# EDGAR Filing Document

**Accession Number:** 0001015965
**File Stem:** 0001104659-25-087883
**Filing Date:** 2025-9
**Character Count:** 2194774
**Document Hash:** 2f602f139e3c9a1c44330884cfbb6d5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-087883.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001104659-25-087883

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 123

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya VARIABLE PORTFOLIOS INC
- **CENTRAL INDEX KEY:** 0001015965

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07651
- **FILM NUMBER:** 251297352

**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, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

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

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

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

## Series and Classes Contracts Data

### Voya Index Plus LargeCap Portfolio (Series ID: S000008705)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023722 | Class I      | IPLIX           |
| C000023723 | Class S      | IPLSX           |
| C000200207 | Class ADV    | VIPAX           |

### Voya Index Plus MidCap Portfolio (Series ID: S000008706)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023724 | Class I      | IPMIX           |
| C000023725 | Class S      | IPMSX           |

### Voya Index Plus SmallCap Portfolio (Series ID: S000008707)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023726 | Class I      | IPSIX           |
| C000023727 | Class S      | IPSSX           |

### Voya Small Company Portfolio (Series ID: S000008709)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023730 | Class I      | IVCSX           |
| C000023731 | Class S      | IVPSX           |
| C000074663 | Class ADV    | IASCX           |
| C000163202 | Class R6     | VSPRX           |

### Voya Global High Dividend Low Volatility Portfolio (Series ID: S000020601)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057556 | Class S      | IGHSX           |
| C000062187 | Class I      | IIGZX           |
| C000062188 | Class ADV    | IGHAX           |
| C000074921 | Class S2     | IWTTX           |

### Voya International Index Portfolio (Series ID: S000021220)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060418 | Class ADV    | IIIAX           |
| C000060419 | Class I      | IIIIX           |
| C000060420 | Class S      | INTIX           |
| C000074922 | Class S2     | ISIIX           |

### Voya U.S. Bond Index Portfolio (Series ID: S000021221)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060421 | Class ADV    | ILUAX           |
| C000060422 | Class I      | ILBAX           |
| C000060423 | Class S      | ILABX           |
| C000074923 | Class S2     | IUSBX           |

### Voya RussellTM Large Cap Index Portfolio (Series ID: S000021222)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060424 | Class ADV    | IRLIX           |
| C000060425 | Class I      | IIRLX           |
| C000060426 | Class S      | IRLCX           |
| C000074924 | Class S2     | IRLUX           |

### Voya RussellTM Mid Cap Index Portfolio (Series ID: S000021223)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060427 | Class ADV    | IRMAX           |
| C000060428 | Class I      | IIRMX           |
| C000060429 | Class S      | IRMCX           |
| C000074925 | Class S2     | IRMTX           |

### Voya RussellTM Small Cap Index Portfolio (Series ID: S000021224)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060430 | Class ADV    | IRSIX           |
| C000060431 | Class I      | IIRSX           |
| C000060432 | Class S      | IRSSX           |
| C000074926 | Class S2     | IRCIX           |

### Voya RussellTM Large Cap Growth Index Portfolio (Series ID: S000025438)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076102 | Class ADV    | IRLAX           |
| C000076103 | Class I      | IRLNX           |
| C000076104 | Class S      | IRLSX           |

### Voya RussellTM Large Cap Value Index Portfolio (Series ID: S000025439)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076106 | Class I      | IRVIX           |
| C000076107 | Class S      | IRVSX           |
| C000076109 | Class ADV    | IRVAX           |

### Voya RussellTM Mid Cap Growth Index Portfolio (Series ID: S000025440)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076111 | Class I      | IRGJX           |
| C000076112 | Class S      | IRGUX           |
| C000076113 | Class S2     | IRGVX           |

### Voya VACS Index Series EM Portfolio (Series ID: S000079411)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000240433 | Voya VACS Index Series EM Portfolio | VVIEX           |

### Voya VACS Index Series I Portfolio (Series ID: S000079412)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000240434 | Voya VACS Index Series I Portfolio | VVIIX           |

### Voya VACS Index Series MC Portfolio (Series ID: S000079413)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000240435 | Voya VACS Index Series MC Portfolio | VVIMX           |

### Voya VACS Index Series SC Portfolio (Series ID: S000079414)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000240436 | Voya VACS Index Series SC Portfolio | VVICX           |

?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: **811-07651**

**Voya Variable Portfolios, Inc.**

(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) |

---

**The Corporation Trust Incorporated, 300 East Lombard Street, Baltimore MD 21202**

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-992-0180**

Date of fiscal year end: **December 31**

Date of reporting period: **January 1, 2025 to June 30, 2025**

**Item 1. Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Global High Dividend Low Volatility Portfolio](#classname7cc54c99-123f-4f6c-8de7-62c2051788ff)<br> **[Class ADV - IGHAX](#classname7cc54c99-123f-4f6c-8de7-62c2051788ff)**  |
|  [Voya Global High Dividend Low Volatility Portfolio](#classnamef150b5d2-c1e4-444c-a6e9-3514ee9bd92a)<br> **[Class I - IIGZX](#classnamef150b5d2-c1e4-444c-a6e9-3514ee9bd92a)**  |
|  [Voya Global High Dividend Low Volatility Portfolio](#classname2df12688-f2ba-4cae-ade6-b9cb542b1ea0)<br> **[Class S - IGHSX](#classname2df12688-f2ba-4cae-ade6-b9cb542b1ea0)**  |
|  [Voya Global High Dividend Low Volatility Portfolio](#classname478a3db6-931d-4b2e-a4c4-7438572ae01e)<br> **[Class S2 - IWTTX](#classname478a3db6-931d-4b2e-a4c4-7438572ae01e)**  |
|  [Voya Index Plus LargeCap Portfolio](#classname9568bea0-7d29-40cb-8231-a43dd588d9c6)<br> **[Class ADV - VIPAX](#classname9568bea0-7d29-40cb-8231-a43dd588d9c6)**  |
|  [Voya Index Plus LargeCap Portfolio](#classname7e66a5c9-2fea-4fba-b2f6-65e0ca132ae4)<br> **[Class I - IPLIX](#classname7e66a5c9-2fea-4fba-b2f6-65e0ca132ae4)**  |
|  [Voya Index Plus LargeCap Portfolio](#classnamec5470d1b-8a0a-4caa-b991-4adadd70282f)<br> **[Class S - IPLSX](#classnamec5470d1b-8a0a-4caa-b991-4adadd70282f)**  |
|  [Voya Index Plus MidCap Portfolio](#classname1408f2d0-aabb-4f26-acb7-c8e6757e0654)<br> **[Class I - IPMIX](#classname1408f2d0-aabb-4f26-acb7-c8e6757e0654)**  |
|  [Voya Index Plus MidCap Portfolio](#classname43515fd4-76c2-434b-aebd-cff76d1aa203)<br> **[Class S - IPMSX](#classname43515fd4-76c2-434b-aebd-cff76d1aa203)**  |
|  [Voya Index Plus SmallCap Portfolio](#classnameb301ebe5-af5c-48c6-b06f-6c6e14601e77)<br> **[Class I - IPSIX](#classnameb301ebe5-af5c-48c6-b06f-6c6e14601e77)**  |
|  [Voya Index Plus SmallCap Portfolio](#classname2674275b-4459-4804-ac2d-3385d1e9eec9)<br> **[Class S - IPSSX](#classname2674275b-4459-4804-ac2d-3385d1e9eec9)**  |
|  [Voya International Index Portfolio](#classname4500bfe0-d605-412e-884a-021061c41711)<br> **[Class ADV - IIIAX](#classname4500bfe0-d605-412e-884a-021061c41711)**  |
|  [Voya International Index Portfolio](#classnamee7d4a8e8-548c-41fd-ae42-41649440c68b)<br> **[Class I - IIIIX](#classnamee7d4a8e8-548c-41fd-ae42-41649440c68b)**  |
|  [Voya International Index Portfolio](#classnamec182f4f0-45cf-4ec4-a119-654abd3c8ae7)<br> **[Class S - INTIX](#classnamec182f4f0-45cf-4ec4-a119-654abd3c8ae7)**  |
|  [Voya International Index Portfolio](#classnamec522da34-c0df-475f-9504-6f56f4c59692)<br> **[Class S2 - ISIIX](#classnamec522da34-c0df-475f-9504-6f56f4c59692)**  |
|  [Voya Russell™ Large Cap Growth Index Portfolio](#classname655fbb63-1d03-48ac-8d94-e95b2e41a7d0)<br> **[Class ADV - IRLAX](#classname655fbb63-1d03-48ac-8d94-e95b2e41a7d0)**  |
|  [Voya Russell™ Large Cap Growth Index Portfolio](#classname9ff494f5-19d5-4e37-a83b-b0f9eb51c5d2)<br> **[Class I - IRLNX](#classname9ff494f5-19d5-4e37-a83b-b0f9eb51c5d2)**  |
|  [Voya Russell™ Large Cap Growth Index Portfolio](#classnamee4a5b64e-f493-4ca1-897a-ba6a82fb69b5)<br> **[Class S - IRLSX](#classnamee4a5b64e-f493-4ca1-897a-ba6a82fb69b5)**  |
|  [Voya Russell™ Large Cap Index Portfolio](#classnamed44750f3-1890-4d64-b968-51badd1dcaf2)<br> **[Class ADV - IRLIX](#classnamed44750f3-1890-4d64-b968-51badd1dcaf2)**  |
|  [Voya Russell™ Large Cap Index Portfolio](#classnameac68b6ea-fb94-42b5-9c31-4f52039918d5)<br> **[Class I - IIRLX](#classnameac68b6ea-fb94-42b5-9c31-4f52039918d5)**  |
|  [Voya Russell™ Large Cap Index Portfolio](#classnameb13bfdfd-7539-425b-ab32-6a54e1ab424c)<br> **[Class S - IRLCX](#classnameb13bfdfd-7539-425b-ab32-6a54e1ab424c)**  |
|  [Voya Russell™ Large Cap Index Portfolio](#classnamef79a0d5c-d527-4ad4-95dd-5471c2b12af0)<br> **[Class S2 - IRLUX](#classnamef79a0d5c-d527-4ad4-95dd-5471c2b12af0)**  |
|  [Voya Russell™ Large Cap Value Index Portfolio](#classname750b946c-0c2d-43ed-8bb2-7f6ca94e2992)<br> **[Class ADV - IRVAX](#classname750b946c-0c2d-43ed-8bb2-7f6ca94e2992)**  |
|  [Voya Russell™ Large Cap Value Index Portfolio](#classnamec3eceb07-b626-4048-91d5-c7b5cbd09b0d)<br> **[Class I - IRVIX](#classnamec3eceb07-b626-4048-91d5-c7b5cbd09b0d)**  |
|  [Voya Russell™ Large Cap Value Index Portfolio](#classname903755a9-8669-4fce-b2ed-f0002816f5fc)<br> **[Class S - IRVSX](#classname903755a9-8669-4fce-b2ed-f0002816f5fc)**  |
|  [Voya Russell™ Mid Cap Growth Index Portfolio](#classname04196f6d-d0aa-415e-8fb3-b3df05eb00d0)<br> **[Class I - IRGJX](#classname04196f6d-d0aa-415e-8fb3-b3df05eb00d0)**  |
|  [Voya Russell™ Mid Cap Growth Index Portfolio](#classname67b5d3d0-0552-45fe-ba0f-b4fe9eea0c39)<br> **[Class S - IRGUX](#classname67b5d3d0-0552-45fe-ba0f-b4fe9eea0c39)**  |
|  [Voya Russell™ Mid Cap Growth Index Portfolio](#classname857a0d4d-ce8e-4ba4-80f8-c18fcde1b905)<br> **[Class S2 - IRGVX](#classname857a0d4d-ce8e-4ba4-80f8-c18fcde1b905)**  |
|  [Voya Russell™ Mid Cap Index Portfolio](#classnamea9a89a09-c4b3-4adf-a23b-962db37bfcc7)<br> **[Class ADV - IRMAX](#classnamea9a89a09-c4b3-4adf-a23b-962db37bfcc7)**  |
|  [Voya Russell™ Mid Cap Index Portfolio](#classname43a299b8-412e-42be-aa37-a9483f4f7dce)<br> **[Class I - IIRMX](#classname43a299b8-412e-42be-aa37-a9483f4f7dce)**  |
|  [Voya Russell™ Mid Cap Index Portfolio](#classnamef06de057-50d3-490b-84a6-b29eeb2d87b3)<br> **[Class S - IRMCX](#classnamef06de057-50d3-490b-84a6-b29eeb2d87b3)**  |
|  [Voya Russell™ Mid Cap Index Portfolio](#classnamee1c479ad-a673-4563-9f2c-48541e15425f)<br> **[Class S2 - IRMTX](#classnamee1c479ad-a673-4563-9f2c-48541e15425f)**  |
|  [Voya Russell™ Small Cap Index Portfolio](#classname8b9c1d3d-fd75-41de-958e-11f9f4545349)<br> **[Class ADV - IRSIX](#classname8b9c1d3d-fd75-41de-958e-11f9f4545349)**  |
|  [Voya Russell™ Small Cap Index Portfolio](#classnameed5c3ac0-9adc-410c-9fd8-f7f7125250fb)<br> **[Class I - IIRSX](#classnameed5c3ac0-9adc-410c-9fd8-f7f7125250fb)**  |
|  [Voya Russell™ Small Cap Index Portfolio](#classname8034ee93-028d-43e7-896e-b9a8920bc7a3)<br> **[Class S - IRSSX](#classname8034ee93-028d-43e7-896e-b9a8920bc7a3)**  |
|  [Voya Russell™ Small Cap Index Portfolio](#classname895cf45c-59d5-4cc0-8291-19ff9627a929)<br> **[Class S2 - IRCIX](#classname895cf45c-59d5-4cc0-8291-19ff9627a929)**  |
|  [Voya Small Company Portfolio](#classname0732f265-0375-4a1d-9814-08e921ceb0ed)<br> **[Class ADV - IASCX](#classname0732f265-0375-4a1d-9814-08e921ceb0ed)**  |
|  [Voya Small Company Portfolio](#classname2c9ab075-389a-4ecb-96cf-334e735ec57b)<br> **[Class I - IVCSX](#classname2c9ab075-389a-4ecb-96cf-334e735ec57b)**  |
|  [Voya Small Company Portfolio](#classname18ff5297-79e9-4937-ae8a-cac655b2c708)<br> **[Class R6 - VSPRX](#classname18ff5297-79e9-4937-ae8a-cac655b2c708)**  |
|  [Voya Small Company Portfolio](#classnamefdec2a7b-c1cf-43f4-8686-b40cc5a12730)<br> **[Class S - IVPSX](#classnamefdec2a7b-c1cf-43f4-8686-b40cc5a12730)**  |
|  [Voya U.S. Bond Index Portfolio](#classnameb9383cd5-132a-4abd-8a7c-2b5d357f6675)<br> **[Class ADV - ILUAX](#classnameb9383cd5-132a-4abd-8a7c-2b5d357f6675)**  |
|  [Voya U.S. Bond Index Portfolio](#classname2131f6c2-8851-46d7-a95b-076112f7579f)<br> **[Class I - ILBAX](#classname2131f6c2-8851-46d7-a95b-076112f7579f)**  |
|  [Voya U.S. Bond Index Portfolio](#classname0b8fcb97-fb39-4ada-a094-6cb4b09a27a2)<br> **[Class S - ILABX](#classname0b8fcb97-fb39-4ada-a094-6cb4b09a27a2)**  |
|  [Voya U.S. Bond Index Portfolio](#classname49e203ed-6fbc-4b4b-b3e1-d642eb9edc83)<br> **[Class S2 - IUSBX](#classname49e203ed-6fbc-4b4b-b3e1-d642eb9edc83)**  |
|  [Voya VACS Index Series EM Portfolio](#classname2e932e91-a3ae-46bb-bcf8-4dddd43ce29d)<br> **[Portfolio - VVIEX](#classname2e932e91-a3ae-46bb-bcf8-4dddd43ce29d)**  |
|  [Voya VACS Index Series I Portfolio](#classname8ffd981f-a067-4a05-813f-caff98e04e4c)<br> **[Portfolio - VVIIX](#classname8ffd981f-a067-4a05-813f-caff98e04e4c)**  |
|  [Voya VACS Index Series MC Portfolio](#classname55d0db18-6995-4d0a-b335-b523b787dee5)<br> **[Portfolio - VVIMX](#classname55d0db18-6995-4d0a-b335-b523b787dee5)**  |
|  [Voya VACS Index Series SC Portfolio](#classnamef272ab63-7658-44c5-b6d6-a409c0b93df2)<br> **[Portfolio - VVICX](#classnamef272ab63-7658-44c5-b6d6-a409c0b93df2)**  |

---

# Class ADV: IGHAX
![Image](tm2522622d6_tsrimg009.jpg)

# Voya Global High Dividend Low Volatility Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $58 | 1.10% |

---

## Fund Statistics
* Total Net Assets$492,433,265

* # of Portfolio Holdings239

* Portfolio Turnover Rate39%

## 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

---

| | |
|:---|:---|
| Meta Platforms, Inc. - Class A | 2.3% |
| Johnson & Johnson | 1.5% |
| Procter & Gamble Co. | 1.5% |
| Cisco Systems, Inc. | 1.4% |
| AbbVie, Inc. | 1.4% |
| Wells Fargo & Co. | 1.2% |
| Raytheon Technologies Corp. | 1.1% |
| AT&T, Inc. | 1.1% |
| iShares Russell 1000 Value ETF | 1.1% |
| Verizon Communications, Inc. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d6_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.0% |
| Countries-Other | 4.4% |
| Australia | 1.3% |
| Switzerland | 1.3% |
| Spain | 1.4% |
| Netherlands | 1.6% |
| Germany | 1.6% |
| Italy | 1.8% |
| France | 3.0% |
| Canada | 4.0% |
| United Kingdom | 4.6% |
| Japan | 4.7% |
| United States | 68.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg042.jpg)

---

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

---

## 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: IGHAX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Global High Dividend Low Volatility Portfolio
92913T489-SAR

# Class I: IIGZX
![Image](tm2522622d6_tsrimg009.jpg)

# Voya Global High Dividend Low Volatility Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $32 | 0.60% |

---

## Fund Statistics
* Total Net Assets$492,433,265

* # of Portfolio Holdings239

* Portfolio Turnover Rate39%

## 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

---

| | |
|:---|:---|
| Meta Platforms, Inc. - Class A | 2.3% |
| Johnson & Johnson | 1.5% |
| Procter & Gamble Co. | 1.5% |
| Cisco Systems, Inc. | 1.4% |
| AbbVie, Inc. | 1.4% |
| Wells Fargo & Co. | 1.2% |
| Raytheon Technologies Corp. | 1.1% |
| AT&T, Inc. | 1.1% |
| iShares Russell 1000 Value ETF | 1.1% |
| Verizon Communications, Inc. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d6_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.0% |
| Countries-Other | 4.4% |
| Australia | 1.3% |
| Switzerland | 1.3% |
| Spain | 1.4% |
| Netherlands | 1.6% |
| Germany | 1.6% |
| Italy | 1.8% |
| France | 3.0% |
| Canada | 4.0% |
| United Kingdom | 4.6% |
| Japan | 4.7% |
| United States | 68.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg082.jpg)

---

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

---

## 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: IIGZX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Global High Dividend Low Volatility Portfolio
92913T471-SAR

# Class S: IGHSX
![Image](tm2522622d6_tsrimg009.jpg)

# Voya Global High Dividend Low Volatility Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $45 | 0.85% |

---

## Fund Statistics
* Total Net Assets$492,433,265

* # of Portfolio Holdings239

* Portfolio Turnover Rate39%

## 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

---

| | |
|:---|:---|
| Meta Platforms, Inc. - Class A | 2.3% |
| Johnson & Johnson | 1.5% |
| Procter & Gamble Co. | 1.5% |
| Cisco Systems, Inc. | 1.4% |
| AbbVie, Inc. | 1.4% |
| Wells Fargo & Co. | 1.2% |
| Raytheon Technologies Corp. | 1.1% |
| AT&T, Inc. | 1.1% |
| iShares Russell 1000 Value ETF | 1.1% |
| Verizon Communications, Inc. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d6_tsrimg087.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.0% |
| Countries-Other | 4.4% |
| Australia | 1.3% |
| Switzerland | 1.3% |
| Spain | 1.4% |
| Netherlands | 1.6% |
| Germany | 1.6% |
| Italy | 1.8% |
| France | 3.0% |
| Canada | 4.0% |
| United Kingdom | 4.6% |
| Japan | 4.7% |
| United States | 68.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg067.jpg)

---

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

---

## 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: IGHSX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Global High Dividend Low Volatility Portfolio
92913T463-SAR

# Class S2: IWTTX
![Image](tm2522622d6_tsrimg009.jpg)

# Voya Global High Dividend Low Volatility Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $53 | 1.00% |

---

## Fund Statistics
* Total Net Assets$492,433,265

* # of Portfolio Holdings239

* Portfolio Turnover Rate39%

## 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

---

| | |
|:---|:---|
| Meta Platforms, Inc. - Class A | 2.3% |
| Johnson & Johnson | 1.5% |
| Procter & Gamble Co. | 1.5% |
| Cisco Systems, Inc. | 1.4% |
| AbbVie, Inc. | 1.4% |
| Wells Fargo & Co. | 1.2% |
| Raytheon Technologies Corp. | 1.1% |
| AT&T, Inc. | 1.1% |
| iShares Russell 1000 Value ETF | 1.1% |
| Verizon Communications, Inc. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d6_tsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.0% |
| Countries-Other | 4.4% |
| Australia | 1.3% |
| Switzerland | 1.3% |
| Spain | 1.4% |
| Netherlands | 1.6% |
| Germany | 1.6% |
| Italy | 1.8% |
| France | 3.0% |
| Canada | 4.0% |
| United Kingdom | 4.6% |
| Japan | 4.7% |
| United States | 68.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg071.jpg)

---

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

---

## 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: IWTTX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Global High Dividend Low Volatility Portfolio
92913T778-SAR

# Class ADV: VIPAX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Index Plus LargeCap Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $53 | 1.05% |

---

## Fund Statistics
* Total Net Assets$888,346,596

* # of Portfolio Holdings211

* Portfolio Turnover Rate33%

## 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Microsoft Corp. | 7.0% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 4.1% |
| Alphabet, Inc. - Class A | 3.7% |
| Meta Platforms, Inc. - Class A | 3.0% |
| Broadcom, Inc. | 2.3% |
| Johnson & Johnson | 1.1% |
| Tesla, Inc. | 1.1% |
| Berkshire Hathaway, Inc. - Class B | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg079.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 1.6% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.6% |
| Financials | 13.5% |
| Communication Services | 9.8% |
| Consumer Discretionary | 9.8% |
| Industrials | 9.1% |
| Health Care | 8.9% |
| Consumer Staples | 5.5% |
| Energy | 3.1% |
| Utilities | 2.5% |
| Real Estate | 2.1% |
| Materials | 1.5% |
| Short-Term Investments | 1.6% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## 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: VIPAX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Index Plus LargeCap Portfolio
92913T216-SAR

# Class I: IPLIX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Index Plus LargeCap Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $28 | 0.55% |

---

## Fund Statistics
* Total Net Assets$888,346,596

* # of Portfolio Holdings211

* Portfolio Turnover Rate33%

## 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Microsoft Corp. | 7.0% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 4.1% |
| Alphabet, Inc. - Class A | 3.7% |
| Meta Platforms, Inc. - Class A | 3.0% |
| Broadcom, Inc. | 2.3% |
| Johnson & Johnson | 1.1% |
| Tesla, Inc. | 1.1% |
| Berkshire Hathaway, Inc. - Class B | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 1.6% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.6% |
| Financials | 13.5% |
| Communication Services | 9.8% |
| Consumer Discretionary | 9.8% |
| Industrials | 9.1% |
| Health Care | 8.9% |
| Consumer Staples | 5.5% |
| Energy | 3.1% |
| Utilities | 2.5% |
| Real Estate | 2.1% |
| Materials | 1.5% |
| Short-Term Investments | 1.6% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## 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: IPLIX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Index Plus LargeCap Portfolio
92913T836-SAR

# Class S: IPLSX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Index Plus LargeCap Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $41 | 0.80% |

---

## Fund Statistics
* Total Net Assets$888,346,596

* # of Portfolio Holdings211

* Portfolio Turnover Rate33%

## 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Microsoft Corp. | 7.0% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 4.1% |
| Alphabet, Inc. - Class A | 3.7% |
| Meta Platforms, Inc. - Class A | 3.0% |
| Broadcom, Inc. | 2.3% |
| Johnson & Johnson | 1.1% |
| Tesla, Inc. | 1.1% |
| Berkshire Hathaway, Inc. - Class B | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg052.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 1.6% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.6% |
| Financials | 13.5% |
| Communication Services | 9.8% |
| Consumer Discretionary | 9.8% |
| Industrials | 9.1% |
| Health Care | 8.9% |
| Consumer Staples | 5.5% |
| Energy | 3.1% |
| Utilities | 2.5% |
| Real Estate | 2.1% |
| Materials | 1.5% |
| Short-Term Investments | 1.6% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## 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: IPLSX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Index Plus LargeCap Portfolio
92913T737-SAR

# Class I: IPMIX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Index Plus MidCap Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $30 | 0.60% |

---

## Fund Statistics
* Total Net Assets$767,485,562

* # of Portfolio Holdings299

* Portfolio Turnover Rate32%

## 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

---

| | |
|:---|:---|
| EMCOR Group, Inc. | 1.1% |
| US Foods Holding Corp. | 1.1% |
| Equitable Holdings, Inc. | 1.1% |
| Curtiss-Wright Corp. | 1.1% |
| Pure Storage, Inc. - Class A | 1.0% |
| AECOM | 1.0% |
| Core & Main, Inc. - Class A | 0.9% |
| Unum Group | 0.9% |
| RPM International, Inc. | 0.8% |
| Flex Ltd. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg055.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.4% |
| Financials | 17.8% |
| Consumer Discretionary | 13.3% |
| Information Technology | 11.3% |
| Health Care | 8.9% |
| Real Estate | 7.2% |
| Consumer Staples | 5.1% |
| Materials | 5.0% |
| Energy | 3.8% |
| Utilities | 3.1% |
| Communication Services | 1.3% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## 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: IPMIX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Index Plus MidCap Portfolio
92913T687-SAR

# Class S: IPMSX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Index Plus MidCap Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $42 | 0.85% |

---

## Fund Statistics
* Total Net Assets$767,485,562

* # of Portfolio Holdings299

* Portfolio Turnover Rate32%

## 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

---

| | |
|:---|:---|
| EMCOR Group, Inc. | 1.1% |
| US Foods Holding Corp. | 1.1% |
| Equitable Holdings, Inc. | 1.1% |
| Curtiss-Wright Corp. | 1.1% |
| Pure Storage, Inc. - Class A | 1.0% |
| AECOM | 1.0% |
| Core & Main, Inc. - Class A | 0.9% |
| Unum Group | 0.9% |
| RPM International, Inc. | 0.8% |
| Flex Ltd. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg077.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.4% |
| Financials | 17.8% |
| Consumer Discretionary | 13.3% |
| Information Technology | 11.3% |
| Health Care | 8.9% |
| Real Estate | 7.2% |
| Consumer Staples | 5.1% |
| Materials | 5.0% |
| Energy | 3.8% |
| Utilities | 3.1% |
| Communication Services | 1.3% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## 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: IPMSX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Index Plus MidCap Portfolio
92913T646-SAR

# Class I: IPSIX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Index Plus SmallCap Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $29 | 0.60% |

---

## Fund Statistics
* Total Net Assets$361,828,412

* # of Portfolio Holdings475

* Portfolio Turnover Rate32%

## 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

---

| | |
|:---|:---|
| SPX Technologies, Inc. | 0.8% |
| Merit Medical Systems, Inc. | 0.7% |
| Mr Cooper Group, Inc. | 0.7% |
| Sterling Infrastructure, Inc. | 0.7% |
| Stride, Inc. | 0.7% |
| Adtalem Global Education, Inc. | 0.7% |
| Urban Outfitters, Inc. | 0.7% |
| Phillips Edison & Co., Inc. | 0.7% |
| First BanCorp/Puerto Rico | 0.7% |
| EnPro Industries, Inc. | 0.7% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg050.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.2)% |
| Short-Term Investments | 4.6% |
| Common Stock | 97.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg080.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.9% |
| Industrials | 18.7% |
| Information Technology | 12.5% |
| Consumer Discretionary | 12.2% |
| Health Care | 10.3% |
| Real Estate | 6.6% |
| Materials | 5.0% |
| Energy | 3.9% |
| Consumer Staples | 3.2% |
| Communication Services | 2.9% |
| Utilities | 2.4% |
| Short-Term Investments | 4.6% |
| Liabilities in Excess of Other Assets | (2.2)% |

---

## 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: IPSIX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Index Plus SmallCap Portfolio
92913T539-SAR

# Class S: IPSSX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Index Plus SmallCap Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $41 | 0.85% |

---

## Fund Statistics
* Total Net Assets$361,828,412

* # of Portfolio Holdings475

* Portfolio Turnover Rate32%

## 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

---

| | |
|:---|:---|
| SPX Technologies, Inc. | 0.8% |
| Merit Medical Systems, Inc. | 0.7% |
| Mr Cooper Group, Inc. | 0.7% |
| Sterling Infrastructure, Inc. | 0.7% |
| Stride, Inc. | 0.7% |
| Adtalem Global Education, Inc. | 0.7% |
| Urban Outfitters, Inc. | 0.7% |
| Phillips Edison & Co., Inc. | 0.7% |
| First BanCorp/Puerto Rico | 0.7% |
| EnPro Industries, Inc. | 0.7% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg028.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.2)% |
| Short-Term Investments | 4.6% |
| Common Stock | 97.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg097.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.9% |
| Industrials | 18.7% |
| Information Technology | 12.5% |
| Consumer Discretionary | 12.2% |
| Health Care | 10.3% |
| Real Estate | 6.6% |
| Materials | 5.0% |
| Energy | 3.9% |
| Consumer Staples | 3.2% |
| Communication Services | 2.9% |
| Utilities | 2.4% |
| Short-Term Investments | 4.6% |
| Liabilities in Excess of Other Assets | (2.2)% |

---

## 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: IPSSX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Index Plus SmallCap Portfolio
92913T455-SAR

# Class ADV: IIIAX
![Image](tm2522622d6_tsrimg009.jpg)

# Voya International Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $51 | 0.94% |

---

## Fund Statistics
* Total Net Assets$1,212,633,438

* # of Portfolio Holdings733

* Portfolio Turnover Rate2%

## 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

---

| | |
|:---|:---|
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA | 1.4% |
| Novartis AG | 1.2% |
| Roche Holding AG | 1.2% |
| Novo Nordisk A/S - Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d6_tsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.4% |
| Countries-Other | 11.3% |
| Sweden | 3.0% |
| Spain | 3.1% |
| Italy | 3.1% |
| Netherlands | 4.2% |
| Switzerland | 4.9% |
| Australia | 6.8% |
| France | 9.3% |
| United States | 10.1% |
| Germany | 10.2% |
| United Kingdom | 11.2% |
| Japan | 21.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.5% |
| Industrials | 18.8% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.6% |
| Information Technology | 8.3% |
| Consumer Staples | 7.9% |
| Materials | 5.5% |
| Communication Services | 5.4% |
| Utilities | 3.5% |
| Energy | 3.1% |
| Real Estate | 1.9% |
| Short-Term Investments | 6.7% |
| Liabilities in Excess of Other Assets | (5.3)% |

---

## 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: IIIAX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya International Index Portfolio
92913T679-SAR

# Class I: IIIIX
![Image](tm2522622d6_tsrimg009.jpg)

# Voya International Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $25 | 0.45% |

---

## Fund Statistics
* Total Net Assets$1,212,633,438

* # of Portfolio Holdings733

* Portfolio Turnover Rate2%

## 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

---

| | |
|:---|:---|
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA | 1.4% |
| Novartis AG | 1.2% |
| Roche Holding AG | 1.2% |
| Novo Nordisk A/S - Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d6_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.4% |
| Countries-Other | 11.3% |
| Sweden | 3.0% |
| Spain | 3.1% |
| Italy | 3.1% |
| Netherlands | 4.2% |
| Switzerland | 4.9% |
| Australia | 6.8% |
| France | 9.3% |
| United States | 10.1% |
| Germany | 10.2% |
| United Kingdom | 11.2% |
| Japan | 21.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.5% |
| Industrials | 18.8% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.6% |
| Information Technology | 8.3% |
| Consumer Staples | 7.9% |
| Materials | 5.5% |
| Communication Services | 5.4% |
| Utilities | 3.5% |
| Energy | 3.1% |
| Real Estate | 1.9% |
| Short-Term Investments | 6.7% |
| Liabilities in Excess of Other Assets | (5.3)% |

---

## 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: IIIIX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya International Index Portfolio
92913T554-SAR

# Class S: INTIX
![Image](tm2522622d6_tsrimg009.jpg)

# Voya International Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $38 | 0.70% |

---

## Fund Statistics
* Total Net Assets$1,212,633,438

* # of Portfolio Holdings733

* Portfolio Turnover Rate2%

## 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

---

| | |
|:---|:---|
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA | 1.4% |
| Novartis AG | 1.2% |
| Roche Holding AG | 1.2% |
| Novo Nordisk A/S - Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d6_tsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.4% |
| Countries-Other | 11.3% |
| Sweden | 3.0% |
| Spain | 3.1% |
| Italy | 3.1% |
| Netherlands | 4.2% |
| Switzerland | 4.9% |
| Australia | 6.8% |
| France | 9.3% |
| United States | 10.1% |
| Germany | 10.2% |
| United Kingdom | 11.2% |
| Japan | 21.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.5% |
| Industrials | 18.8% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.6% |
| Information Technology | 8.3% |
| Consumer Staples | 7.9% |
| Materials | 5.5% |
| Communication Services | 5.4% |
| Utilities | 3.5% |
| Energy | 3.1% |
| Real Estate | 1.9% |
| Short-Term Investments | 6.7% |
| Liabilities in Excess of Other Assets | (5.3)% |

---

## 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: INTIX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya International Index Portfolio
92913T612-SAR

# Class S2: ISIIX
![Image](tm2522622d6_tsrimg009.jpg)

# Voya International Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $46 | 0.85% |

---

## Fund Statistics
* Total Net Assets$1,212,633,438

* # of Portfolio Holdings733

* Portfolio Turnover Rate2%

## 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

---

| | |
|:---|:---|
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA | 1.4% |
| Novartis AG | 1.2% |
| Roche Holding AG | 1.2% |
| Novo Nordisk A/S - Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d6_tsrimg036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.4% |
| Countries-Other | 11.3% |
| Sweden | 3.0% |
| Spain | 3.1% |
| Italy | 3.1% |
| Netherlands | 4.2% |
| Switzerland | 4.9% |
| Australia | 6.8% |
| France | 9.3% |
| United States | 10.1% |
| Germany | 10.2% |
| United Kingdom | 11.2% |
| Japan | 21.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.5% |
| Industrials | 18.8% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.6% |
| Information Technology | 8.3% |
| Consumer Staples | 7.9% |
| Materials | 5.5% |
| Communication Services | 5.4% |
| Utilities | 3.5% |
| Energy | 3.1% |
| Real Estate | 1.9% |
| Short-Term Investments | 6.7% |
| Liabilities in Excess of Other Assets | (5.3)% |

---

## 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: ISIIX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya International Index Portfolio
92913T711-SAR

# Class ADV: IRLAX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Large Cap Growth Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $47 | 0.93% |

---

## Fund Statistics
* Total Net Assets$1,500,389,883

* # of Portfolio Holdings111

* Portfolio Turnover Rate37%

## 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 12.1% |
| Microsoft Corp. | 12.1% |
| Apple, Inc. | 10.0% |
| Amazon.com, Inc. | 5.4% |
| Meta Platforms, Inc. - Class A | 4.8% |
| Broadcom, Inc. | 4.6% |
| Tesla, Inc. | 3.4% |
| Eli Lilly & Co. | 2.6% |
| Visa, Inc. - Class A | 2.6% |
| Netflix, Inc. | 2.4% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.5% |
| Exchange-Traded Funds | 1.4% |
| Common Stock | 98.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.9% |
| Consumer Discretionary | 12.7% |
| Communication Services | 12.0% |
| Health Care | 7.0% |
| Financials | 6.8% |
| Industrials | 4.9% |
| Consumer Staples | 3.1% |
| Exchange-Traded Funds | 1.4% |
| Real Estate | 0.5% |
| Materials | 0.4% |
| Energy | 0.0% |
| Short-Term Investments | 0.5% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## 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: IRLAX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Large Cap Growth Index Portfolio
92913T877-SAR

# Class I: IRLNX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Large Cap Growth Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $22 | 0.43% |

---

## Fund Statistics
* Total Net Assets$1,500,389,883

* # of Portfolio Holdings111

* Portfolio Turnover Rate37%

## 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 12.1% |
| Microsoft Corp. | 12.1% |
| Apple, Inc. | 10.0% |
| Amazon.com, Inc. | 5.4% |
| Meta Platforms, Inc. - Class A | 4.8% |
| Broadcom, Inc. | 4.6% |
| Tesla, Inc. | 3.4% |
| Eli Lilly & Co. | 2.6% |
| Visa, Inc. - Class A | 2.6% |
| Netflix, Inc. | 2.4% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg074.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.5% |
| Exchange-Traded Funds | 1.4% |
| Common Stock | 98.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.9% |
| Consumer Discretionary | 12.7% |
| Communication Services | 12.0% |
| Health Care | 7.0% |
| Financials | 6.8% |
| Industrials | 4.9% |
| Consumer Staples | 3.1% |
| Exchange-Traded Funds | 1.4% |
| Real Estate | 0.5% |
| Materials | 0.4% |
| Energy | 0.0% |
| Short-Term Investments | 0.5% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## 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: IRLNX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Large Cap Growth Index Portfolio
92913T885-SAR

# Class S: IRLSX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Large Cap Growth Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $35 | 0.68% |

---

## Fund Statistics
* Total Net Assets$1,500,389,883

* # of Portfolio Holdings111

* Portfolio Turnover Rate37%

## 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 12.1% |
| Microsoft Corp. | 12.1% |
| Apple, Inc. | 10.0% |
| Amazon.com, Inc. | 5.4% |
| Meta Platforms, Inc. - Class A | 4.8% |
| Broadcom, Inc. | 4.6% |
| Tesla, Inc. | 3.4% |
| Eli Lilly & Co. | 2.6% |
| Visa, Inc. - Class A | 2.6% |
| Netflix, Inc. | 2.4% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.5% |
| Exchange-Traded Funds | 1.4% |
| Common Stock | 98.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg094.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.9% |
| Consumer Discretionary | 12.7% |
| Communication Services | 12.0% |
| Health Care | 7.0% |
| Financials | 6.8% |
| Industrials | 4.9% |
| Consumer Staples | 3.1% |
| Exchange-Traded Funds | 1.4% |
| Real Estate | 0.5% |
| Materials | 0.4% |
| Energy | 0.0% |
| Short-Term Investments | 0.5% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## 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: IRLSX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Large Cap Growth Index Portfolio
92913T802-SAR

# Class ADV: IRLIX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Large Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $44 | 0.86% |

---

## Fund Statistics
* Total Net Assets$927,062,539

* # of Portfolio Holdings200

* Portfolio Turnover Rate7%

## 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Microsoft Corp. | 8.0% |
| Apple, Inc. | 6.6% |
| Amazon.com, Inc. | 4.6% |
| Meta Platforms, Inc. - Class A | 3.5% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc. - Class A | 2.2% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Tesla, Inc. | 1.9% |
| Alphabet, Inc. - Class C | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Short-Term Investments | 0.4% |
| Exchange-Traded Funds | 1.2% |
| Common Stock | 98.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 36.2% |
| Financials | 14.0% |
| Communication Services | 10.9% |
| Consumer Discretionary | 10.2% |
| Health Care | 9.1% |
| Industrials | 7.0% |
| Consumer Staples | 5.3% |
| Energy | 2.2% |
| Materials | 1.4% |
| Utilities | 1.3% |
| Exchange-Traded Funds | 1.2% |
| Real Estate | 0.9% |
| Short-Term Investments | 0.4% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

## 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: IRLIX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Large Cap Index Portfolio
92913T620-SAR

# Class I: IIRLX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Large Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $18 | 0.36% |

---

## Fund Statistics
* Total Net Assets$927,062,539

* # of Portfolio Holdings200

* Portfolio Turnover Rate7%

## 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Microsoft Corp. | 8.0% |
| Apple, Inc. | 6.6% |
| Amazon.com, Inc. | 4.6% |
| Meta Platforms, Inc. - Class A | 3.5% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc. - Class A | 2.2% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Tesla, Inc. | 1.9% |
| Alphabet, Inc. - Class C | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg058.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Short-Term Investments | 0.4% |
| Exchange-Traded Funds | 1.2% |
| Common Stock | 98.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 36.2% |
| Financials | 14.0% |
| Communication Services | 10.9% |
| Consumer Discretionary | 10.2% |
| Health Care | 9.1% |
| Industrials | 7.0% |
| Consumer Staples | 5.3% |
| Energy | 2.2% |
| Materials | 1.4% |
| Utilities | 1.3% |
| Exchange-Traded Funds | 1.2% |
| Real Estate | 0.9% |
| Short-Term Investments | 0.4% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

## 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: IIRLX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Large Cap Index Portfolio
92913T497-SAR

# Class S: IRLCX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Large Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $31 | 0.61% |

---

## Fund Statistics
* Total Net Assets$927,062,539

* # of Portfolio Holdings200

* Portfolio Turnover Rate7%

## 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Microsoft Corp. | 8.0% |
| Apple, Inc. | 6.6% |
| Amazon.com, Inc. | 4.6% |
| Meta Platforms, Inc. - Class A | 3.5% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc. - Class A | 2.2% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Tesla, Inc. | 1.9% |
| Alphabet, Inc. - Class C | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Short-Term Investments | 0.4% |
| Exchange-Traded Funds | 1.2% |
| Common Stock | 98.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 36.2% |
| Financials | 14.0% |
| Communication Services | 10.9% |
| Consumer Discretionary | 10.2% |
| Health Care | 9.1% |
| Industrials | 7.0% |
| Consumer Staples | 5.3% |
| Energy | 2.2% |
| Materials | 1.4% |
| Utilities | 1.3% |
| Exchange-Traded Funds | 1.2% |
| Real Estate | 0.9% |
| Short-Term Investments | 0.4% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

## 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: IRLCX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Large Cap Index Portfolio
92913T562-SAR

# Class S2: IRLUX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Large Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $39 | 0.76% |

---

## Fund Statistics
* Total Net Assets$927,062,539

* # of Portfolio Holdings200

* Portfolio Turnover Rate7%

## 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Microsoft Corp. | 8.0% |
| Apple, Inc. | 6.6% |
| Amazon.com, Inc. | 4.6% |
| Meta Platforms, Inc. - Class A | 3.5% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc. - Class A | 2.2% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Tesla, Inc. | 1.9% |
| Alphabet, Inc. - Class C | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Short-Term Investments | 0.4% |
| Exchange-Traded Funds | 1.2% |
| Common Stock | 98.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 36.2% |
| Financials | 14.0% |
| Communication Services | 10.9% |
| Consumer Discretionary | 10.2% |
| Health Care | 9.1% |
| Industrials | 7.0% |
| Consumer Staples | 5.3% |
| Energy | 2.2% |
| Materials | 1.4% |
| Utilities | 1.3% |
| Exchange-Traded Funds | 1.2% |
| Real Estate | 0.9% |
| Short-Term Investments | 0.4% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

## 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: IRLUX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Large Cap Index Portfolio
92913T745-SAR

# Class ADV: IRVAX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Large Cap Value Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $48 | 0.93% |

---

## Fund Statistics
* Total Net Assets$273,477,386

* # of Portfolio Holdings154

* Portfolio Turnover Rate25%

## 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

---

| | |
|:---|:---|
| Berkshire Hathaway, Inc. - Class B | 4.7% |
| JPMorgan Chase & Co. | 4.2% |
| Amazon.com, Inc. | 3.0% |
| Exxon Mobil Corp. | 2.5% |
| Walmart, Inc. | 2.0% |
| Procter & Gamble Co. | 2.0% |
| Johnson & Johnson | 1.9% |
| Alphabet, Inc. - Class A | 1.9% |
| Bank of America Corp. | 1.6% |
| Alphabet, Inc. - Class C | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.4% |
| Short-Term Investments | 0.1% |
| Exchange-Traded Funds | 0.9% |
| Common Stock | 98.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 25.1% |
| Health Care | 13.4% |
| Information Technology | 10.9% |
| Industrials | 10.9% |
| Communication Services | 9.5% |
| Consumer Staples | 8.8% |
| Consumer Discretionary | 7.2% |
| Energy | 5.2% |
| Utilities | 3.1% |
| Materials | 2.8% |
| Real Estate | 1.7% |
| Exchange-Traded Funds | 0.9% |
| Short-Term Investments | 0.1% |
| Assets in Excess of Other Liabilities | 0.4% |

---

## 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: IRVAX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Large Cap Value Index Portfolio
92913T703-SAR

# Class I: IRVIX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Large Cap Value Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $22 | 0.43% |

---

## Fund Statistics
* Total Net Assets$273,477,386

* # of Portfolio Holdings154

* Portfolio Turnover Rate25%

## 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

---

| | |
|:---|:---|
| Berkshire Hathaway, Inc. - Class B | 4.7% |
| JPMorgan Chase & Co. | 4.2% |
| Amazon.com, Inc. | 3.0% |
| Exxon Mobil Corp. | 2.5% |
| Walmart, Inc. | 2.0% |
| Procter & Gamble Co. | 2.0% |
| Johnson & Johnson | 1.9% |
| Alphabet, Inc. - Class A | 1.9% |
| Bank of America Corp. | 1.6% |
| Alphabet, Inc. - Class C | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.4% |
| Short-Term Investments | 0.1% |
| Exchange-Traded Funds | 0.9% |
| Common Stock | 98.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 25.1% |
| Health Care | 13.4% |
| Information Technology | 10.9% |
| Industrials | 10.9% |
| Communication Services | 9.5% |
| Consumer Staples | 8.8% |
| Consumer Discretionary | 7.2% |
| Energy | 5.2% |
| Utilities | 3.1% |
| Materials | 2.8% |
| Real Estate | 1.7% |
| Exchange-Traded Funds | 0.9% |
| Short-Term Investments | 0.1% |
| Assets in Excess of Other Liabilities | 0.4% |

---

## 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: IRVIX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Large Cap Value Index Portfolio
92913T604-SAR

# Class S: IRVSX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Large Cap Value Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $35 | 0.68% |

---

## Fund Statistics
* Total Net Assets$273,477,386

* # of Portfolio Holdings154

* Portfolio Turnover Rate25%

## 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

---

| | |
|:---|:---|
| Berkshire Hathaway, Inc. - Class B | 4.7% |
| JPMorgan Chase & Co. | 4.2% |
| Amazon.com, Inc. | 3.0% |
| Exxon Mobil Corp. | 2.5% |
| Walmart, Inc. | 2.0% |
| Procter & Gamble Co. | 2.0% |
| Johnson & Johnson | 1.9% |
| Alphabet, Inc. - Class A | 1.9% |
| Bank of America Corp. | 1.6% |
| Alphabet, Inc. - Class C | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.4% |
| Short-Term Investments | 0.1% |
| Exchange-Traded Funds | 0.9% |
| Common Stock | 98.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 25.1% |
| Health Care | 13.4% |
| Information Technology | 10.9% |
| Industrials | 10.9% |
| Communication Services | 9.5% |
| Consumer Staples | 8.8% |
| Consumer Discretionary | 7.2% |
| Energy | 5.2% |
| Utilities | 3.1% |
| Materials | 2.8% |
| Real Estate | 1.7% |
| Exchange-Traded Funds | 0.9% |
| Short-Term Investments | 0.1% |
| Assets in Excess of Other Liabilities | 0.4% |

---

## 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: IRVSX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Large Cap Value Index Portfolio
92913T505-SAR

# Class I: IRGJX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Mid Cap Growth Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $21 | 0.40% |

---

## Fund Statistics
* Total Net Assets$979,397,244

* # of Portfolio Holdings284

* Portfolio Turnover Rate40%

## 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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 2.6% |
| Howmet Aerospace, Inc. | 2.5% |
| Vistra Corp. | 2.2% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Axon Enterprise, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| ROBLOX Corp. - Class A | 2.0% |
| AmerisourceBergen Corp. | 1.8% |
| Vertiv Holdings Co. - Class A | 1.6% |
| Ameriprise Financial, Inc. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg031.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.7)% |
| Short-Term Investments | 0.5% |
| Exchange-Traded Funds | 1.1% |
| Common Stock | 99.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.8% |
| Industrials | 19.9% |
| Information Technology | 17.8% |
| Health Care | 13.7% |
| Financials | 10.5% |
| Communication Services | 6.1% |
| Utilities | 3.2% |
| Energy | 2.8% |
| Consumer Staples | 1.8% |
| Real Estate | 1.3% |
| Exchange-Traded Funds | 1.1% |
| Materials | 0.2% |
| Short-Term Investments | 0.5% |
| Liabilities in Excess of Other Assets | (0.7)% |

---

## 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: IRGJX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Mid Cap Growth Index Portfolio
92913T307-SAR

# Class S: IRGUX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Mid Cap Growth Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $34 | 0.65% |

---

## Fund Statistics
* Total Net Assets$979,397,244

* # of Portfolio Holdings284

* Portfolio Turnover Rate40%

## 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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 2.6% |
| Howmet Aerospace, Inc. | 2.5% |
| Vistra Corp. | 2.2% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Axon Enterprise, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| ROBLOX Corp. - Class A | 2.0% |
| AmerisourceBergen Corp. | 1.8% |
| Vertiv Holdings Co. - Class A | 1.6% |
| Ameriprise Financial, Inc. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.7)% |
| Short-Term Investments | 0.5% |
| Exchange-Traded Funds | 1.1% |
| Common Stock | 99.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.8% |
| Industrials | 19.9% |
| Information Technology | 17.8% |
| Health Care | 13.7% |
| Financials | 10.5% |
| Communication Services | 6.1% |
| Utilities | 3.2% |
| Energy | 2.8% |
| Consumer Staples | 1.8% |
| Real Estate | 1.3% |
| Exchange-Traded Funds | 1.1% |
| Materials | 0.2% |
| Short-Term Investments | 0.5% |
| Liabilities in Excess of Other Assets | (0.7)% |

---

## 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: IRGUX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Mid Cap Growth Index Portfolio
92913T109-SAR

# Class S2: IRGVX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Mid Cap Growth Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $42 | 0.80% |

---

## Fund Statistics
* Total Net Assets$979,397,244

* # of Portfolio Holdings284

* Portfolio Turnover Rate40%

## 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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 2.6% |
| Howmet Aerospace, Inc. | 2.5% |
| Vistra Corp. | 2.2% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Axon Enterprise, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| ROBLOX Corp. - Class A | 2.0% |
| AmerisourceBergen Corp. | 1.8% |
| Vertiv Holdings Co. - Class A | 1.6% |
| Ameriprise Financial, Inc. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.7)% |
| Short-Term Investments | 0.5% |
| Exchange-Traded Funds | 1.1% |
| Common Stock | 99.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.8% |
| Industrials | 19.9% |
| Information Technology | 17.8% |
| Health Care | 13.7% |
| Financials | 10.5% |
| Communication Services | 6.1% |
| Utilities | 3.2% |
| Energy | 2.8% |
| Consumer Staples | 1.8% |
| Real Estate | 1.3% |
| Exchange-Traded Funds | 1.1% |
| Materials | 0.2% |
| Short-Term Investments | 0.5% |
| Liabilities in Excess of Other Assets | (0.7)% |

---

## 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: IRGVX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Mid Cap Growth Index Portfolio
92913T208-SAR

# Class ADV: IRMAX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Mid Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $46 | 0.90% |

---

## Fund Statistics
* Total Net Assets$994,103,784

* # of Portfolio Holdings829

* Portfolio Turnover Rate19%

## 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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 0.7% |
| Howmet Aerospace, Inc. | 0.6% |
| Coinbase Global, Inc. - Class A | 0.6% |
| Robinhood Markets, Inc. - Class A | 0.6% |
| Vistra Corp. | 0.5% |
| Bank of New York Mellon Corp. | 0.5% |
| Hilton Worldwide Holdings, Inc. | 0.5% |
| Axon Enterprise, Inc. | 0.5% |
| Cloudflare, Inc. - Class A | 0.5% |
| ROBLOX Corp. - Class A | 0.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.7)% |
| Short-Term Investments | 1.0% |
| Exchange-Traded Funds | 0.5% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 17.8% |
| Financials | 15.3% |
| Information Technology | 11.6% |
| Consumer Discretionary | 11.6% |
| Health Care | 9.2% |
| Real Estate | 7.3% |
| Utilities | 6.0% |
| Energy | 5.9% |
| Consumer Staples | 5.3% |
| Materials | 5.1% |
| Communication Services | 4.1% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.7)% |

---

## 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: IRMAX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Mid Cap Index Portfolio
92913T638-SAR

# Class I: IIRMX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Mid Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $20 | 0.40% |

---

## Fund Statistics
* Total Net Assets$994,103,784

* # of Portfolio Holdings829

* Portfolio Turnover Rate19%

## 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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 0.7% |
| Howmet Aerospace, Inc. | 0.6% |
| Coinbase Global, Inc. - Class A | 0.6% |
| Robinhood Markets, Inc. - Class A | 0.6% |
| Vistra Corp. | 0.5% |
| Bank of New York Mellon Corp. | 0.5% |
| Hilton Worldwide Holdings, Inc. | 0.5% |
| Axon Enterprise, Inc. | 0.5% |
| Cloudflare, Inc. - Class A | 0.5% |
| ROBLOX Corp. - Class A | 0.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg083.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.7)% |
| Short-Term Investments | 1.0% |
| Exchange-Traded Funds | 0.5% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg033.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 17.8% |
| Financials | 15.3% |
| Information Technology | 11.6% |
| Consumer Discretionary | 11.6% |
| Health Care | 9.2% |
| Real Estate | 7.3% |
| Utilities | 6.0% |
| Energy | 5.9% |
| Consumer Staples | 5.3% |
| Materials | 5.1% |
| Communication Services | 4.1% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.7)% |

---

## 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: IIRMX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Mid Cap Index Portfolio
92913T513-SAR

# Class S: IRMCX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Mid Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $33 | 0.65% |

---

## Fund Statistics
* Total Net Assets$994,103,784

* # of Portfolio Holdings829

* Portfolio Turnover Rate19%

## 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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 0.7% |
| Howmet Aerospace, Inc. | 0.6% |
| Coinbase Global, Inc. - Class A | 0.6% |
| Robinhood Markets, Inc. - Class A | 0.6% |
| Vistra Corp. | 0.5% |
| Bank of New York Mellon Corp. | 0.5% |
| Hilton Worldwide Holdings, Inc. | 0.5% |
| Axon Enterprise, Inc. | 0.5% |
| Cloudflare, Inc. - Class A | 0.5% |
| ROBLOX Corp. - Class A | 0.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.7)% |
| Short-Term Investments | 1.0% |
| Exchange-Traded Funds | 0.5% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 17.8% |
| Financials | 15.3% |
| Information Technology | 11.6% |
| Consumer Discretionary | 11.6% |
| Health Care | 9.2% |
| Real Estate | 7.3% |
| Utilities | 6.0% |
| Energy | 5.9% |
| Consumer Staples | 5.3% |
| Materials | 5.1% |
| Communication Services | 4.1% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.7)% |

---

## 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: IRMCX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Mid Cap Index Portfolio
92913T570-SAR

# Class S2: IRMTX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Mid Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $41 | 0.80% |

---

## Fund Statistics
* Total Net Assets$994,103,784

* # of Portfolio Holdings829

* Portfolio Turnover Rate19%

## 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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 0.7% |
| Howmet Aerospace, Inc. | 0.6% |
| Coinbase Global, Inc. - Class A | 0.6% |
| Robinhood Markets, Inc. - Class A | 0.6% |
| Vistra Corp. | 0.5% |
| Bank of New York Mellon Corp. | 0.5% |
| Hilton Worldwide Holdings, Inc. | 0.5% |
| Axon Enterprise, Inc. | 0.5% |
| Cloudflare, Inc. - Class A | 0.5% |
| ROBLOX Corp. - Class A | 0.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg043.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.7)% |
| Short-Term Investments | 1.0% |
| Exchange-Traded Funds | 0.5% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 17.8% |
| Financials | 15.3% |
| Information Technology | 11.6% |
| Consumer Discretionary | 11.6% |
| Health Care | 9.2% |
| Real Estate | 7.3% |
| Utilities | 6.0% |
| Energy | 5.9% |
| Consumer Staples | 5.3% |
| Materials | 5.1% |
| Communication Services | 4.1% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.7)% |

---

## 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: IRMTX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Mid Cap Index Portfolio
92913T752-SAR

# Class ADV: IRSIX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Small Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $46 | 0.93% |

---

## Fund Statistics
* Total Net Assets$525,128,268

* # of Portfolio Holdings1,790

* Portfolio Turnover Rate8%

## 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

---

| | |
|:---|:---|
| Credo Technology Group Holding Ltd. | 0.5% |
| Fabrinet | 0.4% |
| IonQ, Inc. | 0.4% |
| Hims & Hers Health, Inc. | 0.4% |
| HealthEquity, Inc. | 0.4% |
| Ensign Group, Inc. | 0.3% |
| Fluor Corp. | 0.3% |
| Blueprint Medicines Corp. | 0.3% |
| AeroVironment, Inc. | 0.3% |
| Brinker International, Inc. | 0.3% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (18.4)% |
| Short-Term Investments | 19.3% |
| Common Stock | 99.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg053.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.1% |
| Industrials | 16.9% |
| Health Care | 15.8% |
| Information Technology | 14.6% |
| Consumer Discretionary | 9.9% |
| Real Estate | 6.0% |
| Energy | 4.9% |
| Materials | 3.8% |
| Utilities | 3.2% |
| Communication Services | 2.6% |
| Consumer Staples | 2.3% |
| Short-Term Investments | 19.3% |
| Liabilities in Excess of Other Assets | (18.4)% |

---

## 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: IRSIX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Small Cap Index Portfolio
92913T653-SAR

# Class I: IIRSX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Small Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $21 | 0.43% |

---

## Fund Statistics
* Total Net Assets$525,128,268

* # of Portfolio Holdings1,790

* Portfolio Turnover Rate8%

## 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

---

| | |
|:---|:---|
| Credo Technology Group Holding Ltd. | 0.5% |
| Fabrinet | 0.4% |
| IonQ, Inc. | 0.4% |
| Hims & Hers Health, Inc. | 0.4% |
| HealthEquity, Inc. | 0.4% |
| Ensign Group, Inc. | 0.3% |
| Fluor Corp. | 0.3% |
| Blueprint Medicines Corp. | 0.3% |
| AeroVironment, Inc. | 0.3% |
| Brinker International, Inc. | 0.3% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg095.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (18.4)% |
| Short-Term Investments | 19.3% |
| Common Stock | 99.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg090.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.1% |
| Industrials | 16.9% |
| Health Care | 15.8% |
| Information Technology | 14.6% |
| Consumer Discretionary | 9.9% |
| Real Estate | 6.0% |
| Energy | 4.9% |
| Materials | 3.8% |
| Utilities | 3.2% |
| Communication Services | 2.6% |
| Consumer Staples | 2.3% |
| Short-Term Investments | 19.3% |
| Liabilities in Excess of Other Assets | (18.4)% |

---

## 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: IIRSX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Small Cap Index Portfolio
92913T521-SAR

# Class S: IRSSX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Small Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $33 | 0.68% |

---

## Fund Statistics
* Total Net Assets$525,128,268

* # of Portfolio Holdings1,790

* Portfolio Turnover Rate8%

## 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

---

| | |
|:---|:---|
| Credo Technology Group Holding Ltd. | 0.5% |
| Fabrinet | 0.4% |
| IonQ, Inc. | 0.4% |
| Hims & Hers Health, Inc. | 0.4% |
| HealthEquity, Inc. | 0.4% |
| Ensign Group, Inc. | 0.3% |
| Fluor Corp. | 0.3% |
| Blueprint Medicines Corp. | 0.3% |
| AeroVironment, Inc. | 0.3% |
| Brinker International, Inc. | 0.3% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (18.4)% |
| Short-Term Investments | 19.3% |
| Common Stock | 99.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.1% |
| Industrials | 16.9% |
| Health Care | 15.8% |
| Information Technology | 14.6% |
| Consumer Discretionary | 9.9% |
| Real Estate | 6.0% |
| Energy | 4.9% |
| Materials | 3.8% |
| Utilities | 3.2% |
| Communication Services | 2.6% |
| Consumer Staples | 2.3% |
| Short-Term Investments | 19.3% |
| Liabilities in Excess of Other Assets | (18.4)% |

---

## 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: IRSSX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Small Cap Index Portfolio
92913T588-SAR

# Class S2: IRCIX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Russell™ Small Cap Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $41 | 0.83% |

---

## Fund Statistics
* Total Net Assets$525,128,268

* # of Portfolio Holdings1,790

* Portfolio Turnover Rate8%

## 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

---

| | |
|:---|:---|
| Credo Technology Group Holding Ltd. | 0.5% |
| Fabrinet | 0.4% |
| IonQ, Inc. | 0.4% |
| Hims & Hers Health, Inc. | 0.4% |
| HealthEquity, Inc. | 0.4% |
| Ensign Group, Inc. | 0.3% |
| Fluor Corp. | 0.3% |
| Blueprint Medicines Corp. | 0.3% |
| AeroVironment, Inc. | 0.3% |
| Brinker International, Inc. | 0.3% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg051.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (18.4)% |
| Short-Term Investments | 19.3% |
| Common Stock | 99.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.1% |
| Industrials | 16.9% |
| Health Care | 15.8% |
| Information Technology | 14.6% |
| Consumer Discretionary | 9.9% |
| Real Estate | 6.0% |
| Energy | 4.9% |
| Materials | 3.8% |
| Utilities | 3.2% |
| Communication Services | 2.6% |
| Consumer Staples | 2.3% |
| Short-Term Investments | 19.3% |
| Liabilities in Excess of Other Assets | (18.4)% |

---

## 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: IRCIX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Russell™ Small Cap Index Portfolio
92913T760-SAR

# Class ADV: IASCX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Small Company Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $67 | 1.36% |

---

## Fund Statistics
* Total Net Assets$234,427,853

* # of Portfolio Holdings191

* Portfolio Turnover Rate65%

## 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

---

| | |
|:---|:---|
| First BanCorp/Puerto Rico | 1.7% |
| iShares Russell 2000 ETF | 1.5% |
| Box, Inc. - Class A | 1.5% |
| QIAGEN N.V. | 1.4% |
| AvePoint, Inc. | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Flowserve Corp. | 1.3% |
| nVent Electric PLC | 1.2% |
| Sprouts Farmers Market, Inc. | 1.2% |
| Element Solutions, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.7)% |
| Short-Term Investments | 4.1% |
| Exchange-Traded Funds | 1.5% |
| Common Stock | 98.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.6% |
| Information Technology | 17.6% |
| Industrials | 17.4% |
| Health Care | 16.1% |
| Real Estate | 6.0% |
| Consumer Discretionary | 4.8% |
| Energy | 4.3% |
| Materials | 3.8% |
| Communication Services | 3.3% |
| Utilities | 3.1% |
| Consumer Staples | 2.1% |
| Exchange-Traded Funds | 1.5% |
| Short-Term Investments | 4.1% |
| Liabilities in Excess of Other Assets | (3.7)% |

---

## 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: IASCX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Small Company Portfolio
92913T695-SAR

# Class I: IVCSX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Small Company Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $42 | 0.86% |

---

## Fund Statistics
* Total Net Assets$234,427,853

* # of Portfolio Holdings191

* Portfolio Turnover Rate65%

## 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

---

| | |
|:---|:---|
| First BanCorp/Puerto Rico | 1.7% |
| iShares Russell 2000 ETF | 1.5% |
| Box, Inc. - Class A | 1.5% |
| QIAGEN N.V. | 1.4% |
| AvePoint, Inc. | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Flowserve Corp. | 1.3% |
| nVent Electric PLC | 1.2% |
| Sprouts Farmers Market, Inc. | 1.2% |
| Element Solutions, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg063.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.7)% |
| Short-Term Investments | 4.1% |
| Exchange-Traded Funds | 1.5% |
| Common Stock | 98.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.6% |
| Information Technology | 17.6% |
| Industrials | 17.4% |
| Health Care | 16.1% |
| Real Estate | 6.0% |
| Consumer Discretionary | 4.8% |
| Energy | 4.3% |
| Materials | 3.8% |
| Communication Services | 3.3% |
| Utilities | 3.1% |
| Consumer Staples | 2.1% |
| Exchange-Traded Funds | 1.5% |
| Short-Term Investments | 4.1% |
| Liabilities in Excess of Other Assets | (3.7)% |

---

## 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: IVCSX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Small Company Portfolio
92913T430-SAR

# Class R6: VSPRX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Small Company Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $39 | 0.80% |

---

## Fund Statistics
* Total Net Assets$234,427,853

* # of Portfolio Holdings191

* Portfolio Turnover Rate65%

## 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

---

| | |
|:---|:---|
| First BanCorp/Puerto Rico | 1.7% |
| iShares Russell 2000 ETF | 1.5% |
| Box, Inc. - Class A | 1.5% |
| QIAGEN N.V. | 1.4% |
| AvePoint, Inc. | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Flowserve Corp. | 1.3% |
| nVent Electric PLC | 1.2% |
| Sprouts Farmers Market, Inc. | 1.2% |
| Element Solutions, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.7)% |
| Short-Term Investments | 4.1% |
| Exchange-Traded Funds | 1.5% |
| Common Stock | 98.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.6% |
| Information Technology | 17.6% |
| Industrials | 17.4% |
| Health Care | 16.1% |
| Real Estate | 6.0% |
| Consumer Discretionary | 4.8% |
| Energy | 4.3% |
| Materials | 3.8% |
| Communication Services | 3.3% |
| Utilities | 3.1% |
| Consumer Staples | 2.1% |
| Exchange-Traded Funds | 1.5% |
| Short-Term Investments | 4.1% |
| Liabilities in Excess of Other Assets | (3.7)% |

---

## 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 R6: VSPRX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Small Company Portfolio
92913T273-SAR

# Class S: IVPSX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya Small Company Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $54 | 1.11% |

---

## Fund Statistics
* Total Net Assets$234,427,853

* # of Portfolio Holdings191

* Portfolio Turnover Rate65%

## 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

---

| | |
|:---|:---|
| First BanCorp/Puerto Rico | 1.7% |
| iShares Russell 2000 ETF | 1.5% |
| Box, Inc. - Class A | 1.5% |
| QIAGEN N.V. | 1.4% |
| AvePoint, Inc. | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Flowserve Corp. | 1.3% |
| nVent Electric PLC | 1.2% |
| Sprouts Farmers Market, Inc. | 1.2% |
| Element Solutions, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.7)% |
| Short-Term Investments | 4.1% |
| Exchange-Traded Funds | 1.5% |
| Common Stock | 98.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.6% |
| Information Technology | 17.6% |
| Industrials | 17.4% |
| Health Care | 16.1% |
| Real Estate | 6.0% |
| Consumer Discretionary | 4.8% |
| Energy | 4.3% |
| Materials | 3.8% |
| Communication Services | 3.3% |
| Utilities | 3.1% |
| Consumer Staples | 2.1% |
| Exchange-Traded Funds | 1.5% |
| Short-Term Investments | 4.1% |
| Liabilities in Excess of Other Assets | (3.7)% |

---

## 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: IVPSX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya Small Company Portfolio
92913T448-SAR

# Class ADV: ILUAX
![Image](tm2522622d6_tsrimg016.jpg)

# Voya U.S. Bond Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $43 | 0.86% |

---

## Fund Statistics
* Total Net Assets$1,390,112,294

* # of Portfolio Holdings4,673

* Portfolio Turnover Rate205%

## 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

---

| | |
|:---|:---|
| United States Treasury Notes, 4.000%, 06/30/32 | 10.6% |
| United States Treasury Notes, 3.875%, 06/15/28 | 7.1% |
| United States Treasury Notes, 3.750%, 06/30/27 | 4.7% |
| United States Treasury Notes, 3.875%, 06/30/30 | 3.8% |
| United States Treasury Notes, 4.250%, 05/15/35 | 3.6% |
| United States Treasury Notes, 3.750%, 05/15/28 | 2.9% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 1.6% |
| United States Treasury Notes, 4.125%, 06/15/26 | 1.1% |
| United States Treasury Bonds, 5.000%, 05/15/45 | 1.1% |
| Uniform Mortgage-Backed Securities, 2.000%, 12/01/36 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Municipal Bonds | 0.5% |
| Asset-Backed Securities | 0.8% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Sovereign Bonds | 2.8% |
| Corporate Bonds/Notes | 25.7% |
| U.S. Government Agency Obligations | 25.8% |
| U.S. Treasury Obligations | 38.2% |

---

## 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: ILUAX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya U.S. Bond Index Portfolio
92913T661-SAR

# Class I: ILBAX
![Image](tm2522622d6_tsrimg016.jpg)

# Voya U.S. Bond Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $18 | 0.36% |

---

## Fund Statistics
* Total Net Assets$1,390,112,294

* # of Portfolio Holdings4,673

* Portfolio Turnover Rate205%

## 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

---

| | |
|:---|:---|
| United States Treasury Notes, 4.000%, 06/30/32 | 10.6% |
| United States Treasury Notes, 3.875%, 06/15/28 | 7.1% |
| United States Treasury Notes, 3.750%, 06/30/27 | 4.7% |
| United States Treasury Notes, 3.875%, 06/30/30 | 3.8% |
| United States Treasury Notes, 4.250%, 05/15/35 | 3.6% |
| United States Treasury Notes, 3.750%, 05/15/28 | 2.9% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 1.6% |
| United States Treasury Notes, 4.125%, 06/15/26 | 1.1% |
| United States Treasury Bonds, 5.000%, 05/15/45 | 1.1% |
| Uniform Mortgage-Backed Securities, 2.000%, 12/01/36 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg066.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Municipal Bonds | 0.5% |
| Asset-Backed Securities | 0.8% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Sovereign Bonds | 2.8% |
| Corporate Bonds/Notes | 25.7% |
| U.S. Government Agency Obligations | 25.8% |
| U.S. Treasury Obligations | 38.2% |

---

## 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: ILBAX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya U.S. Bond Index Portfolio
92913T547-SAR

# Class S: ILABX
![Image](tm2522622d6_tsrimg016.jpg)

# Voya U.S. Bond Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $31 | 0.61% |

---

## Fund Statistics
* Total Net Assets$1,390,112,294

* # of Portfolio Holdings4,673

* Portfolio Turnover Rate205%

## 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

---

| | |
|:---|:---|
| United States Treasury Notes, 4.000%, 06/30/32 | 10.6% |
| United States Treasury Notes, 3.875%, 06/15/28 | 7.1% |
| United States Treasury Notes, 3.750%, 06/30/27 | 4.7% |
| United States Treasury Notes, 3.875%, 06/30/30 | 3.8% |
| United States Treasury Notes, 4.250%, 05/15/35 | 3.6% |
| United States Treasury Notes, 3.750%, 05/15/28 | 2.9% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 1.6% |
| United States Treasury Notes, 4.125%, 06/15/26 | 1.1% |
| United States Treasury Bonds, 5.000%, 05/15/45 | 1.1% |
| Uniform Mortgage-Backed Securities, 2.000%, 12/01/36 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg047.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Municipal Bonds | 0.5% |
| Asset-Backed Securities | 0.8% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Sovereign Bonds | 2.8% |
| Corporate Bonds/Notes | 25.7% |
| U.S. Government Agency Obligations | 25.8% |
| U.S. Treasury Obligations | 38.2% |

---

## 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: ILABX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya U.S. Bond Index Portfolio
92913T596-SAR

# Class S2: IUSBX
![Image](tm2522622d6_tsrimg016.jpg)

# Voya U.S. Bond Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $38 | 0.76% |

---

## Fund Statistics
* Total Net Assets$1,390,112,294

* # of Portfolio Holdings4,673

* Portfolio Turnover Rate205%

## 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

---

| | |
|:---|:---|
| United States Treasury Notes, 4.000%, 06/30/32 | 10.6% |
| United States Treasury Notes, 3.875%, 06/15/28 | 7.1% |
| United States Treasury Notes, 3.750%, 06/30/27 | 4.7% |
| United States Treasury Notes, 3.875%, 06/30/30 | 3.8% |
| United States Treasury Notes, 4.250%, 05/15/35 | 3.6% |
| United States Treasury Notes, 3.750%, 05/15/28 | 2.9% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 1.6% |
| United States Treasury Notes, 4.125%, 06/15/26 | 1.1% |
| United States Treasury Bonds, 5.000%, 05/15/45 | 1.1% |
| Uniform Mortgage-Backed Securities, 2.000%, 12/01/36 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Municipal Bonds | 0.5% |
| Asset-Backed Securities | 0.8% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Sovereign Bonds | 2.8% |
| Corporate Bonds/Notes | 25.7% |
| U.S. Government Agency Obligations | 25.8% |
| U.S. Treasury Obligations | 38.2% |

---

## 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: IUSBX
![QR Code](tm2522622d6_tsrimg017.jpg)

# Voya U.S. Bond Index Portfolio
92913T729-SAR

# Portfolio: VVIEX
![Image](tm2522622d6_tsrimg009.jpg)

# Voya VACS Index Series EM Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| VACS Index Series | $9 | 0.16% |

---

## Fund Statistics
* Total Net Assets$475,258,641

* # of Portfolio Holdings964

* Portfolio Turnover Rate2%

## 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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.2% |
| Tencent Holdings Ltd. | 4.7% |
| Alibaba Group Holding Ltd. | 2.8% |
| Samsung Electronics Co. Ltd. | 2.7% |
| HDFC Bank Ltd. | 1.5% |
| Xiaomi Corp. - Class B | 1.5% |
| SK Hynix, Inc. | 1.3% |
| Reliance Industries Ltd. | 1.2% |
| China Construction Bank Corp. - Class H | 1.1% |
| ICICI Bank Ltd. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d6_tsrimg092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Countries-Other | 7.0% |
| Indonesia | 1.2% |
| Malaysia | 1.3% |
| United Arab Emirates | 1.6% |
| Mexico | 2.1% |
| South Africa | 2.8% |
| Saudi Arabia | 3.4% |
| Brazil | 4.4% |
| South Korea | 10.6% |
| India | 18.0% |
| Taiwan | 18.7% |
| China | 28.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg026.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.4% |
| Information Technology | 23.8% |
| Consumer Discretionary | 12.7% |
| Communication Services | 9.8% |
| Industrials | 6.8% |
| Materials | 5.7% |
| Consumer Staples | 4.4% |
| Energy | 4.2% |
| Health Care | 3.2% |
| Utilities | 2.6% |
| Real Estate | 1.6% |
| Consumer, Non-cyclical | 0.1% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

## Availability of Additional Information
For additional information about the Fund, including its holdings and Form N-CSR, please visit https://individuals.voya.com/product/variable-portfolio/holdings/monthly or call us at 1-800-992-0180. For information on proxy voting, please visit https://individuals.voya.com or call us at 1-800-992-0180.

# Portfolio: VVIEX
![QR Code](tm2522622d6_tsrimg081.jpg)

# Voya VACS Index Series EM Portfolio
92913T182-SAR

# Portfolio: VVIIX
![Image](tm2522622d6_tsrimg009.jpg)

# Voya VACS Index Series I Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| VACS Index Series | $9 | 0.16% |

---

## Fund Statistics
* Total Net Assets$1,754,888,151

* # of Portfolio Holdings725

* Portfolio Turnover Rate7%

## 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

---

| | |
|:---|:---|
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA | 1.4% |
| Novartis AG | 1.2% |
| Roche Holding AG | 1.2% |
| Novo Nordisk A/S - Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d6_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.2% |
| Countries-Other | 11.2% |
| Sweden | 3.0% |
| Italy | 3.1% |
| Spain | 3.1% |
| Netherlands | 4.1% |
| Switzerland | 4.8% |
| Australia | 6.8% |
| France | 9.3% |
| United States | 10.0% |
| Germany | 10.1% |
| United Kingdom | 11.1% |
| Japan | 21.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg032.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.3% |
| Industrials | 18.6% |
| Health Care | 11.0% |
| Consumer Discretionary | 9.6% |
| Information Technology | 8.3% |
| Consumer Staples | 7.8% |
| Materials | 5.5% |
| Communication Services | 5.3% |
| Utilities | 3.4% |
| Energy | 3.1% |
| Real Estate | 1.9% |
| Short-Term Investments | 4.6% |
| Liabilities in Excess of Other Assets | (2.4)% |

---

## Availability of Additional Information
For additional information about the Fund, including its holdings and Form N-CSR, please visit https://individuals.voya.com/product/variable-portfolio/holdings/monthly or call us at 1-800-992-0180. For information on proxy voting, please visit https://individuals.voya.com or call us at 1-800-992-0180.

# Portfolio: VVIIX
![QR Code](tm2522622d6_tsrimg081.jpg)

# Voya VACS Index Series I Portfolio
92913T174-SAR

# Portfolio: VVIMX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya VACS Index Series MC Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| VACS Index Series | $8 | 0.16% |

---

## Fund Statistics
* Total Net Assets$370,095,618

* # of Portfolio Holdings821

* Portfolio Turnover Rate28%

## 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

---

| | |
|:---|:---|
| iShares Russell Mid-Cap ETF | 1.7% |
| Royal Caribbean Cruises Ltd. | 0.6% |
| Howmet Aerospace, Inc. | 0.6% |
| Coinbase Global, Inc. - Class A | 0.6% |
| Robinhood Markets, Inc. - Class A | 0.6% |
| Vistra Corp. | 0.5% |
| Bank of New York Mellon Corp. | 0.5% |
| Hilton Worldwide Holdings, Inc. | 0.5% |
| Axon Enterprise, Inc. | 0.5% |
| Cloudflare, Inc. - Class A | 0.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg037.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Short-Term Investments | 0.3% |
| Exchange-Traded Funds | 1.7% |
| Common Stock | 98.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 17.6% |
| Financials | 15.1% |
| Consumer Discretionary | 11.5% |
| Information Technology | 11.4% |
| Health Care | 9.1% |
| Real Estate | 7.3% |
| Utilities | 6.0% |
| Energy | 5.9% |
| Consumer Staples | 5.2% |
| Materials | 5.0% |
| Communication Services | 4.0% |
| Exchange-Traded Funds | 1.7% |
| Short-Term Investments | 0.3% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

## Availability of Additional Information
For additional information about the Fund, including its holdings and Form N-CSR, please visit https://individuals.voya.com/product/variable-portfolio/holdings/monthly or call us at 1-800-992-0180. For information on proxy voting, please visit https://individuals.voya.com or call us at 1-800-992-0180.

# Portfolio: VVIMX
![QR Code](tm2522622d6_tsrimg081.jpg)

# Voya VACS Index Series MC Portfolio
92913T166-SAR

# Portfolio: VVICX
![Image](tm2522622d6_tsrimg064.jpg)

# Voya VACS Index Series SC Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| VACS Index Series | $8 | 0.16% |

---

## Fund Statistics
* Total Net Assets$184,047,744

* # of Portfolio Holdings1,758

* Portfolio Turnover Rate15%

## 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

---

| | |
|:---|:---|
| Credo Technology Group Holding Ltd. | 0.5% |
| Fabrinet | 0.4% |
| IonQ, Inc. | 0.4% |
| Hims & Hers Health, Inc. | 0.4% |
| HealthEquity, Inc. | 0.4% |
| Ensign Group, Inc. | 0.3% |
| Fluor Corp. | 0.3% |
| Blueprint Medicines Corp. | 0.3% |
| AeroVironment, Inc. | 0.3% |
| Brinker International, Inc. | 0.3% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d6_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.5)% |
| Short-Term Investments | 6.2% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d6_tsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.7% |
| Industrials | 16.6% |
| Health Care | 15.5% |
| Information Technology | 14.4% |
| Consumer Discretionary | 9.8% |
| Real Estate | 5.9% |
| Energy | 4.8% |
| Materials | 3.7% |
| Utilities | 3.1% |
| Communication Services | 2.6% |
| Consumer Staples | 2.2% |
| Short-Term Investments | 6.2% |
| Liabilities in Excess of Other Assets | (3.5)% |

---

## Availability of Additional Information
For additional information about the Fund, including its holdings and Form N-CSR, please visit https://individuals.voya.com/product/variable-portfolio/holdings/monthly or call us at 1-800-992-0180. For information on proxy voting, please visit https://individuals.voya.com or call us at 1-800-992-0180.

# Portfolio: VVICX
![QR Code](tm2522622d6_tsrimg081.jpg)

# Voya VACS Index Series SC Portfolio
92913T158-SAR

(b) Not applicable.

**Item 2. Code of Ethics.**

Not required for semi-annual filing.

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

Not required for semi-annual filing.

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

Not required for semi-annual filing.

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

Not required for semi-annual filing.

**Item 6. Investments.**

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

(b) Not applicable.

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

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

![](tm2522622d1_ncsr-img001.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

Classes ADV, I, R6, S, and S2

**Voya Variable Product Funds**

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

■ Voya Government Money Market Portfolio

■ Voya Growth and Income Portfolio

■ Voya Intermediate Bond Portfolio

■ Voya Small Company Portfolio

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

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

---

---

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

---

**TABLE OF CONTENTS**

---

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

---

---

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

---

**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

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

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

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

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

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

---

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

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

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

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

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

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

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

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

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

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

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See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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

---

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| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| <sup>(4)</sup> | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <sup>+</sup> | Unaudited. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

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

**NOTE 1 — ORGANIZATION**

As further detailed below, the Voya Variable Product Funds are series of Voya Variable Funds, Voya Variable Portfolios, Inc., Voya Intermediate Bond Portfolio, and Voya Government Money Market Portfolio (collectively, the "Registrants"), all of which are open-end investment management companies registered under the Investment Company Act of 1940, as amended ("1940 Act").

Voya Variable Funds is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Growth and Income Portfolio ("Growth and Income"). Voya Variable Portfolios, Inc. is a company incorporated under the laws of Maryland on June 4, 1996 and has seventeen active separate investment series. The two diversified series of Voya Variable Portfolios, Inc. included in this report are Voya Global High Dividend Low Volatility Portfolio ("Global High Dividend Low Volatility"), and Voya Small Company Portfolio ("Small Company"). Voya Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Intermediate Bond Portfolio ("Intermediate Bond"). Voya Government Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Government Money Market Portfolio ("Government Money Market"). Each of the Voya Variable Product Funds is a "Portfolio" and collectively, they are the "Portfolios." The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

The classes of shares included in this report are: Adviser ("Class ADV"), Class I, Class R6, Class S, and Service 2 ("Class S2"); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share

dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

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

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered

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

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

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

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Foreign Currency Translation.*** The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases and sales of investment securities,
 income and expenses — at the rates of exchange prevailing on the respective dates
 of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolio's book, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Risk Exposures and the Use of Derivative Instruments.*** Certain Portfolios' investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

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

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

NOTES TO FINANCIAL STATEMENTS as of June 30, 2025 (Unaudited) (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 June 30, 2025 (Unaudited) (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 Swap and Derivatives Association, Inc. Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

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

Each Portfolio has credit-related contingent features that if triggered would allow its derivative counterparties to close

out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit-related contingent features are established between each Portfolio and their derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and/or a percentage decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio's Master Agreements.

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

E. ***Forward Foreign Currency Transactions and Futures Contracts.*** Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. A Portfolio either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

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

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

Each Portfolio, with the exception of Government Money Market, may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific

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

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

amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio's assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table within each Portfolio's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2025, Intermediate Bond has purchased and sold futures contracts on various bonds and notes as part of its duration management. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio's securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2025, Intermediate Bond had average notional values of $204,621,151 and $149,546,867, respectively, on futures contracts purchased and sold. Please refer to the tables within the respective Portfolio of Investments for Intermediate Bond for open futures contracts at June 30, 2025.

F. ***Options Contracts.*** Certain Portfolios may write call and put options on futures, swaps ("swaptions"), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Portfolios exposure to the underlying instrument. Writing call options tends to decrease the Portfolios exposure to the underlying instrument. When a Portfolio writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Forward premium swaptions include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolios may not be able to enter into a closing transaction because of an illiquid market. The Portfolios may also purchase put and call options. Purchasing call options tends to increase the Portfolios' exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolios exposure to the underlying instrument. The Portfolios pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

During the period ended June 30, 2025, Intermediate Bond had purchased forward premium swaptions with an average notional value of $100,283,124 to manage its duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at June 30, 2025.

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

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

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

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

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

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

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

G. ***Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios distribute capital gains, if any, annually. Small Company declares and pays dividends, if any, annually. Growth and Income declares and pays dividends, if any, semi-annually. Government Money Market and Intermediate Bond declare dividends daily and pay dividends, if any, monthly. Global High Dividend Low Volatility declares and pays dividends, if any, quarterly. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

H. ***Federal Income Taxes.*** It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

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

I. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

J. ***Repurchase Agreements.*** Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements ("MRA") which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table within the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at June 30, 2025

K. ***Securities Lending.*** Each Portfolio (except Government Money Market) may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending

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

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

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

L. ***Restricted Securities.*** The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule144A") or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

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

M. ***When-Issued and Delayed-Delivery Transactions.*** Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such is identified in the Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios' custodian sufficient to cover the purchase price.

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide

for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At June 30, 2025, there was no collateral pledged or received for open when-issued or delayed-delivery transactions.

N. ***Mortgage Dollar Roll Transactions.*** Each Portfolio, except Small Company, may engage in dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales. For fee based roll transactions, the fee is recorded as income.

O. ***Swap Agreements.*** Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within each Portfolio's Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded

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

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

on each Portfolio's Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Portfolio's Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Portfolio's counterparty on the swap agreement becomes the CCP. The Portfolios are required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Portfolios are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Portfolio's Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic

payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer's credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are

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

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

disclosed in each Portfolio's Portfolio of Investments and serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

For the period ended June 30, 2025, Intermediate Bond bought and sold credit protection on credit default swap indices ("CDX"). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Intermediate Bond used CDX swaps to hedge or gain additional exposure to credit risk associated with various sectors within the credit market.

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

***Interest Rate Swap Contracts.*** An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.

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

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

Intermediate Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for open interest rate swaps at June 30, 2025.

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

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

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

P. ***Indemnifications.*** In the normal course of business, the Registrants may enter into contracts that provide certain indemnifications. The Registrants' maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

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

**NOTE 3 — INVESTMENT TRANSACTIONS**

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

---

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

---

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

---

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

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

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

---

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

---

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

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

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

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class ADV, Class S, and Class S2 shares of the respective Portfolios are subject to a shareholder service and distribution plan or a distribution plan (each a "Plan" and collectively, the "Plans"). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Portfolios' shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.

Under the Plans for Class ADV and Class S2 shares of the respective Portfolios, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of each Portfolio's average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the Portfolio's average daily net assets attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the rate of 0.15% of the Portfolio's average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.05% of the distribution fee for Class ADV shares of Growth and Income so that the actual fee paid by Class ADV shares of the Portfolio is an annual rate of 0.20%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

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

The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Money Market in maintaining a yield of not less than zero through May 1, 2026. There is no guarantee that the Portfolio will maintain such a yield. Management fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain

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

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

restrictions. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expense) of the Portfolio on that day. Distribution and shareholder servicing fees waived are not subject to recoupment. For the period ended June 30, 2025, there were no amounts waived or reimbursed to assist the Portfolio in maintaining a yield of not less than zero. Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any. As of June 30, 2025, Government Money Markets did not have any amounts of waived and/ or reimbursed fees that are subject to possible recoupment by the Investment Adviser.

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

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

---

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

---

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

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent directors/ trustees, as described in the DC Plan, to defer the receipt of all or a portion of the directors'/trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director/trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director/trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors'/trustees'

deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors'/trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

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

---

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

---

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

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

---

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

---

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

---

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

---

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

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

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

Adviser during the previous 36 months, but only if, after such recoupment, the Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

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

---

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

---

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

---

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

---

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

**NOTE 8 — LINE OF CREDIT**

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

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

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Portfolios utilized the line of credit during the period ended June 30, 2025:

---

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

---

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

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

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

---

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

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

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

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

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, each Portfolio (except Government Money Market) can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

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

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have

a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.

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

**Global High Dividend Low Volatility**

---

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

---

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

**Growth and Income**

---

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

---

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

**Intermediate Bond**

---

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

---

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

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

---

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

---

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

**Small Company**

---

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

---

---

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

---

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

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydowns, straddle loss deferrals, swaps and wash sale deferrals.

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

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

---

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

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2024, were:

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

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

---

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

---

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

As of June 30, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

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

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

**NOTE 13 — SEGMENT REPORTING**

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

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

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

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

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

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

**NOTE 14 — SUBSEQUENT EVENTS**

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

---

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

---

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events"), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(3)</sup> | Non-income producing security. |
| <sup>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

See Accompanying Notes to Financial Statements

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

---

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

---

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

**Fair Value Measurements^**

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

---

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

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

See Accompanying Notes to Financial Statements

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

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

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

Net unrealized appreciation consisted of:

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

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

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

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

Reference Rate Abbreviations:

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

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

See Accompanying Notes to Financial Statements

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

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

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

---

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

---

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

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

---

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

---

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

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

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

ADR American Depositary Receipt

---

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

---

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

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

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

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

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

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

See Accompanying Notes to Financial Statements

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

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

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

---

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

---

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

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

---

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

---

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

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

Net unrealized appreciation consisted of:

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

---

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

---

<sup>(1)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

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

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

<sup>(4)</sup> The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

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

<sup>(6)</sup> Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.

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

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

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

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

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

Currency Abbreviations:

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

Reference Rate Abbreviations:

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

See Accompanying Notes to Financial Statements

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

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

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

---

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

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

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

---

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

---

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

See Accompanying Notes to Financial Statements

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

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

---

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

---

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

---

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

---

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

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

---

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

---

<sup>(1)</sup> If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

<sup>(3)</sup> The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

<sup>(4)</sup> The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation's credit soundness and a greater likelihood or risk of default or other credit event occurring.

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

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

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

---

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

---

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

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

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

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

Currency Abbreviations:

---

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

---

See Accompanying Notes to Financial Statements

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

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

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

---

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

---

\* Includes purchased options.

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

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

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

---

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

---

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

---

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

---

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

See Accompanying Notes to Financial Statements

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2025:

---

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

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

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

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

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

---

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

---

---

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

---

---

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

---

---

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

---

See Accompanying Notes to Financial Statements

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

**Fair Value Measurements^** 

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

---

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

---

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

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

---

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

---

See Accompanying Notes to Financial Statements

---

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

---

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

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

![](tm2522622d6_indportfn01img01.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

Classes ADV, I, S and S2

**Voya Variable Product Index Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya International Index Portfolio

■ Voya Russell™ Large Cap Growth Index Portfolio

■ Voya Russell™ Large Cap Index Portfolio

■ Voya Russell™ Large Cap Value Index Portfolio

■ Voya Russell™ Mid Cap Growth Index Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;■ Voya Russell™ Mid Cap Index Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;■ Voya Russell™ Small Cap Index Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;■ Voya U.S. Bond Index 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.

