# EDGAR Filing Document

**Accession Number:** 0000002664
**File Stem:** 0001104659-26-025220
**Filing Date:** 2026-3
**Character Count:** 555296
**Document Hash:** 0bc3a9c0c6927bbad47cee38c36e0bf9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-025220.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001104659-26-025220

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02514
- **FILM NUMBER:** 26735039

**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: **December 31, 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](#classname8462fd18-b5a9-4e06-ac60-cf83f948e6fa)<br> **[Class ADV - IAVGX](#classname8462fd18-b5a9-4e06-ac60-cf83f948e6fa)**  |
|  [Voya Growth and Income Portfolio](#classname058caeba-89ef-428a-b1f7-eccfc9e74c9e)<br> **[Class I - IIVGX](#classname058caeba-89ef-428a-b1f7-eccfc9e74c9e)**  |
|  [Voya Growth and Income Portfolio](#classname70b0fe75-8c7e-47a4-a39e-0542f4601110)<br> **[Class S - ISVGX](#classname70b0fe75-8c7e-47a4-a39e-0542f4601110)**  |
|  [Voya Growth and Income Portfolio](#classnameaf91c6a9-00e4-4df1-a2e2-c5e99a52d0e7)<br> **[Class S2 - IGISX](#classnameaf91c6a9-00e4-4df1-a2e2-c5e99a52d0e7)**  |

---

# Class ADV: IAVGX
![Image](tm263417d7_tsrimg008.jpg)

# Voya Growth and Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2025 to December 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $122 | 1.12% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P 500<sup>®</sup> Index (before the deduction of fees and expenses).

↑ Top contributors to performance: Stock selection within communication services, materials, and financials had the largest positive impact on performance. Key contributors included the overweight positions in Micron Technology, Inc. and Warner Bros. Discovery, Inc. Series A, and the underweight position in the combined shares of Alphabet Inc.

↓ Top detractors from performance: Stock selection within health care, industrials, and utilities sectors detracted from performance. At the individual stock level, an underweight position in NVIDIA Corp., an overweight position in Centene Corp., and owning a non-benchmark in Globant SA detracted the most from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d7_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10924 | $11274 | $11196 |
| **2017** | $13087 | $13656 | $13640 |
| **2018** | $12448 | $12941 | $13043 |
| **2019** | $15970 | $16955 | $17150 |
| **2020** | $18644 | $20497 | $20305 |
| **2021** | $23940 | $25756 | $26135 |
| **2022** | $20330 | $20808 | $21402 |
| **2023** | $25776 | $26210 | $27028 |
| **2024** | $31788 | $32449 | $33790 |
| **2025** | $37411 | $38013 | $39832 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 17.69% | 14.95% | 14.10% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Fund Statistics
* Total Net Assets$2,664,364,600

* # of Portfolio Holdings66

* Portfolio Turnover Rate90%

* Investment Advisory Fees Paid$15,281,021

## 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

---

| | |
|:---|:---|
| Apple, Inc. | 8.1% |
| Microsoft Corp. | 6.9% |
| Alphabet, Inc. - Class A | 6.3% |
| Amazon.com, Inc. | 4.6% |
| Broadcom, Inc. | 4.3% |
| NVIDIA Corp. | 3.7% |
| 3M Co. | 2.0% |
| Chevron Corp. | 1.9% |
| Advanced Micro Devices, Inc. | 1.9% |
| Bank of America Corp. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d7_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 0.6% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d7_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 33.1% |
| Financials | 13.1% |
| Health Care | 10.9% |
| Communication Services | 10.6% |
| Consumer Discretionary | 8.9% |
| Industrials | 7.4% |
| Consumer Staples | 5.2% |
| Energy | 3.9% |
| Utilities | 2.2% |
| Real Estate | 2.2% |
| Materials | 1.9% |
| Short-Term Investments | 0.6% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## 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](tm263417d7_tsrimg004.jpg)

# Voya Growth and Income Portfolio
92913H303-AR

# Class I: IIVGX
![Image](tm263417d7_tsrimg008.jpg)

# Voya Growth and Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2025 to December 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $73 | 0.67% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P 500<sup>®</sup> Index (before the deduction of fees and expenses).

↑ Top contributors to performance: Stock selection within communication services, materials, and financials had the largest positive impact on performance. Key contributors included the overweight positions in Micron Technology, Inc. and Warner Bros. Discovery, Inc. Series A, and the underweight position in the combined shares of Alphabet Inc.

↓ Top detractors from performance: Stock selection within health care, industrials, and utilities sectors detracted from performance. At the individual stock level, an underweight position in NVIDIA Corp., an overweight position in Centene Corp., and owning a non-benchmark in Globant SA detracted the most from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d7_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10977 | $11274 | $11196 |
| **2017** | $13210 | $13656 | $13640 |
| **2018** | $12621 | $12941 | $13043 |
| **2019** | $16267 | $16955 | $17150 |
| **2020** | $19074 | $20497 | $20305 |
| **2021** | $24606 | $25756 | $26135 |
| **2022** | $20987 | $20808 | $21402 |
| **2023** | $26736 | $26210 | $27028 |
| **2024** | $33112 | $32449 | $33790 |
| **2025** | $39143 | $38013 | $39832 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 18.21% | 15.46% | 14.62% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Fund Statistics
* Total Net Assets$2,664,364,600

* # of Portfolio Holdings66

* Portfolio Turnover Rate90%

* Investment Advisory Fees Paid$15,281,021

## 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

---

| | |
|:---|:---|
| Apple, Inc. | 8.1% |
| Microsoft Corp. | 6.9% |
| Alphabet, Inc. - Class A | 6.3% |
| Amazon.com, Inc. | 4.6% |
| Broadcom, Inc. | 4.3% |
| NVIDIA Corp. | 3.7% |
| 3M Co. | 2.0% |
| Chevron Corp. | 1.9% |
| Advanced Micro Devices, Inc. | 1.9% |
| Bank of America Corp. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d7_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 0.6% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d7_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 33.1% |
| Financials | 13.1% |
| Health Care | 10.9% |
| Communication Services | 10.6% |
| Consumer Discretionary | 8.9% |
| Industrials | 7.4% |
| Consumer Staples | 5.2% |
| Energy | 3.9% |
| Utilities | 2.2% |
| Real Estate | 2.2% |
| Materials | 1.9% |
| Short-Term Investments | 0.6% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## 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](tm263417d7_tsrimg004.jpg)

# Voya Growth and Income Portfolio
92913H105-AR

# Class S: ISVGX
![Image](tm263417d7_tsrimg008.jpg)

# Voya Growth and Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2025 to December 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $100 | 0.92% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P 500<sup>®</sup> Index (before the deduction of fees and expenses).

↑ Top contributors to performance: Stock selection within communication services, materials, and financials had the largest positive impact on performance. Key contributors included the overweight positions in Micron Technology, Inc. and Warner Bros. Discovery, Inc. Series A, and the underweight position in the combined shares of Alphabet Inc.

↓ Top detractors from performance: Stock selection within health care, industrials, and utilities sectors detracted from performance. At the individual stock level, an underweight position in NVIDIA Corp., an overweight position in Centene Corp., and owning a non-benchmark in Globant SA detracted the most from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d7_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10945 | $11274 | $11196 |
| **2017** | $13141 | $13656 | $13640 |
| **2018** | $12525 | $12941 | $13043 |
| **2019** | $16102 | $16955 | $17150 |
| **2020** | $18829 | $20497 | $20305 |
| **2021** | $24237 | $25756 | $26135 |
| **2022** | $20611 | $20808 | $21402 |
| **2023** | $26189 | $26210 | $27028 |
| **2024** | $32359 | $32449 | $33790 |
| **2025** | $38163 | $38013 | $39832 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 17.94% | 15.18% | 14.33% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Fund Statistics
* Total Net Assets$2,664,364,600

* # of Portfolio Holdings66

* Portfolio Turnover Rate90%

* Investment Advisory Fees Paid$15,281,021

## 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

---

| | |
|:---|:---|
| Apple, Inc. | 8.1% |
| Microsoft Corp. | 6.9% |
| Alphabet, Inc. - Class A | 6.3% |
| Amazon.com, Inc. | 4.6% |
| Broadcom, Inc. | 4.3% |
| NVIDIA Corp. | 3.7% |
| 3M Co. | 2.0% |
| Chevron Corp. | 1.9% |
| Advanced Micro Devices, Inc. | 1.9% |
| Bank of America Corp. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d7_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 0.6% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d7_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 33.1% |
| Financials | 13.1% |
| Health Care | 10.9% |
| Communication Services | 10.6% |
| Consumer Discretionary | 8.9% |
| Industrials | 7.4% |
| Consumer Staples | 5.2% |
| Energy | 3.9% |
| Utilities | 2.2% |
| Real Estate | 2.2% |
| Materials | 1.9% |
| Short-Term Investments | 0.6% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## 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](tm263417d7_tsrimg004.jpg)

# Voya Growth and Income Portfolio
92913H204-AR

# Class S2: IGISX
![Image](tm263417d7_tsrimg008.jpg)

# Voya Growth and Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2025 to December 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $116 | 1.07% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P 500<sup>®</sup> Index (before the deduction of fees and expenses).

↑ Top contributors to performance: Stock selection within communication services, materials, and financials had the largest positive impact on performance. Key contributors included the overweight positions in Micron Technology, Inc. and Warner Bros. Discovery, Inc. Series A, and the underweight position in the combined shares of Alphabet Inc.

↓ Top detractors from performance: Stock selection within health care, industrials, and utilities sectors detracted from performance. At the individual stock level, an underweight position in NVIDIA Corp., an overweight position in Centene Corp., and owning a non-benchmark in Globant SA detracted the most from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d7_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10930 | $11274 | $11196 |
| **2017** | $13104 | $13656 | $13640 |
| **2018** | $12472 | $12941 | $13043 |
| **2019** | $16005 | $16955 | $17150 |
| **2020** | $18695 | $20497 | $20305 |
| **2021** | $24026 | $25756 | $26135 |
| **2022** | $20402 | $20808 | $21402 |
| **2023** | $25889 | $26210 | $27028 |
| **2024** | $31939 | $32449 | $33790 |
| **2025** | $37602 | $38013 | $39832 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 17.73% | 15.00% | 14.16% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Fund Statistics
* Total Net Assets$2,664,364,600

* # of Portfolio Holdings66

* Portfolio Turnover Rate90%

* Investment Advisory Fees Paid$15,281,021

## 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

---

| | |
|:---|:---|
| Apple, Inc. | 8.1% |
| Microsoft Corp. | 6.9% |
| Alphabet, Inc. - Class A | 6.3% |
| Amazon.com, Inc. | 4.6% |
| Broadcom, Inc. | 4.3% |
| NVIDIA Corp. | 3.7% |
| 3M Co. | 2.0% |
| Chevron Corp. | 1.9% |
| Advanced Micro Devices, Inc. | 1.9% |
| Bank of America Corp. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d7_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 0.6% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d7_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 33.1% |
| Financials | 13.1% |
| Health Care | 10.9% |
| Communication Services | 10.6% |
| Consumer Discretionary | 8.9% |
| Industrials | 7.4% |
| Consumer Staples | 5.2% |
| Energy | 3.9% |
| Utilities | 2.2% |
| Real Estate | 2.2% |
| Materials | 1.9% |
| Short-Term Investments | 0.6% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## 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](tm263417d7_tsrimg004.jpg)

# Voya Growth and Income Portfolio
92913H402-AR

(b) Not applicable.

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 19(a)(1), Ex-99.CODE ETH.

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

The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, Christopher P. Sullivan, Jody Foster and Mark Wetzel are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Sullivan are "independent" for purposes of Item 3 of Form N-CSR.

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

Below are the amount of fees that Ernst & Young LLP ("EY"), the Registrant's current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund's fiscal year ended December 31, 2025 and December 31, 2024.

(a) <u>Audit Fees</u>: The aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by EY, the principal accountant
for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection
with statutory and regulatory filings or engagements for those fiscal years were $65,835 for the year ended December 31, 2025 and $54,437
for the year ended December 31, 2024.

(b) <u>Audit-Related Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for assurance and related services by EY that are reasonably related
to the performance of the audit of each respective registrant's financial statements and are not reported under paragraph (a) of
this Item were $0 for the year ended December 31, 2025 and $0 for the year ended December 31, 2024.

(c) <u>Tax Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for professional services rendered by EY for tax compliance, tax advice,
and tax planning were $8,580 for the year ended December 31, 2025 and $8,580 for the year ended December 31, 2024. Such services included
review of excise distribution calculations (if applicable), preparation of the Registrants' federal, state, and excise tax returns,
tax services related to mergers and routine consulting.

(d) <u>All Other Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for products and services provided by EY, other than the services
reported in paragraphs (a) through (c) of this Item were $0 for the year ended December 31, 2025 and $0 for the year ended December 31,
2024. (e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>

***Appendix A***

**AUDIT AND NON-AUDIT SERVICES PRE-APPROVAL POLICY**

**I.** **Statement of Principles** 

Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Directors or Trustees (the "Committee") of the Voya funds (each a "Fund," collectively, the "Funds") set out on <u>Exhibit A</u> to this Audit and Non-Audit Services Pre-Approval Policy ("Policy") is responsible for the oversight of the work of the Funds' independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors' independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission ("SEC") rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services ("general pre-approval") or it may pre-approve specific services ("specific pre-approval"). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds' independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee's specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC's rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors' familiarity with the Funds' business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds' ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee's general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee's duty to pre-approve services performed by the Funds' independent auditors.

**II.** **Audit Services** 

The annual audit services engagement terms and fees are subject to the Committee's specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds' annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds' financial statements (*e.g.*, information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

**III.** **Audit-related Services** 

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds' financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors' independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

**IV.** **Tax Services** 

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors' independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds' independent auditors that do not, in the Committee's view, impair auditor independence and that are consistent with the SEC's rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

**V.** **Other Services** 

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC's prohibited non-audit services is attached to this Policy as Appendix E. The SEC's rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC's prohibitions.

**VI.** **Pre-approval of Fee levels and Budgeted Amounts** 

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee's specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund's audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

**VII.** **Procedures** 

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

**VIII.** **Delegation** 

The Committee may delegate pre-approval authority to one or more of the Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

**IX.** **Additional Requirements** 

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors' independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Last Approved: November 14, 2024

Appendix A

Pre-Approved Audit Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fee Range |
| Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee<sup>1</sup> |
| Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (*e.g.*, consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre-Approval Period |
| Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $14,750 per audit |
| Audit of summary portfolio of investments | √ | Not to exceed $840 per fund |

---

<sup>1</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B

Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed $10,000 per merger |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [**Note:** Under SEC rules some consultations may be "audit" services and others may be "audit-related" services.] | √ |  | Not to exceed $5,000 per occurrence during the Pre-Approval Period |
| Review of the Funds' semi-annual and quarterly financial statements | √ |  | Not to exceed $2,700 per set of financial statements per fund |
| Reports to regulatory or government agencies related to the annual engagement | √ |  | Up to $5,000 per occurrence during the Pre-Approval Period |
| Regulatory compliance assistance | √ | √ | Not to exceed $5,000 per quarter |
| Training courses |  | √ | Not to exceed $5,000 per course |

---

Appendix C

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions (Funds fees) | √ |  | As presented to Audit Committee<sup>2</sup> |
| Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ |  | As presented to Audit Committee<sup>2</sup> |
| Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed $5,000 for the Funds or for the Funds' investment adviser during the Pre-Approval Period |

---

<sup>2</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, *continued* Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Tax and technology training sessions |  | √ | Not to exceed $5,000 per course during the Pre-Approval Period |
| Tax services associated with Fund mergers | √ | √ | Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
| <br> Tax compliance services related to return preparation for the Funds (Adviser Fees) |  | √ | As presented to Audit Committee<sup>3</sup> |
| Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099's, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | √ |  | Not to exceed $300,000 during the Pre-Approval Period |
| EU Reclaims IRS Closing Agreement Filings | √ |  | $20,000 per Fund first closing agreement, $5,000 for subsequent closing agreements for same Fund |

---

<sup>3</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
| German Tax Treaty Reclaims | √ | Not to exceed $2,500 per fund during the Pre-Approval Period |

---

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Agreed-upon procedures for Class B share 12b-1 programs |  | √ | Not to exceed $60,000 during the Pre-Approval Period |
| Security counts performed pursuant to Rule 17f-2 of the 1940 Act (*i.e.*, counts for Funds holding securities with affiliated sub-custodians)<br> Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | √<br>| √<br>| Not to exceed $5,700 per Fund during the Pre-Approval Period |
| Agreed upon procedures for 15 (c) FACT Books | √ |  | Not to exceed $50,000 during the Pre-Approval Period |

---

Appendix E

Prohibited Non-Audit Services

Dated:&nbsp;&nbsp;&nbsp;&nbsp; January 1, 2025 to December 31, 2025

● Bookkeeping or other services related to the accounting records or financial statements of the Funds

● Financial information systems design and implementation

● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

● Actuarial services

● Internal audit outsourcing services

● Management functions

● Human resources

● Broker-dealer, investment adviser, or investment banking services

● Legal services

● Expert services unrelated to the audit

● Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

**<u>EXHIBIT A</u>**

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SEPARATE PORTFOLIOS TRUST

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

---

| | |
|:---|:---|
| (e)(2) | <u>Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee</u> |

---

There were no services, or 0%, provided to the registrant by EY that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50%</u> 

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the aggregate non-audit
fees (*i.e*., fees for audit-related, tax, and other services) billed and paid to the Registrant by the independent registered public
accounting firm for the Registrant's fiscal years ended December 31, 2025 and December 31, 2024; and (ii) the aggregate non-audit
fees billed to the investment adviser, or any of its affiliates that provide ongoing services to the registrant, by the independent registered
public accounting firm for the same time periods.

---

| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2025** | **2024** |
| Voya Variable Funds | $8580 | $8580 |
| Voya Investments, LLC <sup>(1)</sup> | $11775221 | $15784141 |

---

<sup>(1)</sup> The Registrant's investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h) <u>Principal Accountants Independence</u>: The Registrant's Audit committee has considered whether
the provision of non-audit services that were rendered to the registrant's investment adviser and any entity controlling, controlled
by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant
to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining EY's independence.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

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

![](tm263417d6_img001.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

Classes ADV, I, R6, S, and S2

**Voya Variable Product Funds**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
Government Money Market Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
Growth and Income Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
Intermediate Bond Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
Small Company Portfolio

&nbsp;&nbsp;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.

---

| | |
|:---|:---|
| ![](tm263417d6_img002.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm263417d6_img003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a001) | [1](#a001) |
| [Statements of Assets and Liabilities](#a002) | [2](#a002) |
| [Statements of Operations](#a003) | [7](#a003) |
| [Statements of Changes in Net Assets](#a004) | [9](#a004) |
| [Financial Highlights](#a005) | [12](#a005) |
| [Notes to Financial Statements](#a006) | [15](#a006) |
| [Portfolios of Investments](#a007) | [34](#a007) |
| [Tax Information](#a008) | [95](#a008) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#a009) | [97](#a009) |

---

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

**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 December 31 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec. gov.

**QUARTERLY/MONTHLY 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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Global High Dividend Low Volatility Portfolio and Voya Small Company Portfolio and the Board of Directors of Voya Variable Portfolios, Inc., and the Shareholders and Boards of Trustees of Voya Government Money Market Portfolio, Voya Variable Funds, and Voya Intermediate Bond Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Global High Dividend Low Volatility Portfolio and Voya Small Company Portfolio (two of the portfolios constituting Voya Variable Portfolios, Inc.), Voya Government Money Market Portfolio, Voya Variable Funds (comprising Voya Growth and Income Portfolio), and Voya Intermediate Bond Portfolio (collectively, with Voya Global High Dividend Low Volatility Portfolio, Voya Small Company Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, and Voya Intermediate Bond Portfolio, referred to as the "Portfolios"), including the portfolios of investments, as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on each of the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Registrants in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of the Portfolios' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Portfolios' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm263417d6_img004.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 25, 2026

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **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+\* | $178930325 | $– | $2646061676 |
| Short-term investments at fair value† | Short-term investments at fair value† | 486039 |  | 17302000 |
| Short-term investments at amortized cost | Short-term investments at amortized cost |  | 859436967 |  |
| Repurchase agreements | Repurchase agreements |  | 47820000 |  |
| Cash | Cash | 24357 | 9262 | 606491 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 41911 |  |  |
| Receivables: | Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 279174811 | 88759952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 41026 | 30676 | 8935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 231618 | 8352 | 1304058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 448 | 2721305 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 765548 |  |  |
| Prepaid expenses | Prepaid expenses | 1661 | 2977 | 8255 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 54555 |  |  |
| Other assets | Other assets | 46063 | 137152 | 259245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 180623551 | 1189341502 | 2754311210 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased |  | 338754410 | 85587388 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 43604 | 2482514 | 2174151 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 51039 |  |  |
| Payable for investment management fees | Payable for investment management fees | 85785 | 223445 | 1439403 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 12259 |  | 45711 |
| Payable to directors/ trustees under the deferred compensation plan (Note 6) | Payable to directors/ trustees under the deferred compensation plan (Note 6) | 46063 | 137152 | 259245 |
| Payable for directors/ trustees fees | Payable for directors/ trustees fees | 981 | 2200 | 6245 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 84286 | 167323 | 434467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 324017 | 341767044 | 89946610 |
| **NET ASSETS** | **NET ASSETS** | $180299534 | $847574458 | $2664364600 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | Paid-in capital | $148975136 | $847539368 | $1871119846 |
| Total distributable earnings | Total distributable earnings | 31324398 | 35090 | 793244754 |
| **NET ASSETS** | **NET ASSETS** | $180299534 | $847574458 | $2664364600 |
| + | Including securities loaned at value | $45990 | $— | $— |
| \* | Cost of investments in securities | $155171875 | $— | $1923421948 |
| † | Cost of short-term investments | $486039 | $— | $17302000 |
| ‡ | Cost of foreign currencies | $41252 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (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 | $13123116 | n/a | $96509263 |
| &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 | 1090954 | n/a | 4458253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.03 | n/a | $21.65 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $135777816 | $847574458 | $2527897105 |
| &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 | 11322287 | 847439324 | 110288446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.99 | $1.00 | $22.92 |
| **Class S** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $31243550 | n/a | $39070821 |
| &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 | 2586206 | n/a | 1798743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.08 | n/a | $21.72 |
| **Class S2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $155052 | n/a | $887411 |
| &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 | 13069 | n/a | 42788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.86 | n/a | $20.74 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Voya<br> Intermediate<br> Bond<br> Portfolio** | **Voya<br> Small<br> Company<br> Portfolio** |
| **ASSETS:** | | |
| Investments in securities at fair value+\* | $702516182 | $196025421 |
| Investments in affiliated underlying funds at fair value<sup>\*\*</sup> | 181353957 |  |
| Short-term investments at fair value† | 45119101 | 5521175 |
| Cash | 315620 | 32319 |
| Cash collateral for futures contracts | 3192245 |  |
| Cash pledged for centrally cleared swaps (Note 2) | 2571000 |  |
| Cash pledged as collateral for OTC derivatives (Note 2) | 1150000 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 39989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold on a delayed-delivery or when-issued basis | 11290483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 494723 | 28760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 973002 | 285953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 5478049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 11458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | 45357 |  |
| Unrealized appreciation on forward foreign currency contracts | 145097 |  |
| Unrealized appreciation on forward premium swaptions | 595984 |  |
| Unrealized appreciation on OTC swap agreements | 3979 |  |
| Prepaid expenses | 3164 | 824 |
| Reimbursement due from Investment Adviser | 102457 | 12538 |
| Other assets | 349178 | 46160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 955739567 | 201964608 |
| **LIABILITIES:** |  |  |
| Income distribution payable | 172 |  |
| Payable for investment securities purchased | 5776628 |  |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | 20078255 |  |
| Payable for fund shares redeemed | 457138 | 42801 |
| Payable upon receipt of securities loaned | 3354121 | 5332175 |
| Unrealized depreciation on forward foreign currency contracts | 1624601 |  |
| Unrealized depreciation on forward premium swaptions | 109293 |  |
| Upfront payments received on OTC swap agreements | 153 |  |
| Variation margin payable on futures contracts | 150686 |  |
| Cash received as collateral for OTC derivatives (Note 2) | 340000 |  |
| Payable for investment management fees | 389514 | 127215 |
| Payable for distribution and shareholder service fees | 91210 | 3975 |
| Payable to directors/ trustees under the deferred compensation plan (Note 6) | 349178 | 46160 |
| Payable for directors/ trustees fees | 2282 | 573 |
| Other accrued expenses and liabilities | 330638 | 90531 |
| Written options, at fair value^ | 11929 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 33065798 | 5643430 |
| **NET ASSETS** | $922673769 | $196321178 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Voya<br> Intermediate<br> Bond<br> Portfolio** | **Voya<br> Small<br> Company<br> Portfolio** |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** | | |
| Paid-in capital | Paid-in capital | $1324823360 | $184092661 |
| Total distributable earnings (loss) | Total distributable earnings (loss) | (402149591) | 12228517 |
| **NET ASSETS** | **NET ASSETS** | $922673769 | $196321178 |
| + | Including securities loaned at value | $3242222 | $5157665 |
| \* | Cost of investments in securities | $725502465 | $186385098 |
| \*\* | Cost of investments in affiliated underlying funds | $172619835 | $— |
| † | Cost of short-term investments | $45120137 | $5521175 |
| ^ | Premiums received on written options | $208324 | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (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 | $179348539 | $8783358 |
| &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 | 16419143 | 683615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.92 | $12.85 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $676929133 | $184579249 |
| &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 | 61300049 | 12568997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.04 | $14.69 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $2196298 |
| &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 | 149263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $14.71 |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $58545272 | $762273 |
| &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 | 5335012 | 54125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.97 | $14.08 |
| **Class S2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $7850825 | 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 | 718719 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.92 | n/a |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **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\* | $12305001 | $285915 | $34236461 |
| Interest | 1745 | 37382658 | 8695 |
| Securities lending income, net | 46276 |  | 5184 |
| Other | 2874 | 5893 | 16770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 12355896 | 37674466 | 34267110 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 2198123 | 3080126 | 14993803 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 66116 |  | 452394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 613606 |  | 81576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 611 |  | 3118 |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 11868 |  | 32970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 120807 | 629020 | 865068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 153663 |  | 11857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 139 |  | 282 |
| Shareholder reporting expense | 52757 | 36256 | 83915 |
| Professional fees | 37761 | 72918 | 190354 |
| Custody and accounting expense | 68785 | 52095 | 149715 |
| Director/ Trustee fees and expenses | 9814 | 22001 | 62454 |
| Miscellaneous expense | 33143 | 54607 | 164958 |
| Interest expense | 3693 |  | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3370886 | 3947023 | 17095091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Waived and reimbursed)/ recouped fees | (307697) | (396025) | 241977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3063189 | 3550998 | 17337068 |
| Net investment income | 9292707 | 34123468 | 16930042 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 90620459 | 677838 | 220756887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (142543) |  | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 90477916 | 677838 | 220756971 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (22277504) |  | 185644502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 87481 |  | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (22190023) |  | 185644441 |
| Net realized and unrealized gain | 68287893 | 677838 | 406401412 |
| **Increase in net assets resulting from operations** | $77580600 | $34801306 | $423331454 |
| \*&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | $751482 | $— | $128927 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Voya<br> Intermediate<br> Bond<br> Portfolio** | **Voya<br> Small<br> Company<br> Portfolio** |
| **INVESTMENT INCOME:** | | |
| Dividends, net of foreign taxes withheld\* | $85143 | $3173535 |
| Dividends from affiliated underlying funds | 10976651 |  |
| Interest, net of foreign taxes withheld\* | 37515220 |  |
| Securities lending income, net | 63337 | 57423 |
| Other | 6186 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 48646537 | 3232628 |
| **EXPENSES:** |  |  |
| Investment management fees | 4565031 | 1719287 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 897824 | 43439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 148163 | 77047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 31613 |  |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 215625 | 12089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 800071 | 254358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 71166 | 40029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 9491 |  |
| Shareholder reporting expense | 85605 | 21710 |
| Professional fees | 83810 | 24125 |
| Custody and accounting expense | 256550 | 37918 |
| Director/ Trustee fees and expenses | 22824 | 5729 |
| Miscellaneous expense | 58027 | 20585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 7245800 | 2256327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (1300073) | (157198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 5945727 | 2099129 |
| Net investment income | 42700810 | 1133499 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1208154 | 16894449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 1596141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (564384) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 108218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (2582295) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (1982985) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 306422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1910729) | 16894449 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 21260723 | 1866309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 5413922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (2178237) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 26483 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1271800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (193751) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 674742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 26275682 | 1866532 |
| Net realized and unrealized gain | 24364953 | 18760981 |
| **Increase in net assets resulting from operations** | $67065763 | $19894480 |
| \* Foreign taxes withheld | $64678 | $23790 |

---

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** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $9292707 | $11691531 | $34123468 | $39531844 |
| Net realized gain | 90477916 | 38011042 | 677838 | 430899 |
| Net change in unrealized appreciation (depreciation) | (22190023) | 9343547 |  |  |
| Increase in net assets resulting from operations | 77580600 | 59046120 | 34801306 | 39962743 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (1848721) | (702630) |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (19359729) | (7775423) | (34774048) | (39871963) |
| &nbsp;&nbsp;&nbsp;Class S<sup>(1)</sup> | (45712769) | (20314859) |  | (549) |
| &nbsp;&nbsp;&nbsp;Class S2 | (21375) | (13458) |  |  |
| &nbsp;&nbsp;&nbsp;Class T<sup>(2)</sup> |  | (6126) |  |  |
| Total distributions | (66942594) | (28812496) | (34774048) | (39872512) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 11023714 | 8840756 | 198417386 | 192650111 |
| Reinvestment of distributions | 66942594 | 28812496 | 34774048 | 39871963 |
|  | 77966308 | 37653252 | 233191434 | 232522074 |
| Cost of shares redeemed | (374093769) | (88580448) | (210274870) | (198605887) |
| Net increase (decrease) in net assets resulting from capital share transactions | (296127461) | (50927196) | 22916564 | 33916187 |
| Net increase (decrease) in net assets | (285489455) | (20693572) | 22943822 | 34006418 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 465788989 | 486482561 | 824630636 | 790624218 |
| End of year or period | $180299534 | $465788989 | $847574458 | $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** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $16930042 | $19147228 | $42700810 | $79661968 |
| Net realized gain (loss) | 220756971 | 319619231 | (1910729) | 3949419 |
| Net change in unrealized appreciation (depreciation) | 185644441 | 140369905 | 26275682 | 12710358 |
| Increase in net assets resulting from operations | 423331454 | 479136364 | 67065763 | 96321745 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (7030401) | (12702776) | (7531079) | (7732052) |
| &nbsp;&nbsp;&nbsp;Class I | (182124273) | (312765110) | (31285914) | (30980523) |
| &nbsp;&nbsp;&nbsp;Class S | (2796219) | (4527241) | (2633659) | (42299441) |
| &nbsp;&nbsp;&nbsp;Class S2 | (66055) | (99988) | (339733) | (336876) |
| Total distributions | (192016948) | (330095115) | (41790385) | (81348892) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 149316277 | 287031123 | 65635819 | 131883666 |
| Reinvestment of distributions | 191912789 | 329890863 | 41788118 | 79932512 |
|  | 341229066 | 616921986 | 107423937 | 211816178 |
| Cost of shares redeemed | (326287168) | (352602050) | (118282096) | (1634330372) |
| Net increase (decrease) in net assets resulting from capital share transactions | 14941898 | 264319936 | (10858159) | (1422514194) |
| Net increase (decrease) in net assets | 246256404 | 413361185 | 14417219 | (1407541341) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 2418108196 | 2004747011 | 908256550 | 2315797891 |
| End of year or period | $2664364600 | $2418108196 | $922673769 | $908256550 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Voya Small<br> Company Portfolio** | **Voya Small<br> Company Portfolio** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $1133499 | $2780526 |
| Net realized gain | 16894449 | 39799928 |
| Net change in unrealized appreciation (depreciation) | 1866532 | (12809188) |
| Increase in net assets resulting from operations | 19894480 | 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 | 4100522 | 10172719 |
| Reinvestment of distributions | 35800995 | 11320785 |
|  | 39901517 | 21493504 |
| Cost of shares redeemed | (119110686) | (52121635) |
| Net decrease in net assets resulting from capital share transactions | (79209169) | (30628131) |
| Net decrease in net assets | (95115684) | (12177650) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 291436862 | 303614512 |
| End of year or period | $196321178 | $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 asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<br> <sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover 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** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 11.68 | 0.23 | <sup>•</sup> | 1.84 | 2.07 | 0.22 | 1.50 |  | 1.72 |  | 12.03 | **18.48** | 1.22 | 1.11 | 1.11 | 1.95 | 13123 | 67 |
| 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 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 11.66 | 0.29 | <sup>•</sup> | 1.83 | 2.12 | 0.29 | 1.50 |  | 1.79 |  | 11.99 | **19.00** | 0.72 | 0.61 | 0.61 | 2.43 | 135778 | 67 |
| 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 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 11.73 | 0.29 | <sup>•</sup> | 1.81 | 2.10 | 0.25 | 1.50 |  | 1.75 |  | 12.08 | **18.73** | 0.92 | 0.85 | 0.85 | 2.35 | 31244 | 67 |
| 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 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 11.55 | 0.24 | <sup>•</sup> | 1.80 | 2.04 | 0.23 | 1.50 |  | 1.73 |  | 11.86 | **18.47** | 1.12 | 1.01 | 1.01 | 2.03 | 155 | 67 |
| 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 |
| **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 1.00 | 0.04 | <sup>•</sup> |  | 0.04 | 0.04 | 0.00 \* |  | 0.04 |  | 1.00 | **4.02** | 0.45 | 0.40 | 0.40 | 3.88 | 847574 |  |
| 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 |  |
| **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 19.85 | 0.05 | <sup>•</sup> | 3.41 | 3.46 |  | 1.66 |  | 1.66 |  | 21.65 | **17.69** | 1.16 | 1.12 | 1.12 | 0.25 | 96509 | 90 |
| 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 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 20.90 | 0.15 | <sup>•</sup> | 3.61 | 3.76 | 0.08 | 1.66 |  | 1.74 |  | 22.92 | **18.21** | 0.66 | 0.67 | 0.67 | 0.70 | 2527897 | 90 |
| 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 |
| 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 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 19.89 | 0.09 | <sup>•</sup> | 3.43 | 3.52 | 0.03 | 1.66 |  | 1.69 |  | 21.72 | **17.94** | 0.91 | 0.92 | 0.92 | 0.44 | 39071 | 90 |
| 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 |

---

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 asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<br> <sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover 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)** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-23 | 16.23 | 0.15 | • | 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 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 19.07 | 0.06 | <sup>•</sup> | 3.27 | 3.33 | 0.00 \* | 1.66 |  | 1.66 |  | 20.74 | **17.73** | 1.06 | 1.07 | 1.07 | 0.30 | 887 | 90 |
| 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 |
| **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.62 | 0.46 | <sup>•</sup> | 0.29 | 0.75 | 0.45 |  |  | 0.45 |  | 10.92 | **7.21** | 1.18 | 1.03 | 1.03 | 4.29 | 179349 | 117 |
| 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 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.74 | 0.52 | <sup>•</sup> | 0.29 | 0.81 | 0.51 |  |  | 0.51 |  | 11.04 | **7.71** | 0.68 | 0.53 | 0.53 | 4.80 | 676929 | 117 |
| 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 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.67 | 0.49 | <sup>•</sup> | 0.29 | 0.78 | 0.48 |  |  | 0.48 |  | 10.97 | **7.46** | 0.93 | 0.78 | 0.78 | 4.54 | 58545 | 117 |
| 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 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.62 | 0.47 | <sup>•</sup> | 0.29 | 0.76 | 0.46 |  |  | 0.46 |  | 10.92 | **7.32** | 1.08 | 0.93 | 0.93 | 4.39 | 7851 | 117 |
| 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 |
| **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 14.33 | 0.01 | <sup>•</sup> | 0.79 | 0.80 | 0.10 | 2.18 |  | 2.28 |  | 12.85 | **8.03** | 1.44 | 1.37 | 1.37 | 0.10 | 8783 | 111 |
| 12-31-24 | 13.56 | 0.07 | <sup>•</sup> | 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 | <sup>•</sup> | 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) |)<sup>•</sup> | (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) |)<sup>•</sup> | 2.56 | 2.46 |  | 0.08 |  | 0.08 |  | 19.74 | **14.19** | 1.49 | 1.40 | 1.40 | (0.52) | 8826 | 129 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 16.03 | 0.08 | <sup>•</sup> | 0.93 | 1.01 | 0.17 | 2.18 |  | 2.35 |  | 14.69 | **8.59** | 0.94 | 0.87 | 0.87 | 0.58 | 184579 | 111 |
| 12-31-24 | 15.09 | 0.15 | <sup>•</sup> | 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 | <sup>•</sup> | 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 | <sup>•</sup> | (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) |)<sup>•</sup> | 2.75 | 2.74 | 0.03 | 0.08 |  | 0.11 |  | 21.22 | **14.76** | 0.99 | 0.90 | 0.90 | (0.03) | 344506 | 129 |

---

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** | **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 asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<br> <sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Small Company Portfolio (continued)** | **Voya Small Company Portfolio (continued)** | **Voya Small Company Portfolio (continued)** | **Voya Small Company Portfolio (continued)** | **Voya Small Company Portfolio (continued)** | **Voya Small Company Portfolio (continued)** | **Voya Small Company Portfolio (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 16.06 | 0.07 | <sup>•</sup> | 0.94 | 1.01 | 0.18 | 2.18 |  | 2.36 |  | 14.71 | **8.62** | 0.80 | 0.80 | 0.80 | 0.51 | 2196 | 111 |
| 12-31-24 | 15.11 | 0.17 | <sup>•</sup> | 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 | <sup>•</sup> | 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 | <sup>•</sup> | (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 | <sup>\*•</sup> | 2.74 | 2.74 | 0.03 | 0.08 |  | 0.11 |  | 21.23 | **14.77** | 0.87 | 0.87 | 0.87 | 0.00 \* | 14790 | 129 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 15.23 | 0.01 | <sup>•</sup> | 1.13 | 1.14 | 0.11 | 2.18 |  | 2.29 |  | 14.08 | **10.15** | 1.18 | 1.11 | 1.11 | 0.09 | 762 | 111 |
| 12-31-24 | 14.36 | 0.11 | <sup>•</sup> | 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 | <sup>•</sup> | 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 | <sup>•</sup> | (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) |)<sup>•</sup> | 2.66 | 2.60 |  | 0.08 |  | 0.08 |  | 20.51 | **14.47** | 1.24 | 1.15 | 1.15 | (0.28) | 80449 | 129 |

---

<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.

\* Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

• Calculated using average
number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025

**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 December 31, 2025 (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 December 31, 2025 (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:

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

(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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**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 Swaps 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 December 31, 2025, the maximum amount of loss that Intermediate Bond would incur if the counterparties to its derivative transactions failed to perform would be $746,708 which represent the gross payments to be received by the Portfolio on forward premium swaptions, forward foreign currency contracts, purchased options and OTC total return swaps were they to be unwound as of December 31, 2025. At December 31, 2025, Intermediate Bond received $340,000 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 December 31, 2025, Intermediate Bond had a liability position of $1,745,823 on forward premium swaptions, forward foreign currency contracts and written options. If a contingent feature would have been triggered as of December 31, 2025, the Portfolio could have been required to pay these amounts in cash to its counterparties. At December 31, 2025, Intermediate Bond pledged $1,150,000 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 year ended December 31, 2025, Intermediate Bond had average contract amounts of $2,756,508 and $17,158,146, 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 December 31, 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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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

futures contract is a commitment to buy or sell a specific 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 year ended December 31, 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 year ended December 31, 2025, Intermediate Bond had average notional values of $169,209,645 and $130,662,076, 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 December 31, 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 year ended December 31, 2025, Intermediate Bond had purchased forward premium swaptions with an average notional value of $88,729,504 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 December 31, 2025.

During the year ended December 31, 2025, Intermediate Bond had written forward premium swaptions with an average notional value of $284,981,137 to generate

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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

income. Please refer to the tables within the Portfolio of Investments for open written forward premium swaptions at December 31, 2025.

During the year ended December 31, 2025, Intermediate Bond had purchased interest swaptions to manage its duration strategy. Intermediate Bond had average notional values of $11,628,020 on purchased interest swaptions. Please refer to the tables within the Portfolio of Investments for open purchased interest rate swaptions at December 31, 2025.

During the year ended December 31, 2025, Intermediate Bond had written interest swaptions to generate income. Intermediate Bond had average notional values of $13,972,177 on written interest swaptions. Please refer to the tables within the Portfolio of Investments for open written interest rate swaptions at December 31, 2025.

During the year ended December 31, 2025, Intermediate Bond had written credit default swaptions to generate income. Intermediate Bond had average notional values of $18,614,950 on written credit default swaptions. Please refer to the tables within the Portfolio of Investments for open written credit default swaptions at December 31, 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 December 31, 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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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

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 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 December 31, 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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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

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 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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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

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 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 year ended December 31, 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 year ended December 31, 2025, Intermediate Bond had an average notional amount of $59,194,000 and $13,721,000 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 December 31, 2025. There were no open credit default swaps to sell protection at December 31, 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 year ended December 31, 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 year ended December 31, 2025, Intermediate Bond had average notional amount of $4,368,035 on Long interest rate swaps.

For the year ended December 31, 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 year ended December 31, 2025, Intermediate Bond had average notional amounts of $62,363,086 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 December 31, 2025.

At December 31, 2025, Intermediate Bond had pledged $2,571,000 in cash collateral for open centrally cleared swaps.

***Total Return Swap Agreements.*** Certain Portfolios may enter into total return swaps. Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Portfolio's use of a total return swap exposes the Portfolio to credit loss in the

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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

event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

For the year ended December 31, 2025, Intermediate Bond had an average notional amount of $1,500,000 on receiver total return swaps. Please refer to the tables within the Portfolio of Investments for open total return swaps at December 31, 2025.

***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 year ended December 31, 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.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended December 31, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Global High Dividend Low Volatility | $260977382 | $614026222 |
| Growth and Income | 2249844744 | 2423332402 |
| Intermediate Bond | 270369203 | 269261553 |
| Small Company | 254789606 | 366719009 |

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

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Intermediate Bond | $773152310 | $791013721 |

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**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:

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| | |
|:---|:---|
| **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 is contractually obligated to waive the management fee it receives for advising Intermediate Bond in an amount equal to any advisory fee that Voya receives as a result of any investment by Intermediate Bond into an affiliated exchange traded fund. Any fees waived or reimbursed are 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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

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

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 year ended December 31, 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 December 31, 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 December 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Portfolio** | **Percentage** |
| ReliaStar Life Insurance Company | Global High Dividend Low Volatility | 15.58% |
| Voya Institutional Trust Company | Global High Dividend Low Volatility | 8.16 |
|  | Government Money Market | 7.43 |
|  | Growth and Income | 5.65 |
|  | Intermediate Bond | 24.81 |
|  | Small Company | 6.09 |
| Voya Retirement Insurance and Annuity Company | Global High Dividend Low Volatility | 67.37 |
|  | Government Money Market | 89.43 |
|  | Growth and Income | 70.17 |
|  | Intermediate Bond | 59.46 |
|  | Small Company | 92.58 |

---

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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

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 year ended December 31, 2025, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
| Global High Dividend Low Volatility | $286063 |
| Government Money Market | 628410 |
| Growth and Income | 905161 |
| Intermediate Bond | 1095619 |
| Small Company | 306027 |

---

**NOTE 7 — OTHER TRANSACTIONS**

The Portfolios may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), common sub-adviser and/or common offices or trustees. For the year ended December 31, 2025, Global High Dividend Low Volatility engaged in such transactions amounting to $305,627,773 of in-kind sales, resulting in a net realized gain of $54,501,660.

**NOTE 8 — 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, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Portfolio's Board members who are not "interested persons," as that term is defined in the 1940 Act, 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% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Class <br> ADV** | **Class<br> I** | **Class<br> R6** | **Class<br> S** | **Class<br> S2** |
| 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 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 December 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser until May 1, 2026 and the related expiration dates are as below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Intermediate Bond | $25754 | $218105 | $202582 | $446441 |

---

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, until May 1, 2026 and the related expiration dates, as of December 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** |
| Class ADV | $4200 | $— | $— | $4200 |
| Class I | 70000 |  |  | 70000 |
| Class S | 1872 |  |  | 1872 |
| Class S2 | 2 |  |  | 2 |
| **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** |
| Class ADV | $105106 | $115505 | $215485 | $436096 |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class I | 380591 | 412854 | 798547 | 1591992 |
| Class S | 763635 | 597614 | 71165 | 1432414 |
| Class S2 | 4131 | 5026 | 9491 | 18648 |
| **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** |
| Class ADV | $6421 | $4826 | $6313 | $17560 |
| Class I | 176387 | 119913 | 131691 | 427991 |
| Class S | 48109 | 33715 | 19195 | 101019 |

---

The Expense Limitation Agreements are contractual through May 1, 2026. Termination or modification of these obligations requires approval by the Board.

