1%** |  |  |
| 629055 | Alcoa Corp. | 18563413 | 0.8 |
| 188930 | CF Industries Holdings, Inc. | 17381560 | 0.7 |
| 119577 | Nucor Corp. | 15490005 | 0.6 |
|  |  | **51434978** | **2.1** |
|  | **Real Estate: 3.2%** |  |  |
| 300446 <sup>(2)</sup> | Boston Properties, Inc. | 20271092 | 0.8 |
| 126341 | Extra Space Storage, Inc. | 18627717 | 0.8 |
| 267537 | Welltower, Inc. | 41128463 | 1.6 |
|  |  | **80027272** | **3.2** |
|  | **Utilities: 2.5%** |  |  |
| 267676 | Duke Energy Corp. | 31585768 | 1.2 |
| 380001 | Public Service Enterprise Group, Inc. | 31988484 | 1.3 |

---

See Accompanying Notes to Financial Statements

Voya Growth and Income Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 10000000 <sup>(3)(4)</sup> | Southern Energy | $— | 0.0 |
|  |  | **63574252** | **2.5** |
|  | Total Common Stock |  |  |
|  | (Cost $1,827,045,058) | **2494009992** | **99.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** |  |  |
|  | **Repurchase Agreements: 0.7%** |  |  |
| 708035 <sup>(5)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $708,120, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $722,196, due 07/10/25-05/15/42) | 708035 | 0.0 |
| 4976464 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $4,977,063, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $5,075,993, due 06/01/30-02/01/57) | 4976464 | 0.2 |
| 4976464 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $4,977,063, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $5,075,993, due 08/15/34-06/01/55) | 4976464 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** |  |  |
| 3473794 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $3,474,212, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $3,543,270, due 03/01/34-05/01/55) | $3473794 | 0.1 |
| 4727641 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $4,728,221, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,807,979, due 07/15/26-02/15/54) | 4727641 | 0.2 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $18,862,398) | **18862398** | **0.7** |
|  | **Time Deposits: 0.1%** |  |  |
| 480000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 | 480000 | 0.0 |
| 480000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | 480000 | 0.0 |
| 500000 <sup>(5)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 500000 | 0.0 |
| 500000 <sup>(5)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 500000 | 0.1 |
|  | Total Time Deposits |  |  |
|  | (Cost $1,960,000) | **1960000** | **0.1** |

---

See Accompanying Notes to Financial Statements

Voya Growth and Income Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 0.7%** |  |  |
| 17080000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230%<br> (Cost $17,080,000)  | $**17080000** | **0.7** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $37,902,398) | $**37902398** | **1.5** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $1,864,947,456)** | $**2531912390** | **100.9** |
|  | **Liabilities in Excess of Other Assets** | **(21486835)** | **(0.9)** |
|  | **Net Assets** | $**2510425555** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(4)</sup> Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2025, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details.

<sup>(5)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(6)</sup> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

Voya Growth and Income Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $242921919 | $— | $— | $242921919 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 196768987 |  |  | 196768987 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 132221781 |  |  | 132221781 |
| &nbsp;&nbsp;&nbsp;Energy | 105499002 |  |  | 105499002 |
| &nbsp;&nbsp;&nbsp;Financials | 352121202 |  |  | 352121202 |
| &nbsp;&nbsp;&nbsp;Health Care | 256915231 |  |  | 256915231 |
| &nbsp;&nbsp;&nbsp;Industrials | 202370134 |  |  | 202370134 |
| &nbsp;&nbsp;&nbsp;Information Technology | 810155234 |  |  | 810155234 |
| &nbsp;&nbsp;&nbsp;Materials | 51434978 |  |  | 51434978 |
| &nbsp;&nbsp;&nbsp;Real Estate | 80027272 |  |  | 80027272 |
| &nbsp;&nbsp;&nbsp;Utilities | 63574252 |  |  | 63574252 |
| Total Common Stock | 2494009992 |  |  | 2494009992 |
| Short-Term Investments | 17080000 | 20822398 |  | 37902398 |
| Total Investments, at fair value | $2511089992 | $20822398 | $— | $2531912390 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

At June 30, 2025, Voya Growth and Income Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Southern Energy | 11/30/2005 | $— | $— |
|  |  | $— | $— |