---

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|:---|:---|
| ![](tm2522622d6_indportfn01img03.jpg) | E-Delivery Sign-up – details inside |

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| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com**  | ![](tm2522622d6_indportfn01img02.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#A-1) | [1](#A-1) |
| [Statements of Operations](#A-2) | [5](#A-2) |
| [Statements of Changes in Net Assets](#A-3) | [7](#A-3) |
| [Financial Highlights](#A-4) | [11](#A-4) |
| [Notes to Financial Statements](#A-5) | [16](#A-5) |
| [Portfolios of Investments](#A-6) | [34](#A-6) |

---

&nbsp;&nbsp; <br> **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 June 30 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/variable-portfolio/ prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Voya**<br>**International**<br>**Index**<br>**Portfolio** | **Voya Russell™**<br>**Large Cap**<br>**Growth Index**<br>**Portfolio** |<br>**Voya Russell™**<br>**Large Cap Index**<br>**Portfolio** | **Voya Russell™**<br>**Large Cap**<br>**Value Index**<br>**Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $1195396806 | $1496925967 | $924568462 | $272020344 |
| Short-term investments at fair value† | Short-term investments at fair value† | 80937436 | 6861000 | 3773000 | 267000 |
| Cash | Cash | 1767 | 307280 | 164357 | 48459 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 1066479 | 279975 | 193829 | 64610 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 1845844 |  |  |  |
| Receivables: | Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | 654981 |  |  | 800990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 148773 | 916733 | 18842 | 569264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1694012 | 433177 | 380934 | 191455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 12 | 76 | 63 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 8971245 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 14706 | 19500 | 13499 | 4499 |
| Prepaid expenses | Prepaid expenses | 11666 | 12873 | 9309 | 2681 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 106572 | 37274 | 119990 | 15566 |
| Other assets | Other assets | 109910 | 40957 | 109435 | 31449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1290960209 | 1505834812 | 929351720 | 274016417 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |  |
| Payable for investment securities and currencies | Payable for investment securities and currencies |  |  |  |  |
| purchased | purchased | 518381 | 2884398 | 929053 |  |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 4500008 | 1472164 | 383469 | 18132 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 72083436 |  |  |  |
| Payable for investment management fees | Payable for investment management fees | 473181 | 470443 | 257954 | 106555 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 182861 | 78534 | 94424 | 25638 |
| Payable to directors under the deferred compensation | Payable to directors under the deferred compensation |  |  |  |  |
| plan (Note 6) | plan (Note 6) | 109910 | 40957 | 109435 | 31449 |
| Payable for directors fees | Payable for directors fees | 2995 | 3532 | 2182 | 644 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 455999 | 494901 | 512664 | 356613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 78326771 | 5444929 | 2289181 | 539031 |
| **NET ASSETS** | **NET ASSETS** | $1212633438 | $1500389883 | $927062539 | $273477386 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | Paid-in capital | $735624515 | $254137467 | $154238577 | $159914958 |
| Total distributable earnings | Total distributable earnings | 477008923 | 1246252416 | 772823962 | 113562428 |
| **NET ASSETS** | **NET ASSETS** | $1212633438 | $1500389883 | $927062539 | $273477386 |
| + | Including securities loaned at value | $66266575 | $— | $— | $— |
| \* | Cost of investments in securities | $526396450 | $413028571 | $178637519 | $163822220 |
| † | Cost of short-term investments | $80937436 | $6861000 | $3773000 | $267000 |
| ‡ | Cost of foreign currencies | $1825933 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (UNAUDITED) (cONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya**<br>**International**<br>**Index**<br>**Portfolio** | **Voya Russell™**<br>**Large Cap**<br>**Growth Index**<br>**Portfolio** |<br>**Voya Russell™**<br>**Large Cap Index**<br>**Portfolio** | **Voya Russell™**<br>**Large Cap**<br>**Value Index**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $395660180 | $14420 | $205485237 | $6883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 250000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 30905459 | 191 | 4946051 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.80 | $75.52 | $41.55 | $24.79 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $697276165 | $1104145589 | $656072300 | $145363448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 200000000 | 100000000 | 400000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 53389615 | 14344509 | 15349443 | 5783285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.06 | $76.97 | $42.74 | $25.14 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $117146330 | $396229874 | $65342765 | $128107055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 200000000 | 200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 9036351 | 5199178 | 1542401 | 5058148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.96 | $76.21 | $42.36 | $25.33 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2550763 | n/a | $162237 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | n/a | 100000000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 197165 | n/a | 3685 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.94 | n/a | $44.03 | n/a |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (UNAUDITED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Voya Russell™**<br>**Mid Cap**<br>**Growth Index**<br>**Portfolio** |<br>**Voya Russell™**<br>**Mid Cap Index**<br>**Portfolio** |<br>**Voya Russell™**<br>**Small Cap Index**<br>**Portfolio** |<br>**Voya U.S. Bond**<br>**Index Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $981065308 | $990633380 | $520039963 | $1324727033 |
| Investments in affiliates at fair value<sup>\*\*</sup> | Investments in affiliates at fair value<sup>\*\*</sup> |  | 557563 |  |  |
| Short-term investments at fair value† | Short-term investments at fair value† | 5228098 | 10200623 | 101489338 | 115394524 |
| Cash | Cash | 5996388 | 1808597 | 1105951 | 217655 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 173233 | 216541 | 555275 | 2961610 |
| Receivables: | Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 12127718 | 2297249 | 408637 | 101956545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 918 | 286371 | 534791 | 7291704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 215238 | 858380 | 506874 | 16735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 192 | 152 |  | 7543264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 1959 | 3243 | 15677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  | 8332 | 712176 |
| Prepaid expenses | Prepaid expenses | 8663 | 8897 | 4994 | 14797 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 13184 | 84773 | 49670 | 165763 |
| Other assets | Other assets | 30739 | 90582 | 52492 | 187832 |
| &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 | 1004861638 | 1007046351 | 624771994 | 1561189638 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |  |
| Income distribution payable | Income distribution payable |  |  |  | 4819661 |
| Payable for investment securities purchased | Payable for investment securities purchased | 12376756 | 1451811 | 1129154 | 107306952 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 3347814 | 392750 | 285126 | 565305 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 5228098 | 10087623 | 97658338 | 57596383 |
| Variation margin payable on futures contracts | Variation margin payable on futures contracts | 641 | 801 |  |  |
| Payable for investment management fees | Payable for investment management fees | 308992 | 320460 | 181887 | 440192 |
| Payable for distribution and shareholder service | Payable for distribution and shareholder service |  |  |  |  |
| fees | fees | 192829 | 107197 | 88734 | 46122 |
| Payable to directors under the deferred | Payable to directors under the deferred |  |  |  |  |
| compensation plan (Note 6) | compensation plan (Note 6) | 30739 | 90582 | 52492 | 187832 |
| Payable for directors fees | Payable for directors fees | 2349 | 2362 | 1310 | 3753 |
| Payable for borrowings against line of credit | Payable for borrowings against line of credit |  |  |  |  |
| (Note 10) | (Note 10) | 3712000 |  |  |  |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 264176 | 488981 | 246685 | 111144 |
| &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 | 25464394 | 12942567 | 99643726 | 171077344 |
| **NET ASSETS** | **NET ASSETS** | $979397244 | $994103784 | $525128268 | $1390112294 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | Paid-in capital | $628245143 | $452209086 | $293693707 | $1741227855 |
| Total distributable earnings (loss) | Total distributable earnings (loss) | 351152101 | 541894698 | 231434561 | (351115561) |
| **NET ASSETS** | **NET ASSETS** | $979397244 | $994103784 | $525128268 | $1390112294 |
| + | Including securities loaned at value | $5069913 | $9588784 | $94913327 | $56111297 |
| \* | Cost of investments in securities | $682059902 | $507538121 | $310110112 | $1361599975 |
| \*\* | Cost of investments in affiliates | $— | $224155 | $— | $— |
| † | Cost of short-term investments | $5228098 | $10200623 | $101489338 | $115400514 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (UNAUDITED) (cONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Russell™**<br>**Mid Cap**<br>**Growth Index**<br>**Portfolio** |<br>**Voya Russell™**<br>**Mid Cap Index**<br>**Portfolio** |<br>**Voya Russell™**<br>**Small Cap Index**<br>**Portfolio** |<br>**Voya U.S. Bond**<br>**Index Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $176330103 | $104254051 | $19316530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 18342203 | 9155143 | 2129346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $9.61 | $11.39 | $9.07 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $26525805 | $642725456 | $190931833 | $1182350944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 300000000 | 100000000 | 700000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 511143 | 61404354 | 15850730 | 129825505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $51.90 | $10.47 | $12.05 | $9.11 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $950430663 | $167997266 | $225800583 | $187491126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 18424569 | 16470067 | 18988123 | 20643666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $51.58 | $10.20 | $11.89 | $9.08 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2440776 | $7050959 | $4141801 | $953694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 47656 | 715103 | 358265 | 104983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $51.22 | $9.86 | $11.56 | $9.08 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Voya**<br>**International**<br>**Index**<br>**Portfolio** | **Voya Russell™**<br>**Large Cap**<br>**Growth Index**<br>**Portfolio** |<br>**Voya Russell™**<br>**Large Cap Index**<br>**Portfolio** | **Voya Russell™**<br>**Large Cap**<br>**Value Index**<br>**Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | Dividends, net of foreign taxes withheld\* | $23716275 | $4783244 | $5425695 | $2781820 |
| Interest | Interest | 20843 | 4738 | 7202 | 2695 |
| Securities lending income, net | Securities lending income, net | 137286 | 52 | 24 |  |
| Other | Other | 4521 | 5402 | 3371 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 23878925 | 4793436 | 5436292 | 2785444 |
| **EXPENSES:** | **EXPENSES:** |  |  |  |  |
| Investment management fees | Investment management fees | 2762429 | 3371767 | 1514942 | 631994 |
| Distribution and shareholder service fees: | Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 927473 | 32 | 478998 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 135629 | 462221 | 76451 | 151588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 4341 |  | 247 |  |
| Transfer agent fees: | Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 46222 | 2 | 58224 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 88018 | 199216 | 186195 | 50396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 13519 | 71476 | 18582 | 45622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 270 |  | 39 |  |
| Shareholder reporting expense | Shareholder reporting expense | 10680 | 13723 | 13801 | 5390 |
| Professional fees | Professional fees | 39096 | 57176 | 38364 | 10495 |
| Custody and accounting expense | Custody and accounting expense | 231300 | 51947 | 29010 | 18340 |
| Directors fees | Directors fees | 14974 | 17658 | 10908 | 3218 |
| Licensing fee (Note 8) | Licensing fee (Note 8) | 136190 | 77694 | 35221 | 11276 |
| Miscellaneous expense | Miscellaneous expense | 44401 | 47632 | 50580 | 18714 |
| Interest expense | Interest expense | 11089 | 78 | 270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4465631 | 4370622 | 2511832 | 947053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (726183) | (876908) | (389072) | (243912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3739448 | 3493714 | 2122760 | 703141 |
| Net investment income | Net investment income | 20139477 | 1299722 | 3313532 | 2082303 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 33025121 | 161361269 | 25960796 | 6814012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 318905 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 3963676 | (112731) | (100665) | (25984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 37307702 | 161248538 | 25860131 | 6788028 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 161888382 | (76239351) | 23242477 | 7261513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 1096515 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1066683 | 235888 | 163403 | 46563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 164051580 | (76003463) | 23405880 | 7308076 |
| Net realized and unrealized gain | Net realized and unrealized gain | 201359282 | 85245075 | 49266011 | 14096104 |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $221498759 | $86544797 | $52579543 | $16178407 |
| \* | Foreign taxes withheld | $2582057 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Voya Russell™**<br>**Mid Cap**<br>**Growth Index**<br>**Portfolio** |<br>**Voya Russell™**<br>**Mid Cap Index**<br>**Portfolio** |<br>**Voya Russell™**<br>**Small Cap Index**<br>**Portfolio** |<br>**Voya U.S. Bond**<br>**Index Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | Dividends, net of foreign taxes withheld\* | $2922899 | $7978762 | $3930462 | $440295 |
| Dividends from affiliates | Dividends from affiliates |  | 7016 |  |  |
| Interest | Interest | 4998 | 6004 | 18921 | 31661229 |
| Securities lending income, net | Securities lending income, net | 13589 | 19282 | 173547 | 151799 |
| Other | Other | 3686 | 3742 | 2130 | 5899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2945172 | 8014806 | 4125060 | 32259222 |
| **EXPENSES:** | **EXPENSES:** |  |  |  |  |
| Investment management fees | Investment management fees | 2285451 | 1921181 | 1118347 | 2754263 |
| Distribution and shareholder service fees: | Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  | 427440 | 254050 | 47308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 1131772 | 209372 | 283634 | 230070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 4458 | 13951 | 8521 | 1893 |
| Transfer agent fees: | Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  | 62642 | 45498 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 724 | 216780 | 83912 | 33904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 27134 | 61370 | 101586 | 4854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 66 | 2556 | 1909 | 25 |
| Shareholder reporting expense | Shareholder reporting expense | 3411 | 16287 | 10756 | 5905 |
| Professional fees | Professional fees | 35396 | 35255 | 15195 | 53449 |
| Custody and accounting expense | Custody and accounting expense | 36232 | 39820 | 26445 | 327468 |
| Directors fees | Directors fees | 11744 | 11811 | 6553 | 18763 |
| Licensing fee (Note 8) | Licensing fee (Note 8) | 25952 | 20772 | 15253 |  |
| Miscellaneous expense | Miscellaneous expense | 23136 | 24414 | 6301 | 36335 |
| Interest expense | Interest expense | 2068 | 587 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3587544 | 3064238 | 1977960 | 3514736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (576586) | (528936) | (310699) | (542190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3010958 | 2535302 | 1667261 | 2972546 |
| Net investment income (loss) | Net investment income (loss) | (65786) | 5479504 | 2457799 | 29286676 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 116182659 | 64905911 | 28504628 | 142557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in affiliates |  | 24839 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (241543) | (302363) | (783826) | (6430821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 115941116 | 64628387 | 27720802 | (6288264) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (31033524) | (28639142) | (43668672) | 27541409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates |  | (8691) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 175924 | 223460 | 463737 | 5447862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (30857600) | (28424373) | (43204935) | 32989271 |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | 85083516 | 36204014 | (15484133) | 26701007 |
| **Increase (decrease) in net assets resulting from operations** | **Increase (decrease) in net assets resulting from operations** | $85017730 | $41683518 | $(13026334) | $55987683 |
| \* | Foreign taxes withheld | $405 | $3545 | $8618 | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya International** | **Voya International** | **Voya Russell™ Large Cap** | **Voya Russell™ Large Cap** |
|  | **Index Portfolio** | **Index Portfolio** | **Growth Index Portfolio** | **Growth Index Portfolio** |
|  | **Six Months**<br>**Ended**<br>**June 30, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**December 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**June 30, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $20139477 | $26751265 | $1299722 | $2444452 |
| Net realized gain | 37307702 | 3990563 | 161248538 | 411169244 |
| Net change in unrealized appreciation (depreciation) | 164051580 | 4631463 | (76003463) | 32827413 |
| Increase in net assets resulting from operations | 221498759 | 35373291 | 86544797 | 446441109 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (7849983) | (9568522) | (1383) | (436) |
| &nbsp;&nbsp;Class I | (17974541) | (19301161) | (115068117) | (34396947) |
| &nbsp;&nbsp;Class S | (2524414) | (3043573) | (38125044) | (34516631) |
| &nbsp;&nbsp;Class S2 | (49121) | (47477) |  |  |
| Total distributions | (28398059) | (31960733) | (153194544) | (68914014) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 75866087 | 196496095 | 148651957 | 195765217 |
| Reinvestment of distributions | 28398059 | 31960733 | 153194544 | 68914014 |
|  | 104264146 | 228456828 | 301846501 | 264679231 |
| Cost of shares redeemed | (223861787) | (231592242) | (188711978) | (775776362) |
| Net increase (decrease) in net assets resulting from capital share transactions | (119597641) | (3135414) | 113134523 | (511097131) |
| Net increase (decrease) in net assets | 73503059 | 277144 | 46484776 | (133570036) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1139130379 | 1138853235 | 1453905107 | 1587475143 |
| End of year or period | $1212633438 | $1139130379 | $1500389883 | $1453905107 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Russell™** | **Voya Russell™** | **Voya Russell™ Large Cap** | **Voya Russell™ Large Cap** |
|  | **Large Cap Index Portfolio** | **Large Cap Index Portfolio** | **Value Index Portfolio** | **Value Index Portfolio** |
|  | **Six Months**<br>**Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**December 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $3313532 | $14154794 | $2082303 | $17024426 |
| Net realized gain | 25860131 | 807838535 | 6788028 | 312032728 |
| Net change in unrealized appreciation (depreciation) | 23405880 | (417541847) | 7308076 | (175286026) |
| Increase in net assets resulting from operations | 52579543 | 404451482 | 16178407 | 153771128 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (7512553) | (1409954) | (1676) | (199) |
| &nbsp;&nbsp;Class I | (26388604) | (6085424) | (35826240) | (6074946) |
| &nbsp;&nbsp;Class S | (2577346) | (13378163) | (29349032) | (39479816) |
| &nbsp;&nbsp;Class S2 | (5608) | (339) |  |  |
| Total distributions | (36484111) | (20873880) | (65176948) | (45554961) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 30779648 | 64745970 | 64251799 | 17435925 |
| Reinvestment of distributions | 36484111 | 20873880 | 65176948 | 45554961 |
|  | 67263759 | 85619850 | 129428747 | 62990886 |
| Cost of shares redeemed | (50738573) | (1773409986) | (17665725) | (1245736233) |
| Net increase (decrease) in net assets resulting from capital share transactions | 16525186 | (1687790136) | 111763022 | (1182745347) |
| Net increase (decrease) in net assets | 32620618 | (1304212534) | 62764481 | (1074529180) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 894441921 | 2198654455 | 210712905 | 1285242085 |
| End of year or period | $927062539 | $894441921 | $273477386 | $210712905 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Russell™ Mid Cap** | **Voya Russell™ Mid Cap** | **Voya Russell™** | **Voya Russell™** |
|  | **Growth Index Portfolio** | **Growth Index Portfolio** | **Mid Cap Index Portfolio** | **Mid Cap Index Portfolio** |
|  | **Six Months**<br>**Ended**<br>**June 30, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**December 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**June 30, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(65786) | $221192 | $5479504 | $10278020 |
| Net realized gain | 115941116 | 71054234 | 64628387 | 110727818 |
| Net change in unrealized appreciation (depreciation) | (30857600 | 116543768 | (28424373 | 17104839 |
| Increase in net assets resulting from operations | 85017730 | 187819194 | 41683518 | 138110677 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV |  |  | (22447254) | (18901232) |
| &nbsp;&nbsp;Class I | (64847) | (81551) | (75232243) | (58986658) |
| &nbsp;&nbsp;Class S | (69906) | (1522627) | (21049092) | (18875320) |
| &nbsp;&nbsp;Class S2 |  | (1365 | (859241 | (845179 |
| Total distributions | (134753 | (1605543 | (119587830 | (97608389 |
| | | | | |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 5601237 | 16050199 | 62457144 | 92338694 |
| Reinvestment of distributions | 134753 | 1605543 | 119587830 | 97608389 |
|  | 5735990 | 17655742 | 182044974 | 189947083 |
| Cost of shares redeemed | (86074011 | (215166037 | (92030989 | (218391612 |
| Net increase (decrease) in net assets resulting from capital share transactions | (80338021 | (197510295 | 90013985 | (28444529 |
| Net increase (decrease) in net assets | 4544956 | (11296644 | 12109673 | 12057759 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 974852288 | 986148932 | 981994111 | 969936352 |
| End of year or period | $979397244 | $974852288 | $994103784 | $981994111 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Russell™** | **Voya Russell™** | | |
|  | **Small Cap Index Portfolio** | **Small Cap Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** |
|  | **Six Months**<br>**Ended**<br>**June 30, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**December 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**June 30, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $2457799 | $4739127 | $29286676 | $61154266 |
| Net realized gain (loss) | 27720802 | 60081144 | (6288264) | (56274584) |
| Net change in unrealized appreciation (depreciation) | (43204935) | (2774488) | 32989271 | 9135923 |
| Increase (decrease) in net assets resulting from operations | (13026334) | 62045783 | 55987683 | 14015605 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (13030588) | (8151346) | (328375) | (688874) |
| &nbsp;&nbsp;Class I | (23750151) | (15668264) | (25499828) | (56451837) |
| &nbsp;&nbsp;Class S | (28092870) | (19447503) | (3425698) | (5909607) |
| &nbsp;&nbsp;Class S2 | (478629) | (371359) | (16885) | (33630) |
| Total distributions | (65352238) | (43638472) | (29270786) | (63083948) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 16211137 | 30304110 | 170236128 | 655278639 |
| Reinvestment of distributions | 65352238 | 43638472 | 29270786 | 63083948 |
|  | 81563375 | 73942582 | 199506914 | 718362587 |
| Cost of shares redeemed | (52476501) | (134192496) | (409297854) | (694209603) |
| Net increase (decrease) in net assets resulting from capital share transactions | 29086874 | (60249914) | (209790940) | 24152984 |
| Net decrease in net assets | (49291698) | (41842603) | (183074043) | (24915359) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 574419966 | 616262569 | 1573186337 | 1598101696 |
| End of year or period | $525128268 | $574419966 | $1390112294 | $1573186337 |

---

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** | | **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<br> value,<br> beginning of<br> year or<br> period | Net<br> investment<br> income (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From net<br> realized<br> gains | From <br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment by<br> affiliate | <br>Net asset<br> value, end of<br> year or<br> period | <br>**Total <br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net<br> of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses net<br> of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net assets,<br> end of<br> year or <br> period | Portfolio<br> turnover <br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** | **Voya International Index Portfolio** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.88 | 0.18<sup>•</sup> | 1.99 | 2.17 | 0.25 |  |  | 0.25 |  | 12.80 | **20.14** | 1.07 | 0.94 | 0.94 | 3.09 | 395660 | 2 |
| 12-31-24 | 10.86 | 0.22<sup>•</sup> | 0.07 | 0.29 | 0.27 |  |  | 0.27 |  | 10.88 | **2.61** | 1.07 | 0.94 | 0.94 | 1.99 | 354098 | 7 |
| 12-31-23 | 9.71 | 0.22<sup>•</sup> | 1.41 | 1.63 | 0.48 |  |  | 0.48 |  | 10.86 | **17.10** | 1.10 | 0.95 | 0.95 | 2.11 | 402013 | 9 |
| 12-31-22 | 11.79 | 0.22<sup>•</sup> | (2.00) | (1.78) | 0.30 |  |  | 0.30 |  | 9.71 | **(15.03)** | 1.05 | 0.94 | 0.94 | 2.27 | 390657 | 17 |
| 12-31-21 | 10.86 | 0.19<sup>•</sup> | 0.93 | 1.12 | 0.19 |  |  | 0.19 |  | 11.79 | **10.41** | 1.04 | 0.94 | 0.94 | 1.63 | 490645 | 4 |
| 12-31-20 | 10.39 | 0.16 | 0.53 | 0.69 | 0.22 |  |  | 0.22 |  | 10.86 | **7.28** | 1.04 | 0.95 | 0.95 | 1.43 | 508888 | 12 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.12 | 0.21<sup>•</sup> | 2.05 | 2.26 | 0.32 |  |  | 0.32 |  | 13.06 | **20.47** | 0.57 | 0.45 | 0.45 | 3.55 | 697276 | 2 |
| 12-31-24 | 11.10 | 0.28<sup>•</sup> | 0.07 | 0.35 | 0.33 |  |  | 0.33 |  | 11.12 | **3.03** | 0.57 | 0.45 | 0.45 | 2.44 | 681008 | 7 |
| 12-31-23 | 9.91 | 0.27<sup>•</sup> | 1.45 | 1.72 | 0.53 |  |  | 0.53 |  | 11.10 | **17.74** | 0.60 | 0.46 | 0.46 | 2.57 | 609510 | 9 |
| 12-31-22 | 12.04 | 0.27<sup>•</sup> | (2.04) | (1.77) | 0.36 |  |  | 0.36 |  | 9.91 | **(14.59)** | 0.55 | 0.45 | 0.45 | 2.70 | 530382 | 17 |
| 12-31-21 | 11.09 | 0.25<sup>•</sup> | 0.94 | 1.19 | 0.24 |  |  | 0.24 |  | 12.04 | **10.86** | 0.54 | 0.45 | 0.45 | 2.11 | 564827 | 4 |
| 12-31-20 | 10.61 | 0.21 | 0.54 | 0.75 | 0.27 |  |  | 0.27 |  | 11.09 | **7.90** | 0.54 | 0.46 | 0.46 | 1.98 | 580413 | 12 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.02 | 0.20<sup>•</sup> | 2.02 | 2.22 | 0.28 |  |  | 0.28 |  | 12.96 | **20.35** | 0.82 | 0.70 | 0.70 | 3.33 | 117146 | 2 |
| 12-31-24 | 11.01 | 0.25<sup>•</sup> | 0.06 | 0.31 | 0.30 |  |  | 0.30 |  | 11.02 | **2.72** | 0.82 | 0.70 | 0.70 | 2.23 | 102136 | 7 |
| 12-31-23 | 9.83 | 0.25<sup>•</sup> | 1.44 | 1.69 | 0.51 |  |  | 0.51 |  | 11.01 | **17.54** | 0.85 | 0.71 | 0.71 | 2.37 | 125543 | 9 |
| 12-31-22 | 11.95 | 0.22<sup>•</sup> | (2.01) | (1.79) | 0.33 |  |  | 0.33 |  | 9.83 | **(14.87)** | 0.80 | 0.70 | 0.70 | 2.26 | 123750 | 17 |
| 12-31-21 | 11.01 | 0.22<sup>•</sup> | 0.94 | 1.16 | 0.22 |  |  | 0.22 |  | 11.95 | **10.62** | 0.79 | 0.70 | 0.70 | 1.87 | 79437 | 4 |
| 12-31-20 | 10.53 | 0.18 | 0.54 | 0.72 | 0.24 |  |  | 0.24 |  | 11.01 | **7.62** | 0.79 | 0.71 | 0.71 | 1.66 | 75948 | 12 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.00 | 0.19<sup>•</sup> | 2.02 | 2.21 | 0.27 |  |  | 0.27 |  | 12.94 | **20.28** | 0.97 | 0.85 | 0.85 | 3.23 | 2551 | 2 |
| 12-31-24 | 10.99 | 0.23<sup>•</sup> | 0.07 | 0.30 | 0.29 |  |  | 0.29 |  | 11.00 | **2.62** | 0.97 | 0.85 | 0.85 | 2.06 | 1889 | 7 |
| 12-31-23 | 9.82 | 0.22<sup>•</sup> | 1.45 | 1.67 | 0.50 |  |  | 0.50 |  | 10.99 | **17.30** | 1.00 | 0.86 | 0.86 | 2.16 | 1787 | 9 |
| 12-31-22 | 11.94 | 0.24<sup>•</sup> | (2.04) | (1.80) | 0.32 |  |  | 0.32 |  | 9.82 | **(14.98)** | 0.95 | 0.85 | 0.85 | 2.40 | 1400 | 17 |
| 12-31-21 | 11.00 | 0.20<sup>•</sup> | 0.94 | 1.14 | 0.20 |  |  | 0.20 |  | 11.94 | **10.49** | 0.94 | 0.85 | 0.85 | 1.72 | 1290 | 4 |
| 12-31-20 | 10.51 | 0.15 | 0.56 | 0.71 | 0.22 |  |  | 0.22 |  | 11.00 | **7.40** | 0.94 | 0.86 | 0.86 | 1.49 | 1209 | 12 |
| **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** | **Voya Russell™ Large Cap Growth Index Portfolio** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 80.79 | (0.09)<sup>•</sup> | 2.94 | 2.85 | 0.01 | 8.11 |  | 8.12 |  | 75.52 | **4.84** | 1.06 | 0.93 | 0.93 | (0.25) | 14 | 37 |
| 12-31-24 | 62.71 | (0.18)<sup>•</sup> | 20.92 | 20.74 | 0.04 | 2.62 |  | 2.66 |  | 80.79 | **33.91** | 1.04 | 0.93 | 0.93 | (0.25) | 14 | 29 |
| 12-31-23 | 45.41 | 0.02<sup>•</sup> | 19.94 | 19.96 | 0.02 | 2.64 |  | 2.66 |  | 62.71 | **45.29** | 1.05 | 0.93 | 0.93 | 0.03 | 10 | 36 |
| 12-31-22 | 71.86 | 0.04<sup>•</sup> | (21.57) | (21.53) |  | 4.92 |  | 4.92 |  | 45.41 | **(30.40)** | 1.05 | 0.93 | 0.93 | 0.07 | 7 | 21 |
| 12-31-21 | 55.65 | (0.08)<sup>•</sup> | 16.67 | 16.59 | 0.10 | 0.28 |  | 0.38 |  | 71.86 | **29.98** | 1.04 | 0.93 | 0.93 | (0.14) | 10 | 22 |
| 12-31-20 | 42.54 | 0.06 | 15.22 | 15.28 | 0.10 | 2.07 |  | 2.17 |  | 55.65 | **37.80** | 1.05 | 0.93 | 0.93 | 0.15 | 8 | 13 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 82.11 | 0.10<sup>•</sup> | 3.02 | 3.12 | 0.15 | 8.11 |  | 8.26 |  | 76.97 | **5.11** | 0.56 | 0.43 | 0.43 | 0.25 | 1104146 | 37 |
| 12-31-24 | 63.61 | 0.19<sup>•</sup> | 21.23 | 21.42 | 0.30 | 2.62 |  | 2.92 |  | 82.11 | **34.60** | 0.54 | 0.43 | 0.43 | 0.25 | 1056009 | 29 |
| 12-31-23 | 46.04 | 0.29<sup>•</sup> | 20.21 | 20.50 | 0.28 | 2.64 |  | 2.92 |  | 63.61 | **45.99** | 0.55 | 0.43 | 0.43 | 0.52 | 775807 | 36 |
| 12-31-22 | 72.73 | 0.31<sup>•</sup> | (21.83) | (21.52) | 0.25 | 4.92 |  | 5.17 |  | 46.04 | **(30.03)** | 0.55 | 0.43 | 0.43 | 0.56 | 472316 | 21 |
| 12-31-21 | 56.25 | 0.23<sup>•</sup> | 16.85 | 17.08 | 0.32 | 0.28 |  | 0.60 |  | 72.73 | **30.67** | 0.54 | 0.43 | 0.43 | 0.36 | 722412 | 22 |
| 12-31-20 | 42.96 | 0.31 | 15.33 | 15.64 | 0.28 | 2.07 |  | 2.35 |  | 56.25 | **38.47** | 0.55 | 0.43 | 0.43 | 0.65 | 590681 | 13 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 81.40 | 0.00<sup>\*•</sup> | 2.99 | 2.99 | 0.07 | 8.11 |  | 8.18 |  | 76.21 | **4.98** | 0.81 | 0.68 | 0.68 | 0.00 \* | 396230 | 37 |
| 12-31-24 | 63.11 | 0.01<sup>•</sup> | 21.06 | 21.07 | 0.16 | 2.62 |  | 2.78 |  | 81.40 | **34.25** | 0.79 | 0.68 | 0.68 | 0.01 | 397882 | 29 |
| 12-31-23 | 45.68 | 0.16<sup>•</sup> | 20.05 | 20.21 | 0.14 | 2.64 |  | 2.78 |  | 63.11 | **45.65** | 0.80 | 0.68 | 0.68 | 0.29 | 811657 | 36 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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<br> value,<br> beginning of<br> year or<br> period | Net<br> investment<br> income (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From net<br> realized<br> gains | From <br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment by<br> affiliate | <br>Net asset<br> value, end of<br> year or<br> period | <br>**Total <br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net<br> of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses net<br> of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net assets,<br> end of<br> year or <br> period | Portfolio<br> turnover <br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** | **Voya Russell™ Large Cap Growth Index Portfolio (continued)** |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** |
| 12-31-22 | 72.15 | 0.17<sup>•</sup> | (21.65) | (21.48) | 0.07 | 4.92 |  | 4.99 |  | 45.68 | **(30.21)** | 0.80 | 0.68 | 0.68 | 0.31 | 604096 | 21 |
| 12-31-21 | 55.81 | 0.07<sup>•</sup> | 16.75 | 16.82 | 0.20 | 0.28 |  | 0.48 |  | 72.15 | **30.36** | 0.79 | 0.68 | 0.68 | 0.11 | 976363 | 22 |
| 12-31-20 | 42.68 | 0.21 | 15.21 | 15.42 | 0.22 | 2.07 |  | 2.29 |  | 55.81 | **38.13** | 0.80 | 0.68 | 0.68 | 0.40 | 876025 | 13 |
| **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** | **Voya Russell™ Large Cap Index Portfolio** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 40.87 | 0.08<sup>•</sup> | 2.21 | 2.29 | 0.53 | 1.08 |  | 1.61 |  | 41.55 | **6.02** | 0.95 | 0.86 | 0.86 | 0.39 | 205485 | 7 |
| 12-31-24 | 32.59 | 0.17<sup>•</sup> | 8.37 | 8.54 | 0.26 |  |  | 0.26 |  | 40.87 | **26.33** | 0.90 | 0.86 | 0.86 | 0.44 | 199822 | 15 |
| 12-31-23 | 25.53 | 0.21<sup>•</sup> | 7.09 | 7.30 | 0.24 |  |  | 0.24 |  | 32.59 | **28.76** | 0.90 | 0.86 | 0.86 | 0.74 | 171835 | 11 |
| 12-31-22 | 33.57 | 0.20<sup>•</sup> | (7.04) | (6.84) | 0.07 | 1.13 |  | 1.20 |  | 25.53 | **(20.48)** | 0.89 | 0.86 | 0.86 | 0.72 | 127078 | 13 |
| 12-31-21 | 27.91 | 0.16<sup>•</sup> | 7.04 | 7.20 | 0.25 | 1.29 |  | 1.54 |  | 33.57 | **26.81** | 0.92 | 0.86 | 0.86 | 0.53 | 163976 | 23 |
| 12-31-20 | 24.38 | 0.22<sup>•</sup> | 4.56 | 4.78 | 0.29 | 0.96 |  | 1.25 |  | 27.91 | **21.24** | 0.94 | 0.86 | 0.86 | 0.90 | 105733 | 6 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 42.09 | 0.18<sup>•</sup> | 2.27 | 2.45 | 0.72 | 1.08 |  | 1.80 |  | 42.74 | **6.26** | 0.45 | 0.36 | 0.36 | 0.89 | 656072 | 7 |
| 12-31-24 | 33.52 | 0.36<sup>•</sup> | 8.61 | 8.97 | 0.40 |  |  | 0.40 |  | 42.09 | **26.95** | 0.40 | 0.36 | 0.36 | 0.94 | 631500 | 15 |
| 12-31-23 | 26.25 | 0.37<sup>•</sup> | 7.28 | 7.65 | 0.38 |  |  | 0.38 |  | 33.52 | **29.41** | 0.40 | 0.36 | 0.36 | 1.24 | 519421 | 11 |
| 12-31-22 | 34.46 | 0.35<sup>•</sup> | (7.23) | (6.88) | 0.20 | 1.13 |  | 1.33 |  | 26.25 | **(20.07)** | 0.39 | 0.36 | 0.36 | 1.22 | 448139 | 13 |
| 12-31-21 | 28.58 | 0.32<sup>•</sup> | 7.21 | 7.53 | 0.36 | 1.29 |  | 1.65 |  | 34.46 | **27.41** | 0.42 | 0.36 | 0.36 | 1.03 | 565026 | 23 |
| 12-31-20 | 24.92 | 0.34<sup>•</sup> | 4.67 | 5.01 | 0.39 | 0.96 |  | 1.35 |  | 28.58 | **21.86** | 0.44 | 0.36 | 0.36 | 1.39 | 457743 | 6 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 41.70 | 0.13<sup>•</sup> | 2.26 | 2.39 | 0.65 | 1.08 |  | 1.73 |  | 42.36 | **6.18** | 0.70 | 0.61 | 0.61 | 0.64 | 65343 | 7 |
| 12-31-24 | 33.22 | 0.26<sup>•</sup> | 8.54 | 8.80 | 0.32 |  |  | 0.32 |  | 41.70 | **26.62** | 0.65 | 0.61 | 0.61 | 0.71 | 63016 | 15 |
| 12-31-23 | 26.01 | 0.29<sup>•</sup> | 7.22 | 7.51 | 0.30 |  |  | 0.30 |  | 33.22 | **29.08** | 0.65 | 0.61 | 0.61 | 0.99 | 1507252 | 11 |
| 12-31-22 | 34.20 | 0.28<sup>•</sup> | (7.18) | (6.90) | 0.16 | 1.13 |  | 1.29 |  | 26.01 | **(20.26)** | 0.64 | 0.61 | 0.61 | 0.97 | 1389220 | 13 |
| 12-31-21 | 28.37 | 0.24<sup>•</sup> | 7.17 | 7.41 | 0.29 | 1.29 |  | 1.58 |  | 34.20 | **27.13** | 0.67 | 0.61 | 0.61 | 0.78 | 2005750 | 23 |
| 12-31-20 | 24.73 | 0.28<sup>•</sup> | 4.64 | 4.92 | 0.32 | 0.96 |  | 1.28 |  | 28.37 | **21.58** | 0.69 | 0.61 | 0.61 | 1.16 | 596783 | 6 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 43.27 | 0.10<sup>•</sup> | 2.35 | 2.45 | 0.61 | 1.08 |  | 1.69 |  | 44.03 | **6.06** | 0.85 | 0.76 | 0.76 | 0.50 | 162 | 7 |
| 12-31-24 | 34.37 | 0.22<sup>•</sup> | 8.84 | 9.06 | 0.16 |  |  | 0.16 |  | 43.27 | **26.42** | 0.80 | 0.76 | 0.76 | 0.55 | 104 | 15 |
| 12-31-23 | 26.90 | 0.26<sup>•</sup> | 7.47 | 7.73 | 0.26 |  |  | 0.26 |  | 34.37 | **28.89** | 0.80 | 0.76 | 0.76 | 0.84 | 147 | 11 |
| 12-31-22 | 35.29 | 0.24<sup>•</sup> | (7.41) | (7.17) | 0.09 | 1.13 |  | 1.22 |  | 26.90 | **(20.40)** | 0.79 | 0.76 | 0.76 | 0.79 | 114 | 13 |
| 12-31-21 | 29.26 | 0.21<sup>•</sup> | 7.38 | 7.59 | 0.27 | 1.29 |  | 1.56 |  | 35.29 | **26.92** | 0.82 | 0.76 | 0.76 | 0.66 | 276 | 23 |
| 12-31-20 | 25.47 | 0.25<sup>•</sup> | 4.79 | 5.04 | 0.29 | 0.96 |  | 1.25 |  | 29.26 | **21.37** | 0.84 | 0.76 | 0.76 | 0.99 | 1107 | 6 |
| **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** | **Voya Russell™ Large Cap Value Index Portfolio** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 31.13 | 0.18<sup>•</sup> | 1.60 | 1.78 | 2.21 | 5.91 |  | 8.12 |  | 24.79 | **7.12** | 1.12 | 0.93 | 0.93 | 1.25 | 7 | 25 |
| 12-31-24 | 28.14 | 0.44<sup>•</sup> | 3.55 | 3.99 | 0.50 | 0.50 |  | 1.00 |  | 31.13 | **14.38** | 0.94 | 0.84 | 0.84 | 1.46 | 6 | 36 |
| 12-31-23 | 26.10 | 0.44<sup>•</sup> | 2.04 | 2.48 | 0.44 |  |  | 0.44 |  | 28.14 | **9.68** | 0.94 | 0.84 | 0.84 | 1.65 | 6 | 33 |
| 12-31-22 | 28.00 | 0.38<sup>•</sup> | (2.05) | (1.67) | 0.23 |  |  | 0.23 |  | 26.10 | **(5.96)** | 0.95 | 0.85 | 0.85 | 1.47 | 5 | 26 |
| 12-31-21 | 23.26 | 0.35<sup>•</sup> | 4.83 | 5.18 | 0.44 |  |  | 0.44 |  | 28.00 | **22.44** | 0.95 | 0.85 | 0.85 | 1.34 | 5 | 39 |
| 12-31-20 | 23.99 | 0.39<sup>•</sup> | (0.35) | 0.04 | 0.12 | 0.65 |  | 0.77 |  | 23.26 | **1.00** | 0.95 | 0.85 | 0.85 | 1.87 | 4 | 19 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 31.53 | 0.25<sup>•</sup> | 1.62 | 1.87 | 2.35 | 5.91 |  | 8.26 |  | 25.14 | **7.35** | 0.62 | 0.43 | 0.43 | 1.75 | 145363 | 25 |
| 12-31-24 | 28.47 | 0.61<sup>•</sup> | 3.58 | 4.19 | 0.63 | 0.50 |  | 1.13 |  | 31.53 | **14.99** | 0.44 | 0.34 | 0.34 | 1.99 | 90928 | 36 |
| 12-31-23 | 26.39 | 0.58<sup>•</sup> | 2.07 | 2.65 | 0.57 |  |  | 0.57 |  | 28.47 | **10.27** | 0.44 | 0.34 | 0.34 | 2.18 | 161507 | 33 |
| 12-31-22 | 28.31 | 0.52<sup>•</sup> | (2.08) | (1.56) | 0.36 |  |  | 0.36 |  | 26.39 | **(5.48)** | 0.45 | 0.35 | 0.35 | 1.97 | 86683 | 26 |
| 12-31-21 | 23.50 | 0.48<sup>•</sup> | 4.88 | 5.36 | 0.55 |  |  | 0.55 |  | 28.31 | **22.99** | 0.45 | 0.35 | 0.35 | 1.83 | 99157 | 39 |
| 12-31-20 | 24.26 | 0.50<sup>•</sup> | (0.37) | 0.13 | 0.24 | 0.65 |  | 0.89 |  | 23.50 | **1.48** | 0.45 | 0.35 | 0.35 | 2.37 | 88235 | 19 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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<br> value,<br> beginning of<br> year or<br> period | Net<br> investment<br> income (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From net<br> realized<br> gains | From <br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment by<br> affiliate | <br>Net asset<br> value, end of<br> year or<br> period | <br>**Total <br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net<br> of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses net<br> of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net assets,<br> end of<br> year or <br> period | Portfolio<br> turnover <br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** | **Voya Russell™ Large Cap Value Index Portfolio (continued)** |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 31.19 | 0.22<sup>•</sup> | 1.62 | 1.84 | 1.79 | 5.91 |  | 7.70 |  | 25.33 | **7.23** | 0.87 | 0.68 | 0.68 | 1.50 | 128107 | 25 |
| 12-31-24 | 28.18 | 0.53<sup>•</sup> | 3.54 | 4.07 | 0.56 | 0.50 |  | 1.06 |  | 31.19 | **14.66** | 0.69 | 0.59 | 0.59 | 1.77 | 119779 | 36 |
| 12-31-23 | 26.12 | 0.51<sup>•</sup> | 2.05 | 2.56 | 0.50 |  |  | 0.50 |  | 28.18 | **9.99** | 0.69 | 0.59 | 0.59 | 1.90 | 1123729 | 33 |
| 12-31-22 | 28.04 | 0.45<sup>•</sup> | (2.06) | (1.61) | 0.31 |  |  | 0.31 |  | 26.12 | **(5.71)** | 0.70 | 0.60 | 0.60 | 1.72 | 1210116 | 26 |
| 12-31-21 | 23.28 | 0.41<sup>•</sup> | 4.84 | 5.25 | 0.49 |  |  | 0.49 |  | 28.04 | **22.72** | 0.70 | 0.60 | 0.60 | 1.58 | 1456592 | 39 |
| 12-31-20 | 24.08 | 0.45<sup>•</sup> | (0.38) | 0.07 | 0.22 | 0.65 |  | 0.87 |  | 23.28 | **1.20** | 0.70 | 0.60 | 0.60 | 2.13 | 777063 | 19 |
| **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** | **Voya Russell™ Mid Cap Growth Index Portfolio** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 47.50 | 0.06<sup>•</sup> | 4.47 | 4.53 | 0.13 |  |  | 0.13 |  | 51.90 | **9.56** | 0.53 | 0.40 | 0.40 | 0.23 | 26526 | 40 |
| 12-31-24 | 39.24 | 0.11<sup>•</sup> | 8.32 | 8.43 | 0.17 |  |  | 0.17 |  | 47.50 | **21.54** | 0.53 | 0.40 | 0.40 | 0.27 | 23695 | 54 |
| 12-31-23 | 31.46 | 0.15<sup>•</sup> | 7.79 | 7.94 | 0.16 |  |  | 0.16 |  | 39.24 | **25.34** | 0.53 | 0.40 | 0.40 | 0.42 | 19262 | 49 |
| 12-31-22 | 48.49 | 0.15<sup>•</sup> | (13.40) | (13.25) |  | 3.78 |  | 3.78 |  | 31.46 | **(26.97)** | 0.53 | 0.40 | 0.40 | 0.43 | 16213 | 38 |
| 12-31-21 | 44.95 | 0.04<sup>•</sup> | 5.22 | 5.26 | 0.11 | 1.61 |  | 1.72 |  | 48.49 | **12.29** | 0.54 | 0.40 | 0.40 | 0.09 | 24089 | 63 |
| 12-31-20 | 35.97 | 0.10 | 11.35 | 11.45 | 0.11 | 2.36 |  | 2.47 |  | 44.95 | **34.83** | 0.55 | 0.40 | 0.40 | 0.26 | 32555 | 35 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 47.16 | (0.00)\*<sup>•</sup> | 4.43 | 4.43 | 0.01 |  |  | 0.01 |  | 51.58 | **9.38** | 0.78 | 0.65 | 0.65 | (0.02) | 950431 | 40 |
| 12-31-24 | 38.95 | 0.01<sup>•</sup> | 8.27 | 8.28 | 0.07 |  |  | 0.07 |  | 47.16 | **21.28** | 0.78 | 0.65 | 0.65 | 0.02 | 948825 | 54 |
| 12-31-23 | 31.22 | 0.06<sup>•</sup> | 7.74 | 7.80 | 0.07 |  |  | 0.07 |  | 38.95 | **25.02** | 0.78 | 0.65 | 0.65 | 0.17 | 964889 | 49 |
| 12-31-22 | 48.28 | 0.06<sup>•</sup> | (13.34) | (13.28) |  | 3.78 |  | 3.78 |  | 31.22 | **(27.16)** | 0.78 | 0.65 | 0.65 | 0.18 | 916043 | 38 |
| 12-31-21 | 44.76 | (0.05)<sup>•</sup> | 5.19 | 5.14 | 0.01 | 1.61 |  | 1.62 |  | 48.28 | **12.03** | 0.79 | 0.65 | 0.65 | (0.11) | 1464517 | 63 |
| 12-31-20 | 35.86 | 0.01 | 11.31 | 11.32 | 0.06 | 2.36 |  | 2.42 |  | 44.76 | **34.52** | 0.80 | 0.65 | 0.65 | 0.01 | 655413 | 35 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 46.85 | (0.04)<sup>•</sup> | 4.41 | 4.37 |  |  |  |  |  | 51.22 | **9.33** | 0.93 | 0.80 | 0.80 | (0.17) | 2441 | 40 |
| 12-31-24 | 38.72 | (0.06)<sup>•</sup> | 8.22 | 8.16 | 0.03 |  |  | 0.03 |  | 46.85 | **21.07** | 0.93 | 0.80 | 0.80 | (0.13) | 2332 | 54 |
| 12-31-23 | 31.04 | 0.01<sup>•</sup> | 7.70 | 7.71 | 0.03 |  |  | 0.03 |  | 38.72 | **24.84** | 0.93 | 0.80 | 0.80 | 0.02 | 1998 | 49 |
| 12-31-22 | 48.10 | 0.01<sup>•</sup> | (13.29) | (13.28) |  | 3.78 |  | 3.78 |  | 31.04 | **(27.27)** | 0.93 | 0.80 | 0.80 | 0.03 | 1676 | 38 |
| 12-31-21 | 44.66 | (0.14)<sup>•</sup> | 5.19 | 5.05 |  | 1.61 |  | 1.61 |  | 48.10 | **11.84** | 0.94 | 0.80 | 0.80 | (0.30) | 2277 | 63 |
| 12-31-20 | 35.77 | (0.05) | 11.30 | 11.25 |  | 2.36 |  | 2.36 |  | 44.66 | **34.31** | 0.95 | 0.80 | 0.80 | (0.14) | 2327 | 35 |
| **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** | **Voya Russell™ Mid Cap Index Portfolio** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.64 | 0.04<sup>•</sup> | 0.33 | 0.37 | 0.08 | 1.32 |  | 1.40 |  | 9.61 | **4.28** | 1.02 | 0.90 | 0.90 | 0.81 | 176330 | 19 |
| 12-31-24 | 10.39 | 0.07<sup>•</sup> | 1.32 | 1.39 | 0.09 | 1.05 |  | 1.14 |  | 10.64 | **14.32** | 1.03 | 0.90 | 0.90 | 0.68 | 180135 | 30 |
| 12-31-23 | 10.17 | 0.08<sup>•</sup> | 1.39 | 1.47 | 0.15 | 1.10 |  | 1.25 |  | 10.39 | **16.31** | 1.04 | 0.90 | 0.90 | 0.82 | 177936 | 22 |
| 12-31-22 | 13.70 | 0.08<sup>•</sup> | (2.56) | (2.48) | 0.06 | 0.99 |  | 1.05 |  | 10.17 | **(18.07)** | 1.03 | 0.90 | 0.90 | 0.69 | 167537 | 18 |
| 12-31-21 | 12.59 | 0.05<sup>•</sup> | 2.51 | 2.56 | 0.09 | 1.36 |  | 1.45 |  | 13.70 | **21.60** | 1.02 | 0.90 | 0.90 | 0.39 | 219999 | 33 |
| 12-31-20 | 13.08 | 0.09 | 1.24 | 1.33 | 0.12 | 1.70 |  | 1.82 |  | 12.59 | **16.01** | 1.05 | 0.90 | 0.90 | 0.81 | 188952 | 16 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.49 | 0.07<sup>•</sup> | 0.37 | 0.44 | 0.14 | 1.32 |  | 1.46 |  | 10.47 | **4.59** | 0.52 | 0.40 | 0.40 | 1.31 | 642725 | 19 |
| 12-31-24 | 11.13 | 0.13<sup>•</sup> | 1.43 | 1.56 | 0.15 | 1.05 |  | 1.20 |  | 11.49 | **14.90** | 0.53 | 0.40 | 0.40 | 1.18 | 615397 | 30 |
| 12-31-23 | 10.82 | 0.14<sup>•</sup> | 1.48 | 1.62 | 0.21 | 1.10 |  | 1.31 |  | 11.13 | **16.83** | 0.54 | 0.40 | 0.40 | 1.32 | 598352 | 22 |
| 12-31-22 | 14.50 | 0.14<sup>•</sup> | (2.70) | (2.56) | 0.13 | 0.99 |  | 1.12 |  | 10.82 | **(17.61)** | 0.53 | 0.40 | 0.40 | 1.19 | 591369 | 18 |
| 12-31-21 | 13.24 | 0.13<sup>•</sup> | 2.63 | 2.76 | 0.14 | 1.36 |  | 1.50 |  | 14.50 | **22.17** | 0.52 | 0.40 | 0.40 | 0.89 | 857792 | 33 |
| 12-31-20 | 13.65 | 0.16 | 1.31 | 1.47 | 0.18 | 1.70 |  | 1.88 |  | 13.24 | **16.67** | 0.55 | 0.40 | 0.40 | 1.31 | 726726 | 16 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.21 | 0.06<sup>•</sup> | 0.36 | 0.42 | 0.11 | 1.32 |  | 1.43 |  | 10.20 | **4.49** | 0.77 | 0.65 | 0.65 | 1.05 | 167997 | 19 |
| 12-31-24 | 10.89 | 0.10<sup>•</sup> | 1.39 | 1.49 | 0.12 | 1.05 |  | 1.17 |  | 11.21 | **14.55** | 0.78 | 0.65 | 0.65 | 0.93 | 178931 | 30 |
| 12-31-23 | 10.61 | 0.11<sup>•</sup> | 1.45 | 1.56 | 0.17 | 1.10 |  | 1.27 |  | 10.89 | **16.51** | 0.79 | 0.65 | 0.65 | 1.07 | 186153 | 22 |
| 12-31-22 | 14.22 | 0.11<sup>•</sup> | (2.64) | (2.53) | 0.09 | 0.99 |  | 1.08 |  | 10.61 | **(17.77)** | 0.78 | 0.65 | 0.65 | 0.94 | 184295 | 18 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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<br> value,<br> beginning of<br> year or<br> period | Net<br> investment<br> income (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From net<br> realized<br> gains | From <br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment by<br> affiliate | <br>Net asset<br> value, end of<br> year or<br> period | <br>**Total <br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net<br> of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses net<br> of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net assets,<br> end of<br> year or <br> period | Portfolio<br> turnover <br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** | **Voya Russell™ Mid Cap Index Portfolio (continued)** |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** |
| 12-31-21 | 13.02 | 0.09<sup>•</sup> | 2.58 | 2.67 | 0.11 | 1.36 |  | 1.47 |  | 14.22 | **21.80** | 0.77 | 0.65 | 0.65 | 0.64 | 254761 | 33 |
| 12-31-20 | 13.45 | 0.15 | 1.27 | 1.42 | 0.15 | 1.70 |  | 1.85 |  | 13.02 | **16.32** | 0.80 | 0.65 | 0.65 | 1.06 | 240792 | 16 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.87 | 0.05<sup>•</sup> | 0.35 | 0.40 | 0.09 | 1.32 |  | 1.41 |  | 9.86 | **4.44** | 0.92 | 0.80 | 0.80 | 0.91 | 7051 | 19 |
| 12-31-24 | 10.60 | 0.08<sup>•</sup> | 1.35 | 1.43 | 0.11 | 1.05 |  | 1.16 |  | 10.87 | **14.36** | 0.93 | 0.80 | 0.80 | 0.78 | 7531 | 30 |
| 12-31-23 | 10.35 | 0.09<sup>•</sup> | 1.42 | 1.51 | 0.15 | 1.10 |  | 1.25 |  | 10.60 | **16.36** | 0.94 | 0.80 | 0.80 | 0.92 | 7495 | 22 |
| 12-31-22 | 13.90 | 0.09<sup>•</sup> | (2.59) | (2.50) | 0.06 | 0.99 |  | 1.05 |  | 10.35 | **(17.91)** | 0.93 | 0.80 | 0.80 | 0.78 | 7155 | 18 |
| 12-31-21 | 12.74 | 0.06<sup>•</sup> | 2.54 | 2.60 | 0.08 | 1.36 |  | 1.44 |  | 13.90 | **21.68** | 0.92 | 0.80 | 0.80 | 0.48 | 10244 | 33 |
| 12-31-20 | 13.21 | 0.13 | 1.23 | 1.36 | 0.13 | 1.70 |  | 1.83 |  | 12.74 | **16.11** | 0.95 | 0.80 | 0.80 | 0.91 | 12343 | 16 |
| **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** | **Voya Russell™ Small Cap Index Portfolio** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 13.44 | 0.04<sup>•</sup> | (0.46) | (0.42) | 0.14 | 1.49 |  | 1.63 |  | 11.39 | **(2.19)** | 1.05 | 0.93 | 0.93 | 0.66 | 104254 | 8 |
| 12-31-24 | 13.14 | 0.07<sup>•</sup> | 1.23 | 1.30 | 0.11 | 0.89 |  | 1.00 |  | 13.44 | **10.59** | 1.06 | 0.95 | 0.95 | 0.51 | 110172 | 13 |
| 12-31-23 | 12.06 | 0.09<sup>•</sup> | 1.71 | 1.80 | 0.19 | 0.53 |  | 0.72 |  | 13.14 | **15.94** | 1.09 | 0.95 | 0.95 | 0.73 | 109839 | 9 |
| 12-31-22 | 16.95 | 0.07<sup>•</sup> | (3.66) | (3.59) | 0.04 | 1.26 |  | 1.30 |  | 12.06 | **(21.02)** | 1.07 | 0.95 | 0.95 | 0.53 | 98127 | 14 |
| 12-31-21 | 14.94 | 0.02<sup>•</sup> | 2.04 | 2.06 | 0.05 |  |  | 0.05 |  | 16.95 | **13.81** | 1.04 | 0.95 | 0.95 | 0.14 | 131976 | 36 |
| 12-31-20 | 13.75 | 0.06 | 2.04 | 2.10 | 0.08 | 0.83 |  | 0.91 |  | 14.94 | **18.93** | 1.05 | 0.95 | 0.95 | 0.46 | 113940 | 41 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 14.16 | 0.07<sup>•</sup> | (0.48) | (0.41) | 0.21 | 1.49 |  | 1.70 |  | 12.05 | **(1.97)** | 0.55 | 0.43 | 0.43 | 1.16 | 190932 | 8 |
| 12-31-24 | 13.79 | 0.14<sup>•</sup> | 1.29 | 1.43 | 0.17 | 0.89 |  | 1.06 |  | 14.16 | **11.13** | 0.56 | 0.45 | 0.45 | 1.00 | 204832 | 13 |
| 12-31-23 | 12.61 | 0.16<sup>•</sup> | 1.81 | 1.97 | 0.25 | 0.53 |  | 0.78 |  | 13.79 | **16.68** | 0.59 | 0.45 | 0.45 | 1.23 | 228924 | 9 |
| 12-31-22 | 17.69 | 0.14<sup>•</sup> | (3.83) | (3.69) | 0.13 | 1.26 |  | 1.39 |  | 12.61 | **(20.69)** | 0.57 | 0.45 | 0.45 | 1.04 | 217487 | 14 |
| 12-31-21 | 15.57 | 0.11<sup>•</sup> | 2.12 | 2.23 | 0.11 |  |  | 0.11 |  | 17.69 | **14.34** | 0.54 | 0.45 | 0.45 | 0.64 | 274932 | 36 |
| 12-31-20 | 14.30 | 0.13 | 2.12 | 2.25 | 0.15 | 0.83 |  | 0.98 |  | 15.57 | **19.56** | 0.55 | 0.45 | 0.45 | 0.97 | 252530 | 41 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 13.97 | 0.06<sup>•</sup> | (0.48) | (0.42) | 0.17 | 1.49 |  | 1.66 |  | 11.89 | **(2.09)** | 0.80 | 0.68 | 0.68 | 0.90 | 225801 | 8 |
| 12-31-24 | 13.62 | 0.10<sup>•</sup> | 1.28 | 1.38 | 0.14 | 0.89 |  | 1.03 |  | 13.97 | **10.82** | 0.81 | 0.70 | 0.70 | 0.76 | 254257 | 13 |
| 12-31-23 | 12.46 | 0.12<sup>•</sup> | 1.79 | 1.91 | 0.22 | 0.53 |  | 0.75 |  | 13.62 | **16.35** | 0.84 | 0.70 | 0.70 | 0.97 | 272263 | 9 |
| 12-31-22 | 17.47 | 0.11<sup>•</sup> | (3.79) | (3.68) | 0.07 | 1.26 |  | 1.33 |  | 12.46 | **(20.89)** | 0.82 | 0.70 | 0.70 | 0.77 | 271895 | 14 |
| 12-31-21 | 15.39 | 0.07<sup>•</sup> | 2.09 | 2.16 | 0.08 |  |  | 0.08 |  | 17.47 | **14.04** | 0.79 | 0.70 | 0.70 | 0.37 | 398676 | 36 |
| 12-31-20 | 14.15 | 0.10 | 2.10 | 2.20 | 0.13 | 0.83 |  | 0.96 |  | 15.39 | **19.34** | 0.80 | 0.70 | 0.70 | 0.71 | 420955 | 41 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 13.61 | 0.05<sup>•</sup> | (0.46) | (0.41) | 0.15 | 1.49 |  | 1.64 |  | 11.56 | **(2.15)** | 0.95 | 0.83 | 0.83 | 0.75 | 4142 | 8 |
| 12-31-24 | 13.30 | 0.08<sup>•</sup> | 1.24 | 1.32 | 0.12 | 0.89 |  | 1.01 |  | 13.61 | **10.62** | 0.96 | 0.85 | 0.85 | 0.61 | 5159 | 13 |
| 12-31-23 | 12.18 | 0.10<sup>•</sup> | 1.75 | 1.85 | 0.20 | 0.53 |  | 0.73 |  | 13.30 | **16.21** | 0.99 | 0.85 | 0.85 | 0.82 | 5237 | 9 |
| 12-31-22 | 17.11 | 0.08<sup>•</sup> | (3.70) | (3.62) | 0.05 | 1.26 |  | 1.31 |  | 12.18 | **(21.01)** | 0.97 | 0.85 | 0.85 | 0.63 | 4945 | 14 |
| 12-31-21 | 15.07 | 0.04<sup>•</sup> | 2.06 | 2.10 | 0.06 |  |  | 0.06 |  | 17.11 | **13.95** | 0.94 | 0.85 | 0.85 | 0.23 | 6614 | 36 |
| 12-31-20 | 13.86 | 0.09 | 2.04 | 2.13 | 0.09 | 0.83 |  | 0.92 |  | 15.07 | **19.03** | 0.95 | 0.85 | 0.85 | 0.56 | 6495 | 41 |
| **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** | **Voya U.S. Bond Index Portfolio** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.91 | 0.15<sup>•</sup> | 0.16 | 0.31 | 0.15 |  |  | 0.15 |  | 9.07 | **3.55** | 0.93 | 0.86 | 0.86 | 3.47 | 19317 | 205 |
| 12-31-24 | 9.19 | 0.30<sup>•</sup> | (0.26) | 0.04 | 0.32 |  |  | 0.32 |  | 8.91 | **0.40** | 0.92 | 0.86 | 0.86 | 3.37 | 19352 | 432 |
| 12-31-23 | 9.09 | 0.27<sup>•</sup> | 0.13 | 0.40 | 0.30 |  |  | 0.30 |  | 9.19 | **4.51** | 0.91 | 0.86 | 0.86 | 2.95 | 20490 | 312 |
| 12-31-22 | 10.71 | 0.20<sup>•</sup> | (1.65) | (1.45) | 0.17 |  |  | 0.17 |  | 9.09 | **(13.60)** | 0.88 | 0.86 | 0.86 | 2.05 | 19965 | 464 |
| 12-31-21 | 11.27 | 0.10<sup>•</sup> | (0.35) | (0.25) | 0.12 | 0.19 |  | 0.31 |  | 10.71 | **(2.29)** | 0.89 | 0.88 | 0.88 | 0.91 | 25037 | 488 |
| 12-31-20 | 10.85 | 0.13 | 0.59 | 0.72 | 0.23 | 0.07 |  | 0.30 |  | 11.27 | **6.69** | 0.88 | 0.88 | 0.88 | 1.23 | 30573 | 377 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.94 | 0.18<sup>•</sup> | 0.17 | 0.35 | 0.18 |  |  | 0.18 |  | 9.11 | **3.92** | 0.43 | 0.36 | 0.36 | 3.97 | 1182351 | 205 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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<br> value,<br> beginning of<br> year or<br> period | Net<br> investment<br> income (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From net<br> realized<br> gains | From <br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment by<br> affiliate | <br>Net asset<br> value, end of<br> year or<br> period | <br>**Total <br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net<br> of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses net<br> of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net assets,<br> end of<br> year or <br> period | Portfolio<br> turnover <br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** | **Voya U.S. Bond Index Portfolio (continued)** |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |
| 12-31-24 | 9.23 | 0.35<sup>•</sup> | (0.28) | 0.07 | 0.36 |  |  | 0.36 |  | 8.94 | **0.80** | 0.42 | 0.36 | 0.36 | 3.87 | 1368332 | 432 |
| 12-31-23 | 9.13 | 0.31<sup>•</sup> | 0.14 | 0.45 | 0.35 |  |  | 0.35 |  | 9.23 | **5.03** | 0.41 | 0.36 | 0.36 | 3.45 | 1445259 | 312 |
| 12-31-22 | 10.75 | 0.25<sup>•</sup> | (1.65) | (1.40) | 0.22 |  |  | 0.22 |  | 9.13 | **(13.10)** | 0.38 | 0.36 | 0.36 | 2.54 | 1300764 | 464 |
| 12-31-21 | 11.32 | 0.15<sup>•</sup> | (0.36) | (0.21) | 0.17 | 0.19 |  | 0.36 |  | 10.75 | **(1.87)** | 0.39 | 0.38 | 0.38 | 1.42 | 1682328 | 488 |
| 12-31-20 | 10.90 | 0.20 | 0.58 | 0.78 | 0.29 | 0.07 |  | 0.36 |  | 11.32 | **7.20** | 0.38 | 0.38 | 0.38 | 1.73 | 1811026 | 377 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.92 | 0.17<sup>•</sup> | 0.16 | 0.33 | 0.17 |  |  | 0.17 |  | 9.08 | **3.68** | 0.68 | 0.61 | 0.61 | 3.72 | 187491 | 205 |
| 12-31-24 | 9.20 | 0.33<sup>•</sup> | (0.27) | 0.06 | 0.34 |  |  | 0.34 |  | 8.92 | **0.65** | 0.67 | 0.61 | 0.61 | 3.63 | 184564 | 432 |
| 12-31-23 | 9.10 | 0.29<sup>•</sup> | 0.13 | 0.42 | 0.32 |  |  | 0.32 |  | 9.20 | **4.77** | 0.66 | 0.61 | 0.61 | 3.20 | 131424 | 312 |
| 12-31-22 | 10.72 | 0.22<sup>•</sup> | (1.65) | (1.43) | 0.19 |  |  | 0.19 |  | 9.10 | **(13.37)** | 0.63 | 0.61 | 0.61 | 2.29 | 136210 | 464 |
| 12-31-21 | 11.29 | 0.13<sup>•</sup> | (0.37) | (0.24) | 0.14 | 0.19 |  | 0.33 |  | 10.72 | **(2.13)** | 0.64 | 0.63 | 0.63 | 1.16 | 174357 | 488 |
| 12-31-20 | 10.86 | 0.16 | 0.60 | 0.76 | 0.26 | 0.07 |  | 0.33 |  | 11.29 | **7.05** | 0.63 | 0.63 | 0.63 | 1.47 | 205870 | 377 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.92 | 0.16<sup>•</sup> | 0.16 | 0.32 | 0.16 |  |  | 0.16 |  | 9.08 | **3.60** | 0.83 | 0.76 | 0.76 | 3.57 | 954 | 205 |
| 12-31-24 | 9.20 | 0.31<sup>•</sup> | (0.26) | 0.05 | 0.33 |  |  | 0.33 |  | 8.92 | **0.50** | 0.82 | 0.76 | 0.76 | 3.47 | 938 | 432 |
| 12-31-23 | 9.10 | 0.28<sup>•</sup> | 0.13 | 0.41 | 0.31 |  |  | 0.31 |  | 9.20 | **4.62** | 0.81 | 0.76 | 0.76 | 3.06 | 928 | 312 |
| 12-31-22 | 10.72 | 0.21<sup>•</sup> | (1.65) | (1.44) | 0.18 |  |  | 0.18 |  | 9.10 | **(13.50)** | 0.78 | 0.76 | 0.76 | 2.12 | 910 | 464 |
| 12-31-21 | 11.29 | 0.11<sup>•</sup> | (0.36) | (0.25) | 0.13 | 0.19 |  | 0.31 |  | 10.72 | **(2.27)** | 0.79 | 0.78 | 0.78 | 1.02 | 1356 | 488 |
| 12-31-20 | 10.87 | 0.15<sup>•</sup> | 0.58 | 0.73 | 0.24 | 0.07 |  | 0.31 |  | 11.29 | **6.79** | 0.78 | 0.78 | 0.78 | 1.33 | 1370 | 377 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| <sup>(4)</sup> | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <sup>+</sup> | Unaudited. |
| <sup><sup>•</sup></sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

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

**NOTE 1 — ORGANIZATION**

Voya Variable Portfolios, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended ("1940 Act" or "Act"),as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are seventeen active separate investment series that comprise the Company. The eight series (each, a "Portfolio" and collectively, the "Portfolios") that are in this report are: Voya International Index Portfolio ("International Index"), Voya Russell™ Large Cap Growth Index Portfolio ("Russell™ Large Cap Growth Index"), Voya Russell™ Large Cap Index Portfolio ("Russell™ Large Cap Index"), Voya Russell™ Large Cap Value Index Portfolio ("Russell™ Large Cap Value Index"), Voya Russell™ Mid Cap Growth Index Portfolio ("Russell™ Mid Cap Growth Index"), Voya Russell™ Mid Cap Index Portfolio ("Russell™ Mid Cap Index"), Voya Russell™ Small Cap Index Portfolio ("Russell™ Small Cap Index"), and Voya U.S. Bond Index Portfolio ("U.S. Bond Index"). All of the Portfolios are diversified. However, in seeking to track the performance of an index, a Portfolio may become non-diversified as a result of a change in relative market capitalizations or index weightings of one or more components of an index. As a result, whether at any time a Portfolio will be considered diversified or non-diversified will depend largely on the make-up of an index at the time. 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 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 the 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 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 each Portfolio's assets attributable to that class, subtracting each 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. The prospectuses of the open-end registered investment

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

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

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.

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 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 is presented only when a Portfolio has a significant amount of Level 3 investments.

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

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

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Foreign Currency Translation.*** The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases
 and sales of investment securities, income and expenses — at the rates of exchange
 prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on a Portfolio's books, 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. ***Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios (except U.S. Bond Index) declare and pay dividends annually. U.S. Bond Index declares dividends daily and pays dividends, if any, monthly. The Portfolios distribute capital gains distributions, if any, annually. 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.

E. ***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.

F. ***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.

G. ***Risk Exposures and the Use of Derivative Instruments***. Each Portfolio's investment strategies permit it 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, the 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 the Portfolio

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

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

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 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.*** Each 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

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

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

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

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio's International Swap and Derivatives Association, Inc. Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and their derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and/or a percentage decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio's Master Agreements.

As of June 30, 2025, there were no open OTC derivatives for any Portfolio.

H. ***Forward Foreign Currency Contracts.*** Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment 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 future date. These contracts are valued daily and a Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/ or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

As of June 30, 2025, there were no forward foreign currency contracts entered into by any Portfolio.

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

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

I. ***Futures Contracts.*** Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each 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 the Portfolios' assets are valued.

Upon entering into a futures contract, each 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 the 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 following each 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 each Portfolio's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio's Statement of Operations. Realized gains (losses) are reported in each Portfolio's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2025, with the exception of U.S. Bond Index, the below Portfolios had purchased futures contracts on various equity indices to "equitize" cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. U.S. Bond Index purchased and sold futures contracts as part of its duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are 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 the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's

clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2025, the Portfolios had average notional values on futures contracts purchased and sold as disclosed below.

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| International Index | $32757905 | $— |
| Russell™ Large Cap Growth Index | 3578559 |  |
| Russell™ Large Cap Index | 2483263 |  |
| Russell™ Large Cap Value Index | 793209 |  |
| Russell™ Mid Cap Growth Index | 2253370 |  |
| Russell™ Mid Cap Index | 2965377 |  |
| Russell™ Small Cap Index | 9951037 |  |
| U.S. Bond Index | 132582505 | 33337998 |

---

Please refer to the tables within each respective Portfolio of Investments for open futures contracts as of June 30, 2025.

J. ***Swap Agreements.*** The 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 market 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. The Portfolios may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the 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 the Statements 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 Statements of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements 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

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

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

included as a component in the realized gains or losses on the Statements 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 Statements 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 a Portfolio's counterparty on the swap agreement becomes the CCP. A Portfolio is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, a Portfolio is 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 the Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer's

credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/ moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed following the 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

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

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

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.

As of June 30, 2025, there were no credit default swaps entered into by any Portfolio.

K. ***Securities Lending***. Each Portfolio may temporarily loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending 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") ("Rule 144A") 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. ***Delayed-Delivery or When-Issued 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 securities is identified in each Portfolio's 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 identify liquid assets sufficient to cover the purchase price.

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).

At June 30, 2025, there was no open delayed-delivery or when-issued transactions nor any cash collateral pledged or received by any Portfolio.

N. ***Indemnifications.*** In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

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

**NOTE 3 — INVESTMENT TRANSACTIONS**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| International Index | $24684393 | $122088369 |
| Russell™ Large Cap Growth Index | 520176929 | 560273652 |
| Russell™ Large Cap Index | 63676718 | 80879985 |
| Russell™ Large Cap Value Index | 113309775 | 65060836 |
| Russell™ Mid Cap Growth Index | 381919340 | 465541054 |
| Russell™ Mid Cap Index | 177174081 | 202062307 |
| Russell™ Small Cap Index | 42835546 | 78357693 |
| U.S. Bond Index | 6447572 | 54716440 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Bond Index | $2947223820 | $3041488766 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

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

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| International Index | 0.48% on the first $500 million; |
|  | 0.46% on the next $500 million; |
|  | 0.44% on the next $500 million; |
|  | 0.42% on the next $500 million; |
|  | and 0.40% thereafter |
| Russell™ Large Cap | 0.50% on the first $500 million; |
| Growth Index | 0.48% on the next $500 million; |
|  | and 0.46% thereafter |
| Russell™ Large Cap Index | 0.35% on the first $1 billion; |
|  | 0.33% on the next $1 billion; |
|  | and 0.31% thereafter |
| Russell™ Large Cap Value | 0.50% on the first $250 million; |
| Index | 0.40% on the next $250 million; |
|  | and 0.35% thereafter |
| Russell™ Mid Cap Growth | 0.50% on the first $500 million; |
| Index | 0.48% on the next $500 million; |

---

---

| | |
|:---|:---|
|  | and 0.46% thereafter |
| Russell™ Mid Cap Index | 0.41% on the first $2 billion; |
|  | 0.34% on the next $2 billion; |
|  | and 0.28% thereafter |
| Russell™ Small Cap Index | 0.43% on the first $1 billion; |
|  | 0.41% on the next $1 billion; |
|  | and 0.39% thereafter |
| U.S. Bond Index | 0.39% on the first $500 million; |
|  | 0.37% on the next $500 million; |
|  | 0.35% on the next $1 billion; |
|  | 0.33% on the next $2 billion; |
|  | 0.31% on the next $2 billion; |
|  | and 0.29% thereafter |

---

Pursuant to a side letter agreement for Russell™ Large Cap Growth Index, Russell™ Large Cap Value Index, and Russell™ Mid Cap Growth Index, Voya has agreed to waive 0.10% of the Portfolio's management fee. 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 a sub-advisory agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios' assets in accordance with the Portfolios' investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class ADV shares of the respective Portfolios are subject to a shareholder service and distribution plan and Class S2 shares of the respective Portfolios are subject to a shareholder services and distribution plan (collectively the "Plans"). Under the Plans, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the 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 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 average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.01% of the distribution fee for Class ADV shares of International Index. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Class S shares of the Portfolios have a shareholder services and distribution plan (the "Plan"), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or distribution of each Portfolio's

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

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

Class S shares. Pursuant to the Plan, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio's 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 Plan, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets.

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

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

---

| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated<br> Investment Company** | **Portfolio** | **Percentage** |
| ReliaStar Life Insurance Company | Russell™ Large Cap Growth Index | 22.99% |
|  | Russell™ Large Cap Value Index | 23.43 |
| Voya Index Solution 2035 Portfolio | U.S. Bond Index | 6.87 |
| Voya Institutional Trust Company | International Index | 5.37 |
|  | Russell™ Large Cap Growth Index | 26.71 |
|  | Russell™ Large Cap Index | 29.93 |
|  | Russell™ Large Cap Value Index | 30.85 |
|  | Russell™ Mid Cap Index | 22.09 |
|  | Russell™ Small Cap Index | 21.63 |
| Voya Retirement Conservative Portfolio | U.S. Bond Index | 8.47 |
| Voya Retirement Growth Portfolio | International Index | 12.17 |
|  | Russell™ Mid Cap Index | 20.43 |
|  | Russell™ Small Cap Index | 6.49 |
|  | U.S. Bond Index | 14.83 |
| Voya Retirement Insurance and Annuity Company | International Index | 11.80 |
|  | Russell™ Large Cap Growth Index | 25.74 |
|  | Russell™ Large Cap Index | 62.35 |
|  | Russell™ Large Cap Value Index | 24.85 |
|  | Russell™ Mid Cap Index | 33.04 |
|  | Russell™ Small Cap Index | 30.41 |
| Voya Retirement Moderate Growth Portfolio | International Index | 5.33 |

---

Russell™ Mid Cap Index 5.78 <br> U.S. Bond Index 20.91 <br> Voya Retirement Moderate Portfolio U.S. Bond Index 17.19

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, as described in the DC Plan, to defer the receipt of all or a portion of the directors' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (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' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

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

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
| International Index | $146850 |
| Russell™ Large Cap Growth Index | 270340 |
| Russell™ Large Cap Index | 262853 |
| Russell™ Large Cap Value Index | 95870 |
| Russell™ Mid Cap Growth Index | 27672 |
| Russell™ Mid Cap Index | 343144 |
| Russell™ Small Cap Index | 232675 |
| U.S. Bond Index | 38987 |

---

**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 period

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

**NOTE 7 — OTHER TRANSACTIONS (continued)**

ended June 30, 2025, the Portfolios did not have any 17a-7 transactions and in-kind transactions.

**NOTE 8 — LICENSING FEE**

The following Portfolios pay an annual licensing fee to the licensor listed below in order to obtain data and permissions necessary to achieve its principal investment strategy:

---

| | |
|:---|:---|
| **Portfolio** | **Licensor** |
| International Index | MSCI Inc. |
| Russell<sup>TM</sup> Large Cap Growth Index, | Frank Russell Company |
| Russell<sup>TM</sup> Large Cap Value Index, |  |
| Russell<sup>TM</sup> Mid Cap Growth Index, Russell<sup>TM</sup> |  |
| Mid Cap Index, and Russell<sup>TM</sup> Small Cap Index |  |

---

**NOTE 9 — EXPENSE LIMITATION AGREEMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** | **Class**<br>**I** | **Class**<br>**S** | **Class**<br>**S2** |
| International Index | 1.00% | 0.50% | 0.75% | 0.90% |
| Russell™ Large Cap Index | 0.87% | 0.37% | 0.62% | 0.77% |
| Russell™ Mid Cap Growth Index | N/A | 0.43% | 0.68% | 0.83% |
| Russell™ Mid Cap Index | 0.93% | 0.43% | 0.68% | 0.83% |
| Russell™ Small Cap Index | 0.95% | 0.45% | 0.70% | 0.85% |
| U.S. Bond Index | 0.88% | 0.38% | 0.63% | 0.78% |

---

Pursuant to a side letter agreement through May 1, 2026, the Investment Adviser has further lowered the expense limits for International Index to 0.95%, 0.45%, 0.70% and 0.85% for Class ADV, Class I, Class S and Class S2, respectively. Termination or modification of this obligation requires approval by the Board.

Pursuant to a side letter agreement through May 1, 2026, the Investment Adviser has further lowered the expense limits for Russell™ Large Cap Index to 0.86%, 0.36%, 0.61% and 0.76% for Class ADV, Class I, class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

Pursuant to a side letter agreement, through May 1, 2026 for Russell™ Large Cap Growth Index and Russell™ Large Cap Value Index, the Investment Adviser has agreed to waive all or a portion of the management fee so that the expense limits are 0.93%, 0.43%, and 0.68% for Class ADV, Class I, and Class S, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for

recoupment. Termination or modification of this obligation requires approval by the Board.

Pursuant to a side letter agreement through May 1, 2026, the Investment Adviser has further lowered the expense limits for Russell™ Mid Cap Growth Index to 0.40%, 0.65%, and 0.80% for Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

Pursuant to a side letter agreement through May 1, 2026, the Investment Adviser has further lowered the expense limits for Russell™ Mid Cap Index to 0.90%, 0.40%, 0.65% and 0.80% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

Effective January 1, 2025, pursuant to a new side letter agreement through May 1, 2026, the Investment Adviser has further lowered the expense limits for Russell™ Small Cap Index to 0.93%, 0.43%, 0.68%, and 0.83% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

Pursuant to a side letter agreement through May 1, 2026, the Investment Adviser has further lowered the expense limits for U.S Bond Index to 0.86%, 0.36%, 0.61% and 0.76% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

Unless otherwise specified above and with the exception of the non-recoupable management fee waivers for certain Portfolios, 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, a Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of June 30, 2025, the amount of waived and/or reimbursed fees that are subject to recoupment by the Investment Adviser and the related expiration dates are as follows:

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

**NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| International Index | $1196237 | $1080253 | $1068177 | $3344667 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **International Index** |  |  |  |  |
| Class ADV | $90274 | $95494 | $78867 | $264635 |
| Class I | 125135 | 179584 | 160060 | 464779 |
| Class S | 28691 | 34427 | 23151 | 86269 |
| Class S2 | 342 | 608 | 446 | 1396 |

---

The Expense Limitation Agreement is contractual through May 1, 2026 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 10 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption

of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Portfolios utilized the line of credit during the period ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| <br>**Portfolio** | <br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| International Index | 2 | $37453000 | 5.33% |
| Russell™ Large Cap Growth Index | 1 | 528000 | 5.33 |
| Russell™ Large Cap Index | 2 | 912000 | 5.33 |
| Russell™ Mid Cap Growth Index | 6 | 2327833<sup>(1)</sup> | 5.33 |
| Russell™ Mid Cap Index | 2 | 1981000 | 5.33 |

---

<sup>(1)</sup> As of June 30, 2025, Russell™ Mid Cap Growth Index had an outstanding balance of $3,712,000.

**NOTE 11 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or <br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **International Index** | **International Index** | **International Index** | **International Index** | **International Index** | **International Index** | **International Index** | **International Index** | **International Index** | **International Index** | **International Index** | **International Index** | **International Index** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 519575 |  | 653621 | (2823411) |  | (1650215) | 6213513 |  | 7849983 | (33459954) |  | (19396458) |
| 12/31/2024 | 1842800 |  | 849026 | (7140163) |  | (4448337) | 20523356 |  | 9568522 | (80365266) |  | (50273388) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 5107139 |  | 1468508 | (14435847) |  | (7860200) | 61455545 |  | 17974541 | (177229241) |  | (97799155) |
| 12/31/2024 | 14879376 |  | 1681286 | (10228106) |  | 6332556 | 169155620 |  | 19301161 | (117231369) |  | 71225412 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 656921 |  | 207771 | (1092543) |  | (227851) | 7839373 |  | 2524414 | (13075507) |  | (2711720) |
| 12/31/2024 | 557733 |  | 266980 | (2965649) |  | (2140936) | 6342012 |  | 3043573 | (33564080) |  | (24178495) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 29466 |  | 4050 | (8060) |  | 25456 | 357656 |  | 49121 | (97085) |  | 309692 |
| 12/31/2024 | 42301 |  | 4168 | (37377) |  | 9092 | 475107 |  | 47477 | (431527) |  | 91057 |
| **Russell™ Large Cap Growth Index** | **Russell™ Large Cap Growth Index** | **Russell™ Large Cap Growth Index** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  | 21 |  |  | 21 |  |  | 1383 |  |  | 1383 |

---

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

**NOTE 11 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Russell™ Large Cap Growth Index (continued)** | **Russell™ Large Cap Growth Index (continued)** | **Russell™ Large Cap Growth Index (continued)** | **Russell™ Large Cap Growth Index (continued)** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  | 6 |  |  | 6 |  |  | 436 |  |  | 436 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1938069 |  | 1690935 | (2145208) |  | 1483796 | 141282424 |  | 115068117 | (162580208) |  | 93770333 |
| 12/31/2024 | 2050535 |  | 503395 | (1888968) |  | 664962 | 153106980 |  | 34396947 | (137945395) |  | 49558532 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 97463 |  | 565653 | (351803) |  | 311313 | 7369533 |  | 38125044 | (26131770) |  | 19362807 |
| 12/31/2024 | 608547 |  | 508795 | (9090343) |  | (7973001) | 42658237 |  | 34516631 | (637830967) |  | (560656099) |
| **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** | **Russell™ Large Cap Index** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 169102 |  | 199749 | (311916) |  | 56935 | 6761197 |  | 7512553 | (12065323) |  | 2208427 |
| 12/31/2024 | 401126 |  | 39517 | (823632) |  | (382989) | 14591310 |  | 1409954 | (30943096) |  | (14941832) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 521292 |  | 682582 | (856471) |  | 347403 | 21733896 |  | 26388604 | (35031861) |  | 13090639 |
| 12/31/2024 | 1120222 |  | 166132 | (1780367) |  | (494013) | 42709404 |  | 6085424 | (68073992) |  | (19279164) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 54182 |  | 67259 | (90072) |  | 31369 | 2237040 |  | 2577346 | (3640934) |  | 1173452 |
| 12/31/2024 | 194449 |  | 368037 | (44428021) |  | (43865535) | 7402130 |  | 13378163 | (1674279715) |  | (1653499422) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1149 |  | 141 | (11) |  | 1279 | 47515 |  | 5608 | (455) |  | 52668 |
| 12/31/2024 | 1142 |  | 9 | (3026) |  | (1875) | 43126 |  | 339 | (113183) |  | (69718) |
| **Russell™ Large Cap Value Index** | **Russell™ Large Cap Value Index** | **Russell™ Large Cap Value Index** | **Russell™ Large Cap Value Index** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  | 71 |  |  | 71 |  |  | 1676 |  |  | 1676 |
| 12/31/2024 |  |  | 7 |  |  | 7 |  |  | 199 |  |  | 199 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1721534 |  | 1503409 | (325842) |  | 2899101 | 56772219 |  | 35826240 | (9814139) |  | 82784320 |
| 12/31/2024 | 146057 |  | 205096 | (3139163) |  | (2788010) | 4403687 |  | 6074946 | (93186603) |  | (82707970) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 253524 |  | 1221858 | (257352) |  | 1218030 | 7479580 |  | 29349032 | (7851586) |  | 28977026 |
| 12/31/2024 | 433265 |  | 1344680 | (37808257) |  | (36030312) | 13032238 |  | 39479816 | (1152549630) |  | (1100037576) |
| **Russell™ Mid Cap Growth Index** | **Russell™ Mid Cap Growth Index** | **Russell™ Mid Cap Growth Index** | **Russell™ Mid Cap Growth Index** |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 38955 |  | 1369 | (27974) |  | 12350 | 1832783 |  | 64847 | (1362121) |  | 535509 |
| 12/31/2024 | 62408 |  | 1982 | (56507) |  | 7883 | 2769056 |  | 81551 | (2375238) |  | 475369 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 78990 |  | 1484 | (1776767) |  | (1696293) | 3715114 |  | 69906 | (84553930) |  | (80768910) |
| 12/31/2024 | 302590 |  | 37219 | (4990342) |  | (4650533) | 13145828 |  | 1522627 | (212575682) |  | (197907227) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1115 |  |  | (3242) |  | (2127) | 53340 |  |  | (157960) |  | (104620) |
| 12/31/2024 | 3086 |  | 34 | (4927) |  | (1807) | 135315 |  | 1365 | (215117) |  | (78437) |
| **Russell™ Mid Cap Index** | **Russell™ Mid Cap Index** | **Russell™ Mid Cap Index** | **Russell™ Mid Cap Index** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 267157 |  | 2483103 | (1342792) |  | 1407468 | 2664628 |  | 22447254 | (13692123) |  | 11419759 |
| 12/31/2024 | 484795 |  | 1920857 | (2600749) |  | (195097) | 5039767 |  | 18901232 | (27316735) |  | (3375736) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 5225578 |  | 7645553 | (5049057) |  | 7822074 | 55335513 |  | 75232243 | (55181547) |  | 75386209 |
| 12/31/2024 | 7018730 |  | 5570034 | (12782743) |  | (193979) | 74601824 |  | 58986658 | (144920082) |  | (11331600) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 336386 |  | 2194900 | (2019966) |  | 511320 | 3680390 |  | 21049092 | (21614478) |  | 3115004 |
| 12/31/2024 | 1015145 |  | 1821942 | (3976584) |  | (1139497) | 11285132 |  | 18875320 | (43715423) |  | (13554971) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 73708 |  | 92691 | (143792) |  | 22607 | 776613 |  | 859241 | (1542841) |  | 93013 |
| 12/31/2024 | 130163 |  | 84014 | (228893) |  | (14716) | 1411971 |  | 845179 | (2439372) |  | (182222) |
| **Russell™ Small Cap Index** | **Russell™ Small Cap Index** | **Russell™ Small Cap Index** | **Russell™ Small Cap Index** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 334337 |  | 1230462 | (606112) |  | 958687 | 4149113 |  | 13030588 | (7535466) |  | 9644235 |
| 12/31/2024 | 418335 |  | 658429 | (1237011) |  | (160247) | 5479150 |  | 8151346 | (16482831) |  | (2852335) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 648561 |  | 2120549 | (1388487) |  | 1380623 | 8435768 |  | 23750151 | (17988958) |  | 14196961 |
| 12/31/2024 | 1019392 |  | 1205251 | (4359813) |  | (2135170) | 13849354 |  | 15668264 | (60938691) |  | (31421073) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 253946 |  | 2540042 | (2002370) |  | 791618 | 3150982 |  | 28092870 | (25618854) |  | 5624998 |

---

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

**NOTE 11 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Russell™ Small Cap Index (continued)** | **Russell™ Small Cap Index (continued)** | **Russell™ Small Cap Index (continued)** | **Russell™ Small Cap Index (continued)** |  |  |  |  |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 725854 |  | 1513424 | (4033366) |  | (1794088) | 9994131 |  | 19447503 | (55200111) |  | (25758477) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 39887 |  | 44524 | (105083) |  | (20672) | 475274 |  | 478629 | (1333223) |  | (379320) |
| 12/31/2024 | 72993 |  | 29638 | (117580) |  | (14949) | 981475 |  | 371359 | (1570863) |  | (218029) |
| **U.S. Bond Index** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 135854 |  | 36381 | (215279) |  | (43044) | 1221789 |  | 328375 | (1932586) |  | (382422) |
| 12/31/2024 | 188411 |  | 76270 | (321927) |  | (57246) | 1703293 |  | 688874 | (2903193) |  | (511026) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 17541074 |  | 2813694 | (43526330) |  | (23171562) | 158300305 |  | 25499828 | (392785403) |  | (208985270) |
| 12/31/2024 | 63314450 |  | 6227720 | (73190039) |  | (3647869) | 574800470 |  | 56451837 | (664475437) |  | (33223130) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1173097 |  | 379024 | (1602333) |  | (50212) | 10535406 |  | 3425698 | (14381325) |  | (420221) |
| 12/31/2024 | 8681659 |  | 652720 | (2925039) |  | 6409340 | 78496570 |  | 5909607 | (26561060) |  | 57845117 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 19876 |  | 1868 | (21920) |  | (176) | 178628 |  | 16885 | (198540) |  | (3027) |
| 12/31/2024 | 30557 |  | 3718 | (29983) |  | 4292 | 278306 |  | 33630 | (269913) |  | 42023 |

---

**NOTE 12 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-

backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.

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

**International Index**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Capital Inc. | $23869 | $(23869) | $— |
| BMO Capital Markets Corp | 605528 | (605528) |  |
| BNP Paribas Financial Markets | 2288074 | (2288074) |  |
| Citigroup Global Markets Limited | 3723751 | (3723751) |  |
| Goldman, Sachs & Co. LLC | 148459 | (148459) |  |
| HSBC Bank PLC | 20468509 | (20468509) |  |

---

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

**NOTE 12 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Jefferies LLC | $279009 | $(279009) | $— |
| JP Morgan Securities Plc. | 6321103 | (6321103) |  |
| Merrill Lynch International | 1665333 | (1665333) |  |
| Morgan Stanley & Co. International PLC | 4731990 | (4731990) |  |
| Morgan Stanley & Co. LLC | 1807221 | (1807221) |  |
| Nomura Securities International, Inc. | 152530 | (152530) |  |
| Societe Generale | 2578 | (2578) |  |
| State Street Bank and Trust Company | 20190034 | (20190034) |  |
| TD Prime Services LLC | 191941 | (191941) |  |
| TD Securities (USA) Inc. | 2605786 | (2605786) |  |
| UBS AG | 1046435 | (1046435) |  |
| Wells Fargo Securities LLC | 14425 | (14425) |  |
| Total | $66266575 | $(66266575) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $72,083,436 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.

**Russell™ Mid Cap Growth Index**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BMO Capital Markets Corp | $824351 | $(824351) | $— |
| BNP Paribas Securities Corp. | 1928549 | (1928549) |  |
| Citigroup Global Markets Inc. | 27316 | (27316) |  |
| Goldman, Sachs & Co. LLC | 720466 | (720466) |  |
| HSBC Bank PLC | 19158 | (19158) |  |
| National Financial Services LLC | 548268 | (548268) |  |
| RBC Capital Markets, LLC | 579256 | (579256) |  |
| UBS AG | 115109 | (115109) |  |
| Wells Fargo Securities LLC | 307440 | (307440) |  |
| Total | $5069913 | $(5069913) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $5,228,098 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.

**Russell™ Mid Cap Index**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Bank PLC | $1015778 | $(1015778) | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Capital Inc. | $520853 | (520853) | $— |
| BMO Capital Markets Corp | 455810 | (455810) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 325945 | (325945) |  |
| BNP Paribas Securities Corp. | 1096925 | (1096925) |  |
| BofA Securities Inc | 2248 | (2248) |  |
| Citigroup Global Markets Inc. | 1463560 | (1463560) |  |
| Goldman, Sachs & Co. LLC | 946199 | (946199) |  |
| J.P. Morgan Securities LLC | 62440 | (62440) |  |
| Janney Montgomery Scott LLC | 528575 | (528575) |  |
| Jefferies LLC | 43272 | (43272) |  |
| Morgan Stanley & Co. LLC | 146924 | (146924) |  |
| National Financial Services LLC | 1843513 | (1843513) |  |
| Scotia Capital (USA) INC | 32404 | (32404) |  |
| SG Americas Securities, LLC | 26732 | (26732) |  |
| UBS AG | 800847 | (800847) |  |
| Wells Fargo Securities LLC | 276759 | (276759) |  |
| Total | $9588784 | $(9588784) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $10,087,623 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.

**Russell™ Small Cap Index**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Capital Inc. | $1503066 | $(1503066) | $— |
| BMO Capital Markets Corp | 231252 | (231252) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 5045014 | (5045014) |  |
| BNP Paribas Securities Corp. | 1882112 | (1882112) |  |
| BofA Securities Inc | 9217963 | (9217963) |  |
| Cantor Fitzgerald & Co | 23455 | (23455) |  |
| Citadel Clearing LLC | 3587808 | (3587808) |  |
| Citadel Securities LLC | 349482 | (349482) |  |
| Citigroup Global Markets Inc. | 9436950 | (9436950) |  |
| Deutsche Bank Securities Inc. | 526207 | (526207) |  |
| Goldman, Sachs & Co. LLC | 511908 | (511908) |  |
| HSBC Bank PLC | 955418 | (955418) |  |
| J.P. Morgan Securities LLC | 1718027 | (1718027) |  |
| Janney Montgomery Scott LLC | 44795 | (44795) |  |

---

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

**NOTE 12 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Jefferies LLC | $1274086 | $(1274086) | $— |
| Mizuho Securities USA LLC. | 1147538 | (1147538) |  |
| Morgan Stanley & Co. LLC | 8036324 | (8036324) |  |
| National Bank of Canada Financial Inc | 1117544 | (1117544) |  |
| National Financial Services LLC | 15786552 | (15786552) |  |
| Natixis Securities America LLC | 3254768 | (3254768) |  |
| Raymond James & Associates, Inc. | 314166 | (314166) |  |
| RBC Capital Markets, LLC | 143661 | (143661) |  |
| Scotia Capital (USA) INC | 972176 | (972176) |  |
| SG Americas Securities, LLC | 696077 | (696077) |  |
| State Street Bank and Trust Company | 11590900 | (11590900) |  |
| TD Prime Services LLC | 680879 | (680879) |  |
| TD Securities (USA) Inc. | 299721 | (299721) |  |
| UBS AG | 3473748 | (3473748) |  |
| Wells Fargo Bank NA | 4032508 | (4032508) |  |
| Wells Fargo Securities LLC | 7059222 | (7059222) |  |
| Total | $94913327 | $(94913327) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $97,658,338 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.

**U.S. Bond Index**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Bank PLC | $5969212 | $(5969212) | $— |
| Barclays Capital Inc. | 16777006 | (16777006) |  |
| BMO Capital Markets Corp | 286285 | (286285) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BNP Paribas | $4773203 | $(4773203) | $— |
| BNP Paribas Prime Brokerage Intl Ltd | 254284 | (254284) |  |
| BofA Securities Inc | 1703808 | (1703808) |  |
| Cantor Fitzgerald & Co | 31856 | (31856) |  |
| Citigroup Global Markets Inc. | 3019480 | (3019480) |  |
| Daiwa Capital Markets America Inc. | 47662 | (47662) |  |
| Deutsche Bank Securities Inc. | 382982 | (382982) |  |
| Goldman, Sachs & Co. LLC | 812469 | (812469) |  |
| Morgan Stanley & Co. LLC | 1729524 | (1729524) |  |
| MUFG Securities Americas Inc. | 1271370 | (1271370) |  |
| National Bank Financial Inc | 1455082 | (1455082) |  |
| NatWest Markets Securities Inc. | 694569 | (694569) |  |
| Nomura Securities International, Inc. | 187824 | (187824) |  |
| RBC Dominion Securities Inc | 89736 | (89736) |  |
| Scotia Capital (USA) INC | 365751 | (365751) |  |
| State Street Bank and Trust Company | 1525008 | (1525008) |  |
| TD Prime Services LLC | 52400 | (52400) |  |
| TD Securities (USA) Inc. | 7357749 | (7357749) |  |
| TD Securities Inc | 30522 | (30522) |  |
| Truist Securities INC | 599432 | (599432) |  |
| US Bancorp Investments | 1356183 | (1356183) |  |
| Wells Fargo Securities LLC | 5337900 | (5337900) |  |
| Total | $56111297 | $(56111297) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $57,596,383 has been pledged by the counterparty and received
in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not
shown for financial reporting purposes.

**NOTE 13 — 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 foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydown gains and wash sale deferrals.

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

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

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

**NOTE 13 — FEDERAL INCOME TAXES (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| International Index | $31960733 | $— | $53201251 | $— |
| Russell™ Large Cap Growth Index | 33176414 | 35737600 | 5069874 | 64702395 |
| Russell™ Large Cap Index | 20873880 |  | 21839188 |  |
| Russell™ Large Cap Value Index | 45554961 |  | 23489204 |  |
| Russell™ Mid Cap Growth Index | 1605543 |  | 1997955 |  |
| Russell™ Mid Cap Index | 11838288 | 85770101 | 15923688 | 93191507 |
| Russell™ Small Cap Index | 6117582 | 37520890 | 10163345 | 24172814 |
| U.S. Bond Index | 63083948 |  | 66147135 |  |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2024 were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **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)** |
| International Index | $28389511 | $— | $452837927 | $(22138580) | Short-term | $283908223 |
|  |  |  |  | (175180635) | Long-term |  |
|  |  |  |  | $(197319215) |  |  |
| Russell™ Large Cap Growth Index | 7041122 | 146209433 | 1159651608 |  |  | 1312902163 |
| Russell™ Large Cap Index | 14055972 | 22473395 | 720199163 |  |  | 756728530 |
| Russell™ Large Cap Value Index | 21219000 | 43954657 | 97387312 |  |  | 162560969 |
| Russell™ Mid Cap Growth Index | 340437 |  | 313066136 | (47137450) | Short-term | 266269123 |
| Russell™ Mid Cap Index | 17059828 | 102607057 | 500132125 |  |  | 619799010 |
| Russell™ Small Cap Index | 9410809 | 56165512 | 244236812 |  |  | 309813133 |
| U.S. Bond Index | 2889205 |  | (66043443) | (22939192) | Short-term | (377832459) |
|  |  |  |  | (291739029) | Long-term |  |
|  |  |  |  | $(314678221) |  |  |

---

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

As of June 30, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 14 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs

and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts

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

**NOTE 14 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 15 — SEGMENT REPORTING**

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.

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.