**NOTE 9 — 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 year ended December 31, 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 | 13 | $1974231 | 5.18% |
| Growth and Income | 6 | 2956833 | 5.33 |

---

**NOTE 10 — 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<br> 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** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** |
| **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** |
| 12/31/2025 | 99526 |  | 155339 | (212483) |  | 42382 | 1215802 |  | 1848721 | (2561685) |  | 502838 |
| 12/31/2024 | 232407 |  | 61970 | (186038) |  | 108339 | 2642472 |  | 702630 | (2170911) |  | 1174191 |
| **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** |
| 12/31/2025 | 308434 |  | 1628306 | (1324600) |  | 612140 | 3740603 |  | 19359729 | (15912542) |  | 7187790 |
| 12/31/2024 | 206073 |  | 685757 | (1302840) |  | (411010) | 2388367 |  | 7775423 | (15156505) |  | (4992715) |
| **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** |
| 12/31/2025 | 496247 |  | 3823265 | (29736332) |  | (25416820) | 6058536 |  | 45712769 | (355594989) |  | (303823684) |
| 12/31/2024 | 331203 |  | 1782669 | (5914590) |  | (3800718) | 3775068 |  | 20314859 | (68793849) |  | (44703922) |
| **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** |
| 12/31/2025 | 748 |  | 1819 | (2100) |  | 467 | 8773 |  | 21375 | (24553) |  | 5595 |
| 12/31/2024 | 176 |  | 1202 | (9831) |  | (8453) | 1984 |  | 13458 | (116306) |  | (100864) |
| **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** |
| 12/31/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 2831 |  | 520 | (206600) |  | (203249) | 32865 |  | 6126 | (2342877) |  | (2303886) |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 10 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 <br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **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** | **Government Money Market** | **Government Money Market** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 198417386 |  | 34774048 | (210274870) |  | 22916564 | 198417386 |  | 34774048 | (210274870) |  | 22916564 |
| 12/31/2024 | 192650111 |  | 39871963 | (197231018) |  | 35291056 | 192650111 |  | 39871963 | (197231018) |  | 35291056 |
| **Class S<sup>(2)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (1374869) |  | (1374869) |  |  |  | (1374869) |  | (1374869) |
| **Growth and Income** | **Growth and Income** | **Growth and Income** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 224470 |  | 331526 | (691275) |  | (135279) | 4847235 |  | 7030401 | (14302626) |  | (2424990) |
| 12/31/2024 | 121095 |  | 625208 | (663588) |  | 82715 | 2445633 |  | 12702776 | (13983639) |  | 1164770 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 6326857 |  | 8102447 | (13899559) |  | 529745 | 134732417 |  | 182020114 | (302926796) |  | 13825735 |
| 12/31/2024 | 12976830 |  | 14619310 | (15063445) |  | 12532695 | 278871315 |  | 312560858 | (329330078) |  | 262102095 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 467827 |  | 130840 | (440351) |  | 158316 | 9683054 |  | 2796219 | (9055591) |  | 3423682 |
| 12/31/2024 | 266549 |  | 222385 | (442346) |  | 46588 | 5686342 |  | 4527241 | (9285341) |  | 928242 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2748 |  | 3243 | (109) |  | 5882 | 53571 |  | 66055 | (2155) |  | 117471 |
| 12/31/2024 | 1402 |  | 5121 | (149) |  | 6374 | 27833 |  | 99988 | (2992) |  | 124829 |
| **Intermediate Bond** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 626541 |  | 694669 | (1934536) |  | (613326) | 6767621 |  | 7531079 | (20877474) |  | (6578774) |
| 12/31/2024 | 540054 |  | 720148 | (2132849) |  | (872647) | 5799273 |  | 7732052 | (22881389) |  | (9350064) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4616745 |  | 2853808 | (7462537) |  | 8016 | 50606355 |  | 31283674 | (81532092) |  | 357937 |
| 12/31/2024 | 3866247 |  | 2853655 | (10537400) |  | (3817498) | 42032984 |  | 30973661 | (114261510) |  | (41254865) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 590383 |  | 241790 | (1209350) |  | (377177) | 6419378 |  | 2633632 | (13125378) |  | (4072368) |
| 12/31/2024 | 7643461 |  | 3806311 | (134729103) |  | (123279331) | 82066385 |  | 40889923 | (1495177628) |  | (1372221320) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 170677 |  | 31336 | (253948) |  | (51935) | 1842465 |  | 339733 | (2747152) |  | (564954) |
| 12/31/2024 | 183902 |  | 31375 | (186564) |  | 28713 | 1985024 |  | 336876 | (2009845) |  | 312055 |
| **Small Company** | **Small Company** | **Small Company** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 62238 |  | 125359 | (110782) |  | 76815 | 830854 |  | 1396502 | (1404146) |  | 823210 |
| 12/31/2024 | 47530 |  | 26561 | (109939) |  | (35848) | 633203 |  | 345295 | (1506032) |  | (527534) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 56419 |  | 2107828 | (3063704) |  | (899457) | 838508 |  | 26769416 | (47940072) |  | (20332148) |
| 12/31/2024 | 172044 |  | 573119 | (2226596) |  | (1481433) | 2648079 |  | 8310232 | (34274526) |  | (23316215) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 65034 |  | 92957 | (500021) |  | (342030) | 896058 |  | 1181485 | (7202354) |  | (5124811) |
| 12/31/2024 | 276765 |  | 21518 | (140658) |  | 157625 | 4085673 |  | 312443 | (2219178) |  | 2178938 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 111440 |  | 538697 | (4462976) |  | (3812839) | 1535102 |  | 6453592 | (62564114) |  | (54575420) |
| 12/31/2024 | 194821 |  | 170617 | (978278) |  | (612840) | 2805764 |  | 2352815 | (14121899) |  | (8963320) |

---

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

**NOTE 11 — 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: |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 11 — SECURITIES LENDING (continued)**

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 December 31, 2025:

**Global High Dividend Low Volatility** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral**<br> **Received<sup>(1)</sup>** | **Net Amount** |
| JP Morgan Securities Plc. | $45990 | $(45990) | $— |
| Total | $45990 | $(45990) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $51,039 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** |
| Barclays Bank PLC | $808144 | $(808144) | $— |
| BMO Capital Markets Corp | 62824 | (62824) |  |
| BNP Paribas | 608304 | (608304) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 50198 | (50198) |  |
| Canadian Imperial Bank of Commerce | 949530 | (949530) |  |
| Citigroup Global Markets Inc. | 229217 | (229217) |  |
| J.P. Morgan Securities LLC | 233775 | (233775) |  |
| MUFG Securities Americas Inc. | 300230 | (300230) |  |
| Total | $3242222 | $(3242222) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $3,354,121 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. | $285171 | $(285171) | $— |
| BMO Capital Markets Corp | 446 | (446) |  |
| BNP Paribas Securities Corp. | 407392 | (407392) |  |
| BofA Securities Inc | 130609 | (130609) |  |
| Citigroup Global Markets Inc. | 481663 | (481663) |  |
| Deutsche Bank Securities Inc. | 489672 | (489672) |  |
| Goldman, Sachs & Co. LLC | 652062 | (652062) |  |
| HSBC Bank PLC | 1368126 | (1368126) |  |
| Morgan Stanley & Co. LLC | 539869 | (539869) |  |
| Scotia Capital (USA) INC | 802655 | (802655) |  |
| Total | $5157665 | $(5157665) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $5,332,175 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.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 12 — 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), in-kind sales, paydowns, straddle loss deferrals, swaps and wash sale deferrals.

The following permanent tax differences have been reclassified as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Paid-in <br> Capital** | **Distributable <br> Earnings** |
| Global High Dividend Low Volatility<sup>(1)</sup> | $54266713 | $(54266713) |
| Small Company | 7197 | (7197) |

---

<sup>(1)</sup> Amount relates to in-kind sales.

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, 2025** | **Year Ended <br> December 31, 2025** | **Year Ended <br> December 31, 2024** | **Year Ended <br> December 31, 2024** |
|  | **Ordinary<br> Income** | **Long-term <br> Capital Gains** | **Ordinary<br> Income** | **Long-term <br> Capital Gains** |
| Global High Dividend Low Volatility | $21198963 | $45743631 | $15234189 | $13578307 |
| Government Money Market | 34774048 |  | 39872512 |  |
| Growth and Income | 38212112 | 153804836 | 44698285 | 285396830 |
| Intermediate Bond | 41790385 |  | 81348892 |  |
| Small Company | 35800995 |  | 11320785 |  |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of December 31, 2025, were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **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 | $2356714 | $5648462 | $23319222 | $— |  | $31324398 |
| Government Money Market | 35090 |  |  |  |  | 35090 |
| Growth and Income | 12620775 | 65670413 | 714953566 |  |  | 793244754 |
| Intermediate Bond | 3077208 |  | (25973977) | (50329545) | Short-term | (402149591) |
|  |  |  |  | (328923277 | Long-term |  |
|  |  |  |  | $(379252822 |  |  |
| Small Company | 13033435 |  | (804918) |  |  | 12228517 |

---

\* Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 12 — FEDERAL INCOME TAXES (continued)**

As of December 31, 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 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**<br>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.<br>**NOTE 14 — SEGMENT REPORTING** <br>In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 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 Portfolio's financial position or operating results.<br>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 Portfolio's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights. |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

---

| | |
|:---|:---|
| **NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENT** <br>The Portfolios have adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including providing specific categories in rate reconciliation and income taxes | paid. Upon evaluation, the adoption of the new accounting standard does not materially impact the financial statement amounts or disclosures. |

---

**NOTE 16 — SUBSEQUENT EVENTS** 

*Dividends*: Subsequent to December 31, 2025, the following Portfolios paid dividends and distributions of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share Amount** | **Payable Date** | **Record Date** |
| **Government Money Market** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I NII | $0.0028 | January 30, 2026 | Daily |
| **Intermediate Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV NII | $0.0391 | January 30, 2026 | Daily |
| &nbsp;&nbsp;&nbsp;Class I NII | $0.0443 | January 30, 2026 | Daily |
| &nbsp;&nbsp;&nbsp;Class S NII | $0.0416 | January 30, 2026 | Daily |
| &nbsp;&nbsp;&nbsp;Class S2 NII | $0.0401 | January 30, 2026 | Daily |

---

NII - Net investment income

Fee Change: Effective January 1, 2026, the new expense limit for Government Money Market Class I is 0.40% through May 1, 2027.

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.

<u>Voya Global High Dividend Low Volatility Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** |
|  | **Australia: 1.5%** |  |  |
| 8678 | ASX Ltd. | $297155 | 0.1 |
| 10140 | Computershare Ltd. | 229809 | 0.1 |
| 177708 | Medibank Pvt Ltd. | 567132 | 0.3 |
| 177931 | Scentre Group | 497388 | 0.3 |
| 317815 | Telstra Group Ltd. | 1031173 | 0.6 |
| 18661 | Transurban Group | 176601 | 0.1 |
|  |  | **2799258** | **1.5** |
|  | **Austria: 0.2%** |  |  |
| 5384 | OMV AG | **299605** | **0.2** |
|  | **Canada: 4.4%** |  |  |
| 20556 | Bank of Nova Scotia | 1516072 | 0.8 |
| 19517 | Canadian Natural Resources Ltd. | 661065 | 0.4 |
| 5378 | Canadian Tire Corp. Ltd. - Class A | 681541 | 0.4 |
| 8738 | CCL Industries, Inc. - Class B | 551954 | 0.3 |
| 8951 | Keyera Corp. | 286943 | 0.2 |
| 3986 | Stantec, Inc. | 376137 | 0.2 |
| 22446 | Suncor Energy, Inc. | 996255 | 0.6 |
| 3096 | Thomson Reuters Corp. | 408567 | 0.2 |
| 11218 | TMX Group Ltd. | 426882 | 0.2 |
| 20042 | Toronto-Dominion Bank | 1888917 | 1 |
| 879 | WSP Global, Inc. | 159156 | 0.1 |
|  |  | **7953489** | **4.4** |
|  | **Denmark: 0.6%** |  |  |
| 23241 | Danske Bank A/S | **1160569** | **0.6** |
|  | **France: 3.6%** |  |  |
| 1857 | Air Liquide SA | 349030 | 0.2 |
| 24190 | AXA SA | 1160660 | 0.7 |
| 12069 | BNP Paribas SA | 1141811 | 0.6 |
| 3352 | Bureau Veritas SA | 106637 | 0.1 |
| 25282 | Carrefour SA | 421844 | 0.2 |
| 1332 | Covivio SA/France | 88419 | 0.1 |
| 3704 | Eiffage SA | 530706 | 0.3 |
| 35652 | Engie SA | 936554 | 0.5 |
| 14756 | Getlink SE | 272381 | 0.2 |
| 1585 | Ipsen SA | 221154 | 0.1 |
| 1733 | Safran SA | 603633 | 0.3 |
| 5193 | Societe Generale SA | 418057 | 0.2 |
| 2703 | TotalEnergies SE | 176230 | 0.1 |
|  |  | **6427116** | **3.6** |
|  | **Germany: 1.4%** |  |  |
| 26152 | Deutsche Telekom AG, Reg | 851274 | 0.5 |
| 14754 | Fresenius SE & Co. KGaA | 845282 | 0.5 |
| 7356 <sup>(1)</sup> | Scout24 SE | 738835 | 0.4 |
| 164 | Talanx AG | 21786 | 0 |
|  |  | **2457177** | **1.4** |
|  | **Hong Kong: 1.1%** |  |  |
| 189000 | HKT Trust & HKT Ltd. - Stapled Security | 279863 | 0.2 |
| 67100 | Link REIT | 299603 | 0.2 |
| 87500 | Power Assets Holdings Ltd. | 620045 | 0.3 |
| 30000 | Swire Pacific Ltd. - Class A | 241841 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Hong Kong (continued)** |  |  |
| 480500 <sup>(1)</sup> | WH Group Ltd. | $535284 | 0.3 |
|  |  | **1976636** | **1.1** |
|  | **Ireland: 0.3%** |  |  |
| 42750 | AIB Group PLC | **457012** | **0.3** |
|  | **Israel: 0.3%** |  |  |
| 22978 | Bank Leumi Le-Israel BM | **506382** | **0.3** |
|  | **Italy: 1.1%** |  |  |
| 921 | FinecoBank Banca Fineco SpA | 23863 | 0 |
| 101552 | Intesa Sanpaolo SpA | 701734 | 0.4 |
| 14153 | UniCredit SpA | 1172245 | 0.7 |
|  |  | **1897842** | **1.1** |
|  | **Japan: 4.4%** |  |  |
| 53500 | Asahi Kasei Corp. | 475548 | 0.3 |
| 15700 | Astellas Pharma, Inc. | 208960 | 0.1 |
| 37600 | Central Japan Railway Co. | 1041520 | 0.6 |
| 28300 | Concordia Financial Group Ltd. | 233957 | 0.1 |
| 22300 | Daiwa House Industry Co. Ltd. | 740780 | 0.4 |
| 50800 <sup>(2)</sup> | Japan Airlines Co. Ltd. | 942123 | 0.5 |
| 65600 | Kirin Holdings Co. Ltd. | 981967 | 0.5 |
| 102700 | Mitsubishi Chemical Group Corp. | 601168 | 0.3 |
| 11300 | MS&AD Insurance Group Holdings, Inc. | 265290 | 0.2 |
| 19700 | Nitto Denko Corp. | 469051 | 0.3 |
| 26800 | Secom Co. Ltd. | 952316 | 0.5 |
| 8100 | Takeda Pharmaceutical Co. Ltd. | 251629 | 0.1 |
| 311800 | Z Holdings Corp. | 829684 | 0.5 |
|  |  | **7993993** | **4.4** |
|  | **Netherlands: 1.5%** |  |  |
| 528 | ASR Nederland NV | 37568 | 0 |
| 1352 <sup>(1)</sup> | Euronext NV | 203094 | 0.1 |
| 1722 | Heineken Holding NV | 126096 | 0.1 |
| 3353 | ING Groep NV | 94247 | 0 |
| 219700 | Koninklijke KPN NV | 1026595 | 0.6 |
| 16114 | NN Group NV | 1243107 | 0.7 |
|  |  | **2730707** | **1.5** |
|  | **New Zealand: 0.1%** |  |  |
| 12431 | Fisher & Paykel Healthcare Corp. Ltd. | **270088** | **0.1** |
|  | **Norway: 1.0%** |  |  |
| 43061 | DNB Bank ASA | 1199713 | 0.7 |
| 20160 | Orkla ASA | 224497 | 0.1 |
| 27035 | Telenor ASA | 393209 | 0.2 |
|  |  | **1817419** | **1.0** |
|  | **Puerto Rico: 0.6%** |  |  |
| 8401 | Popular, Inc. | **1046093** | **0.6** |
|  | **Singapore: 0.4%** |  |  |
| 5900 | DBS Group Holdings Ltd. | 258448 | 0.1 |
| 42300 | Singapore Exchange Ltd. | 556834 | 0.3 |
|  |  | **815282** | **0.4** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global High Dividend Low Volatility Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Spain: 1.1%** |  |  |
| 31230 <sup>(1)</sup> | Aena SME SA | $872592 | 0.5 |
| 786 | Amadeus IT Group SA | 58173 | 0.0 |
| 55227 | Repsol SA | 1030447 | 0.6 |
|  |  | **1961212** | **1.1** |
|  | **Sweden: 0.7%** |  |  |
| 13742 | Essity AB - Class B | 395101 | 0.2 |
| 20444 | Swedbank AB - Class A | 709306 | 0.4 |
| 46305 | Telia Co. AB | 197906 | 0.1 |
|  |  | **1302313** | **0.7** |
|  | **Switzerland: 0.5%** |  |  |
| 6657 | ABB Ltd., Reg | 490738 | 0.3 |
| 2579 | Dufry AG, Reg | 152109 | 0.1 |
| 1055 | Galderma Group AG | 214832 | 0.1 |
|  |  | **857679** | **0.5** |
|  | **United Kingdom: 4.4%** |  |  |
| 23184 <sup>(1)</sup> | Auto Trader Group PLC | 182906 | 0.1 |
| 36221 | BAE Systems PLC | 833625 | 0.5 |
| 56647 | Barclays PLC | 362604 | 0.2 |
| 25802 | British American Tobacco PLC | 1462727 | 0.8 |
| 96000 | CK Hutchison Holdings Ltd. | 652652 | 0.3 |
| 19481 | Hikma Pharmaceuticals PLC | 406118 | 0.2 |
| 22843 | Imperial Brands PLC | 959178 | 0.5 |
| 98056 | NatWest Group PLC | 860172 | 0.5 |
| 24205 | Pearson PLC | 342234 | 0.2 |
| 46379 | Rolls-Royce Holdings PLC | 717282 | 0.4 |
| 61554 | Sage Group PLC | 895268 | 0.5 |
| 20381 | Smith & Nephew PLC | 338954 | 0.2 |
|  |  | **8013720** | **4.4** |
|  | **United States: 69.0%** |  |  |
| 11762 | AbbVie, Inc. | 2687499 | 1.5 |
| 103310 | ADT, Inc. | 833712 | 0.5 |
| 5430 | AECOM | 517642 | 0.3 |
| 51473 | Aegon Ltd. | 400269 | 0.2 |
| 2432 | Agree Realty Corp. | 175177 | 0.1 |
| 5818 | Allstate Corp. | 1211017 | 0.7 |
| 19122 | Alphabet, Inc. - Class A | 5985186 | 3.3 |
| 23566 | Altria Group, Inc. | 1358816 | 0.8 |
| 1438 | Ameriprise Financial, Inc. | 705109 | 0.4 |
| 4007 | AmerisourceBergen Corp. | 1353364 | 0.8 |
| 4567 | AMETEK, Inc. | 937651 | 0.5 |
| 529 | Aon PLC - Class A | 186674 | 0.1 |
| 7236 | AptarGroup, Inc. | 882503 | 0.5 |
| 4291 | Assurant, Inc. | 1033487 | 0.6 |
| 21753 | AT&T, Inc. | 540345 | 0.3 |
| 4237 | Automatic Data Processing, Inc. | 1089884 | 0.6 |
| 15008 | Avnet, Inc. | 721585 | 0.4 |
| 10041 | Axis Capital Holdings Ltd. | 1075291 | 0.6 |
| 8651 | Bank of New York Mellon Corp. | 1004295 | 0.6 |
| 10260 | Black Hills Corp. | 712249 | 0.4 |
| 119 | Booking Holdings, Inc. | 637284 | 0.4 |
| 30635 | Bristol-Myers Squibb Co. | 1652452 | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** |  |  |
| 30082 | Brixmor Property Group, Inc. | $788750 | 0.4 |
| 4710 | Broadridge Financial Solutions, Inc. | 1051131 | 0.6 |
| 5685 | Cardinal Health, Inc. | 1168267 | 0.6 |
| 4210 | Cboe Global Markets, Inc. | 1056710 | 0.6 |
| 8038 | Charles Schwab Corp. | 803077 | 0.4 |
| 6092 | Chesapeake Energy Corp. | 672313 | 0.4 |
| 4863 | Chubb Ltd. | 1517840 | 0.8 |
| 3880 | Church & Dwight Co., Inc. | 325338 | 0.2 |
| 4524 | Cigna Group | 1245141 | 0.7 |
| 5746 | Cintas Corp. | 1080650 | 0.6 |
| 29232 | Cisco Systems, Inc. | 2251741 | 1.3 |
| 12870 | Citigroup, Inc. | 1501800 | 0.8 |
| 5305 | CME Group, Inc. | 1448689 | 0.8 |
| 15933 | CNA Financial Corp. | 760641 | 0.4 |
| 30900 | Coca-Cola Co. | 2160219 | 1.2 |
| 9355 | Cognizant Technology Solutions Corp. - Class A | 776465 | 0.4 |
| 15426 | Colgate-Palmolive Co. | 1218963 | 0.7 |
| 17102 | Commerce Bancshares, Inc. | 895119 | 0.5 |
| 14573 | COPT Defense Properties | 405129 | 0.2 |
| 532 | Corteva, Inc. | 35660 | 0.0 |
| 1262 | Coterra Energy, Inc. | 33216 | 0.0 |
| 483 | Cullen/Frost Bankers, Inc. | 61162 | 0.0 |
| 12749 | CVS Health Corp. | 1011761 | 0.6 |
| 2805 | Digital Realty Trust, Inc. | 433962 | 0.2 |
| 8911 | Dolby Laboratories, Inc. - Class A | 572264 | 0.3 |
| 4666 | DT Midstream, Inc. | 558427 | 0.3 |
| 11273 | Duke Energy Corp. | 1321308 | 0.7 |
| 2595 | DuPont de Nemours, Inc. | 104319 | 0.1 |
| 1914 | Ecolab, Inc. | 502463 | 0.3 |
| 13672 | Edison International | 820593 | 0.5 |
| 15320 | Element Solutions, Inc. | 382847 | 0.2 |
| 1682 | Elevance Health, Inc. | 589625 | 0.3 |
| 2538 | Emerson Electric Co. | 336843 | 0.2 |
| 10097 | Entergy Corp. | 933266 | 0.5 |
| 7647 | EOG Resources, Inc. | 803011 | 0.4 |
| 10855 | Equitable Holdings, Inc. | 517241 | 0.3 |
| 6805 | Essent Group Ltd. | 442393 | 0.2 |
| 7997 | Evergy, Inc. | 579703 | 0.3 |
| 25075 | Exelon Corp. | 1093019 | 0.6 |
| 921 | First Hawaiian, Inc. | 23301 | 0.0 |
| 4523 | Flowserve Corp. | 313806 | 0.2 |
| 6739 | Fortive Corp. | 372060 | 0.2 |
| 11387 | Fox Corp. - Class A | 832048 | 0.5 |
| 1045 | General Dynamics Corp. | 351810 | 0.2 |
| 1224 | General Motors Co. | 99536 | 0.1 |
| 21777 | Genpact Ltd. | 1018728 | 0.6 |
| 11162 | Gilead Sciences, Inc. | 1370024 | 0.8 |
| 6945 | Globe Life, Inc. | 971328 | 0.5 |
| 4755 | GSK PLC | 116579 | 0.1 |
| 18468 | H&R Block, Inc. | 804835 | 0.4 |
| 7914 | Hancock Whitney Corp. | 503964 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global High Dividend Low Volatility Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** |  |  |
| 5445 | Hanover Insurance Group, Inc. | $995183 | 0.6 |
| 9533 | Hartford Financial Services Group, Inc. | 1313647 | 0.7 |
| 3142 | Hexcel Corp. | 232194 | 0.1 |
| 1414 | Honeywell International, Inc. | 275857 | 0.2 |
| 684 | Humana, Inc. | 175193 | 0.1 |
| 3600 | Ingredion, Inc. | 396936 | 0.2 |
| 8475 | Interactive Brokers Group, Inc. - Class A | 545027 | 0.3 |
| 2691 | Intuit, Inc. | 1782572 | 1 |
| 6586 | Jack Henry & Associates, Inc. | 1201813 | 0.7 |
| 14874 | Johnson & Johnson | 3078174 | 1.7 |
| 319 | JPMorgan Chase & Co. | 102788 | 0.1 |
| 43973 | Kinder Morgan, Inc. | 1208818 | 0.7 |
| 2090 | Lancaster Colony Corp. | 343638 | 0.2 |
| 4242 | Leidos Holdings, Inc. | 765257 | 0.4 |
| 7317 | Marsh & McLennan Cos., Inc. | 1357450 | 0.8 |
| 1291 | McKesson Corp. | 1058994 | 0.6 |
| 16167 | Medtronic PLC | 1553002 | 0.9 |
| 5393 | Meta Platforms, Inc. - Class A | 3559865 | 2 |
| 12353 | MetLife, Inc. | 975146 | 0.5 |
| 2004 | Microsoft Corp. | 969174 | 0.5 |
| 10656 | National Fuel Gas Co. | 853119 | 0.5 |
| 3673 | National Retail Properties, Inc. | 145561 | 0.1 |
| 8306 | NetApp, Inc. | 889490 | 0.5 |
| 11185 | New York Times Co. - Class A | 776463 | 0.4 |
| 25745 | NiSource, Inc. | 1075111 | 0.6 |
| 974 | NVIDIA Corp. | 181651 | 0.1 |
| 13754 | ONEOK, Inc. | 1010919 | 0.6 |
| 6140 | Paycom Software, Inc. | 978470 | 0.5 |
| 2333 | PayPal Holdings, Inc. | 136201 | 0.1 |
| 12249 | PepsiCo, Inc. | 1757976 | 1 |
| 66460 | Pfizer, Inc. | 1654854 | 0.9 |
| 11793 | PG&E Corp. | 189514 | 0.1 |
| 3014 | Philip Morris International, Inc. | 483446 | 0.3 |
| 11465 | Portland General Electric Co. | 550205 | 0.3 |
| 1955 | Primerica, Inc. | 505094 | 0.3 |
| 16729 | Procter & Gamble Co. | 2397433 | 1.3 |
| 5239 | Qualcomm, Inc. | 896131 | 0.5 |
| 602 | Ralph Lauren Corp. | 212873 | 0.1 |
| 6213 | Raytheon Technologies Corp. | 1139464 | 0.6 |
| 11393 | Regency Centers Corp. | 786459 | 0.4 |
| 52290 | Rithm Capital Corp. | 569961 | 0.3 |
| 10204 | Rollins, Inc. | 612444 | 0.3 |
| 3314 | Ross Stores, Inc. | 596984 | 0.3 |
| 1452 | RPM International, Inc. | 151008 | 0.1 |
| 37860 | Sabra Health Care REIT, Inc. | 717068 | 0.4 |
| 484 | Sanofi | 46829 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **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)** |  |  |  |
| 4633 | Simon Property Group, Inc. | $| 857615 | 0.5 |
| 9235 | SLM Corp. |  | 249899 | 0.1 |
| 13091 | SS&C Technologies Holdings, Inc. |  | 1144415 | 0.6 |
| 1703 | STERIS PLC |  | 431745 | 0.2 |
| 10840 | Synchrony Financial |  | 904381 | 0.5 |
| 5057 | Textron, Inc. |  | 440819 | 0.2 |
| 11112 | TJX Cos., Inc. |  | 1706914 | 0.9 |
| 7025 | Tradeweb Markets, Inc. - Class A |  | 755468 | 0.4 |
| 13081 | Travel + Leisure Co. |  | 922603 | 0.5 |
| 7974 | Truist Financial Corp. |  | 392401 | 0.2 |
| 6423 | Union Pacific Corp. |  | 1485768 | 0.8 |
| 12913 | Unum Group |  | 1000757 | 0.6 |
| 25907 | US Bancorp |  | 1382398 | 0.8 |
| 678 | Valero Energy Corp. |  | 110372 | 0.1 |
| 5159 | Ventas, Inc. |  | 399203 | 0.2 |
| 10109 | Veralto Corp. |  | 1008676 | 0.6 |
| 3566 | VeriSign, Inc. |  | 866360 | 0.5 |
| 41802 | Verizon Communications, Inc. |  | 1702595 | 0.9 |
| 2890 | Visa, Inc. - Class A |  | 1013552 | 0.6 |
| 1262 | Watts Water Technologies, Inc. - Class A |  | 348337 | 0.2 |
| 21416 | Williams Cos., Inc. |  | 1287316 | 0.7 |
| 1323 | Zions Bancorp NA |  | 77448 | 0 |
|  |  |  | **124435074** | **69.0** |
|  | Total Common Stock <br> (Cost $153,422,605) |  | **177178666** | **98.2** |
| **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** |
| 7151 | iShares MSCI EAFE Value ETF |  | 510653 | 0.3 |
| 5900 | iShares Russell 1000 Value ETF |  | 1241006 | 0.7 |
|  |  |  | **1751659** | **1.0** |
|  | Total Exchange-Traded Funds <br> (Cost $1,749,270) |  | **1751659** | **1.0** |
|  | Total Long-Term Investments <br> (Cost $155,171,875) |  | **178930325** | **99.2** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global High Dividend Low Volatility Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** |
|  | **Repurchase Agreements: 0.0%** |  |  |
| 47000 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $47,010, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $47,953, due 01/31/26-11/15/55) | $47000 | 0.0 |
| 4039 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $4,040, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $4,120, due 04/30/26-11/15/34) | 4039 | 0.0 |
|  | Total Repurchase Agreements <br> (Cost $51,039) | **51039** | **0.0** |
| **Shares** | **RA** | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 0.3%** |  |  |
| 435000 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650%<br> (Cost $435,000) | $**435000** | **0.3** |
|  | Total Short-Term Investments <br> (Cost $486,039) | **486039** | **0.3** |
|  | **Total Investments in Securities <br> (Cost $155,657,914)** | $**179416364** | **99.5** |
|  | **Assets in Excess of Other Liabilities** | **883170** | **0.5** |
|  | **Net Assets** | $**180299534** | **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> | 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 December 31, 2025. |

---

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage <br> of Net Assets** |
| Financials | 26.7% |
| Industrials | 13.9 |
| Health Care | 12.2 |
| Communication Services | 10.5 |
| Consumer Staples | 8.6 |
| Information Technology | 6 |
| Utilities | 5.4 |
| Energy | 5 |
| Consumer Discretionary | 3.9 |
| Real Estate | 3.5 |
| Materials | 2.5 |
| Exchange-Traded Funds | 1 |
| Short-Term Investments | 0.3 |
| Assets in Excess of Other Liabilities | 0.5 |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>Voya Global High Dividend Low Volatility Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of December 31, 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> December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $2799258 | $— | $2799258 |
| &nbsp;&nbsp;&nbsp;Austria |  | 299605 |  | 299605 |
| &nbsp;&nbsp;&nbsp;Canada | 7953489 |  |  | 7953489 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 1160569 |  | 1160569 |
| &nbsp;&nbsp;&nbsp;France |  | 6427116 |  | 6427116 |
| &nbsp;&nbsp;&nbsp;Germany |  | 2457177 |  | 2457177 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 620045 | 1356591 |  | 1976636 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 457012 |  | 457012 |
| &nbsp;&nbsp;&nbsp;Israel |  | 506382 |  | 506382 |
| &nbsp;&nbsp;&nbsp;Italy |  | 1897842 |  | 1897842 |
| &nbsp;&nbsp;&nbsp;Japan |  | 7993993 |  | 7993993 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 2730707 |  | 2730707 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 270088 |  | 270088 |
| &nbsp;&nbsp;&nbsp;Norway |  | 1817419 |  | 1817419 |
| &nbsp;&nbsp;&nbsp;Puerto Rico | 1046093 |  |  | 1046093 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 815282 |  | 815282 |
| &nbsp;&nbsp;&nbsp;Spain |  | 1961212 |  | 1961212 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 1302313 |  | 1302313 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 857679 |  | 857679 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 8013720 |  | 8013720 |
| &nbsp;&nbsp;&nbsp;United States | 123871397 | 563677 |  | 124435074 |
| Total Common Stock | 133491024 | 43687642 |  | 177178666 |
| Exchange-Traded Funds | 1751659 |  |  | 1751659 |
| Short-Term Investments | 435000 | 51039 |  | 486039 |
| Total Investments, at fair value | $135677683 | $43738681 | $— | $179416364 |

---

---

| | |
|:---|:---|
| <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. |

---

At December 31, 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 $156,159,107. | Cost for U.S. federal income tax purposes was $156,159,107. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $27326235 |
| Gross Unrealized Depreciation | (4007013) |
| Net Unrealized Appreciation | $23319222 |

---

See Accompanying Notes to Financial Statements

<u>Voya Government Money Market Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | **RA** | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. TREASURY DEBT: 49.4%** | **U.S. TREASURY DEBT: 49.4%** | **U.S. TREASURY DEBT: 49.4%** | **U.S. TREASURY DEBT: 49.4%** |
| 187000000 <sup>(1)</sup> | United States Treasury Bill, 3.000%, 02/03/2026 | $186478099 | 22.0 |
| 132000000 <sup>(1)</sup> | United States Treasury Bill, 3.470%, 02/12/2026 | 131463526 | 15.5 |
| 100750000 <sup>(2)</sup> | United States Treasury Floating Rate Notes, 3.847%, (USBMMY3M + 0.245%), 01/31/2026 | 100758670 | 11.9 |
|  |  | **418700295** | **49.4** |
|  | Total U.S. Treasury Debt <br> (Cost $418,700,295) | **418700295** | **49.4** |
| **U.S. GOVERNMENT AGENCY DEBT: 42.4%** | **U.S. GOVERNMENT AGENCY DEBT: 42.4%** | **U.S. GOVERNMENT AGENCY DEBT: 42.4%** | **U.S. GOVERNMENT AGENCY DEBT: 42.4%** |
| 23000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 3.680%, (FEDL01 + 0.040%), 01/06/2026 | 22999975 | 2.7 |
| 30000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 3.700%, (FEDL01 + 0.060%), 01/16/2026 | 30000282 | 3.5 |
| 15000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 3.750%, (SOFRRATE + 0.040%), 04/10/2026 | 14999171 | 1.8 |
| 4250000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 3.795%, (FEDL01 + 0.155%), 09/16/2026 | 4251902 | 0.5 |
| 17000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 3.860%, (SOFRRATE + 0.150%), 11/13/2026 | 17006097 | 2.0 |
| 10000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0001, 3.705%, (FEDL01 + 0.065%), 07/15/2026 | 9999831 | 1.2 |
| 60000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0002, 3.710%, (FCPR DLY + (3.040)%), 10/16/2026 | 60000000 | 7.1 |
| 3500000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0002, 3.790%, (FEDL01 + 0.150%), 04/24/2026 | 3500893 | 0.4 |
| 80000000 <sup>(1)</sup> | Federal Home Loan Bank Discount Notes, 3.430%, 01/16/2026 | 79880000 | 9.4 |
| 16000000 <sup>(1)</sup> | Federal Home Loan Bank Discount Notes, 3.580%, 02/13/2026 | 15931200 | 1.9 |
| 34000000 <sup>(2)</sup> | Federal Home Loan Banks, 3.710%, (SOFRRATE + 0.000%), 01/21/2026 | 34000000 | 4.0 |
| 5000000 <sup>(2)</sup> | Federal Home Loan Banks, 3.770%, (SOFRRATE + 0.060%), 08/11/2026 | 5000000 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | **RA** | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** |
| 16750000 <sup>(2)</sup> | Federal Home Loan Banks, 3.775%, (SOFRRATE + 0.065%), 08/10/2026 | $| 16750000 | 2.0 |
| 5000000 <sup>(2)</sup> | Federal Home Loan Banks, 3.820%, (SOFRRATE + 0.110%), 04/10/2026 |  | 5000651 | 0.6 |
| 2916667 <sup>(2)</sup> | Federal Home Loan Banks, 3.850%, (SOFRRATE + 0.140%), 07/22/2026 |  | 2916670 | 0.3 |
| 10500000 <sup>(2)</sup> | Federal Home Loan Banks 0001, 3.720%, (SOFRRATE + 0.010%), 02/11/2026 |  | 10500000 | 1.2 |
| 17000000 <sup>(2)</sup> | Federal Home Loan Banks 0001, 3.720%, (SOFRRATE + 0.010%), 02/27/2026 |  | 17000000 | 2.0 |
| 10000000 <sup>(2)</sup> | Federal Home Loan Banks 0003, 3.730%, (SOFRRATE + 0.020%), 01/20/2026 |  | 10000000 | 1.2 |
|  |  |  | **359736672** | **42.4** |
|  | Total U.S. Government Agency Debt <br> (Cost $359,736,672) |  | **359736672** | **42.4** |
| **U.S. TREASURY REPURCHASE AGREEMENTS: 5.6%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 5.6%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 5.6%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 5.6%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 5.6%** |
| 39820000 | Deutsche Bank, Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 $39,828,451 to be received upon repurchase (Collateralized by $87,067,971, various U.S. Treasuries, 0.000%, Market Value plus accrued interest $41,014,600 due 02/15/2038-2/15/2043) |  | 39820000 | 4.7 |

---

See Accompanying Notes to Financial Statements

<u>Voya Government Money Market Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | **RA** | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. TREASURY REPURCHASE AGREEMENTS: (continued)** | **U.S. TREASURY REPURCHASE AGREEMENTS: (continued)** | **U.S. TREASURY REPURCHASE AGREEMENTS: (continued)** | **U.S. TREASURY REPURCHASE AGREEMENTS: (continued)** |
| 8000000 | Royal Bank of Canada, Repurchase Agreement dated 12/31/2025, 3.550%, due 01/02/2026 $8,001,578 to be received upon repurchase (Collateralized by $8,203,900, various U.S. Treasuries, 2.750-3.125%, Market Value plus accrued interest $8,160,049 due 04/30/2027-8/31/2029) | $8000000 | 0.9 |
|  |  | **47820000** | **5.6** |
|  | Total U.S. Treasury Repurchase Agreements <br> (Cost $47,820,000) | **47820000** | **5.6** |
| **Shares** | **RA** | **Value** | **Percentage <br> of Net <br> Assets** |
| **INVESTMENT COMPANIES: 9.6%** | **INVESTMENT COMPANIES: 9.6%** | **INVESTMENT COMPANIES: 9.6%** | **INVESTMENT COMPANIES: 9.6%** |
| 40000000 <sup>(3)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, Fixed Income, 3.650%, 04/01/2022 | 40000000 | 4.7 |
| 41000000 <sup>(3)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), Fixed Income, 3.690%, 01/02/2025 | 41000000 | 4.9 |
|  |  | **81000000** | **9.6** |
|  | Total Investment Companies <br> (Cost $81,000,000) | **81000000** | **9.6** |
|  | **Total Investments in Securities <br> (Cost $907,256,967)** | $**907256967** | **107.0** |
|  | **Liabilities in Excess of Other Assets** | **(59682509)** | **(7.0)** |
|  | **Net Assets** | $**847574458** | **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 December 31, 2025. |
| <sup>(2)</sup> | Variable rate security. Rate shown is the rate in effect as of December 31, 2025. |
| <sup>(3)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

---

| | |
|:---|:---|
| Reference Rate Abbreviations: | Reference Rate Abbreviations: |
| FEDL01 | Federal Funds Effective Rate |
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| USBMMY3M | U.S. Treasury 3-month Bill Money Market Yield |

---

See Accompanying Notes to Financial Statements

<u>Voya Government Money Market Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of December 31, 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> December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Investment Companies | $81000000 | $— | $— | $81000000 |
| U.S. Government Agency Debt |  | 359736672 |  | 359736672 |
| U.S. Treasury Debt |  | 418700295 |  | 418700295 |
| U.S. Treasury Repurchase Agreements |  | 47820000 |  | 47820000 |
| Total Investments, at fair value | $81000000 | $826256967 | $— | $907256967 |

---

<sup>^</sup> 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 December 31, 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 | $39820000 | $(39820000) | $— |
| Royal Bank of Canada | 8000000 | (8000000) |  |
| Totals | $47820000 | $(47820000) | $— |

---

<sup>(1)</sup> Collateral with a fair value of $49,174,649 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 December 31, 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 as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 99.4%** | **COMMON STOCK: 99.4%** | **COMMON STOCK: 99.4%** | **COMMON STOCK: 99.4%** |
|  | **Communication Services: 10.6%** | **Communication Services: 10.6%** | **Communication Services: 10.6%** |
| 540594 | Alphabet, Inc. - Class A | $169205922 | 6.3 |
| 1130040 | AT&T, Inc. | 28070194 | 1.1 |
| 165718 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 42428779 | 1.6 |
| 372440 | Walt Disney Co. | 42372499 | 1.6 |
|  |  | **282077394** | **10.6** |
|  | **Consumer Discretionary: 8.9%** | **Consumer Discretionary: 8.9%** | **Consumer Discretionary: 8.9%** |
| 528446 <sup>(1)</sup> | Amazon.com, Inc. | 121975906 | 4.6 |
| 6508 | Booking Holdings, Inc. | 34852488 | 1.3 |
| 85680 <sup>(1)</sup> | Brinker International, Inc. | 12296793 | 0.4 |
| 120713 | Lowe's Cos., Inc. | 29111147 | 1.1 |
| 219569 | Williams-Sonoma, Inc. | 39212828 | 1.5 |
|  |  | **237449162** | **8.9** |
|  | **Consumer Staples: 5.2%** | **Consumer Staples: 5.2%** | **Consumer Staples: 5.2%** |
| 528623 | Coca-Cola Co. | 36956034 | 1.4 |
| 160437 <sup>(1)</sup> | Dollar Tree, Inc. | 19735355 | 0.7 |
| 263069 | McCormick & Co., Inc. | 17917630 | 0.7 |
| 191188 | Philip Morris International, Inc. | 30666555 | 1.1 |
| 239589 | Procter & Gamble Co. | 34335500 | 1.3 |
|  |  | **139611074** | **5.2** |
|  | **Energy: 3.9%** | **Energy: 3.9%** | **Energy: 3.9%** |
| 57432 | Chesapeake Energy Corp. | 6338195 | 0.2 |
| 335594 | Chevron Corp. | 51147882 | 1.9 |
| 566893 | Devon Energy Corp. | 20765291 | 0.8 |
| 117648 | Expand Energy Corp. | 12983633 | 0.5 |
| 274473 | HF Sinclair Corp. | 12647716 | 0.5 |
|  |  | **103882717** | **3.9** |
|  | **Financials: 13.1%** | **Financials: 13.1%** | **Financials: 13.1%** |
| 340233 | American International Group, Inc. | 29106933 | 1.1 |
| 148261 | Assurant, Inc. | 35708662 | 1.3 |
| 889925 | Bank of America Corp. | 48945875 | 1.8 |
| 190095 | Intercontinental Exchange, Inc. | 30787786 | 1.2 |
| 126828 | PNC Financial Services Group, Inc. | 26472808 | 1 |
| 237958 | State Street Corp. | 30698962 | 1.2 |
| 223116 | Stifel Financial Corp. | 27938585 | 1.1 |
| 334868 | Synchrony Financial | 27938037 | 1 |
| 135905 | Visa, Inc. - Class A | 47663243 | 1.8 |
| 453849 | Wells Fargo & Co. | 42298727 | 1.6 |
|  |  | **347559618** | **13.1** |
|  | **Health Care: 10.9%** | **Health Care: 10.9%** | **Health Care: 10.9%** |
| 363316 | AstraZeneca PLC, ADR | 33399640 | 1.3 |
| 137435 | Danaher Corp. | 31461620 | 1.2 |
| 122268 | Humana, Inc. | 31316503 | 1.2 |
| 144660 <sup>(1)</sup> | ICON PLC | 26359945 | 1 |
| 29900 | McKesson Corp. | 24526671 | 0.9 |
| 1303002 | Pfizer, Inc. | 32444750 | 1.2 |
| 21397 | Regeneron Pharmaceuticals, Inc. | 16515703 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 61367 | Thermo Fisher Scientific, Inc. | $| 35559108 | 1.3 |
| 70839 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. |  | 32115569 | 1.2 |
| 70828 <sup>(1)</sup> | Waters Corp. |  | 26902599 | 1 |
|  |  |  | **290602108** | **10.9** |
|  | **Industrials: 7.4%** | **Industrials: 7.4%** | **Industrials: 7.4%** | **Industrials: 7.4%** |
| 338734 | 3M Co. |  | 54231313 | 2 |
| 154284 <sup>(1)</sup> | Boeing Co. |  | 33498142 | 1.3 |
| 47033 <sup>(1)</sup> | Dycom Industries, Inc. |  | 15892451 | 0.6 |
| 745466 <sup>(1)</sup> | Gates Industrial Corp. PLC |  | 16005155 | 0.6 |
| 31181 | Parker-Hannifin Corp. |  | 27406852 | 1 |
| 202059 | RELX PLC, ADR |  | 8167225 | 0.3 |
| 77514 <sup>(1)</sup> | Saia, Inc. |  | 25309871 | 1 |
| 18736 | United Rentals, Inc. |  | 15163419 | 0.6 |
|  |  |  | **195674428** | **7.4** |
|  | **Information Technology: 33.1%** | **Information Technology: 33.1%** | **Information Technology: 33.1%** | **Information Technology: 33.1%** |
| 229751 <sup>(1)</sup> | Advanced Micro Devices, Inc. |  | 49203474 | 1.9 |
| 795582 | Apple, Inc. |  | 216286923 | 8.1 |
| 331252 | Broadcom, Inc. |  | 114646317 | 4.3 |
| 552278 | Cisco Systems, Inc. |  | 42541974 | 1.6 |
| 134545 | International Business Machines Corp. |  | 39853574 | 1.5 |
| 58872 | Intuit, Inc. |  | 38997990 | 1.5 |
| 95560 | Micron Technology, Inc. |  | 27273780 | 1 |
| 379486 | Microsoft Corp. |  | 183527019 | 6.9 |
| 532845 | NVIDIA Corp. |  | 99375593 | 3.7 |
| 119315 | Salesforce, Inc. |  | 31607737 | 1.2 |
| 125993 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 38288013 | 1.4 |
|  |  |  | **881602394** | **33.1** |
|  | **Materials: 1.9%** | **Materials: 1.9%** | **Materials: 1.9%** | **Materials: 1.9%** |
| 494452 | Alcoa Corp. |  | 26275179 | 1 |
| 151234 | Nucor Corp. |  | 24667778 | 0.9 |
|  |  |  | **50942957** | **1.9** |
|  | **Real Estate: 2.2%** | **Real Estate: 2.2%** | **Real Estate: 2.2%** | **Real Estate: 2.2%** |
| 280228 | Boston Properties, Inc. |  | 18909785 | 0.7 |
| 214428 | Welltower, Inc. |  | 39799981 | 1.5 |
|  |  |  | **58709766** | **2.2** |
|  | **Utilities: 2.2%** | **Utilities: 2.2%** | **Utilities: 2.2%** | **Utilities: 2.2%** |
| 250802 | Duke Energy Corp. |  | 29396502 | 1.1 |
| 355586 | Public Service Enterprise Group, Inc. |  | 28553556 | 1.1 |
| 10000000 <sup>(2)</sup><sup>(3)</sup> | Southern Energy |  |  | 0 |
|  |  |  | **57950058** | **2.2** |
|  | Total Common Stock <br> (Cost $1,923,421,948) |  | **2646061676** | **99.4** |