---

At June 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $1,875,738,981.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $703326136 |
| Gross Unrealized Depreciation | (47152553) |
| Net Unrealized Appreciation | $656173583 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: 21.7%** | **CORPORATE BONDS/NOTES: 21.7%** |  |  |
|  | **Basic Materials: 0.2%** | **Basic Materials: 0.2%** | **Basic Materials: 0.2%** |
| 414000 <sup>(1)</sup> | Anglo American Capital PLC, 5.500%, 05/02/2033 | $421336 | 0.1 |
| 295000 | BHP Billiton Finance USA Ltd., 5.125%, 02/21/2032 | 302270 | 0.0 |
| 23000 <sup>(1)(2)</sup> | Glencore Funding LLC, 5.893%, 04/04/2054 | 22564 | 0.0 |
| 383000 | Nucor Corp., 5.100%, 06/01/2035 | 384373 | 0.1 |
| 177000 | Nutrien Ltd., 2.950%, 05/13/2030 | 164862 | 0.0 |
| 17000 | Nutrien Ltd., 5.875%, 12/01/2036 | 17704 | 0.0 |
| 4000 | Nutrien Ltd., 5.950%, 11/07/2025 | 4020 | 0.0 |
| 297000 | Rio Tinto Finance USA PLC, 5.000%, 03/14/2032 | 302348 | 0.0 |
| 282000 | Rio Tinto Finance USA PLC, 5.750%, 03/14/2055 | 282633 | 0.0 |
| 350000 | Steel Dynamics, Inc., 1.650%, 10/15/2027 | 330122 | 0.0 |
|  |  | **2232232** | **0.2** |
|  | **Communications: 1.6%** | **Communications: 1.6%** | **Communications: 1.6%** |
| 351000 | Alphabet, Inc., 4.500%, 05/15/2035 | 346528 | 0.1 |
| 206000 | Alphabet, Inc., 5.250%, 05/15/2055 | 203034 | 0.0 |
| 115000 | Alphabet, Inc., 5.300%, 05/15/2065 | 112693 | 0.0 |
| 129000 | Amazon.com, Inc., 2.100%, 05/12/2031 | 114574 | 0.0 |
| 137000 | AT&T, Inc., 3.550%, 09/15/2055 | 92514 | 0.0 |
| 140000 | AT&T, Inc., 3.650%, 09/15/2059 | 94002 | 0.0 |
| 90000 | AT&T, Inc., 3.800%, 12/01/2057 | 63033 | 0.0 |
| 229000 | AT&T, Inc., 4.900%, 08/15/2037 | 219624 | 0.0 |
| 271000 | AT&T, Inc., 6.050%, 08/15/2056 | 276754 | 0.0 |
| 259000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029 | 238584 | 0.0 |
| 395000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052 | 271320 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 96000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 12/01/2061 | $67368 | 0.0 |
| 180000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050 | 144121 | 0.0 |
| 253000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.250%, 04/01/2053 | 215091 | 0.0 |
| 482000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | 504765 | 0.1 |
| 219000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034 | 233754 | 0.0 |
| 305000 | Cisco Systems, Inc., 4.950%, 02/26/2031 | 313840 | 0.1 |
| 422000 | Cisco Systems, Inc., 4.950%, 02/24/2032 | 432731 | 0.1 |
| 100000 | Cisco Systems, Inc., 5.100%, 02/24/2035 | 102399 | 0.0 |
| 358000 | Cisco Systems, Inc., 5.500%, 02/24/2055 | 357616 | 0.1 |
| 108000 | Comcast Corp., 1.500%, 02/15/2031 | 92242 | 0.0 |
| 100000 | Comcast Corp., 1.950%, 01/15/2031 | 87683 | 0.0 |
| 277000 | Comcast Corp., 2.650%, 02/01/2030 | 257395 | 0.0 |
| 61000 | Comcast Corp., 3.200%, 07/15/2036 | 51092 | 0.0 |
| 65000 | Comcast Corp., 3.900%, 03/01/2038 | 56571 | 0.0 |
| 105000 | Comcast Corp., 5.300%, 06/01/2034 | 107593 | 0.0 |
| 108000 | Comcast Corp., 5.500%, 05/15/2064 | 100656 | 0.0 |
| 113000 | Comcast Corp., 5.650%, 06/01/2054 | 109886 | 0.0 |
| 320000 | Comcast Corp., 6.050%, 05/15/2055 | 326979 | 0.1 |
| 210000 | Discovery Communications LLC, 3.625%, 05/15/2030 | 171087 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 282000 | Meta Platforms, Inc., 4.750%, 08/15/2034 | $283421 | 0.0 |
| 935000 | Meta Platforms, Inc., 5.400%, 08/15/2054 | 912508 | 0.1 |
| 685000 | Meta Platforms, Inc., 5.550%, 08/15/2064 | 669985 | 0.1 |
| 207000 | Motorola Solutions, Inc., 5.000%, 04/15/2029 | 210454 | 0.0 |
| 303000 | Motorola Solutions, Inc., 5.550%, 08/15/2035 | 309054 | 0.1 |
| 200000 <sup>(1)</sup> | NBN Co. Ltd., 1.450%, 05/05/2026 | 195053 | 0.0 |
| 213000 <sup>(1)</sup> | NBN Co. Ltd., 1.625%, 01/08/2027 | 204799 | 0.0 |
| 200000 <sup>(1)(2)</sup> | NBN Co. Ltd., 2.500%, 01/08/2032 | 175208 | 0.0 |
| 315000 <sup>(1)</sup> | NBN Co. Ltd., 6.000%, 10/06/2033 | 338449 | 0.1 |
| 344000 | Netflix, Inc., 5.875%, 11/15/2028 | 362711 | 0.1 |
| 38000 | Orange SA, 9.000%, 03/01/2031 | 46186 | 0.0 |
| 38000 | Paramount Global, 4.950%, 05/19/2050 | 29094 | 0.0 |
| 302000 | SoftBank Corp., 4.699%, 07/09/2030 | 302000 | 0.0 |
| 530000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 569107 | 0.1 |
| 392000 | Sprint Capital Corp., 8.750%, 03/15/2032 | 475752 | 0.1 |
| 91000 | Time Warner Cable LLC, 5.500%, 09/01/2041 | 82799 | 0.0 |
| 116000 | Time Warner Cable LLC, 5.875%, 11/15/2040 | 111441 | 0.0 |
| 77000 | T-Mobile USA, Inc., 2.050%, 02/15/2028 | 72794 | 0.0 |
| 19000 | T-Mobile USA, Inc., 2.550%, 02/15/2031 | 17018 | 0.0 |
| 212000 | T-Mobile USA, Inc., 2.625%, 02/15/2029 | 199055 | 0.0 |
| 44000 | T-Mobile USA, Inc., 2.875%, 02/15/2031 | 40068 | 0.0 |
| 57000 | T-Mobile USA, Inc., 3.000%, 02/15/2041 | 41738 | 0.0 |
| 107000 | T-Mobile USA, Inc., 3.375%, 04/15/2029 | 103029 | 0.0 |
| 354000 | T-Mobile USA, Inc., 3.500%, 04/15/2031 | 332599 | 0.1 |
| 53000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 | 51491 | 0.0 |
| 117000 | T-Mobile USA, Inc., 4.375%, 04/15/2040 | 103735 | 0.0 |
| 291000 <sup>(2)</sup> | T-Mobile USA, Inc., 5.300%, 05/15/2035 | 294758 | 0.0 |
| 270000 | T-Mobile USA, Inc., 5.875%, 11/15/2055 | 270079 | 0.0 |
| 271000 | Uber Technologies, Inc., 4.300%, 01/15/2030 | 269979 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | | |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 494000 <sup>(1)</sup> | Uber Technologies, Inc., 4.500%, 08/15/2029 | $| 491439 | 0.1 |
| 563000 | Uber Technologies, Inc., 5.350%, 09/15/2054 |  | 525509 | 0.1 |
| 138000 | Verizon Communications, Inc., 1.750%, 01/20/2031 |  | 118948 | 0.0 |
| 177000 | Verizon Communications, Inc., 2.355%, 03/15/2032 |  | 152637 | 0.0 |
| 136000 | Verizon Communications, Inc., 2.550%, 03/21/2031 |  | 122019 | 0.0 |
| 230000 | Verizon Communications, Inc., 4.400%, 11/01/2034 |  | 218379 | 0.0 |
| 144000 | Verizon Communications, Inc., 4.812%, 03/15/2039 |  | 135209 | 0.0 |
| 236000 | Vodafone Group PLC, 5.875%, 06/28/2064 |  | 227066 | 0.0 |
|  |  |  | **14831099** | **1.6** |
|  | **Consumer, Cyclical: 2.1%** | **Consumer, Cyclical: 2.1%** | **Consumer, Cyclical: 2.1%** | **Consumer, Cyclical: 2.1%** |
| 24665 | American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029 |  | 24023 | 0.0 |
| 8935 | American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029 |  | 8665 | 0.0 |
| 478316 | American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029 |  | 459117 | 0.1 |
| 11368 | American Airlines Pass Through Trust 2016-3, AA, 3.000%, 04/15/2030 |  | 10769 | 0.0 |
| 413061 | American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031 |  | 393679 | 0.1 |
| 267000 | American Honda Finance Corp., 4.700%, 01/12/2028 |  | 269647 | 0.0 |
| 189000 | American Honda Finance Corp., 5.650%, 11/15/2028 |  | 196529 | 0.0 |
| 354000 | American Honda Finance Corp., GMTN, 4.850%, 10/23/2031 |  | 355138 | 0.0 |
| 125000 | AutoZone, Inc., 6.250%, 11/01/2028 |  | 132496 | 0.0 |
| 175000 <sup>(1)</sup> | BMW US Capital LLC, 5.050%, 03/21/2030 |  | 178269 | 0.0 |
| 109000 | BorgWarner, Inc., 5.400%, 08/15/2034 |  | 110299 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 271000 | Delta Air Lines, Inc., 5.250%, 07/10/2030 | $272920 | 0.0 |
| 139141 <sup>(1)</sup> | Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028 | 139529 | 0.0 |
| 395000 <sup>(1)</sup> | Denso Corp., 4.420%, 09/11/2029 | 395127 | 0.1 |
| 373000 | Ford Motor Credit Co. LLC, 3.625%, 06/17/2031 | 328480 | 0.0 |
| 616000 | Ford Motor Credit Co. LLC, 4.000%, 11/13/2030 | 562585 | 0.1 |
| 611000 | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | 597421 | 0.1 |
| 32000 | General Motors Co., 6.125%, 10/01/2025 | 32058 | 0.0 |
| 123000 | General Motors Co., 6.250%, 10/02/2043 | 120752 | 0.0 |
| 339000 | General Motors Financial Co., Inc., 2.350%, 01/08/2031 | 293771 | 0.0 |
| 1074000 | General Motors Financial Co., Inc., 4.900%, 10/06/2029 | 1072596 | 0.1 |
| 503000 | General Motors Financial Co., Inc., 5.450%, 07/15/2030 | 510269 | 0.1 |
| 921000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 941160 | 0.1 |
| 518000 | General Motors Financial Co., Inc., 5.900%, 01/07/2035 | 521056 | 0.1 |
| 92000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | 94734 | 0.0 |
| 207000 | Genuine Parts Co., 4.950%, 08/15/2029 | 210263 | 0.0 |
| 596000 | Honda Motor Co. Ltd., 4.688%, 07/08/2030 | 597157 | 0.1 |
| 901000 | Honda Motor Co. Ltd., 5.337%, 07/08/2035 | 903643 | 0.1 |
| 127000 | Hyatt Hotels Corp., 5.250%, 06/30/2029 | 129248 | 0.0 |
| 293000 <sup>(1)</sup> | Hyundai Capital America, 5.150%, 03/27/2030 | 296626 | 0.0 |
| 285000 <sup>(1)</sup> | Hyundai Capital America, 5.300%, 06/24/2029 | 290327 | 0.0 |
| 424000 <sup>(1)(2)</sup> | Hyundai Capital America, 5.400%, 03/29/2032 | 429245 | 0.1 |
| 282000 <sup>(1)</sup> | Hyundai Capital America, 5.680%, 06/26/2028 | 289498 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 681000 <sup>(1)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | $708152 | 0.1 |
| 301000 <sup>(1)</sup> | Hyundai Capital America, 6.500%, 01/16/2029 | 317564 | 0.0 |
| 20000 | Lowe's Cos., Inc., 4.450%, 04/01/2062 | 15536 | 0.0 |
| 18000 | Lowe's Cos., Inc., 5.850%, 04/01/2063 | 17592 | 0.0 |
| 266000 | Marriott International, Inc., 4.800%, 03/15/2030 | 268638 | 0.0 |
| 166000 | Marriott International, Inc., 5.350%, 03/15/2035 | 167437 | 0.0 |
| 389000 <sup>(1)</sup> | Mercedes-Benz Finance North America LLC, 4.800%, 08/01/2029 | 392315 | 0.1 |
| 187000 | O'Reilly Automotive, Inc., 5.000%, 08/19/2034 | 185307 | 0.0 |
| 310000 | Target Corp., 5.000%, 04/15/2035 | 309657 | 0.0 |
| 549000 | Toyota Motor Corp., 4.450%, 06/30/2030 | 551419 | 0.1 |
| 250000 | Toyota Motor Credit Corp., 4.550%, 08/09/2029 | 252081 | 0.0 |
| 402000 | Toyota Motor Credit Corp., 4.800%, 05/15/2030 | 408550 | 0.1 |
| 185000 | Toyota Motor Credit Corp., 5.350%, 01/09/2035 | 189704 | 0.0 |
| 342000 | Toyota Motor Credit Corp., MTN, 4.350%, 10/08/2027 | 343525 | 0.0 |
| 106529 | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | 108796 | 0.0 |
| 419747 | United Airlines Pass Through Trust 2014-2, A, 3.750%, 03/03/2028 | 412935 | 0.1 |
| 523220 | United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030 | 494755 | 0.1 |
| 699000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 5.250%, 03/22/2029 | 707442 | 0.1 |
| 759000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 5.300%, 03/22/2027 | 766152 | 0.1 |
| 354000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 6.450%, 11/16/2030 | 376874 | 0.0 |
| 886000 | Walmart, Inc., 4.900%, 04/28/2035 | 897714 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | | |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 184000 | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | $| 171711 | 0.0 |
| 101000 | Warnermedia Holdings, Inc., 5.141%, 03/15/2052 |  | 70953 | 0.0 |
|  |  |  | **19301905** | **2.1** |
|  | **Consumer, Non-cyclical: 3.2%** | **Consumer, Non-cyclical: 3.2%** | **Consumer, Non-cyclical: 3.2%** | **Consumer, Non-cyclical: 3.2%** |
| 121000 | AbbVie, Inc., 3.200%, 11/21/2029 |  | 115774 | 0.0 |
| 150000 | AbbVie, Inc., 4.050%, 11/21/2039 |  | 131545 | 0.0 |
| 166000 | AbbVie, Inc., 4.650%, 03/15/2028 |  | 168538 | 0.0 |
| 448000 | AbbVie, Inc., 4.950%, 03/15/2031 |  | 460073 | 0.1 |
| 282000 | AbbVie, Inc., 5.600%, 03/15/2055 |  | 282361 | 0.0 |
| 262000 | Altria Group, Inc., 6.200%, 11/01/2028 |  | 276665 | 0.0 |
| 75000 | Amgen, Inc., 2.200%, 02/21/2027 |  | 72581 | 0.0 |
| 18000 | Amgen, Inc., 2.300%, 02/25/2031 |  | 16013 | 0.0 |
| 60000 | Amgen, Inc., 2.450%, 02/21/2030 |  | 54964 | 0.0 |
| 67000 | Amgen, Inc., 3.150%, 02/21/2040 |  | 51642 | 0.0 |
| 49000 | Amgen, Inc., 5.250%, 03/02/2030 |  | 50503 | 0.0 |
| 75000 | Amgen, Inc., 5.750%, 03/02/2063 |  | 72970 | 0.0 |
| 133000 | Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038 |  | 124181 | 0.0 |
| 448000 | Astrazeneca Finance LLC, 4.900%, 02/26/2031 |  | 460514 | 0.1 |
| 324000 | Automatic Data Processing, Inc., 4.750%, 05/08/2032 |  | 328802 | 0.1 |
| 12000 | BAT Capital Corp., 3.557%, 08/15/2027 |  | 11811 | 0.0 |
| 267000 | BAT Capital Corp., 4.390%, 08/15/2037 |  | 238889 | 0.0 |
| 138000 | BAT Capital Corp., 5.834%, 02/20/2031 |  | 145271 | 0.0 |
| 68000 | BAT Capital Corp., 7.079%, 08/02/2043 |  | 74950 | 0.0 |
| 346000 | Becton Dickinson & Co., 4.693%, 02/13/2028 |  | 349477 | 0.1 |
| 11000 | Bristol-Myers Squibb Co., 3.400%, 07/26/2029 |  | 10661 | 0.0 |
| 128000 | Bristol-Myers Squibb Co., 4.125%, 06/15/2039 |  | 113978 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 545000 | Bristol-Myers Squibb Co., 5.550%, 02/22/2054 | $532071 | 0.1 |
| 68000 | Bristol-Myers Squibb Co., 6.400%, 11/15/2063 | 73722 | 0.0 |
| 298000 | Campbell Soup Co., 5.200%, 03/21/2029 | 305252 | 0.0 |
| 423000 | Cardinal Health, Inc., 4.700%, 11/15/2026 | 425344 | 0.1 |
| 49000 | Cardinal Health, Inc., 5.450%, 02/15/2034 | 50446 | 0.0 |
| 216000 <sup>(1)</sup> | Cargill, Inc., 1.700%, 02/02/2031 | 187020 | 0.0 |
| 134000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 04/23/2030 | 121669 | 0.0 |
| 123000 <sup>(1)</sup> | Cargill, Inc., 5.125%, 02/11/2035 | 123977 | 0.0 |
| 185000 | Cencora, Inc., 5.125%, 02/15/2034 | 186569 | 0.0 |
| 71000 | Centene Corp., 2.450%, 07/15/2028 | 65980 | 0.0 |
| 1268000 | Centene Corp., 3.000%, 10/15/2030 | 1133803 | 0.1 |
| 409000 | Cigna Group, 2.375%, 03/15/2031 | 363737 | 0.1 |
| 356000 | Cigna Group, 4.800%, 08/15/2038 | 334899 | 0.1 |
| 170000 <sup>(2)</sup> | Cigna Group, 5.250%, 02/15/2034 | 172774 | 0.0 |
| 489000 | Cigna Group, 5.600%, 02/15/2054 | 469482 | 0.1 |
| 304000 | Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029 | 313393 | 0.0 |
| 186000 | CVS Health Corp., 4.125%, 04/01/2040 | 155922 | 0.0 |
| 415000 | CVS Health Corp., 4.780%, 03/25/2038 | 381111 | 0.1 |
| 97000 | CVS Health Corp., 5.050%, 03/25/2048 | 83838 | 0.0 |
| 139000 | CVS Health Corp., 5.125%, 02/21/2030 | 141554 | 0.0 |
| 22000 | CVS Health Corp., 6.000%, 06/01/2063 | 21049 | 0.0 |
| 10417 | CVS Pass-Through Trust, 6.943%, 01/10/2030 | 10755 | 0.0 |
| 510000 <sup>(1)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | 518126 | 0.1 |
| 317000 | Elevance Health, Inc., 4.950%, 11/01/2031 | 321614 | 0.0 |
| 143000 | Elevance Health, Inc., 5.200%, 02/15/2035 | 144568 | 0.0 |
| 465000 | Eli Lilly & Co., 5.500%, 02/12/2055 | 468254 | 0.1 |
| 210000 | Equifax, Inc., 3.100%, 05/15/2030 | 196543 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 558000 | Gilead Sciences, Inc., 5.100%, 06/15/2035 | $565377 | 0.1 |
| 281000 | Gilead Sciences, Inc., 5.600%, 11/15/2064 | 276402 | 0.0 |
| 339000 | GlaxoSmithKline Capital, Inc., 4.875%, 04/15/2035 | 338822 | 0.1 |
| 150000 | Global Payments, Inc., 4.450%, 06/01/2028 | 149561 | 0.0 |
| 38000 | Global Payments, Inc., 5.950%, 08/15/2052 | 36567 | 0.0 |
| 106000 | GXO Logistics, Inc., 6.250%, 05/06/2029 | 110718 | 0.0 |
| 82000 | HCA, Inc., 2.375%, 07/15/2031 | 71399 | 0.0 |
| 40000 | HCA, Inc., 3.375%, 03/15/2029 | 38441 | 0.0 |
| 438000 | HCA, Inc., 3.500%, 09/01/2030 | 414323 | 0.1 |
| 61000 | HCA, Inc., 4.375%, 03/15/2042 | 51053 | 0.0 |
| 628000 | HCA, Inc., 4.500%, 02/15/2027 | 628262 | 0.1 |
| 170000 | HCA, Inc., 5.125%, 06/15/2039 | 159993 | 0.0 |
| 254000 | HCA, Inc., 5.450%, 04/01/2031 | 261991 | 0.0 |
| 347000 | HCA, Inc., 6.000%, 04/01/2054 | 339731 | 0.1 |
| 39000 | HCA, Inc., 6.100%, 04/01/2064 | 38069 | 0.0 |
| 434000 <sup>(1)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co., 5.200%, 06/15/2029 | 443041 | 0.1 |
| 545000 | Hershey Co., 4.950%, 02/24/2032 | 557353 | 0.1 |
| 258000 | Humana, Inc., 5.375%, 04/15/2031 | 264000 | 0.0 |
| 524000 | Icon Investments Six DAC, 5.849%, 05/08/2029 | 543833 | 0.1 |
| 524000 <sup>(1)</sup> | Imperial Brands Finance PLC, 5.500%, 02/01/2030 | 540400 | 0.1 |
| 267000 <sup>(1)</sup> | Imperial Brands Finance PLC, 5.875%, 07/01/2034 | 274240 | 0.0 |
| 203000 <sup>(1)</sup> | Japan Tobacco, Inc., 5.250%, 06/15/2030 | 208978 | 0.0 |
| 7000 | Johnson & Johnson, 2.100%, 09/01/2040 | 4812 | 0.0 |
| 103000 | Johnson & Johnson, 3.625%, 03/03/2037 | 92220 | 0.0 |
| 422000 | Johnson & Johnson, 4.700%, 03/01/2030 | 432042 | 0.1 |
| 28000 | Johnson & Johnson, 5.850%, 07/15/2038 | 30555 | 0.0 |
| 236000 | Kenvue, Inc., 4.850%, 05/22/2032 | 238969 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 168000 | Kenvue, Inc., 5.050%, 03/22/2028 | $172083 | 0.0 |
| 74000 | Keurig Dr Pepper, Inc., 4.600%, 05/15/2030 | 74397 | 0.0 |
| 117000 | Kraft Heinz Foods Co., 5.200%, 03/15/2032 | 119196 | 0.0 |
| 223000 | Kroger Co., 5.500%, 09/15/2054 | 211832 | 0.0 |
| 292000 | Kroger Co., 5.650%, 09/15/2064 | 276672 | 0.0 |
| 216000 | Laboratory Corp. of America Holdings, 4.550%, 04/01/2032 | 212768 | 0.0 |
| 234000 <sup>(1)</sup> | Mars, Inc., 5.000%, 03/01/2032 | 237229 | 0.0 |
| 423000 <sup>(1)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 428279 | 0.1 |
| 290000 <sup>(1)</sup> | Mars, Inc., 5.650%, 05/01/2045 | 290871 | 0.0 |
| 282000 <sup>(1)</sup> | Mars, Inc., 5.700%, 05/01/2055 | 281512 | 0.0 |
| 237000 | McKesson Corp., 4.250%, 09/15/2029 | 236753 | 0.0 |
| 352000 | McKesson Corp., 4.950%, 05/30/2032 | 356860 | 0.1 |
| 283000 | McKesson Corp., 5.250%, 05/30/2035 | 287586 | 0.0 |
| 161000 | Mondelez International, Inc., 2.750%, 04/13/2030 | 149568 | 0.0 |
| 173000 | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | 172550 | 0.0 |
| 289000 | Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063 | 268248 | 0.0 |
| 273000 | Philip Morris International, Inc., 4.750%, 11/01/2031 | 275185 | 0.0 |
| 341000 | Philip Morris International, Inc., 4.875%, 02/13/2029 | 347131 | 0.1 |
| 79000 | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | 71691 | 0.0 |
| 80000 | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | 74472 | 0.0 |
| 416000 | Quest Diagnostics, Inc., 4.625%, 12/15/2029 | 420251 | 0.1 |
| 162000 | Quest Diagnostics, Inc., 5.000%, 12/15/2034 | 161278 | 0.0 |
| 118000 | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | 129353 | 0.0 |
| 81000 | Reynolds American, Inc., 5.850%, 08/15/2045 | 78213 | 0.0 |
| 302000 <sup>(1)</sup> | Roche Holdings, Inc., 4.592%, 09/09/2034 | 299027 | 0.0 |
| 581000 <sup>(1)</sup> | Roche Holdings, Inc., 5.489%, 11/13/2030 | 614464 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 354000 | Royalty Pharma PLC, 1.750%, 09/02/2027 | $335339 | 0.1 |
| 156000 | Royalty Pharma PLC, 2.200%, 09/02/2030 | 138330 | 0.0 |
| 66000 | Royalty Pharma PLC, 3.300%, 09/02/2040 | 49737 | 0.0 |
| 178000 | Royalty Pharma PLC, 5.150%, 09/02/2029 | 181787 | 0.0 |
| 117000 | S&P Global, Inc., 1.250%, 08/15/2030 | 100775 | 0.0 |
| 346000 | S&P Global, Inc., 2.700%, 03/01/2029 | 328035 | 0.0 |
| 262000 | Solventum Corp., 5.450%, 03/13/2031 | 272167 | 0.0 |
| 139000 | Solventum Corp., 5.600%, 03/23/2034 | 143111 | 0.0 |
| 181000 | Solventum Corp., 5.900%, 04/30/2054 | 181081 | 0.0 |
| 316000 | Stryker Corp., 4.850%, 02/10/2030 | 322509 | 0.0 |
| 129000 | Sysco Corp., 5.400%, 03/23/2035 | 131293 | 0.0 |
| 325000 | Takeda Pharmaceutical Co. Ltd., 5.300%, 07/05/2034 | 330176 | 0.1 |
| 257000 | Takeda Pharmaceutical Co. Ltd., 5.800%, 07/05/2064 | 249854 | 0.0 |
| 302000 | Takeda US Financing, Inc., 5.200%, 07/07/2035 | 302155 | 0.0 |
| 331000 | Takeda US Financing, Inc., 5.900%, 07/07/2055 | 332907 | 0.1 |
| 387000 | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | 398448 | 0.1 |
| 199000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 205236 | 0.0 |
| 229000 | Unilever Capital Corp., 4.625%, 08/12/2034 | 227347 | 0.0 |
| 35000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | 25408 | 0.0 |
| 102000 | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | 82366 | 0.0 |
| 133000 | UnitedHealth Group, Inc., 5.150%, 07/15/2034 | 134407 | 0.0 |
| 52000 | UnitedHealth Group, Inc., 5.500%, 04/15/2064 | 48572 | 0.0 |
| 238000 | UnitedHealth Group, Inc., 5.750%, 07/15/2064 | 231690 | 0.0 |
| 156000 | Universal Health Services, Inc., 4.625%, 10/15/2029 | 154291 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | | |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 151000 | Viatris, Inc., 2.700%, 06/22/2030 | $| 134554 | 0.0 |
| 102000 | Viatris, Inc., 3.850%, 06/22/2040 |  | 75381 | 0.0 |
| 152000 | Viatris, Inc., 4.000%, 06/22/2050 |  | 101327 | 0.0 |
| 247000 | Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028 |  | 254722 | 0.0 |
|  |  |  | **29747261** | **3.2** |
|  | **Energy: 1.4%** | **Energy: 1.4%** | **Energy: 1.4%** | **Energy: 1.4%** |
| 203000 <sup>(1)</sup> | Aker BP ASA, 5.125%, 10/01/2034 |  | 195034 | 0.0 |
| 421000 <sup>(1)</sup> | APA Corp., 6.750%, 02/15/2055 |  | 398167 | 0.1 |
| 58000 | BP Capital Markets America, Inc., 4.893%, 09/11/2033 |  | 58163 | 0.0 |
| 44000 | BP Capital Markets America, Inc., 4.989%, 04/10/2034 |  | 44296 | 0.0 |
| 262000 | BP Capital Markets America, Inc., 5.227%, 11/17/2034 |  | 266709 | 0.0 |
| 198000 <sup>(3)</sup> | BP Capital Markets PLC, 4.875%, 12/31/2199 |  | 196567 | 0.0 |
| 233000 <sup>(3)</sup> | BP Capital Markets PLC, 6.125%, 12/31/2199 |  | 233199 | 0.0 |
| 71000 <sup>(1)</sup> | Cameron LNG LLC, 2.902%, 07/15/2031 |  | 64524 | 0.0 |
| 191000 <sup>(1)</sup> | Canadian Natural Resources Ltd., 5.400%, 12/15/2034 |  | 189873 | 0.0 |
| 10000 | Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029 |  | 9650 | 0.0 |
| 258000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 |  | 255328 | 0.0 |
| 526000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 5.097%, 10/01/2031 |  | 528645 | 0.1 |
| 373000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 |  | 388500 | 0.1 |
| 89000 | ConocoPhillips Co., 5.700%, 09/15/2063 |  | 85235 | 0.0 |
| 290000 <sup>(2)</sup> | Devon Energy Corp., 5.200%, 09/15/2034 |  | 281801 | 0.0 |
| 108000 | Diamondback Energy, Inc., 4.250%, 03/15/2052 |  | 81361 | 0.0 |
| 82000 | Diamondback Energy, Inc., 5.900%, 04/18/2064 |  | 75981 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 222000 | Diamondback Energy, Inc., 6.250%, 03/15/2053 | $219760 | 0.0 |
| 267000 <sup>(3)</sup> | Enbridge, Inc. 20-A, 5.750%, 07/15/2080 | 266540 | 0.0 |
| 210000 | Energy Transfer L.P., 3.750%, 05/15/2030 | 201569 | 0.0 |
| 27000 | Energy Transfer L.P., 4.900%, 03/15/2035 | 25839 | 0.0 |
| 211000 | Energy Transfer L.P., 5.200%, 04/01/2030 | 215788 | 0.0 |
| 148000 | Energy Transfer L.P., 5.300%, 04/01/2044 | 132709 | 0.0 |
| 77000 | Energy Transfer L.P., 5.350%, 05/15/2045 | 69413 | 0.0 |
| 91000 | Energy Transfer L.P., 6.050%, 09/01/2054 | 87543 | 0.0 |
| 67000 | Energy Transfer L.P. 20Y, 5.800%, 06/15/2038 | 67285 | 0.0 |
| 139000 | Enterprise Products Operating LLC, 4.950%, 02/15/2035 | 138583 | 0.0 |
| 407000 <sup>(3)</sup> | Enterprise Products Operating LLC D, 7.573%, (TSFR3M + 3.248%), 08/16/2077 | 405265 | 0.1 |
| 543000 | EOG Resources, Inc., 5.000%, 07/15/2032 | 549856 | 0.1 |
| 262000 | EOG Resources, Inc., 5.350%, 01/15/2036 | 265811 | 0.0 |
| 787000 | Equinor ASA, 4.500%, 09/03/2030 | 792923 | 0.1 |
| 450000 | Hess Corp., 4.300%, 04/01/2027 | 449142 | 0.1 |
| 66000 | Kinder Morgan Energy Partners L.P., 5.000%, 03/01/2043 | 58849 | 0.0 |
| 84000 | Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044 | 78043 | 0.0 |
| 357000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 356668 | 0.1 |
| 269000 | Marathon Petroleum Corp., 5.700%, 03/01/2035 | 272991 | 0.0 |
| 343000 | MPLX L.P., 2.650%, 08/15/2030 | 310558 | 0.1 |
| 152000 | MPLX L.P., 4.000%, 03/15/2028 | 150554 | 0.0 |
| 78000 | MPLX L.P., 5.500%, 06/01/2034 | 78355 | 0.0 |
| 140000 | Occidental Petroleum Corp., 5.375%, 01/01/2032 | 138951 | 0.0 |
| 91000 | Occidental Petroleum Corp., 6.050%, 10/01/2054 | 83471 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |  |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 351000 | Occidental Petroleum Corp., 6.125%, 01/01/2031 | $| 363611 | 0.1 |
| 160000 | Occidental Petroleum Corp., 6.200%, 03/15/2040 |  | 156718 | 0.0 |
| 33000 | Occidental Petroleum Corp., 6.600%, 03/15/2046 |  | 32554 | 0.0 |
| 41000 | Occidental Petroleum Corp., 8.500%, 07/15/2027 |  | 43398 | 0.0 |
| 82000 | ONEOK Partners L.P., 6.200%, 09/15/2043 |  | 81680 | 0.0 |
| 112000 <sup>(2)</sup> | Ovintiv, Inc., 5.650%, 05/15/2028 |  | 115171 | 0.0 |
| 478000 | Ovintiv, Inc., 7.100%, 07/15/2053 |  | 495912 | 0.1 |
| 268000 | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 |  | 266644 | 0.0 |
| 125000 <sup>(1)</sup> | Schlumberger Holdings Corp., 2.650%, 06/26/2030 |  | 115092 | 0.0 |
| 243000 <sup>(1)</sup> | Schlumberger Holdings Corp., 5.000%, 11/15/2029 |  | 249468 | 0.0 |
| 71000 | Targa Resources Corp., 5.500%, 02/15/2035 |  | 71283 | 0.0 |
| 43000 | Targa Resources Corp., 6.250%, 07/01/2052 |  | 42629 | 0.0 |
| 233000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 |  | 231257 | 0.0 |
| 63000 | TotalEnergies Capital SA, 5.638%, 04/05/2064 |  | 61149 | 0.0 |
| 332000 <sup>(3)</sup> | TransCanada PipeLines Ltd., 7.000%, 06/01/2065 |  | 332533 | 0.1 |
| 136000 | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 |  | 128333 | 0.0 |
| 302000 | Western Midstream Operating L.P., 5.450%, 11/15/2034 |  | 296224 | 0.0 |
| 129000 | Williams Cos., Inc., 4.900%, 03/15/2029 |  | 130818 | 0.0 |
| 325000 | Woodside Finance Ltd., 5.400%, 05/19/2030 |  | 329755 | 0.1 |
| 303000 | Woodside Finance Ltd., 5.700%, 05/19/2032 |  | 308640 | 0.0 |
| 352000 | Woodside Finance Ltd., 6.000%, 05/19/2035 |  | 359477 | 0.1 |
|  |  |  | **12981845** | **1.4** |
|  | **Financial: 7.3%** | **Financial: 7.3%** | **Financial: 7.3%** | **Financial: 7.3%** |
| 200000 <sup>(1)(3)</sup> | ABN AMRO Bank NV, 3.324%, 03/13/2037 |  | 175975 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 271000 | Air Lease Corp., MTN, 5.200%, 07/15/2031 | $277070 | 0.0 |
| 208000 | Alleghany Corp., 3.250%, 08/15/2051 | 139651 | 0.0 |
| 286000 <sup>(3)</sup> | American Express Co., 5.098%, 02/16/2028 | 289350 | 0.0 |
| 576000 <sup>(3)</sup> | American Express Co., 5.282%, 07/27/2029 | 592364 | 0.1 |
| 343000 <sup>(3)</sup> | American Express Co., 5.532%, 04/25/2030 | 356639 | 0.0 |
| 47000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | 43397 | 0.0 |
| 144000 | American Homes 4 Rent L.P., 4.250%, 02/15/2028 | 143183 | 0.0 |
| 334000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 | 339765 | 0.0 |
| 391000 | American International Group, Inc., 3.400%, 06/30/2030 | 372024 | 0.1 |
| 391000 <sup>(1)</sup> | American National Global Funding, 5.250%, 06/03/2030 | 393158 | 0.1 |
| 84000 | American Tower Corp., 2.700%, 04/15/2031 | 75374 | 0.0 |
| 60000 | American Tower Corp., 3.600%, 01/15/2028 | 58931 | 0.0 |
| 182000 | American Tower Corp., 3.650%, 03/15/2027 | 179838 | 0.0 |
| 187000 | American Tower Corp., 5.250%, 07/15/2028 | 191776 | 0.0 |
| 160000 | Ameriprise Financial, Inc., 5.200%, 04/15/2035 | 161240 | 0.0 |
| 221000 | Ameriprise Financial, Inc., 5.700%, 12/15/2028 | 231675 | 0.0 |
| 125000 | Aon North America, Inc., 5.125%, 03/01/2027 | 126531 | 0.0 |
| 280000 | Aon North America, Inc., 5.150%, 03/01/2029 | 286843 | 0.0 |
| 747000 <sup>(1)</sup> | Athene Global Funding, 5.322%, 11/13/2031 | 753510 | 0.1 |
| 153000 <sup>(1)</sup> | Athene Global Funding, 5.684%, 02/23/2026 | 154078 | 0.0 |
| 704000 <sup>(1)</sup> | Atlas Warehouse Lending Co. L.P., 6.050%, 01/15/2028 | 713054 | 0.1 |
| 600000 | Banco Santander SA, 5.439%, 07/15/2031 | 623576 | 0.1 |
| 400000 <sup>(3)</sup> | Banco Santander SA, 5.538%, 03/14/2030 | 412573 | 0.1 |
| 103000 <sup>(3)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 89784 | 0.0 |
| 238000 <sup>(3)</sup> | Bank of America Corp., 2.572%, 10/20/2032 | 209826 | 0.0 |
| 403000 <sup>(3)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 368531 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†**  | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 360000 <sup>(3)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | $323174 | 0.0 |
| 1267000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 1238717 | 0.1 |
| 60000 <sup>(3)</sup> | Bank of America Corp., 3.705%, 04/24/2028 | 59309 | 0.0 |
| 149000 <sup>(3)</sup> | Bank of America Corp., 5.464%, 05/09/2036 | 152844 | 0.0 |
| 189000 <sup>(3)</sup> | Bank of America Corp., 5.511%, 01/24/2036 | 194404 | 0.0 |
| 610000 <sup>(3)</sup> | Bank of America Corp., 5.518%, 10/25/2035 | 610283 | 0.1 |
| 502000 <sup>(3)</sup> | Bank of America Corp., 5.744%, 02/12/2036 | 510348 | 0.1 |
| 380000 <sup>(3)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 401141 | 0.1 |
| 612000 <sup>(3)</sup> | Bank of America Corp., GMTN, 3.593%, 07/21/2028 | 602724 | 0.1 |
| 470000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.087%, 06/14/2029 | 440618 | 0.1 |
| 65000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.496%, 02/13/2031 | 59383 | 0.0 |