**NOTE 16 — SUBSEQUENT EVENTS**

*Dividends*: Subsequent to June 30, 2025, the following Portfolio declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| **U.S. Bond Index** |  |  |  |
| Class ADV | $0.0278 | August 1, 2025 | Daily |
| Class I | $0.0318 | August 1, 2025 | Daily |
| Class S | $0.0298 | August 1, 2025 | Daily |
| Class S2 | $0.0286 | August 1, 2025 | Daily |

---

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.3%** | **COMMON STOCK: 98.3%** |  |  |
|  | **Australia: 6.8%** |  |  |
| 188401 | ANZ Group Holdings Ltd. | $3612927 | 0.3 |
| 82712 <sup>(1)</sup> | APA Group | 444723 | 0.0 |
| 35693 | Aristocrat Leisure Ltd. | 1529260 | 0.1 |
| 12320 | ASX Ltd. | 565679 | 0.1 |
| 321846 | BHP Group Ltd. - Class DI | 7710157 | 0.6 |
| 27810 | BlueScope Steel Ltd. | 423784 | 0.0 |
| 87040 | Brambles Ltd. | 1344228 | 0.1 |
| 23948 | CAR Group Ltd. | 589774 | 0.1 |
| 4147 | Cochlear Ltd. | 820177 | 0.1 |
| 85046 | Coles Group Ltd. | 1166161 | 0.1 |
| 106107 | Commonwealth Bank of Australia | 12914104 | 1.1 |
| 33360 | Computershare Ltd. | 875169 | 0.1 |
| 126962 | Evolution Mining Ltd. | 661002 | 0.1 |
| 107373 | Fortescue Metals Group Ltd. | 1079339 | 0.1 |
| 650130 | Glencore PLC | 2533317 | 0.2 |
| 128786 | Goodman Group | 2903433 | 0.2 |
| 149972 | Insurance Australia Group Ltd. | 891587 | 0.1 |
| 141126 | Lottery Corp. Ltd. | 495074 | 0.0 |
| 22958 | Macquarie Group Ltd. | 3453014 | 0.3 |
| 174619 | Medibank Pvt Ltd. | 579892 | 0.1 |
| 194181 | National Australia Bank Ltd. | 5032745 | 0.4 |
| 86113 | Northern Star Resources Ltd. | 1063680 | 0.1 |
| 109232 | Origin Energy Ltd. | 776414 | 0.1 |
| 3643 | Pro Medicus Ltd. | 681732 | 0.1 |
| 47013 | Qantas Airways Ltd. | 332127 | 0.0 |
| 95743 | QBE Insurance Group Ltd. | 1474359 | 0.1 |
| 3351 | REA Group Ltd. | 530661 | 0.0 |
| 15047 | Reece Ltd. | 142181 | 0.0 |
| 23537 | Rio Tinto Ltd. | 1666191 | 0.1 |
| 71558 | Rio Tinto PLC | 4164958 | 0.3 |
| 205927 | Santos Ltd. | 1038257 | 0.1 |
| 330258 | Scentre Group | 775683 | 0.1 |
| 12903 | SGH Ltd. | 459529 | 0.0 |
| 292774 | Sigma Healthcare Ltd. | 576266 | 0.1 |
| 28937 | Sonic Healthcare Ltd. | 510773 | 0.0 |
| 286132 <sup>(1)</sup> | South32 Ltd. - Class DI | 546769 | 0.0 |
| 152162 | Stockland | 537759 | 0.0 |
| 68666 | Suncorp Group Ltd. | 978604 | 0.1 |
| 255263 | Telstra Group Ltd. | 813937 | 0.1 |
| 197089 | Transurban Group | 1813409 | 0.2 |
| 245915 | Vicinity Ltd. | 401448 | 0.0 |
| 15156 <sup>(1)</sup> | Washington H Soul Pattinson & Co. Ltd. | 418996 | 0.0 |
| 71951 | Wesfarmers Ltd. | 4015397 | 0.3 |
| 217050 | Westpac Banking Corp. | 4837292 | 0.4 |
| 12728 | WiseTech Global Ltd. | 912800 | 0.1 |
| 120391 | Woodside Energy Group Ltd. (WDS) | 1859670 | 0.2 |
| 77456 | Woolworths Group Ltd. | 1586594 | 0.1 |
|  |  | **82541032** | **6.8** |
|  | **Austria: 0.2%** |  |  |
| 19522 | Erste Group Bank AG | 1661821 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Austria (continued)** |  |  |
| 27988 | Mondi PLC QX | $457337 | 0 |
| 9338 | OMV AG | 507813 | 0.1 |
| 4318 <sup>(1)</sup> | Verbund AG | 331737 | 0 |
|  |  | **2958708** | **0.2** |
|  | **Belgium: 0.8%** |  |  |
| 9460 | Ageas SA | 639948 | 0.1 |
| 62674 | Anheuser-Busch InBev SA | 4312007 | 0.4 |
| 1362 | D'ieteren Group | 293307 | 0 |
| 3112 <sup>(1)</sup> | Elia Group SA | 359419 | 0 |
| 5265 | Groupe Bruxelles Lambert NV | 449426 | 0.1 |
| 14561 | KBC Group NV | 1502840 | 0.1 |
| 27 | Lotus Bakeries NV | 260171 | 0 |
| 977 <sup>(1)</sup> | Sofina SA | 323143 | 0 |
| 4632 | Syensqo SA | 358816 | 0 |
| 8016 | UCB SA | 1577215 | 0.1 |
|  |  | **10076292** | **0.8** |
|  | **Brazil: 0.0%** |  |  |
| 10498 | Yara International ASA | **387404** | **0.0** |
|  | **Chile: 0.1%** |  |  |
| 25004 | Antofagasta PLC | **621670** | **0.1** |
|  | **China: 0.6%** |  |  |
| 234417 | BOC Hong Kong Holdings Ltd. | 1020474 | 0.1 |
| 82961 | Prosus NV | 4654665 | 0.4 |
| 85000 | SITC International Holdings Co. Ltd. | 272327 | 0 |
| 71000<sup>(1)</sup> | Wharf Holdings Ltd. | 216167 | 0 |
| 121776 <sup>(1)</sup> | Wilmar International Ltd. | 274883 | 0 |
| 163800 | Yangzijiang Shipbuilding Holdings Ltd. | 285847 | 0.1 |
|  |  | **6724363** | **0.6** |
|  | **Denmark: 2.3%** |  |  |
| 186 | AP Moller - Maersk A/S - Class A | 343163 | 0 |
| 270 <sup>(1)</sup> | AP Moller - Maersk A/S - Class B | 502119 | 0 |
| 6057 | Carlsberg AS - Class B | 858176 | 0.1 |
| 7997 | Coloplast A/S - Class B | 761338 | 0.1 |
| 43734 | Danske Bank A/S | 1786264 | 0.2 |
| 5678 <sup>(2)</sup> | Demant A/S | 237236 | 0 |
| 12959 | DSV A/S | 3108272 | 0.3 |
| 4066 <sup>(2)</sup> | Genmab A/S | 844380 | 0.1 |
| 204205 | Novo Nordisk A/S - Class B | 14150191 | 1.2 |
| 22342 | Novozymes A/S - Class B | 1604086 | 0.1 |
| 10662 <sup>(1)(2)(3)</sup> | Orsted AS | 459304 | 0 |
| 5199 | Pandora A/S | 916040 | 0.1 |
| 5987 | ROCKWOOL A/S - Class B | 280624 | 0 |
| 21495 | Tryg A/S | 555672 | 0 |
| 64031 | Vestas Wind Systems A/S | 961807 | 0.1 |
|  |  | **27368672** | **2.3** |
|  | **Finland: 1.0%** |  |  |
| 9018 | Elisa Oyj | 501235 | 0 |
| 28446 <sup>(1)</sup> | Fortum Oyj | 533415 | 0.1 |
| 17318 <sup>(1)</sup> | Kesko Oyj - Class B | 427135 | 0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Finland (continued)** |  |  |
| 21551 | Kone Oyj - Class B | $1419800 | 0.1 |
| 39421 <sup>(1)</sup> | Metso Oyj | 510891 | 0.0 |
| 26825 <sup>(1)</sup> | Neste Oyj | 363537 | 0.0 |
| 337670 | Nokia Oyj | 1752049 | 0.2 |
| 199208 | Nordea Bank Abp - SEK | 2959439 | 0.3 |
| 6872 | Orion Oyj - Class B | 517006 | 0.0 |
| 153519 | Sampo Oyj - Class A | 1652254 | 0.1 |
| 36928 <sup>(1)</sup> | Stora Enso Oyj - Class R | 401467 | 0.0 |
| 33842 | UPM-Kymmene Oyj | 924161 | 0.1 |
| 31891 | Wartsila Oyj Abp | 753726 | 0.1 |
|  |  | **12716115** | **1.0** |
|  | **France: 9.3%** |  |  |
| 12426 | Accor SA | 651229 | 0.1 |
| 2196 <sup>(1)</sup> | Aeroports de Paris | 275318 | 0.0 |
| 36674 | Air Liquide SA | 7562242 | 0.6 |
| 37676 | Airbus SE | 7881870 | 0.7 |
| 21947 <sup>(2)</sup> | Alstom SA | 512265 | 0.0 |
| 3907 <sup>(3)</sup> | Amundi SA | 316686 | 0.0 |
| 3617 | Arkema SA | 267093 | 0.0 |
| 112344 | AXA SA | 5516673 | 0.5 |
| 2627 <sup>(1)</sup> | BioMerieux | 363359 | 0.0 |
| 64530 | BNP Paribas SA | 5788468 | 0.5 |
| 44872 | Bollore SE | 282039 | 0.0 |
| 12014 | Bouygues SA | 543331 | 0.1 |
| 20145 <sup>(1)</sup> | Bureau Veritas SA | 687597 | 0.1 |
| 10321 | Capgemini SE | 1767336 | 0.2 |
| 34390 | Carrefour SA | 485115 | 0.0 |
| 28479 <sup>(1)</sup> | Cie de Saint-Gobain | 3345587 | 0.3 |
| 42511 | Cie Generale des Etablissements Michelin SCA | 1581168 | 0.1 |
| 3714 | Covivio SA/France | 235484 | 0.0 |
| 67151 | Credit Agricole SA | 1270386 | 0.1 |
| 40933 | Danone SA | 3349284 | 0.3 |
| 1243 | Dassault Aviation SA | 439491 | 0.0 |
| 42495 | Dassault Systemes SE | 1540092 | 0.1 |
| 15314 | Edenred | 475662 | 0.0 |
| 4350 | Eiffage SA | 611235 | 0.1 |
| 115808 | Engie SA | 2721821 | 0.2 |
| 18856 | EssilorLuxottica SA | 5177732 | 0.4 |
| 2667 | Eurazeo SE | 190672 | 0.0 |
| 19180 | Getlink SE | 370252 | 0.0 |
| 2008 | Hermes International | 5443434 | 0.5 |
| 2391 | Ipsen SA | 284811 | 0.0 |
| 4720 | Kering SA | 1028282 | 0.1 |
| 13641 <sup>(1)</sup> | Klepierre SA | 539357 | 0.1 |
| 7048 <sup>(3)</sup> | La Francaise des Jeux SAEM | 276567 | 0.0 |
| 16628 | Legrand SA | 2228633 | 0.2 |
| 15245 | L'Oreal SA | 6530268 | 0.5 |
| 17441 | LVMH Moet Hennessy Louis Vuitton SE | 9128297 | 0.8 |
| 118064 | Orange SA | 1797906 | 0.2 |
| 12796 | Pernod Ricard SA | 1276422 | 0.1 |
| 14512 <sup>(1)</sup> | Publicis Groupe SA | 1639059 | 0.1 |
| 12188 | Renault SA | 562417 | 0.1 |
| 14182 | Rexel SA | 437412 | 0.0 |
| 22832 | Safran SA | 7446090 | 0.6 |
| 1851 | Sartorius Stedim Biotech | 442876 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **France (continued)** |  |  |
| 45670 | Societe Generale SA | $2612524 | 0.2 |
| 5610 | Sodexo SA | 345277 | 0 |
| 3417 | Teleperformance | 331885 | 0 |
| 5876 | Thales SA | 1735039 | 0.1 |
| 129541 <sup>(1)</sup> | TotalEnergies SE | 7917914 | 0.7 |
| 7708 | Unibail-Rodamco- Westfield | 740954 | 0.1 |
| 39917 | Veolia Environnement SA | 1425116 | 0.1 |
| 31389 | Vinci SA | 4628961 | 0.4 |
|  |  | **113008988** | **9.3** |
|  | **Germany: 9.9%** |  |  |
| 10842 | Adidas AG | 2530855 | 0.2 |
| 24485 | Allianz SE | 9936863 | 0.8 |
| 56591 | BASF SE | 2798972 | 0.2 |
| 62291 | Bayer AG | 1876664 | 0.2 |
| 18381 | Bayerische Motoren Werke AG | 1637005 | 0.1 |
| 6290 | Beiersdorf AG | 790642 | 0.1 |
| 7782 | Brenntag SE | 515559 | 0 |
| 56336 | Commerzbank AG | 1775323 | 0.2 |
| 6975 | Continental AG | 608764 | 0.1 |
| 11384 <sup>(2)</sup> | Covestro AG | 809953 | 0.1 |
| 3957 | CTS Eventim AG & Co. KGaA | 492057 | 0 |
| 30125 | Daimler Truck Holding AG | 1429254 | 0.1 |
| 117354 | Deutsche Bank AG | 3479020 | 0.3 |
| 11939 | Deutsche Boerse AG | 3900358 | 0.3 |
| 37990 | Deutsche Lufthansa AG | 322522 | 0 |
| 60869 | Deutsche Post AG, Reg | 2819452 | 0.2 |
| 221319 | Deutsche Telekom AG, Reg | 8101096 | 0.7 |
| 142353 | E.ON SE | 2622953 | 0.2 |
| 16251 | Evonik Industries AG | 335724 | 0 |
| 13953 | Fresenius Medical Care AG & Co. KGaA | 801674 | 0.1 |
| 26784 | Fresenius SE & Co. KGaA | 1347849 | 0.1 |
| 9288 | GEA Group AG | 651092 | 0.1 |
| 3823 | Hannover Rueck SE | 1204682 | 0.1 |
| 8485 | Heidelberg Materials AG | 1998196 | 0.2 |
| 6589 | Henkel AG & Co. KGaA | 477871 | 0 |
| 82803 | Infineon Technologies AG | 3533384 | 0.3 |
| 4599 | Knorr-Bremse AG | 446090 | 0 |
| 4722 | LEG Immobilien SE | 420314 | 0 |
| 45790 | Mercedes-Benz Group AG | 2667740 | 0.2 |
| 8195 | Merck KGaA | 1062553 | 0.1 |
| 3413 | MTU Aero Engines AG | 1516242 | 0.1 |
| 8481 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 5507022 | 0.5 |
| 3662 | Nemetschek SE | 530965 | 0.1 |
| 324 | Rational AG | 272257 | 0 |
| 2834 | Rheinmetall AG | 6001575 | 0.5 |
| 40089 | RWE AG | 1675252 | 0.1 |
| 66210 | SAP SE | 20245717 | 1.7 |
| 4755 <sup>(3)</sup> | Scout24 SE | 656424 | 0.1 |
| 48188 | Siemens AG, Reg | 12377519 | 1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Germany (continued)** |  |  |
| 43079 <sup>(2)</sup> | Siemens Energy AG | $5035128 | 0.4 |
| 21456 <sup>(3)</sup> | Siemens Healthineers AG | 1191120 | 0.1 |
| 8419 | Symrise AG | 882856 | 0.1 |
| 4093 | Talanx AG | 530625 | 0.1 |
| 46956 | Vonovia SE | 1664754 | 0.1 |
| 14235 <sup>(2)(3)</sup> | Zalando SE | 469718 | 0.0 |
|  |  | **119951655** | **9.9** |
|  | **Hong Kong: 1.9%** |  |  |
| 678099 | AIA Group Ltd. | 6142522 | 0.5 |
| 122199 | CK Asset Holdings Ltd. | 539976 | 0.1 |
| 39902 <sup>(1)</sup> | CK Infrastructure Holdings Ltd. | 264241 | 0.0 |
| 104365 | CLP Holdings Ltd. | 881442 | 0.1 |
| 3906 | Futu Holdings Ltd., ADR | 482743 | 0.0 |
| 47736 | Hang Seng Bank Ltd. | 716335 | 0.1 |
| 92059 | Henderson Land Development Co. Ltd. | 323311 | 0.0 |
| 239867 | HKT Trust & HKT Ltd. - Stapled Security | 358618 | 0.0 |
| 710181 | Hong Kong & China Gas Co. Ltd. | 597113 | 0.1 |
| 76388 | Hong Kong Exchanges & Clearing Ltd. | 4108649 | 0.3 |
| 69933 | Hongkong Land Holdings Ltd. | 403513 | 0.0 |
| 10204 | Jardine Matheson Holdings Ltd. | 490437 | 0.0 |
| 164832 | Link REIT | 882921 | 0.1 |
| 98644 | MTR Corp. Ltd. | 354714 | 0.0 |
| 87845 | Power Assets Holdings Ltd. | 564805 | 0.1 |
| 165441 | Prudential PLC | 2070695 | 0.2 |
| 238626 | Sino Land Co. Ltd. | 254169 | 0.0 |
| 91971 | Sun Hung Kai Properties Ltd. | 1059786 | 0.1 |
| 23620<sup>(1)</sup> | Swire Pacific Ltd. - Class A | 202473 | 0.0 |
| 93000 | Techtronic Industries Co. Ltd. | 1026160 | 0.1 |
| 529000 <sup>(3)</sup> | WH Group Ltd. | 509846 | 0.1 |
| 106361 | Wharf Real Estate Investment Co. Ltd. | 301915 | 0.0 |
|  |  | **22536384** | **1.9** |
|  | **Ireland: 0.4%** |  |  |
| 11672 | AerCap Holdings NV | 1365624 | 0.1 |
| 132872 | AIB Group PLC | 1096576 | 0.1 |
| 62462 | Bank of Ireland Group PLC | 890094 | 0.1 |
| 10465 | Kerry Group PLC - Class A | 1156243 | 0.1 |
| 9810 | Kingspan Group PLC | 835907 | 0.0 |
|  |  | **5344444** | **0.4** |
|  | **Israel: 0.8%** |  |  |
| 2817 | Azrieli Group Ltd. | 259414 | 0.0 |
| 79563 | Bank Hapoalim BM | 1528252 | 0.1 |
| 95086 | Bank Leumi Le-Israel BM | 1769127 | 0.1 |
|  | Check Point Software Technologies Ltd. | 1216211 | 0.1 |
| 1701 | Elbit Systems Ltd. | 757683 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Israel (continued)** |  |  |
| 49094 | ICL Group Ltd. | $337044 | 0.0 |
| 77956 | Israel Discount Bank Ltd. - Class A | 777590 | 0.1 |
| 9860 | Mizrahi Tefahot Bank Ltd. | 643186 | 0.1 |
| 4010 <sup>(2)</sup> | Nice Ltd. | 679748 | 0.1 |
| 72724 <sup>(2)</sup> | Teva Pharmaceutical Industries Ltd., ADR | 1218854 | 0.1 |
| 3353 <sup>(2)</sup> | Wix.com Ltd. | 531316 | 0.0 |
|  |  | **9718425** | **0.8** |
|  | **Italy: 3.1%** |  |  |
| 54730 | Assicurazioni Generali SpA | 1946835 | 0.2 |
| 14837 | Banca Mediolanum SpA | 255690 | 0.0 |
| 72053 | Banco BPM SpA | 841043 | 0.1 |
| 63097 | BPER Banca | 572688 | 0.0 |
| 13822 | Coca-Cola HBC AG - Class DI | 722096 | 0.1 |
| 39035 <sup>(1)</sup> | Davide Campari-Milano NV | 262798 | 0.0 |
| 1489 | DiaSorin SpA | 159368 | 0.0 |
| 515699 | Enel SpA | 4894362 | 0.4 |
| 139666 <sup>(1)</sup> | Eni SpA | 2256188 | 0.2 |
| 7992 | Ferrari NV | 3915379 | 0.3 |
| 38777 <sup>(1)</sup> | FinecoBank Banca Fineco SpA | 860214 | 0.1 |
| 18550 <sup>(1)(3)</sup> | Infrastrutture Wireless Italiane SpA | 226829 | 0.0 |
| 959524 | Intesa Sanpaolo SpA | 5527268 | 0.5 |
| 25661 | Leonardo SpA | 1447974 | 0.1 |
| 31701<sup>(1)</sup> | Mediobanca Banca di | 737715 |  |
|  | Credito Finanziario SpA |  | 0.1 |
| 14811 | Moncler SpA | 844844 | 0.1 |
| 32748 <sup>(1)(3)</sup> | Nexi SpA | 195582 | 0.0 |
| 28985 <sup>(1)(3)</sup> | Poste Italiane SpA | 622769 | 0.0 |
| 17817 | Prysmian SpA | 1261433 | 0.1 |
| 7293 | Recordati Industria Chimica e Farmaceutica SpA | 458403 | 0.0 |
| 53908 | Ryanair Holdings PLC | 1529142 | 0.1 |
| 127858 | Snam SpA | 774015 | 0.1 |
| 680382 <sup>(1)(2)</sup> | Telecom Italia SpA/Milano | 336188 | 0.0 |
| 86420 <sup>(1)</sup> | Terna - Rete Elettrica Nazionale | 888484 | 0.1 |
| 88889 | UniCredit SpA | 5962992 | 0.5 |
| 22746 | Unipol Gruppo SpA | 450481 | 0.0 |
|  |  | **37950780** | **3.1** |
|  | **Japan: 21.4%** |  |  |
| 48600 | Advantest Corp. | 3602769 | 0.3 |
| 47080 | Aeon Co. Ltd. | 1443134 | 0.1 |
| 12421 <sup>(1)</sup> | AGC, Inc. | 364379 | 0.0 |
| 33333 | Aisin Corp. | 426409 | 0.0 |
| 57356 | Ajinomoto Co., Inc. | 1555677 | 0.1 |
| 10589 | ANA Holdings, Inc. | 207333 | 0.0 |
| 91574 <sup>(1)</sup> | Asahi Group Holdings Ltd. | 1224082 | 0.1 |
| 77953 | Asahi Kasei Corp. | 554929 | 0.1 |
| 41900 | Asics Corp. | 1068466 | 0.1 |
| 114720 | Astellas Pharma, Inc. | 1123218 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 37679 | Bandai Namco Holdings, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;1350386 | 0.1 |
| 36243 <sup>(1)</sup> | Bridgestone Corp. | 1482056 | 0.1 |
| 59193 <sup>(1)</sup> | Canon, Inc. | 1716818 | 0.1 |
| 22000 | Capcom Co. Ltd. | 751333 | 0.1 |
| 48940 | Central Japan Railway Co. | 1094033 | 0.1 |
| 35766 <sup>(1)</sup> | Chiba Bank Ltd. | 330540 | 0.0 |
| 40842 | Chubu Electric Power Co., Inc. | 505397 | 0.0 |
| 42618 | Chugai Pharmaceutical Co. Ltd. | 2225419 | 0.2 |
| 65309 | Concordia Financial Group Ltd. | 423841 | 0.0 |
| 24948 | Dai Nippon Printing Co. Ltd. | 378707 | 0.0 |
| 20500 <sup>(1)</sup> | Daifuku Co. Ltd. | 527382 | 0.1 |
| 222932 | Dai-ichi Life Holdings, Inc. | 1694864 | 0.1 |
| 108879 | Daiichi Sankyo Co. Ltd. | 2522520 | 0.2 |
| 16698 | Daikin Industries Ltd. | 1960074 | 0.2 |
| 3681 | Daito Trust Construction Co. Ltd. | 400929 | 0.0 |
| 35554 | Daiwa House Industry Co. Ltd. | 1221735 | 0.1 |
| 84621 | Daiwa Securities Group, Inc. | 600981 | 0.1 |
| 119968 | Denso Corp. | 1619003 | 0.1 |
| 12603 <sup>(1)</sup> | Dentsu Group, Inc. | 279257 | 0.0 |
| 5800 | Disco Corp. | 1718212 | 0.2 |
| 57499 | East Japan Railway Co. | 1236857 | 0.1 |
| 16679 | Eisai Co. Ltd. | 479028 | 0.0 |
| 173064 | ENEOS Holdings, Inc. | 857849 | 0.1 |
| 59965 | FANUC Corp. | 1627887 | 0.1 |
| 12126 | Fast Retailing Co. Ltd. | 4157570 | 0.4 |
| 8523 | Fuji Electric Co. Ltd. | 392500 | 0.0 |
| 70980 <sup>(1)</sup> | FUJIFILM Holdings Corp. | 1537114 | 0.1 |
| 15900 | Fujikura Ltd. | 836427 | 0.1 |
| 111630 | Fujitsu Ltd. | 2708075 | 0.2 |
| 14457 | Hankyu Hanshin Holdings, Inc. | 392994 | 0.0 |
| 1100 | Hikari Tsushin, Inc. | 324793 | 0.0 |
| 290455 | Hitachi Ltd. | 8441887 | 0.7 |
| 267826 | Honda Motor Co. Ltd. | 2582607 | 0.2 |
| 7200 | Hoshizaki Corp. | 248098 | 0.0 |
| 21937 | Hoya Corp. | 2605284 | 0.2 |
| 29164 <sup>(1)</sup> | Hulic Co. Ltd. | 294171 | 0.0 |
| 51675 | Idemitsu Kosan Co. Ltd. | 313377 | 0.0 |
| 9300 | IHI Corp. | 1005923 | 0.1 |
| 55916 <sup>(1)</sup> | Inpex Corp. | 784902 | 0.1 |
| 33968 | Isuzu Motors Ltd. | 430305 | 0.0 |
| 75416 | ITOCHU Corp. | 3949160 | 0.3 |
| 9578 <sup>(1)</sup> | Japan Airlines Co. Ltd. | 195352 | 0.0 |
| 62928 | Japan Exchange Group, Inc. | 637462 | 0.1 |
| 114300 | Japan Post Bank Co. Ltd. | 1232214 | 0.1 |
| 113100 | Japan Post Holdings Co. Ltd. | 1047557 | 0.1 |
| 12100 | Japan Post Insurance Co. Ltd. | 273947 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 76102 <sup>(1)</sup> | Japan Tobacco, Inc. | $2241921 | 0.2 |
| 36502 | JFE Holdings, Inc. | 424615 | 0.0 |
| 26854 | Kajima Corp. | 700398 | 0.1 |
| 60062 | Kansai Electric Power Co., Inc. | 712325 | 0.1 |
| 29575 | Kao Corp. | 1325126 | 0.1 |
| 22300 <sup>(1)</sup> | Kawasaki Kisen Kaisha Ltd. | 315814 | 0.0 |
| 194602 | KDDI Corp. | 3341430 | 0.3 |
| 12288 | Keyence Corp. | 4913090 | 0.4 |
| 43070 | Kikkoman Corp. | 399510 | 0.0 |
| 49256 <sup>(1)</sup> | Kirin Holdings Co. Ltd. | 690255 | 0.1 |
| 9500 | Kobe Bussan Co. Ltd. | 295028 | 0.0 |
| 57283 | Komatsu Ltd. | 1889969 | 0.2 |
| 6366 | Konami Group Corp. | 1006476 | 0.1 |
| 62022 <sup>(1)</sup> | Kubota Corp. | 699416 | 0.1 |
| 81376 | Kyocera Corp. | 977355 | 0.1 |
| 15014 | Kyowa Kirin Co. Ltd. | 256999 | 0.0 |
| 5100 <sup>(1)</sup> | Lasertec Corp. | 683709 | 0.1 |
| 28000 | M3, Inc. | 384628 | 0.0 |
| 15108 | Makita Corp. | 465296 | 0.0 |
| 89556 | Marubeni Corp. | 1805292 | 0.2 |
| 21100 | MatsukiyoCocokara & Co. | 434038 | 0.0 |
| 15176 | MEIJI Holdings Co. Ltd. | 335599 | 0.0 |
| 23000 | MINEBEA MITSUMI, Inc. | 336346 | 0.0 |
| 85948 | Mitsubishi Chemical |  |  |
|  | Group Corp. | 451745 | 0.0 |
| 216779 | Mitsubishi Corp. | 4331653 | 0.4 |
| 120561 | Mitsubishi Electric Corp. | 2593144 | 0.2 |
| 67427 | Mitsubishi Estate Co. Ltd. | 1264062 | 0.1 |
| 55776 | Mitsubishi HC Capital, Inc. | 410663 | 0.0 |
| 203190 | Mitsubishi Heavy Industries Ltd. | 5084705 | 0.4 |
| 726906 | Mitsubishi UFJ Financial Group, Inc. | 9910340 | 0.8 |
| 156602 | Mitsui & Co. Ltd. | 3191545 | 0.3 |
| 167557 | Mitsui Fudosan Co. Ltd. | 1622133 | 0.1 |
| 21900 <sup>(1)</sup> | Mitsui OSK Lines Ltd. | 731454 | 0.1 |
| 151406 | Mizuho Financial Group, Inc. | 4203020 | 0.4 |
| 15900 | MonotaRO Co. Ltd. | 313005 | 0.0 |
| 81562 | MS&AD Insurance Group Holdings, Inc. | 1823368 | 0.2 |
| 105832 | Murata Manufacturing Co. Ltd. | 1564270 | 0.1 |
| 77900 | NEC Corp. | 2272737 | 0.2 |
| 20900 <sup>(1)</sup> | Nexon Co. Ltd. | 420959 | 0.0 |
| 52968 | NIDEC Corp. | 1029332 | 0.1 |
| 70040 | Nintendo Co. Ltd. | 6725930 | 0.6 |
| 485 <sup>(1)</sup> | Nippon Building Fund, Inc. | 447839 | 0.0 |
| 60085 | Nippon Paint Holdings Co. Ltd. | 483220 | 0.0 |
| 11025 <sup>(1)</sup> | Nippon Sanso Holdings Corp. | 417203 | 0.0 |
| 61280 | Nippon Steel Corp. | 1158923 | 0.1 |
| 1894700 | Nippon Telegraph & Telephone Corp. | 2025644 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 27809 <sup>(1)</sup> | Nippon Yusen KK | $1000428 | 0.1 |
| 141292 <sup>(1)(2)</sup> | Nissan Motor Co. Ltd. | 341867 | 0.0 |
| 12451 | Nissin Foods Holdings Co. Ltd. | 258671 | 0.0 |
| 5106 | Nitori Holdings Co. Ltd. | 491454 | 0.0 |
| 44810 | Nitto Denko Corp. | 865347 | 0.1 |
| 190526 | Nomura Holdings, Inc. | 1255510 | 0.1 |
| 23968 | Nomura Research Institute Ltd. | 958658 | 0.1 |
| 41215 | Obayashi Corp. | 624482 | 0.1 |
| 20500 | Obic Co. Ltd. | 797144 | 0.1 |
| 72128 | Olympus Corp. | 856760 | 0.1 |
| 11123 | Omron Corp. | 299837 | 0.0 |
| 23690 | Ono Pharmaceutical Co. Ltd. | 256747 | 0.0 |
| 2400 | Oracle Corp. Japan | 286057 | 0.0 |
| 68500 <sup>(1)</sup> | Oriental Land Co. Ltd./ Japan | 1577677 | 0.1 |
| 73763 | ORIX Corp. | 1664586 | 0.1 |
| 23065 | Osaka Gas Co. Ltd. | 591616 | 0.1 |
| 14444 <sup>(1)</sup> | Otsuka Corp. | 294245 | 0.0 |
| 28046 | Otsuka Holdings Co. Ltd. | 1390501 | 0.1 |
| 24168 | Pan Pacific International Holdings Corp. | 831260 | 0.1 |
| 147831 | Panasonic Holdings Corp. | 1581692 | 0.1 |
| 95670 <sup>(1)(2)</sup> | Rakuten Group, Inc. | 527159 | 0.1 |
| 89200 | Recruit Holdings Co. Ltd. | 5245552 | 0.4 |
| 106700 | Renesas Electronics Corp. | 1320032 | 0.1 |
| 131613 | Resona Holdings, Inc. | 1215554 | 0.1 |
| 35132 | Ricoh Co. Ltd. | 331555 | 0.0 |
| 11300 | Sanrio Co. Ltd. | 546419 | 0.1 |
| 17270 <sup>(1)</sup> | SBI Holdings, Inc. | 601776 | 0.1 |
| 5200 | SCREEN Holdings Co. Ltd. | 422819 | 0.0 |
| 9900 | SCSK Corp. | 298264 | 0.0 |
| 26612 | Secom Co. Ltd. | 956034 | 0.1 |
| 23919 | Sekisui Chemical Co. Ltd. | 433189 | 0.0 |
| 37785 | Sekisui House Ltd. | 831623 | 0.1 |
| 140413 | Seven & i Holdings Co. Ltd. | 2259993 | 0.2 |
| 21300 | SG Holdings Co. Ltd. | 237239 | 0.0 |
| 14972 | Shimadzu Corp. | 370153 | 0.0 |
| 4755 | Shimano, Inc. | 689382 | 0.1 |
| 114245 | Shin-Etsu Chemical Co. Ltd. | 3772596 | 0.3 |
| 47996 | Shionogi & Co. Ltd. | 864037 | 0.1 |
| 25362 <sup>(1)</sup> | Shiseido Co. Ltd. | 452982 | 0.0 |
| 3636 | SMC Corp. | 1303006 | 0.1 |
| 1815100 | SoftBank Corp. | 2811502 | 0.2 |
| 60492 | SoftBank Group Corp. | 4398133 | 0.4 |
| 56539 | Sompo Holdings, Inc. | 1703792 | 0.1 |
| 389950 | Sony Group Corp. | 10138827 | 0.8 |
| 37135 | Subaru Corp. | 643787 | 0.1 |
| 69155 | Sumitomo Corp. | 1784664 | 0.2 |
| 45333 | Sumitomo Electric Industries Ltd. | 972094 | 0.1 |
| 15680 | Sumitomo Metal Mining Co. Ltd. | 386433 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 233953 | Sumitomo Mitsui Financial Group, Inc. | $5891161 | 0.5 |
| 40670 | Sumitomo Mitsui Trust Holdings, Inc. | 1081718 | 0.1 |
| 19596 | Sumitomo Realty & Development Co. Ltd. | 756785 | 0.1 |
| 8834 | Suntory Beverage & Food Ltd. | 282506 | 0.0 |
| 99676 | Suzuki Motor Corp. | 1201717 | 0.1 |
| 31914 <sup>(1)</sup> | Sysmex Corp. | 555534 | 0.1 |
| 31011 | T&D Holdings, Inc. | 680695 | 0.1 |
| 9861 | Taisei Corp. | 574310 | 0.1 |
| 100822 | Takeda Pharmaceutical Co. Ltd. | 3112678 | 0.3 |
| 123280 | TDK Corp. | 1438993 | 0.1 |
| 84456 | Terumo Corp. | 1549926 | 0.1 |
| 13500 <sup>(1)</sup> | TIS, Inc. | 452381 | 0.0 |
| 7100 <sup>(1)</sup> | Toho Co. Ltd./Tokyo | 418871 | 0.0 |
| 116464 | Tokio Marine Holdings, Inc. | 4935867 | 0.4 |
| 28395 | Tokyo Electron Ltd. | 5437911 | 0.5 |
| 20972 | Tokyo Gas Co. Ltd. | 697573 | 0.1 |
| 19300 <sup>(1)</sup> | Tokyo Metro Co. Ltd. | 224588 | 0.0 |
| 31694 | Tokyu Corp. | 377036 | 0.0 |
| 15116 | TOPPAN Holdings, Inc. | 410657 | 0.0 |
| 87903 | Toray Industries, Inc. | 601718 | 0.1 |
| 10305 | Toyota Industries Corp. | 1163050 | 0.1 |
| 600890 | Toyota Motor Corp. | 10349124 | 0.9 |
| 40362 | Toyota Tsusho Corp. | 914250 | 0.1 |
| 8053 | Trend Micro, Inc./Japan | 556993 | 0.1 |
| 70834 | Unicharm Corp. | 511477 | 0.1 |
| 28342 | West Japan Railway Co. | 647929 | 0.1 |
| 16270 <sup>(1)</sup> | Yakult Honsha Co. Ltd. | 306413 | 0.0 |
| 58612 <sup>(1)</sup> | Yamaha Motor Co. Ltd. | 438598 | 0.0 |
| 14473 | Yokogawa Electric Corp. | 386630 | 0.0 |
| 181444 | Z Holdings Corp. | 668187 | 0.1 |
| 6100 | Zensho Holdings Co. Ltd. | 369211 | 0.0 |
| 25700 | ZOZO, Inc. | 277681 | 0.0 |
|  |  | **259094055** | **21.4** |
|  | **Luxembourg: 0.1%** |  |  |
| 29740 | ArcelorMittal SA | 944376 | 0.1 |
| 13480 <sup>(3)</sup> | CVC Capital Partners PLC | 277169 | 0.0 |
| 7508 <sup>(1)</sup> | Eurofins Scientific SE | 535061 | 0.0 |
|  |  | **1756606** | **0.1** |
|  | **Macao: 0.1%** |  |  |
| 139159 | Galaxy Entertainment Group Ltd. | 620315 | 0.1 |
| 154002 | Sands China Ltd. | 321854 | 0.0 |
|  |  | **942169** | **0.1** |
|  | **Netherlands: 4.2%** |  |  |
| 29051 <sup>(3)</sup> | ABN AMRO Bank NV | 793267 | 0.1 |
| 1598 <sup>(2)(3)</sup> | Adyen NV | 2934795 | 0.2 |
| 83837 | Aegon Ltd. | 607545 | 0.0 |
| 10829 <sup>(1)</sup> | Akzo Nobel NV | 759805 | 0.1 |
| 3872 <sup>(1)(2)</sup> | Argenx SE | 2143479 | 0.2 |
| 2971 <sup>(1)</sup> | ASM International, N.V. | 1905836 | 0.2 |
| 24971 <sup>(1)</sup> | ASML Holding NV | 20010240 | 1.6 |
| 9380 | ASR Nederland NV | 623261 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Netherlands (continued)** |  |  |
| 5145 <sup>(1)</sup> | BE Semiconductor Industries NV | $769454 | 0.1 |
| 4957 <sup>(3)</sup> | Euronext NV | 849345 | 0.1 |
| 5605 | EXOR NV | 565813 | 0.0 |
| 8218 | Heineken Holding NV | 613226 | 0.1 |
| 18261 | Heineken NV | 1593146 | 0.1 |
| 3748 <sup>(1)</sup> | IMCD NV | 504090 | 0.0 |
| 199562 | ING Groep NV | 4373951 | 0.4 |
| 10834 <sup>(1)</sup> | JDE Peet's NV | 309470 | 0.0 |
| 57885 | Koninklijke Ahold Delhaize NV | 2417658 | 0.2 |
| 246580 | Koninklijke KPN NV | 1202868 | 0.1 |
| 52763 | Koninklijke Philips, N.V. | 1266967 | 0.1 |
| 17056 | NN Group NV | 1134894 | 0.1 |
| 6881 <sup>(1)</sup> | Randstad NV | 318047 | 0.0 |
| 69760 <sup>(1)</sup> | Universal Music Group NV | 2263060 | 0.2 |
| 15123 | Wolters Kluwer NV | 2529149 | 0.2 |
|  |  | **50489366** | **4.2** |
|  | **New Zealand: 0.3%** |  |  |
| 107036 | Auckland International Airport Ltd. | 505315 | 0.1 |
| 50903 | Contact Energy Ltd. | 279348 | 0.0 |
| 37172 | Fisher & Paykel Healthcare Corp. Ltd. | 816475 | 0.1 |
| 58313 | Infratil Ltd. | 376279 | 0.0 |
| 82918 | Meridian Energy Ltd. | 298203 | 0.0 |
| 9223 <sup>(2)</sup> | Xero Ltd. | 1091351 | 0.1 |
|  |  | **3366971** | **0.3** |
|  | **Norway: 0.6%** |  |  |
| 20037 | Aker BP ASA | 512033 | 0.1 |
| 56781 | DNB Bank ASA | 1570255 | 0.1 |
| 53123 | Equinor ASA | 1341571 | 0.1 |
| 12681 | Gjensidige Forsikring ASA | 321463 | 0.0 |
| 27886 | Kongsberg Gruppen ASA | 1081338 | 0.1 |
| 29509 | Mowi ASA | 569920 | 0.1 |
| 89168 | Norsk Hydro ASA | 510612 | 0.0 |
| 44447 | Orkla ASA | 484094 | 0.0 |
| 4394 | Salmar ASA | 190418 | 0.0 |
| 39042 | Telenor ASA | 607970 | 0.1 |
|  |  | **7189674** | **0.6** |
|  | **Poland: 0.0%** |  |  |
| 14974 <sup>(2)</sup> | InPost SA | **249194** | **0.0** |
|  | **Portugal: 0.1%** |  |  |
| 198968 | EDP - Energias de Portugal SA | 864375 | 0.1 |
| 26456 | Galp Energia SGPS SA | 484301 | 0.0 |
| 17955 | Jeronimo Martins SGPS SA | 454584 | 0.0 |
|  |  | **1803260** | **0.1** |
|  | **Singapore: 1.8%** |  |  |
| 237137 | CapitaLand Ascendas REIT | 500396 | 0.0 |
| 370984 | CapitaLand Integrated Commercial Trust | 633483 | 0.1 |
| 148496 | CapitaLand Investment Ltd./Singapore | 309564 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Singapore (continued)** |  |  |
| 135102 | DBS Group Holdings Ltd. | $4769382 | 0.4 |
| 402412 | Genting Singapore Ltd. | 226332 | 0.0 |
| 150448 <sup>(2)</sup> | Grab Holdings Ltd. - Class A | 756753 | 0.1 |
| 92304 | Keppel Corp. Ltd. | 539016 | 0.1 |
| 214722 | Oversea-Chinese Banking Corp. Ltd. | 2753448 | 0.2 |
| 24255 <sup>(2)</sup> | Sea Ltd., ADR | 3879345 | 0.3 |
| 56700 | Sembcorp Industries Ltd. | 305448 | 0.0 |
| 94400 | Singapore Airlines Ltd. | 517761 | 0.0 |
| 54351 | Singapore Exchange Ltd. | 636408 | 0.1 |
| 99006 | Singapore Technologies Engineering Ltd. | 607074 | 0.1 |
| 471250 | Singapore Telecommunications Ltd. | 1420719 | 0.1 |
| 42931 | STMicroelectronics NV | 1316354 | 0.1 |
| 80056 | United Overseas Bank Ltd. | 2265882 | 0.2 |
|  |  | **21437365** | **1.8** |
|  | **South Africa: 0.2%** |  |  |
| 70960 | Anglo American PLC | **2091746** | **0.2** |
|  | **South Korea: 0.0%** |  |  |
| 12537 <sup>(2)(3)</sup> | Delivery Hero SE | **340283** | **0.0** |
|  | **Spain: 3.1%** |  |  |
| 1565 <sup>(1)</sup> | Acciona SA | 282271 | 0.0 |
| 11196 | ACS Actividades de |  |  |
|  | Construccion y Servicios SA | 778210 | 0.1 |
| 47518 <sup>(3)</sup> | Aena SME SA | 1268439 | 0.1 |
| 28564 <sup>(1)</sup> | Amadeus IT Group SA | 2413181 | 0.2 |
| 365424 | Banco Bilbao Vizcaya Argentaria SA | 5626913 | 0.5 |
| 341610 | Banco de Sabadell SA | 1087536 | 0.1 |
| 960753 | Banco Santander SA | 7955901 | 0.7 |
| 42745 <sup>(1)</sup> | Bankinter SA | 558015 | 0.0 |
| 250212 | CaixaBank SA | 2168046 | 0.2 |
| 31356 <sup>(3)</sup> | Cellnex Telecom SA | 1220951 | 0.1 |
| 20991 <sup>(1)</sup> | EDP Renovaveis SA | 234884 | 0.0 |
| 20139 <sup>(1)</sup> | Endesa SA | 637906 | 0.0 |
| 19851 <sup>(1)(2)</sup> | Grifols SA | 242222 | 0.0 |
| 367531 | Iberdrola SA | 7070593 | 0.6 |
| 69165 | Industria de Diseno Textil SA | 3608124 | 0.3 |
| 25731 <sup>(1)</sup> | Red Electrica Corp. SA | 550587 | 0.0 |
| 73385 <sup>(1)</sup> | Repsol SA | 1073361 | 0.1 |
| 233688 <sup>(1)</sup> | Telefonica SA | 1229923 | 0.1 |
|  |  | **38007063** | **3.1** |
|  | **Sweden: 3.0%** |  |  |
| 16481 | AddTech AB - Class B | 561863 | 0.1 |
| 18345 | Alfa Laval AB | 772666 | 0.1 |
| 63551 | Assa Abloy AB - Class B | 1986836 | 0.2 |
| 170311 | Atlas Copco AB - Class A | 2753249 | 0.2 |
| 98968 | Atlas Copco AB - Class B | 1408571 | 0.1 |
| 24405 <sup>(1)</sup> | Beijer Ref AB | 385136 | 0.0 |
| 18021 <sup>(2)</sup> | Boliden AB | 563147 | 0.1 |
| 41785 <sup>(1)</sup> | Epiroc AB - Class A | 909236 | 0.1 |
| 24726 | Epiroc AB - Class B | 474060 | 0.0 |
| 23608 <sup>(1)</sup> | EQT AB | 791954 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Sweden (continued)** |  |  |
| 38194 | Essity AB - Class B | $1057549 | 0.1 |
| 9402 <sup>(1)(3)</sup> | Evolution AB | 746736 | 0.1 |
| 45526 <sup>(1)(2)</sup> | Fastighets AB Balder | 339363 | 0.0 |
| 35917 <sup>(1)</sup> | H & M Hennes & Mauritz AB - Class B | 505860 | 0.1 |
| 131642 | Hexagon AB - Class B | 1326899 | 0.1 |
| 5073 <sup>(1)</sup> | Holmen AB - Class B | 200952 | 0.0 |
| 7557 | Industrivarden AB - Class A | 274723 | 0.0 |
| 9816 <sup>(1)</sup> | Industrivarden AB - Class C | 355455 | 0.0 |
| 17325 | Indutrade AB | 473061 | 0.0 |
| 9388 | Investment AB Latour - Class B | 247611 | 0.0 |
| 109745 | Investor AB - Class B | 3252116 | 0.3 |
| 4819 | L E Lundbergforetagen AB - Class B | 240553 | 0.0 |
| 14780 | Lifco AB - Class B | 598986 | 0.1 |
| 96091 <sup>(1)</sup> | Nibe Industrier AB - Class B | 410276 | 0.0 |
| 20309 <sup>(1)</sup> | Saab AB - Class B | 1135543 | 0.1 |
| 13935 <sup>(1)</sup> | Sagax AB - Class B | 319310 | 0.0 |
| 67605 | Sandvik AB | 1552371 | 0.1 |
| 31183 <sup>(1)</sup> | Securitas AB - Class B | 466882 | 0.0 |
| 100617 | Skandinaviska Enskilda Banken AB - Class A | 1753808 | 0.2 |
| 21577 | Skanska AB - Class B | 502628 | 0.1 |
| 21630 | SKF AB - Class B | 496848 | 0.0 |
| 38519 <sup>(1)</sup> | Svenska Cellulosa AB SCA - Class B | 500853 | 0.0 |
| 92482 | Svenska Handelsbanken AB - Class A | 1238083 | 0.1 |
| 53832 | Swedbank AB - Class A | 1425812 | 0.1 |
| 12415 <sup>(2)</sup> | Swedish Orphan Biovitrum AB | 377852 | 0.0 |
| 34711 | Tele2 AB - Class B | 506691 | 0.1 |
| 176131 <sup>(1)</sup> | Telefonaktiebolaget LM Ericsson - Class B | 1505096 | 0.1 |
| 149591 | Telia Co. AB | 538053 | 0.1 |
| 12833 | Trelleborg AB - Class B | 478043 | 0.0 |
| 100719 <sup>(1)</sup> | Volvo AB - Class B | 2833993 | 0.2 |
|  |  | **36268724** | **3.0** |
|  | **Switzerland: 4.9%** |  |  |
| 100277 | ABB Ltd., Reg | 6009484 | 0.5 |
| 2614 | Baloise Holding AG, Reg | 616517 | 0.1 |
| 2005 <sup>(1)</sup> | Banque Cantonale Vaudoise | 231242 | 0.0 |
| 226 <sup>(1)</sup> | Barry Callebaut AG | 247034 | 0.0 |
| 1339 | BKW AG | 293575 | 0.0 |
| 7 | Chocoladefabriken Lindt & Spruengli AG | 1167079 | 0.1 |
| 60 <sup>(1)</sup> | Chocoladefabriken Lindt & Spruengli AG - Class PC | 1011216 | 0.1 |
| 34086 | Cie Financiere Richemont SA | 6450192 | 0.5 |
| 11792 | DSM-Firmenich AG | 1254497 | 0.1 |
| 5574 | Dufry AG, Reg | 303622 | 0.0 |
| 445 | EMS-Chemie Holding AG | 336422 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Switzerland (continued)** |  |  |
| 7542 | Galderma Group AG | $1096273 | 0.1 |
| 2120 | Geberit AG, Reg | 1669595 | 0.1 |
| 585 | Givaudan SA, Reg | 2836973 | 0.2 |
| 2353 | Helvetia Holding AG | 552428 | 0.0 |
| 13062 | Julius Baer Group Ltd. | 886059 | 0.1 |
| 3063 | Kuehne + Nagel International AG | 663271 | 0.1 |
| 9644 | Logitech International SA | 874561 | 0.1 |
| 4580 | Lonza Group AG | 3275449 | 0.3 |
| 1439 | Partners Group Holding AG | 1882682 | 0.2 |
| 26504 | Sandoz Group AG | 1452509 | 0.1 |
| 2582 | Schindler Holding AG | 961460 | 0.1 |
| 1489 | Schindler Holding AG (SCHN) | 540934 | 0.0 |
| 10213 | SGS SA | 1036984 | 0.1 |
| 19390 <sup>(1)</sup> | SIG Group AG | 358658 | 0.0 |
| 9667 | Sika AG, Reg | 2630236 | 0.2 |
| 3214 | Sonova Holding AG, Reg | 958497 | 0.1 |
| 7077 | Straumann Holding AG | 926306 | 0.1 |
| 1835 <sup>(1)</sup> | Swatch Group AG - Class BR | 299584 | 0.0 |
| 1821 | Swiss Life Holding AG | 1843515 | 0.2 |
| 5087 <sup>(1)</sup> | Swiss Prime Site AG | 763682 | 0.1 |
| 1642 | Swisscom AG, Reg | 1165965 | 0.1 |
| 3575 | Temenos AG | 256811 | 0.0 |
| 208540 | UBS Group AG | 7080302 | 0.6 |
| 1712 <sup>(3)</sup> | VAT Group AG | 725429 | 0.1 |
| 9280 | Zurich Insurance Group AG | 6493431 | 0.5 |
|  |  | **59152474** | **4.9** |
|  | **United Arab Emirates: —%** |  |  |
| 19351 <sup>(2)(4)</sup> | NMC Health PLC | **—** | **—** |
|  | **United Kingdom: 11.2%** |  |  |
| 61719 | 3i Group PLC | 3492804 | 0.3 |
| 16508 | Admiral Group PLC | 741316 | 0.1 |
| 27390 | Ashtead Group PLC | 1756408 | 0.1 |
| 20665 | Associated British Foods PLC | 583875 | 0.1 |
| 98318 | AstraZeneca PLC | 13682793 | 1.1 |
| 55747 <sup>(3)</sup> | Auto Trader Group PLC | 631433 | 0.1 |
| 169798 | Aviva PLC | 1443573 | 0.1 |
| 191003 | BAE Systems PLC | 4957065 | 0.4 |
| 906794 | Barclays PLC | 4190075 | 0.3 |
| 87071 | Barratt Developments PLC | 545236 | 0.0 |
| 125604 | British American Tobacco PLC | 5971996 | 0.5 |
| 378791 <sup>(1)</sup> | BT Group PLC | 1008612 | 0.1 |
| 20771 | Bunzl PLC | 661897 | 0.1 |
| 318693 | Centrica PLC | 707105 | 0.1 |
| 170199 | CK Hutchison Holdings Ltd. | 1048031 | 0.1 |
| 10955 | Coca-Cola Europacific Partners PLC | 1009457 | 0.1 |
| 3653 | Coca-Cola European Partners PLC - USD | 338706 | 0.0 |
| 107627 | Compass Group PLC | 3645532 | 0.3 |
| 8411 | Croda International PLC | 337684 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United Kingdom (continued)** |  |  |
| 6275 | DCC PLC | $407250 | 0.0 |
| 141095 | Diageo PLC | 3557856 | 0.3 |
| 38523 | Entain PLC | 477130 | 0.0 |
| 24072 | Halma PLC | 1058061 | 0.1 |
| 10552 | Hikma Pharmaceuticals PLC | 287953 | 0.0 |
| 1120574 | HSBC Holdings PLC | 13554637 | 1.1 |
| 49600 | Imperial Brands PLC | 1959698 | 0.2 |
| 83637 | Informa PLC | 925959 | 0.1 |
| 9402 | InterContinental Hotels Group PLC | 1074976 | 0.1 |
| 78805 <sup>(1)</sup> | International Consolidated Airlines Group SA - Class DI | 371269 | 0.0 |
| 10153 | Intertek Group PLC | 661350 | 0.1 |
| 111460 | J Sainsbury PLC | 443594 | 0.0 |
| 172471 | JD Sports Fashion PLC | 210323 | 0.0 |
| 113062 | Kingfisher PLC | 451523 | 0.0 |
| 44872 | Land Securities Group PLC | 389749 | 0.0 |
| 372337 | Legal & General Group PLC | 1302780 | 0.1 |
| 3813675 | Lloyds Banking Group PLC | 4010138 | 0.3 |
| 30220 | London Stock Exchange Group PLC | 4419578 | 0.4 |
| 144832 | M&G PLC | 511939 | 0.0 |
| 130311 | Marks & Spencer Group PLC | 634225 | 0.1 |
| 80860 | Melrose Industries PLC | 588917 | 0.1 |
| 310505 | National Grid PLC | 4557785 | 0.4 |
| 512193 | NatWest Group PLC | 3597097 | 0.3 |
| 7401 | Next PLC | 1264043 | 0.1 |
| 37865 | Pearson PLC | 557788 | 0.0 |
| 44524 | Phoenix Group Holdings PLC | 402813 | 0.0 |
| 43234 | Reckitt Benckiser Group PLC | 2945394 | 0.2 |
| 117130 | RELX PLC - GBP | 6348155 | 0.5 |
| 160070 | Rentokil Initial PLC | 772298 | 0.1 |
| 537542 | Rolls-Royce Holdings PLC | 7123833 | 0.6 |
| 62269 | Sage Group PLC | 1069330 | 0.1 |
| 48094 | Schroders PLC | 239177 | 0.0 |
| 81521 | Segro PLC | 763128 | 0.1 |
| 17132 | Severn Trent PLC | 643685 | 0.1 |
| 52762 | Smith & Nephew PLC | 808008 | 0.1 |
| 21282 | Smiths Group PLC | 656428 | 0.1 |
| 4667 | Spirax-Sarco Engineering PLC | 381630 | 0.0 |
| 70146 | SSE PLC | 1766281 | 0.1 |
| 127998 | Standard Chartered PLC | 2118175 | 0.2 |
| 426621 | Tesco PLC | 2352178 | 0.2 |
| 115284 | Unilever PLC | 7035330 | 0.6 |
| 43328 | Unilever PLC - NL | 2644634 | 0.2 |
| 43236 | United Utilities Group PLC | 678923 | 0.1 |
| 1264706 | Vodafone Group PLC | 1353802 | 0.1 |
| 11192 | Whitbread PLC | 434316 | 0.0 |
| 42244 <sup>(2)</sup> | Wise PLC - Class A | 603470 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| 68402 | WPP PLC | $481616 | 0.0 |
|  |  | **135651820** | **11.2** |
|  | **United States: 10.1%** |  |  |
| 31684 | Alcon, Inc. | 2809832 | 0.2 |
| 34584 <sup>(2)</sup> | Amrize Ltd. | 1725168 | 0.1 |
| 1015582 | BP PLC | 5059916 | 0.4 |
| 30702 | CSL Ltd. | 4849709 | 0.4 |
| 2979 <sup>(2)</sup> | CyberArk Software Ltd. | 1212096 | 0.1 |
| 58218 | Experian PLC | 3002075 | 0.3 |
| 32603 <sup>(1)</sup> | Ferrovial SE | 1739137 | 0.1 |
| 2919 | Gecina SA | 321337 | 0.0 |
| 260994 | GSK PLC | 4976219 | 0.4 |
| 572211 | Haleon PLC | 2940945 | 0.2 |
| 34584 | Holcim AG | 2568178 | 0.2 |
| 36690 <sup>(1)(2)</sup> | James Hardie Industries PLC | 985249 | 0.1 |
| 2575 <sup>(2)</sup> | Monday.com Ltd. | 809786 | 0.1 |
| 166123 | Nestle SA | 16517007 | 1.4 |
| 120545 | Novartis AG, Reg | 14631404 | 1.2 |
| 13710 | QIAGEN NV | 660545 | 0.1 |
| 44546 | Roche Holding AG | 14540700 | 1.2 |
| 2029 | Roche Holding AG - Class BR | 705141 | 0.1 |
| 70393 | Sanofi | 6815028 | 0.6 |
| 34673 | Schneider Electric SE | 9309204 | 0.8 |
| 379545 | Shell PLC | 13242116 | 1.1 |
| 9735 <sup>(2)</sup> | Spotify Technology SA | 7470055 | 0.6 |
| 127847 | Stellantis NV (STLAP) | 1282305 | 0.1 |
| 19125 | Swiss Re AG | 3308378 | 0.3 |
| 25804 | Tenaris SA | 483689 | 0.0 |
|  |  | **121965219** | **10.1** |
|  | Total Common Stock<br> (Cost $522,885,424) | **1191710921** | **98.3** |
| **PREFERRED STOCK: 0.3%** | **PREFERRED STOCK: 0.3%** |  |  |
|  | **Germany: 0.3%** |  |  |
| 3549 | Bayerische Motoren Werke AG | 294731 | 0.0 |
| 7220 <sup>(3)</sup> | Dr Ing hc F Porsche AG | 356842 | 0.0 |
| 10732 | Henkel AG & Co. KGaA | 843361 | 0.1 |
| 9709 | Porsche Automobil Holding SE | 385435 | 0.0 |
| 1662 | Sartorius AG | 423309 | 0.1 |
| 13075 | Volkswagen AG | 1382207 | 0.1 |
|  |  | **3685885** | **0.3** |
|  | Total Preferred Stock<br> (Cost $3,511,026) | **3685885** | **0.3** |
|  | Total Long-Term Investments <br> (Cost $526,396,450) | **1195396806** | **98.6** |
| **Principal<br> Amount†** | **RA** | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 6.7%** | **SHORT-TERM INVESTMENTS: 6.7%** |  |  |
|  | **Commercial Paper: 1.3%** |  |  |
| 900000 <sup>(5)</sup> | ANZ Banking Group Ltd., 4.480%, 08/27/2025 | 900051 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | **RA** | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Commercial Paper (continued)** | **Commercial Paper (continued)** |  |
| 950000 <sup>(5)</sup> | Bank of Montreal, 4.510%, 09/05/2025 | $950268 | 0.1 |
| 750000 <sup>(5)</sup> | BNP Paribas S.A., 4.450%, 07/23/2025 | 747926 | 0.0 |
| 750000 <sup>(5)</sup> | Commonwealth Bank of Australia, 4.520%, 07/24/2025 | 750042 | 0.0 |
| 900000 <sup>(5)</sup> | Credit Industriel et Commercial S.A., 4.420%, 07/14/2025 | 898490 | 0.1 |
| 900000 <sup>(5)</sup> | DBS Bank Ltd., 4.430%, 09/03/2025 | 892885 | 0.0 |
| 900000 <sup>(5)</sup> | John Deere Financial, 4.400%, 08/20/2025 | 894467 | 0.1 |
| 750000 <sup>(5)</sup> | LLoyds Bank PLC, 4.430%, 07/24/2025 | 747828 | 0.0 |
| 950000 <sup>(5)</sup> | National Australia Bank Ltd., 4.500%, 09/04/2025 | 950019 | 0.1 |
| 900000 <sup>(5)</sup> | Novartis Finance Corp., 4.370%, 07/14/2025 | 898484 | 0.1 |
| 900000 <sup>(5)</sup> | Skandinaviska Enskilda Banken AB, 4.590%, 12/22/2025 | 899960 | 0.1 |
| 900000 <sup>(5)</sup> | Societe Generale S.A., 4.650%, 10/24/2025 | 900936 | 0.1 |
| 900000 <sup>(5)</sup> | Svenska Handelsbanken AB, 4.500%, 09/10/2025 | 900022 | 0.1 |
| 900000 <sup>(5)</sup> | Swedbank AB, 4.580%, 12/12/2025 | 899982 | 0.1 |
| 900000 <sup>(5)</sup> | Toyota Motor Credit Corp., 4.490%, 08/11/2025 | 895447 | 0.1 |
| 900000 <sup>(5)</sup> | United Overseas Bank Ltd., 4.360%, 09/19/2025 | 900041 | 0.1 |
| 900000 <sup>(5)</sup> | Walmart, Inc., 4.340%, 07/07/2025 | 899249 | 0.1 |
|  | Total Commercial Paper<br> (Cost $14,926,097) | **14926097** | **1.3** |
|  | **Certificates of Deposits: 0.9%** |  |  |
| 900000 <sup>(5)</sup> | Bank of America N.A., 4.530%, 08/05/2025 | 900252 | 0.1 |
| 900000 <sup>(5)(6)</sup> | Barclays Bank PLC, 4.620%, (SOFRRATE + 0.220%), 07/28/2025 | 900075 | 0.0 |
| 900000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 4.490%, 11/12/2025 | 900606 | 0.1 |
| 900000 <sup>(5)</sup> | Citibank N.A., 4.577%, 10/23/2025 | 900959 | 0.1 |
| 950000 <sup>(5)(6)</sup> | Cooperatieve Rabobank U.A., 4.671%, (SOFRRATE + 0.360%), 08/11/2025 | 950319 | 0.1 |
| 900000 <sup>(5)</sup> | DZ Bank AG, 4.439%, 08/15/2025 | 900207 | 0.1 |
| 900000 <sup>(5)</sup> | Landesbank Baden- Wurttemberg, 4.540%, 11/17/2025 | 900146 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | **RA** | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Certificates of Deposits (continued)** | **Certificates of Deposits (continued)** |  |
| 900000 <sup>(5)(6)</sup> | Mitsubishi UFJ Trust & Banking Corp. YCd, 4.533%, (SOFRRATE + 0.230%), 08/08/2025 | 900121 | 0.0 |
| 750000 <sup>(5)</sup> | Mizuho Bank Ltd., 4.516%, 07/23/2025 | 750174 | 0.0 |
| 900000 <sup>(5)</sup> | Natixis, 4.484%, 08/06/2025 | 900240 | 0.1 |
| 900000 <sup>(5)</sup> | Oversea-Chinese Banking Corporation Ltd., 4.530%, 11/14/2025 | 900695 | 0.1 |
| 900000 <sup>(5)</sup> | Sumitomo Mitsui Banking Corp., 4.468%, 08/20/2025 | 900242 | 0.1 |
|  | Total Certificates of Deposits <br> (Cost $10,704,036) | **10704036** | **0.9** |
|  | **Repurchase Agreements: 3.8%** | **Repurchase Agreements: 3.8%** |  |
| 8339070 <sup>(5)</sup> | Bethesda Securities, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $8,340,094, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%- 6.000%, Market Value plus accrued interest $8,505,851, due 10/01/27-02/01/57) | 8339070 | 0.7 |
| 2154005 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,154,264, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $2,197,085, due 06/01/30-02/01/57) | 2154005 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | **RA** | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 1462298 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,462,474, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 7.500%, Market Value plus accrued interest $1,491,544, due 08/15/34-06/01/55) | $1462298 | 0.1 |
| 11543202 <sup>(5)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $11,544,619, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $11,774,066, due 12/01/29-06/20/55) | 11543202 | 1 |
| 6583106 <sup>(5)</sup> | Mirae Asset Securities (USA), Inc., Repurchase Agreement dated 06/30/2025, 4.470%, due 07/01/2025 (Repurchase Amount $6,583,912, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.318%, Market Value plus accrued interest $6,715,605, due 09/23/25-03/15/66) | 6583106 | 0.5 |
| 16371622 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $16,373,631, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $16,649,830, due 07/15/26-02/15/54) | 16371622 | 1.3 |
|  | Total Repurchase Agreements (Cost $46,453,303) | **46453303** | **3.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | **RA** | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 0.7%** |  |  |
| 8854000 <sup>(7)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230%<br> (Cost $8,854,000) | $**8854000** | **0.7** |
|  | Total Short-Term Investments (Cost $80,937,436) | $**80937436** | **6.7** |
|  | **Total Investments in Securities (Cost $607,333,886)** | $**1276334242** | **105.3** |
|  | **Liabilities in Excess of Other Assets** | **(63700804)** | **(5.3)** |
|  | **Net Assets** | $**1212633438** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | 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>(4)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Variable rate security. Rate shown is the rate in effect as of June 30, 2025. |
| <sup>(7)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

Reference Rate Abbreviations: <br> <br> SOFRRATE 1-day Secured Overnight Financing Rate

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage<br> of Net Assets** |
| Financials | 23.5% |
| Industrials | 18.8 |
| Health Care | 11.1 |
| Consumer Discretionary | 9.6 |
| Information Technology | 8.3 |
| Consumer Staples | 7.9 |
| Materials | 5.5 |
| Communication Services | 5.4 |
| Utilities | 3.5 |
| Energy | 3.1 |
| Real Estate | 1.9 |
| Short-Term Investments | 6.7 |
| Liabilities in Excess of Other Assets | (5.3) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited) (continued)</u>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Signiﬁcant Other<br> Observable<br> Inputs#<br> (Level 2)** | **Signiﬁcant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $82541032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $82541032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 2958708 |  | 2958708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 10076292 |  | 10076292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 387404 |  | 387404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile |  | 621670 |  | 621670 |
| &nbsp;&nbsp;&nbsp;&nbsp;China | 488494 | 6235869 |  | 6724363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 27368672 |  | 27368672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 12716115 |  | 12716115 |
| &nbsp;&nbsp;&nbsp;&nbsp;France |  | 113008988 |  | 113008988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | 809953 | 119141702 |  | 119951655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 886256 | 21650128 |  | 22536384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | 1365624 | 3978820 |  | 5344444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel | 2966381 | 6752044 |  | 9718425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 37950780 |  | 37950780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 259094055 |  | 259094055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Luxembourg |  | 1756606 |  | 1756606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Macao |  | 942169 |  | 942169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 50489366 |  | 50489366 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Zealand | 803518 | 2563453 |  | 3366971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norway | 1271756 | 5917918 |  | 7189674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 249194 |  | 249194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 1803260 |  | 1803260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | 4636098 | 16801267 |  | 21437365 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 2091746 |  | 2091746 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 340283 |  | 340283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 637906 | 37369157 |  | 38007063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 36268724 |  | 36268724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 59152474 |  | 59152474 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 338706 | 135313114 |  | 135651820 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 12499410 | 109465809 |  | 121965219 |
| Total Common Stock | 26704102 | 1165006819 |  | 1191710921 |
| Preferred Stock |  | 3685885 |  | 3685885 |
| Short-Term Investments | 8854000 | 72083436 |  | 80937436 |
| Total Investments, at fair value | $35558102 | $1240776140 | $— | $1276334242 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 362506 |  |  | 362506 |
| Total Assets | $35920608 | $1240776140 | $— | $1276696748 |

---

---

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

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya International Index Portfolio</u> <u>as of June 30, 2025 (unaudited) (continued)</u>

At June 30, 2025, the following futures contracts were outstanding for Voya International Index Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EAFE Index | 218 | 09/19/25 | $29230530 | $362506 |
|  |  |  | $29230530 | $362506 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $362506 |
| **Total Asset Derivatives** |  | $362506 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $3963676 |
| **Total** | $3963676 |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $1066683 |
| **Total** | $1066683 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $662,491,809. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $652501319 |
| Gross Unrealized Depreciation | (35611812) |
| Net Unrealized Appreciation | $616889507 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Growth Index Portfolio as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.3%** | **COMMON STOCK: 98.3%** |  |  |
|  | **Communication Services: 12.0%** | **Communication Services: 12.0%** |  |
| 201441 | Alphabet, Inc. - Class A | $35499947 | 2.4 |
| 164022 | Alphabet, Inc. - Class C | 29095862 | 1.9 |
| 98536 | Meta Platforms, Inc. - Class A | 72728436 | 4.8 |
| 26851 <sup>(1)</sup> | Netflix, Inc. | 35956980 | 2.4 |
| 9746 <sup>(1)</sup> | Spotify Technology SA | 7478496 | 0.5 |
|  |  | **180759721** | **12.0** |
|  | **Consumer Discretionary: 12.7%** | **Consumer Discretionary: 12.7%** |  |
| 26943 <sup>(1)</sup> | Airbnb, Inc. - Class A | 3565637 | 0.2 |
| 372309 <sup>(1)</sup> | Amazon.com, Inc. | 81680872 | 5.4 |
| 166 <sup>(1)</sup> | AutoZone, Inc. | 616230 | 0.0 |
| 1936 | Booking Holdings, Inc. | 11207969 | 0.8 |
| 84985 <sup>(1)</sup> | Chipotle Mexican Grill, Inc. | 4771908 | 0.3 |
| 22732 <sup>(1)</sup> | DoorDash, Inc. - Class A | 5603665 | 0.4 |
| 48075 | Home Depot, Inc. | 17626218 | 1.2 |
| 11066 | Marriott International, Inc. - Class A | 3023342 | 0.2 |
| 2561 | McDonald's Corp. | 748247 | 0.1 |
| 49624 <sup>(1)</sup> | O'Reilly Automotive, Inc. | 4472611 | 0.3 |
| 9532 | Starbucks Corp. | 873417 | 0.1 |
| 161650 <sup>(1)</sup> | Tesla, Inc. | 51349739 | 3.4 |
| 35433 | TJX Cos., Inc. | 4375621 | 0.3 |
|  |  | **189915476** | **12.7** |
|  | **Consumer Staples: 3.1%** | **Consumer Staples: 3.1%** |  |
| 120393 | Coca-Cola Co. | 8517805 | 0.6 |
| 24140 | Colgate-Palmolive Co. | 2194326 | 0.1 |
| 28122 | Costco Wholesale Corp. | 27839093 | 1.8 |
| 7582 | Kimberly-Clark Corp. | 977471 | 0.1 |
| 44196 <sup>(1)</sup> | Monster Beverage Corp. | 2768437 | 0.2 |
| 11890 | PepsiCo, Inc. | 1569956 | 0.1 |
| 27542 | Walmart, Inc. | 2693057 | 0.2 |
|  |  | **46560145** | **3.1** |
|  | **Energy: 0.0%** |  |  |
| 4092 | Williams Cos., Inc. | **257018** | **0.0** |
|  | **Financials: 6.8%** |  |  |
| 11410 | American Express Co. | 3639562 | 0.2 |
| 12288 | Aon PLC - Class A | 4383867 | 0.3 |
| 18190 | Apollo Global Management, Inc. | 2580615 | 0.2 |
| 978 | Arthur J Gallagher & Co. | 313077 | 0.0 |
| 34531 | Bank of America Corp. | 1634007 | 0.1 |
| 46373 | Blackstone, Inc. | 6936473 | 0.5 |
| 8359 | Brookfield Asset Management Ltd. - Class A | 462086 | 0.0 |
| 9448 | Charles Schwab Corp. | 862036 | 0.1 |
| 20952 | Citigroup, Inc. | 1783434 | 0.1 |
| 9656 <sup>(1)</sup> | Fiserv, Inc. | 1664791 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 1038 | Goldman Sachs Group, Inc. | 734645 | 0.0 |
| 1433 | Interactive Brokers Group, Inc. - Class A | 79403 | 0.0 |
| 10711 | KKR & Co., Inc. | 1424884 | 0.1 |
| 3707 | Marsh & McLennan Cos., Inc. | 810498 | 0.1 |
| 51545 | Mastercard, Inc. - Class A | 28965197 | 1.9 |
| 9849 | Moody's Corp. | 4940160 | 0.3 |
| 202284 <sup>(1)</sup> | NU Holdings Ltd./ Cayman Islands - Class A | 2775336 | 0.2 |
| 1863 | Progressive Corp. | 497160 | 0.0 |
| 107913 | Visa, Inc. - Class A | 38314511 | 2.6 |
|  |  | **102801742** | **6.8** |
|  | **Health Care: 7.0%** |  |  |
| 112242 | AbbVie, Inc. | 20834360 | 1.4 |
| 25137 | Amgen, Inc. | 7018502 | 0.5 |
| 16121 <sup>(1)</sup> | Boston Scientific Corp. | 1731557 | 0.1 |
| 24842 | Bristol-Myers Squibb Co. | 1149936 | 0.1 |
| 1347 | Cigna Group | 445291 | 0.0 |
| 50758 | Eli Lilly & Co. | 39567384 | 2.6 |
| 21242 | Gilead Sciences, Inc. | 2355101 | 0.2 |
| 2344 | HCA Healthcare, Inc. | 897986 | 0.1 |
| 22611 <sup>(1)</sup> | Intuitive Surgical, Inc. | 12287043 | 0.8 |
| 7339 | McKesson Corp. | 5377872 | 0.4 |
| 5608 | Stryker Corp. | 2218693 | 0.1 |
| 16294 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 7254089 | 0.5 |
| 22554 | Zoetis, Inc. | 3517296 | 0.2 |
|  |  | **104655110** | **7.0** |
|  | **Industrials: 4.9%** |  |  |
| 5493 | 3M Co. | 836254 | 0.1 |
| 23936 | Automatic Data Processing, Inc. | 7381862 | 0.5 |
| 6497 <sup>(1)</sup> | Boeing Co. | 1361317 | 0.1 |
| 3611 | Caterpillar, Inc. | 1401826 | 0.1 |
| 21783 | Cintas Corp. | 4854777 | 0.3 |
| 52184 <sup>(1)</sup> | Copart, Inc. | 2560669 | 0.2 |
| 66625 | GE Aerospace | 17148609 | 1.1 |
| 17321 | GE Vernova, Inc. | 9165407 | 0.6 |
| 6078 | Illinois Tool Works, Inc. | 1502786 | 0.1 |
| 3683 | Lockheed Martin Corp. | 1705745 | 0.1 |
| 14124 | Trane Technologies PLC | 6177979 | 0.4 |
| 612 | TransDigm Group, Inc. | 930632 | 0.1 |
| 127558 <sup>(1)</sup> | Uber Technologies, Inc. | 11901161 | 0.8 |
| 2991 | Union Pacific Corp. | 688169 | 0.0 |
| 23439 | Waste Management, Inc. | 5363312 | 0.4 |
|  |  | **72980505** | **4.9** |
|  | **Information Technology: 50.9%** | **Information Technology: 50.9%** |  |
| 26965 <sup>(1)</sup> | Adobe, Inc. | 10432219 | 0.7 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Growth Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 59684 <sup>(1)</sup> | Advanced Micro Devices, Inc. | $8469160 | 0.6 |
| 76394 | Amphenol Corp. - Class A | 7543908 | 0.5 |
| 734271 | Apple, Inc. | 150650381 | 10.0 |
| 14592 | Applied Materials, Inc. | 2671357 | 0.2 |
| 15105 <sup>(1)</sup> | AppLovin Corp. - Class A | 5287958 | 0.4 |
| 65360 <sup>(1)</sup> | Arista Networks, Inc. | 6686982 | 0.4 |
| 10254 <sup>(1)</sup> | Atlassian Corp. - Class A | 2082485 | 0.1 |
| 13498 <sup>(1)</sup> | Autodesk, Inc. | 4178576 | 0.3 |
| 249126 | Broadcom, Inc. | 68671582 | 4.6 |
| 17287 <sup>(1)</sup> | Cadence Design Systems, Inc. | 5326989 | 0.4 |
| 15474 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A | 7881063 | 0.5 |
| 2757 | Dell Technologies, Inc. - Class C | 338008 | 0.0 |
| 40313 <sup>(1)</sup> | Fortinet, Inc. | 4261890 | 0.3 |
| 17299 | Intuit, Inc. | 13625211 | 0.9 |
| 8432 | KLA Corp. | 7552880 | 0.5 |
| 81012 | Lam Research Corp. | 7885708 | 0.5 |
| 3822 | Marvell Technology, Inc. | 295823 | 0.0 |
| 364073 | Microsoft Corp. | 181093551 | 12.1 |
| 876 <sup>(1)</sup> | MicroStrategy, Inc. - Class A | 354105 | 0.0 |
| 4446 | Motorola Solutions, Inc. | 1869365 | 0.1 |
| 1152305 | NVIDIA Corp. | 182052667 | 12.1 |
| 104910 | Oracle Corp. | 22936473 | 1.5 |
| 138394 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A | 18865870 | 1.3 |
| 41618 <sup>(1)</sup> | Palo Alto Networks, Inc. | 8516708 | 0.6 |
| 15923 | Qualcomm, Inc. | 2535897 | 0.2 |
| 6626 | Salesforce, Inc. | 1806844 | 0.1 |
| 13095 <sup>(1)</sup> | ServiceNow, Inc. | 13462708 | 0.9 |
| 19803 <sup>(1)</sup> | Snowflake, Inc. - Class A | 4431317 | 0.3 |
| 8581 <sup>(1)</sup> | Synopsys, Inc. | 4399307 | 0.3 |
| 23559 | Texas Instruments, Inc. | 4891320 | 0.3 |
| 13632 <sup>(1)</sup> | Workday, Inc. - Class A | 3271680 | 0.2 |
|  |  | **764329992** | **50.9** |
|  | **Materials: 0.4%** |  |  |
| 3874 | Ecolab, Inc. | 1043811 | 0.1 |
| 13395 | Sherwin-Williams Co. | 4599307 | 0.3 |
|  |  | **5643118** | **0.4** |
|  | **Real Estate: 0.5%** |  |  |
| 29636 | American Tower Corp. | 6550149 | 0.5 |
| 1317 | Public Storage | 386434 | 0.0 |
|  |  | **6936583** | **0.5** |
|  | Total Common Stock <br> (Cost $391,939,882) | **1474839410** | **98.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 1.4%** | **EXCHANGE-TRADED FUNDS: 1.4%** |  |  |
| 89597 | iShares Russell Top 200 Growth ETF | $**22086557** | **1.4** |
|  | Total Exchange-Traded Funds<br> (Cost $21,088,689) | **22086557** | **1.4** |
|  | Total Long-Term Investments<br> (Cost $413,028,571) | **1496925967** | **99.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 0.5%** | **SHORT-TERM INVESTMENTS: 0.5%** |  |  |
|  | **Mutual Funds: 0.5%** |  |  |
| 6861000 <sup>(2)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230%<br> (Cost $6,861,000) | $**6861000** | **0.5** |
|  | Total Short-Term Investments<br> (Cost $6,861,000) | **6861000** | **0.5** |
|  | **Total Investments in Securities<br> (Cost $419,889,571)** | $**1503786967** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | $**(3397084)** | **(0.2)** |
|  | **Net Assets** | $**1500389883** | **100.0** |

---

<sup>(1)</sup> Non-income producing security. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Growth Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

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

**** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Signifiicant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Signifiicant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $1474839410 | $— | $— | $1474839410 |
| Exchange-Traded Funds | 22086557 |  |  | 22086557 |
| Short-Term Investments | 6861000 |  |  | 6861000 |
| Total Investments, at fair value | $1503786967 | $— | $— | $1503786967 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 111672 |  |  | 111672 |
| Total Assets | $1503898639 | $— | $— | $1503898639 |

---

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

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

---

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

---

At June 30, 2025, the following futures contracts were outstanding for Voya Russell™ Large Cap Growth Index Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 13 | 09/19/25 | $4064938 | $111672 |
|  |  |  | $4064938 | $111672 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $111672 |
| **Total Asset Derivatives** |  | $111672 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(112731) |
| **Total** | $(112731) |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Growth Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $235888 |
| **Total** | $235888 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $420,250,494. | Cost for U.S. federal income tax purposes was $420,250,494. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $1084527279 |
| Gross Unrealized Depreciation | (879134) |
| Net Unrealized Appreciation | $1083648145 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** |  |  |
|  | **Communication Services: 10.9%** | **Communication Services: 10.9%** |  |
| 117483 | Alphabet, Inc. - Class A | $20704029 | 2.2 |
| 95659 | Alphabet, Inc. - Class C | 16968950 | 1.8 |
| 141775 | AT&T, Inc. | 4102968 | 0.5 |
| 74855 | Comcast Corp. - Class A | 2671575 | 0.3 |
| 44128 | Meta Platforms, Inc. - Class A | 32570436 | 3.5 |
| 8566 <sup>(1)</sup> | Netflix, Inc. | 11470988 | 1.2 |
| 3109 <sup>(1)</sup> | Spotify Technology SA | 2385660 | 0.3 |
| 9178 | T-Mobile US, Inc. | 2186750 | 0.2 |
| 85360 | Verizon Communications, Inc. | 3693527 | 0.4 |
| 36601 | Walt Disney Co. | 4538890 | 0.5 |
|  |  | **101293773** | **10.9** |
|  | **Consumer Discretionary: 10.2%** | **Consumer Discretionary: 10.2%** |  |
| 8595 <sup>(1)</sup> | Airbnb, Inc. - Class A | 1137462 | 0.1 |
| 193877 <sup>(1)</sup> | Amazon.com, Inc. | 42534675 | 4.6 |
| 338 <sup>(1)</sup> | AutoZone, Inc. | 1254734 | 0.1 |
| 657 | Booking Holdings, Inc. | 3803531 | 0.4 |
| 27110 <sup>(1)</sup> | Chipotle Mexican Grill, Inc. | 1522227 | 0.2 |
| 7251 <sup>(1)</sup> | DoorDash, Inc. - Class A | 1787444 | 0.2 |
| 19530 | General Motors Co. | 961071 | 0.1 |
| 20123 | Home Depot, Inc. | 7377897 | 0.8 |
| 11328 | Lowe's Cos., Inc. | 2513343 | 0.3 |
| 4601 | Marriott International, Inc. - Class A | 1257039 | 0.1 |
| 14448 | McDonald's Corp. | 4221272 | 0.5 |
| 23384 | NIKE, Inc. - Class B | 1661199 | 0.2 |
| 17224 <sup>(1)</sup> | O'Reilly Automotive, Inc. | 1552399 | 0.2 |
| 22988 | Starbucks Corp. | 2106391 | 0.2 |
| 56850 <sup>(1)</sup> | Tesla, Inc. | 18058971 | 1.9 |
| 22606 | TJX Cos., Inc. | 2791615 | 0.3 |
|  |  | **94541270** | **10.2** |
|  | **Consumer Staples: 5.3%** |  |  |
| 34093 | Altria Group, Inc. | 1998873 | 0.2 |
| 78598 | Coca-Cola Co. | 5560809 | 0.6 |
| 16248 | Colgate-Palmolive Co. | 1476943 | 0.2 |
| 8971 | Costco Wholesale Corp. | 8880752 | 1 |
| 26174 | Keurig Dr Pepper, Inc. | 865312 | 0.1 |
| 6716 | Kimberly-Clark Corp. | 865827 | 0.1 |
| 26185 | Mondelez International, Inc. - Class A | 1765916 | 0.2 |
| 14099 <sup>(1)</sup> | Monster Beverage Corp. | 883161 | 0.1 |
| 27695 | PepsiCo, Inc. | 3656848 | 0.4 |
| 31489 | Philip Morris International, Inc. | 5735092 | 0.6 |
| 47473 | Procter & Gamble Co. | 7563398 | 0.8 |
| 9186 | Target Corp. | 906199 | 0.1 |
| 87932 | Walmart, Inc. | 8597991 | 0.9 |
|  |  | **48757121** | **5.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: 2.2%** |  |  |
| 32966 | Chevron Corp. | $4720401 | 0.5 |
| 25585 | ConocoPhillips | 2295998 | 0.3 |
| 11162 | EOG Resources, Inc. | 1335087 | 0.1 |
| 87580 | Exxon Mobil Corp. | 9441124 | 1 |
| 27492 | Schlumberger NV | 929230 | 0.1 |
| 24615 | Williams Cos., Inc. | 1546068 | 0.2 |
|  |  | **20267908** | **2.2** |
|  | **Financials: 14.0%** |  |  |
| 9845 | Aflac, Inc. | 1038254 | 0.1 |
| 11101 | American Express Co. | 3540997 | 0.4 |
| 11795 | American International Group, Inc. | 1009534 | 0.1 |
| 4244 | Aon PLC - Class A | 1514089 | 0.2 |
| 8332 | Apollo Global Management, Inc. | 1182061 | 0.1 |
| 5125 | Arthur J Gallagher & Co. | 1640615 | 0.2 |
| 138616 | Bank of America Corp. | 6559309 | 0.7 |
| 37277 <sup>(1)</sup> | Berkshire Hathaway, Inc. - Class B | 18108048 | 2 |
| 3083 | Blackrock, Inc. | 3234838 | 0.3 |
| 14793 | Blackstone, Inc. | 2212737 | 0.2 |
| 7728 | Brookfield Asset Management Ltd. - Class A | 427204 | 0 |
| 12704 | Capital One Financial Corp. | 2702903 | 0.3 |
| 34493 | Charles Schwab Corp. | 3147141 | 0.3 |
| 7522 | Chubb Ltd. | 2179274 | 0.2 |
| 37440 | Citigroup, Inc. | 3186893 | 0.3 |
| 7268 | CME Group, Inc. | 2003206 | 0.2 |
| 11151 <sup>(1)</sup> | Fiserv, Inc. | 1922544 | 0.2 |
| 6154 | Goldman Sachs Group, Inc. | 4355494 | 0.5 |
| 8560 | Interactive Brokers Group, Inc. - Class A | 474310 | 0.1 |
| 11530 | Intercontinental Exchange, Inc. | 2115409 | 0.2 |
| 56131 | JPMorgan Chase & Co. | 16272938 | 1.8 |
| 13706 | KKR & Co., Inc. | 1823309 | 0.2 |
| 9975 | Marsh & McLennan Cos., Inc. | 2180934 | 0.2 |
| 16443 | Mastercard, Inc. - Class A | 9239979 | 1 |
| 11370 | MetLife, Inc. | 914375 | 0.1 |
| 3142 | Moody's Corp. | 1575996 | 0.2 |
| 23277 | Morgan Stanley | 3278798 | 0.4 |
| 64528 <sup>(1)</sup> | NU Holdings Ltd./ Cayman Islands - Class A | 885324 | 0.1 |
| 19681 <sup>(1)</sup> | PayPal Holdings, Inc. | 1462692 | 0.2 |
| 7986 | PNC Financial Services Group, Inc. | 1488750 | 0.2 |
| 11844 | Progressive Corp. | 3160690 | 0.3 |
| 6206 | S&P Global, Inc. | 3272362 | 0.4 |
| 4569 | Travelers Cos., Inc. | 1222390 | 0.1 |
| 26479 | Truist Financial Corp. | 1138332 | 0.1 |
| 31566 | US Bancorp | 1428362 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 34424 | Visa, Inc. - Class A | $12222241 | 1.3 |
| 65863 | Wells Fargo & Co. | 5276944 | 0.6 |
|  |  | **129399276** | **14.0** |
|  | **Health Care: 9.1%** |  |  |
| 34997 | Abbott Laboratories | 4759942 | 0.5 |
| 35805 | AbbVie, Inc. | 6646124 | 0.7 |
| 10871 | Amgen, Inc. | 3035292 | 0.3 |
| 5781 | Becton Dickinson and Co. | 995777 | 0.1 |
| 29833 <sup>(1)</sup> | Boston Scientific Corp. | 3204362 | 0.3 |
| 41189 | Bristol-Myers Squibb Co. | 1906639 | 0.2 |
| 5408 | Cigna Group | 1787777 | 0.2 |
| 25313 | CVS Health Corp. | 1746091 | 0.2 |
| 12894 | Danaher Corp. | 2547081 | 0.3 |
| 11632 <sup>(1)</sup> | Edwards Lifesciences Corp. | 909739 | 0.1 |
| 4570 | Elevance Health, Inc. | 1777547 | 0.2 |
| 16192 | Eli Lilly & Co. | 12622150 | 1.4 |
| 25171 | Gilead Sciences, Inc. | 2790709 | 0.3 |
| 3534 | HCA Healthcare, Inc. | 1353875 | 0.2 |
| 7213 <sup>(1)</sup> | Intuitive Surgical, Inc. | 3919616 | 0.4 |
| 48637 | Johnson & Johnson | 7429302 | 0.8 |
| 2537 | McKesson Corp. | 1859063 | 0.2 |
| 25918 | Medtronic PLC | 2259272 | 0.2 |
| 50924 | Merck & Co., Inc. | 4031144 | 0.4 |
| 114818 | Pfizer, Inc. | 2783188 | 0.3 |
| 2108 | Regeneron Pharmaceuticals, Inc. | 1106700 | 0.1 |
| 6957 | Stryker Corp. | 2752398 | 0.3 |
| 7632 | Thermo Fisher Scientific, Inc. | 3094471 | 0.3 |
| 18392 | UnitedHealth Group, Inc. | 5737752 | 0.6 |
| 5198 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 2314149 | 0.3 |
| 9019 | Zoetis, Inc. | 1406513 | 0.2 |
|  |  | **84776673** | **9.1** |
|  | **Industrials: 7.0%** |  |  |
| 10890 | 3M Co. | 1657894 | 0.2 |
| 8236 | Automatic Data Processing, Inc. | 2539982 | 0.3 |
| 14646 <sup>(1)</sup> | Boeing Co. | 3068776 | 0.3 |
| 16278 | Carrier Global Corp. | 1191387 | 0.1 |
| 9358 | Caterpillar, Inc. | 3632869 | 0.4 |
| 6949 | Cintas Corp. | 1548724 | 0.2 |
| 17872 <sup>(1)</sup> | Copart, Inc. | 876979 | 0.1 |
| 37939 | CSX Corp. | 1237950 | 0.1 |
| 4938 | Deere & Co. | 2510924 | 0.3 |
| 7920 | Eaton Corp. PLC | 2827361 | 0.3 |
| 11391 | Emerson Electric Co. | 1518762 | 0.2 |
| 4400 | FedEx Corp. | 1000164 | 0.1 |
| 21253 | GE Aerospace | 5470310 | 0.6 |
| 5526 | GE Vernova, Inc. | 2924083 | 0.3 |
| 5107 | General Dynamics Corp. | 1489508 | 0.2 |
| 13010 | Honeywell International, Inc. | 3029769 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Industrials: (continued)** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 5922 | Illinois Tool Works, Inc. | $1464214 | 0.2 |
| 13343 | Johnson Controls International PLC | 1409288 | 0.1 |
| 4221 | Lockheed Martin Corp. | 1954914 | 0.2 |
| 4564 | Norfolk Southern Corp. | 1168247 | 0.1 |
| 2741 | Northrop Grumman Corp. | 1370445 | 0.1 |
| 10416 | PACCAR, Inc. | 990145 | 0.1 |
| 2601 | Parker-Hannifin Corp. | 1816720 | 0.2 |
| 27040 | Raytheon Technologies Corp. | 3948381 | 0.4 |
| 4094 | Republic Services, Inc. | 1009621 | 0.1 |
| 4506 | Trane Technologies PLC | 1970969 | 0.2 |
| 1117 | TransDigm Group, Inc. | 1698555 | 0.2 |
| 40691 <sup>(1)</sup> | Uber Technologies, Inc. | 3796470 | 0.4 |
| 12087 | Union Pacific Corp. | 2780977 | 0.3 |
| 14834 | United Parcel Service, Inc. - Class B | 1497344 | 0.2 |
| 7477 | Waste Management, Inc. | 1710887 | 0.2 |
|  |  | **65112619** | **7.0** |
|  | **Information Technology: 36.2%** |  |  |
| 12652 | Accenture PLC - Class A | 3781556 | 0.4 |
| 8602 <sup>(1)</sup> | Adobe, Inc. | 3327942 | 0.4 |
| 32548 <sup>(1)</sup> | Advanced Micro Devices, Inc. | 4618561 | 0.5 |
| 24370 | Amphenol Corp. - Class A | 2406537 | 0.3 |
| 10027 | Analog Devices, Inc. | 2386627 | 0.3 |
| 297932 | Apple, Inc. | 61126708 | 6.6 |
| 16411 | Applied Materials, Inc. | 3004362 | 0.3 |
| 4819 <sup>(1)</sup> | AppLovin Corp. - Class A | 1687036 | 0.2 |
| 20850 <sup>(1)</sup> | Arista Networks, Inc. | 2133163 | 0.2 |
| 3271 <sup>(1)</sup> | Atlassian Corp. - Class A | 664307 | 0.1 |
| 4306 <sup>(1)</sup> | Autodesk, Inc. | 1333008 | 0.1 |
| 93341 | Broadcom, Inc. | 25729447 | 2.8 |
| 5515 <sup>(1)</sup> | Cadence Design Systems, Inc. | 1699447 | 0.2 |
| 80444 | Cisco Systems, Inc. | 5581205 | 0.6 |
| 4936 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A | 2513954 | 0.3 |
| 6426 | Dell Technologies, Inc. - Class C | 787828 | 0.1 |
| 12860 <sup>(1)</sup> | Fortinet, Inc. | 1359559 | 0.1 |
| 88323 | Intel Corp. | 1978435 | 0.2 |
| 18804 | International Business Machines Corp. | 5543043 | 0.6 |
| 5518 | Intuit, Inc. | 4346142 | 0.5 |
| 2690 | KLA Corp. | 2409541 | 0.3 |
| 25843 | Lam Research Corp. | 2515558 | 0.3 |
| 17471 | Marvell Technology, Inc. | 1352255 | 0.1 |
| 22582 | Micron Technology, Inc. | 2783231 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 149894 | Microsoft Corp. | $74558775 | 8.0 |
| 5048 <sup>(1)</sup> | MicroStrategy, Inc. - Class A | 2040553 | 0.2 |
| 3367 | Motorola Solutions, Inc. | 1415689 | 0.1 |
| 473023 | NVIDIA Corp. | 74732904 | 8.1 |
| 33466 | Oracle Corp. | 7316672 | 0.8 |
| 44147 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A | 6018119 | 0.6 |
| 13276 <sup>(1)</sup> | Palo Alto Networks, Inc. | 2716801 | 0.3 |
| 22219 | Qualcomm, Inc. | 3538598 | 0.4 |
| 2170 | Roper Technologies, Inc. | 1230043 | 0.1 |
| 18870 | Salesforce, Inc. | 5145660 | 0.5 |
| 4177 <sup>(1)</sup> | ServiceNow, Inc. | 4294290 | 0.5 |
| 6317 <sup>(1)</sup> | Snowflake, Inc. - Class A | 1413555 | 0.1 |
| 3119 <sup>(1)</sup> | Synopsys, Inc. | 1599049 | 0.2 |
| 18369 | Texas Instruments, Inc. | 3813772 | 0.4 |
| 4349 <sup>(1)</sup> | Workday, Inc. - Class A | 1043760 | 0.1 |
|  |  | **335947692** | **36.2** |
|  | **Materials: 1.4%** |  |  |
| 4490 | Air Products and Chemicals, Inc. | 1266449 | 0.1 |
| 13707 | CRH PLC US | 1258303 | 0.1 |
| 5043 | Ecolab, Inc. | 1358786 | 0.2 |
| 28907 | Freeport-McMoRan, Inc. | 1253118 | 0.1 |
| 9491 | Linde PLC US | 4452987 | 0.5 |
| 22499 | Newmont Corp. | 1310792 | 0.2 |
| 4714 | Sherwin-Williams Co. | 1618599 | 0.2 |
| 1652 | Southern Copper Corp. | 167133 | 0.0 |
|  |  | **12686167** | **1.4** |
|  | **Real Estate: 0.9%** |  |  |
| 9454 | American Tower Corp. | 2089523 | 0.2 |
| 1975 | Equinix, Inc. | 1571053 | 0.2 |
| 18747 | Prologis, Inc. | 1970684 | 0.2 |
| 3192 | Public Storage | 936597 | 0.1 |
| 13242 | Welltower, Inc. | 2035693 | 0.2 |
|  |  | **8603550** | **0.9** |
|  | **Utilities: 1.3%** |  |  |
| 10813 | American Electric Power Co., Inc. | 1121957 | 0.2 |
| 6330 | Constellation Energy Corp. | 2043071 | 0.2 |
| 17249 | Dominion Energy, Inc. | 974913 | 0.1 |
| 15723 | Duke Energy Corp. | 1855314 | 0.2 |
| 41679 | NextEra Energy, Inc. | 2893356 | 0.3 |
| 13193 | Sempra Energy | 999634 | 0.1 |
| 22270 | Southern Co. | 2045054 | 0.2 |
|  |  | **11933299** | **1.3** |
|  | Total Common Stock<br> (Cost $168,636,233) | **913319348** | **98.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **EXCHANGE-TRADED FUNDS: 1.2%** | **EXCHANGE-TRADED FUNDS: 1.2%** |  |  |
| 73466 | iShares Russell Top 200 ETF | $**11249114** | **1.2** |
|  | Total Exchange-Traded Funds <br> (Cost $10,001,286) | **11249114** | **1.2** |
|  | Total Long-Term Investments <br> (Cost $178,637,519) | **924568462** | **99.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** |  |  |
|  | **Mutual Funds: 0.4%** |  |  |
| 3773000 <sup>(2)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% <br> (Cost $3,773,000) | $**3773000** | **0.4** |
|  | Total Short-Term Investments<br> (Cost $3,773,000) | **3773000** | **0.4** |
|  | **Total Investments in Securities <br> (Cost $182,410,519)** | $**928341462** | **100.1** |
|  | **Liabilities in Excess of Other Assets** | **(1278923)** | **(0.1)** |
|  | **Net Assets** | $**927062539** | **100.0** |

---

<sup>(1)</sup> Non-income producing security. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Signifiicant Other<br> Observable<br> Inputs<br> (Level 2)** | **Signifiicant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $913319348 | $— | $— | $913319348 |
| Exchange-Traded Funds | 11249114 |  |  | 11249114 |
| Short-Term Investments | 3773000 |  |  | 3773000 |
| Total Investments, at fair value | $928341462 | $— | $— | $928341462 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 81905 |  |  | 81905 |
| Total Assets | $928423367 | $— | $— | $928423367 |

---

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

<sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

---

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

---

At June 30, 2025, the following futures contracts were outstanding for Voya Russell™ Large Cap Index Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 9 | 09/19/25 | $2814188 | $81905 |
|  |  |  | $2814188 | $81905 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $81905 |
| **Total Asset Derivatives** |  | $81905 |

---

<sup>\*</sup> The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(100665) |
| **Total** | $(100665) |