---

See Accompanying Notes to Financial Statements

Voya Growth and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 0.6%** | **SHORT-TERM INVESTMENTS: 0.6%** | **SHORT-TERM INVESTMENTS: 0.6%** | **SHORT-TERM INVESTMENTS: 0.6%** |
|  | **Mutual Funds: 0.6%** | **Mutual Funds: 0.6%** | **Mutual Funds: 0.6%** |
| 17302000 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% <br> (Cost $17,302,000) | $**17302000** | **0.6** |
|  | Total Short-Term Investments <br> (Cost $17,302,000) | $**17302000** | **0.6** |
|  | **Total Investments in Securities <br> (Cost $1,940,723,948)** | $**2663363676** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **1000924** | **0.0** |
|  | **Net Assets** | $**2664364600** | **100.0** |

---

ADR American Depositary Receipt

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

<sup>(2)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(3)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 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>(4)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

Voya Growth and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

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

The following is a summary of the fair valuations according to the inputs used as of December 31, 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> December 31, 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 | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;Communication Services | $282077394 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $282077394 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 237449162 |  |  | 237449162 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 139611074 |  |  | 139611074 |
| &nbsp;&nbsp;&nbsp;Energy | 103882717 |  |  | 103882717 |
| &nbsp;&nbsp;&nbsp;Financials | 347559618 |  |  | 347559618 |
| &nbsp;&nbsp;&nbsp;Health Care | 290602108 |  |  | 290602108 |
| &nbsp;&nbsp;&nbsp;Industrials | 195674428 |  |  | 195674428 |
| &nbsp;&nbsp;&nbsp;Information Technology | 881602394 |  |  | 881602394 |
| &nbsp;&nbsp;&nbsp;Materials | 50942957 |  |  | 50942957 |
| &nbsp;&nbsp;&nbsp;Real Estate | 58709766 |  |  | 58709766 |
| &nbsp;&nbsp;&nbsp;Utilities | 57950058 |  |  | 57950058 |
| Total Common Stock | 2646061676 |  |  | 2646061676 |
| Short-Term Investments | 17302000 |  |  | 17302000 |
| Total Investments, at fair value | $2663363676 | $— | $— | $2663363676 |

---

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

At December 31, 2025, Voya Growth and Income Portfolio held the following restricted securities:

---

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

---

At December 31, 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 $1,948,410,110. | Cost for U.S. federal income tax purposes was $1,948,410,110. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $744255730 |
| Gross Unrealized Depreciation | (29302164) |
| Net Unrealized Appreciation | $714953566 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: 21.9%** | **CORPORATE BONDS/NOTES: 21.9%** | **CORPORATE BONDS/NOTES: 21.9%** | **CORPORATE BONDS/NOTES: 21.9%** |
|  | **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 | $430432 | 0.1 |
| 259000 | BHP Billiton Finance USA Ltd., 5.125%, 02/21/2032 | 268856 | 0.0 |
| 383000 | Nucor Corp., 5.100%, 06/01/2035 | 392142 | 0.1 |
| 156000 | Nutrien Ltd., 2.950%, 05/13/2030 | 147540 | 0.0 |
| 17000 | Nutrien Ltd., 5.875%, 12/01/2036 | 17856 | 0.0 |
| 261000 | Rio Tinto Finance USA PLC, 5.000%, 03/14/2032 | 269663 | 0.0 |
| 350000 | Steel Dynamics, Inc., 1.650%, 10/15/2027 | 336466 | 0.0 |
|  |  | **1862955** | **0.2** |
|  | **Communications: 2.2%** | **Communications: 2.2%** | **Communications: 2.2%** |
| 351000 | Alphabet, Inc., 4.500%, 05/15/2035 | 349315 | 0.0 |
| 430000 | Alphabet, Inc., 4.700%, 11/15/2035 | 430274 | 0.1 |
| 115000 | Alphabet, Inc., 5.300%, 05/15/2065 | 108241 | 0.0 |
| 430000 | Alphabet, Inc., 5.450%, 11/15/2055 | 422122 | 0.1 |
| 275000 | Alphabet, Inc., 5.700%, 11/15/2075 | 270898 | 0.0 |
| 114000 | Amazon.com, Inc., 2.100%, 05/12/2031 | 103046 | 0.0 |
| 308000 | Amazon.com, Inc., 4.350%, 03/20/2033 | 307086 | 0.0 |
| 616000 | Amazon.com, Inc., 4.650%, 11/20/2035 | 613750 | 0.1 |
| 658000 | Amazon.com, Inc., 5.450%, 11/20/2055 | 642690 | 0.1 |
| 592000 | Amazon.com, Inc., 5.550%, 11/20/2065 | 574697 | 0.1 |
| 406000 | AppLovin Corp., 5.125%, 12/01/2029 | 416583 | 0.1 |
| 337000 | AppLovin Corp., 5.375%, 12/01/2031 | 349934 | 0.1 |
| 90000 | AT&T, Inc., 3.800%, 12/01/2057 | 61954 | 0.0 |
| 270000 | AT&T, Inc., 4.550%, 11/01/2032 | 268335 | 0.0 |
| 540000 | AT&T, Inc., 4.900%, 11/01/2035 | 533542 | 0.1 |
| 229000 | AT&T, Inc., 4.900%, 08/15/2037 | 223234 | 0.0 |
| 271000 | AT&T, Inc., 6.050%, 08/15/2056 | 273610 | 0.0 |
| 260000 <sup>(1)</sup> | Beignet Investor LLC, 6.581%, 05/30/2049 | 274926 | 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)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 148000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.800%, 04/01/2031 | $133233 | 0.0 |
| 395000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052 | 255293 | 0.0 |
| 96000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 12/01/2061 | 62854 | 0.0 |
| 180000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050 | 135347 | 0.0 |
| 253000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.250%, 04/01/2053 | 200424 | 0.0 |
| 482000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | 503274 | 0.1 |
| 219000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034 | 230416 | 0.0 |
| 268000 | Cisco Systems, Inc., 4.950%, 02/26/2031 | 278051 | 0.0 |
| 371000 | Cisco Systems, Inc., 4.950%, 02/24/2032 | 383073 | 0.1 |
| 100000 | Cisco Systems, Inc., 5.100%, 02/24/2035 | 102798 | 0.0 |
| 95000 <sup>(2)</sup> | Comcast Corp., 1.500%, 02/15/2031 | 82628 | 0.0 |
| 88000 | Comcast Corp., 1.950%, 01/15/2031 | 78481 | 0.0 |
| 243000 | Comcast Corp., 2.650%, 02/01/2030 | 229436 | 0.0 |
| 61000 | Comcast Corp., 3.200%, 07/15/2036 | 52069 | 0.0 |
| 65000 | Comcast Corp., 3.900%, 03/01/2038 | 56696 | 0.0 |
| 105000 | Comcast Corp., 5.300%, 06/01/2034 | 108253 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 425000 | Meta Platforms, Inc., 4.200%, 11/15/2030 | $426007 | 0.1 |
| 315000 | Meta Platforms, Inc., 4.600%, 11/15/2032 | 317623 | 0.0 |
| 282000 | Meta Platforms, Inc., 4.750%, 08/15/2034 | 284447 | 0.0 |
| 420000 | Meta Platforms, Inc., 4.875%, 11/15/2035 | 419600 | 0.1 |
| 647000 | Meta Platforms, Inc., 5.400%, 08/15/2054 | 602453 | 0.1 |
| 550000 | Meta Platforms, Inc., 5.500%, 11/15/2045 | 534393 | 0.1 |
| 366000 | Meta Platforms, Inc., 5.550%, 08/15/2064 | 339777 | 0.0 |
| 330000 | Meta Platforms, Inc., 5.625%, 11/15/2055 | 316974 | 0.0 |
| 330000 | Meta Platforms, Inc., 5.750%, 11/15/2065 | 315051 | 0.0 |
| 207000 | Motorola Solutions, Inc., 5.000%, 04/15/2029 | 212157 | 0.0 |
| 250000 | Motorola Solutions, Inc., 5.550%, 08/15/2035 | 259956 | 0.0 |
| 200000 <sup>(1)</sup> | NBN Co. Ltd., 1.450%, 05/05/2026 | 198303 | 0.0 |
| 213000 <sup>(1)</sup> | NBN Co. Ltd., 1.625%, 01/08/2027 | 208226 | 0.0 |
| 200000 <sup>(1)</sup> | NBN Co. Ltd., 2.500%, 01/08/2032 | 179504 | 0.0 |
| 315000 <sup>(1)</sup> | NBN Co. Ltd., 6.000%, 10/06/2033 | 341903 | 0.0 |
| 344000 | Netflix, Inc., 5.875%, 11/15/2028 | 361814 | 0.1 |
| 33000 | Orange SA, 9.000%, 03/01/2031 | 39731 | 0.0 |
| 302000 <sup>(1)</sup> | SoftBank Corp., 4.699%, 07/09/2030 | 303223 | 0.0 |
| 530000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 568942 | 0.1 |
| 344000 | Sprint Capital Corp., 8.750%, 03/15/2032 | 416246 | 0.1 |
| 91000 | Time Warner Cable LLC, 5.500%, 09/01/2041 | 80016 | 0.0 |
| 116000 | Time Warner Cable LLC, 5.875%, 11/15/2040 | 107440 | 0.0 |
| 77000 | T-Mobile USA, Inc., 2.050%, 02/15/2028 | 73945 | 0.0 |
| 17000 | T-Mobile USA, Inc., 2.550%, 02/15/2031 | 15536 | 0.0 |
| 212000 | T-Mobile USA, Inc., 2.625%, 02/15/2029 | 202416 | 0.0 |
| 38000 | T-Mobile USA, Inc., 2.875%, 02/15/2031 | 35288 | 0.0 |
| 57000 | T-Mobile USA, Inc., 3.000%, 02/15/2041 | 42498 | 0.0 |
| 107000 | T-Mobile USA, Inc., 3.375%, 04/15/2029 | 104313 | 0.0 |
| 311000 | T-Mobile USA, Inc., 3.500%, 04/15/2031 | 297446 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 46000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 | $| 45244 | 0.0 |
| 117000 | T-Mobile USA, Inc., 4.375%, 04/15/2040 |  | 105009 | 0.0 |
| 291000 <sup>(2)</sup> | T-Mobile USA, Inc., 5.300%, 05/15/2035 |  | 298487 | 0.0 |
| 238000 | Uber Technologies, Inc., 4.300%, 01/15/2030 |  | 239661 | 0.0 |
| 494000 <sup>(1)</sup> | Uber Technologies, Inc., 4.500%, 08/15/2029 |  | 494987 | 0.1 |
| 563000 | Uber Technologies, Inc., 5.350%, 09/15/2054 |  | 537298 | 0.1 |
| 122000 | Verizon Communications, Inc., 1.750%, 01/20/2031 |  | 107443 | 0.0 |
| 156000 | Verizon Communications, Inc., 2.355%, 03/15/2032 |  | 137520 | 0.0 |
| 120000 | Verizon Communications, Inc., 2.550%, 03/21/2031 |  | 109626 | 0.0 |
| 230000 | Verizon Communications, Inc., 4.400%, 11/01/2034 |  | 222030 | 0.0 |
| 144000 | Verizon Communications, Inc., 4.812%, 03/15/2039 |  | 136758 | 0.0 |
| 380000 | Verizon Communications, Inc., 5.000%, 01/15/2036 |  | 376921 | 0.1 |
| 580000 | Verizon Communications, Inc., 5.875%, 11/30/2055 |  | 573440 | 0.1 |
| 445000 | Verizon Communications, Inc., 6.000%, 11/30/2065 |  | 439670 | 0.1 |
|  |  |  | **20545885** | **2.2** |
|  | **Consumer, Cyclical: 2.1%** | **Consumer, Cyclical: 2.1%** | **Consumer, Cyclical: 2.1%** | **Consumer, Cyclical: 2.1%** |
| 23646 | American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029 |  | 23434 | 0.0 |
| 8579 | American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029 |  | 8495 | 0.0 |
| 460586 | American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029 |  | 450802 | 0.1 |
| 10900 | American Airlines Pass Through Trust 2016-3, AA, 3.000%, 04/15/2030 |  | 10548 | 0.0 |
| 395065 | American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031 |  | 383932 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 267000 | American Honda Finance Corp., 4.700%, 01/12/2028 | $270873 | 0.0 |
| 189000 | American Honda Finance Corp., 5.650%, 11/15/2028 | 197364 | 0.0 |
| 311000 | American Honda Finance Corp., GMTN, 4.850%, 10/23/2031 | 316894 | 0.0 |
| 125000 | AutoZone, Inc., 6.250%, 11/01/2028 | 132133 | 0.0 |
| 154000 <sup>(1)</sup> | BMW US Capital LLC, 5.050%, 03/21/2030 | 158123 | 0.0 |
| 109000 | BorgWarner, Inc., 5.400%, 08/15/2034 | 112441 | 0.0 |
| 338000 | Delta Air Lines, Inc., 5.250%, 07/10/2030 | 347487 | 0.0 |
| 139141 <sup>(1)</sup> | Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028 | 140009 | 0.0 |
| 373000 | Ford Motor Credit Co. LLC, 3.625%, 06/17/2031 | 341899 | 0.0 |
| 616000 | Ford Motor Credit Co. LLC, 4.000%, 11/13/2030 | 581951 | 0.1 |
| 611000 | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | 606306 | 0.1 |
| 57000 | General Motors Co., 6.250%, 10/02/2043 | 57858 | 0.0 |
| 298000 | General Motors Financial Co., Inc., 2.350%, 01/08/2031 | 268112 | 0.0 |
| 943000 | General Motors Financial Co., Inc., 4.900%, 10/06/2029 | 958211 | 0.1 |
| 921000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 955440 | 0.1 |
| 618000 <sup>(2)</sup> | General Motors Financial Co., Inc., 5.900%, 01/07/2035 | 644697 | 0.1 |
| 92000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | 97566 | 0.0 |
| 296000 | General Motors Financial Co., Inc., 6.150%, 07/15/2035 | 312057 | 0.0 |
| 524000 | Honda Motor Co. Ltd., 4.688%, 07/08/2030 | 530776 | 0.1 |
| 318000 | Honda Motor Co. Ltd., 5.337%, 07/08/2035 | 325044 | 0.0 |
| 127000 | Hyatt Hotels Corp., 5.250%, 06/30/2029 | 130765 | 0.0 |
| 257000 <sup>(1)</sup> | Hyundai Capital America, 5.150%, 03/27/2030 | 263500 | 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)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 285000 <sup>(1)</sup> | Hyundai Capital America, 5.300%, 06/24/2029 | $293482 | 0.0 |
| 373000 <sup>(1)</sup> | Hyundai Capital America, 5.400%, 03/29/2032 | 385397 | 0.1 |
| 282000 <sup>(1)</sup> | Hyundai Capital America, 5.680%, 06/26/2028 | 291171 | 0.0 |
| 681000 <sup>(1)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 712682 | 0.1 |
| 301000 <sup>(1)</sup> | Hyundai Capital America, 6.500%, 01/16/2029 | 318976 | 0.0 |
| 20000 | Lowe's Cos., Inc., 4.450%, 04/01/2062 | 15644 | 0.0 |
| 540000 | Lowe's Cos., Inc., 4.500%, 10/15/2032 | 537240 | 0.1 |
| 18000 | Lowe's Cos., Inc., 5.850%, 04/01/2063 | 17658 | 0.0 |
| 475000 <sup>(2)</sup> | Marriott International, Inc., 4.500%, 10/15/2031 | 476241 | 0.1 |
| 233000 | Marriott International, Inc., 4.800%, 03/15/2030 | 238035 | 0.0 |
| 483000 | Marriott International, Inc., 5.250%, 10/15/2035 | 489705 | 0.1 |
| 166000 | Marriott International, Inc., 5.350%, 03/15/2035 | 170905 | 0.0 |
| 389000 <sup>(1)</sup> | Mercedes-Benz Finance North America LLC, 4.800%, 08/01/2029 | 396121 | 0.1 |
| 482000 | Toyota Motor Corp., 4.450%, 06/30/2030 | 488572 | 0.1 |
| 250000 | Toyota Motor Credit Corp., 4.550%, 08/09/2029 | 254156 | 0.0 |
| 353000 | Toyota Motor Credit Corp., 4.800%, 05/15/2030 | 362335 | 0.0 |
| 185000 | Toyota Motor Credit Corp., 5.350%, 01/09/2035 | 193987 | 0.0 |
| 342000 | Toyota Motor Credit Corp., MTN, 4.350%, 10/08/2027 | 345551 | 0.0 |
| 91136 | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | 93512 | 0.0 |
| 395884 | United Airlines Pass Through Trust 2014-2, A, 3.750%, 03/03/2028 | 395544 | 0.1 |
| 505257 | United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030 | 487718 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 290000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 4.550%, 09/11/2028 | $| 291722 | 0.0 |
| 295000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 4.850%, 09/11/2030 |  | 297955 | 0.0 |
| 699000 <sup>(1)</sup><sup>(2)</sup> | Volkswagen Group of America Finance LLC, 5.250%, 03/22/2029 |  | 714879 | 0.1 |
| 759000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 5.300%, 03/22/2027 |  | 768600 | 0.1 |
| 354000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 6.450%, 11/16/2030 |  | 380388 | 0.1 |
| 886000 | Walmart, Inc., 4.900%, 04/28/2035 |  | 911279 | 0.1 |
|  |  |  | **18956172** | **2.1** |
|  | **Consumer, Non-cyclical: 3.0%** | **Consumer, Non-cyclical: 3.0%** | **Consumer, Non-cyclical: 3.0%** | **Consumer, Non-cyclical: 3.0%** |
| 106000 | AbbVie, Inc., 3.200%, 11/21/2029 |  | 102824 | 0.0 |
| 150000 | AbbVie, Inc., 4.050%, 11/21/2039 |  | 134039 | 0.0 |
| 166000 | AbbVie, Inc., 4.650%, 03/15/2028 |  | 168898 | 0.0 |
| 393000 | AbbVie, Inc., 4.950%, 03/15/2031 |  | 406496 | 0.1 |
| 282000 | AbbVie, Inc., 5.600%, 03/15/2055 |  | 282841 | 0.0 |
| 262000 | Altria Group, Inc., 6.200%, 11/01/2028 |  | 277014 | 0.0 |
| 75000 | Amgen, Inc., 2.200%, 02/21/2027 |  | 73608 | 0.0 |
| 16000 | Amgen, Inc., 2.300%, 02/25/2031 |  | 14514 | 0.0 |
| 53000 | Amgen, Inc., 2.450%, 02/21/2030 |  | 49452 | 0.0 |
| 67000 | Amgen, Inc., 3.150%, 02/21/2040 |  | 52867 | 0.0 |
| 43000 | Amgen, Inc., 5.250%, 03/02/2030 |  | 44652 | 0.0 |
| 133000 | Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038 |  | 126755 | 0.0 |
| 393000 | Astrazeneca Finance LLC, 4.900%, 02/26/2031 |  | 406886 | 0.1 |
| 284000 | Automatic Data Processing, Inc., 4.750%, 05/08/2032 |  | 291008 | 0.0 |
| 12000 | BAT Capital Corp., 3.557%, 08/15/2027 |  | 11916 | 0.0 |
| 267000 | BAT Capital Corp., 4.390%, 08/15/2037 |  | 246117 | 0.0 |
| 122000 | BAT Capital Corp., 5.834%, 02/20/2031 |  | 129561 | 0.0 |
| 68000 | BAT Capital Corp., 7.079%, 08/02/2043 |  | 76692 | 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)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 346000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | $350684 | 0.1 |
| 128000 | Bristol-Myers Squibb Co., 4.125%, 06/15/2039 | 116312 | 0.0 |
| 279000 | Bristol-Myers Squibb Co., 5.550%, 02/22/2054 | 274191 | 0.0 |
| 298000 | Campbell Soup Co., 5.200%, 03/21/2029 | 305368 | 0.0 |
| 423000 | Cardinal Health, Inc., 4.700%, 11/15/2026 | 425824 | 0.1 |
| 49000 | Cardinal Health, Inc., 5.450%, 02/15/2034 | 51027 | 0.0 |
| 189000 <sup>(1)</sup> | Cargill, Inc., 1.700%, 02/02/2031 | 166465 | 0.0 |
| 118000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 04/23/2030 | 108464 | 0.0 |
| 123000 <sup>(1)</sup><sup>(2)</sup> | Cargill, Inc., 5.125%, 02/11/2035 | 126691 | 0.0 |
| 185000 | Cencora, Inc., 5.125%, 02/15/2034 | 189831 | 0.0 |
| 71000 | Centene Corp., 2.450%, 07/15/2028 | 66536 | 0.0 |
| 1114000 | Centene Corp., 3.000%, 10/15/2030 | 997496 | 0.1 |
| 359000 | Cigna Group, 2.375%, 03/15/2031 | 325097 | 0.1 |
| 356000 | Cigna Group, 4.800%, 08/15/2038 | 341121 | 0.1 |
| 685000 | Cigna Group, 5.250%, 01/15/2036 | 697812 | 0.1 |
| 489000 | Cigna Group, 5.600%, 02/15/2054 | 474547 | 0.1 |
| 304000 | Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029 | 314648 | 0.0 |
| 186000 | CVS Health Corp., 4.125%, 04/01/2040 | 159125 | 0.0 |
| 415000 | CVS Health Corp., 4.780%, 03/25/2038 | 391901 | 0.1 |
| 47000 | CVS Health Corp., 5.050%, 03/25/2048 | 41459 | 0.0 |
| 122000 | CVS Health Corp., 5.125%, 02/21/2030 | 125376 | 0.0 |
| 360000 | CVS Health Corp., 5.450%, 09/15/2035 | 368635 | 0.1 |
| 22000 | CVS Health Corp., 6.000%, 06/01/2063 | 21341 | 0.0 |
| 40000 | CVS Health Corp., 6.250%, 09/15/2065 | 40291 | 0.0 |
| 9431 | CVS Pass-Through Trust, 6.943%, 01/10/2030 | 9789 | 0.0 |
| 510000 <sup>(1)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | 518907 | 0.1 |
| 270000 | Elevance Health, Inc., 4.600%, 09/15/2032 | 269959 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 279000 | Elevance Health, Inc., 4.950%, 11/01/2031 | $285655 | 0.0 |
| 143000 | Elevance Health, Inc., 5.200%, 02/15/2035 | 146182 | 0.0 |
| 229000 | Eli Lilly & Co., 5.500%, 02/12/2055 | 229462 | 0.0 |
| 396000 <sup>(1)</sup> | EMD Finance LLC, 4.625%, 10/15/2032 | 397187 | 0.1 |
| 184000 | Equifax, Inc., 3.100%, 05/15/2030 | 174355 | 0.0 |
| 558000 | Gilead Sciences, Inc., 5.100%, 06/15/2035 | 572140 | 0.1 |
| 339000 | GlaxoSmithKline Capital, Inc., 4.875%, 04/15/2035 | 342595 | 0.1 |
| 150000 | Global Payments, Inc., 4.450%, 06/01/2028 | 150283 | 0.0 |
| 106000 | GXO Logistics, Inc., 6.250%, 05/06/2029 | 111784 | 0.0 |
| 72000 | HCA, Inc., 2.375%, 07/15/2031 | 64636 | 0.0 |
| 40000 | HCA, Inc., 3.375%, 03/15/2029 | 39027 | 0.0 |
| 384000 | HCA, Inc., 3.500%, 09/01/2030 | 369413 | 0.1 |
| 61000 | HCA, Inc., 4.375%, 03/15/2042 | 52279 | 0.0 |
| 628000 | HCA, Inc., 4.500%, 02/15/2027 | 629459 | 0.1 |
| 170000 | HCA, Inc., 5.125%, 06/15/2039 | 164302 | 0.0 |
| 223000 | HCA, Inc., 5.450%, 04/01/2031 | 232796 | 0.0 |
| 39000 | HCA, Inc., 6.100%, 04/01/2064 | 38682 | 0.0 |
| 434000 <sup>(1)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co., 5.200%, 06/15/2029 | 444991 | 0.1 |
| 479000 | Hershey Co., 4.950%, 02/24/2032 | 496756 | 0.1 |
| 227000 | Humana, Inc., 5.375%, 04/15/2031 | 234773 | 0.0 |
| 524000 | Icon Investments Six DAC, 5.849%, 05/08/2029 | 547019 | 0.1 |
| 524000 <sup>(1)</sup> | Imperial Brands Finance PLC, 5.500%, 02/01/2030 | 543373 | 0.1 |
| 203000 <sup>(1)</sup> | Japan Tobacco, Inc., 5.250%, 06/15/2030 | 210732 | 0.0 |
| 7000 | Johnson & Johnson, 2.100%, 09/01/2040 | 4941 | 0.0 |
| 103000 | Johnson & Johnson, 3.625%, 03/03/2037 | 93660 | 0.0 |
| 144000 <sup>(2)</sup> | Johnson & Johnson, 4.700%, 03/01/2030 | 148435 | 0.0 |
| 28000 | Johnson & Johnson, 5.850%, 07/15/2038 | 30885 | 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)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 207000 <sup>(2)</sup> | Kenvue, Inc., 4.850%, 05/22/2032 | $212020 | 0.0 |
| 168000 | Kenvue, Inc., 5.050%, 03/22/2028 | 171674 | 0.0 |
| 223000 | Kroger Co., 5.500%, 09/15/2054 | 212591 | 0.0 |
| 292000 | Kroger Co., 5.650%, 09/15/2064 | 278773 | 0.0 |
| 189000 | Laboratory Corp. of America Holdings, 4.550%, 04/01/2032 | 188866 | 0.0 |
| 206000 <sup>(1)</sup> | Mars, Inc., 5.000%, 03/01/2032 | 212409 | 0.0 |
| 423000 <sup>(1)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 434926 | 0.1 |
| 210000 <sup>(1)</sup> | Mars, Inc., 5.650%, 05/01/2045 | 211805 | 0.0 |
| 282000 <sup>(1)</sup> | Mars, Inc., 5.700%, 05/01/2055 | 281109 | 0.0 |
| 237000 | McKesson Corp., 4.250%, 09/15/2029 | 238643 | 0.0 |
| 309000 | McKesson Corp., 4.950%, 05/30/2032 | 317799 | 0.1 |
| 283000 | McKesson Corp., 5.250%, 05/30/2035 | 292704 | 0.0 |
| 542000 | Merck & Co., Inc., 4.450%, 12/04/2032 | 542916 | 0.1 |
| 173000 | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | 174887 | 0.0 |
| 239000 | Philip Morris International, Inc., 4.750%, 11/01/2031 | 244161 | 0.0 |
| 341000 | Philip Morris International, Inc., 4.875%, 02/13/2029 | 349145 | 0.1 |
| 70000 | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | 64452 | 0.0 |
| 71000 | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | 67210 | 0.0 |
| 366000 | Quest Diagnostics, Inc., 4.625%, 12/15/2029 | 372355 | 0.1 |
| 162000 | Quest Diagnostics, Inc., 5.000%, 12/15/2034 | 164090 | 0.0 |
| 118000 | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | 130712 | 0.0 |
| 81000 | Reynolds American, Inc., 5.850%, 08/15/2045 | 79961 | 0.0 |
| 302000 <sup>(1)</sup> | Roche Holdings, Inc., 4.592%, 09/09/2034 | 301430 | 0.0 |
| 581000 <sup>(1)</sup> | Roche Holdings, Inc., 5.489%, 11/13/2030 | 616279 | 0.1 |
| 354000 | Royalty Pharma PLC, 1.750%, 09/02/2027 | 341197 | 0.1 |
| 292000 | Royalty Pharma PLC, 2.200%, 09/02/2030 | 264804 | 0.0 |
| 66000 | Royalty Pharma PLC, 3.300%, 09/02/2040 | 51123 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Consumer, Non-cyclical: (continued)** |  |  |
| 103000 | S&P Global, Inc., 1.250%, 08/15/2030 | $90684 | 0.0 |
| 275000 | S&P Global, Inc., 2.700%, 03/01/2029 | 264414 | 0.0 |
| 230000 | Solventum Corp., 5.450%, 03/13/2031 | 240214 | 0.0 |
| 139000 | Solventum Corp., 5.600%, 03/23/2034 | 144682 | 0.0 |
| 278000 | Stryker Corp., 4.850%, 02/10/2030 | 285557 | 0.0 |
| 129000 | Sysco Corp., 5.400%, 03/23/2035 | 133672 | 0.0 |
| 325000 | Takeda Pharmaceutical Co. Ltd., 5.300%, 07/05/2034 | 335400 | 0.1 |
| 257000 | Takeda Pharmaceutical Co. Ltd., 5.800%, 07/05/2064 | 253582 | 0.0 |
| 302000 | Takeda US Financing, Inc., 5.200%, 07/07/2035 | 307740 | 0.0 |
| 340000 | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | 352793 | 0.1 |
| 199000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 205803 | 0.0 |
| 229000 | Unilever Capital Corp., 4.625%, 08/12/2034 | 230700 | 0.0 |
| 35000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | 26210 | 0.0 |
| 102000 | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | 85163 | 0.0 |
| 133000 | UnitedHealth Group, Inc., 5.150%, 07/15/2034 | 136271 | 0.0 |
| 52000 | UnitedHealth Group, Inc., 5.500%, 04/15/2064 | 48894 | 0.0 |
| 238000 | UnitedHealth Group, Inc., 5.750%, 07/15/2064 | 232552 | 0.0 |
| 137000 | Universal Health Services, Inc., 4.625%, 10/15/2029 | 137763 | 0.0 |
| 132000 | Viatris, Inc., 2.700%, 06/22/2030 | 120704 | 0.0 |
| 102000 | Viatris, Inc., 3.850%, 06/22/2040 | 78340 | 0.0 |
| 152000 | Viatris, Inc., 4.000%, 06/22/2050 | 101293 | 0.0 |
| 180000 | Zimmer Biomet Holdings, Inc., 3.550%, 03/20/2030 | 174144 | 0.0 |
|  |  | **27735455** | **3.0** |
|  | **Energy: 1.5%** |  |  |
| 203000 <sup>(1)</sup> | Aker BP ASA, 5.125%, 10/01/2034 | 198737 | 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)** |
|  | **Energy: (continued)** |  |  |
| 421000 | APA Corp., 6.750%, 02/15/2055 | $420448 | 0.1 |
| 58000 | BP Capital Markets America, Inc., 4.893%, 09/11/2033 | 59024 | 0.0 |
| 44000 | BP Capital Markets America, Inc., 4.989%, 04/10/2034 | 44903 | 0.0 |
| 262000 | BP Capital Markets America, Inc., 5.227%, 11/17/2034 | 270379 | 0.0 |
| 174000 <sup>(3)</sup> | BP Capital Markets PLC, 4.875%, 12/31/2199 | 173236 | 0.0 |
| 233000 <sup>(3)</sup> | BP Capital Markets PLC, 6.125%, 12/31/2199 | 240407 | 0.0 |
| 63000 <sup>(1)</sup> | Cameron LNG LLC, 2.902%, 07/15/2031 | 58327 | 0.0 |
| 191000 | Canadian Natural Resources Ltd., 5.400%, 12/15/2034 | 194515 | 0.0 |
| 8000 | Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029 | 7817 | 0.0 |
| 227000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 | 227547 | 0.0 |
| 462000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 5.097%, 10/01/2031 | 470826 | 0.1 |
| 373000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 | 388075 | 0.1 |
| 290000 <sup>(2)</sup> | Devon Energy Corp., 5.200%, 09/15/2034 | 288846 | 0.0 |
| 108000 | Diamondback Energy, Inc., 4.250%, 03/15/2052 | 84502 | 0.0 |
| 82000 | Diamondback Energy, Inc., 5.900%, 04/18/2064 | 77493 | 0.0 |
| 234000 <sup>(2)(3)</sup> | Enbridge (US) Inc. 20- A, 5.750%, 07/15/2080 | 237115 | 0.0 |
| 184000 | Energy Transfer L.P., 3.750%, 05/15/2030 | 179135 | 0.0 |
| 27000 | Energy Transfer L.P., 4.900%, 03/15/2035 | 26366 | 0.0 |
| 185000 | Energy Transfer L.P., 5.200%, 04/01/2030 | 190687 | 0.0 |
| 148000 | Energy Transfer L.P., 5.300%, 04/01/2044 | 134733 | 0.0 |
| 77000 | Energy Transfer L.P., 5.350%, 05/15/2045 | 69698 | 0.0 |
| 91000 | Energy Transfer L.P., 6.050%, 09/01/2054 | 87607 | 0.0 |
| 67000 | Energy Transfer L.P. 20Y, 5.800%, 06/15/2038 | 68313 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Energy: (continued)** |  |  |
| 139000 | Enterprise Products Operating LLC, 4.950%, 02/15/2035 | $140667 | 0.0 |
| 407000 <sup>(3)</sup> | Enterprise Products Operating LLC D, 7.099%, (TSFR3M + 3.248%), 08/16/2077 | 407059 | 0.1 |
| 477000 | EOG Resources, Inc., 5.000%, 07/15/2032 | 488804 | 0.1 |
| 262000 | EOG Resources, Inc., 5.350%, 01/15/2036 | 269324 | 0.0 |
| 787000 | Equinor ASA, 4.500%, 09/03/2030 | 798773 | 0.1 |
| 840000 | Equinor ASA, 4.750%, 11/14/2035 | 836076 | 0.1 |
| 450000 | Hess Corp., 4.300%, 04/01/2027 | 452072 | 0.1 |
| 66000 | Kinder Morgan Energy Partners L.P., 5.000%, 03/01/2043 | 60230 | 0.0 |
| 84000 | Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044 | 79694 | 0.0 |
| 357000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 364112 | 0.1 |
| 269000 | Marathon Petroleum Corp., 5.700%, 03/01/2035 | 276965 | 0.0 |
| 301000 | MPLX L.P., 2.650%, 08/15/2030 | 278993 | 0.0 |
| 75000 | MPLX L.P., 4.800%, 02/15/2031 | 75898 | 0.0 |
| 271000 | MPLX L.P., 5.000%, 01/15/2033 | 272544 | 0.0 |
| 78000 | MPLX L.P., 5.500%, 06/01/2034 | 79611 | 0.0 |
| 123000 <sup>(2)</sup> | Occidental Petroleum Corp., 5.375%, 01/01/2032 | 126027 | 0.0 |
| 91000 | Occidental Petroleum Corp., 6.050%, 10/01/2054 | 87090 | 0.0 |
| 308000 | Occidental Petroleum Corp., 6.125%, 01/01/2031 | 325743 | 0.1 |
| 160000 | Occidental Petroleum Corp., 6.200%, 03/15/2040 | 163218 | 0.0 |
| 33000 | Occidental Petroleum Corp., 6.600%, 03/15/2046 | 34231 | 0.0 |
| 41000 | Occidental Petroleum Corp., 8.500%, 07/15/2027 | 42941 | 0.0 |
| 82000 | ONEOK Partners L.P., 6.200%, 09/15/2043 | 83312 | 0.0 |
| 112000 | Ovintiv, Inc., 5.650%, 05/15/2028 | 115337 | 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)** |
|  | **Energy: (continued)** |  |  |
| 268000 | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | $268480 | 0.0 |
| 110000 <sup>(1)</sup> | Schlumberger Holdings Corp., 2.650%, 06/26/2030 | 103223 | 0.0 |
| 214000 <sup>(1)</sup> | Schlumberger Holdings Corp., 5.000%, 11/15/2029 | 220123 | 0.0 |
| 378000 | Targa Resources Corp., 5.400%, 07/30/2036 | 378586 | 0.1 |
| 71000 | Targa Resources Corp., 5.500%, 02/15/2035 | 72768 | 0.0 |
| 43000 | Targa Resources Corp., 6.250%, 07/01/2052 | 43415 | 0.0 |
| 205000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | 206306 | 0.0 |
| 291000 <sup>(3)</sup> | TransCanada PipeLines Ltd., 7.000%, 06/01/2065 | 300168 | 0.1 |
| 120000 | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 | 115114 | 0.0 |
| 430000 | Viper Energy Partners LLC, 5.700%, 08/01/2035 | 439094 | 0.1 |
| 302000 | Western Midstream Operating L.P., 5.450%, 11/15/2034 | 304296 | 0.1 |
| 129000 | Williams Cos., Inc., 4.900%, 03/15/2029 | 131829 | 0.0 |
| 285000 | Woodside Finance Ltd., 5.400%, 05/19/2030 | 292718 | 0.0 |
| 266000 | Woodside Finance Ltd., 5.700%, 05/19/2032 | 276915 | 0.0 |
| 352000 | Woodside Finance Ltd., 6.000%, 05/19/2035 | 366782 | 0.1 |
|  |  | **13577274** | **1.5** |
|  | **Financial: 7.4%** |  |  |
| 200000 <sup>(1)(3)</sup> | ABN AMRO Bank NV, 3.324%, 03/13/2037 | 183208 | 0.0 |
| 238000 | Air Lease Corp., MTN, 5.200%, 07/15/2031 | 241990 | 0.0 |
| 157000 | Alleghany Corp., 3.250%, 08/15/2051 | 106066 | 0.0 |
| 410000 <sup>(3)</sup> | American Express Co., 4.351%, 07/20/2029 | 413054 | 0.1 |
| 175000 <sup>(3)</sup> | American Express Co., 5.085%, 01/30/2031 | 180465 | 0.0 |
| 286000 <sup>(3)</sup> | American Express Co., 5.098%, 02/16/2028 | 289405 | 0.0 |
| 166000 <sup>(3)</sup> | American Express Co., 5.282%, 07/27/2029 | 171006 | 0.0 |
| 143000 <sup>(3)</sup> | American Express Co., 5.532%, 04/25/2030 | 149209 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Financial: (continued)** |  |  |
| 41000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | $38773 | 0.0 |
| 144000 | American Homes 4 Rent L.P., 4.250%, 02/15/2028 | 144410 | 0.0 |
| 334000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 | 345858 | 0.0 |
| 343000 | American International Group, Inc., 3.400%, 06/30/2030 | 331115 | 0.0 |
| 74000 | American Tower Corp., 2.700%, 04/15/2031 | 67987 | 0.0 |
| 60000 | American Tower Corp., 3.600%, 01/15/2028 | 59478 | 0.0 |
| 182000 | American Tower Corp., 3.650%, 03/15/2027 | 181297 | 0.0 |
| 112000 | American Tower Corp., 5.250%, 07/15/2028 | 115196 | 0.0 |
| 88000 | American Tower Corp., 5.500%, 03/15/2028 | 90583 | 0.0 |
| 221000 | Ameriprise Financial, Inc., 5.700%, 12/15/2028 | 231724 | 0.0 |
| 125000 | Aon North America, Inc., 5.125%, 03/01/2027 | 126596 | 0.0 |
| 280000 | Aon North America, Inc., 5.150%, 03/01/2029 | 288152 | 0.0 |
| 688000 | Assurant, Inc., 5.550%, 02/15/2036 | 700967 | 0.1 |
| 656000 <sup>(1)</sup> | Athene Global Funding, 5.322%, 11/13/2031 | 665825 | 0.1 |
| 153000 <sup>(1)</sup> | Athene Global Funding, 5.684%, 02/23/2026 | 153320 | 0.0 |
| 460000 <sup>(1)</sup> | Atlas Warehouse Lending Co. L.P., 4.625%, 11/15/2028 | 461886 | 0.1 |
| 704000 <sup>(1)</sup> | Atlas Warehouse Lending Co. L.P., 6.050%, 01/15/2028 | 726706 | 0.1 |
| 600000 | Banco Santander SA, 5.439%, 07/15/2031 | 630331 | 0.1 |
| 400000 <sup>(3)</sup> | Banco Santander SA, 5.538%, 03/14/2030 | 414081 | 0.1 |
| 90000 <sup>(3)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 80504 | 0.0 |
| 209000 <sup>(3)</sup> | Bank of America Corp., 2.572%, 10/20/2032 | 188551 | 0.0 |
| 354000 <sup>(3)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 329981 | 0.0 |
| 316000 <sup>(3)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | 290059 | 0.0 |
| 1267000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 1251471 | 0.1 |
| 60000 <sup>(3)</sup> | Bank of America Corp., 3.705%, 04/24/2028 | 59754 | 0.0 |
| 189000 <sup>(3)</sup> | Bank of America Corp., 5.511%, 01/24/2036 | 197169 | 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)** |
|  | **Financial: (continued)** |  |  |
| 415000 <sup>(3)</sup> | Bank of America Corp., 5.518%, 10/25/2035 | $425250 | 0.1 |
| 313000 <sup>(3)</sup> | Bank of America Corp., 5.744%, 02/12/2036 | 326274 | 0.0 |
| 380000 <sup>(3)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 405661 | 0.1 |
| 612000 <sup>(3)</sup> | Bank of America Corp., GMTN, 3.593%, 07/21/2028 | 607993 | 0.1 |
| 470000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.087%, 06/14/2029 | 448484 | 0.1 |
| 57000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.496%, 02/13/2031 | 53112 | 0.0 |
| 434000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.551%, 02/04/2028 | 427008 | 0.1 |
| 306000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.884%, 10/22/2030 | 291304 | 0.0 |
| 381000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.972%, 02/04/2033 | 348558 | 0.0 |
| 424000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.194%, 07/23/2030 | 409645 | 0.1 |
| 87000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.970%, 03/05/2029 | 86878 | 0.0 |
| 1415000 <sup>(3)</sup> | Bank of Montreal, 4.640%, 09/10/2030 | 1433740 | 0.2 |
| 152000 <sup>(3)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 | 157546 | 0.0 |
| 470000 <sup>(3)</sup> | Bank of Nova Scotia, 4.740%, 11/10/2032 | 475877 | 0.1 |
| 409000 <sup>(1)</sup> | Banque Federative du Credit Mutuel SA, 4.591%, 10/16/2028 | 413502 | 0.1 |
| 200000 <sup>(1)</sup> | Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026 | 200123 | 0.0 |
| 341000 <sup>(3)</sup> | Barclays PLC, 5.367%, 02/25/2031 | 352513 | 0.0 |
| 172000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028 | 161822 | 0.0 |
| 409000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | 352652 | 0.0 |
| 56000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030 | 52420 | 0.0 |
| 735000 <sup>(1)</sup> | BPCE SA, 5.281%, 05/30/2029 | 758204 | 0.1 |
| 371000 <sup>(1)(3)</sup> | BPCE SA, 5.716%, 01/18/2030 | 384198 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Financial: (continued)** |  |  |
| 440000 | Brookfield Asset Management Ltd., 5.298%, 01/15/2036 | $439831 | 0.1 |
| 332000 | Brown & Brown, Inc., 4.900%, 06/23/2030 | 336830 | 0.0 |
| 221000 <sup>(1)(3)</sup> | CaixaBank SA, 5.673%, 03/15/2030 | 229629 | 0.0 |
| 222000 <sup>(3)</sup> | Capital One Financial Corp., 1.878%, 11/02/2027 | 217872 | 0.0 |
| 166000 <sup>(3)</sup> | Charles Schwab Corp., 6.196%, 11/17/2029 | 175639 | 0.0 |
| 465000 | Chubb INA Holdings LLC, 4.900%, 08/15/2035 | 467217 | 0.1 |
| 440000 | CME Group, Inc., 4.400%, 03/15/2030 | 446545 | 0.1 |
| 434000 <sup>(1)</sup> | CNO Global Funding, 5.875%, 06/04/2027 | 443883 | 0.1 |
| 490000 <sup>(3)</sup> | CoBank ACB M, 7.125%, 12/31/2199 | 511150 | 0.1 |
| 906000 <sup>(1)(3)</sup> | Cooperatieve Rabobank UA, 5.710%, 01/21/2033 | 954591 | 0.1 |
| 444000 <sup>(1)</sup> | Corebridge Financial, Inc., 3.650%, 04/05/2027 | 441417 | 0.1 |
| 84000 | Corebridge Financial, Inc., 3.900%, 04/05/2032 | 79768 | 0.0 |
| 246000 | Corebridge Financial, Inc., 6.050%, 09/15/2033 | 261182 | 0.0 |
| 695000 <sup>(1)(3)</sup> | Credit Agricole SA, 4.818%, 09/25/2033 | 694350 | 0.1 |
| 176000 | Crown Castle, Inc., 2.100%, 04/01/2031 | 155428 | 0.0 |
| 46000 | Crown Castle, Inc., 2.500%, 07/15/2031 | 41155 | 0.0 |
| 136000 | Crown Castle, Inc., 2.900%, 03/15/2027 | 134118 | 0.0 |
| 184000 | Crown Castle, Inc., 3.300%, 07/01/2030 | 174651 | 0.0 |
| 401000 | Crown Castle, Inc., 4.800%, 09/01/2028 | 407329 | 0.1 |
| 416000 | Crown Castle, Inc., 4.900%, 09/01/2029 | 423081 | 0.1 |
| 56000 | Crown Castle, Inc., 5.100%, 05/01/2033 | 56494 | 0.0 |
| 201000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 208856 | 0.0 |
| 96000 | Crown Castle, Inc., 5.800%, 03/01/2034 | 100696 | 0.0 |
| 232000 | CubeSmart L.P., 2.250%, 12/15/2028 | 220188 | 0.0 |
| 270000 <sup>(1)(3)</sup> | Danske Bank A/S, 4.613%, 10/02/2030 | 272361 | 0.0 |
| 345000 <sup>(1)(3)</sup> | Danske Bank A/S, 5.705%, 03/01/2030 | 358571 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Financial: (continued)** |  |  |
| 813000 <sup>(1)(3)</sup> | Depository Trust & Clearing Corp. D, 3.375%, 12/31/2199 | $806640 | 0.1 |
| 719000 | Deutsche Bank AG/ New York NY, 5.414%, 05/10/2029 | 747605 | 0.1 |
| 271000 <sup>(1)(3)</sup> | DNB Bank ASA, 4.853%, 11/05/2030 | 276597 | 0.0 |
| 328000 <sup>(1)</sup> | EQT AB, 5.850%, 05/08/2035 | 337025 | 0.0 |
| 447000 <sup>(1)</sup> | Equitable Financial Life Global Funding, 5.000%, 03/27/2030 | 457446 | 0.1 |
| 533000 <sup>(1)</sup> | Equitable Holdings, Inc., 4.572%, 02/15/2029 | 536053 | 0.1 |
| 196000 | Extra Space Storage L.P., 3.900%, 04/01/2029 | 193968 | 0.0 |
| 165000 | Extra Space Storage L.P., 4.000%, 06/15/2029 | 163448 | 0.0 |
| 140000 | Extra Space Storage L.P., 5.350%, 01/15/2035 | 143528 | 0.0 |
| 641000 <sup>(1)</sup> | Federation des Caisses Desjardins du Quebec, 5.250%, 04/26/2029 | 663830 | 0.1 |
| 43000 <sup>(3)</sup> | First Citizens BancShares, Inc., 6.254%, 03/12/2040 | 43878 | 0.0 |
| 474000 | First Industrial L.P., 5.250%, 01/15/2031 | 484035 | 0.1 |
| 695000 | GLP Capital L.P. / GLP Financing II, Inc., 5.250%, 02/15/2033 | 698087 | 0.1 |
| 135000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.049%, 07/23/2030 | 138353 | 0.0 |
| 156000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 160338 | 0.0 |
| 233000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.536%, 01/28/2036 | 241959 | 0.0 |
| 169000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 176595 | 0.0 |
| 295000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.734%, 01/28/2056 | 298366 | 0.0 |
| 9000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 9548 | 0.0 |
| 745000 <sup>(1)(3)</sup> | Hartford Financial Services Group, Inc. ICON, 6.238%, (TSFR3M + 2.387%), 02/12/2067 | 706176 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Financial: (continued)** |  |  |
| 304000 | Horace Mann Educators Corp., 4.700%, 10/01/2030 | $302009 | 0.0 |
| 202000 | Host Hotels & Resorts L.P., 5.500%, 04/15/2035 | 204573 | 0.0 |
| 645000 <sup>(3)</sup> | HSBC Holdings PLC, 2.206%, 08/17/2029 | 614135 | 0.1 |
| 315000 <sup>(3)</sup> | HSBC Holdings PLC, 2.804%, 05/24/2032 | 288303 | 0.0 |
| 267000 <sup>(3)</sup> | HSBC Holdings PLC, 5.597%, 05/17/2028 | 272043 | 0.0 |
| 351000 <sup>(3)</sup> | Huntington Bancshares, Inc., 6.141%, 11/18/2039 | 366842 | 0.1 |
| 399000 <sup>(3)</sup> | Huntington National Bank, 4.871%, 04/12/2028 | 402498 | 0.1 |
| 340000 | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 311640 | 0.0 |
| 917000 | Intercontinental Exchange, Inc., 3.625%, 09/01/2028 | 909735 | 0.1 |
| 307000 | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | 268660 | 0.0 |
| 512000 | Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028 | 487049 | 0.1 |
| 46000 | Invitation Homes Operating Partnership L.P., 4.150%, 04/15/2032 | 44671 | 0.0 |
| 140000 | Invitation Homes Operating Partnership L.P., 5.500%, 08/15/2033 | 145364 | 0.0 |
| 270000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 258041 | 0.0 |
| 91000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.182%, 06/01/2028 | 88773 | 0.0 |
| 88000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.739%, 10/15/2030 | 83513 | 0.0 |
| 245000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | 242820 | 0.0 |
| 488000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 493128 | 0.1 |
| 306000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 310370 | 0.0 |
| 1790000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.810%, 10/22/2036 | 1778093 | 0.2 |
| 241000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 247462 | 0.0 |
| 237000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | 243029 | 0.0 |
| 109000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.140%, 01/24/2031 | 112683 | 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)** |
|  | **Financial: (continued)** |  |  |
| 235000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | $239740 | 0.0 |
| 359000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.572%, 04/22/2036 | 376790 | 0.1 |
| 68000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.576%, 07/23/2036 | 70369 | 0.0 |
| 235000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 245233 | 0.0 |
| 140000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 149267 | 0.0 |
| 21000 | Kite Realty Group L.P., 4.000%, 10/01/2026 | 20972 | 0.0 |
| 528000 <sup>(3)</sup> | Lloyds Banking Group PLC, 8.000%, 12/31/2199 | 571629 | 0.1 |
| 347000 | LPL Holdings, Inc., 5.150%, 06/15/2030 | 354054 | 0.0 |
| 276000 | LPL Holdings, Inc., 5.200%, 03/15/2030 | 282574 | 0.0 |
| 229000 | LPL Holdings, Inc., 5.700%, 05/20/2027 | 233532 | 0.0 |
| 365000 <sup>(1)</sup> | Lseg US Fin Corp., 4.875%, 03/28/2027 | 369138 | 0.1 |
| 226000 <sup>(1)</sup> | Lseg US Fin Corp., 5.297%, 03/28/2034 | 233554 | 0.0 |
| 1903000 <sup>(3)</sup> | M&T Bank Corp., 5.400%, 07/30/2035 | 1922200 | 0.2 |
| 152000 | Mid-America Apartments L.P., 5.300%, 02/15/2032 | 158902 | 0.0 |
| 421000 <sup>(3)</sup> | Mitsubishi UFJ Financial Group, Inc., 5.197%, 01/16/2031 | 434802 | 0.1 |
| 656000 <sup>(3)</sup> | Mitsubishi UFJ Financial Group, Inc., 5.615%, 04/24/2036 | 686981 | 0.1 |
| 158000 <sup>(3)</sup> | Morgan Stanley, 2.475%, 01/21/2028 | 155463 | 0.0 |
| 172000 <sup>(3)</sup> | Morgan Stanley, 2.484%, 09/16/2036 | 151307 | 0.0 |
| 499000 <sup>(3)</sup> | Morgan Stanley, 3.591%, 07/22/2028 | 495722 | 0.1 |
| 171000 <sup>(3)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 175372 | 0.0 |
| 457000 <sup>(3)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 479985 | 0.1 |
| 223000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 228100 | 0.0 |
| 150000 <sup>(3)</sup> | Morgan Stanley I, 4.133%, 10/18/2029 | 149971 | 0.0 |
| 1161000 <sup>(3)</sup> | Morgan Stanley I, 4.892%, 10/22/2036 | 1151166 | 0.1 |
| 265000 <sup>(3)</sup> | Morgan Stanley Private Bank NA, 4.734%, 07/18/2031 | 268684 | 0.0 |
| 524000 | National Bank of Canada, 5.600%, 12/18/2028 | 547113 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Financial: (continued)** |  |  |
| 250000 <sup>(1)</sup> | National Securities Clearing Corp., 4.700%, 05/20/2030 | $255758 | 0.0 |
| 205000 <sup>(1)</sup> | Nationwide Building Society, 4.351%, 09/30/2030 | 205186 | 0.0 |
| 389000 <sup>(3)</sup> | NatWest Group PLC, 5.076%, 01/27/2030 | 397765 | 0.1 |
| 246000 <sup>(3)</sup> | NatWest Group PLC, 5.778%, 03/01/2035 | 260253 | 0.0 |
| 558000 <sup>(1)</sup> | NatWest Markets PLC, 5.410%, 05/17/2029 | 579123 | 0.1 |
| 305000 | NNN REIT, Inc., 4.600%, 02/15/2031 | 307748 | 0.0 |
| 1080000 <sup>(3)</sup> | Northern Trust Corp., 5.117%, 11/19/2040 | 1078930 | 0.1 |
| 208000 <sup>(1)</sup> | Northwestern Mutual Life Insurance Co., 6.170%, 05/29/2055 | 220951 | 0.0 |
| 227000 <sup>(1)</sup> | Nuveen LLC, 5.550%, 01/15/2030 | 236653 | 0.0 |
| 269000 | Omega Healthcare Investors, Inc., 5.200%, 07/01/2030 | 273851 | 0.0 |
| 39000 | Piedmont Operating Partnership L.P., 2.750%, 04/01/2032 | 33558 | 0.0 |
| 19000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 5.373%, 07/21/2036 | 19550 | 0.0 |
| 258000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 6.037%, 10/28/2033 | 278990 | 0.0 |
| 426000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 439097 | 0.1 |
| 79000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034 | 82275 | 0.0 |
| 615000 | Raymond James Financial, Inc., 5.650%, 09/11/2055 | 602433 | 0.1 |
| 123000 | Realty Income Corp., 3.950%, 08/15/2027 | 123092 | 0.0 |
| 717000 | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | 629254 | 0.1 |
| 79000 <sup>(1)</sup> | RGA Global Funding, 5.448%, 05/24/2029 | 81859 | 0.0 |
| 223000 <sup>(2)(3)</sup> | Royal Bank of Canada, 4.696%, 08/06/2031 | 225965 | 0.0 |
| 349000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.650%, 10/18/2030 | 354057 | 0.0 |
| 204000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.969%, 08/02/2030 | 209130 | 0.0 |
| 205000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 5.153%, 02/04/2031 | 211153 | 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)** |
|  | **Financial: (continued)** |  |  |
| 105000 | Sabra Health Care L.P., 3.200%, 12/01/2031 | $96227 | 0.0 |
| 248000 <sup>(3)</sup> | Santander UK Group Holdings PLC, 2.469%, 01/11/2028 | 243842 | 0.0 |
| 617000 <sup>(3)</sup> | State Street Corp., 3.031%, 11/01/2034 | 582861 | 0.1 |
| 323000 <sup>(3)</sup> | State Street Corp., 4.675%, 10/22/2032 | 329609 | 0.0 |
| 164000 | State Street Corp., 4.729%, 02/28/2030 | 168028 | 0.0 |
| 449000 | Sumitomo Mitsui Financial Group, Inc., 3.040%, 07/16/2029 | 431555 | 0.1 |
| 397000 | Sumitomo Mitsui Financial Group, Inc., 5.240%, 04/15/2030 | 412233 | 0.1 |
| 453000 | Sumitomo Mitsui Financial Group, Inc., 5.424%, 07/09/2031 | 474271 | 0.1 |
| 327000 | Sumitomo Mitsui Financial Group, Inc., 5.454%, 01/15/2032 | 342383 | 0.0 |
| 265000 | Toronto-Dominion Bank, 5.298%, 01/30/2032 | 277045 | 0.0 |
| 450000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.435%, 01/24/2030 | 465965 | 0.1 |
| 198000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.867%, 06/08/2034 | 210754 | 0.0 |
| 118000 <sup>(2)(3)</sup> | Truist Financial Corp., MTN, 6.123%, 10/28/2033 | 127788 | 0.0 |
| 290000 <sup>(1)(3)</sup> | UBS Group AG, 1.364%, 01/30/2027 | 289355 | 0.0 |
| 909000 <sup>(1)(3)</sup> | UBS Group AG, 5.379%, 09/06/2045 | 892274 | 0.1 |
| 298000 <sup>(1)(3)</sup> | UBS Group AG, 9.250%, 12/31/2199 | 327859 | 0.0 |
| 41000 <sup>(3)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 | 42802 | 0.0 |
| 982000 <sup>(3)</sup> | Wells Fargo & Co., 5.605%, 04/23/2036 | 1029656 | 0.1 |
| 61000 <sup>(3)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 | 67559 | 0.0 |
| 55000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.584%, 05/22/2028 | 54656 | 0.0 |
| 427000 <sup>(1)</sup> | Westpac New Zealand Ltd., 5.132%, 02/26/2027 | 432871 | 0.1 |
| 8000 | Weyerhaeuser Co., 4.750%, 05/15/2026 | 8018 | 0.0 |
| 505000 <sup>(1)</sup> | Wynnton Funding Trust, 5.251%, 08/15/2035 | 508416 | 0.1 |
| 846000 <sup>(1)</sup> | Wynnton Funding Trust II, 5.991%, 08/15/2055 | 854204 | 0.1 |
|  |  | **68420164** | **7.4** |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Industrial: 1.6%** |  |  |
| 202000 | 3M Co., 5.150%, 03/15/2035 | $206824 | 0.0 |
| 246000 | AGCO Corp., 5.450%, 03/21/2027 | 249455 | 0.0 |
| 147000 | Amcor Group Finance PLC, 5.450%, 05/23/2029 | 152013 | 0.0 |
| 416000 | Arrow Electronics, Inc., 5.150%, 08/21/2029 | 426087 | 0.1 |
| 505000 <sup>(1)</sup> | BAE Systems PLC, 5.125%, 03/26/2029 | 519768 | 0.1 |
| 450000 | Berry Global, Inc., 1.650%, 01/15/2027 | 438308 | 0.1 |
| 96000 | Boeing Co., 5.930%, 05/01/2060 | 94260 | 0.0 |
| 39000 | Boeing Co., 6.858%, 05/01/2054 | 43831 | 0.0 |
| 232000 | Boeing Co., 7.008%, 05/01/2064 | 264591 | 0.0 |
| 665000 | Canadian National Railway Co., 4.200%, 03/12/2031 | 663938 | 0.1 |
| 378000 | Canadian National Railway Co., 4.750%, 11/12/2035 | 378477 | 0.1 |
| 127000 | Canadian Pacific Railway Co., 2.875%, 11/15/2029 | 121402 | 0.0 |
| 138000 | Carrier Global Corp., 2.722%, 02/15/2030 | 129981 | 0.0 |
| 131000 | Carrier Global Corp., 5.900%, 03/15/2034 | 140584 | 0.0 |
| 190000 | Caterpillar Financial Services Corp., 4.700%, 11/15/2029 | 195013 | 0.0 |
| 349000 | Caterpillar, Inc., 5.200%, 05/15/2035 | 361955 | 0.1 |
| 418000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 427291 | 0.1 |
| 431000 | CNH Industrial Capital LLC, 5.500%, 01/12/2029 | 445108 | 0.1 |
| 373000 | CRH SMW Finance DAC, 5.200%, 05/21/2029 | 385446 | 0.1 |
| 25000 | FedEx Corp., 4.550%, 04/01/2046 | 21101 | 0.0 |
| 852000 | Flex Ltd., 5.250%, 01/15/2032 | 870581 | 0.1 |
| 184000 | Fortune Brands Innovations, Inc., 3.250%, 09/15/2029 | 176949 | 0.0 |
| 295000 | Fortune Brands Innovations, Inc., 4.000%, 03/25/2032 | 282899 | 0.0 |
| 103000 | GATX Corp., 4.000%, 06/30/2030 | 101651 | 0.0 |
| 71000 | GATX Corp., 6.050%, 06/05/2054 | 72293 | 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)** |
|  | **Industrial: (continued)** |  |  |
| 449000 | HEICO Corp., 5.250%, 08/01/2028 | $461688 | 0.1 |
| 337000 | Honeywell International, Inc., 4.750%, 02/01/2032 | 343917 | 0.0 |
| 114000 | Honeywell International, Inc., 5.000%, 03/01/2035 | 116164 | 0.0 |
| 184000 <sup>(2)</sup> | Huntington Ingalls Industries, Inc., 4.200%, 05/01/2030 | 182358 | 0.0 |
| 65000 | Ingersoll Rand, Inc., 5.450%, 06/15/2034 | 67686 | 0.0 |
| 728000 | John Deere Capital Corp., 4.400%, 09/08/2031 | 735385 | 0.1 |
| 250000 | John Deere Capital Corp., MTN, 4.850%, 06/11/2029 | 257258 | 0.0 |
| 394000 | John Deere Capital Corp., MTN, 4.900%, 03/07/2031 | 406936 | 0.1 |
| 75000 | Mohawk Industries, Inc., 5.850%, 09/18/2028 | 78028 | 0.0 |
| 32000 | Norfolk Southern Corp., 5.050%, 08/01/2030 | 33188 | 0.0 |
| 80000 | Norfolk Southern Corp., 5.550%, 03/15/2034 | 84443 | 0.0 |
| 17000 | Norfolk Southern Corp., 5.950%, 03/15/2064 | 17510 | 0.0 |
| 84000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.700%, 06/15/2026 | 83051 | 0.0 |
| 510000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 07/01/2029 | 524699 | 0.1 |
| 307000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030 | 316239 | 0.0 |
| 754000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | 776739 | 0.1 |
| 261000 | Raytheon Technologies Corp., 4.450%, 11/16/2038 | 245681 | 0.0 |
| 265000 | Ryder System, Inc., 5.000%, 03/15/2030 | 271566 | 0.0 |
| 149000 | Ryder System, Inc., 6.600%, 12/01/2033 | 166181 | 0.0 |
| 196000 | Ryder System, Inc., GMTN, 4.950%, 09/01/2029 | 200655 | 0.0 |
| 235000 | Ryder System, Inc., MTN, 5.250%, 06/01/2028 | 241481 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Industrial: (continued)** |  |  |
| 41000 | Ryder System, Inc., MTN, 5.375%, 03/15/2029 | $42485 | 0.0 |
| 299000 | Ryder System, Inc., MTN, 5.500%, 06/01/2029 | 311686 | 0.0 |
| 60000 <sup>(1)</sup> | Sealed Air Corp., 1.573%, 10/15/2026 | 58749 | 0.0 |
| 572000 | Smurfit Kappa Treasury ULC, 5.200%, 01/15/2030 | 590673 | 0.1 |
| 249000 | Smurfit Kappa Treasury ULC, 5.438%, 04/03/2034 | 257901 | 0.0 |
| 216000 | Sonoco Products Co., 4.600%, 09/01/2029 | 217843 | 0.0 |
| 223000 | Union Pacific Corp., 5.100%, 02/20/2035 | 230235 | 0.0 |
| 235000 | Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028 | 238020 | 0.0 |
|  |  | **14728251** | **1.6** |
|  | **Technology: 1.8%** |  |  |
| 751000 | Accenture Capital, Inc., 4.250%, 10/04/2031 | 751891 | 0.1 |
| 378000 | Adobe, Inc., 4.950%, 01/17/2030 | 391775 | 0.1 |
| 416000 <sup>(1)</sup> | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | 408509 | 0.1 |
| 414000 | Broadcom, Inc., 2.450%, 02/15/2031 | 378863 | 0.1 |
| 564000 <sup>(1)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 478537 | 0.1 |
| 245000 | Broadcom, Inc., 4.800%, 10/15/2034 | 245558 | 0.0 |
| 332000 | Broadcom, Inc., 4.900%, 07/15/2032 | 339127 | 0.1 |
| 664000 <sup>(1)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 655656 | 0.1 |
| 194000 | Broadcom, Inc., 5.050%, 04/15/2030 | 200221 | 0.0 |
| 188000 | Broadcom, Inc., 5.150%, 11/15/2031 | 195136 | 0.0 |
| 93000 | Broadcom, Inc., 5.200%, 04/15/2032 | 96584 | 0.0 |
| 292000 | Cadence Design Systems, Inc., 4.300%, 09/10/2029 | 293562 | 0.0 |
| 181000 | CDW LLC / CDW Finance Corp., 5.100%, 03/01/2030 | 184585 | 0.0 |
| 296000 <sup>(1)</sup> | Constellation Software, Inc./Canada, 5.158%, 02/16/2029 | 302020 | 0.0 |
| 304000 | Fiserv, Inc., 5.150%, 03/15/2027 | 307319 | 0.0 |
| 111000 <sup>(2)</sup> | Fiserv, Inc., 5.150%, 08/12/2034 | 110182 | 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)** |
|  | **Technology: (continued)** |  |  |
| 214000 <sup>(1)</sup> | Foundry JV Holdco LLC, 5.875%, 01/25/2034 | $219972 | 0.0 |
| 488000 <sup>(1)</sup> | Foundry JV Holdco LLC, 5.900%, 01/25/2030 | 510657 | 0.1 |
| 582000 <sup>(1)</sup> | Foundry JV Holdco LLC, 6.200%, 01/25/2037 | 612291 | 0.1 |
| 402000 | Hewlett Packard Enterprise Co., 4.850%, 10/15/2031 | 406194 | 0.1 |
| 334000 | Hewlett Packard Enterprise Co., 5.600%, 10/15/2054 | 309677 | 0.0 |
| 156000 | HP, Inc., 2.650%, 06/17/2031 | 140884 | 0.0 |
| 332000 | IBM International Capital Pte Ltd., 4.750%, 02/05/2031 | 338164 | 0.1 |
| 43000 | Intel Corp., 2.800%, 08/12/2041 | 30144 | 0.0 |
| 5000 <sup>(2)</sup> | Intel Corp., 5.200%, 02/10/2033 | 5096 | 0.0 |
| 21000 | Intel Corp., 5.600%, 02/21/2054 | 19401 | 0.0 |
| 257000 | Intel Corp., 5.700%, 02/10/2053 | 239516 | 0.0 |
| 587000 | International Business Machines Corp., 4.800%, 02/10/2030 | 600675 | 0.1 |
| 279000 | International Business Machines Corp., 5.000%, 02/10/2032 | 286978 | 0.0 |
| 279000 | International Business Machines Corp., 5.200%, 02/10/2035 | 286397 | 0.0 |
| 217000 | International Business Machines Corp., 5.700%, 02/10/2055 | 214004 | 0.0 |
| 235000 | Kyndryl Holdings, Inc., 2.700%, 10/15/2028 | 225514 | 0.0 |
| 210000 | Marvell Technology, Inc., 5.750%, 02/15/2029 | 219059 | 0.0 |
| 277000 | Micron Technology, Inc., 5.800%, 01/15/2035 | 292062 | 0.0 |
| 840000 | Micron Technology, Inc., 6.050%, 11/01/2035 | 896688 | 0.1 |
| 393000 <sup>(1)</sup> | MSCI, Inc., 3.625%, 09/01/2030 | 375688 | 0.1 |
| 315000 | MSCI, Inc., 5.150%, 03/15/2036 | 312865 | 0.0 |