| 434000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.551%, 02/04/2028 | 421938 | 0.1 |
| 348000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.884%, 10/22/2030 | 325798 | 0.0 |
| 434000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.972%, 02/04/2033 | 388755 | 0.1 |
| 424000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.194%, 07/23/2030 | 403677 | 0.1 |
| 87000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.970%, 03/05/2029 | 86049 | 0.0 |
| 1611000 <sup>(2)(3)</sup> | Bank of Montreal, 4.640%, 09/10/2030 | 1624770 | 0.2 |
| 386000 | Bank of Montreal, 5.511%, 06/04/2031 | 403744 | 0.1 |
| 70000 <sup>(3)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 | 71485 | 0.0 |
| 535000 <sup>(3)</sup> | Bank of Nova Scotia, 4.740%, 11/10/2032 | 534822 | 0.1 |
| 270000 <sup>(3)</sup> | Bank of Nova Scotia, 5.130%, 02/14/2031 | 275043 | 0.0 |
| 200000 <sup>(1)</sup> | Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026 | 200540 | 0.0 |
| 341000 <sup>(3)</sup> | Barclays PLC, 5.367%, 02/25/2031 | 348414 | 0.0 |
| 172000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028 | 158523 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 466000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | $392535 | 0.1 |
| 64000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030 | 58778 | 0.0 |
| 364000 <sup>(1)(3)</sup> | BNP Paribas SA, 5.085%, 05/09/2031 | 367672 | 0.0 |
| 371000 <sup>(1)(2)</sup> | BPCE SA, 5.203%, 01/18/2027 | 376425 | 0.1 |
| 364000 <sup>(1)</sup> | BPCE SA, 5.281%, 05/30/2029 | 374663 | 0.1 |
| 371000 <sup>(1)(3)</sup> | BPCE SA, 5.716%, 01/18/2030 | 382071 | 0.1 |
| 359000 | Brookfield Asset Management Ltd., 5.795%, 04/24/2035 | 368525 | 0.0 |
| 378000 | Brown & Brown, Inc., 4.900%, 06/23/2030 | 381726 | 0.1 |
| 221000 <sup>(1)(3)</sup> | CaixaBank SA, 5.673%, 03/15/2030 | 228623 | 0.0 |
| 222000 <sup>(3)</sup> | Capital One Financial Corp., 1.878%, 11/02/2027 | 214497 | 0.0 |
| 166000 <sup>(3)</sup> | Charles Schwab Corp., 6.196%, 11/17/2029 | 176189 | 0.0 |
| 501000 | CME Group, Inc., 4.400%, 03/15/2030 | 504667 | 0.1 |
| 434000 <sup>(1)</sup> | CNO Global Funding, 5.875%, 06/04/2027 | 445935 | 0.1 |
| 490000 <sup>(3)</sup> | CoBank ACB M, 7.125%, 12/31/2199 | 501869 | 0.1 |
| 906000 <sup>(1)(3)</sup> | Cooperatieve Rabobank UA, 5.710%, 01/21/2033 | 943592 | 0.1 |
| 444000 <sup>(1)</sup> | Corebridge Financial, Inc., 3.650%, 04/05/2027 | 438301 | 0.1 |
| 96000 | Corebridge Financial, Inc., 3.900%, 04/05/2032 | 90174 | 0.0 |
| 109000 | Corebridge Financial, Inc., 5.750%, 01/15/2034 | 113315 | 0.0 |
| 335000 | Corebridge Financial, Inc., 6.050%, 09/15/2033 | 352832 | 0.0 |
| 399000 | Credit Suisse AG/ New York NY, 5.000%, 07/09/2027 | 405241 | 0.1 |
| 200000 | Crown Castle, Inc., 2.100%, 04/01/2031 | 171693 | 0.0 |
| 53000 | Crown Castle, Inc., 2.500%, 07/15/2031 | 46277 | 0.0 |
| 136000 | Crown Castle, Inc., 2.900%, 03/15/2027 | 132356 | 0.0 |
| 210000 | Crown Castle, Inc., 3.300%, 07/01/2030 | 196676 | 0.0 |
| 401000 | Crown Castle, Inc., 4.800%, 09/01/2028 | 403563 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 416000 | Crown Castle, Inc., 4.900%, 09/01/2029 | $419949 | 0.1 |
| 56000 | Crown Castle, Inc., 5.100%, 05/01/2033 | 55802 | 0.0 |
| 201000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 207549 | 0.0 |
| 96000 | Crown Castle, Inc., 5.800%, 03/01/2034 | 99451 | 0.0 |
| 232000 | CubeSmart L.P., 2.250%, 12/15/2028 | 216297 | 0.0 |
| 270000 <sup>(1)(3)</sup> | Danske Bank A/S, 4.613%, 10/02/2030 | 268988 | 0.0 |
| 345000 <sup>(1)(3)</sup> | Danske Bank A/S, 5.705%, 03/01/2030 | 358045 | 0.0 |
| 813000 <sup>(1)(3)</sup> | Depository Trust & Clearing Corp. D, 3.375%, 12/31/2199 | 789972 | 0.1 |
| 719000 | Deutsche Bank AG/ New York NY, 5.414%, 05/10/2029 | 744942 | 0.1 |
| 271000 <sup>(1)(3)</sup> | DNB Bank ASA, 4.853%, 11/05/2030 | 274115 | 0.0 |
| 328000 <sup>(1)</sup> | EQT AB, 5.850%, 05/08/2035 | 334819 | 0.0 |
| 509000 <sup>(1)</sup> | Equitable Financial Life Global Funding, 5.000%, 03/27/2030 | 516961 | 0.1 |
| 533000 <sup>(1)</sup> | Equitable Holdings, Inc., 4.572%, 02/15/2029 | 532454 | 0.1 |
| 196000 | Extra Space Storage L.P., 3.900%, 04/01/2029 | 192001 | 0.0 |
| 165000 | Extra Space Storage L.P., 4.000%, 06/15/2029 | 161879 | 0.0 |
| 140000 | Extra Space Storage L.P., 5.350%, 01/15/2035 | 141013 | 0.0 |
| 641000 <sup>(1)</sup> | Federation des Caisses Desjardins du Quebec, 5.250%, 04/26/2029 | 658319 | 0.1 |
| 110000 <sup>(3)</sup> | First Citizens BancShares, Inc., 6.254%, 03/12/2040 | 109730 | 0.0 |
| 242000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 | 239176 | 0.0 |
| 156000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 157424 | 0.0 |
| 160000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.536%, 01/28/2036 | 164141 | 0.0 |
| 169000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 175957 | 0.0 |
| 717000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.734%, 01/28/2056 | 717538 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 169000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | $179296 | 0.0 |
| 309000 | Hartford Financial Services Group, Inc., 2.900%, 09/15/2051 | 193495 | 0.0 |
| 745000 <sup>(1)(3)</sup> | Hartford Financial Services Group, Inc. ICON, 6.713%, (TSFR3M + 2.387%), 02/12/2067 | 694005 | 0.1 |
| 219000 | Healthpeak OP LLC, 5.250%, 12/15/2032 | 222983 | 0.0 |
| 202000 | Host Hotels & Resorts L.P., 5.500%, 04/15/2035 | 200053 | 0.0 |
| 645000 <sup>(3)</sup> | HSBC Holdings PLC, 2.206%, 08/17/2029 | 600988 | 0.1 |
| 315000 <sup>(3)</sup> | HSBC Holdings PLC, 2.804%, 05/24/2032 | 279958 | 0.0 |
| 267000 <sup>(3)</sup> | HSBC Holdings PLC, 5.597%, 05/17/2028 | 272097 | 0.0 |
| 540000 <sup>(3)</sup> | Huntington Bancshares, Inc., 6.141%, 11/18/2039 | 551133 | 0.1 |
| 399000 <sup>(3)</sup> | Huntington National Bank, 4.871%, 04/12/2028 | 401640 | 0.1 |
| 387000 | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 346587 | 0.0 |
| 917000 | Intercontinental Exchange, Inc., 3.625%, 09/01/2028 | 898527 | 0.1 |
| 140000 | Invitation Homes Operating Parternship L.P., 5.500%, 08/15/2033 | 142245 | 0.0 |
| 349000 | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | 297352 | 0.0 |
| 512000 | Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028 | 479590 | 0.1 |
| 52000 <sup>(2)</sup> | Invitation Homes Operating Partnership L.P., 4.150%, 04/15/2032 | 49256 | 0.0 |
| 450000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 422150 | 0.1 |
| 91000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.182%, 06/01/2028 | 87497 | 0.0 |
| 101000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.739%, 10/15/2030 | 94198 | 0.0 |
| 14000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.109%, 04/22/2051 | 9429 | 0.0 |
| 245000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | 240024 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 343000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | $343713 | 0.0 |
| 348000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 349256 | 0.0 |
| 241000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 245454 | 0.0 |
| 237000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | 241417 | 0.0 |
| 124000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.140%, 01/24/2031 | 127190 | 0.0 |
| 235000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 239915 | 0.0 |
| 1046000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.572%, 04/22/2036 | 1084424 | 0.1 |
| 235000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 244059 | 0.0 |
| 140000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 147140 | 0.0 |
| 96000 <sup>(3)</sup> | KeyCorp, 6.401%, 03/06/2035 | 102444 | 0.0 |
| 140000 <sup>(3)</sup> | KeyCorp, MTN, 4.789%, 06/01/2033 | 136543 | 0.0 |
| 21000 | Kite Realty Group L.P., 4.000%, 10/01/2026 | 20822 | 0.0 |
| 202000 <sup>(1)</sup> | Lineage OP L.P., 5.250%, 07/15/2030 | 203304 | 0.0 |
| 528000 <sup>(2)(3)</sup> | Lloyds Banking Group PLC, 8.000%, 12/31/2199 | 558151 | 0.1 |
| 395000 | LPL Holdings, Inc., 5.150%, 06/15/2030 | 400054 | 0.1 |
| 314000 <sup>(2)</sup> | LPL Holdings, Inc., 5.200%, 03/15/2030 | 319040 | 0.0 |
| 229000 | LPL Holdings, Inc., 5.700%, 05/20/2027 | 233425 | 0.0 |
| 365000 <sup>(1)</sup> | Lseg US Fin Corp., 4.875%, 03/28/2027 | 368896 | 0.1 |
| 226000 <sup>(1)</sup> | Lseg US Fin Corp., 5.297%, 03/28/2034 | 232334 | 0.0 |
| 860000 | Marsh & McLennan Cos., Inc., 5.000%, 03/15/2035 | 860209 | 0.1 |
| 173000 | Mid-America Apartments L.P., 5.300%, 02/15/2032 | 178859 | 0.0 |
| 421000 <sup>(3)</sup> | Mitsubishi UFJ Financial Group, Inc., 5.197%, 01/16/2031 | 431342 | 0.1 |
| 836000 <sup>(3)</sup> | Mitsubishi UFJ Financial Group, Inc., 5.615%, 04/24/2036 | 859994 | 0.1 |
| 158000 <sup>(3)</sup> | Morgan Stanley, 2.475%, 01/21/2028 | 153412 | 0.0 |
| 195000 <sup>(3)</sup> | Morgan Stanley, 2.484%, 09/16/2036 | 165752 | 0.0 |
| 499000 <sup>(3)</sup> | Morgan Stanley, 3.591%, 07/22/2028 | 490359 | 0.1 |
| 171000 <sup>(3)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 173942 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 222000 <sup>(3)</sup> | Morgan Stanley, 5.192%, 04/17/2031 | $227633 | 0.0 |
| 280000 <sup>(3)</sup> | Morgan Stanley, 5.587%, 01/18/2036 | 287535 | 0.0 |
| 1295000 <sup>(3)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 1342444 | 0.2 |
| 403000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 410970 | 0.1 |
| 524000 | National Bank of Canada, 5.600%, 12/18/2028 | 544312 | 0.1 |
| 250000 <sup>(1)</sup> | National Securities Clearing Corp., 4.700%, 05/20/2030 | 254278 | 0.0 |
| 389000 <sup>(3)</sup> | NatWest Group PLC, 5.076%, 01/27/2030 | 394817 | 0.1 |
| 246000 <sup>(3)</sup> | NatWest Group PLC, 5.778%, 03/01/2035 | 255578 | 0.0 |
| 558000 <sup>(1)</sup> | NatWest Markets PLC, 5.410%, 05/17/2029 | 576595 | 0.1 |
| 347000 | NNN REIT, Inc., 4.600%, 02/15/2031 | 345266 | 0.0 |
| 382000 | Nomura Holdings, Inc., 4.904%, 07/01/2030 | 383451 | 0.1 |
| 208000 <sup>(1)</sup> | Northwestern Mutual Life Insurance Co., 6.170%, 05/29/2055 | 217381 | 0.0 |
| 258000 <sup>(1)</sup> | Nuveen LLC, 5.550%, 01/15/2030 | 268842 | 0.0 |
| 306000 | Omega Healthcare Investors, Inc., 5.200%, 07/01/2030 | 307840 | 0.0 |
| 45000 | Piedmont Operating Partnership L.P., 2.750%, 04/01/2032 | 37501 | 0.0 |
| 258000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 6.037%, 10/28/2033 | 274465 | 0.0 |
| 426000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 437825 | 0.1 |
| 79000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034 | 80735 | 0.0 |
| 123000 | Realty Income Corp., 3.950%, 08/15/2027 | 122387 | 0.0 |
| 456000 | Regions Bank/ Birmingham AL, 6.450%, 06/26/2037 | 471761 | 0.1 |
| 816000 | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | 700324 | 0.1 |
| 79000 <sup>(1)</sup> | RGA Global Funding, 5.448%, 05/24/2029 | 81577 | 0.0 |
| 397000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.650%, 10/18/2030 | 397799 | 0.1 |
| 204000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.969%, 08/02/2030 | 206900 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†**  | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 335000 <sup>(2)(3)</sup> | Royal Bank of Canada, GMTN, 4.970%, 05/02/2031 | $340127 | 0.0 |
| 233000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 5.153%, 02/04/2031 | 237882 | 0.0 |
| 119000 | Sabra Health Care L.P., 3.200%, 12/01/2031 | 106105 | 0.0 |
| 248000 <sup>(3)</sup> | Santander UK Group Holdings PLC, 2.469%, 01/11/2028 | 240174 | 0.0 |
| 931000 <sup>(3)</sup> | State Street Corp., 3.031%, 11/01/2034 | 860350 | 0.1 |
| 367000 <sup>(3)</sup> | State Street Corp., 4.675%, 10/22/2032 | 367253 | 0.0 |
| 186000 | State Street Corp., 4.729%, 02/28/2030 | 188865 | 0.0 |
| 210000 | Sumitomo Mitsui Financial Group, Inc., 3.040%, 07/16/2029 | 199115 | 0.0 |
| 397000 | Sumitomo Mitsui Financial Group, Inc., 5.240%, 04/15/2030 | 409088 | 0.1 |
| 239000 | Sumitomo Mitsui Financial Group, Inc., 5.316%, 07/09/2029 | 246288 | 0.0 |
| 453000 | Sumitomo Mitsui Financial Group, Inc., 5.424%, 07/09/2031 | 470279 | 0.1 |
| 327000 | Sumitomo Mitsui Financial Group, Inc., 5.454%, 01/15/2032 | 338700 | 0.0 |
| 200000 <sup>(3)</sup> | Sumitomo Mitsui Financial Group, Inc., 6.450%, 12/31/2199 | 196461 | 0.0 |
| 301000 | Toronto-Dominion Bank, 5.298%, 01/30/2032 | 309073 | 0.0 |
| 450000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.435%, 01/24/2030 | 463579 | 0.1 |
| 198000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.867%, 06/08/2034 | 206922 | 0.0 |
| 118000 <sup>(3)</sup> | Truist Financial Corp., MTN, 6.123%, 10/28/2033 | 125465 | 0.0 |
| 290000 <sup>(1)(3)</sup> | UBS Group AG, 1.364%, 01/30/2027 | 284758 | 0.0 |
| 909000 <sup>(1)(3)</sup> | UBS Group AG, 5.379%, 09/06/2045 | 876904 | 0.1 |
| 253000 <sup>(1)(3)</sup> | UBS Group AG, 9.250%, 12/31/2199 | 293204 | 0.0 |
| 298000 <sup>(1)(3)</sup> | UBS Group AG, 9.250%, 12/31/2199 | 326004 | 0.0 |
| 41000 <sup>(3)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 | 42063 | 0.0 |
| 1892000 <sup>(3)</sup> | Wells Fargo & Co., 5.605%, 04/23/2036 | 1953694 | 0.2 |
| 61000 <sup>(3)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 | 66699 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 55000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.584%, 05/22/2028 | $| 54175 | 0.0 |
| 427000 <sup>(1)</sup> | Westpac New Zealand Ltd., 5.132%, 02/26/2027 |  | 432586 | 0.1 |
| 24000 | Weyerhaeuser Co., 4.750%, 05/15/2026 |  | 24052 | 0.0 |
|  |  |  | **67062970** | **7.3** |
|  | **Industrial: 1.7%** | **Industrial: 1.7%** | **Industrial: 1.7%** | **Industrial: 1.7%** |
| 202000 | 3M Co., 5.150%, 03/15/2035 |  | 203900 | 0.0 |
| 246000 | AGCO Corp., 5.450%, 03/21/2027 |  | 249130 | 0.0 |
| 147000 | Amcor Group Finance PLC, 5.450%, 05/23/2029 |  | 151244 | 0.0 |
| 416000 | Arrow Electronics, Inc., 5.150%, 08/21/2029 |  | 422568 | 0.1 |
| 211000 <sup>(2)</sup> | Avnet, Inc., 6.250%, 03/15/2028 |  | 219375 | 0.0 |
| 505000 <sup>(1)</sup> | BAE Systems PLC, 5.125%, 03/26/2029 |  | 517801 | 0.1 |
| 450000 | Berry Global, Inc., 1.650%, 01/15/2027 |  | 431777 | 0.1 |
| 28000 | Boeing Co., 5.705%, 05/01/2040 |  | 27681 | 0.0 |
| 102000 | Boeing Co., 5.930%, 05/01/2060 |  | 97047 | 0.0 |
| 39000 | Boeing Co., 6.858%, 05/01/2054 |  | 42732 | 0.0 |
| 232000 | Boeing Co., 7.008%, 05/01/2064 |  | 255064 | 0.0 |
| 144000 | Canadian Pacific Railway Co., 2.875%, 11/15/2029 |  | 135356 | 0.0 |
| 157000 | Carrier Global Corp., 2.722%, 02/15/2030 |  | 145957 | 0.0 |
| 131000 | Carrier Global Corp., 5.900%, 03/15/2034 |  | 139552 | 0.0 |
| 207000 <sup>(2)</sup> | Caterpillar Financial Services Corp., 4.375%, 08/16/2029 |  | 208664 | 0.0 |
| 349000 | Caterpillar, Inc., 5.200%, 05/15/2035 |  | 355938 | 0.1 |
| 418000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 |  | 426814 | 0.1 |
| 431000 | CNH Industrial Capital LLC, 5.500%, 01/12/2029 |  | 444910 | 0.1 |
| 373000 | CRH SMW Finance DAC, 5.200%, 05/21/2029 |  | 382603 | 0.1 |
| 45000 | CSX Corp., 4.650%, 03/01/2068 |  | 37007 | 0.0 |
| 25000 <sup>(1)</sup> | FedEx Corp., 4.550%, 04/01/2046 |  | 20193 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 970000 | Flex Ltd., 5.250%, 01/15/2032 | $981882 | 0.1 |
| 210000 | Fortune Brands Innovations, Inc., 3.250%, 09/15/2029 | 199253 | 0.0 |
| 283000 <sup>(2)</sup> | Fortune Brands Innovations, Inc., 5.875%, 06/01/2033 | 297209 | 0.0 |
| 117000 | GATX Corp., 4.000%, 06/30/2030 | 113894 | 0.0 |
| 84000 | GATX Corp., 6.050%, 06/05/2054 | 84168 | 0.0 |
| 449000 | HEICO Corp., 5.250%, 08/01/2028 | 460795 | 0.1 |
| 384000 | Honeywell International, Inc., 4.750%, 02/01/2032 | 387730 | 0.1 |
| 114000 | Honeywell International, Inc., 5.000%, 03/01/2035 | 114784 | 0.0 |
| 210000 <sup>(2)</sup> | Huntington Ingalls Industries, Inc., 4.200%, 05/01/2030 | 205556 | 0.0 |
| 65000 | Ingersoll Rand, Inc., 5.450%, 06/15/2034 | 66887 | 0.0 |
| 829000 | John Deere Capital Corp., 4.400%, 09/08/2031 | 827388 | 0.1 |
| 250000 | John Deere Capital Corp., MTN, 4.850%, 06/11/2029 | 256237 | 0.0 |
| 449000 | John Deere Capital Corp., MTN, 4.900%, 03/07/2031 | 460144 | 0.1 |
| 75000 | Mohawk Industries, Inc., 5.850%, 09/18/2028 | 77926 | 0.0 |
| 32000 | Norfolk Southern Corp., 5.050%, 08/01/2030 | 33079 | 0.0 |
| 80000 | Norfolk Southern Corp., 5.550%, 03/15/2034 | 83691 | 0.0 |
| 17000 | Norfolk Southern Corp., 5.950%, 03/15/2064 | 17514 | 0.0 |
| 72000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.200%, 11/15/2025 | 71065 | 0.0 |
| 84000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.700%, 06/15/2026 | 81727 | 0.0 |
| 510000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 07/01/2029 | 522395 | 0.1 |
| 350000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030 | 358355 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |  |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 754000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | $| 773514 | 0.1 |
| 261000 | Raytheon Technologies Corp., 4.450%, 11/16/2038 |  | 240687 | 0.0 |
| 301000 | Ryder System, Inc., 5.000%, 03/15/2030 |  | 305537 | 0.0 |
| 149000 | Ryder System, Inc., 6.600%, 12/01/2033 |  | 163859 | 0.0 |
| 196000 | Ryder System, Inc., GMTN, 4.950%, 09/01/2029 |  | 199542 | 0.0 |
| 235000 | Ryder System, Inc., MTN, 5.250%, 06/01/2028 |  | 241215 | 0.0 |
| 41000 | Ryder System, Inc., MTN, 5.375%, 03/15/2029 |  | 42142 | 0.0 |
| 299000 | Ryder System, Inc., MTN, 5.500%, 06/01/2029 |  | 309672 | 0.1 |
| 60000 <sup>(1)</sup> | Sealed Air Corp., 1.573%, 10/15/2026 |  | 57441 | 0.0 |
| 572000 | Smurfit Kappa Treasury ULC, 5.200%, 01/15/2030 |  | 583768 | 0.1 |
| 249000 | Smurfit Kappa Treasury ULC, 5.438%, 04/03/2034 |  | 252506 | 0.0 |
| 220000 | Smurfit Kappa Treasury ULC, 5.777%, 04/03/2054 |  | 217687 | 0.0 |
| 216000 | Sonoco Products Co., 4.600%, 09/01/2029 |  | 215604 | 0.0 |
| 46000 | Union Pacific Corp., 3.750%, 02/05/2070 |  | 31195 | 0.0 |
| 9000 | Union Pacific Corp., 3.799%, 04/06/2071 |  | 6174 | 0.0 |
| 13000 | Union Pacific Corp., 4.100%, 09/15/2067 |  | 9627 | 0.0 |
| 223000 | Union Pacific Corp., 5.100%, 02/20/2035 |  | 226902 | 0.0 |
| 25000 | Union Pacific Corp., 5.150%, 01/20/2063 |  | 22813 | 0.0 |
| 275000 | United Parcel Service, Inc., 5.950%, 05/14/2055 |  | 282431 | 0.0 |
| 129000 | United Parcel Service, Inc., 6.050%, 05/14/2065 |  | 132150 | 0.0 |
| 235000 | Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028 |  | 236409 | 0.0 |
|  |  |  | **15167867** | **1.7** |
|  | **Technology: 1.9%** | **Technology: 1.9%** | **Technology: 1.9%** | **Technology: 1.9%** |
| 855000 | Accenture Capital, Inc., 4.250%, 10/04/2031 |  | 847247 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†**  | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 430000 | Adobe, Inc., 4.950%, 01/17/2030 | $444305 | 0.1 |
| 462000 | AppLovin Corp., 5.125%, 12/01/2029 | 468148 | 0.1 |
| 384000 | AppLovin Corp., 5.375%, 12/01/2031 | 390918 | 0.1 |
| 416000 <sup>(1)</sup> | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | 403662 | 0.1 |
| 207000 <sup>(1)(2)</sup> | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 | 199027 | 0.0 |
| 471000 <sup>(1)</sup> | Broadcom, Inc., 2.450%, 02/15/2031 | 421310 | 0.1 |
| 564000 <sup>(1)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 467785 | 0.1 |
| 245000 | Broadcom, Inc., 4.800%, 10/15/2034 | 242148 | 0.0 |
| 664000 <sup>(1)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 644773 | 0.1 |
| 221000 | Broadcom, Inc., 5.050%, 04/15/2030 | 226459 | 0.0 |
| 214000 | Broadcom, Inc., 5.150%, 11/15/2031 | 220242 | 0.0 |
| 106000 | Broadcom, Inc., 5.200%, 04/15/2032 | 109050 | 0.0 |
| 333000 | Cadence Design Systems, Inc., 4.300%, 09/10/2029 | 333137 | 0.0 |
| 207000 | CDW LLC / CDW Finance Corp., 5.100%, 03/01/2030 | 208615 | 0.0 |
| 296000 <sup>(1)</sup> | Constellation Software, Inc./Canada, 5.158%, 02/16/2029 | 301195 | 0.0 |
| 304000 | Fiserv, Inc., 5.150%, 03/15/2027 | 308106 | 0.0 |
| 111000 | Fiserv, Inc., 5.150%, 08/12/2034 | 111463 | 0.0 |
| 214000 <sup>(1)</sup> | Foundry JV Holdco LLC, 5.875%, 01/25/2034 | 217664 | 0.0 |
| 488000 <sup>(1)</sup> | Foundry JV Holdco LLC, 5.900%, 01/25/2030 | 510251 | 0.1 |
| 280000 <sup>(1)</sup> | Foundry JV Holdco LLC, 6.100%, 01/25/2036 | 290024 | 0.0 |
| 282000 <sup>(1)</sup> | Foundry JV Holdco LLC, 6.200%, 01/25/2037 | 293888 | 0.0 |
| 458000 | Hewlett Packard Enterprise Co., 4.850%, 10/15/2031 | 457018 | 0.1 |
| 334000 | Hewlett Packard Enterprise Co., 5.000%, 10/15/2034 | 324137 | 0.0 |
| 730000 | Hewlett Packard Enterprise Co., 5.600%, 10/15/2054 | 674717 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 178000 | HP, Inc., 2.650%, 06/17/2031 | $157589 | 0.0 |
| 332000 | IBM International Capital Pte Ltd., 4.750%, 02/05/2031 | 336512 | 0.0 |
| 43000 | Intel Corp., 2.800%, 08/12/2041 | 28955 | 0.0 |
| 5000 <sup>(2)</sup> | Intel Corp., 5.200%, 02/10/2033 | 5044 | 0.0 |
| 21000 | Intel Corp., 5.600%, 02/21/2054 | 19279 | 0.0 |
| 75000 | Intel Corp., 5.700%, 02/10/2053 | 69850 | 0.0 |
| 699000 | International Business Machines Corp., 4.800%, 02/10/2030 | 710361 | 0.1 |
| 279000 | International Business Machines Corp., 5.000%, 02/10/2032 | 284866 | 0.0 |
| 279000 | International Business Machines Corp., 5.200%, 02/10/2035 | 283287 | 0.0 |
| 413000 | International Business Machines Corp., 5.700%, 02/10/2055 | 408756 | 0.1 |
| 456000 | Intuit, Inc., 5.500%, 09/15/2053 | 453112 | 0.1 |
| 235000 | Kyndryl Holdings, Inc., 2.700%, 10/15/2028 | 222020 | 0.0 |
| 210000 | Marvell Technology, Inc., 5.750%, 02/15/2029 | 218709 | 0.0 |
| 277000 | Micron Technology, Inc., 5.800%, 01/15/2035 | 286593 | 0.0 |
| 448000 <sup>(1)</sup> | MSCI, Inc., 3.625%, 09/01/2030 | 420528 | 0.1 |
| 212000 | NetApp, Inc., 5.500%, 03/17/2032 | 218442 | 0.0 |
| 39000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030 | 36984 | 0.0 |
| 233000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 5.000%, 01/15/2033 | 232359 | 0.0 |
| 692000 | Oracle Corp., 2.300%, 03/25/2028 | 656940 | 0.1 |
| 61000 | Oracle Corp., 2.800%, 04/01/2027 | 59490 | 0.0 |
| 123000 | Oracle Corp., 3.250%, 11/15/2027 | 120269 | 0.0 |
| 214000 | Oracle Corp., 3.800%, 11/15/2037 | 183313 | 0.0 |
| 26000 | Oracle Corp., 3.850%, 07/15/2036 | 22906 | 0.0 |
| 77000 | Oracle Corp., 3.850%, 04/01/2060 | 53109 | 0.0 |
| 25000 | Oracle Corp., 3.900%, 05/15/2035 | 22566 | 0.0 |
| 459000 | Oracle Corp., 5.375%, 09/27/2054 | 419894 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |  |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 193000 | Oracle Corp., 5.500%, 09/27/2064 | $| 175925 | 0.0 |
| 456000 | Oracle Corp., 6.000%, 08/03/2055 |  | 455613 | 0.1 |
| 147000 | Oracle Corp., 6.125%, 08/03/2065 |  | 147257 | 0.0 |
| 382000 | Qualcomm, Inc., 6.000%, 05/20/2053 |  | 402906 | 0.1 |
| 217000 | QUALCOMM, Inc., 4.750%, 05/20/2032 |  | 219616 | 0.0 |
| 210000 | Synopsys, Inc., 5.000%, 04/01/2032 |  | 212803 | 0.0 |
| 216000 | Take-Two Interactive Software, Inc., 5.400%, 06/12/2029 |  | 222514 | 0.0 |
| 210000 | Teledyne FLIR LLC, 2.500%, 08/01/2030 |  | 190335 | 0.0 |
|  |  |  | **17073991** | **1.9** |
|  | **Utilities: 2.3%** | **Utilities: 2.3%** | **Utilities: 2.3%** | **Utilities: 2.3%** |
| 434000 | AEP Texas, Inc., 5.450%, 05/15/2029 |  | 448172 | 0.1 |
| 123000 | AEP Transmission Co. LLC, 5.150%, 04/01/2034 |  | 124647 | 0.0 |
| 330000 | AES Corp., 2.450%, 01/15/2031 |  | 288664 | 0.0 |
| 240000 <sup>(1)</sup> | AES Corp., 3.950%, 07/15/2030 |  | 228309 | 0.0 |
| 291000 | AES Corp., 5.450%, 06/01/2028 |  | 297446 | 0.1 |
| 352000 | AES Corp., 5.800%, 03/15/2032 |  | 357572 | 0.1 |
| 90000 | Alabama Power Co., 5.850%, 11/15/2033 |  | 96050 | 0.0 |
| 16000 <sup>(1)</sup> | Alliant Energy Finance LLC, 3.600%, 03/01/2032 |  | 14504 | 0.0 |
| 339000 | Ameren Corp., 5.000%, 01/15/2029 |  | 345268 | 0.1 |
| 135000 <sup>(1)</sup> | American Transmission Systems, Inc., 2.650%, 01/15/2032 |  | 118868 | 0.0 |
| 227000 | Avangrid, Inc., 3.800%, 06/01/2029 |  | 221856 | 0.0 |
| 159000 | Black Hills Corp., 3.050%, 10/15/2029 |  | 149144 | 0.0 |
| 92000 | Black Hills Corp., 6.000%, 01/15/2035 |  | 95487 | 0.0 |
| 175000 <sup>(1)</sup> | Boston Gas Co., 5.843%, 01/10/2035 |  | 182021 | 0.0 |
| 185000 | CenterPoint Energy, Inc., 5.400%, 06/01/2029 |  | 191313 | 0.0 |
| 146000 <sup>(3)</sup> | CMS Energy Corp., 3.750%, 12/01/2050 |  | 131403 | 0.0 |
| 294000 <sup>(3)</sup> | CMS Energy Corp., 4.750%, 06/01/2050 |  | 286147 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 27000 | Commonwealth Edison Co., 5.900%, 03/15/2036 | $28864 | 0.0 |
| 67000 | Consolidated Edison Co. of New York, Inc. 05-A, 5.300%, 03/01/2035 | 68692 | 0.0 |
| 683000 | DTE Energy Co., 5.100%, 03/01/2029 | 696705 | 0.1 |
| 305000 | DTE Energy Co., 5.200%, 04/01/2030 | 312257 | 0.1 |
| 110000 | Duke Energy Carolinas LLC, 2.550%, 04/15/2031 | 99740 | 0.0 |
| 24000 | Duke Energy Carolinas LLC, 6.450%, 10/15/2032 | 26394 | 0.0 |
| 198000 | Duke Energy Florida LLC, 2.400%, 12/15/2031 | 175307 | 0.0 |
| 72000 | Duke Energy Florida LLC, 5.875%, 11/15/2033 | 76786 | 0.0 |
| 282000 | Duke Energy Progress LLC, 5.550%, 03/15/2055 | 275923 | 0.0 |
| 131000 <sup>(1)</sup> | Duquesne Light Holdings, Inc., 2.532%, 10/01/2030 | 115936 | 0.0 |
| 177000 | Entergy Corp., 2.400%, 06/15/2031 | 156457 | 0.0 |
| 113000 | Entergy Corp., 2.800%, 06/15/2030 | 104441 | 0.0 |
| 160000 | Entergy Mississippi LLC, 5.000%, 09/01/2033 | 160343 | 0.0 |
| 373000 | Essential Utilities, Inc., 2.704%, 04/15/2030 | 343884 | 0.1 |
| 91000 | Essential Utilities, Inc., 5.375%, 01/15/2034 | 92301 | 0.0 |
| 146000 | Evergy Kansas Central, Inc., 5.250%, 03/15/2035 | 147792 | 0.0 |
| 64000 | Evergy Kansas Central, Inc., 5.900%, 11/15/2033 | 67893 | 0.0 |
| 210000 | Eversource Energy, 2.550%, 03/15/2031 | 186814 | 0.0 |
| 67000 | Eversource Energy, 5.125%, 05/15/2033 | 67089 | 0.0 |
| 112000 | Eversource Energy, 5.500%, 01/01/2034 | 114120 | 0.0 |
| 266000 | Eversource Energy, 5.950%, 02/01/2029 | 277918 | 0.0 |
| 60000 | Exelon Corp., 4.950%, 06/15/2035 | 58351 | 0.0 |
| 391000 | Exelon Corp., 5.150%, 03/15/2028 | 399779 | 0.1 |
| 182000 | Exelon Corp., 5.150%, 03/15/2029 | 186802 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 327000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | $323437 | 0.1 |
| 167000 | Florida Power & Light Co., 4.625%, 05/15/2030 | 169283 | 0.0 |
| 166000 | Florida Power & Light Co., 5.300%, 06/15/2034 | 171183 | 0.0 |
| 21000 | Florida Power & Light Co., 5.400%, 09/01/2035 | 21773 | 0.0 |
| 13000 | Florida Power & Light Co., 5.650%, 02/01/2037 | 13632 | 0.0 |
| 19000 | Indiana Michigan Power Co., 6.050%, 03/15/2037 | 20520 | 0.0 |
| 63000 | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | 60524 | 0.0 |
| 45000 <sup>(1)</sup> | Jersey Central Power & Light Co., 2.750%, 03/01/2032 | 39483 | 0.0 |
| 64000 | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | 66056 | 0.0 |
| 235000 <sup>(1)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 | 241869 | 0.0 |
| 275000 <sup>(1)</sup> | Liberty Utilities Co., 5.869%, 01/31/2034 | 280838 | 0.0 |
| 64000 | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | 66208 | 0.0 |
| 29000 | Mississippi Power Co., 4.750%, 10/15/2041 | 25101 | 0.0 |
| 306000 <sup>(1)</sup> | Monongahela Power Co., 3.550%, 05/15/2027 | 301616 | 0.1 |
| 169000 <sup>(1)</sup> | Monongahela Power Co., 5.850%, 02/15/2034 | 175820 | 0.0 |
| 51000 <sup>(1)</sup> | Narragansett Electric Co., 3.395%, 04/09/2030 | 48696 | 0.0 |
| 228000 | National Grid PLC, 5.418%, 01/11/2034 | 234380 | 0.0 |
| 406000 | National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030 | 373741 | 0.1 |
| 117000 | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 | 104484 | 0.0 |
| 28000 | National Rural Utilities Cooperative Finance Corp., 4.023%, 11/01/2032 | 26725 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 47000 | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | $45091 | 0.0 |
| 238000 | National Rural Utilities Cooperative Finance Corp., 5.000%, 08/15/2034 | 239651 | 0.0 |
| 121000 <sup>(3)</sup> | National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046 | 120369 | 0.0 |
| 26000 | National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033 | 27644 | 0.0 |
| 384000 <sup>(3)</sup> | National Rural Utilities Cooperative Finance Corp., 7.451%, (TSFR3M + 3.172%), 04/30/2043 | 383050 | 0.1 |
| 183000 | National Rural Utilities Cooperative Finance Corp., MTN, 1.650%, 06/15/2031 | 155786 | 0.0 |
| 20000 <sup>(1)</sup> | New York State Electric & Gas Corp., 3.250%, 12/01/2026 | 19728 | 0.0 |
| 361000 | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | 348270 | 0.1 |
| 371000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082 | 356412 | 0.1 |
| 252000 | NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032 | 259797 | 0.0 |
| 246000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055 | 251819 | 0.0 |
| 268000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.500%, 08/15/2055 | 274620 | 0.0 |