---

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

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $163403 |
| **Total** | $163403 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $184,818,325. | Cost for U.S. federal income tax purposes was $184,818,325. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $746363891 |
| Gross Unrealized Depreciation | (2758849) |
| Net Unrealized Appreciation | $743605042 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Value Index Portfolio as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.6%** | **COMMON STOCK: 98.6%** |  |  |
|  | **Communication Services: 9.5%** |  |  |
| 29668 | Alphabet, Inc. - Class A | $5228392 | 1.9 |
| 24157 | Alphabet, Inc. - Class C | 4285210 | 1.6 |
| 100868 | AT&T, Inc. | 2919120 | 1.1 |
| 53257 | Comcast Corp. - Class A | 1900742 | 0.7 |
| 5599 | Meta Platforms, Inc. - Class A | 4132566 | 1.5 |
| 6530 | T-Mobile US, Inc. | 1555838 | 0.6 |
| 60731 | Verizon Communications, Inc. | 2627830 | 0.9 |
| 26040 | Walt Disney Co. | 3229221 | 1.2 |
|  |  | **25878919** | **9.5** |
|  | **Consumer Discretionary: 7.2%** |  |  |
| 37922 <sup>(1)</sup> | Amazon.com, Inc. | 8319708 | 3 |
| 203 <sup>(1)</sup> | AutoZone, Inc. | 753583 | 0.3 |
| 28 | Booking Holdings, Inc. | 162099 | 0.1 |
| 13895 | General Motors Co. | 683773 | 0.2 |
| 3406 | Home Depot, Inc. | 1248776 | 0.5 |
| 8059 | Lowe's Cos., Inc. | 1788050 | 0.7 |
| 762 | Marriott International, Inc. - Class A | 208186 | 0.1 |
| 9698 | McDonald's Corp. | 2833465 | 1 |
| 16637 | NIKE, Inc. - Class B | 1181892 | 0.4 |
| 992 <sup>(1)</sup> | O'Reilly Automotive, Inc. | 89409 | 0 |
| 14192 | Starbucks Corp. | 1300413 | 0.5 |
| 8042 | TJX Cos., Inc. | 993106 | 0.4 |
|  |  | **19562460** | **7.2** |
|  | **Consumer Staples: 8.8%** |  |  |
| 24256 | Altria Group, Inc. | 1422129 | 0.5 |
| 28596 | Coca-Cola Co. | 2023167 | 0.7 |
| 6081 | Colgate-Palmolive Co. | 552763 | 0.2 |
| 18622 | Keurig Dr Pepper, Inc. | 615643 | 0.2 |
| 3057 | Kimberly-Clark Corp. | 394109 | 0.2 |
| 18630 | Mondelez International, Inc. - Class A | 1256407 | 0.5 |
| 17006 | PepsiCo, Inc. | 2245472 | 0.8 |
| 22403 | Philip Morris International, Inc. | 4080258 | 1.5 |
| 33775 | Procter & Gamble Co. | 5381033 | 2 |
| 6536 | Target Corp. | 644777 | 0.2 |
| 56310 | Walmart, Inc. | 5505992 | 2 |
|  |  | **24121750** | **8.8** |
|  | **Energy: 5.2%** |  |  |
| 23454 | Chevron Corp. | 3358378 | 1.2 |
| 18203 | ConocoPhillips | 1633537 | 0.6 |
| 7941 | EOG Resources, Inc. | 949823 | 0.3 |
| 62310 | Exxon Mobil Corp. | 6717018 | 2.5 |
| 19560 | Schlumberger NV | 661128 | 0.2 |
| 16584 | Williams Cos., Inc. | 1041641 | 0.4 |
|  |  | **14361525** | **5.2** |
|  | **Financials: 25.1%** |  |  |
| 7004 | Aflac, Inc. | 738642 | 0.3 |
| 5308 | American Express Co. | 1693146 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 8392 | American International Group, Inc. | $718271 | 0.3 |
| 230 | Aon PLC - Class A | 82055 | 0.0 |
| 1800 | Apollo Global Management, Inc. | 255366 | 0.1 |
| 3424 | Arthur J Gallagher & Co. | 1096091 | 0.4 |
| 90784 | Bank of America Corp. | 4295899 | 1.6 |
| 26522 <sup>(1)</sup> | Berkshire Hathaway, Inc. - Class B | 12883592 | 4.7 |
| 2194 | Blackrock, Inc. | 2302054 | 0.8 |
| 3601 | Brookfield Asset Management Ltd. - Class A | 199063 | 0.1 |
| 9039 | Capital One Financial Corp. | 1923138 | 0.7 |
| 22396 | Charles Schwab Corp. | 2043411 | 0.7 |
| 5351 | Chubb Ltd. | 1550292 | 0.6 |
| 21882 | Citigroup, Inc. | 1862596 | 0.7 |
| 5171 | CME Group, Inc. | 1425231 | 0.5 |
| 5742 <sup>(1)</sup> | Fiserv, Inc. | 989978 | 0.4 |
| 4143 | Goldman Sachs Group, Inc. | 2932208 | 1.1 |
| 5765 | Interactive Brokers Group, Inc. - Class A | 319439 | 0.1 |
| 8203 | Intercontinental Exchange, Inc. | 1505004 | 0.5 |
| 39935 | JPMorgan Chase & Co. | 11577556 | 4.2 |
| 7321 | KKR & Co., Inc. | 973913 | 0.4 |
| 6255 | Marsh & McLennan Cos., Inc. | 1367593 | 0.5 |
| 8090 | MetLife, Inc. | 650598 | 0.2 |
| 16561 | Morgan Stanley | 2332782 | 0.8 |
| 14002 <sup>(1)</sup> | PayPal Holdings, Inc. | 1040629 | 0.4 |
| 5682 | PNC Financial Services Group, Inc. | 1059238 | 0.4 |
| 8004 | Progressive Corp. | 2135947 | 0.8 |
| 4415 | S&P Global, Inc. | 2327985 | 0.8 |
| 3251 | Travelers Cos., Inc. | 869773 | 0.3 |
| 18839 | Truist Financial Corp. | 809889 | 0.3 |
| 22458 | US Bancorp | 1016225 | 0.4 |
| 46859 | Wells Fargo & Co. | 3754343 | 1.4 |
|  |  | **68731947** | **25.1** |
|  | **Health Care: 13.4%** |  |  |
| 24899 | Abbott Laboratories | 3386513 | 1.2 |
| 2029 | Amgen, Inc. | 566517 | 0.2 |
| 4113 | Becton Dickinson and Co. | 708464 | 0.3 |
| 17566 <sup>(1)</sup> | Boston Scientific Corp. | 1886764 | 0.7 |
| 23667 | Bristol-Myers Squibb Co. | 1095545 | 0.4 |
| 3542 | Cigna Group | 1170914 | 0.4 |
| 18009 | CVS Health Corp. | 1242261 | 0.5 |
| 9174 | Danaher Corp. | 1812232 | 0.7 |
| 8276 <sup>(1)</sup> | Edwards Lifesciences Corp. | 647266 | 0.2 |
| 3252 | Elevance Health, Inc. | 1264898 | 0.5 |
| 13087 | Gilead Sciences, Inc. | 1450956 | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Value Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 1983 | HCA Healthcare, Inc. | $759687 | 0.3 |
| 34603 | Johnson & Johnson | 5285608 | 1.9 |
| 139 | McKesson Corp. | 101856 | 0 |
| 18440 | Medtronic PLC | 1607415 | 0.6 |
| 36231 | Merck & Co., Inc. | 2868046 | 1.1 |
| 81690 | Pfizer, Inc. | 1980166 | 0.7 |
| 1500 | Regeneron Pharmaceuticals, Inc. | 787500 | 0.3 |
| 3677 | Stryker Corp. | 1454732 | 0.5 |
| 5430 | Thermo Fisher Scientific, Inc. | 2201648 | 0.8 |
| 13085 | UnitedHealth Group, Inc. | 4082128 | 1.5 |
| 1298 | Zoetis, Inc. | 202423 | 0.1 |
|  |  | **36563539** | **13.4** |
|  | **Industrials: 10.9%** |  |  |
| 6501 | 3M Co. | 989712 | 0.4 |
| 427 | Automatic Data Processing, Inc. | 131687 | 0 |
| 8946 <sup>(1)</sup> | Boeing Co. | 1874455 | 0.7 |
| 11581 | Carrier Global Corp. | 847613 | 0.3 |
| 5839 | Caterpillar, Inc. | 2266758 | 0.8 |
| 872 <sup>(1)</sup> | Copart, Inc. | 42789 | 0 |
| 26992 | CSX Corp. | 880749 | 0.3 |
| 3513 | Deere & Co. | 1786325 | 0.6 |
| 5635 | Eaton Corp. PLC | 2011639 | 0.7 |
| 8104 | Emerson Electric Co. | 1080506 | 0.4 |
| 3130 | FedEx Corp. | 711480 | 0.3 |
| 3634 | General Dynamics Corp. | 1059892 | 0.4 |
| 9257 | Honeywell International, Inc. | 2155770 | 0.8 |
| 2834 | Illinois Tool Works, Inc. | 700707 | 0.2 |
| 9493 | Johnson Controls International PLC | 1002651 | 0.4 |
| 2167 | Lockheed Martin Corp. | 1003624 | 0.4 |
| 3247 | Norfolk Southern Corp. | 831135 | 0.3 |
| 1950 | Northrop Grumman Corp. | 974961 | 0.3 |
| 7411 | PACCAR, Inc. | 704490 | 0.3 |
| 1851 | Parker-Hannifin Corp. | 1292868 | 0.5 |
| 19238 | Raytheon Technologies Corp. | 2809133 | 1 |
| 2913 | Republic Services, Inc. | 718375 | 0.3 |
| 656 | TransDigm Group, Inc. | 997540 | 0.4 |
| 7921 | Union Pacific Corp. | 1822464 | 0.7 |
| 10554 | United Parcel Service, Inc. - Class B | 1065321 | 0.4 |
|  |  | **29762644** | **10.9** |
|  | **Information Technology: 10.9%** |  |  |
| 9001 | Accenture PLC - Class A | 2690309 | 1 |
| 9611 <sup>(1)</sup> | Advanced Micro Devices, Inc. | 1363801 | 0.5 |
| 7134 | Analog Devices, Inc. | 1698035 | 0.6 |
| 8364 | Applied Materials, Inc. | 1531197 | 0.6 |
| 57233 | Cisco Systems, Inc. | 3970826 | 1.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 3946 | Dell Technologies, Inc. - Class C | $483780 | 0.2 |
| 62839 | Intel Corp. | 1407594 | 0.5 |
| 13379 | International Business Machines Corp. | 3943862 | 1.4 |
| 11563 | Marvell Technology, Inc. | 894976 | 0.3 |
| 16066 | Micron Technology, Inc. | 1980134 | 0.7 |
| 3393 <sup>(1)</sup> | MicroStrategy, Inc. - Class A | 1371552 | 0.5 |
| 1387 | Motorola Solutions, Inc. | 583178 | 0.2 |
| 12194 | Qualcomm, Inc. | 1942016 | 0.7 |
| 1544 | Roper Technologies, Inc. | 875201 | 0.3 |
| 11922 | Salesforce, Inc. | 3251010 | 1.2 |
| 272 <sup>(1)</sup> | Synopsys, Inc. | 139449 | 0.1 |
| 7722 | Texas Instruments, Inc. | 1603242 | 0.6 |
|  |  | **29730162** | **10.9** |
|  | **Materials: 2.8%** |  |  |
| 3194 | Air Products and Chemicals, Inc. | 900900 | 0.3 |
| 9752 | CRH PLC US | 895233 | 0.3 |
| 2709 | Ecolab, Inc. | 729913 | 0.3 |
| 20566 | Freeport-McMoRan, Inc. | 891536 | 0.3 |
| 6753 | Linde PLC US | 3168372 | 1.2 |
| 16007 | Newmont Corp. | 932568 | 0.3 |
| 314 | Sherwin-Williams Co. | 107815 | 0.0 |
| 1175 | Southern Copper Corp. | 118875 | 0.1 |
|  |  | **7745212** | **2.8** |
|  | **Real Estate: 1.7%** |  |  |
| 1405 | Equinix, Inc. | 1117635 | 0.4 |
| 13338 | Prologis, Inc. | 1402091 | 0.5 |
| 1972 | Public Storage | 578624 | 0.2 |
| 9421 | Welltower, Inc. | 1448290 | 0.6 |
|  |  | **4546640** | **1.7** |
|  | **Utilities: 3.1%** |  |  |
| 7693 | American Electric Power Co., Inc. | 798226 | 0.3 |
| 4504 | Constellation Energy Corp. | 1453711 | 0.5 |
| 12272 | Dominion Energy, Inc. | 693614 | 0.3 |
| 11187 | Duke Energy Corp. | 1320066 | 0.5 |
| 29653 | NextEra Energy, Inc. | 2058511 | 0.7 |
| 9386 | Sempra Energy | 711177 | 0.3 |
| 15845 | Southern Co. | 1455046 | 0.5 |
|  |  | **8490351** | **3.1** |
|  | Total Common Stock<br> (Cost $161,391,013) | **269495149** | **98.6** |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Value Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **EXCHANGE-TRADED FUNDS: 0.9%** | **EXCHANGE-TRADED FUNDS: 0.9%** |  |  |
| 29994 | iShares Russell Top 200 Value ETF | $**2525195** | **0.9** |
|  | Total Exchange-Traded Funds <br> (Cost $2,431,207) | **2525195** | **0.9** |
|  | Total Long-Term Investments <br> (Cost $163,822,220) | **272020344** | **99.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 0.1%** | **SHORT-TERM INVESTMENTS: 0.1%** |  |  |
|  | Mutual Funds: 0.1% |  |  |
| 267000 <sup>(2)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230%<br> (Cost $267,000) | $**267000** | **0.1** |
|  | Total Short-Term Investments<br> (Cost $267,000) | **267000** | **0.1** |
|  | **Total Investments in Securities<br> (Cost $164,089,220)** | $**272287344** | **99.6** |
|  | **Assets in Excess of Other Liabilities** | **1190042** | **0.4** |
|  | **Net Assets** | $**273477386** | **100.0** |

---

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

<sup>(2)</sup> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Value Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Signifiicant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Signifiicant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $269495149 | $— | $— | $269495149 |
| Exchange-Traded Funds | 2525195 |  |  | 2525195 |
| Short-Term Investments | 267000 |  |  | 267000 |
| Total Investments, at fair value | $272287344 | $— | $— | $272287344 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 27209 |  |  | 27209 |
| Total Assets | $272314553 | $— | $— | $272314553 |

---

---

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

---

At June 30, 2025, the following futures contracts were outstanding for Voya Russell™ Large Cap Value Index Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 3 | 09/19/25 | $938063 | $27209 |
|  |  |  | $938063 | $27209 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **<u>of Assets and Liabilities</u>** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $27209 |
| **Total Asset Derivatives** |  | $27209 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(25984) |
| **Total** | $(25984) |

---

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

See Accompanying Notes to Financial Statements

Voya Russell™ Large Cap PORTFOLIO OF INVESTMENTS <br> Value Index Portfolio as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $46563 |
| **Total** | $46563 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $167,619,165. | Cost for U.S. federal income tax purposes was $167,619,165. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $110819169 |
| Gross Unrealized Depreciation | (6123781) |
| Net Unrealized Appreciation | $104695388 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Growth Index Portfolio</u> <u>as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 99.1%** | **COMMON STOCK: 99.1%** | **COMMON STOCK: 99.1%** | **COMMON STOCK: 99.1%** |
|  | **Communication Services: 6.1%** | |  |
| 51400 <sup>(1)</sup> | AST SpaceMobile, Inc. | $2401922 | 0.2 |
| 2422 | Iridium Communications, Inc. | 73072 | 0.0 |
| 1130 <sup>(1)</sup> | Liberty Broadband Corp. - Class A | 110537 | 0.0 |
| 7644 <sup>(1)</sup> | Liberty Broadband Corp. - Class C | 752017 | 0.1 |
| 2272 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class A, Tracking Stock | 215749 | 0.0 |
| 21004 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class C, Tracking Stock | 2194918 | 0.2 |
| 51077 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 7726928 | 0.8 |
| 545 | Nexstar Media Group, Inc. | 94258 | 0.0 |
| 94676 <sup>(1)</sup> | Pinterest, Inc. - Class A | 3395081 | 0.3 |
| 37626 <sup>(1)</sup> | Reddit, Inc. - Class A | 5665347 | 0.6 |
| 181857 <sup>(1)</sup> | ROBLOX Corp. - Class A | 19131356 | 2.0 |
| 5400 <sup>(1)</sup> | Roku, Inc. | 474606 | 0.1 |
| 19588 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 4756946 | 0.5 |
| 9452 | TKO Group Holdings, Inc. | 1719791 | 0.2 |
| 144023 <sup>(1)</sup> | Trade Desk, Inc. - Class A | 10368216 | 1.1 |
| 18142 <sup>(1)</sup> | Trump Media & Technology Group Corp. | 327282 | 0.0 |
|  |  | **59408026** | **6.1** |
|  | **Consumer Discretionary: 21.8%** |  |  |
| 5142 <sup>(1)</sup> | Birkenstock Holding PLC | 252884 | 0.0 |
| 2375 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. | 293526 | 0.0 |
| 20283 <sup>(1)</sup> | Burlington Stores, Inc. | 4718637 | 0.5 |
| 107604 <sup>(1)</sup> | Carnival Corp. | 3025824 | 0.3 |
| 41445 <sup>(1)</sup> | Carvana Co. | 13965307 | 1.4 |
| 32204 <sup>(1)</sup> | Cava Group, Inc. | 2712543 | 0.3 |
| 67499 <sup>(1)</sup> | Chewy, Inc. - Class A | 2876807 | 0.3 |
| 2661 <sup>(2)</sup> | Choice Hotels International, Inc. | 337628 | 0.0 |
| 17691 | Churchill Downs, Inc. | 1786791 | 0.2 |
| 400718 <sup>(1)</sup> | Coupang, Inc. | 12005511 | 1.2 |
| 35815 | Darden Restaurants, Inc. | 7806596 | 0.8 |
| 48769 <sup>(1)</sup> | Deckers Outdoor Corp. | 5026621 | 0.5 |
| 3114 | Domino's Pizza, Inc. | 1403168 | 0.1 |
| 155107 <sup>(1)</sup> | DraftKings, Inc. - Class A | 6652539 | 0.7 |
| 12129 <sup>(1)</sup> | Duolingo, Inc. | 4973133 | 0.5 |
| 37324 <sup>(1)</sup> | Dutch Bros, Inc. - Class A | 2551842 | 0.3 |
| 19116 <sup>(1)</sup> | Etsy, Inc. | 958859 | 0.1 |
| 39053 | Expedia Group, Inc. | 6587460 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 10928 <sup>(1)</sup> | Floor & Decor Holdings, Inc. - Class A | $830091 | 0.1 |
| 46781 <sup>(1)</sup> | Flutter Entertainment PLC - Class DI | 13368139 | 1.4 |
| 2524 <sup>(1)</sup> | Grand Canyon Education, Inc. | 477036 | 0.0 |
| 7222 | H&R Block, Inc. | 396416 | 0.0 |
| 75279 | Hilton Worldwide Holdings, Inc. | 20049809 | 2.0 |
| 103373 | Las Vegas Sands Corp. | 4497759 | 0.5 |
| 26711 <sup>(1)</sup> | Light & Wonder, Inc. | 2571201 | 0.3 |
| 927 | Lithia Motors, Inc. | 313159 | 0.0 |
| 19578 <sup>(1)</sup> | Lululemon Athletica, Inc. | 4651341 | 0.5 |
| 5804 | Murphy USA, Inc. | 2361067 | 0.2 |
| 128838 <sup>(1)</sup> | Norwegian Cruise Line Holdings Ltd. | 2612835 | 0.3 |
| 71093 <sup>(1)</sup> | On Holding AG - Class A | 3700391 | 0.4 |
| 27081 <sup>(1)</sup> | Planet Fitness, Inc. - Class A | 2953183 | 0.3 |
| 2163 | Pool Corp. | 630471 | 0.1 |
| 928 | Ralph Lauren Corp. | 254532 | 0.0 |
| 66564 | Restaurant Brands International, Inc. | 4412528 | 0.5 |
| 833 <sup>(1)</sup> | RH | 157445 | 0.0 |
| 20779 | Ross Stores, Inc. | 2650985 | 0.3 |
| 81772 | Royal Caribbean Cruises Ltd. | 25606084 | 2.6 |
| 3878 <sup>(1)</sup> | SharkNinja, Inc. | 383883 | 0.0 |
| 61218 | Tapestry, Inc. | 5375553 | 0.6 |
| 65246 | Tempur Sealy International, Inc. | 4439990 | 0.5 |
| 21363 | Texas Roadhouse, Inc. | 4003640 | 0.4 |
| 661 <sup>(1)</sup> | TopBuild Corp. | 213992 | 0.0 |
| 171574 | Tractor Supply Co. | 9053960 | 0.9 |
| 6653 | Travel + Leisure Co. | 343361 | 0.0 |
| 3643 <sup>(1)</sup> | Ulta Beauty, Inc. | 1704268 | 0.2 |
| 9458 <sup>(2)</sup> | Vail Resorts, Inc. | 1486136 | 0.2 |
| 36334 <sup>(1)</sup> | Valvoline, Inc. | 1375969 | 0.1 |
| 65601 <sup>(1)</sup> | Viking Holdings Ltd. | 3495877 | 0.4 |
| 5427 <sup>(1)</sup> | Wayfair, Inc. - Class A | 277537 | 0.0 |
| 23021 | Wendy's Co. | 262900 | 0.0 |
| 5709 | Williams-Sonoma, Inc. | 932679 | 0.1 |
| 8964 | Wingstop, Inc. | 3018537 | 0.3 |
| 21948 | Wyndham Hotels & Resorts, Inc. | 1782397 | 0.2 |
| 30230 | Yum! Brands, Inc. | 4479481 | 0.5 |
|  |  | **213060308** | **21.8** |
|  | **Consumer Staples: 1.8%** |  |  |
| 6241 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. | 672967 | 0.1 |
| 1788 | Casey's General Stores, Inc. | 912363 | 0.1 |
| 53058 <sup>(1)</sup> | Celsius Holdings, Inc. | 2461360 | 0.3 |
| 2287 | Coca-Cola Consolidated, Inc. | 255343 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Growth Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br> **Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** |  |  |
| 5654 <sup>(1)</sup> | Darling Ingredients, Inc. | $214513 | 0 |
| 4253 <sup>(1)</sup> | Freshpet, Inc. | 289034 | 0 |
| 5680 | Hershey Co. | 942596 | 0.1 |
| 6090 <sup>(1)</sup> | Performance Food Group Co. | 532692 | 0.1 |
| 31592 <sup>(1)</sup> | Sprouts Farmers Market, Inc. | 5201307 | 0.5 |
| 83859 | Sysco Corp. | 6351481 | 0.6 |
|  |  | **17833656** | **1.8** |
|  | **Energy: 2.8%** |  |  |
| 32044 | Cheniere Energy, Inc. | 7803355 | 0.8 |
| 5123 | HF Sinclair Corp. | 210453 | 0 |
| 9407 | Phillips 66 | 1122255 | 0.1 |
| 69313 | Targa Resources Corp. | 12066007 | 1.2 |
| 6206 | Texas Pacific Land Corp. | 6555956 | 0.7 |
|  |  | **27758026** | **2.8** |
|  | **Financials: 10.5%** |  |  |
| 51499 <sup>(1)</sup> | Affirm Holdings, Inc. | 3560641 | 0.4 |
| 10494 | Ally Financial, Inc. | 408741 | 0 |
| 27996 | Ameriprise Financial, Inc. | 14942305 | 1.5 |
| 60729 | Ares Management Corp. - Class A | 10518263 | 1.1 |
| 16779 | Bank of New York Mellon Corp. | 1528735 | 0.2 |
| 65046 <sup>(1)</sup> | Block, Inc. | 4418575 | 0.5 |
| 196882 | Blue Owl Capital, Inc. | 3782103 | 0.4 |
| 9414 | Brown & Brown, Inc. | 1043730 | 0.1 |
| 6500 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 2278185 | 0.2 |
| 21933 <sup>(1)</sup> | Corpay, Inc. | 7277808 | 0.7 |
| 232 <sup>(1)(2)</sup> | Credit Acceptance Corp. | 118188 | 0 |
| 98703 | Equitable Holdings, Inc. | 5537238 | 0.6 |
| 1906 | Everest Re Group Ltd. | 647754 | 0.1 |
| 799 | FactSet Research Systems, Inc. | 357377 | 0 |
| 4845 <sup>(1)(2)</sup> | Freedom Holding Corp. | 707612 | 0.1 |
| 8411 | Hamilton Lane, Inc. - Class A | 1195371 | 0.1 |
| 6654 | Houlihan Lokey, Inc. | 1197387 | 0.1 |
| 12070 | Jefferies Financial Group, Inc. | 660108 | 0.1 |
| 7137 | Kinsale Capital Group, Inc. | 3453594 | 0.4 |
| 6877 | Lazard, Inc. | 329959 | 0 |
| 25717 | LPL Financial Holdings, Inc. | 9643104 | 1 |
| 820 <sup>(1)</sup> | Markel Corp. | 1637835 | 0.2 |
| 5151 | Morningstar, Inc. | 1617054 | 0.2 |
| 11942 | MSCI, Inc. | 6887429 | 0.7 |
| 1703 | Pinnacle Financial Partners, Inc. | 188028 | 0 |
| 1957 | Popular, Inc. | 215681 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 1410 | RLI Corp. | $101830 | 0.0 |
| 31975 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A | 2993819 | 0.3 |
| 33882 | Ryan Specialty Holdings, Inc. | 2303637 | 0.2 |
| 21420 <sup>(1)(2)</sup> | Shift4 Payments, Inc. - Class A | 2122936 | 0.2 |
| 9305 | SLM Corp. | 305111 | 0.0 |
| 47042 <sup>(1)</sup> | SoFi Technologies, Inc. | 856635 | 0.1 |
| 145791 <sup>(1)</sup> | Toast, Inc. - Class A | 6457084 | 0.7 |
| 39220 | TPG, Inc. | 2057089 | 0.2 |
| 3158 | Tradeweb Markets, Inc. - Class A | 462331 | 0.0 |
| 5706 | UWM Holdings Corp. | 23623 | 0.0 |
| 7287 | Western Alliance Bancorp | 568240 | 0.1 |
| 891 <sup>(1)</sup> | WEX, Inc. | 130879 | 0.0 |
| 11560 | XP, Inc. - Class A | 233512 | 0.0 |
|  |  | **102769531** | **10.5** |
|  | **Health Care: 13.7%** |  |  |
| 40284 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | 13136210 | 1.3 |
| 59096 | AmerisourceBergen Corp. | 17719936 | 1.8 |
| 34793 <sup>(1)</sup> | Apellis Pharmaceuticals, Inc. | 602267 | 0.1 |
| 39176 | Cardinal Health, Inc. | 6581568 | 0.7 |
| 413 | Chemed Corp. | 201102 | 0.0 |
| 30332 <sup>(1)</sup> | Corcept Therapeutics, Inc. | 2226369 | 0.2 |
| 12342 <sup>(1)</sup> | DaVita, Inc. | 1758118 | 0.2 |
| 126193 <sup>(1)</sup> | Dexcom, Inc. | 11015387 | 1.1 |
| 42142 <sup>(1)</sup> | Doximity, Inc. - Class A | 2584990 | 0.3 |
| 3316 <sup>(1)</sup> | Exact Sciences Corp. | 176212 | 0.0 |
| 70425 <sup>(1)</sup> | Exelixis, Inc. | 3103982 | 0.3 |
| 39547 <sup>(1)</sup> | Halozyme Therapeutics, Inc. | 2057235 | 0.2 |
| 26045 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 13968975 | 1.4 |
| 13205 <sup>(1)</sup> | Incyte Corp. | 899260 | 0.1 |
| 54001 <sup>(1)</sup> | Insmed, Inc. | 5434661 | 0.6 |
| 9232 <sup>(1)</sup> | Inspire Medical Systems, Inc. | 1198037 | 0.1 |
| 22630 <sup>(1)</sup> | Insulet Corp. | 7109893 | 0.7 |
| 46604 <sup>(1)</sup> | Ionis Pharmaceuticals, Inc. | 1841324 | 0.2 |
| 14546 <sup>(1)</sup> | Masimo Corp. | 2446928 | 0.3 |
| 7371 <sup>(1)</sup> | Medpace Holdings, Inc. | 2313462 | 0.2 |
| 9495 <sup>(1)</sup> | Molina Healthcare, Inc. | 2828560 | 0.3 |
| 41904 <sup>(1)</sup> | Natera, Inc. | 7079262 | 0.7 |
| 26741 <sup>(1)</sup> | Neurocrine Biosciences, Inc. | 3361076 | 0.3 |
| 12070 <sup>(1)</sup> | Penumbra, Inc. | 3097524 | 0.3 |
| 2113 <sup>(1)</sup> | Repligen Corp. | 262815 | 0.0 |
| 11141 | ResMed, Inc. | 2874378 | 0.3 |
| 24907 <sup>(1)</sup> | Sarepta Therapeutics, Inc. | 425910 | 0.1 |
| 4885 <sup>(1)</sup> | Sotera Health Co. | 54321 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Growth Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 37699 <sup>(1)(2)</sup> | Summit Therapeutics, Inc. | $802235 | 0.1 |
| 26564 <sup>(1)(2)</sup> | Tempus AI, Inc. | 1687877 | 0.2 |
| 28987 <sup>(1)</sup> | Ultragenyx Pharmaceutical, Inc. | 1053967 | 0.1 |
| 37927 <sup>(1)</sup> | Veeva Systems, Inc. - Class A | 10922217 | 1.1 |
| 2776 <sup>(1)(2)</sup> | Viking Therapeutics, Inc. | 73564 | 0.0 |
| 10051 <sup>(1)</sup> | Waters Corp. | 3508201 | 0.4 |
|  |  | **134407823** | **13.7** |
|  | **Industrials: 19.9%** |  |  |
| 21687 | AAON, Inc. | 1599416 | 0.2 |
| 6832 <sup>(1)</sup> | Alaska Air Group, Inc. | 338047 | 0.0 |
| 4606 | Allison Transmission Holdings, Inc. | 437524 | 0.0 |
| 12433 | AMERCO | 675982 | 0.1 |
| 13261 <sup>(1)</sup> | American Airlines Group, Inc. | 148788 | 0.0 |
| 4074 | Armstrong World Industries, Inc. | 661781 | 0.1 |
| 1872 <sup>(1)(2)</sup> | Avis Budget Group, Inc. | 316462 | 0.0 |
| 24075 <sup>(1)</sup> | Axon Enterprise, Inc. | 19932656 | 2.0 |
| 29091 <sup>(1)</sup> | AZEK Co., Inc. | 1581096 | 0.2 |
| 40311 | Booz Allen Hamilton Holding Corp. | 4197584 | 0.4 |
| 34169 | Broadridge Financial Solutions, Inc. | 8304092 | 0.9 |
| 5180 | BWX Technologies, Inc. | 746231 | 0.1 |
| 1625 | Carlisle Cos., Inc. | 606775 | 0.1 |
| 4527 <sup>(1)</sup> | Ceridian HCM Holding, Inc. | 250751 | 0.0 |
| 11227 | Comfort Systems USA, Inc. | 6020030 | 0.6 |
| 35561 <sup>(1)</sup> | Core & Main, Inc. - Class A | 2146106 | 0.2 |
| 4932 | EMCOR Group, Inc. | 2638077 | 0.3 |
| 6935 | Equifax, Inc. | 1798731 | 0.2 |
| 51068 <sup>(1)</sup> | ExlService Holdings, Inc. | 2236268 | 0.2 |
| 304287 | Fastenal Co. | 12780054 | 1.3 |
| 3678 | Ferguson Enterprises, Inc. | 800884 | 0.1 |
| 32875 | FTAI Aviation Ltd. | 3781940 | 0.4 |
| 13699 | HEICO Corp. | 4493272 | 0.5 |
| 24202 | HEICO Corp. - Class A | 6262267 | 0.6 |
| 129419 | Howmet Aerospace, Inc. | 24088758 | 2.5 |
| 8554 <sup>(1)</sup> | Karman Holdings, Inc. | 430865 | 0.0 |
| 3122 | KBR, Inc. | 149669 | 0.0 |
| 10354 | Lennox International, Inc. | 5935327 | 0.6 |
| 9596 | Leonardo DRS, Inc. | 446022 | 0.0 |
| 12443 <sup>(1)</sup> | Loar Holdings, Inc. | 1072213 | 0.1 |
| 20587 <sup>(1)</sup> | Lyft, Inc. - Class A | 324451 | 0.0 |
| 4224 <sup>(1)</sup> | MasTec, Inc. | 719896 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 3385 | Old Dominion Freight Line, Inc. | $549386 | 0.1 |
| 32593 | Paychex, Inc. | 4740978 | 0.5 |
| 9051 | Paycom Software, Inc. | 2094401 | 0.2 |
| 13341 <sup>(1)</sup> | Paylocity Holding Corp. | 2417256 | 0.2 |
| 36822 | Quanta Services, Inc. | 13921662 | 1.4 |
| 3640 | RB Global, Inc. | 386532 | 0 |
| 2029 <sup>(1)</sup> | RBC Bearings, Inc. | 780759 | 0.1 |
| 126342 <sup>(1)</sup> | Rocket Lab Corp. | 4519253 | 0.5 |
| 2935 | Rockwell Automation, Inc. | 974919 | 0.1 |
| 90583 | Rollins, Inc. | 5110693 | 0.5 |
| 1112 | Simpson Manufacturing Co., Inc. | 172705 | 0 |
| 4588 <sup>(1)</sup> | SiteOne Landscape Supply, Inc. | 554873 | 0.1 |
| 17359 | Southwest Airlines Co. | 563126 | 0.1 |
| 4090 <sup>(1)</sup> | Spirit AeroSystems Holdings, Inc. - Class A | 156034 | 0 |
| 4042 <sup>(1)</sup> | Standardaero, Inc. | 127929 | 0 |
| 16010 | Tetra Tech, Inc. | 575720 | 0.1 |
| 948 <sup>(1)</sup> | U-Haul Holding Co. | 57411 | 0 |
| 30536 | Veralto Corp. | 3082609 | 0.3 |
| 27110 | Verisk Analytics, Inc. | 8444765 | 0.9 |
| 122788 | Vertiv Holdings Co. - Class A | 15767207 | 1.6 |
| 14618 | WillScot Mobile Mini Holdings Corp. | 400533 | 0 |
| 12207 | WW Grainger, Inc. | 12698210 | 1.3 |
| 7617 <sup>(1)</sup> | XPO, Inc. | 961951 | 0.1 |
|  |  | **194980927** | **19.9** |
|  | **Information Technology: 17.8%** |  |  |
| 7095 <sup>(1)</sup> | Appfolio, Inc. - Class A | 1633837 | 0.2 |
| 46216 <sup>(1)</sup> | Astera Labs, Inc. | 4178851 | 0.4 |
| 50801 | Bentley Systems, Inc. - Class B | 2741730 | 0.3 |
| 3067 | CDW Corp. | 547735 | 0.1 |
| 99597 <sup>(1)</sup> | Cloudflare, Inc. - Class A | 19504080 | 2 |
| 89337 <sup>(1)</sup> | Confluent, Inc. - Class A | 2227171 | 0.2 |
| 99565 <sup>(1)</sup> | Datadog, Inc. - Class A | 13374566 | 1.4 |
| 48979 <sup>(1)</sup> | DocuSign, Inc. | 3814974 | 0.4 |
| 21099 <sup>(1)</sup> | DoubleVerify Holdings, Inc. | 315852 | 0 |
| 17296 <sup>(1)</sup> | Dropbox, Inc. - Class A | 494666 | 0 |
| 94765 <sup>(1)</sup> | Dynatrace, Inc. | 5231976 | 0.5 |
| 29261 <sup>(1)</sup> | Elastic NV | 2467580 | 0.2 |
| 41078 <sup>(1)</sup> | Enphase Energy, Inc. | 1628743 | 0.2 |
| 7881 | Entegris, Inc. | 635603 | 0.1 |
| 6322 <sup>(1)</sup> | Fair Isaac Corp. | 11556363 | 1.2 |
| 24180 <sup>(1)</sup> | Gartner, Inc. | 9774040 | 1 |
| 19259 | Gen Digital, Inc. | 566215 | 0.1 |
| 42417 <sup>(1)</sup> | Gitlab, Inc. - Class A | 1913431 | 0.2 |
| 1354 <sup>(1)(2)</sup> | Globant SA | 122997 | 0 |
| 44362 <sup>(1)</sup> | GoDaddy, Inc. - Class A | 7987822 | 0.8 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Growth Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 27025 <sup>(1)</sup> | Guidewire Software, Inc. | $6363036 | 0.6 |
| 16411 <sup>(1)</sup> | HubSpot, Inc. | 9134855 | 0.9 |
| 22215 | Jabil, Inc. | 4845091 | 0.5 |
| 4841 <sup>(1)</sup> | Kyndryl Holdings, Inc. | 203128 | 0 |
| 37331 <sup>(1)</sup> | Lattice Semiconductor Corp. | 1828846 | 0.2 |
| 1671 <sup>(1)</sup> | Lumentum Holdings, Inc. | 158845 | 0 |
| 5067 <sup>(1)</sup> | MACOM Technology Solutions Holdings, Inc. | 726050 | 0.1 |
| 19347 <sup>(1)</sup> | Manhattan Associates, Inc. | 3820452 | 0.4 |
| 2426 <sup>(1)</sup> | MongoDB, Inc. | 509436 | 0.1 |
| 14938 | Monolithic Power Systems, Inc. | 10925354 | 1.1 |
| 4832 <sup>(1)</sup> | nCino, Inc. | 135151 | 0 |
| 25881 | NetApp, Inc. | 2757620 | 0.3 |
| 20255 <sup>(1)</sup> | Nutanix, Inc. - Class A | 1548292 | 0.2 |
| 20943 <sup>(1)</sup> | Okta, Inc. | 2093672 | 0.2 |
| 3492 <sup>(1)</sup> | Onto Innovation, Inc. | 352448 | 0 |
| 9305 | Pegasystems, Inc. | 503680 | 0 |
| 36981 <sup>(1)</sup> | Procore Technologies, Inc. | 2530240 | 0.3 |
| 4446 <sup>(1)</sup> | PTC, Inc. | 766224 | 0.1 |
| 85929 <sup>(1)</sup> | Pure Storage, Inc. - Class A | 4947792 | 0.5 |
| 25839 <sup>(1)</sup> | RingCentral, Inc. - Class A | 732536 | 0.1 |
| 18705 <sup>(1)</sup> | Rubrik, Inc. - Class A | 1675781 | 0.2 |
| 86583 <sup>(1)</sup> | Samsara, Inc. - Class A | 3444272 | 0.3 |
| 67871 <sup>(1)</sup> | SentinelOne, Inc. - Class A | 1240682 | 0.1 |
| 75965 <sup>(1)</sup> | Super Micro Computer, Inc. | 3723045 | 0.4 |
| 6994 <sup>(1)</sup> | Teradata Corp. | 156036 | 0 |
| 7793 <sup>(1)</sup> | Twilio, Inc. - Class A | 969137 | 0.1 |
| 11520 <sup>(1)</sup> | Tyler Technologies, Inc. | 6829517 | 0.7 |
| 1359 | Ubiquiti, Inc. | 559432 | 0.1 |
| 5958 <sup>(1)</sup> | Unity Software, Inc. | 144184 | 0 |
| 31512 <sup>(1)</sup> | Zscaler, Inc. | 9892877 | 1 |
|  |  | **174235943** | **17.8** |
|  | **Materials: 0.2%** |  |  |
| 19714 | Anglogold Ashanti PLC | 898367 | 0.1 |
| 2745 | Carpenter Technology Corp. | 758663 | 0.1 |
| 649 | Eagle Materials, Inc. | 131169 | 0 |
| 4349 | Steel Dynamics, Inc. | 556716 | 0 |
|  |  | **2344915** | **0.2** |
|  | **Real Estate: 1.3%** |  |  |
| 10542 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 1477145 | 0.2 |
| 16701 <sup>(1)</sup> | CoStar Group, Inc. | 1342760 | 0.1 |
| 4099 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | 1048442 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Real Estate: (continued)** |  |  |
| 28277 | Lamar Advertising Co. - Class A | $3431697 | 0.4 |
| 23206 | Simon Property Group, Inc. | 3730597 | 0.4 |
| 7808 | Sun Communities, Inc. | 987634 | 0.1 |
| 5830 | UDR, Inc. | 238039 | 0 |
|  |  | **12256314** | **1.3** |
|  | **Utilities: 3.2%** |  |  |
| 63962 | NRG Energy, Inc. | 10271018 | 1 |
| 109190 | Vistra Corp. | 21162114 | 2.2 |
|  |  | **31433132** | **3.2** |
|  | Total Common Stock<br> (Cost $671,590,545) | **970488601** | **99.1** |
| **EXCHANGE-TRADED FUNDS: 1.1%** | **EXCHANGE-TRADED FUNDS: 1.1%** |  |  |
| 76267 | iShares Russell Mid-Cap Growth ETF | **10576707** | **1.1** |
|  | Total Exchange-Traded Funds<br> (Cost $10,469,357) | **10576707** | **1.1** |
|  | Total Long-Term Investments<br> (Cost $682,059,902) | **981065308** | **100.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 0.5%** | **SHORT-TERM INVESTMENTS: 0.5%** | **SHORT-TERM INVESTMENTS: 0.5%** | **SHORT-TERM INVESTMENTS: 0.5%** |
|  | **Repurchase Agreements: 0.4%** |  |  |
| 1249426 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,249,576, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,274,415, due 06/01/30-02/01/57) | 1249426 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Growth Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1211853 <sup>(3)</sup> | CF Secured LLC, Repurchase Agreement dated 06/30/2025, 4.390%,due 07/01/2025 (Repurchase Amount $1,211,999, collateralized by various U.S. Government Agency Obligations, 3.000%- 6.500%, Market Value plus accrued interest $1,236,368, due 05/23/28-12/01/63) | $1211853 | 0.1 |
| 1896819 <sup>(3)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $1,897,052, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $1,929,052, due 07/15/26-02/15/54) | 1896819 | 0.2 |
|  | Total Repurchase Agreements<br> (Cost $4,358,098) | **4358098** | **0.4** |
|  | **Time Deposits: 0.1%** |  |  |
| 220000 <sup>(3)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 | 220000 | 0.0 |
| 210000 <sup>(3)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | 210000 | 0.0 |
| 220000 <sup>(3)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 220000 | 0.0 |
| 220000 <sup>(3)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 220000 | 0.1 |
|  | Total Time Deposits<br> (Cost $870,000) | **870000** | **0.1** |
|  | Total Short-Term Investments<br> (Cost $5,228,098) | **5228098** | **0.5** |
|  | **Total Investments in Securities<br> (Cost $687,288,000)** | $**986293406** | **100.7** |
|  | **Liabilities in Excess of Other Assets** | **(6896162)** | **(0.7)** |
|  | **Net Assets** | $**979397244** | **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. |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Growth Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Signifiicant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Signifiicant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $970488601 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $970488601 |
| Exchange-Traded Funds | 10576707 |  |  | 10576707 |
| Short-Term Investments |  | 5228098 |  | 5228098 |
| Total Investments, at fair value | $981065308 | $5228098 | $— | $986293406 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 46492 |  |  | 46492 |
| Total Assets | $981111800 | $5228098 | $— | $986339898 |

---

---

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

---

At June 30, 2025, the following futures contracts were outstanding for Voya Russell™ Mid Cap Growth Index Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P Mid 400 E-Mini Index | 8 | 09/19/25 | $2500400 | $46492 |
|  |  |  | $2500400 | $46492 |

---

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

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

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $46492 |
| **Total Asset Derivatives** |  | $46492 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(241543) |
| **Total** | $(241543) |

---

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

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> Growth INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $175924 |
| **Total** | $175924 |

---

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

Cost for U.S. federal income tax purposes was $704,131,361.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $316575587 |
| Gross Unrealized Depreciation | (34367050) |
| Net Unrealized Appreciation | $282208537 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 99.2%** | **COMMON STOCK: 99.2%** |  |  |
|  | **Communication Services: 4.1%** | **Communication Services: 4.1%** |  |
| 14079 <sup>(1)</sup> | AST SpaceMobile, Inc. | $657912 | 0.1 |
| 7407 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 3028056 | 0.3 |
| 21304 | Electronic Arts, Inc. | 3402249 | 0.3 |
| 17625 | Fox Corp. - Class A | 987705 | 0.1 |
| 10805 | Fox Corp. - Class B | 557862 | 0.1 |
| 19152 <sup>(1)</sup> | Frontier Communications Parent, Inc. | 697133 | 0.1 |
| 5487 <sup>(1)</sup> | IAC, Inc. | 204885 | 0.0 |
| 30123 | Interpublic Group of Cos., Inc. | 737411 | 0.1 |
| 7749 | Iridium Communications, Inc. | 233787 | 0.0 |
| 1351 <sup>(1)</sup> | Liberty Broadband Corp. - Class A | 132155 | 0.0 |
| 9144 <sup>(1)</sup> | Liberty Broadband Corp. - Class C | 899587 | 0.1 |
| 13667 <sup>(1)</sup> | Liberty Global Ltd. - Class A | 136807 | 0.0 |
| 11446 <sup>(1)</sup> | Liberty Global Ltd. - Class C | 118008 | 0.0 |
| 1854 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class A, Tracking Stock | 176056 | 0.0 |
| 17133 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class C, Tracking Stock | 1790398 | 0.2 |
| 1609 <sup>(1)</sup> | Liberty Media Corp.-Liberty Live - Class A, Tracking Stock | 127883 | 0.0 |
| 3737 <sup>(1)</sup> | Liberty Media Corp.-Liberty Live - Class C, Tracking Stock | 303295 | 0.0 |
| 12927 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 1955596 | 0.2 |
| 1315 <sup>(1)</sup> | Madison Square Garden Sports Corp. | 274769 | 0.0 |
| 19965 | Match Group, Inc. | 616719 | 0.1 |
| 8391 | Millicom International Cellular SA | 314411 | 0.0 |
| 13108 | New York Times Co. - Class A | 733786 | 0.1 |
| 30923 | News Corp. - Class A | 919031 | 0.1 |
| 9140 | News Corp. - Class B | 313593 | 0.0 |
| 2302 | Nexstar Media Group, Inc. | 398131 | 0.0 |
| 15788 | Omnicom Group, Inc. | 1135789 | 0.1 |
| 740 <sup>(2)</sup> | Paramount Global - Class A | 16983 | 0.0 |
| 48633 <sup>(2)</sup> | Paramount Global - Class B | 627366 | 0.1 |
| 48248 <sup>(1)</sup> | Pinterest, Inc. - Class A | 1730173 | 0.2 |
| 9523 <sup>(1)</sup> | Reddit, Inc. - Class A | 1433878 | 0.2 |
| 46025 <sup>(1)</sup> | ROBLOX Corp. - Class A | 4841830 | 0.5 |
| 10527 <sup>(1)</sup> | Roku, Inc. | 925218 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** |  |
| 15504 | Sirius XM Holdings, Inc. | $| 356127 | 0.0 |
| 14620 <sup>(1)</sup> | Take-Two Interactive Software, Inc. |  | 3550467 | 0.4 |
| 5615 | TKO Group Holdings, Inc. |  | 1021649 | 0.1 |
| 36450 <sup>(1)</sup> | Trade Desk, Inc. - Class A |  | 2624035 | 0.3 |
| 8465 <sup>(1)</sup> | Trump Media & Technology Group Corp. |  | 152709 | 0.0 |
| 182203 <sup>(1)</sup> | Warner Bros Discovery, Inc. |  | 2088046 | 0.2 |
| 24140 <sup>(1)</sup> | ZoomInfo Technologies, Inc. |  | 244297 | 0.0 |
|  |  |  | **40465792** | **4.1** |
|  | **Consumer Discretionary: 11.6%** | **Consumer Discretionary: 11.6%** | **Consumer Discretionary: 11.6%** |  |
| 28874 | ADT, Inc. |  | 244563 | 0.0 |
| 12185 <sup>(1)</sup> | Amer Sports, Inc. |  | 472291 | 0.0 |
| 18694 <sup>(1)</sup> | Aptiv PLC |  | 1275305 | 0.1 |
| 21557 | Aramark |  | 902592 | 0.1 |
| 2244 <sup>(1)</sup> | AutoNation, Inc. |  | 445771 | 0.0 |
| 17389 | Bath & Body Works, Inc. |  | 520974 | 0.1 |
| 15787 | Best Buy Co., Inc. |  | 1059781 | 0.1 |
| 4349 <sup>(1)</sup> | Birkenstock Holding PLC |  | 213884 | 0.0 |
| 17799 | BorgWarner, Inc. |  | 595911 | 0.1 |
| 4745 | Boyd Gaming Corp. |  | 371201 | 0.0 |
| 4643 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. |  | 573828 | 0.1 |
| 5350 | Brunswick Corp. |  | 295534 | 0.0 |
| 5137 <sup>(1)</sup> | Burlington Stores, Inc. |  | 1195072 | 0.1 |
| 16858 <sup>(1)</sup> | Caesars Entertainment, Inc. |  | 478599 | 0.1 |
| 12452 <sup>(1)</sup> | CarMax, Inc. |  | 836899 | 0.1 |
| 88286 <sup>(1)</sup> | Carnival Corp. |  | 2482602 | 0.3 |
| 10489 <sup>(1)</sup> | Carvana Co. |  | 3534373 | 0.4 |
| 8150 <sup>(1)</sup> | Cava Group, Inc. |  | 686474 | 0.1 |
| 17083 <sup>(1)</sup> | Chewy, Inc. - Class A |  | 728077 | 0.1 |
| 2216 <sup>(2)</sup> | Choice Hotels International, Inc. |  | 281166 | 0.0 |
| 5311 | Churchill Downs, Inc. |  | 536411 | 0.1 |
| 2125 | Columbia Sportswear Co. |  | 129795 | 0.0 |
| 101415 <sup>(1)</sup> | Coupang, Inc. |  | 3038393 | 0.3 |
| 4440 <sup>(1)</sup> | Crocs, Inc. |  | 449683 | 0.0 |
| 22411 | D.R. Horton, Inc. |  | 2889226 | 0.3 |
| 9543 | Darden Restaurants, Inc. |  | 2080088 | 0.2 |
| 12343 <sup>(1)</sup> | Deckers Outdoor Corp. |  | 1272193 | 0.1 |
| 4421 | Dick's Sporting Goods, Inc. |  | 874518 | 0.1 |
| 242 <sup>(2)</sup> | Dillard's, Inc. - Class A |  | 101115 | 0.0 |
| 2596 | Domino's Pizza, Inc. |  | 1169758 | 0.1 |
| 39255 <sup>(1)</sup> | DraftKings, Inc. - Class A |  | 1683647 | 0.2 |
| 3070 <sup>(1)</sup> | Duolingo, Inc. |  | 1258761 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |  |
| 9446 <sup>(1)</sup> | Dutch Bros, Inc. - Class A | $645823 | 0.1 |
| 37622 | eBay, Inc. | 2801334 | 0.3 |
| 8431 <sup>(1)</sup> | Etsy, Inc. | 422899 | 0.0 |
| 9884 | Expedia Group, Inc. | 1667233 | 0.2 |
| 4403 <sup>(1)</sup> | Five Below, Inc. | 577586 | 0.1 |
| 8693 <sup>(1)</sup> | Floor & Decor Holdings, Inc. - Class A | 660320 | 0.1 |
| 14311 <sup>(1)</sup> | Flutter Entertainment PLC - Class DI | 4089511 | 0.4 |
| 318877 | Ford Motor Co. | 3459815 | 0.3 |
| 33469 <sup>(1)(2)</sup> | GameStop Corp. - Class A | 816309 | 0.1 |
| 18790 | Gap, Inc. | 409810 | 0.0 |
| 13312 | Garmin Ltd. | 2778481 | 0.3 |
| 18476 | Gentex Corp. | 406287 | 0.0 |
| 11329 | Genuine Parts Co. | 1374321 | 0.1 |
| 2273 <sup>(1)</sup> | Grand Canyon Education, Inc. | 429597 | 0.0 |
| 10831 | H&R Block, Inc. | 594514 | 0.1 |
| 9107 | Harley-Davidson, Inc. | 214925 | 0.0 |
| 10796 | Hasbro, Inc. | 796961 | 0.1 |
| 19052 | Hilton Worldwide Holdings, Inc. | 5074310 | 0.5 |
| 3285 | Hyatt Hotels Corp. - Class A | 458750 | 0.0 |
| 26162 | Las Vegas Sands Corp. | 1138309 | 0.1 |
| 4358 | Lear Corp. | 413923 | 0.0 |
| 18653 | Lennar Corp. - Class A | 2063208 | 0.2 |
| 779 | Lennar Corp. - Class B | 81990 | 0.0 |
| 6760 <sup>(1)</sup> | Light & Wonder, Inc. | 650718 | 0.1 |
| 2090 | Lithia Motors, Inc. | 706044 | 0.1 |
| 21195 | LKQ Corp. | 784427 | 0.1 |
| 101469 <sup>(1)(2)</sup> | Lucid Group, Inc. | 214100 | 0.0 |
| 8597 <sup>(1)</sup> | Lululemon Athletica, Inc. | 2042475 | 0.2 |
| 22632 | Macy's, Inc. | 263889 | 0.0 |
| 26226 <sup>(1)</sup> | Mattel, Inc. | 517177 | 0.1 |
| 16735 <sup>(1)</sup> | MGM Resorts International | 575517 | 0.1 |
| 4189 <sup>(1)</sup> | Mohawk Industries, Inc. | 439175 | 0.0 |
| 1469 | Murphy USA, Inc. | 597589 | 0.1 |
| 34049 | Newell Brands, Inc. | 183865 | 0.0 |
| 36126 <sup>(1)</sup> | Norwegian Cruise Line Holdings Ltd. | 732635 | 0.1 |
| 229 <sup>(1)</sup> | NVR, Inc. | 1691316 | 0.2 |
| 5000 <sup>(1)</sup> | Ollie's Bargain Outlet Holdings, Inc. | 658900 | 0.1 |
| 17992 <sup>(1)</sup> | On Holding AG - Class A | 936484 | 0.1 |
| 12204 <sup>(1)</sup> | Penn Entertainment, Inc. | 218085 | 0.0 |
| 1510 | Penske Automotive Group, Inc. | 259433 | 0.0 |
| 6846 <sup>(1)</sup> | Planet Fitness, Inc. - Class A | 746556 | 0.1 |
| 2934 | Pool Corp. | 855202 | 0.1 |
| 16314 | PulteGroup, Inc. | 1720474 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |  |
| 4266 | PVH Corp. | $| 292648 | 0.0 |
| 33665 <sup>(1)(2)</sup> | QuantumScape Corp. |  | 226229 | 0.0 |
| 3195 | Ralph Lauren Corp. |  | 876325 | 0.1 |
| 26428 | Restaurant Brands International, Inc. |  | 1751912 | 0.2 |
| 1247 <sup>(1)</sup> | RH |  | 235695 | 0.0 |
| 63306 <sup>(1)(2)</sup> | Rivian Automotive, Inc. - Class A |  | 869824 | 0.1 |
| 26315 | Ross Stores, Inc. |  | 3357268 | 0.3 |
| 20695 | Royal Caribbean Cruises Ltd. |  | 6480432 | 0.7 |
| 11389 | Service Corp. International |  | 927065 | 0.1 |
| 5747 <sup>(1)</sup> | SharkNinja, Inc. |  | 568896 | 0.1 |
| 10674 <sup>(1)</sup> | Skechers USA, Inc. - Class A |  | 673529 | 0.1 |
| 16892 | Tapestry, Inc. |  | 1483286 | 0.2 |
| 16513 | Tempur Sealy International, Inc. |  | 1123710 | 0.1 |
| 5407 | Texas Roadhouse, Inc. |  | 1013326 | 0.1 |
| 4158 | Thor Industries, Inc. |  | 369272 | 0.0 |
| 8080 | Toll Brothers, Inc. |  | 922170 | 0.1 |
| 2381 <sup>(1)</sup> | TopBuild Corp. |  | 770825 | 0.1 |
| 43423 | Tractor Supply Co. |  | 2291432 | 0.2 |
| 5132 | Travel + Leisure Co. |  | 264862 | 0.0 |
| 3688 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 1725320 | 0.2 |
| 15283 <sup>(1)</sup> | Under Armour, Inc. - Class A |  | 104383 | 0.0 |
| 15446 <sup>(1)</sup> | Under Armour, Inc. - Class C |  | 100245 | 0.0 |
| 2929 <sup>(2)</sup> | Vail Resorts, Inc. |  | 460234 | 0.0 |
| 10353 <sup>(1)</sup> | Valvoline, Inc. |  | 392068 | 0.0 |
| 28681 | VF Corp. |  | 337002 | 0.0 |
| 16603 <sup>(1)</sup> | Viking Holdings Ltd. |  | 884774 | 0.1 |
| 7655 <sup>(1)</sup> | Wayfair, Inc. - Class A |  | 391477 | 0.0 |
| 13360 | Wendy's Co. |  | 152571 | 0.0 |
| 4382 <sup>(2)</sup> | Whirlpool Corp. |  | 444422 | 0.0 |
| 9673 | Williams-Sonoma, Inc. |  | 1580278 | 0.2 |
| 2269 | Wingstop, Inc. |  | 764063 | 0.1 |
| 6200 | Wyndham Hotels & Resorts, Inc. |  | 503502 | 0.1 |
| 6822 | Wynn Resorts Ltd. |  | 639017 | 0.1 |
| 6739 <sup>(1)</sup> | YETI Holdings, Inc. |  | 212413 | 0.0 |
| 22768 | Yum! Brands, Inc. |  | 3373762 | 0.3 |
|  |  |  | **115412999** | **11.6** |
|  | **Consumer Staples: 5.3%** | **Consumer Staples: 5.3%** | **Consumer Staples: 5.3%** |  |
| 33853 | Albertsons Cos., Inc. - Class A |  | 728178 | 0.1 |
| 39042 | Archer-Daniels-Midland Co. |  | 2060637 | 0.2 |
| 10366 <sup>(1)</sup> | BellRing Brands, Inc. |  | 600502 | 0.1 |
| 10676 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. |  | 1151193 | 0.1 |
| 667 <sup>(1)</sup> | Boston Beer Co., Inc. - Class A |  | 127270 | 0.0 |
| 3561 | Brown-Forman Corp. - Class A |  | 97821 | 0.0 |
| 12063 | Brown-Forman Corp. - Class B |  | 324615 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |  |
| 10848 | Bunge Global SA | $870877 | 0.1 |
| 15837 | Campbell Soup Co. | 485404 | 0.0 |
| 3022 | Casey's General Stores, Inc. | 1542036 | 0.1 |
| 13428 <sup>(1)</sup> | Celsius Holdings, Inc. | 622925 | 0.1 |
| 20118 | Church & Dwight Co., Inc. | 1933541 | 0.2 |
| 10058 | Clorox Co. | 1207664 | 0.1 |
| 4228 | Coca-Cola Consolidated, Inc. | 472056 | 0.0 |
| 38874 | Conagra Brands, Inc. | 795751 | 0.1 |
| 10673 | Constellation Brands, Inc. - Class A | 1736284 | 0.2 |
| 28199 <sup>(1)</sup> | Coty, Inc. - Class A | 131125 | 0.0 |
| 12774 <sup>(1)</sup> | Darling Ingredients, Inc. | 484646 | 0.0 |
| 17942 | Dollar General Corp. | 2052206 | 0.2 |
| 16592 <sup>(1)</sup> | Dollar Tree, Inc. | 1643272 | 0.2 |
| 4473 <sup>(1)</sup> | e.l.f. Beauty, Inc. | 556620 | 0.1 |
| 19091 | Estee Lauder Cos., Inc. - Class A | 1542553 | 0.2 |
| 15249 | Flowers Foods, Inc. | 243679 | 0.0 |
| 3887 <sup>(1)</sup> | Freshpet, Inc. | 264161 | 0.0 |
| 44729 | General Mills, Inc. | 2317409 | 0.2 |
| 11899 | Hershey Co. | 1974639 | 0.2 |
| 23626 | Hormel Foods Corp. | 714686 | 0.1 |
| 5216 | Ingredion, Inc. | 707394 | 0.1 |
| 8465 | JM Smucker Co. | 831263 | 0.1 |
| 22693 | Kellogg Co. | 1804774 | 0.2 |
| 155218 | Kenvue, Inc. | 3248713 | 0.3 |
| 69740 | Kraft Heinz Co. | 1800687 | 0.2 |
| 49534 | Kroger Co. | 3553074 | 0.4 |
| 11128 | Lamb Weston Holdings, Inc. | 576987 | 0.1 |
| 14074 <sup>(1)</sup> | Maplebear, Inc. | 636708 | 0.1 |
| 20681 | McCormick & Co., Inc. | 1568033 | 0.2 |
| 13700 | Molson Coors Beverage Co. - Class B | 658833 | 0.1 |
| 12464 <sup>(1)</sup> | Performance Food Group Co. | 1090226 | 0.1 |
| 3378 | Pilgrim's Pride Corp. | 151942 | 0.0 |
| 4119 <sup>(1)</sup> | Post Holdings, Inc. | 449095 | 0.0 |
| 20971 | Primo Brands Corp. - Class A | 621161 | 0.1 |
| 4453 | Reynolds Consumer Products, Inc. | 95383 | 0.0 |
| 21 | Seaboard Corp. | 60085 | 0.0 |
| 2075 | Smithfield Foods, Inc. | 48825 | 0.0 |
| 7995 <sup>(1)</sup> | Sprouts Farmers Market, Inc. | 1316297 | 0.1 |
| 39632 | Sysco Corp. | 3001728 | 0.3 |
| 22853 | Tyson Foods, Inc. - Class A | 1278397 | 0.1 |
| 18756 <sup>(1)</sup> | US Foods Holding Corp. | 1444400 | 0.1 |
| 58361 | Walgreens Boots Alliance, Inc. | 669984 | 0.1 |
|  |  | **52295739** | **5.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: 5.9%** |  |  |
| 27317 | Antero Midstream Corp. | $517657 | 0.1 |
| 23664 <sup>(1)</sup> | Antero Resources Corp. | 953186 | 0.1 |
| 28966 | APA Corp. | 529788 | 0.1 |
| 81007 | Baker Hughes Co. | 3105808 | 0.3 |
| 18017 | Cheniere Energy, Inc. | 4387500 | 0.4 |
| 17949 | Chesapeake Energy Corp. | 2098956 | 0.2 |
| 4824 | Chord Energy Corp. | 467204 | 0.1 |
| 7536 | Civitas Resources, Inc. | 207391 | 0.0 |
| 61618 | Coterra Energy, Inc. | 1563865 | 0.2 |
| 50793 | Devon Energy Corp. | 1615725 | 0.2 |
| 15575 | Diamondback Energy, Inc. | 2140005 | 0.2 |
| 8287 | DT Midstream, Inc. | 910824 | 0.1 |
| 48696 | EQT Corp. | 2839951 | 0.3 |
| 70025 | Halliburton Co. | 1427110 | 0.1 |
| 23083 | Hess Corp. | 3197919 | 0.3 |
| 13047 | HF Sinclair Corp. | 535971 | 0.1 |
| 158843 | Kinder Morgan, Inc. | 4669984 | 0.5 |
| 25455 | Marathon Petroleum Corp. | 4228330 | 0.4 |
| 9522 | Matador Resources Co. | 454390 | 0.0 |
| 30517 | NOV, Inc. | 379326 | 0.0 |
| 55011 | Occidental Petroleum Corp. | 2311012 | 0.2 |
| 51044 | ONEOK, Inc. | 4166722 | 0.4 |
| 21205 | Ovintiv, Inc. | 806850 | 0.1 |
| 52051 | Permian Resources Corp. | 708935 | 0.1 |
| 33298 | Phillips 66 | 3972451 | 0.4 |
| 19283 | Range Resources Corp. | 784240 | 0.1 |
| 17542 | Targa Resources Corp. | 3053711 | 0.3 |
| 33927 | TechnipFMC PLC | 1168446 | 0.1 |
| 1571 | Texas Pacific Land Corp. | 1659589 | 0.2 |
| 25497 | Valero Energy Corp. | 3427307 | 0.3 |
| 10719 | Viper Energy, Inc. | 408715 | 0.0 |
| 5813 | Weatherford International PLC | 292452 | 0.0 |
|  |  | **58991320** | **5.9** |
|  | **Financials: 15.3%** |  |  |
| 2282 | Affiliated Managers Group, Inc. | 449029 | 0.0 |
| 21916 <sup>(1)</sup> | Affirm Holdings, Inc. | 1515272 | 0.1 |
| 77391 <sup>(2)</sup> | AGNC Investment Corp. | 711223 | 0.1 |
| 21555 | Allstate Corp. | 4339237 | 0.4 |
| 22539 | Ally Financial, Inc. | 877894 | 0.1 |
| 5401 | American Financial Group, Inc. | 681660 | 0.1 |
| 7804 | Ameriprise Financial, Inc. | 4165229 | 0.4 |
| 48839 | Annaly Capital Management, Inc. | 919150 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** | **Financials: (continued)** |  |
| 29802 | Arch Capital Group Ltd. | $2713472 | 0.3 |
| 15369 | Ares Management Corp. - Class A | 2661911 | 0.3 |
| 4139 | Assurant, Inc. | 817411 | 0.1 |
| 3803 | Assured Guaranty Ltd. | 331241 | 0.0 |
| 6195 | Axis Capital Holdings Ltd. | 643165 | 0.1 |
| 58471 | Bank of New York Mellon Corp. | 5327293 | 0.5 |
| 8717 | Bank OZK | 410222 | 0.0 |
| 44482 <sup>(1)</sup> | Block, Inc. | 3021662 | 0.3 |
| 49828 | Blue Owl Capital, Inc. | 957196 | 0.1 |
| 1825 | BOK Financial Corp. | 178175 | 0.0 |
| 4668 <sup>(1)</sup> | Brighthouse Financial, Inc. | 250998 | 0.0 |
| 22511 | Brown & Brown, Inc. | 2495795 | 0.2 |
| 21362 | Carlyle Group, Inc. | 1098007 | 0.1 |
| 8557 | Cboe Global Markets, Inc. | 1995578 | 0.2 |
| 12582 | Cincinnati Financial Corp. | 1873711 | 0.2 |
| 35530 | Citizens Financial Group, Inc. | 1589968 | 0.2 |
| 1709 | CNA Financial Corp. | 79520 | 0.0 |
| 16850 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 5905756 | 0.6 |
| 17067 | Columbia Banking System, Inc. | 399026 | 0.0 |
| 10661 | Comerica, Inc. | 635929 | 0.1 |
| 10067 | Commerce Bancshares, Inc. | 625865 | 0.1 |
| 19615 | Corebridge Financial, Inc. | 696333 | 0.1 |
| 5551 <sup>(1)</sup> | Corpay, Inc. | 1841933 | 0.2 |
| 561 <sup>(1)(2)</sup> | Credit Acceptance Corp. | 285790 | 0.0 |
| 4856 | Cullen/Frost Bankers, Inc. | 624190 | 0.1 |
| 11164 | East West Bancorp, Inc. | 1127341 | 0.1 |
| 24980 | Equitable Holdings, Inc. | 1401378 | 0.1 |
| 3312 <sup>(1)</sup> | Euronet Worldwide, Inc. | 335771 | 0.0 |
| 3011 | Evercore, Inc. - Class A | 813030 | 0.1 |
| 3430 | Everest Re Group Ltd. | 1165686 | 0.1 |
| 28993 | F.N.B. Corp. | 422718 | 0.0 |
| 3101 | FactSet Research Systems, Inc. | 1387015 | 0.1 |
| 21234 | Fidelity National Financial, Inc. | 1190378 | 0.1 |
| 43011 | Fidelity National Information Services, Inc. | 3501526 | 0.3 |
| 54391 | Fifth Third Bancorp | 2237102 | 0.2 |
| 8032 | First American Financial Corp. | 493084 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** | **Financials: (continued)** |  |
| 805 | First Citizens BancShares, Inc. - Class A | $1574958 | 0.2 |
| 10227 | First Hawaiian, Inc. | 255266 | 0.0 |
| 41064 | First Horizon Corp. | 870557 | 0.1 |
| 25077 | Franklin Resources, Inc. | 598086 | 0.1 |
| 1441 <sup>(1)(2)</sup> | Freedom Holding Corp. | 210458 | 0.0 |
| 19942 | Global Payments, Inc. | 1596158 | 0.2 |
| 6772 | Globe Life, Inc. | 841692 | 0.1 |
| 3264 | Hamilton Lane, Inc. - Class A | 463880 | 0.0 |
| 2925 | Hanover Insurance Group, Inc. | 496870 | 0.0 |
| 23184 | Hartford Financial Services Group, Inc. | 2941354 | 0.3 |
| 4418 | Houlihan Lokey, Inc. | 795019 | 0.1 |
| 118130 | Huntington Bancshares, Inc. | 1979859 | 0.2 |
| 29725 | Invesco Ltd. | 468763 | 0.0 |
| 5930 | Jack Henry & Associates, Inc. | 1068408 | 0.1 |
| 10252 | Janus Henderson Group PLC | 398188 | 0.0 |
| 12506 | Jefferies Financial Group, Inc. | 683953 | 0.1 |
| 4993 | Kemper Corp. | 322248 | 0.0 |
| 77239 | KeyCorp | 1345503 | 0.1 |
| 1806 | Kinsale Capital Group, Inc. | 873923 | 0.1 |
| 8980 | Lazard, Inc. | 430860 | 0.0 |
| 13909 | Lincoln National Corp. | 481251 | 0.0 |
| 13956 | Loews Corp. | 1279207 | 0.1 |
| 6509 | LPL Financial Holdings, Inc. | 2440680 | 0.2 |
| 13280 | M&T Bank Corp. | 2576187 | 0.3 |
| 1018 <sup>(1)</sup> | Markel Corp. | 2033312 | 0.2 |
| 2977 | MarketAxess Holdings, Inc. | 664883 | 0.1 |
| 19055 | MGIC Investment Corp. | 530491 | 0.1 |
| 1920 | Morningstar, Inc. | 602746 | 0.1 |
| 5126 <sup>(1)</sup> | Mr Cooper Group, Inc. | 764850 | 0.1 |
| 6143 | MSCI, Inc. | 3542914 | 0.4 |
| 33685 | Nasdaq, Inc. | 3012113 | 0.3 |
| 15794 | Northern Trust Corp. | 2002521 | 0.2 |
| 18666 | Old Republic International Corp. | 717521 | 0.1 |
| 9728 | OneMain Holdings, Inc. | 554496 | 0.1 |
| 6236 | Pinnacle Financial Partners, Inc. | 688517 | 0.1 |
| 5524 | Popular, Inc. | 608800 | 0.1 |
| 2692 | Primerica, Inc. | 736720 | 0.1 |
| 18140 | Principal Financial Group, Inc. | 1440860 | 0.1 |
| 7469 | Prosperity Bancshares, Inc. | 524623 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 28967 | Prudential Financial, Inc. | $3112214 | 0.3 |
| 14934 | Raymond James Financial, Inc. | 2290428 | 0.2 |
| 73381 | Regions Financial Corp. | 1725921 | 0.2 |
| 5387 | Reinsurance Group of America, Inc. | 1068565 | 0.1 |
| 3902 | RenaissanceRe Holdings Ltd. | 947796 | 0.1 |
| 43213 | Rithm Capital Corp. | 487875 | 0.0 |
| 6682 | RLI Corp. | 482574 | 0.0 |
| 60452 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A | 5660121 | 0.6 |
| 18892 <sup>(2)</sup> | Rocket Cos., Inc. - Class A | 267889 | 0.0 |
| 8575 | Ryan Specialty Holdings, Inc. | 583014 | 0.1 |
| 8496 | SEI Investments Co. | 763451 | 0.1 |
| 5421 <sup>(1)(2)</sup> | Shift4 Payments, Inc. - Class A | 537275 | 0.1 |
| 17079 | SLM Corp. | 560020 | 0.1 |
| 86851 <sup>(1)</sup> | SoFi Technologies, Inc. | 1581557 | 0.2 |
| 8192 | SouthState Corp. | 753910 | 0.1 |
| 25978 <sup>(2)</sup> | Starwood Property Trust, Inc. | 521378 | 0.1 |
| 23526 | State Street Corp. | 2501755 | 0.2 |
| 8160 | Stifel Financial Corp. | 846845 | 0.1 |
| 31074 | Synchrony Financial | 2073879 | 0.2 |
| 11326 | Synovus Financial Corp. | 586121 | 0.1 |
| 17867 | T. Rowe Price Group, Inc. | 1724166 | 0.2 |
| 4280 | TFS Financial Corp. | 55426 | 0.0 |
| 36897 <sup>(1)</sup> | Toast, Inc. - Class A | 1634168 | 0.2 |
| 10575 | TPG, Inc. | 554659 | 0.1 |
| 9523 | Tradeweb Markets, Inc. - Class A | 1394167 | 0.1 |
| 14135 | Unum Group | 1141543 | 0.1 |
| 12815 | UWM Holdings Corp. | 53054 | 0.0 |
| 6589 | Virtu Financial, Inc. - Class A | 295121 | 0.0 |
| 7853 <sup>(3)</sup> | Voya Financial, Inc. | 557563 | 0.1 |
| 24803 | W.R. Berkley Corp. | 1822276 | 0.2 |
| 13666 | Webster Financial Corp. | 746164 | 0.1 |
| 8812 | Western Alliance Bancorp | 687160 | 0.1 |
| 26965 | Western Union Co. | 227045 | 0.0 |
| 2772 <sup>(1)</sup> | WEX, Inc. | 407179 | 0.0 |
| 204 | White Mountains Insurance Group Ltd. | 366327 | 0.0 |
| 8095 | Willis Towers Watson PLC | 2481118 | 0.2 |
| 5391 | Wintrust Financial Corp. | 668376 | 0.1 |
| 33105 | XP, Inc. - Class A | 668721 | 0.1 |
| 11845 | Zions Bancorp NA | 615229 | 0.1 |
|  |  | **152064615** | **15.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: 9.2%** |  |  |
| 7432 <sup>(1)</sup> | Acadia Healthcare Co., Inc. | $168632 | 0.0 |
| 23269 | Agilent Technologies, Inc. | 2745975 | 0.3 |
| 5599 <sup>(1)</sup> | Align Technology, Inc. | 1060059 | 0.1 |
| 10195 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | 3324488 | 0.3 |
| 2633 <sup>(1)</sup> | Amedisys, Inc. | 259061 | 0.0 |
| 14956 | AmerisourceBergen Corp. | 4484557 | 0.5 |
| 8806 <sup>(1)</sup> | Apellis Pharmaceuticals, Inc. | 152432 | 0.0 |
| 53961 <sup>(1)</sup> | Avantor, Inc. | 726315 | 0.1 |
| 41841 | Baxter International, Inc. | 1266945 | 0.1 |
| 11932 <sup>(1)</sup> | Biogen, Inc. | 1498540 | 0.2 |
| 15529 <sup>(1)</sup> | BioMarin Pharmaceutical, Inc. | 853629 | 0.1 |
| 1584 <sup>(1)</sup> | Bio-Rad Laboratories, Inc. - Class A | 382251 | 0.0 |
| 12809 | Bio-Techne Corp. | 659023 | 0.1 |
| 8437 | Bruker Corp. | 347604 | 0.0 |
| 19728 | Cardinal Health, Inc. | 3314304 | 0.3 |
| 40557 <sup>(1)</sup> | Centene Corp. | 2201434 | 0.2 |
| 9902 <sup>(1)</sup> | Certara, Inc. | 115853 | 0.0 |
| 3984 <sup>(1)</sup> | Charles River Laboratories International, Inc. | 604492 | 0.1 |
| 1173 | Chemed Corp. | 571169 | 0.1 |
| 16270 <sup>(1)</sup> | Cooper Cos., Inc. | 1157773 | 0.1 |
| 7676 <sup>(1)</sup> | Corcept Therapeutics, Inc. | 563418 | 0.1 |
| 3124 <sup>(1)</sup> | DaVita, Inc. | 445014 | 0.0 |
| 16264 | Dentsply Sirona, Inc. | 258272 | 0.0 |
| 31937 <sup>(1)</sup> | Dexcom, Inc. | 2787781 | 0.3 |
| 10665 <sup>(1)</sup> | Doximity, Inc. - Class A | 654191 | 0.1 |
| 40196 <sup>(1)</sup> | Elanco Animal Health, Inc. | 573999 | 0.1 |
| 8136 | Encompass Health Corp. | 997718 | 0.1 |
| 13713 <sup>(1)</sup> | Envista Holdings Corp. | 267952 | 0.0 |
| 15215 <sup>(1)</sup> | Exact Sciences Corp. | 808525 | 0.1 |
| 22034 <sup>(1)</sup> | Exelixis, Inc. | 971149 | 0.1 |
| 37387 | GE HealthCare Technologies, Inc. | 2769255 | 0.3 |
| 9159 <sup>(1)</sup> | Globus Medical, Inc. - Class A | 540564 | 0.1 |
| 10009 <sup>(1)</sup> | Halozyme Therapeutics, Inc. | 520668 | 0.1 |
| 8948 <sup>(1)</sup> | Henry Schein, Inc. | 653651 | 0.1 |
| 18220 <sup>(1)</sup> | Hologic, Inc. | 1187215 | 0.1 |
| 9860 | Humana, Inc. | 2410573 | 0.2 |
| 6592 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 3535553 | 0.4 |
| 12921 <sup>(1)</sup> | Illumina, Inc. | 1232793 | 0.1 |
| 12922 <sup>(1)</sup> | Incyte Corp. | 879988 | 0.1 |
| 14581 <sup>(1)</sup> | Insmed, Inc. | 1467432 | 0.1 |
| 2336 <sup>(1)</sup> | Inspire Medical Systems, Inc. | 303143 | 0.0 |
| 5727 <sup>(1)</sup> | Insulet Corp. | 1799309 | 0.2 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 12675 <sup>(1)</sup> | Ionis Pharmaceuticals, Inc. | $500789 | 0.0 |
| 14310 <sup>(1)</sup> | IQVIA Holdings, Inc. | 2255113 | 0.2 |
| 4845 <sup>(1)</sup> | Jazz Pharmaceuticals PLC | 514151 | 0.1 |
| 6825 | Labcorp Holdings, Inc. | 1791631 | 0.2 |
| 3681 <sup>(1)</sup> | Masimo Corp. | 619218 | 0.1 |
| 1865 <sup>(1)</sup> | Medpace Holdings, Inc. | 585349 | 0.1 |
| 1699 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 1995849 | 0.2 |
| 28972 <sup>(1)</sup> | Moderna, Inc. | 799337 | 0.1 |
| 4380 <sup>(1)</sup> | Molina Healthcare, Inc. | 1304802 | 0.1 |
| 10605 <sup>(1)</sup> | Natera, Inc. | 1791609 | 0.2 |
| 7910 <sup>(1)</sup> | Neurocrine Biosciences, Inc. | 994208 | 0.1 |
| 21211 | Organon & Co. | 205322 | 0.0 |
| 3055 <sup>(1)</sup> | Penumbra, Inc. | 784005 | 0.1 |
| 11126 | Perrigo Co. PLC | 297287 | 0.0 |
| 17408 | QIAGEN N.V. | 836628 | 0.1 |
| 9105 | Quest Diagnostics, Inc. | 1635531 | 0.2 |
| 4303 <sup>(1)</sup> | Repligen Corp. | 535207 | 0.1 |
| 11925 | ResMed, Inc. | 3076650 | 0.3 |
| 14156 <sup>(1)</sup> | Revolution Medicines, Inc. | 520799 | 0.1 |
| 9820 | Revvity, Inc. | 949790 | 0.1 |
| 30945 <sup>(1)</sup> | Roivant Sciences Ltd. | 348750 | 0.0 |
| 31857 | Royalty Pharma PLC - Class A | 1147808 | 0.1 |
| 7575 <sup>(1)</sup> | Sarepta Therapeutics, Inc. | 129533 | 0.0 |
| 11339 <sup>(1)</sup> | Solventum Corp. | 859950 | 0.1 |
| 12599 <sup>(1)</sup> | Sotera Health Co. | 140101 | 0.0 |
| 8020 | STERIS PLC | 1926564 | 0.2 |
| 9541 <sup>(1)</sup> | Summit Therapeutics, Inc. | 203032 | 0.0 |
| 3647 | Teleflex, Inc. | 431659 | 0.0 |
| 6723 <sup>(1)</sup> | Tempus AI, Inc. | 427179 | 0.0 |
| 7480 <sup>(1)</sup> | Tenet Healthcare Corp. | 1316480 | 0.1 |
| 7336 <sup>(1)</sup> | Ultragenyx Pharmaceutical, Inc. | 266737 | 0.0 |
| 3629 <sup>(1)</sup> | United Therapeutics Corp. | 1042793 | 0.1 |
| 4497 | Universal Health Services, Inc. - Class B | 814632 | 0.1 |
| 12057 <sup>(1)</sup> | Veeva Systems, Inc. - Class A | 3472175 | 0.3 |
| 96872 | Viatris, Inc. | 865067 | 0.1 |
| 8900 <sup>(1)(2)</sup> | Viking Therapeutics, Inc. | 235850 | 0.0 |
| 4864 <sup>(1)</sup> | Waters Corp. | 1697731 | 0.2 |
| 5847 | West Pharmaceutical Services, Inc. | 1279324 | 0.1 |
| 16175 | Zimmer Biomet Holdings, Inc. | 1475322 | 0.1 |
|  |  | **91596661** | **9.2** |
|  | **Industrials: 17.8%** |  |  |
| 9441 | A.O. Smith Corp. | 619046 | 0.1 |
| 5489 | AAON, Inc. | 404814 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 2521 | Acuity Brands, Inc. | $752115 | 0.1 |
| 5770 | Advanced Drainage Systems, Inc. | 662742 | 0.1 |
| 10808 | AECOM | 1219791 | 0.1 |
| 5067 | AGCO Corp. | 522712 | 0.1 |
| 8507 | Air Lease Corp. | 497574 | 0.0 |
| 10001 <sup>(1)</sup> | Alaska Air Group, Inc. | 494849 | 0.0 |
| 7029 | Allegion PLC | 1013020 | 0.1 |
| 6937 | Allison Transmission Holdings, Inc. | 658946 | 0.1 |
| 13004 <sup>(1)</sup> | Amentum Holdings, Inc. | 307024 | 0.0 |
| 8261 | AMERCO | 449151 | 0.0 |
| 53266 <sup>(1)</sup> | American Airlines Group, Inc. | 597645 | 0.1 |
| 18818 | AMETEK, Inc. | 3405305 | 0.3 |
| 20062 <sup>(1)</sup> | API Group Corp. | 1024165 | 0.1 |
| 3112 | Applied Industrial Technologies, Inc. | 723384 | 0.1 |
| 3512 | Armstrong World Industries, Inc. | 570489 | 0.1 |
| 11424 <sup>(1)</sup> | ATI, Inc. | 986348 | 0.1 |
| 1379 <sup>(1)(2)</sup> | Avis Budget Group, Inc. | 233120 | 0.0 |
| 6093 <sup>(1)</sup> | Axon Enterprise, Inc. | 5044638 | 0.5 |
| 11547 <sup>(1)</sup> | AZEK Co., Inc. | 627579 | 0.1 |
| 10202 | Booz Allen Hamilton Holding Corp. | 1062334 | 0.1 |
| 9518 | Broadridge Financial Solutions, Inc. | 2313160 | 0.2 |
| 9118 <sup>(1)</sup> | Builders FirstSource, Inc. | 1063979 | 0.1 |
| 7452 | BWX Technologies, Inc. | 1073535 | 0.1 |
| 1773 <sup>(1)</sup> | CACI International, Inc. - Class A | 845189 | 0.1 |
| 3502 | Carlisle Cos., Inc. | 1307647 | 0.1 |
| 12468 <sup>(1)</sup> | Ceridian HCM Holding, Inc. | 690603 | 0.1 |
| 9595 | CH Robinson Worldwide, Inc. | 920640 | 0.1 |
| 28916 <sup>(1)</sup> | Clarivate PLC | 124339 | 0.0 |
| 4137 <sup>(1)</sup> | Clean Harbors, Inc. | 956392 | 0.1 |
| 71692 | CNH Industrial NV | 929128 | 0.1 |
| 2841 | Comfort Systems USA, Inc. | 1523373 | 0.2 |
| 3703 | Concentrix Corp. | 195722 | 0.0 |
| 15505 <sup>(1)</sup> | Core & Main, Inc. - Class A | 935727 | 0.1 |
| 4018 | Crane Co. | 762978 | 0.1 |
| 11241 | Cummins, Inc. | 3681428 | 0.4 |
| 3070 | Curtiss-Wright Corp. | 1499849 | 0.1 |
| 53271 | Delta Air Lines, Inc. | 2619868 | 0.3 |
| 9727 | Donaldson Co., Inc. | 674567 | 0.1 |
| 11076 | Dover Corp. | 2029455 | 0.2 |
| 25130 | Dun & Bradstreet Holdings, Inc. | 228432 | 0.0 |
| 3613 | EMCOR Group, Inc. | 1932558 | 0.2 |
| 10112 | Equifax, Inc. | 2622749 | 0.3 |
| 4649 | Esab Corp. | 560437 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 4154 <sup>(1)</sup> | Everus Construction Group, Inc. | $263904 | 0.0 |
| 12925 <sup>(1)</sup> | ExlService Holdings, Inc. | 565986 | 0.1 |
| 11197 | Expeditors International of Washington, Inc. | 1279257 | 0.1 |
| 93766 | Fastenal Co. | 3938172 | 0.4 |
| 15820 | Ferguson Enterprises, Inc. | 3444805 | 0.3 |
| 10637 | Flowserve Corp. | 556847 | 0.1 |
| 28099 | Fortive Corp. | 1464801 | 0.1 |
| 9880 | Fortune Brands Innovations, Inc. | 508622 | 0.1 |
| 8320 | FTAI Aviation Ltd. | 957133 | 0.1 |
| 2731 <sup>(1)</sup> | FTI Consulting, Inc. | 441057 | 0.0 |
| 20711 <sup>(1)</sup> | Gates Industrial Corp. PLC | 476974 | 0.0 |
| 4769 <sup>(1)</sup> | Generac Holdings, Inc. | 682969 | 0.1 |
| 13146 | Genpact Ltd. | 578555 | 0.1 |
| 13550 | Graco, Inc. | 1164894 | 0.1 |
| 9378 <sup>(1)</sup> | GXO Logistics, Inc. | 456709 | 0.0 |
| 16209 <sup>(1)</sup> | Hayward Holdings, Inc. | 223684 | 0.0 |
| 3467 | HEICO Corp. | 1137176 | 0.1 |
| 6125 | HEICO Corp. - Class A | 1584844 | 0.2 |
| 6532 | Hexcel Corp. | 368993 | 0.0 |
| 32754 | Howmet Aerospace, Inc. | 6096502 | 0.6 |
| 4370 | Hubbell, Inc. | 1784752 | 0.2 |
| 3185 | Huntington Ingalls Industries, Inc. | 769050 | 0.1 |
| 6174 | IDEX Corp. | 1083969 | 0.1 |
| 32965 | Ingersoll Rand, Inc. | 2742029 | 0.3 |
| 6584 | ITT, Inc. | 1032569 | 0.1 |
| 9915 | Jacobs Solutions, Inc. | 1303327 | 0.1 |
| 6519 | JB Hunt Transport Services, Inc. | 936128 | 0.1 |
| 2165 <sup>(1)</sup> | Karman Holdings, Inc. | 109051 | 0.0 |
| 10493 | KBR, Inc. | 503034 | 0.0 |
| 4624 <sup>(1)</sup> | Kirby Corp. | 524408 | 0.1 |
| 12858 | Knight-Swift Transportation Holdings, Inc. | 568709 | 0.1 |
| 15255 | L3Harris Technologies, Inc. | 3826564 | 0.4 |
| 2831 | Landstar System, Inc. | 393566 | 0.0 |
| 10416 | Leidos Holdings, Inc. | 1643228 | 0.2 |
| 2621 | Lennox International, Inc. | 1502462 | 0.2 |
| 6177 | Leonardo DRS, Inc. | 287107 | 0.0 |
| 4429 | Lincoln Electric Holdings, Inc. | 918220 | 0.1 |
| 3483 <sup>(1)</sup> | Loar Holdings, Inc. | 300130 | 0.0 |
| 32509 <sup>(1)</sup> | Lyft, Inc. - Class A | 512342 | 0.1 |
| 3756 | ManpowerGroup, Inc. | 151742 | 0.0 |
| 17235 | Masco Corp. | 1109245 | 0.1 |
| 5075 <sup>(1)</sup> | MasTec, Inc. | 864932 | 0.1 |
| 4118 <sup>(1)</sup> | Middleby Corp. | 592992 | 0.1 |
| 3020 | MSA Safety, Inc. | 505941 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 3590 | MSC Industrial Direct Co., Inc. - Class A | $305222 | 0.0 |
| 8857 | Mueller Industries, Inc. | 703866 | 0.1 |
| 4402 | Nordson Corp. | 943657 | 0.1 |
| 13304 | nVent Electric PLC | 974518 | 0.1 |
| 15222 | Old Dominion Freight Line, Inc. | 2470531 | 0.2 |
| 5223 | Oshkosh Corp. | 593019 | 0.1 |
| 32279 | Otis Worldwide Corp. | 3196267 | 0.3 |
| 6933 | Owens Corning | 953426 | 0.1 |
| 4310 <sup>(1)</sup> | Parsons Corp. | 309329 | 0.0 |
| 26357 | Paychex, Inc. | 3833889 | 0.4 |
| 4191 | Paycom Software, Inc. | 969797 | 0.1 |
| 3681 <sup>(1)</sup> | Paylocity Holding Corp. | 666960 | 0.1 |
| 13361 | Pentair PLC | 1371640 | 0.1 |
| 12029 | Quanta Services, Inc. | 4547924 | 0.5 |
| 48612 <sup>(1)(2)</sup> | QXO, Inc. | 1047102 | 0.1 |
| 15141 | RB Global, Inc. | 1607823 | 0.2 |
| 2531 <sup>(1)</sup> | RBC Bearings, Inc. | 973929 | 0.1 |
| 5394 | Regal Rexnord Corp. | 781914 | 0.1 |
| 8077 | Robert Half International, Inc. | 331561 | 0.0 |
| 31975 <sup>(1)</sup> | Rocket Lab Corp. | 1143746 | 0.1 |
| 9243 | Rockwell Automation, Inc. | 3070247 | 0.3 |
| 22925 | Rollins, Inc. | 1293429 | 0.1 |
| 3285 | Ryder System, Inc. | 522315 | 0.1 |
| 2176 <sup>(1)</sup> | Saia, Inc. | 596202 | 0.1 |
| 4220 | Schneider National, Inc. - Class B | 101913 | 0.0 |
| 3839 | Science Applications International Corp. | 432310 | 0.0 |
| 11847 | Sensata Technologies Holding PLC | 356713 | 0.0 |
| 3421 | Simpson Manufacturing Co., Inc. | 531316 | 0.1 |
| 3612 <sup>(1)</sup> | SiteOne Landscape Supply, Inc. | 436835 | 0.0 |
| 4186 | Snap-on, Inc. | 1302599 | 0.1 |
| 41756 | Southwest Airlines Co. | 1354565 | 0.1 |
| 9540 <sup>(1)</sup> | Spirit AeroSystems Holdings, Inc. - Class A | 363951 | 0.0 |
| 17274 | SS&C Technologies Holdings, Inc. | 1430287 | 0.1 |
| 11571 <sup>(1)</sup> | Standardaero, Inc. | 366222 | 0.0 |
| 12624 | Stanley Black & Decker, Inc. | 855276 | 0.1 |
| 21813 | Tetra Tech, Inc. | 784395 | 0.1 |
| 14698 | Textron, Inc. | 1180102 | 0.1 |
| 5108 | Timken Co. | 370585 | 0.0 |
| 8144 | Toro Co. | 575618 | 0.1 |
| 15921 | TransUnion | 1401048 | 0.1 |
| 8715 <sup>(1)</sup> | Trex Co., Inc. | 473922 | 0.0 |
| 628 <sup>(1)</sup> | U-Haul Holding Co. | 38032 | 0.0 |
| 26585 <sup>(1)</sup> | United Airlines Holdings, Inc. | 2116964 | 0.2 |
| 5296 | United Rentals, Inc. | 3990006 | 0.4 |
| 1620 | Valmont Industries, Inc. | 529043 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 19474 | Veralto Corp. | 1965900 | 0.2 |
| 11432 | Verisk Analytics, Inc. | 3561068 | 0.4 |
| 31076 | Vertiv Holdings Co. - Class A | 3990469 | 0.4 |
| 2843 | Watsco, Inc. | 1255526 | 0.1 |
| 3914 | WESCO International, Inc. | 724873 | 0.1 |
| 13850 | Westinghouse Air Brake Technologies Corp. | 2899498 | 0.3 |
| 14502 | WillScot Mobile Mini Holdings Corp. | 397355 | 0.0 |
| 4842 | Woodward, Inc. | 1186726 | 0.1 |
| 3618 | WW Grainger, Inc. | 3763588 | 0.4 |
| 9363 <sup>(1)</sup> | XPO, Inc. | 1182453 | 0.1 |
| 19876 | Xylem, Inc. | 2571159 | 0.3 |
|  |  | **177224557** | **17.8** |
|  | **Information Technology: 11.6%** | **Information Technology: 11.6%** |  |
| 11720 <sup>(1)</sup> | Akamai Technologies, Inc. | 934787 | 0.1 |
| 10052 <sup>(1)</sup> | Allegro MicroSystems, Inc. | 343678 | 0.0 |
| 9017 | Amdocs Ltd. | 822711 | 0.1 |
| 9329 | Amkor Technology, Inc. | 195816 | 0.0 |
| 7160 <sup>(1)</sup> | ANSYS, Inc. | 2514735 | 0.3 |
| 1796 <sup>(1)</sup> | Appfolio, Inc. - Class A | 413583 | 0.0 |
| 4216 <sup>(1)</sup> | Arrow Electronics, Inc. | 537245 | 0.1 |
| 11697 <sup>(1)</sup> | Astera Labs, Inc. | 1057643 | 0.1 |
| 80458 <sup>(1)</sup> | Aurora Innovation, Inc. | 421600 | 0.0 |
| 7018 | Avnet, Inc. | 372515 | 0.0 |
| 12857 | Bentley Systems, Inc. - Class B | 693892 | 0.1 |
| 7528 <sup>(1)</sup> | BILL Holdings, Inc. | 348245 | 0.0 |
| 42290 <sup>(1)</sup> | CCC Intelligent Solutions Holdings, Inc. | 397949 | 0.0 |
| 10746 | CDW Corp. | 1919128 | 0.2 |
| 11522 <sup>(1)</sup> | Ciena Corp. | 937084 | 0.1 |
| 4324 <sup>(1)</sup> | Cirrus Logic, Inc. | 450799 | 0.0 |
| 25206 <sup>(1)</sup> | Cloudflare, Inc. - Class A | 4936091 | 0.5 |
| 13704 | Cognex Corp. | 434691 | 0.0 |
| 40330 | Cognizant Technology Solutions Corp. - Class A | 3146950 | 0.3 |
| 12530 <sup>(1)</sup> | Coherent Corp. | 1117801 | 0.1 |
| 22610 <sup>(1)</sup> | Confluent, Inc. - Class A | 563667 | 0.1 |
| 63774 | Corning, Inc. | 3353875 | 0.3 |
| 3999 | Crane Holdings Co. | 215546 | 0.0 |
| 25198 <sup>(1)</sup> | Datadog, Inc. - Class A | 3384847 | 0.3 |
| 16405 <sup>(1)</sup> | DocuSign, Inc. | 1277785 | 0.1 |
| 4938 | Dolby Laboratories, Inc. - Class A | 366696 | 0.0 |
| 11059 <sup>(1)</sup> | DoubleVerify Holdings, Inc. | 165553 | 0.0 |
| 16531 <sup>(1)</sup> | Dropbox, Inc. - Class A | 472787 | 0.1 |
| 14655 <sup>(1)</sup> | DXC Technology Co. | 224075 | 0.0 |
| 23984 <sup>(1)</sup> | Dynatrace, Inc. | 1324157 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 7405 <sup>(1)</sup> | Elastic NV | $624464 | 0.1 |
| 10396 <sup>(1)</sup> | Enphase Energy, Inc. | 412201 | 0.0 |
| 12243 | Entegris, Inc. | 987398 | 0.1 |
| 4473 <sup>(1)</sup> | EPAM Systems, Inc. | 790916 | 0.1 |
| 4704 <sup>(1)</sup> | F5, Inc. | 1384481 | 0.1 |
| 1941 <sup>(1)</sup> | Fair Isaac Corp. | 3548070 | 0.4 |
| 8291 <sup>(1)</sup> | First Solar, Inc. | 1372492 | 0.1 |
| 31135 <sup>(1)</sup> | Flex Ltd. | 1554259 | 0.2 |
| 6120 <sup>(1)</sup> | Gartner, Inc. | 2473826 | 0.3 |
| 44874 | Gen Digital, Inc. | 1319296 | 0.1 |
| 10735 <sup>(1)</sup> | Gitlab, Inc. - Class A | 484256 | 0.1 |
| 8391 <sup>(1)</sup> | GLOBALFOUNDRIES, Inc. | 320536 | 0.0 |
| 3526 <sup>(1)</sup> | Globant SA | 320302 | 0.0 |
| 11227 <sup>(1)</sup> | GoDaddy, Inc. - Class A | 2021534 | 0.2 |
| 6840 <sup>(1)</sup> | Guidewire Software, Inc. | 1610478 | 0.2 |
| 107107 | Hewlett Packard Enterprise Co. | 2190338 | 0.2 |
| 77040 | HP, Inc. | 1884398 | 0.2 |
| 4153 <sup>(1)</sup> | HubSpot, Inc. | 2311684 | 0.2 |
| 8561 <sup>(1)</sup> | Informatica, Inc. - Class A | 208460 | 0.0 |
| 1676 | Ingram Micro Holding Corp. | 34928 | 0.0 |
| 2041 <sup>(1)</sup> | IPG Photonics Corp. | 140115 | 0.0 |
| 8616 | Jabil, Inc. | 1879150 | 0.2 |
| 26985 | Juniper Networks, Inc. | 1077511 | 0.1 |
| 14054 <sup>(1)</sup> | Keysight Technologies, Inc. | 2302888 | 0.2 |
| 18892 <sup>(1)</sup> | Kyndryl Holdings, Inc. | 792708 | 0.1 |
| 11105 <sup>(1)</sup> | Lattice Semiconductor Corp. | 544034 | 0.1 |
| 2006 | Littelfuse, Inc. | 454820 | 0.1 |
| 5613 <sup>(1)</sup> | Lumentum Holdings, Inc. | 533572 | 0.1 |
| 5168 <sup>(1)</sup> | MACOM Technology Solutions Holdings, Inc. | 740523 | 0.1 |
| 4896 <sup>(1)</sup> | Manhattan Associates, Inc. | 966813 | 0.1 |
| 43109 | Microchip Technology, Inc. | 3033580 | 0.3 |
| 5487 | MKS Instruments, Inc. | 545188 | 0.1 |
| 6442 <sup>(1)</sup> | MongoDB, Inc. | 1352756 | 0.1 |
| 3781 | Monolithic Power Systems, Inc. | 2765348 | 0.3 |
| 8708 <sup>(1)</sup> | nCino, Inc. | 243563 | 0.0 |
| 16590 | NetApp, Inc. | 1767665 | 0.2 |
| 20836 <sup>(1)</sup> | Nutanix, Inc. - Class A | 1592704 | 0.2 |
| 13456 <sup>(1)</sup> | Okta, Inc. | 1345196 | 0.1 |
| 34426 <sup>(1)</sup> | ON Semiconductor Corp. | 1804267 | 0.2 |
| 3967 <sup>(1)</sup> | Onto Innovation, Inc. | 400389 | 0.0 |
| 7101 | Pegasystems, Inc. | 384377 | 0.0 |
| 9359 <sup>(1)</sup> | Procore Technologies, Inc. | 640343 | 0.1 |
| 9740 <sup>(1)</sup> | PTC, Inc. | 1678592 | 0.2 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 25368 <sup>(1)</sup> | Pure Storage, Inc. - Class A | $1460689 | 0.2 |
| 7609 <sup>(1)</sup> | Qorvo, Inc. | 646080 | 0.1 |
| 9366 <sup>(1)</sup> | Ralliant Corp. | 454173 | 0.0 |
| 6539 <sup>(1)</sup> | RingCentral, Inc. - Class A | 185381 | 0.0 |
| 7930 <sup>(1)</sup> | Rubrik, Inc. - Class A | 710449 | 0.1 |
| 4911 <sup>(1)</sup> | SailPoint, Inc. | 112265 | 0.0 |
| 21913 <sup>(1)</sup> | Samsara, Inc. - Class A | 871699 | 0.1 |
| 11016 <sup>(1)</sup> | Sandisk Corp. | 499576 | 0.1 |
| 23800 <sup>(1)</sup> | SentinelOne, Inc. - Class A | 435064 | 0.0 |
| 12519 | Skyworks Solutions, Inc. | 932916 | 0.1 |
| 41940 <sup>(1)</sup> | Super Micro Computer, Inc. | 2055479 | 0.2 |
| 6426 | TD SYNNEX Corp. | 872008 | 0.1 |
| 3797 <sup>(1)</sup> | Teledyne Technologies, Inc. | 1945241 | 0.2 |
| 7733 <sup>(1)</sup> | Teradata Corp. | 172523 | 0.0 |
| 13136 | Teradyne, Inc. | 1181189 | 0.1 |
| 19460 <sup>(1)</sup> | Trimble, Inc. | 1478571 | 0.2 |
| 11549 <sup>(1)</sup> | Twilio, Inc. - Class A | 1436234 | 0.1 |
| 3516 <sup>(1)</sup> | Tyler Technologies, Inc. | 2084425 | 0.2 |
| 344 | Ubiquiti, Inc. | 141608 | 0.0 |
| 35577 <sup>(1)</sup> | UiPath, Inc. - Class A | 455386 | 0.1 |
| 25869 <sup>(1)</sup> | Unity Software, Inc. | 626030 | 0.1 |
| 3588 | Universal Display Corp. | 554203 | 0.1 |
| 6534 | VeriSign, Inc. | 1887019 | 0.2 |
| 12077 | Vontier Corp. | 445641 | 0.0 |
| 28272 | Western Digital Corp. | 1809125 | 0.2 |
| 12176 <sup>(1)(2)</sup> | Wolfspeed, Inc. | 4856 | 0.0 |
| 4152 <sup>(1)</sup> | Zebra Technologies Corp. - Class A | 1280311 | 0.1 |
| 21461 <sup>(1)</sup> | Zoom Video Communications, Inc. - Class A | 1673529 | 0.2 |
| 7975 <sup>(1)</sup> | Zscaler, Inc. | 2503672 | 0.3 |
|  |  | **115101692** | **11.6** |
|  | **Materials: 5.1%** |  |  |
| 9598 <sup>(2)</sup> | Albemarle Corp. | 601507 | 0.1 |
| 21106 | Alcoa Corp. | 622838 | 0.1 |
| 185875 | Amcor PLC | 1708191 | 0.2 |
| 41142 | Anglogold Ashanti PLC | 1874841 | 0.2 |
| 5347 | AptarGroup, Inc. | 836431 | 0.1 |
| 3810 | Ashland, Inc. | 191567 | 0.0 |
| 6354 | Avery Dennison Corp. | 1114936 | 0.1 |
| 17823 <sup>(1)</sup> | Axalta Coating Systems Ltd. | 529165 | 0.1 |
| 23068 | Ball Corp. | 1293884 | 0.1 |
| 3930 | Carpenter Technology Corp. | 1086173 | 0.1 |
| 9114 | Celanese Corp. | 504278 | 0.1 |
| 13530 | CF Industries Holdings, Inc. | 1244760 | 0.1 |
| 39744 <sup>(1)</sup> | Cleveland-Cliffs, Inc. | 302054 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Materials: (continued)** |  |  |
| 55880 | Corteva, Inc. | $4164736 | 0.4 |
| 9453 | Crown Holdings, Inc. | 973470 | 0.1 |
| 57797 | Dow, Inc. | 1530465 | 0.2 |
| 34191 | DuPont de Nemours, Inc. | 2345161 | 0.2 |
| 2695 | Eagle Materials, Inc. | 544686 | 0.1 |
| 9374 | Eastman Chemical Co. | 699863 | 0.1 |
| 18392 | Element Solutions, Inc. | 416579 | 0.0 |
| 10134 | FMC Corp. | 423095 | 0.0 |
| 24324 <sup>(2)</sup> | Graphic Packaging Holding Co. | 512507 | 0.1 |
| 13423 | Huntsman Corp. | 139868 | 0.0 |
| 20926 | International Flavors & Fragrances, Inc. | 1539107 | 0.2 |
| 42811 | International Paper Co. | 2004839 | 0.2 |
| 5146 | Louisiana-Pacific Corp. | 442505 | 0.1 |
| 20923 | LyondellBasell Industries NV - Class A | 1210605 | 0.1 |
| 4898 | Martin Marietta Materials, Inc. | 2688806 | 0.3 |
| 25772 | Mosaic Co. | 940163 | 0.1 |
| 9849 <sup>(1)(2)</sup> | MP Materials Corp. | 327676 | 0.0 |
| 483 | NewMarket Corp. | 333685 | 0.0 |
| 18761 | Nucor Corp. | 2430300 | 0.3 |
| 9355 | Olin Corp. | 187942 | 0.0 |
| 7214 | Packaging Corp. of America | 1359478 | 0.1 |
| 18564 | PPG Industries, Inc. | 2111655 | 0.2 |
| 4311 | Reliance Steel & Aluminum Co. | 1353223 | 0.1 |
| 5366 | Royal Gold, Inc. | 954289 | 0.1 |
| 10383 | RPM International, Inc. | 1140469 | 0.1 |
| 3566 | Scotts Miracle-Gro Co. | 235213 | 0.0 |
| 11911 | Sealed Air Corp. | 369598 | 0.0 |
| 7216 | Silgan Holdings, Inc. | 390963 | 0.0 |
| 42555 | Smurfit WestRock PLC | 1836248 | 0.2 |
| 8042 | Sonoco Products Co. | 350310 | 0.0 |
| 11474 | Steel Dynamics, Inc. | 1468787 | 0.2 |
| 10798 | Vulcan Materials Co. | 2816334 | 0.3 |
| 2716 | Westlake Corp. | 206226 | 0.0 |
|  |  | **50359476** | **5.1** |
|  | **Real Estate: 7.3%** |  |  |
| 8842 | Agree Realty Corp. | 645997 | 0.1 |
| 14010 | Alexandria Real Estate Equities, Inc. | 1017546 | 0.1 |
| 27906 | American Homes 4 Rent - Class A | 1006569 | 0.1 |
| 23286 | Americold Realty Trust, Inc. | 387246 | 0.0 |
| 11616 | AvalonBay Communities, Inc. | 2363856 | 0.2 |
| 12937 | Boston Properties, Inc. | 872859 | 0.1 |
| 24866 | Brixmor Property Group, Inc. | 647511 | 0.1 |
| 8779 | Camden Property Trust | 989306 | 0.1 |
| 24287 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 3403094 | 0.3 |
| 34109 <sup>(1)</sup> | CoStar Group, Inc. | 2742364 | 0.3 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Real Estate: (continued)** |  |  |
| 13629 | Cousins Properties, Inc. | $409279 | 0.0 |
| 35439 | Crown Castle, Inc. | 3640648 | 0.4 |
| 18489 | CubeSmart | 785783 | 0.1 |
| 27552 | Digital Realty Trust, Inc. | 4803140 | 0.5 |
| 4258 | EastGroup Properties, Inc. | 711597 | 0.1 |
| 6094 | EPR Properties | 355036 | 0.0 |
| 15483 | Equity LifeStyle Properties, Inc. | 954837 | 0.1 |
| 30936 | Equity Residential | 2087871 | 0.2 |
| 5206 | Essex Property Trust, Inc. | 1475380 | 0.2 |
| 17208 | Extra Space Storage, Inc. | 2537148 | 0.3 |
| 6948 | Federal Realty Investment Trust | 659991 | 0.1 |
| 10453 | First Industrial Realty Trust, Inc. | 503103 | 0.1 |
| 21556 | Gaming and Leisure Properties, Inc. | 1006234 | 0.1 |
| 26802 | Healthcare Realty Trust, Inc. | 425080 | 0.0 |
| 56598 | Healthpeak Properties, Inc. | 991031 | 0.1 |
| 8659 | Highwoods Properties, Inc. | 269208 | 0.0 |
| 56011 | Host Hotels & Resorts, Inc. | 860329 | 0.1 |
| 2527 <sup>(1)</sup> | Howard Hughes Holdings, Inc. | 170572 | 0.0 |
| 49976 | Invitation Homes, Inc. | 1639213 | 0.2 |
| 23964 | Iron Mountain, Inc. | 2457987 | 0.2 |
| 3853 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | 985520 | 0.1 |
| 9580 <sup>(2)</sup> | Kilroy Realty Corp. | 328690 | 0.0 |
| 54580 | Kimco Realty Corp. | 1147272 | 0.1 |
| 7157 | Lamar Advertising Co. - Class A | 868574 | 0.1 |
| 5769 <sup>(2)</sup> | Lineage, Inc. | 251067 | 0.0 |
| 40746 <sup>(2)</sup> | Medical Properties Trust, Inc. | 175615 | 0.0 |
| 9504 | Mid-America Apartment Communities, Inc. | 1406687 | 0.1 |
| 9785 <sup>(1)</sup> | Millrose Properties, Inc. | 278970 | 0.0 |
| 15272 | National Retail Properties, Inc. | 659445 | 0.1 |
| 5751 | National Storage Affiliates Trust | 183974 | 0.0 |
| 23456 | Omega Healthcare Investors, Inc. | 859662 | 0.1 |
| 16039 | Park Hotels & Resorts, Inc. | 164079 | 0.0 |
| 12645 | Rayonier, Inc. | 280466 | 0.0 |
| 72951 | Realty Income Corp. | 4202707 | 0.4 |
| 14754 | Regency Centers Corp. | 1050927 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Real Estate: (continued)** |  |  |
| 19357 | Rexford Industrial Realty, Inc. | $688528 | 0.1 |
| 8771 | SBA Communications Corp. | 2059782 | 0.2 |
| 26464 | Simon Property Group, Inc. | 4254353 | 0.4 |
| 15247 | STAG Industrial, Inc. | 553161 | 0.1 |
| 10320 | Sun Communities, Inc. | 1305377 | 0.1 |
| 26984 | UDR, Inc. | 1101757 | 0.1 |
| 35637 | Ventas, Inc. | 2250477 | 0.2 |
| 86265 | VICI Properties, Inc. | 2812239 | 0.3 |
| 14405 | Vornado Realty Trust | 550847 | 0.1 |
| 59200 | Weyerhaeuser Co. | 1520848 | 0.2 |
| 17704 | WP Carey, Inc. | 1104376 | 0.1 |
| 4075 <sup>(1)</sup> | Zillow Group, Inc. - Class A | 279097 | 0.0 |
| 13282 <sup>(1)</sup> | Zillow Group, Inc. - Class C | 930404 | 0.1 |
|  |  | **73074716** | **7.3** |
|  | **Utilities: 6.0%** |  |  |
| 57988 | AES Corp. | 610034 | 0.1 |
| 20980 | Alliant Energy Corp. | 1268661 | 0.1 |
| 22042 | Ameren Corp. | 2116914 | 0.2 |
| 15908 | American Water Works Co., Inc. | 2212962 | 0.2 |
| 12926 | Atmos Energy Corp. | 1992026 | 0.2 |
| 11031 | Brookfield Renewable Corp. | 361596 | 0.0 |
| 53223 | CenterPoint Energy, Inc. | 1955413 | 0.2 |
| 2806 | Clearway Energy, Inc. - Class A | 84910 | 0.0 |
| 6639 | Clearway Energy, Inc. - Class C | 212448 | 0.0 |
| 24298 | CMS Energy Corp. | 1683365 | 0.2 |
| 29443 | Consolidated Edison, Inc. | 2954605 | 0.3 |
| 16925 | DTE Energy Co. | 2241885 | 0.2 |
| 31132 | Edison International | 1606411 | 0.2 |
| 35200 | Entergy Corp. | 2925824 | 0.3 |
| 22513 | Essential Utilities, Inc. | 836133 | 0.1 |
| 18801 | Evergy, Inc. | 1295953 | 0.1 |
| 30010 | Eversource Energy | 1909236 | 0.2 |
| 82565 | Exelon Corp. | 3584972 | 0.4 |
| 44821 | FirstEnergy Corp. | 1804493 | 0.2 |
| 4404 | IDACORP, Inc. | 508442 | 0.0 |
| 16562 | MDU Resources Group, Inc. | 276088 | 0.0 |
| 7325 | National Fuel Gas Co. | 620501 | 0.1 |
| 38434 | NiSource, Inc. | 1550428 | 0.2 |
| 16188 | NRG Energy, Inc. | 2599469 | 0.3 |
| 16408 | OGE Energy Corp. | 728187 | 0.1 |
| 179081 | PG&E Corp. | 2496389 | 0.2 |
| 9730 | Pinnacle West Capital Corp. | 870543 | 0.1 |
| 60454 | PPL Corp. | 2048786 | 0.2 |
| 40789 | Public Service Enterprise Group, Inc. | 3433618 | 0.3 |
| 3705 <sup>(1)</sup> | Talen Energy Corp. | 1077303 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 17563 | UGI Corp. | 639644 | 0.1 |
| 27634 | Vistra Corp. | 5355746 | 0.5 |
| 26089 | WEC Energy Group, Inc. | 2718474 | 0.3 |
| 47144 | Xcel Energy, Inc. | 3210506 | 0.3 |
|  |  | **59791965** | **6.0** |
|  | Total Common Stock |  |  |
|  | (Cost $503,141,784) | **986379532** | **99.2** |
| **EXCHANGE-TRADED FUNDS: 0.5%** | **EXCHANGE-TRADED FUNDS: 0.5%** |  |  |
| 52315 | iShares Russell Mid-Cap ETF | **4811411** | **0.5** |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $4,620,492) | **4811411** | **0.5** |
| **OTHER: —%** | **OTHER: —%** | **OTHER: —%** | **OTHER: —%** |
|  | **Communication Services: —%** | **Communication Services: —%** |  |
| 14786 <sup>(4)(5)(6)</sup> | GCI Liberty, Inc. - Class A | **—** | **—** |
|  | Total Other |  |  |
|  | (Cost $—) | **—** | **—** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $507,762,276) | **991190943** | **99.7** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount†** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** |  |  |
|  | **Repurchase Agreements: 0.9%** | **Repurchase Agreements: 0.9%** | **Repurchase Agreements: 0.9%** |
| 180420 <sup>(7)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $180,442, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $184,028, due 07/10/25-05/15/42) | 180420 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 2263872 <sup>(7)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,264,144, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $2,309,149, due 06/01/30-02/01/57) | $2263872 | 0.2 |
| 2410786 <sup>(7)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,411,076, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $2,459,002, due 08/15/34-06/01/55) | 2410786 | 0.2 |
| 1493706 <sup>(7)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,493,886, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,523,580, due 03/01/34-05/01/55) | 1493706 | 0.2 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 2628839 <sup>(7)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $2,629,162, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,673,512, due 07/15/26-02/15/54) | $2628839 | 0.3 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $8,977,623) | **8977623** | **0.9** |
|  | **Time Deposits: 0.1%** |  |  |
| 280000 <sup>(7)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 | 280000 | 0.0 |
| 270000 <sup>(7)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | 270000 | 0.0 |
| 280000 <sup>(7)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 280000 | 0.0 |
| 280000 <sup>(7)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 280000 | 0.1 |
|  | Total Time Deposits<br> (Cost $1,110,000) | **1110000** | **0.1** |
|  |  |  | **Percentage** |
|  |  |  | **Of Net** |
| **Shares** |  | **Value** | **Assets** |
|  | **Mutual Funds: 0.0%** |  |  |
| 113000 <sup>(8)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% |  |  |
|  | (Cost $113,000) | $**113000** | **0.0** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $10,200,623) | **10200623** | **1.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $517,962,899)** | $**1001391566** | **100.7** |
|  | **Liabilities in Excess of Other Assets** | **(7287782)** | **(0.7)** |
|  | **Net Assets** | $**994103784** | **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> | Investment in affiliate. |
| <sup>(4)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(5)</sup> | Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing. |
| <sup>(6)</sup> | Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2025, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
| <sup>(7)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(8)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $986379532 | $— | $— | $986379532 |
| Exchange-Traded Funds | 4811411 |  |  | 4811411 |
| Short-Term Investments | 113000 | 10087623 |  | 10200623 |
| Total Investments, at fair value | $991303943 | $10087623 | $— | $1001391566 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 66618 |  |  | 66618 |
| Total Assets | $991370561 | $10087623 | $— | $1001458184 |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| \* | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**6/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Financial, Inc. | $560552 | $22258 | $(16556) | $(8691) | $557563 | $7016 | $24839 | $— |
|  | $560552 | $22258 | $(16556) | $(8691) | $557563 | $7016 | $24839 | $&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