| 186000 | NetApp, Inc., 5.500%, 03/17/2032 | 193578 | 0.0 |
| 45000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029 | 45108 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Technology: (continued)** |  |  |
| 233000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 5.000%, 01/15/2033 | $237145 | 0.0 |
| 692000 | Oracle Corp., 2.300%, 03/25/2028 | 660028 | 0.1 |
| 61000 | Oracle Corp., 2.800%, 04/01/2027 | 59816 | 0.0 |
| 123000 | Oracle Corp., 3.250%, 11/15/2027 | 120415 | 0.0 |
| 214000 | Oracle Corp., 3.800%, 11/15/2037 | 172914 | 0.0 |
| 26000 | Oracle Corp., 3.850%, 07/15/2036 | 21760 | 0.0 |
| 77000 | Oracle Corp., 3.850%, 04/01/2060 | 47098 | 0.0 |
| 25000 | Oracle Corp., 3.900%, 05/15/2035 | 21560 | 0.0 |
| 225000 | Oracle Corp., 5.200%, 09/26/2035 | 215649 | 0.0 |
| 459000 | Oracle Corp., 5.375%, 09/27/2054 | 371508 | 0.1 |
| 193000 | Oracle Corp., 5.500%, 09/27/2064 | 154190 | 0.0 |
| 260000 | Oracle Corp., 5.875%, 09/26/2045 | 234943 | 0.0 |
| 582000 | Oracle Corp., 5.950%, 09/26/2055 | 516035 | 0.1 |
| 356000 | Oracle Corp., 6.000%, 08/03/2055 | 314227 | 0.1 |
| 325000 | Oracle Corp., 6.100%, 09/26/2065 | 286843 | 0.0 |
| 147000 | Oracle Corp., 6.125%, 08/03/2065 | 130382 | 0.0 |
| 190000 | Qualcomm, Inc., 4.750%, 05/20/2032 | 194157 | 0.0 |
| 184000 | Synopsys, Inc., 5.000%, 04/01/2032 | 188166 | 0.0 |
| 216000 | Take-Two Interactive Software, Inc., 5.400%, 06/12/2029 | 223716 | 0.0 |
| 184000 | Teledyne FLIR LLC, 2.500%, 08/01/2030 | 170286 | 0.0 |
|  |  | **16460975** | **1.8** |
|  | **Utilities: 2.1%** |  |  |
| 434000 | AEP Texas, Inc., 5.450%, 05/15/2029 | 449465 | 0.1 |
| 123000 | AEP Transmission Co. LLC, 5.150%, 04/01/2034 | 125683 | 0.0 |
| 211000 <sup>(1)</sup> | AES Corp., 3.950%, 07/15/2030 | 206243 | 0.0 |
| 291000 | AES Corp., 5.450%, 06/01/2028 | 297848 | 0.1 |
| 309000 | AES Corp., 5.800%, 03/15/2032 | 317068 | 0.1 |
| 90000 | Alabama Power Co., 5.850%, 11/15/2033 | 96755 | 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)** |  |  |
| 14000 <sup>(1)</sup> | Alliant Energy Finance LLC, 3.600%, 03/01/2032 | $13018 | 0.0 |
| 214000 | Ameren Corp., 1.750%, 03/15/2028 | 203634 | 0.0 |
| 177000 | Ameren Corp., 5.000%, 01/15/2029 | 181012 | 0.0 |
| 119000 <sup>(1)</sup> | American Transmission Systems, Inc., 2.650%, 01/15/2032 | 107308 | 0.0 |
| 227000 | Avangrid, Inc., 3.800%, 06/01/2029 | 224139 | 0.0 |
| 139000 | Black Hills Corp., 3.050%, 10/15/2029 | 132865 | 0.0 |
| 1085000 | Black Hills Corp., 4.550%, 01/31/2031 | 1085718 | 0.1 |
| 92000 | Black Hills Corp., 6.000%, 01/15/2035 | 98231 | 0.0 |
| 175000 <sup>(1)</sup> | Boston Gas Co., 5.843%, 01/10/2035 | 184980 | 0.0 |
| 185000 | CenterPoint Energy, Inc., 5.400%, 06/01/2029 | 191666 | 0.0 |
| 128000 <sup>(3)</sup> | CMS Energy Corp., 3.750%, 12/01/2050 | 118135 | 0.0 |
| 258000 <sup>(3)</sup> | CMS Energy Corp., 4.750%, 06/01/2050 | 253965 | 0.0 |
| 27000 | Commonwealth Edison Co., 5.900%, 03/15/2036 | 29056 | 0.0 |
| 67000 | Consolidated Edison Co. of New York, Inc. 05-A, 5.300%, 03/01/2035 | 69160 | 0.0 |
| 268000 | DTE Energy Co., 5.200%, 04/01/2030 | 276646 | 0.0 |
| 97000 | Duke Energy Carolinas LLC, 2.550%, 04/15/2031 | 89405 | 0.0 |
| 24000 | Duke Energy Carolinas LLC, 6.450%, 10/15/2032 | 26641 | 0.0 |
| 174000 | Duke Energy Florida LLC, 2.400%, 12/15/2031 | 157494 | 0.0 |
| 72000 | Duke Energy Florida LLC, 5.875%, 11/15/2033 | 77777 | 0.0 |
| 115000 <sup>(1)</sup> | Duquesne Light Holdings, Inc., 2.532%, 10/01/2030 | 104560 | 0.0 |
| 156000 | Entergy Corp., 2.400%, 06/15/2031 | 140344 | 0.0 |
| 99000 | Entergy Corp., 2.800%, 06/15/2030 | 92854 | 0.0 |
| 160000 | Entergy Mississippi LLC, 5.000%, 09/01/2033 | 162942 | 0.0 |
| 328000 | Essential Utilities, Inc., 2.704%, 04/15/2030 | 308201 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 91000 | Essential Utilities, Inc., 5.375%, 01/15/2034 | $94199 | 0.0 |
| 146000 | Evergy Kansas Central, Inc., 5.250%, 03/15/2035 | 148910 | 0.0 |
| 64000 | Evergy Kansas Central, Inc., 5.900%, 11/15/2033 | 68751 | 0.0 |
| 184000 | Eversource Energy, 2.550%, 03/15/2031 | 166642 | 0.0 |
| 67000 | Eversource Energy, 5.125%, 05/15/2033 | 67699 | 0.0 |
| 112000 | Eversource Energy, 5.500%, 01/01/2034 | 115183 | 0.0 |
| 266000 | Eversource Energy, 5.950%, 02/01/2029 | 278179 | 0.0 |
| 60000 | Exelon Corp., 4.950%, 06/15/2035 | 59835 | 0.0 |
| 391000 | Exelon Corp., 5.150%, 03/15/2028 | 399637 | 0.1 |
| 182000 | Exelon Corp., 5.150%, 03/15/2029 | 187194 | 0.0 |
| 327000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | 325891 | 0.1 |
| 147000 | Florida Power & Light Co., 4.625%, 05/15/2030 | 150099 | 0.0 |
| 166000 | Florida Power & Light Co., 5.300%, 06/15/2034 | 173973 | 0.0 |
| 21000 | Florida Power & Light Co., 5.400%, 09/01/2035 | 21829 | 0.0 |
| 13000 | Florida Power & Light Co., 5.650%, 02/01/2037 | 13907 | 0.0 |
| 19000 | Indiana Michigan Power Co., 6.050%, 03/15/2037 | 20734 | 0.0 |
| 55000 | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | 53823 | 0.0 |
| 39000 <sup>(1)</sup> | Jersey Central Power & Light Co., 2.750%, 03/01/2032 | 35098 | 0.0 |
| 64000 | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | 67264 | 0.0 |
| 235000 <sup>(1)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 | 242843 | 0.0 |
| 275000 <sup>(1)</sup> | Liberty Utilities Co., 5.869%, 01/31/2034 | 289442 | 0.1 |
| 64000 | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | 67057 | 0.0 |
| 306000 <sup>(1)</sup> | Monongahela Power Co., 3.550%, 05/15/2027 | 304332 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 169000 <sup>(1)</sup> | Monongahela Power Co., 5.850%, 02/15/2034 | $178731 | 0.0 |
| 45000 <sup>(1)</sup> | Narragansett Electric Co., 3.395%, 04/09/2030 | 43457 | 0.0 |
| 228000 | National Grid PLC, 5.418%, 01/11/2034 | 236174 | 0.0 |
| 357000 | National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030 | 333760 | 0.1 |
| 103000 | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 | 93136 | 0.0 |
| 28000 | National Rural Utilities Cooperative Finance Corp., 4.023%, 11/01/2032 | 27227 | 0.0 |
| 47000 | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | 46048 | 0.0 |
| 238000 | National Rural Utilities Cooperative Finance Corp., 5.000%, 08/15/2034 | 242718 | 0.0 |
| 121000 <sup>(3)</sup> | National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046 | 120911 | 0.0 |
| 23000 | National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033 | 24682 | 0.0 |
| 161000 | National Rural Utilities Cooperative Finance Corp., MTN, 1.650%, 06/15/2031 | 140445 | 0.0 |
| 20000 <sup>(1)</sup> | New York State Electric & Gas Corp., 3.250%, 12/01/2026 | 19862 | 0.0 |
| 361000 | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | 353523 | 0.1 |
| 371000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082 | 364359 | 0.1 |
| 222000 | NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032 | 231352 | 0.0 |
| 216000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055 | 223107 | 0.0 |
| 268000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.500%, 08/15/2055 | 282500 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 249000 <sup>(1)</sup> | Niagara Mohawk Power Corp., 1.960%, 06/27/2030 | $225507 | 0.0 |
| 41000 <sup>(1)</sup> | Niagara Mohawk Power Corp., 5.664%, 01/17/2054 | 39872 | 0.0 |
| 322000 | NiSource, Inc., 5.850%, 04/01/2055 | 321240 | 0.1 |
| 559000 <sup>(1)</sup> | NorthWestern Corp., 5.073%, 03/21/2030 | 573856 | 0.1 |
| 110000 | NSTAR Electric Co., 1.950%, 08/15/2031 | 97136 | 0.0 |
| 72000 | NSTAR Electric Co., 5.400%, 06/01/2034 | 74742 | 0.0 |
| 109000 | OGE Energy Corp., 5.450%, 05/15/2029 | 113044 | 0.0 |
| 144000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 148260 | 0.0 |
| 74000 | Pacific Gas and Electric Co., 4.300%, 03/15/2045 | 58984 | 0.0 |
| 65000 | Pacific Gas and Electric Co., 4.450%, 04/15/2042 | 53977 | 0.0 |
| 37000 | PacifiCorp, 4.100%, 02/01/2042 | 29343 | 0.0 |
| 248000 <sup>(1)</sup> | PSEG Power LLC, 5.200%, 05/15/2030 | 253799 | 0.0 |
| 349000 <sup>(1)</sup> | PSEG Power LLC, 5.750%, 05/15/2035 | 362475 | 0.1 |
| 112000 | Public Service Electric and Gas Co., MTN, 5.200%, 03/01/2034 | 115425 | 0.0 |
| 187000 | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | 167529 | 0.0 |
| 209000 | Public Service Enterprise Group, Inc., 4.900%, 03/15/2030 | 213811 | 0.0 |
| 382000 | Public Service Enterprise Group, Inc., 5.200%, 04/01/2029 | 392770 | 0.1 |
| 80000 | Public Service Enterprise Group, Inc., 5.400%, 03/15/2035 | 82449 | 0.0 |
| 372000 <sup>(3)</sup> | Sempra, 6.400%, 10/01/2054 | 378579 | 0.1 |
| 1785000 | South Jersey Industries, Inc., 5.020%, 04/15/2031 | 1549131 | 0.2 |
| 503000 <sup>(3)</sup> | Southern Co. 21-A, 3.750%, 09/15/2051 | 497757 | 0.1 |
| 64000 | Southwestern Electric Power Co., 5.300%, 04/01/2033 | 65785 | 0.0 |
| 806000 | Southwestern Public Service Co., 5.300%, 05/15/2035 | 824481 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 45000 | Southwestern Public Service Co., 6.000%, 06/01/2054 | $| 46175 | 0.0 |
| 252000 | Tucson Electric Power Co., 5.200%, 09/15/2034 |  | 258041 | 0.0 |
| 120000 | WEC Energy Group, Inc., 2.200%, 12/15/2028 |  | 114019 | 0.0 |
| 116000 | Wisconsin Power and Light Co., 5.375%, 03/30/2034 |  | 119864 | 0.0 |
| 267000 | Xcel Energy, Inc., 5.600%, 04/15/2035 |  | 276737 | 0.0 |
|  |  |  | **19592114** | **2.1** |
|  | Total Corporate Bonds/Notes <br> (Cost $198,694,194) |  | **201879245** | **21.9** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 16.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 16.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 16.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 16.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 16.2%** |
| 571955 <sup>(3)</sup> | Alternative Loan Trust 2005-53T2 2A6, 4.346%, (TSFR1M + 0.614%), 11/25/2035 |  | 292181 | 0.0 |
| 804402 | Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035 |  | 541173 | 0.1 |
| 164840 <sup>(3)</sup><sup>(4)</sup> | Alternative Loan Trust 2005-J3 2A2, 1.154%, (-1.000\*TSFR1M + 4.886%), 05/25/2035 |  | 9525 | 0.0 |
| 1016971 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 |  | 479929 | 0.1 |
| 1410266 <sup>(3)</sup> | Alternative Loan Trust 2007-23CB A3, 4.346%, (TSFR1M + 0.614%), 09/25/2037 |  | 481323 | 0.1 |
| 61134 | Banc of America Funding Trust 2007-8 4A1, 6.000%, 08/25/2037 |  | 49533 | 0.0 |
| 211987 <sup>(3)</sup> | Bear Stearns ALT-A Trust 2005-10 22A1, 5.084%, 01/25/2036 |  | 201720 | 0.0 |
| 107624 <sup>(3)</sup> | Bear Stearns ALT-A Trust 2005-4 23A1, 5.406%, 05/25/2035 |  | 103321 | 0.0 |
| 660339 <sup>(3)</sup> | Bear Stearns ALT-A Trust 2006-6 31A1, 4.397%, 11/25/2036 |  | 363140 | 0.0 |
| 769933 <sup>(3)</sup> | Bear Stearns ALT-A Trust 2006-6 32A1, 4.474%, 11/25/2036 |  | 386721 | 0.1 |
| 582 <sup>(3)</sup> | Bear Stearns ARM Trust 2005-12 13A1, 4.594%, 02/25/2036 |  | 516 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 49940 <sup>(3)</sup> | Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 5.000%, 01/26/2036 | $35279 | 0.0 |
| 1148385 <sup>(1)</sup><sup>(3)</sup> | Chase Home Lending Mortgage Trust 2024-8 A9A, 5.500%, 08/25/2055 | 1153257 | 0.1 |
| 24914 <sup>(3)</sup> | Chase Mortgage Finance Trust Series 2005-A1 1A1, 4.380%, 12/25/2035 | 23629 | 0.0 |
| 4072 <sup>(3)</sup> | CHL Mortgage Pass-Through Trust 2004-HYB9 1A1, 5.087%, 02/20/2035 | 4062 | 0.0 |
| 9059 <sup>(3)</sup> | CHL Mortgage Pass-Through Trust 2005-2 2A3, 4.526%, (TSFR1M + 0.794%), 03/25/2035 | 8704 | 0.0 |
| 361500 | Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037 | 337417 | 0.0 |
| 10911 <sup>(3)</sup> | Citigroup Mortgage Loan Trust 2005-3 2A2A, 5.395%, 08/25/2035 | 10405 | 0.0 |
| 486210 | Citigroup Mortgage Loan Trust 2005-8 3A1, 5.500%, 09/25/2035 | 496779 | 0.1 |
| 484076 <sup>(3)</sup> | Citigroup Mortgage Loan Trust 2007-10 22AA, 4.457%, 09/25/2037 | 455505 | 0.1 |
| 235111 <sup>(1)</sup><sup>(3)</sup> | Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058 | 232049 | 0.0 |
| 142214 | CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037 | 129287 | 0.0 |
| 800000 <sup>(1)</sup><sup>(3)</sup> | Connecticut Avenue Securities Trust 2020-SBT1 1M2, 7.639%, (SOFR30A + 3.764%), 02/25/2040 | 824856 | 0.1 |
| 3600000 <sup>(1)</sup><sup>(3)</sup> | Connecticut Avenue Securities Trust 2022-R01 1B1, 7.024%, (SOFR30A + 3.150%), 12/25/2041 | 3669387 | 0.4 |
| 68267 <sup>(3)</sup> | DSLA Mortgage Loan Trust 2004-AR3 2A1, 5.015%, 07/19/2044 | 64972 | 0.0 |
| 210000 <sup>(1)</sup><sup>(3)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R01 1B1, 7.239%, (SOFR30A + 3.364%), 01/25/2040 | 213983 | 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)** |
| 1500000 <sup>(1)</sup><sup>(3)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R01 1B1, 6.974%, (SOFR30A + 3.100%), 10/25/2041 | $1524664 | 0.2 |
| 1500000 <sup>(1)</sup><sup>(3)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R03 1B1, 6.624%, (SOFR30A + 2.750%), 12/25/2041 | 1522951 | 0.2 |
| 1000000 <sup>(1)</sup><sup>(3)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R08 1B1, 9.474%, (SOFR30A + 5.600%), 07/25/2042 | 1066027 | 0.1 |
| 2000000 <sup>(1)</sup><sup>(3)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R04 1B1, 9.224%, (SOFR30A + 5.350%), 05/25/2043 | 2165050 | 0.2 |
| 700000 <sup>(1)</sup><sup>(3)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R07 2M2, 7.124%, (SOFR30A + 3.250%), 09/25/2043 | 723961 | 0.1 |
| 2000000 <sup>(1)</sup><sup>(3)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R06 1B1, 5.924%, (SOFR30A + 2.050%), 09/25/2044 | 2012266 | 0.2 |
| 500000 <sup>(1)</sup><sup>(3)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 5.824%, (SOFR30A + 1.950%), 02/25/2045 | 503311 | 0.1 |
| 1000000 <sup>(1)</sup><sup>(3)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R03 2M2, 6.124%, (SOFR30A + 2.250%), 03/25/2045 | 1016462 | 0.1 |
| 1817153 <sup>(4)</sup> | Fannie Mae Interest Strip 409 C29, 5.000%, 04/25/2042 | 349872 | 0 |
| 152976 <sup>(4)</sup> | Fannie Mae Interest Strip 418 10, 4.000%, 08/25/2043 | 25084 | 0 |
| 154262 <sup>(4)</sup> | Fannie Mae Interest Strip 418 15, 3.500%, 08/25/2043 | 22487 | 0 |
| 1345358 <sup>(4)</sup> | Fannie Mae Interest Strip 421 C11, 6.500%, 05/25/2039 | 210496 | 0 |
| 47027 | Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029 | 47955 | 0 |
| 1177 <sup>(3)</sup> | Fannie Mae REMIC Trust 2002-21 FC, 4.889%, (SOFR30A + 1.014%), 04/25/2032 | 1181 | 0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 285118 <sup>(4)</sup> | Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033 | $42414 | 0.0 |
| 8226 <sup>(3)</sup> | Fannie Mae REMIC Trust 2004-11 A, 4.306%, (SOFR30A + 0.234%), 03/25/2034 | 8213 | 0.0 |
| 139751 | Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036 | 144445 | 0.0 |
| 1199974 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2005-66 SY, 2.711%, (-1.000\*SOFR30A + 6.586%), 07/25/2035 | 100356 | 0.0 |
| 95365 <sup>(3)</sup> | Fannie Mae REMIC Trust 2005-74 DK, 8.045%, (-1.000\*SOFR30A + 23.542%), 07/25/2035 | 104054 | 0.0 |
| 1376477 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2005-92 SC, 2.691%, (-1.000\*SOFR30A + 6.566%), 10/25/2035 | 110812 | 0.0 |
| 72431 | Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036 | 75700 | 0.0 |
| 283609 <sup>(3)</sup> | Fannie Mae REMIC Trust 2006-104 ES, 13.507%, (-1.000\*SOFR30A + 32.878%), 11/25/2036 | 374196 | 0.0 |
| 1091234 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2006-12 SD, 2.761%, (-1.000\*SOFR30A + 6.636%), 10/25/2035 | 70263 | 0.0 |
| 1536848 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2006-120 QD, 0.711%, (-1.000\*SOFR30A + 4.586%), 10/25/2036 | 32667 | 0.0 |
| 832678 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2006-123 UI, 2.751%, (-1.000\*SOFR30A + 6.626%), 01/25/2037 | 75804 | 0.0 |
| 788482 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2006-59 XS, 3.211%, (-1.000\*SOFR30A + 7.086%), 07/25/2036 | 66248 | 0.0 |
| 10898 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2006-72 HS, 2.711%, (-1.000\*SOFR30A + 6.586%), 08/25/2026 | 82 | 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)** |
| 1067385 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2007-53 SX, 2.111%, (-1.000\*SOFR30A + 5.986%), 06/25/2037 | $87755 | 0.0 |
| 214172 <sup>(3)</sup> | Fannie Mae REMIC Trust 2007-73 A1, 4.109%, (SOFR30A + 0.174%), 07/25/2037 | 210323 | 0.0 |
| 122162 <sup>(3)</sup> | Fannie Mae REMIC Trust 2008-20 SP, 5.528%, (-1.000\*SOFR30A + 15.214%), 03/25/2038 | 129518 | 0.0 |
| 698911 | Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036 | 705992 | 0.1 |
| 2564897 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2010-102 SB, 2.611%, (-1.000\*SOFR30A + 6.486%), 09/25/2040 | 259964 | 0.0 |
| 2969048 <sup>(4)</sup> | Fannie Mae REMIC Trust 2010-112 PI, 6.000%, 10/25/2040 | 549442 | 0.1 |
| 775348 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2010-116 SE, 2.611%, (-1.000\*SOFR30A + 6.486%), 10/25/2040 | 68783 | 0.0 |
| 1985190 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2010-123 SL, 2.081%, (-1.000\*SOFR30A + 5.956%), 11/25/2040 | 134792 | 0.0 |
| 6642339 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2010-139 SA, 2.041%, (-1.000\*SOFR30A + 5.916%), 12/25/2040 | 563022 | 0.1 |
| 1345577 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2010-55 AS, 2.431%, (-1.000\*SOFR30A + 6.306%), 06/25/2040 | 122251 | 0.0 |
| 2423895 | Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040 | 2500243 | 0.3 |
| 123877 | Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040 | 125560 | 0.0 |
| 382327 | Fannie Mae REMIC Trust 2011-10 ZC, 5.000%, 02/25/2041 | 391839 | 0.1 |
| 35779 | Fannie Mae REMIC Trust 2011-127 UY, 3.500%, 12/25/2041 | 34155 | 0.0 |
| 1000000 | Fannie Mae REMIC Trust 2011-128 KB, 4.500%, 12/25/2041 | 995490 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 653006 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2011-149 ES, 2.011%, (-1.000\*SOFR30A + 5.886%), 07/25/2041 | $21402 | 0.0 |
| 441406 <sup>(4)</sup> | Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041 | 44232 | 0.0 |
| 249924 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2012-10 US, 2.461%, (-1.000\*SOFR30A + 6.336%), 02/25/2042 | 29302 | 0.0 |
| 10040 | Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041 | 10013 | 0.0 |
| 526834 | Fannie Mae REMIC Trust 2012-110 CA, 3.000%, 10/25/2042 | 488936 | 0.1 |
| 3267401 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2012-113 SG, 2.111%, (-1.000\*SOFR30A + 5.986%), 10/25/2042 | 347605 | 0.0 |
| 2309232 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2012-122 SB, 2.161%, (-1.000\*SOFR30A + 6.036%), 11/25/2042 | 258075 | 0.0 |
| 508441 <sup>(4)</sup> | Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032 | 23897 | 0.0 |
| 985454 <sup>(3)</sup> | Fannie Mae REMIC Trust 2012-131 BS, 0.433%, (-1.000\*SOFR30A + 5.263%), 12/25/2042 | 635289 | 0.1 |
| 7367417 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2012-134 SF, 2.161%, (-1.000\*SOFR30A + 6.036%), 12/25/2042 | 773344 | 0.1 |
| 3670869 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2012-137 SN, 2.111%, (-1.000\*SOFR30A + 5.986%), 12/25/2042 | 371098 | 0.0 |
| 5913177 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2012-19 S, 1.961%, (-1.000\*SOFR30A + 5.836%), 03/25/2042 | 566718 | 0.1 |
| 2483377 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2012-30 TS, 2.461%, (-1.000\*SOFR30A + 6.336%), 04/25/2042 | 280841 | 0.0 |
| 467162 <sup>(4)</sup> | Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042 | 59465 | 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)** |
| 2630798 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2013-60 DS, 2.211%, (-1.000\*SOFR30A + 6.086%), 06/25/2033 | $176578 | 0.0 |
| 3296635 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2013-9 DS, 2.161%, (-1.000\*SOFR30A + 6.036%), 02/25/2043 | 348210 | 0.0 |
| 5034337 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2013-9 SA, 2.161%, (-1.000\*SOFR30A + 6.036%), 03/25/2042 | 250788 | 0.0 |
| 7577932 <sup>(4)</sup> | Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045 | 1381351 | 0.2 |
| 8658876 <sup>(4)</sup> | Fannie Mae REMIC Trust 2016-2 IO, 5.500%, 02/25/2046 | 1144735 | 0.1 |
| 2839131 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2016-54 SD, 2.011%, (-1.000\*SOFR30A + 5.886%), 08/25/2046 | 318902 | 0.0 |
| 4333487 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2016-62 SC, 2.011%, (-1.000\*SOFR30A + 5.886%), 09/25/2046 | 491576 | 0.1 |
| 9189992 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2016-82 SD, 2.061%, (-1.000\*SOFR30A + 5.936%), 11/25/2046 | 762875 | 0.1 |
| 3215978 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2016-93 SL, 2.661%, (-1.000\*SOFR30A + 6.536%), 12/25/2046 | 229832 | 0.0 |
| 5566058 <sup>(4)</sup> | Fannie Mae REMIC Trust 2017-23 IO, 6.000%, 04/25/2047 | 1106867 | 0.1 |
| 822373 | Fannie Mae REMIC Trust 2017-54 D, 3.000%, 07/25/2047 | 747365 | 0.1 |
| 2851501 | Fannie Mae REMIC Trust 2018-11 BX, 4.000%, 12/25/2047 | 2752018 | 0.3 |
| 153540 | Fannie Mae REMIC Trust 2018-27 EA, 3.000%, 05/25/2048 | 139039 | 0.0 |
| 2219722 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2018-43 SE, 2.261%, (-1.000\*SOFR30A + 6.136%), 09/25/2038 | 183496 | 0.0 |
| 395345 | Fannie Mae REMIC Trust 2018-64 ET, 3.000%, 09/25/2048 | 358882 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 4087077 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2019-18 SA, 2.061%, (-1.000\*SOFR30A + 5.936%), 05/25/2049 | $355102 | 0.0 |
| 3646717 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2019-25 PS, 2.061%, (-1.000\*SOFR30A + 5.936%), 06/25/2049 | 413705 | 0.1 |
| 10642597 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2019-33 PS, 2.061%, (-1.000\*SOFR30A + 5.936%), 07/25/2049 | 1180470 | 0.1 |
| 8984339 <sup>(4)</sup> | Fannie Mae REMIC Trust 2020-71 TI, 3.000%, 10/25/2050 | 1469835 | 0.2 |
| 7605427 <sup>(3)</sup><sup>(4)</sup> | Fannie Mae REMIC Trust 2020-94 SC, 1.961%, (-1.000\*SOFR30A + 5.836%), 07/25/2050 | 876152 | 0.1 |
| 12636627 <sup>(4)</sup> | Fannie Mae REMIC Trust 2021-13 BI, 3.000%, 02/25/2050 | 2212720 | 0.2 |
| 12889934 <sup>(4)</sup> | Fannie Mae REMIC Trust 2021-17 KI, 4.500%, 04/25/2051 | 2940751 | 0.3 |
| 6683380 <sup>(4)</sup> | Fannie Mae REMIC Trust 2021-72 QI, 4.500%, 02/25/2043 | 1289745 | 0.1 |
| 13646604 <sup>(4)</sup> | Fannie Mae REMIC Trust 2021-8 TI, 4.000%, 03/25/2051 | 2866056 | 0.3 |
| 3951255 | Fannie Mae REMIC Trust 2024-22 MZ, 5.500%, 05/25/2054 | 4018782 | 0.4 |
| 95723 <sup>(3)</sup> | First Horizon Alternative Mortgage Securities Trust 2005-AA1 1A1, 4.636%, 03/25/2035 | 53514 | 0.0 |
| 47129 <sup>(3)</sup> | First Horizon Asset Securities, Inc. 2005-AR6 4A1, 5.194%, 02/25/2036 | 45603 | 0.0 |
| 15415 <sup>(3)</sup> | First Horizon Mortgage Pass-Through Trust 2005-AR3 2A1, 5.998%, 08/25/2035 | 10204 | 0.0 |
| 1554838 <sup>(1)</sup><sup>(3)</sup> | Flagstar Mortgage Trust 2018-1 B3, 3.925%, 03/25/2048 | 1443388 | 0.2 |
| 30608 | Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029 | 30941 | 0.0 |
| 42139 | Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029 | 42881 | 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)** |
| 22353 <sup>(3)</sup> | Freddie Mac REMIC Trust 2411 FJ, 4.448%, (SOFR30A + 0.464%), 12/15/2029 | $22303 | 0.0 |
| 19148 | Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032 | 19495 | 0.0 |
| 30904 | Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033 | 32168 | 0.0 |
| 78354 <sup>(4)</sup> | Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033 | 10817 | 0.0 |
| 1558436 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 2815 GS, 1.902%, (-1.000\*SOFR30A + 5.886%), 03/15/2034 | 101910 | 0.0 |
| 335600 | Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034 | 345130 | 0.0 |
| 266495 | Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035 | 274020 | 0.0 |
| 1789488 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3045 DI, 2.632%, (-1.000\*SOFR30A + 6.616%), 10/15/2035 | 144175 | 0.0 |
| 106511 <sup>(3)</sup> | Freddie Mac REMIC Trust 3065 DC, 7.565%, (-1.000\*SOFR30A + 19.517%), 03/15/2035 | 115272 | 0.0 |
| 113242 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3102 IS, 9.539%, (-1.000\*SOFR30A + 24.147%), 01/15/2036 | 27492 | 0.0 |
| 771938 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3170 SA, 2.502%, (-1.000\*SOFR30A + 6.486%), 09/15/2033 | 55816 | 0.0 |
| 194597 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3171 PS, 2.387%, (-1.000\*SOFR30A + 6.371%), 06/15/2036 | 14024 | 0.0 |
| 3037701 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3284 CI, 2.022%, (-1.000\*SOFR30A + 6.006%), 03/15/2037 | 251399 | 0.0 |
| 1333425 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3311 IC, 2.312%, (-1.000\*SOFR30A + 6.296%), 05/15/2037 | 122397 | 0.0 |
| 2874651 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3510 IC, 1.982%, (-1.000\*SOFR30A + 5.966%), 08/15/2037 | 236453 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 107080 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3524 LA, 5.569%, 03/15/2033 | $108771 | 0.0 |
| 15435 <sup>(3)</sup> | Freddie Mac REMIC Trust 3556 NT, 7.198%, (SOFR30A + 3.214%), 03/15/2038 | 16044 | 0.0 |
| 1766862 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3575 ST, 2.502%, (-1.000\*SOFR30A + 6.486%), 04/15/2039 | 188062 | 0.0 |
| 2496123 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3589 SB, 2.102%, (-1.000\*SOFR30A + 6.086%), 10/15/2039 | 226617 | 0.0 |
| 181737 <sup>(4)</sup> | Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040 | 18387 | 0.0 |
| 4601893 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3702 SB, 0.402%, (-1.000\*SOFR30A + 4.386%), 08/15/2040 | 156703 | 0.0 |
| 499484 | Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041 | 488390 | 0.1 |
| 1501249 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3856 KS, 2.452%, (-1.000\*SOFR30A + 6.436%), 05/15/2041 | 153795 | 0.0 |
| 723678 | Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041 | 723667 | 0.1 |
| 121342 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3925 SD, 1.952%, (-1.000\*SOFR30A + 5.936%), 07/15/2040 | 2040 | 0.0 |
| 221771 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3925 SL, 1.952%, (-1.000\*SOFR30A + 5.936%), 01/15/2041 | 1884 | 0.0 |
| 4631509 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 3951 SN, 2.452%, (-1.000\*SOFR30A + 6.436%), 11/15/2041 | 510889 | 0.1 |
| 242853 | Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042 | 245977 | 0.0 |
| 2631815 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4059 SP, 2.452%, (-1.000\*SOFR30A + 6.436%), 06/15/2042 | 309311 | 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)** |
| 2571695 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4102 MS, 2.502%, (-1.000\*SOFR30A + 6.486%), 09/15/2042 | $335401 | 0.0 |
| 6005317 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4139 CS, 2.052%, (-1.000\*SOFR30A + 6.036%), 12/15/2042 | 654922 | 0.1 |
| 3455170 <sup>(4)</sup> | Freddie Mac REMIC Trust 4150 IO, 3.500%, 01/15/2043 | 537723 | 0.1 |
| 332749 <sup>(4)</sup> | Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043 | 50550 | 0.0 |
| 2908037 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4313 SD, 2.052%, (-1.000\*SOFR30A + 6.036%), 03/15/2044 | 242743 | 0.0 |
| 4740540 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4313 SE, 2.052%, (-1.000\*SOFR30A + 6.036%), 03/15/2044 | 442324 | 0.1 |
| 426246 <sup>(4)</sup> | Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043 | 50360 | 0.0 |
| 598306 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4346 ST, 2.102%, (-1.000\*SOFR30A + 6.086%), 07/15/2039 | 11787 | 0.0 |
| 1547474 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4386 LS, 2.002%, (-1.000\*SOFR30A + 5.986%), 09/15/2044 | 154966 | 0.0 |
| 3211176 <sup>(4)</sup> | Freddie Mac REMIC Trust 4456 IO, 4.500%, 10/15/2044 | 658973 | 0.1 |
| 1371674 <sup>(4)</sup> | Freddie Mac REMIC Trust 4465 MI, 5.000%, 03/15/2041 | 203650 | 0.0 |
| 5051623 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4675 KS, 1.902%, (-1.000\*SOFR30A + 5.886%), 04/15/2047 | 532426 | 0.1 |
| 3061034 <sup>(4)</sup> | Freddie Mac REMIC Trust 4717 IB, 4.000%, 09/15/2047 | 608284 | 0.1 |
| 1901549 | Freddie Mac REMIC Trust 4753 VZ, 3.000%, 12/15/2047 | 1546118 | 0.2 |
| 1680611 | Freddie Mac REMIC Trust 4755 Z, 3.000%, 02/15/2048 | 1497594 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 592425 | Freddie Mac REMIC Trust 4787 PY, 4.000%, 05/15/2048 | $571689 | 0.1 |
| 4145353 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4845 S, 2.602%, (-1.000\*SOFR30A + 6.586%), 12/15/2048 | 407595 | 0.1 |
| 4116761 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4892 ES, 2.161%, (-1.000\*SOFR30A + 6.036%), 07/25/2045 | 462209 | 0.1 |
| 10934123 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4901 BS, 2.111%, (-1.000\*SOFR30A + 5.986%), 07/25/2049 | 946720 | 0.1 |
| 3891742 <sup>(4)</sup> | Freddie Mac REMIC Trust 4988 IJ, 4.500%, 12/15/2047 | 687657 | 0.1 |
| 9448285 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac REMIC Trust 4995 SB, 2.111%, (-1.000\*SOFR30A + 5.986%), 07/25/2050 | 1089556 | 0.1 |
| 3300107 <sup>(4)</sup> | Freddie Mac REMIC Trust 5015 EI, 4.500%, 09/25/2050 | 739653 | 0.1 |
| 12371799 <sup>(4)</sup> | Freddie Mac REMIC Trust 5118 LI, 3.000%, 06/25/2041 | 1295627 | 0.1 |
| 10474950 <sup>(4)</sup> | Freddie Mac REMIC Trust 5124 IQ, 3.500%, 07/25/2051 | 1920088 | 0.2 |
| 6635025 | Freddie Mac REMIC Trust 5387 ZQ, 5.500%, 03/25/2054 | 6715173 | 0.7 |
| 1000000 <sup>(1)</sup><sup>(3)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA7 B1, 7.524%, (SOFR30A + 3.650%), 11/25/2041 | 1023126 | 0.1 |
| 1400000 <sup>(1)</sup><sup>(3)</sup> | Freddie Mac STACR REMIC Trust 2022-HQA3 M2, 9.224%, (SOFR30A + 5.350%), 08/25/2042 | 1493204 | 0.2 |
| 2873804 <sup>(4)</sup> | Freddie Mac Strips 228 IO, 6.000%, 02/01/2035 | 422322 | 0.1 |
| 6410065 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac Strips 268 S5, 1.902%, (-1.000\*SOFR30A + 5.886%), 08/15/2042 | 660814 | 0.1 |
| 3912585 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac Strips 311 S1, 1.852%, (-1.000\*SOFR30A + 5.836%), 08/15/2043 | 405858 | 0.1 |
| 230169 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac Strips 347 118, 4.500%, 02/15/2044 | 41834 | 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)** |
| 6502441 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac Strips 347 C29, 3.000%, 01/15/2044 | $879957 | 0.1 |
| 5493519 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac Strips 347 C30, 3.500%, 02/15/2044 | 842939 | 0.1 |
| 2069675 <sup>(3)</sup><sup>(4)</sup> | Freddie Mac Strips 347 C31, 4.000%, 02/15/2044 | 334972 | 0.0 |
| 3297508 <sup>(4)</sup> | Freddie Mac Strips 351 C1, 2.500%, 02/15/2031 | 134290 | 0.0 |
| 2461399 <sup>(4)</sup> | Freddie Mac Strips 351 C11, 3.500%, 02/15/2031 | 141718 | 0.0 |
| 2898035 <sup>(4)</sup> | Freddie Mac Strips 351 C12, 4.000%, 02/15/2031 | 190410 | 0.0 |
| 2360693 <sup>(4)</sup> | Freddie Mac Strips 351 C13, 3.000%, 02/15/2031 | 123035 | 0.0 |
| 3615729 <sup>(4)</sup> | Freddie Mac Strips 351 C2, 3.000%, 02/15/2031 | 177632 | 0.0 |
| 2925389 <sup>(4)</sup> | Freddie Mac Strips 351 C7, 3.000%, 02/15/2031 | 142119 | 0.0 |
| 3541242 <sup>(4)</sup> | Freddie Mac Strips 351 C8, 3.500%, 02/15/2031 | 209237 | 0.0 |
| 1489215 | Freddie Mac Structured Pass-Through Certificates T-54 2A, 6.500%, 02/25/2043 | 1496970 | 0.2 |
| 1070911 <sup>(3)</sup> | Freddie Mac Structured Pass-Through Certificates T-62 1A1, 5.229%, (12MTA + 1.200%), 10/25/2044 | 988656 | 0.1 |
| 185045 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2005-7 AH, 2.921%, (-1.000\*TSFR1M + 6.656%), 02/16/2035 | 13922 | 0.0 |
| 3989629 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2007-35 KY, 2.601%, (-1.000\*TSFR1M + 6.336%), 06/16/2037 | 383575 | 0.0 |
| 131028 <sup>(3)</sup> | Ginnie Mae 2007-8 SP, 9.570%, (-1.000\*TSFR1M + 21.677%), 03/20/2037 | 155916 | 0.0 |
| 742394 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2008-35 SN, 2.552%, (-1.000\*TSFR1M + 6.286%), 04/20/2038 | 56453 | 0.0 |
| 337931 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2008-40 PS, 2.651%, (-1.000\*TSFR1M + 6.386%), 05/16/2038 | 20730 | 0.0 |
| 3384753 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2009-106 SU, 2.352%, (-1.000\*TSFR1M + 6.086%), 05/20/2037 | 300360 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 1159104 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2009-25 KS, 2.352%, (-1.000\*TSFR1M + 6.086%), 04/20/2039 | $105794 | 0.0 |
| 581908 | Ginnie Mae 2009-29 PB, 4.750%, 05/20/2039 | 593666 | 0.1 |
| 637479 | Ginnie Mae 2009-31 ZL, 4.500%, 05/20/2039 | 645196 | 0.1 |
| 2440160 | Ginnie Mae 2009-33 ZB, 6.000%, 05/20/2039 | 2522435 | 0.3 |
| 317392 <sup>(4)</sup> | Ginnie Mae 2010-106 IP, 5.000%, 03/20/2040 | 11996 | 0.0 |
| 486264 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2010-116 NS, 2.801%, (-1.000\*TSFR1M + 6.536%), 09/16/2040 | 36959 | 0.0 |
| 1992532 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2010-116 SK, 2.772%, (-1.000\*TSFR1M + 6.506%), 08/20/2040 | 168214 | 0.0 |
| 79661 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2010-149 HS, 2.251%, (-1.000\*TSFR1M + 5.986%), 05/16/2040 | 153 | 0.0 |
| 323070 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2010-4 SP, 2.651%, (-1.000\*TSFR1M + 6.386%), 01/16/2039 | 5759 | 0.0 |
| 40415 <sup>(4)</sup> | Ginnie Mae 2010-6 IA, 5.000%, 11/20/2039 | 375 | 0.0 |
| 784091 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2010-68 MS, 2.002%, (-1.000\*TSFR1M + 5.736%), 06/20/2040 | 72858 | 0.0 |
| 1800548 <sup>(4)</sup> | Ginnie Mae 2010-9 JI, 5.000%, 01/20/2040 | 360786 | 0.0 |
| 1822916 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2011-80 KS, 2.822%, (-1.000\*TSFR1M + 6.556%), 06/20/2041 | 198765 | 0.0 |
| 18842 <sup>(4)</sup> | Ginnie Mae 2012-40 NI, 4.500%, 05/20/2040 | 583 | 0.0 |
| 3214191 <sup>(4)</sup> | Ginnie Mae 2013-167 PI, 5.500%, 11/20/2043 | 428288 | 0.1 |
| 3478149 <sup>(4)</sup> | Ginnie Mae 2013-184 JI, 5.500%, 12/16/2043 | 692728 | 0.1 |
| 233195 | Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042 | 218786 | 0.0 |
| 268340 | Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043 | 246990 | 0.0 |
| 120956 | Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042 | 109314 | 0.0 |
| 94936 | Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042 | 85680 | 0.0 |
| 2608925 | Ginnie Mae 2014-3 EP, 2.750%, 02/16/2043 | 2526498 | 0.3 |
| 3051077 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2014-3 SU, 2.202%, (-1.000\*TSFR1M + 5.936%), 07/20/2039 | 266138 | 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)** |
| 3940569 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2014-55 MS, 2.351%, (-1.000\*TSFR1M + 6.086%), 04/16/2044 | $372642 | 0.0 |
| 2659721 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2014-56 SP, 2.351%, (-1.000\*TSFR1M + 6.086%), 12/16/2039 | 186278 | 0.0 |
| 3244391 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2014-58 CS, 1.751%, (-1.000\*TSFR1M + 5.486%), 04/16/2044 | 190596 | 0.0 |
| 4104178 <sup>(4)</sup> | Ginnie Mae 2014-79 BI, 6.000%, 05/16/2044 | 665800 | 0.1 |
| 1748963 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2014-99 S, 1.752%, (-1.000\*TSFR1M + 5.486%), 06/20/2044 | 163564 | 0.0 |
| 4323578 <sup>(4)</sup> | Ginnie Mae 2015-167 BI, 4.500%, 04/16/2045 | 798908 | 0.1 |
| 887103 | Ginnie Mae 2018-112 AL, 3.500%, 08/20/2048 | 831776 | 0.1 |
| 1026467 | Ginnie Mae 2018-126 A, 3.500%, 09/20/2048 | 949793 | 0.1 |
| 7735102 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2019-22 SA, 1.752%, (-1.000\*TSFR1M + 5.486%), 02/20/2045 | 680571 | 0.1 |
| 27316862 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2020-167 SC, 2.452%, (-1.000\*TSFR1M + 6.186%), 11/20/2050 | 3933960 | 0.4 |
| 4045059 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2020-7 SE, 2.202%, (-1.000\*TSFR1M + 5.936%), 06/20/2049 | 463326 | 0.1 |
| 20878878 <sup>(4)</sup> | Ginnie Mae 2021-228 IG, 3.000%, 12/20/2051 | 3493419 | 0.4 |
| 9678215 <sup>(4)</sup> | Ginnie Mae 2021-41 MI, 2.000%, 03/20/2051 | 1143027 | 0.1 |
| 702227 <sup>(4)</sup> | Ginnie Mae 2021-78 MI, 4.500%, 05/20/2051 | 124358 | 0.0 |
| 9636756 <sup>(4)</sup> | Ginnie Mae 2021-87 ID, 2.500%, 05/20/2051 | 1427818 | 0.2 |
| 14144026 <sup>(3)</sup><sup>(4)</sup> | Ginnie Mae 2022-45 SP, 1.882%, (-1.000\*SOFR30A + 5.800%), 05/20/2050 | 1287850 | 0.1 |
| 2231944 | Ginnie Mae 2024-20 KZ, 6.000%, 02/20/2054 | 2280324 | 0.3 |
| 123524 <sup>(1)</sup><sup>(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 116713 | 0.0 |
| 663060 <sup>(1)</sup><sup>(3)</sup> | GS Mortgage-Backed Securities Trust 2023-PJ4 A3, 6.000%, 01/25/2054 | 675923 | 0.1 |
| 918 | GSR Mortgage Loan Trust 2003-2F 3A1, 6.000%, 03/25/2032 | 949 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 26417 <sup>(3)</sup> | HarborView Mortgage Loan Trust 2005-2 2A1A, 4.286%, (TSFR1M + 0.554%), 05/19/2035 | $25779 | 0.0 |
| 43055 <sup>(3)</sup> | HomeBanc Mortgage Trust 2004-1 2A, 4.706%, (TSFR1M + 0.974%), 08/25/2029 | 42349 | 0.0 |
| 2514 <sup>(3)</sup> | JP Morgan Mortgage Trust 2005-A1 6T1, 5.555%, 02/25/2035 | 2452 | 0.0 |
| 20132 <sup>(3)</sup> | JP Morgan Mortgage Trust 2007-A1 5A5, 6.033%, 07/25/2035 | 20101 | 0.0 |
| 1566109 <sup>(1)</sup><sup>(3)</sup> | JP Morgan Mortgage Trust 2018-1 B3, 3.575%, 06/25/2048 | 1433512 | 0.2 |
| 1636385 <sup>(1)</sup><sup>(3)</sup> | JP Morgan Mortgage Trust 2020-8 B3, 3.494%, 03/25/2051 | 1453011 | 0.2 |
| 6371293 <sup>(3)</sup><sup>(4)</sup> | Lehman Mortgage Trust 2006-9 2A5, 2.774%, (-1.000\*TSFR1M + 6.506%), 01/25/2037 | 1055136 | 0.1 |
| 18707 <sup>(3)</sup> | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A3 1A, 5.840%, 05/25/2033 | 18252 | 0.0 |
| 6556 <sup>(3)</sup> | Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 4.346%, (TSFR1M + 0.614%), 11/25/2035 | 6329 | 0.0 |
| 8596 <sup>(1)</sup><sup>(3)</sup> | Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030 | 8581 | 0.0 |
| 1000000 <sup>(1)</sup><sup>(3)</sup> | PMT Loan Trust 2025-INV12 A29, 5.500%, 12/25/2056 | 1004617 | 0.1 |
| 791261361 <sup>(1)</sup><sup>(4)</sup> | PMTT4 2017-PM1 XIO, 13.000%, 10/25/2048 | 4581285 | 0.5 |
| 221028 | Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037 | 198158 | 0.0 |
| 494 | RFMSI Series Trust 2003-S9 A1, 6.500%, 03/25/2032 | 501 | 0.0 |
| 1191357 | Seasoned Credit Risk Transfer Trust 2017-4 M45T, 4.500%, 06/25/2057 | 1176920 | 0.1 |
| 543626 | Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057 | 477690 | 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)** |
| 718946 | Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057 | $626933 | 0.1 |
| 575418 | Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058 | 498506 | 0.1 |
| 576054 | Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058 | 504190 | 0.1 |
| 726389 | Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058 | 637869 | 0.1 |
| 151028 | Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058 | 132443 | 0.0 |
| 12453 <sup>(3)</sup> | Sequoia Mortgage Trust 2003-4 2A1, 4.548%, (TSFR1M + 0.814%), 07/20/2033 | 12514 | 0.0 |
| 3515 <sup>(3)</sup> | Sequoia Mortgage Trust 2005-4 2A1, 6.610%, 04/20/2035 | 3554 | 0.0 |
| 423698 <sup>(1)</sup><sup>(3)</sup> | Sequoia Mortgage Trust 2015-2 B3, 3.756%, 05/25/2045 | 374357 | 0.0 |
| 67415 <sup>(1)</sup><sup>(3)</sup> | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 | 63156 | 0.0 |
| 698000 <sup>(1)</sup><sup>(3)</sup> | Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050 | 625842 | 0.1 |
| 322727 <sup>(3)</sup> | Structured Adjustable Rate Mortgage Loan Trust 2005-7 4A, 5.119%, 04/25/2035 | 298058 | 0.0 |
| 20210 <sup>(3)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2005-17 3A1, 4.473%, 08/25/2035 | 17490 | 0.0 |
| 30806 <sup>(3)</sup> | Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 4.346%, (TSFR1M + 0.614%), 07/19/2035 | 30781 | 0.0 |
| 80736 <sup>(3)</sup> | Thornburg Mortgage Securities Trust 2006-5 A1, 4.663%, 10/25/2046 | 77573 | 0.0 |
| 6404 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2002-AR9 1A, 5.429%, (12MTA + 1.400%), 08/25/2042 | 6278 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
| 12693 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR1 A1A, 4.486%, (TSFR1M + 0.754%), 01/25/2045 | $12448 | 0 |
| 24845830 <sup>(3)</sup><sup>(4)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR11 X, 1.410%, 08/25/2045 | 29222 | 0 |
| 324767 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 4.492%, 10/25/2036 | 302834 | 0 |
| 297054 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 2A3, 3.665%, 10/25/2036 | 270302 | 0 |
| 504925 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR16 2A1, 4.127%, 12/25/2036 | 447762 | 0.1 |
| 161964 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR7 3A, 5.077%, (12MTA + 1.048%), 07/25/2046 | 150369 | 0 |
| 507236 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR13 A1C3, 4.826%, (TSFR1M + 1.094%), 10/25/2045 | 491485 | 0.1 |
| 1050654 <sup>(3)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR10 A1, 4.046%, (TSFR1M + 0.314%), 12/25/2036 | 530586 | 0.1 |
| 109233 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035 | 94908 | 0 |
| 563376 <sup>(3)</sup> | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 4.276%, (TSFR1M + 0.544%), 06/25/2037 | 497412 | 0.1 |
| 28068 <sup>(3)</sup> | Wells Fargo Mortgage Backed Securities Trust 2005-AR7 1A1, 6.060%, 05/25/2035 | 28943 | 0 |
| 94449 <sup>(3)</sup> | Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 6.064%, 04/25/2036 | 93588 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 416358 <sup>(1)</sup><sup>(3)</sup> | WinWater Mortgage Loan Trust 2015-5 B4, 3.757%, 08/20/2045 | $| 388214 | 0.1 |
|  | Total Collateralized Mortgage Obligations <br> (Cost $169,566,266) |  | **149162474** | **16.2** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 16.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 16.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 16.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 16.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 16.0%** |
|  | **Federal Home Loan Mortgage Corporation: 2.7%(5)** | **Federal Home Loan Mortgage Corporation: 2.7%(5)** | **Federal Home Loan Mortgage Corporation: 2.7%(5)** | **Federal Home Loan Mortgage Corporation: 2.7%(5)** |
| 79003 | 2.500%, 05/01/2030 |  | 76808 | 0.0 |
| 213448 | 2.500%, 05/01/2030 |  | 207357 | 0.0 |
| 353193 | 2.500%, 06/01/2030 |  | 343347 | 0.0 |
| 1572642 | 3.000%, 03/01/2045 |  | 1443274 | 0.2 |
| 1632813 | 3.000%, 03/01/2045 |  | 1503561 | 0.2 |
| 1553079 | 3.000%, 04/01/2045 |  | 1428213 | 0.2 |
| 1565355 | 3.000%, 04/01/2045 |  | 1439503 | 0.2 |
| 2866360 | 3.000%, 10/01/2046 |  | 2607496 | 0.3 |
| 617855 | 3.500%, 08/01/2042 |  | 589863 | 0.1 |
| 1701039 | 3.500%, 03/01/2045 |  | 1617237 | 0.2 |
| 217471 | 3.500%, 04/01/2045 |  | 206150 | 0.0 |
| 746010 | 3.500%, 05/01/2045 |  | 707406 | 0.1 |
| 325593 | 3.500%, 06/01/2045 |  | 308240 | 0.0 |
| 408877 | 3.500%, 07/01/2045 |  | 388685 | 0.0 |
| 425701 | 3.500%, 07/01/2045 |  | 405366 | 0.0 |
| 118991 | 3.500%, 08/01/2045 |  | 112686 | 0.0 |
| 354138 | 3.500%, 08/01/2045 |  | 337006 | 0.0 |
| 405751 | 3.500%, 08/01/2045 |  | 385550 | 0.0 |
| 425977 | 3.500%, 08/01/2045 |  | 403400 | 0.0 |
| 495761 | 3.500%, 08/01/2045 |  | 470382 | 0.1 |
| 490692 | 3.500%, 09/01/2045 |  | 464834 | 0.1 |
| 650994 | 3.500%, 09/01/2045 |  | 619329 | 0.1 |
| 763926 | 3.500%, 11/01/2045 |  | 719419 | 0.1 |
| 415653 | 4.000%, 10/01/2041 |  | 405440 | 0.1 |
| 428331 | 4.000%, 12/01/2041 |  | 417884 | 0.1 |
| 111208 | 4.000%, 07/01/2045 |  | 107847 | 0.0 |
| 68251 | 4.000%, 09/01/2045 |  | 65932 | 0.0 |
| 584081 | 4.000%, 09/01/2045 |  | 560621 | 0.1 |
| 869853 | 4.000%, 09/01/2045 |  | 843570 | 0.1 |
| 1142314 | 4.000%, 09/01/2045 |  | 1107088 | 0.1 |
| 475136 | 4.000%, 05/01/2047 |  | 462294 | 0.1 |
| 153677 | 4.000%, 11/01/2047 |  | 148443 | 0.0 |
| 144796 | 4.000%, 03/01/2048 |  | 140241 | 0.0 |
| 619241 | 4.000%, 06/01/2048 |  | 603932 | 0.1 |
| 2531 | 4.500%, 06/01/2039 |  | 2557 | 0.0 |
| 8041 | 4.500%, 09/01/2040 |  | 8108 | 0.0 |
| 29478 | 4.500%, 03/01/2041 |  | 29699 | 0.0 |
| 141780 | 4.500%, 08/01/2041 |  | 142492 | 0.0 |
| 229596 | 4.500%, 08/01/2041 |  | 231436 | 0.0 |
| 89450 | 4.500%, 09/01/2041 |  | 90047 | 0.0 |
| 103720 | 4.500%, 09/01/2041 |  | 104487 | 0.0 |
| 176733 | 4.500%, 09/01/2041 |  | 178095 | 0.0 |
| 633118 | 4.500%, 09/01/2041 |  | 636174 | 0.1 |
| 4252 | 5.000%, 05/01/2028 |  | 4281 | 0.0 |
| 38753 | 5.000%, 05/01/2035 |  | 39819 | 0.0 |
| 118825 | 5.000%, 01/01/2041 |  | 122401 | 0.0 |
| 72769 | 5.000%, 04/01/2041 |  | 73891 | 0.0 |
| 3869 | 5.500%, 03/01/2034 |  | 3980 | 0.0 |
| 623 | 5.500%, 05/01/2036 |  | 632 | 0.0 |
| 28584 | 5.500%, 06/01/2036 |  | 29886 | 0.0 |
| 3220 | 5.500%, 12/01/2036 |  | 3372 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (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)** |
|  | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** |
| 16721 | 5.500%, 03/01/2037 | $17265 | 0.0 |
| 4381 | 5.500%, 04/01/2037 | 4586 | 0.0 |
| 27533 | 5.500%, 05/01/2037 | 28835 | 0.0 |
| 46842 | 5.500%, 07/01/2037 | 49058 | 0.0 |
| 6003 | 5.500%, 09/01/2037 | 6234 | 0.0 |
| 5317 | 5.500%, 10/01/2037 | 5564 | 0.0 |
| 15807 | 5.500%, 11/01/2037 | 16555 | 0.0 |
| 15189 | 5.500%, 12/01/2037 | 15856 | 0.0 |
| 51902 | 5.500%, 12/01/2037 | 54342 | 0.0 |
| 3218 | 5.500%, 01/01/2038 | 3349 | 0.0 |
| 3242 | 5.500%, 01/01/2038 | 3395 | 0.0 |
| 33463 | 5.500%, 02/01/2038 | 35045 | 0.0 |
| 46423 | 5.500%, 02/01/2038 | 48492 | 0.0 |
| 35029 | 5.500%, 03/01/2038 | 36538 | 0.0 |
| 39771 | 5.500%, 04/01/2038 | 41592 | 0.0 |
| 3586 | 5.500%, 05/01/2038 | 3744 | 0.0 |
| 40884 | 5.500%, 05/01/2038 | 42454 | 0.0 |
| 23095 | 5.500%, 06/01/2038 | 24058 | 0.0 |
| 89659 | 5.500%, 06/01/2038 | 93572 | 0.0 |
| 81340 | 5.500%, 07/01/2038 | 85113 | 0.0 |
| 3076 | 5.500%, 08/01/2038 | 3202 | 0.0 |
| 15980 | 5.500%, 08/01/2038 | 16683 | 0.0 |
| 18608 | 5.500%, 09/01/2038 | 19420 | 0.0 |
| 16205 | 5.500%, 10/01/2038 | 16927 | 0.0 |
| 18969 | 5.500%, 10/01/2038 | 19797 | 0.0 |
| 1848 | 5.500%, 11/01/2038 | 1929 | 0.0 |
| 49365 | 5.500%, 11/01/2038 | 51565 | 0.0 |
| 3157 | 5.500%, 12/01/2038 | 3286 | 0.0 |
| 6247 | 5.500%, 12/01/2038 | 6542 | 0.0 |
| 14010 | 5.500%, 01/01/2039 | 14634 | 0.0 |
| 33510 | 5.500%, 03/01/2039 | 34973 | 0.0 |
| 12362 | 5.500%, 07/01/2039 | 12901 | 0.0 |
| 8099 | 5.500%, 12/01/2039 | 8455 | 0.0 |
| 53143 | 5.500%, 03/01/2040 | 55494 | 0.0 |
| 18201 | 5.500%, 08/01/2040 | 18945 | 0.0 |
| 32226 | 5.500%, 08/01/2040 | 33386 | 0.0 |
| 35345 | 5.500%, 08/01/2040 | 36910 | 0.0 |
| 39344 | 6.000%, 09/01/2027 | 40410 | 0.0 |
| 1925 | 6.000%, 02/01/2029 | 1979 | 0.0 |
| 2801 | 6.000%, 05/01/2035 | 2887 | 0.0 |
| 138371 | 6.000%, 03/01/2037 | 146589 | 0.0 |
| 1300 | 6.000%, 05/01/2037 | 1377 | 0.0 |
| 17698 | 6.000%, 07/01/2037 | 18748 | 0.0 |
| 3110 | 6.000%, 08/01/2037 | 3260 | 0.0 |
| 19879 | 6.000%, 08/01/2037 | 21054 | 0.0 |
| 97153 | 6.000%, 09/01/2037 | 102923 | 0.0 |
| 237 | 6.000%, 10/01/2037 | 250 | 0.0 |
| 4072 | 6.000%, 11/01/2037 | 4312 | 0.0 |
| 1548 | 6.000%, 12/01/2037 | 1614 | 0.0 |
| 4184 | 6.000%, 12/01/2037 | 4431 | 0.0 |
| 93073 | 6.000%, 01/01/2038 | 98604 | 0.0 |
| 635 | 6.000%, 04/01/2038 | 673 | 0.0 |
| 4412 | 6.000%, 06/01/2038 | 4626 | 0.0 |
| 129 | 6.000%, 07/01/2038 | 135 | 0.0 |
| 8756 | 6.000%, 08/01/2038 | 9146 | 0.0 |
| 25682 | 6.000%, 11/01/2038 | 27130 | 0.0 |
| 9947 | 6.000%, 05/01/2039 | 10447 | 0.0 |
| 4686 | 6.000%, 08/01/2039 | 4918 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 1471 | 6.000%, 09/01/2039 | $| 1534 | 0.0 |
| 2668 <sup>(3)</sup> | 6.034%, (H15T1Y + 2.250%), 11/01/2031 |  | 2723 | 0.0 |
| 21294 <sup>(3)</sup> | 6.090%, (RFUCCT1Y + 1.345%), 09/01/2035 |  | 21943 | 0.0 |
| 272574 | 6.500%, 09/01/2034 |  | 283264 | 0.0 |
| 1253 <sup>(3)</sup> | 6.500%, (H15T1Y + 2.250%), 04/01/2032 |  | 1281 | 0.0 |
| 148934 <sup>(3)</sup> | 6.505%, (RFUCCT1Y + 1.739%), 06/01/2035 |  | 154834 | 0.0 |
| 8255 <sup>(3)</sup> | 6.516%, (H15T1Y + 2.436%), 01/01/2029 |  | 8310 | 0.0 |
|  |  |  | **25299859** | **2.7** |
|  | **Federal National Mortgage Association: 0.1%(5)** | **Federal National Mortgage Association: 0.1%(5)** | **Federal National Mortgage Association: 0.1%(5)** | **Federal National Mortgage Association: 0.1%(5)** |
| 496 <sup>(3)</sup> | 4.434%, (ECOFC + 1.257%), 05/01/2036 |  | 491 | 0.0 |
| 4147 <sup>(3)</sup> | 4.855%, (ECOFC + 1.934%), 12/01/2036 |  | 4201 | 0.0 |
| 14967 <sup>(3)</sup> | 5.277%, (12MTA + 1.200%), 08/01/2042 |  | 14985 | 0.0 |
| 23981 <sup>(3)</sup> | 5.277%, (12MTA + 1.200%), 08/01/2042 |  | 24123 | 0.0 |
| 7812 <sup>(3)</sup> | 5.277%, (12MTA + 1.200%), 10/01/2044 |  | 7858 | 0.0 |
| 12485 <sup>(3)</sup> | 5.277%, (12MTA + 1.200%), 10/01/2044 |  | 12502 | 0.0 |
| 8040 <sup>(3)</sup> | 5.810%, (RFUCCT1M + 1.561%), 02/01/2033 |  | 8066 | 0.0 |
| 197722 <sup>(3)</sup> | 5.820%, (H15T1Y + 1.805%), 08/01/2035 |  | 201935 | 0.1 |
| 7822 <sup>(3)</sup> | 5.998%, (RFUCCT6M + 1.373%), 09/01/2035 |  | 7936 | 0.0 |
| 605 <sup>(3)</sup> | 6.159%, (H15T1Y + 2.215%), 09/01/2031 |  | 613 | 0.0 |
| 99347 <sup>(3)</sup> | 6.159%, (RFUCCT1Y + 1.659%), 10/01/2035 |  | 102227 | 0.0 |
| 8670 <sup>(3)</sup> | 6.233%, (RFUCCT1Y + 1.484%), 08/01/2035 |  | 8886 | 0.0 |
| 49722 <sup>(3)</sup> | 6.300%, (H15T1Y + 2.175%), 10/01/2035 |  | 51284 | 0.0 |
| 11415 <sup>(3)</sup> | 6.393%, (RFUCCT1Y + 1.659%), 02/01/2034 |  | 11633 | 0.0 |