| 284000 <sup>(1)</sup> | Niagara Mohawk Power Corp., 1.960%, 06/27/2030 | 250866 | 0.0 |
| 81000 <sup>(1)</sup> | Niagara Mohawk Power Corp., 5.664%, 01/17/2054 | 77974 | 0.0 |
| 322000 | NiSource, Inc., 5.850%, 04/01/2055 | 318959 | 0.1 |
| 637000 <sup>(1)</sup> | NorthWestern Corp., 5.073%, 03/21/2030 | 647336 | 0.1 |
| 125000 | NSTAR Electric Co., 1.950%, 08/15/2031 | 108250 | 0.0 |
| 72000 | NSTAR Electric Co., 5.400%, 06/01/2034 | 73813 | 0.0 |
| 109000 | OGE Energy Corp., 5.450%, 05/15/2029 | 112965 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 144000 | ONE Gas, Inc., 5.100%, 04/01/2029 | $147554 | 0.0 |
| 74000 | Pacific Gas and Electric Co., 4.300%, 03/15/2045 | 55928 | 0.0 |
| 65000 | Pacific Gas and Electric Co., 4.450%, 04/15/2042 | 51703 | 0.0 |
| 37000 | PacifiCorp, 4.100%, 02/01/2042 | 29815 | 0.0 |
| 283000 <sup>(1)</sup> | PSEG Power LLC, 5.200%, 05/15/2030 | 288912 | 0.0 |
| 349000 <sup>(1)</sup> | PSEG Power LLC, 5.750%, 05/15/2035 | 359570 | 0.1 |
| 112000 | Public Service Electric and Gas Co., MTN, 5.200%, 03/01/2034 | 114906 | 0.0 |
| 213000 | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | 187158 | 0.0 |
| 238000 | Public Service Enterprise Group, Inc., 4.900%, 03/15/2030 | 242182 | 0.0 |
| 382000 | Public Service Enterprise Group, Inc., 5.200%, 04/01/2029 | 392868 | 0.1 |
| 80000 | Public Service Enterprise Group, Inc., 5.400%, 03/15/2035 | 80981 | 0.0 |
| 372000 <sup>(3)</sup> | Sempra, 6.400%, 10/01/2054 | 354080 | 0.1 |
| 1785000 | South Jersey Industries, Inc., 5.020%, 04/15/2031 | 1479765 | 0.2 |
| 503000 <sup>(3)</sup> | Southern Co. 21-A, 3.750%, 09/15/2051 | 496869 | 0.1 |
| 64000 | Southwestern Electric Power Co., 5.300%, 04/01/2033 | 64633 | 0.0 |
| 806000 | Southwestern Public Service Co., 5.300%, 05/15/2035 | 810434 | 0.1 |
| 45000 | Southwestern Public Service Co., 6.000%, 06/01/2054 | 45438 | 0.0 |
| 252000 | Tucson Electric Power Co., 5.200%, 09/15/2034 | 253198 | 0.0 |
| 120000 | WEC Energy Group, Inc., 2.200%, 12/15/2028 | 111649 | 0.0 |
| 116000 | Wisconsin Power and Light Co., 5.375%, 03/30/2034 | 118909 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 267000 | Xcel Energy, Inc., 5.600%, 04/15/2035 | $| 272711 | 0.0 |
|  |  |  | **20614491** | **2.3** |
|  | Total Corporate Bonds/Notes<br> (Cost $196,886,758) |  | **199013661** | **21.7** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.1%** |
|  | **Federal Home Loan Mortgage Corporation: 2.8%<sup>(4)</sup>** | **Federal Home Loan Mortgage Corporation: 2.8%<sup>(4)</sup>** | **Federal Home Loan Mortgage Corporation: 2.8%<sup>(4)</sup>** | **Federal Home Loan Mortgage Corporation: 2.8%<sup>(4)</sup>** |
| 119336 | 2.500%, 05/01/2030 |  | 115291 | 0.0 |
| 245411 | 2.500%, 05/01/2030 |  | 236883 | 0.0 |
| 395769 | 2.500%, 06/01/2030 |  | 382115 | 0.0 |
| 1610448 | 3.000%, 03/01/2045 |  | 1438672 | 0.2 |
| 1753817 | 3.000%, 03/01/2045 |  | 1571836 | 0.2 |
| 1622233 | 3.000%, 04/01/2045 |  | 1452563 | 0.2 |
| 1675157 | 3.000%, 04/01/2045 |  | 1497872 | 0.2 |
| 3004342 | 3.000%, 10/01/2046 |  | 2673956 | 0.3 |
| 631587 | 3.500%, 08/01/2042 |  | 592914 | 0.1 |
| 1732511 | 3.500%, 03/01/2045 |  | 1610267 | 0.2 |
| 221137 | 3.500%, 04/01/2045 |  | 204803 | 0.0 |
| 759035 | 3.500%, 05/01/2045 |  | 703281 | 0.1 |
| 331050 | 3.500%, 06/01/2045 |  | 306324 | 0.0 |
| 419710 | 3.500%, 07/01/2045 |  | 390617 | 0.0 |
| 436400 | 3.500%, 07/01/2045 |  | 407779 | 0.1 |
| 247207 | 3.500%, 08/01/2045 |  | 229253 | 0.0 |
| 363253 | 3.500%, 08/01/2045 |  | 338864 | 0.0 |
| 413387 | 3.500%, 08/01/2045 |  | 384561 | 0.0 |
| 434800 | 3.500%, 08/01/2045 |  | 402323 | 0.0 |
| 505048 | 3.500%, 08/01/2045 |  | 468787 | 0.1 |
| 498938 | 3.500%, 09/01/2045 |  | 462084 | 0.1 |
| 675907 | 3.500%, 09/01/2045 |  | 629617 | 0.1 |
| 776215 | 3.500%, 11/01/2045 |  | 709214 | 0.1 |
| 430213 | 4.000%, 10/01/2041 |  | 413673 | 0.1 |
| 446332 | 4.000%, 12/01/2041 |  | 429293 | 0.1 |
| 117437 | 4.000%, 07/01/2045 |  | 111642 | 0.0 |
| 69351 | 4.000%, 09/01/2045 |  | 65675 | 0.0 |
| 594472 | 4.000%, 09/01/2045 |  | 559377 | 0.1 |
| 1068152 | 4.000%, 09/01/2045 |  | 1015220 | 0.1 |
| 1177441 | 4.000%, 09/01/2045 |  | 1118848 | 0.1 |
| 503272 | 4.000%, 05/01/2047 |  | 479724 | 0.1 |
| 160459 | 4.000%, 11/01/2047 |  | 151816 | 0.0 |
| 153142 | 4.000%, 03/01/2048 |  | 145331 | 0.0 |
| 653687 | 4.000%, 06/01/2048 |  | 622522 | 0.1 |
| 3068 | 4.500%, 06/01/2039 |  | 3067 | 0.0 |
| 8480 | 4.500%, 09/01/2040 |  | 8450 | 0.0 |
| 30614 | 4.500%, 03/01/2041 |  | 30476 | 0.0 |
| 144926 | 4.500%, 08/01/2041 |  | 143408 | 0.0 |
| 237827 | 4.500%, 08/01/2041 |  | 237048 | 0.0 |
| 92085 | 4.500%, 09/01/2041 |  | 91386 | 0.0 |
| 106509 | 4.500%, 09/01/2041 |  | 105963 | 0.0 |
| 191629 | 4.500%, 09/01/2041 |  | 190823 | 0.0 |
| 646248 | 4.500%, 09/01/2041 |  | 637151 | 0.1 |
| 5620 | 5.000%, 05/01/2028 |  | 5653 | 0.0 |
| 42199 | 5.000%, 05/01/2035 |  | 42849 | 0.0 |
| 121595 | 5.000%, 01/01/2041 |  | 123325 | 0.0 |
| 75427 | 5.000%, 04/01/2041 |  | 75373 | 0.0 |
| 4309 | 5.500%, 03/01/2034 |  | 4416 | 0.0 |
| 674 | 5.500%, 05/01/2036 |  | 680 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** |
| 31074 | 5.500%, 06/01/2036 | $32062 | 0.0 |
| 3630 | 5.500%, 12/01/2036 | 3753 | 0.0 |
| 17875 | 5.500%, 03/01/2037 | 18147 | 0.0 |
| 4615 | 5.500%, 04/01/2037 | 4756 | 0.0 |
| 29518 | 5.500%, 05/01/2037 | 30452 | 0.0 |
| 48976 | 5.500%, 07/01/2037 | 50515 | 0.0 |
| 6334 | 5.500%, 09/01/2037 | 6528 | 0.0 |
| 5495 | 5.500%, 10/01/2037 | 5661 | 0.0 |
| 16868 | 5.500%, 11/01/2037 | 17402 | 0.0 |
| 15787 | 5.500%, 12/01/2037 | 16213 | 0.0 |
| 54666 | 5.500%, 12/01/2037 | 56362 | 0.0 |
| 3307 | 5.500%, 01/01/2038 | 3387 | 0.0 |
| 3500 | 5.500%, 01/01/2038 | 3612 | 0.0 |
| 36185 | 5.500%, 02/01/2038 | 37329 | 0.0 |
| 50021 | 5.500%, 02/01/2038 | 51409 | 0.0 |
| 36282 | 5.500%, 03/01/2038 | 37363 | 0.0 |
| 43074 | 5.500%, 04/01/2038 | 44340 | 0.0 |
| 3794 | 5.500%, 05/01/2038 | 3896 | 0.0 |
| 41989 | 5.500%, 05/01/2038 | 43000 | 0.0 |
| 24557 | 5.500%, 06/01/2038 | 25128 | 0.0 |
| 95201 | 5.500%, 06/01/2038 | 97727 | 0.0 |
| 87226 | 5.500%, 07/01/2038 | 89861 | 0.0 |
| 3198 | 5.500%, 08/01/2038 | 3267 | 0.0 |
| 17489 | 5.500%, 08/01/2038 | 17960 | 0.0 |
| 19852 | 5.500%, 09/01/2038 | 20386 | 0.0 |
| 17461 | 5.500%, 10/01/2038 | 17946 | 0.0 |
| 20334 | 5.500%, 10/01/2038 | 20882 | 0.0 |
| 1975 | 5.500%, 11/01/2038 | 2028 | 0.0 |
| 64911 | 5.500%, 11/01/2038 | 66766 | 0.0 |
| 3881 | 5.500%, 12/01/2038 | 3974 | 0.0 |
| 6790 | 5.500%, 12/01/2038 | 7020 | 0.0 |
| 15168 | 5.500%, 01/01/2039 | 15589 | 0.0 |
| 35469 | 5.500%, 03/01/2039 | 36411 | 0.0 |
| 13264 | 5.500%, 07/01/2039 | 13632 | 0.0 |
| 8627 | 5.500%, 12/01/2039 | 8863 | 0.0 |
| 57489 | 5.500%, 03/01/2040 | 59061 | 0.0 |
| 19278 | 5.500%, 08/01/2040 | 19743 | 0.0 |
| 32915 | 5.500%, 08/01/2040 | 33709 | 0.0 |
| 38234 | 5.500%, 08/01/2040 | 39279 | 0.0 |
| 60445 | 6.000%, 09/01/2027 | 61490 | 0.0 |
| 2344 | 6.000%, 02/01/2029 | 2393 | 0.0 |
| 3229 | 6.000%, 05/01/2035 | 3324 | 0.0 |
| 155133 | 6.000%, 03/01/2037 | 162910 | 0.0 |
| 1354 | 6.000%, 05/01/2037 | 1421 | 0.0 |
| 18779 | 6.000%, 07/01/2037 | 19721 | 0.0 |
| 3210 | 6.000%, 08/01/2037 | 3331 | 0.0 |
| 21389 | 6.000%, 08/01/2037 | 22458 | 0.0 |
| 100811 | 6.000%, 09/01/2037 | 105866 | 0.0 |
| 312 | 6.000%, 10/01/2037 | 327 | 0.0 |
| 4874 | 6.000%, 11/01/2037 | 5117 | 0.0 |
| 1604 | 6.000%, 12/01/2037 | 1655 | 0.0 |
| 4302 | 6.000%, 12/01/2037 | 4516 | 0.0 |
| 113503 | 6.000%, 01/01/2038 | 119196 | 0.0 |
| 672 | 6.000%, 04/01/2038 | 706 | 0.0 |
| 4591 | 6.000%, 06/01/2038 | 4770 | 0.0 |
| 141 | 6.000%, 07/01/2038 | 146 | 0.0 |
| 9236 | 6.000%, 08/01/2038 | 9574 | 0.0 |
| 26714 | 6.000%, 11/01/2038 | 27968 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** |
| 10210 | 6.000%, 05/01/2039 | $| 10627 | 0.0 |
| 6285 | 6.000%, 08/01/2039 |  | 6545 | 0.0 |
| 1503 | 6.000%, 09/01/2039 |  | 1553 | 0.0 |
| 305090 | 6.500%, 09/01/2034 |  | 318042 | 0.0 |
| 1330 <sup>(3)</sup> | 6.500%, (H15T1Y + 2.250%), 04/01/2032 |  | 1357 | 0.0 |
| 3007 <sup>(3)</sup> | 6.677%, (H15T1Y + 2.250%), 11/01/2031 |  | 3060 | 0.0 |
| 159747 <sup>(3)</sup> | 6.826%, (RFUCCT1Y + 1.739%), 06/01/2035 |  | 165099 | 0.0 |
| 23760 <sup>(3)</sup> | 7.044%, (RFUCCT1Y + 1.345%), 09/01/2035 |  | 24321 | 0.0 |
| 11022 <sup>(3)</sup> | 7.434%, (H15T1Y + 2.436%), 01/01/2029 |  | 11044 | 0.0 |
|  |  |  | **26187021** | **2.8** |
|  | **Federal National Mortgage Association: 0.1%<sup>(4)</sup>** | **Federal National Mortgage Association: 0.1%<sup>(4)</sup>** | **Federal National Mortgage Association: 0.1%<sup>(4)</sup>** | **Federal National Mortgage Association: 0.1%<sup>(4)</sup>** |
| 669 <sup>(3)</sup> | 4.437%, (ECOFC + 1.257%), 05/01/2036 |  | 660 | 0.0 |
| 4639 <sup>(3)</sup> | 4.887%, (ECOFC + 1.933%), 12/01/2036 |  | 4602 | 0.0 |
| 16072 <sup>(3)</sup> | 5.697%, (12MTA + 1.200%), 08/01/2042 |  | 16096 | 0.0 |
| 25293 <sup>(3)</sup> | 5.697%, (12MTA + 1.200%), 08/01/2042 |  | 25452 | 0.0 |
| 8196 <sup>(3)</sup> | 5.697%, (12MTA + 1.200%), 10/01/2044 |  | 8269 | 0.0 |
| 13148 <sup>(3)</sup> | 5.697%, (12MTA + 1.200%), 10/01/2044 |  | 13179 | 0.0 |
| 9833 <sup>(3)</sup> | 5.935%, (RFUCCT1M + 1.560%), 02/01/2033 |  | 9869 | 0.0 |
| 8106 <sup>(3)</sup> | 5.998%, (RFUCCT6M + 1.373%), 09/01/2035 |  | 8117 | 0.0 |
| 12540 <sup>(3)</sup> | 6.448%, (RFUCCT1Y + 1.662%), 02/01/2034 |  | 12660 | 0.0 |
| 5494 <sup>(3)</sup> | 6.460%, (H15T1Y + 2.210%), 04/01/2032 |  | 5586 | 0.0 |
| 43412 <sup>(3)</sup> | 6.471%, (RFUCCT1Y + 1.552%), 04/01/2035 |  | 43974 | 0.0 |
| 105438 <sup>(3)</sup> | 6.534%, (RFUCCT1Y + 1.659%), 10/01/2035 |  | 107285 | 0.0 |
| 16023 <sup>(3)</sup> | 6.675%, (RFUCCT1Y + 1.675%), 02/01/2035 |  | 16340 | 0.0 |
| 205034 <sup>(3)</sup> | 6.692%, (H15T1Y + 1.805%), 08/01/2035 |  | 208066 | 0.1 |
| 711 <sup>(3)</sup> | 6.722%, (H15T1Y + 2.215%), 09/01/2031 |  | 718 | 0.0 |
| 51442 <sup>(3)</sup> | 7.175%, (H15T1Y + 2.175%), 10/01/2035 |  | 52636 | 0.0 |
| 9357 <sup>(3)</sup> | 7.223%, (RFUCCT1Y + 1.473%), 08/01/2035 |  | 9481 | 0.0 |
| 59897 <sup>(3)</sup> | 7.435%, (RFUCCT1Y + 1.810%), 09/01/2034 |  | 61257 | 0.0 |
|  |  |  | **604247** | **0.1** |
|  | **Government National Mortgage Association: 4.0%** | **Government National Mortgage Association: 4.0%** | **Government National Mortgage Association: 4.0%** | **Government National Mortgage Association: 4.0%** |
| 3478755 | 2.500%, 08/20/2051 |  | 2959190 | 0.3 |
| 2833883 | 2.500%, 09/20/2051 |  | 2410626 | 0.3 |
| 1468840 | 2.500%, 11/20/2051 |  | 1249456 | 0.1 |
| 2977798 | 2.500%, 12/20/2051 |  | 2533031 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** |
| 4750196 | 2.500%, 03/20/2052 | $| 4040697 | 0.4 |
| 4042392 | 2.500%, 04/20/2052 |  | 3438603 | 0.4 |
| 4327914 | 3.000%, 04/20/2045 |  | 3895496 | 0.4 |
| 778059 | 3.000%, 11/20/2051 |  | 688998 | 0.1 |
| 856582 | 3.000%, 03/20/2052 |  | 757177 | 0.1 |
| 1590544 | 3.500%, 07/20/2046 |  | 1435895 | 0.2 |
| 230405 | 3.500%, 07/20/2047 |  | 213047 | 0 |
| 2133996 | 3.500%, 01/20/2048 |  | 1966048 | 0.2 |
| 289843 | 4.000%, 11/20/2040 |  | 277324 | 0 |
| 521029 | 4.000%, 03/20/2046 |  | 487256 | 0.1 |
| 458399 | 4.500%, 08/20/2041 |  | 455091 | 0.1 |
| 212253 | 4.500%, 01/20/2047 |  | 207516 | 0 |
| 2901 | 5.000%, 11/15/2035 |  | 2913 | 0 |
| 3717 | 5.000%, 11/15/2035 |  | 3763 | 0 |
| 10724 | 5.000%, 11/15/2035 |  | 10767 | 0 |
| 12106 | 5.000%, 06/15/2037 |  | 12165 | 0 |
| 25147 | 5.000%, 03/15/2038 |  | 25197 | 0 |
| 42022 | 5.000%, 03/15/2038 |  | 42600 | 0 |
| 2137 | 5.000%, 06/15/2038 |  | 2147 | 0 |
| 712 | 5.000%, 09/15/2038 |  | 719 | 0 |
| 7169 | 5.000%, 11/15/2038 |  | 7200 | 0 |
| 25165 | 5.000%, 11/15/2038 |  | 25512 | 0 |
| 6544 | 5.000%, 12/15/2038 |  | 6634 | 0 |
| 33571 | 5.000%, 12/15/2038 |  | 33992 | 0 |
| 30850 | 5.000%, 01/15/2039 |  | 31275 | 0 |
| 60753 | 5.000%, 01/15/2039 |  | 61553 | 0 |
| 14279 | 5.000%, 02/15/2039 |  | 14348 | 0 |
| 32651 | 5.000%, 02/15/2039 |  | 33101 | 0 |
| 50351 | 5.000%, 02/15/2039 |  | 50963 | 0 |
| 1344 | 5.000%, 03/15/2039 |  | 1363 | 0 |
| 38809 | 5.000%, 03/15/2039 |  | 38998 | 0 |
| 41305 | 5.000%, 03/15/2039 |  | 41874 | 0 |
| 65098 | 5.000%, 03/15/2039 |  | 65994 | 0 |
| 39055 | 5.000%, 04/15/2039 |  | 39585 | 0 |
| 152 | 5.000%, 05/15/2039 |  | 153 | 0 |
| 25396 | 5.000%, 05/15/2039 |  | 25746 | 0 |
| 55605 | 5.000%, 05/15/2039 |  | 56371 | 0 |
| 34553 | 5.000%, 07/15/2039 |  | 35026 | 0 |
| 25678 | 5.000%, 09/15/2039 |  | 25918 | 0 |
| 6625 | 5.000%, 11/15/2039 |  | 6635 | 0 |
| 993 | 5.000%, 04/15/2040 |  | 1004 | 0 |
| 6000 | 5.000%, 06/15/2040 |  | 6079 | 0 |
| 13190 | 5.000%, 09/15/2040 |  | 13370 | 0 |
| 26293 | 5.000%, 10/15/2040 |  | 26652 | 0 |
| 42459 | 5.000%, 05/15/2042 |  | 42697 | 0 |
| 141888 | 5.000%, 02/20/2043 |  | 143708 | 0 |
| 8666000 <sup>(5)</sup> | 5.500%, 08/20/2055 |  | 8666000 | 1 |
|  |  |  | **36617473** | **4.0** |
|  | **Uniform Mortgage-Backed Securities: 12.2%** | **Uniform Mortgage-Backed Securities: 12.2%** | **Uniform Mortgage-Backed Securities: 12.2%** | **Uniform Mortgage-Backed Securities: 12.2%** |
| 3383542 | 2.000%, 10/01/2050 |  | 2702127 | 0.3 |
| 832511 | 2.000%, 11/01/2051 |  | 671707 | 0.1 |
| 2295594 | 2.000%, 11/01/2051 |  | 1848732 | 0.2 |
| 4305474 | 2.000%, 12/01/2051 |  | 3421510 | 0.4 |
| 5441992 | 2.000%, 12/01/2051 |  | 4352260 | 0.5 |
| 1584899 | 2.000%, 02/01/2052 |  | 1272220 | 0.2 |
| 2869799 | 2.000%, 02/01/2052 |  | 2307018 | 0.3 |
| 2763448 | 2.000%, 03/01/2052 |  | 2192747 | 0.3 |
| 523315 | 2.500%, 05/01/2030 |  | 507125 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 432604 | 2.500%, 07/01/2030 | $418460 | 0.1 |
| 1618352 | 2.500%, 11/01/2051 | 1351551 | 0.2 |
| 3092678 | 2.500%, 12/01/2051 | 2604169 | 0.3 |
| 3873682 | 2.500%, 12/01/2051 | 3264765 | 0.4 |
| 2092716 | 2.500%, 02/01/2052 | 1766744 | 0.2 |
| 3384561 | 2.500%, 02/01/2052 | 2843056 | 0.3 |
| 3455328 | 2.500%, 02/01/2052 | 2900025 | 0.3 |
| 4049602 | 2.500%, 02/01/2052 | 3399630 | 0.4 |
| 5322920 | 2.500%, 02/01/2052 | 4472319 | 0.5 |
| 562755 | 3.000%, 09/01/2030 | 550200 | 0.1 |
| 619892 | 3.000%, 08/01/2043 | 560921 | 0.1 |
| 1080538 | 3.000%, 09/01/2043 | 976836 | 0.1 |
| 2461142 | 3.000%, 08/01/2046 | 2201438 | 0.3 |
| 236461 | 3.000%, 09/01/2046 | 210191 | 0.0 |
| 1947171 | 3.000%, 02/01/2052 | 1707219 | 0.2 |
| 346559 | 3.500%, 12/01/2041 | 325765 | 0.1 |
| 58666 | 3.500%, 08/01/2042 | 55121 | 0.0 |
| 305412 | 3.500%, 08/01/2042 | 281030 | 0.0 |
| 239903 | 3.500%, 10/01/2042 | 225133 | 0.0 |
| 417857 | 3.500%, 10/01/2042 | 392131 | 0.1 |
| 185347 | 3.500%, 03/01/2043 | 173975 | 0.0 |
| 1411970 | 3.500%, 01/01/2046 | 1307216 | 0.2 |
| 2290921 | 3.500%, 02/01/2046 | 2118109 | 0.2 |
| 1955743 | 3.500%, 08/01/2046 | 1804570 | 0.2 |
| 1716973 | 3.500%, 09/01/2047 | 1575993 | 0.2 |
| 1748722 | 3.500%, 02/01/2052 | 1585408 | 0.2 |
| 917 | 4.000%, 05/01/2029 | 910 | 0.0 |
| 9567 | 4.000%, 11/01/2030 | 9508 | 0.0 |
| 5298 | 4.000%, 02/01/2031 | 5262 | 0.0 |
| 3321 | 4.000%, 10/01/2031 | 3298 | 0.0 |
| 157282 | 4.000%, 07/01/2042 | 151619 | 0.0 |
| 315700 | 4.000%, 07/01/2042 | 304792 | 0.1 |
| 1278360 | 4.000%, 07/01/2042 | 1233523 | 0.2 |
| 117867 | 4.000%, 08/01/2042 | 114939 | 0.0 |
| 1111260 | 4.000%, 08/01/2043 | 1070676 | 0.1 |
| 1753373 | 4.000%, 09/01/2043 | 1689702 | 0.2 |
| 60332 | 4.000%, 10/01/2043 | 57992 | 0.0 |
| 130952 | 4.000%, 10/01/2043 | 125750 | 0.0 |
| 321623 | 4.000%, 06/01/2045 | 305235 | 0.1 |
| 658691 | 4.000%, 07/01/2045 | 625249 | 0.1 |
| 1278083 | 4.000%, 07/01/2045 | 1212058 | 0.1 |
| 2428363 | 4.000%, 02/01/2046 | 2304130 | 0.3 |
| 473253 | 4.000%, 06/01/2047 | 450188 | 0.1 |
| 60420 | 4.000%, 03/01/2048 | 57179 | 0.0 |
| 265528 | 4.000%, 03/01/2048 | 251544 | 0.0 |
| 1990195 | 4.000%, 09/01/2048 | 1879375 | 0.2 |
| 289 | 4.500%, 10/01/2025 | 288 | 0.0 |
| 3476 | 4.500%, 07/01/2026 | 3466 | 0.0 |
| 115305 | 4.500%, 04/01/2029 | 115539 | 0.0 |
| 1817 | 4.500%, 06/01/2029 | 1817 | 0.0 |
| 21880 | 4.500%, 06/01/2029 | 21859 | 0.0 |
| 22731 | 4.500%, 07/01/2029 | 22736 | 0.0 |
| 555 | 4.500%, 10/01/2029 | 555 | 0.0 |
| 3872 | 4.500%, 06/01/2030 | 3868 | 0.0 |
| 135518 | 4.500%, 10/01/2030 | 136058 | 0.0 |
| 23873 | 4.500%, 02/01/2031 | 23869 | 0.0 |
| 20216 | 4.500%, 05/01/2031 | 20294 | 0.0 |
| 17555 | 4.500%, 10/01/2033 | 17503 | 0.0 |
| 7814 | 4.500%, 01/01/2034 | 7770 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 1234 | 4.500%, 07/01/2034 | $1223 | 0.0 |
| 2438 | 4.500%, 09/01/2035 | 2412 | 0.0 |
| 13425 | 4.500%, 09/01/2035 | 13396 | 0.0 |
| 17139 | 4.500%, 11/01/2035 | 17068 | 0.0 |
| 104440 | 4.500%, 02/01/2036 | 102846 | 0.0 |
| 34960 | 4.500%, 01/01/2037 | 34899 | 0.0 |
| 17854 | 4.500%, 09/01/2037 | 17777 | 0.0 |
| 1366 | 4.500%, 02/01/2038 | 1364 | 0.0 |
| 9938 | 4.500%, 01/01/2039 | 9920 | 0.0 |
| 16392 | 4.500%, 02/01/2039 | 16364 | 0.0 |
| 7676 | 4.500%, 04/01/2039 | 7667 | 0.0 |
| 21995 | 4.500%, 04/01/2039 | 21957 | 0.0 |
| 40974 | 4.500%, 04/01/2039 | 40580 | 0.0 |
| 169 | 4.500%, 05/01/2039 | 168 | 0.0 |
| 2301 | 4.500%, 05/01/2039 | 2297 | 0.0 |
| 7152 | 4.500%, 05/01/2039 | 7139 | 0.0 |
| 37766 | 4.500%, 05/01/2039 | 37681 | 0.0 |
| 42663 | 4.500%, 05/01/2039 | 42589 | 0.0 |
| 46415 | 4.500%, 05/01/2039 | 46335 | 0.0 |
| 481378 | 4.500%, 05/01/2039 | 480547 | 0.1 |
| 3925 | 4.500%, 06/01/2039 | 3916 | 0.0 |
| 58932 | 4.500%, 06/01/2039 | 58830 | 0.0 |
| 8527 | 4.500%, 07/01/2039 | 8513 | 0.0 |
| 13169 | 4.500%, 07/01/2039 | 13166 | 0.0 |
| 28335 | 4.500%, 07/01/2039 | 28304 | 0.0 |
| 28613 | 4.500%, 08/01/2039 | 28563 | 0.0 |
| 32426 | 4.500%, 08/01/2039 | 32106 | 0.0 |
| 57285 | 4.500%, 08/01/2039 | 57186 | 0.0 |
| 107897 | 4.500%, 08/01/2039 | 107711 | 0.0 |
| 102664 | 4.500%, 09/01/2039 | 101651 | 0.0 |
| 88947 | 4.500%, 10/01/2039 | 88793 | 0.0 |
| 5695 | 4.500%, 11/01/2039 | 5684 | 0.0 |
| 51250 | 4.500%, 11/01/2039 | 51114 | 0.0 |
| 2862 | 4.500%, 12/01/2039 | 2857 | 0.0 |
| 5967 | 4.500%, 12/01/2039 | 5943 | 0.0 |
| 3018 | 4.500%, 01/01/2040 | 3011 | 0.0 |
| 192925 | 4.500%, 01/01/2040 | 192170 | 0.0 |
| 47370 | 4.500%, 02/01/2040 | 47269 | 0.0 |
| 91573 | 4.500%, 02/01/2040 | 91377 | 0.0 |
| 28814 | 4.500%, 04/01/2040 | 28759 | 0.0 |
| 275988 | 4.500%, 04/01/2040 | 275369 | 0.0 |
| 30489 | 4.500%, 05/01/2040 | 30417 | 0.0 |
| 121362 | 4.500%, 05/01/2040 | 121413 | 0.0 |
| 1863 | 4.500%, 06/01/2040 | 1857 | 0.0 |
| 18810 | 4.500%, 06/01/2040 | 18766 | 0.0 |
| 32821 | 4.500%, 06/01/2040 | 32744 | 0.0 |
| 59777 | 4.500%, 06/01/2040 | 59637 | 0.0 |
| 156520 | 4.500%, 06/01/2040 | 156169 | 0.0 |
| 8436 | 4.500%, 07/01/2040 | 8393 | 0.0 |
| 43878 | 4.500%, 07/01/2040 | 43757 | 0.0 |
| 66406 | 4.500%, 07/01/2040 | 66257 | 0.0 |
| 1150 | 4.500%, 08/01/2040 | 1147 | 0.0 |
| 2758 | 4.500%, 08/01/2040 | 2741 | 0.0 |
| 15556 | 4.500%, 08/01/2040 | 15477 | 0.0 |
| 17265 | 4.500%, 08/01/2040 | 17213 | 0.0 |
| 37283 | 4.500%, 08/01/2040 | 37176 | 0.0 |
| 38803 | 4.500%, 08/01/2040 | 38688 | 0.0 |
| 40382 | 4.500%, 08/01/2040 | 39652 | 0.0 |
| 5593 | 4.500%, 09/01/2040 | 5577 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 9607 | 4.500%, 09/01/2040 | $9573 | 0.0 |
| 11371 | 4.500%, 09/01/2040 | 11201 | 0.0 |
| 14239 | 4.500%, 09/01/2040 | 14162 | 0.0 |
| 14983 | 4.500%, 09/01/2040 | 14930 | 0.0 |
| 68161 | 4.500%, 09/01/2040 | 67609 | 0.0 |
| 115350 | 4.500%, 09/01/2040 | 115056 | 0.0 |
| 13865 | 4.500%, 10/01/2040 | 13790 | 0.0 |
| 16354 | 4.500%, 10/01/2040 | 16306 | 0.0 |
| 50773 | 4.500%, 10/01/2040 | 49509 | 0.0 |
| 67141 | 4.500%, 10/01/2040 | 66990 | 0.0 |
| 97183 | 4.500%, 10/01/2040 | 97015 | 0.0 |
| 23695 | 4.500%, 11/01/2040 | 23625 | 0.0 |
| 28499 | 4.500%, 11/01/2040 | 28406 | 0.0 |
| 109533 | 4.500%, 11/01/2040 | 107047 | 0.0 |
| 203430 | 4.500%, 11/01/2040 | 202514 | 0.0 |
| 593746 | 4.500%, 11/01/2040 | 592293 | 0.1 |
| 1611 | 4.500%, 12/01/2040 | 1608 | 0.0 |
| 10487 | 4.500%, 12/01/2040 | 10384 | 0.0 |
| 13270 | 4.500%, 12/01/2040 | 13237 | 0.0 |
| 13550 | 4.500%, 12/01/2040 | 13497 | 0.0 |
| 19928 | 4.500%, 12/01/2040 | 19883 | 0.0 |
| 26082 | 4.500%, 12/01/2040 | 25988 | 0.0 |
| 62812 | 4.500%, 12/01/2040 | 62471 | 0.0 |
| 64212 | 4.500%, 12/01/2040 | 63692 | 0.0 |
| 118511 | 4.500%, 12/01/2040 | 118185 | 0.0 |
| 10564 | 4.500%, 01/01/2041 | 10510 | 0.0 |
| 24418 | 4.500%, 01/01/2041 | 24338 | 0.0 |
| 75051 | 4.500%, 01/01/2041 | 74181 | 0.0 |
| 136063 | 4.500%, 01/01/2041 | 135157 | 0.0 |
| 238143 | 4.500%, 01/01/2041 | 236998 | 0.0 |
| 12550 | 4.500%, 02/01/2041 | 12506 | 0.0 |
| 31002 | 4.500%, 02/01/2041 | 30916 | 0.0 |
| 42395 | 4.500%, 02/01/2041 | 42217 | 0.0 |
| 43263 | 4.500%, 02/01/2041 | 43095 | 0.0 |
| 50130 | 4.500%, 02/01/2041 | 49154 | 0.0 |
| 2362 | 4.500%, 03/01/2041 | 2355 | 0.0 |
| 10240 | 4.500%, 03/01/2041 | 9858 | 0.0 |
| 11521 | 4.500%, 03/01/2041 | 11480 | 0.0 |
| 14617 | 4.500%, 03/01/2041 | 14551 | 0.0 |
| 22503 | 4.500%, 03/01/2041 | 22464 | 0.0 |
| 30200 | 4.500%, 03/01/2041 | 30110 | 0.0 |
| 48066 | 4.500%, 03/01/2041 | 47938 | 0.0 |
| 62838 | 4.500%, 03/01/2041 | 62729 | 0.0 |
| 104181 | 4.500%, 03/01/2041 | 102870 | 0.0 |
| 3128 | 4.500%, 04/01/2041 | 3105 | 0.0 |
| 13877 | 4.500%, 04/01/2041 | 13691 | 0.0 |
| 22037 | 4.500%, 04/01/2041 | 21965 | 0.0 |
| 65900 | 4.500%, 04/01/2041 | 64530 | 0.0 |
| 124343 | 4.500%, 04/01/2041 | 123744 | 0.0 |
| 220811 | 4.500%, 04/01/2041 | 219681 | 0.0 |
| 2034 | 4.500%, 05/01/2041 | 2023 | 0.0 |
| 2631 | 4.500%, 05/01/2041 | 2627 | 0.0 |
| 9305 | 4.500%, 05/01/2041 | 9275 | 0.0 |
| 10202 | 4.500%, 05/01/2041 | 10061 | 0.0 |
| 15280 | 4.500%, 05/01/2041 | 15202 | 0.0 |
| 119924 | 4.500%, 05/01/2041 | 118348 | 0.0 |
| 128100 | 4.500%, 05/01/2041 | 126441 | 0.0 |
| 147086 | 4.500%, 05/01/2041 | 146106 | 0.0 |
| 232539 | 4.500%, 05/01/2041 | 231062 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 8062 | 4.500%, 06/01/2041 | $8025 | 0.0 |
| 43382 | 4.500%, 06/01/2041 | 42874 | 0.0 |
| 158901 | 4.500%, 06/01/2041 | 157270 | 0.0 |
| 1183 | 4.500%, 07/01/2041 | 1167 | 0.0 |
| 2289 | 4.500%, 07/01/2041 | 2276 | 0.0 |
| 6657 | 4.500%, 07/01/2041 | 6617 | 0.0 |
| 13697 | 4.500%, 07/01/2041 | 13638 | 0.0 |
| 29401 | 4.500%, 07/01/2041 | 28842 | 0.0 |
| 54520 | 4.500%, 07/01/2041 | 54117 | 0.0 |
| 108936 | 4.500%, 07/01/2041 | 108277 | 0.0 |
| 10415 | 4.500%, 08/01/2041 | 10365 | 0.0 |
| 19251 | 4.500%, 08/01/2041 | 18776 | 0.0 |
| 34527 | 4.500%, 08/01/2041 | 33798 | 0.0 |
| 54883 | 4.500%, 08/01/2041 | 54534 | 0.0 |
| 72954 | 4.500%, 08/01/2041 | 72648 | 0.0 |
| 97979 | 4.500%, 08/01/2041 | 96967 | 0.0 |
| 115623 | 4.500%, 08/01/2041 | 112898 | 0.0 |
| 142362 | 4.500%, 08/01/2041 | 140799 | 0.0 |
| 2893 | 4.500%, 09/01/2041 | 2875 | 0.0 |
| 7528 | 4.500%, 09/01/2041 | 7491 | 0.0 |
| 39491 | 4.500%, 09/01/2041 | 39114 | 0.0 |
| 340892 | 4.500%, 09/01/2041 | 337885 | 0.1 |
| 12356 | 4.500%, 10/01/2041 | 12328 | 0.0 |
| 20374 | 4.500%, 10/01/2041 | 20194 | 0.0 |
| 39520 | 4.500%, 10/01/2041 | 38701 | 0.0 |
| 76155 | 4.500%, 10/01/2041 | 75695 | 0.0 |
| 95488 | 4.500%, 10/01/2041 | 95215 | 0.0 |
| 164295 | 4.500%, 10/01/2041 | 163842 | 0.0 |
| 352335 | 4.500%, 10/01/2041 | 347704 | 0.1 |
| 769990 | 4.500%, 10/01/2041 | 758762 | 0.1 |
| 2046 | 4.500%, 11/01/2041 | 2037 | 0.0 |
| 164355 | 4.500%, 11/01/2041 | 163412 | 0.0 |
| 158365 | 4.500%, 12/01/2041 | 154674 | 0.0 |
| 378067 | 4.500%, 12/01/2041 | 374460 | 0.1 |
| 6767 | 4.500%, 01/01/2042 | 6752 | 0.0 |
| 9075 | 4.500%, 01/01/2042 | 8999 | 0.0 |
| 16292 | 4.500%, 01/01/2042 | 16102 | 0.0 |
| 30360 | 4.500%, 03/01/2042 | 29895 | 0.0 |
| 24716 | 4.500%, 04/01/2042 | 24048 | 0.0 |
| 9954 | 4.500%, 06/01/2042 | 9830 | 0.0 |
| 3910 | 4.500%, 08/01/2042 | 3898 | 0.0 |
| 3744 | 4.500%, 09/01/2042 | 3643 | 0.0 |
| 5970 | 4.500%, 01/01/2043 | 5812 | 0.0 |
| 3565 | 4.500%, 12/01/2043 | 3507 | 0.0 |
| 39536 | 4.500%, 04/01/2047 | 38637 | 0.0 |
| 19258 | 4.500%, 05/01/2047 | 18765 | 0.0 |
| 44476 | 4.500%, 06/01/2047 | 43330 | 0.0 |
| 64395 | 4.500%, 06/01/2047 | 62756 | 0.0 |
| 59986 | 4.500%, 07/01/2047 | 58771 | 0.0 |
| 205926 | 4.500%, 07/01/2047 | 200491 | 0.0 |
| 15319 | 4.500%, 08/01/2047 | 14906 | 0.0 |
| 5943122 | 4.500%, 12/01/2054 | 5689890 | 0.6 |
| 2060 | 5.000%, 04/01/2026 | 2054 | 0.0 |
| 1917 | 5.000%, 05/01/2026 | 1911 | 0.0 |
| 2613 | 5.000%, 08/01/2027 | 2612 | 0.0 |
| 3262 | 5.000%, 04/01/2028 | 3276 | 0.0 |
| 3999468 | 5.000%, 05/01/2042 | 4065374 | 0.5 |
| 547674 | 5.000%, 09/01/2052 | 539711 | 0.1 |
| 305 | 5.500%, 07/01/2026 | 305 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 845 | 5.500%, 12/01/2027 | $852 | 0.0 |
| 5524 | 5.500%, 04/01/2028 | 5560 | 0.0 |
| 1502 | 5.500%, 08/01/2028 | 1517 | 0.0 |
| 2119 | 5.500%, 01/01/2029 | 2143 | 0.0 |
| 21519 | 5.500%, 10/01/2029 | 21838 | 0.0 |
| 19087 | 5.500%, 04/01/2033 | 19354 | 0.0 |
| 9548 | 5.500%, 10/01/2033 | 9790 | 0.0 |
| 387 | 5.500%, 11/01/2033 | 399 | 0.0 |
| 1708 | 5.500%, 11/01/2033 | 1742 | 0.0 |
| 2603 | 5.500%, 11/01/2033 | 2641 | 0.0 |
| 3160 | 5.500%, 11/01/2033 | 3201 | 0.0 |
| 519 | 5.500%, 12/01/2033 | 526 | 0.0 |
| 8307 | 5.500%, 12/01/2033 | 8527 | 0.0 |
| 21227 | 5.500%, 12/01/2033 | 21536 | 0.0 |
| 47024 | 5.500%, 12/01/2033 | 48198 | 0.0 |
| 145739 | 5.500%, 12/01/2033 | 147759 | 0.0 |
| 128 | 5.500%, 01/01/2034 | 131 | 0.0 |
| 2692 | 5.500%, 01/01/2034 | 2716 | 0.0 |
| 6978 | 5.500%, 01/01/2034 | 7165 | 0.0 |
| 11484 | 5.500%, 01/01/2034 | 11517 | 0.0 |
| 52139 | 5.500%, 01/01/2034 | 53459 | 0.0 |
| 2163 | 5.500%, 06/01/2034 | 2221 | 0.0 |
| 3641 | 5.500%, 11/01/2034 | 3685 | 0.0 |
| 20114 | 5.500%, 11/01/2034 | 20670 | 0.0 |
| 414 | 5.500%, 12/01/2034 | 427 | 0.0 |
| 5954 | 5.500%, 01/01/2035 | 6121 | 0.0 |
| 13173 | 5.500%, 01/01/2035 | 13526 | 0.0 |
| 17909 | 5.500%, 01/01/2035 | 18158 | 0.0 |
| 5152 | 5.500%, 02/01/2035 | 5303 | 0.0 |
| 3977 | 5.500%, 07/01/2035 | 4094 | 0.0 |
| 334085 | 5.500%, 08/01/2035 | 344560 | 0.1 |
| 1401 | 5.500%, 10/01/2035 | 1467 | 0.0 |
| 255 | 5.500%, 11/01/2035 | 261 | 0.0 |
| 23175 | 5.500%, 11/01/2035 | 23857 | 0.0 |
| 325 | 5.500%, 12/01/2035 | 335 | 0.0 |
| 330 | 5.500%, 12/01/2035 | 335 | 0.0 |
| 6048 | 5.500%, 12/01/2035 | 6245 | 0.0 |
| 47708 | 5.500%, 12/01/2035 | 49264 | 0.0 |
| 4321 | 5.500%, 01/01/2036 | 4462 | 0.0 |
| 34044 | 5.500%, 01/01/2036 | 35154 | 0.0 |
| 349 | 5.500%, 02/01/2036 | 354 | 0.0 |
| 5072 | 5.500%, 04/01/2036 | 5238 | 0.0 |
| 301 | 5.500%, 08/01/2036 | 311 | 0.0 |
| 20002 | 5.500%, 09/01/2036 | 20563 | 0.0 |
| 32402 | 5.500%, 09/01/2036 | 33378 | 0.0 |
| 520 | 5.500%, 12/01/2036 | 537 | 0.0 |
| 812 | 5.500%, 12/01/2036 | 835 | 0.0 |
| 56356 | 5.500%, 12/01/2036 | 58103 | 0.0 |
| 57466 | 5.500%, 12/01/2036 | 59306 | 0.0 |
| 5121 | 5.500%, 01/01/2037 | 5281 | 0.0 |
| 27002 | 5.500%, 01/01/2037 | 27861 | 0.0 |
| 46820 | 5.500%, 02/01/2037 | 48291 | 0.0 |
| 118437 | 5.500%, 03/01/2037 | 121395 | 0.0 |
| 5499 | 5.500%, 04/01/2037 | 5669 | 0.0 |
| 387 | 5.500%, 05/01/2037 | 399 | 0.0 |
| 1132 | 5.500%, 05/01/2037 | 1154 | 0.0 |
| 6179 | 5.500%, 05/01/2037 | 6365 | 0.0 |
| 11353 | 5.500%, 05/01/2037 | 11702 | 0.0 |
| 10609 | 5.500%, 06/01/2037 | 10908 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 26546 | 5.500%, 06/01/2037 | $27289 | 0.0 |
| 13069 | 5.500%, 07/01/2037 | 13346 | 0.0 |
| 6581 | 5.500%, 08/01/2037 | 6790 | 0.0 |
| 17867 | 5.500%, 08/01/2037 | 18449 | 0.0 |
| 21012 | 5.500%, 08/01/2037 | 21638 | 0.0 |
| 49163 | 5.500%, 09/01/2037 | 50667 | 0.0 |
| 260 | 5.500%, 11/01/2037 | 267 | 0.0 |
| 169866 | 5.500%, 01/01/2038 | 174856 | 0.0 |
| 342 | 5.500%, 02/01/2038 | 351 | 0.0 |
| 532 | 5.500%, 02/01/2038 | 547 | 0.0 |
| 3303 | 5.500%, 03/01/2038 | 3379 | 0.0 |
| 163048 | 5.500%, 03/01/2038 | 167372 | 0.0 |
| 217 | 5.500%, 04/01/2038 | 222 | 0.0 |
| 7588 | 5.500%, 04/01/2038 | 7759 | 0.0 |
| 25389 | 5.500%, 04/01/2038 | 26032 | 0.0 |
| 1348 | 5.500%, 05/01/2038 | 1386 | 0.0 |
| 3989 | 5.500%, 05/01/2038 | 4100 | 0.0 |
| 46652 | 5.500%, 05/01/2038 | 47566 | 0.0 |
| 10393 | 5.500%, 06/01/2038 | 10656 | 0.0 |
| 37848 | 5.500%, 06/01/2038 | 38991 | 0.0 |
| 187 | 5.500%, 07/01/2038 | 193 | 0.0 |
| 18958 | 5.500%, 07/01/2038 | 19461 | 0.0 |
| 21990 | 5.500%, 07/01/2038 | 22671 | 0.0 |
| 22952 | 5.500%, 07/01/2038 | 23532 | 0.0 |
| 4750 | 5.500%, 08/01/2038 | 4905 | 0.0 |
| 10284 | 5.500%, 08/01/2038 | 10545 | 0.0 |
| 32637 | 5.500%, 08/01/2038 | 33462 | 0.0 |
| 24295 | 5.500%, 11/01/2038 | 25117 | 0.0 |
| 85236 | 5.500%, 11/01/2038 | 87566 | 0.0 |
| 102 | 5.500%, 12/01/2038 | 104 | 0.0 |
| 15638 | 5.500%, 12/01/2038 | 16110 | 0.0 |
| 23951 | 5.500%, 01/01/2039 | 24688 | 0.0 |
| 45528 | 5.500%, 01/01/2039 | 46930 | 0.0 |
| 152855 | 5.500%, 01/01/2039 | 157407 | 0.0 |
| 9407 | 5.500%, 03/01/2039 | 9672 | 0.0 |
| 79696 | 5.500%, 06/01/2039 | 82069 | 0.0 |
| 140671 | 5.500%, 06/01/2039 | 145089 | 0.0 |
| 7923 | 5.500%, 07/01/2041 | 8124 | 0.0 |
| 151380 | 5.500%, 09/01/2041 | 155832 | 0.0 |
| 5471764 | 5.500%, 02/01/2054 | 5476487 | 0.6 |
| 5094000 <sup>(5)</sup> | 5.500%, 08/15/2055 | 5089452 | 0.6 |