At June 30, 2025, Voya Russell™ Mid Cap Index Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| GCI Liberty, Inc. - Class A | 5/23/2023 | $— | $— |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

At June 30, 2025, the following futures contracts were outstanding for Voya Russell™ Mid Cap Index Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| Long Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Mid 400 E-Mini Index | 10 | 09/19/25 | $3125500 | $66618 |
|  |  |  | $3125500 | $66618 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL™ MID CAP PORTFOLIO OF INVESTMENTS <br> INDEX PORTFOLIO as of June 30, 2025 (Unaudited) (continued) <br>    

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

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

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **<u>Derivatives not accounted for as hedging instruments</u>** | **<u>of Assets and Liabilities</u>** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $66618 |
| **Total Asset Derivatives** |  | $66618 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(302363) |
| **Total** | $(302363) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $223460 |
| **Total** | $223460 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $529,750,432. | Cost for U.S. federal income tax purposes was $529,750,432. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $523107886 |
| Gross Unrealized Depreciation | (51400134) |
| Net Unrealized Appreciation | $471707752 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL<sup>™</sup> SMALL CAP PORTFOLIO OF INVESTMENTS <br> <u>INDEX PORTFOLIO</u> <u>as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 99.1%** | **COMMON STOCK: 99.1%** |  |  |
|  | **Communication Services: 2.6%** | **Communication Services: 2.6%** | **Communication Services: 2.6%** |
| 22946 <sup>(1)(2)</sup> | Advantage Solutions, Inc. | $30289 | 0.0 |
| 54173 <sup>(2)</sup> | Altice USA, Inc. - Class A | 115930 | 0.0 |
| 88945 <sup>(1)(2)</sup> | AMC Entertainment Holdings, Inc. - Class A | 275729 | 0.1 |
| 7267 <sup>(2)</sup> | AMC Networks, Inc. - Class A | 45564 | 0.0 |
| 8727 <sup>(2)</sup> | Angi, Inc. | 133174 | 0.0 |
| 2815 <sup>(2)</sup> | Anterix, Inc. | 72205 | 0.0 |
| 11310 <sup>(2)</sup> | Atlanta Braves Holdings, Inc. - Class C | 528969 | 0.1 |
| 2191 | ATN International, Inc. | 35604 | 0.0 |
| 5598 <sup>(2)</sup> | Bandwidth, Inc. - Class A | 89008 | 0.0 |
| 5577 <sup>(1)(2)</sup> | Boston Omaha Corp. - Class A | 78301 | 0.0 |
| 15581 <sup>(2)</sup> | Bumble, Inc. - Class A | 102679 | 0.0 |
| 1089 <sup>(1)</sup> | Cable One, Inc. | 147897 | 0.0 |
| 16972 <sup>(2)</sup> | Cargurus, Inc. | 568053 | 0.1 |
| 12723 <sup>(2)</sup> | Cars.com, Inc. | 150768 | 0.0 |
| 21953 <sup>(1)</sup> | Cinemark Holdings, Inc. | 662542 | 0.1 |
| 9097 <sup>(1)</sup> | Cogent Communications Holdings, Inc. | 438566 | 0.1 |
| 6956 | CuriosityStream, Inc. | 39162 | 0.0 |
| 27647 <sup>(1)(2)</sup> | EchoStar Corp. - Class A | 765822 | 0.2 |
| 16625 | Entravision Communications Corp. - Class A | 38570 | 0.0 |
| 17618 <sup>(2)</sup> | Eventbrite, Inc. - Class A | 46335 | 0.0 |
| 5595 <sup>(2)</sup> | EverQuote, Inc. - Class A | 135287 | 0.0 |
| 13183 <sup>(2)</sup> | EW Scripps Co. - Class A | 38758 | 0.0 |
| 68369 <sup>(2)</sup> | fuboTV, Inc. | 263904 | 0.1 |
| 29896 <sup>(2)</sup> | Gannett Co., Inc. | 107028 | 0.0 |
| 24611 <sup>(1)(2)</sup> | Getty Images Holdings, Inc. | 40854 | 0.0 |
| 10294 <sup>(1)(2)</sup> | Globalstar, Inc. | 242424 | 0.1 |
| 13997 <sup>(1)(2)</sup> | Gogo, Inc. | 205476 | 0.1 |
| 17828 | Gray Television, Inc. | 80761 | 0.0 |
| 6918 <sup>(2)</sup> | Grindr, Inc. | 157039 | 0.0 |
| 2752 <sup>(1)(2)</sup> | Ibotta, Inc. - Class A | 100723 | 0.0 |
| 3387 | IDT Corp. - Class B | 231400 | 0.1 |
| 25713 <sup>(2)</sup> | iHeartMedia, Inc. - Class A | 45255 | 0.0 |
| 9177 <sup>(1)(2)</sup> | IMAX Corp. | 256589 | 0.1 |
| 15571 <sup>(2)</sup> | Integral Ad Science Holding Corp. | 129395 | 0.0 |
| 8262 | John Wiley & Sons, Inc. - Class A | 368733 | 0.1 |
| 33730 <sup>(2)</sup> | Liberty Latin America Ltd. - Class C | 209801 | 0.1 |
| 39693 <sup>(2)</sup> | Lionsgate Studios Corp. | 230616 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** |
| 195357 <sup>(2)</sup> | Lumen Technologies, Inc. | $855664 | 0.2 |
| 8325 <sup>(2)</sup> | Madison Square Garden Entertainment Corp. | 332750 | 0.1 |
| 28425 <sup>(1)(2)</sup> | Magnite, Inc. | 685611 | 0.1 |
| 5183 | Marcus Corp. | 87385 | 0.0 |
| 7030 <sup>(2)</sup> | MediaAlpha, Inc. - Class A | 76978 | 0.0 |
| 15587 | National CineMedia, Inc. | 75519 | 0.0 |
| 45982 <sup>(2)</sup> | Nextdoor Holdings, Inc. | 76330 | 0.0 |
| 7871 <sup>(2)</sup> | Nexxen International Ltd. | 81937 | 0.0 |
| 18299 <sup>(2)</sup> | Playstudios, Inc. | 23972 | 0.0 |
| 11644 | Playtika Holding Corp. | 55076 | 0.0 |
| 9092 <sup>(2)</sup> | PubMatic, Inc. - Class A | 113104 | 0.0 |
| 11348 <sup>(2)</sup> | QuinStreet, Inc. | 182703 | 0.0 |
| 16173 <sup>(1)(2)</sup> | Rumble, Inc. | 145234 | 0.0 |
| 4978 | Scholastic Corp. | 104438 | 0.0 |
| 10914 | Shenandoah Telecommunications Co. | 149085 | 0.0 |
| 5084 | Shutterstock, Inc. | 96393 | 0.0 |
| 7771 | Sinclair, Inc. | 107395 | 0.0 |
| 5554 <sup>(1)(2)</sup> | Sphere Entertainment Co. | 232157 | 0.1 |
| 4398 | Spok Holdings, Inc. | 77757 | 0.0 |
| 23616 <sup>(1)(2)</sup> | Stagwell, Inc. | 106272 | 0.0 |
| 2811 <sup>(2)</sup> | Starz Entertainment Corp. | 45173 | 0.0 |
| 5513 <sup>(2)</sup> | TechTarget, Inc. | 42836 | 0.0 |
| 32338 | TEGNA, Inc. | 541985 | 0.1 |
| 20082 | Telephone and Data Systems, Inc. | 714518 | 0.2 |
| 7463 <sup>(1)(2)</sup> | Thryv Holdings, Inc. | 90750 | 0.0 |
| 23389 <sup>(2)</sup> | TripAdvisor, Inc. | 305226 | 0.1 |
| 18407 <sup>(2)</sup> | TrueCar, Inc. | 34973 | 0.0 |
| 32568 <sup>(2)</sup> | Vimeo, Inc. | 131575 | 0.0 |
| 15630 <sup>(1)(2)</sup> | Vivid Seats, Inc. - Class A | 26415 | 0.0 |
| 12217 <sup>(1)(2)</sup> | VTEX - Class A | 80632 | 0.0 |
| 2657 <sup>(1)(2)</sup> | Webtoon Entertainment, Inc. | 24126 | 0.0 |
| 10209 <sup>(2)</sup> | WideOpenWest, Inc. | 41448 | 0.0 |
| 12953 <sup>(2)</sup> | Yelp, Inc. | 443899 | 0.1 |
| 8581 <sup>(2)</sup> | Ziff Davis, Inc. | 259747 | 0.1 |
| 14718 <sup>(2)</sup> | ZipRecruiter, Inc. - Class A | 73737 | 0.0 |
|  |  | **13732010** | **2.6** |
|  | **Consumer Discretionary: 9.9%** |  |  |
| 9652 <sup>(2)</sup> | Abercrombie & Fitch Co. - Class A | 799668 | 0.2 |
| 13631 <sup>(1)</sup> | Academy Sports & Outdoors, Inc. | 610805 | 0.1 |
| 11446 <sup>(2)</sup> | Accel Entertainment, Inc. | 134719 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL<sup>™</sup> SMALL CAP PORTFOLIO OF INVESTMENTS <br> <u>INDEX PORTFOLIO</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 5776 <sup>(1)</sup> | Acushnet Holdings Corp. | $420608 | 0.1 |
| 17236 <sup>(2)</sup> | Adient PLC | 335413 | 0.1 |
| 7593 <sup>(2)</sup> | Adtalem Global Education, Inc. | 966057 | 0.2 |
| 12207 <sup>(1)</sup> | Advance Auto Parts, Inc. | 567503 | 0.1 |
| 3979 | A-Mark Precious Metals, Inc. | 88254 | 0.0 |
| 23369 <sup>(2)</sup> | American Axle & Manufacturing Holdings, Inc. | 95346 | 0.0 |
| 33486 | American Eagle Outfitters, Inc. | 322135 | 0.1 |
| 3616 <sup>(2)</sup> | American Public Education, Inc. | 110143 | 0.0 |
| 1576 <sup>(2)</sup> | America's Car-Mart, Inc. | 88319 | 0.0 |
| 10907 <sup>(2)</sup> | Arhaus, Inc. | 94564 | 0.0 |
| 17994 <sup>(1)</sup> | Arko Corp. | 76115 | 0.0 |
| 3972 <sup>(2)</sup> | Asbury Automotive Group, Inc. | 947481 | 0.2 |
| 3211 <sup>(2)</sup> | Barnes & Noble Education, Inc. | 37793 | 0.0 |
| 6164 <sup>(2)</sup> | Beazer Homes USA, Inc. | 137889 | 0.0 |
| 4284 <sup>(2)</sup> | BJ's Restaurants, Inc. | 191066 | 0.0 |
| 17003 | Bloomin' Brands, Inc. | 146396 | 0.0 |
| 6252 <sup>(2)</sup> | Boot Barn Holdings, Inc. | 950304 | 0.2 |
| 9025 <sup>(2)</sup> | Brinker International, Inc. | 1627478 | 0.3 |
| 6349 | Buckle, Inc. | 287927 | 0.1 |
| 2645 <sup>(1)</sup> | Build-A-Bear Workshop, Inc. | 136376 | 0.0 |
| 6840 <sup>(1)</sup> | Caleres, Inc. | 83585 | 0.0 |
| 12031 | Camping World Holdings, Inc. - Class A | 206813 | 0.0 |
| 23628 <sup>(1)(2)</sup> | Capri Holdings Ltd. | 418216 | 0.1 |
| 3049 | Carriage Services, Inc. | 139461 | 0.0 |
| 7191 <sup>(1)</sup> | Carter's, Inc. | 216665 | 0.1 |
| 1579 <sup>(2)</sup> | Cavco Industries, Inc. | 685965 | 0.1 |
| 5622 | Century Communities, Inc. | 316631 | 0.1 |
| 9747 <sup>(1)</sup> | Cheesecake Factory, Inc. | 610747 | 0.1 |
| 1074 <sup>(2)</sup> | Citi Trends, Inc. | 35861 | 0.0 |
| 3595 <sup>(2)</sup> | Cooper-Standard Holdings, Inc. | 77292 | 0.0 |
| 28230 <sup>(2)</sup> | Coursera, Inc. | 247295 | 0.1 |
| 4511 <sup>(1)</sup> | Cracker Barrel Old Country Store, Inc. | 275532 | 0.1 |
| 10254 | Cricut, Inc. - Class A | 69420 | 0.0 |
| 26848 | Dana, Inc. | 460443 | 0.1 |
| 5652 <sup>(1)(2)</sup> | Dave & Buster's Entertainment, Inc. | 170012 | 0.0 |
| 10942 <sup>(1)(2)</sup> | Denny's Corp. | 44862 | 0.0 |
| 2961 | Dine Brands Global, Inc. | 72041 | 0.0 |
| 5627 <sup>(2)</sup> | Dorman Products, Inc. | 690264 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 6202 <sup>(1)(2)</sup> | Dream Finders Homes, Inc. - Class A | $155856 | 0.0 |
| 5528 <sup>(2)</sup> | El Pollo Loco Holdings, Inc. | 60863 | 0.0 |
| 13130 <sup>(1)</sup> | Ermenegildo Zegna NV | 112262 | 0.0 |
| 2544 | Escalade, Inc. | 35565 | 0.0 |
| 4838 | Ethan Allen Interiors, Inc. | 134738 | 0.0 |
| 6613 <sup>(2)</sup> | European Wax Center, Inc. - Class A | 37231 | 0.0 |
| 16045 <sup>(2)</sup> | Everi Holdings, Inc. | 228481 | 0.1 |
| 26723 <sup>(1)(2)</sup> | EVgo, Inc. | 97539 | 0.0 |
| 18855 <sup>(2)</sup> | Faraday Future Intelligent Electric, Inc. | 31676 | 0.0 |
| 19029 <sup>(2)</sup> | Figs, Inc. - Class A | 107324 | 0.0 |
| 8271 <sup>(1)(2)</sup> | First Watch Restaurant Group, Inc. | 132667 | 0.0 |
| 1003 | Flexsteel Industries, Inc. | 36138 | 0.0 |
| 17288 <sup>(1)(2)</sup> | Foot Locker, Inc. | 423556 | 0.1 |
| 8621 <sup>(2)</sup> | Fox Factory Holding Corp. | 223629 | 0.1 |
| 15312 <sup>(2)</sup> | Frontdoor, Inc. | 902489 | 0.2 |
| 7415 <sup>(2)</sup> | Funko, Inc. - Class A | 35295 | 0.0 |
| 25812 | Garrett Motion, Inc. | 271284 | 0.1 |
| 2333 <sup>(2)</sup> | Genesco, Inc. | 45937 | 0.0 |
| 44955 <sup>(1)(2)</sup> | Genius Sports Ltd. | 467532 | 0.1 |
| 6513 <sup>(2)</sup> | Gentherm, Inc. | 184253 | 0.0 |
| 5446 <sup>(1)(2)</sup> | GigaCloud Technology, Inc. - Class A | 107722 | 0.0 |
| 7989 <sup>(2)</sup> | G-III Apparel Group Ltd. | 178954 | 0.0 |
| 22498 <sup>(1)(2)</sup> | Global Business Travel Group I | 141737 | 0.0 |
| 4288 | Golden Entertainment, Inc. | 126196 | 0.0 |
| 53706 <sup>(1)(2)</sup> | Goodyear Tire & Rubber Co. | 556931 | 0.1 |
| 648 | Graham Holdings Co. - Class B | 613118 | 0.1 |
| 6476 <sup>(2)</sup> | Green Brick Partners, Inc. | 407211 | 0.1 |
| 2621 | Group 1 Automotive, Inc. | 1144617 | 0.2 |
| 5111 <sup>(2)</sup> | Groupon, Inc. | 170963 | 0.0 |
| 1762 | Hamilton Beach Brands Holding Co. - Class A | 31522 | 0.0 |
| 71677 <sup>(2)</sup> | Hanesbrands, Inc. | 328281 | 0.1 |
| 3295 | Haverty Furniture Cos., Inc. | 67053 | 0.0 |
| 4677 <sup>(2)</sup> | Helen of Troy Ltd. | 132733 | 0.0 |
| 12674 <sup>(1)(2)</sup> | Hilton Grand Vacations, Inc. | 526351 | 0.1 |
| 1030 <sup>(2)</sup> | Hovnanian Enterprises, Inc. - Class A | 107686 | 0.0 |
| 4989 <sup>(2)</sup> | Inspired Entertainment, Inc. | 40760 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL<sup>™</sup> SMALL CAP PORTFOLIO OF INVESTMENTS <br> <u>INDEX PORTFOLIO</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 4779 <sup>(1)</sup> | Installed Building Products, Inc. | $861749 | 0.2 |
| 22865 | International Game Technology PLC | 361496 | 0.1 |
| 3860 | Jack in the Box, Inc. | 67396 | 0.0 |
| 1317 | JAKKS Pacific, Inc. | 27367 | 0.0 |
| 13831 | KB Home | 732628 | 0.2 |
| 6516 <sup>(2)</sup> | KinderCare Learning Cos., Inc. | 65812 | 0.0 |
| 21905 | Kohl's Corp. | 185754 | 0.0 |
| 11183 | Kontoor Brands, Inc. | 737743 | 0.2 |
| 17964 <sup>(1)</sup> | Krispy Kreme, Inc. | 52275 | 0.0 |
| 1259 <sup>(1)(2)</sup> | Kura Sushi USA, Inc. - Class A | 108375 | 0.0 |
| 2881 <sup>(2)</sup> | Lands' End, Inc. | 30856 | 0.0 |
| 9655 <sup>(2)</sup> | Latham Group, Inc. | 61599 | 0.0 |
| 26851 <sup>(2)</sup> | Laureate Education, Inc. | 627776 | 0.1 |
| 8527 <sup>(1)</sup> | La-Z-Boy, Inc. | 316949 | 0.1 |
| 4934 | LCI Industries | 449931 | 0.1 |
| 2235 <sup>(2)</sup> | Legacy Housing Corp. | 50645 | 0.0 |
| 27201 | Leggett & Platt, Inc. | 242633 | 0.1 |
| 4342 <sup>(2)</sup> | LGI Homes, Inc. | 223700 | 0.1 |
| 27592 <sup>(2)</sup> | Life Time Group Holdings, Inc. | 836865 | 0.2 |
| 6168 <sup>(2)</sup> | Lincoln Educational Services Corp. | 142172 | 0.0 |
| 7841 <sup>(2)</sup> | Lindblad Expeditions Holdings, Inc. | 91504 | 0.0 |
| 7781 <sup>(2)</sup> | Livewire Group, Inc. | 35793 | 0.0 |
| 2907 <sup>(2)</sup> | Lovesac Co. | 52907 | 0.0 |
| 8863 <sup>(1)(2)</sup> | Luminar Technologies, Inc. | 25437 | 0.0 |
| 5399 <sup>(2)</sup> | M/I Homes, Inc. | 605336 | 0.1 |
| 4309 <sup>(2)</sup> | Malibu Boats, Inc. - Class A | 135044 | 0.0 |
| 4133 <sup>(2)</sup> | MarineMax, Inc. | 103904 | 0.0 |
| 6364 <sup>(1)</sup> | Marriott Vacations Worldwide Corp. | 460181 | 0.1 |
| 3977 <sup>(1)(2)</sup> | MasterCraft Boat Holdings, Inc. | 73893 | 0.0 |
| 14363 | Meritage Homes Corp. | 961890 | 0.2 |
| 19746 <sup>(1)(2)</sup> | Mister Car Wash, Inc. | 118673 | 0.0 |
| 10636 <sup>(2)</sup> | Modine Manufacturing Co. | 1047646 | 0.2 |
| 2690 | Monarch Casino & Resort, Inc. | 232524 | 0.1 |
| 6324 | Monro, Inc. | 94291 | 0.0 |
| 4199 <sup>(2)</sup> | Motorcar Parts of America, Inc. | 47029 | 0.0 |
| 3025 | Movado Group, Inc. | 46131 | 0.0 |
| 572 | Nathan's Famous, Inc. | 63252 | 0.0 |
| 16020 <sup>(2)</sup> | National Vision Holdings, Inc. | 368620 | 0.1 |
| 6054 <sup>(2)</sup> | ODP Corp. | 109759 | 0.0 |
| 19942 | OneSpaWorld Holdings Ltd. | 406617 | 0.1 |
| 2559 <sup>(2)</sup> | OneWater Marine, Inc. - Class A | 34265 | 0.0 |
| 11416 <sup>(1)(2)</sup> | Overstock.com, Inc. | 78542 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 2966 <sup>(1)</sup> | Oxford Industries, Inc. | $119382 | 0.0 |
| 6729 | Papa John's International, Inc. | 329317 | 0.1 |
| 6544 <sup>(1)</sup> | Patrick Industries, Inc. | 603815 | 0.1 |
| 75181 <sup>(1)(2)</sup> | Peloton Interactive, Inc. - Class A | 521756 | 0.1 |
| 13064 | Perdoceo Education Corp. | 427062 | 0.1 |
| 17182 <sup>(2)</sup> | Petco Health & Wellness Co., Inc. | 48625 | 0.0 |
| 8493 | Phinia, Inc. | 377854 | 0.1 |
| 7502 <sup>(2)</sup> | PlayAGS, Inc. | 93700 | 0.0 |
| 10828 <sup>(1)</sup> | Polaris, Inc. | 440158 | 0.1 |
| 11513 <sup>(1)(2)</sup> | Portillo's, Inc. - Class A | 134357 | 0.0 |
| 6054 <sup>(2)</sup> | Potbelly Corp. | 74162 | 0.0 |
| 1806 <sup>(1)</sup> | RCI Hospitality Holdings, Inc. | 68845 | 0.0 |
| 20354 <sup>(2)</sup> | RealReal, Inc. | 97496 | 0.0 |
| 9945 | Red Rock Resorts, Inc. - Class A | 517438 | 0.1 |
| 11042 | Rent-A-Center, Inc. | 277154 | 0.1 |
| 8134 <sup>(2)</sup> | Revolve Group, Inc. | 163087 | 0.0 |
| 1479 | Rocky Brands, Inc. | 32819 | 0.0 |
| 18163 <sup>(1)(2)</sup> | Rush Street Interactive, Inc. | 270629 | 0.1 |
| 75044 <sup>(2)</sup> | Sabre Corp. | 237139 | 0.1 |
| 20965 <sup>(1)(2)</sup> | Sally Beauty Holdings, Inc. | 194136 | 0.0 |
| 5190 <sup>(2)</sup> | Savers Value Village, Inc. | 52938 | 0.0 |
| 5706 <sup>(2)</sup> | SeaWorld Entertainment, Inc. | 269038 | 0.1 |
| 9594 <sup>(2)</sup> | Serve Robotics, Inc. | 109755 | 0.0 |
| 7866 <sup>(2)</sup> | Shake Shack, Inc. - Class A | 1105960 | 0.2 |
| 3770 | Shoe Carnival, Inc. | 70537 | 0.0 |
| 8478 | Signet Jewelers Ltd. | 674425 | 0.1 |
| 19321 <sup>(1)</sup> | Six Flags Entertainment Corp. | 587938 | 0.1 |
| 10946 <sup>(2)</sup> | Skyline Champion Corp. | 685329 | 0.1 |
| 4479 <sup>(1)(2)</sup> | Sleep Number Corp. | 30256 | 0.0 |
| 9452 | Smith & Wesson Brands, Inc. | 82043 | 0.0 |
| 32425 <sup>(1)(2)</sup> | Solid Power, Inc. | 71011 | 0.0 |
| 3114 | Sonic Automotive, Inc. - Class A | 248902 | 0.1 |
| 24698 <sup>(2)</sup> | Sonos, Inc. | 266985 | 0.1 |
| 4644 | Standard Motor Products, Inc. | 142664 | 0.0 |
| 14084 <sup>(1)</sup> | Steven Madden Ltd. | 337734 | 0.1 |
| 21847 <sup>(2)</sup> | Stitch Fix, Inc. – Class A | 80834 | 0.0 |
| 4774 | Strategic Education, Inc. | 406411 | 0.1 |
| 859 <sup>(2)</sup> | Strattec Security Corp. | 53438 | 0.0 |
| 8661 <sup>(2)</sup> | Stride, Inc. | 1257491 | 0.2 |
| 3563 | Sturm Ruger & Co., Inc. | 127912 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL<sup>™</sup> SMALL CAP PORTFOLIO OF INVESTMENTS <br> <u>INDEX PORTFOLIO</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 32876 | Super Group SGHC Ltd. | $360650 | 0.1 |
| 2912 | Superior Group of Cos., Inc. | 29994 | 0.0 |
| 20933 <sup>(1)(2)</sup> | Sweetgreen, Inc. - Class A | 311483 | 0.1 |
| 7173 <sup>(2)</sup> | Target Hospitality Corp. | 51072 | 0.0 |
| 20476 <sup>(2)</sup> | Taylor Morrison Home Corp. | 1257636 | 0.2 |
| 18688 <sup>(2)</sup> | ThredUp, Inc. - Class A | 139973 | 0.0 |
| 28178 <sup>(1)(2)</sup> | Topgolf Callaway Brands Corp. | 226833 | 0.1 |
| 18690 <sup>(2)</sup> | Tri Pointe Homes, Inc. | 597145 | 0.1 |
| 19244 <sup>(2)</sup> | Udemy, Inc. | 135285 | 0.0 |
| 9121 <sup>(2)</sup> | Universal Technical Institute, Inc. | 309111 | 0.1 |
| 12870 <sup>(2)</sup> | Urban Outfitters, Inc. | 933590 | 0.2 |
| 4406 <sup>(2)</sup> | Viad Corp. | 127025 | 0.0 |
| 14142 <sup>(1)(2)</sup> | Victoria's Secret & Co. | 261910 | 0.1 |
| 5528 <sup>(2)</sup> | Visteon Corp. | 515762 | 0.1 |
| 20028 <sup>(2)</sup> | Warby Parker, Inc. - Class A | 439214 | 0.1 |
| 615 | Winmark Corp. | 232230 | 0.1 |
| 5641 | Winnebago Industries, Inc. | 163589 | 0.0 |
| 16452 <sup>(1)</sup> | Wolverine World Wide, Inc. | 297452 | 0.1 |
| 5208 <sup>(1)(2)</sup> | XPEL, Inc. | 186967 | 0.0 |
| 5858 <sup>(2)</sup> | Xponential Fitness, Inc. - Class A | 43876 | 0.0 |
| 3514 <sup>(1)(2)</sup> | Zumiez, Inc. | 46596 | 0.0 |
|  |  | **52134498** | **9.9** |
|  | **Consumer Staples: 2.3%** |  |  |
| 6804 | Andersons, Inc. | 250047 | 0.1 |
| 16372 <sup>(1)</sup> | B&G Foods, Inc. | 69254 | 0.0 |
| 23908 <sup>(2)</sup> | Beauty Health Co. | 45664 | 0.0 |
| 15499 <sup>(1)(2)</sup> | Beyond Meat, Inc. | 54091 | 0.0 |
| 3493 | Calavo Growers, Inc. | 92879 | 0.0 |
| 9342 <sup>(1)</sup> | Cal-Maine Foods, Inc. | 930743 | 0.2 |
| 12676 <sup>(2)</sup> | Central Garden & Pet Co. - Class A | 396632 | 0.1 |
| 7381 <sup>(2)</sup> | Chefs' Warehouse, Inc. | 470982 | 0.1 |
| 15674 | Dole PLC | 219279 | 0.1 |
| 9437 | Edgewell Personal Care Co. | 220920 | 0.1 |
| 14380 <sup>(1)</sup> | Energizer Holdings, Inc. | 289901 | 0.1 |
| 6938 | Fresh Del Monte Produce, Inc. | 224930 | 0.1 |
| 19411 <sup>(2)</sup> | Grocery Outlet Holding Corp. | 241085 | 0.1 |
| 2939 <sup>(2)</sup> | Guardian Pharmacy Services, Inc. - Class A | 62630 | 0.0 |
| 20730 <sup>(2)</sup> | Hain Celestial Group, Inc. | 31510 | 0.0 |
| 20595 <sup>(1)(2)</sup> | Herbalife Ltd. | 177529 | 0.0 |
| 10495 <sup>(2)</sup> | HF Foods Group, Inc. | 33374 | 0.0 |
| 18452 <sup>(2)</sup> | Honest Co., Inc. | 93921 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 3172 | Ingles Markets, Inc. - Class A | $201041 | 0.0 |
| 3647 | Inter Parfums, Inc. | 478888 | 0.1 |
| 3146 <sup>(1)</sup> | J & J Snack Foods Corp. | 356788 | 0.1 |
| 1889 | John B Sanfilippo & Son, Inc. | 119460 | 0.0 |
| 4057 | Lancaster Colony Corp. | 700928 | 0.1 |
| 2345 | Lifevantage Corp. | 30673 | 0.0 |
| 3984 | Limoneira Co. | 62350 | 0.0 |
| 7516 <sup>(1)(2)</sup> | Mama's Creations, Inc. | 62383 | 0.0 |
| 2288 <sup>(2)</sup> | Medifast, Inc. | 32146 | 0.0 |
| 2854 | MGP Ingredients, Inc. | 85534 | 0.0 |
| 10183 <sup>(2)</sup> | Mission Produce, Inc. | 119345 | 0.0 |
| 4942 <sup>(2)</sup> | National Beverage Corp. | 213692 | 0.0 |
| 2685 | Natural Grocers by Vitamin Cottage, Inc. | 105386 | 0.0 |
| 3244 <sup>(2)</sup> | Nature's Sunshine Products, Inc. | 47979 | 0.0 |
| 10148 | Nu Skin Enterprises, Inc. - Class A | 81082 | 0.0 |
| 2193 | Oil-Dri Corp. of America | 129365 | 0.0 |
| 30082 <sup>(2)</sup> | Olaplex Holdings, Inc. | 42115 | 0.0 |
| 5191 | PriceSmart, Inc. | 545263 | 0.1 |
| 1171 <sup>(2)</sup> | Seneca Foods Corp. - Class A | 118775 | 0.0 |
| 18782 <sup>(2)</sup> | Simply Good Foods Co. | 593323 | 0.1 |
| 7435 | SpartanNash Co. | 196953 | 0.0 |
| 4992 | Spectrum Brands Holdings, Inc. | 264576 | 0.1 |
| 19685 <sup>(2)</sup> | SunOpta, Inc. | 114173 | 0.0 |
| 3849 | Tootsie Roll Industries, Inc. | 128749 | 0.0 |
| 10191 <sup>(2)</sup> | TreeHouse Foods, Inc. | 197909 | 0.0 |
| 3664 | Turning Point Brands, Inc. | 277621 | 0.1 |
| 12314 <sup>(2)</sup> | United Natural Foods, Inc. | 287039 | 0.1 |
| 5234 | Universal Corp. | 304828 | 0.1 |
| 2400 <sup>(2)</sup> | USANA Health Sciences, Inc. | 73272 | 0.0 |
| 14951 | Utz Brands, Inc. | 187635 | 0.0 |
| 2210 | Village Super Market, Inc. - Class A | 85085 | 0.0 |
| 8148 <sup>(1)(2)</sup> | Vita Coco Co., Inc. | 294143 | 0.1 |
| 7066 <sup>(1)(2)</sup> | Vital Farms, Inc. | 272182 | 0.1 |
| 10024 <sup>(2)</sup> | Waldencast PLC - Class A | 24559 | 0.0 |
| 2761 | WD-40 Co. | 629756 | 0.1 |
| 3526 | Weis Markets, Inc. | 255600 | 0.1 |
| 8049 <sup>(1)(2)</sup> | Westrock Coffee Co. | 46121 | 0.0 |
| 13324 <sup>(1)</sup> | WK Kellogg Co. | 212385 | 0.0 |
| 6856 <sup>(2)</sup> | Zevia PBC - Class A | 22076 | 0.0 |
|  |  | **11906549** | **2.3** |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL<sup>™</sup> SMALL CAP PORTFOLIO OF INVESTMENTS <br> <u>INDEX PORTFOLIO</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: 4.9%** | **Energy: 4.9%** | **Energy: 4.9%** |
| 34033 | Archrock, Inc. | $845039 | 0.2 |
| 8523 | Ardmore Shipping Corp. | 81821 | 0.0 |
| 6332 | Aris Water Solutions, Inc. - Class A | 149752 | 0.0 |
| 15447 <sup>(1)</sup> | Atlas Energy Solutions, Inc. | 206526 | 0.0 |
| 16478 | Berry Corp. | 45644 | 0.0 |
| 3494 <sup>(2)</sup> | BKV Corp. | 84275 | 0.0 |
| 50276 <sup>(1)</sup> | Borr Drilling Ltd. | 92005 | 0.0 |
| 5903 <sup>(2)</sup> | Bristow Group, Inc. | 194622 | 0.0 |
| 13758 | Cactus, Inc. - Class A | 601500 | 0.1 |
| 13485 | California Resources Corp. | 615860 | 0.1 |
| 14172 <sup>(2)</sup> | Calumet, Inc. | 223280 | 0.1 |
| 3014 <sup>(1)(2)</sup> | Centrus Energy Corp. - Class A | 552105 | 0.1 |
| 38026 | ChampionX Corp. | 944566 | 0.2 |
| 37051 <sup>(2)</sup> | Clean Energy Fuels Corp. | 72249 | 0.0 |
| 29469 <sup>(1)(2)</sup> | CNX Resources Corp. | 992516 | 0.2 |
| 15355 <sup>(1)(2)</sup> | Comstock Resources, Inc. | 424873 | 0.1 |
| 10406 <sup>(1)</sup> | Core Laboratories, Inc. | 119877 | 0.0 |
| 10769 | Core Natural Resources, Inc. | 751030 | 0.2 |
| 35509 | Crescent Energy Co. - Class A | 305377 | 0.1 |
| 6776 | CVR Energy, Inc. | 181936 | 0.0 |
| 12817 | Delek US Holdings, Inc. | 271464 | 0.1 |
| 27579 | DHT Holdings, Inc. | 298129 | 0.1 |
| 11484 | Diversified Energy Co. PLC | 168470 | 0.0 |
| 4831 <sup>(2)</sup> | DMC Global, Inc. | 38938 | 0.0 |
| 7634 | Dorian LPG Ltd. | 186117 | 0.0 |
| 39437 <sup>(2)</sup> | Encore Energy Corp. | 112790 | 0.0 |
| 42404 <sup>(1)(2)</sup> | Energy Fuels, Inc./ Canada | 243823 | 0.1 |
| 4786 | Excelerate Energy, Inc. - Class A | 140326 | 0.0 |
| 21146 <sup>(2)</sup> | Expro Group Holdings NV | 181644 | 0.0 |
| 6564 <sup>(1)</sup> | FLEX LNG Ltd. | 144277 | 0.0 |
| 3932 | Flowco Holdings, Inc. - Class A | 70029 | 0.0 |
| 2839 <sup>(2)</sup> | Forum Energy Technologies, Inc. | 55275 | 0.0 |
| 48612 <sup>(2)</sup> | Gevo, Inc. | 64168 | 0.0 |
| 20255 | Golar LNG Ltd. | 834303 | 0.2 |
| 12258 <sup>(1)</sup> | Granite Ridge Resources, Inc. | 78083 | 0.0 |
| 13815 <sup>(1)(2)</sup> | Green Plains, Inc. | 83304 | 0.0 |
| 3074 <sup>(2)</sup> | Gulfport Energy Corp. | 618397 | 0.1 |
| 6385 <sup>(2)</sup> | Hallador Energy Co. | 101075 | 0.0 |
| 30777 <sup>(2)</sup> | Helix Energy Solutions Group, Inc. | 192048 | 0.0 |
| 19820 | Helmerich & Payne, Inc. | 300471 | 0.1 |
| 3398 | HighPeak Energy, Inc. | 33300 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 3235 <sup>(2)</sup> | Infinity Natural Resources, Inc. - Class A | $59233 | 0.0 |
| 8321 <sup>(1)(2)</sup> | Innovex International, Inc. | 129974 | 0.0 |
| 8198 <sup>(1)</sup> | International Seaways, Inc. | 299063 | 0.1 |
| 8891 | Kinetik Holdings, Inc. | 391649 | 0.1 |
| 10945 | Kodiak Gas Services, Inc. | 375085 | 0.1 |
| 8140 <sup>(2)</sup> | Kolibri Global Energy, Inc. | 55759 | 0.0 |
| 96394 <sup>(2)</sup> | Kosmos Energy Ltd. | 165798 | 0.0 |
| 31974 | Liberty Energy, Inc. | 367062 | 0.1 |
| 3844 <sup>(1)(2)</sup> | Lightbridge Corp. | 51394 | 0.0 |
| 36906 <sup>(1)</sup> | Magnolia Oil & Gas Corp. - Class A | 829647 | 0.2 |
| 27769 | Murphy Oil Corp. | 624802 | 0.1 |
| 2932 <sup>(1)(2)</sup> | Nabors Industries Ltd. | 82155 | 0.0 |
| 13148 <sup>(1)(2)</sup> | National Energy Services Reunited Corp. | 79151 | 0.0 |
| 2769 <sup>(2)</sup> | Natural Gas Services Group, Inc. | 71468 | 0.0 |
| 7031 | Navigator Holdings Ltd. | 99489 | 0.0 |
| 34209 <sup>(1)</sup> | New Fortress Energy, Inc. | 113574 | 0.0 |
| 19012 <sup>(2)</sup> | Newpark Resources, Inc. | 161792 | 0.0 |
| 27397 <sup>(2)</sup> | NextDecade Corp. | 244107 | 0.1 |
| 26156 | Noble Corp. PLC | 694442 | 0.1 |
| 43446 <sup>(1)</sup> | Nordic American Tankers Ltd. | 114263 | 0.0 |
| 19551 <sup>(1)</sup> | Northern Oil and Gas, Inc. | 554271 | 0.1 |
| 20191 <sup>(2)</sup> | Oceaneering International, Inc. | 418358 | 0.1 |
| 14911 <sup>(2)</sup> | Oil States International, Inc. | 79923 | 0.0 |
| 11361 <sup>(2)</sup> | Par Pacific Holdings, Inc. | 301407 | 0.1 |
| 72919 | Patterson-UTI Energy, Inc. | 432410 | 0.1 |
| 17337 | PBF Energy, Inc. - Class A | 375693 | 0.1 |
| 24707 <sup>(1)</sup> | Peabody Energy Corp. | 331568 | 0.1 |
| 19307 <sup>(2)</sup> | ProPetro Holding Corp. | 115263 | 0.0 |
| 3405 <sup>(2)</sup> | REX American Resources Corp. | 165858 | 0.0 |
| 2844 | Riley Exploration Permian, Inc. | 74598 | 0.0 |
| 18782 <sup>(1)</sup> | RPC, Inc. | 88839 | 0.0 |
| 13956 <sup>(1)(2)</sup> | Sable Offshore Corp. | 306753 | 0.1 |
| 8142 | SandRidge Energy, Inc. | 88096 | 0.0 |
| 8953 | Scorpio Tankers, Inc. | 350331 | 0.1 |
| 5463 <sup>(2)</sup> | SEACOR Marine Holdings, Inc. | 27861 | 0.0 |
| 13235 <sup>(1)(2)</sup> | Seadrill Ltd. | 347419 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL<sup>™</sup> SMALL CAP PORTFOLIO OF INVESTMENTS <br> <u>INDEX PORTFOLIO</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 19277 | Select Water Solutions, Inc. | 166553 | 0.0 |
| 24871 <sup>(1)</sup> | SFL Corp. Ltd. | 207175 | 0.1 |
| 16375 | Sitio Royalties Corp. - Class A | 300973 | 0.1 |
| 22955 | SM Energy Co. | 567218 | 0.1 |
| 7511 <sup>(1)</sup> | Solaris Oilfield Infrastructure, Inc. - Class A | 212486 | 0.1 |
| 2297 <sup>(2)</sup> | Summit Midstream Corp. | 56345 | 0.0 |
| 25511 <sup>(2)</sup> | Talos Energy, Inc. | 216333 | 0.1 |
| 12354 | Teekay Corp. Ltd. | 101921 | 0.0 |
| 4908 | Teekay Tankers Ltd. - Class A | 204762 | 0.0 |
| 29142 <sup>(2)</sup> | TETRA Technologies, Inc. | 97917 | 0.0 |
| 10265 <sup>(1)(2)</sup> | Tidewater, Inc. | 473524 | 0.1 |
| 151177 <sup>(1)(2)</sup> | Transocean Ltd. | 391548 | 0.1 |
| 86685 <sup>(1)(2)</sup> | Uranium Energy Corp. | 589458 | 0.1 |
| 23076 | VAALCO Energy, Inc. | 83304 | 0.0 |
| 12875 <sup>(1)(2)</sup> | Valaris Ltd. | 542166 | 0.1 |
| 5979 <sup>(1)(2)</sup> | Vital Energy, Inc. | 96202 | 0.0 |
| 5939 <sup>(1)</sup> | Vitesse Energy, Inc. | 131193 | 0.0 |
| 22390 <sup>(1)</sup> | W&T Offshore, Inc. | 36943 | 0.0 |
| 11473 <sup>(1)</sup> | World Fuel Services Corp. | 325260 | 0.1 |
|  |  | **25571120** | **4.9** |
|  | **Financials: 19.1%** | **Financials: 19.1%** | **Financials: 19.1%** |
| 4121 | 1st Source Corp. | 255790 | 0.1 |
| 2418 | ACNB Corp. | 103587 | 0.0 |
| 4979 | Alerus Financial Corp. | 107746 | 0.0 |
| 10940 <sup>(1)(2)</sup> | AlTi Global, Inc. | 45401 | 0.0 |
| 4868 | Amalgamated Financial Corp. | 151882 | 0.0 |
| 9548 <sup>(2)</sup> | Ambac Financial Group, Inc. | 67791 | 0.0 |
| 7662 | Amerant Bancorp, Inc. | 139678 | 0.0 |
| 5301 | American Coastal Insurance Corp. | 58947 | 0.0 |
| 13254 | Ameris Bancorp | 857534 | 0.2 |
| 4174 | AMERISAFE, Inc. | 182529 | 0.0 |
| 30357 | Apollo Commercial Real Estate Finance, Inc. | 293856 | 0.1 |
| 38663 <sup>(1)</sup> | Arbor Realty Trust, Inc. | 413694 | 0.1 |
| 13213 <sup>(1)</sup> | Ares Commercial Real Estate Corp. | 63026 | 0.0 |
| 15664 <sup>(1)</sup> | ARMOUR Residential REIT, Inc. | 263312 | 0.1 |
| 4292 | Arrow Financial Corp. | 113395 | 0.0 |
| 12436 | Artisan Partners Asset Management, Inc. - Class A | 551288 | 0.1 |
| 32382 | Associated Banc-Corp. | 789797 | 0.2 |
| 27964 | Atlantic Union Bankshares Corp. | 874714 | 0.2 |
| 1159 <sup>(1)(2)</sup> | Atlanticus Holdings Corp. | 63455 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 35590 <sup>(2)</sup> | AvidXchange Holdings, Inc. | $— | 348426 | 0.1 |
| 11056 <sup>(2)</sup> | Axos Financial, Inc. |  | 840698 | 0.2 |
| 27801 | Banc of California, Inc. |  | 390604 | 0.1 |
| 4261 | BancFirst Corp. |  | 526745 | 0.1 |
| 6046 | Banco Latinoamericano de Comercio Exterior SA - Class E |  | 243654 | 0.1 |
| 9354 <sup>(2)</sup> | Bancorp, Inc. |  | 532897 | 0.1 |
| 2298 | Bank First Corp. |  | 270360 | 0.1 |
| 7756 <sup>(1)</sup> | Bank of Hawaii Corp. |  | 523763 | 0.1 |
| 4082 | Bank of Marin Bancorp |  | 93233 | 0.0 |
| 9151 | Bank of NT Butterfield & Son Ltd. |  | 405206 | 0.1 |
| 14878 | BankUnited, Inc. |  | 529508 | 0.1 |
| 2132 | Bankwell Financial Group, Inc. |  | 76816 | 0.0 |
| 7012 | Banner Corp. |  | 449820 | 0.1 |
| 3935 | Bar Harbor Bankshares |  | 117893 | 0.0 |
| 3218 | BayCom Corp. |  | 89171 | 0.0 |
| 8963 | Berkshire Hills Bancorp, Inc. |  | 224434 | 0.1 |
| 72738 | BGC Group, Inc. - Class A |  | 744110 | 0.2 |
| 35410 <sup>(1)</sup> | Blackstone Mortgage Trust, Inc. - Class A |  | 681643 | 0.1 |
| 6949 <sup>(2)</sup> | Blue Foundry Bancorp |  | 66502 | 0.0 |
| 3270 <sup>(2)</sup> | Bowhead Specialty Holdings, Inc. |  | 122723 | 0.0 |
| 9512 | Bread Financial Holdings, Inc. |  | 543325 | 0.1 |
| 5835 <sup>(2)</sup> | Bridgewater Bancshares, Inc. |  | 92835 | 0.0 |
| 6010 | Brightsphere Investment Group, Inc. |  | 211792 | 0.0 |
| 29927 | BrightSpire Capital, Inc. |  | 151131 | 0.0 |
| 18468 | Brookline Bancorp, Inc. |  | 194837 | 0.0 |
| 14312 <sup>(1)(2)</sup> | BRP Group, Inc. - Class A |  | 612697 | 0.1 |
| 41261 <sup>(1)</sup> | Burford Capital Ltd. |  | 588382 | 0.1 |
| 2997 | Burke & Herbert Financial Services Corp. |  | 179011 | 0.0 |
| 6451 | Business First Bancshares, Inc. |  | 159017 | 0.0 |
| 7100 | Byline Bancorp, Inc. |  | 189783 | 0.0 |
| 36316 <sup>(1)</sup> | Cadence Bank |  | 1161386 | 0.2 |
| 5661 <sup>(2)</sup> | California BanCorp |  | 89217 | 0.0 |
| 3727 | Camden National Corp. |  | 151242 | 0.0 |
| 12099 | Cannae Holdings, Inc. |  | 252264 | 0.1 |
| 11443 <sup>(1)(2)</sup> | Cantaloupe, Inc. |  | 125759 | 0.0 |
| 2917 | Capital Bancorp, Inc. |  | 97953 | 0.0 |
| 3821 | Capital City Bank Group, Inc. |  | 150356 | 0.0 |
| 26970 | Capitol Federal Financial, Inc. |  | 164517 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA RUSSELL<sup>™</sup> SMALL CAP PORTFOLIO OF INVESTMENTS <br> <u>INDEX PORTFOLIO</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 5984 <sup>(2)</sup> | Carter Bankshares, Inc. | $103763 | 0.0 |
| 3121 | Cass Information Systems, Inc. | 135607 | 0.0 |
| 13860 | Cathay General Bancorp | 631046 | 0.1 |
| 5910 | Central Pacific Financial Corp. | 165657 | 0.0 |
| 17616 | Chimera Investment Corp. | 244334 | 0.1 |
| 3118 | ChoiceOne Financial Services, Inc. | 89487 | 0.0 |
| 4396 | Citizens & Northern Corp. | 83260 | 0.0 |
| 1186 | Citizens Financial Services, Inc. | 69642 | 0.0 |
| 10757 <sup>(1)(2)</sup> | Citizens, Inc. | 37542 | 0.0 |
| 3108 <sup>(1)</sup> | City Holding Co. | 380481 | 0.1 |
| 4154 | Civista Bancshares, Inc. | 96373 | 0.0 |
| 20455 | Claros Mortgage Trust, Inc. | 58297 | 0.0 |
| 5523 | CNB Financial Corp. | 126256 | 0.0 |
| 20301 | CNO Financial Group, Inc. | 783213 | 0.2 |
| 2696 <sup>(2)</sup> | Coastal Financial Corp. | 261162 | 0.1 |
| 5643 | Cohen & Steers, Inc. | 425200 | 0.1 |
| 7637 <sup>(2)</sup> | Columbia Financial, Inc. | 110813 | 0.0 |
| 10794 | Community Bank System, Inc. | 613855 | 0.1 |
| 3837 | Community Trust Bancorp, Inc. | 203054 | 0.0 |
| 4224 | Community West Bancshares | 82410 | 0.0 |
| 14275 | Compass Diversified Holdings | 89647 | 0.0 |
| 9956 | ConnectOne Bancorp, Inc. | 230581 | 0.1 |
| 6064 <sup>(2)</sup> | Customers Bancorp, Inc. | 356199 | 0.1 |
| 26830 | CVB Financial Corp. | 530966 | 0.1 |
| 1882 <sup>(2)</sup> | Dave, Inc. | 505148 | 0.1 |
| 656 | Diamond Hill Investment Group, Inc. | 95323 | 0.0 |
| 34779 | DigitalBridge Group, Inc. | 359963 | 0.1 |
| 8211 | Dime Community Bancshares, Inc. | 221204 | 0.1 |
| 5416 <sup>(2)</sup> | Donnelley Financial Solutions, Inc. | 333896 | 0.1 |
| 19690 <sup>(1)</sup> | Dynex Capital, Inc. | 240612 | 0.1 |
| 6237 | Eagle Bancorp, Inc. | 121497 | 0.0 |
| 39289 | Eastern Bankshares, Inc. | 599943 | 0.1 |
| 19175 <sup>(1)</sup> | Ellington Financial, Inc. | 249083 | 0.1 |
| 5284 | Employers Holdings, Inc. | 249299 | 0.1 |
| 5984 | Enact Holdings, Inc. | 222306 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 4886 <sup>(2)</sup> | Encore Capital Group, Inc. | $189137 | 0.0 |
| 5158 <sup>(2)</sup> | Enova International, Inc. | 575220 | 0.1 |
| 2444 <sup>(2)</sup> | Enstar Group Ltd. | 822064 | 0.2 |
| 2677 | Enterprise Bancorp, Inc. | 106116 | 0.0 |
| 7780 | Enterprise Financial Services Corp. | 428678 | 0.1 |
| 3682 | Equity Bancshares, Inc. - Class A | 150226 | 0.0 |
| 1605 <sup>(1)</sup> | Esquire Financial Holdings, Inc. | 151929 | 0.0 |
| 20618 | Essent Group Ltd. | 1252131 | 0.2 |
| 13069 | EVERTEC, Inc. | 471137 | 0.1 |
| 4310 | F&G Annuities & Life, Inc. | 137834 | 0.0 |
| 3561 | Farmers & Merchants Bancorp, Inc./Archbold OH | 90022 | 0.0 |
| 9512 | Farmers National Banc Corp. | 131170 | 0.0 |
| 7797 | FB Financial Corp. | 353204 | 0.1 |
| 1877 | Federal Agricultural Mortgage Corp. - Class C | 364664 | 0.1 |
| 11972 | Fidelis Insurance Holdings Ltd. | 198496 | 0.0 |
| 1491 | Fidelity D&D Bancorp, Inc. | 68586 | 0.0 |
| 1080 <sup>(2)</sup> | Finance Of America Cos., Inc. - Class A | 25186 | 0.0 |
| 4145 | Financial Institutions, Inc. | 106444 | 0.0 |
| 3560 | First Bancorp, Inc. | 90460 | 0.0 |
| 32618 | First BanCorp/Puerto Rico | 679433 | 0.1 |
| 8555 | First Bancorp/Southern Pines NC | 377190 | 0.1 |
| 6624 | First Bank/Hamilton NJ | 102473 | 0.0 |
| 17607 | First Busey Corp. | 402936 | 0.1 |
| 1991 | First Business Financial Services, Inc. | 100864 | 0.0 |
| 21310 | First Commonwealth Financial Corp. | 345861 | 0.1 |
| 4346 | First Community Bankshares, Inc. | 170233 | 0.0 |
| 19711 | First Financial Bancorp | 478189 | 0.1 |
| 27135 | First Financial Bankshares, Inc. | 976317 | 0.2 |
| 2943 | First Financial Corp. | 159481 | 0.0 |
| 13629 | First Foundation, Inc. | 69508 | 0.0 |
| 17004 | First Interstate BancSystem, Inc. - Class A | 490055 | 0.1 |
| 12088 | First Merchants Corp. | 462970 | 0.1 |
| 5670 | First Mid Bancshares, Inc. | 212568 | 0.0 |
| 8037 | FirstCash Holdings, Inc. | 1086120 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 2767 <sup>(1)(2)</sup> | Firstsun Capital Bancorp | $96153 | 0.0 |
| 4146 | Five Star Bancorp | 118327 | 0.0 |
| 7065 | Flushing Financial Corp. | 83932 | 0.0 |
| 24775 <sup>(2)</sup> | Flywire Corp. | 289867 | 0.1 |
| 2225 <sup>(2)</sup> | Forge Global Holdings, Inc. | 42364 | 0.0 |
| 20173 <sup>(1)</sup> | Franklin BSP Realty Trust, Inc. | 215649 | 0.0 |
| 36403 | Fulton Financial Corp. | 656710 | 0.1 |
| 1880 <sup>(2)</sup> | GBank Financial Holdings, Inc. | 66571 | 0.0 |
| 9722 <sup>(1)</sup> | GCM Grosvenor, Inc. - Class A | 112386 | 0.0 |
| 84367 <sup>(2)</sup> | Genworth Financial, Inc. - Class A | 656375 | 0.1 |
| 7723 | German American Bancorp, Inc. | 297413 | 0.1 |
| 22924 <sup>(1)</sup> | Glacier Bancorp, Inc. | 987566 | 0.2 |
| 4869 <sup>(1)</sup> | Goosehead Insurance, Inc. - Class A | 513728 | 0.1 |
| 2389 | Great Southern Bancorp, Inc. | 140425 | 0.0 |
| 11066 <sup>(2)</sup> | Green Dot Corp. - Class A | 119291 | 0.0 |
| 1713 | Greene County Bancorp, Inc. | 38063 | 0.0 |
| 7480 <sup>(2)</sup> | Greenlight Capital Re Ltd. - Class A | 107488 | 0.0 |
| 2150 | Guaranty Bancshares, Inc. | 91246 | 0.0 |
| 9054 <sup>(2)</sup> | Hamilton Insurance Group Ltd. - Class B | 195747 | 0.0 |
| 17200 | Hancock Whitney Corp. | 987280 | 0.2 |
| 6814 | Hanmi Financial Corp. | 168170 | 0.0 |
| 24884 <sup>(1)</sup> | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 668384 | 0.1 |
| 9773 | HarborOne Bancorp, Inc. | 114149 | 0.0 |
| 1616 | Hawthorn Bancshares, Inc. | 47090 | 0.0 |
| 3891 | HBT Financial, Inc. | 98092 | 0.0 |
| 1737 | HCI Group, Inc. | 264371 | 0.1 |
| 14722 | Heritage Commerce Corp. | 146189 | 0.0 |
| 7746 | Heritage Financial Corp. | 184665 | 0.0 |
| 4741 <sup>(2)</sup> | Heritage Insurance Holdings, Inc. | 118241 | 0.0 |
| 9524 | Hilltop Holdings, Inc. | 289053 | 0.1 |
| 371 <sup>(1)</sup> | Hingham Institution For Savings The | 92138 | 0.0 |
| 3872 <sup>(2)</sup> | Hippo Holdings, Inc. | 108145 | 0.0 |
| 1859 | Home Bancorp, Inc. | 96259 | 0.0 |
| 37463 | Home BancShares, Inc. | 1066197 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 4313 <sup>(2)</sup> | HomeStreet, Inc. | $56371 | 0.0 |
| 3920 | HomeTrust Bancshares, Inc. | 146647 | 0.0 |
| 24488 | Hope Bancorp, Inc. | 262756 | 0.1 |
| 8581 | Horace Mann Educators Corp. | 368726 | 0.1 |
| 10286 | Horizon Bancorp, Inc. | 158199 | 0.0 |
| 8676 | Independent Bank Corp. | 545590 | 0.1 |
| 4858 | Independent Bank Corp. Michigan | 157448 | 0.0 |
| 10970 | International Bancshares Corp. | 730163 | 0.1 |
| 6805 <sup>(2)</sup> | International Money Express, Inc. | 68662 | 0.0 |
| 12955 <sup>(1)</sup> | Invesco Mortgage Capital, Inc. | 101567 | 0.0 |
| 327 | Investors Title Co. | 69095 | 0.0 |
| 14641 | Jackson Financial, Inc. - Class A | 1299974 | 0.3 |
| 8193 | James River Group Holdings Ltd. | 48011 | 0.0 |
| 3657 | John Marshall Bancorp, Inc. | 67764 | 0.0 |
| 12938 | Kearny Financial Corp. | 83579 | 0.0 |
| 2387 <sup>(2)</sup> | Kingstone Cos., Inc. | 36784 | 0.0 |
| 4665 <sup>(2)</sup> | Kingsway Financial Services, Inc. | 63164 | 0.0 |
| 13601 | KKR Real Estate Finance Trust, Inc. | 119281 | 0.0 |
| 26217 | Ladder Capital Corp. | 281833 | 0.1 |
| 5283 | Lakeland Financial Corp. | 324640 | 0.1 |
| 11332 <sup>(1)(2)</sup> | Lemonade, Inc. | 496455 | 0.1 |
| 22471 <sup>(2)</sup> | LendingClub Corp. | 270326 | 0.1 |
| 2243 <sup>(2)</sup> | LendingTree, Inc. | 83148 | 0.0 |
| 7393 | Live Oak Bancshares, Inc. | 220311 | 0.1 |
| 6482 | Marex Group PLC | 255845 | 0.1 |
| 79715 <sup>(2)</sup> | Marqeta, Inc. - Class A | 464738 | 0.1 |
| 10174 <sup>(2)</sup> | MBIA, Inc. | 44155 | 0.0 |
| 3768 | Mercantile Bank Corp. | 174873 | 0.0 |
| 5397 | Merchants Bancorp | 178479 | 0.0 |
| 5426 | Mercury General Corp. | 365387 | 0.1 |
| 5077 | Metrocity Bankshares, Inc. | 145101 | 0.0 |
| 2287 <sup>(2)</sup> | Metropolitan Bank Holding Corp. | 160090 | 0.0 |
| 22252 | MFA Financial, Inc. | 210504 | 0.0 |
| 4475 | Mid Penn Bancorp, Inc. | 126195 | 0.0 |
| 2139 | Middlefield Banc Corp. | 64405 | 0.0 |
| 4995 | Midland States Bancorp, Inc. | 86513 | 0.0 |
| 4523 | MidWestOne Financial Group, Inc. | 130127 | 0.0 |
| 14825 | Moelis & Co. - Class A | 923894 | 0.2 |
| 7760 | National Bank Holdings Corp. - Class A | 291854 | 0.1 |
| 15396 <sup>(1)</sup> | Navient Corp. | 217084 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 8700 <sup>(2)</sup> | NB Bancorp, Inc. | $155382 | 0.0 |
| 10249 | NBT Bancorp, Inc. | 425846 | 0.1 |
| 3030 | Nelnet, Inc. – Class A | 366994 | 0.1 |
| 8374 <sup>(2)</sup> | NerdWallet, Inc. – Class A | 91863 | 0.0 |
| 61800 <sup>(1)</sup> | New York Community Bancorp, Inc. | 655080 | 0.1 |
| 22233 | New York Mortgage Trust, Inc. | 148961 | 0.0 |
| 5056 | NewtekOne, Inc. | 57032 | 0.0 |
| 2997 <sup>(1)</sup> | Nicolet Bankshares, Inc. | 370070 | 0.1 |
| 15809 <sup>(2)</sup> | NMI Holdings, Inc. – Class A | 666982 | 0.1 |
| 1587 | Northeast Bank | 141227 | 0.0 |
| 3196 | Northeast Community Bancorp, Inc. | 74291 | 0.0 |
| 8772 | Northfield Bancorp, Inc. | 100703 | 0.0 |
| 1323 | Northrim BanCorp, Inc. | 123383 | 0.0 |
| 25911 | Northwest Bancshares, Inc. | 331143 | 0.1 |
| 1951 | Norwood Financial Corp. | 50297 | 0.0 |
| 12500 | OceanFirst Financial Corp. | 220125 | 0.1 |
| 1478 <sup>(2)</sup> | Ocwen Financial Corp. | 56415 | 0.0 |
| 9254 | OFG Bancorp | 396071 | 0.1 |
| 63448 | Old National Bancorp | 1353980 | 0.3 |
| 10073 | Old Second Bancorp, Inc. | 178695 | 0.0 |
| 21644 <sup>(2)</sup> | Open Lending Corp. | 41989 | 0.0 |
| 7399 <sup>(2)</sup> | Oportun Financial Corp. | 52977 | 0.0 |
| 5006 <sup>(1)</sup> | OppFi, Inc. | 70034 | 0.0 |
| 2487 | Orange County Bancorp, Inc. | 64264 | 0.0 |
| 20546 <sup>(1)</sup> | Orchid Island Capital, Inc. | 144027 | 0.0 |
| 6467 | Origin Bancorp, Inc. | 231131 | 0.1 |
| 4261 | Orrstown Financial Services, Inc. | 135628 | 0.0 |
| 37458 <sup>(1)(2)</sup> | Oscar Health, Inc. – Class A | 803100 | 0.2 |
| 11154 | P10, Inc. – Class A | 113994 | 0.0 |
| 19376 | Pacific Premier Bancorp, Inc. | 408640 | 0.1 |
| 36714 | Pagseguro Digital Ltd. – Class A | 353923 | 0.1 |
| 5351 <sup>(2)</sup> | Palomar Holdings, Inc. | 825392 | 0.2 |
| 3015 | Park National Corp. | 504289 | 0.1 |
| 5030 | Pathward Financial, Inc. | 397974 | 0.1 |
| 12315 | Patria Investments Ltd. – Class A | 173149 | 0.0 |
| 56118 <sup>(2)</sup> | Payoneer Global, Inc. | 384408 | 0.1 |
| 6840 <sup>(1)(2)</sup> | Paysafe Ltd. | 86321 | 0.0 |
| 7469 <sup>(2)</sup> | Paysign, Inc. | 53777 | 0.0 |
| 3920 | Peapack-Gladstone Financial Corp. | 110740 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 5980 | PennyMac Financial Services, Inc. | $595847 | 0.1 |
| 18709 | PennyMac Mortgage Investment Trust | 240598 | 0.1 |
| 7746 | Peoples Bancorp, Inc. | 236563 | 0.1 |
| 2476 | Peoples Financial Services Corp. | 122240 | 0.0 |
| 12211 | Perella Weinberg Partners | 237138 | 0.1 |
| 3476 | Piper Sandler Cos. | 966119 | 0.2 |
| 4671 | PJT Partners, Inc. - Class A | 770762 | 0.2 |
| 1670 | Plumas Bancorp | 74248 | 0.0 |
| 5530 <sup>(2)</sup> | Ponce Financial Group, Inc. | 76535 | 0.0 |
| 8259 <sup>(2)</sup> | PRA Group, Inc. | 121820 | 0.0 |
| 2690 | Preferred Bank/Los Angeles CA | 232806 | 0.1 |
| 5245 <sup>(2)</sup> | Priority Technology Holdings, Inc. | 40806 | 0.0 |
| 10603 <sup>(2)</sup> | ProAssurance Corp. | 242066 | 0.1 |
| 8328 | PROG Holdings, Inc. | 244427 | 0.1 |
| 26126 | Provident Financial Services, Inc. | 457989 | 0.1 |
| 3601 | QCR Holdings, Inc. | 244508 | 0.1 |
| 29436 | Radian Group, Inc. | 1060285 | 0.2 |
| 35403 <sup>(1)</sup> | Ready Capital Corp. | 154711 | 0.0 |
| 1468 | Red River Bancshares, Inc. | 86172 | 0.0 |
| 30308 | Redwood Trust, Inc. | 179120 | 0.0 |
| 2023 | Regional Management Corp. | 59092 | 0.0 |
| 31473 <sup>(2)</sup> | Remitly Global, Inc. | 590748 | 0.1 |
| 18602 | Renasant Corp. | 668370 | 0.1 |
| 19216 <sup>(1)(2)</sup> | Repay Holdings Corp. | 92621 | 0.0 |
| 2257 | Republic Bancorp, Inc. - Class A | 165009 | 0.0 |
| 2172 <sup>(2)</sup> | Root, Inc. - Class A | 277951 | 0.1 |
| 8224 | S&T Bancorp, Inc. | 311032 | 0.1 |
| 3139 | Safety Insurance Group, Inc. | 249205 | 0.1 |
| 17671 | Seacoast Banking Corp. of Florida | 488073 | 0.1 |
| 12240 | Selective Insurance Group, Inc. | 1060596 | 0.2 |
| 28418 <sup>(2)</sup> | Selectquote, Inc. | 67635 | 0.0 |
| 10396 | ServisFirst Bancshares, Inc. | 805794 | 0.2 |
| 3007 <sup>(2)</sup> | Sezzle, Inc. | 539005 | 0.1 |
| 7230 | Shore Bancshares, Inc. | 113656 | 0.0 |
| 3451 | Sierra Bancorp | 102460 | 0.0 |
| 25042 | Simmons First National Corp. - Class A | 474796 | 0.1 |
| 20947 <sup>(2)</sup> | SiriusPoint Ltd. | 427109 | 0.1 |
| 7731 <sup>(2)</sup> | Skyward Specialty Insurance Group, Inc. | 446774 | 0.1 |
| 4077 | SmartFinancial, Inc. | 137721 | 0.0 |
| 3336 | South Plains Financial, Inc. | 120229 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 2278 <sup>(2)</sup> | Southern First Bancshares, Inc. | $86632 | 0.0 |
| 2344 | Southern Missouri Bancorp, Inc. | 128404 | 0.0 |
| 2135 | Southern States Bancshares, Inc. | 77650 | 0.0 |
| 6620 | Southside Bancshares, Inc. | 194827 | 0.0 |
| 11043 | Stellar Bancorp, Inc. | 308983 | 0.1 |
| 12700 | StepStone Group, Inc. - Class A | 704850 | 0.1 |
| 5551 | Stewart Information Services Corp. | 361370 | 0.1 |
| 5405 <sup>(1)</sup> | Stock Yards Bancorp, Inc. | 426887 | 0.1 |
| 49807 <sup>(2)</sup> | StoneCo Ltd. - Class A | 798904 | 0.2 |
| 9164 <sup>(2)</sup> | StoneX Group, Inc. | 835207 | 0.2 |
| 9330 <sup>(2)</sup> | Texas Capital Bancshares, Inc. | 740802 | 0.2 |
| 3000 <sup>(2)</sup> | Third Coast Bancshares, Inc. | 98010 | 0.0 |
| 2556 | Timberland Bancorp, Inc. | 79747 | 0.0 |
| 5956 | Tiptree, Inc. | 140442 | 0.0 |
| 2918 | Tompkins Financial Corp. | 183046 | 0.0 |
| 14912 | Towne Bank/ Portsmouth VA | 509692 | 0.1 |
| 15329 | TPG RE Finance Trust, Inc. | 118340 | 0.0 |
| 7209 | TriCo Bancshares | 291892 | 0.1 |
| 4559 <sup>(1)</sup><sup>(2)</sup> | Triumph Financial, Inc. | 251246 | 0.1 |
| 7542 <sup>(1)</sup><sup>(2)</sup> | Trupanion, Inc. | 417450 | 0.1 |
| 4630 | TrustCo Bank Corp. NY | 154735 | 0.0 |
| 12745 | Trustmark Corp. | 464683 | 0.1 |
| 21955 <sup>(1)</sup> | Two Harbors Investment Corp. | 236455 | 0.1 |
| 14453 | UMB Financial Corp. | 1519877 | 0.3 |
| 27969 | United Bankshares, Inc. | 1018911 | 0.2 |
| 24327 | United Community Banks, Inc. | 724701 | 0.1 |
| 4666 | United Fire Group, Inc. | 133914 | 0.0 |
| 1870 | Unity Bancorp, Inc. | 88040 | 0.0 |
| 5321 | Universal Insurance Holdings, Inc. | 147551 | 0.0 |
| 6947 | Univest Financial Corp. | 208688 | 0.0 |
| 17057 <sup>(1)</sup><sup>(2)</sup> | Upstart Holdings, Inc. | 1103247 | 0.2 |
| 95274 | Valley National Bancorp | 850797 | 0.2 |
| 10879 | Veritex Holdings, Inc. | 283942 | 0.1 |
| 8918 | Victory Capital Holdings, Inc. - Class A | 567809 | 0.1 |
| 1398 | Virtus Investment Partners, Inc. | 253597 | 0.1 |
| 6653 | Walker & Dunlop, Inc. | 468903 | 0.1 |
| 16134 | Washington Federal, Inc. | 472404 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 3838 | Washington Trust Bancorp, Inc. | $108539 | 0.0 |
| 4799 | Waterstone Financial, Inc. | 66274 | 0.0 |
| 19053 | WesBanco, Inc. | 602646 | 0.1 |
| 4554 | West BanCorp, Inc. | 89395 | 0.0 |
| 5489 | Westamerica BanCorp | 265887 | 0.1 |
| 26212 <sup>(1)</sup> | WisdomTree, Inc. | 301700 | 0.1 |
| 805 <sup>(2)</sup> | World Acceptance Corp. | 132922 | 0.0 |
| 12040 | WSFS Financial Corp. | 662200 | 0.1 |
|  |  | **100087746** | **19.1** |
|  | **Health Care: 15.8%** |  |  |
| 21174 <sup>(2)</sup> | 10X Genomics, Inc. - Class A | 245195 | 0.1 |
| 9426 <sup>(2)</sup> | 4D Molecular Therapeutics, Inc. | 34970 | 0.0 |
| 25517 <sup>(2)</sup> | 89bio, Inc. | 250577 | 0.1 |
| 1301 <sup>(2)</sup> | Aardvark Therapeutics, Inc. | 17590 | 0.0 |
| 9245 <sup>(2)</sup> | Abeona Therapeutics, Inc. | 52512 | 0.0 |
| 22010 <sup>(1)(2)</sup> | Absci Corp. | 56566 | 0.0 |
| 25200 <sup>(2)</sup> | ACADIA Pharmaceuticals, Inc. | 543564 | 0.1 |
| 22738 <sup>(2)</sup> | Accuray, Inc. | 31151 | 0.0 |
| 20104 <sup>(2)</sup> | Aclaris Therapeutics, Inc. | 28548 | 0.0 |
| 19590 <sup>(2)</sup> | AdaptHealth Corp. | 184734 | 0.0 |
| 30512 <sup>(2)</sup> | Adaptive Biotechnologies Corp. | 355465 | 0.1 |
| 16277 <sup>(2)</sup> | ADC Therapeutics SA | 43622 | 0.0 |
| 3690 <sup>(2)</sup> | Addus HomeCare Corp. | 425051 | 0.1 |
| 47141 <sup>(2)</sup> | ADMA Biologics, Inc. | 858438 | 0.2 |
| 63401 <sup>(2)</sup> | agilon health, Inc. | 145822 | 0.0 |
| 11485 <sup>(2)</sup> | Agios Pharmaceuticals, Inc. | 381991 | 0.1 |
| 51362 <sup>(2)</sup> | Akebia Therapeutics, Inc. | 186958 | 0.0 |
| 14337 <sup>(2)</sup> | Akero Therapeutics, Inc. | 765022 | 0.2 |
| 11382 <sup>(1)(2)</sup> | Aldeyra Therapeutics, Inc. | 43593 | 0.0 |
| 18498 <sup>(2)</sup> | Alector, Inc. | 25897 | 0.0 |
| 26132 <sup>(2)</sup> | Alignment Healthcare, Inc. | 365848 | 0.1 |
| 32792 <sup>(2)</sup> | Alkermes PLC | 938179 | 0.2 |
| 31827 <sup>(2)</sup> | Allogene Therapeutics, Inc. | 35964 | 0.0 |
| 23883 <sup>(1)(2)</sup> | Alphatec Holdings, Inc. | 265101 | 0.1 |
| 15520 <sup>(1)(2)</sup> | Altimmune, Inc. | 60062 | 0.0 |
| 10538 <sup>(2)</sup> | Alumis, Inc. | 31614 | 0.0 |
| 57551 <sup>(2)</sup> | Amicus Therapeutics, Inc. | 329767 | 0.1 |
| 7718 <sup>(2)</sup> | AMN Healthcare Services, Inc. | 159531 | 0.0 |
| 32861 <sup>(2)</sup> | Amneal Pharmaceuticals, Inc. | 265845 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 7889 <sup>(2)</sup> | Amphastar Pharmaceuticals, Inc. | $181131 | 0.0 |
| 14520 <sup>(2)</sup> | Amylyx Pharmaceuticals, Inc. | 93073 | 0.0 |
| 4106 <sup>(1)(2)</sup> | AnaptysBio, Inc. | 91153 | 0.0 |
| 17194 <sup>(1)(2)</sup> | Anavex Life Sciences Corp. | 158529 | 0.0 |
| 8267 <sup>(2)</sup> | AngioDynamics, Inc. | 82009 | 0.0 |
| 3831 <sup>(2)</sup> | ANI Pharmaceuticals, Inc. | 249973 | 0.1 |
| 2991 <sup>(2)</sup> | Anika Therapeutics, Inc. | 31645 | 0.0 |
| 20290 <sup>(2)</sup> | Annexon, Inc. | 48696 | 0.0 |
| 6588 <sup>(1)(2)</sup> | Apogee Therapeutics, Inc. | 286117 | 0.1 |
| 8817 <sup>(1)(2)</sup> | Apollo Medical Holdings, Inc. | 219367 | 0.1 |
| 18409 <sup>(1)(2)</sup> | Aquestive Therapeutics, Inc. | 60934 | 0.0 |
| 32055 <sup>(2)</sup> | Arbutus Biopharma Corp. | 99050 | 0.0 |
| 7498 <sup>(2)</sup> | Arcellx, Inc. | 493743 | 0.1 |
| 5202 <sup>(1)(2)</sup> | Arcturus Therapeutics Holdings, Inc. | 67678 | 0.0 |
| 14044 <sup>(2)</sup> | Arcus Biosciences, Inc. | 114318 | 0.0 |
| 21900 <sup>(2)</sup> | Arcutis Biotherapeutics, Inc. | 307038 | 0.1 |
| 48247 <sup>(2)</sup> | Ardelyx, Inc. | 189128 | 0.0 |
| 5177 <sup>(2)</sup> | Ardent Health Partners, Inc. | 70718 | 0.0 |
| 5083 <sup>(1)(2)</sup> | ArriVent Biopharma, Inc. | 110657 | 0.0 |
| 24260 <sup>(2)</sup> | Arrowhead Pharmaceuticals, Inc. | 383308 | 0.1 |
| 11147 <sup>(1)(2)</sup> | ARS Pharmaceuticals, Inc. | 194515 | 0.1 |
| 8199 <sup>(2)</sup> | Artivion, Inc. | 254989 | 0.1 |
| 13273 <sup>(2)</sup> | Arvinas, Inc. | 97689 | 0.0 |
| 9840 <sup>(2)</sup> | Astria Therapeutics, Inc. | 52742 | 0.0 |
| 19053 <sup>(2)</sup> | Atea Pharmaceuticals, Inc. | 68591 | 0.0 |
| 9961 <sup>(2)</sup> | AtriCure, Inc. | 326422 | 0.1 |
| 18356 <sup>(1)(2)</sup> | aTyr Pharma, Inc. | 93065 | 0.0 |
| 10023 <sup>(1)(2)</sup> | Aura Biosciences, Inc. | 62744 | 0.0 |
| 25046 <sup>(2)</sup> | Aurinia Pharmaceuticals, Inc. | 212140 | 0.1 |
| 18797 <sup>(1)(2)</sup> | Avadel Pharmaceuticals PLC | 166353 | 0.0 |
| 9956 <sup>(2)</sup> | Avanos Medical, Inc. | 121861 | 0.0 |
| 10131 <sup>(2)</sup> | Aveanna Healthcare Holdings, Inc. | 52985 | 0.0 |
| 23305 <sup>(1)(2)</sup> | Avidity Biosciences, Inc. | 661862 | 0.1 |
| 5268 <sup>(1)(2)</sup> | Avita Medical, Inc. | 27868 | 0.0 |
| 9280 <sup>(2)</sup> | Axogen, Inc. | 100688 | 0.0 |
| 8240 <sup>(2)</sup> | Axsome Therapeutics, Inc. | 860174 | 0.2 |
| 8190 <sup>(2)</sup> | Azenta, Inc. | 252088 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 19288 <sup>(1)(2)</sup> | Beam Therapeutics, Inc. | $328089 | 0.1 |
| 3297 <sup>(1)(2)</sup> | Benitec Biopharma, Inc. | 38575 | 0.0 |
| 2828 <sup>(1)(2)</sup> | Beta Bionics, Inc. | 41176 | 0.0 |
| 6963 <sup>(2)</sup> | Bicara Therapeutics, Inc. | 64686 | 0.0 |
| 42481 <sup>(1)(2)</sup> | BioCryst Pharmaceuticals, Inc. | 380630 | 0.1 |
| 18252 <sup>(2)</sup> | Biohaven Ltd. | 257536 | 0.1 |
| 7642 <sup>(2)</sup> | BioLife Solutions, Inc. | 164609 | 0.0 |
| 5667 <sup>(2)</sup> | Biote Corp. - Class A | 22781 | 0.0 |
| 10293 <sup>(2)</sup> | Bioventus, Inc. - Class A | 68140 | 0.0 |
| 12974 <sup>(2)</sup> | Blueprint Medicines Corp. | 1663007 | 0.3 |
| 31850 <sup>(2)</sup> | Bridgebio Pharma, Inc. | 1375283 | 0.3 |
| 1036 <sup>(2)</sup> | Bright Minds Biosciences, Inc. | 27050 | 0.0 |
| 17126 <sup>(1)(2)</sup> | BrightSpring Health Services, Inc. | 404002 | 0.1 |
| 46911 <sup>(2)</sup> | Brookdale Senior Living, Inc. | 326501 | 0.1 |
| 40161 <sup>(1)(2)</sup> | Butterfly Network, Inc. | 80322 | 0.0 |
| 8195 <sup>(2)</sup> | Candel Therapeutics, Inc. | 41467 | 0.0 |
| 7929 <sup>(1)(2)</sup> | Capricor Therapeutics, Inc. | 78735 | 0.0 |
| 13273 <sup>(1)(2)</sup> | Cardiff Oncology, Inc. | 41810 | 0.0 |
| 11046 <sup>(2)</sup> | CareDx, Inc. | 215839 | 0.1 |
| 7093 <sup>(2)</sup> | Cargo Therapeutics, Inc. | 29223 | 0.0 |
| 2251 <sup>(1)(2)</sup> | Cartesian Therapeutics, Inc. | 23388 | 0.0 |
| 31066 <sup>(3)(4)</sup> | Cartesian Therapeutics, Inc. CVR | 5592 | 0.0 |
| 5858 <sup>(2)</sup> | Castle Biosciences, Inc. | 119620 | 0.0 |
| 23299 <sup>(2)</sup> | Catalyst Pharmaceuticals, Inc. | 505588 | 0.1 |
| 6558 <sup>(2)</sup> | Celcuity, Inc. | 87549 | 0.0 |
| 13253 <sup>(2)</sup> | Celldex Therapeutics, Inc. | 269699 | 0.1 |
| 5421 <sup>(2)</sup> | Ceribell, Inc. | 101535 | 0.0 |
| 41847 <sup>(2)</sup> | Cerus Corp. | 59004 | 0.0 |
| 11240 <sup>(1)(2)</sup> | CG oncology, Inc. | 292240 | 0.1 |
| 10690 <sup>(2)</sup> | ChromaDex Corp. | 154043 | 0.0 |
| 3448 <sup>(2)</sup> | Cidara Therapeutics, Inc. | 167952 | 0.0 |
| 1618 <sup>(1)(2)</sup> | Claritev Corp. | 73020 | 0.0 |
| 5578 <sup>(1)(2)</sup> | ClearPoint Neuro, Inc. | 66601 | 0.0 |
| 82366 <sup>(2)</sup> | Clover Health Investments Corp. | 229801 | 0.1 |
| 17285 <sup>(2)</sup> | Codexis, Inc. | 42175 | 0.0 |
| 21900 <sup>(2)</sup> | Cogent Biosciences, Inc. | 157242 | 0.0 |
| 6665 <sup>(2)</sup> | Collegium Pharmaceutical, Inc. | 197084 | 0.1 |
| 26742 <sup>(2)</sup> | Community Health Systems, Inc. | 90923 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> <u>Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 19969 <sup>(2)</sup> | Compass Therapeutics, Inc. | $51919 | 0.0 |
| 2237 <sup>(1)(2)</sup> | Computer Programs and Systems, Inc. | 52391 | 0.0 |
| 23666 | Concentra Group Holdings Parent, Inc. | 486810 | 0.1 |
| 6358 | CONMED Corp. | 331125 | 0.1 |
| 13155 <sup>(2)</sup> | CorMedix, Inc. | 162070 | 0.0 |
| 5930 <sup>(2)</sup> | CorVel Corp. | 609485 | 0.1 |
| 11026 <sup>(1)(2)</sup> | Corvus Pharmaceuticals, Inc. | 44104 | 0.0 |
| 18302 <sup>(2)</sup> | Crinetics Pharmaceuticals, Inc. | 526366 | 0.1 |
| 16733 <sup>(2)</sup> | CRISPR Therapeutics AG | 813893 | 0.2 |
| 6620 <sup>(2)</sup> | Cross Country Healthcare, Inc. | 86391 | 0.0 |
| 10178 <sup>(2)</sup> | CryoPort, Inc. | 75928 | 0.0 |
| 10763 <sup>(2)</sup> | Cullinan Oncology, Inc. | 81045 | 0.0 |
| 25735 <sup>(2)</sup> | Cytek Biosciences, Inc. | 87499 | 0.0 |
| 23719 <sup>(2)</sup> | Cytokinetics, Inc. | 783676 | 0.2 |
| 14657 <sup>(2)</sup> | Day One Biopharmaceuticals, Inc. | 95270 | 0.0 |
| 9796 <sup>(2)</sup> | Definitive Healthcare Corp. | 38204 | 0.0 |
| 6359 <sup>(1)(2)</sup> | Delcath Systems, Inc. | 86482 | 0.0 |
| 26743 <sup>(2)</sup> | Denali Therapeutics, Inc. | 374135 | 0.1 |
| 7394 <sup>(1)(2)</sup> | Design Therapeutics, Inc. | 24918 | 0.0 |
| 4370 <sup>(1)(2)</sup> | Dianthus Therapeutics, Inc. | 81413 | 0.0 |
| 4982 <sup>(1)(2)</sup> | Disc Medicine, Inc. | 263847 | 0.1 |
| 22530 <sup>(2)</sup> | DocGo, Inc. | 35372 | 0.0 |
| 22018 <sup>(1)(2)</sup> | Dynavax Technologies Corp. | 218419 | 0.1 |
| 19085 <sup>(1)(2)</sup> | Dyne Therapeutics, Inc. | 181689 | 0.0 |
| 14815 <sup>(2)</sup> | Edgewise Therapeutics, Inc. | 194225 | 0.0 |
| 18905 <sup>(2)</sup> | Editas Medicine, Inc. | 41591 | 0.0 |
| 13547 <sup>(2)</sup> | Eledon Pharmaceuticals, Inc. | 36712 | 0.0 |
| 12291 | Embecta Corp. | 119100 | 0.0 |
| 10937 <sup>(1)(2)</sup> | Emergent BioSolutions, Inc. | 69778 | 0.0 |
| 4891 <sup>(2)</sup> | Enanta Pharmaceuticals, Inc. | 36976 | 0.0 |
| 10682 <sup>(2)</sup> | Enhabit, Inc. | 102974 | 0.0 |
| 6855 <sup>(1)(2)</sup> | Enliven Therapeutics, Inc. | 137511 | 0.0 |
| 11514 <sup>(2)</sup> | Enovis Corp. | 361079 | 0.1 |
| 11418 | Ensign Group, Inc. | 1761341 | 0.3 |
| 6235 <sup>(2)</sup> | Entrada Therapeutics, Inc. | 41899 | 0.0 |
| 38449 <sup>(2)</sup> | Erasca, Inc. | 48830 | 0.0 |
| 42395 <sup>(2)</sup> | Esperion Therapeutics, Inc. | 41734 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 5499 <sup>(2)</sup> | Eton Pharmaceuticals, Inc. | $78361 | 0.0 |
| 23991 <sup>(1)(2)</sup> | Evolent Health, Inc. - Class A | 270139 | 0.1 |
| 11406 <sup>(2)</sup> | Evolus, Inc. | 105049 | 0.0 |
| 13008 <sup>(1)(2)</sup> | EyePoint Pharmaceuticals, Inc. | 122405 | 0.0 |
| 24029 <sup>(2)</sup> | Fate Therapeutics, Inc. | 26912 | 0.0 |
| 5344 <sup>(2)</sup> | Fennec Pharmaceuticals, Inc. | 44355 | 0.0 |
| 7650 <sup>(2)</sup> | Foghorn Therapeutics, Inc. | 35955 | 0.0 |
| 18652 <sup>(2)</sup> | Fortrea Holdings, Inc. | 92141 | 0.0 |
| 11359 <sup>(2)</sup> | Fulcrum Therapeutics, Inc. | 78150 | 0.0 |
| 4572 <sup>(1)(2)</sup> | Fulgent Genetics, Inc. | 90891 | 0.0 |
| 3831 <sup>(1)(2)</sup> | GeneDx Holdings Corp. | 353640 | 0.1 |
| 124675 <sup>(2)</sup> | Geron Corp. | 175792 | 0.0 |
| 11361 <sup>(2)</sup> | Glaukos Corp. | 1173478 | 0.2 |
| 40700 <sup>(2)</sup> | Gossamer Bio, Inc. | 50061 | 0.0 |
| 6226 <sup>(2)</sup> | GRAIL, Inc. | 320141 | 0.1 |
| 24356 <sup>(2)</sup> | Guardant Health, Inc. | 1267486 | 0.3 |
| 3142 <sup>(1)(2)</sup> | Gyre Therapeutics, Inc. | 23094 | 0.0 |
| 10263 <sup>(2)</sup> | Haemonetics Corp. | 765722 | 0.2 |
| 8776 <sup>(2)</sup> | Harmony Biosciences Holdings, Inc. | 277322 | 0.1 |
| 6409 <sup>(1)(2)</sup> | Harrow, Inc. | 195731 | 0.1 |
| 14909 <sup>(2)</sup> | Health Catalyst, Inc. | 56207 | 0.0 |
| 17359 <sup>(2)</sup> | HealthEquity, Inc. | 1818529 | 0.4 |
| 5207 | HealthStream, Inc. | 144078 | 0.0 |
| 32084 <sup>(1)(2)</sup> | Heron Therapeutics, Inc. | 66414 | 0.0 |
| 38863 <sup>(1)(2)</sup> | Hims & Hers Health, Inc. | 1937321 | 0.4 |
| 25540 <sup>(1)(2)</sup> | Humacyte, Inc. | 53379 | 0.0 |
| 4931 <sup>(2)</sup> | ICU Medical, Inc. | 651632 | 0.1 |
| 17286 <sup>(1)(2)</sup> | Ideaya Biosciences, Inc. | 363352 | 0.1 |
| 46943 <sup>(1)(2)</sup> | ImmunityBio, Inc. | 123930 | 0.0 |
| 15129 <sup>(2)</sup> | Immunome, Inc. | 140700 | 0.0 |
| 13875 <sup>(1)(2)</sup> | Immunovant, Inc. | 222000 | 0.1 |
| 24842 <sup>(2)</sup> | Indivior PLC | 366171 | 0.1 |
| 13986 <sup>(2)</sup> | Inhibikase Therapeutics, Inc. | 27273 | 0.0 |
| 2527 <sup>(2)</sup> | Inhibrx Biosciences, Inc. | 36060 | 0.0 |
| 7787 <sup>(3)(4)</sup> | Inhibrx, Inc. CVR | 32005 | 0.0 |
| 3703 <sup>(1)(2)</sup> | Inmune Bio, Inc. | 8554 | 0.0 |
| 12284 <sup>(1)(2)</sup> | Innoviva, Inc. | 246786 | 0.1 |
| 5526 <sup>(2)</sup> | Inogen, Inc. | 38848 | 0.0 |
| 6906 <sup>(2)</sup> | Integer Holdings Corp. | 849231 | 0.2 |
| 13882 <sup>(2)</sup> | Integra LifeSciences Holdings Corp. | 170332 | 0.0 |
| 20882 <sup>(1)(2)</sup> | Intellia Therapeutics, Inc. | 195873 | 0.1 |
| 53276 <sup>(1)(2)</sup> | Iovance Biotherapeutics, Inc. | 91635 | 0.0 |
| 1847 | iRadimed Corp. | 110432 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 6497 <sup>(2)</sup> | iRhythm Technologies, Inc. | $1000278 | 0.2 |
| 34372 <sup>(2)</sup> | Ironwood Pharmaceuticals, Inc. | 24652 | 0.0 |
| 6007 <sup>(2)</sup> | iTeos Therapeutics, Inc. | 59890 | 0.0 |
| 6794 | Jade Biosciences, Inc. | 67872 | 0.0 |
| 7926 <sup>(2)</sup> | Janux Therapeutics, Inc. | 183091 | 0.0 |
| 2669 <sup>(2)</sup> | Joint Corp. | 30800 | 0.0 |
| 7861 <sup>(1)(2)</sup> | KalVista Pharmaceuticals, Inc. | 88869 | 0.0 |
| 6767 <sup>(2)</sup> | Keros Therapeutics, Inc. | 90339 | 0.0 |
| 2895 <sup>(2)</sup> | Kestra Medical Technologies Ltd. | 47999 | 0.0 |
| 7296 <sup>(2)</sup> | Kodiak Sciences, Inc. | 27214 | 0.0 |
| 10345 <sup>(2)</sup> | KORU Medical Systems, Inc. | 37035 | 0.0 |
| 5031 <sup>(1)(2)</sup> | Krystal Biotech, Inc. | 691561 | 0.1 |
| 16120 <sup>(2)</sup> | Kura Oncology, Inc. | 93012 | 0.0 |
| 9463 <sup>(1)(2)</sup> | Kymera Therapeutics, Inc. | 412965 | 0.1 |
| 13885 <sup>(2)</sup> | Lantheus Holdings, Inc. | 1136626 | 0.2 |
| 9010 <sup>(2)</sup> | Larimar Therapeutics, Inc. | 26039 | 0.0 |
| 4272 <sup>(1)</sup> | LeMaitre Vascular, Inc. | 354790 | 0.1 |
| 2382 <sup>(2)</sup> | LENSAR, Inc. | 31371 | 0.0 |
| 3662 <sup>(1)(2)</sup> | LENZ Therapeutics, Inc. | 107333 | 0.0 |
| 4966 <sup>(2)</sup> | Lexeo Therapeutics, Inc. | 19963 | 0.0 |
| 5708 <sup>(2)</sup> | Lifecore Biomedical, Inc. | 46349 | 0.0 |
| 7525 <sup>(1)(2)</sup> | LifeMD, Inc. | 102490 | 0.0 |
| 27457 <sup>(2)</sup> | LifeStance Health Group, Inc. | 141953 | 0.0 |
| 3846 <sup>(2)</sup> | Ligand Pharmaceuticals, Inc. | 437213 | 0.1 |
| 13046 <sup>(1)(2)</sup> | Liquidia Corp. | 162553 | 0.0 |
| 11061 <sup>(2)</sup> | LivaNova PLC | 497966 | 0.1 |
| 3456 <sup>(2)</sup> | Madrigal Pharmaceuticals, Inc. | 1045924 | 0.2 |
| 61193 <sup>(2)</sup> | MannKind Corp. | 228862 | 0.1 |
| 25974 <sup>(2)</sup> | Maravai LifeSciences Holdings, Inc. - Class A | 62597 | 0.0 |
| 23006 <sup>(2)</sup> | MaxCyte, Inc. | 50153 | 0.0 |
| 2056 <sup>(2)</sup> | Maze Therapeutics, Inc. | 25227 | 0.0 |
| 3608 <sup>(2)</sup> | MBX Biosciences, Inc. | 41167 | 0.0 |
| 1756 <sup>(2)</sup> | MediWound Ltd. | 34014 | 0.0 |
| 9159 <sup>(2)</sup> | MeiraGTx Holdings PLC | 59717 | 0.0 |
| 11796 <sup>(2)</sup> | Merit Medical Systems, Inc. | 1102690 | 0.2 |
| 1070 <sup>(1)</sup> | Mesa Laboratories, Inc. | 100815 | 0.0 |
| 3645 <sup>(1)(2)</sup> | Metsera, Inc. | 103700 | 0.0 |
| 24649 <sup>(2)</sup> | MiMedx Group, Inc. | 150605 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 15919 <sup>(1)(2)</sup> | Mind Medicine MindMed, Inc. | $103314 | 0.0 |
| 8036 <sup>(2)</sup> | Mineralys Therapeutics, Inc. | 108727 | 0.0 |
| 8821 <sup>(2)</sup> | Mirum Pharmaceuticals, Inc. | 448901 | 0.1 |
| 891 <sup>(2)</sup> | Monopar Therapeutics, Inc. | 31880 | 0.0 |
| 9675 <sup>(1)(2)</sup> | Monte Rosa Therapeutics, Inc. | 43634 | 0.0 |
| 18263 <sup>(2)</sup> | Myriad Genetics, Inc. | 96977 | 0.0 |
| 13350 <sup>(1)(2)</sup> | Nano-X Imaging Ltd. | 69019 | 0.0 |
| 2613 | National HealthCare Corp. | 279617 | 0.1 |
| 3530 | National Research Corp. | 59304 | 0.0 |
| 44630 <sup>(1)(2)</sup> | Neogen Corp. | 213331 | 0.1 |
| 26295 <sup>(1)(2)</sup> | NeoGenomics, Inc. | 192216 | 0.0 |
| 2101 <sup>(1)(2)</sup> | Neurogene, Inc. | 31410 | 0.0 |
| 7986 <sup>(2)</sup> | Neuronetics, Inc. | 27871 | 0.0 |
| 5210 <sup>(2)</sup> | NeuroPace, Inc. | 58039 | 0.0 |
| 30792 <sup>(1)(2)</sup> | Novavax, Inc. | 193990 | 0.0 |
| 21051 <sup>(2)</sup> | Novocure Ltd. | 374708 | 0.1 |
| 15455 <sup>(1)(2)</sup> | Nurix Therapeutics, Inc. | 176032 | 0.0 |
| 701 <sup>(2)</sup> | Nutex Health, Inc. | 87267 | 0.0 |
| 8702 <sup>(2)</sup> | Nuvalent, Inc. - Class A | 663963 | 0.1 |
| 51640 <sup>(1)(2)</sup> | Nuvation Bio, Inc. | 100698 | 0.0 |
| 2891 <sup>(2)</sup> | Nuvectis Pharma, Inc. | 21596 | 0.0 |
| 29315 <sup>(2)</sup> | Ocular Therapeutix, Inc. | 272043 | 0.1 |
| 12399 <sup>(2)</sup> | Olema Pharmaceuticals, Inc. | 52820 | 0.0 |
| 11787 <sup>(1)(2)</sup> | Omeros Corp. | 35361 | 0.0 |
| 22781 <sup>(2)(3)</sup> | OmniAb, Inc. | 39639 | 0.0 |
| 9564 <sup>(2)</sup> | Omnicell, Inc. | 281182 | 0.1 |
| 12693 <sup>(2)</sup> | Oncology Institute, Inc. | 26021 | 0.0 |
| 78008 <sup>(2)</sup> | OPKO Health, Inc. | 102971 | 0.0 |
| 3813 <sup>(2)</sup> | OptimizeRx Corp. | 51475 | 0.0 |
| 33921 <sup>(2)</sup> | Option Care Health, Inc. | 1101754 | 0.2 |
| 17571 <sup>(2)</sup> | OraSure Technologies, Inc. | 52713 | 0.0 |
| 14989 <sup>(2)</sup> | Organogenesis Holdings, Inc. | 54860 | 0.0 |
| 9418 <sup>(1)(2)</sup> | ORIC Pharmaceuticals, Inc. | 95593 | 0.0 |
| 8316 <sup>(2)</sup> | Orthofix Medical, Inc. | 92723 | 0.0 |
| 3699 <sup>(2)</sup> | OrthoPediatrics Corp. | 79455 | 0.0 |
| 5825 | Oruka Therapeutics, Inc. | 65298 | 0.0 |
| 3689 <sup>(2)</sup> | Outset Medical, Inc. | 70866 | 0.0 |
| 15869 <sup>(2)</sup> | Owens & Minor, Inc. | 144408 | 0.0 |
| 57783 <sup>(2)</sup> | Pacific Biosciences of California, Inc. | 71651 | 0.0 |
| 9357 <sup>(1)(2)</sup> | Pacira BioSciences, Inc. | 223632 | 0.1 |
| 9126 <sup>(2)</sup> | PACS Group, Inc. | 117908 | 0.0 |
| 1586 <sup>(1)(2)</sup> | Palvella Therapeutics, Inc. | 35748 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 18001 <sup>(2)</sup> | Pediatrix Medical Group, Inc. | $258314 | 0.1 |
| 7051 <sup>(2)</sup> | Pennant Group, Inc. | 210472 | 0.1 |
| 16931 <sup>(2)</sup> | Performant Financial Corp. | 67724 | 0.0 |
| 10447 <sup>(2)</sup> | Personalis, Inc. | 68532 | 0.0 |
| 12365 <sup>(2)</sup> | Perspective Therapeutics, Inc. | 42536 | 0.0 |
| 8722 <sup>(1)(2)</sup> | Phathom Pharmaceuticals, Inc. | 83644 | 0.0 |
| 4290 | Phibro Animal Health Corp. - Class A | 109567 | 0.0 |
| 11482 <sup>(2)</sup> | Phreesia, Inc. | 326778 | 0.1 |
| 3665 <sup>(1)(2)</sup> | Praxis Precision Medicines, Inc. | 154113 | 0.0 |
| 32597 <sup>(1)(2)</sup> | Precigen, Inc. | 46288 | 0.0 |
| 18302 <sup>(1)</sup> | Premier, Inc. - Class A | 401363 | 0.1 |
| 10088 <sup>(2)</sup> | Prestige Consumer Healthcare, Inc. | 805527 | 0.2 |
| 13092 <sup>(1)(2)</sup> | Prime Medicine, Inc. | 32337 | 0.0 |
| 23218 <sup>(2)</sup> | Privia Health Group, Inc. | 534014 | 0.1 |
| 10721 <sup>(1)(2)</sup> | PROCEPT BioRobotics Corp. | 617530 | 0.1 |
| 14354 <sup>(2)</sup> | Progyny, Inc. | 315788 | 0.1 |
| 11904 <sup>(2)</sup> | Protagonist Therapeutics, Inc. | 657934 | 0.1 |
| 8779 <sup>(1)(2)</sup> | Prothena Corp. PLC | 53289 | 0.0 |
| 15766 <sup>(2)</sup> | PTC Therapeutics, Inc. | 770011 | 0.2 |
| 7914 <sup>(2)</sup> | Pulmonx Corp. | 20497 | 0.0 |
| 4033 <sup>(1)(2)</sup> | Pulse Biosciences, Inc. | 60858 | 0.0 |
| 9621 <sup>(2)</sup> | Puma Biotechnology, Inc. | 33000 | 0.0 |
| 7592 <sup>(1)(2)</sup> | Quanterix Corp. | 50487 | 0.0 |
| 28968 <sup>(1)(2)</sup> | Quantum-Si, Inc. | 56777 | 0.0 |
| 13804 <sup>(2)</sup> | QuidelOrtho Corp. | 397831 | 0.1 |
| 13473 <sup>(1)(2)</sup> | RadNet, Inc. | 766748 | 0.2 |
| 3786 <sup>(1)(2)</sup> | Rapport Therapeutics, Inc. | 43047 | 0.0 |
| 68522 <sup>(1)(2)</sup> | Recursion Pharmaceuticals, Inc. - Class A | 346721 | 0.1 |
| 9745 <sup>(2)</sup> | REGENXBIO, Inc. | 80006 | 0.0 |
| 27235 <sup>(2)</sup> | Relay Therapeutics, Inc. | 94233 | 0.0 |
| 13617 <sup>(2)</sup> | Replimune Group, Inc. | 126502 | 0.0 |
| 14180 <sup>(2)</sup> | Rezolute, Inc. | 63243 | 0.0 |
| 11141 <sup>(2)</sup> | Rhythm Pharmaceuticals, Inc. | 704000 | 0.1 |
| 3639 <sup>(2)</sup> | Rigel Pharmaceuticals, Inc. | 68158 | 0.0 |
| 17085 <sup>(2)</sup> | Rocket Pharmaceuticals, Inc. | 41858 | 0.0 |
| 7618 <sup>(2)</sup> | RxSight, Inc. | 99034 | 0.0 |
| 11389 <sup>(2)</sup> | Sage Therapeutics, Inc. | 103868 | 0.0 |
| 28256 <sup>(1)(2)</sup> | Sana Biotechnology, Inc. | 77139 | 0.0 |
| 1517 <sup>(2)</sup> | SANUWAVE Health, Inc. | 49849 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 26958 <sup>(1)(2)</sup> | Savara, Inc. | $61464 | 0.0 |
| 16545 <sup>(1)(2)</sup> | Scholar Rock Holding Corp. | 586024 | 0.1 |
| 11430 <sup>(1)(2)</sup> | Schrodinger, Inc./ United States | 229972 | 0.1 |
| 8275 <sup>(2)</sup> | scPharmaceuticals, Inc. | 31528 | 0.0 |
| 22321 | Select Medical Holdings Corp. | 338833 | 0.1 |
| 20561 <sup>(2)</sup> | SELLAS Life Sciences Group, Inc. | 45029 | 0.0 |
| 1706 <sup>(1)(2)</sup> | Semler Scientific, Inc. | 66090 | 0.0 |
| 4481 <sup>(2)</sup> | Septerna, Inc. | 47364 | 0.0 |
| 8253 <sup>(1)(2)</sup> | SI-BONE, Inc. | 155321 | 0.0 |
| 9623 | SIGA Technologies, Inc. | 62742 | 0.0 |
| 9951 <sup>(2)</sup> | Sight Sciences, Inc. | 41098 | 0.0 |
| 3422 | Simulations Plus, Inc. | 59714 | 0.0 |
| 2696 | Sionna Therapeutics, Inc. | 46776 | 0.0 |
| 8174 <sup>(2)</sup> | Soleno Therapeutics, Inc. | 684818 | 0.1 |
| 13611 <sup>(2)</sup> | Solid Biosciences, Inc. | 66286 | 0.0 |
| 14719 <sup>(2)</sup> | SpringWorks Therapeutics, Inc. | 691646 | 0.1 |
| 10130 <sup>(1)(2)</sup> | Spyre Therapeutics, Inc. | 151646 | 0.0 |
| 10304 <sup>(1)(2)</sup> | STAAR Surgical Co. | 172901 | 0.0 |
| 65427 <sup>(2)</sup> | Standard BioTools, Inc. | 78512 | 0.0 |
| 8416 <sup>(2)</sup> | Stoke Therapeutics, Inc. | 95522 | 0.0 |
| 10857 <sup>(2)</sup> | Supernus Pharmaceuticals, Inc. | 342213 | 0.1 |
| 15669 <sup>(1)(2)</sup> | Surgery Partners, Inc. | 348322 | 0.1 |
| 3212 <sup>(2)</sup> | Surmodics, Inc. | 95429 | 0.0 |
| 17299 <sup>(2)</sup> | Syndax Pharmaceuticals, Inc. | 162005 | 0.0 |
| 5248 <sup>(1)(2)</sup> | Tactile Systems Technology, Inc. | 53215 | 0.0 |
| 25785 <sup>(2)</sup> | Talkspace, Inc. | 71682 | 0.0 |
| 13671 <sup>(1)(2)</sup> | Tandem Diabetes Care, Inc. | 254827 | 0.1 |
| 15881 <sup>(2)</sup> | Tango Therapeutics, Inc. | 81311 | 0.0 |
| 7949 <sup>(2)</sup> | Tarsus Pharmaceuticals, Inc. | 322014 | 0.1 |
| 34838 <sup>(2)</sup> | Taysha Gene Therapies, Inc. | 80476 | 0.0 |
| 2297 <sup>(1)(2)</sup> | Tectonic Therapeutic, Inc. | 45641 | 0.0 |
| 35569 <sup>(1)(2)</sup> | Teladoc Health, Inc. | 309806 | 0.1 |
| 15038 <sup>(2)</sup> | Terns Pharmaceuticals, Inc. | 56092 | 0.0 |
| 29587 <sup>(1)(2)</sup> | TG Therapeutics, Inc. | 1064836 | 0.2 |
| 8773 <sup>(2)</sup> | Theravance Biopharma, Inc. | 96766 | 0.0 |
| 5257 <sup>(2)</sup> | Third Harmonic Bio, Inc. | 28546 | 0.0 |
| 1551 <sup>(1)(2)</sup> | Tonix Pharmaceuticals Holding Corp. | 55805 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> <u>Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 4259 <sup>(1)(2)</sup> | Tourmaline Bio, Inc. | $68101 | 0.0 |
| 6774 <sup>(1)(2)</sup> | TransMedics Group, Inc. | 907784 | 0.2 |
| 17985 <sup>(2)</sup> | Travere Therapeutics, Inc. | 266178 | 0.1 |
| 10315 <sup>(2)</sup> | Treace Medical Concepts, Inc. | 60652 | 0.0 |
| 15997 <sup>(2)</sup> | Trevi Therapeutics, Inc. | 87504 | 0.0 |
| 799 <sup>(2)</sup> | Tvardi Therapeutics, Inc. | 18641 | 0.0 |
| 11881 <sup>(2)</sup> | Twist Bioscience Corp. | 437102 | 0.1 |
| 5043 <sup>(1)(2)</sup> | Tyra Biosciences, Inc. | 48261 | 0.0 |
| 1528 <sup>(1)(2)</sup> | UFP Technologies, Inc. | 373076 | 0.1 |
| 7309 <sup>(1)(2)</sup> | Upstream Bio, Inc. | 80253 | 0.0 |
| 7549 <sup>(1)(2)</sup> | UroGen Pharma Ltd. | 103421 | 0.0 |
| 3065 | US Physical Therapy, Inc. | 239683 | 0.1 |
| 11932 <sup>(2)</sup> | Vanda Pharmaceuticals, Inc. | 56319 | 0.0 |
| 8205 <sup>(2)</sup> | Varex Imaging Corp. | 71137 | 0.0 |
| 25639 <sup>(2)</sup> | Vaxcyte, Inc. | 833524 | 0.2 |
| 10437 <sup>(1)(2)</sup> | Vera Therapeutics, Inc. | 245896 | 0.1 |
| 15755 <sup>(2)</sup> | Veracyte, Inc. | 425858 | 0.1 |
| 9534 <sup>(1)(2)</sup> | Verastem, Inc. | 39566 | 0.0 |
| 10151 <sup>(2)</sup> | Vericel Corp. | 431925 | 0.1 |
| 14051 <sup>(2)</sup> | Verve Therapeutics, Inc. | 157793 | 0.0 |
| 8042 <sup>(2)</sup> | Viemed Healthcare, Inc. | 55570 | 0.0 |
| 18312 <sup>(2)</sup> | Vir Biotechnology, Inc. | 92292 | 0.0 |
| 14827 <sup>(1)(2)</sup> | Viridian Therapeutics, Inc. | 207281 | 0.1 |
| 9782 <sup>(2)</sup> | Voyager Therapeutics, Inc. | 30422 | 0.0 |
| 22972 <sup>(1)(2)</sup> | WaVe Life Sciences Ltd. | 149318 | 0.0 |
| 18530 <sup>(2)</sup> | Waystar Holding Corp. | 757321 | 0.2 |
| 14434 <sup>(2)</sup> | Xencor, Inc. | 113451 | 0.0 |
| 15356 <sup>(1)(2)</sup> | Xenon Pharmaceuticals, Inc. | 480643 | 0.1 |
| 30832 <sup>(2)</sup> | Xeris Biopharma Holdings, Inc. | 143985 | 0.0 |
| 2030 <sup>(2)</sup> | XOMA Corp. | 51156 | 0.0 |
| 8140 <sup>(2)</sup> | Y-mAbs Therapeutics, Inc. | 36711 | 0.0 |
| 3579 <sup>(2)</sup> | Zenas Biopharma, Inc. | 34681 | 0.0 |
| 11601 <sup>(1)(2)</sup> | Zevra Therapeutics, Inc. | 102205 | 0.0 |
| 6674 <sup>(2)</sup> | Zimvie, Inc. | 62402 | 0.0 |
| 10946 <sup>(2)</sup> | Zymeworks, Inc. | 137372 | 0.0 |
|  |  | **83056185** | **15.8** |
|  | **Industrials: 16.9%** |  |  |
| 27064 <sup>(1)(2)</sup> | 3D Systems Corp. | 41679 | 0.0 |
| 7179 <sup>(2)</sup> | AAR Corp. | 493843 | 0.1 |
| 12495 | ABM Industries, Inc. | 589889 | 0.1 |
| 19772 | ACCO Brands Corp. | 70784 | 0.0 |
| 21408 <sup>(1)(2)</sup> | Acuren Corp. | 236344 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  | |
|  | **Industrials: (continued)** |  |  |
| 33960 <sup>(2)</sup> | ACV Auctions, Inc. - Class A | $550831 | 0.1 |
| 5742 <sup>(1)(2)</sup> | AeroVironment, Inc. | 1636183 | 0.3 |
| 7563 <sup>(2)</sup> | AerSale Corp. | 45454 | 0.0 |
| 5313 <sup>(1)(2)</sup> | AirJoule Technologies Corp. | 24599 | 0.0 |
| 2069 | Alamo Group, Inc. | 451828 | 0.1 |
| 6343 | Albany International Corp. - Class A | 444835 | 0.1 |
| 84880 | Alight, Inc. - Class A | 480421 | 0.1 |
| 3152 <sup>(2)</sup> | Allegiant Travel Co. | 173202 | 0.0 |
| 3136 | Allient, Inc. | 113868 | 0.0 |
| 5613 <sup>(1)</sup> | Alta Equipment Group, Inc. | 35474 | 0.0 |
| 6731 <sup>(1)(2)</sup> | Ameresco, Inc. - Class A | 102244 | 0.0 |
| 7769 <sup>(1)(2)</sup> | American Superconductor Corp. | 285045 | 0.1 |
| 3175 <sup>(2)</sup> | American Woodmark Corp. | 169450 | 0.0 |
| 19294 <sup>(2)</sup> | Amprius Technologies, Inc. | 81228 | 0.0 |
| 4444 | Apogee Enterprises, Inc. | 180426 | 0.0 |
| 4693 | ArcBest Corp. | 361408 | 0.1 |
| 111149 <sup>(1)(2)</sup> | Archer Aviation, Inc. - Class A | 1205967 | 0.2 |
| 9852 | Arcosa, Inc. | 854267 | 0.2 |
| 2711 | Argan, Inc. | 597721 | 0.1 |
| 31615 <sup>(1)(2)</sup> | Array Technologies, Inc. | 186529 | 0.0 |
| 4998 | Astec Industries, Inc. | 208367 | 0.0 |
| 6068 <sup>(2)</sup> | Astronics Corp. | 203157 | 0.0 |
| 6114 <sup>(2)</sup> | Asure Software, Inc. | 59673 | 0.0 |
| 6942 | Atkore, Inc. | 489758 | 0.1 |
| 16843 | Atmus Filtration Technologies, Inc. | 613422 | 0.1 |
| 5978 | AZZ, Inc. | 564801 | 0.1 |
| 5794 | Barrett Business Services, Inc. | 241552 | 0.1 |
| 5743 <sup>(2)</sup> | BlackSky Technology, Inc. | 118191 | 0.0 |
| 14102 <sup>(2)</sup> | Blade Air Mobility, Inc. | 56831 | 0.0 |
| 41777 <sup>(1)(2)</sup> | Bloom Energy Corp. - Class A | 999306 | 0.2 |
| 6593 <sup>(1)(2)</sup> | Blue Bird Corp. | 284554 | 0.1 |
| 1767 <sup>(2)</sup> | BlueLinx Holdings, Inc. | 131429 | 0.0 |
| 7729 | Boise Cascade Co. | 671032 | 0.1 |
| 3193 <sup>(2)</sup> | Bowman Consulting Group Ltd. | 91799 | 0.0 |
| 12153 <sup>(2)</sup> | BrightView Holdings, Inc. | 202347 | 0.0 |
| 8804 | Brink's Co. | 786109 | 0.2 |
| 6001 | Brookfield Business Corp. - Class A | 187231 | 0.0 |
| 3723 <sup>(1)(2)</sup> | Byrna Technologies, Inc. | 114966 | 0.0 |
| 5776 | Cadre Holdings, Inc. | 183966 | 0.0 |
| 12725 <sup>(2)</sup> | Casella Waste Systems, Inc. - Class A | 1468211 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> <u>Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 10646 <sup>(1)(2)</sup> | CBIZ, Inc. | $763425 | 0.2 |
| 6232 <sup>(1)(2)</sup> | CECO Environmental Corp. | 176428 | 0.0 |
| 3645 <sup>(2)</sup> | Centuri Holdings, Inc. | 81794 | 0.0 |
| 9168 <sup>(2)</sup> | Chart Industries, Inc. | 1509511 | 0.3 |
| 3289 <sup>(2)</sup> | Cimpress PLC | 154583 | 0.0 |
| 5913 | Columbus McKinnon Corp. | 90292 | 0.0 |
| 13642 <sup>(1)(2)</sup> | Complete Solaria, Inc. | 25101 | 0.0 |
| 33057 <sup>(2)</sup> | Conduent, Inc. | 87270 | 0.0 |
| 9564 <sup>(1)(2)</sup> | Construction Partners, Inc. - Class A | 1016462 | 0.2 |
| 22104 <sup>(2)</sup> | CoreCivic, Inc. | 465731 | 0.1 |
| 9854 | Costamare, Inc. | 89770 | 0.0 |
| 3891 | Covenant Logistics Group, Inc. | 93812 | 0.0 |
| 1393 | CRA International, Inc. | 261006 | 0.1 |
| 5897 | CSG Systems International, Inc. | 385133 | 0.1 |
| 3382 | CSW Industrials, Inc. | 970059 | 0.2 |
| 13237 <sup>(1)(2)</sup> | Custom Truck One Source, Inc. | 65391 | 0.0 |
| 8984 | Deluxe Corp. | 142935 | 0.0 |
| 2542 <sup>(2)</sup> | Distribution Solutions Group, Inc. | 69829 | 0.0 |
| 4881 | Douglas Dynamics, Inc. | 143843 | 0.0 |
| 12516 <sup>(1)(2)</sup> | Driven Brands Holdings, Inc. | 219781 | 0.0 |
| 2903 <sup>(2)</sup> | Ducommun, Inc. | 239875 | 0.1 |
| 2700 <sup>(2)</sup> | DXP Enterprises, Inc. | 236655 | 0.1 |
| 5750 <sup>(2)</sup> | Dycom Industries, Inc. | 1405243 | 0.3 |
| 11837 <sup>(2)</sup> | Energy Recovery, Inc. | 151277 | 0.0 |
| 11211 | Enerpac Tool Group Corp. | 454718 | 0.1 |
| 7932 | EnerSys | 680328 | 0.1 |
| 5877 | Ennis, Inc. | 106609 | 0.0 |
| 33444 <sup>(1)(2)</sup> | Enovix Corp. | 345811 | 0.1 |
| 4268 | EnPro Industries, Inc. | 817535 | 0.2 |
| 16346 <sup>(2)</sup> | Enviri Corp. | 141883 | 0.0 |
| 45761 <sup>(2)</sup> | Eos Energy Enterprises, Inc. | 234296 | 0.1 |
| 5285 | ESCO Technologies, Inc. | 1014033 | 0.2 |
| 11394 <sup>(2)</sup> | Eve Holding, Inc. | 78163 | 0.0 |
| 10230 | Exponent, Inc. | 764283 | 0.2 |
| 12169 | Federal Signal Corp. | 1295025 | 0.3 |
| 16203 <sup>(1)(2)</sup> | First Advantage Corp. | 269132 | 0.1 |
| 15721 <sup>(1)(2)</sup> | Fluence Energy, Inc. | 105488 | 0.0 |
| 34298 <sup>(2)</sup> | Fluor Corp. | 1758458 | 0.3 |
| 2925 <sup>(2)</sup> | Forrester Research, Inc. | 28958 | 0.0 |
| 4708 <sup>(1)(2)</sup> | Forward Air Corp. | 115534 | 0.0 |
| 2766 <sup>(1)(2)</sup> | Franklin Covey Co. | 63120 | 0.0 |
| 8474 | Franklin Electric Co., Inc. | 760457 | 0.2 |
| 23621 <sup>(1)(2)</sup> | Freyr Battery, Inc. | 29054 | 0.0 |
| 17806 <sup>(1)(2)</sup> | Frontier Group Holdings, Inc. | 64636 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 21186 <sup>(1)</sup> | FTAI Infrastructure, Inc. | $130718 | 0.0 |
| 7315 | GATX Corp. | 1123291 | 0.2 |
| 8418 <sup>(1)</sup> | Genco Shipping & Trading Ltd. | 110023 | 0.0 |
| 27803 <sup>(2)</sup> | GEO Group, Inc. | 665882 | 0.1 |
| 6228 <sup>(2)</sup> | Gibraltar Industries, Inc. | 367452 | 0.1 |
| 3496 | Global Industrial Co. | 94427 | 0.0 |
| 7862 <sup>(2)</sup> | GMS, Inc. | 854993 | 0.2 |
| 22427 <sup>(1)</sup> | Golden Ocean Group Ltd. | 164166 | 0.0 |
| 4836 | Gorman-Rupp Co. | 177578 | 0.0 |
| 2186 <sup>(2)</sup> | Graham Corp. | 108229 | 0.0 |
| 8809 <sup>(1)</sup> | Granite Construction, Inc. | 823730 | 0.2 |
| 14217 <sup>(2)</sup> | Great Lakes Dredge & Dock Corp. | 173305 | 0.0 |
| 6208 | Greenbrier Cos., Inc. | 285878 | 0.1 |
| 7772 | Griffon Corp. | 562460 | 0.1 |
| 15801 <sup>(2)</sup> | Healthcare Services Group, Inc. | 237489 | 0.1 |
| 10480 | Heartland Express, Inc. | 90547 | 0.0 |
| 4272 | Heidrick & Struggles International, Inc. | 195487 | 0.0 |
| 6958 | Helios Technologies, Inc. | 232188 | 0.1 |
| 6643 <sup>(1)</sup> | Herc Holdings, Inc. | 874817 | 0.2 |
| 24356 <sup>(1)(2)</sup> | Hertz Global Holdings, Inc. | 166352 | 0.0 |
| 14314 | Hillenbrand, Inc. | 287282 | 0.1 |
| 40693 <sup>(2)</sup> | Hillman Solutions Corp. | 290548 | 0.1 |
| 6452 | Himalaya Shipping Ltd. | 37228 | 0.0 |
| 9483 | HNI Corp. | 466374 | 0.1 |
| 12097 | Hub Group, Inc. - Class A | 404403 | 0.1 |
| 9978 <sup>(2)</sup> | Hudson Technologies, Inc. | 81021 | 0.0 |
| 3639 <sup>(2)</sup> | Huron Consulting Group, Inc. | 500508 | 0.1 |
| 27910 <sup>(1)(2)</sup> | Hyliion Holdings Corp. | 36841 | 0.0 |
| 2568 | Hyster-Yale Materials Handling, Inc. | 102155 | 0.0 |
| 2185 <sup>(2)</sup> | IBEX Holdings Ltd. | 63584 | 0.0 |
| 3768 | ICF International, Inc. | 319187 | 0.1 |
| 1844 <sup>(2)</sup> | IES Holdings, Inc. | 546248 | 0.1 |
| 6164 <sup>(1)(2)</sup> | Innodata, Inc. | 315720 | 0.1 |
| 7240 | Insperity, Inc. | 435269 | 0.1 |
| 4198 | Insteel Industries, Inc. | 156208 | 0.0 |
| 11766 | Interface, Inc. | 246262 | 0.1 |
| 22242 <sup>(2)</sup> | Intuitive Machines, Inc. | 241771 | 0.1 |
| 28449 <sup>(1)(2)</sup> | Janus International Group, Inc. | 231575 | 0.0 |
| 17966 <sup>(2)</sup> | JELD-WEN Holding, Inc. | 70427 | 0.0 |
| 65697 <sup>(2)</sup> | JetBlue Airways Corp. | 277898 | 0.1 |
| 94266 <sup>(1)(2)</sup> | Joby Aviation, Inc. | 994506 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> <u>Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  | |
|  | **Industrials: (continued)** |  |  |
| 10643 | John Bean Technologies Corp. | $1279927 | 0.2 |
| 2373 <sup>(1)</sup> | Kadant, Inc. | 753309 | 0.1 |
| 7009 | Kelly Services, Inc. - Class A | 82075 | 0.0 |
| 15291 | Kennametal, Inc. | 351081 | 0.1 |
| 3828 | Kforce, Inc. | 157446 | 0.0 |
| 10336 | Korn Ferry | 757939 | 0.2 |
| 33690 <sup>(2)</sup> | Kratos Defense & Security Solutions, Inc. | 1564901 | 0.3 |
| 6899 <sup>(2)</sup> | KULR Technology Group, Inc. | 49190 | 0.0 |
| 2396 <sup>(2)</sup> | L B Foster Co. - Class A | 52401 | 0.0 |
| 23455 <sup>(2)</sup> | Legalzoom.com, Inc. | 208984 | 0.0 |
| 2184 <sup>(2)</sup> | Limbach Holdings, Inc. | 305978 | 0.1 |
| 2229 | Lindsay Corp. | 321533 | 0.1 |
| 4791 <sup>(2)</sup> | Liquidity Services, Inc. | 113020 | 0.0 |
| 6395 | LSI Industries, Inc. | 108779 | 0.0 |
| 6169 | Luxfer Holdings PLC | 75138 | 0.0 |
| 7257 <sup>(2)</sup> | Manitowoc Co., Inc. | 87229 | 0.0 |
| 12653 | Marten Transport Ltd. | 164362 | 0.0 |
| 25933 <sup>(2)</sup> | Masterbrand, Inc. | 283448 | 0.1 |
| 5975 <sup>(2)</sup> | Matrix Service Co. | 80722 | 0.0 |
| 6722 | Matson, Inc. | 748495 | 0.1 |
| 6297 | Matthews International Corp. - Class A | 150561 | 0.0 |
| 11477 | Maximus, Inc. | 805685 | 0.2 |
| 2914 <sup>(2)</sup> | Mayville Engineering Co., Inc. | 46507 | 0.0 |
| 5028 | McGrath RentCorp | 583047 | 0.1 |
| 10580 <sup>(2)</sup> | Mercury Systems, Inc. | 569839 | 0.1 |
| 40910 <sup>(1)(2)</sup> | Microvast Holdings, Inc. | 148503 | 0.0 |
| 2435 <sup>(1)</sup> | Miller Industries, Inc. | 108260 | 0.0 |
| 13953 | MillerKnoll, Inc. | 270967 | 0.1 |
| 6783 <sup>(2)</sup> | Montrose Environmental Group, Inc. | 148480 | 0.0 |
| 5644 | Moog, Inc. - Class A | 1021395 | 0.2 |
| 17857 <sup>(2)</sup> | MRC Global, Inc. | 244819 | 0.1 |
| 31503 | Mueller Water Products, Inc. - Class A | 757332 | 0.2 |
| 3199 <sup>(2)</sup> | MYR Group, Inc. | 580459 | 0.1 |
| 5451 <sup>(1)(2)</sup> | NANO Nuclear Energy, Inc. | 188005 | 0.0 |
| 1224 | National Presto Industries, Inc. | 119903 | 0.0 |
| 29083 <sup>(2)</sup> | Nextracker, Inc. - Class A | 1581243 | 0.3 |
| 2322 <sup>(2)</sup> | Northwest Pipe Co. | 95225 | 0.0 |
| 21986 <sup>(2)</sup> | NOW, Inc. | 326052 | 0.1 |
| 25867 <sup>(1)(2)</sup> | NuScale Power Corp. | 1023299 | 0.2 |
| 12198 <sup>(2)</sup> | NV5 Global, Inc. | 281652 | 0.1 |
| 21609 <sup>(2)</sup> | OPENLANE, Inc. | 528340 | 0.1 |
| 8082 <sup>(2)</sup> | Orion Group Holdings, Inc. | 73304 | 0.0 |
| 5302 <sup>(2)</sup> | Palladyne AI Corp. | 45915 | 0.0 |
| 4780 | Park Aerospace Corp. | 70601 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 2340 | Park-Ohio Holdings Corp. | $41792 | 0.0 |
| 4168 <sup>(1)(2)</sup> | Perma-Fix Environmental Services, Inc. | 43847 | 0.0 |
| 37234 | Pitney Bowes, Inc. | 406223 | 0.1 |
| 43755 <sup>(2)</sup> | Planet Labs PBC | 266906 | 0.1 |
| 187671 <sup>(1)(2)</sup> | Plug Power, Inc. | 279630 | 0.1 |
| 1936 <sup>(1)</sup> | Powell Industries, Inc. | 407431 | 0.1 |
| 1346 <sup>(2)</sup> | Power Solutions International, Inc. | 87059 | 0.0 |
| 552 | Preformed Line Products Co. | 88215 | 0.0 |
| 10944 | Primoris Services Corp. | 852975 | 0.2 |
| 5100 <sup>(2)</sup> | Proficient Auto Logistics, Inc. | 37026 | 0.0 |
| 5265 <sup>(2)</sup> | Proto Labs, Inc. | 210811 | 0.0 |
| 6623 | Quad/Graphics, Inc. | 37420 | 0.0 |
| 9741 | Quanex Building Products Corp. | 184105 | 0.0 |
| 9318 <sup>(2)</sup> | Radiant Logistics, Inc. | 56653 | 0.0 |
| 6828 <sup>(2)</sup> | Redwire Corp. | 111296 | 0.0 |
| 29921 <sup>(2)</sup> | Resideo Technologies, Inc. | 660057 | 0.1 |
| 952 <sup>(1)(2)</sup> | Resolute Holdings Management, Inc. | 30340 | 0.0 |
| 7092 | Resources Connection, Inc. | 38084 | 0.0 |
| 10462 | REV Group, Inc. | 497887 | 0.1 |
| 14441 <sup>(1)(2)</sup> | Richtech Robotics, Inc. - Class B | 28160 | 0.0 |
| 14030 | Rush Enterprises, Inc. - Class A | 722685 | 0.1 |
| 413 | Rush Enterprises, Inc. - Class B | 21674 | 0.0 |
| 32710 <sup>(1)(2)</sup> | RXO, Inc. | 514201 | 0.1 |
| 14568 <sup>(1)(2)</sup> | Satellogic, Inc. - Class A | 52736 | 0.0 |
| 34627 <sup>(2)</sup> | Shoals Technologies Group, Inc. - Class A | 147165 | 0.0 |
| 7274 | Shyft Group, Inc. | 91216 | 0.0 |
| 8251 <sup>(2)</sup> | SkyWest, Inc. | 849605 | 0.2 |
| 5757 <sup>(1)(2)</sup> | Spire Global, Inc. | 68508 | 0.0 |
| 9268 <sup>(2)</sup> | SPX Technologies, Inc. | 1554058 | 0.3 |
| 2428 | Standex International Corp. | 379933 | 0.1 |
| 19181 | Steelcase, Inc. - Class A | 200058 | 0.0 |
| 6061 <sup>(2)</sup> | Sterling Infrastructure, Inc. | 1398455 | 0.3 |
| 10714 <sup>(2)</sup> | Sun Country Airlines Holdings, Inc. | 125890 | 0.0 |
| 43050 <sup>(1)(2)</sup> | Sunrun, Inc. | 352149 | 0.1 |
| 4903 <sup>(1)</sup> | Tecnoglass, Inc. | 379296 | 0.1 |
| 3827 | Tennant Co. | 296516 | 0.1 |
| 13320 <sup>(1)</sup> | Terex Corp. | 621911 | 0.1 |
| 7213 <sup>(2)</sup> | Thermon Group Holdings, Inc. | 202541 | 0.0 |
| 10856 <sup>(2)</sup> | Titan International, Inc. | 111491 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> <u>Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 4604 <sup>(1)(2)</sup> | Titan Machinery, Inc. | 91205 | 0.0 |
| 1920 <sup>(1)(2)</sup> | Transcat, Inc. | 165043 | 0.0 |
| 6270 | TriNet Group, Inc. | 458588 | 0.1 |
| 16544 | Trinity Industries, Inc. | 446853 | 0.1 |
| 14848 <sup>(2)</sup> | Triumph Group, Inc. | 382336 | 0.1 |
| 7046 <sup>(2)</sup> | TrueBlue, Inc. | 45658 | 0.0 |
| 9069 <sup>(2)</sup> | Tutor Perini Corp. | 424248 | 0.1 |
| 12151 | UFP Industries, Inc. | 1207323 | 0.2 |
| 3061 | UniFirst Corp. | 576141 | 0.1 |
| 1534 <sup>(1)</sup> | Universal Logistics Holdings, Inc. | 38933 | 0.0 |
| 25440 <sup>(2)</sup> | Upwork, Inc. | 341914 | 0.1 |
| 3391 <sup>(2)</sup> | V2X, Inc. | 164633 | 0.0 |
| 33220 <sup>(2)</sup> | Verra Mobility Corp. | 843456 | 0.2 |
| 22853 <sup>(1)</sup> | Vestis Corp. | 130948 | 0.0 |
| 4807 <sup>(2)</sup> | Vicor Corp. | 218046 | 0.0 |
| 4118 <sup>(1)</sup> | VSE Corp. | 539376 | 0.1 |
| 9156 | Wabash National Corp. | 97328 | 0.0 |
| 5551 | Watts Water Technologies, Inc. - Class A | 1364935 | 0.3 |
| 12182 <sup>(1)</sup> | Werner Enterprises, Inc. | 333300 | 0.1 |
| 2924 <sup>(2)</sup> | Willdan Group, Inc. | 182779 | 0.0 |
| 737 | Willis Lease Finance Corp. | 105229 | 0.0 |
| 8359 <sup>(2)</sup> | WNS Holdings Ltd. | 528623 | 0.1 |
| 6514 | Worthington Industries, Inc. | 414551 | 0.1 |
| 8906 <sup>(1)(2)</sup> | Xometry, Inc. - Class A | 300934 | 0.1 |
| 30334 | Zurn Elkay Water Solutions Corp. | 1109314 | 0.2 |
|  |  | **88890024** | **16.9** |
|  | **Information Technology: 14.6%** | **Information Technology: 14.6%** | **Information Technology: 14.6%** |
| 28208 <sup>(2)</sup> | 8x8, Inc. | 55288 | 0.0 |
| 6003 <sup>(1)(2)</sup> | 908 Devices, Inc. | 42801 | 0.0 |
| 14822 | A10 Networks, Inc. | 286806 | 0.1 |
| 21363 <sup>(2)</sup> | ACI Worldwide, Inc. | 980775 | 0.2 |
| 10303 <sup>(2)</sup> | ACM Research, Inc. - Class A | 266848 | 0.1 |
| 22363 | Adeia, Inc. | 316213 | 0.1 |
| 16383 <sup>(2)</sup> | ADTRAN Holdings, Inc. | 146956 | 0.0 |
| 7606 | Advanced Energy Industries, Inc. | 1007795 | 0.2 |
| 5960 <sup>(1)(2)</sup> | Aehr Test Systems | 77063 | 0.0 |
| 2057 <sup>(2)</sup> | Aeluma, Inc. | 33673 | 0.0 |
| 6273 <sup>(2)</sup> | Aeva Technologies, Inc. | 237057 | 0.1 |
| 5280 <sup>(2)</sup> | Agilysys, Inc. | 605299 | 0.1 |
| 4312 <sup>(2)</sup> | Airship AI Holdings, Inc. | 25398 | 0.0 |
| 9667 <sup>(2)</sup> | Alarm.com Holdings, Inc. | 546862 | 0.1 |
| 13726 <sup>(1)(2)</sup> | Alkami Technology, Inc. | 413702 | 0.1 |
| 5027 <sup>(2)</sup> | Alpha & Omega Semiconductor Ltd. | 128993 | 0.0 |
| 8247 <sup>(2)</sup> | Ambarella, Inc. | 544838 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** |  |  |
| 17886 <sup>(2)</sup> | Amplitude, Inc. - Class A | $221786 | 0.1 |
| 8300 <sup>(1)(2)</sup> | Appian Corp. - Class A | 247838 | 0.1 |
| 36128 <sup>(1)(2)</sup> | Applied Digital Corp. | 363809 | 0.1 |
| 10926 <sup>(1)(2)</sup> | Applied Optoelectronics, Inc. | 280689 | 0.1 |
| 20295 <sup>(2)</sup> | Arlo Technologies, Inc. | 344203 | 0.1 |
| 6088 <sup>(2)</sup> | Arteris, Inc. | 58019 | 0.0 |
| 18754 <sup>(2)</sup> | Asana, Inc. - Class A | 253179 | 0.1 |
| 8706 <sup>(2)</sup> | ASGN, Inc. | 434691 | 0.1 |
| 6504 <sup>(2)</sup> | Atomera, Inc. | 32780 | 0.0 |
| 27025 <sup>(2)</sup> | AvePoint, Inc. | 521853 | 0.1 |
| 2610 <sup>(2)</sup> | Aviat Networks, Inc. | 62770 | 0.0 |
| 6551 <sup>(1)(2)</sup> | Axcelis Technologies, Inc. | 456539 | 0.1 |
| 11646 <sup>(2)</sup> | Backblaze, Inc. - Class A | 64053 | 0.0 |
| 6018 | Badger Meter, Inc. | 1474109 | 0.3 |
| 2520 <sup>(1)</sup> | Bel Fuse, Inc. - Class B | 246179 | 0.1 |
| 8148 | Belden, Inc. | 943538 | 0.2 |
| 7362 | Benchmark Electronics, Inc. | 285866 | 0.1 |
| 59030 <sup>(1)(2)</sup> | BigBear.ai Holdings, Inc. | 400814 | 0.1 |
| 15224 <sup>(2)</sup> | BigCommerce Holdings, Inc. | 76120 | 0.0 |
| 36469 <sup>(1)(2)</sup> | Bit Digital, Inc. | 79867 | 0.0 |
| 18309 <sup>(1)(2)</sup> | Bitdeer Technologies Group - Class A | 210187 | 0.0 |
| 611 <sup>(2)</sup> | BK Technologies Corp. | 28796 | 0.0 |
| 8132 <sup>(2)</sup> | Blackbaud, Inc. | 522156 | 0.1 |
| 10924 <sup>(1)(2)</sup> | Blackline, Inc. | 618517 | 0.1 |
| 44613 <sup>(2)</sup> | Blend Labs, Inc. - Class A | 147223 | 0.0 |
| 28222 <sup>(2)</sup> | Box, Inc. - Class A | 964346 | 0.2 |
| 15390 <sup>(2)</sup> | Braze, Inc. - Class A | 432459 | 0.1 |
| 24380 <sup>(1)(2)</sup> | C3.ai, Inc. - Class A | 599017 | 0.1 |
| 12177 <sup>(2)</sup> | Calix, Inc. | 647695 | 0.1 |
| 8996 <sup>(2)</sup> | Cerence, Inc. | 91849 | 0.0 |
| 4784 <sup>(2)</sup> | CEVA, Inc. | 105152 | 0.0 |
| 53712 <sup>(1)(2)</sup> | Cipher Mining, Inc. | 256743 | 0.1 |
| 56406 <sup>(1)(2)</sup> | Cleanspark, Inc. | 622158 | 0.1 |
| 17324 <sup>(1)</sup> | Clear Secure, Inc. - Class A | 480914 | 0.1 |
| 2689 <sup>(2)</sup> | Clearfield, Inc. | 116729 | 0.0 |
| 50134 <sup>(2)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 1099439 | 0.2 |
| 904 | Climb Global Solutions, Inc. | 96647 | 0.0 |
| 9698 <sup>(2)</sup> | Cohu, Inc. | 186590 | 0.0 |
| 43441 <sup>(2)</sup> | CommScope Holding Co., Inc. | 359691 | 0.1 |
| 8974 <sup>(2)</sup> | CommVault Systems, Inc. | 1564437 | 0.3 |
| 9363 <sup>(1)(2)</sup> | CompoSecure, Inc. - Class A | 131925 | 0.0 |
| 4134 <sup>(2)</sup> | Consensus Cloud Solutions, Inc. | 95330 | 0.0 |
| 56151 <sup>(1)(2)</sup> | Core Scientific, Inc. | 958498 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> <u>Index Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 1382 <sup>(2)</sup> | CoreCard Corp. | $40037 | 0.0 |
| 9531 <sup>(2)</sup> | Corsair Gaming, Inc. | 89877 | 0.0 |
| 8748 <sup>(2)</sup> | Couchbase, Inc. | 213276 | 0.0 |
| 29901 <sup>(2)</sup> | Credo Technology Group Holding Ltd. | 2768534 | 0.5 |
| 8224 <sup>(2)</sup> | CS Disco, Inc. | 35939 | 0.0 |
| 6382 | CTS Corp. | 271937 | 0.1 |
| 285 <sup>(1)(2)</sup> | Daily Journal Corp. | 120341 | 0.0 |
| 8429 <sup>(1)(2)</sup> | Daktronics, Inc. | 127446 | 0.0 |
| 5217 <sup>(2)</sup> | Diebold Nixdorf, Inc. | 289022 | 0.1 |
| 7409 <sup>(2)</sup> | Digi International, Inc. | 258278 | 0.1 |
| 3385 <sup>(1)(2)</sup> | Digimarc Corp. | 44716 | 0.0 |
| 20781 <sup>(2)</sup> | Digital Turbine, Inc. | 122608 | 0.0 |
| 13293 <sup>(2)</sup> | DigitalOcean Holdings, Inc. | 379648 | 0.1 |
| 9301 <sup>(2)</sup> | Diodes, Inc. | 491930 | 0.1 |
| 7268 <sup>(2)</sup> | Domo, Inc. - Class B | 101534 | 0.0 |
| 58807 <sup>(1)(2)</sup> | D-Wave Quantum, Inc. | 860934 | 0.2 |
| 40015 <sup>(2)</sup> | E2open Parent Holdings, Inc. | 129248 | 0.0 |
| 13105 <sup>(1)(2)</sup> | Eastman Kodak Co. | 74043 | 0.0 |
| 5370 <sup>(2)</sup> | ePlus, Inc. | 387177 | 0.1 |
| 5201 <sup>(1)(2)</sup> | EverCommerce, Inc. | 54610 | 0.0 |
| 24100 <sup>(2)</sup> | Evolv Technologies Holdings, Inc. | 150384 | 0.0 |
| 13274 <sup>(2)</sup> | Expensify, Inc. - Class A | 34380 | 0.0 |
| 26403 <sup>(2)</sup> | Extreme Networks, Inc. | 473934 | 0.1 |
| 7358 <sup>(2)</sup> | Fabrinet | 2168255 | 0.4 |
| 4052 <sup>(2)</sup> | FARO Technologies, Inc. | 177964 | 0.0 |
| 27820 <sup>(2)</sup> | Fastly, Inc. - Class A | 196409 | 0.0 |
| 15293 <sup>(1)(2)</sup> | Five9, Inc. | 404959 | 0.1 |
| 15709 <sup>(2)</sup> | FormFactor, Inc. | 540547 | 0.1 |
| 1594 <sup>(2)</sup> | Frequency Electronics, Inc. | 36200 | 0.0 |
| 41931 <sup>(2)</sup> | Freshworks, Inc. - Class A | 625191 | 0.1 |
| 13780 <sup>(2)</sup> | Grid Dynamics Holdings, Inc. | 159159 | 0.0 |
| 5700 | Hackett Group, Inc. | 144894 | 0.0 |
| 22538 <sup>(2)</sup> | Harmonic, Inc. | 213435 | 0.0 |
| 19061 <sup>(1)(2)</sup> | Hut 8 Corp. | 354535 | 0.1 |
| 5054 <sup>(1)(2)</sup> | I3 Verticals, Inc. - Class A | 138884 | 0.0 |
| 6996 <sup>(2)</sup> | Ichor Holdings Ltd. | 137401 | 0.0 |
| 5967 | Immersion Corp. | 47020 | 0.0 |
| 5282 <sup>(1)(2)</sup> | Impinj, Inc. | 586672 | 0.1 |
| 39980 <sup>(1)(2)</sup> | indie Semiconductor, Inc. - Class A | 142329 | 0.0 |
| 5588 <sup>(2)</sup> | Insight Enterprises, Inc. | 771619 | 0.2 |
| 11232 <sup>(2)</sup> | Intapp, Inc. | 579796 | 0.1 |
| 5272 <sup>(1)</sup> | InterDigital, Inc. | 1182141 | 0.2 |
| 48418 <sup>(1)(2)</sup> | IonQ, Inc. | 2080521 | 0.4 |
| 9194 <sup>(2)</sup> | Itron, Inc. | 1210206 | 0.2 |
| 16317 <sup>(2)</sup> | Jamf Holding Corp. | 155175 | 0.0 |
| 21604 <sup>(2)</sup> | Kaltura, Inc. | 43424 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 5949 <sup>(2)</sup> | Kimball Electronics, Inc. | $114399 | 0 |
| 18027 <sup>(2)</sup> | Knowles Corp. | 317636 | 0.1 |
| 31991 <sup>(1)(2)</sup> | Kopin Corp. | 48946 | 0 |
| 10596 | Kulicke & Soffa Industries, Inc. | 366622 | 0.1 |
| 3236 <sup>(2)</sup> | Life360, Inc. | 211149 | 0 |
| 13347 <sup>(2)</sup> | LiveRamp Holdings, Inc. | 440985 | 0.1 |
| 70573 <sup>(1)(2)</sup> | Marathon Digital Holdings, Inc. | 1106585 | 0.2 |
| 16666 <sup>(2)</sup> | MaxLinear, Inc. | 236824 | 0.1 |
| 6795 <sup>(1)(2)</sup> | Mercurity Fintech Holding, Inc. | 26161 | 0 |
| 6738 <sup>(2)</sup> | MeridianLink, Inc. | 109358 | 0 |
| 7355 | Methode Electronics, Inc. | 69946 | 0 |
| 52683 <sup>(1)(2)</sup> | MicroVision, Inc. | 60059 | 0 |
| 42742 <sup>(2)</sup> | Mirion Technologies, Inc. | 920235 | 0.2 |
| 9567 <sup>(2)</sup> | Mitek Systems, Inc. | 94713 | 0 |
| 15941 <sup>(2)</sup> | N-able, Inc. | 129122 | 0 |
| 7138 | Napco Security Technologies, Inc. | 211927 | 0 |
| 27353 <sup>(2)</sup> | Navitas Semiconductor Corp. | 179162 | 0 |
| 14891 <sup>(2)</sup> | NCR Atleos Corp. | 424840 | 0.1 |
| 28906 <sup>(1)(2)</sup> | NCR Corp. | 339067 | 0.1 |
| 2218 <sup>(1)(2)</sup> | Neonode, Inc. | 56559 | 0 |
| 6046 <sup>(2)</sup> | NETGEAR, Inc. | 175757 | 0 |
| 14391 <sup>(2)</sup> | NetScout Systems, Inc. | 357041 | 0.1 |
| 18212 <sup>(1)(2)</sup> | NextNav, Inc. | 276822 | 0.1 |
| 9938 <sup>(2)</sup> | nLight, Inc. | 195580 | 0 |
| 7224 <sup>(2)</sup> | Novanta, Inc. | 931390 | 0.2 |
| 1092 | NVE Corp. | 80382 | 0 |
| 23822 <sup>(2)</sup> | Olo, Inc. - Class A | 212016 | 0 |
| 8205 | OneSpan, Inc. | 136941 | 0 |
| 6002 <sup>(2)</sup> | Ooma, Inc. | 77426 | 0 |
| 3254 <sup>(1)(2)</sup> | OSI Systems, Inc. | 731694 | 0.1 |
| 10363 <sup>(2)</sup> | Ouster, Inc. | 251303 | 0.1 |
| 8532 <sup>(1)(2)</sup> | Pagaya Technologies Ltd. - Class A | 181902 | 0 |
| 18096 <sup>(2)</sup> | PagerDuty, Inc. | 276507 | 0.1 |
| 8154 <sup>(1)(2)</sup> | PAR Technology Corp. | 565643 | 0.1 |
| 2474 | PC Connection, Inc. | 162740 | 0 |
| 6901 <sup>(2)</sup> | PDF Solutions, Inc. | 147543 | 0 |
| 12458 <sup>(2)</sup> | Photronics, Inc. | 234584 | 0.1 |
| 5418 <sup>(2)</sup> | Plexus Corp. | 733110 | 0.1 |
| 16432 <sup>(2)</sup> | Porch Group, Inc. | 193733 | 0 |
| 11517 | Power Integrations, Inc. | 643800 | 0.1 |
| 25521 <sup>(1)(2)</sup> | Powerfleet, Inc. NJ | 109996 | 0 |
| 8642 | Progress Software Corp. | 551705 | 0.1 |
| 9258 <sup>(2)</sup> | PROS Holdings, Inc. | 144980 | 0 |
| 12578 <sup>(2)</sup> | Q2 Holdings, Inc. | 1177175 | 0.2 |
| 7513 <sup>(2)</sup> | Qualys, Inc. | 1073382 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 23539 <sup>(1)(2)</sup> | Quantum Computing, Inc. | $451243 | 0.1 |
| 21924 <sup>(2)</sup> | Rambus, Inc. | 1403574 | 0.3 |
| 12827 <sup>(2)</sup> | Rapid7, Inc. | 296689 | 0.1 |
| 15375 <sup>(1)(2)</sup> | Red Cat Holdings, Inc. | 111930 | 0.0 |
| 2449 | Red Violet, Inc. | 120491 | 0.0 |
| 18816 <sup>(2)</sup> | Rezolve AI PLC | 57859 | 0.0 |
| 21052 <sup>(2)</sup> | Ribbon Communications, Inc. | 84419 | 0.0 |
| 57770 <sup>(1)(2)</sup> | Rigetti Computing, Inc. | 685152 | 0.1 |
| 11786 <sup>(2)</sup> | Rimini Street, Inc. | 44433 | 0.0 |
| 67104 <sup>(1)(2)</sup> | Riot Platforms, Inc. | 758275 | 0.2 |
| 3823 <sup>(2)</sup> | Rogers Corp. | 261799 | 0.1 |
| 10764 <sup>(2)</sup> | Sanmina Corp. | 1053042 | 0.2 |
| 6536 | Sapiens International Corp. NV | 191178 | 0.0 |
| 4913 <sup>(2)</sup> | ScanSource, Inc. | 205413 | 0.0 |
| 9426 <sup>(2)</sup> | SEMrush Holdings, Inc. - Class A | 85305 | 0.0 |
| 17771 <sup>(2)</sup> | Semtech Corp. | 802183 | 0.2 |
| 6545 <sup>(2)</sup> | Silicon Laboratories, Inc. | 964471 | 0.2 |
| 4319 <sup>(2)</sup> | SiTime Corp. | 920293 | 0.2 |
| 5634 <sup>(1)(2)</sup> | SkyWater Technology, Inc. | 55439 | 0.0 |
| 10787 <sup>(1)(2)</sup> | SMART Global Holdings, Inc. | 213690 | 0.1 |
| 74615 <sup>(1)(2)</sup> | SoundHound AI, Inc. - Class A | 800619 | 0.2 |
| 1962 <sup>(2)</sup> | SoundThinking, Inc. | 25614 | 0.0 |
| 23830 <sup>(2)</sup> | Sprinklr, Inc. - Class A | 201602 | 0.0 |
| 10211 <sup>(2)</sup> | Sprout Social, Inc. - Class A | 213512 | 0.1 |
| 7687 <sup>(2)</sup> | SPS Commerce, Inc. | 1046124 | 0.2 |
| 7930 <sup>(2)</sup> | Synaptics, Inc. | 514023 | 0.1 |
| 11791 <sup>(2)</sup> | Telos Corp. | 37377 | 0.0 |
| 23887 <sup>(2)</sup> | Tenable Holdings, Inc. | 806903 | 0.2 |
| 53627 <sup>(1)(2)</sup> | Terawulf, Inc. | 234886 | 0.1 |
| 3732 <sup>(1)(2)</sup> | TSS, Inc. | 107594 | 0.0 |
| 20693 <sup>(2)</sup> | TTM Technologies, Inc. | 844688 | 0.2 |
| 1850 <sup>(1)(2)</sup> | Tucows, Inc. - Class A | 36463 | 0.0 |
| 3744 <sup>(2)</sup> | Turtle Beach Corp. | 51780 | 0.0 |
| 9159 <sup>(2)</sup> | Ultra Clean Holdings, Inc. | 206719 | 0.0 |
| 13989 <sup>(2)</sup> | Unisys Corp. | 63370 | 0.0 |
| 22287 <sup>(2)</sup> | Varonis Systems, Inc. | 1131065 | 0.2 |
| 11649 <sup>(2)</sup> | Veeco Instruments, Inc. | 236708 | 0.1 |
| 12431 <sup>(2)</sup> | Verint Systems, Inc. | 244518 | 0.1 |
| 13236 <sup>(1)(2)</sup> | Vertex, Inc. - Class A | 467694 | 0.1 |
| 3343 <sup>(1)(2)</sup> | Viant Technology, Inc. - Class A | 44228 | 0.0 |
| 23283 <sup>(2)</sup> | Viasat, Inc. | 339932 | 0.1 |
| 44790 <sup>(2)</sup> | Viavi Solutions, Inc. | 451035 | 0.1 |
| 25172 <sup>(1)</sup> | Vishay Intertechnology, Inc. | 399731 | 0.1 |
| 3007 <sup>(1)(2)</sup> | Vishay Precision Group, Inc. | 84497 | 0.0 |
| 13782 <sup>(1)(2)</sup> | Vuzix Corp. | 40243 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 11790 <sup>(2)</sup> | Weave Communications, Inc. | $98093 | 0.0 |
| 10271 <sup>(2)</sup> | Workiva, Inc. | 703050 | 0.1 |
| 24306 <sup>(1)</sup> | Xerox Holdings Corp. | 128093 | 0.0 |
| 9769 <sup>(2)</sup> | Xperi, Inc. | 77273 | 0.0 |
| 22263 <sup>(2)</sup> | Yext, Inc. | 189235 | 0.0 |
| 38252 <sup>(1)(2)</sup> | Zeta Global Holdings Corp. - Class A | 592523 | 0.1 |
|  |  | **76791653** | **14.6** |
|  | **Materials: 3.8%** |  |  |
| 5685 | AdvanSix, Inc. | 135019 | 0.0 |
| 2381 <sup>(2)</sup> | Alpha Metallurgical Resources, Inc. | 267815 | 0.1 |
| 18328 <sup>(2)</sup> | American Battery Technology Co. | 29691 | 0.0 |
| 29786 | Ardagh Metal Packaging SA | 127484 | 0.0 |
| 7642 <sup>(2)</sup> | Arq, Inc. | 41037 | 0.0 |
| 11799 <sup>(1)(2)</sup> | ASP Isotopes, Inc. | 86841 | 0.0 |
| 13740 <sup>(1)(2)</sup> | Aspen Aerogels, Inc. | 81341 | 0.0 |
| 18462 | Avient Corp. | 596507 | 0.1 |
| 6688 | Balchem Corp. | 1064730 | 0.2 |
| 10937 | Cabot Corp. | 820275 | 0.2 |
| 3809 | Caledonia Mining Corp. PLC | 73590 | 0.0 |
| 10698 <sup>(2)</sup> | Century Aluminum Co. | 192778 | 0.0 |
| 30389 | Chemours Co. | 347954 | 0.1 |
| 3430 <sup>(2)</sup> | Clearwater Paper Corp. | 93433 | 0.0 |
| 130610 <sup>(2)</sup> | Coeur Mining, Inc. | 1157205 | 0.2 |
| 22896 | Commercial Metals Co. | 1119843 | 0.2 |
| 7373 <sup>(2)</sup> | Compass Minerals International, Inc. | 148123 | 0.0 |
| 29028 <sup>(2)</sup> | Constellium SE | 386072 | 0.1 |
| 2014 <sup>(1)(2)</sup> | Contango ORE, Inc. | 39233 | 0.0 |
| 19573 <sup>(2)</sup> | Dakota Gold Corp. | 72224 | 0.0 |
| 23278 <sup>(1)(2)</sup> | Ecovyst, Inc. | 191578 | 0.0 |
| 25598 <sup>(1)</sup> | Ferroglobe PLC | 93945 | 0.0 |
| 3059 <sup>(2)</sup> | Flotek Industries, Inc. | 45151 | 0.0 |
| 8048 <sup>(1)(2)</sup> | Ginkgo Bioworks Holdings, Inc. | 90540 | 0.0 |
| 6085 | Greif, Inc. - Class A | 395464 | 0.1 |
| 4006 | Hawkins, Inc. | 569253 | 0.1 |
| 11086 | HB Fuller Co. | 666823 | 0.1 |
| 121920 | Hecla Mining Co. | 730301 | 0.2 |
| 2963 <sup>(1)(2)</sup> | Idaho Strategic Resources, Inc. | 38756 | 0.0 |
| 7503 <sup>(2)</sup> | Ingevity Corp. | 323304 | 0.1 |
| 5052 | Innospec, Inc. | 424823 | 0.1 |
| 2449 <sup>(2)</sup> | Intrepid Potash, Inc. | 87503 | 0.0 |
| 18147 <sup>(1)(2)</sup> | Ivanhoe Electric, Inc. / US | 164593 | 0.0 |
| 3232 | Kaiser Aluminum Corp. | 258237 | 0.1 |
| 11634 <sup>(2)</sup> | Knife River Corp. | 949800 | 0.2 |
| 4241 | Koppers Holdings, Inc. | 136348 | 0.0 |
| 4704 | Kronos Worldwide, Inc. | 29165 | 0.0 |
| 7793 <sup>(2)</sup> | Lifezone Metals Ltd. | 32107 | 0.0 |
| 12254 <sup>(2)</sup> | LSB Industries, Inc. | 95581 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Materials: (continued)** |  |  |
| 6925 <sup>(1)(2)</sup> | Magnera Corp. | $83654 | 0.0 |
| 4259 | Materion Corp. | 338037 | 0.1 |
| 11339 | Mativ Holdings, Inc. | 77332 | 0.0 |
| 14894 <sup>(2)</sup> | Metals Acquisition Ltd. - Class A | 180068 | 0.0 |
| 6510 | Minerals Technologies, Inc. | 358506 | 0.1 |
| 7915 | Myers Industries, Inc. | 114688 | 0.0 |
| 11670 <sup>(2)</sup> | NioCorp Developments Ltd. | 27191 | 0.0 |
| 51959 <sup>(2)</sup> | Novagold Resources, Inc. | 212512 | 0.1 |
| 31618 <sup>(2)</sup> | O-I Glass, Inc. | 466049 | 0.1 |
| 2230 | Olympic Steel, Inc. | 72676 | 0.0 |
| 12170 | Orion SA | 127663 | 0.0 |
| 28721 <sup>(2)</sup> | Perimeter Solutions, Inc. | 399796 | 0.1 |
| 9502 <sup>(2)</sup> | Perpetua Resources Corp. | 115354 | 0.0 |
| 4151 <sup>(1)(2)</sup> | Piedmont Lithium, Inc. | 24159 | 0.0 |
| 26581 <sup>(1)(2)</sup> | PureCycle Technologies, Inc. | 364160 | 0.1 |
| 2812 <sup>(1)</sup> | Quaker Chemical Corp. | 314775 | 0.1 |
| 7405 | Ramaco Resources, Inc. - Class A | 97302 | 0.0 |
| 9203 <sup>(2)</sup> | Ranpak Holdings Corp. | 32855 | 0.0 |
| 14233 <sup>(2)</sup> | Rayonier Advanced Materials, Inc. | 54797 | 0.0 |
| 5882 <sup>(1)</sup> | Ryerson Holding Corp. | 126875 | 0.0 |
| 5634 | Schnitzer Steel Industries, Inc. - Class A | 167273 | 0.0 |
| 8595 | Sensient Technologies Corp. | 846779 | 0.2 |
| 4675 <sup>(2)</sup> | Solesence, Inc. | 20383 | 0.0 |
| 41842 <sup>(2)</sup> | SSR Mining, Inc. | 533067 | 0.1 |
| 4491 | Stepan Co. | 245119 | 0.1 |
| 17377 | SunCoke Energy, Inc. | 149268 | 0.0 |
| 7054 | Sylvamo Corp. | 353405 | 0.1 |
| 8465 <sup>(1)(2)</sup> | TimkenSteel Corp. | 130446 | 0.0 |
| 5560 | Titan America SA | 69389 | 0.0 |
| 6881 <sup>(2)</sup> | Tredegar Corp. | 60553 | 0.0 |
| 7311 | TriMas Corp. | 209168 | 0.1 |
| 7380 | Trinseo PLC | 23026 | 0.0 |
| 24077 | Tronox Holdings PLC | 122070 | 0.0 |
| 2232 | United States Lime & Minerals, Inc. | 222754 | 0.1 |
| 2598 <sup>(1)(2)</sup> | US Gold Corp. | 31696 | 0.0 |
| 10602 <sup>(1)</sup> | Warrior Met Coal, Inc. | 485890 | 0.1 |
| 6832 | Worthington Steel, Inc. | 203798 | 0.1 |
|  |  | **19667000** | **3.8** |
|  | **Real Estate: 6.0%** |  |  |
| 26417 | Acadia Realty Trust | 490564 | 0.1 |
| 15616 | Alexander & Baldwin, Inc. | 278433 | 0.1 |
| 513 | Alexander's, Inc. | 115589 | 0.0 |
| 10670 | American Assets Trust, Inc. | 210733 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Real Estate: (continued)** |  |  |
| 32469 <sup>(1)</sup> | American Healthcare REIT, Inc. | $1192911 | 0.2 |
| 22475 <sup>(2)</sup> | Anywhere Real Estate, Inc. | 81360 | 0.0 |
| 29611 | Apartment Investment and Management Co. - Class A | 256135 | 0.1 |
| 45696 <sup>(1)</sup> | Apple Hospitality REIT, Inc. | 533272 | 0.1 |
| 16371 | Armada Hoffler Properties, Inc. | 112469 | 0.0 |
| 14460 | Braemar Hotels & Resorts, Inc. | 35427 | 0.0 |
| 35387 <sup>(1)</sup> | Brandywine Realty Trust | 151810 | 0.0 |
| 38566 | Broadstone Net Lease, Inc. | 618984 | 0.1 |
| 38546 | CareTrust REIT, Inc. | 1179508 | 0.2 |
| 4939 | CBL & Associates Properties, Inc. | 125401 | 0.0 |
| 3507 | Centerspace | 211086 | 0.0 |
| 11004 | Chatham Lodging Trust | 76698 | 0.0 |
| 9672 | City Office REIT, Inc. | 51649 | 0.0 |
| 5861 | Community Healthcare Trust, Inc. | 97468 | 0.0 |
| 92768 <sup>(2)</sup> | Compass, Inc. - Class A | 582583 | 0.1 |
| 22787 | COPT Defense Properties | 628465 | 0.1 |
| 6361 | CTO Realty Growth, Inc. | 109791 | 0.0 |
| 19763 | Curbline Properties Corp. | 451189 | 0.1 |
| 46641 <sup>(2)</sup> | Cushman & Wakefield PLC | 516316 | 0.1 |
| 42947 | DiamondRock Hospitality Co. | 328974 | 0.1 |
| 47119 | Diversified Healthcare Trust | 168686 | 0.0 |
| 16017 <sup>(2)</sup> | Douglas Elliman, Inc. | 37159 | 0.0 |
| 32862 <sup>(1)</sup> | Douglas Emmett, Inc. | 494245 | 0.1 |
| 8066 | Easterly Government Properties, Inc. | 179065 | 0.0 |
| 18654 | Elme Communities | 296599 | 0.1 |
| 28687 | Empire State Realty Trust, Inc. - Class A | 232078 | 0.1 |
| 39790 | Essential Properties Realty Trust, Inc. | 1269699 | 0.3 |
| 17145 <sup>(1)</sup> | eXp World Holdings, Inc. | 156020 | 0.0 |
| 9936 <sup>(1)</sup> | Farmland Partners, Inc. | 114363 | 0.0 |
| 4395 <sup>(2)</sup> | Forestar Group, Inc. | 87900 | 0.0 |
| 20188 <sup>(1)</sup> | Four Corners Property Trust, Inc. | 543259 | 0.1 |
| 3802 <sup>(2)</sup> | FRP Holdings, Inc. | 102236 | 0.0 |
| 10976 | Getty Realty Corp. | 303377 | 0.1 |
| 9226 | Gladstone Commercial Corp. | 132209 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Real Estate: (continued)** |  |  |
| 8512 <sup>(1)</sup> | Gladstone Land Corp. | $86567 | 0.0 |
| 14123 | Global Medical REIT, Inc. | 97872 | 0.0 |
| 41024 | Global Net Lease, Inc. | 309731 | 0.1 |
| 65461 | Hudson Pacific Properties, Inc. | 179363 | 0.0 |
| 46222 <sup>(1)</sup> | Independence Realty Trust, Inc. | 817667 | 0.2 |
| 14417 | Industrial Logistics Properties Trust | 65597 | 0.0 |
| 5737 <sup>(1)</sup> | Innovative Industrial Properties, Inc. | 316797 | 0.1 |
| 15837 | InvenTrust Properties Corp. | 433934 | 0.1 |
| 16031 <sup>(1)</sup> | JBG SMITH Properties | 277336 | 0.1 |
| 25062 | Kennedy-Wilson Holdings, Inc. | 170422 | 0.0 |
| 44117 | Kite Realty Group Trust | 999250 | 0.2 |
| 58631 | L.P. Industrial Trust | 484292 | 0.1 |
| 9344 | LTC Properties, Inc. | 323396 | 0.1 |
| 51353 | Macerich Co. | 830892 | 0.2 |
| 5400 | Marcus & Millichap, Inc. | 165834 | 0.0 |
| 9393 | National Health Investors, Inc. | 658637 | 0.1 |
| 3329 <sup>(1)(2)</sup> | NET Lease Office Properties | 108359 | 0.0 |
| 16755 <sup>(1)</sup> | NetSTREIT Corp. | 283662 | 0.1 |
| 27208 | Newmark Group, Inc. - Class A | 330577 | 0.1 |
| 6162 <sup>(1)</sup> | NexPoint Diversified Real Estate Trust | 25819 | 0.0 |
| 5065 | NexPoint Residential Trust, Inc. | 168766 | 0.0 |
| 4740 | One Liberty Properties, Inc. | 113096 | 0.0 |
| 29027 <sup>(1)</sup> | Outfront Media, Inc. | 473721 | 0.1 |
| 41267 | Paramount Group, Inc. | 251729 | 0.1 |
| 8201 | Peakstone Realty Trust | 108335 | 0.0 |
| 24410 | Pebblebrook Hotel Trust | 243856 | 0.1 |
| 25349 | Phillips Edison & Co., Inc. | 887975 | 0.2 |
| 26370 | Piedmont Office Realty Trust, Inc. - Class A | 192237 | 0.0 |
| 8988 | Plymouth Industrial REIT, Inc. | 144347 | 0.0 |
| 16051 | PotlatchDeltic Corp. | 615877 | 0.1 |
| 3791 <sup>(2)</sup> | RE/MAX Holdings, Inc. - Class A | 31010 | 0.0 |
| 22331 <sup>(2)</sup> | Real Brokerage, Inc. | 100713 | 0.0 |
| 31346 | RLJ Lodging Trust | 228199 | 0.1 |
| 3619 | RMR Group, Inc. - Class A | 59171 | 0.0 |
| 11782 <sup>(1)</sup> | Ryman Hospitality Properties, Inc. | 1162530 | 0.2 |
| 48186 <sup>(1)</sup> | Sabra Health Care REIT, Inc. | 888550 | 0.2 |
| 12159 | Safehold, Inc. | 189194 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Real Estate: (continued)** |  |  |
| 3341 | Saul Centers, Inc. | $114062 | 0.0 |
| 33519 | Service Properties Trust | 80110 | 0.0 |
| 11649 <sup>(1)</sup> | Sila Realty Trust, Inc. | 275732 | 0.1 |
| 9847 | SITE Centers Corp. | 111370 | 0.0 |
| 14419 | SL Green Realty Corp. | 892536 | 0.2 |
| 5614 <sup>(1)</sup> | Smartstop Self Storage REIT, Inc. | 203395 | 0.0 |
| 7724 | St Joe Co. | 368435 | 0.1 |
| 1833 <sup>(2)</sup> | Stratus Properties, Inc. | 34607 | 0.0 |
| 23382 <sup>(1)</sup> | Summit Hotel Properties, Inc. | 119014 | 0.0 |
| 41331 | Sunstone Hotel Investors, Inc. | 358753 | 0.1 |
| 22535 | Tanger Factory Outlet Centers, Inc. | 689120 | 0.1 |
| 5581 <sup>(2)</sup> | Tejon Ranch Co. | 94654 | 0.0 |
| 20462 <sup>(1)</sup> | Terreno Realty Corp. | 1147304 | 0.2 |
| 16280 | UMH Properties, Inc. | 273341 | 0.1 |
| 49574 | Uniti Group, Inc. | 214160 | 0.0 |
| 3171 | Universal Health Realty Income Trust | 126745 | 0.0 |
| 25928 | Urban Edge Properties | 483817 | 0.1 |
| 17328 | Veris Residential, Inc. | 258014 | 0.1 |
| 11167 | Whitestone REIT | 139364 | 0.0 |
| 21218 | Xenia Hotels & Resorts, Inc. | 266710 | 0.1 |
|  |  | **31630263** | **6.0** |
|  | **Utilities: 3.2%** |  |  |
| 11530 | ALLETE, Inc. | 738727 | 0.2 |
| 7706 | American States Water Co. | 590742 | 0.1 |
| 16047 | Avista Corp. | 608984 | 0.1 |
| 14367 | Black Hills Corp. | 805989 | 0.2 |
| 24408 | Brookfield Infrastructure Corp. - Class A | 1015373 | 0.2 |
| 12578 <sup>(2)</sup> | Cadiz, Inc. | 37608 | 0.0 |
| 12060 | California Water Service Group | 548489 | 0.1 |
| 4726 | Chesapeake Utilities Corp. | 568160 | 0.1 |
| 3453 <sup>(1)</sup> | Consolidated Water Co. Ltd. | 103659 | 0.0 |
| 4582 | Genie Energy Ltd. - Class B | 123164 | 0.0 |
| 35832 <sup>(1)(2)</sup> | Hawaiian Electric Industries, Inc. | 380894 | 0.1 |
| 7541 | MGE Energy, Inc. | 666926 | 0.1 |
| 3770 | Middlesex Water Co. | 204259 | 0.0 |
| 16156 <sup>(2)</sup> | Montauk Renewables, Inc. | 35866 | 0.0 |
| 20299 | New Jersey Resources Corp. | 909801 | 0.2 |
| 8177 | Northwest Natural Holding Co. | 324790 | 0.1 |
| 12490 | NorthWestern Corp. | 640737 | 0.1 |
| 20955 <sup>(2)</sup> | Oklo, Inc. | 1173270 | 0.2 |
| 12010 | ONE Gas, Inc. | 863039 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 12429 | Ormat Technologies, Inc. | $1041053 | 0.2 |
| 8138 <sup>(1)</sup> | Otter Tail Corp. | 627358 | 0.1 |
| 18610 | PNM Resources, Inc. | 1048115 | 0.2 |
| 21942 | Portland General Electric Co. | 891504 | 0.2 |
| 5225 <sup>(2)</sup> | Pure Cycle Corp. | 56012 | 0.0 |
| 2650 | RGC Resources, Inc. | 59307 | 0.0 |
| 6943 | SJW Group | 360828 | 0.1 |
| 13160 | Southwest Gas Holdings, Inc. | 978972 | 0.2 |
| 11588 | Spire, Inc. | 845808 | 0.2 |
| 3764 | Unitil Corp. | 196293 | 0.0 |
| 3777 | York Water Co. | 119353 | 0.0 |
|  |  | **16565080** | **3.2** |
|  | Total Common Stock |  |  |
|  | (Cost $310,109,313) | **520032128** | **99.1** |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |  |  |
|  | **Consumer Staples: —%** |  |  |
| 390 <sup>(3)(4)</sup> | GTX, Inc. |  |  |
|  | **Health Care: 0.0%** |  |  |
| 4590 <sup>(3)(4)</sup> | Aduro Biotech - CVR |  |  |
| 14198 <sup>(3)(4)</sup> | Chinook Therapeutics, Inc. CVR | 5537 | 0.0 |
| 2194 <sup>(3)(4)</sup> | Omniab, Inc. - 12.5 Earnout Shares |  |  |
| 2194 <sup>(3)(4)</sup> | Omniab, Inc. - 15 Earnout Shares |  |  |
|  |  | **5537** | **0.0** |
|  | Total Rights |  |  |
|  | (Cost $799) | **5537** | **0.0** |
| **WARRANTS: 0.0%** | **WARRANTS: 0.0%** |  |  |
|  | **Health Care: 0.0%** |  |  |
| 376 | Pulse Biosciences, Inc. | 2298 | 0.0 |
|  | Total Warrants |  |  |
|  | (Cost $—) | **2298** | **0.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $310,110,112) | **520039963** | **99.1** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount†** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 19.3%** | **SHORT-TERM INVESTMENTS: 19.3%** |  |  |
|  | **Commercial Paper: 3.0%** |  |  |
| 900000 <sup>(5)</sup> | ANZ Banking Group Ltd., 4.480%, 08/27/2025 | 900051 | 0.2 |
| 950000 <sup>(5)</sup> | Bank of Montreal, 4.510%, 09/05/2025 | 950268 | 0.2 |
| 900000 <sup>(5)</sup> | Commonwealth Bank of Australia, 4.510%, 08/11/2025 | 900082 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Commercial Paper (continued)** |  |  |
| 900000 <sup>(5)</sup> | Credit Industriel et Commercial S.A., 4.420%, 07/14/2025 | $898491 | 0.2 |
| 900000 <sup>(5)</sup> | DBS Bank Ltd., 4.430%, 09/03/2025 | 892885 | 0.1 |
| 900000 <sup>(5)</sup> | DNB Bank ASA, 4.540%, 12/09/2025 | 900581 | 0.2 |
| 900000 <sup>(5)</sup> | John Deere Financial, 4.400%, 08/20/2025 | 894467 | 0.1 |
| 500000 <sup>(5)</sup> | LLoyds Bank PLC, 4.570%, 12/17/2025 | 499930 | 0.1 |
| 900000 <sup>(5)</sup> | Macquarie Bank Ltd., 4.550%, 09/18/2025 | 900077 | 0.2 |
| 950000 <sup>(5)</sup> | National Australia Bank Ltd., 4.500%, 09/04/2025 | 950019 | 0.2 |
| 900000 <sup>(5)</sup> | Novartis Finance Corp., 4.370%, 07/14/2025 | 898484 | 0.1 |
| 900000 <sup>(5)</sup> | Skandinaviska Enskilda Banken AB, 4.570%, 12/11/2025 | 899991 | 0.2 |
| 900000 <sup>(5)</sup> | Societe Generale S.A., 4.650%, 10/24/2025 | 900936 | 0.2 |
| 900000 <sup>(5)</sup> | Svenska Handelsbanken AB, 4.500%, 09/10/2025 | 900022 | 0.2 |
| 850000 <sup>(5)</sup> | Swedbank AB, 4.580%, 12/10/2025 | 850721 | 0.1 |
| 900000 <sup>(5)</sup> | Toyota Motor Credit Corp., 4.490%, 08/11/2025 | 895447 | 0.1 |
| 900000 <sup>(5)</sup> | United Overseas Bank Ltd., 4.360%, 09/19/2025 | 900041 | 0.2 |
| 900000 <sup>(5)</sup> | Walmart, Inc., 4.340%, 07/07/2025 | 899249 | 0.2 |
|  | Total Commercial Paper |  |  |
|  | (Cost $15,831,742) | **15831742** | **3.0** |
|  | **Certificates of Deposits: 2.2%** |  |  |
| 900000 <sup>(5)</sup> | Bank of America N.A., 4.530%, 08/05/2025 | 900251 | 0.2 |
| 900000 <sup>(5)</sup> | Barclays Bank PLC, 4.635%, 10/21/2025 | 900524 | 0.2 |
| 900000 <sup>(5)</sup> | BNP Paribas S.A., 4.504%, 09/15/2025 | 900095 | 0.1 |
| 900000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 4.490%, 11/12/2025 | 900606 | 0.2 |
| 900000 <sup>(5)</sup> | Citibank N.A., 4.577%, 10/23/2025 | 900959 | 0.2 |
| 950000 <sup>(5)(6)</sup> | Cooperatieve Rabobank U.A., 4.671%, (SOFRRATE + 0.360%), 08/11/2025 | 950319 | 0.2 |
| 900000 <sup>(5)</sup> | DZ Bank AG, 4.439%, 08/15/2025 | 900207 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Certificates of Deposits (continued)** |  |  |
| 900000 <sup>(5)</sup> | Landesbank Baden-Wurttemberg, 4.540%, 11/17/2025 | $900146 | 0.1 |
| 900000 <sup>(5)(6)</sup> | Mitsubishi UFJ Trust & Banking Corp. YCd, 4.533%, (SOFRRATE + 0.230%), 08/08/2025 | 900121 | 0.1 |
| 900000 <sup>(5)</sup> | Mizuho Bank Ltd., 4.511%, 08/08/2025 | 900118 | 0.1 |
| 900000 <sup>(5)</sup> | Natixis, 4.484%, 08/06/2025 | 900240 | 0.2 |
| 900000 <sup>(5)</sup> | Oversea-Chinese Banking Corporation Ltd., 4.530%, 11/14/2025 | 900695 | 0.2 |
| 900000 <sup>(5)</sup> | Sumitomo Mitsui Banking Corp., 4.468%, 08/20/2025 | 900242 | 0.2 |
|  | Total Certificates of Deposits |  |  |
|  | (Cost $11,754,523) | **11754523** | **2.2** |
|  | **Repurchase Agreements: 13.4%** |  |  |
| 10642612 <sup>(5)</sup> | Bethesda Securities, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $10,643,918, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-6.000%, Market Value plus accrued interest $10,855,464, due 10/01/27-02/01/57) | 10642612 | 2.0 |
| 4244857 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $4,245,368, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $4,329,754, due 06/01/30-02/01/57) | 4244857 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 7721187 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $7,722,116, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $7,875,611, due 08/15/34-06/01/55) | $7721187 | 1.5 |
| 2594029 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,594,341, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $2,645,910, due 03/01/34-05/01/55) | 2594029 | 0.5 |
| 14731838 <sup>(5)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $14,733,646, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $15,026,475, due 12/01/29-06/20/55) | 14731838 | 2.8 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** | | |
| **Amount†** | **Amount†** | <br>**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)** |
| 8401589 <sup>(5)</sup> | Mirae Asset Securities (USA), Inc., Repurchase Agreement dated 06/30/2025, 4.470%, due 07/01/2025 (Repurchase Amount $8,402,618, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.318%, Market Value plus accrued interest $8,570,689, due 09/23/25-03/15/66) | $8401589 | 1.6 |
| 21735961 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $21,738,629, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $22,105,327, due 07/15/26-02/15/54) | 21735961 | 4.2 |
|  | Total Repurchase Agreements<br> (Cost $70,072,073) | **70072073** | **13.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.7%** |  |  |
| 3831000 <sup>(7)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% |  |  |
|  | (Cost $3,831,000) | $**3831000** | **0.7** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $101,489,338) | **101489338** | **19.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $411,599,450)** | $**621529301** | **118.4** |
|  | **Liabilities in Excess of Other Assets** | **(96401033)** | **(18.4)** |
|  | **Net Assets** | $**525128268** | **100.0** |

---

† Unless otherwise
 indicated, principal amount is shown in USD.

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

(2) Non-income producing security.

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

(4) Restricted security as to resale,
 excluding Rule 144A securities. As of June 30, 2025, the Portfolio held restricted securities with a fair value of $43,134 or —%
 of net assets. Please refer to the table below for additional details.

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

(6) Variable rate security. Rate
 shown is the rate in effect as of June 30, 2025.

(7) Rate shown is the 7-day yield
 as of June 30, 2025.