| 5170 <sup>(3)</sup> | 6.460%, (H15T1Y + 2.210%), 04/01/2032 |  | 5283 | 0.0 |
| 41838 <sup>(3)</sup> | 6.471%, (RFUCCT1Y + 1.552%), 04/01/2035 |  | 42760 | 0.0 |
| 57594 <sup>(3)</sup> | 6.560%, (RFUCCT1Y + 1.810%), 09/01/2034 |  | 59510 | 0.0 |
| 15391 <sup>(3)</sup> | 6.675%, (RFUCCT1Y + 1.675%), 02/01/2035 |  | 15781 | 0.0 |
|  |  |  | **580074** | **0.1** |
|  | **Government National Mortgage Association: 3.2%** | **Government National Mortgage Association: 3.2%** | **Government National Mortgage Association: 3.2%** | **Government National Mortgage Association: 3.2%** |
| 3315203 | 2.500%, 08/20/2051 |  | 2863212 | 0.3 |
| 2700428 | 2.500%, 09/20/2051 |  | 2332246 | 0.3 |
| 2840370 | 2.500%, 12/20/2051 |  | 2453093 | 0.3 |
| 4512211 | 2.500%, 03/20/2052 |  | 3896984 | 0.4 |
| 3839413 | 2.500%, 04/20/2052 |  | 3315918 | 0.4 |
| 806843 | 3.000%, 03/20/2052 |  | 720818 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 1495111 | 3.500%, 07/20/2046 | $| 1353082 | 0.1 |
| 218450 | 3.500%, 07/20/2047 |  | 203024 | 0 |
| 2011040 | 3.500%, 01/20/2048 |  | 1854793 | 0.2 |
| 273144 | 4.000%, 11/20/2040 |  | 267196 | 0 |
| 511718 | 4.000%, 03/20/2046 |  | 492468 | 0.1 |
| 435384 | 4.500%, 08/20/2041 |  | 438522 | 0 |
| 199774 | 4.500%, 01/20/2047 |  | 199108 | 0 |
| 2672 | 5.000%, 11/15/2035 |  | 2722 | 0 |
| 3540 | 5.000%, 11/15/2035 |  | 3639 | 0 |
| 10308 | 5.000%, 11/15/2035 |  | 10498 | 0 |
| 11741 | 5.000%, 06/15/2037 |  | 11967 | 0 |
| 24392 | 5.000%, 03/15/2038 |  | 24817 | 0 |
| 40802 | 5.000%, 03/15/2038 |  | 41995 | 0 |
| 2080 | 5.000%, 06/15/2038 |  | 2120 | 0 |
| 676 | 5.000%, 09/15/2038 |  | 692 | 0 |
| 6859 | 5.000%, 11/15/2038 |  | 6991 | 0 |
| 22400 | 5.000%, 11/15/2038 |  | 23055 | 0 |
| 6347 | 5.000%, 12/15/2038 |  | 6527 | 0 |
| 30501 | 5.000%, 12/15/2038 |  | 31355 | 0 |
| 28676 | 5.000%, 01/15/2039 |  | 29515 | 0 |
| 33940 | 5.000%, 01/15/2039 |  | 34630 | 0 |
| 13894 | 5.000%, 02/15/2039 |  | 14176 | 0 |
| 31533 | 5.000%, 02/15/2039 |  | 32455 | 0 |
| 46830 | 5.000%, 02/15/2039 |  | 48124 | 0 |
| 1304 | 5.000%, 03/15/2039 |  | 1342 | 0 |
| 33212 | 5.000%, 03/15/2039 |  | 33887 | 0 |
| 40087 | 5.000%, 03/15/2039 |  | 41260 | 0 |
| 59652 | 5.000%, 03/15/2039 |  | 61397 | 0 |
| 36170 | 5.000%, 04/15/2039 |  | 37220 | 0 |
| 147 | 5.000%, 05/15/2039 |  | 150 | 0 |
| 23944 | 5.000%, 05/15/2039 |  | 24645 | 0 |
| 53426 | 5.000%, 05/15/2039 |  | 54989 | 0 |
| 27969 | 5.000%, 07/15/2039 |  | 28781 | 0 |
| 24837 | 5.000%, 09/15/2039 |  | 25453 | 0 |
| 6435 | 5.000%, 11/15/2039 |  | 6544 | 0 |
| 938 | 5.000%, 04/15/2040 |  | 963 | 0 |
| 5672 | 5.000%, 06/15/2040 |  | 5833 | 0 |
| 12242 | 5.000%, 09/15/2040 |  | 12587 | 0 |
| 23989 | 5.000%, 10/15/2040 |  | 24691 | 0 |
| 41667 | 5.000%, 05/15/2042 |  | 42502 | 0 |
| 131634 | 5.000%, 02/20/2043 |  | 135512 | 0 |
| 8666000 <sup>(6)</sup> | 5.500%, 01/20/2056 |  | 8751383 | 1 |
|  |  |  | **30004881** | **3.2** |
|  | **Uniform Mortgage-Backed Securities: 10.0%** | **Uniform Mortgage-Backed Securities: 10.0%** | **Uniform Mortgage-Backed Securities: 10.0%** | **Uniform Mortgage-Backed Securities: 10.0%** |
| 3263428 | 2.000%, 10/01/2050 |  | 2666576 | 0.3 |
| 795416 | 2.000%, 11/01/2051 |  | 657417 | 0.1 |
| 2203288 | 2.000%, 11/01/2051 |  | 1818401 | 0.2 |
| 4155024 | 2.000%, 12/01/2051 |  | 3374772 | 0.4 |
| 5260363 | 2.000%, 12/01/2051 |  | 4313587 | 0.5 |
| 1504621 | 2.000%, 02/01/2052 |  | 1236339 | 0.2 |
| 2730838 | 2.000%, 02/01/2052 |  | 2244764 | 0.3 |
| 410327 | 2.500%, 05/01/2030 |  | 399272 | 0.1 |
| 369735 | 2.500%, 07/01/2030 |  | 360245 | 0.1 |
| 1556336 | 2.500%, 11/01/2051 |  | 1327197 | 0.2 |
| 2949233 | 2.500%, 12/01/2051 |  | 2543473 | 0.3 |
| 3714496 | 2.500%, 12/01/2051 |  | 3208734 | 0.4 |
| 1973329 | 2.500%, 02/01/2052 |  | 1701020 | 0.2 |
| 3180252 | 2.500%, 02/01/2052 |  | 2735236 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 3317541 | 2.500%, 02/01/2052 | $2851462 | 0.3 |
| 3884891 | 2.500%, 02/01/2052 | 3345756 | 0.4 |
| 470722 | 3.000%, 09/01/2030 | 462950 | 0.1 |
| 570217 | 3.000%, 08/01/2043 | 527616 | 0.1 |
| 1026063 | 3.000%, 09/01/2043 | 948967 | 0.1 |
| 225711 | 3.000%, 09/01/2046 | 205084 | 0.0 |
| 1845991 | 3.000%, 02/01/2052 | 1654468 | 0.2 |
| 325890 | 3.500%, 12/01/2041 | 313592 | 0.1 |
| 56398 | 3.500%, 08/01/2042 | 54153 | 0.0 |
| 242980 | 3.500%, 08/01/2042 | 230530 | 0.0 |
| 224337 | 3.500%, 10/01/2042 | 214089 | 0.0 |
| 394871 | 3.500%, 10/01/2042 | 376874 | 0.1 |
| 179927 | 3.500%, 03/01/2043 | 171875 | 0.0 |
| 1382404 | 3.500%, 01/01/2046 | 1309790 | 0.2 |
| 2154250 | 3.500%, 02/01/2046 | 2039826 | 0.2 |
| 1824035 | 3.500%, 08/01/2046 | 1726388 | 0.2 |
| 1662177 | 3.500%, 09/01/2047 | 1564198 | 0.2 |
| 1682428 | 3.500%, 02/01/2052 | 1565395 | 0.2 |
| 723 | 4.000%, 05/01/2029 | 721 | 0.0 |
| 8155 | 4.000%, 11/01/2030 | 8142 | 0.0 |
| 4540 | 4.000%, 02/01/2031 | 4530 | 0.0 |
| 3034 | 4.000%, 10/01/2031 | 3025 | 0.0 |
| 148833 | 4.000%, 07/01/2042 | 145593 | 0.0 |
| 299194 | 4.000%, 07/01/2042 | 292776 | 0.1 |
| 1183760 | 4.000%, 07/01/2042 | 1158364 | 0.1 |
| 110787 | 4.000%, 08/01/2042 | 109622 | 0.0 |
| 1085555 | 4.000%, 08/01/2043 | 1061364 | 0.1 |
| 1650840 | 4.000%, 09/01/2043 | 1614395 | 0.2 |
| 58042 | 4.000%, 10/01/2043 | 56653 | 0.0 |
| 128061 | 4.000%, 10/01/2043 | 124916 | 0.0 |
| 310078 | 4.000%, 06/01/2045 | 300225 | 0.1 |
| 648282 | 4.000%, 07/01/2045 | 630069 | 0.1 |
| 1250788 | 4.000%, 07/01/2045 | 1213429 | 0.1 |
| 448959 | 4.000%, 06/01/2047 | 435969 | 0.1 |
| 36493 | 4.000%, 03/01/2048 | 35233 | 0.0 |
| 230260 | 4.000%, 03/01/2048 | 222728 | 0.0 |
| 1811088 | 4.000%, 09/01/2048 | 1749263 | 0.2 |
| 1234 | 4.500%, 07/01/2026 | 1235 | 0.0 |
| 89640 | 4.500%, 04/01/2029 | 90179 | 0.0 |
| 1430 | 4.500%, 06/01/2029 | 1436 | 0.0 |
| 17113 | 4.500%, 06/01/2029 | 17170 | 0.0 |
| 18050 | 4.500%, 07/01/2029 | 18129 | 0.0 |
| 452 | 4.500%, 10/01/2029 | 454 | 0.0 |
| 3127 | 4.500%, 06/01/2030 | 3138 | 0.0 |
| 112301 | 4.500%, 10/01/2030 | 113184 | 0.0 |
| 21881 | 4.500%, 02/01/2031 | 21968 | 0.0 |
| 17165 | 4.500%, 05/01/2031 | 17300 | 0.0 |
| 15573 | 4.500%, 10/01/2033 | 15588 | 0.0 |
| 5672 | 4.500%, 01/01/2034 | 5658 | 0.0 |
| 1020 | 4.500%, 07/01/2034 | 1014 | 0.0 |
| 2339 | 4.500%, 09/01/2035 | 2338 | 0.0 |
| 12902 | 4.500%, 09/01/2035 | 13007 | 0.0 |
| 15915 | 4.500%, 11/01/2035 | 16061 | 0.0 |
| 100483 | 4.500%, 02/01/2036 | 100292 | 0.0 |
| 31127 | 4.500%, 01/01/2037 | 31413 | 0.0 |
| 16159 | 4.500%, 09/01/2037 | 16153 | 0.0 |
| 1017 | 4.500%, 02/01/2038 | 1030 | 0.0 |
| 9661 | 4.500%, 01/01/2039 | 9740 | 0.0 |
| 15208 | 4.500%, 02/01/2039 | 15347 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 7360 | 4.500%, 04/01/2039 | $7428 | 0.0 |
| 18680 | 4.500%, 04/01/2039 | 18851 | 0.0 |
| 36995 | 4.500%, 04/01/2039 | 36979 | 0.0 |
| 164 | 4.500%, 05/01/2039 | 166 | 0.0 |
| 2165 | 4.500%, 05/01/2039 | 2185 | 0.0 |
| 6876 | 4.500%, 05/01/2039 | 6939 | 0.0 |
| 36720 | 4.500%, 05/01/2039 | 37029 | 0.0 |
| 41231 | 4.500%, 05/01/2039 | 41610 | 0.0 |
| 44738 | 4.500%, 05/01/2039 | 45149 | 0.0 |
| 445798 | 4.500%, 05/01/2039 | 449897 | 0.1 |
| 3821 | 4.500%, 06/01/2039 | 3853 | 0.0 |
| 55462 | 4.500%, 06/01/2039 | 55972 | 0.0 |
| 7816 | 4.500%, 07/01/2039 | 7888 | 0.0 |
| 12585 | 4.500%, 07/01/2039 | 12701 | 0.0 |
| 25278 | 4.500%, 07/01/2039 | 25510 | 0.0 |
| 25943 | 4.500%, 08/01/2039 | 26181 | 0.0 |
| 31199 | 4.500%, 08/01/2039 | 31261 | 0.0 |
| 52196 | 4.500%, 08/01/2039 | 52676 | 0.0 |
| 100527 | 4.500%, 08/01/2039 | 101451 | 0.0 |
| 98758 | 4.500%, 09/01/2039 | 99033 | 0.0 |
| 80756 | 4.500%, 10/01/2039 | 81499 | 0.0 |
| 5145 | 4.500%, 11/01/2039 | 5191 | 0.0 |
| 48126 | 4.500%, 11/01/2039 | 48546 | 0.0 |
| 2632 | 4.500%, 12/01/2039 | 2654 | 0.0 |
| 5819 | 4.500%, 12/01/2039 | 5860 | 0.0 |
| 2917 | 4.500%, 01/01/2040 | 2939 | 0.0 |
| 184755 | 4.500%, 01/01/2040 | 185994 | 0.0 |
| 43188 | 4.500%, 02/01/2040 | 43558 | 0.0 |
| 86040 | 4.500%, 02/01/2040 | 86778 | 0.0 |
| 26925 | 4.500%, 04/01/2040 | 27165 | 0.0 |
| 253324 | 4.500%, 04/01/2040 | 255458 | 0.0 |
| 29561 | 4.500%, 05/01/2040 | 29801 | 0.0 |
| 106367 | 4.500%, 05/01/2040 | 107241 | 0.0 |
| 1760 | 4.500%, 06/01/2040 | 1773 | 0.0 |
| 18062 | 4.500%, 06/01/2040 | 18208 | 0.0 |
| 30714 | 4.500%, 06/01/2040 | 30968 | 0.0 |
| 55808 | 4.500%, 06/01/2040 | 56270 | 0.0 |
| 144183 | 4.500%, 06/01/2040 | 145375 | 0.0 |
| 8213 | 4.500%, 07/01/2040 | 8268 | 0.0 |
| 35819 | 4.500%, 07/01/2040 | 36105 | 0.0 |
| 63772 | 4.500%, 07/01/2040 | 64310 | 0.0 |
| 1073 | 4.500%, 08/01/2040 | 1082 | 0.0 |
| 2690 | 4.500%, 08/01/2040 | 2708 | 0.0 |
| 15034 | 4.500%, 08/01/2040 | 15123 | 0.0 |
| 16737 | 4.500%, 08/01/2040 | 16843 | 0.0 |
| 32470 | 4.500%, 08/01/2040 | 32719 | 0.0 |
| 34958 | 4.500%, 08/01/2040 | 35215 | 0.0 |
| 36825 | 4.500%, 08/01/2040 | 36688 | 0.0 |
| 5387 | 4.500%, 09/01/2040 | 5423 | 0.0 |
| 9210 | 4.500%, 09/01/2040 | 9276 | 0.0 |
| 11116 | 4.500%, 09/01/2040 | 11084 | 0.0 |
| 13826 | 4.500%, 09/01/2040 | 13917 | 0.0 |
| 14559 | 4.500%, 09/01/2040 | 14663 | 0.0 |
| 66634 | 4.500%, 09/01/2040 | 67014 | 0.0 |
| 106944 | 4.500%, 09/01/2040 | 107795 | 0.0 |
| 13465 | 4.500%, 10/01/2040 | 13555 | 0.0 |
| 15473 | 4.500%, 10/01/2040 | 15587 | 0.0 |
| 43643 | 4.500%, 10/01/2040 | 43272 | 0.0 |
| 60490 | 4.500%, 10/01/2040 | 60922 | 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)** |
| 94114 | 4.500%, 10/01/2040 | $94888 | 0.0 |
| 22880 | 4.500%, 11/01/2040 | 23052 | 0.0 |
| 26922 | 4.500%, 11/01/2040 | 27115 | 0.0 |
| 107094 | 4.500%, 11/01/2040 | 106452 | 0.0 |
| 196301 | 4.500%, 11/01/2040 | 197623 | 0.0 |
| 545356 | 4.500%, 11/01/2040 | 549867 | 0.1 |
| 1384 | 4.500%, 12/01/2040 | 1397 | 0.0 |
| 8878 | 4.500%, 12/01/2040 | 8893 | 0.0 |
| 12838 | 4.500%, 12/01/2040 | 12929 | 0.0 |
| 12862 | 4.500%, 12/01/2040 | 12966 | 0.0 |
| 18373 | 4.500%, 12/01/2040 | 18525 | 0.0 |
| 25328 | 4.500%, 12/01/2040 | 25509 | 0.0 |
| 49256 | 4.500%, 12/01/2040 | 49547 | 0.0 |
| 61220 | 4.500%, 12/01/2040 | 61626 | 0.0 |
| 114272 | 4.500%, 12/01/2040 | 115147 | 0.0 |
| 10295 | 4.500%, 01/01/2041 | 10363 | 0.0 |
| 23607 | 4.500%, 01/01/2041 | 23778 | 0.0 |
| 73013 | 4.500%, 01/01/2041 | 73316 | 0.0 |
| 132739 | 4.500%, 01/01/2041 | 133551 | 0.0 |
| 226049 | 4.500%, 01/01/2041 | 227594 | 0.0 |
| 11458 | 4.500%, 02/01/2041 | 11540 | 0.0 |
| 29128 | 4.500%, 02/01/2041 | 29351 | 0.0 |
| 40378 | 4.500%, 02/01/2041 | 40658 | 0.0 |
| 41822 | 4.500%, 02/01/2041 | 42116 | 0.0 |
| 47438 | 4.500%, 02/01/2041 | 47200 | 0.0 |
| 2203 | 4.500%, 03/01/2041 | 2219 | 0.0 |
| 10020 | 4.500%, 03/01/2041 | 9848 | 0.0 |
| 11146 | 4.500%, 03/01/2041 | 11226 | 0.0 |
| 12802 | 4.500%, 03/01/2041 | 12892 | 0.0 |
| 21631 | 4.500%, 03/01/2041 | 21809 | 0.0 |
| 22455 | 4.500%, 03/01/2041 | 22337 | 0.0 |
| 28841 | 4.500%, 03/01/2041 | 29050 | 0.0 |
| 46586 | 4.500%, 03/01/2041 | 46943 | 0.0 |
| 99532 | 4.500%, 03/01/2041 | 99283 | 0.0 |
| 3049 | 4.500%, 04/01/2041 | 3067 | 0.0 |
| 13415 | 4.500%, 04/01/2041 | 13415 | 0.0 |
| 21041 | 4.500%, 04/01/2041 | 21196 | 0.0 |
| 64503 | 4.500%, 04/01/2041 | 64251 | 0.0 |
| 117052 | 4.500%, 04/01/2041 | 117840 | 0.0 |
| 208001 | 4.500%, 04/01/2041 | 209423 | 0.0 |
| 1915 | 4.500%, 05/01/2041 | 1928 | 0.0 |
| 2487 | 4.500%, 05/01/2041 | 2507 | 0.0 |
| 9046 | 4.500%, 05/01/2041 | 9104 | 0.0 |
| 9986 | 4.500%, 05/01/2041 | 9892 | 0.0 |
| 14314 | 4.500%, 05/01/2041 | 14410 | 0.0 |
| 116939 | 4.500%, 05/01/2041 | 117462 | 0.0 |
| 125390 | 4.500%, 05/01/2041 | 126041 | 0.0 |
| 142613 | 4.500%, 05/01/2041 | 143333 | 0.0 |
| 226794 | 4.500%, 05/01/2041 | 228205 | 0.0 |
| 7688 | 4.500%, 06/01/2041 | 7740 | 0.0 |
| 42476 | 4.500%, 06/01/2041 | 42639 | 0.0 |
| 154212 | 4.500%, 06/01/2041 | 155029 | 0.0 |
| 1140 | 4.500%, 07/01/2041 | 1137 | 0.0 |
| 2146 | 4.500%, 07/01/2041 | 2160 | 0.0 |
| 6362 | 4.500%, 07/01/2041 | 6402 | 0.0 |
| 13265 | 4.500%, 07/01/2041 | 13366 | 0.0 |
| 28763 | 4.500%, 07/01/2041 | 28808 | 0.0 |
| 53259 | 4.500%, 07/01/2041 | 53527 | 0.0 |
| 103490 | 4.500%, 07/01/2041 | 104134 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 9678 | 4.500%, 08/01/2041 | $9743 | 0.0 |
| 18863 | 4.500%, 08/01/2041 | 18755 | 0.0 |
| 31385 | 4.500%, 08/01/2041 | 31155 | 0.0 |
| 52973 | 4.500%, 08/01/2041 | 53302 | 0.0 |
| 68742 | 4.500%, 08/01/2041 | 69219 | 0.0 |
| 93161 | 4.500%, 08/01/2041 | 93129 | 0.0 |
| 113088 | 4.500%, 08/01/2041 | 112326 | 0.0 |
| 139438 | 4.500%, 08/01/2041 | 140002 | 0.0 |
| 2765 | 4.500%, 09/01/2041 | 2782 | 0.0 |
| 7287 | 4.500%, 09/01/2041 | 7335 | 0.0 |
| 38572 | 4.500%, 09/01/2041 | 38744 | 0.0 |
| 313946 | 4.500%, 09/01/2041 | 315673 | 0.1 |
| 11383 | 4.500%, 10/01/2041 | 11472 | 0.0 |
| 19868 | 4.500%, 10/01/2041 | 19977 | 0.0 |
| 38700 | 4.500%, 10/01/2041 | 38532 | 0.0 |
| 74068 | 4.500%, 10/01/2041 | 74479 | 0.0 |
| 88327 | 4.500%, 10/01/2041 | 88869 | 0.0 |
| 157041 | 4.500%, 10/01/2041 | 158219 | 0.0 |
| 344078 | 4.500%, 10/01/2041 | 345546 | 0.1 |
| 753631 | 4.500%, 10/01/2041 | 756536 | 0.1 |
| 1973 | 4.500%, 11/01/2041 | 1986 | 0.0 |
| 151372 | 4.500%, 11/01/2041 | 152376 | 0.0 |
| 153652 | 4.500%, 12/01/2041 | 152425 | 0.0 |
| 343524 | 4.500%, 12/01/2041 | 345413 | 0.1 |
| 6313 | 4.500%, 01/01/2042 | 6367 | 0.0 |
| 8066 | 4.500%, 01/01/2042 | 8021 | 0.0 |
| 15007 | 4.500%, 01/01/2042 | 15071 | 0.0 |
| 29752 | 4.500%, 03/01/2042 | 29837 | 0.0 |
| 24227 | 4.500%, 04/01/2042 | 24071 | 0.0 |
| 9660 | 4.500%, 06/01/2042 | 9699 | 0.0 |
| 3517 | 4.500%, 08/01/2042 | 3543 | 0.0 |
| 3672 | 4.500%, 09/01/2042 | 3651 | 0.0 |
| 5868 | 4.500%, 01/01/2043 | 5824 | 0.0 |
| 3171 | 4.500%, 12/01/2043 | 3181 | 0.0 |
| 38633 | 4.500%, 04/01/2047 | 38594 | 0.0 |
| 19007 | 4.500%, 05/01/2047 | 18906 | 0.0 |
| 43908 | 4.500%, 06/01/2047 | 43652 | 0.0 |
| 63435 | 4.500%, 06/01/2047 | 63067 | 0.0 |
| 58628 | 4.500%, 07/01/2047 | 58606 | 0.0 |
| 203339 | 4.500%, 07/01/2047 | 202259 | 0.0 |
| 15133 | 4.500%, 08/01/2047 | 15050 | 0.0 |
| 5775672 | 4.500%, 12/01/2054 | 5643031 | 0.6 |
| 357 | 5.000%, 04/01/2026 | 356 | 0.0 |
| 405 | 5.000%, 05/01/2026 | 404 | 0.0 |
| 1565 | 5.000%, 08/01/2027 | 1567 | 0.0 |
| 2380 | 5.000%, 04/01/2028 | 2396 | 0.0 |
| 3752123 | 5.000%, 05/01/2042 | 3860430 | 0.4 |
| 516282 | 5.000%, 09/01/2052 | 517359 | 0.1 |
| 133 | 5.500%, 07/01/2026 | 135 | 0.0 |
| 574 | 5.500%, 12/01/2027 | 582 | 0.0 |
| 4417 | 5.500%, 04/01/2028 | 4479 | 0.0 |
| 1152 | 5.500%, 08/01/2028 | 1169 | 0.0 |
| 1714 | 5.500%, 01/01/2029 | 1739 | 0.0 |
| 18978 | 5.500%, 10/01/2029 | 19312 | 0.0 |
| 17398 | 5.500%, 04/01/2033 | 17707 | 0.0 |
| 9085 | 5.500%, 10/01/2033 | 9217 | 0.0 |
| 349 | 5.500%, 11/01/2033 | 354 | 0.0 |
| 1627 | 5.500%, 11/01/2033 | 1650 | 0.0 |
| 2254 | 5.500%, 11/01/2033 | 2294 | 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)** |
| 3000 | 5.500%, 11/01/2033 | $3043 | 0.0 |
| 449 | 5.500%, 12/01/2033 | 456 | 0.0 |
| 7921 | 5.500%, 12/01/2033 | 8037 | 0.0 |
| 20022 | 5.500%, 12/01/2033 | 20371 | 0.0 |
| 43737 | 5.500%, 12/01/2033 | 44377 | 0.0 |
| 121035 | 5.500%, 12/01/2033 | 122893 | 0.0 |
| 112 | 5.500%, 01/01/2034 | 114 | 0.0 |
| 2506 | 5.500%, 01/01/2034 | 2596 | 0.0 |
| 6656 | 5.500%, 01/01/2034 | 6766 | 0.0 |
| 10759 | 5.500%, 01/01/2034 | 10915 | 0.0 |
| 48851 | 5.500%, 01/01/2034 | 49670 | 0.0 |
| 2019 | 5.500%, 06/01/2034 | 2103 | 0.0 |
| 3396 | 5.500%, 11/01/2034 | 3509 | 0.0 |
| 18360 | 5.500%, 11/01/2034 | 18919 | 0.0 |
| 378 | 5.500%, 12/01/2034 | 395 | 0.0 |
| 5471 | 5.500%, 01/01/2035 | 5629 | 0.0 |
| 11371 | 5.500%, 01/01/2035 | 11846 | 0.0 |
| 16989 | 5.500%, 01/01/2035 | 17415 | 0.0 |
| 4944 | 5.500%, 02/01/2035 | 5128 | 0.0 |
| 2886 | 5.500%, 07/01/2035 | 2998 | 0.0 |
| 290905 | 5.500%, 08/01/2035 | 303935 | 0.1 |
| 1343 | 5.500%, 10/01/2035 | 1424 | 0.0 |
| 241 | 5.500%, 11/01/2035 | 249 | 0.0 |
| 21890 | 5.500%, 11/01/2035 | 22829 | 0.0 |
| 304 | 5.500%, 12/01/2035 | 318 | 0.0 |
| 315 | 5.500%, 12/01/2035 | 324 | 0.0 |
| 5784 | 5.500%, 12/01/2035 | 6050 | 0.0 |
| 36628 | 5.500%, 12/01/2035 | 38201 | 0.0 |
| 3210 | 5.500%, 01/01/2036 | 3348 | 0.0 |
| 31029 | 5.500%, 01/01/2036 | 32458 | 0.0 |
| 336 | 5.500%, 02/01/2036 | 344 | 0.0 |
| 4671 | 5.500%, 04/01/2036 | 4886 | 0.0 |
| 240 | 5.500%, 08/01/2036 | 251 | 0.0 |
| 18218 | 5.500%, 09/01/2036 | 18778 | 0.0 |
| 28395 | 5.500%, 09/01/2036 | 29644 | 0.0 |
| 483 | 5.500%, 12/01/2036 | 505 | 0.0 |
| 786 | 5.500%, 12/01/2036 | 821 | 0.0 |
| 54401 | 5.500%, 12/01/2036 | 56910 | 0.0 |
| 54924 | 5.500%, 12/01/2036 | 57455 | 0.0 |
| 4914 | 5.500%, 01/01/2037 | 5140 | 0.0 |
| 24550 | 5.500%, 01/01/2037 | 25681 | 0.0 |
| 43955 | 5.500%, 02/01/2037 | 45982 | 0.0 |
| 107665 | 5.500%, 03/01/2037 | 111801 | 0.0 |
| 5288 | 5.500%, 04/01/2037 | 5531 | 0.0 |
| 374 | 5.500%, 05/01/2037 | 391 | 0.0 |
| 1095 | 5.500%, 05/01/2037 | 1134 | 0.0 |
| 5695 | 5.500%, 05/01/2037 | 5958 | 0.0 |
| 8774 | 5.500%, 05/01/2037 | 9151 | 0.0 |
| 8703 | 5.500%, 06/01/2037 | 9094 | 0.0 |
| 25520 | 5.500%, 06/01/2037 | 26617 | 0.0 |
| 12589 | 5.500%, 07/01/2037 | 13014 | 0.0 |
| 6091 | 5.500%, 08/01/2037 | 6368 | 0.0 |
| 16376 | 5.500%, 08/01/2037 | 17130 | 0.0 |
| 20179 | 5.500%, 08/01/2037 | 21104 | 0.0 |
| 46031 | 5.500%, 09/01/2037 | 48153 | 0.0 |
| 215 | 5.500%, 11/01/2037 | 224 | 0.0 |
| 162249 | 5.500%, 01/01/2038 | 169633 | 0.0 |
| 326 | 5.500%, 02/01/2038 | 340 | 0.0 |
| 504 | 5.500%, 02/01/2038 | 526 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 3213 | 5.500%, 03/01/2038 | $3329 | 0.0 |
| 155240 | 5.500%, 03/01/2038 | 161974 | 0.0 |
| 211 | 5.500%, 04/01/2038 | 219 | 0.0 |
| 7283 | 5.500%, 04/01/2038 | 7539 | 0.0 |
| 24720 | 5.500%, 04/01/2038 | 25770 | 0.0 |
| 1242 | 5.500%, 05/01/2038 | 1297 | 0.0 |
| 3878 | 5.500%, 05/01/2038 | 4050 | 0.0 |
| 45244 | 5.500%, 05/01/2038 | 46813 | 0.0 |
| 10103 | 5.500%, 06/01/2038 | 10532 | 0.0 |
| 35513 | 5.500%, 06/01/2038 | 37151 | 0.0 |
| 168 | 5.500%, 07/01/2038 | 175 | 0.0 |
| 18009 | 5.500%, 07/01/2038 | 18790 | 0.0 |
| 20852 | 5.500%, 07/01/2038 | 21814 | 0.0 |
| 22182 | 5.500%, 07/01/2038 | 23124 | 0.0 |
| 4355 | 5.500%, 08/01/2038 | 4555 | 0.0 |
| 9979 | 5.500%, 08/01/2038 | 10403 | 0.0 |
| 31393 | 5.500%, 08/01/2038 | 32726 | 0.0 |
| 23235 | 5.500%, 11/01/2038 | 24349 | 0.0 |
| 78783 | 5.500%, 11/01/2038 | 82249 | 0.0 |
| 99 | 5.500%, 12/01/2038 | 103 | 0.0 |
| 15003 | 5.500%, 12/01/2038 | 15695 | 0.0 |
| 22678 | 5.500%, 01/01/2039 | 23723 | 0.0 |
| 42512 | 5.500%, 01/01/2039 | 44472 | 0.0 |
| 143643 | 5.500%, 01/01/2039 | 150225 | 0.0 |
| 8939 | 5.500%, 03/01/2039 | 9338 | 0.0 |
| 73784 | 5.500%, 06/01/2039 | 77164 | 0.0 |
| 131010 | 5.500%, 06/01/2039 | 137051 | 0.0 |
| 7462 | 5.500%, 07/01/2041 | 7779 | 0.0 |
| 139381 | 5.500%, 09/01/2041 | 145363 | 0.0 |
| 5086395 | 5.500%, 02/01/2054 | 5165711 | 0.6 |
| 18954 | 6.000%, 11/01/2028 | 19450 | 0.0 |
| 140 | 6.000%, 04/01/2031 | 144 | 0.0 |
| 147 | 6.000%, 01/01/2032 | 153 | 0.0 |
| 202 | 6.000%, 11/01/2032 | 207 | 0.0 |
| 366 | 6.000%, 11/01/2032 | 376 | 0.0 |
| 16969 | 6.000%, 01/01/2033 | 17596 | 0.0 |
| 1469 | 6.000%, 09/01/2033 | 1508 | 0.0 |
| 268 | 6.000%, 01/01/2034 | 275 | 0.0 |
| 7686 | 6.000%, 06/01/2035 | 7889 | 0.0 |
| 2240 | 6.000%, 07/01/2035 | 2331 | 0.0 |
| 3755 | 6.000%, 07/01/2035 | 3888 | 0.0 |
| 4469 | 6.000%, 07/01/2035 | 4671 | 0.0 |
| 5050 | 6.000%, 07/01/2035 | 5332 | 0.0 |
| 292 | 6.000%, 10/01/2035 | 303 | 0.0 |
| 366 | 6.000%, 10/01/2035 | 376 | 0.0 |
| 20802 | 6.000%, 11/01/2035 | 21656 | 0.0 |
| 1810 | 6.000%, 12/01/2035 | 1881 | 0.0 |
| 19187 | 6.000%, 12/01/2035 | 20294 | 0.0 |
| 2934 | 6.000%, 01/01/2036 | 3012 | 0.0 |
| 11719 | 6.000%, 02/01/2036 | 12400 | 0.0 |
| 22450 | 6.000%, 02/01/2036 | 23755 | 0.0 |
| 4945 | 6.000%, 03/01/2036 | 5165 | 0.0 |
| 14212 | 6.000%, 03/01/2036 | 15038 | 0.0 |
| 9156 | 6.000%, 04/01/2036 | 9661 | 0.0 |
| 19611 | 6.000%, 04/01/2036 | 20692 | 0.0 |
| 4206 | 6.000%, 05/01/2036 | 4318 | 0.0 |
| 273 | 6.000%, 06/01/2036 | 287 | 0.0 |
| 1507 | 6.000%, 06/01/2036 | 1567 | 0.0 |
| 993 | 6.000%, 07/01/2036 | 1036 | 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)** |
| 1152 | 6.000%, 07/01/2036 | $1194 | 0.0 |
| 7805 | 6.000%, 07/01/2036 | 8159 | 0.0 |
| 27393 | 6.000%, 07/01/2036 | 28985 | 0.0 |
| 1136 | 6.000%, 08/01/2036 | 1185 | 0.0 |
| 1504 | 6.000%, 08/01/2036 | 1592 | 0.0 |
| 8945 | 6.000%, 08/01/2036 | 9465 | 0.0 |
| 10015 | 6.000%, 08/01/2036 | 10511 | 0.0 |
| 60773 | 6.000%, 08/01/2036 | 63314 | 0.0 |
| 65 | 6.000%, 09/01/2036 | 67 | 0.0 |
| 5318 | 6.000%, 09/01/2036 | 5541 | 0.0 |
| 5555 | 6.000%, 09/01/2036 | 5877 | 0.0 |
| 8921 | 6.000%, 09/01/2036 | 9247 | 0.0 |
| 10334 | 6.000%, 09/01/2036 | 10817 | 0.0 |
| 24348 | 6.000%, 09/01/2036 | 25761 | 0.0 |
| 46478 | 6.000%, 09/01/2036 | 48301 | 0.0 |
| 1905 | 6.000%, 10/01/2036 | 1983 | 0.0 |
| 4240 | 6.000%, 10/01/2036 | 4388 | 0.0 |
| 7678 | 6.000%, 10/01/2036 | 8125 | 0.0 |
| 15839 | 6.000%, 10/01/2036 | 16785 | 0.0 |
| 17095 | 6.000%, 10/01/2036 | 18037 | 0.0 |
| 19781 | 6.000%, 10/01/2036 | 20871 | 0.0 |
| 5868 | 6.000%, 11/01/2036 | 6135 | 0.0 |
| 17194 | 6.000%, 11/01/2036 | 18194 | 0.0 |
| 1067 | 6.000%, 12/01/2036 | 1120 | 0.0 |
| 1570 | 6.000%, 12/01/2036 | 1612 | 0.0 |
| 1569 | 6.000%, 12/01/2036 | 1661 | 0.0 |
| 8862 | 6.000%, 12/01/2036 | 9210 | 0.0 |
| 16873 | 6.000%, 12/01/2036 | 17854 | 0.0 |
| 172 | 6.000%, 01/01/2037 | 179 | 0.0 |
| 295 | 6.000%, 01/01/2037 | 312 | 0.0 |
| 4031 | 6.000%, 01/01/2037 | 4253 | 0.0 |
| 8894 | 6.000%, 01/01/2037 | 9184 | 0.0 |
| 6401 | 6.000%, 02/01/2037 | 6718 | 0.0 |
| 6779 | 6.000%, 02/01/2037 | 7173 | 0.0 |
| 42178 | 6.000%, 02/01/2037 | 44503 | 0.0 |
| 311 | 6.000%, 03/01/2037 | 325 | 0.0 |
| 3819 | 6.000%, 03/01/2037 | 4042 | 0.0 |
| 4669 | 6.000%, 03/01/2037 | 4864 | 0.0 |
| 8007 | 6.000%, 03/01/2037 | 8473 | 0.0 |
| 37127 | 6.000%, 03/01/2037 | 39035 | 0.0 |
| 550 | 6.000%, 04/01/2037 | 574 | 0.0 |
| 623 | 6.000%, 04/01/2037 | 648 | 0.0 |
| 806 | 6.000%, 04/01/2037 | 853 | 0.0 |
| 1711 | 6.000%, 04/01/2037 | 1798 | 0.0 |
| 3538 | 6.000%, 04/01/2037 | 3724 | 0.0 |
| 4321 | 6.000%, 04/01/2037 | 4513 | 0.0 |
| 7155 | 6.000%, 04/01/2037 | 7570 | 0.0 |
| 10757 | 6.000%, 04/01/2037 | 11382 | 0.0 |
| 11386 | 6.000%, 04/01/2037 | 11903 | 0.0 |
| 17724 | 6.000%, 04/01/2037 | 18511 | 0.0 |
| 22981 | 6.000%, 04/01/2037 | 23819 | 0.0 |
| 30817 | 6.000%, 04/01/2037 | 32563 | 0.0 |
| 50965 | 6.000%, 04/01/2037 | 53931 | 0.0 |
| 456 | 6.000%, 05/01/2037 | 468 | 0.0 |
| 4063 | 6.000%, 05/01/2037 | 4288 | 0.0 |
| 4738 | 6.000%, 05/01/2037 | 4918 | 0.0 |
| 6141 | 6.000%, 05/01/2037 | 6392 | 0.0 |
| 8029 | 6.000%, 05/01/2037 | 8496 | 0.0 |
| 8913 | 6.000%, 05/01/2037 | 9284 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 9117 | 6.000%, 05/01/2037 | $9437 | 0.0 |
| 11096 | 6.000%, 05/01/2037 | 11531 | 0.0 |
| 16798 | 6.000%, 05/01/2037 | 17724 | 0.0 |
| 36166 | 6.000%, 05/01/2037 | 38270 | 0.0 |
| 2455 | 6.000%, 06/01/2037 | 2594 | 0.0 |
| 3113 | 6.000%, 06/01/2037 | 3255 | 0.0 |
| 3094 | 6.000%, 06/01/2037 | 3274 | 0.0 |
| 4135 | 6.000%, 06/01/2037 | 4291 | 0.0 |
| 20303 | 6.000%, 06/01/2037 | 21005 | 0.0 |
| 26901 | 6.000%, 06/01/2037 | 28384 | 0.0 |
| 1944 | 6.000%, 07/01/2037 | 2051 | 0.0 |
| 2944 | 6.000%, 07/01/2037 | 3115 | 0.0 |
| 3071 | 6.000%, 07/01/2037 | 3259 | 0.0 |
| 4512 | 6.000%, 07/01/2037 | 4697 | 0.0 |
| 5457 | 6.000%, 07/01/2037 | 5705 | 0.0 |
| 10531 | 6.000%, 07/01/2037 | 11010 | 0.0 |
| 25349 | 6.000%, 07/01/2037 | 26825 | 0.0 |
| 26675 | 6.000%, 07/01/2037 | 27888 | 0.0 |
| 2029 | 6.000%, 08/01/2037 | 2158 | 0.0 |
| 4757 | 6.000%, 08/01/2037 | 4973 | 0.0 |
| 5547 | 6.000%, 08/01/2037 | 5853 | 0.0 |
| 7421 | 6.000%, 08/01/2037 | 7726 | 0.0 |
| 14485 | 6.000%, 08/01/2037 | 15129 | 0.0 |
| 19214 | 6.000%, 08/01/2037 | 20332 | 0.0 |
| 27411 | 6.000%, 08/01/2037 | 28484 | 0.0 |
| 434 | 6.000%, 09/01/2037 | 450 | 0.0 |
| 1070 | 6.000%, 09/01/2037 | 1132 | 0.0 |
| 4277 | 6.000%, 09/01/2037 | 4436 | 0.0 |
| 6938 | 6.000%, 09/01/2037 | 7341 | 0.0 |
| 39363 | 6.000%, 09/01/2037 | 41424 | 0.0 |
| 395 | 6.000%, 10/01/2037 | 412 | 0.0 |
| 14929 | 6.000%, 10/01/2037 | 15798 | 0.0 |
| 523 | 6.000%, 11/01/2037 | 554 | 0.0 |
| 16009 | 6.000%, 11/01/2037 | 16941 | 0.0 |
| 23653 | 6.000%, 11/01/2037 | 25030 | 0.0 |
| 717 | 6.000%, 12/01/2037 | 756 | 0.0 |
| 14426 | 6.000%, 12/01/2037 | 15221 | 0.0 |
| 24733 | 6.000%, 12/01/2037 | 25393 | 0.0 |
| 28947 | 6.000%, 12/01/2037 | 30631 | 0.0 |
| 13820 | 6.000%, 02/01/2038 | 14624 | 0.0 |
| 48185 | 6.000%, 02/01/2038 | 50547 | 0.0 |
| 61746 | 6.000%, 02/01/2038 | 65340 | 0.0 |
| 515 | 6.000%, 03/01/2038 | 542 | 0.0 |
| 3318 | 6.000%, 03/01/2038 | 3445 | 0.0 |
| 12087 | 6.000%, 03/01/2038 | 12790 | 0.0 |
| 1589 | 6.000%, 05/01/2038 | 1682 | 0.0 |
| 36359 | 6.000%, 05/01/2038 | 38432 | 0.0 |
| 5125 | 6.000%, 06/01/2038 | 5423 | 0.0 |
| 20527 | 6.000%, 07/01/2038 | 21723 | 0.0 |
| 33521 | 6.000%, 07/01/2038 | 34982 | 0.0 |
| 602 | 6.000%, 08/01/2038 | 637 | 0.0 |
| 2786 | 6.000%, 09/01/2038 | 2910 | 0.0 |
| 3378 | 6.000%, 09/01/2038 | 3574 | 0.0 |
| 10825 | 6.000%, 09/01/2038 | 11455 | 0.0 |
| 12455 | 6.000%, 09/01/2038 | 12995 | 0.0 |
| 307 | 6.000%, 10/01/2038 | 319 | 0.0 |
| 496 | 6.000%, 10/01/2038 | 519 | 0.0 |
| 6000 | 6.000%, 10/01/2038 | 6350 | 0.0 |
| 6631 | 6.000%, 10/01/2038 | 7017 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 9982 | 6.000%, 10/01/2038 | $| 10392 | 0.0 |
| 14852 | 6.000%, 10/01/2038 |  | 15717 | 0.0 |
| 348 | 6.000%, 11/01/2038 |  | 367 | 0.0 |
| 955 | 6.000%, 11/01/2038 |  | 996 | 0.0 |
| 39106 | 6.000%, 11/01/2038 |  | 40740 | 0.0 |
| 691 | 6.000%, 12/01/2038 |  | 722 | 0.0 |
| 9447 | 6.000%, 12/01/2038 |  | 9915 | 0.0 |
| 32278 | 6.000%, 12/01/2038 |  | 34157 | 0.0 |
| 632 | 6.000%, 10/01/2039 |  | 669 | 0.0 |
| 8358 | 6.000%, 10/01/2039 |  | 8845 | 0.0 |
| 7768 | 6.000%, 04/01/2040 |  | 8220 | 0.0 |
| 66045 | 6.000%, 09/01/2040 |  | 69038 | 0.0 |
| 81786 | 6.000%, 10/01/2040 |  | 86547 | 0.0 |
| 1610466 | 6.000%, 07/01/2054 |  | 1654552 | 0.2 |
| 2255189 | 6.000%, 09/01/2054 |  | 2316852 | 0.3 |
| 3491 | 6.500%, 01/01/2032 |  | 3624 | 0.0 |
| 2722 | 6.500%, 04/01/2032 |  | 2838 | 0.0 |
| 2359 | 6.500%, 10/01/2032 |  | 2455 | 0.0 |
| 5184 | 6.500%, 10/01/2032 |  | 5381 | 0.0 |
| 2352 | 6.500%, 03/01/2038 |  | 2506 | 0.0 |
| 160 | 7.000%, 12/01/2027 |  | 168 | 0.0 |
| 123758 | 7.000%, 03/01/2038 |  | 131206 | 0.0 |
| 2809 | 7.500%, 09/01/2031 |  | 2908 | 0.0 |
|  |  |  | **91834627** | **10.0** |
|  | Total U.S. Government Agency Obligations <br> (Cost $155,995,867) |  | **147719441** | **16.0** |
| **ASSET-BACKED SECURITIES: 9.7%** | **ASSET-BACKED SECURITIES: 9.7%** | **ASSET-BACKED SECURITIES: 9.7%** | **ASSET-BACKED SECURITIES: 9.7%** | **ASSET-BACKED SECURITIES: 9.7%** |
|  | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** |
| 806707 <sup>(1)(3)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 |  | 659557 | 0.1 |
| 32698 <sup>(3)</sup> | Renaissance Home Equity Loan Trust 2003-2 A, 3.383%, (TSFR1M + 0.994%), 08/25/2033 |  | 30145 | 0.0 |
| 212810 <sup>(3)</sup> | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.640%, 11/25/2035 |  | 212945 | 0.0 |
|  |  |  | **902647** | **0.1** |
|  | **Other Asset-Backed Securities: 8.7%** | **Other Asset-Backed Securities: 8.7%** | **Other Asset-Backed Securities: 8.7%** | **Other Asset-Backed Securities: 8.7%** |
| 900000 <sup>(1)(3)</sup> | 720 East CLO VII Ltd. 2025-7A B, 5.434%, (TSFR3M + 1.550%), 04/20/2037 |  | 899432 | 0.1 |
| 690000 <sup>(1)(3)</sup> | 720 East CLO VII Ltd. 2025-7A C, 5.584%, (TSFR3M + 1.700%), 04/20/2037 |  | 682483 | 0.1 |
| 1700000 <sup>(1)(3)</sup> | Allegany Park CLO Ltd. 2019-1A ARR, 4.984%, (TSFR3M + 1.100%), 01/20/2035 |  | 1700427 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 840000 <sup>(1)(3)</sup> | AMMC CLO 31 Ltd. 2025-31A B, 5.584%, (TSFR3M + 1.700%), 02/20/2038 | $843452 | 0.1 |
| 875209 <sup>(1)(3)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 5.215%, (TSFR1M + 1.464%), 11/15/2036 | 875285 | 0.1 |
| 2000000 <sup>(1)(3)</sup> | Ares LXV CLO Ltd. 2022-65A A1R, 4.978%, (TSFR3M + 1.120%), 07/25/2034 | 2000806 | 0.2 |
| 1950000 <sup>(1)(3)</sup> | Bain Capital Credit CLO Ltd. 2020-5A ARR, 5.034%, (TSFR3M + 1.150%), 04/20/2034 | 1952334 | 0.2 |
| 1600000 <sup>(1)(3)</sup> | Bain Capital Credit CLO Ltd. 2025-4A C, 5.709%, (TSFR3M + 1.850%), 01/17/2039 | 1603754 | 0.2 |
| 1390000 <sup>(1)(3)</sup> | Ballyrock CLO 18 Ltd. 2021-18A A2R, 5.555%, (TSFR3M + 1.650%), 04/15/2038 | 1395834 | 0.2 |
| 257261 <sup>(3)</sup> | Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 5.884%, 10/25/2036 | 257472 | 0.0 |
| 1360000 <sup>(1)(3)</sup> | Benefit Street Partners CLO Ltd. 2015-6BR BR, 5.434%, (TSFR3M + 1.550%), 04/20/2038 | 1364533 | 0.1 |
| 1860000 <sup>(1)(3)</sup> | Birch Grove CLO 12 Ltd. 2025-12A B, 5.407%, (TSFR3M + 1.550%), 04/22/2038 | 1862779 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | BlueMountain CLO XXX Ltd. 2020-30A CR2, 5.755%, (TSFR3M + 1.850%), 04/15/2035 | 1000794 | 0.1 |
| 3490000 <sup>(1)(3)</sup> | Broad River Bsl Funding Clo Ltd. 2020-1A AR, 5.316%, (TSFR3M + 1.432%), 07/20/2034 | 3491693 | 0.4 |
| 3000000 <sup>(1)(3)</sup> | Broad River Bsl Funding Clo Ltd. 2020-1A CR, 6.146%, (TSFR3M + 2.262%), 07/20/2034 | 3004041 | 0.3 |
| 1750000 <sup>(1)(3)</sup> | California Street CLO IX L.P. 2012-9A CR3, 6.655%, (TSFR3M + 2.762%), 07/16/2032 | 1757466 | 0.2 |
| 3000000 <sup>(1)(3)</sup> | Cedar Funding VIII Clo Ltd. 2017-8A ARR, 5.102%, (TSFR3M + 1.220%), 01/17/2038 | 2997900 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 19902 <sup>(3)</sup> | Chase Funding Trust Series 2002-4 2A1, 4.586%, (TSFR1M + 0.854%), 10/25/2032 | $19966 | 0 |
| 63964 <sup>(3)</sup> | Chase Funding Trust Series 2003-5 2A2, 4.446%, (TSFR1M + 0.714%), 07/25/2033 | 64197 | 0 |
| 1850000 <sup>(1)(3)</sup> | CIFC Funding Ltd. 2022-4A AR, 4.984%, (TSFR3M + 1.090%), 07/16/2035 | 1850666 | 0.2 |
| 500000 <sup>(1)</sup> | Domino's Pizza Master Issuer LLC 2025- 1A A2I, 4.930%, 07/25/2055 | 503696 | 0.1 |
| 6750000 <sup>(1)(3)</sup> | Dryden 104 CLO Ltd. 2022-104A A1R, 5.179%, (TSFR3M + 1.290%), 08/20/2034 | 6760476 | 0.7 |
| 1300000 <sup>(1)(3)</sup> | Elevation CLO Ltd. 2023-17A BR, 5.566%, (TSFR3M + 1.650%), 10/20/2036 | 1301296 | 0.1 |
| 1730000 <sup>(1)(3)</sup> | Elmwood CLO IX Ltd. 2021-2A BR, 5.434%, (TSFR3M + 1.550%), 04/20/2038 | 1734526 | 0.2 |
| 840000 <sup>(1)(3)</sup> | Elmwood CLO XI Ltd. 2021-4A BR, 5.434%, (TSFR3M + 1.550%), 01/20/2038 | 842744 | 0.1 |
| 87653 <sup>(3)</sup> | GSAMP Trust 2007- FM1 A2A, 3.916%, (TSFR1M + 0.184%), 12/25/2036 | 43535 | 0 |
| 548022 <sup>(1)</sup> | HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040 | 534734 | 0.1 |
| 212566 <sup>(1)(3)</sup> | HGI CRE CLO Ltd. 2022-FL3 A, 5.674%, (SOFR30A + 1.700%), 04/20/2037 | 212616 | 0 |
| 1550000 <sup>(1)(3)</sup> | Invesco CLO Ltd. 2021-3A BR, 5.357%, (TSFR3M + 1.500%), 10/22/2034 | 1551976 | 0.2 |
| 397000 <sup>(1)</sup> | Jersey Mike's Funding LLC 2024-1A A2, 5.636%, 02/15/2055 | 405592 | 0 |
| 1350000 <sup>(1)(3)</sup> | KKR Clo 33 Ltd. 33A BR, 5.513%, (TSFR3M + 1.600%), 07/20/2034 | 1353544 | 0.1 |
| 970000 <sup>(1)(3)</sup> | Lakeside Park CLO Ltd. 2025-1A B1, 5.455%, (TSFR3M + 1.550%), 04/15/2038 | 971183 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 49341 <sup>(3)</sup> | Long Beach Mortgage Loan Trust 2004-4 1A1, 4.406%, (TSFR1M + 0.674%), 10/25/2034 | $48308 | 0 |
| 1040000 <sup>(1)(3)</sup> | Magnetite Xlv Ltd. 2025-45A B, 5.455%, (TSFR3M + 1.550%), 04/15/2038 | 1043912 | 0.1 |
| 4600000 <sup>(1)(3)</sup> | Magnetite XXXI Ltd. 2021-31A A1R, 4.672%, (TSFR3M + 1.000%), 07/15/2034 | 4601150 | 0.5 |
| 3532000 <sup>(1)(3)</sup> | MF1 Ltd. 2021-FL7 AS, 5.299%, (TSFR1M + 1.564%), 10/16/2036 | 3530521 | 0.4 |
| 253069 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044 | 231075 | 0 |
| 2350000 <sup>(1)(3)</sup> | Neuberger Berman CLO XVII Ltd. 2014- 17A AR3, 5.257%, (TSFR3M + 1.400%), 07/22/2038 | 2355844 | 0.3 |
| 3000000 <sup>(1)(3)</sup> | Neuberger Berman Loan Advisers CLO 47 Ltd. 2022-47A AR, 5.205%, (TSFR3M + 1.090%), 04/16/2035 | 3000069 | 0.3 |
| 1450000 <sup>(1)(3)</sup> | OCP Clo Ltd. 2019-17A AR2, 5.284%, (TSFR3M + 1.400%), 07/20/2037 | 1454815 | 0.2 |
| 570000 <sup>(1)(3)</sup> | Octagon 58 Ltd. 2022-1A BR, 5.655%, (TSFR3M + 1.750%), 04/15/2038 | 571884 | 0.1 |
| 1050000 <sup>(1)(3)</sup> | Octagon Investment Partners 50 Ltd. 2020- 4A BR2, 5.455%, (TSFR3M + 1.550%), 01/15/2035 | 1050957 | 0.1 |
| 742440 <sup>(1)(3)</sup> | OZLM XV Ltd. 2016- 15A A1R3, 4.934%, (TSFR3M + 1.050%), 04/20/2033 | 742809 | 0.1 |
| 2140000 <sup>(1)(3)</sup> | Palmer Square CLO Ltd. 2021-1A A2R, 5.384%, (TSFR3M + 1.500%), 04/20/2038 | 2142072 | 0.2 |
| 720000 <sup>(1)(3)</sup> | Palmer Square Loan Funding Ltd. 2025-1A B, 5.452%, (TSFR3M + 1.600%), 02/15/2033 | 713735 | 0.1 |
| 650000 <sup>(1)(7)</sup> | Palmetto Issuer LLC 2025-2A A, 5.980%, 04/30/2061 | 648440 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 750000 <sup>(1)(3)</sup> | Park Avenue Institutional Advisers CLO Ltd. 2017- 1A A2R2, 5.403%, (TSFR3M + 1.550%), 02/14/2034 | $| 750715 | 0.1 |
| 1950000 <sup>(1)(3)</sup> | Park Avenue Institutional Advisers CLO Ltd. 2021- 1A A1AR, 4.994%, (TSFR3M + 1.110%), 01/20/2034 |  | 1950029 | 0.2 |
| 1050000 <sup>(1)(3)</sup> | Recette Clo Ltd. 2015- 1A BR3, 5.404%, (TSFR3M + 1.550%), 04/20/2034 |  | 1050641 | 0.1 |
| 48033 <sup>(3)</sup> | Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 4.006%, (TSFR1M + 0.274%), 11/25/2036 |  | 13196 | 0.0 |
| 852000 <sup>(1)</sup> | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 |  | 843669 | 0.1 |
| 2600000 <sup>(1)(3)</sup> | Sound Point CLO XXIX Ltd. 2021-1A CR, 5.755%, (TSFR3M + 1.850%), 04/25/2034 |  | 2602701 | 0.3 |
| 1516176 <sup>(1)</sup> | Sunrun Athena Issuer LLC 2018-1 A, 5.310%, 04/30/2049 |  | 1478765 | 0.2 |
| 1160000 <sup>(1)(3)</sup> | Symphony Clo 47 Ltd. 2025-47A B, 5.434%, (TSFR3M + 1.550%), 04/20/2038 |  | 1162735 | 0.1 |
| 29965 | United States Small Business Administration 2007-20L 1, 5.290%, 12/01/2027 |  | 30160 | 0.0 |
| 1240000 <sup>(1)(3)</sup> | Wind River CLO Ltd. 2016-1KRA BR3, 5.505%, (TSFR3M + 1.600%), 10/15/2034 |  | 1241257 | 0.1 |
| 750000 <sup>(1)(3)</sup> | Wind River CLO Ltd. 2021-2A BR, 5.484%, (TSFR3M + 1.600%), 07/20/2034 |  | 750469 | 0.1 |
| 400000 <sup>(1)</sup> | Wingstop Funding LLC 2024-1A A2, 5.858%, 12/05/2054 |  | 411791 | 0.0 |
|  |  |  | **80262951** | **8.7** |
|  | **Student Loan Asset-Backed Securities: 0.9%** | **Student Loan Asset-Backed Securities: 0.9%** | **Student Loan Asset-Backed Securities: 0.9%** | **Student Loan Asset-Backed Securities: 0.9%** |
| 236110 <sup>(1)</sup> | Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045 |  | 205702 | 0.0 |
| 189383 <sup>(1)</sup> | Commonbond Student Loan Trust-GS 2017- BGS B, 3.260%, 09/25/2042 |  | 158343 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |
| 179307 <sup>(1)</sup> | Commonbond Student Loan Trust-GS 2018- AGS A1, 3.210%, 02/25/2044 | $| 170966 | 0 |
| 231852 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-DA C, 3.480%, 04/15/2060 |  | 217981 | 0 |
| 1550000 <sup>(1)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 |  | 1349245 | 0.2 |
| 378285 <sup>(1)</sup> | SMB Private Education Loan Trust 2024- F A1A, 5.060%, 03/16/2054 |  | 383338 | 0.1 |
| 4895064 <sup>(1)</sup> | Sofi Professional Loan Program Trust 2018-B BFX, 3.830%, 08/25/2047 |  | 4775356 | 0.5 |
| 1000000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 |  | 972257 | 0.1 |
|  |  |  | **8233188** | **0.9** |
|  | Total Asset-Backed Securities <br> (Cost $89,785,809) |  | **89398786** | **9.7** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.2%** |
| 2000000 <sup>(1)(3)</sup> | ALA Trust 2025-OANA A, 5.494%, (TSFR1M + 1.743%), 06/15/2040 |  | 2010742 | 0.2 |
| 2500000 <sup>(1)(3)</sup> | AREIT 2025-CRE11 A, 5.550%, (TSFR1M + 1.550%), 07/25/2043 |  | 2506246 | 0.3 |
| 2000000 <sup>(1)(3)</sup> | BAHA Trust 2024-MAR B, 6.841%, 12/10/2041 |  | 2096665 | 0.2 |
| 11016056 <sup>(3)(4)</sup> | BANK 2019-BN16 XA, 0.927%, 02/15/2052 |  | 234929 | 0 |
| 2000000 <sup>(3)</sup> | BANK5 2025-5YR14 C, 6.474%, 04/15/2058 |  | 2093469 | 0.2 |
| 1000000 <sup>(3)</sup> | BBCMS Mortgage Trust 2024-5C31 C, 5.756%, 12/15/2057 |  | 1004337 | 0.1 |
| 2500000 <sup>(1)(3)</sup> | BDS LLC 2025-FL15 A, 5.131%, (TSFR1M + 1.400%), 03/19/2043 |  | 2503822 | 0.3 |
| 17762074 <sup>(3)(4)</sup> | Benchmark Mortgage Trust 2019-B9 XA, 1.005%, 03/15/2052 |  | 415029 | 0 |
| 1000000 <sup>(3)</sup> | Benchmark Mortgage Trust 2025-V17 C, 5.873%, 09/15/2058 |  | 1002439 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | BHMS Commercial Mortgage Trust 2025- ATLS A, 5.600%, (TSFR1M + 1.850%), 08/15/2042 |  | 1005662 | 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)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1500000 <sup>(3)</sup> | BMO Mortgage Trust 2025-5C10 B, 6.445%, 05/15/2058 | $1566436 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | BSPRT Issuer LLC 2025-FL12 A, 5.122%, (TSFR1M + 1.386%), 01/17/2043 | 1001531 | 0.1 |
| 2940000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2021- 21M E, 6.035%, (TSFR1M + 2.285%), 10/15/2036 | 2938674 | 0.3 |
| 730623 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024- MDHS A, 5.391%, (TSFR1M + 1.641%), 05/15/2041 | 732650 | 0.1 |
| 1750000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024- XL5 C, 5.691%, (TSFR1M + 1.941%), 03/15/2041 | 1754595 | 0.2 |
| 887680 <sup>(1)(3)</sup> | BX Trust 2025-LUNR A, 5.250%, (TSFR1M + 1.500%), 06/15/2040 | 890076 | 0.1 |
| 3250000 <sup>(1)(3)</sup> | BX Trust 2025-VOLT C, 6.100%, (TSFR1M + 2.350%), 12/15/2044 | 3263498 | 0.4 |
| 2250000 <sup>(1)(3)</sup> | BXMT Ltd. 2025-FL5 A, 5.373%, (TSFR1M + 1.639%), 10/18/2042 | 2251982 | 0.2 |
| 15787498 <sup>(3)(4)</sup> | CD Mortgage Trust 2016-CD1 XA, 1.319%, 08/10/2049 | 32622 | 0.0 |
| 1500000 | CD Mortgage Trust 2018-CD7 A4, 4.279%, 08/15/2051 | 1492706 | 0.2 |
| 45000222 <sup>(3)(4)</sup> | Citigroup Commercial Mortgage Trust 2018- C5 XA, 0.656%, 06/10/2051 | 596849 | 0.1 |
| 1650000 <sup>(1)(3)</sup> | Citigroup Commercial Mortgage Trust 2023- SMRT C, 5.852%, 10/12/2040 | 1676895 | 0.2 |
| 65166000 <sup>(1)(3)(4)</sup> | COMM Mortgage Trust 2012-CR4 XB, 0.401%, 10/15/2045 | 607530 | 0.1 |
| 4728934 <sup>(3)(4)</sup> | COMM Mortgage Trust 2016-CR28 XA, 0.692%, 02/10/2049 | 1979 | 0.0 |
| 1500000 <sup>(3)</sup> | COMM Mortgage Trust 2017-COR2 B, 4.206%, 09/10/2050 | 1456444 | 0.2 |
| 750000 <sup>(1)(3)</sup> | COMM Mortgage Trust 2024-CBM A2, 5.867%, 12/10/2041 | 764587 | 0.1 |
| 750000 <sup>(1)(3)</sup> | COMM Mortgage Trust 2024-CBM B, 6.511%, 12/10/2041 | 768595 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 500000 <sup>(3)</sup> | CSAIL Commercial Mortgage Trust 2018- C14 B, 4.877%, 11/15/2051 | $481049 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | DBC Mortgage Trust 2025-DBC A, 5.101%, (TSFR1M + 1.350%), 11/15/2042 | 1002202 | 0.1 |
| 1500000 <sup>(1)(3)</sup> | Extended Stay America Trust 2025-ESH D, 6.350%, (TSFR1M + 2.600%), 10/15/2042 | 1513143 | 0.2 |
| 2000000 <sup>(1)(3)</sup> | Extended Stay America Trust 2025-ESH E, 7.100%, (TSFR1M + 3.350%), 10/15/2042 | 2018849 | 0.2 |
| 2000000 <sup>(1)(3)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU D, 6.350%, (TSFR1M + 2.600%), 12/15/2039 | 2012967 | 0.2 |
| 9902895 | Freddie Mac Multifamily ML Certificates US XUS, 1.846%, 07/25/2037 | 1157719 | 0.1 |
| 199596 <sup>(1)(8)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 194360 | 0.0 |
| 7226730 <sup>(3)(4)</sup> | GS Mortgage Securities Trust 2014-GC22 XA, 0.582%, 06/10/2047 | 2724 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | GSAT Trust 2025-BMF A, 5.250%, (TSFR1M + 1.500%), 07/15/2040 | 1002724 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | GSAT Trust 2025-BMF B, 5.700%, (TSFR1M + 1.950%), 07/15/2040 | 1002542 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | ILPT Commercial Mortgage Trust 2025- LPF2 A, 5.292%, 07/13/2042 | 1020509 | 0.1 |
| 3000000 <sup>(1)(3)</sup> | INTOWN Mortgage Trust 2025-STAY D, 6.600%, (TSFR1M + 2.850%), 03/15/2042 | 3014939 | 0.3 |
| 1250000 <sup>(1)(3)</sup> | MED Commercial Mortgage Trust 2024- MOB A, 5.342%, (TSFR1M + 1.592%), 05/15/2041 | 1246987 | 0.1 |
| 2000000 <sup>(1)(3)</sup> | MF1 LLC 2024-FL14 A, 5.468%, (TSFR1M + 1.737%), 03/19/2039 | 2005625 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | PRM Trust 2025-PRM6 A, 4.480%, 07/05/2033 | 999493 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | SDAL Trust 2025-DAL A, 6.191%, (TSFR1M + 2.441%), 04/15/2042 | 1008354 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | SHR Trust 2024-LXRY A, 5.700%, (TSFR1M + 1.950%), 10/15/2041 | 1003695 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 2370000 <sup>(1)(3)</sup> | SMRT 2022-MINI D, 5.701%, (TSFR1M + 1.950%), 01/15/2039 | $| 2364138 | 0.3 |
| 1800000 <sup>(1)(3)</sup> | STWD LLC 2025-FL4 AS, 5.431%, (TSFR1M + 1.700%), 11/19/2042 |  | 1802809 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | STWD LLC 2025-FL4 B, 5.681%, (TSFR1M + 1.950%), 11/19/2042 |  | 1000936 | 0.1 |
| 1250000 <sup>(1)(3)</sup> | SWCH Commercial Mortgage Trust 2025- DATA B, 5.592%, (TSFR1M + 1.842%), 02/15/2042 |  | 1241118 | 0.1 |
| 24202775 <sup>(3)(4)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C59 XA, 1.483%, 04/15/2054 |  | 1358660 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2025-DWHP B, 6.591%, (TSFR1M + 2.841%), 04/15/2038 |  | 1003707 | 0.1 |
|  | Total Commercial Mortgage-Backed Securities <br> (Cost $64,988,708) |  | **66130238** | **7.2** |
| **U.S. TREASURY OBLIGATIONS: 3.8%** | **U.S. TREASURY OBLIGATIONS: 3.8%** | **U.S. TREASURY OBLIGATIONS: 3.8%** | **U.S. TREASURY OBLIGATIONS: 3.8%** | **U.S. TREASURY OBLIGATIONS: 3.8%** |
|  | **United States Treasury Bonds: 1.4%** | **United States Treasury Bonds: 1.4%** | **United States Treasury Bonds: 1.4%** | **United States Treasury Bonds: 1.4%** |
| 6249300 | 4.625%, 11/15/2045 |  | 6107714 | 0.7 |
| 6749300 | 4.750%, 08/15/2055 |  | 6637515 | 0.7 |
|  |  |  | **12745229** | **1.4** |
|  | **United States Treasury Notes: 2.4%** | **United States Treasury Notes: 2.4%** | **United States Treasury Notes: 2.4%** | **United States Treasury Notes: 2.4%** |
| 1849800 | 3.375%, 12/31/2027 |  | 1846223 | 0.2 |
| 2386500 | 3.500%, 12/15/2028 |  | 2383797 | 0.2 |
| 5765400 | 3.625%, 12/31/2030 |  | 5738149 | 0.6 |
| 2427200 | 3.875%, 12/31/2032 |  | 2416771 | 0.3 |
| 9981800 | 4.000%, 11/15/2035 |  | 9839091 | 1.1 |
|  |  |  | **22224031** | **2.4** |
|  | Total U.S. Treasury Obligations <br> (Cost $35,250,153) |  | **34969260** | **3.8** |
| **SOVEREIGN BONDS: 1.2%** | **SOVEREIGN BONDS: 1.2%** | **SOVEREIGN BONDS: 1.2%** | **SOVEREIGN BONDS: 1.2%** | **SOVEREIGN BONDS: 1.2%** |
| <sup>BRL</sup>60932 <sup>(9)</sup> | Brazil Letras do Tesouro Nacional LTN, 15.084%, 01/01/2026 |  | 11107185 | 1.2 |
|  | Total Sovereign Bonds <br> (Cost $9,149,393) |  | **11107185** | **1.2** |
| **MUNICIPAL BONDS: 0.2%** | **MUNICIPAL BONDS: 0.2%** | **MUNICIPAL BONDS: 0.2%** | **MUNICIPAL BONDS: 0.2%** | **MUNICIPAL BONDS: 0.2%** |
|  | **California: 0.2%** | **California: 0.2%** | **California: 0.2%** | **California: 0.2%** |
| 500000 | California State University, 6.434%, 11/01/2030 |  | 526902 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **MUNICIPAL BONDS: (continued)** | **MUNICIPAL BONDS: (continued)** | **MUNICIPAL BONDS: (continued)** | **MUNICIPAL BONDS: (continued)** | **MUNICIPAL BONDS: (continued)** |
|  | **California: (continued)** | **California: (continued)** | **California: (continued)** | **California: (continued)** |
| 170000 | Los Angeles County Public Works Financing Authority, 7.488%, 08/01/2033 | $| 186310 | 0 |
| 300000 | Los Angeles County Public Works Financing Authority, 7.618%, 08/01/2040 |  | 356835 | 0.1 |
| 200000 | Regents of the University of California Medical Center Pooled Revenue H, 6.398%, 05/15/2031 |  | 209214 | 0 |
| 300000 | Regents of the University of California Medical Center Pooled Revenue H, 6.548%, 05/15/2048 |  | 320790 | 0 |
|  |  |  | **1600051** | **0.2** |
|  | Total Municipal Bonds <br> (Cost $1,470,000) |  | **1600051** | **0.2** |
| **BANK LOANS: 0.0%** | **BANK LOANS: 0.0%** | **BANK LOANS: 0.0%** | **BANK LOANS: 0.0%** |  |
|  | **Consumer, Non-cyclical: 0.0%** | **Consumer, Non-cyclical: 0.0%** | **Consumer, Non-cyclical: 0.0%** | **Consumer, Non-cyclical: 0.0%** |
| 275000 <sup>(10)</sup> | Camelot US Acquisition I Co., Term Loan B-1, 01/31/2031 |  | 271906 | 0 |
|  | **Financial: 0.0%** | **Financial: 0.0%** | **Financial: 0.0%** | **Financial: 0.0%** |
| 275000 <sup>(10)</sup> | Focus Financial Partners LLC, Tranche B Incremental Term Loan, 09/15/2031 |  | 275795 | 0 |
|  | Total Bank Loans <br> (Cost $546,846) |  | **547701** | **0.0** |
| **Shares** |  | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** |
| 185000 <sup>(11)</sup> | Voya Ultra Short Income ETF |  | 9285150 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $9,250,000) |  | **9285150** | **1.0** |
| **MUTUAL FUNDS: 18.6%** | **MUTUAL FUNDS: 18.6%** | **MUTUAL FUNDS: 18.6%** | **MUTUAL FUNDS: 18.6%** | **MUTUAL FUNDS: 18.6%** |
|  | **Affiliated Investment Companies: 18.6%** | **Affiliated Investment Companies: 18.6%** | **Affiliated Investment Companies: 18.6%** | **Affiliated Investment Companies: 18.6%** |
| 8060120 | Voya VACS Series EMHCD Fund |  | 86243281 | 9.3 |
| 2873643 | Voya VACS Series HYB Fund |  | 29770937 | 3.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 5328383 | Voya VACS Series SC Fund | $| 56054589 | 6.1 |
|  |  |  | **172068807** | **18.6** |
|  | Total Mutual Funds <br> (Cost $163,369,835) |  | **172068807** | **18.6** |
| **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** |
|  | Total Purchased Options <br> (Cost $55,229) |  | 1801 | 0 |
|  | Total Long-Term Investments <br> (Cost $898,122,300) |  | **883870139** | **95.8** |
| **Principal <br> Amount**† |  | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 4.9%** | **SHORT-TERM INVESTMENTS: 4.9%** | **SHORT-TERM INVESTMENTS: 4.9%** | **SHORT-TERM INVESTMENTS: 4.9%** | **SHORT-TERM INVESTMENTS: 4.9%** |
|  | **Commercial Paper: 4.1%** | **Commercial Paper: 4.1%** | **Commercial Paper: 4.1%** | **Commercial Paper: 4.1%** |
| 10000000 | American Electric Power Co., Inc., 3.870%, 01/06/2026 |  | 9993643 | 1.1 |
| 2000000 | Concord Minutemen Capital Co. LLC, 3.800%, 01/09/2026 |  | 1998129 | 0.2 |
| 5000000 | Concord Minutemen Capital Co. LLC, 3.880%, 02/25/2026 |  | 4970377 | 0.5 |
| 3000000 | Consolidated Edison, Inc., 3.930%, 02/12/2026 |  | 2986184 | 0.3 |
| 4000000 | Entergy Corp., 3.960%, 03/09/2026 |  | 3970720 | 0.4 |
| 9000000 | Parker-Hannifin Corp., 3.910%, 01/23/2026 |  | 8977886 | 1 |
| 5000000 | Virginia Electric & Power Co., 3.900%, 01/30/2026 |  | 4984041 | 0.6 |
|  | Total Commercial Paper <br> (Cost $37,882,016) |  | **37880980** | **4.1** |
|  | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** |
| 152000 <sup>(13)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $152,032, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%- 7.003%, Market Value plus accrued interest $155,040, due 12/01/30-11/20/75) |  | 152000 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1000000 <sup>(13)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $1,000,216, collateralized by various U.S. Government Securities, 0.000%- 5.250%, Market Value plus accrued interest $1,020,283, due 01/31/26-11/15/55) | $1000000 | 0.1 |
| 1000000 <sup>(13)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $1,000,209, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%- 6.500%, Market Value plus accrued interest $1,020,000, due 10/15/26-12/20/55) | 1000000 | 0.1 |
| 202121 <sup>(13)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $202,164, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $206,163, due 04/30/26-11/15/34) | 202121 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1000000 <sup>(13)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $1,000,218, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $1,016,884, due 04/15/28-02/15/55) | $1000000 | 0.1 |
|  | Total Repurchase Agreements <br> (Cost $3,354,121) | **3354121** | **0.4** |
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** |
| 3884000 <sup>(14)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% <br> (Cost $3,884,000) | $**3884000** | **0.4** |
|  | Total Short-Term Investments <br> (Cost $45,120,137) | **45119101** | **4.9** |
|  | **Total Investments in Securities <br> (Cost $943,242,437)** | $**928989240** | **100.7** |
|  | **Liabilities in Excess of Other Assets** | **(6315471)** | **(0.7)** |
|  | **Net Assets** | $**922673769** | **100.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | |
|:---|:---|
| <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 December 31, 2025. |
| <sup>(4)</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>(5)</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>(6)</sup> | Represents or includes a TBA transaction. |
| <sup>(7)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(8)</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>(9)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2025. |
| <sup>(10)</sup> | Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined. |
| <sup>(11)</sup> | Investment in affiliate. |
| <sup>(12)</sup> | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| <sup>(13)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(14)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| BRL | Brazilian Real |
| EUR | EU Euro |