| 22348 | 6.000%, 11/01/2028 | 22709 | 0.0 |
| 153 | 6.000%, 04/01/2031 | 159 | 0.0 |
| 162 | 6.000%, 01/01/2032 | 164 | 0.0 |
| 267 | 6.000%, 11/01/2032 | 273 | 0.0 |
| 389 | 6.000%, 11/01/2032 | 395 | 0.0 |
| 20492 | 6.000%, 01/01/2033 | 21186 | 0.0 |
| 1579 | 6.000%, 09/01/2033 | 1636 | 0.0 |
| 281 | 6.000%, 01/01/2034 | 291 | 0.0 |
| 8804 | 6.000%, 06/01/2035 | 8948 | 0.0 |
| 2359 | 6.000%, 07/01/2035 | 2431 | 0.0 |
| 3890 | 6.000%, 07/01/2035 | 3982 | 0.0 |
| 4662 | 6.000%, 07/01/2035 | 4833 | 0.0 |
| 5336 | 6.000%, 07/01/2035 | 5585 | 0.0 |
| 303 | 6.000%, 10/01/2035 | 311 | 0.0 |
| 765 | 6.000%, 10/01/2035 | 777 | 0.0 |
| 22901 | 6.000%, 11/01/2035 | 23755 | 0.0 |
| 1875 | 6.000%, 12/01/2035 | 1930 | 0.0 |
| 20673 | 6.000%, 12/01/2035 | 21674 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 3194 | 6.000%, 01/01/2036 | $3311 | 0.0 |
| 13389 | 6.000%, 02/01/2036 | 14043 | 0.0 |
| 23554 | 6.000%, 02/01/2036 | 24704 | 0.0 |
| 5115 | 6.000%, 03/01/2036 | 5274 | 0.0 |
| 15207 | 6.000%, 03/01/2036 | 15948 | 0.0 |
| 9472 | 6.000%, 04/01/2036 | 9904 | 0.0 |
| 20289 | 6.000%, 04/01/2036 | 21280 | 0.0 |
| 6017 | 6.000%, 05/01/2036 | 6151 | 0.0 |
| 284 | 6.000%, 06/01/2036 | 297 | 0.0 |
| 1556 | 6.000%, 06/01/2036 | 1603 | 0.0 |
| 1029 | 6.000%, 07/01/2036 | 1064 | 0.0 |
| 1191 | 6.000%, 07/01/2036 | 1221 | 0.0 |
| 8583 | 6.000%, 07/01/2036 | 8897 | 0.0 |
| 30270 | 6.000%, 07/01/2036 | 31748 | 0.0 |
| 1174 | 6.000%, 08/01/2036 | 1215 | 0.0 |
| 1757 | 6.000%, 08/01/2036 | 1842 | 0.0 |
| 9425 | 6.000%, 08/01/2036 | 9885 | 0.0 |
| 10428 | 6.000%, 08/01/2036 | 10814 | 0.0 |
| 63343 | 6.000%, 08/01/2036 | 65664 | 0.0 |
| 67 | 6.000%, 09/01/2036 | 69 | 0.0 |
| 5514 | 6.000%, 09/01/2036 | 5683 | 0.0 |
| 6179 | 6.000%, 09/01/2036 | 6480 | 0.0 |
| 10176 | 6.000%, 09/01/2036 | 10583 | 0.0 |
| 10669 | 6.000%, 09/01/2036 | 11035 | 0.0 |
| 25427 | 6.000%, 09/01/2036 | 26665 | 0.0 |
| 48077 | 6.000%, 09/01/2036 | 49478 | 0.0 |
| 1965 | 6.000%, 10/01/2036 | 2023 | 0.0 |
| 6583 | 6.000%, 10/01/2036 | 6785 | 0.0 |
| 8029 | 6.000%, 10/01/2036 | 8421 | 0.0 |
| 16470 | 6.000%, 10/01/2036 | 17300 | 0.0 |
| 20174 | 6.000%, 10/01/2036 | 21095 | 0.0 |
| 20422 | 6.000%, 10/01/2036 | 21355 | 0.0 |
| 6053 | 6.000%, 11/01/2036 | 6303 | 0.0 |
| 17747 | 6.000%, 11/01/2036 | 18615 | 0.0 |
| 1100 | 6.000%, 12/01/2036 | 1141 | 0.0 |
| 1711 | 6.000%, 12/01/2036 | 1739 | 0.0 |
| 1709 | 6.000%, 12/01/2036 | 1793 | 0.0 |
| 9161 | 6.000%, 12/01/2036 | 9428 | 0.0 |
| 19058 | 6.000%, 12/01/2036 | 19988 | 0.0 |
| 179 | 6.000%, 01/01/2037 | 185 | 0.0 |
| 309 | 6.000%, 01/01/2037 | 324 | 0.0 |
| 4279 | 6.000%, 01/01/2037 | 4474 | 0.0 |
| 9179 | 6.000%, 01/01/2037 | 9383 | 0.0 |
| 6610 | 6.000%, 02/01/2037 | 6882 | 0.0 |
| 7315 | 6.000%, 02/01/2037 | 7672 | 0.0 |
| 43990 | 6.000%, 02/01/2037 | 46000 | 0.0 |
| 321 | 6.000%, 03/01/2037 | 331 | 0.0 |
| 3987 | 6.000%, 03/01/2037 | 4125 | 0.0 |
| 3984 | 6.000%, 03/01/2037 | 4178 | 0.0 |
| 5678 | 6.000%, 03/01/2037 | 5853 | 0.0 |
| 8460 | 6.000%, 03/01/2037 | 8873 | 0.0 |
| 38359 | 6.000%, 03/01/2037 | 39814 | 0.0 |
| 566 | 6.000%, 04/01/2037 | 585 | 0.0 |
| 642 | 6.000%, 04/01/2037 | 662 | 0.0 |
| 893 | 6.000%, 04/01/2037 | 937 | 0.0 |
| 1793 | 6.000%, 04/01/2037 | 1871 | 0.0 |
| 3661 | 6.000%, 04/01/2037 | 3823 | 0.0 |
| 4477 | 6.000%, 04/01/2037 | 4616 | 0.0 |
| 8018 | 6.000%, 04/01/2037 | 8409 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 11624 | 6.000%, 04/01/2037 | $12191 | 0.0 |
| 11896 | 6.000%, 04/01/2037 | 12332 | 0.0 |
| 18246 | 6.000%, 04/01/2037 | 18876 | 0.0 |
| 23766 | 6.000%, 04/01/2037 | 24403 | 0.0 |
| 31894 | 6.000%, 04/01/2037 | 33439 | 0.0 |
| 52670 | 6.000%, 04/01/2037 | 55243 | 0.0 |
| 480 | 6.000%, 05/01/2037 | 488 | 0.0 |
| 4190 | 6.000%, 05/01/2037 | 4381 | 0.0 |
| 4879 | 6.000%, 05/01/2037 | 5023 | 0.0 |
| 6368 | 6.000%, 05/01/2037 | 6554 | 0.0 |
| 8684 | 6.000%, 05/01/2037 | 9107 | 0.0 |
| 9383 | 6.000%, 05/01/2037 | 9600 | 0.0 |
| 9772 | 6.000%, 05/01/2037 | 10072 | 0.0 |
| 11419 | 6.000%, 05/01/2037 | 11752 | 0.0 |
| 17445 | 6.000%, 05/01/2037 | 18242 | 0.0 |
| 40432 | 6.000%, 05/01/2037 | 42407 | 0.0 |
| 2563 | 6.000%, 06/01/2037 | 2687 | 0.0 |
| 3206 | 6.000%, 06/01/2037 | 3324 | 0.0 |
| 3316 | 6.000%, 06/01/2037 | 3478 | 0.0 |
| 4273 | 6.000%, 06/01/2037 | 4390 | 0.0 |
| 20902 | 6.000%, 06/01/2037 | 21410 | 0.0 |
| 27784 | 6.000%, 06/01/2037 | 29054 | 0.0 |
| 2012 | 6.000%, 07/01/2037 | 2104 | 0.0 |
| 3444 | 6.000%, 07/01/2037 | 3621 | 0.0 |
| 3665 | 6.000%, 07/01/2037 | 3872 | 0.0 |
| 4643 | 6.000%, 07/01/2037 | 4779 | 0.0 |
| 5624 | 6.000%, 07/01/2037 | 5830 | 0.0 |
| 10955 | 6.000%, 07/01/2037 | 11357 | 0.0 |
| 27443 | 6.000%, 07/01/2037 | 28450 | 0.0 |
| 27527 | 6.000%, 07/01/2037 | 28873 | 0.0 |
| 2099 | 6.000%, 08/01/2037 | 2195 | 0.0 |
| 4949 | 6.000%, 08/01/2037 | 5131 | 0.0 |
| 7419 | 6.000%, 08/01/2037 | 7747 | 0.0 |
| 7632 | 6.000%, 08/01/2037 | 7856 | 0.0 |
| 14897 | 6.000%, 08/01/2037 | 15412 | 0.0 |
| 22682 | 6.000%, 08/01/2037 | 23791 | 0.0 |
| 29182 | 6.000%, 08/01/2037 | 30032 | 0.0 |
| 452 | 6.000%, 09/01/2037 | 465 | 0.0 |
| 1140 | 6.000%, 09/01/2037 | 1196 | 0.0 |
| 4548 | 6.000%, 09/01/2037 | 4669 | 0.0 |
| 7598 | 6.000%, 09/01/2037 | 7969 | 0.0 |
| 41043 | 6.000%, 09/01/2037 | 42860 | 0.0 |
| 413 | 6.000%, 10/01/2037 | 426 | 0.0 |
| 15463 | 6.000%, 10/01/2037 | 16219 | 0.0 |
| 540 | 6.000%, 11/01/2037 | 567 | 0.0 |
| 17809 | 6.000%, 11/01/2037 | 18680 | 0.0 |
| 25682 | 6.000%, 11/01/2037 | 26937 | 0.0 |
| 738 | 6.000%, 12/01/2037 | 772 | 0.0 |
| 15028 | 6.000%, 12/01/2037 | 15715 | 0.0 |
| 27240 | 6.000%, 12/01/2037 | 27837 | 0.0 |
| 30180 | 6.000%, 12/01/2037 | 31655 | 0.0 |
| 14267 | 6.000%, 02/01/2038 | 14965 | 0.0 |
| 49546 | 6.000%, 02/01/2038 | 51559 | 0.0 |
| 67653 | 6.000%, 02/01/2038 | 70961 | 0.0 |
| 580 | 6.000%, 03/01/2038 | 603 | 0.0 |
| 3405 | 6.000%, 03/01/2038 | 3502 | 0.0 |
| 15025 | 6.000%, 03/01/2038 | 15760 | 0.0 |
| 1693 | 6.000%, 05/01/2038 | 1776 | 0.0 |
| 40605 | 6.000%, 05/01/2038 | 42590 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 5571 | 6.000%, 06/01/2038 | $| 5843 | 0.0 |
| 21252 | 6.000%, 07/01/2038 |  | 22292 | 0.0 |
| 34405 | 6.000%, 07/01/2038 |  | 35522 | 0.0 |
| 622 | 6.000%, 08/01/2038 |  | 653 | 0.0 |
| 2870 | 6.000%, 09/01/2038 |  | 2972 | 0.0 |
| 3575 | 6.000%, 09/01/2038 |  | 3750 | 0.0 |
| 11708 | 6.000%, 09/01/2038 |  | 12280 | 0.0 |
| 12807 | 6.000%, 09/01/2038 |  | 13300 | 0.0 |
| 315 | 6.000%, 10/01/2038 |  | 323 | 0.0 |
| 509 | 6.000%, 10/01/2038 |  | 527 | 0.0 |
| 6405 | 6.000%, 10/01/2038 |  | 6718 | 0.0 |
| 7098 | 6.000%, 10/01/2038 |  | 7445 | 0.0 |
| 10267 | 6.000%, 10/01/2038 |  | 10568 | 0.0 |
| 15739 | 6.000%, 10/01/2038 |  | 16508 | 0.0 |
| 357 | 6.000%, 11/01/2038 |  | 373 | 0.0 |
| 982 | 6.000%, 11/01/2038 |  | 1013 | 0.0 |
| 40062 | 6.000%, 11/01/2038 |  | 41222 | 0.0 |
| 719 | 6.000%, 12/01/2038 |  | 745 | 0.0 |
| 9937 | 6.000%, 12/01/2038 |  | 10347 | 0.0 |
| 34309 | 6.000%, 12/01/2038 |  | 35986 | 0.0 |
| 684 | 6.000%, 10/01/2039 |  | 718 | 0.0 |
| 8911 | 6.000%, 10/01/2039 |  | 9346 | 0.0 |
| 8399 | 6.000%, 04/01/2040 |  | 8810 | 0.0 |
| 67387 | 6.000%, 09/01/2040 |  | 69659 | 0.0 |
| 88062 | 6.000%, 10/01/2040 |  | 92367 | 0.0 |
| 1936630 | 6.000%, 07/01/2054 |  | 1969957 | 0.2 |
| 2591000 <sup>(5)</sup> | 6.000%, 08/01/2055 |  | 2630649 | 0.3 |
| 8 | 6.500%, 04/01/2027 |  | 8 | 0.0 |
| 3732 | 6.500%, 01/01/2032 |  | 3857 | 0.0 |
| 3071 | 6.500%, 04/01/2032 |  | 3194 | 0.0 |
| 2609 | 6.500%, 10/01/2032 |  | 2695 | 0.0 |
| 5480 | 6.500%, 10/01/2032 |  | 5661 | 0.0 |
| 2592 | 6.500%, 03/01/2038 |  | 2748 | 0.0 |
| 2 | 7.000%, 08/01/2025 |  | 2 | 0.0 |
| 214 | 7.000%, 12/01/2027 |  | 225 | 0.0 |
| 126876 | 7.000%, 03/01/2038 |  | 134279 | 0.0 |
| 3036 | 7.500%, 09/01/2031 |  | 3137 | 0.0 |
|  |  |  | **111886595** | **12.2** |
|  | Total U.S. Government Agency Obligations<br> (Cost $187,273,572) |  | **175295336** | **19.1** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 15.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 15.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 15.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 15.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 15.5%** |
| 596464 <sup>(3)</sup> | Alternative Loan Trust 2005-53T2 2A6, 4.934%, (TSFR1M + 0.614%), 11/25/2035 |  | 305127 | 0.0 |
| 845558 | Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035 |  | 581254 | 0.1 |
| 166458 <sup>(3)(6)</sup> | Alternative Loan Trust 2005-J3 2A2, 0.566%, (-1.000\*TSFR1M + 4.886%), 05/25/2035 |  | 7194 | 0.0 |
| 1023092 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 |  | 461078 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1436447 <sup>(3)</sup> | Alternative Loan Trust 2007-23CB A3, 4.934%, (TSFR1M + 0.614%), 09/25/2037 | $514319 | 0.1 |
| 64325 | Banc of America Funding Trust 2007-8 4A1, 6.000%, 08/25/2037 | 53056 | 0.0 |
| 224858 <sup>(3)</sup> | Bear Stearns ALT-A Trust 2005-10 22A1, 5.207%, 01/25/2036 | 213097 | 0.0 |
| 121920 <sup>(3)</sup> | Bear Stearns ALT-A Trust 2005-4 23A1, 5.467%, 05/25/2035 | 116477 | 0.0 |
| 680819 <sup>(3)</sup> | Bear Stearns ALT-A Trust 2006-6 31A1, 4.608%, 11/25/2036 | 392698 | 0.0 |
| 783067 <sup>(3)</sup> | Bear Stearns ALT-A Trust 2006-6 32A1, 4.607%, 11/25/2036 | 402202 | 0.1 |
| 620 <sup>(3)</sup> | Bear Stearns ARM Trust 2005-12 13A1, 4.725%, 02/25/2036 | 446 | 0.0 |
| 51836 <sup>(3)</sup> | Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 5.062%, 01/26/2036 | 36915 | 0.0 |
| 1519185 <sup>(1)(3)</sup> | Chase Home Lending Mortgage Trust 2024-8 A9A, 5.500%, 08/25/2055 | 1503027 | 0.2 |
| 31064 <sup>(3)</sup> | Chase Mortgage Finance Trust Series 2005-A1 1A1, 4.745%, 12/25/2035 | 28052 | 0.0 |
| 5681 <sup>(3)</sup> | CHL Mortgage Pass-Through Trust 2004-HYB9 1A1, 5.395%, 02/20/2035 | 5744 | 0.0 |
| 9289 <sup>(3)</sup> | CHL Mortgage Pass-Through Trust 2005-2 2A3, 5.114%, (TSFR1M + 0.794%), 03/25/2035 | 8776 | 0.0 |
| 359418 | Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037 | 334479 | 0.0 |
| 12009 <sup>(3)</sup> | Citigroup Mortgage Loan Trust 2005-3 2A2A, 5.988%, 08/25/2035 | 11412 | 0.0 |
| 553301 | Citigroup Mortgage Loan Trust 2005-8 3A1, 5.500%, 09/25/2035 | 563686 | 0.1 |
| 519178 <sup>(3)</sup> | Citigroup Mortgage Loan Trust 2007-10 22AA, 4.783%, 09/25/2037 | 479140 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 326987 <sup>(1)(3)</sup> | Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058 | $320389 | 0.0 |
| 151842 | CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037 | 135935 | 0.0 |
| 800000 <sup>(1)(3)</sup> | Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.070%, (SOFR30A + 3.764%), 02/25/2040 | 831785 | 0.1 |
| 3600000 <sup>(1)(3)</sup> | Connecticut Avenue Securities Trust 2022-R01 1B1, 7.455%, (SOFR30A + 3.150%), 12/25/2041 | 3698238 | 0.4 |
| 70768 <sup>(3)</sup> | DSLA Mortgage Loan Trust 2004-AR3 2A1, 5.274%, 07/19/2044 | 67002 | 0.0 |
| 210000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R01 1B1, 7.670%, (SOFR30A + 3.364%), 01/25/2040 | 215365 | 0.0 |
| 1500000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R01 1B1, 7.405%, (SOFR30A + 3.100%), 10/25/2041 | 1537261 | 0.2 |
| 1500000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R03 1B1, 7.055%, (SOFR30A + 2.750%), 12/25/2041 | 1532771 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R08 1B1, 9.905%, (SOFR30A + 5.600%), 07/25/2042 | 1079088 | 0.1 |
| 2000000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R04 1B1, 9.656%, (SOFR30A + 5.350%), 05/25/2043 | 2189436 | 0.2 |
| 700000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R07 2M2, 7.556%, (SOFR30A + 3.250%), 09/25/2043 | 729562 | 0.1 |
| 2000000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R06 1B1, 6.355%, (SOFR30A + 2.050%), 09/25/2044 | 2014656 | 0.2 |
| 500000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 6.256%, (SOFR30A + 1.950%), 02/25/2045 | 500567 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1000000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R03 2M2, 6.555%, (SOFR30A + 2.250%), 03/25/2045 | $1017486 | 0.1 |
| 1966837 <sup>(6)</sup> | Fannie Mae Interest Strip 409 C29, 5.000%, 04/25/2042 | 381619 | 0 |
| 165558 <sup>(6)</sup> | Fannie Mae Interest Strip 418 10, 4.000%, 08/25/2043 | 27941 | 0 |
| 163752 <sup>(6)</sup> | Fannie Mae Interest Strip 418 15, 3.500%, 08/25/2043 | 24918 | 0 |
| 1525861 <sup>(6)</sup> | Fannie Mae Interest Strip 421 C11, 6.500%, 05/25/2039 | 246492 | 0 |
| 59794 | Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029 | 60725 | 0 |
| 2065 <sup>(3)</sup> | Fannie Mae REMIC Trust 2002-21 FC, 5.320%, (SOFR30A + 1.014%), 04/25/2032 | 2071 | 0 |
| 301220 <sup>(6)</sup> | Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033 | 45803 | 0 |
| 9541 <sup>(3)</sup> | Fannie Mae REMIC Trust 2004-11 A, 4.556%, (SOFR30A + 0.234%), 03/25/2034 | 9525 | 0 |
| 154278 | Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036 | 159869 | 0 |
| 1323662 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2005-66 SY, 2.280%, (-1.000\*SOFR30A + 6.586%), 07/25/2035 | 111245 | 0 |
| 103497 <sup>(3)</sup> | Fannie Mae REMIC Trust 2005-74 DK, 6.321%, (-1.000\*SOFR30A + 23.542%), 07/25/2035 | 106766 | 0 |
| 1529818 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2005-92 SC, 2.260%, (-1.000\*SOFR30A + 6.566%), 10/25/2035 | 123810 | 0 |
| 75203 | Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036 | 78125 | 0 |
| 319758 <sup>(3)</sup> | Fannie Mae REMIC Trust 2006-104 ES, 11.352%, (-1.000\*SOFR30A + 32.878%), 11/25/2036 | 424832 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1283184 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2006-12 SD, 2.330%, (-1.000\*SOFR30A + 6.636%), 10/25/2035 | $83125 | 0.0 |
| 1760219 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2006-120 QD, 0.280%, (-1.000\*SOFR30A + 4.586%), 10/25/2036 | 39648 | 0.0 |
| 951619 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2006-123 UI, 2.320%, (-1.000\*SOFR30A + 6.626%), 01/25/2037 | 90883 | 0.0 |
| 932307 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2006-59 XS, 2.780%, (-1.000\*SOFR30A + 7.086%), 07/25/2036 | 76065 | 0.0 |
| 29189 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2006-72 HS, 2.280%, (-1.000\*SOFR30A + 6.586%), 08/25/2026 | 325 | 0.0 |
| 1142195 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2007-53 SX, 1.680%, (-1.000\*SOFR30A + 5.986%), 06/25/2037 | 92918 | 0.0 |
| 249339 <sup>(3)</sup> | Fannie Mae REMIC Trust 2007-73 A1, 4.807%, (SOFR30A + 0.174%), 07/25/2037 | 244939 | 0.0 |
| 149304 <sup>(3)</sup> | Fannie Mae REMIC Trust 2008-20 SP, 4.451%, (-1.000\*SOFR30A + 15.214%), 03/25/2038 | 149335 | 0.0 |
| 774790 | Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036 | 776684 | 0.1 |
| 2760967 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-102 SB, 2.180%, (-1.000\*SOFR30A + 6.486%), 09/25/2040 | 291034 | 0.0 |
| 3209570 <sup>(6)</sup> | Fannie Mae REMIC Trust 2010-112 PI, 6.000%, 10/25/2040 | 622965 | 0.1 |
| 854782 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-116 SE, 2.180%, (-1.000\*SOFR30A + 6.486%), 10/25/2040 | 75145 | 0.0 |
| 2206110 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-123 SL, 1.650%, (-1.000\*SOFR30A + 5.956%), 11/25/2040 | 160185 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 7100614 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-139 SA, 1.610%, (-1.000\*SOFR30A + 5.916%), 12/25/2040 | $603696 | 0.1 |
| 1476329 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-55 AS, 2.000%, (-1.000\*SOFR30A + 6.306%), 06/25/2040 | 134634 | 0.0 |
| 2645949 | Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040 | 2724522 | 0.3 |
| 162426 | Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040 | 163976 | 0.0 |
| 412935 | Fannie Mae REMIC Trust 2011-10 ZC, 5.000%, 02/25/2041 | 416861 | 0.1 |
| 37748 | Fannie Mae REMIC Trust 2011-127 UY, 3.500%, 12/25/2041 | 35764 | 0.0 |
| 1000000 | Fannie Mae REMIC Trust 2011-128 KB, 4.500%, 12/25/2041 | 985489 | 0.1 |
| 710585 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2011-149 ES, 1.580%, (-1.000\*SOFR30A + 5.886%), 07/25/2041 | 28397 | 0.0 |
| 540618 <sup>(6)</sup> | Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041 | 54492 | 0.0 |
| 255872 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-10 US, 2.030%, (-1.000\*SOFR30A + 6.336%), 02/25/2042 | 30951 | 0.0 |
| 21440 | Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041 | 21329 | 0.0 |
| 550421 | Fannie Mae REMIC Trust 2012-110 CA, 3.000%, 10/25/2042 | 506551 | 0.1 |
| 3451763 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-113 SG, 1.680%, (-1.000\*SOFR30A + 5.986%), 10/25/2042 | 385174 | 0.0 |
| 2432434 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-122 SB, 1.730%, (-1.000\*SOFR30A + 6.036%), 11/25/2042 | 282932 | 0.0 |
| 615673 <sup>(6)</sup> | Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032 | 31159 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 765285 <sup>(3)</sup> | Fannie Mae REMIC Trust 2012-131 BS, 0.088%, (-1.000\*SOFR30A + 5.263%), 12/25/2042 | $473636 | 0.1 |
| 8058414 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-134 SF, 1.730%, (-1.000\*SOFR30A + 6.036%), 12/25/2042 | 901089 | 0.1 |
| 3837219 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-137 SN, 1.680%, (-1.000\*SOFR30A + 5.986%), 12/25/2042 | 399755 | 0.0 |
| 6299814 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-19 S, 1.530%, (-1.000\*SOFR30A + 5.836%), 03/25/2042 | 627806 | 0.1 |
| 2677801 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-30 TS, 2.030%, (-1.000\*SOFR30A + 6.336%), 04/25/2042 | 315301 | 0.0 |
| 503699 <sup>(6)</sup> | Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042 | 65712 | 0.0 |
| 2925565 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2013-60 DS, 1.780%, (-1.000\*SOFR30A + 6.086%), 06/25/2033 | 207140 | 0.0 |
| 3497688 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2013-9 DS, 1.730%, (-1.000\*SOFR30A + 6.036%), 02/25/2043 | 389755 | 0.0 |
| 5978430 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2013-9 SA, 1.730%, (-1.000\*SOFR30A + 6.036%), 03/25/2042 | 296710 | 0.0 |
| 8145067 <sup>(6)</sup> | Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045 | 1523899 | 0.2 |
| 9687638 <sup>(6)</sup> | Fannie Mae REMIC Trust 2016-2 IO, 5.500%, 02/25/2046 | 1340128 | 0.2 |
| 3000976 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2016-54 SD, 1.580%, (-1.000\*SOFR30A + 5.886%), 08/25/2046 | 350433 | 0.0 |
| 4594109 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2016-62 SC, 1.580%, (-1.000\*SOFR30A + 5.886%), 09/25/2046 | 543622 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 9964040 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2016-82 SD, 1.630%, (-1.000\*SOFR30A + 5.936%), 11/25/2046 | $806949 | 0.1 |
| 3706672 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2016-93 SL, 2.230%, (-1.000\*SOFR30A + 6.536%), 12/25/2046 | 263206 | 0.0 |
| 5931680 <sup>(6)</sup> | Fannie Mae REMIC Trust 2017-23 IO, 6.000%, 04/25/2047 | 1213961 | 0.1 |
| 860514 | Fannie Mae REMIC Trust 2017-54 D, 3.000%, 07/25/2047 | 770095 | 0.1 |
| 3006359 | Fannie Mae REMIC Trust 2018-11 BX, 4.000%, 12/25/2047 | 2859744 | 0.3 |
| 161660 | Fannie Mae REMIC Trust 2018-27 EA, 3.000%, 05/25/2048 | 144720 | 0.0 |
| 2426640 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2018-43 SE, 1.830%, (-1.000\*SOFR30A + 6.136%), 09/25/2038 | 202500 | 0.0 |
| 418664 | Fannie Mae REMIC Trust 2018-64 ET, 3.000%, 09/25/2048 | 376790 | 0.0 |
| 4425616 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2019-18 SA, 1.630%, (-1.000\*SOFR30A + 5.936%), 05/25/2049 | 391120 | 0.0 |
| 3892775 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2019-25 PS, 1.630%, (-1.000\*SOFR30A + 5.936%), 06/25/2049 | 455256 | 0.1 |
| 11297851 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2019-33 PS, 1.630%, (-1.000\*SOFR30A + 5.936%), 07/25/2049 | 1374281 | 0.2 |
| 9490819 <sup>(6)</sup> | Fannie Mae REMIC Trust 2020-71 TI, 3.000%, 10/25/2050 | 1603094 | 0.2 |
| 8109042 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2020-94 SC, 1.530%, (-1.000\*SOFR30A + 5.836%), 07/25/2050 | 1089322 | 0.1 |
| 13193851 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-13 BI, 3.000%, 02/25/2050 | 2339761 | 0.3 |
| 13539576 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-17 KI, 4.500%, 04/25/2051 | 3204799 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 14597138 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-8 TI, 4.000%, 03/25/2051 | $3121620 | 0.3 |
| 96927 <sup>(3)</sup> | First Horizon Alternative Mortgage Securities Trust 2005-AA1 1A1, 4.649%, 03/25/2035 | 55390 | 0.0 |
| 48863 <sup>(3)</sup> | First Horizon Asset Securities, Inc. 2005-AR6 4A1, 5.618%, 02/25/2036 | 47170 | 0.0 |
| 17810 <sup>(3)</sup> | First Horizon Mortgage Pass-Through Trust 2005-AR3 2A1, 6.431%, 08/25/2035 | 12775 | 0.0 |
| 1599932 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2018-1 B3, 3.932%, 03/25/2048 | 1477347 | 0.2 |
| 38817 | Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029 | 39048 | 0.0 |
| 52241 | Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029 | 52919 | 0.0 |
| 27237 <sup>(3)</sup> | Freddie Mac REMIC Trust 2411 FJ, 4.768%, (SOFR30A + 0.464%), 12/15/2029 | 27152 | 0.0 |
| 24749 | Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032 | 25082 | 0.0 |
| 47324 | Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033 | 48883 | 0.0 |
| 86433 <sup>(6)</sup> | Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033 | 12630 | 0.0 |
| 1685810 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 2815 GS, 1.582%, (-1.000\*SOFR30A + 5.886%), 03/15/2034 | 109508 | 0.0 |
| 382757 | Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034 | 391582 | 0.0 |
| 288361 | Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035 | 294940 | 0.0 |
| 2017241 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3045 DI, 2.312%, (-1.000\*SOFR30A + 6.616%), 10/15/2035 | 162832 | 0.0 |
| 123990 <sup>(3)</sup> | Freddie Mac REMIC Trust 3065 DC, 6.605%, (-1.000\*SOFR30A + 19.517%), 03/15/2035 | 128823 | 0.0 |
| 134524 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3102 IS, 8.366%, (-1.000\*SOFR30A + 24.147%), 01/15/2036 | 32972 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 612573 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3170 SA, 2.182%, (-1.000\*SOFR30A + 6.486%), 09/15/2033 | $44646 | 0.0 |
| 226449 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3171 PS, 2.067%, (-1.000\*SOFR30A + 6.371%), 06/15/2036 | 16316 | 0.0 |
| 3292051 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3284 CI, 1.702%, (-1.000\*SOFR30A + 6.006%), 03/15/2037 | 270746 | 0.0 |
| 1454633 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3311 IC, 1.992%, (-1.000\*SOFR30A + 6.296%), 05/15/2037 | 137565 | 0.0 |
| 3143811 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3510 IC, 1.662%, (-1.000\*SOFR30A + 5.966%), 08/15/2037 | 265013 | 0.0 |
| 123930 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3524 LA, 5.319%, 03/15/2033 | 125267 | 0.0 |
| 16634 <sup>(3)</sup> | Freddie Mac REMIC Trust 3556 NT, 7.518%, (SOFR30A + 3.214%), 03/15/2038 | 17284 | 0.0 |
| 1679824 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3575 ST, 2.182%, (-1.000\*SOFR30A + 6.486%), 04/15/2039 | 185273 | 0.0 |
| 2658966 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3589 SB, 1.782%, (-1.000\*SOFR30A + 6.086%), 10/15/2039 | 242985 | 0.0 |
| 213792 <sup>(6)</sup> | Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040 | 22393 | 0.0 |
| 5014910 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3702 SB, 0.082%, (-1.000\*SOFR30A + 4.386%), 08/15/2040 | 193241 | 0.0 |
| 524501 | Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041 | 505843 | 0.1 |
| 1652720 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3856 KS, 2.132%, (-1.000\*SOFR30A + 6.436%), 05/15/2041 | 175877 | 0.0 |
| 748617 | Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041 | 744910 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 169274 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3925 SD, 1.632%, (-1.000\*SOFR30A + 5.936%), 07/15/2040 | $3428 | 0.0 |
| 593517 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3925 SL, 1.632%, (-1.000\*SOFR30A + 5.936%), 01/15/2041 | 9517 | 0.0 |
| 4899130 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3951 SN, 2.132%, (-1.000\*SOFR30A + 6.436%), 11/15/2041 | 558260 | 0.1 |
| 267082 | Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042 | 266981 | 0.0 |
| 2787143 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4059 SP, 2.132%, (-1.000\*SOFR30A + 6.436%), 06/15/2042 | 338378 | 0.0 |
| 2817482 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4102 MS, 2.182%, (-1.000\*SOFR30A + 6.486%), 09/15/2042 | 380871 | 0.0 |
| 6398411 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4139 CS, 1.732%, (-1.000\*SOFR30A + 6.036%), 12/15/2042 | 726664 | 0.1 |
| 3658795 <sup>(6)</sup> | Freddie Mac REMIC Trust 4150 IO, 3.500%, 01/15/2043 | 582364 | 0.1 |
| 354917 <sup>(6)</sup> | Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043 | 55316 | 0.0 |
| 3150127 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4313 SD, 1.732%, (-1.000\*SOFR30A + 6.036%), 03/15/2044 | 262346 | 0.0 |
| 5084668 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4313 SE, 1.732%, (-1.000\*SOFR30A + 6.036%), 03/15/2044 | 470365 | 0.1 |
| 469800 <sup>(6)</sup> | Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043 | 58064 | 0.0 |
| 817213 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4346 ST, 1.782%, (-1.000\*SOFR30A + 6.086%), 07/15/2039 | 19020 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1661879 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4386 LS, 1.682%, (-1.000\*SOFR30A + 5.986%), 09/15/2044 | $172035 | 0.0 |
| 1512770 <sup>(6)</sup> | Freddie Mac REMIC Trust 4465 MI, 5.000%, 03/15/2041 | 235643 | 0.0 |
| 5375426 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4675 KS, 1.582%, (-1.000\*SOFR30A + 5.886%), 04/15/2047 | 633596 | 0.1 |
| 3179576 <sup>(6)</sup> | Freddie Mac REMIC Trust 4717 IB, 4.000%, 09/15/2047 | 642711 | 0.1 |
| 1873273 | Freddie Mac REMIC Trust 4753 VZ, 3.000%, 12/15/2047 | 1489447 | 0.2 |
| 1748388 | Freddie Mac REMIC Trust 4755 Z, 3.000%, 02/15/2048 | 1539854 | 0.2 |
| 630019 | Freddie Mac REMIC Trust 4787 PY, 4.000%, 05/15/2048 | 596837 | 0.1 |
| 4426135 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4845 S, 2.282%, (-1.000\*SOFR30A + 6.586%), 12/15/2048 | 436358 | 0.1 |
| 4384779 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4892 ES, 1.730%, (-1.000\*SOFR30A + 6.036%), 07/25/2045 | 509030 | 0.1 |
| 11894539 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4901 BS, 1.680%, (-1.000\*SOFR30A + 5.986%), 07/25/2049 | 1040349 | 0.1 |
| 4179154 <sup>(6)</sup> | Freddie Mac REMIC Trust 4988 IJ, 4.500%, 12/15/2047 | 771407 | 0.1 |
| 10038755 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4995 SB, 1.680%, (-1.000\*SOFR30A + 5.986%), 07/25/2050 | 1333259 | 0.2 |
| 3433692 <sup>(6)</sup> | Freddie Mac REMIC Trust 5015 EI, 4.500%, 09/25/2050 | 788967 | 0.1 |
| 13219796 <sup>(6)</sup> | Freddie Mac REMIC Trust 5118 LI, 3.000%, 06/25/2041 | 1449462 | 0.2 |
| 11060679 <sup>(6)</sup> | Freddie Mac REMIC Trust 5124 IQ, 3.500%, 07/25/2051 | 2172102 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA7 B1, 7.955%, (SOFR30A + 3.650%), 11/25/2041 | 1033404 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1400000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-HQA3 M2, 9.655%, (SOFR30A + 5.350%), 08/25/2042 | $1504794 | 0.2 |
| 3145586 <sup>(6)</sup> | Freddie Mac Strips 228 IO, 6.000%, 02/01/2035 | 478548 | 0.1 |
| 6760164 <sup>(3)(6)</sup> | Freddie Mac Strips 268 S5, 1.582%, (-1.000\*SOFR30A + 5.886%), 08/15/2042 | 724400 | 0.1 |
| 4150962 <sup>(3)(6)</sup> | Freddie Mac Strips 311 S1, 1.532%, (-1.000\*SOFR30A + 5.836%), 08/15/2043 | 437860 | 0.1 |
| 243747 <sup>(3)(6)</sup> | Freddie Mac Strips 347 118, 4.500%, 02/15/2044 | 44472 | 0.0 |
| 6871608 <sup>(3)(6)</sup> | Freddie Mac Strips 347 C29, 3.000%, 01/15/2044 | 983065 | 0.1 |
| 5823665 <sup>(3)(6)</sup> | Freddie Mac Strips 347 C30, 3.500%, 02/15/2044 | 956730 | 0.1 |
| 2187505 <sup>(3)(6)</sup> | Freddie Mac Strips 347 C31, 4.000%, 02/15/2044 | 360475 | 0.0 |
| 3898663 <sup>(6)</sup> | Freddie Mac Strips 351 C1, 2.500%, 02/15/2031 | 172195 | 0.0 |
| 2831039 <sup>(6)</sup> | Freddie Mac Strips 351 C11, 3.500%, 02/15/2031 | 183920 | 0.0 |
| 3429140 <sup>(6)</sup> | Freddie Mac Strips 351 C12, 4.000%, 02/15/2031 | 241785 | 0.0 |
| 2743837 <sup>(6)</sup> | Freddie Mac Strips 351 C13, 3.000%, 02/15/2031 | 155578 | 0.0 |
| 4262568 <sup>(6)</sup> | Freddie Mac Strips 351 C2, 3.000%, 02/15/2031 | 227638 | 0.0 |
| 3450398 <sup>(6)</sup> | Freddie Mac Strips 351 C7, 3.000%, 02/15/2031 | 184806 | 0.0 |
| 4079983 <sup>(6)</sup> | Freddie Mac Strips 351 C8, 3.500%, 02/15/2031 | 266376 | 0.0 |
| 1517810 | Freddie Mac Structured Pass-Through Certificates T-54 2A, 6.500%, 02/25/2043 | 1524337 | 0.2 |