Reference Rate Abbreviations:

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

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $13732010 |  | $— | $13732010 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 52134498 |  |  | 52134498 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 11906549 |  |  | 11906549 |
| &nbsp;&nbsp;&nbsp;Energy | 25571120 |  |  | 25571120 |
| &nbsp;&nbsp;&nbsp;Financials | 100087746 |  |  | 100087746 |
| &nbsp;&nbsp;&nbsp;Health Care | 82978949 |  | 77236 | 83056185 |
| &nbsp;&nbsp;&nbsp;Industrials | 88890024 |  |  | 88890024 |
| &nbsp;&nbsp;&nbsp;Information Technology | 76791653 |  |  | 76791653 |
| &nbsp;&nbsp;&nbsp;Materials | 19667000 |  |  | 19667000 |
| &nbsp;&nbsp;&nbsp;Real Estate | 31630263 |  |  | 31630263 |
| &nbsp;&nbsp;&nbsp;Utilities | 16565080 |  |  | 16565080 |
| Total Common Stock | 519954892 |  | 77236 | 520032128 |
| Rights |  |  | 5537 | 5537 |
| Warrants |  | 2298 |  | 2298 |
| Short-Term Investments | 3831000 | 97658338 |  | 101489338 |
| Total Investments, at fair value | $523785892 | $97660636 | $82773 | $621529301 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 154846 |  |  | 154846 |
| Total Assets | $523940738 | $97660636 | $82773 | $621684147 |

---

---

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

---

At June 30, 2025, Voya Russell™ Small Cap Index Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Aduro Biotech - CVR | 10/6/2020 | $— | $— |
| Cartesian Therapeutics, Inc. CVR | 12/12/2023 |  | 5592 |
| Chinook Therapeutics, Inc. CVR | 8/14/2023 |  | 5537 |
| GTX, Inc. | 6/10/2019 | 800 |  |
| Inhibrx, Inc. CVR | 5/31/2024 |  | 32005 |
| Omniab, Inc. - 12.5 Earnout Shares | 11/2/2022 |  |  |
| Omniab, Inc. - 15 Earnout Shares | 11/2/2022 |  |  |
|  |  | $800 | $43134 |

---

At June 30, 2025, the following futures contracts were outstanding for Voya Russell™ Small Cap Index Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;E-mini-Russell 2000 Index | 65 | 09/19/25 | $7123025 | $154846 |
|  |  |  | $7123025 | $154846 |