---

---

| | |
|:---|:---|
| Reference Rate Abbreviations: | 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 |
| 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 |

---

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage <br> of Net Assets** |
| Affiliated Investment Companies | 18.6% |
| Collateralized Mortgage Obligations | 16.2 |
| U.S. Government Agency Obligations | 16.0 |
| Asset-Backed Securities | 9.7 |
| Financial | 7.4 |
| Commercial Mortgage-Backed Securities | 7.2 |
| U.S. Treasury Obligations | 3.8 |
| Consumer, Non-cyclical | 3.0 |
| Communications | 2.2 |
| Consumer, Cyclical | 2.1 |
| Utilities | 2.1 |

---

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage <br> of Net Assets** |
| Technology | 1.8% |
| Industrial | 1.6 |
| Energy | 1.5 |
| Sovereign Bonds | 1.2 |
| Exchange-Traded Funds | 1 |
| Basic Materials | 0.2 |
| Government | 0.2 |
| Purchased Options | 0 |
| Short-Term Investments | 4.9 |
| Liabilities in Excess of Other Assets | (0.7) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements^** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 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> December 31, 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** |
| Corporate Bonds/Notes | $— | $201879245 | $— | $201879245 |
| Mutual Funds | 172068807 |  |  | 172068807 |
| Collateralized Mortgage Obligations |  | 149162474 |  | 149162474 |
| U.S. Government Agency Obligations |  | 147719441 |  | 147719441 |
| Asset-Backed Securities |  | 88750346 | 648440 | 89398786 |
| Commercial Mortgage-Backed Securities |  | 66130238 |  | 66130238 |
| U.S. Treasury Obligations |  | 34969260 |  | 34969260 |
| Sovereign Bonds |  | 11107185 |  | 11107185 |
| Exchange-Traded Funds | 9285150 |  |  | 9285150 |
| Municipal Bonds |  | 1600051 |  | 1600051 |
| Bank Loans |  | 547701 |  | 547701 |
| Purchased Options |  | 1801 |  | 1801 |
| Short-Term Investments | 3884000 | 41235101 |  | 45119101 |
| Total Investments, at fair value | $185237957 | $743102843 | $648440 | $928989240 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts |  | 145097 |  | 145097 |
| Forward Premium Swaptions |  | 595984 |  | 595984 |
| Futures | 169028 |  |  | 169028 |
| OTC total return swaps |  | 3826 |  | 3826 |
| Total Assets | $185406985 | $743847750 | $648440 | $929903175 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Centrally Cleared Credit Default Swaps | $— | $(1472315) | $— | $(1472315) |
| Centrally Cleared Interest Rate Swaps |  | (974) |  | (974) |
| Forward Foreign Currency Contracts |  | (1624601) |  | (1624601) |
| Forward Premium Swaptions |  | (109293) |  | (109293) |
| Futures | (1071010) |  |  | (1071010) |
| Written Options |  | (11929) |  | (11929) |
| Total Liabilities | $(1071010) | $(3219112) | $— | $(4290122) |

---

---

| | |
|:---|:---|
| <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 year ended December 31, 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> 12/31/2025** | **Investment <br> Income** | **Realized <br> Gains/ <br> (Losses)** | **Net<br> Capital<br> Gain <br> Distributions** |
| Voya Ultra Short Income ETF | $— | $9250000 | $– $| 35150 | $9285150 | $45909 | $– $|  |
| Voya VACS Series EMHCD Fund | 75274187 | 6103213 | – | 4865881 | 86243281 | 5325753 | – | 777667 |
| Voya VACS Series HYB Fund | 27347830 | 2123352 | – | 299755 | 29770937 | 1975213 | – | 148163 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2025** | **Investment <br> Income** | **Realized <br> Gains/ <br> (Losses)** | **Net<br> Capital<br> Gain <br> Distributions** |
| Voya VACS Series SC Fund | $55841453 | $— | $— | $213136 | $56054589 | $3629776 | $— | $670311 |
|  | $158463470 | $17476565 | $— | $5413922 | $181353957 | $10976651 | $— | $1596141 |

---

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

At December 31, 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 | 280223 | USD | 330240 | Bank of America N.A. | 01/23/26 | $(583) |
| EUR | 221172 | USD | 260850 | Bank of America N.A. | 01/23/26 | (661) |
| BRL | 103062 | USD | 18870 | Barclays Bank PLC | 01/09/26 | (98) |
| USD | 2908154 | MXN | 54498858 | Barclays Bank PLC | 01/09/26 | (116192) |
| EUR | 1152163 | USD | 1353712 | BNP Paribas | 01/23/26 | 1702 |
| USD | 921025 | EUR | 784484 | Citibank N.A. | 01/23/26 | (1848) |
| USD | 9789059 | BRL | 60932000 | Goldman Sachs International | 01/05/26 | (1321469) |
| MXN | 109644024 | USD | 5970921 | Goldman Sachs International | 01/09/26 | 113637 |
| USD | 952812 | MXN | 17631777 | Goldman Sachs International | 01/09/26 | (25642) |
| EUR | 921590 | USD | 1086539 | Goldman Sachs International | 01/23/26 | (2372) |
| USD | 2060176 | EUR | 1762989 | Goldman Sachs International | 01/23/26 | (13820) |
| USD | 11044000 | BRL | 61189282 | Goldman Sachs International | 02/03/26 | (28512) |
| USD | 2910942 | MXN | 54498858 | Morgan Stanley Capital Services LLC | 01/09/26 | (113404) |
| MXN | 17258610 | USD | 928251 | Standard Chartered Bank | 01/09/26 | 29494 |
| EUR | 26219 | USD | 30581 | Standard Chartered Bank | 01/23/26 | 264 |
|  |  |  |  |  |  | $(1479504) |

---

At December 31, 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)** |
| Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 71 | 03/31/26 | $14824023 | $(136) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 104 | 03/20/26 | 11693500 | 23102 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 609 | 03/20/26 | 70396594 | (664180) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 277 | 03/20/26 | 32686000 | (406694) |
|  |  |  | $129600117 | $(1047908) |
| Short Contracts: | Short Contracts: | Short Contracts: | Short Contracts: | Short Contracts: |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (304) | 03/31/26 | (33228625) | 63667 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (305) | 03/20/26 | (35079765) | 82259 |
|  |  |  | $(68308390) | $145926 |

---

At December 31, 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>** | **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 | $(2898889) | $(362442) |
| CDX North American High Yield Index Series 44, Version 1 | Buy | (5.000) | 06/20/30 | USD | 14000000 | (1109873) | (1109873) |
|  |  |  |  |  |  | $(4008762) | $(1472315) |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

<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 December 31, 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 Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Notional <br> Amount** | **Fair <br> Value** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.388% | Annual | 12/14/28 | USD | 27791000 | $(974) | $(974) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 4.155 | Annual | 01/05/57 | USD | 750814 |  |  |
|  |  |  |  |  |  |  |  | $(974) | $(974) |

---

At December 31, 2025, the following OTC total return swaps were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br> Total<br> Return<sup>(1)</sup>** | **Reference Entity** | **Reference<br> Entity<br> Payment <br> Frequency** | **(Pay)/<br> Receive<br> Financing<br> Rate** | **Floating <br> Rate <br> Payment<br> Frequency** | **Counterparty** | **Termination <br> Date** | **Notional<br> Amount** | **Notional<br> Amount** | **Fair <br> Value** | **Upfront<br> Payments<br> Paid/<br> (Received)** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Receive | Markit iBoxx USD Liquid Leveraged Loan Index | Quarterly | (1-day Secured Overnight Financing Rate) | Quarterly | BNP Paribas | 06/20/26 | USD | 1500000 | $3826 | $(153) | $3979 |
|  |  |  |  |  |  |  |  |  | $3826 | $(153) | $3979 |

---

<sup>(1)</sup> The Portfolio will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the Portfolio has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the Portfolio has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative.

At December 31, 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> Fixed <br> Rate** | **Payment<br> Frequency** | **Expiration<br> Date** | **Notional<br> Amount** | **Notional<br> Amount** | **Premiums<br> Received** | **Fair<br> Value** |
| Put on 5-Year Credit Default Swap | BNP Paribas | CDX North American High Yield, Series 45, Version 2 | 105.00% | 5.000% | Quarterly | 01/21/26 | USD | 10000000 | $86500 | $(5553) |
| Put on 5-Year Credit Default Swap | Royal Bank of Canada | CDX North American High Yield, Series 45, Version 2 | 105.00 | 5.000 | Quarterly | 01/21/26 | USD | 10000000 | 81100 | (5554) |
|  |  |  |  |  |  |  |  |  | $167600 | $(11107) |

---

At December 31, 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** | **Notional <br> Amount** | **Cost** | **Fair Value** |
| Call on 5-Year Interest Rate Swap<sup>(1)</sup> | Morgan Stanley Capital Services LLC | Receive | 2.500% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 9890000 | $55229 | $1801 |
|  |  |  |  |  |  |  |  | $55229 | $1801 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

At December 31, 2025, the following OTC written interest rate swaptions were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/Receive <br> Exercise <br> Rate** | **Exercise<br> Rate** | **Floating Rate <br> Index** | **Expiration <br> Date** | **Notional <br> Amount** | **Notional <br> Amount** | **Premiums<br> Received** | **Fair Value** |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Morgan Stanley Capital Services LLC | Pay | 2.300% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 4945000 | $40724 | $(822) |
|  |  |  |  |  |  |  |  | $40724 | $(822) |

---

At December 31, 2025, the following OTC purchased forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br> Rate<sup>(3)</sup>** | **Pay/<br> Receive <br> Exercise<br> Rate** | **Floating Rate<br> Index** | **Expiration <br> Date** | **Notional<br> Amount** | **Notional<br> Amount** | **Premium <br> receivable/<br> (payable)<br> at expiration<sup>(4)</sup>** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Call on 30-Year Interest Rate Swap | Barclays Bank PLC | 17.500% | Receive | 1-day Secured Overnight Financing Rate | 06/14/27 | USD | 12484500 | $(2184788) | $98661 |
| Call on 30-Year Interest Rate Swap | Barclays Bank PLC | 17.700% | Receive | 1-day Secured Overnight Financing Rate | 05/28/27 | USD | 20904800 | (3700150) | 134437 |
| Put on 30-Year Interest Rate Swap | Barclays Bank PLC | 18.000% | Pay | 1-day Secured Overnight Financing Rate | 05/25/27 | USD | 19473000 | (3505140) | 72271 |
| Put on 30-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 4.650% | Pay | 1-day Secured Overnight Financing Rate | 08/30/27 | USD | 4988800 | (232677) | (33927) |
|  |  |  |  |  |  |  |  | $(9622755) | $271442 |

---

At December 31, 2025, the following OTC written forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise <br> Rate<sup>(3)</sup>** | **Pay/<br> Receive <br> Exercise <br> Rate** | **Floating Rate<br> Index** | **Expiration <br> Date** | **Notional<br> Amount** | **Notional<br> Amount** | **Premium<br> receivable/ <br> (payable)<br> at expiration<sup>(4)</sup>** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Call on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.860% | Pay | 1-day Secured Overnight Financing Rate | 11/08/27 | USD | 2494400 | $96034 | $24463 |
| Call on 1-Year Interest Rate Swap | Deutsche Bank AG | 3.160% | Pay | 1-day Secured Overnight Financing Rate | 09/23/27 | USD | 24944000 | 116489 | 30274 |
| Call on 1-Year Interest Rate Swap | Deutsche Bank AG | 2.500% | Pay | 1-day Secured Overnight Financing Rate | 09/25/26 | USD | 51134000 | 59315 | 21402 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.343% | Pay | 1-day Secured Overnight Financing Rate | 12/16/27 | USD | 12471500 | 57993 | 3868 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.161% | Pay | 1-day Secured Overnight Financing Rate | 11/22/27 | USD | 24944000 | 117237 | 28857 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.170% | Pay | 1-day Secured Overnight Financing Rate | 08/23/27 | USD | 12472000 | 63140 | 19736 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Pay | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 24943000 | 124091 | 29466 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Pay | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 12472000 | 62360 | 15029 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.254% | Pay | 1-day Secured Overnight Financing Rate | 06/30/27 | USD | 12472000 | 47706 |  |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.108% | Pay | 1-day Secured Overnight Financing Rate | 11/19/26 | USD | 12472000 | 41469 | 10014 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.109% | Pay | 1-day Secured Overnight Financing Rate | 11/19/26 | USD | 12472000 | 41469 | 9940 |
| Call on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.123% | Pay | 1-day Secured Overnight Financing Rate | 10/25/27 | USD | 24944000 | 116301 | (20994) |
| Call on 30-Year Interest Rate Swap | Deutsche Bank AG | 4.135% | Pay | 1-day Secured Overnight Financing Rate | 12/18/26 | USD | 2494400 | 128212 | 18255 |
| Put on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.860% | Receive | 1-day Secured Overnight Financing Rate | 11/08/27 | USD | 2494400 | 96034 | (11643) |
| Put on 1-Year Interest Rate Swap | Deutsche Bank AG | 3.160% | Receive | 1-day Secured Overnight Financing Rate | 09/23/27 | USD | 24944000 | 116489 | (10461) |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.343% | Receive | 1-day Secured Overnight Financing Rate | 12/16/27 | USD | 12471500 | 57993 | (1222) |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.161% | Receive | 1-day Secured Overnight Financing Rate | 11/22/27 | USD | 24944000 | 117237 | (19679) |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.600% | Receive | 1-day Secured Overnight Financing Rate | 08/30/27 | USD | 89798400 | 255925 | (2697) |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.170% | Receive | 1-day Secured Overnight Financing Rate | 08/23/27 | USD | 12472000 | 63140 | 2872 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise <br> Rate<sup>(3)</sup>** | **Pay/<br> Receive <br> Exercise <br> Rate** | **Floating Rate<br> Index** | **Expiration <br> Date** | **Notional<br> Amount** | **Notional<br> Amount** | **Premium<br> receivable/ <br> (payable)<br> at expiration<sup>(4)</sup>** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Receive | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 24943000 | $124091 | $15629 |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Receive | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 12472000 | 62360 | 8110 |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.254% | Receive | 1-day Secured Overnight Financing Rate | 06/30/27 | USD | 12472000 | 47706 |  |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.108% | Receive | 1-day Secured Overnight Financing Rate | 11/19/26 | USD | 12472000 | 41470 | 1365 |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.109% | Receive | 1-day Secured Overnight Financing Rate | 11/19/26 | USD | 12472000 | 41469 | 1468 |
| Put on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.123% | Receive | 1-day Secured Overnight Financing Rate | 10/25/27 | USD | 24944000 | 116301 | 32585 |
| Put on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.631% | Receive | 1-day Secured Overnight Financing Rate | 09/08/26 | USD | 51133000 | 59315 | 11853 |
| Put on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.622% | Receive | 1-day Secured Overnight Financing Rate | 09/08/26 | USD | 25567000 | 24289 | 5429 |
| Put on 30-Year Interest Rate Swap | Deutsche Bank AG | 4.135% | Receive | 1-day Secured Overnight Financing Rate | 12/18/26 | USD | 2494400 | 128212 | (8670) |
|  |  |  |  |  |  |  |  | $2423847 | $215249 |

---

<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: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |
| BRL | Brazilian Real | MXN | Mexican Peso |
| EUR | EU Euro | USD | United States Dollar |

---

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

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> of Assets and Liabilities** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Interest rate contracts | Investments in securities at value\* | $1801 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 145097 |
| Interest rate contracts | Unrealized appreciation on forward premium swaptions | 595984 |
| Interest rate contracts | Variation margin receivable on futures contracts\*\* | 169028 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 3979 |
| **Total Asset Derivatives** |  | $915889 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $1624601 |
| Interest rate contracts | Unrealized depreciation on forward premium swaptions | 109293 |
| Interest rate contracts | Variation margin payable on futures contracts\*\* | 1071010 |
| Credit contracts | Variation margin payable on centrally cleared swaps\*\* | 1472315 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps\*\* | 974 |
| Interest rate contracts | Upfront payments received on OTC swap agreements | 153 |
| Credit contracts | Written options, at fair value | 11107 |
| Interest rate contracts | Written options, at fair value | 822 |
| **Total Liability Derivatives** |  | $4290275 |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

\* 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 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 year ended December 31, 2025 was as follows:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging<br> instruments** | **Investments\*** | **Forward <br> foreign <br> currency<br> contracts** | **Futures** | **Swaps** | **Written<br> options** | **Total** |
| Credit contracts | $— | $— | $— | $1000419 | $616825 | $1617244 |
| Foreign exchange contracts |  | (564384) |  |  |  | (564384) |
| Interest rate contracts | 254805 |  | (2582295) | (2983404) | (310403) | (5621297) |
| **Total** | $254805 | $(564384) | $(2582295) | $(1982985) | $306422 | $(4568437) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging<br> instruments** | **Investments\*** | **Forward <br> foreign <br> currency <br> contracts** | **Futures** | **Swaps** | **Written <br> options** | **Total** |
| Credit contracts | $— | $— | $— | $(920444) | $156492 | $(763951) |
| Foreign exchange contracts |  | (2178237) |  |  |  | (2178237) |
| Interest rate contracts | (1105028) |  | 1271800 | 726693 | 518250 | 1411714 |
| **Total** | $(1105028) | $(2178237) | $1271800 | $(193751) | $674742 | $(1530474) |

---

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

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 December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bank of<br> America N.A.** | **Barclays Bank<br> PLC** | **BNP Paribas** | **Citibank N.A.** | **Deutsche Bank<br> AG** | **Goldman<br> Sachs<br> International** | **JPMorgan<br> Chase Bank <br> N.A.** | **Morgan<br> Stanley Capital<br> Services LLC** | **Nomura Global<br> Financial<br> Products Inc.** | **Royal Bank of<br> Canada** |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |
| Purchased options | $— | $— | $— | $— | $— | $— | $— | $1801 | $— | $— |
| Forward foreign currency contracts |  |  | 1702 |  |  | 113637 |  |  |  |  |
| Forward premium swaptions |  | 305369 |  |  | 69931 |  | 170817 |  | 49867 |  |
| OTC total return swaps |  |  | 3826 |  |  |  |  |  |  |  |
| **Total Assets** | $— | $305369 | $5528 | $— | $69931 | $113637 | $170817 | $1801 | $49867 | $— |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $1244 | $116290 | $— | $1848 | $— | $1391815 | $— | $113404 | $— | $— |
| Forward premium swaptions |  |  |  |  | 19131 |  | 69168 |  | 20994 |  |
| Written options |  |  | 5553 |  |  |  |  | 822 |  | 5554 |
| **Total Liabilities** | $1244 | $116290 | $5553 | $1848 | $19131 | $1391815 | $69168 | $114226 | $20994 | $5554 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(1244) | $189079 | $(25) | $(1848) | $50800 | $(1278178) | $101649 | $(112425) | $28873 | $(5554) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $(189079) | $— | $— | $— | $1150000 | $— | $— | $— | $— |
| **Net Exposure<sup>(1)(2)</sup>** | $(1244) | $— | $(25) | $(1848) | $50800 | $(128178) | $101649 | $(112425) | $28873 | $(5554) |

---

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
|  | **Standard <br> Chartered Bank** | **Total** |
| **Assets:** | **Assets:** | **Assets:** |
| Purchased options | $— | $1801 |
| Forward foreign currency contracts | 29758 | 145097 |
| Forward premium swaptions |  | 595984 |
| OTC total return swaps |  | 3826 |
| **Total Assets** | $29758 | $746708 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward foreign currency contracts | $— | $1624601 |
| Forward premium swaptions |  | 109293 |
| Written options |  | 11929 |
| **Total Liabilities** | $— | $1745823 |
| **Net OTC derivative instruments by counterparty, at fair value** | $29758 | $(999115) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $960921 |
| **Net Exposure<sup>(1)(2)</sup>** | $29758 | $(38194) |

---

<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 December 31, 2025, the Portfolio had pledged $1,150,000 in cash collateral to Goldman Sachs International. In addition, the Portfolio received $340,000 in cash collateral from Barclays Bank PLC. Excess cash collateral, if any, is not shown for financial reporting purposes.