| 1165512 <sup>(3)</sup> | Freddie Mac Structured Pass-Through Certificates T-62 1A1, 5.599%, (12MTA + 1.200%), 10/25/2044 | 1068066 | 0.1 |
| 214005 <sup>(3)(6)</sup> | Ginnie Mae 2005-7 AH, 2.344%, (-1.000\*TSFR1M + 6.656%), 02/16/2035 | 16011 | 0.0 |
| 4217021 <sup>(3)(6)</sup> | Ginnie Mae 2007-35 KY, 2.024%, (-1.000\*TSFR1M + 6.336%), 06/16/2037 | 398341 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 141784 <sup>(3)</sup> | Ginnie Mae 2007-8 SP, 7.678%, (-1.000\*TSFR1M + 21.677%), 03/20/2037 | $169166 | 0.0 |
| 817247 <sup>(3)(6)</sup> | Ginnie Mae 2008-35 SN, 1.968%, (-1.000\*TSFR1M + 6.286%), 04/20/2038 | 62828 | 0.0 |
| 383051 <sup>(3)(6)</sup> | Ginnie Mae 2008-40 PS, 2.074%, (-1.000\*TSFR1M + 6.386%), 05/16/2038 | 24233 | 0.0 |
| 3696741 <sup>(3)(6)</sup> | Ginnie Mae 2009-106 SU, 1.768%, (-1.000\*TSFR1M + 6.086%), 05/20/2037 | 327435 | 0.0 |
| 1241298 <sup>(3)(6)</sup> | Ginnie Mae 2009-25 KS, 1.768%, (-1.000\*TSFR1M + 6.086%), 04/20/2039 | 113537 | 0.0 |
| 620065 | Ginnie Mae 2009-29 PB, 4.750%, 05/20/2039 | 628363 | 0.1 |
| 675483 | Ginnie Mae 2009-31 ZL, 4.500%, 05/20/2039 | 680054 | 0.1 |
| 2634954 | Ginnie Mae 2009-33 ZB, 6.000%, 05/20/2039 | 2722722 | 0.3 |
| 425891 <sup>(6)</sup> | Ginnie Mae 2010-106 IP, 5.000%, 03/20/2040 | 21032 | 0.0 |
| 558942 <sup>(3)(6)</sup> | Ginnie Mae 2010-116 NS, 2.224%, (-1.000\*TSFR1M + 6.536%), 09/16/2040 | 42442 | 0.0 |
| 2204251 <sup>(3)(6)</sup> | Ginnie Mae 2010-116 SK, 2.188%, (-1.000\*TSFR1M + 6.506%), 08/20/2040 | 190829 | 0.0 |
| 488983 <sup>(3)(6)</sup> | Ginnie Mae 2010-149 HS, 1.674%, (-1.000\*TSFR1M + 5.986%), 05/16/2040 | 3109 | 0.0 |
| 488605 <sup>(3)(6)</sup> | Ginnie Mae 2010-4 SP, 2.074%, (-1.000\*TSFR1M + 6.386%), 01/16/2039 | 11225 | 0.0 |
| 92749 <sup>(6)</sup> | Ginnie Mae 2010-6 IA, 5.000%, 11/20/2039 | 1931 | 0.0 |
| 835163 <sup>(3)(6)</sup> | Ginnie Mae 2010-68 MS, 1.418%, (-1.000\*TSFR1M + 5.736%), 06/20/2040 | 79531 | 0.0 |
| 1948631 <sup>(6)</sup> | Ginnie Mae 2010-9 JI, 5.000%, 01/20/2040 | 398402 | 0.0 |
| 3416 <sup>(6)</sup> | Ginnie Mae 2011-116 BI, 4.000%, 08/16/2026 | 6 | 0.0 |
| 1955196 <sup>(3)(6)</sup> | Ginnie Mae 2011-80 KS, 2.238%, (-1.000\*TSFR1M + 6.556%), 06/20/2041 | 213034 | 0.0 |
| 25183 <sup>(6)</sup> | Ginnie Mae 2012-40 NI, 4.500%, 05/20/2040 | 1056 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 3576022 <sup>(6)</sup> | Ginnie Mae 2013-167 PI, 5.500%, 11/20/2043 | $500568 | 0.1 |
| 3739235 <sup>(6)</sup> | Ginnie Mae 2013-184 JI, 5.500%, 12/16/2043 | 767981 | 0.1 |
| 266221 | Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042 | 246754 | 0.0 |
| 280909 | Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043 | 256169 | 0.0 |
| 129933 | Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042 | 116166 | 0.0 |
| 99843 | Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042 | 89027 | 0.0 |
| 2858508 | Ginnie Mae 2014-3 EP, 2.750%, 02/16/2043 | 2740669 | 0.3 |
| 3259376 <sup>(3)(6)</sup> | Ginnie Mae 2014-3 SU, 1.618%, (-1.000\*TSFR1M + 5.936%), 07/20/2039 | 285725 | 0.0 |
| 4211275 <sup>(3)(6)</sup> | Ginnie Mae 2014-55 MS, 1.774%, (-1.000\*TSFR1M + 6.086%), 04/16/2044 | 398718 | 0.0 |
| 2889731 <sup>(3)(6)</sup> | Ginnie Mae 2014-56 SP, 1.774%, (-1.000\*TSFR1M + 6.086%), 12/16/2039 | 213737 | 0.0 |
| 3543288 <sup>(3)(6)</sup> | Ginnie Mae 2014-58 CS, 1.174%, (-1.000\*TSFR1M + 5.486%), 04/16/2044 | 211132 | 0.0 |
| 4510638 <sup>(6)</sup> | Ginnie Mae 2014-79 BI, 6.000%, 05/16/2044 | 759453 | 0.1 |
| 1874858 <sup>(3)(6)</sup> | Ginnie Mae 2014-99 S, 1.168%, (-1.000\*TSFR1M + 5.486%), 06/20/2044 | 184928 | 0.0 |
| 936579 | Ginnie Mae 2018-112 AL, 3.500%, 08/20/2048 | 861915 | 0.1 |
| 1100757 | Ginnie Mae 2018-126 A, 3.500%, 09/20/2048 | 1012629 | 0.1 |
| 28702642 <sup>(3)(6)</sup> | Ginnie Mae 2020-167 SC, 1.868%, (-1.000\*TSFR1M + 6.186%), 11/20/2050 | 4251923 | 0.5 |
| 4326321 <sup>(3)(6)</sup> | Ginnie Mae 2020-7 SE, 1.618%, (-1.000\*TSFR1M + 5.936%), 06/20/2049 | 529065 | 0.1 |
| 21973493 <sup>(6)</sup> | Ginnie Mae 2021-228 IG, 3.000%, 12/20/2051 | 3694806 | 0.4 |
| 10080229 <sup>(6)</sup> | Ginnie Mae 2021-41 MI, 2.000%, 03/20/2051 | 1224937 | 0.1 |
| 10074887 <sup>(6)</sup> | Ginnie Mae 2021-87 ID, 2.500%, 05/20/2051 | 1516109 | 0.2 |
| 14848979 <sup>(3)(6)</sup> | Ginnie Mae 2022-45 SP, 1.498%, (-1.000\*SOFR30A + 5.800%), 05/20/2050 | 1410692 | 0.2 |
| 2166142 | Ginnie Mae 2024-20 KZ, 6.000%, 02/20/2054 | 2202684 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 137459 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | $129882 | 0.0 |
| 739090 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Trust 2023-PJ4 A3, 6.000%, 01/25/2054 | 744756 | 0.1 |
| 970 | GSR Mortgage Loan Trust 2003-2F 3A1, 6.000%, 03/25/2032 | 1001 | 0.0 |
| 27711 <sup>(3)</sup> | HarborView Mortgage Loan Trust 2005-2 2A1A, 4.872%, (TSFR1M + 0.554%), 05/19/2035 | 26651 | 0.0 |
| 51526 <sup>(3)</sup> | HomeBanc Mortgage Trust 2004-1 2A, 5.294%, (TSFR1M + 0.974%), 08/25/2029 | 50385 | 0.0 |
| 2621 <sup>(3)</sup> | JP Morgan Mortgage Trust 2005-A1 6T1, 5.875%, 02/25/2035 | 2564 | 0.0 |
| 22266 <sup>(3)</sup> | JP Morgan Mortgage Trust 2007-A1 5A5, 6.373%, 07/25/2035 | 22635 | 0.0 |
| 1612239 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2018-1 B3, 3.579%, 06/25/2048 | 1462951 | 0.2 |
| 1673664 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2020-8 B3, 3.492%, 03/25/2051 | 1460889 | 0.2 |
| 6375180 <sup>(3)(6)</sup> | Lehman Mortgage Trust 2006-9 2A5, 2.186%, (-1.000\*TSFR1M + 6.506%), 01/25/2037 | 745707 | 0.1 |
| 19930 <sup>(3)</sup> | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A3 1A, 5.879%, 05/25/2033 | 19464 | 0.0 |
| 7167 <sup>(3)</sup> | Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 4.934%, (TSFR1M + 0.614%), 11/25/2035 | 6842 | 0.0 |
| 9061 <sup>(1)(3)</sup> | Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030 | 8986 | 0.0 |
| 858262149 <sup>(1)(6)</sup> | PMTT4 2017-PM1 XIO, 13.000%, 10/25/2048 | 4410652 | 0.5 |
| 234949 | Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037 | 209899 | 0.0 |
| 703 | RFMSI Series Trust 2003-S9 A1, 6.500%, 03/25/2032 | 711 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1238855 | Seasoned Credit Risk Transfer Trust 2017-4 M45T, 4.500%, 06/25/2057 | $1195070 | 0.1 |
| 565272 | Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057 | 490622 | 0.1 |
| 740141 | Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057 | 638183 | 0.1 |
| 596389 | Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058 | 508423 | 0.1 |
| 599442 | Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058 | 516975 | 0.1 |
| 755530 | Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058 | 654181 | 0.1 |
| 158859 | Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058 | 137616 | 0.0 |
| 13149 <sup>(3)</sup> | Sequoia Mortgage Trust 2003-4 2A1, 5.132%, (TSFR1M + 0.814%), 07/20/2033 | 13071 | 0.0 |
| 6442 <sup>(3)</sup> | Sequoia Mortgage Trust 2005-4 2A1, 7.373%, 04/20/2035 | 6543 | 0.0 |
| 448719 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2015-2 B3, 3.754%, 05/25/2045 | 392210 | 0.0 |
| 68726 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 | 64568 | 0.0 |
| 698000 <sup>(1)(3)</sup> | Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050 | 624036 | 0.1 |
| 363993 <sup>(3)</sup> | Structured Adjustable Rate Mortgage Loan Trust 2005-7 4A, 5.207%, 04/25/2035 | 334783 | 0.0 |
| 20824 <sup>(3)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2005-17 3A1, 4.728%, 08/25/2035 | 18163 | 0.0 |
| 34457 <sup>(3)</sup> | Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 4.932%, (TSFR1M + 0.614%), 07/19/2035 | 34183 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 86303 <sup>(3)</sup> | Thornburg Mortgage Securities Trust 2006-5 A1, 5.522%, 10/25/2046 | $82072 | 0 |
| 8534 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2002-AR9 1A, 5.799%, (12MTA + 1.400%), 08/25/2042 | 8265 | 0 |
| 13434 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR1 A1A, 5.074%, (TSFR1M + 0.754%), 01/25/2045 | 13327 | 0 |
| 24845830 <sup>(3)(6)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR11 X, 1.410%, 08/25/2045 | 26949 | 0 |
| 340364 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 4.755%, 10/25/2036 | 313157 | 0 |
| 322962 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 2A3, 4.037%, 10/25/2036 | 295166 | 0 |
| 540620 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR16 2A1, 4.475%, 12/25/2036 | 481342 | 0.1 |
| 164420 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR7 3A, 5.447%, (12MTA + 1.048%), 07/25/2046 | 149057 | 0 |
| 567792 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR13 A1C3, 5.414%, (TSFR1M + 1.094%), 10/25/2045 | 563356 | 0.1 |
| 1067144 <sup>(3)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR10 A1, 4.634%, (TSFR1M + 0.314%), 12/25/2036 | 526929 | 0.1 |
| 113367 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035 | 105980 | 0 |
| 579819 <sup>(3)</sup> | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 4.864%, (TSFR1M + 0.544%), 06/25/2037 | 506503 | 0.1 |
| 31793 <sup>(3)</sup> | Wells Fargo Mortgage Backed Securities Trust 2005-AR7 1A1, 6.081%, 05/25/2035 | 32926 | 0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 110658 <sup>(3)</sup> | Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 6.140%, 04/25/2036 | $| 109763 | 0.0 |
| 453897 <sup>(1)(3)</sup> | WinWater Mortgage Loan Trust 2015-5 B4, 3.753%, 08/20/2045 |  | 419977 | 0.1 |
|  | Total Collateralized Mortgage Obligations |  |  |  |
|  | (Cost $162,890,776) |  | **142558780** | **15.5** |
| **ASSET-BACKED SECURITIES: 10.2%** | **ASSET-BACKED SECURITIES: 10.2%** |  |  |  |
|  | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** |  |
| 868624 <sup>(1)(3)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 |  | 704935 | 0.1 |
| 34937 <sup>(3)</sup> | Renaissance Home Equity Loan Trust 2003-2 A, 3.733%, (TSFR1M + 0.994%), 08/25/2033 |  | 31839 | 0.0 |
| 309161 <sup>(3)</sup> | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.640%, 11/25/2035 |  | 308680 | 0.0 |
|  |  |  | **1045454** | **0.1** |
|  | **Other Asset-Backed Securities: 8.7%** |  |  |  |
| 900000 <sup>(1)(3)</sup> | 720 East CLO VII Ltd. 2025-7A B, 5.831%, (TSFR3M + 1.550%), 04/20/2037 |  | 900699 | 0.1 |
| 690000 <sup>(1)(3)</sup> | 720 East CLO VII Ltd. 2025-7A C, 5.981%, (TSFR3M + 1.700%), 04/20/2037 |  | 683464 | 0.1 |
| 3170000 <sup>(1)(3)</sup> | AMMC CLO 25 Ltd. 2022-25A A1R, 5.606%, (TSFR3M + 1.350%), 04/15/2035 |  | 3171262 | 0.4 |
| 840000 <sup>(1)(3)</sup> | AMMC CLO 31 Ltd. 2025-31A B, 5.988%, (TSFR3M + 1.700%), 02/20/2038 |  | 843084 | 0.1 |
| 1243905 <sup>(1)(3)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 5.776%, (TSFR1M + 1.464%), 11/15/2036 |  | 1244069 | 0.1 |
| 1390000 <sup>(1)(3)</sup> | Ballyrock CLO 18 Ltd. 2021-18A A2R, 4.871%, (TSFR3M + 1.650%), 04/15/2038 |  | 1391972 | 0.2 |
| 266307 <sup>(3)</sup> | Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 6.276%, 10/25/2036 |  | 266939 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 1360000 <sup>(1)(3)</sup> | Benefit Street Partners CLO Ltd. 2015-6BR BR, 5.833%, (TSFR3M + 1.550%), 04/20/2038 | $1363937 | 0.2 |
| 1950000 <sup>(1)(3)</sup> | Benefit Street Partners CLO XVIII Ltd. 2019-18A A2R, 5.968%, (TSFR3M + 1.712%), 10/15/2034 | 1951636 | 0.2 |
| 1860000 <sup>(1)(3)</sup> | Birch Grove CLO 12 Ltd. 2025-12A B, 5.893%, (TSFR3M + 1.550%), 04/22/2038 | 1861012 | 0.2 |
| 3490000 <sup>(1)(3)</sup> | Broad River Bsl Funding Clo Ltd. 2020-1A AR, 5.701%, (TSFR3M + 1.432%), 07/20/2034 | 3491721 | 0.4 |
| 3000000 <sup>(1)(3)</sup> | Broad River Bsl Funding Clo Ltd. 2020-1A CR, 6.531%, (TSFR3M + 2.262%), 07/20/2034 | 3004422 | 0.3 |
| 1750000 <sup>(1)(3)</sup> | California Street CLO IX L.P. 2012-9A CR3, 7.022%, (TSFR3M + 2.762%), 07/16/2032 | 1753776 | 0.2 |
| 3000000 <sup>(1)(3)</sup> | Cedar Funding VIII Clo Ltd. 2017-8A ARR, 5.500%, (TSFR3M + 1.220%), 01/17/2038 | 3002997 | 0.3 |
| 21895 <sup>(3)</sup> | Chase Funding Trust Series 2002-4 2A1, 5.174%, (TSFR1M + 0.854%), 10/25/2032 | 21749 | 0.0 |
| 72528 <sup>(3)</sup> | Chase Funding Trust Series 2003-5 2A2, 5.034%, (TSFR1M + 0.714%), 07/25/2033 | 72906 | 0.0 |
| 6750000 <sup>(1)(3)</sup> | Dryden 104 CLO Ltd. 2022-104A A1R, 5.612%, (TSFR3M + 1.290%), 08/20/2034 | 6755062 | 0.7 |
| 1730000 <sup>(1)(3)</sup> | Elmwood CLO IX Ltd. 2021-2A BR, 5.872%, (TSFR3M + 1.550%), 04/20/2038 | 1731370 | 0.2 |
| 840000 <sup>(1)(3)</sup> | Elmwood CLO XI Ltd. 2021-4A BR, 5.839%, (TSFR3M + 1.550%), 01/20/2038 | 842375 | 0.1 |
| 90753 <sup>(3)</sup> | GSAMP Trust 2007- FM1 A2A, 4.504%, (TSFR1M + 0.184%), 12/25/2036 | 44995 | 0.0 |
| 634639 <sup>(1)</sup> | HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040 | 601295 | 0.1 |
| 362528 <sup>(1)(3)</sup> | HGI CRE CLO Ltd. 2022-FL3 A, 6.004%, (SOFR30A + 1.700%), 04/20/2037 | 362781 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 399000 <sup>(1)</sup> | Jersey Mike's Funding LLC 2024-1A A2, 5.636%, 02/15/2055 | $406468 | 0.0 |
| 970000 <sup>(1)(3)</sup> | Lakeside Park CLO Ltd. 2025-1A B1, 5.806%, (TSFR3M + 1.550%), 04/15/2038 | 973536 | 0.1 |
| 10000000 <sup>(1)(3)</sup> | LCM 26 Ltd. 26A A2, 5.781%, (TSFR3M + 1.512%), 01/20/2031 | 10002570 | 1.1 |
| 51933 <sup>(3)</sup> | Long Beach Mortgage Loan Trust 2004-4 1A1, 4.994%, (TSFR1M + 0.674%), 10/25/2034 | 51240 | 0.0 |
| 1040000 <sup>(1)(3)</sup> | Magnetite Xlv Ltd. 2025-45A B, 5.835%, (TSFR3M + 1.550%), 04/15/2038 | 1040798 | 0.1 |
| 3532000 <sup>(1)(3)</sup> | MF1 Ltd. 2021-FL7 AS, 5.879%, (TSFR1M + 1.564%), 10/16/2036 | 3515190 | 0.4 |
| 279335 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044 | 249761 | 0.0 |
| 2350000 <sup>(1)(3)</sup> | Neuberger Berman CLO XVII Ltd. 2014- 17A AR3, 5.672%, (TSFR3M + 1.400%), 07/22/2038 | 2358354 | 0.3 |
| 1450000 <sup>(1)(3)</sup> | OCP Clo Ltd. 2019-17A AR2, 5.669%, (TSFR3M + 1.400%), 07/20/2037 | 1454737 | 0.2 |
| 570000 <sup>(1)(3)</sup> | Octagon 58 Ltd. 2022-1A BR, 6.006%, (TSFR3M + 1.750%), 04/15/2038 | 571933 | 0.1 |
| 4000000 <sup>(1)(3)</sup> | Octagon Investment Partners XV Ltd. 2013-1A A2R, 5.881%, (TSFR3M + 1.612%), 07/19/2030 | 4002448 | 0.4 |
| 2140000 <sup>(1)(3)</sup> | Palmer Square CLO Ltd. 2021-1A A2R, 5.769%, (TSFR3M + 1.500%), 04/20/2038 | 2137644 | 0.2 |
| 2000000 <sup>(1)(3)</sup> | Palmer Square CLO Ltd. 2021-3A A2, 5.918%, (TSFR3M + 1.662%), 01/15/2035 | 2001622 | 0.2 |
| 720000 <sup>(1)(3)</sup> | Palmer Square Loan Funding Ltd. 2025-1A B, 5.921%, (TSFR3M + 1.600%), 02/15/2033 | 714607 | 0.1 |
| 48636 <sup>(3)</sup> | Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 4.594%, (TSFR1M + 0.274%), 11/25/2036 | 13524 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |  |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 856500 <sup>(1)</sup> | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 | $| 838899 | 0.1 |
| 2600000 <sup>(1)(3)</sup> | Sound Point CLO XXIX Ltd. 2021-1A C1, 6.843%, (TSFR3M + 2.562%), 04/25/2034 |  | 2604264 | 0.3 |
| 1592797 <sup>(1)</sup> | Sunrun Athena Issuer LLC 2018-1 A, 5.310%, 04/30/2049 |  | 1516521 | 0.2 |
| 1160000 <sup>(1)(3)</sup> | Symphony Clo 47 Ltd. 2025-47A B, 5.831%, (TSFR3M + 1.550%), 04/20/2038 |  | 1164507 | 0.1 |
| 7000000 <sup>(1)(3)</sup> | THL Credit Wind River CLO Ltd. 2017-3A CR, 7.018%, (TSFR3M + 2.762%), 04/15/2035 |  | 7014000 | 0.8 |
| 37958 | United States Small Business Administration 2007-20L 1, 5.290%, 12/01/2027 |  | 38058 | 0.0 |
| 1240000 <sup>(1)(3)</sup> | Wind River CLO Ltd. 2016-1KRA BR3, 5.856%, (TSFR3M + 1.600%), 10/15/2034 |  | 1238279 | 0.1 |
| 400000 <sup>(1)</sup> | Wingstop Funding LLC 2024-1A A2, 5.858%, 12/05/2054 |  | 408327 | 0.0 |
|  |  |  | **79680810** | **8.7** |
|  | **Student Loan Asset-Backed Securities: 1.4%** | **Student Loan Asset-Backed Securities: 1.4%** | **Student Loan Asset-Backed Securities: 1.4%** |  |
| 283854 <sup>(1)</sup> | Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045 |  | 247505 | 0.0 |
| 214357 <sup>(1)</sup> | Commonbond Student Loan Trust-GS 2017- BGS B, 3.260%, 09/25/2042 |  | 187505 | 0.0 |
| 201418 <sup>(1)</sup> | Commonbond Student Loan Trust-GS 2018- AGS A1, 3.210%, 02/25/2044 |  | 189676 | 0.0 |
| 249214 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-DA C, 3.480%, 04/15/2060 |  | 232996 | 0.0 |
| 1550000 <sup>(1)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 |  | 1399693 | 0.2 |
| 410681 <sup>(1)</sup> | SMB Private Education Loan Trust 2024-F A1A, 5.060%, 03/16/2054 |  | 415498 | 0.1 |
| 2200000 <sup>(1)</sup> | Sofi Professional Loan Program LLC 2018-A B, 3.610%, 02/25/2042 |  | 2129353 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Student Loan Asset-Backed Securities:** | **Student Loan Asset-Backed Securities:** |  |
|  | **(continued)** |  |  |
| 2100000 <sup>(1)</sup> | SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041 | $2028031 | 0.2 |
| 5000000 <sup>(1)</sup> | Sofi Professional Loan Program Trust 2018-B BFX, 3.830%, 08/25/2047 | 4815442 | 0.5 |
| 1000000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 | 967153 | 0.1 |
|  |  | **12612852** | **1.4** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $94,003,379) | **93339116** | **10.2** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.3%** |  |  |
| 2000000 <sup>(1)(3)</sup> | ALA Trust 2025-OANA A, 6.043%, (TSFR1M + 1.743%), 06/15/2040 | 2014073 | 0.2 |
| 2000000 <sup>(1)(3)</sup> | BAHA Trust 2024-MAR B, 7.069%, 12/10/2041 | 2093990 | 0.2 |
| 11489528 <sup>(3)(6)</sup> | BANK 2019-BN16 XA, 1.091%, 02/15/2052 | 293065 | 0 |
| 2000000 <sup>(3)</sup> | BANK5 2025-5YR14 C, 6.474%, 04/15/2058 | 2099961 | 0.2 |
| 22800000 <sup>(1)(3)(6)</sup> | BBCCRE Trust 2015- GTP XA, 0.749%, 08/10/2033 | 16359 | 0 |
| 1000000 <sup>(3)</sup> | BBCMS Mortgage Trust 2024-5C31 C, 5.756%, 12/15/2057 | 1002151 | 0.1 |
| 18176513 <sup>(3)(6)</sup> | Benchmark Mortgage Trust 2019-B9 XA, 1.177%, 03/15/2052 | 541521 | 0.1 |
| 1700000 <sup>(1)(3)</sup> | BIG Commercial Mortgage Trust 2022- BIG B, 6.053%, (TSFR1M + 1.741%), 02/15/2039 | 1677675 | 0.2 |
| 1348000 <sup>(1)</sup> | BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.364%, 05/25/2052 | 1115410 | 0.1 |
| 1500000 <sup>(3)</sup> | BMO Mortgage Trust 2025-5C10 B, 6.445%, 05/15/2058 | 1570936 | 0.2 |
| 2940000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2021- 21M E, 6.597%, (TSFR1M + 2.285%), 10/15/2036 | 2929460 | 0.3 |
| 760415 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024- MDHS A, 5.953%, (TSFR1M + 1.641%), 05/15/2041 | 762433 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 1942703 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-XL5 C, 6.253%, (TSFR1M + 1.941%), 03/15/2041 | $1948214 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | BX Trust 2023-DELC A, 7.002%, (TSFR1M + 2.690%), 05/15/2038 | 1008407 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | BX Trust 2025-LUNR A, 5.812%, (TSFR1M + 1.500%), 06/15/2040 | 1002816 | 0.1 |
| 2250000 <sup>(1)(3)</sup> | BXMT Ltd. 2025-FL5 A, 5.953%, (TSFR1M + 1.639%), 10/18/2042 | 2240860 | 0.2 |
| 15863502 <sup>(3)(6)</sup> | CD Mortgage Trust 2016-CD1 XA, 1.474%, 08/10/2049 | 100456 | 0.0 |
| 1500000 | CD Mortgage Trust 2018-CD7 A4, 4.279%, 08/15/2051 | 1485022 | 0.2 |
| 45532083 <sup>(3)(6)</sup> | Citigroup Commercial Mortgage Trust 2018- C5 XA, 0.824%, 06/10/2051 | 792757 | 0.1 |
| 1000000 <sup>(3)</sup> | Citigroup Commercial Mortgage Trust 2020- GC46 B, 3.150%, 02/15/2053 | 872114 | 0.1 |
| 1650000 <sup>(1)(3)</sup> | Citigroup Commercial Mortgage Trust 2023- SMRT C, 6.048%, 10/12/2040 | 1672746 | 0.2 |
| 65166000 <sup>(1)(3)(6)</sup> | COMM Mortgage Trust 2012-CR4 XB, 0.509%, 10/15/2045 | 736177 | 0.1 |
| 1000000 <sup>(3)</sup> | COMM Mortgage Trust 2015-CR27 B, 4.485%, 10/10/2048 | 977298 | 0.1 |
| 52396008 <sup>(3)(6)</sup> | COMM Mortgage Trust 2016-CR28 XA, 0.746%, 02/10/2049 | 145381 | 0.0 |
| 1500000 <sup>(3)</sup> | COMM Mortgage Trust 2017-COR2 B, 4.206%, 09/10/2050 | 1439433 | 0.2 |
| 750000 <sup>(1)(3)</sup> | COMM Mortgage Trust 2024-CBM A2, 5.867%, 12/10/2041 | 763973 | 0.1 |
| 750000 <sup>(1)(3)</sup> | COMM Mortgage Trust 2024-CBM B, 6.511%, 12/10/2041 | 762960 | 0.1 |
| 500000 <sup>(3)</sup> | CSAIL Commercial Mortgage Trust 2018- C14 B, 5.040%, 11/15/2051 | 475999 | 0.1 |
| 2000000 <sup>(1)(3)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU D, 6.912%, (TSFR1M + 2.600%), 12/15/2039 | 2000047 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 9989652 | Freddie Mac Multifamily ML Certificates US XUS, 1.846%, 07/25/2037 | $1216437 | 0.1 |
| 1140000 <sup>(1)</sup> | GAM RE-REMIC Trust 2021-FRR2 CK49, 0.810%, 09/27/2051 | 1130898 | 0.1 |
| 966450 <sup>(1)(7)</sup> | GAM RE-REMIC Trust 2021-FRR2 D730, 0.000%, 09/27/2051 | 959098 | 0.1 |
| 2140000 <sup>(1)(7)</sup> | GAM RE-REMIC Trust 2021-FRR2 DK49, 0.000%, 09/27/2051 | 2107000 | 0.2 |
| 1756000 <sup>(1)(7)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 1744606 | 0.2 |
| 1755000 <sup>(1)(7)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 1740706 | 0.2 |
| 7678978 <sup>(3)(6)</sup> | GS Mortgage Securities Trust 2014-GC22 XA, 0.744%, 06/10/2047 | 36679 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | GSAT Trust 2025-BMF A, 5.820%, (TSFR1M + 1.500%), 07/15/2030 | 1001913 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | GSAT Trust 2025-BMF B, 6.270%, (TSFR1M + 1.950%), 07/15/2030 | 1002065 | 0.1 |
| 1000000 <sup>(1)</sup> | ILPT Commercial Mortgage Trust 2025- LPF2 A, 5.292%, 07/15/2042 | 1014739 | 0.1 |
| 3000000 <sup>(1)(3)</sup> | INTOWN Mortgage Trust 2025-STAY D, 7.162%, (TSFR1M + 2.850%), 03/15/2042 | 2999038 | 0.3 |
| 36046106 <sup>(3)(6)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2016- JP4 XA, 0.701%, 12/15/2049 | 189923 | 0.0 |
| 1500000 <sup>(1)(3)</sup> | Life Mortgage Trust 2022-BMR2 A1, 5.607%, (TSFR1M + 1.295%), 05/15/2039 | 1455031 | 0.2 |
| 1250000 <sup>(1)(3)</sup> | MED Commercial Mortgage Trust 2024- MOB A, 5.903%, (TSFR1M + 1.592%), 05/15/2041 | 1246856 | 0.1 |
| 2000000 <sup>(1)(3)</sup> | MF1 LLC 2024-FL14 A, 6.055%, (TSFR1M + 1.737%), 03/19/2039 | 2008127 | 0.2 |
| 1354253 <sup>(1)(3)</sup> | PFP Ltd. 2023-10 A, 6.679%, (TSFR1M + 2.365%), 09/16/2038 | 1356752 | 0.2 |
| 1000000 <sup>(1)</sup> | PRM Trust 2025-PRM6 A, 4.480%, 07/05/2033 | 992778 | 0.1 |
| 1140000 <sup>(1)(3)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.347%, 11/08/2049 | 1075576 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 530000 <sup>(1)(7)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | $467820 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | SDAL Trust 2025-DAL A, 6.753%, (TSFR1M + 2.441%), 04/15/2042 | 1004193 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | SHR Trust 2024-LXRY A, 6.262%, (TSFR1M + 1.950%), 10/15/2041 | 1001240 | 0.1 |
| 2370000 <sup>(1)(3)</sup> | SMRT 2022-MINI D, 6.262%, (TSFR1M + 1.950%), 01/15/2039 | 2339810 | 0.3 |
| 1250000 <sup>(1)(3)</sup> | SWCH Commercial Mortgage Trust 2025- DATA B, 6.154%, (TSFR1M + 1.842%), 02/15/2042 | 1242028 | 0.1 |
| 555709 | Wells Fargo Commercial Mortgage Trust 2015-SG1 A4, 3.789%, 09/15/2048 | 554139 | 0.1 |
| 24320652 <sup>(3)(6)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C59 XA, 1.625%, 04/15/2054 | 1457478 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2025-DWHP B, 7.153%, (TSFR1M + 2.841%), 04/15/2038 | 1001031 | 0.1 |
|  | Total Commercial Mortgage-Backed Securities |  |  |
|  | (Cost $64,723,654) | **66887655** | **7.3** |
| **U.S. TREASURY OBLIGATIONS: 5.8%** | **U.S. TREASURY OBLIGATIONS: 5.8%** |  |  |
|  | **United States Treasury Bonds: 1.2%** |  |  |
| 4395400 | 4.625%, 02/15/2055 | 4280021 | 0.5 |
| 1292500 | 4.750%, 02/15/2045 | 1286038 | 0.1 |
| 5443400 | 5.000%, 05/15/2045 | 5592668 | 0.6 |
|  |  | **11158727** | **1.2** |
|  | **United States Treasury Notes: 4.6%** |  |  |
| 2003400 | 3.750%, 06/30/2027 | 2004730 | 0.2 |
| 2620100 | 3.750%, 05/15/2028 | 2624399 | 0.3 |
| 6322500 | 3.875%, 06/15/2028 | 6356335 | 0.7 |
| 2542800 | 3.875%, 06/30/2030 | 2552633 | 0.3 |
| 70000 | 3.875%, 08/15/2034 | 68367 | 0.0 |
| 214000 | 4.000%, 03/31/2030 | 216040 | 0.0 |
| 243100 | 4.000%, 04/30/2032 | 243461 | 0.0 |
| 11496400 | 4.000%, 06/30/2032 | 11506280 | 1.3 |
| 15925200 | 4.250%, 05/15/2035 | 15951327 | 1.8 |
| 188300 | 4.375%, 05/15/2034 | 191294 | 0.0 |
|  |  | **41714866** | **4.6** |
|  | Total U.S. Treasury Obligations |  |  |
|  | (Cost $52,132,609) | **52873593** | **5.8** |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SOVEREIGN BONDS: 1.5%** | **SOVEREIGN BONDS: 1.5%** |  |  |
| <sup>BRL</sup>60932 <sup>(8)</sup> | Brazil Letras do Tesouro Nacional LTN, 15.084%, 01/01/2026 | $10442530 | 1.1 |
| <sup>MXN</sup>83800 | Mexican Udibonos S, 2.750%, 11/27/2031 | 3381886 | 0.4 |
|  | Total Sovereign Bonds |  |  |
|  | (Cost $12,267,013) | **13824416** | **1.5** |
| **MUNICIPAL BONDS: 0.2%** | **MUNICIPAL BONDS: 0.2%** |  |  |
|  | **California: 0.2%** |  |  |
| 500000 | California State University, 6.434%, 11/01/2030 | 526512 | 0.1 |
| 185000 | Los Angeles County Public Works Financing Authority, 7.488%, 08/01/2033 | 202801 | 0.0 |
| 300000 | Los Angeles County Public Works Financing Authority, 7.618%, 08/01/2040 | 353089 | 0.1 |
| 200000 | Regents of the University of California Medical Center Pooled Revenue H, 6.398%, 05/15/2031 | 209705 | 0.0 |
| 300000 | Regents of the University of California Medical Center Pooled Revenue H, 6.548%, 05/15/2048 | 319891 | 0.0 |
|  |  | **1611998** | **0.2** |
|  | Total Municipal Bonds |  |  |
|  | (Cost $1,485,000) | **1611998** | **0.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **MUTUAL FUNDS: 17.9%** | **MUTUAL FUNDS: 17.9%** |  |  |
|  | **Affiliated Investment Companies: 17.9%** | **Affiliated Investment Companies: 17.9%** |  |
| 7731259 | Voya VACS Series EMHCD Fund | 79477347 | 8.6 |
| 2762698 | Voya VACS Series HYB Fund | 28649176 | 3.1 |
| 5328383 | Voya VACS Series SC Fund | 56640711 | 6.2 |
|  |  | **164767234** | **17.9** |
|  | Total Mutual Funds |  |  |
|  | (Cost $158,718,201) | **164767234** | **17.9** |
| **PURCHASED OPTIONS<sup>(9)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(9)</sup>: 0.0%** |  |  |
|  | Total Purchased Options |  |  |
|  | (Cost $55,229) | 39397 | 0.0 |
|  | Total Long-Term Investments |  |  |
|  | (Cost $930,436,191) | **910211186** | **99.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** |  |  |
|  | **Commercial Paper: 0.6%** |  |  |
| 3600000 | Automatic Data Processing, Inc., 4.400%, 07/01/2025 | $3599566 | 0.4 |
| 1500000 | BASF SE, 4.800%, 09/30/2025 | 1482068 | 0.1 |
| 1500000 | Duke Energy Co., 4.610%, 07/11/2025 | 1497917 | 0.1 |
|  | Total Commercial Paper |  |  |
|  | (Cost $6,580,675) | **6579551** | **0.6** |
|  | **Repurchase Agreements: 0.6%** |  |  |
| 226903 <sup>(10)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $226,930, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $231,441, due 07/10/25-05/15/42) | 226903 | 0.0 |
| 1430317 <sup>(10)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,430,489, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,458,923, due 06/01/30-02/01/57) | 1430317 | 0.2 |
| 1430317 <sup>(10)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,430,489, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $1,458,923, due 08/15/34-06/01/55) | 1430317 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** |  |  |
| 1012725 <sup>(10)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,012,847, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,032,980, due 03/01/34-05/01/55) | $1012725 | 0.1 |
| 1365288 <sup>(10)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $1,365,456, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,388,489, due 07/15/26-02/15/54) | 1365288 | 0.1 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $5,465,550) | **5465550** | **0.6** |
|  | **Time Deposits: 0.1%** |  |  |
| 130000 <sup>(10)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 | 130000 | 0.0 |
| 130000 <sup>(10)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | 130000 | 0.0 |
| 130000 <sup>(10)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 130000 | 0.0 |
| 130000 <sup>(10)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 130000 | 0.1 |
|  | Total Time Deposits |  |  |
|  | (Cost $520,000) | **520000** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Mutual Funds: 0.1%** |  |  |
| 471000 <sup>(11)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230%<br> (Cost $471,000)  | $**471000** | **0.1** |
|  | Total Short-Term Investments<br>|  |  |
|  | (Cost $13,037,225) | $**13036101** | **1.4** |
|  | **Total Investments in Securities**<br>|  |  |
|  | **(Cost $943,473,416)** | $**923247287** | **100.6** |
|  | **Liabilities in Excess of Other Assets** | **(5106135)** | **(0.6)** |
|  | **Net Assets** | $**918141152** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> Variable rate security. Rate shown is the rate in effect as of June 30, 2025.