---

See Accompanying Notes to Financial Statements

Voya Russell™ Small Cap PORTFOLIO OF INVESTMENTS <br> Index Portfolio as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **<u>Derivatives not accounted for as hedging instruments</u>** | **<u>of Assets and Liabilities</u>** | <br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $154846 |
| **Total Asset Derivatives** |  | $154846 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(783826) |
| **Total** | $(783826) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $463737 |
| **Total** | $463737 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $420,652,270. | Cost for U.S. federal income tax purposes was $420,652,270. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $254193889 |
| Gross Unrealized Depreciation | (53162012) |
| Net Unrealized Appreciation | $201031877 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya U.S. Bond Index Portfolio as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. TREASURY OBLIGATIONS: 38.2%** | **U.S. TREASURY OBLIGATIONS: 38.2%** |  |  |
|  | **United States Treasury Bonds: 2.7%** | **United States Treasury Bonds: 2.7%** | **United States Treasury Bonds: 2.7%** |
| 857600 | 3.875%, 08/15/2040 | $789226 | 0.1 |
| 3551000 | 4.250%, 02/15/2054 | 3240288 | 0.2 |
| 8962000 | 4.625%, 05/15/2044 | 8791512 | 0.6 |
| 5686500 | 4.625%, 02/15/2055 | 5537229 | 0.4 |
| 3525200 | 4.750%, 02/15/2045 | 3507574 | 0.3 |
| 14669200 | 5.000%, 05/15/2045 | 15071457 | 1.1 |
|  |  | **36937286** | **2.7** |
|  | **United States Treasury Notes: 35.5%** | **United States Treasury Notes: 35.5%** | **United States Treasury Notes: 35.5%** |
| 8078000 | 3.375%, 09/15/2027 | 8023411 | 0.6 |
| 65961400 | 3.750%, 06/30/2027 | 66005202 | 4.7 |
| 40684400 | 3.750%, 05/15/2028 | 40751148 | 2.9 |
| 98174800 <sup>(1)</sup> | 3.875%, 06/15/2028 | 98700188 | 7.1 |
| 52762500 | 3.875%, 06/30/2030 | 52966543 | 3.8 |
| 4905800 | 4.000%, 04/30/2032 | 4913082 | 0.4 |
| 146506500 | 4.000%, 06/30/2032 | 146632405 | 10.6 |
| 15389400 <sup>(1)</sup> | 4.125%, 06/15/2026 | 15409768 | 1.1 |
| 50112000 | 4.250%, 05/15/2035 | 50194215 | 3.6 |
| 9871000 | 4.375%, 07/15/2027 | 9995544 | 0.7 |
| 134000 | 4.625%, 06/15/2027 | 136240 | 0.0 |
|  |  | **493727746** | **35.5** |
|  | Total U.S. Treasury |  |  |
|  | Obligations |  |  |
|  | (Cost $528,563,237) | **530665032** | **38.2** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 25.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 25.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 25.8%** |  |
|  | **Federal Agricultural Mortgage Corporation: 0.1%** | **Federal Agricultural Mortgage Corporation: 0.1%** | **Federal Agricultural Mortgage Corporation: 0.1%** |
| 2050000 | 1.620%, 09/04/2025 | 2039724 | 0.1 |
|  | **Federal Farm Credit Banks Funding Corporation: 0.4%** | **Federal Farm Credit Banks Funding Corporation: 0.4%** | **Federal Farm Credit Banks Funding Corporation: 0.4%** |
| 2648000 | 2.310%, 07/14/2036 | 2093697 | 0.2 |
| 2635000 | 2.400%, 09/21/2026 | 2583108 | 0.2 |
| 338000 | 3.400%, 04/25/2034 | 311130 | 0.0 |
|  |  | **4987935** | **0.4** |
|  | **Federal Home Loan Bank: 0.3%** | **Federal Home Loan Bank: 0.3%** | **Federal Home Loan Bank: 0.3%** |
| 3110000 | 1.100%, 08/20/2026 | 3009745 | 0.2 |
| 1175000 | 3.500%, 06/11/2032 | 1131252 | 0.1 |
|  |  | **4140997** | **0.3** |
|  | **Federal Home Loan Mortgage Association: 0.1%<sup>(2)</sup>** | **Federal Home Loan Mortgage Association: 0.1%<sup>(2)</sup>** | **Federal Home Loan Mortgage Association: 0.1%<sup>(2)</sup>** |
| 473000 | 6.625%, 11/15/2030 | 535407 | 0.0 |
| 565000 | 7.125%, 01/15/2030 | 642813 | 0.1 |
|  |  | **1178220** | **0.1** |
|  | **Federal Home Loan Mortgage Corporation: 2.7%<sup>(2)</sup>** | **Federal Home Loan Mortgage Corporation: 2.7%<sup>(2)</sup>** | **Federal Home Loan Mortgage Corporation: 2.7%<sup>(2)</sup>** |
| 1304427 | 3.000%, 04/01/2045 | 1167997 | 0.1 |
| 1334367 | 3.000%, 04/01/2045 | 1193148 | 0.1 |
| 4864663 | 3.000%, 05/01/2045 | 4347811 | 0.3 |
| 2156564 | 3.000%, 11/01/2046 | 1930292 | 0.2 |
| 2486163 | 3.000%, 11/01/2047 | 2226715 | 0.2 |
| 84988 | 3.500%, 01/01/2042 | 79970 | 0.0 |
| 297297 | 3.500%, 01/01/2042 | 280056 | 0.0 |
| 1155738 | 3.500%, 08/01/2042 | 1070568 | 0.1 |
| 4917155 | 3.500%, 04/01/2043 | 4588190 | 0.4 |
| 4711814 | 3.500%, 02/01/2044 | 4396481 | 0.3 |
| 1788083 | 3.500%, 12/01/2046 | 1651967 | 0.1 |
| 933507 | 3.500%, 12/01/2047 | 858131 | 0.1 |
| 31161 | 4.000%, 08/01/2040 | 30179 | 0.0 |
| 261363 | 4.000%, 04/01/2041 | 253051 | 0.0 |
| 363129 | 4.000%, 05/01/2041 | 350826 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 23724 | 4.000%, 08/01/2041 | $22959 | 0.0 |
| 139314 | 4.000%, 01/01/2042 | 134565 | 0.0 |
| 544928 | 4.000%, 03/01/2042 | 526973 | 0.1 |
| 29152 | 4.000%, 12/01/2042 | 28143 | 0.0 |
| 487553 | 4.000%, 02/01/2044 | 470681 | 0.1 |
| 166370 | 4.000%, 07/01/2045 | 158160 | 0.0 |
| 110661 | 4.000%, 09/01/2045 | 105154 | 0.0 |
| 149336 | 4.000%, 09/01/2045 | 140520 | 0.0 |
| 152997 | 4.000%, 09/01/2045 | 144887 | 0.0 |
| 1853099 | 4.000%, 11/01/2045 | 1760307 | 0.2 |
| 403487 | 4.000%, 05/01/2046 | 383116 | 0.1 |
| 106993 | 4.000%, 11/01/2047 | 101230 | 0.0 |
| 153142 | 4.000%, 03/01/2048 | 145331 | 0.0 |
| 19498 | 4.500%, 03/01/2039 | 19489 | 0.0 |
| 55515 | 4.500%, 08/01/2039 | 55487 | 0.0 |
| 62529 | 4.500%, 09/01/2039 | 62497 | 0.0 |
| 124124 | 4.500%, 09/01/2039 | 124062 | 0.0 |
| 143137 | 4.500%, 09/01/2039 | 143065 | 0.0 |
| 109490 | 4.500%, 10/01/2039 | 108990 | 0.0 |
| 184590 | 4.500%, 12/01/2039 | 184479 | 0.0 |
| 55990 | 4.500%, 03/01/2040 | 55939 | 0.0 |
| 149407 | 4.500%, 04/01/2040 | 149194 | 0.0 |
| 27883 | 4.500%, 06/01/2040 | 27843 | 0.0 |
| 111141 | 4.500%, 07/01/2040 | 110982 | 0.0 |
| 186112 | 4.500%, 07/01/2040 | 185847 | 0.0 |
| 47631 | 4.500%, 08/01/2040 | 47558 | 0.0 |
| 117124 | 4.500%, 08/01/2040 | 116981 | 0.0 |
| 55524 | 4.500%, 03/01/2041 | 55359 | 0.0 |
| 149075 | 4.500%, 03/01/2041 | 148403 | 0.0 |
| 71068 | 4.500%, 04/01/2041 | 70835 | 0.0 |
| 223490 | 4.500%, 06/01/2041 | 222482 | 0.0 |
| 153218 | 4.500%, 07/01/2041 | 152763 | 0.0 |
| 22689 | 4.500%, 08/01/2041 | 22103 | 0.0 |
| 375357 | 4.500%, 08/01/2041 | 368467 | 0.1 |
| 303785 | 4.500%, 07/01/2048 | 295446 | 0.0 |
| 8701 | 5.000%, 03/01/2034 | 8764 | 0.0 |
| 31493 | 5.000%, 12/01/2034 | 31978 | 0.0 |
| 33693 | 5.000%, 08/01/2035 | 34212 | 0.0 |
| 119336 | 5.000%, 08/01/2035 | 121174 | 0.0 |
| 32280 | 5.000%, 10/01/2035 | 32837 | 0.0 |
| 36647 | 5.000%, 10/01/2035 | 37242 | 0.0 |
| 46756 | 5.000%, 10/01/2035 | 47476 | 0.0 |
| 90218 | 5.000%, 12/01/2035 | 91738 | 0.0 |
| 14353 | 5.000%, 04/01/2036 | 14609 | 0.0 |
| 39468 | 5.000%, 11/01/2036 | 40109 | 0.0 |
| 31531 | 5.000%, 02/01/2037 | 32095 | 0.0 |
| 22086 | 5.000%, 05/01/2037 | 22481 | 0.0 |
| 323793 | 5.000%, 10/01/2037 | 329115 | 0.0 |
| 61980 | 5.000%, 03/01/2038 | 63012 | 0.0 |
| 177935 | 5.000%, 03/01/2038 | 181119 | 0.0 |
| 197813 | 5.000%, 03/01/2038 | 201351 | 0.0 |
| 45058 | 5.000%, 04/01/2038 | 45864 | 0.0 |
| 6286 | 5.000%, 10/01/2038 | 6385 | 0.0 |
| 22588 | 5.000%, 06/01/2040 | 22910 | 0.0 |
| 58403 | 5.000%, 08/01/2040 | 59233 | 0.0 |
| 136189 | 5.000%, 04/01/2041 | 138127 | 0.0 |
| 33533 | 5.490%, 02/01/2037 | 34537 | 0.0 |
| 26509 | 5.500%, 09/01/2034 | 27274 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya U.S. Bond Index Portfolio as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 43243 | 5.500%, 01/01/2035 | $43841 | 0.0 |
| 16410 | 5.500%, 09/01/2035 | 16965 | 0.0 |
| 334822 | 5.500%, 09/01/2035 | 346151 | 0.0 |
| 215260 | 5.500%, 10/01/2035 | 221860 | 0.0 |
| 32516 | 5.500%, 03/01/2036 | 33577 | 0.0 |
| 102198 | 5.500%, 03/01/2036 | 105656 | 0.0 |
| 20477 | 5.500%, 05/01/2036 | 21141 | 0.0 |
| 86143 | 5.500%, 06/01/2036 | 88880 | 0.0 |
| 1625 | 5.500%, 07/01/2036 | 1675 | 0.0 |
| 5619 | 5.500%, 07/01/2036 | 5809 | 0.0 |
| 30921 | 5.500%, 07/01/2036 | 31869 | 0.0 |
| 6013 | 5.500%, 10/01/2036 | 6216 | 0.0 |
| 39538 | 5.500%, 11/01/2036 | 40853 | 0.0 |
| 3148 | 5.500%, 12/01/2036 | 3233 | 0.0 |
| 20303 | 5.500%, 12/01/2036 | 20983 | 0.0 |
| 28316 | 5.500%, 12/01/2036 | 29263 | 0.0 |
| 4606 | 5.500%, 02/01/2037 | 4746 | 0.0 |
| 27847 | 5.500%, 02/01/2037 | 28756 | 0.0 |
| 8703 | 5.500%, 05/01/2037 | 8982 | 0.0 |
| 1133 | 5.500%, 06/01/2037 | 1169 | 0.0 |
| 14620 | 5.500%, 12/01/2037 | 15050 | 0.0 |
| 7418 | 5.500%, 03/01/2038 | 7627 | 0.0 |
| 2279 | 5.500%, 06/01/2038 | 2340 | 0.0 |
| 4598 | 5.500%, 06/01/2038 | 4722 | 0.0 |
| 4308 | 5.500%, 08/01/2038 | 4377 | 0.0 |
| 376 | 5.500%, 10/01/2038 | 386 | 0.0 |
| 282916 | 5.500%, 11/01/2038 | 290999 | 0.0 |
| 4681 | 5.500%, 12/01/2038 | 4805 | 0.0 |
| 6098 | 5.500%, 12/01/2038 | 6262 | 0.0 |
| 6836 | 5.500%, 12/01/2038 | 7058 | 0.0 |
| 7874 | 5.500%, 01/01/2039 | 8115 | 0.0 |
| 47674 | 5.500%, 01/01/2039 | 49036 | 0.0 |
| 29681 | 5.500%, 01/01/2040 | 30505 | 0.0 |
| 29906 | 5.500%, 01/01/2040 | 30701 | 0.0 |
| 27954 | 5.500%, 03/01/2040 | 28696 | 0.0 |
| 90399 | 5.500%, 01/01/2041 | 92577 | 0.0 |
| 38759 | 5.750%, 05/01/2037 | 38705 | 0.0 |
| 33059 | 5.800%, 08/01/2037 | 34420 | 0.0 |
| 30467 | 5.800%, 09/01/2037 | 31734 | 0.0 |
| 60336 | 5.800%, 09/01/2037 | 62763 | 0.0 |
| 744 | 6.000%, 04/01/2028 | 758 | 0.0 |
| 10450 | 6.000%, 07/01/2028 | 10632 | 0.0 |
| 77 | 6.000%, 04/01/2036 | 79 | 0.0 |
| 1341 | 6.000%, 04/01/2036 | 1409 | 0.0 |
| 4019 | 6.000%, 04/01/2036 | 4221 | 0.0 |
| 11844 | 6.000%, 06/01/2036 | 12445 | 0.0 |
| 3935 | 6.000%, 07/01/2036 | 4132 | 0.0 |
| 792 | 6.000%, 08/01/2036 | 806 | 0.0 |
| 3901 | 6.000%, 08/01/2036 | 4096 | 0.0 |
| 21181 | 6.000%, 08/01/2036 | 21855 | 0.0 |
| 23853 | 6.000%, 01/01/2037 | 25048 | 0.0 |
| 19878 | 6.000%, 02/01/2037 | 20874 | 0.0 |
| 1057 | 6.000%, 04/01/2037 | 1110 | 0.0 |
| 937 | 6.000%, 06/01/2037 | 981 | 0.0 |
| 3269 | 6.000%, 06/01/2037 | 3402 | 0.0 |
| 81 | 6.000%, 07/01/2037 | 85 | 0.0 |
| 3129 | 6.000%, 07/01/2037 | 3286 | 0.0 |
| 683 | 6.000%, 08/01/2037 | 718 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 1252 | 6.000%, 08/01/2037 | $1315 | 0.0 |
| 2873 | 6.000%, 08/01/2037 | 3017 | 0.0 |
| 4728 | 6.000%, 08/01/2037 | 4906 | 0.0 |
| 107354 | 6.000%, 08/01/2037 | 112238 | 0.0 |
| 841 | 6.000%, 09/01/2037 | 883 | 0.0 |
| 1667 | 6.000%, 09/01/2037 | 1696 | 0.0 |
| 2392 | 6.000%, 09/01/2037 | 2512 | 0.0 |
| 4282 | 6.000%, 10/01/2037 | 4496 | 0.0 |
| 5062 | 6.000%, 10/01/2037 | 5315 | 0.0 |
| 7221 | 6.000%, 10/01/2037 | 7440 | 0.0 |
| 978 | 6.000%, 11/01/2037 | 1004 | 0.0 |
| 1345 | 6.000%, 11/01/2037 | 1412 | 0.0 |
| 20035 | 6.000%, 11/01/2037 | 21040 | 0.0 |
| 34954 | 6.000%, 12/01/2037 | 36219 | 0.0 |
| 1060 | 6.000%, 01/01/2038 | 1108 | 0.0 |
| 4469 | 6.000%, 01/01/2038 | 4638 | 0.0 |
| 7650 | 6.000%, 01/01/2038 | 8033 | 0.0 |
| 6040 | 6.000%, 05/01/2038 | 6232 | 0.0 |
| 628 | 6.000%, 06/01/2038 | 659 | 0.0 |
| 3982 | 6.000%, 07/01/2038 | 4116 | 0.0 |
| 15950 | 6.000%, 07/01/2038 | 16747 | 0.0 |
| 415 | 6.000%, 09/01/2038 | 436 | 0.0 |
| 3791 | 6.000%, 09/01/2038 | 3980 | 0.0 |
| 156008 | 6.000%, 09/01/2038 | 160655 | 0.0 |
| 5184 | 6.000%, 11/01/2038 | 5380 | 0.0 |
| 77813 | 6.000%, 01/01/2039 | 81465 | 0.0 |
| 46921 | 6.000%, 04/01/2039 | 48918 | 0.0 |
| 28936 | 6.000%, 08/01/2039 | 30064 | 0.0 |
| 19796 | 6.000%, 10/01/2039 | 20887 | 0.0 |
| 9419 | 6.000%, 11/01/2039 | 9890 | 0.0 |
| 24365 | 6.000%, 11/01/2039 | 24935 | 0.0 |
| 832 | 6.000%, 12/01/2039 | 871 | 0.0 |
| 27935 | 6.000%, 05/01/2040 | 29331 | 0.0 |
| 47345 | 6.150%, 12/01/2037 | 49103 | 0.0 |
| 14399 | 6.150%, 01/01/2038 | 14561 | 0.0 |
| 67865 | 6.150%, 02/01/2038 | 70451 | 0.0 |
| 494000 <sup>(1)</sup> | 6.250%, 07/15/2032 | 560423 | 0.1 |
| 4589 | 6.500%, 06/01/2036 | 4832 | 0.0 |
| 1040 | 6.500%, 08/01/2036 | 1077 | 0.0 |
| 405 | 6.500%, 10/01/2036 | 422 | 0.0 |
| 15131 | 6.500%, 10/01/2036 | 15932 | 0.0 |
| 5528 | 6.500%, 07/01/2037 | 5764 | 0.0 |
| 3683 | 6.500%, 09/01/2037 | 3867 | 0.0 |
| 1508 | 6.500%, 10/01/2037 | 1576 | 0.0 |
| 2394 | 6.500%, 11/01/2037 | 2530 | 0.0 |
| 1690 | 6.500%, 04/01/2038 | 1790 | 0.0 |
| 7114 | 6.500%, 04/01/2038 | 7619 | 0.0 |
| 220 | 6.500%, 05/01/2038 | 231 | 0.0 |
| 632 | 6.500%, 08/01/2038 | 667 | 0.0 |
| 98 | 6.500%, 10/01/2038 | 102 | 0.0 |
| 3688 | 6.500%, 11/01/2038 | 3889 | 0.0 |
| 3910 | 6.500%, 12/01/2038 | 4109 | 0.0 |
| 5932 | 6.500%, 12/01/2038 | 6210 | 0.0 |
| 46972 | 6.500%, 12/01/2038 | 49223 | 0.0 |
| 181137 | 6.500%, 12/01/2038 | 189183 | 0.0 |
| 1930 | 6.500%, 01/01/2039 | 2051 | 0.0 |
| 815000 <sup>(1)</sup> | 6.750%, 09/15/2029 | 908190 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |  |
|  | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** |
| 199456 <sup>(3)</sup> | 6.775%, (RFUCCT1Y + |  |  |  |
|  | 1.900%), 02/01/2042 | $| 205417 | 0.0 |
|  |  |  | **37598818** | **2.7** |
|  | **Federal National Mortgage Association: 0.2%<sup>(2)</sup>** | **Federal National Mortgage Association: 0.2%<sup>(2)</sup>** | **Federal National Mortgage Association: 0.2%<sup>(2)</sup>** | **Federal National Mortgage Association: 0.2%<sup>(2)</sup>** |
| 524171 | 2.170%, 05/01/2030 |  | 478736 | 0.0 |
| 574092 | 2.170%, 05/01/2030 |  | 525233 | 0.0 |
| 758297 | 2.560%, 09/01/2029 |  | 712743 | 0.1 |
| 477391 | 3.000%, 09/01/2046 |  | 415788 | 0.0 |
| 558479 | 3.720%, 10/01/2029 |  | 553045 | 0.0 |
| 744483 | 4.630%, 11/01/2029 |  | 754686 | 0.1 |
| 30908 | 5.700%, 07/01/2036 |  | 30977 | 0.0 |
|  |  |  | **3471208** | **0.2** |
|  | **Government National Mortgage Association: 5.8%** | **Government National Mortgage Association: 5.8%** | **Government National Mortgage Association: 5.8%** | **Government National Mortgage Association: 5.8%** |
| 2426586 | 2.000%, 12/20/2050 |  | 1978290 | 0.2 |
| 5526898 | 2.000%, 02/20/2051 |  | 4508811 | 0.3 |
| 8409621 | 2.000%, 02/20/2052 |  | 6856736 | 0.5 |
| 1429696 | 2.500%, 03/20/2051 |  | 1216568 | 0.1 |
| 2217522 | 2.500%, 05/20/2051 |  | 1887110 | 0.1 |
| 2043938 | 2.500%, 08/20/2051 |  | 1738668 | 0.1 |
| 2091711 | 2.500%, 10/20/2051 |  | 1779300 | 0.1 |
| 2848380 | 2.500%, 11/20/2051 |  | 2422950 | 0.2 |
| 2266626 | 2.500%, 04/20/2052 |  | 1928073 | 0.2 |
| 1288869 | 3.000%, 07/20/2045 |  | 1158823 | 0.1 |
| 1431208 | 3.000%, 10/20/2051 |  | 1268271 | 0.1 |
| 1468798 | 3.000%, 10/20/2051 |  | 1271637 | 0.1 |
| 3292044 | 3.000%, 11/20/2051 |  | 2850144 | 0.2 |
| 2066198 | 3.000%, 12/20/2051 |  | 1829686 | 0.1 |
| 1557421 | 3.000%, 03/20/2052 |  | 1376686 | 0.1 |
| 1141693 | 3.500%, 03/20/2047 |  | 1068760 | 0.1 |
| 1365542 | 3.500%, 09/20/2047 |  | 1251263 | 0.1 |
| 4886107 | 3.500%, 03/20/2048 |  | 4502054 | 0.3 |
| 916866 | 4.000%, 10/20/2043 |  | 880041 | 0.1 |
| 473930 | 4.000%, 03/20/2046 |  | 443210 | 0.0 |
| 820528 | 4.000%, 03/20/2046 |  | 776309 | 0.1 |
| 2937883 | 4.000%, 09/20/2052 |  | 2747316 | 0.2 |
| 316713 | 4.500%, 02/20/2041 |  | 314427 | 0.0 |
| 95594 | 4.500%, 03/20/2041 |  | 94905 | 0.0 |
| 365046 | 4.500%, 05/20/2041 |  | 362412 | 0.0 |
| 290745 | 4.500%, 06/20/2041 |  | 287042 | 0.0 |
| 469074 | 4.500%, 07/20/2041 |  | 465689 | 0.0 |
| 351444 | 4.500%, 09/20/2041 |  | 348908 | 0.0 |
| 606900 | 4.500%, 10/20/2041 |  | 602520 | 0.1 |
| 750151 | 4.500%, 01/20/2050 |  | 728782 | 0.1 |
| 2857671 | 4.500%, 07/20/2052 |  | 2757602 | 0.2 |
| 4546 | 5.000%, 10/15/2037 |  | 4602 | 0.0 |
| 1040 | 5.000%, 04/15/2038 |  | 1050 | 0.0 |
| 21423 | 5.000%, 03/15/2039 |  | 21718 | 0.0 |
| 28722 | 5.000%, 08/15/2039 |  | 29476 | 0.0 |
| 229417 | 5.000%, 09/15/2039 |  | 232460 | 0.0 |
| 294150 | 5.000%, 09/15/2039 |  | 298200 | 0.0 |
| 262305 | 5.000%, 02/15/2040 |  | 265301 | 0.0 |
| 121630 | 5.000%, 04/15/2040 |  | 122640 | 0.0 |
| 441728 | 5.000%, 06/15/2040 |  | 445436 | 0.0 |
| 9419 | 5.000%, 07/15/2040 |  | 9495 | 0.0 |
| 122431 | 5.000%, 04/15/2042 |  | 123081 | 0.0 |
| 222230 | 5.000%, 04/20/2042 |  | 225083 | 0.0 |
| 178661 | 5.000%, 06/20/2048 |  | 175832 | 0.0 |
| 4030457 | 5.000%, 05/20/2053 |  | 3974313 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |  |
|  | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** |
| 6322105 | 5.000%, 10/20/2054 | $| 6215973 | 0.5 |
| 11189 | 5.500%, 07/20/2038 |  | 11444 | 0.0 |
| 146146 | 5.500%, 09/20/2039 |  | 150094 | 0.0 |
| 11237 | 5.500%, 10/20/2039 |  | 11540 | 0.0 |
| 6704 | 5.500%, 11/20/2039 |  | 6885 | 0.0 |
| 249084 | 5.500%, 11/20/2039 |  | 255812 | 0.0 |
| 3711 | 5.500%, 12/20/2040 |  | 3793 | 0.0 |
| 13244 | 5.500%, 01/20/2041 |  | 13602 | 0.0 |
| 78820 | 5.500%, 03/20/2041 |  | 80948 | 0.0 |
| 120396 | 5.500%, 04/20/2041 |  | 123647 | 0.0 |
| 186422 | 5.500%, 05/20/2041 |  | 191455 | 0.0 |
| 190190 | 5.500%, 06/20/2041 |  | 195328 | 0.0 |
| 3595345 | 5.500%, 04/20/2053 |  | 3620850 | 0.3 |
| 2758130 | 5.500%, 05/20/2053 |  | 2776882 | 0.2 |
| 5362 | 6.000%, 10/15/2036 |  | 5636 | 0.0 |
| 14134 | 6.000%, 08/15/2037 |  | 14676 | 0.0 |
| 13240 | 6.000%, 11/15/2037 |  | 13835 | 0.0 |
| 3337 | 6.000%, 12/15/2037 |  | 3445 | 0.0 |
| 1613 | 6.000%, 01/15/2038 |  | 1666 | 0.0 |
| 15551 | 6.000%, 01/15/2038 |  | 16347 | 0.0 |
| 180 | 6.000%, 02/15/2038 |  | 187 | 0.0 |
| 11194 | 6.000%, 02/15/2038 |  | 11766 | 0.0 |
| 35504 | 6.000%, 02/15/2038 |  | 36688 | 0.0 |
| 62688 | 6.000%, 05/15/2038 |  | 65895 | 0.0 |
| 70314 | 6.000%, 05/15/2038 |  | 73029 | 0.0 |
| 7072 | 6.000%, 07/15/2038 |  | 7329 | 0.0 |
| 24509 | 6.000%, 09/15/2038 |  | 25679 | 0.0 |
| 305334 | 6.000%, 08/20/2040 |  | 319294 | 0.0 |
| 2618810 | 6.000%, 08/20/2053 |  | 2673477 | 0.2 |
| 2675608 | 6.000%, 07/20/2054 |  | 2722137 | 0.2 |
| 2045047 | 6.500%, 10/20/2053 |  | 2106167 | 0.2 |
| 1051825 | 6.500%, 08/20/2054 |  | 1081999 | 0.1 |
|  |  |  | **80469185** | **5.8** |
|  | **Tennessee Valley Authority: 0.3%** | **Tennessee Valley Authority: 0.3%** | **Tennessee Valley Authority: 0.3%** | **Tennessee Valley Authority: 0.3%** |
| 200000 | 5.250%, 02/01/2055 |  | 195515 | 0.0 |
| 10000 | 6.150%, 01/15/2038 |  | 11321 | 0.0 |
| 2938000 | 7.125%, 05/01/2030 |  | 3361684 | 0.3 |
|  |  |  | **3568520** | **0.3** |
|  | **Uniform Mortgage-Backed Securities: 15.9%** | **Uniform Mortgage-Backed Securities: 15.9%** | **Uniform Mortgage-Backed Securities: 15.9%** | **Uniform Mortgage-Backed Securities: 15.9%** |
| 5431711 | 1.500%, 11/01/2050 |  | 4095373 | 0.3 |
| 14146638 | 2.000%, 12/01/2036 |  | 12934900 | 0.9 |
| 9688360 | 2.000%, 11/01/2040 |  | 8428075 | 0.6 |
| 443015 | 2.000%, 05/01/2051 |  | 352132 | 0.0 |
| 3444645 | 2.000%, 05/01/2051 |  | 2776021 | 0.2 |
| 7385864 | 2.000%, 09/01/2051 |  | 5873957 | 0.4 |
| 6447764 | 2.000%, 11/01/2051 |  | 5202343 | 0.4 |
| 4567551 | 2.000%, 01/01/2052 |  | 3678505 | 0.3 |
| 8342892 | 2.000%, 01/01/2052 |  | 6712640 | 0.5 |
| 1298007 | 2.000%, 02/01/2052 |  | 1043508 | 0.1 |
| 2793615 | 2.000%, 02/01/2052 |  | 2242474 | 0.2 |
| 2950756 | 2.000%, 02/01/2052 |  | 2372099 | 0.2 |
| 5101090 | 2.000%, 02/01/2052 |  | 4108144 | 0.3 |
| 5925136 | 2.000%, 02/01/2052 |  | 4780583 | 0.4 |
| 7056507 | 2.000%, 02/01/2052 |  | 5677539 | 0.4 |
| 1483748 | 2.000%, 03/01/2052 |  | 1193807 | 0.1 |
| 1930400 | 2.000%, 03/01/2052 |  | 1543816 | 0.1 |
| 2452359 | 2.000%, 04/01/2052 |  | 1978618 | 0.2 |
| 351649 | 2.500%, 09/01/2027 |  | 345092 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **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)** |  |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 594506 | 2.500%, 06/01/2030 | $575609 | 0.1 |
| 806519 | 2.500%, 06/01/2030 | 780516 | 0.1 |
| 332288 | 2.500%, 07/01/2030 | 321424 | 0.0 |
| 3563418 | 2.500%, 04/01/2037 | 3331417 | 0.3 |
| 4840299 | 2.500%, 06/01/2050 | 4084425 | 0.3 |
| 8580618 | 2.500%, 08/01/2050 | 7242192 | 0.5 |
| 199974 | 2.500%, 11/01/2050 | 168972 | 0.0 |
| 1733520 | 2.500%, 05/01/2051 | 1457060 | 0.1 |
| 868000 | 2.500%, 09/01/2051 | 730602 | 0.1 |
| 4456527 | 2.500%, 11/01/2051 | 3744904 | 0.3 |
| 4096757 | 2.500%, 12/01/2051 | 3452774 | 0.3 |
| 4569775 | 2.500%, 01/01/2052 | 3830151 | 0.3 |
| 971449 | 2.500%, 02/01/2052 | 815529 | 0.1 |
| 1300779 | 2.500%, 02/01/2052 | 1091732 | 0.1 |
| 1639429 | 2.500%, 02/01/2052 | 1384064 | 0.1 |
| 2033434 | 2.500%, 02/01/2052 | 1707055 | 0.1 |
| 1313763 | 2.500%, 03/01/2052 | 1102731 | 0.1 |
| 1747394 | 2.500%, 03/01/2052 | 1464332 | 0.1 |
| 5222646 | 2.500%, 03/01/2052 | 4388251 | 0.3 |
| 3372535 | 2.500%, 04/01/2052 | 2820599 | 0.2 |
| 63430 | 3.000%, 06/01/2026 | 62887 | 0.0 |
| 916477 | 3.000%, 08/01/2030 | 897664 | 0.1 |
| 355950 | 3.000%, 09/01/2030 | 348010 | 0.0 |
| 2712702 | 3.000%, 08/01/2035 | 2618327 | 0.2 |
| 4987829 | 3.000%, 12/01/2042 | 4513161 | 0.3 |
| 2122159 | 3.000%, 07/01/2043 | 1917122 | 0.1 |
| 972818 | 3.000%, 09/01/2043 | 879454 | 0.1 |
| 1258346 | 3.000%, 07/01/2046 | 1127899 | 0.1 |
| 451280 | 3.000%, 08/01/2046 | 403660 | 0.0 |
| 1942299 | 3.000%, 01/01/2052 | 1696769 | 0.1 |
| 2119622 | 3.000%, 06/01/2052 | 1837152 | 0.1 |
| 250002 | 3.500%, 05/01/2029 | 246860 | 0.0 |
| 347440 | 3.500%, 03/01/2041 | 327029 | 0.0 |
| 384546 | 3.500%, 12/01/2041 | 361553 | 0.0 |
| 397075 | 3.500%, 01/01/2042 | 373209 | 0.0 |
| 926970 | 3.500%, 10/01/2042 | 869899 | 0.1 |
| 3003582 | 3.500%, 10/01/2042 | 2824571 | 0.2 |
| 2148904 | 3.500%, 11/01/2042 | 2016818 | 0.2 |
| 1098579 | 3.500%, 01/01/2046 | 1019799 | 0.1 |
| 830633 | 3.500%, 02/01/2046 | 770380 | 0.1 |
| 1705222 | 3.500%, 02/01/2046 | 1583643 | 0.1 |
| 837189 | 3.500%, 02/01/2052 | 759003 | 0.1 |
| 678071 | 3.500%, 03/01/2052 | 619190 | 0.1 |
| 65268 | 4.000%, 10/01/2040 | 63107 | 0.0 |
| 212273 | 4.000%, 10/01/2040 | 205203 | 0.0 |
| 2397197 | 4.000%, 11/01/2040 | 2315859 | 0.2 |
| 312166 | 4.000%, 12/01/2040 | 301834 | 0.0 |
| 373640 | 4.000%, 12/01/2040 | 361079 | 0.0 |
| 401923 | 4.000%, 02/01/2041 | 388620 | 0.0 |
| 122767 | 4.000%, 03/01/2041 | 118678 | 0.0 |
| 120944 | 4.000%, 04/01/2041 | 116853 | 0.0 |
| 92418 | 4.000%, 09/01/2041 | 89253 | 0.0 |
| 255013 | 4.000%, 11/01/2041 | 246096 | 0.0 |
| 93021 | 4.000%, 12/01/2041 | 89855 | 0.0 |
| 311508 | 4.000%, 01/01/2042 | 300680 | 0.0 |
| 141223 | 4.000%, 07/01/2042 | 136344 | 0.0 |
| 406343 | 4.000%, 12/01/2042 | 391923 | 0.0 |
| 610439 | 4.000%, 07/01/2043 | 587891 | 0.1 |
| 305429 | 4.000%, 02/01/2044 | 288251 | 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)** |  |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 388716 | 4.000%, 02/01/2044 | $374519 | 0.0 |
| 69139 | 4.000%, 03/01/2044 | 65230 | 0.0 |
| 297997 | 4.000%, 05/01/2045 | 282968 | 0.0 |
| 1707156 | 4.000%, 06/01/2045 | 1620171 | 0.1 |
| 248310 | 4.000%, 07/01/2045 | 236377 | 0.0 |
| 355359 | 4.000%, 07/01/2045 | 337498 | 0.0 |
| 497740 | 4.000%, 07/01/2045 | 472894 | 0.0 |
| 582615 | 4.000%, 07/01/2045 | 555577 | 0.1 |
| 568717 | 4.000%, 02/01/2046 | 539622 | 0.0 |
| 1004446 | 4.000%, 02/01/2048 | 951741 | 0.1 |
| 60420 | 4.000%, 03/01/2048 | 57179 | 0.0 |
| 265528 | 4.000%, 03/01/2048 | 251544 | 0.0 |
| 1767064 | 4.000%, 05/01/2052 | 1647555 | 0.1 |
| 6663 | 4.500%, 07/01/2026 | 6644 | 0.0 |
| 1910 | 4.500%, 06/01/2034 | 1902 | 0.0 |
| 5296 | 4.500%, 05/01/2035 | 5260 | 0.0 |
| 688 | 4.500%, 03/01/2038 | 687 | 0.0 |
| 193 | 4.500%, 05/01/2038 | 191 | 0.0 |
| 3485 | 4.500%, 06/01/2038 | 3470 | 0.0 |
| 7021 | 4.500%, 07/01/2038 | 6975 | 0.0 |
| 11202 | 4.500%, 09/01/2038 | 11065 | 0.0 |
| 91972 | 4.500%, 03/01/2039 | 91794 | 0.0 |
| 6259 | 4.500%, 04/01/2039 | 6247 | 0.0 |
| 7851 | 4.500%, 04/01/2039 | 7838 | 0.0 |
| 156760 | 4.500%, 07/01/2039 | 156489 | 0.0 |
| 401458 | 4.500%, 09/01/2039 | 400599 | 0.0 |
| 347361 | 4.500%, 10/01/2039 | 346619 | 0.0 |
| 81246 | 4.500%, 12/01/2039 | 81106 | 0.0 |
| 92307 | 4.500%, 12/01/2039 | 92147 | 0.0 |
| 114466 | 4.500%, 12/01/2039 | 114233 | 0.0 |
| 76428 | 4.500%, 03/01/2040 | 76217 | 0.0 |
| 73570 | 4.500%, 10/01/2040 | 72921 | 0.0 |
| 81308 | 4.500%, 10/01/2040 | 81084 | 0.0 |
| 83535 | 4.500%, 10/01/2040 | 83296 | 0.0 |
| 124658 | 4.500%, 03/01/2041 | 123028 | 0.0 |
| 65436 | 4.500%, 06/01/2041 | 65121 | 0.0 |
| 74066 | 4.500%, 06/01/2041 | 73877 | 0.0 |
| 653822 | 4.500%, 06/01/2041 | 649870 | 0.1 |
| 30191 | 4.500%, 07/01/2041 | 30009 | 0.0 |
| 59605 | 4.500%, 07/01/2041 | 58840 | 0.0 |
| 706917 | 4.500%, 07/01/2041 | 701190 | 0.1 |
| 44610 | 4.500%, 08/01/2041 | 44533 | 0.0 |
| 259428 | 4.500%, 08/01/2041 | 258580 | 0.0 |
| 373139 | 4.500%, 08/01/2041 | 371229 | 0.0 |
| 2588293 | 4.500%, 08/01/2052 | 2493037 | 0.2 |
| 91 | 5.000%, 03/01/2027 | 91 | 0.0 |
| 833195 | 5.000%, 04/01/2039 | 840404 | 0.1 |
| 1250743 | 5.000%, 05/01/2042 | 1271354 | 0.1 |
| 1721260 | 5.000%, 09/01/2052 | 1696233 | 0.1 |
| 7881491 | 5.000%, 09/01/2052 | 7756607 | 0.6 |
| 275 | 5.500%, 07/01/2027 | 276 | 0.0 |
| 72 | 5.500%, 08/01/2027 | 72 | 0.0 |
| 22588 | 5.500%, 03/01/2034 | 22893 | 0.0 |
| 35460 | 5.500%, 04/01/2034 | 35781 | 0.0 |
| 13453 | 5.500%, 11/01/2034 | 13825 | 0.0 |
| 13704 | 5.500%, 12/01/2034 | 14094 | 0.0 |
| 167713 | 5.500%, 02/01/2035 | 172764 | 0.0 |
| 26436 | 5.500%, 05/01/2035 | 27297 | 0.0 |
| 24239 | 5.500%, 09/01/2035 | 25030 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 100121 | 5.500%, 09/01/2035 | $102731 | 0.0 |
| 19841 | 5.500%, 04/01/2036 | 20488 | 0.0 |
| 31502 | 5.500%, 04/01/2036 | 32529 | 0.0 |
| 6672 | 5.500%, 05/01/2036 | 6890 | 0.0 |
| 12427 | 5.500%, 06/01/2036 | 12790 | 0.0 |
| 81956 | 5.500%, 07/01/2036 | 84424 | 0.0 |
| 48613 | 5.500%, 11/01/2036 | 50199 | 0.0 |
| 69535 | 5.500%, 12/01/2036 | 71802 | 0.0 |
| 138745 | 5.500%, 12/01/2036 | 143102 | 0.0 |
| 23453 | 5.500%, 01/01/2037 | 24217 | 0.0 |
| 19772 | 5.500%, 03/01/2037 | 20397 | 0.0 |
| 99849 | 5.500%, 03/01/2037 | 103005 | 0.0 |
| 216400 | 5.500%, 03/01/2037 | 223196 | 0.0 |
| 84646 | 5.500%, 08/01/2037 | 87405 | 0.0 |
| 222 | 5.500%, 01/01/2038 | 228 | 0.0 |
| 258 | 5.500%, 01/01/2038 | 265 | 0.0 |
| 1288 | 5.500%, 01/01/2038 | 1324 | 0.0 |
| 3612 | 5.500%, 03/01/2038 | 3708 | 0.0 |
| 3497 | 5.500%, 05/01/2038 | 3579 | 0.0 |
| 12876 | 5.500%, 06/01/2038 | 13264 | 0.0 |
| 337808 | 5.500%, 09/01/2038 | 347257 | 0.0 |
| 106236 | 5.500%, 12/01/2038 | 108924 | 0.0 |
| 22701 | 5.500%, 06/01/2039 | 23312 | 0.0 |
| 32422 | 5.500%, 05/01/2040 | 33163 | 0.0 |
| 200285 | 5.500%, 06/01/2040 | 204865 | 0.0 |
| 4022970 | 5.500%, 06/01/2053 | 4031106 | 0.3 |
| 4357113 | 5.500%, 08/01/2053 | 4365262 | 0.3 |
| 7128187 | 5.500%, 09/01/2053 | 7142071 | 0.5 |
| 536132 | 5.500%, 04/01/2054 | 537852 | 0.0 |
| 2486 | 6.000%, 01/01/2034 | 2559 | 0.0 |
| 19041 | 6.000%, 12/01/2034 | 19884 | 0.0 |
| 4921 | 6.000%, 05/01/2035 | 5065 | 0.0 |
| 12087 | 6.000%, 01/01/2036 | 12395 | 0.0 |
| 24601 | 6.000%, 01/01/2036 | 25319 | 0.0 |
| 4630 | 6.000%, 02/01/2036 | 4840 | 0.0 |
| 9189 | 6.000%, 03/01/2036 | 9595 | 0.0 |
| 12256 | 6.000%, 03/01/2036 | 12977 | 0.0 |
| 4377 | 6.000%, 04/01/2036 | 4590 | 0.0 |
| 31794 | 6.000%, 05/01/2036 | 33344 | 0.0 |
| 93 | 6.000%, 06/01/2036 | 97 | 0.0 |
| 1300 | 6.000%, 08/01/2036 | 1345 | 0.0 |
| 7593 | 6.000%, 08/01/2036 | 7964 | 0.0 |
| 5503 | 6.000%, 09/01/2036 | 5771 | 0.0 |
| 16561 | 6.000%, 09/01/2036 | 17370 | 0.0 |
| 30175 | 6.000%, 09/01/2036 | 31506 | 0.0 |
| 5833 | 6.000%, 10/01/2036 | 6091 | 0.0 |
| 49902 | 6.000%, 12/01/2036 | 51327 | 0.0 |
| 228029 | 6.000%, 12/01/2036 | 239161 | 0.0 |
| 5879 | 6.000%, 01/01/2037 | 6051 | 0.0 |
| 4299 | 6.000%, 02/01/2037 | 4431 | 0.0 |
| 4110 | 6.000%, 04/01/2037 | 4252 | 0.0 |
| 30432 | 6.000%, 07/01/2037 | 31920 | 0.0 |
| 75 | 6.000%, 08/01/2037 | 76 | 0.0 |
| 1149 | 6.000%, 08/01/2037 | 1201 | 0.0 |
| 7127 | 6.000%, 08/01/2037 | 7476 | 0.0 |
| 157 | 6.000%, 09/01/2037 | 164 | 0.0 |
| 444 | 6.000%, 09/01/2037 | 457 | 0.0 |
| 806 | 6.000%, 09/01/2037 | 833 | 0.0 |
| 3500 | 6.000%, 09/01/2037 | 3660 | 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)** |
| 5441 | 6.000%, 09/01/2037 | $5629 | 0.0 |
| 114 | 6.000%, 10/01/2037 | 119 | 0.0 |
| 753 | 6.000%, 10/01/2037 | 787 | 0.0 |
| 880 | 6.000%, 10/01/2037 | 918 | 0.0 |
| 1613 | 6.000%, 10/01/2037 | 1679 | 0.0 |
| 782 | 6.000%, 11/01/2037 | 795 | 0.0 |
| 4760 | 6.000%, 11/01/2037 | 4930 | 0.0 |
| 5043 | 6.000%, 11/01/2037 | 5173 | 0.0 |
| 6943 | 6.000%, 11/01/2037 | 7266 | 0.0 |
| 17859 | 6.000%, 11/01/2037 | 18731 | 0.0 |
| 1915 | 6.000%, 12/01/2037 | 1991 | 0.0 |
| 8338 | 6.000%, 12/01/2037 | 8739 | 0.0 |
| 12595 | 6.000%, 12/01/2037 | 13211 | 0.0 |
| 20859 | 6.000%, 12/01/2037 | 21879 | 0.0 |
| 3760 | 6.000%, 01/01/2038 | 3856 | 0.0 |
| 627 | 6.000%, 02/01/2038 | 643 | 0.0 |
| 32149 | 6.000%, 02/01/2038 | 33487 | 0.0 |
| 1923 | 6.000%, 03/01/2038 | 1974 | 0.0 |
| 53090 | 6.000%, 03/01/2038 | 54603 | 0.0 |
| 5847 | 6.000%, 04/01/2038 | 6106 | 0.0 |
| 105803 | 6.000%, 04/01/2038 | 110976 | 0.0 |
| 6457 | 6.000%, 05/01/2038 | 6636 | 0.0 |
| 8918 | 6.000%, 05/01/2038 | 9351 | 0.0 |
| 899 | 6.000%, 06/01/2038 | 928 | 0.0 |
| 6225 | 6.000%, 07/01/2038 | 6447 | 0.0 |
| 19898 | 6.000%, 07/01/2038 | 20627 | 0.0 |
| 657 | 6.000%, 08/01/2038 | 677 | 0.0 |
| 1102 | 6.000%, 08/01/2038 | 1156 | 0.0 |
| 5532 | 6.000%, 09/01/2038 | 5685 | 0.0 |
| 7397 | 6.000%, 09/01/2038 | 7611 | 0.0 |
| 28938 | 6.000%, 09/01/2038 | 30034 | 0.0 |
| 13526 | 6.000%, 10/01/2038 | 14027 | 0.0 |
| 19095 | 6.000%, 10/01/2038 | 19845 | 0.0 |
| 25317 | 6.000%, 10/01/2038 | 26474 | 0.0 |
| 219446 | 6.000%, 10/01/2039 | 230172 | 0.0 |
| 5401 | 6.000%, 11/01/2039 | 5550 | 0.0 |
| 9932755 | 6.000%, 09/01/2053 | 10114443 | 0.7 |
| 5260997 | 6.000%, 11/01/2053 | 5357229 | 0.4 |
| 130 | 6.500%, 04/01/2030 | 136 | 0.0 |
| 42661 | 6.500%, 02/01/2034 | 44377 | 0.0 |
| 3854 | 6.500%, 11/01/2034 | 4069 | 0.0 |
| 6676 | 6.500%, 01/01/2036 | 7032 | 0.0 |
| 11662 | 6.500%, 03/01/2036 | 12234 | 0.0 |
| 18120 | 6.500%, 04/01/2036 | 18754 | 0.0 |
| 3362 | 6.500%, 06/01/2036 | 3519 | 0.0 |
| 447 | 6.500%, 07/01/2036 | 467 | 0.0 |
| 672 | 6.500%, 07/01/2036 | 706 | 0.0 |
| 4113 | 6.500%, 07/01/2036 | 4303 | 0.0 |
| 7616 | 6.500%, 07/01/2036 | 8068 | 0.0 |
| 10267 | 6.500%, 07/01/2036 | 10779 | 0.0 |
| 25328 | 6.500%, 07/01/2036 | 26397 | 0.0 |
| 463 | 6.500%, 08/01/2036 | 482 | 0.0 |
| 423 | 6.500%, 09/01/2036 | 446 | 0.0 |
| 5366 | 6.500%, 09/01/2036 | 5545 | 0.0 |
| 5473 | 6.500%, 09/01/2036 | 5745 | 0.0 |
| 38561 | 6.500%, 09/01/2036 | 40287 | 0.0 |
| 656 | 6.500%, 11/01/2036 | 687 | 0.0 |
| 1198 | 6.500%, 11/01/2036 | 1264 | 0.0 |
| 735 | 6.500%, 12/01/2036 | 765 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 9865 | 6.500%, 12/01/2036 | $10264 | 0.0 |
| 15811 | 6.500%, 01/01/2037 | 16599 | 0.0 |
| 25095 | 6.500%, 01/01/2037 | 26347 | 0.0 |
| 2348 | 6.500%, 03/01/2037 | 2442 | 0.0 |
| 4161 | 6.500%, 03/01/2037 | 4330 | 0.0 |
| 8723 | 6.500%, 03/01/2037 | 9111 | 0.0 |
| 34 | 6.500%, 07/01/2037 | 36 | 0.0 |
| 1059 | 6.500%, 08/01/2037 | 1109 | 0.0 |
| 1194 | 6.500%, 08/01/2037 | 1246 | 0.0 |
| 178 | 6.500%, 09/01/2037 | 188 | 0.0 |
| 459 | 6.500%, 09/01/2037 | 483 | 0.0 |
| 469 | 6.500%, 09/01/2037 | 491 | 0.0 |
| 2062 | 6.500%, 09/01/2037 | 2181 | 0.0 |
| 5766 | 6.500%, 09/01/2037 | 6021 | 0.0 |
| 50408 | 6.500%, 09/01/2037 | 52924 | 0.0 |
| 61746 | 6.500%, 09/01/2037 | 64824 | 0.0 |
| 224 | 6.500%, 10/01/2037 | 236 | 0.0 |
| 790 | 6.500%, 10/01/2037 | 837 | 0.0 |
| 1913 | 6.500%, 10/01/2037 | 2007 | 0.0 |
| 5284 | 6.500%, 10/01/2037 | 5565 | 0.0 |
| 10431 | 6.500%, 10/01/2037 | 10930 | 0.0 |
| 33399 | 6.500%, 11/01/2037 | 35176 | 0.0 |
| 1066 | 6.500%, 12/01/2037 | 1113 | 0.0 |
| 1136 | 6.500%, 12/01/2037 | 1187 | 0.0 |
| 1218 | 6.500%, 12/01/2037 | 1267 | 0.0 |
| 1240 | 6.500%, 12/01/2037 | 1298 | 0.0 |
| 4237 | 6.500%, 12/01/2037 | 4422 | 0.0 |
| 4231 | 6.500%, 12/01/2037 | 4485 | 0.0 |
| 47762 | 6.500%, 12/01/2037 | 50312 | 0.0 |
| 433 | 6.500%, 01/01/2038 | 450 | 0.0 |
| 6913 | 6.500%, 01/01/2038 | 7311 | 0.0 |
| 31251 | 6.500%, 03/01/2038 | 32984 | 0.0 |
| 18792 | 6.500%, 04/01/2038 | 19921 | 0.0 |
| 22792 | 6.500%, 08/01/2038 | 23929 | 0.0 |
| 30052 | 6.500%, 08/01/2038 | 31377 | 0.0 |
| 18505 | 6.500%, 09/01/2038 | 19428 | 0.0 |
| 1256 | 6.500%, 10/01/2038 | 1332 | 0.0 |
| 4592 | 6.500%, 10/01/2038 | 4765 | 0.0 |
| 10312 | 6.500%, 10/01/2038 | 10877 | 0.0 |
| 76159 | 6.500%, 10/01/2038 | 80314 | 0.0 |
| 7302 | 6.500%, 11/01/2038 | 7710 | 0.0 |
| 373 | 6.500%, 01/01/2039 | 388 | 0.0 |
| 18022 | 6.500%, 01/01/2039 | 18898 | 0.0 |
| 4434 | 6.500%, 03/01/2039 | 4614 | 0.0 |
| 4483 | 6.500%, 09/01/2039 | 4688 | 0.0 |
| 6373314 | 6.500%, 10/01/2053 | 6589740 | 0.5 |
|  |  | **221578923** | **15.9** |
|  | Total U.S. Government Agency Obligations<br> (Cost $383,016,334) | **359033530** | **25.8** |
| **CORPORATE BONDS/NOTES: 25.7%** | **CORPORATE BONDS/NOTES: 25.7%** |  |  |
|  | **Basic Materials: 0.5%** |  |  |
| 38000 | Air Products and Chemicals, Inc., 1.850%, 05/15/2027 | 36502 | 0.0 |
| 274000 <sup>(1)</sup> | Air Products and Chemicals, Inc., 2.050%, 05/15/2030 | 247954 | 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)** |
|  | **Basic Materials: (continued)** |  |  |
| 128000 | Air Products and Chemicals, Inc., 2.700%, 05/15/2040 | $93221 | 0.0 |
| 38000 | Albemarle Corp., 4.650%, 06/01/2027 | 37883 | 0.0 |
| 36000 <sup>(1)</sup> | Albemarle Corp., 5.050%, 06/01/2032 | 34659 | 0.0 |
| 21000 | Albemarle Corp., 5.450%, 12/01/2044 | 17551 | 0.0 |
| 27000 | Albemarle Corp., 5.650%, 06/01/2052 | 22568 | 0.0 |
| 29000 | ArcelorMittal SA, 4.250%, 07/16/2029 | 28651 | 0.0 |
| 23000 | ArcelorMittal SA, 4.550%, 03/11/2026 | 22965 | 0.0 |
| 29000 <sup>(1)</sup> | ArcelorMittal SA, 6.000%, 06/17/2034 | 30417 | 0.0 |
| 29000 | ArcelorMittal SA, 6.350%, 06/17/2054 | 29298 | 0.0 |
| 70000 | ArcelorMittal SA, 6.550%, 11/29/2027 | 72994 | 0.0 |
| 25000 | ArcelorMittal SA, 6.750%, 03/01/2041 | 26374 | 0.0 |
| 58000 <sup>(1)</sup> | ArcelorMittal SA, 6.800%, 11/29/2032 | 63786 | 0.0 |
| 40000 | ArcelorMittal SA, 7.000%, 10/15/2039 | 44348 | 0.0 |
| 195000 | Barrick PD Australia Finance Pty Ltd., 5.950%, 10/15/2039 | 202435 | 0.1 |
| 59000 | BHP Billiton Finance USA Ltd., 4.125%, 02/24/2042 | 50724 | 0.0 |
| 59000 | BHP Billiton Finance USA Ltd., 4.750%, 02/28/2028 | 59947 | 0.0 |
| 59000 | BHP Billiton Finance USA Ltd., 4.875%, 02/27/2026 | 59175 | 0.0 |
| 44000 | BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033 | 44199 | 0.0 |
| 148000 | BHP Billiton Finance USA Ltd., 5.000%, 09/30/2043 | 140414 | 0.0 |
| 41000 | BHP Billiton Finance USA Ltd., 5.100%, 09/08/2028 | 42068 | 0.0 |
| 50000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2026 | 50593 | 0.0 |
| 53000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030 | 54956 | 0.0 |
| 89000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033 | 91178 | 0.0 |
| 47000 <sup>(1)</sup> | BHP Billiton Finance USA Ltd., 5.500%, 09/08/2053 | 46544 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Basic Materials: (continued)&nbsp;&nbsp;&nbsp;&nbsp;** | **Basic Materials: (continued)&nbsp;&nbsp;&nbsp;&nbsp;** | **Basic Materials: (continued)&nbsp;&nbsp;&nbsp;&nbsp;** |
| 19000 | BHP Billiton Finance USA Ltd., 6.420%, 03/01/2026 | $19248 | 0.0 |
| 23000 | Celanese US Holdings LLC, 1.400%, 08/05/2026 | 22186 | 0.0 |
| 74000 | Celanese US Holdings LLC, 6.415%, 07/15/2027 | 76682 | 0.0 |
| 44000 <sup>(1)</sup> | Celanese US Holdings LLC, 6.580%, 07/15/2029 | 45886 | 0.0 |
| 58000 <sup>(1)</sup> | Celanese US Holdings LLC, 6.629%, 07/15/2032 | 60846 | 0.0 |
| 58000 <sup>(1)</sup> | Celanese US Holdings LLC, 6.850%, 11/15/2028 | 60984 | 0.0 |
| 58000 | Celanese US Holdings LLC, 7.050%, 11/15/2030 | 61084 | 0.0 |
| 58000 | Celanese US Holdings LLC, 7.200%, 11/15/2033 | 61607 | 0.0 |
| 44000 | CF Industries, Inc., 4.950%, 06/01/2043 | 39170 | 0.0 |
| 44000 | CF Industries, Inc., 5.150%, 03/15/2034 | 43850 | 0.0 |
| 44000 | CF Industries, Inc., 5.375%, 03/15/2044 | 40896 | 0.0 |
| 49000 <sup>(1)</sup> | Dow Chemical Co., 2.100%, 11/15/2030 | 43226 | 0.0 |
| 77000 | Dow Chemical Co., 3.600%, 11/15/2050 | 52163 | 0.0 |
| 235000 | Dow Chemical Co., 4.250%, 10/01/2034 | 216389 | 0.1 |
| 113000 | DuPont de Nemours, Inc., 5.419%, 11/15/2048 | 113945 | 0.0 |
| 146000 | Eastman Chemical Co., 4.650%, 10/15/2044 | 123689 | 0.0 |
| 55000 <sup>(1)</sup> | Ecolab, Inc., 2.700%, 12/15/2051 | 33786 | 0.0 |
| 29000 <sup>(1)</sup> | EIDP, Inc., 2.300%, 07/15/2030 | 26441 | 0.0 |
| 35000 <sup>(1)</sup> | EIDP, Inc., 4.500%, 05/15/2026 | 35027 | 0.0 |
| 35000 <sup>(1)</sup> | EIDP, Inc., 4.800%, 05/15/2033 | 34857 | 0.0 |
| 30000 | FMC Corp., 3.200%, 10/01/2026 | 29445 | 0.0 |
| 30000 | FMC Corp., 3.450%, 10/01/2029 | 27959 | 0.0 |
| 30000 | FMC Corp., 4.500%, 10/01/2049 | 22316 | 0.0 |
| 30000 <sup>(1)</sup> | FMC Corp., 5.650%, 05/18/2033 | 29671 | 0.0 |
| 30000 | FMC Corp., 6.375%, 05/18/2053 | 28783 | 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)** |
|  | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** |
| 29000 | Freeport-McMoRan, Inc., 4.125%, 03/01/2028 | $28668 | 0.0 |
| 27000 | Freeport-McMoRan, Inc., 4.250%, 03/01/2030 | 26456 | 0.0 |
| 26000 | Freeport-McMoRan, Inc., 4.375%, 08/01/2028 | 25878 | 0.0 |
| 35000 | Freeport-McMoRan, Inc., 4.625%, 08/01/2030 | 34665 | 0.0 |
| 27000 | Freeport-McMoRan, Inc., 5.000%, 09/01/2027 | 26960 | 0.0 |
| 28000 <sup>(1)</sup> | Freeport-McMoRan, Inc., 5.250%, 09/01/2029 | 28478 | 0.0 |
| 43000 <sup>(1)</sup> | Freeport-McMoRan, Inc., 5.400%, 11/14/2034 | 43699 | 0.0 |
| 101000 | Freeport-McMoRan, Inc., 5.450%, 03/15/2043 | 95510 | 0.0 |
| 24000 | International Flavors & Fragrances, Inc., 4.450%, 09/26/2028 | 24001 | 0.0 |
| 29000 | International Flavors & Fragrances, Inc., 5.000%, 09/26/2048 | 24999 | 0.0 |
| 224000 | International Paper Co., 4.350%, 08/15/2048 | 179623 | 0.0 |
| 184000 | Linde, Inc., 1.100%, 08/10/2030 | 158338 | 0.0 |
| 18000 | Lubrizol Corp., 6.500%, 10/01/2034 | 20394 | 0.0 |
| 58000 | LYB International Finance BV, 4.875%, 03/15/2044 | 49067 | 0.0 |
| 44000 | LYB International Finance BV, 5.250%, 07/15/2043 | 39252 | 0.0 |
| 34000 | LYB International Finance II BV, 3.500%, 03/02/2027 | 33522 | 0.0 |
| 29000 | LYB International Finance III LLC, 1.250%, 10/01/2025 | 28748 | 0.0 |
| 29000 | LYB International Finance III LLC, 2.250%, 10/01/2030 | 25700 | 0.0 |
| 44000 | LYB International Finance III LLC, 3.375%, 10/01/2040 | 32529 | 0.0 |
| 58000 | LYB International Finance III LLC, 3.625%, 04/01/2051 | 38839 | 0.0 |
| 29000 | LYB International Finance III LLC, 3.800%, 10/01/2060 | 18811 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** |
| 58000 | LYB International Finance III LLC, 4.200%, 10/15/2049 | $43097 | 0.0 |
| 58000 | LYB International Finance III LLC, 4.200%, 05/01/2050 | 43107 | 0.0 |
| 44000 <sup>(1)</sup> | LYB International Finance III LLC, 5.500%, 03/01/2034 | 43944 | 0.0 |
| 29000 | LYB International Finance III LLC, 5.625%, 05/15/2033 | 29668 | 0.0 |
| 50000 <sup>(1)</sup> | LyondellBasell Industries NV, 4.625%, 02/26/2055 | 39249 | 0.0 |
| 137000 <sup>(1)</sup> | Mosaic Co., 5.450%, 11/15/2033 | 140230 | 0.0 |
| 88000 | Newmont Corp., 2.800%, 10/01/2029 | 83312 | 0.0 |
| 53000 | Newmont Corp., 6.250%, 10/01/2039 | 57314 | 0.0 |
| 181000 | Newmont Corp. / Newcrest Finance Pty Ltd., 3.250%, 05/13/2030 | 172541 | 0.0 |
| 26000 | Nucor Corp., 2.979%, 12/15/2055 | 15841 | 0.0 |
| 33000 | Nucor Corp., 3.850%, 04/01/2052 | 25048 | 0.0 |
| 19000 | Nucor Corp., 4.400%, 05/01/2048 | 15928 | 0.0 |
| 17000 | Nucor Corp., 5.200%, 08/01/2043 | 16446 | 0.0 |
| 32000 | Nucor Corp., 6.400%, 12/01/2037 | 35311 | 0.0 |
| 39000 | Nutrien Ltd., 2.950%, 05/13/2030 | 36325 | 0.0 |
| 30000 | Nutrien Ltd., 3.950%, 05/13/2050 | 22205 | 0.0 |
| 24000 | Nutrien Ltd., 4.000%, 12/15/2026 | 23862 | 0.0 |
| 26000 | Nutrien Ltd., 4.125%, 03/15/2035 | 23685 | 0.0 |
| 44000 | Nutrien Ltd., 4.200%, 04/01/2029 | 43564 | 0.0 |
| 44000 | Nutrien Ltd., 4.900%, 03/27/2028 | 44642 | 0.0 |
| 30000 | Nutrien Ltd., 4.900%, 06/01/2043 | 26974 | 0.0 |
| 44000 | Nutrien Ltd., 5.000%, 04/01/2049 | 39427 | 0.0 |
| 27000 | Nutrien Ltd., 5.250%, 01/15/2045 | 24956 | 0.0 |
| 27000 | Nutrien Ltd., 5.625%, 12/01/2040 | 26859 | 0.0 |
| 44000 | Nutrien Ltd., 5.800%, 03/27/2053 | 43587 | 0.0 |
| 28000 | Nutrien Ltd., 5.875%, 12/01/2036 | 29160 | 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)** |
|  | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** |
| 24000 | Nutrien Ltd., 6.125%, 01/15/2041 | $24727 | 0.0 |
| 71000 | PPG Industries, Inc., 1.200%, 03/15/2026 | 69369 | 0.0 |
| 56000 | PPG Industries, Inc., 2.550%, 06/15/2030 | 51045 | 0.0 |
| 18000 | Rio Tinto Alcan, Inc., 5.750%, 06/01/2035 | 19074 | 0.0 |
| 44000 <sup>(1)</sup> | Rio Tinto Alcan, Inc., 6.125%, 12/15/2033 | 47817 | 0.0 |
| 24000 | Rio Tinto Alcan, Inc., 7.250%, 03/15/2031 | 27531 | 0.0 |
| 369000 | Rio Tinto Finance USA Ltd., 2.750%, 11/02/2051 | 224418 | 0.1 |
| 68000 | Rio Tinto Finance USA Ltd., 5.200%, 11/02/2040 | 66771 | 0.0 |
| 44000 | Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028 | 47705 | 0.0 |
| 44000 | Rio Tinto Finance USA PLC, 4.125%, 08/21/2042 | 37095 | 0.0 |
| 30000 | Rio Tinto Finance USA PLC, 4.750%, 03/22/2042 | 27303 | 0.0 |
| 38000 | Rio Tinto Finance USA PLC, 5.000%, 03/09/2033 | 38596 | 0.0 |
| 65000 | Rio Tinto Finance USA PLC, 5.125%, 03/09/2053 | 60008 | 0.0 |
| 17000 | RPM International, Inc., 2.950%, 01/15/2032 | 15001 | 0.0 |
| 23000 | RPM International, Inc., 3.750%, 03/15/2027 | 22726 | 0.0 |
| 17000 <sup>(1)</sup> | RPM International, Inc., 4.250%, 01/15/2048 | 14069 | 0.0 |
| 20000 | RPM International, Inc., 4.550%, 03/01/2029 | 19994 | 0.0 |
| 17000 | RPM International, Inc., 5.250%, 06/01/2045 | 15625 | 0.0 |
| 30000 | Sherwin-Williams Co., 2.900%, 03/15/2052 | 18367 | 0.0 |
| 30000 | Sherwin-Williams Co., 3.300%, 05/15/2050 | 20300 | 0.0 |
| 588000 | Sherwin-Williams Co., 3.450%, 06/01/2027 | 580294 | 0.1 |
| 33000 | Sherwin-Williams Co., 3.800%, 08/15/2049 | 24296 | 0.0 |
| 43000 | Sherwin-Williams Co., 4.500%, 06/01/2047 | 36016 | 0.0 |
| 198000 | Southern Copper Corp., 5.875%, 04/23/2045 | 195477 | 0.0 |
| 65000 | Southern Copper Corp., 6.750%, 04/16/2040 | 71216 | 0.0 |
| 20000 | Steel Dynamics, Inc., 1.650%, 10/15/2027 | 18864 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Basic Materials: (continued)** |  |  |
| 29000 | Steel Dynamics, Inc., 3.250%, 01/15/2031 | $27067 | 0.0 |
| 23000 | Steel Dynamics, Inc., 3.250%, 10/15/2050 | 15208 | 0.0 |
| 35000 | Steel Dynamics, Inc., 3.450%, 04/15/2030 | 33323 | 0.0 |
| 23000 | Steel Dynamics, Inc., 5.000%, 12/15/2026 | 22983 | 0.0 |
| 35000 | Steel Dynamics, Inc., 5.375%, 08/15/2034 | 35562 | 0.0 |
| 33000 | Suzano Austria GmbH, 2.500%, 09/15/2028 | 30641 | 0.0 |
| 93000 | Suzano Austria GmbH, 3.750%, 01/15/2031 | 87048 | 0.0 |
| 59000 <sup>(1)</sup> | Suzano Austria GmbH DM3N, 3.125%, 01/15/2032 | 51957 | 0.0 |
| 41000 | Suzano International Finance BV, 5.500%, 01/17/2027 | 41577 | 0.0 |
| 89000 | Vale Overseas Ltd., 3.750%, 07/08/2030 | 84280 | 0.0 |
| 89000 <sup>(1)</sup> | Vale Overseas Ltd., 6.125%, 06/12/2033 | 93211 | 0.0 |
| 79000 | Vale Overseas Ltd., 6.875%, 11/21/2036 | 85736 | 0.0 |
| 68000 | Vale Overseas Ltd., 6.875%, 11/10/2039 | 73817 | 0.0 |
| 29000 | Vale SA, 5.625%, 09/11/2042 | 28376 | 0.0 |
| 21000 | Westlake Corp., 2.875%, 08/15/2041 | 14139 | 0.0 |
| 36000 | Westlake Corp., 3.125%, 08/15/2051 | 22232 | 0.0 |
| 18000 <sup>(1)</sup> | Westlake Corp., 3.375%, 06/15/2030 | 16997 | 0.0 |
| 27000 | Westlake Corp., 3.375%, 08/15/2061 | 16193 | 0.0 |
| 44000 | Westlake Corp., 3.600%, 08/15/2026 | 43559 | 0.0 |
| 30000 | Westlake Corp., 4.375%, 11/15/2047 | 23471 | 0.0 |
| 41000 <sup>(1)</sup> | Westlake Corp., 5.000%, 08/15/2046 | 35498 | 0.0 |
|  |  | **7808538** | **0.5** |
|  | **Communications: 2.2%** |  |  |
| 500000 <sup>(1)</sup> | Alibaba Group Holding Ltd., 2.125%, 02/09/2031 | 442455 | 0.1 |
| 200000 <sup>(1)</sup> | Alibaba Group Holding Ltd., 2.700%, 02/09/2041 | 139276 | 0.0 |
| 588000 | Alibaba Group Holding Ltd., 3.400%, 12/06/2027 | 577966 | 0.1 |
| 407000 | Alphabet, Inc., 1.100%, 08/15/2030 | 351697 | 0.1 |
| 304000 | Alphabet, Inc., 1.900%, 08/15/2040 | 204304 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 206000 | Alphabet, Inc., 2.250%, 08/15/2060 | $108869 | 0.0 |
| 63000 | Amazon.com, Inc., 1.200%, 06/03/2027 | 59852 | 0.0 |
| 101000 | Amazon.com, Inc., 1.500%, 06/03/2030 | 89377 | 0.0 |
| 114000 | Amazon.com, Inc., 1.650%, 05/12/2028 | 107085 | 0.0 |
| 152000 | Amazon.com, Inc., 2.100%, 05/12/2031 | 135001 | 0.0 |
| 127000 | Amazon.com, Inc., 2.500%, 06/03/2050 | 76401 | 0.0 |
| 118000 | Amazon.com, Inc., 2.700%, 06/03/2060 | 67841 | 0.0 |
| 101000 | Amazon.com, Inc., 2.875%, 05/12/2041 | 75425 | 0.0 |
| 164000 | Amazon.com, Inc., 3.100%, 05/12/2051 | 110658 | 0.0 |
| 177000 | Amazon.com, Inc., 3.150%, 08/22/2027 | 174174 | 0.0 |
| 104000 | Amazon.com, Inc., 3.250%, 05/12/2061 | 67737 | 0.0 |
| 101000 | Amazon.com, Inc., 3.300%, 04/13/2027 | 99927 | 0.0 |
| 76000 | Amazon.com, Inc., 3.450%, 04/13/2029 | 74597 | 0.0 |
| 127000 <sup>(1)</sup> | Amazon.com, Inc., 3.600%, 04/13/2032 | 121609 | 0.0 |
| 139000 | Amazon.com, Inc., 3.875%, 08/22/2037 | 125792 | 0.0 |
| 127000 | Amazon.com, Inc., 3.950%, 04/13/2052 | 100304 | 0.0 |
| 177000 | Amazon.com, Inc., 4.050%, 08/22/2047 | 146146 | 0.0 |
| 48000 | Amazon.com, Inc., 4.100%, 04/13/2062 | 37672 | 0.0 |
| 114000 | Amazon.com, Inc., 4.250%, 08/22/2057 | 93407 | 0.0 |
| 101000 | Amazon.com, Inc., 4.550%, 12/01/2027 | 102376 | 0.0 |
| 76000 | Amazon.com, Inc., 4.650%, 12/01/2029 | 77694 | 0.0 |
| 114000 | Amazon.com, Inc., 4.700%, 12/01/2032 | 116215 | 0.0 |
| 63000 | Amazon.com, Inc., 4.800%, 12/05/2034 | 64331 | 0.0 |
| 76000 | Amazon.com, Inc., 4.950%, 12/05/2044 | 73806 | 0.0 |
| 408000 | America Movil SAB de CV, 6.125%, 11/15/2037 | 433626 | 0.1 |
| 37000 <sup>(1)</sup> | America Movil SAB de CV, 6.375%, 03/01/2035 | 40487 | 0.0 |
| 588000 | AT&T, Inc., 1.700%, 03/25/2026 | 576309 | 0.1 |
| 1175000 <sup>(1)</sup> | AT&T, Inc., 3.500%, 06/01/2041 | 922418 | 0.1 |
| 824000 | AT&T, Inc., 3.500%, 09/15/2053 | 558167 | 0.1 |
| 124000 | AT&T, Inc., 3.500%, 02/01/2061 | 79802 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 588000 | AT&T, Inc., 3.650%, 06/01/2051 | $418124 | 0.1 |
| 588000 | AT&T, Inc., 4.500%, 05/15/2035 | 560569 | 0.1 |
| 500000 | AT&T, Inc., 4.650%, 06/01/2044 | 431626 | 0.1 |
| 588000 <sup>(1)</sup> | Baidu, Inc., 1.720%, 04/09/2026 | 576693 | 0.1 |
| 68000 | Bell Telephone Co. of Canada or Bell Canada, 4.464%, 04/01/2048 | 54710 | 0.0 |
| 50000 <sup>(1)</sup> | Bell Telephone Co. of Canada or Bell Canada, 5.100%, 05/11/2033 | 50062 | 0.0 |
| 41000 | Bell Telephone Co. of Canada or Bell Canada, 5.200%, 02/15/2034 | 41072 | 0.0 |
| 44000 | Bell Telephone Co. of Canada or Bell Canada, 5.550%, 02/15/2054 | 41422 | 0.0 |
| 81000 | Bell Telephone Co. of Canada or Bell Canada US-6, 3.200%, 02/15/2052 | 52229 | 0.0 |
| 29000 | Booking Holdings, Inc., 3.550%, 03/15/2028 | 28550 | 0.0 |
| 58000 | Booking Holdings, Inc., 3.600%, 06/01/2026 | 57648 | 0.0 |
| 87000 | Booking Holdings, Inc., 4.625%, 04/13/2030 | 88028 | 0.0 |
| 201000 | British Telecommunications PLC, 9.625%, 12/15/2030 | 247313 | 0.0 |
| 73000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029 | 67246 | 0.0 |
| 58000 <sup>(1)</sup> | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.300%, 02/01/2032 | 48960 | 0.0 |
| 93000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.800%, 04/01/2031 | 82960 | 0.0 |
| 87000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 06/01/2041 | 63157 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 79000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 03/01/2042 | $56365 | 0.0 |
| 119000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.700%, 04/01/2051 | 79330 | 0.0 |
| 58000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.750%, 02/15/2028 | 56938 | 0.0 |
| 108000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061 | 69252 | 0.0 |
| 140000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052 | 96164 | 0.0 |
| 81000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.950%, 06/30/2062 | 52231 | 0.0 |
| 73000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.200%, 03/15/2028 | 72375 | 0.0 |
| 58000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 04/01/2033 | 54632 | 0.0 |
| 81000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 12/01/2061 | 56842 | 0.0 |
| 163000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050 | 130509 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 73000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.050%, 03/30/2029 | $73716 | 0.0 |
| 73000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 07/01/2049 | 60744 | 0.0 |
| 87000 <sup>(1)</sup> | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.250%, 04/01/2053 | 73964 | 0.0 |
| 47000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.375%, 04/01/2038 | 44319 | 0.0 |
| 146000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.375%, 05/01/2047 | 126805 | 0.0 |
| 58000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.500%, 04/01/2063 | 49080 | 0.0 |
| 143000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.750%, 04/01/2048 | 130139 | 0.0 |
| 87000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | 91109 | 0.0 |
| 64000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.150%, 11/10/2026 | 65243 | 0.0 |
| 116000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.384%, 10/23/2035 | 121894 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 204000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/2045 | $202269 | 0.0 |
| 87000 <sup>(1)</sup> | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034 | 92861 | 0.0 |
| 52000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.650%, 02/01/2034 | 55704 | 0.0 |
| 29000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.834%, 10/23/2055 | 29704 | 0.0 |
| 769000 | Cisco Systems, Inc., 5.500%, 01/15/2040 | 794803 | 0.1 |
| 498000 <sup>(1)</sup> | Comcast Corp., 1.950%, 01/15/2031 | 436662 | 0.1 |
| 93000 | Comcast Corp., 2.650%, 02/01/2030 | 86418 | 0.0 |
| 110000 | Comcast Corp., 2.650%, 08/15/2062 | 57555 | 0.0 |
| 315000 | Comcast Corp., 2.887%, 11/01/2051 | 191877 | 0.0 |
| 353000 | Comcast Corp., 2.937%, 11/01/2056 | 207449 | 0.0 |
| 236000 | Comcast Corp., 2.987%, 11/01/2063 | 132821 | 0.0 |
| 93000 | Comcast Corp., 3.400%, 04/01/2030 | 89201 | 0.0 |
| 588000 | Comcast Corp., 3.750%, 04/01/2040 | 488439 | 0.1 |
| 425000 | Comcast Corp., 3.969%, 11/01/2047 | 327967 | 0.0 |
| 441000 | Comcast Corp., 4.200%, 08/15/2034 | 416920 | 0.1 |
| 81000 | Comcast Corp., 4.250%, 10/15/2030 | 80612 | 0.0 |
| 441000 | Comcast Corp., 4.250%, 01/15/2033 | 426262 | 0.1 |
| 68000 | Comcast Corp., 6.500%, 11/15/2035 | 75588 | 0.0 |
| 24000 | Corning, Inc., 3.900%, 11/15/2049 | 18266 | 0.0 |
| 44000 | Corning, Inc., 4.375%, 11/15/2057 | 35430 | 0.0 |
| 18000 | Corning, Inc., 4.700%, 03/15/2037 | 17403 | 0.0 |
| 30000 | Corning, Inc., 4.750%, 03/15/2042 | 26899 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 33000 | Corning, Inc., 5.350%, 11/15/2048 | $31166 | 0.0 |
| 55000 | Corning, Inc., 5.450%, 11/15/2079 | 50543 | 0.0 |
| 24000 | Corning, Inc., 5.750%, 08/15/2040 | 24416 | 0.0 |
| 18000 | Corning, Inc., 5.850%, 11/15/2068 | 17426 | 0.0 |
| 246000 | Deutsche Telekom International Finance BV, 8.750%, 06/15/2030 | 290525 | 0.0 |
| 299000 | Discovery Communications LLC, 3.625%, 05/15/2030 | 243595 | 0.0 |
| 439000 | eBay, Inc., 2.700%, 03/11/2030 | 407205 | 0.1 |
| 30000 | Expedia Group, Inc., 2.950%, 03/15/2031 | 27357 | 0.0 |
| 74000 | Expedia Group, Inc., 3.250%, 02/15/2030 | 69834 | 0.0 |
| 59000 | Expedia Group, Inc., 3.800%, 02/15/2028 | 58143 | 0.0 |
| 44000 | Expedia Group, Inc., 4.625%, 08/01/2027 | 44205 | 0.0 |
| 44000 | Expedia Group, Inc., 5.000%, 02/15/2026 | 44046 | 0.0 |
| 36000 | Fox Corp., 3.500%, 04/08/2030 | 34448 | 0.0 |
| 118000 | Fox Corp., 4.709%, 01/25/2029 | 118991 | 0.0 |
| 74000 | Fox Corp., 5.476%, 01/25/2039 | 72466 | 0.0 |
| 77000 <sup>(1)</sup> | Fox Corp., 5.576%, 01/25/2049 | 72299 | 0.0 |
| 74000 <sup>(1)</sup> | Fox Corp., 6.500%, 10/13/2033 | 80090 | 0.0 |
| 186000 | Grupo Televisa SAB, 6.625%, 01/15/2040 | 174758 | 0.0 |
| 18000 | Grupo Televisa SAB, 8.500%, 03/11/2032 | 20106 | 0.0 |
| 230000 | Interpublic Group of Cos., Inc., 2.400%, 03/01/2031 | 204769 | 0.0 |
| 23000 | Juniper Networks, Inc., 1.200%, 12/10/2025 | 22639 | 0.0 |
| 23000 | Juniper Networks, Inc., 2.000%, 12/10/2030 | 20019 | 0.0 |
| 29000 | Juniper Networks, Inc., 3.750%, 08/15/2029 | 28204 | 0.0 |
| 23000 | Juniper Networks, Inc., 5.950%, 03/15/2041 | 22870 | 0.0 |
| 553000 <sup>(1)</sup> | Meta Platforms, Inc., 3.850%, 08/15/2032 | 532024 | 0.1 |
| 154000 | Meta Platforms, Inc., 4.450%, 08/15/2052 | 129933 | 0.0 |
| 35000 | Meta Platforms, Inc., 4.800%, 05/15/2030 | 36046 | 0.0 |
| 104000 | Meta Platforms, Inc., 4.950%, 05/15/2033 | 106674 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 182000 | Meta Platforms, Inc., 5.400%, 08/15/2054 | $177622 | 0.0 |
| 110000 | Meta Platforms, Inc., 5.550%, 08/15/2064 | 107589 | 0.0 |
| 148000 | Meta Platforms, Inc., 5.600%, 05/15/2053 | 148101 | 0.0 |
| 104000 | Meta Platforms, Inc., 5.750%, 05/15/2063 | 105217 | 0.0 |
| 53000 | Motorola Solutions, Inc., 2.300%, 11/15/2030 | 47063 | 0.0 |
| 50000 <sup>(1)</sup> | Motorola Solutions, Inc., 2.750%, 05/24/2031 | 44844 | 0.0 |
| 41000 | Motorola Solutions, Inc., 4.600%, 02/23/2028 | 41311 | 0.0 |
| 47000 | Motorola Solutions, Inc., 4.600%, 05/23/2029 | 47244 | 0.0 |
| 24000 | Motorola Solutions, Inc., 5.000%, 04/15/2029 | 24400 | 0.0 |
| 53000 | Motorola Solutions, Inc., 5.400%, 04/15/2034 | 54075 | 0.0 |
| 24000 | Motorola Solutions, Inc., 5.500%, 09/01/2044 | 23440 | 0.0 |
| 36000 <sup>(1)</sup> | Motorola Solutions, Inc., 5.600%, 06/01/2032 | 37530 | 0.0 |
| 306000 | NBCUniversal Media LLC, 4.450%, 01/15/2043 | 263759 | 0.0 |
| 58000 | Netflix, Inc., 4.375%, 11/15/2026 | 58312 | 0.0 |
| 93000 | Netflix, Inc., 4.875%, 04/15/2028 | 94969 | 0.0 |
| 58000 <sup>(1)</sup> | Netflix, Inc., 4.900%, 08/15/2034 | 59145 | 0.0 |
| 47000 | Netflix, Inc., 5.400%, 08/15/2054 | 46419 | 0.0 |
| 111000 | Netflix, Inc., 5.875%, 11/15/2028 | 117037 | 0.0 |
| 47000 | Netflix, Inc., 6.375%, 05/15/2029 | 50596 | 0.0 |
| 29000 | Nokia Oyj, 4.375%, 06/12/2027 | 28834 | 0.0 |
| 29000 | Nokia Oyj, 6.625%, 05/15/2039 | 30096 | 0.0 |
| 91000 <sup>(1)</sup> | Omnicom Group, Inc., 5.300%, 11/01/2034 | 91828 | 0.0 |
| 177000 | Omnicom Group, Inc. / Omnicom Capital, Inc., 3.600%, 04/15/2026 | 175703 | 0.0 |
| 182000 | Orange SA, 5.500%, 02/06/2044 | 178524 | 0.0 |
| 77000 | Paramount Global, 4.200%, 05/19/2032 | 70308 | 0.0 |
| 86000 | Paramount Global, 4.375%, 03/15/2043 | 63356 | 0.0 |
| 132000 | Paramount Global, 5.850%, 09/01/2043 | 114965 | 0.0 |
| 403000 | Rogers Communications, Inc., 3.800%, 03/15/2032 | 374655 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 83000 | Rogers Communications, Inc., 4.550%, 03/15/2052 | $67648 | 0.0 |
| 250000 | Rogers Communications, Inc., 5.000%, 03/15/2044 | 223616 | 0.0 |
| 140000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 150330 | 0.0 |
| 232000 | Telefonica Emisiones SA, 4.103%, 03/08/2027 | 230912 | 0.0 |
| 123000 | Telefonica Emisiones SA, 7.045%, 06/20/2036 | 136632 | 0.0 |
| 36000 | TELUS Corp., 2.800%, 02/16/2027 | 35128 | 0.0 |
| 53000 | TELUS Corp., 3.400%, 05/13/2032 | 48371 | 0.0 |
| 30000 | TELUS Corp., 3.700%, 09/15/2027 | 29578 | 0.0 |
| 30000 | TELUS Corp., 4.300%, 06/15/2049 | 23423 | 0.0 |
| 44000 | TELUS Corp., 4.600%, 11/16/2048 | 36975 | 0.0 |
| 177000 | Time Warner Cable LLC, 4.500%, 09/15/2042 | 141078 | 0.0 |
| 65000 <sup>(1)</sup> | T-Mobile USA, Inc., 1.500%, 02/15/2026 | 63736 | 0.0 |
| 104000 | T-Mobile USA, Inc., 2.050%, 02/15/2028 | 98320 | 0.0 |
| 115000 | T-Mobile USA, Inc., 2.250%, 02/15/2026 | 113291 | 0.0 |
| 65000 | T-Mobile USA, Inc., 2.250%, 11/15/2031 | 56381 | 0.0 |
| 30000 | T-Mobile USA, Inc., 2.400%, 03/15/2029 | 27942 | 0.0 |
| 160000 | T-Mobile USA, Inc., 2.550%, 02/15/2031 | 143311 | 0.0 |
| 75000 | T-Mobile USA, Inc., 2.625%, 04/15/2026 | 73886 | 0.0 |
| 59000 | T-Mobile USA, Inc., 2.625%, 02/15/2029 | 55397 | 0.0 |
| 60000 | T-Mobile USA, Inc., 2.700%, 03/15/2032 | 52900 | 0.0 |
| 65000 | T-Mobile USA, Inc., 2.875%, 02/15/2031 | 59191 | 0.0 |
| 160000 | T-Mobile USA, Inc., 3.000%, 02/15/2041 | 117158 | 0.0 |
| 190000 | T-Mobile USA, Inc., 3.300%, 02/15/2051 | 126216 | 0.0 |
| 139000 | T-Mobile USA, Inc., 3.375%, 04/15/2029 | 133841 | 0.0 |
| 175000 | T-Mobile USA, Inc., 3.400%, 10/15/2052 | 117007 | 0.0 |
| 155000 | T-Mobile USA, Inc., 3.500%, 04/15/2031 | 145629 | 0.0 |
| 3000 | T-Mobile USA, Inc., 3.600%, 11/15/2060 | 2002 | 0.0 |
| 250000 | T-Mobile USA, Inc., 3.750%, 04/15/2027 | 247504 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 443000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 | $430385 | 0.1 |
| 125000 | T-Mobile USA, Inc., 4.375%, 04/15/2040 | 110828 | 0.0 |
| 190000 | T-Mobile USA, Inc., 4.500%, 04/15/2050 | 157210 | 0.0 |
| 95000 | T-Mobile USA, Inc., 4.750%, 02/01/2028 | 95042 | 0.0 |
| 53000 | T-Mobile USA, Inc., 4.800%, 07/15/2028 | 53722 | 0.0 |
| 65000 | T-Mobile USA, Inc., 4.950%, 03/15/2028 | 66111 | 0.0 |
| 165000 | T-Mobile USA, Inc., 5.050%, 07/15/2033 | 166187 | 0.0 |
| 80000 | T-Mobile USA, Inc., 5.200%, 01/15/2033 | 81526 | 0.0 |
| 30000 | T-Mobile USA, Inc., 5.375%, 04/15/2027 | 30052 | 0.0 |
| 110000 | T-Mobile USA, Inc., 5.650%, 01/15/2053 | 106503 | 0.0 |
| 65000 | T-Mobile USA, Inc., 5.750%, 01/15/2034 | 68101 | 0.0 |
| 80000 | T-Mobile USA, Inc., 5.750%, 01/15/2054 | 78427 | 0.0 |
| 45000 <sup>(1)</sup> | T-Mobile USA, Inc., 5.800%, 09/15/2062 | 44121 | 0.0 |
| 65000 | T-Mobile USA, Inc., 6.000%, 06/15/2054 | 66217 | 0.0 |
| 300000 | TWDC Enterprises 18 Corp., GMTN, 4.125%, 06/01/2044 | 250477 | 0.0 |
| 70000 | Uber Technologies, Inc., 4.300%, 01/15/2030 | 69736 | 0.0 |
| 84000 | Uber Technologies, Inc., 4.800%, 09/15/2034 | 82562 | 0.0 |
| 70000 | Uber Technologies, Inc., 5.350%, 09/15/2054 | 65339 | 0.0 |
| 59000 | Verizon Communications, Inc., 1.500%, 09/18/2030 | 50977 | 0.0 |
| 133000 | Verizon Communications, Inc., 1.750%, 01/20/2031 | 114638 | 0.0 |
| 274000 | Verizon Communications, Inc., 2.355%, 03/15/2032 | 236285 | 0.0 |
| 219000 | Verizon Communications, Inc., 2.550%, 03/21/2031 | 196487 | 0.0 |
| 178000 | Verizon Communications, Inc., 2.650%, 11/20/2040 | 125657 | 0.0 |
| 56000 | Verizon Communications, Inc., 2.850%, 09/03/2041 | 39694 | 0.0 |
| 154000 | Verizon Communications, Inc., 2.875%, 11/20/2050 | 96012 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 204000 | Verizon Communications, Inc., 2.987%, 10/30/2056 | $122892 | 0.0 |
| 155000 | Verizon Communications, Inc., 3.400%, 03/22/2041 | 119625 | 0.0 |
| 252000 <sup>(1)</sup> | Verizon Communications, Inc., 3.550%, 03/22/2051 | 180322 | 0.0 |
| 196000 | Verizon Communications, Inc., 3.700%, 03/22/2061 | 135394 | 0.0 |
| 40000 | Verizon Communications, Inc., 3.850%, 11/01/2042 | 32061 | 0.0 |
| 59000 | Verizon Communications, Inc., 3.875%, 02/08/2029 | 58278 | 0.0 |
| 56000 | Verizon Communications, Inc., 3.875%, 03/01/2052 | 41704 | 0.0 |
| 66000 | Verizon Communications, Inc., 4.000%, 03/22/2050 | 50300 | 0.0 |
| 52000 | Verizon Communications, Inc., 4.125%, 08/15/2046 | 41872 | 0.0 |
| 76000 | Verizon Communications, Inc., 4.272%, 01/15/2036 | 70291 | 0.0 |
| 112000 | Verizon Communications, Inc., 4.400%, 11/01/2034 | 106341 | 0.0 |
| 127000 | Verizon Communications, Inc., 4.500%, 08/10/2033 | 123499 | 0.0 |
| 70000 | Verizon Communications, Inc., 4.522%, 09/15/2048 | 59220 | 0.0 |
| 40000 | Verizon Communications, Inc., 4.672%, 03/15/2055 | 33784 | 0.0 |
| 29000 | Verizon Communications, Inc., 4.750%, 11/01/2041 | 26107 | 0.0 |
| 122000 | Verizon Communications, Inc., 4.780%, 02/15/2035 | 118909 | 0.0 |
| 67000 | Verizon Communications, Inc., 4.812%, 03/15/2039 | 62910 | 0.0 |
| 132000 | Verizon Communications, Inc., 4.862%, 08/21/2046 | 117921 | 0.0 |
| 39000 | Verizon Communications, Inc., 5.012%, 04/15/2049 | 35806 | 0.0 |
| 44000 | Verizon Communications, Inc., 5.012%, 08/21/2054 | 39192 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 59000 | Verizon Communications, Inc., 5.050%, 05/09/2033 | $59849 | 0.0 |
| 65000 | Verizon Communications, Inc., 5.250%, 03/16/2037 | 64727 | 0.0 |
| 411000 <sup>(4)</sup> | Verizon Communications, Inc., 5.401%, 07/02/2037 | 413676 | 0.1 |
| 25000 | Verizon Communications, Inc., 5.500%, 03/16/2047 | 24354 | 0.0 |
| 25000 | Verizon Communications, Inc., 5.850%, 09/15/2035 | 26398 | 0.0 |
| 20000 | Verizon Communications, Inc., 6.400%, 09/15/2033 | 21907 | 0.0 |
| 48000 | Verizon Communications, Inc., 6.550%, 09/15/2043 | 52631 | 0.0 |
| 87000 | Vodafone Group PLC, 4.250%, 09/17/2050 | 67862 | 0.0 |
| 44000 | Vodafone Group PLC, 4.375%, 02/19/2043 | 37829 | 0.0 |
| 5000 | Vodafone Group PLC, 4.875%, 06/19/2049 | 4306 | 0.0 |
| 34000 <sup>(1)</sup> | Vodafone Group PLC, 5.000%, 05/30/2038 | 32974 | 0.0 |
| 29000 | Vodafone Group PLC, 5.125%, 06/19/2059 | 25355 | 0.0 |
| 84000 | Vodafone Group PLC, 5.250%, 05/30/2048 | 77318 | 0.0 |
| 41000 | Vodafone Group PLC, 5.625%, 02/10/2053 | 38712 | 0.0 |
| 116000 | Vodafone Group PLC, 5.750%, 06/28/2054 | 111219 | 0.0 |
| 29000 | Vodafone Group PLC, 5.750%, 02/10/2063 | 27213 | 0.0 |
| 58000 | Vodafone Group PLC, 5.875%, 06/28/2064 | 55804 | 0.0 |
| 73000 | Vodafone Group PLC, 6.150%, 02/27/2037 | 78391 | 0.0 |
| 29000 | Vodafone Group PLC, 6.250%, 11/30/2032 | 31412 | 0.0 |
| 43000 | Vodafone Group PLC, 7.875%, 02/15/2030 | 49164 | 0.0 |
| 588000 | Walt Disney Co., 2.200%, 01/13/2028 | 564005 | 0.1 |
| 148000 | Walt Disney Co., 2.650%, 01/13/2031 | 136494 | 0.0 |
| 407000 | Walt Disney Co., 3.600%, 01/13/2051 | 300879 | 0.0 |
| 250000 | Walt Disney Co., 4.750%, 09/15/2044 | 227142 | 0.0 |
|  |  | **30803420** | **2.2** |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: 1.6%** |  |  |
| 134147 | American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029 | $128763 | 0.0 |
| 74188 | American Airlines Pass Through Trust 2016-3, AA, 3.000%, 04/15/2030 | 70281 | 0.0 |
| 86960 | American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031 | 82880 | 0.0 |
| 39000 | American Honda Finance Corp., 4.600%, 04/17/2030 | 39047 | 0.0 |
| 28000 | American Honda Finance Corp., 4.700%, 01/12/2028 | 28278 | 0.0 |
| 39000 | American Honda Finance Corp., 4.900%, 03/12/2027 | 39363 | 0.0 |
| 42000 <sup>(1)</sup> | American Honda Finance Corp., 4.900%, 03/13/2029 | 42658 | 0.0 |
| 45000 | American Honda Finance Corp., 5.650%, 11/15/2028 | 46792 | 0.0 |
| 28000 | American Honda Finance Corp., GMTN, 3.500%, 02/15/2028 | 27460 | 0.0 |
| 39000 | American Honda Finance Corp., GMTN, 4.400%, 10/05/2026 | 39046 | 0.0 |
| 42000 | American Honda Finance Corp., GMTN, 4.400%, 09/05/2029 | 41817 | 0.0 |
| 42000 | American Honda Finance Corp., GMTN, 4.450%, 10/22/2027 | 42137 | 0.0 |
| 39000 | American Honda Finance Corp., GMTN, 4.850%, 10/23/2031 | 39125 | 0.0 |
| 39000 | American Honda Finance Corp., GMTN, 4.900%, 07/09/2027 | 39491 | 0.0 |
| 42000 | American Honda Finance Corp., GMTN, 5.050%, 07/10/2031 | 42565 | 0.0 |
| 45000 | American Honda Finance Corp., GMTN, 5.125%, 07/07/2028 | 45927 | 0.0 |
| 28000 | American Honda Finance Corp., GMTN, 5.850%, 10/04/2030 | 29642 | 0.0 |
| 42000 | American Honda Finance Corp., MTN, 1.300%, 09/09/2026 | 40524 | 0.0 |
| 31000 | American Honda Finance Corp., MTN, 1.800%, 01/13/2031 | 26637 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 42000 | American Honda Finance Corp., MTN, 2.000%, 03/24/2028 | $39473 | 0.0 |
| 36000 | American Honda Finance Corp., MTN, 2.250%, 01/12/2029 | 33407 | 0.0 |
| 28000 | American Honda Finance Corp., MTN, 2.350%, 01/08/2027 | 27186 | 0.0 |
| 168000 | Aptiv PLC, 3.100%, 12/01/2051 | 101069 | 0.0 |
| 18000 | Aptiv PLC, 4.350%, 03/15/2029 | 17747 | 0.0 |
| 18000 | Aptiv PLC, 4.400%, 10/01/2046 | 13694 | 0.0 |
| 21000 | Aptiv PLC, 5.400%, 03/15/2049 | 18056 | 0.0 |
| 47000 <sup>(1)</sup> | Aptiv PLC / Aptiv Corp., 3.250%, 03/01/2032 | 42086 | 0.0 |
| 59000 | Aptiv PLC / Aptiv Corp., 4.150%, 05/01/2052 | 42313 | 0.0 |
| 23000 <sup>(1)</sup> | AutoNation, Inc., 1.950%, 08/01/2028 | 21331 | 0.0 |
| 26000 | AutoNation, Inc., 2.400%, 08/01/2031 | 22384 | 0.0 |
| 17000 | AutoNation, Inc., 3.800%, 11/15/2027 | 16733 | 0.0 |
| 41000 | AutoNation, Inc., 3.850%, 03/01/2032 | 37790 | 0.0 |
| 26000 | AutoNation, Inc., 4.500%, 10/01/2025 | 25990 | 0.0 |
| 29000 | AutoNation, Inc., 4.750%, 06/01/2030 | 28851 | 0.0 |
| 53000 | AutoZone, Inc., 1.650%, 01/15/2031 | 45442 | 0.0 |
| 65000 | BorgWarner, Inc., 2.650%, 07/01/2027 | 62906 | 0.0 |