At December 31, 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 $951,615,593. | Cost for U.S. federal income tax purposes was $951,615,593. |
| Net unrealized depreciation consisted of: | Net unrealized depreciation consisted of: |
| Gross Unrealized Appreciation | $12826282 |
| Gross Unrealized Depreciation | (38800259) |
| Net Unrealized Depreciation | $(25973977) |

---

See Accompanying Notes to Financial Statements

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** |  |
|  | **Communication Services: 3.8%** | **Communication Services: 3.8%** | **Communication Services: 3.8%** |
| 28836 <sup>(1)</sup> | CarGurus, Inc. | $1105861 | 0.5 |
| 69232 <sup>(1)</sup> | Grindr, Inc. | 937401 | 0.5 |
| 58118 <sup>(1)</sup> | Magnite, Inc. | 943255 | 0.5 |
| 59622 <sup>(1)</sup> | TripAdvisor, Inc. | 868096 | 0.4 |
| 136492 <sup>(1)</sup> | Uniti Group, Inc. | 956809 | 0.5 |
| 38376 <sup>(1)</sup> | Yelp, Inc. | 1166247 | 0.6 |
| 247570 <sup>(1)</sup> | ZipRecruiter, Inc. - Class A | 965523 | 0.5 |
| 52777 <sup>(1)</sup> | ZoomInfo Technologies, Inc. | 536742 | 0.3 |
|  |  | **7479934** | **3.8** |
|  | **Consumer Discretionary: 5.4%** |  |  |
| 28240 | H&R Block, Inc. | 1230699 | 0.6 |
| 38062 | Kohl's Corp. | 776845 | 0.4 |
| 9357 | Monarch Casino & Resort, Inc. | 895465 | 0.5 |
| 79603 <sup>(1)(2)</sup> | Peloton Interactive, Inc. - Class A | 490355 | 0.2 |
| 24391 | Red Rock Resorts, Inc. - Class A | 1511023 | 0.8 |
| 93424 <sup>(1)</sup> | Sonos, Inc. | 1640525 | 0.8 |
| 14822 | Steven Madden Ltd. | 617188 | 0.3 |
| 108600 | Super Group SGHC Ltd. | 1297770 | 0.7 |
| 71077 <sup>(1)</sup> | Tri Pointe Homes, Inc. | 2236793 | 1.1 |
|  |  | **10696663** | **5.4** |
|  | **Consumer Staples: 0.7%** |  |  |
| 50526 | Dole PLC | 757385 | 0.4 |
| 7851 | John B Sanfilippo & Son, Inc. | 554280 | 0.3 |
|  |  | **1311665** | **0.7** |
|  | **Energy: 2.4%** |  |  |
| 284943 <sup>(1)</sup> | Clean Energy Fuels Corp. | 598380 | 0.3 |
| 47611 | Excelerate Energy, Inc. - Class A | 1335489 | 0.7 |
| 145383 <sup>(1)</sup> | Helix Energy Solutions Group, Inc. | 911552 | 0.5 |
| 72226 <sup>(2)</sup> | HighPeak Energy, Inc. | 342351 | 0.2 |
| 64384 | SFL Corp. Ltd. | 502839 | 0.2 |
| 86656 <sup>(1)</sup> | Uranium Energy Corp. | 1012142 | 0.5 |
|  |  | **4702753** | **2.4** |
|  | **Financials: 20.0%** |  |  |
| 33777 | Arrow Financial Corp. | 1060598 | 0.5 |
| 31158 | Banc of California, Inc. | 601038 | 0.3 |
| 61227 | BCB Bancorp, Inc. | 494102 | 0.3 |
| 38164 | Berkshire Hills Bancorp, Inc. | 1006385 | 0.5 |
| 184929 | BGC Group, Inc. - Class A | 1651416 | 0.8 |
| 14879 | Cathay General Bancorp | 719995 | 0.4 |
| 48477 | ConnectOne Bancorp, Inc. | 1271067 | 0.6 |
| 59631 | Eastern Bankshares, Inc. | 1098999 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 54188 | Farmers National Banc Corp. | $| 721784 | 0.4 |
| 100611 | First BanCorp/Puerto Rico |  | 2085666 | 1.1 |
| 49671 | First Commonwealth Financial Corp. |  | 837453 | 0.4 |
| 33616 | First Horizon Corp. |  | 803423 | 0.4 |
| 78289 | Fulton Financial Corp. |  | 1513326 | 0.8 |
| 262702 <sup>(1)</sup> | Genworth Financial, Inc. - Class A |  | 2372199 | 1.2 |
| 38571 | Hancock Whitney Corp. |  | 2456201 | 1.2 |
| 26037 | Hilltop Holdings, Inc. |  | 883696 | 0.4 |
| 31527 | HomeStreet, Inc. - Class A |  | 461240 | 0.2 |
| 83479 | Hope Bancorp, Inc. |  | 914930 | 0.5 |
| 100380 | Ladder Capital Corp. |  | 1103176 | 0.6 |
| 93358 | MFA Financial, Inc. |  | 869163 | 0.4 |
| 13581 | NBT Bancorp, Inc. |  | 563883 | 0.3 |
| 19518 | Origin Bancorp, Inc. |  | 734072 | 0.4 |
| 108672 | P10, Inc. - Class A |  | 1066072 | 0.5 |
| 72649 | Pagseguro Digital Ltd. - Class A |  | 700336 | 0.4 |
| 270265 <sup>(1)</sup> | Payoneer Global, Inc. |  | 1518889 | 0.8 |
| 155788 | Redwood Trust, Inc. |  | 861508 | 0.4 |
| 29155 | Renasant Corp. |  | 1026839 | 0.5 |
| 48315 | Simmons First National Corp. - Class A |  | 910738 | 0.5 |
| 90959 <sup>(1)</sup> | Slide Insurance Holdings, Inc. |  | 1771881 | 0.9 |
| 54648 | United Community Banks, Inc. |  | 1706111 | 0.9 |
| 171406 | Valley National Bancorp |  | 2002022 | 1 |
| 28519 | Victory Capital Holdings, Inc. - Class A |  | 1799264 | 0.9 |
| 78895 <sup>(2)</sup> | WisdomTree, Inc. |  | 961730 | 0.5 |
| 45541 | XP, Inc. - Class A |  | 745506 | 0.4 |
|  |  |  | **39294708** | **20.0** |
|  | **Health Care: 17.1%** | **Health Care: 17.1%** | **Health Care: 17.1%** | **Health Care: 17.1%** |
| 189758 <sup>(1)</sup> | Alignment Healthcare, Inc. |  | 3747721 | 1.9 |
| 19692 <sup>(1)</sup> | Amicus Therapeutics, Inc. |  | 280414 | 0.1 |
| 60937 <sup>(1)</sup> | Aveanna Healthcare Holdings, Inc. |  | 497855 | 0.2 |
| 192075 <sup>(1)</sup> | BioCryst Pharmaceuticals, Inc. |  | 1498185 | 0.8 |
| 19583 | Bio-Techne Corp. |  | 1151676 | 0.6 |
| 28684 | Bruker Corp. |  | 1351303 | 0.7 |
| 398543 <sup>(1)</sup> | Cerus Corp. |  | 820999 | 0.4 |
| 87127 <sup>(1)</sup> | Fortrea Holdings, Inc. |  | 1502941 | 0.8 |
| 23551 <sup>(1)</sup> | Guardant Health, Inc. |  | 2405499 | 1.2 |
| 23893 <sup>(1)</sup> | HealthEquity, Inc. |  | 2188838 | 1.1 |
| 23242 <sup>(1)</sup> | Hims & Hers Health, Inc. |  | 754668 | 0.4 |
| 13300 <sup>(1)</sup> | Merit Medical Systems, Inc. |  | 1172262 | 0.6 |

---

See Accompanying Notes to Financial Statements

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 16246 <sup>(1)</sup> | Mirum Pharmaceuticals, Inc. | $| 1283272 | 0.7 |
| 90736 <sup>(1)</sup> | NeoGenomics, Inc. |  | 1067055 | 0.5 |
| 353163 <sup>(1)</sup> | OPKO Health, Inc. |  | 444985 | 0.2 |
| 48204 <sup>(1)</sup> | Option Care Health, Inc. |  | 1535779 | 0.8 |
| 38075 <sup>(1)</sup> | Orthofix Medical, Inc. |  | 577217 | 0.3 |
| 29610 <sup>(1)</sup> | Phreesia, Inc. |  | 501001 | 0.3 |
| 89746 <sup>(1)</sup> | Progyny, Inc. |  | 2304677 | 1.2 |
| 35541 | QIAGEN N.V. |  | 1598279 | 0.8 |
| 252193 <sup>(1)</sup> | Savara, Inc. |  | 1520724 | 0.8 |
| 88323 <sup>(1)</sup> | Tandem Diabetes Care, Inc. |  | 1941340 | 1 |
| 99630 <sup>(1)</sup> | Teladoc Health, Inc. |  | 697410 | 0.4 |
| 41559 <sup>(1)</sup> | Travere Therapeutics, Inc. |  | 1587969 | 0.8 |
| 134081 <sup>(1)</sup> | Xeris Biopharma Holdings, Inc. |  | 1052536 | 0.5 |
|  |  |  | **33484605** | **17.1** |
|  | **Industrials: 16.3%** | **Industrials: 16.3%** | **Industrials: 16.3%** | **Industrials: 16.3%** |
| 43077 | Aebi Schmidt Holding AG |  | 544924 | 0.3 |
| 13228 | Allison Transmission Holdings, Inc. |  | 1295021 | 0.7 |
| 19307 | Apogee Enterprises, Inc. |  | 702968 | 0.4 |
| 9243 | Applied Industrial Technologies, Inc. |  | 2373325 | 1.2 |
| 23835 | Atmus Filtration Technologies, Inc. |  | 1237275 | 0.6 |
| 11717 <sup>(1)</sup> | Bloom Energy Corp. - Class A |  | 1018090 | 0.5 |
| 20485 | Cadre Holdings, Inc. |  | 836608 | 0.4 |
| 89919 <sup>(1)</sup> | CoreCivic, Inc. |  | 1718352 | 0.9 |
| 36744 | Enerpac Tool Group Corp. |  | 1405091 | 0.7 |
| 28866 <sup>(1)</sup> | ExlService Holdings, Inc. |  | 1225073 | 0.6 |
| 56465 | Flowserve Corp. |  | 3917542 | 2 |
| 9274 | Franklin Electric Co., Inc. |  | 885945 | 0.5 |
| 109436 <sup>(1)</sup> | GEO Group, Inc. |  | 1764108 | 0.9 |
| 39091 | Kennametal, Inc. |  | 1110575 | 0.6 |
| 127623 <sup>(1)</sup> | Legalzoom.com, Inc. |  | 1267297 | 0.6 |
| 5749 | Lincoln Electric Holdings, Inc. |  | 1377690 | 0.7 |
| 125886 <sup>(1)</sup> | Manitowoc Co., Inc. |  | 1509373 | 0.8 |
| 176422 | Mueller Water Products, Inc. - Class A |  | 4202372 | 2.1 |
| 105526 <sup>(1)</sup> | NOW, Inc. |  | 1398220 | 0.7 |
| 11348 | TriNet Group, Inc. |  | 671007 | 0.3 |
| 35483 <sup>(1)</sup> | Upwork, Inc. |  | 703273 | 0.4 |
| 121076 | Vestis Corp. |  | 807577 | 0.4 |
|  |  |  | **31971706** | **16.3** |
|  | **Information Technology: 16.8%** | **Information Technology: 16.8%** | **Information Technology: 16.8%** | **Information Technology: 16.8%** |
| 293441 <sup>(1)</sup> | 8x8, Inc. |  | 578079 | 0.3 |
| 56726 | A10 Networks, Inc. |  | 1003483 | 0.5 |
| 43526 <sup>(1)</sup> | ACI Worldwide, Inc. |  | 2080978 | 1.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 96812 <sup>(1)</sup> | Amplitude, Inc. - Class A | $| 1121083 | 0.6 |
| 53079 <sup>(1)</sup> | Arlo Technologies, Inc. |  | 742575 | 0.4 |
| 25496 <sup>(1)</sup> | ASGN, Inc. |  | 1228142 | 0.6 |
| 101959 <sup>(1)</sup> | AvePoint, Inc. |  | 1416211 | 0.7 |
| 65857 <sup>(1)</sup> | Box, Inc. - Class A |  | 1969783 | 1 |
| 53116 <sup>(1)</sup> | Cerence, Inc. |  | 567810 | 0.3 |
| 27613 <sup>(1)(2)</sup> | Cipher Mining, Inc. |  | 407568 | 0.2 |
| 18630 <sup>(1)</sup> | Clearwater Analytics Holdings, Inc. - Class A |  | 449356 | 0.2 |
| 57185 <sup>(1)</sup> | Cohu, Inc. |  | 1330695 | 0.7 |
| 42956 <sup>(1)</sup> | CommScope Holding Co., Inc. |  | 778792 | 0.4 |
| 29007 <sup>(1)(2)</sup> | Core Scientific, Inc. |  | 422342 | 0.2 |
| 15447 <sup>(1)</sup> | Credo Technology Group Holding Ltd. |  | 2222669 | 1.1 |
| 22132 | CTS Corp. |  | 948799 | 0.5 |
| 38921 <sup>(1)</sup> | Dropbox, Inc. - Class A |  | 1082004 | 0.5 |
| 75214 <sup>(1)</sup> | Extreme Networks, Inc. |  | 1252313 | 0.6 |
| 39354 <sup>(2)</sup> | Ingram Micro Holding Corp. |  | 839814 | 0.4 |
| 43165 <sup>(1)</sup> | Knowles Corp. |  | 925026 | 0.5 |
| 4714 | Littelfuse, Inc. |  | 1192265 | 0.6 |
| 41485 <sup>(1)(2)</sup> | Marathon Digital Holdings, Inc. |  | 372535 | 0.2 |
| 41542 <sup>(1)</sup> | Photronics, Inc. |  | 1329344 | 0.7 |
| 24222 <sup>(1)</sup> | Rambus, Inc. |  | 2225760 | 1.1 |
| 31887 <sup>(1)</sup> | Riot Platforms, Inc. |  | 404008 | 0.2 |
| 10783 <sup>(1)</sup> | Rubrik, Inc. - Class A |  | 824684 | 0.4 |
| 101960 <sup>(1)</sup> | Sprinklr, Inc. - Class A |  | 793249 | 0.4 |
| 31588 <sup>(1)(2)</sup> | Terawulf, Inc. |  | 362946 | 0.2 |
| 39558 <sup>(1)</sup> | Vertex, Inc. - Class A |  | 789973 | 0.4 |
| 62172 <sup>(1)</sup> | Viavi Solutions, Inc. |  | 1107905 | 0.6 |
| 143306 <sup>(1)</sup> | Yext, Inc. |  | 1155046 | 0.6 |
| 54003 <sup>(1)</sup> | Zeta Global Holdings Corp. - Class A |  | 1098961 | 0.6 |
|  |  |  | **33024198** | **16.8** |
|  | **Materials: 3.6%** | **Materials: 3.6%** | **Materials: 3.6%** | **Materials: 3.6%** |
| 18872 | Avient Corp. |  | 589561 | 0.3 |
| 5081 | Balchem Corp. |  | 779222 | 0.4 |
| 155137 <sup>(1)</sup> | Cleveland-Cliffs, Inc. |  | 2060220 | 1 |
| 46367 | Element Solutions, Inc. |  | 1158711 | 0.6 |
| 58913 | Hecla Mining Co. |  | 1130541 | 0.6 |
| 100188 <sup>(1)</sup> | Rayonier Advanced Materials, Inc. |  | 590107 | 0.3 |
| 197531 | Tronox Holdings PLC |  | 823704 | 0.4 |
|  |  |  | **7132066** | **3.6** |
|  | **Real Estate: 7.0%** | **Real Estate: 7.0%** | **Real Estate: 7.0%** | **Real Estate: 7.0%** |
| 81659 | Acadia Realty Trust |  | 1677276 | 0.9 |
| 146510 | Apartment Investment and Management Co. - Class A |  | 870269 | 0.4 |
| 62358 | CareTrust REIT, Inc. |  | 2254865 | 1.2 |
| 135688 | DiamondRock Hospitality Co. |  | 1215764 | 0.6 |
| 19973 | First Industrial Realty Trust, Inc. |  | 1143854 | 0.6 |
| 53014 <sup>(2)</sup> | Gladstone Land Corp. |  | 485078 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 53838 <sup>(1)</sup> | Hudson Pacific Properties, Inc. | $| 583066 | 0.3 |
| 19608 | LTC Properties, Inc. |  | 674123 | 0.3 |
| 179277 <sup>(2)</sup> | Medical Properties Trust, Inc. |  | 896385 | 0.5 |
| 17680 | National Storage Affiliates Trust |  | 498753 | 0.3 |
| 59043 <sup>(2)</sup> | Peakstone Realty Trust |  | 847267 | 0.4 |
| 25112 | Sabra Health Care REIT, Inc. |  | 475621 | 0.2 |
| 156975 | Summit Hotel Properties, Inc. |  | 764468 | 0.4 |
| 39664 | Tanger Factory Outlet Centers, Inc. |  | 1323588 | 0.7 |
|  |  |  | **13710377** | **7.0** |
|  | **Utilities: 5.1%** | **Utilities: 5.1%** | **Utilities: 5.1%** | **Utilities: 5.1%** |
| 47002 | Avista Corp. |  | 1811457 | 0.9 |
| 25997 | Black Hills Corp. |  | 1804712 | 0.9 |
| 33031 <sup>(1)</sup> | Hallador Energy Co. |  | 628910 | 0.3 |
| 88337 <sup>(1)</sup> | Hawaiian Electric Industries, Inc. |  | 1086545 | 0.6 |
| 38458 | NiSource, Inc. |  | 1606006 | 0.8 |
| 20908 | Northwest Natural Holding Co. |  | 977240 | 0.5 |
| 8146 <sup>(1)</sup> | Oklo, Inc. |  | 584557 | 0.3 |
| 30913 | Portland General Electric Co. |  | 1483515 | 0.8 |
|  |  |  | **9982942** | **5.1** |
|  | Total Common Stock <br> (Cost $183,084,271) |  | **192791617** | **98.2** |
| **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** |
| 13137 | iShares Russell 2000 ETF |  | **3233804** | **1.7** |
|  | Total Exchange-Traded Funds |  |  |  |
|  | (Cost $3,300,827) |  | **3233804** | **1.7** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $186,385,098) |  | **196025421** | **99.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** |
|  | **Repurchase Agreements: 2.6%** | **Repurchase Agreements: 2.6%** | **Repurchase Agreements: 2.6%** |
| 1108744 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $1,108,978, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%- 7.003%, Market Value plus accrued interest $1,130,919, due 12/01/30-11/20/75) | $1108744 | 0.6 |
| 1274359 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $1,274,634, collateralized by various U.S. Government Securities, 0.000%- 5.250%, Market Value plus accrued interest $1,300,206, due 01/31/26-11/15/55) | 1274359 | 0.6 |
| 1197897 <sup>(3)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $1,198,148, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%- 6.500%, Market Value plus accrued interest $1,221,855, due 10/15/26-12/20/55) | 1197897 | 0.6 |

---

See Accompanying Notes to Financial Statements

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 320534 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $320,601, collateralized by various U.S. Government Securities, 0.625%- 4.875%, Market Value plus accrued interest $326,945, due 04/30/26-11/15/34) | $320534 | 0.2 |
| 1210641 <sup>(3)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $1,210,904, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $1,231,081, due 04/15/28-02/15/55) | 1210641 | 0.6 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $5,112,175) | **5112175** | **2.6** |
|  | **Time Deposits: 0.1%** |  |  |
| 100000 <sup>(3)</sup> | National Bank of Canada, 3.630%, 01/02/2026 | 100000 | 0.0 |
| 120000 <sup>(3)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 | 120000 | 0.1 |
|  | Total Time Deposits |  |  |
|  | (Cost $220,000) | **220000** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 0.1%** |  |  |
| 189000 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% <br> (Cost $189,000) | $**189000** | **0.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $5,521,175) | $**5521175** | **2.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $191,906,273)** | $**201546596** | **102.7** |
|  | **Liabilities in Excess of Other Assets** | **(5225418)** | **(2.7)** |
|  | **Net Assets** | $**196321178** | **100.0** |

---

---

| | |
|:---|:---|
| <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> | 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 December 31, 2025. |

---

See Accompanying Notes to Financial Statements

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

**Fair Value Measurements^** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 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> December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $192791617 | $— | $— | $192791617 |
| Exchange-Traded Funds | 3233804 |  |  | 3233804 |
| Short-Term Investments | 189000 | 5332175 |  | 5521175 |
| Total Investments, at fair value | $196214421 | $5332175 | $— | $201546596 |

---

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

At December 31, 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 $202,351,078. | Cost for U.S. federal income tax purposes was $202,351,078. |
| Net unrealized depreciation consisted of: | Net unrealized depreciation consisted of: |
| Gross Unrealized Appreciation | $22711634 |
| Gross Unrealized Depreciation | (23516552) |
| Net Unrealized Depreciation | $(804918) |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Type** | **Per Share Amount** |
| Voya Global High Dividend Low Volatility Portfolio | Voya Global High Dividend Low Volatility Portfolio | Voya Global High Dividend Low Volatility Portfolio |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2184 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.2898 |
| &nbsp;&nbsp;&nbsp;Class S | NII | $0.2538 |
| &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2330 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.3108 |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.1850 |
| Voya Government Money Market Portfolio | Voya Government Money Market Portfolio | Voya Government Money Market Portfolio |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.0388 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0007 |
| Voya Growth and Income Portfolio | Voya Growth and Income Portfolio | Voya Growth and Income Portfolio |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $- |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.0752 |
| &nbsp;&nbsp;&nbsp;Class S | NII | $0.0264 |
| &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.0003 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.2613 |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.3954 |
| Voya Intermediate Bond Portfolio | Voya Intermediate Bond Portfolio | Voya Intermediate Bond Portfolio |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.4534 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.5132 |
| &nbsp;&nbsp;&nbsp;Class S | NII | $0.4826 |
| &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.4644 |
| Voya Small Company Portfolio | Voya Small Company Portfolio | Voya Small Company Portfolio |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1021 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.1702 |
| &nbsp;&nbsp;&nbsp;Class R6 | NII | $0.1838 |
| &nbsp;&nbsp;&nbsp;Class S | NII | $0.1144 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $2.1787 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

Of the ordinary distributions made during the year ended December 31, 2025, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio | 39.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Growth and Income Portfolio | 52.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Small Company Portfolio | 8.12% |

---

For the year ended December 31, 2025, 54.28% of ordinary income dividends paid by Voya Growth and Income Portfolio are designated as qualified dividend income (QDI) subject to reduced income tax rates for individuals.

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio | $45743631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Growth and Income Portfolio | $153804836 |

---

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

TAX INFORMATION (Unaudited) (continued)

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS, SUB-ADVISORY CONTRACTS AND SUB-SUB ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Directors/Trustees ("Board") of Voya Government Money Market Portfolio, Voya Variable Funds, Voya Intermediate Bond Portfolio, and Voya Variable Portfolios, Inc. (collectively, the "Registrants"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Global High Dividend Low Volatility Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio, and Voya Small Company Portfolio, each a series of the Registrants (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Directors/ Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Registrants, on behalf of the Portfolios, the sub-advisory contracts (the "Sub-Advisory Contracts"), and the sub-sub-advisory contract (the "Sub-Sub-Advisory Contract", and together with the Management Contracts and Sub-Advisory Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the "Sub-Adviser"), and Voya Investment Management (UK) Limited, the sub-sub-adviser to Voya Small Company Portfolio (the "Sub-Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Directors/Trustees also held meetings outside the presence of representatives of the Manager, Sub-Adviser, and Sub-Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts, sub-advisory contracts, and sub-sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management, sub-advisory, and

sub-sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Directors/Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management, sub-advisory and sub-sub advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers and sub-sub-advisers, as well as the Manager's role in monitoring the sub-advisers and sub-sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Directors/Trustees request, and management provides, certain information that the Independent Directors/ Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors/Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager, Sub-Adviser, or Sub-Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

to one or more sub-advisers and their sub-sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers and their sub-sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's and Sub-Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and sub-sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, sub-sub-advisers or allocation among sub-advisers or sub-sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's and Sub-Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser and Sub-Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser and Sub-Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Registrants' Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager, Sub-Adviser, and Sub-Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser and Sub-Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager, Sub-Adviser, and Sub-Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager, Sub-Adviser, and Sub-Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management, sub-advisory, and sub-sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's performance and risk, including risk-adjusted investment return information, from the Registrants' Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager, Sub-Adviser, and Sub-Sub-Adviser if and when a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate if and when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager, Sub-Adviser, and Sub-Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

took into account the underlying rationale provided by the Manager, Sub-Adviser, or Sub-Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser, and by the Sub-Adviser to the Sub-Sub-Adviser, for sub-advisory and sub-sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser and Sub-Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser and Sub-Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser and Sub-Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory and sub-sub-advisory fee rates payable by the Manager to the Sub-Adviser and by the Sub-Adviser to the Sub-Sub-Adviser, respectively. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser and Sub-Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser and Sub-Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser and Sub-Sub-Adviser, as well as other industry participants

with whom the profits of the Manager and its affiliated Sub-Adviser and Sub-Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser and Sub-Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager, Sub-Adviser, and Sub-Sub-Adviser and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's and Sub-Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager's, Sub-Adviser's, and Sub-Sub-Adviser's potential fall-out benefits were not unreasonable.

**Portfolio-by-Portfolio Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Portfolio's more recent performance, asset levels, and asset flows. Each Portfolio's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya Global High Dividend Low Volatility Portfolio**

In considering whether to approve the renewal of the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Contracts for Voya Global High Dividend Low Volatility Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date and one-year periods, the third quintile for the three-year and ten-year periods, and the fourth quintile for the five-year period; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it underperformed. In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the first quintile; and (c) the Portfolio's net expense ratio is ranked in the first quintile.

**Voya Government Money Market Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Government Money Market Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025, the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the ten-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fourth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's net expense ratio is ranked in the fourth quintile.

In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive.

**Voya Growth and Income Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Growth and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year and five-year periods, the second quintile for the year-to-date and ten-year periods, and the third quintile for the one-year period; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the one-year and ten-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the third quintile; (b) the Portfolio's contractual management fee rate is ranked in the third quintile; and (c) the Portfolio's net expense ratio is ranked in the fourth quintile.

**Voya Intermediate Bond Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Intermediate Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year, three-year, and ten-year periods and the third quintile for the five-year period; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the third quintile; and (c) the Portfolio's net expense ratio is ranked in the second quintile.

**Voya Small Company Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Small Company Portfolio, the Board considered that, based on performance data for the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date and one-year periods, the second quintile for the three-year period, the third quintile for the ten-year period, and the fourth quintile for the five-year period; and (2) the Portfolio outperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the first quintile; and (c)the Portfolio's net expense ratio is ranked in the second quintile.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2026.

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

**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.**

**VPAR-CAPAPALL (1225)**

**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.**

A special meeting of shareholders of the Registrant was held September 11, 2025, at the offices of Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.

Proposal: To elect Directors/Trustees to their respective Board of Directors/Trustees.\*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUND/REGISTRANT** |  | **Shares Voted<br> FOR** | **Shares Voted <br> AGAINST** | **Shares Voted <br> Abstain / Withhold** | **Total Shares <br> Voted** |
| **VOYA VARIABLE FUNDS**  | **Colleen D. Baldwin** | 80907027.785 | 3953771.963 | 4744997.221 | 89605796.969 |
| **Election of Directors/Trustees** | **John V. Boyer** | 81089142.784 | 3532979.302 | 4983674.883 | 89605796.969 |
|  | **Jody T. Foster** | 80560903.681 | 4218444.256 | 4826449.032 | 89605796.969 |
|  | **Martin J. Gavin** | 79699877.076 | 4300796.040 | 5605123.853 | 89605796.969 |
|  | **Dennis Johnson, CFA** | 81117873.607 | 3240115.737 | 5247807.625 | 89605796.969 |
|  | **Joseph E. Obermeyer** | 82068822.215 | 2541859.009 | 4995115.745 | 89605796.969 |
|  | **Sheryl K. Pressler** | 81011149.190 | 3371760.766 | 5222887.013 | 89605796.969 |
|  | **Christopher P. Sullivan** | 80301971.728 | 3995944.593 | 5307880.648 | 89605796.969 |
|  | **Mark R. Wetzel** | 81844187.656 | 2512760.658 | 5248848.655 | 89605796.969 |
|  | **Christian G. Wilson** | 80468121.436 | 3219339.618 | 5918335.915 | 89605796.969 |

---

\*Proposal passed

**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 $81,235 was paid during the reporting period.

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

Included in the financial statements filed under Item 7.

**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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)](tm263417d7_ex99-codeeth.htm) [The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](tm263417d7_ex99-codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm263417d7_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.](tm263417d7_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm263417d7_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm263417d7_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: March 9, 2026

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: March 9, 2026

---

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

---

Date: March 9, 2026

## Ex-99.Codeeth

**EX-99.CODE ETH**

**VOYA MUTUAL FUNDS**

**SARBANES-OXLEY ACT**

**CODE OF ETHICS**

**<u>I. Adoption</u>**

The Boards of Directors/Trustees ("Board") of the Voya funds (each a "Fund," and collectively, the "Funds") adopted this code of ethics ("Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 ("Act"), which requires annual disclosure of an investment company's code of ethics applicable to its principal executive, principal financial and principal accounting officers of the Funds ("Covered Officers"). For the purposes of this Code, the chief executive officer and the chief financial officer of the Funds are the Covered Officers for the Funds.

**<u>II. Policy</u>**

It is the policy of the Funds to conduct their affairs in an honest and ethical manner, and to comply with all applicable laws, rules and regulations. The purpose of this Code is to assist in the accomplishment of the foregoing policy, to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the
 ethical handling of actual or apparent conflicts of interest between personal and professional
 relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely, and understandable
 disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities
 and Exchange Commission ("SEC") and in other public communications made by a
 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable governmental
 laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prompt internal reporting of violations
 of this Code to an appropriate person or persons identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to this Code.

If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any applicable law, the provisions of such applicable law shall control. If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any policy or practice of the Funds or of any service provider to the Funds, the provisions of this Code shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Covered Officer Duties*** 

Each Covered Officer shall adhere to a high standard of business ethics in their dealings with and on behalf of a Fund, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct themself in an honest and ethical
 manner when dealing with or on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Refrain from engaging in activity that
 would compromise their professional ethics or otherwise prejudice their ability faithfully
 to carry out their duties to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Refrain from using or appearing to use
 material non-public information acquired through their work for the Funds for unethical or
 illegal advantage, either directly or indirectly, through others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Place the interests of the Funds and their
 shareholders before their personal interests and manage actual or apparent conflicts of interest
 between their personal interests and the interests of a Fund in an ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Be familiar with the disclosure requirements
 generally applicable to the Funds and take all reasonable actions, consistent with their
 position(s) with a Fund and/or a Fund's service providers(s) to ensure full, fair,
 accurate, timely, and understandable disclosure in reports and documents that a Fund files
 with, or submits to, the SEC or other governmental authorities, and in other public communications
 made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Comply with applicable governmental laws,
 rules, and regulations in their dealings with or on behalf of a Fund, and take all reasonable
 actions, consistent with their positions(s) with a Fund and/or Fund's service provider(s),
 to ensure compliance by the Fund with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Take all reasonable actions, consistent
 with their position(s) with a Fund and/or a Fund's service provider(s), to ensure prompt
 internal reporting of violations of this Code to an appropriate person or persons identified
 in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not knowingly misrepresent, or knowingly
 cause or permit others to misrepresent, facts about a Fund to a Fund's shareholders,
 directors, counsel, or auditors, to governmental regulators or self-regulatory organizations,
 or to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Consult with other officers of a Fund,
 and its adviser(s), administrator, and principal underwriter, with the goal of promoting
 full, fair, accurate, timely, and understandable disclosure in the reports and documents
 the Fund files with, or submits to, the SEC, and in other public communications made by the
 Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Promote compliance by the Funds with the
 standards and restrictions imposed by applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Not influence investment decisions or
 financial or other reporting by the Fund whereby the Covered Officer would benefit personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Not cause a Fund to take an action, or
 fail to take an action, whereby the Covered Officer would benefit personally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Not retaliate or take any adverse action
 against, or cause or permit any retaliation or adverse action to be taken against, any other
 Covered Officer or any employee of the Funds or their affiliated persons for reports of potential
 violations of this Code or of applicable governmental laws, rules, and regulations that are
 made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Definitions*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Conflicts of Interest*** 

For the purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an actual conflict of interest is a situation
 in which a Covered Officer, a member of a Covered Officer's immediate family, or an
 entity other than a Fund on whose behalf a Covered Officer is acting or from which a Covered
 Officer may receive compensation or other personal benefit, has an interest in a transaction
 or the results of a transaction in which a Fund is involved that is different from the interests
 of the Funds with regarding to that same transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "apparent conflict of interest"
 is a situation in which a Covered Officer, a member of a Covered Officer's immediate
 family, or an entity other than a Fund on whose behalf a Covered Officers is acting or from
 which a Covered Officer may receive compensation or other personal benefit, appears to have
 an actual conflict of interest, without regard to whether an actual conflict of interest
 in fact exists.<sup>1</sup>

These inherent conflicts of interest are known to and understood by the Funds and the Board, and the Board has determined that the existence of these conflicts of interest is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Therefore, the fact that a Covered Officer acts primarily or exclusively on behalf of a party other than a Fund regarding a transaction that is covered by such inherent conflicts of interest shall not *ipso facto* cause such conduct to be in violation of the requirements of this Code. Absent specific dishonest or unethical conduct in such a transaction, the actions by a Covered Officer in such regard shall be deemed to be honest and ethical conduct, including the ethical handling or actual or apparent conflicts of interest between personal and professional relationships.

<sup>1</sup> Certain conflicts of interest are inherent in the relationship between a Fund and a Covered Officer who is employed by the Fund's investment adviser, administrator, or principal underwriter. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether acting on behalf of a Fund or on behalf of the adviser, the administrator or the principal underwriter, or a combination thereof) be involved in the recommending actions that may have different effects on the respective parties or may rebound to the benefit of the adviser, the administrator or the principal underwriter at the expense of the Fund. For example, the negotiation of the underlying advisory, administrative, and underwriting agreements necessarily places such Covered Officers in an actual conflict of interest position as to a Fund.

Notwithstanding the foregoing, an actual conflict of interest shall not include situations that are covered by law of the Funds' and an investment adviser's code of ethics required under Rule 17j-1 of the Investment Company Act of 1940 ("Investment Company Act").<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Waiver and Implicit Waiver*** 

The term "waiver" means the approval by a Fund of a material departure from a provision of this Code. The term "implicit waiver" means a failure by a Fund to act within a reasonable period of time regarding material departure from a provision of this Code that has been made known to an executive officer<sup>3</sup> of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Benefit Personally; Immediate Family*** 

Regarding a Covered Officer, the term "benefit personally" means the direct or indirect receipt by the Covered Officer, be a member of the Covered Officer's immediate family, or by any entity (other than a Fund's investment adviser or any affiliate thereof) of which the Covered Officer or any member of the Covered Officer's immediate family owns 5% or more of the beneficial ownership interest or by which the Covered Officer or any member of the Covered Officer's immediate family is employed, or from which the Covered Officer or any member of the Covered Officer's immediate family receives any compensation or other benefit, or any compensation or other personal benefit. For the purposes of this Code, the term "member of the immediate family" means a Covered Officer's parent, spouse of a parent, child, spouse of a child, spouse, sibling, and includes step and adoptive/foster relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C. Activities Requiring Prior Approval***

A Covered Officer and their immediate family shall not engage in any of the following activities without the prior written approval of the Funds' Chief Legal Officer ("CLO") and the Funds' Chief Executive Officer, except that in the case of the Chief Executive Officer or a member of the Chief Executive Officer's immediate family, such approval shall be from the CLO and the Compliance Committee of the Board. To obtain such approval, the Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity and the reasons for the activity.

<sup>2</sup> These inherent conflicts of interest are already subject to prohibitions in the Investment Company Act and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, a Covered Officer may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as an "affiliated person" of the Fund. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat and replace those programs and procedures, and such actual and apparent conflicts of interest fall outside the coverage of this Code. All other actual and apparent conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act, are covered by this Code.

<sup>3</sup> The term "executive officer" when used with reference to a registrant, means its president, any vice president of the registrant in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a director, partner, officer,
 manager, or managing member on the board of any public or private company<sup>4</sup> other
 than a Fund's investment adviser, administrator, principal underwriter, or an affiliate
 or any of the foregoing, if such company has current or prospective business dealings with
 a Fund or if a Fund may invest in securities issued by such company;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receipt of any entertainment<sup>5
</sup>or meals from any company with which a Fund has current or prospective business dealings
 unless such entertainment or meals are business-related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. For the
 purposes of this Code, entertainment and meals that are incidental to a business conference,
 seminar or meeting shall be deemed business-related, reasonable in cost, and appropriate
 as to time and place;

&nbsp;&nbsp;&nbsp;&nbsp;3. Have any ownership interest in, or any
 consulting, employment, or compensation relationship with, any of a Fund's service
 providers, other than its investment adviser(s), administrator, principal underwriter, or
 any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Exploit for their own personal gain any
 opportunity which a Fund may exploit. This prohibition shall not apply to securities trading
 undertaken in conformance with the Funds' and an investment adviser's code of
 ethics adopted pursuant to Rule 17j-1 of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Prohibited Activities*** 

A Covered Officer and their immediate family shall not engage in any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Have a direct or indirect financial interest,
 such as compensation or equity ownership, in commissions, transaction charges or spreads
 paid by the Fund for effecting portfolio transaction or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment with a Fund's
 investment adviser, administrator, principal underwriters, or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receive any gifts in excess of $500 in
 any calendar year from any entity or person that directly or indirectly currently or prospectively
 does or will do business with or receives compensation or other benefits from a Fund. For
 the purposes of this restriction, gifts from different persons employed by the same entity
 shall be aggregated, along with any gifts from the entity itself, in order to determine whether
 the $500 limit has been exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;3. Accept employment from any company, other
 than a Fund's investment adviser(s), administrator, or principal underwriter (or any
 affiliate thereof), with which the Fund has current or prospective business dealings within
 one year after the latest to occur of such Covered Officer's termination of employment
 at the Fund or at the Fund's investment adviser(s) administrator or principal underwriter
 (or any affiliate thereof);

<sup>4</sup> For the purposes of this Code, "company" includes any legal or business entity such as a corporation, limited liability company, partnership, limited partnership, trust, association, sole proprietorship, etc.

<sup>5</sup> For the purposes of this Code, "entertainment" means activities or events, such as golfing, theater, sporting events, etc., at which a representative of the entertaining company is present along with the Covered Officer or their immediate family member. If a representative of the entertaining company is not present, such activities or events shall be treated as gifts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow money from any Fund, or borrow
 money from or have any other financial transactions with any company, other than a Fund's
 investment adviser(s), administrator or principal underwriter (or any affiliate thereof),
 with which the Fund has current or prospective business dealings, other than routine retail
 transactions that are effected on the same terms and conditions as are available to the general
 public;

&nbsp;&nbsp;&nbsp;&nbsp;5. Engage in a transaction directly as a
 principal with a Fund, except that this prohibition shall not apply to the purchase or redemption
 of the shares of any Fund on the same terms and conditions as all other shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;6. Any other activity
 that would cause them to benefit personally at the expense of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Covered Officer Reporting*** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of this Code (or thereafter,
 as applicable, upon becoming a Covered Officer), affirm in writing to the CLO and the Board
 that they have received, read, and understand this Code. Such affirmation shall be substantially
 in the form attached hereto as  ***Exhibit A*** .

&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm to the CLO and the Board
 that they have complied with the requirements of this Code. Such affirmation shall be substantially
 in the form attached hereto as  ***Exhibit B*** .

&nbsp;&nbsp;&nbsp;&nbsp;3. Report at least annually all employment,
 ownership, affiliations, or other relationships related to conflicts of interest that are
 included in the Fund's Directors and Officers Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;4. Notify the CLO promptly if they know
 of any violation of this Code or of any applicable governmental laws, rules, and regulations.
 Failure to do so would be deemed a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***Investigations*** 

The Funds shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;1. The CLO shall take all appropriate action
 to investigate any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;2. If, after such investigation, the CLO
 believes that no violation has occurred, the CLO shall not be required to take any further
 action;

&nbsp;&nbsp;&nbsp;&nbsp;3. If, after such investigation, the CLO
 believes that a violation has occurred, the CLO shall report such violation to the Compliance
 Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;4. If the Compliance Committee concurs that
 a violation has occurred, it shall inform and make a recommendation to the Board, which shall
 consider appropriate action that may include review of, and appropriate modifications to,
 applicable policies and procedures, notification to appropriate personnel of the investment
 adviser or its board, and a recommendation to discipline or dismiss the Covered Officer or
 to require reimbursement or disgorgement by the Covered Officer of any personal benefits
 received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Waivers*** 

The Compliance Committee and the CLO, as applicable, may grant a waiver to compliance with the Code by a Covered Officer or their immediate family if the Compliance Committee or the CLO determines that the proposed activity will not have an adverse impact on a Fund or on the ability of a Covered Officer to faithfully perform their other duties to the Funds. To obtain a waiver, a Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity, and the reasons for the activity, and the provision(s) of this Code as to which a waiver is requested. Any waivers of the provisions of this Code shall be disclosed to the extent required by law and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***H.***  ***Relationship to Other Policies and Procedures*** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser(s), administrator, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Interpretation of the Code*** 

 ****

The CLO has the authority and shall be responsible for applying this Code to specific situations and for making interpretations of this Code in a particular situation. In making interpretations of this Code, the CLO may consult with the Funds' outside counsel as well as counsel to the independent Board members.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***J.***  ***Confidentiality*** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board or committee thereof or the Funds' outside counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***K.***  ***Internal Use*** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund or any Covered Officer or their immediate family, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***L. Amendments***

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the independent directors. Material amendments to this Code shall be disclosed to the extent required by law and SEC rules.

**<u>Exhibit A</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Initial Acknowledgement**

Covered Officer Name and Title:   <br> (please print)

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Chief Legal Officer of the Funds.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

**<u>Exhibit B</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Annual Acknowledgement**

Covered Office Name and Title:   <br> (please print)

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the time period since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify, or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

## 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: March 9, 2026 | /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: March 9, 2026 | /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>Date of Form N-CSR: December 31, 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 9<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /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>Date of Form N-CSR: December 31, 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 9<sup>th</sup> day of March, 2026.

---

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

---