<sup>(4)</sup> 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.

<sup>(5)</sup> Represents or includes a TBA transaction.

<sup>(6)</sup> 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.

<sup>(7)</sup> Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security.

<sup>(8)</sup> Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2025.

<sup>(9)</sup> The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

<sup>(10)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(11)</sup> Rate shown is the 7-day yield as of June 30, 2025.

Currency Abbreviations:

BRL Brazilian Real <br> EUR EU Euro <br> MXN Mexican Peso

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| 12MTA | 12-month Treasury Average |
| ECOFC | Enterprise 11th District COFI Replacement Index |
| H15T1Y | U.S. Treasury 1-Year Constant Maturity |
| RFUCCT1M | FTSE USD IBOR Consumer Cash Fallbacks Term 1Y |
| RFUCCT6M | FTSE USD IBOR Consumer Cash Fallbacks Term 6M |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>

---

| | |
|:---|:---|
| RFUCCT1Y | FTSE USD IBOR Consumer Cash Fallbacks Term 1Y |
| SOFR30A | 30-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br>in Active Markets <br>for Identical <br>Investments <br>(Level 1)** | **Significant Other <br>Observable <br>Inputs <br>(Level 2)** | **Significant <br>Unobservable <br>Inputs <br>(Level 3)** | **Fair Value <br>at <br>June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $199013661 | $— | $199013661 |
| U.S. Government Agency Obligations |  | 175295336 |  | 175295336 |
| Mutual Funds | 164767234 |  |  | 164767234 |
| Collateralized Mortgage Obligations |  | 142558780 |  | 142558780 |
| Asset-Backed Securities |  | 93339116 |  | 93339116 |
| Commercial Mortgage-Backed Securities |  | 66887655 |  | 66887655 |
| U.S. Treasury Obligations |  | 52873593 |  | 52873593 |
| Sovereign Bonds |  | 13824416 |  | 13824416 |
| Municipal Bonds |  | 1611998 |  | 1611998 |
| Purchased Options |  | 39397 |  | 39397 |
| Short-Term Investments | 471000 | 12565101 |  | 13036101 |
| Total Investments, at fair value | $165238234 | $758009053 | $— | $923247287 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Interest Rate Swaps |  | 245514 |  | 245514 |
| Forward Foreign Currency Contracts |  | 1530 |  | 1530 |
| Forward Premium Swaptions |  | 2151173 |  | 2151173 |
| Futures | 3556381 |  |  | 3556381 |
| Total Assets | $168794615 | $760407270 | $— | $929201885 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Credit Default Swaps | $— | $(770608) | $— | $(770608) |
| Centrally Cleared Interest Rate Swaps |  | (24302) |  | (24302) |
| Forward Foreign Currency Contracts |  | (1199341) |  | (1199341) |
| Forward Premium Swaptions |  | (670492) |  | (670492) |
| Futures | (1359254) |  |  | (1359254) |
| Written Options |  | (77295) |  | (77295) |
| Total Liabilities | $(1359254) | $(2742038) | $— | $(4101292) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments 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 fair valued at the unrealized appreciation (depreciation) 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 with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended June 30, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning**<br> **Fair Value**<br> **at 12/31/2024** | **Purchases**<br> **at Cost** | **Sales**<br> **at Cost** | **Change In**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Ending**<br> **Fair**<br> **Value at**<br> **6/30/2025** | **Investment**<br> **Income** | **Realized**<br> **Gains/**<br> **(Losses)** | **Net**<br> **Capital**<br> **Gain**<br> **Distributions** |
| Voya VACS Series EMHCD Fund | $75274187 | $2602186 | $— | $1600975 | $79477347 | $2602192 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Voya VACS Series HYB Fund | 27347830 | 972745 |  | 328600 | 28649176 | 972755 |  |  |
| Voya VACS Series SC Fund | 55841453 |  |  | 799258 | 56640711 | 1698978 |  |  |
|  | $158463470 | $3574931 | $— | $2728833 | $164767234 | $5273925 | $— | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

At June 30, 2025, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| EUR | 36579 | USD | 41609 | Barclays Bank PLC | 07/18/25 | $1530 |
| USD | 14632 | EUR | 12857 | Barclays Bank PLC | 07/18/25 | (531) |
| USD | 4362696 | MXN | 86415734 | BNP Paribas | 07/11/25 | (237856) |
| USD | 36200 | EUR | 32185 | Citibank N.A. | 07/18/25 | (1757) |
| USD | 912431 | MXN | 18012763 | Goldman Sachs International | 07/11/25 | (46522) |
| USD | 9789060 | BRL | 60932000 | Goldman Sachs International | 01/05/26 | (912675) |
|  |  |  |  |  |  | $(1197811) |

---

At June 30, 2025, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number**<br> **of Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 35 | 09/19/25 | $3924375 | $25152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 344 | 09/19/25 | 39721250 | 1368225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 487 | 09/19/25 | 58013875 | 2163004 |
|  |  |  | $101659500 | $3556381 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | (342) | 09/30/25 | (71144016) | (223782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (599) | 09/30/25 | (65291000) | (658920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (208) | 09/19/25 | (23767250) | (476552) |
|  |  |  | $(160202266) | $(1359254) |

---

At June 30, 2025, the following centrally cleared credit default swaps were outstanding for Voya Intermediate Bond Portfolio:

**Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection<sup>(1)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/Obligation** | **Buy/Sell**<br> **Protection** | **(Pay)/**<br> **Receive**<br> **Financing**<br> **Rate (%)<sup>(2)</sup>** | **Termination**<br> **Date** | | **Notional**<br> **Amount<sup>(3)</sup>** | **Fair**<br> **Value<sup>(4)</sup>** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| CDX North American High Yield Index Series 42, Version 1 | Buy | (5.000) | 06/20/29 | USD | 36000000 | $(2775604) | $(239157) |
| CDX North American High Yield Index Series 44, Version 1 | Buy | (5.000) | 06/20/30 | USD | 14000000 | (1053103) | (531451) |
|  |  |  |  |  |  | $(3828707) | $(770608) |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Payments made quarterly.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 June 30, 2025, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate**  | **Floating Rate Index** | **Floating**<br> **Rate Index**<br> **Payment**<br> **Frequency** | **Fixed**<br> **Rate** | **Fixed Rate**<br> **Payment**<br> **Frequency** | **Maturity**<br> **Date** | | **Notional**<br> **Amount** | **Fair**<br> **Value** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.933% | Annual | 05/05/45 | USD | 4368035 | $(19993) | $(19993) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.857 | Annual | 05/05/55 | USD | 1722947 | 17004 | 17004 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.855 | Annual | 11/29/44 | USD | 2504000 | 75634 | 75634 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate**  | **Floating Rate Index** | **Floating**<br> **Rate Index**<br> **Payment**<br> **Frequency** | **Fixed**<br> **Rate** | **Fixed Rate**<br> **Payment**<br> **Frequency** | **Maturity**<br> **Date** | | **Notional**<br> **Amount** | **Fair**<br> **Value** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.699% | Annual | 05/05/35 | USD | 3633962 | $(4309) | $(4309) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.837 | Annual | 08/16/44 | USD | 4846800 | 152876 | 152876 |
|  |  |  |  |  |  |  |  | $221212 | $221212 |

---

At June 30, 2025, the following OTC written credit default swaptions were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Reference Entity** | **Exercise**<br> **Rate (%)** | **(Pay)/**<br> **Receive**<br> **Exercise**<br> **Rate** | **Strike**<br> **Price** | **Expiration**<br> **Date** | | **Notional**<br> **Amount** | **Premiums**<br> **Received** | **Fair**<br> **Value** |
| Put on 5-Year Credit Default Swap | Goldman Sachs<br> International | CDX North American<br> High Yield, Series 44,<br> Version 1 | 5.000 | Pay | 105.000% | 07/16/25 | USD | $9023000 | $(66996) | $(5642) |
| Put on 5-Year Credit Default Swap | JPMorgan Chase <br> Bank N.A. | CDX North American<br> High Yield, Series 44,<br> Version 1 | 5.000 | Pay | 104.500% | 08/20/25 | USD | 8909800 | (71813) | (20582) |
| Put on 5-Year Credit Default Swap | Barclays Bank<br> PLC | CDX North American<br> High Yield, Series 44,<br> Version 1 | 5.000 | Pay | 105.000% | 08/20/25 | USD | 9023000 | (94741) | (24574) |
|  |  |  |  |  |  |  |  |  | $(233550) | $(50798) |

---

At June 30, 2025, the following OTC purchased interest rate swaptions were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate** | **Exercise**<br> **Rate** | **Floating Rate**<br> **Index** | **Expiration**<br> **Date** | | **Notional**<br> **Amount** | **Cost** | **Fair Value** |
| Call on 5-Year Interest Rate Swap<sup>(1)</sup> | Morgan Stanley<br> Capital Services<br> LLC | Receive | 2.500% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 9890000 | $55229 | $39397 |
|  |  |  |  |  |  |  |  | $55229 | $39397 |

---

At June 30, 2025, the following OTC written interest rate swaptions were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate** | **Exercise**<br> **Rate** | **Floating Rate**<br> **Index** | **Expiration**<br> **Date** | | **Notional**<br> **Amount** | **Premiums<br> Received** | **Fair Value** |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Morgan Stanley<br> Capital Services LLC | Pay | 2.300% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 4945000 | $40725 | $(25328) |
| Put on 2-Year Interest Rate Swap<sup>(1)</sup> | BNP Paribas | Receive | 3.950% | 1-day Secured Overnight<br> Financing Rate | 08/19/25 | USD | 12287500 | 20520 | (1169) |
|  |  |  |  |  |  |  |  | $61245 | $(26497) |

---

At June 30, 2025, the following OTC purchased forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | <br> **Exercise**<br> **Rate<sup>(3)</sup>** | **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate** | **Floating Rate**<br> **Index** | **Expiration**<br> **Date** | | **Notional**<br> **Amount** | **Premium**<br> **receivable/**<br> **(payable)**<br> **at expiration**<br>**<sup>(4)</sup>** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Call on 10-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;<br> Interest Rate Swap | Barclays Bank PLC | 2.355% | Receive | <br> Financing Rate | 11/27/34 | USD | 5217000 | $— | $86526 |
|  |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| <br> Call on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 2.375% | Receive | <br> Financing Rate | 08/14/34 | USD | 12116950 | (508912) | (142818) |
| Call on 30-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;<br> Interest Rate Swap | Barclays Bank PLC | 17.500% | Receive | <br> Financing Rate | 06/14/27 | USD | 12484500 | (2184788) | 444057 |
| Call on 30-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;<br> Interest Rate Swap | Barclays Bank PLC | 17.700% | Receive | <br> Financing Rate | 05/28/27 | USD | 20904800 | (3700150) | 712261 |
|  | Morgan Stanley |  |  |  |  |  |  |  |  |
| <br> Put on 10-Year Interest Rate Swap | <br> Capital Services LLC | 3.000% | Pay | 6-month EUR-EURIBOR | 12/15/25 | EUR | 4890000 | (103683) | (70124) |
| Put on 10-Year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;<br> Interest Rate Swap | UBS AG | 3.000% | Pay | 6-month EUR-EURIBOR | 12/15/25 | EUR | 3667000 | (77752) | (52585) |
| Put on 1-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | UBS AG | 3.665% | Pay | <br> Financing Rate | 02/02/26 | USD | 60667200 | (124368) | (47638) |
| Put on 30-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;<br> Interest Rate Swap | Barclays Bank PLC | 18.000% | Pay | <br> Financing Rate | 05/25/27 | USD | 19473000 | (3505140) | 610027 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | <br> **Exercise**<br> **Rate<sup>(3)</sup>** | **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate** | **Floating Rate**<br> **Index** | **Expiration**<br> **Date** | | **Notional**<br> **Amount** | **Premium**<br> **receivable/**<br> **(payable)**<br> **at expiration<sup>(4)</sup>** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Put on 30-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;<br> Interest Rate Swap | UBS AG | 4.548% | Pay | <br> Financing Rate | 11/28/25 | USD | 4915000 | $(88470) | $(48122) |
|  |  |  |  |  |  |  |  | $(10293263) | $1491584 |

---

At June 30, 2025, the following OTC written forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | <br> **Exercise**<br> **Rate<sup>(3)</sup>** | **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate** | **Floating Rate**<br> **Index** | **Expiration**<br> **Date** | | **Notional**<br> **Amount** | **Premium**<br> **receivable/**<br> **(payable)**<br> **at expiration<sup>(4)</sup>** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Call on 10-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | UBS AG | 4.630% | Pay | Financing Rate | 05/22/35 | USD | 2438500 | $222513 | $(16899) |
| Put on 10-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 5.355% | Receive | Financing Rate | 11/27/34 | USD | 5217000 | 94428 | (158982) |
| Put on 10-Year | JPMorgan Chase |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Bank N.A. | 5.540% | Receive | Financing Rate | 08/14/34 | USD | 12116950 | 508912 | (133324) |
| Put on 10-Year | Morgan Stanley |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Capital Services LLC | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 4890000 | 43201 | 36408 |
| Put on 10-Year | Morgan Stanley |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Capital Services LLC | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 4890000 | 63362 | 48301 |
| Put on 10-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | UBS AG | 4.630% | Receive | Financing Rate | 05/22/35 | USD | 2438500 | 222513 | 16704 |
| Put on 10-Year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | UBS AG | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 3667000 | 43196 | 31941 |
| Put on 10-Year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | UBS AG | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 3667000 | 37580 | 32439 |
| Put on 1-Year Interest |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rate Swap | UBS AG | 4.185% | Receive | Financing Rate | 02/02/26 | USD | 60667200 | 48534 | 30593 |
| Put on 1-Year Interest |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rate Swap | UBS AG | 3.965% | Receive | Financing Rate | 02/02/26 | USD | 60667200 | 75834 | 41579 |
| Put on 2-Year Interest |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rate Swap | UBS AG | 4.000% | Receive | Financing Rate | 11/28/25 | USD | 44235000 | 88470 | 60337 |
|  |  |  |  |  |  |  |  | $1448543 | $(10903) |

---

<sup>(1)</sup> Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly.

<sup>(2)</sup> Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly.

<sup>(3)</sup> Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.

<sup>(4)</sup> Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.

Currency Abbreviations:

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| EUR | EU Euro |
| MXN | Mexican Peso |
| USD | United States Dollar |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of June 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Location on Statement**<br> **<u>of Assets and Liabilities</u>** | **Fair Value** |
| <u>**Asset Derivatives**</u> |  |  |
| Interest rate contracts | Investments in securities at value<sup>\*</sup> | $39397 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1530 |
| Interest rate contracts | Unrealized appreciation on forward premium swaptions | 2151173 |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*\*</sup> | 3556381 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps<sup>\*\*</sup> | 245514 |
| **Total Asset Derivatives** |  | $**5993995** |
| <u>**Liability Derivatives**</u> |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $1199341 |
| Interest rate contracts | Unrealized depreciation on forward premium swaptions | 670492 |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*\*</sup> | 1359254 |
| Credit contracts | Variation margin payable on centrally cleared swaps<sup>\*\*</sup> | 770608 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps<sup>\*\*</sup> | 24302 |
| Credit contracts | Written options, at fair value | 50798 |
| Interest rate contracts | Written options, at fair value | 26497 |
| **Total Liability Derivatives** |  | $4101292 |

---

\* Includes purchased options.

\*\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging</u>**<br> **<u>instruments</u>** | **Investments<sup>\*</sup>** | **Forward**<br> **foreign**<br> **currency**<br> **contracts** | **Futures** | **Swaps** | **Written**<br> **options** | **Total** |
| Credit contracts | $— | $— | $— | $593378 | $— | $593378 |
| Foreign exchange contracts |  | (149280) |  |  |  | (149280) |
| Interest rate contracts | 57278 |  | (5017437) | (1998157) | 307805 | (6650512) |
| **Total** | $57278 | $(149280) | $(5017437) | $(1404779) | $307805 | $(6206414) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging</u>**<br> **<u>instruments</u>** | **Investments<sup>\*</sup>** | **Forward**<br> **foreign**<br> **currency**<br> **contracts** | **Futures** | **Swaps** | **Written**<br> **options** | **Total** |
| Credit contracts | $— | $— | $— | $(218736) | $182752 | $(35984) |
| Foreign exchange contracts |  | (1896544) |  |  |  | (1896544) |
| Interest rate contracts | 152710 |  | 4370909 | 944900 | 286943 | 5755462 |
| **Total** | $152710 | $(1896544) | $4370909 | $726164 | $469695 | $3822934 |

---

<sup>\*</sup> Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (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 June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays Bank**<br> **PLC** | **BNP Paribas** | **Citibank N.A.** | **Goldman**<br> **Sachs**<br> **International** | **JPMorgan**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Chase Bank**<br> **N.A.** | **Morgan**<br> **Stanley**<br> **Capital**<br> **Services LLC** | **UBS AG** | **Total** |
| **Assets:** | | | | | | | | |
| Purchased options | $— | $— | $— | $— | $— | $39397 | $— | $39397 |
| Forward foreign currency contracts | 1530 |  |  |  |  |  |  | 1530 |
| Forward premium swaptions | 1852871 |  |  |  |  | 84709 | 213593 | 2151173 |
| **Total Assets** | $1854401 | $— | $— | $— | $— | $124106 | $213593 | $2192100 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $531 | $237856 | $1757 | $959197 | $— | $— | $— | $1199341 |
| Forward premium swaptions | 158982 |  |  |  | 276142 | 70124 | 165244 | 670492 |
| Written options | 24574 | 1169 |  | 5642 | 20582 | 25328 |  | 77295 |
| **Total Liabilities** | $184087 | $239025 | $1757 | $964839 | $296724 | $95452 | $165244 | $1947128 |
| **Net OTC derivative instruments by counterparty, at fair value** | $1670314 | $(239025) | $(1757) | $(964839) | $(296724) | $28654 | $48349 | $244972 |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $(1590000) | $— | $— | $610000 | $— | $— | $— | $(980000) |
| **Net Exposure<sup>(1)(2)</sup>** | $80314 | $(239025) | $(1757) | $(354839) | $(296724) | $28654 | $48349 | $(735028) |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> At June 30, 2025, the Portfolio had pledged $610,000 in cash collateral to Goldman Sachs International. In addition, the Portfolio received $1,590,000 in cash collateral from Barclays Bank PLC. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $953,425,722. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $14082687 |
| Gross Unrealized Depreciation | (40069975) |
| Net Unrealized Depreciation | $(25987288) |

---

See Accompanying Notes to Financial Statements

<u>Voya Small Company Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** |  |  |
|  | **Communication Services: 3.3%** |  |  |
| 25541 <sup>(1)(2)</sup> | AST SpaceMobile, Inc. | $1193531 | 0.5 |
| 18916 <sup>(2)</sup> | Cargurus, Inc. | 633119 | 0.3 |
| 44022 <sup>(2)</sup> | Grindr, Inc. | 999299 | 0.4 |
| 68275 <sup>(2)</sup> | Magnite, Inc. | 1646793 | 0.7 |
| 171886 <sup>(2)</sup> | Vimeo, Inc. | 694419 | 0.3 |
| 34224 <sup>(2)</sup> | Yelp, Inc. | 1172857 | 0.5 |
| 152216 <sup>(2)</sup> | ZipRecruiter, Inc. - Class A | 762602 | 0.3 |
| 57236 <sup>(2)</sup> | ZoomInfo Technologies, Inc. | 579228 | 0.3 |
|  |  | **7681848** | **3.3** |
|  | **Consumer Discretionary: 4.8%** |  |  |
| 37645 | H&R Block, Inc. | 2066334 | 0.9 |
| 11326 | Monarch Casino & Resort, Inc. | 979020 | 0.4 |
| 34509 | Red Rock Resorts, Inc. - Class A | 1795503 | 0.8 |
| 316024 <sup>(2)</sup> | Sabre Corp. | 998636 | 0.4 |
| 86430 <sup>(2)</sup> | Sonos, Inc. | 934308 | 0.4 |
| 35934 | Steven Madden Ltd. | 861697 | 0.4 |
| 59318 <sup>(2)</sup> | Tri Pointe Homes, Inc. | 1895210 | 0.8 |
| 86827 <sup>(2)</sup> | Udemy, Inc. | 610394 | 0.3 |
| 150454 <sup>(2)</sup> | Under Armour, Inc. - Class A | 1027601 | 0.4 |
|  |  | **11168703** | **4.8** |
|  | **Consumer Staples: 2.1%** |  |  |
| 88040 | Dole PLC | 1231680 | 0.5 |
| 13626 | John B Sanfilippo & Son, Inc. | 861708 | 0.4 |
| 17496 <sup>(2)</sup> | Sprouts Farmers Market, Inc. | 2880541 | 1.2 |
|  |  | **4973929** | **2.1** |
|  | **Energy: 4.3%** |  |  |
| 468193 <sup>(2)</sup> | Clean Energy Fuels Corp. | 912976 | 0.4 |
| 63915 | Excelerate Energy, Inc. - Class A | 1873988 | 0.8 |
| 52021 <sup>(2)</sup> | Hallador Energy Co. | 823492 | 0.3 |
| 138940 <sup>(2)</sup> | Helix Energy Solutions Group, Inc. | 866986 | 0.4 |
| 67989 <sup>(1)</sup> | HighPeak Energy, Inc. | 666292 | 0.3 |
| 109034 | Murphy Oil Corp. | 2453265 | 1 |
| 184133 | SFL Corp. Ltd. | 1533828 | 0.7 |
| 152645 <sup>(1)(2)</sup> | Uranium Energy Corp. | 1037986 | 0.4 |
|  |  | **10168813** | **4.3** |
|  | **Financials: 19.6%** |  |  |
| 50004 | Arrow Financial Corp. | 1321106 | 0.6 |
| 84050 | BCB Bancorp, Inc. | 707701 | 0.3 |
| 55449 | Berkshire Hills Bancorp, Inc. | 1388443 | 0.6 |
| 145340 | BGC Group, Inc. - Class A | 1486828 | 0.6 |
| 19855 | Cathay General Bancorp | 903998 | 0.4 |
| 18629 | CNO Financial Group, Inc. | 718707 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 65795 | ConnectOne Bancorp, Inc. | $1523812 | 0.7 |
| 111622 | Eastern Bankshares, Inc. | 1704468 | 0.7 |
| 74402 | Farmers National Banc Corp. | 1026004 | 0.5 |
| 194035 | First BanCorp/Puerto Rico | 4041749 | 1.7 |
| 63501 | First Commonwealth Financial Corp. | 1030621 | 0.5 |
| 91710 | Fulton Financial Corp. | 1654448 | 0.7 |
| 182330 <sup>(2)</sup> | Genworth Financial, Inc. - Class A | 1418527 | 0.6 |
| 54404 | Hancock Whitney Corp. | 3122790 | 1.3 |
| 37085 | Hilltop Holdings, Inc. | 1125530 | 0.5 |
| 110860 | Hope Bancorp, Inc. | 1189528 | 0.5 |
| 62817 | KKR Real Estate Finance Trust, Inc. | 550905 | 0.2 |
| 130169 | Ladder Capital Corp. | 1399317 | 0.6 |
| 131852 | MFA Financial, Inc. | 1247320 | 0.5 |
| 18205 | NBT Bancorp, Inc. | 756418 | 0.3 |
| 26275 | Origin Bancorp, Inc. | 939068 | 0.4 |
| 116426 | P10, Inc. - Class A | 1189874 | 0.5 |
| 98252 | Pagseguro Digital Ltd. - Class A | 947149 | 0.4 |
| 178814 <sup>(2)</sup> | Payoneer Global, Inc. | 1224876 | 0.5 |
| 138843 <sup>(1)</sup> | Ready Capital Corp. | 606744 | 0.3 |
| 212844 | Redwood Trust, Inc. | 1257908 | 0.5 |
| 29902 | Renasant Corp. | 1074379 | 0.5 |
| 68150 | Simmons First National Corp. - Class A | 1292124 | 0.6 |
| 71420 | United Community Banks, Inc. | 2127602 | 0.9 |
| 221795 | Valley National Bancorp | 1980629 | 0.9 |
| 38038 | Victory Capital Holdings, Inc. - Class A | 2421879 | 1 |
| 107414 | WisdomTree, Inc. | 1236335 | 0.5 |
| 59713 | XP, Inc. - Class A | 1206203 | 0.5 |
|  |  | **45822990** | **19.6** |
|  | **Health Care: 16.1%** |  |  |
| 86267 <sup>(2)</sup> | ADMA Biologics, Inc. | 1570922 | 0.7 |
| 91512 <sup>(2)</sup> | Alignment Healthcare, Inc. | 1281168 | 0.6 |
| 177655 <sup>(2)</sup> | Amicus Therapeutics, Inc. | 1017963 | 0.4 |
| 78589 <sup>(2)</sup> | Avanos Medical, Inc. | 961929 | 0.4 |
| 149759 <sup>(2)</sup> | BioCryst Pharmaceuticals, Inc. | 1341841 | 0.6 |
| 18736 | Bio-Techne Corp. | 963967 | 0.4 |
| 64374 <sup>(2)</sup> | BrightSpring Health Services, Inc. | 1518583 | 0.7 |
| 40367 | Bruker Corp. | 1663120 | 0.7 |
| 574748 <sup>(2)</sup> | Cerus Corp. | 810395 | 0.3 |
| 142706 <sup>(2)</sup> | Fortrea Holdings, Inc. | 704968 | 0.3 |
| 31568 <sup>(2)</sup> | Guardant Health, Inc. | 1642799 | 0.7 |
| 15880 <sup>(2)</sup> | HealthEquity, Inc. | 1663589 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>Voya Small Company Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 20847 <sup>(1)(2)</sup> | Hims & Hers Health, Inc. | $1039223 | 0.4 |
| 26184 <sup>(2)</sup> | Insmed, Inc. | 2635158 | 1.1 |
| 85263 <sup>(1)(2)</sup> | Intellia Therapeutics, Inc. | 799767 | 0.3 |
| 161562 <sup>(2)</sup> | MannKind Corp. | 604242 | 0.3 |
| 8956 <sup>(2)</sup> | Merit Medical Systems, Inc. | 837207 | 0.4 |
| 19476 <sup>(2)</sup> | Mirum Pharmaceuticals, Inc. | 991134 | 0.4 |
| 433395 <sup>(2)</sup> | OPKO Health, Inc. | 572081 | 0.2 |
| 59518 <sup>(2)</sup> | Option Care Health, Inc. | 1933145 | 0.8 |
| 54097 <sup>(2)</sup> | Orthofix Medical, Inc. | 603181 | 0.3 |
| 42322 <sup>(2)</sup> | Phreesia, Inc. | 1204484 | 0.5 |
| 53712 <sup>(2)</sup> | Progyny, Inc. | 1181664 | 0.5 |
| 19795 <sup>(2)</sup> | PTC Therapeutics, Inc. | 966788 | 0.4 |
| 70039 | QIAGEN N.V. | 3366074 | 1.4 |
| 16061 <sup>(2)</sup> | Rhythm Pharmaceuticals, Inc. | 1014895 | 0.4 |
| 31368 <sup>(2)</sup> | Rigel Pharmaceuticals, Inc. | 587523 | 0.3 |
| 271398 <sup>(2)</sup> | Savara, Inc. | 618787 | 0.3 |
| 54106 | Select Medical Holdings Corp. | 821329 | 0.4 |
| 16646 <sup>(2)</sup> | SpringWorks Therapeutics, Inc. | 782195 | 0.3 |
| 28968 <sup>(2)</sup> | Surgery Partners, Inc. | 643959 | 0.3 |
| 36938 <sup>(2)</sup> | Tandem Diabetes Care, Inc. | 688524 | 0.3 |
| 50864 <sup>(2)</sup> | Travere Therapeutics, Inc. | 752787 | 0.3 |
|  |  | **37785391** | **16.1** |
|  | **Industrials: 17.4%** |  |  |
| 10523 | Albany International Corp. - Class A | 737978 | 0.3 |
| 19421 | Allison Transmission Holdings, Inc. | 1844801 | 0.8 |
| 26044 | Apogee Enterprises, Inc. | 1057386 | 0.4 |
| 8826 | Applied Industrial Technologies, Inc. | 2051604 | 0.9 |
| 25643 | Atmus Filtration Technologies, Inc. | 933918 | 0.4 |
| 35885 | Cadre Holdings, Inc. | 1142937 | 0.5 |
| 75693 <sup>(2)</sup> | CoreCivic, Inc. | 1594852 | 0.7 |
| 19517 | CSG Systems International, Inc. | 1274655 | 0.5 |
| 34843 | Enerpac Tool Group Corp. | 1413232 | 0.6 |
| 48930 <sup>(2)</sup> | ExlService Holdings, Inc. | 2142645 | 0.9 |
| 56255 | Flowserve Corp. | 2944949 | 1.3 |
| 12834 | Franklin Electric Co., Inc. | 1151723 | 0.5 |
| 15685 | FTAI Aviation Ltd. | 1804402 | 0.8 |
| 73381 <sup>(2)</sup> | GEO Group, Inc. | 1757475 | 0.7 |
| 14617 <sup>(1)(2)</sup> | Innodata, Inc. | 748683 | 0.3 |
| 18911 | Insperity, Inc. | 1136929 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 49593 | Kennametal, Inc. | $1138655 | 0.5 |
| 7851 | Lincoln Electric Holdings, Inc. | 1627669 | 0.7 |
| 175731 <sup>(2)</sup> | Manitowoc Co., Inc. | 2112287 | 0.9 |
| 48065 | Marten Transport Ltd. | 624364 | 0.3 |
| 90671 | Mueller Water Products, Inc. - Class A | 2179731 | 0.9 |
| 73884 <sup>(2)</sup> | NOW, Inc. | 1095700 | 0.5 |
| 40197 | nVent Electric PLC | 2944430 | 1.2 |
| 18956 | Pentair PLC | 1946023 | 0.8 |
| 17226 | Primoris Services Corp. | 1342595 | 0.6 |
| 99163 | Shyft Group, Inc. | 1243504 | 0.5 |
| 11419 | TriNet Group, Inc. | 835186 | 0.4 |
|  |  | **40828313** | **17.4** |
|  | **Information Technology: 17.6%** |  |  |
| 367535 <sup>(2)</sup> | 8x8, Inc. | 720369 | 0.3 |
| 75641 | A10 Networks, Inc. | 1463653 | 0.6 |
| 42579 <sup>(2)</sup> | ACI Worldwide, Inc. | 1954802 | 0.8 |
| 56440 <sup>(2)</sup> | Amplitude, Inc. - Class A | 699856 | 0.3 |
| 22002 <sup>(2)</sup> | ASGN, Inc. | 1098560 | 0.5 |
| 166968 <sup>(2)</sup> | AvePoint, Inc. | 3224152 | 1.4 |
| 101209 <sup>(2)</sup> | Box, Inc. - Class A | 3458312 | 1.5 |
| 67568 <sup>(2)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 1481766 | 0.6 |
| 114727 <sup>(2)</sup> | Cohu, Inc. | 2207347 | 0.9 |
| 21626 <sup>(2)</sup> | Credo Technology Group Holding Ltd. | 2002351 | 0.9 |
| 31134 | CTS Corp. | 1326620 | 0.6 |
| 43656 <sup>(2)</sup> | Dropbox, Inc. - Class A | 1248562 | 0.5 |
| 33629 <sup>(2)</sup> | Extreme Networks, Inc. | 603641 | 0.3 |
| 46898 <sup>(1)</sup> | Ingram Micro Holding Corp. | 977354 | 0.4 |
| 24186 <sup>(2)</sup> | Intapp, Inc. | 1248481 | 0.5 |
| 29602 <sup>(1)(2)</sup> | IonQ, Inc. | 1271998 | 0.5 |
| 58389 <sup>(2)</sup> | Knowles Corp. | 1028814 | 0.4 |
| 6564 | Littelfuse, Inc. | 1488256 | 0.6 |
| 57367 <sup>(2)</sup> | MaxLinear, Inc. | 815185 | 0.4 |
| 47365 <sup>(2)</sup> | PagerDuty, Inc. | 723737 | 0.3 |
| 55681 <sup>(2)</sup> | Photronics, Inc. | 1048473 | 0.5 |
| 24401 <sup>(2)</sup> | Pure Storage, Inc. - Class A | 1405010 | 0.6 |
| 12209 <sup>(2)</sup> | Rambus, Inc. | 781620 | 0.3 |
| 39310 | Sapiens International Corp. NV | 1149817 | 0.5 |
| 152446 <sup>(2)</sup> | Sprinklr, Inc. - Class A | 1289693 | 0.6 |
| 52674 <sup>(2)</sup> | Verint Systems, Inc. | 1036098 | 0.4 |
| 56169 <sup>(2)</sup> | Vertex, Inc. - Class A | 1984732 | 0.9 |
| 59984 <sup>(2)</sup> | Viavi Solutions, Inc. | 604039 | 0.3 |
| 204789 <sup>(2)</sup> | Yext, Inc. | 1740706 | 0.7 |
| 71132 <sup>(2)</sup> | Zeta Global Holdings Corp. - Class A | 1101835 | 0.5 |
|  |  | **41185839** | **17.6** |
|  | **Materials: 3.8%** |  |  |
| 24683 | Avient Corp. | 797508 | 0.3 |
| 7206 | Balchem Corp. | 1147195 | 0.5 |
| 194019 <sup>(2)</sup> | Cleveland-Cliffs, Inc. | 1474544 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>Voya Small Company Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** |  |  |
| 126269 | Element Solutions, Inc. | $2859993 | 1.2 |
| 7285 | Innospec, Inc. | 612596 | 0.3 |
| 60760 <sup>(1)(2)</sup> | PureCycle Technologies, Inc. | 832412 | 0.4 |
| 146810 <sup>(2)</sup> | Rayonier Advanced Materials, Inc. | 565218 | 0.2 |
| 117509 | Tronox Holdings PLC | 595771 | 0.3 |
|  |  | **8885237** | **3.8** |
|  | **Real Estate: 6.0%** |  |  |
| 107783 | Acadia Realty Trust | 2001530 | 0.9 |
| 42392 | Alexander & Baldwin, Inc. | 755849 | 0.3 |
| 153385 | Apartment Investment and Management Co. - Class A | 1326780 | 0.6 |
| 34917 | Broadstone Net Lease, Inc. | 560418 | 0.2 |
| 177118 | DiamondRock Hospitality Co. | 1356724 | 0.6 |
| 26076 | First Industrial Realty Trust, Inc. | 1255038 | 0.5 |
| 56171 <sup>(1)</sup> | Gladstone Land Corp. | 571259 | 0.2 |
| 306690 | Hudson Pacific Properties, Inc. | 840331 | 0.4 |
| 24768 | LTC Properties, Inc. | 857221 | 0.4 |
| 123857 <sup>(1)</sup> | Medical Properties Trust, Inc. | 533824 | 0.2 |
| 26954 | National Storage Affiliates Trust | 862258 | 0.4 |
| 59773 <sup>(1)</sup> | Peakstone Realty Trust | 789601 | 0.3 |
| 41982 | Plymouth Industrial REIT, Inc. | 674231 | 0.3 |
| 204474 | Summit Hotel Properties, Inc. | 1040773 | 0.5 |
| 18507 | Tanger Factory Outlet Centers, Inc. | 565944 | 0.2 |
|  |  | **13991781** | **6.0** |
|  | **Utilities: 3.1%** |  |  |
| 50730 | Avista Corp. | 1925204 | 0.8 |
| 19772 | Black Hills Corp. | 1109209 | 0.5 |
| 85002 <sup>(2)</sup> | Hawaiian Electric Industries, Inc. | 903571 | 0.4 |
| 20094 | Northwest Natural Holding Co. | 798134 | 0.3 |
| 26836 | NorthWestern Corp. | 1376687 | 0.6 |
| 30407 | Portland General Electric Co. | 1235436 | 0.5 |
|  |  | **7348241** | **3.1** |
|  | Total Common Stock <br> (Cost $234,334,208) | **229841085** | **98.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 1.5%** | **EXCHANGE-TRADED FUNDS: 1.5%** | **EXCHANGE-TRADED FUNDS: 1.5%** | **EXCHANGE-TRADED FUNDS: 1.5%** |
| 16463 | iShares Russell 2000 ETF | $**3552551** | **1.5** |
|  | Total Exchange-Traded Funds <br> (Cost $3,440,284) | **3552551** | **1.5** |
|  | Total Long-Term Investments <br> (Cost $237,774,492) | **233393636** | **99.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | **RA** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** |
|  | **Repurchase Agreements: 3.5%** |  |  |
| 313397 <sup>(3)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $313,435, collateralized by various U.S. Government Securities, 0.000%- 3.875%, Market Value plus accrued interest $319,665, due 07/10/25-05/15/42) | 313397 | 0.1 |
| 2141680 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,141,938, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $2,184,514, due 06/01/30-02/01/57) | 2141680 | 0.9 |

---

See Accompanying Notes to Financial Statements

<u>Voya Small Company Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | **RA** | **Value** | **Value** | **Percentage <br> of Net <br> Assets** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 2141680 <sup>(3)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,141,938, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $2,184,514, due 08/15/34-06/01/55) | $| 2141680 |  | 0.9 |
| 1500295 <sup>(3)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,500,475, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $1,530,301, due 03/01/34-05/01/55) |  | 1500295 |  | 0.7 |
| 2034596 <sup>(3)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $2,034,846, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,069,171, due 07/15/26-02/15/54) |  | 2034596 |  | 0.9 |
|  | Total Repurchase Agreements <br> (Cost $8,131,648) |  | **8131648** |  | **3.5** |
|  | **Time Deposits: 0.3%** | **Time Deposits: 0.3%** | **Time Deposits: 0.3%** | **Time Deposits: 0.3%** | **Time Deposits: 0.3%** |
| 210000 <sup>(3)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 |  | 210000 |  | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | **RA** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Time Deposits (continued)** |  |  |
| 200000 <sup>(3)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | $200000 | 0.0 |
| 210000 <sup>(3)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 210000 | 0.1 |
| 210000 <sup>(3)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 210000 | 0.1 |
|  | Total Time Deposits <br> (Cost $830,000) | **830000** | **0.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **RA** | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 0.3%** |  |  |
| 679000 <sup>(4)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $679,000) | $**679000** | **0.3** |
|  | Total Short-Term Investments <br> (Cost $9,640,648) | **9640648** | **4.1** |
|  | **Total Investments in Securities <br> (Cost $247,415,140)** | $**243034284** | **103.7** |
|  | **Liabilities in Excess of Other Assets** | **(8606431)** | **(3.7)** |
|  | **Net Assets** | $**234427853** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(4)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

See Accompanying Notes to Financial Statements

<u>Voya Small Company Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements^** 

The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other <br> Observable <br> Inputs <br> (Level 2)** | **Significant<br> Unobservable**<br> **Inputs<br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $229841085 | $— | $— | $229841085 |
| Exchange-Traded Funds | 3552551 |  |  | 3552551 |
| Short-Term Investments | 679000 | 8961648 |  | 9640648 |
| Total Investments, at fair value | $234072636 | $8961648 | $— | $243034284 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> <sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At June 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $262,869,357. | Cost for U.S. federal income tax purposes was $262,869,357. |
| Net unrealized depreciation consisted of: | Net unrealized depreciation consisted of: |
| Gross Unrealized Appreciation | $14372179 |
| Gross Unrealized Depreciation | (34207649) |
| Net Unrealized Depreciation | $(19835470) |

---

See Accompanying Notes to Financial Statements

---

| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258 | The Bank of New York Mellon<br> 225 Liberty Street<br> New York, New York 10286 |
| **Distributor** | **Legal Counsel** |
| Voya Investments Distributor, LLC<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258 | Ropes & Gray LLP<br> Prudential Tower<br> 800 Boylston Street<br> Boston, Massachusetts 02199 |
| **Transfer Agent** | **Transfer Agent** |
| BNY Mellon Investment Servicing (U.S.) Inc.<br> 103 Bellevue Parkway<br> Wilmington, Delaware 19809 | BNY Mellon Investment Servicing (U.S.) Inc.<br> 103 Bellevue Parkway<br> Wilmington, Delaware 19809 |

---

**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**VPSAR-CAPAPALL** **(0625)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None during the reporting period.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $31,671 was paid during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

None during the reporting period.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. 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 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | The Code of Ethics is not required for the semi-annual filing. |
| (a)(2) | Not applicable. |
| [(a)(3)](tm2522622d4_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.](tm2522622d4_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| [(b)](tm2522622d4_ex99-906cert.htm) | [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2522622d4_ex99-906cert.htm) |

---

**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 Funds

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: September 5, 2025

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/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: September 5, 2025

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

Date: September 5, 2025

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Christian G. Wilson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Variable Funds ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Variable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Variable Funds <br> <br> Date of Form N-CSR: June 30, 2025

The undersigned, the principal executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of
operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Variable Funds and will be retained by Voya Variable Funds and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 5<sup>th</sup> day of September, 2025.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Variable Funds <br> <br> Date of Form N-CSR: June 30, 2025

The undersigned, the principal financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of
operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Variable Funds and will be retained by Voya Variable Funds and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 5<sup>th</sup> day of September, 2025.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---