| 30000 | BorgWarner, Inc., 4.375%, 03/15/2045 | 24786 | 0.0 |
| 32000 | Brunswick Corp., 2.400%, 08/18/2031 | 27226 | 0.0 |
| 26000 <sup>(1)</sup> | Brunswick Corp., 4.400%, 09/15/2032 | 24264 | 0.0 |
| 17000 | Brunswick Corp., 5.100%, 04/01/2052 | 13006 | 0.0 |
| 23000 <sup>(1)</sup> | Brunswick Corp., 5.850%, 03/18/2029 | 23704 | 0.0 |
| 23000 <sup>(1)</sup> | Choice Hotels International, Inc., 3.700%, 12/01/2029 | 21742 | 0.0 |
| 26000 | Choice Hotels International, Inc., 3.700%, 01/15/2031 | 24124 | 0.0 |
| 35000 | Choice Hotels International, Inc., 5.850%, 08/01/2034 | 35295 | 0.0 |
| 74000 | Costco Wholesale Corp., 1.375%, 06/20/2027 | 70605 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 104000 | Costco Wholesale Corp., 1.600%, 04/20/2030 | $92829 | 0.0 |
| 59000 | Costco Wholesale Corp., 1.750%, 04/20/2032 | 50498 | 0.0 |
| 59000 | Costco Wholesale Corp., 3.000%, 05/18/2027 | 58157 | 0.0 |
| 216000 | Cummins, Inc., 1.500%, 09/01/2030 | 188216 | 0.0 |
| 127000 | Cummins, Inc., 2.600%, 09/01/2050 | 75925 | 0.0 |
| 29000 | Darden Restaurants, Inc., 3.850%, 05/01/2027 | 28774 | 0.0 |
| 17000 | Darden Restaurants, Inc., 4.550%, 02/15/2048 | 13934 | 0.0 |
| 29000 | Darden Restaurants, Inc., 6.300%, 10/10/2033 | 31094 | 0.0 |
| 24536 | Delta Air Lines Pass Through Trust 20-1, AA, 2.000%, 12/10/2029 | 23104 | 0.0 |
| 28000 <sup>(1)</sup> | Delta Air Lines, Inc., 3.750%, 10/28/2029 | 26775 | 0.0 |
| 24000 <sup>(1)</sup> | Delta Air Lines, Inc., 4.375%, 04/19/2028 | 23888 | 0.0 |
| 50000 <sup>(1)</sup> | Delta Air Lines, Inc., 7.375%, 01/15/2026 | 50734 | 0.0 |
| 44000 <sup>(1)</sup> | Dick's Sporting Goods, Inc., 3.150%, 01/15/2032 | 39461 | 0.0 |
| 44000 | Dick's Sporting Goods, Inc., 4.100%, 01/15/2052 | 31472 | 0.0 |
| 59000 | Dollar General Corp., 3.500%, 04/03/2030 | 56018 | 0.0 |
| 36000 | Dollar General Corp., 3.875%, 04/15/2027 | 35694 | 0.0 |
| 30000 | Dollar General Corp., 4.125%, 05/01/2028 | 29772 | 0.0 |
| 33000 | Dollar General Corp., 4.625%, 11/01/2027 | 33212 | 0.0 |
| 41000 <sup>(1)</sup> | Dollar General Corp., 5.000%, 11/01/2032 | 41160 | 0.0 |
| 30000 | Dollar General Corp., 5.200%, 07/05/2028 | 30604 | 0.0 |
| 117000 <sup>(1)</sup> | Dollar General Corp., 5.450%, 07/05/2033 | 119701 | 0.0 |
| 13000 <sup>(1)</sup> | Dollar General Corp., 5.500%, 11/01/2052 | 12081 | 0.0 |
| 47000 <sup>(1)</sup> | Dollar Tree, Inc., 2.650%, 12/01/2031 | 41504 | 0.0 |
| 24000 | Dollar Tree, Inc., 3.375%, 12/01/2051 | 15245 | 0.0 |
| 74000 | Dollar Tree, Inc., 4.200%, 05/15/2028 | 73319 | 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)** |  |
| 96000 <sup>(1)</sup> | DR Horton, Inc., 5.500%, 10/15/2035 | $97819 | 0.0 |
| 145000 | Ford Motor Co., 3.250%, 02/12/2032 | 122303 | 0.0 |
| 355000 <sup>(1)</sup> | Ford Motor Co., 4.346%, 12/08/2026 | 352679 | 0.1 |
| 118000 | Ford Motor Co., 4.750%, 01/15/2043 | 90831 | 0.0 |
| 77000 | Ford Motor Co., 5.291%, 12/08/2046 | 62225 | 0.0 |
| 414000 | Ford Motor Co., 6.100%, 08/19/2032 | 413598 | 0.1 |
| 106000 | Ford Motor Co., 6.625%, 10/01/2028 | 111324 | 0.0 |
| 25000 | Ford Motor Co., 7.400%, 11/01/2046 | 25620 | 0.0 |
| 216000 | Ford Motor Co., 7.450%, 07/16/2031 | 233999 | 0.0 |
| 102000 | Ford Motor Co., 9.625%, 04/22/2030 | 117357 | 0.0 |
| 44000 | General Motors Co., 5.000%, 04/01/2035 | 41610 | 0.0 |
| 74000 | General Motors Co., 5.200%, 04/01/2045 | 63477 | 0.0 |
| 151000 <sup>(1)</sup> | General Motors Co., 5.400%, 04/01/2048 | 131291 | 0.0 |
| 89000 | General Motors Co., 6.250%, 10/02/2043 | 87373 | 0.0 |
| 441000 | General Motors Co., 6.600%, 04/01/2036 | 467392 | 0.1 |
| 500000 | General Motors Financial Co., Inc., 2.400%, 04/10/2028 | 470533 | 0.1 |
| 59000 | General Motors Financial Co., Inc., 2.700%, 06/10/2031 | 51705 | 0.0 |
| 177000 | General Motors Financial Co., Inc., 3.100%, 01/12/2032 | 155594 | 0.0 |
| 500000 | General Motors Financial Co., Inc., 3.850%, 01/05/2028 | 489973 | 0.1 |
| 500000 | General Motors Financial Co., Inc., 4.350%, 01/17/2027 | 497973 | 0.1 |
| 588000 | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | 589127 | 0.1 |
| 89000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | 91645 | 0.0 |
| 199000 | Hasbro, Inc., 3.900%, 11/19/2029 | 191952 | 0.0 |
| 89000 | Home Depot, Inc., 2.700%, 04/15/2030 | 83144 | 0.0 |
| 500000 | Home Depot, Inc., 2.800%, 09/14/2027 | 487396 | 0.1 |
| 73000 | Home Depot, Inc., 3.250%, 04/15/2032 | 67578 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 657000 | Home Depot, Inc., 3.300%, 04/15/2040 | $524917 | 0.1 |
| 73000 <sup>(1)</sup> | Home Depot, Inc., 4.500%, 09/15/2032 | 73376 | 0.0 |
| 102000 | Home Depot, Inc., 4.950%, 06/25/2034 | 103285 | 0.0 |
| 29000 | Home Depot, Inc., 5.400%, 09/15/2040 | 29339 | 0.0 |
| 769000 | Home Depot, Inc., 5.875%, 12/16/2036 | 825171 | 0.1 |
| 58000 | Home Depot, Inc., 5.950%, 04/01/2041 | 61167 | 0.0 |
| 56000 | Honda Motor Co. Ltd., 2.534%, 03/10/2027 | 54353 | 0.0 |
| 42000 <sup>(1)</sup> | Honda Motor Co. Ltd., 2.967%, 03/10/2032 | 37714 | 0.0 |
| 23000 | Hyatt Hotels Corp., 4.375%, 09/15/2028 | 22932 | 0.0 |
| 23000 | Hyatt Hotels Corp., 4.850%, 03/15/2026 | 23010 | 0.0 |
| 26000 | Hyatt Hotels Corp., 5.250%, 06/30/2029 | 26460 | 0.0 |
| 20000 | Hyatt Hotels Corp., 5.500%, 06/30/2034 | 20000 | 0.0 |
| 35000 | Hyatt Hotels Corp., 5.750%, 01/30/2027 | 35734 | 0.0 |
| 26000 | Hyatt Hotels Corp., 5.750%, 04/23/2030 | 26909 | 0.0 |
| 56000 | Las Vegas Sands Corp., 3.500%, 08/18/2026 | 55277 | 0.0 |
| 42000 | Las Vegas Sands Corp., 3.900%, 08/08/2029 | 40015 | 0.0 |
| 42000 | Las Vegas Sands Corp., 5.900%, 06/01/2027 | 42932 | 0.0 |
| 28000 | Las Vegas Sands Corp., 6.000%, 08/15/2029 | 28791 | 0.0 |
| 28000 <sup>(1)</sup> | Las Vegas Sands Corp., 6.200%, 08/15/2034 | 28619 | 0.0 |
| 86000 | Lear Corp., 4.250%, 05/15/2029 | 84459 | 0.0 |
| 58000 <sup>(1)</sup> | Lear Corp., 5.250%, 05/15/2049 | 49879 | 0.0 |
| 29000 | Leggett & Platt, Inc., 3.500%, 11/15/2027 | 28159 | 0.0 |
| 29000 | Leggett & Platt, Inc., 3.500%, 11/15/2051 | 18494 | 0.0 |
| 29000 <sup>(1)</sup> | Leggett & Platt, Inc., 4.400%, 03/15/2029 | 28199 | 0.0 |
| 120000 | Lennar Corp., 4.750%, 11/29/2027 | 120875 | 0.0 |
| 47000 | LKQ Corp., 5.750%, 06/15/2028 | 48439 | 0.0 |
| 35000 <sup>(1)</sup> | LKQ Corp., 6.250%, 06/15/2033 | 36936 | 0.0 |
| 59000 | Lowe's Cos., Inc., 1.300%, 04/15/2028 | 54602 | 0.0 |
| 59000 | Lowe's Cos., Inc., 1.700%, 09/15/2028 | 54590 | 0.0 |
| 74000 | Lowe's Cos., Inc., 1.700%, 10/15/2030 | 64439 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 76000 | Lowe's Cos., Inc., 2.625%, 04/01/2031 | $68581 | 0.0 |
| 59000 | Lowe's Cos., Inc., 2.800%, 09/15/2041 | 41250 | 0.0 |
| 88000 | Lowe's Cos., Inc., 3.000%, 10/15/2050 | 55036 | 0.0 |
| 89000 | Lowe's Cos., Inc., 3.100%, 05/03/2027 | 87328 | 0.0 |
| 44000 | Lowe's Cos., Inc., 3.350%, 04/01/2027 | 43364 | 0.0 |
| 30000 | Lowe's Cos., Inc., 3.500%, 04/01/2051 | 20571 | 0.0 |
| 89000 <sup>(1)</sup> | Lowe's Cos., Inc., 3.650%, 04/05/2029 | 86957 | 0.0 |
| 68000 | Lowe's Cos., Inc., 3.700%, 04/15/2046 | 50636 | 0.0 |
| 76000 | Lowe's Cos., Inc., 3.750%, 04/01/2032 | 71709 | 0.0 |
| 76000 | Lowe's Cos., Inc., 4.050%, 05/03/2047 | 59278 | 0.0 |
| 76000 | Lowe's Cos., Inc., 4.250%, 04/01/2052 | 59545 | 0.0 |
| 25000 | Lowe's Cos., Inc., 4.375%, 09/15/2045 | 20699 | 0.0 |
| 74000 | Lowe's Cos., Inc., 4.450%, 04/01/2062 | 57485 | 0.0 |
| 74000 <sup>(1)</sup> | Lowe's Cos., Inc., 4.500%, 04/15/2030 | 74594 | 0.0 |
| 36000 | Lowe's Cos., Inc., 4.550%, 04/05/2049 | 29745 | 0.0 |
| 30000 | Lowe's Cos., Inc., 4.650%, 04/15/2042 | 26368 | 0.0 |
| 74000 | Lowe's Cos., Inc., 5.000%, 04/15/2033 | 74844 | 0.0 |
| 21000 | Lowe's Cos., Inc., 5.000%, 04/15/2040 | 19755 | 0.0 |
| 26000 | Lowe's Cos., Inc., 5.125%, 04/15/2050 | 23180 | 0.0 |
| 59000 <sup>(1)</sup> | Lowe's Cos., Inc., 5.150%, 07/01/2033 | 60235 | 0.0 |
| 20000 | Lowe's Cos., Inc., 5.500%, 10/15/2035 | 20705 | 0.0 |
| 30000 | Lowe's Cos., Inc., 5.750%, 07/01/2053 | 29360 | 0.0 |
| 59000 | Lowe's Cos., Inc., 5.800%, 09/15/2062 | 57383 | 0.0 |
| 30000 | Lowe's Cos., Inc., 5.850%, 04/01/2063 | 29321 | 0.0 |
| 18000 | Lowe's Cos., Inc., 6.500%, 03/15/2029 | 19305 | 0.0 |
| 50000 | Magna International, Inc., 2.450%, 06/15/2030 | 45259 | 0.0 |
| 230000 | Marriott International, Inc., 5.000%, 10/15/2027 | 233854 | 0.0 |
| 112000 | Marriott International, Inc., 5.500%, 04/15/2037 | 112090 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 376000 | Marriott International, Inc. HH, 2.850%, 04/15/2031 | $341553 | 0.0 |
| 360000 | McDonald's Corp., MTN, 3.700%, 01/30/2026 | 358564 | 0.1 |
| 49000 | McDonald's Corp., MTN, 4.600%, 05/26/2045 | 42590 | 0.0 |
| 238000 | McDonald's Corp., MTN, 4.700%, 12/09/2035 | 232277 | 0.0 |
| 325000 | McDonald's Corp., MTN, 6.300%, 10/15/2037 | 356118 | 0.1 |
| 21000 | MDC Holdings, Inc., 2.500%, 01/15/2031 | 18401 | 0.0 |
| 18000 | MDC Holdings, Inc., 3.850%, 01/15/2030 | 17204 | 0.0 |
| 21000 | MDC Holdings, Inc., 3.966%, 08/06/2061 | 15311 | 0.0 |
| 30000 | MDC Holdings, Inc., 6.000%, 01/15/2043 | 27167 | 0.0 |
| 87000 | Mercedes-Benz Finance North America LLC, 8.500%, 01/18/2031 | 103479 | 0.0 |
| 185000 | NIKE, Inc., 2.375%, 11/01/2026 | 181139 | 0.0 |
| 38000 | NIKE, Inc., 3.375%, 11/01/2046 | 27500 | 0.0 |
| 30000 | O'Reilly Automotive, Inc., 1.750%, 03/15/2031 | 25829 | 0.0 |
| 30000 | O'Reilly Automotive, Inc., 3.550%, 03/15/2026 | 29821 | 0.0 |
| 44000 | O'Reilly Automotive, Inc., 3.600%, 09/01/2027 | 43424 | 0.0 |
| 30000 | O'Reilly Automotive, Inc., 3.900%, 06/01/2029 | 29492 | 0.0 |
| 30000 | O'Reilly Automotive, Inc., 4.200%, 04/01/2030 | 29733 | 0.0 |
| 30000 | O'Reilly Automotive, Inc., 4.350%, 06/01/2028 | 30098 | 0.0 |
| 50000 <sup>(1)</sup> | O'Reilly Automotive, Inc., 4.700%, 06/15/2032 | 49667 | 0.0 |
| 44000 | O'Reilly Automotive, Inc., 5.750%, 11/20/2026 | 44794 | 0.0 |
| 18000 <sup>(1)</sup> | PACCAR Financial Corp., 4.600%, 01/10/2028 | 18241 | 0.0 |
| 30000 | PACCAR Financial Corp., DMTN, 5.200%, 11/09/2026 | 30476 | 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)** |  |  |
| 18000 | PACCAR Financial Corp., MTN, 1.100%, 05/11/2026 | $17538 | 0.0 |
| 18000 | PACCAR Financial Corp., MTN, 2.000%, 02/04/2027 | 17460 | 0.0 |
| 36000 | PACCAR Financial Corp., MTN, 3.550%, 08/11/2025 | 35965 | 0.0 |
| 30000 <sup>(1)</sup> | PACCAR Financial Corp., MTN, 4.450%, 03/30/2026 | 30040 | 0.0 |
| 36000 <sup>(1)</sup> | PACCAR Financial Corp., MTN, 4.600%, 01/31/2029 | 36518 | 0.0 |
| 18000 | PACCAR Financial Corp., MTN, 4.950%, 10/03/2025 | 18017 | 0.0 |
| 18000 | PACCAR Financial Corp., MTN, 4.950%, 08/10/2028 | 18451 | 0.0 |
| 24000 <sup>(1)</sup> | PACCAR Financial Corp., MTN, 5.050%, 08/10/2026 | 24258 | 0.0 |
| 20000 | PulteGroup, Inc., 5.000%, 01/15/2027 | 20157 | 0.0 |
| 17000 | PulteGroup, Inc., 6.000%, 02/15/2035 | 17816 | 0.0 |
| 23000 | PulteGroup, Inc., 6.375%, 05/15/2033 | 24690 | 0.0 |
| 17000 | PulteGroup, Inc., 7.875%, 06/15/2032 | 19733 | 0.0 |
| 340000 | Sands China Ltd., 5.400%, 08/08/2028 | 342219 | 0.0 |
| 29000 | Southwest Airlines Co., 2.625%, 02/10/2030 | 26436 | 0.0 |
| 17000 | Southwest Airlines Co., 3.000%, 11/15/2026 | 16652 | 0.0 |
| 17000 | Southwest Airlines Co., 3.450%, 11/16/2027 | 16558 | 0.0 |
| 105000 | Southwest Airlines Co., 5.125%, 06/15/2027 | 105986 | 0.0 |
| 29000 | Starbucks Corp., 2.000%, 03/12/2027 | 27916 | 0.0 |
| 44000 | Starbucks Corp., 2.250%, 03/12/2030 | 39920 | 0.0 |
| 29000 | Starbucks Corp., 2.450%, 06/15/2026 | 28461 | 0.0 |
| 73000 | Starbucks Corp., 2.550%, 11/15/2030 | 66185 | 0.0 |
| 58000 <sup>(1)</sup> | Starbucks Corp., 3.000%, 02/14/2032 | 52520 | 0.0 |
| 29000 | Starbucks Corp., 3.350%, 03/12/2050 | 19627 | 0.0 |
| 35000 | Starbucks Corp., 3.500%, 03/01/2028 | 34378 | 0.0 |
| 73000 | Starbucks Corp., 3.500%, 11/15/2050 | 50874 | 0.0 |
| 58000 | Starbucks Corp., 3.550%, 08/15/2029 | 56449 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 29000 | Starbucks Corp., 3.750%, 12/01/2047 | $21407 | 0.0 |
| 73000 | Starbucks Corp., 3.800%, 08/15/2025 | 72906 | 0.0 |
| 44000 | Starbucks Corp., 4.000%, 11/15/2028 | 43701 | 0.0 |
| 20000 | Starbucks Corp., 4.300%, 06/15/2045 | 16328 | 0.0 |
| 58000 | Starbucks Corp., 4.450%, 08/15/2049 | 47477 | 0.0 |
| 58000 | Starbucks Corp., 4.500%, 11/15/2048 | 48309 | 0.0 |
| 58000 | Starbucks Corp., 4.750%, 02/15/2026 | 58047 | 0.0 |
| 29000 | Starbucks Corp., 4.800%, 02/15/2033 | 29008 | 0.0 |
| 58000 | Starbucks Corp., 4.850%, 02/08/2027 | 58532 | 0.0 |
| 29000 | Starbucks Corp., 4.900%, 02/15/2031 | 29645 | 0.0 |
| 29000 <sup>(1)</sup> | Starbucks Corp., 5.000%, 02/15/2034 | 29220 | 0.0 |
| 30000 <sup>(1)</sup> | Tapestry, Inc., 3.050%, 03/15/2032 | 26814 | 0.0 |
| 23000 | Tapestry, Inc., 4.125%, 07/15/2027 | 22845 | 0.0 |
| 500000 | Target Corp., 1.950%, 01/15/2027 | 484494 | 0.1 |
| 15000 | Target Corp., 2.350%, 02/15/2030 | 13845 | 0.0 |
| 28000 | Target Corp., 2.650%, 09/15/2030 | 25908 | 0.0 |
| 59000 <sup>(1)</sup> | Target Corp., 2.950%, 01/15/2052 | 37378 | 0.0 |
| 36000 | Target Corp., 3.625%, 04/15/2046 | 27254 | 0.0 |
| 31000 | Target Corp., 3.900%, 11/15/2047 | 23917 | 0.0 |
| 66000 <sup>(1)</sup> | Target Corp., 4.000%, 07/01/2042 | 55335 | 0.0 |
| 30000 <sup>(1)</sup> | Target Corp., 4.400%, 01/15/2033 | 29517 | 0.0 |
| 59000 | Target Corp., 4.500%, 09/15/2032 | 58698 | 0.0 |
| 68000 | Target Corp., 4.800%, 01/15/2053 | 59972 | 0.0 |
| 18000 | Target Corp., 6.350%, 11/01/2032 | 19998 | 0.0 |
| 156000 | TJX Cos., Inc., 1.600%, 05/15/2031 | 134764 | 0.0 |
| 11000 <sup>(1)</sup> | Toyota Motor Corp., 2.362%, 03/25/2031 | 9875 | 0.0 |
| 30000 <sup>(1)</sup> | Toyota Motor Corp., 5.123%, 07/13/2033 | 30854 | 0.0 |
| 30000 | Toyota Motor Credit Corp., 1.900%, 09/12/2031 | 25775 | 0.0 |
| 30000 <sup>(1)</sup> | Toyota Motor Credit Corp., 4.700%, 01/12/2033 | 30202 | 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)** |  |  |
| 119000 | Toyota Motor Credit Corp., 5.350%, 01/09/2035 | $122026 | 0 |
| 588000 | Toyota Motor Credit Corp., GMTN, 3.050%, 01/11/2028 | 573199 | 0.1 |
| 500000 | Toyota Motor Credit Corp., MTN, 1.900%, 04/06/2028 | 471873 | 0.1 |
| 24000 | Toyota Motor Credit Corp., MTN, 2.400%, 01/13/2032 | 21011 | 0 |
| 500000 | Toyota Motor Credit Corp., MTN, 3.200%, 01/11/2027 | 493055 | 0.1 |
| 47000 <sup>(1)</sup> | Toyota Motor Credit Corp., MTN, 4.800%, 01/05/2034 | 47005 | 0 |
| 38000 | Tractor Supply Co., 1.750%, 11/01/2030 | 32969 | 0 |
| 44000 | Tractor Supply Co., 5.250%, 05/15/2033 | 44938 | 0 |
| 92452 | United Airlines Pass Through Trust 2016-1, A, 3.450%, 01/07/2030 | 88457 | 0 |
| 355111 | United Airlines Pass Through Trust 2018-1, AA, 3.500%, 09/01/2031 | 335199 | 0 |
| 88000 <sup>(1)</sup> | Walgreens Boots Alliance, Inc., 3.450%, 06/01/2026 | 86157 | 0 |
| 74000 | Walmart, Inc., 1.050%, 09/17/2026 | 71540 | 0 |
| 74000 | Walmart, Inc., 1.500%, 09/22/2028 | 68613 | 0 |
| 118000 | Walmart, Inc., 1.800%, 09/22/2031 | 102843 | 0 |
| 19000 | Walmart, Inc., 2.375%, 09/24/2029 | 17841 | 0 |
| 51000 | Walmart, Inc., 2.500%, 09/22/2041 | 36042 | 0 |
| 87000 | Walmart, Inc., 2.650%, 09/22/2051 | 54420 | 0 |
| 37000 | Walmart, Inc., 2.950%, 09/24/2049 | 25020 | 0 |
| 47000 | Walmart, Inc., 3.050%, 07/08/2026 | 46548 | 0 |
| 43000 | Walmart, Inc., 3.250%, 07/08/2029 | 41943 | 0 |
| 22000 | Walmart, Inc., 3.625%, 12/15/2047 | 17094 | 0 |
| 75000 | Walmart, Inc., 3.700%, 06/26/2028 | 74755 | 0 |
| 44000 | Walmart, Inc., 3.900%, 04/15/2028 | 44064 | 0 |
| 59000 | Walmart, Inc., 3.950%, 09/09/2027 | 59068 | 0 |
| 34000 | Walmart, Inc., 3.950%, 06/28/2038 | 31300 | 0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 30000 | Walmart, Inc., 4.000%, 04/15/2030 | $30041 | 0.0 |
| 21000 | Walmart, Inc., 4.000%, 04/11/2043 | 17926 | 0.0 |
| 85000 | Walmart, Inc., 4.050%, 06/29/2048 | 70427 | 0.0 |
| 76000 <sup>(1)</sup> | Walmart, Inc., 4.100%, 04/15/2033 | 74259 | 0.0 |
| 74000 <sup>(1)</sup> | Walmart, Inc., 4.150%, 09/09/2032 | 73125 | 0.0 |
| 17000 | Walmart, Inc., 4.300%, 04/22/2044 | 15116 | 0.0 |
| 59000 | Walmart, Inc., 4.500%, 09/09/2052 | 51646 | 0.0 |
| 76000 | Walmart, Inc., 4.500%, 04/15/2053 | 66619 | 0.0 |
| 20000 | Walmart, Inc., 5.000%, 10/25/2040 | 20272 | 0.0 |
| 67000 | Walmart, Inc., 5.250%, 09/01/2035 | 70415 | 0.0 |
| 36000 | Walmart, Inc., 5.625%, 04/01/2040 | 38518 | 0.0 |
| 31000 | Walmart, Inc., 5.625%, 04/15/2041 | 32802 | 0.0 |
| 22000 | Walmart, Inc., 5.875%, 04/05/2027 | 22769 | 0.0 |
| 48000 | Walmart, Inc., 6.200%, 04/15/2038 | 53868 | 0.0 |
| 61000 | Walmart, Inc., 6.500%, 08/15/2037 | 70182 | 0.0 |
| 28000 | Walmart, Inc., 7.550%, 02/15/2030 | 32087 | 0.0 |
| 14000 | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | 13065 | 0.0 |
| 295000 <sup>(1)</sup> | Warnermedia Holdings, Inc., 4.279%, 03/15/2032 | 220881 | 0.0 |
| 266000 <sup>(1)</sup> | Warnermedia Holdings, Inc., 5.050%, 03/15/2042 | 158110 | 0.0 |
| 54000 | Warnermedia Holdings, Inc., 5.141%, 03/15/2052 | 37935 | 0.0 |
| 18000 | Whirlpool Corp., 2.400%, 05/15/2031 | 15323 | 0.0 |
| 30000 <sup>(1)</sup> | Whirlpool Corp., 4.500%, 06/01/2046 | 23105 | 0.0 |
| 30000 <sup>(1)</sup> | Whirlpool Corp., 4.600%, 05/15/2050 | 22873 | 0.0 |
| 18000 <sup>(1)</sup> | Whirlpool Corp., 4.700%, 05/14/2032 | 16796 | 0.0 |
| 41000 | Whirlpool Corp., 4.750%, 02/26/2029 | 40344 | 0.0 |
| 18000 <sup>(1)</sup> | Whirlpool Corp., 5.500%, 03/01/2033 | 17481 | 0.0 |
| 18000 | Whirlpool Corp., 5.750%, 03/01/2034 | 17562 | 0.0 |
| 24000 | WW Grainger, Inc., 3.750%, 05/15/2046 | 18739 | 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)** |  |  |
| 24000 | WW Grainger, Inc., 4.200%, 05/15/2047 | $19791 | 0.0 |
| 59000 | WW Grainger, Inc., 4.600%, 06/15/2045 | 52256 | 0.0 |
|  |  | **22010881** | **1.6** |
|  | **Consumer, Non-cyclical: 4.4%** |  |  |
| 221000 | Abbott Laboratories, 3.750%, 11/30/2026 | 220351 | 0.0 |
| 86000 | Abbott Laboratories, 4.750%, 11/30/2036 | 85633 | 0.0 |
| 272000 | Abbott Laboratories, 4.900%, 11/30/2046 | 257666 | 0.0 |
| 363000 | AbbVie, Inc., 3.200%, 11/21/2029 | 347321 | 0.1 |
| 363000 | AbbVie, Inc., 4.050%, 11/21/2039 | 318339 | 0.0 |
| 227000 | AbbVie, Inc., 4.250%, 11/21/2049 | 187136 | 0.0 |
| 63000 | AbbVie, Inc., 4.300%, 05/14/2036 | 59443 | 0.0 |
| 283000 | AbbVie, Inc., 4.450%, 05/14/2046 | 243786 | 0.0 |
| 276000 | AbbVie, Inc., 4.550%, 03/15/2035 | 268072 | 0.0 |
| 174000 | AbbVie, Inc., 4.700%, 05/14/2045 | 156094 | 0.0 |
| 49000 | AbbVie, Inc., 4.750%, 03/15/2045 | 44187 | 0.0 |
| 104000 | AbbVie, Inc., 4.875%, 11/14/2048 | 94237 | 0.0 |
| 178000 | AbbVie, Inc., 5.400%, 03/15/2054 | 173204 | 0.0 |
| 89000 | AbbVie, Inc., 5.500%, 03/15/2064 | 86379 | 0.0 |
| 17000 | Adventist Health System/West, 2.952%, 03/01/2029 | 15807 | 0.0 |
| 17000 | Adventist Health System/West, 3.630%, 03/01/2049 | 11368 | 0.0 |
| 21000 | Adventist Health System/West, 5.430%, 03/01/2032 | 21132 | 0.0 |
| 25000 | Adventist Health System/West, 5.757%, 12/01/2034 | 25065 | 0.0 |
| 26000 | Advocate Health & Hospitals Corp., 3.387%, 10/15/2049 | 18396 | 0.0 |
| 23000 | Advocate Health & Hospitals Corp., 3.829%, 08/15/2028 | 22747 | 0.0 |
| 24000 | Advocate Health & Hospitals Corp., 4.272%, 08/15/2048 | 19930 | 0.0 |
| 18000 | Advocate Health & Hospitals Corp. 2020, 2.211%, 06/15/2030 | 16291 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 24000 | Advocate Health & Hospitals Corp. 2020, 3.008%, 06/15/2050 | $15949 | 0.0 |
| 138000 | Aetna, Inc., 4.500%, 05/15/2042 | 112991 | 0.0 |
| 110000 | Agilent Technologies, Inc., 2.300%, 03/12/2031 | 97510 | 0.0 |
| 29000 | Ahold Finance USA LLC, 6.875%, 05/01/2029 | 31333 | 0.0 |
| 17000 | Allina Health System 2019, 3.887%, 04/15/2049 | 13169 | 0.0 |
| 18000 | Allina Health System 2021, 2.902%, 11/15/2051 | 10963 | 0.0 |
| 89000 | Altria Group, Inc., 2.450%, 02/04/2032 | 76793 | 0.0 |
| 44000 | Altria Group, Inc., 3.400%, 05/06/2030 | 41803 | 0.0 |
| 89000 | Altria Group, Inc., 3.400%, 02/04/2041 | 66069 | 0.0 |
| 74000 | Altria Group, Inc., 3.700%, 02/04/2051 | 51255 | 0.0 |
| 89000 | Altria Group, Inc., 3.875%, 09/16/2046 | 65879 | 0.0 |
| 59000 <sup>(1)</sup> | Altria Group, Inc., 4.000%, 02/04/2061 | 41688 | 0.0 |
| 53000 | Altria Group, Inc., 4.250%, 08/09/2042 | 43112 | 0.0 |
| 30000 | Altria Group, Inc., 4.450%, 05/06/2050 | 23497 | 0.0 |
| 38000 | Altria Group, Inc., 4.500%, 05/02/2043 | 31704 | 0.0 |
| 113000 | Altria Group, Inc., 4.800%, 02/14/2029 | 114284 | 0.0 |
| 107000 | Altria Group, Inc., 5.375%, 01/31/2044 | 101099 | 0.0 |
| 118000 | Altria Group, Inc., 5.800%, 02/14/2039 | 119633 | 0.0 |
| 64000 <sup>(1)</sup> | Altria Group, Inc., 5.950%, 02/14/2049 | 63700 | 0.0 |
| 30000 | Altria Group, Inc., 6.200%, 11/01/2028 | 31679 | 0.0 |
| 30000 | Altria Group, Inc., 6.875%, 11/01/2033 | 33521 | 0.0 |
| 30000 | American University 2019, 3.672%, 04/01/2049 | 22515 | 0.0 |
| 56000 | Amgen, Inc., 2.000%, 01/15/2032 | 47774 | 0.0 |
| 1175000 <sup>(1)</sup> | Amgen, Inc., 2.300%, 02/25/2031 | 1045322 | 0.1 |
| 469000 | Amgen, Inc., 3.150%, 02/21/2040 | 361491 | 0.1 |
| 56000 | Amgen, Inc., 3.350%, 02/22/2032 | 51876 | 0.0 |
| 42000 <sup>(1)</sup> | Amgen, Inc., 4.200%, 03/01/2033 | 40331 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 540000 | Amgen, Inc., 4.400%, 05/01/2045 | $459743 | 0.1 |
| 198000 | Amgen, Inc., 4.663%, 06/15/2051 | 169667 | 0.0 |
| 34000 | Amgen, Inc., 4.950%, 10/01/2041 | 31250 | 0.0 |
| 41000 | Amgen, Inc., 5.150%, 11/15/2041 | 38674 | 0.0 |
| 154000 | Amgen, Inc., 5.250%, 03/02/2030 | 158723 | 0.0 |
| 23000 | Amgen, Inc., 5.650%, 06/15/2042 | 22913 | 0.0 |
| 15000 | Amgen, Inc., 5.650%, 03/02/2053 | 14656 | 0.0 |
| 20000 | Amgen, Inc., 5.750%, 03/15/2040 | 20463 | 0.0 |
| 44000 | Amgen, Inc., 5.750%, 03/02/2063 | 42809 | 0.0 |
| 26000 | Amgen, Inc., 6.375%, 06/01/2037 | 28609 | 0.0 |
| 335000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036 | 327023 | 0.0 |
| 374000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046 | 343098 | 0.1 |
| 40000 | Anheuser-Busch InBev Finance, Inc., 4.700%, 02/01/2036 | 39047 | 0.0 |
| 90000 | Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/2046 | 82199 | 0.0 |
| 111000 | Anheuser-Busch InBev Worldwide, Inc., 3.500%, 06/01/2030 | 107130 | 0.0 |
| 110000 | Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/2048 | 93619 | 0.0 |
| 270000 | Anheuser-Busch InBev Worldwide, Inc., 4.750%, 01/23/2029 | 274954 | 0.0 |
| 45000 | Anheuser-Busch InBev Worldwide, Inc., 4.900%, 01/23/2031 | 46316 | 0.0 |
| 95000 | Anheuser-Busch InBev Worldwide, Inc., 4.950%, 01/15/2042 | 89687 | 0.0 |
| 125000 | Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039 | 127218 | 0.0 |
| 209000 | Anheuser-Busch InBev Worldwide, Inc., 5.550%, 01/23/2049 | 207593 | 0.0 |
| 125000 | Anheuser-Busch InBev Worldwide, Inc., 5.800%, 01/23/2059 | 128136 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 20000 | Anheuser-Busch InBev Worldwide, Inc., 5.875%, 06/15/2035 | $21510 | 0.0 |
| 30000 | Anheuser-Busch InBev Worldwide, Inc., 8.000%, 11/15/2039 | 38062 | 0.0 |
| 81000 | Anheuser-Busch InBev Worldwide, Inc., 8.200%, 01/15/2039 | 103367 | 0.0 |
| 59000 | Archer-Daniels- Midland Co., 2.500%, 08/11/2026 | 57966 | 0.0 |
| 44000 | Archer-Daniels- Midland Co., 2.700%, 09/15/2051 | 26880 | 0.0 |
| 44000 | Archer-Daniels- Midland Co., 2.900%, 03/01/2032 | 39744 | 0.0 |
| 59000 <sup>(1)</sup> | Archer-Daniels- Midland Co., 3.250%, 03/27/2030 | 56325 | 0.0 |
| 24000 | Archer-Daniels- Midland Co., 3.750%, 09/15/2047 | 18120 | 0.0 |
| 22000 | Archer-Daniels- Midland Co., 4.016%, 04/16/2043 | 18136 | 0.0 |
| 30000 <sup>(1)</sup> | Archer-Daniels- Midland Co., 4.500%, 08/15/2033 | 29408 | 0.0 |
| 36000 | Archer-Daniels- Midland Co., 4.500%, 03/15/2049 | 30846 | 0.0 |
| 23000 | Archer-Daniels- Midland Co., 4.535%, 03/26/2042 | 20503 | 0.0 |
| 26000 | Archer-Daniels- Midland Co., 5.375%, 09/15/2035 | 26995 | 0.0 |
| 20000 | Archer-Daniels- Midland Co., 5.935%, 10/01/2032 | 21734 | 0.0 |
| 69000 | Ascension Health, 3.945%, 11/15/2046 | 54952 | 0.0 |
| 25000 | Ascension Health, 4.847%, 11/15/2053 | 22206 | 0.0 |
| 52000 | Ascension Health B, 2.532%, 11/15/2029 | 48499 | 0.0 |
| 34000 | Ascension Health B, 3.106%, 11/15/2039 | 26652 | 0.0 |
| 507000 <sup>(1)</sup> | AstraZeneca PLC, 4.000%, 01/17/2029 | 504715 | 0.1 |
| 38000 | AstraZeneca PLC, 4.375%, 08/17/2048 | 32492 | 0.0 |
| 402000 | AstraZeneca PLC, 6.450%, 09/15/2037 | 451803 | 0.1 |
| 121000 | Automatic Data Processing, Inc., 4.450%, 09/09/2034 | 118705 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 29000 | Avery Dennison Corp., 2.250%, 02/15/2032 | $24694 | 0.0 |
| 29000 <sup>(1)</sup> | Avery Dennison Corp., 2.650%, 04/30/2030 | 26651 | 0.0 |
| 29000 | Avery Dennison Corp., 4.875%, 12/06/2028 | 29458 | 0.0 |
| 23000 | Avery Dennison Corp., 5.750%, 03/15/2033 | 24062 | 0.0 |
| 18000 | Banner Health, 1.897%, 01/01/2031 | 15805 | 0.0 |
| 18000 | Banner Health, 2.338%, 01/01/2030 | 16562 | 0.0 |
| 19000 | Banner Health, 2.907%, 01/01/2042 | 13363 | 0.0 |
| 18000 | Banner Health, 2.913%, 01/01/2051 | 11457 | 0.0 |
| 18000 | Banner Health 2020, 3.181%, 01/01/2050 | 11844 | 0.0 |
| 30000 | Baptist Healthcare System Obligated Group 20B, 3.540%, 08/15/2050 | 20582 | 0.0 |
| 14000 | BAT Capital Corp., 3.557%, 08/15/2027 | 13780 | 0.0 |
| 53000 | Baxalta, Inc., 5.250%, 06/23/2045 | 49667 | 0.0 |
| 38000 <sup>(1)</sup> | Baxter International, Inc., 1.730%, 04/01/2031 | 32455 | 0.0 |
| 85000 | Baxter International, Inc., 1.915%, 02/01/2027 | 81867 | 0.0 |
| 74000 | Baxter International, Inc., 2.272%, 12/01/2028 | 68905 | 0.0 |
| 91000 <sup>(1)</sup> | Baxter International, Inc., 2.539%, 02/01/2032 | 79349 | 0.0 |
| 44000 | Baxter International, Inc., 2.600%, 08/15/2026 | 43184 | 0.0 |
| 44000 | Baxter International, Inc., 3.132%, 12/01/2051 | 28126 | 0.0 |
| 27000 | Baxter International, Inc., 3.500%, 08/15/2046 | 19294 | 0.0 |
| 30000 | Baxter International, Inc., 3.950%, 04/01/2030 | 29355 | 0.0 |
| 29000 | BayCare Health System, Inc. 2020, 3.831%, 11/15/2050 | 22248 | 0.0 |
| 23000 | Baylor Scott & White Holdings, 3.967%, 11/15/2046 | 18374 | 0.0 |
| 27000 | Baylor Scott & White Holdings, 4.185%, 11/15/2045 | 22403 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 18000 | Baylor Scott & White Holdings 2021, 1.777%, 11/15/2030 | $15777 | 0.0 |
| 53000 | Baylor Scott & White Holdings 2021, 2.839%, 11/15/2050 | 33447 | 0.0 |
| 76000 | Becton Dickinson & Co., 1.957%, 02/11/2031 | 65980 | 0.0 |
| 63000 | Becton Dickinson & Co., 3.794%, 05/20/2050 | 46977 | 0.0 |
| 89000 | Biogen, Inc., 2.250%, 05/01/2030 | 80217 | 0.0 |
| 89000 | Biogen, Inc., 3.150%, 05/01/2050 | 56137 | 0.0 |
| 41000 | Biogen, Inc., 3.250%, 02/15/2051 | 26194 | 0.0 |
| 66000 | Biogen, Inc., 5.200%, 09/15/2045 | 59336 | 0.0 |
| 23000 | Bio-Rad Laboratories, Inc., 3.300%, 03/15/2027 | 22566 | 0.0 |
| 47000 <sup>(1)</sup> | Bio-Rad Laboratories, Inc., 3.700%, 03/15/2032 | 43241 | 0.0 |
| 23000 | Bon Secours Mercy Health, Inc., 3.464%, 06/01/2030 | 22118 | 0.0 |
| 71000 | Boston Scientific Corp., 2.650%, 06/01/2030 | 65755 | 0.0 |
| 20000 | Boston Scientific Corp., 4.000%, 03/01/2028 | 20071 | 0.0 |
| 27000 | Boston Scientific Corp., 4.550%, 03/01/2039 | 25559 | 0.0 |
| 38000 <sup>(1)</sup> | Boston Scientific Corp., 4.700%, 03/01/2049 | 34207 | 0.0 |
| 21000 | Boston Scientific Corp., 6.500%, 11/15/2035 | 23565 | 0.0 |
| 18000 | Boston Scientific Corp., 7.375%, 01/15/2040 | 21838 | 0.0 |
| 588000 <sup>(1)</sup> | Bristol-Myers Squibb Co., 1.125%, 11/13/2027 | 551309 | 0.1 |
| 192000 | Bristol-Myers Squibb Co., 2.350%, 11/13/2040 | 131861 | 0.0 |
| 500000 | Bristol-Myers Squibb Co., 3.250%, 08/01/2042 | 374438 | 0.1 |
| 588000 <sup>(1)</sup> | Bristol-Myers Squibb Co., 3.900%, 02/20/2028 | 585394 | 0.1 |
| 222000 | Bristol-Myers Squibb Co., 4.250%, 10/26/2049 | 180130 | 0.0 |
| 500000 | Bristol-Myers Squibb Co., 4.625%, 05/15/2044 | 443266 | 0.1 |
| 102000 | Bristol-Myers Squibb Co., 5.650%, 02/22/2064 | 99121 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 33000 | Brown University A, 2.924%, 09/01/2050 | $21805 | 0.0 |
| 18000 | Brown-Forman Corp., 4.000%, 04/15/2038 | 15838 | 0.0 |
| 30000 | Brown-Forman Corp., 4.500%, 07/15/2045 | 25991 | 0.0 |
| 38000 <sup>(1)</sup> | Brown-Forman Corp., 4.750%, 04/15/2033 | 38047 | 0.0 |
| 104000 | Bunge Ltd. Finance Corp., 2.750%, 05/14/2031 | 94183 | 0.0 |
| 30000 | California Institute of Technology, 3.650%, 09/01/2119 | 18980 | 0.0 |
| 24000 | California Institute of Technology, 4.321%, 08/01/2045 | 20677 | 0.0 |
| 21000 | California Institute of Technology, 4.700%, 11/01/2111 | 17317 | 0.0 |
| 30000 | Campbell Soup Co., 2.375%, 04/24/2030 | 27202 | 0.0 |
| 30000 | Campbell Soup Co., 3.125%, 04/24/2050 | 19576 | 0.0 |
| 59000 <sup>(1)</sup> | Campbell Soup Co., 4.150%, 03/15/2028 | 58791 | 0.0 |
| 41000 | Campbell Soup Co., 4.800%, 03/15/2048 | 35891 | 0.0 |
| 30000 | Campbell Soup Co., 5.200%, 03/19/2027 | 30435 | 0.0 |
| 36000 | Campbell Soup Co., 5.200%, 03/21/2029 | 36876 | 0.0 |
| 24000 | Campbell Soup Co., 5.300%, 03/20/2026 | 24118 | 0.0 |
| 59000 <sup>(1)</sup> | Campbell Soup Co., 5.400%, 03/21/2034 | 59958 | 0.0 |
| 156000 | Cardinal Health, Inc., 4.900%, 09/15/2045 | 138610 | 0.0 |
| 20000 | Case Western Reserve University 22-C, 5.405%, 06/01/2122 | 18572 | 0.0 |
| 163000 <sup>(1)</sup> | Cencora, Inc., 2.800%, 05/15/2030 | 151427 | 0.0 |
| 64000 | Cencora, Inc., 4.250%, 03/01/2045 | 52497 | 0.0 |
| 136000 | Centene Corp., 2.450%, 07/15/2028 | 126385 | 0.0 |
| 130000 | Centene Corp., 2.500%, 03/01/2031 | 112015 | 0.0 |
| 77000 | Centene Corp., 2.625%, 08/01/2031 | 66027 | 0.0 |
| 130000 | Centene Corp., 3.000%, 10/15/2030 | 116242 | 0.0 |
| 118000 | Centene Corp., 3.375%, 02/15/2030 | 108768 | 0.0 |
| 142000 | Centene Corp., 4.250%, 12/15/2027 | 139937 | 0.0 |
| 176000 | Centene Corp., 4.625%, 12/15/2029 | 171300 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 20000 | Children's Hospital Corp. 2017, 4.115%, 01/01/2047 | $16530 | 0.0 |
| 17000 | Children's Hospital Corp. 2020, 2.585%, 02/01/2050 | 10272 | 0.0 |
| 152000 <sup>(1)</sup> | Church & Dwight Co., Inc., 5.600%, 11/15/2032 | 160181 | 0.0 |
| 137000 | Cigna Group, 2.375%, 03/15/2031 | 121838 | 0.0 |
| 500000 | Cigna Group, 3.400%, 03/01/2027 | 493126 | 0.1 |
| 130000 | Cigna Group, 4.800%, 08/15/2038 | 122294 | 0.0 |
| 99000 | Cigna Group, 4.800%, 07/15/2046 | 86195 | 0.0 |
| 500000 | Cigna Group, 4.900%, 12/15/2048 | 436892 | 0.1 |
| 58000 | Cintas Corp. No 2, 3.700%, 04/01/2027 | 57611 | 0.0 |
| 47000 | Cintas Corp. No 2, 4.000%, 05/01/2032 | 45457 | 0.0 |
| 20000 | City of Hope 2013, 5.623%, 11/15/2043 | 19389 | 0.0 |
| 17000 | City of Hope 2018, 4.378%, 08/15/2048 | 13566 | 0.0 |
| 23000 | Cleveland Clinic Foundation, 4.858%, 01/01/2114 | 19348 | 0.0 |
| 143000 <sup>(1)</sup> | Clorox Co., 1.800%, 05/15/2030 | 126330 | 0.0 |
| 500000 | Coca-Cola Co., 1.500%, 03/05/2028 | 470098 | 0.1 |
| 191000 | Coca-Cola Co., 1.650%, 06/01/2030 | 169468 | 0.0 |
| 260000 | Coca-Cola Co., 2.500%, 03/15/2051 | 156254 | 0.0 |
| 78000 | Coca-Cola Co., 2.750%, 06/01/2060 | 46516 | 0.0 |
| 168000 <sup>(1)</sup> | Coca-Cola Co., 2.900%, 05/25/2027 | 164969 | 0.0 |
| 231000 <sup>(1)</sup> | Coca-Cola Co., 3.000%, 03/05/2051 | 153614 | 0.0 |
| 116000 | Coca-Cola Co., 5.400%, 05/13/2064 | 113274 | 0.0 |
| 20000 | Coca-Cola Consolidated, Inc., 3.800%, 11/25/2025 | 19924 | 0.0 |
| 41000 | Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029 | 42267 | 0.0 |
| 29000 | Coca-Cola Consolidated, Inc., 5.450%, 06/01/2034 | 29901 | 0.0 |
| 150000 | Coca-Cola Femsa SAB de CV, 1.850%, 09/01/2032 | 123352 | 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)** |  |
| 125000 | Colgate-Palmolive Co., MTN, 4.000%, 08/15/2045 | $105573 | 0.0 |
| 27000 | CommonSpirit Health, 1.547%, 10/01/2025 | 26783 | 0.0 |
| 33000 | CommonSpirit Health, 2.782%, 10/01/2030 | 30231 | 0.0 |
| 54000 | CommonSpirit Health, 3.347%, 10/01/2029 | 51670 | 0.0 |
| 41000 | CommonSpirit Health, 3.817%, 10/01/2049 | 29972 | 0.0 |
| 39000 | CommonSpirit Health, 3.910%, 10/01/2050 | 28992 | 0.0 |
| 47000 | CommonSpirit Health, 4.187%, 10/01/2049 | 36318 | 0.0 |
| 44000 | CommonSpirit Health, 4.350%, 11/01/2042 | 36882 | 0.0 |
| 46000 | CommonSpirit Health, 5.205%, 12/01/2031 | 47232 | 0.0 |
| 43000 | CommonSpirit Health, 5.318%, 12/01/2034 | 43127 | 0.0 |
| 29000 | CommonSpirit Health, 5.548%, 12/01/2054 | 27321 | 0.0 |
| 30000 | CommonSpirit Health, 6.073%, 11/01/2027 | 31063 | 0.0 |
| 18000 | CommonSpirit Health, 6.461%, 11/01/2052 | 19112 | 0.0 |
| 59000 | Conagra Brands, Inc., 1.375%, 11/01/2027 | 55074 | 0.0 |
| 59000 | Conagra Brands, Inc., 4.600%, 11/01/2025 | 58943 | 0.0 |
| 77000 | Conagra Brands, Inc., 4.850%, 11/01/2028 | 77766 | 0.0 |
| 30000 | Conagra Brands, Inc., 5.300%, 10/01/2026 | 30314 | 0.0 |
| 59000 | Conagra Brands, Inc., 5.300%, 11/01/2038 | 56514 | 0.0 |
| 59000 | Conagra Brands, Inc., 5.400%, 11/01/2048 | 53224 | 0.0 |
| 23000 | Conagra Brands, Inc., 7.000%, 10/01/2028 | 24609 | 0.0 |
| 18000 | Conagra Brands, Inc., 8.250%, 09/15/2030 | 20974 | 0.0 |
| 591000 | Constellation Brands, Inc., 2.250%, 08/01/2031 | 512228 | 0.1 |
| 29000 | Cottage Health Obligated Group 2020, 3.304%, 11/01/2049 | 20157 | 0.0 |
| 678000 | CVS Health Corp., 3.625%, 04/01/2027 | 669782 | 0.1 |
| 167000 | CVS Health Corp., 3.875%, 07/20/2025 | 166875 | 0.0 |
| 296000 | CVS Health Corp., 4.300%, 03/25/2028 | 294838 | 0.0 |
| 296000 | CVS Health Corp., 4.780%, 03/25/2038 | 271829 | 0.0 |
| 412000 | CVS Health Corp.,5.050%, 03/25/2048 | 356094 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** |  |  |
| 524000 | CVS Health Corp., 5.125%, 07/20/2045 | $464457 | 0.1 |
| 44000 | CVS Health Corp., 5.300%, 12/05/2043 | 39985 | 0.0 |
| 251000 | CVS Health Corp., 6.000%, 06/01/2063 | 240155 | 0.0 |
| 62000 | Danaher Corp., 2.800%, 12/10/2051 | 38641 | 0.0 |
| 399000 | Diageo Capital PLC, 2.125%, 04/29/2032 | 340318 | 0.0 |
| 231000 | Diageo Capital PLC, 3.875%, 05/18/2028 | 229639 | 0.0 |
| 18000 | Dignity Health, 4.500%, 11/01/2042 | 15074 | 0.0 |
| 18000 | Dignity Health, 5.267%, 11/01/2064 | 15950 | 0.0 |
| 23000 | Duke University 2020, 2.682%, 10/01/2044 | 16346 | 0.0 |
| 18000 | Duke University 2020, 2.757%, 10/01/2050 | 11467 | 0.0 |
| 35000 | Duke University 2020, 2.832%, 10/01/2055 | 21434 | 0.0 |
| 35000 | Duke University Health System, Inc. 2017, 3.920%, 06/01/2047 | 27754 | 0.0 |
| 441000 | Elevance Health, Inc., 1.500%, 03/15/2026 | 431805 | 0.1 |
| 441000 | Elevance Health, Inc., 2.550%, 03/15/2031 | 396126 | 0.1 |
| 59000 | Elevance Health, Inc., 3.125%, 05/15/2050 | 38397 | 0.0 |
| 65000 | Elevance Health, Inc., 3.600%, 03/15/2051 | 45784 | 0.0 |
| 588000 | Elevance Health, Inc., 3.650%, 12/01/2027 | 581194 | 0.1 |
| 441000 | Elevance Health, Inc., 4.101%, 03/01/2028 | 439878 | 0.1 |
| 135000 | Elevance Health, Inc., 4.550%, 05/15/2052 | 110498 | 0.0 |
| 250000 | Elevance Health, Inc., 4.650%, 08/15/2044 | 217411 | 0.0 |
| 77000 | Elevance Health, Inc., 5.850%, 11/01/2064 | 74830 | 0.0 |
| 78000 | Eli Lilly & Co., 2.250%, 05/15/2050 | 44555 | 0.0 |
| 208000 | Eli Lilly & Co., 2.500%, 09/15/2060 | 114891 | 0.0 |
| 25000 | Eli Lilly & Co., 3.100%, 05/15/2027 | 24670 | 0.0 |
| 60000 | Eli Lilly & Co., 3.375%, 03/15/2029 | 58755 | 0.0 |
| 25000 | Eli Lilly & Co., 3.700%, 03/01/2045 | 20012 | 0.0 |
| 20000 | Eli Lilly & Co., 3.950%, 05/15/2047 | 16274 | 0.0 |
| 60000 | Eli Lilly & Co., 3.950%, 03/15/2049 | 48181 | 0.0 |
| 35000 | Eli Lilly & Co., 4.150%, 03/15/2059 | 27956 | 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)** | |  |
| 59000 | Eli Lilly & Co., 4.500%, 02/09/2029 | $59880 | 0.0 |
| 193000 | Eli Lilly & Co., 4.600%, 08/14/2034 | 191318 | 0.0 |
| 65000 <sup>(1)</sup> | Eli Lilly & Co., 4.700%, 02/27/2033 | 65532 | 0.0 |
| 89000 | Eli Lilly & Co., 4.700%, 02/09/2034 | 88980 | 0.0 |
| 80000 | Eli Lilly & Co., 4.875%, 02/27/2053 | 73366 | 0.0 |
| 65000 | Eli Lilly & Co., 4.950%, 02/27/2063 | 59106 | 0.0 |
| 45000 | Eli Lilly & Co., 5.000%, 02/27/2026 | 45001 | 0.0 |
| 89000 | Eli Lilly & Co., 5.000%, 02/09/2054 | 83236 | 0.0 |
| 39000 | Eli Lilly & Co., 5.050%, 08/14/2054 | 36638 | 0.0 |
| 71000 | Eli Lilly & Co., 5.100%, 02/09/2064 | 66020 | 0.0 |
| 25000 | Eli Lilly & Co., 5.500%, 03/15/2027 | 25636 | 0.0 |
| 30000 | Eli Lilly & Co., 5.550%, 03/15/2037 | 32183 | 0.0 |
| 23000 | Emory University 2020, 2.143%, 09/01/2030 | 20679 | 0.0 |
| 23000 | Emory University 2020, 2.969%, 09/01/2050 | 15013 | 0.0 |
| 59000 | Equifax, Inc., 2.350%, 09/15/2031 | 51477 | 0.0 |
| 24000 | Equifax, Inc., 2.600%, 12/15/2025 | 23783 | 0.0 |
| 36000 | Equifax, Inc., 3.100%, 05/15/2030 | 33693 | 0.0 |
| 44000 | Equifax, Inc., 5.100%, 12/15/2027 | 44717 | 0.0 |
| 41000 | Equifax, Inc., 5.100%, 06/01/2028 | 41798 | 0.0 |
| 45000 | Estee Lauder Cos., Inc., 1.950%, 03/15/2031 | 39199 | 0.0 |
| 143000 | Estee Lauder Cos., Inc., 3.700%, 08/15/2042 | 108190 | 0.0 |
| 40000 | Flowers Foods, Inc., 2.400%, 03/15/2031 | 34963 | 0.0 |
| 15000 | Ford Foundation 2020, 2.415%, 06/01/2050 | 8780 | 0.0 |
| 40000 | Ford Foundation 2020, 2.815%, 06/01/2070 | 22371 | 0.0 |
| 307000 | GE HealthCare Technologies, Inc., 5.857%, 03/15/2030 | 324348 | 0.0 |
| 126000 | GE HealthCare Technologies, Inc., 5.905%, 11/22/2032 | 134000 | 0.0 |
| 259000 | General Mills, Inc., 3.000%, 02/01/2051 | 165552 | 0.0 |
| 21000 | George Washington University, 4.868%, 09/15/2045 | 19051 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** |  |  |
| 18000 | George Washington University 2014, 4.300%, 09/15/2044 | $15336 | 0.0 |
| 47000 | George Washington University 2018, 4.126%, 09/15/2048 | 38052 | 0.0 |
| 18000 <sup>(1)</sup> | Georgetown University, 5.115%, 04/01/2053 | 16496 | 0.0 |
| 19000 | Georgetown University 20A, 2.943%, 04/01/2050 | 12262 | 0.0 |
| 18000 | Georgetown University A, 5.215%, 10/01/2118 | 15855 | 0.0 |
| 20000 | Georgetown University B, 4.315%, 04/01/2049 | 16625 | 0.0 |
| 163000 | Gilead Sciences, Inc., 3.650%, 03/01/2026 | 162216 | 0.0 |
| 104000 | Gilead Sciences, Inc., 4.150%, 03/01/2047 | 85012 | 0.0 |
| 200000 | Gilead Sciences, Inc., 4.500%, 02/01/2045 | 174379 | 0.0 |
| 224000 | Gilead Sciences, Inc., 4.750%, 03/01/2046 | 200701 | 0.0 |
| 350000 | Gilead Sciences, Inc., 4.800%, 04/01/2044 | 319985 | 0.0 |
| 294000 | GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038 | 326693 | 0.0 |
| 65000 | Global Payments, Inc., 1.200%, 03/01/2026 | 63484 | 0.0 |
| 44000 | Global Payments, Inc., 2.150%, 01/15/2027 | 42578 | 0.0 |
| 59000 | Global Payments, Inc., 2.900%, 05/15/2030 | 54265 | 0.0 |
| 44000 | Global Payments, Inc., 2.900%, 11/15/2031 | 38938 | 0.0 |
| 74000 | Global Payments, Inc., 3.200%, 08/15/2029 | 69998 | 0.0 |
| 44000 | Global Payments, Inc., 4.150%, 08/15/2049 | 32526 | 0.0 |
| 44000 | Global Payments, Inc., 4.800%, 04/01/2026 | 43985 | 0.0 |
| 30000 | Global Payments, Inc., 4.950%, 08/15/2027 | 30361 | 0.0 |
| 30000 | Global Payments, Inc., 5.300%, 08/15/2029 | 30554 | 0.0 |
| 44000 <sup>(1)</sup> | Global Payments, Inc., 5.400%, 08/15/2032 | 44938 | 0.0 |
| 44000 | Global Payments, Inc., 5.950%, 08/15/2052 | 42341 | 0.0 |
| 23000 | GXO Logistics, Inc., 1.650%, 07/15/2026 | 22252 | 0.0 |
| 23000 | GXO Logistics, Inc., 2.650%, 07/15/2031 | 20027 | 0.0 |
| 35000 | GXO Logistics, Inc., 6.250%, 05/06/2029 | 36558 | 0.0 |
| 29000 <sup>(1)</sup> | GXO Logistics, Inc., 6.500%, 05/06/2034 | 30354 | 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)** |  | |
| 18000 | Hackensack Meridian Health, Inc., 4.211%, 07/01/2048 | $14703 | 0.0 |
| 18000 | Hackensack Meridian Health, Inc., 4.500%, 07/01/2057 | 14634 | 0.0 |
| 30000 | Hackensack Meridian Health, Inc. 2020, 2.675%, 09/01/2041 | 20934 | 0.0 |
| 30000 | Hackensack Meridian Health, Inc. 2020, 2.875%, 09/01/2050 | 18881 | 0.0 |
| 326000 | Haleon US Capital LLC, 3.625%, 03/24/2032 | 305129 | 0.0 |
| 55000 | HCA, Inc., 2.375%, 07/15/2031 | 47889 | 0.0 |
| 65000 | HCA, Inc., 3.125%, 03/15/2027 | 63671 | 0.0 |
| 30000 | HCA, Inc., 3.375%, 03/15/2029 | 28831 | 0.0 |
| 170000 | HCA, Inc., 3.500%, 09/01/2030 | 160810 | 0.0 |
| 95000 | HCA, Inc., 3.500%, 07/15/2051 | 62989 | 0.0 |
| 125000 | HCA, Inc., 3.625%, 03/15/2032 | 115348 | 0.0 |
| 125000 | HCA, Inc., 4.125%, 06/15/2029 | 122846 | 0.0 |
| 30000 | HCA, Inc., 4.375%, 03/15/2042 | 25108 | 0.0 |
| 75000 | HCA, Inc., 4.500%, 02/15/2027 | 75031 | 0.0 |
| 125000 | HCA, Inc., 4.625%, 03/15/2052 | 100534 | 0.0 |
| 65000 | HCA, Inc., 5.125%, 06/15/2039 | 61174 | 0.0 |
| 65000 | HCA, Inc., 5.200%, 06/01/2028 | 66422 | 0.0 |
| 95000 | HCA, Inc., 5.250%, 06/15/2026 | 95142 | 0.0 |
| 125000 | HCA, Inc., 5.250%, 06/15/2049 | 111139 | 0.0 |
| 65000 | HCA, Inc., 5.375%, 09/01/2026 | 65340 | 0.0 |
| 78000 | HCA, Inc., 5.450%, 09/15/2034 | 78709 | 0.0 |
| 80000 | HCA, Inc., 5.500%, 06/01/2033 | 81939 | 0.0 |
| 95000 | HCA, Inc., 5.500%, 06/15/2047 | 88349 | 0.0 |
| 95000 <sup>(1)</sup> | HCA, Inc., 5.625%, 09/01/2028 | 97825 | 0.0 |
| 89000 | HCA, Inc., 5.875%, 02/15/2026 | 89099 | 0.0 |
| 65000 | HCA, Inc., 5.875%, 02/01/2029 | 67474 | 0.0 |
| 65000 | HCA, Inc., 5.900%, 06/01/2053 | 62808 | 0.0 |
| 12000 | HCA, Inc., 5.950%, 09/15/2054 | 11671 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** |  |  |
| 138000 <sup>(1)</sup> | HCA, Inc., 6.100%, 04/01/2064 | $134706 | 0.0 |
| 441000 | Hershey Co., 2.300%, 08/15/2026 | 432723 | 0.1 |
| 94000 | Hershey Co., 2.650%, 06/01/2050 | 57646 | 0.0 |
| 31000 <sup>(1)</sup> | Hoag Memorial Hospital Presbyterian, 3.803%, 07/15/2052 | 23410 | 0.0 |
| 186000 <sup>(1)</sup> | Hormel Foods Corp., 1.800%, 06/11/2030 | 165432 | 0.0 |
| 447000 | Humana, Inc., 4.950%, 10/01/2044 | 385631 | 0.1 |
| 23000 | Indiana University Health, Inc. Obligated Group, 3.970%, 11/01/2048 | 18226 | 0.0 |
| 17000 | Indiana University Health, Inc. Obligated Group 2021, 2.852%, 11/01/2051 | 10639 | 0.0 |
| 35000 | Ingredion, Inc., 2.900%, 06/01/2030 | 32370 | 0.0 |
| 29000 | Ingredion, Inc., 3.200%, 10/01/2026 | 28544 | 0.0 |
| 23000 | Ingredion, Inc., 3.900%, 06/01/2050 | 17016 | 0.0 |
| 110000 | IQVIA, Inc., 6.250%, 02/01/2029 | 115042 | 0.0 |
| 59000 | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 2.500%, 01/15/2027 | 57430 | 0.0 |
| 35000 | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 3.000%, 02/02/2029 | 33273 | 0.0 |
| 58000 | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 3.000%, 05/15/2032 | 50813 | 0.0 |
| 55000 <sup>(1)</sup> | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 3.625%, 01/15/2032 | 50357 | 0.0 |
| 29000 | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 3.750%, 12/01/2031 | 27044 | 0.0 |
| 53000 | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 4.375%, 02/02/2052 | 40884 | 0.0 |
| 52000 | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 5.125%, 02/01/2028 | 53181 | 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)** | | |
| 24000 <sup>(1)</sup> | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 5.500%, 01/15/2030 | $24582 | 0.0 |
| 88000 <sup>(1)</sup> | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 5.750%, 04/01/2033 | 90512 | 0.0 |
| 92000 | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 6.500%, 12/01/2052 | 95684 | 0.0 |
| 89000 | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 6.750%, 03/15/2034 | 97214 | 0.0 |
| 53000 | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl, 7.250%, 11/15/2053 | 59704 | 0.0 |
| 59000 <sup>(1)</sup> | JM Smucker Co., 6.500%, 11/15/2053 | 63096 | 0.0 |
| 40000 | Johns Hopkins Health System Corp., 3.837%, 05/15/2046 | 31338 | 0.0 |
| 21000 | Johns Hopkins University 2013, 4.083%, 07/01/2053 | 16826 | 0.0 |
| 22000 | Johns Hopkins University A, 2.813%, 01/01/2060 | 13016 | 0.0 |
| 17000 <sup>(1)</sup> | Johns Hopkins University A, 4.705%, 07/01/2032 | 17100 | 0.0 |
| 102000 | Johnson & Johnson, 1.300%, 09/01/2030 | 88774 | 0.0 |
| 73000 <sup>(1)</sup> | Johnson & Johnson, 2.450%, 09/01/2060 | 40669 | 0.0 |
| 522000 | Johnson & Johnson, 2.900%, 01/15/2028 | 509961 | 0.1 |
| 502000 | Johnson & Johnson, 3.625%, 03/03/2037 | 449460 | 0.1 |
| 116000 | Johnson & Johnson, 3.700%, 03/01/2046 | 93147 | 0.0 |
| 251000 | Johnson & Johnson, 3.750%, 03/03/2047 | 201754 | 0.0 |
| 34000 | Kaiser Foundation Hospitals, 3.150%, 05/01/2027 | 33381 | 0.0 |
| 76000 | Kaiser Foundation Hospitals, 4.150%, 05/01/2047 | 62035 | 0.0 |
| 36000 | Kaiser Foundation Hospitals, 4.875%, 04/01/2042 | 33551 | 0.0 |
| 59000 | Kaiser Foundation Hospitals 2019, 3.266%, 11/01/2049 | 40864 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | |
| 74000 | Kaiser Foundation Hospitals 2021, 2.810%, 06/01/2041 | $52865 | 0.0 |
| 83000 | Kaiser Foundation Hospitals 2021, 3.002%, 06/01/2051 | 53832 | 0.0 |
| 263000 | Kellogg Co., 2.100%, 06/01/2030 | 236182 | 0.0 |
| 12000 | Kellogg Co., 3.250%, 04/01/2026 | 11907 | 0.0 |
| 83000 | Kenvue, Inc., 5.050%, 03/22/2053 | 77272 | 0.0 |
| 41000 | Keurig Dr Pepper, Inc., 3.350%, 03/15/2051 | 27617 | 0.0 |
| 33000 | Keurig Dr Pepper, Inc., 4.500%, 11/15/2045 | 27666 | 0.0 |
| 30000 | Keurig Dr Pepper, Inc. 31\*, 2.250%, 03/15/2031 | 26494 | 0.0 |
| 42000 | Kimberly-Clark Corp., 6.625%, 08/01/2037 | 48501 | 0.0 |
| 28000 | Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040 | 28738 | 0.0 |
| 29000 | Koninklijke Philips NV, 5.000%, 03/15/2042 | 26084 | 0.0 |
| 42000 | Koninklijke Philips NV, 6.875%, 03/11/2038 | 46051 | 0.0 |
| 613000 | Kraft Heinz Foods Co., 4.375%, 06/01/2046 | 496302 | 0.1 |
| 28000 | Kroger Co., 1.700%, 01/15/2031 | 24185 | 0.0 |
| 72000 | Kroger Co., 2.650%, 10/15/2026 | 70564 | 0.0 |
| 57000 | Kroger Co., 4.450%, 02/01/2047 | 47315 | 0.0 |
| 123000 | Kroger Co., 5.000%, 09/15/2034 | 122197 | 0.0 |
| 20000 | Kroger Co., 5.000%, 04/15/2042 | 18186 | 0.0 |
| 22000 | Kroger Co., 5.150%, 08/01/2043 | 20451 | 0.0 |
| 17000 | Kroger Co., 5.400%, 07/15/2040 | 16668 | 0.0 |
| 117000 | Kroger Co., 5.500%, 09/15/2054 | 111141 | 0.0 |
| 21000 | Kroger Co., 6.900%, 04/15/2038 | 23536 | 0.0 |
| 168000 | Kroger Co., 7.500%, 04/01/2031 | 192971 | 0.0 |
| 99000 <sup>(1)</sup> | Laboratory Corp. of America Holdings, 4.700%, 02/01/2045 | 86862 | 0.0 |
| 18000 | Leland Stanford Junior University, 1.289%, 06/01/2027 | 17169 | 0.0 |
| 27000 | Leland Stanford Junior University, 2.413%, 06/01/2050 | 15994 | 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)** | |
| 44000 | Leland Stanford Junior University, 3.647%, 05/01/2048 | $33698 | 0.0 |
| 18000 <sup>(1)</sup> | Mass General Brigham, Inc. 2015, 4.117%, 07/01/2055 | 14210 | 0.0 |
| 18000 | Mass General Brigham, Inc. 2017, 3.765%, 07/01/2048 | 13654 | 0.0 |
| 22000 | Mass General Brigham, Inc. 2020, 3.192%, 07/01/2049 | 14947 | 0.0 |
| 38000 | Mass General Brigham, Inc. 2020, 3.342%, 07/01/2060 | 24929 | 0.0 |
| 30000 | Massachusetts Institute of Technology, 3.067%, 04/01/2052 | 19962 | 0.0 |
| 30000 <sup>(1)</sup> | Massachusetts Institute of Technology, 3.885%, 07/01/2116 | 20823 | 0.0 |
| 22000 | Massachusetts Institute of Technology, 3.959%, 07/01/2038 | 20046 | 0.0 |
| 33000 | Massachusetts Institute of Technology, 4.678%, 07/01/2114 | 27558 | 0.0 |
| 44000 | Massachusetts Institute of Technology, 5.600%, 07/01/2111 | 43965 | 0.0 |
| 31000 | Massachusetts Institute of Technology F, 2.989%, 07/01/2050 | 20868 | 0.0 |
| 21000 | Massachusetts Institute of Technology G, 2.294%, 07/01/2051 | 11851 | 0.0 |
| 18000 | Mayo Clinic, 3.774%, 11/15/2043 | 14737 | 0.0 |
| 18000 | Mayo Clinic 2013, 4.000%, 11/15/2047 | 13994 | 0.0 |
| 21000 | Mayo Clinic 2016, 4.128%, 11/15/2052 | 16923 | 0.0 |
| 30000 | Mayo Clinic 2021, 3.196%, 11/15/2061 | 18654 | 0.0 |
| 30000 | McCormick & Co., Inc., 0.900%, 02/15/2026 | 29325 | 0.0 |
| 30000 | McCormick & Co., Inc., 1.850%, 02/15/2031 | 26035 | 0.0 |
| 30000 | McCormick & Co., Inc., 2.500%, 04/15/2030 | 27498 | 0.0 |
| 44000 | McCormick & Co., Inc., 3.400%, 08/15/2027 | 43261 | 0.0 |
| 18000 | McCormick & Co., Inc., 4.200%, 08/15/2047 | 14426 | 0.0 |
| 30000 | McCormick & Co., Inc., 4.950%, 04/15/2033 | 30312 | 0.0 |
| 588000 | McKesson Corp., 0.900%, 12/03/2025 | 579143 | 0.1 |
| 97000 | McKesson Corp., 5.250%, 05/30/2035 | 98572 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | |
| 53000 | Mead Johnson Nutrition Co., 4.600%, 06/01/2044 | $45882 | 0.0 |
| 59000 | Medtronic Global Holdings SCA, 4.250%, 03/30/2028 | 59313 | 0.0 |
| 59000 | Medtronic Global Holdings SCA, 4.500%, 03/30/2033 | 58420 | 0.0 |
| 18000 | Medtronic, Inc., 4.000%, 04/01/2043 | 15113 | 0.0 |
| 114000 | Medtronic, Inc., 4.375%, 03/15/2035 | 110323 | 0.0 |
| 91000 <sup>(1)</sup> | Medtronic, Inc., 4.625%, 03/15/2045 | 81922 | 0.0 |
| 24000 | Memorial Sloan- Kettering Cancer Center, 4.125%, 07/01/2052 | 19035 | 0.0 |
| 24000 | Memorial Sloan- Kettering Cancer Center, 5.000%, 07/01/2042 | 22922 | 0.0 |
| 33000 <sup>(1)</sup> | Memorial Sloan- Kettering Cancer Center 2015, 4.200%, 07/01/2055 | 26486 | 0.0 |
| 27000 | Memorial Sloan- Kettering Cancer Center 2020, 2.955%, 01/01/2050 | 17511 | 0.0 |
| 159000 | Merck & Co., Inc., 1.450%, 06/24/2030 | 139128 | 0.0 |
| 500000 | Merck & Co., Inc., 1.700%, 06/10/2027 | 479408 | 0.1 |
| 500000 | Merck & Co., Inc., 2.750%, 12/10/2051 | 307499 | 0.0 |
| 250000 | Merck & Co., Inc., 3.700%, 02/10/2045 | 197596 | 0.0 |
| 181000 | Merck & Co., Inc., 4.150%, 05/18/2043 | 154662 | 0.0 |
| 31000 | Methodist Hospital 20A, 2.705%, 12/01/2050 | 18792 | 0.0 |
| 195000 | Molson Coors Beverage Co., 5.000%, 05/01/2042 | 178012 | 0.0 |
| 460000 | Mondelez International, Inc., 2.750%, 04/13/2030 | 427337 | 0.1 |
| 17000 | Montefiore Obligated Group, 4.287%, 09/01/2050 | 11579 | 0.0 |
| 28000 | Montefiore Obligated Group 18-C, 5.246%, 11/01/2048 | 22833 | 0.0 |
| 36000 <sup>(1)</sup> | Moody's Corp., 2.000%, 08/19/2031 | 31259 | 0.0 |
| 36000 | Moody's Corp., 2.750%, 08/19/2041 | 25493 | 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)** | |
| 30000 | Moody's Corp., 3.100%, 11/29/2061 | $18640 | 0.0 |
| 30000 | Moody's Corp., 3.250%, 01/15/2028 | 29383 | 0.0 |
| 18000 | Moody's Corp., 3.250%, 05/20/2050 | 12164 | 0.0 |
| 30000 | Moody's Corp., 3.750%, 02/25/2052 | 22331 | 0.0 |
| 24000 | Moody's Corp., 4.250%, 02/01/2029 | 24003 | 0.0 |
| 30000 | Moody's Corp., 4.250%, 08/08/2032 | 29317 | 0.0 |
| 24000 | Moody's Corp., 4.875%, 12/17/2048 | 21427 | 0.0 |
| 36000 | Moody's Corp., 5.250%, 07/15/2044 | 34456 | 0.0 |
| 18000 | Mount Sinai Hospital 2017, 3.981%, 07/01/2048 | 12899 | 0.0 |
| 29000 | Mount Sinai Hospital 2019, 3.737%, 07/01/2049 | 19457 | 0.0 |
| 23000 | Mount Sinai Hospital 2020, 3.391%, 07/01/2050 | 14171 | 0.0 |
| 44000 | Mylan, Inc., 4.550%, 04/15/2028 | 43644 | 0.0 |
| 44000 | Mylan, Inc., 5.200%, 04/15/2048 | 35027 | 0.0 |
| 30000 | Mylan, Inc., 5.400%, 11/29/2043 | 25268 | 0.0 |
| 18000 | New York and Presbyterian Hospital, 2.256%, 08/01/2040 | 12413 | 0.0 |
| 18000 <sup>(1)</sup> | New York and Presbyterian Hospital, 2.606%, 08/01/2060 | 9833 | 0.0 |
| 44000 | New York and Presbyterian Hospital, 4.024%, 08/01/2045 | 35943 | 0.0 |
| 21000 | New York and Presbyterian Hospital, 4.063%, 08/01/2056 | 16339 | 0.0 |
| 30000 | New York and Presbyterian Hospital 2019, 3.954%, 08/01/2119 | 20538 | 0.0 |
| 26000 | Northwell Healthcare, Inc., 3.809%, 11/01/2049 | 18736 | 0.0 |
| 30000 | Northwell Healthcare, Inc., 3.979%, 11/01/2046 | 23123 | 0.0 |
| 50000 | Northwell Healthcare, Inc., 4.260%, 11/01/2047 | 39835 | 0.0 |
| 32000 | Northwestern University, 4.643%, 12/01/2044 | 29976 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | |
| 18000 | Northwestern University 2017, 3.662%, 12/01/2057 | $12839 | 0.0 |
| 18000 <sup>(1)</sup> | Northwestern University 2020, 2.640%, 12/01/2050 | 11225 | 0.0 |
| 24000 | Novant Health, Inc., 2.637%, 11/01/2036 | 18823 | 0.0 |
| 41000 | Novant Health, Inc., 3.168%, 11/01/2051 | 26997 | 0.0 |
| 24000 | Novant Health, Inc., 3.318%, 11/01/2061 | 15243 | 0.0 |
| 264000 | Novartis Capital Corp., 2.200%, 08/14/2030 | 240226 | 0.0 |
| 69000 | Novartis Capital Corp., 2.750%, 08/14/2050 | 44228 | 0.0 |
| 175000 | Novartis Capital Corp., 3.100%, 05/17/2027 | 172507 | 0.0 |
| 28000 | Novartis Capital Corp., 3.700%, 09/21/2042 | 23002 | 0.0 |
| 53000 | Novartis Capital Corp., 4.000%, 11/20/2045 | 44267 | 0.0 |
| 62000 <sup>(1)</sup> | Novartis Capital Corp., 4.200%, 09/18/2034 | 59778 | 0.0 |
| 32000 | NYU Langone Hospitals, 4.368%, 07/01/2047 | 27502 | 0.0 |
| 18000 | NYU Langone Hospitals, 4.784%, 07/01/2044 | 16259 | 0.0 |
| 21000 | NYU Langone Hospitals 13-A, 5.750%, 07/01/2043 | 21163 | 0.0 |
| 33000 <sup>(1)</sup> | NYU Langone Hospitals 2020, 3.380%, 07/01/2055 | 22318 | 0.0 |
| 17000 | OhioHealth Corp., 2.297%, 11/15/2031 | 14900 | 0.0 |
| 17000 | OhioHealth Corp., 2.834%, 11/15/2041 | 12194 | 0.0 |
| 22000 | OhioHealth Corp. 2020, 3.042%, 11/15/2050 | 15190 | 0.0 |
| 18000 | Orlando Health Obligated Group, 3.327%, 10/01/2050 | 12668 | 0.0 |
| 17000 | Orlando Health Obligated Group, 4.089%, 10/01/2048 | 13738 | 0.0 |
| 58000 | PayPal Holdings, Inc., 2.300%, 06/01/2030 | 52785 | 0.0 |
| 73000 | PayPal Holdings, Inc., 2.650%, 10/01/2026 | 71710 | 0.0 |
| 87000 | PayPal Holdings, Inc., 2.850%, 10/01/2029 | 82134 | 0.0 |
| 58000 <sup>(1)</sup> | PayPal Holdings, Inc., 3.250%, 06/01/2050 | 39508 | 0.0 |
| 29000 | PayPal Holdings, Inc., 3.900%, 06/01/2027 | 28911 | 0.0 |
| 58000 | PayPal Holdings, Inc., 4.400%, 06/01/2032 | 57341 | 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)** | |
| 58000 <sup>(1)</sup> | PayPal Holdings, Inc., 5.050%, 06/01/2052 | $53562 | 0.0 |
| 49000 | PayPal Holdings, Inc., 5.150%, 06/01/2034 | 49791 | 0.0 |
| 29000 | PayPal Holdings, Inc., 5.250%, 06/01/2062 | 26590 | 0.0 |
| 23000 <sup>(1)</sup> | PayPal Holdings, Inc., 5.500%, 06/01/2054 | 22608 | 0.0 |
| 21000 | PeaceHealth Obligated Group 2018, 4.787%, 11/15/2048 | 17568 | 0.0 |
| 20000 | PeaceHealth Obligated Group 2020, 1.375%, 11/15/2025 | 19719 | 0.0 |
| 23000 | PeaceHealth Obligated Group 2020, 3.218%, 11/15/2050 | 14264 | 0.0 |
| 27000 | Pepsico Singapore Financing I Pte Ltd., 4.550%, 02/16/2029 | 27405 | 0.0 |
| 33000 | Pepsico Singapore Financing I Pte Ltd., 4.650%, 02/16/2027 | 33318 | 0.0 |
| 27000 | Pepsico Singapore Financing I Pte Ltd., 4.700%, 02/16/2034 | 26921 | 0.0 |
| 1469000 | PepsiCo, Inc., 1.625%, 05/01/2030 | 1304662 | 0.1 |
| 59000 | PepsiCo, Inc., 2.750%, 10/21/2051 | 36840 | 0.0 |
| 59000 | PepsiCo, Inc., 2.875%, 10/15/2049 | 38785 | 0.0 |
| 10000 | PepsiCo, Inc., 3.375%, 07/29/2049 | 7212 | 0.0 |
| 52000 | PepsiCo, Inc., 3.450%, 10/06/2046 | 38731 | 0.0 |
| 53000 | PepsiCo, Inc., 3.625%, 03/19/2050 | 40179 | 0.0 |
| 30000 | PepsiCo, Inc., 3.875%, 03/19/2060 | 22493 | 0.0 |
| 32000 | PepsiCo, Inc., 4.000%, 05/02/2047 | 26032 | 0.0 |
| 30000 | PepsiCo, Inc., 4.200%, 07/18/2052 | 24604 | 0.0 |
| 588000 <sup>(1)</sup> | Pfizer, Inc., 3.450%, 03/15/2029 | 576001 | 0.1 |
| 588000 | Pfizer, Inc., 3.900%, 03/15/2039 | 514256 | 0.1 |
| 500000 | Pfizer, Inc., 4.000%, 12/15/2036 | 458311 | 0.1 |
| 60000 | Pfizer, Inc., 4.100%, 09/15/2038 | 53831 | 0.0 |
| 271000 | Pfizer, Inc., 4.125%, 12/15/2046 | 223127 | 0.0 |
| 149000 | Pfizer, Inc., 4.300%, 06/15/2043 | 128966 | 0.0 |
| 30000 | Philip Morris International, Inc., 3.125%, 03/02/2028 | 29237 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | |
| 34000 | Philip Morris International, Inc., 3.875%, 08/21/2042 | $27674 | 0 |
| 166000 | Philip Morris International, Inc., 5.375%, 02/15/2033 | 171498 | 0 |
| 23000 | Piedmont Healthcare, Inc., 2.864%, 01/01/2052 | 14090 | 0 |
| 17000 | Piedmont Healthcare, Inc. 2032, 2.044%, 01/01/2032 | 14237 | 0 |
| 17000 | Piedmont Healthcare, Inc. 2042, 2.719%, 01/01/2042 | 11865 | 0 |
| 53000 | Pilgrim's Pride Corp., 3.500%, 03/01/2032 | 47764 | 0 |
| 59000 | Pilgrim's Pride Corp., 4.250%, 04/15/2031 | 56938 | 0 |
| 59000 <sup>(1)</sup> | Pilgrim's Pride Corp., 6.250%, 07/01/2033 | 62453 | 0 |
| 30000 | Pilgrim's Pride Corp., 6.875%, 05/15/2034 | 32894 | 0 |
| 30000 <sup>(1)</sup> | President and Fellows of Harvard College, 2.517%, 10/15/2050 | 18244 | 0 |
| 30000 | President and Fellows of Harvard College, 3.150%, 07/15/2046 | 21639 | 0 |
| 30000 | President and Fellows of Harvard College, 3.300%, 07/15/2056 | 20400 | 0 |
| 30000 | President and Fellows of Harvard College, 3.745%, 11/15/2052 | 23036 | 0 |
| 44000 <sup>(1)</sup> | President and Fellows of Harvard College, 4.609%, 02/15/2035 | 43591 | 0 |
| 18000 | President and Fellows of Harvard College, 4.875%, 10/15/2040 | 17415 | 0 |
| 441000 | Procter & Gamble Co., 1.000%, 04/23/2026 | 429875 | 0.1 |
| 441000 | Procter & Gamble Co., 1.950%, 04/23/2031 | 391584 | 0.1 |
| 441000 | Procter & Gamble Co., 2.800%, 03/25/2027 | 433304 | 0.1 |
| 35000 | Procter & Gamble Co., 3.600%, 03/25/2050 | 26674 | 0 |
| 35000 | Providence St Joseph Health Obligated Group, 5.403%, 10/01/2033 | 35409 | 0 |
| 38000 | Providence St Joseph Health Obligated Group 19A, 2.532%, 10/01/2029 | 35039 | 0 |
| 46000 | Providence St Joseph Health Obligated Group 21A, 2.700%, 10/01/2051 | 25699 | 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)** | |
| 21000 | Providence St Joseph Health Obligated Group A, 3.930%, 10/01/2048 | $15760 | 0.0 |
| 18000 | Providence St Joseph Health Obligated Group H, 2.746%, 10/01/2026 | 17629 | 0.0 |
| 24000 | Providence St Joseph Health Obligated Group I, 3.744%, 10/01/2047 | 17604 | 0.0 |
| 29000 | Quanta Services, Inc., 2.350%, 01/15/2032 | 24986 | 0.0 |
| 58000 | Quanta Services, Inc., 2.900%, 10/01/2030 | 53494 | 0.0 |
| 29000 | Quanta Services, Inc., 3.050%, 10/01/2041 | 20613 | 0.0 |
| 209000 | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | 189665 | 0.0 |
| 74000 | Regeneron Pharmaceuticals, Inc., 1.750%, 09/15/2030 | 64291 | 0.0 |
| 44000 | Regeneron Pharmaceuticals, Inc., 2.800%, 09/15/2050 | 26292 | 0.0 |
| 44000 | RELX Capital, Inc., 3.000%, 05/22/2030 | 41447 | 0.0 |
| 55000 | RELX Capital, Inc., 4.000%, 03/18/2029 | 54606 | 0.0 |
| 29000 | RELX Capital, Inc., 4.750%, 05/20/2032 | 29232 | 0.0 |
| 30000 | Revvity, Inc., 1.900%, 09/15/2028 | 27798 | 0.0 |
| 30000 | Revvity, Inc., 2.250%, 09/15/2031 | 25734 | 0.0 |
| 24000 | Revvity, Inc., 2.550%, 03/15/2031 | 21094 | 0.0 |
| 50000 | Revvity, Inc., 3.300%, 09/15/2029 | 47374 | 0.0 |
| 24000 | Revvity, Inc., 3.625%, 03/15/2051 | 16497 | 0.0 |
| 500000 | Reynolds American, Inc., 5.700%, 08/15/2035 | 510775 | 0.1 |
| 665000 | Reynolds American, Inc., 6.150%, 09/15/2043 | 673341 | 0.1 |
| 41000 | Rockefeller Foundation 2020, 2.492%, 10/01/2050 | 24222 | 0.0 |
| 603000 | Royalty Pharma PLC, 1.200%, 09/02/2025 | 599040 | 0.1 |
| 55000 | Royalty Pharma PLC, 3.300%, 09/02/2040 | 41447 | 0.0 |
| 41000 | Royalty Pharma PLC, 3.350%, 09/02/2051 | 26594 | 0.0 |
| 59000 | Royalty Pharma PLC, 3.550%, 09/02/2050 | 40002 | 0.0 |
| 61000 | Royalty Pharma PLC, 5.900%, 09/02/2054 | 59405 | 0.0 |
| 36000 | S&P Global, Inc., 1.250%, 08/15/2030 | 31008 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 41000 | S&P Global, Inc., 2.300%, 08/15/2060 | $20964 | 0.0 |
| 73000 | S&P Global, Inc., 2.450%, 03/01/2027 | 71067 | 0.0 |
| 30000 | S&P Global, Inc., 2.500%, 12/01/2029 | 27907 | 0.0 |
| 73000 | S&P Global, Inc., 2.700%, 03/01/2029 | 69210 | 0.0 |
| 88000 | S&P Global, Inc., 2.900%, 03/01/2032 | 80035 | 0.0 |
| 30000 | S&P Global, Inc., 2.950%, 01/22/2027 | 29500 | 0.0 |
| 36000 | S&P Global, Inc., 3.250%, 12/01/2049 | 25460 | 0.0 |
| 49000 | S&P Global, Inc., 3.700%, 03/01/2052 | 37163 | 0.0 |
| 30000 | S&P Global, Inc., 3.900%, 03/01/2062 | 22378 | 0.0 |
| 55000 | S&P Global, Inc., 4.250%, 05/01/2029 | 54985 | 0.0 |
| 41000 | S&P Global, Inc., 4.750%, 08/01/2028 | 41603 | 0.0 |
| 44000 | S&P Global, Inc., 5.250%, 09/15/2033 | 45753 | 0.0 |
| 59000 | Sanofi, 3.625%, 06/19/2028 | 58349 | 0.0 |
| 58000 | Smith & Nephew PLC, 2.032%, 10/14/2030 | 50815 | 0.0 |
| 20000 <sup>(1)</sup> | Smith & Nephew PLC, 5.150%, 03/20/2027 | 20247 | 0.0 |
| 38000 | Smith & Nephew PLC, 5.400%, 03/20/2034 | 38561 | 0.0 |
| 89000 | Solventum Corp., 5.400%, 03/01/2029 | 91672 | 0.0 |
| 59000 | Solventum Corp., 5.450%, 02/25/2027 | 59987 | 0.0 |
| 59000 <sup>(1)</sup> | Solventum Corp., 5.450%, 03/13/2031 | 61289 | 0.0 |
| 78000 | Solventum Corp., 5.600%, 03/23/2034 | 80307 | 0.0 |
| 74000 <sup>(1)</sup> | Solventum Corp., 5.900%, 04/30/2054 | 74033 | 0.0 |
| 30000 | Solventum Corp., 6.000%, 05/15/2064 | 29766 | 0.0 |
| 21000 | Stanford Health Care, 3.027%, 08/15/2051 | 13577 | 0.0 |
| 29000 | Stanford Health Care 2018, 3.795%, 11/15/2048 | 22094 | 0.0 |
| 17000 | Stanford Health Care 2020, 3.310%, 08/15/2030 | 16213 | 0.0 |
| 143000 <sup>(1)</sup> | Stryker Corp., 2.900%, 06/15/2050 | 93479 | 0.0 |
| 500000 | Stryker Corp., 3.500%, 03/15/2026 | 497035 | 0.1 |
| 24000 | Stryker Corp., 4.100%, 04/01/2043 | 19967 | 0.0 |
| 13000 | Stryker Corp., 4.375%, 05/15/2044 | 11169 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 59000 | Stryker Corp., 4.625%, 03/15/2046 | $52426 | 0.0 |
| 22000 | Sutter Health, 5.164%, 08/15/2033 | 22338 | 0.0 |
| 22000 <sup>(1)</sup> | Sutter Health, 5.547%, 08/15/2053 | 21769 | 0.0 |
| 20000 | Sutter Health 2018, 3.695%, 08/15/2028 | 19715 | 0.0 |
| 20000 | Sutter Health 2018, 4.091%, 08/15/2048 | 16071 | 0.0 |
| 18000 | Sutter Health 20A, 1.321%, 08/15/2025 | 17927 | 0.0 |
| 41000 | Sutter Health 20A, 2.294%, 08/15/2030 | 37055 | 0.0 |
| 24000 | Sutter Health 20A, 3.161%, 08/15/2040 | 18595 | 0.0 |
| 35000 | Sutter Health 20A, 3.361%, 08/15/2050 | 24216 | 0.0 |
| 302000 | Sysco Corp., 6.600%, 04/01/2050 | 327339 | 0.0 |
| 17000 | Texas Health Resources, 2.328%, 11/15/2050 | 9564 | 0.0 |
| 17000 | Texas Health Resources, 4.330%, 11/15/2055 | 13883 | 0.0 |
| 41000 | Thermo Fisher Scientific, Inc., 1.750%, 10/15/2028 | 37985 | 0.0 |
| 71000 <sup>(1)</sup> | Thermo Fisher Scientific, Inc., 2.000%, 10/15/2031 | 61938 | 0.0 |
| 53000 | Thermo Fisher Scientific, Inc., 2.600%, 10/01/2029 | 49676 | 0.0 |
| 60000 | Thermo Fisher Scientific, Inc., 2.800%, 10/15/2041 | 43086 | 0.0 |
| 44000 | Thermo Fisher Scientific, Inc., 4.100%, 08/15/2047 | 36205 | 0.0 |
| 36000 | Thermo Fisher Scientific, Inc., 4.800%, 11/21/2027 | 36593 | 0.0 |
| 36000 <sup>(1)</sup> | Thermo Fisher Scientific, Inc., 4.950%, 11/21/2032 | 36843 | 0.0 |
| 36000 | Thermo Fisher Scientific, Inc., 4.953%, 08/10/2026 | 36288 | 0.0 |
| 44000 | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | 45302 | 0.0 |
| 59000 | Thermo Fisher Scientific, Inc., 5.000%, 12/05/2026 | 59653 | 0.0 |
| 59000 <sup>(1)</sup> | Thermo Fisher Scientific, Inc., 5.000%, 01/31/2029 | 60593 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 59000 | Thermo Fisher Scientific, Inc., 5.086%, 08/10/2033 | $60414 | 0.0 |
| 30000 | Thermo Fisher Scientific, Inc., 5.200%, 01/31/2034 | 30846 | 0.0 |
| 24000 | Thermo Fisher Scientific, Inc., 5.300%, 02/01/2044 | 23429 | 0.0 |
| 36000 | Thermo Fisher Scientific, Inc., 5.404%, 08/10/2043 | 35679 | 0.0 |
| 21000 | Thomas Jefferson University, 3.847%, 11/01/2057 | 14560 | 0.0 |
| 30000 | TR Finance LLC, 3.350%, 05/15/2026 | 29661 | 0.0 |
| 24000 | TR Finance LLC, 5.500%, 08/15/2035 | 24284 | 0.0 |
| 21000 | TR Finance LLC, 5.650%, 11/23/2043 | 20478 | 0.0 |
| 30000 | TR Finance LLC, 5.850%, 04/15/2040 | 30832 | 0.0 |
| 18000 | Trustees of Princeton University, 4.201%, 03/01/2052 | 15042 | 0.0 |
| 30000 | Trustees of Princeton University, 5.700%, 03/01/2039 | 32221 | 0.0 |
| 30000 | Trustees of Princeton University 2020, 2.516%, 07/01/2050 | 18423 | 0.0 |
| 17000 | Trustees of the University of Pennsylvania, 3.610%, 02/15/2119 | 10929 | 0.0 |
| 17000 | Trustees of the University of Pennsylvania, 4.674%, 09/01/2112 | 14025 | 0.0 |
| 17000 | Trustees of the University of Pennsylvania 2020, 2.396%, 10/01/2050 | 9800 | 0.0 |
| 441000 | Tyson Foods, Inc., 3.550%, 06/02/2027 | 435159 | 0.1 |
| 44000 | Tyson Foods, Inc., 4.550%, 06/02/2047 | 36617 | 0.0 |
| 30000 | Tyson Foods, Inc., 4.875%, 08/15/2034 | 29252 | 0.0 |
| 78000 | Tyson Foods, Inc., 5.100%, 09/28/2048 | 69927 | 0.0 |
| 30000 | Tyson Foods, Inc., 5.150%, 08/15/2044 | 27392 | 0.0 |
| 588000 <sup>(1)</sup> | Unilever Capital Corp., 3.500%, 03/22/2028 | 580565 | 0.1 |
| 75000 | Unilever Capital Corp., 5.900%, 11/15/2032 | 81864 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 255000 | UnitedHealth Group, Inc., 2.000%, 05/15/2030 | $228254 | 0.0 |
| 84000 | UnitedHealth Group, Inc., 2.300%, 05/15/2031 | 74095 | 0.0 |
| 172000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | 124864 | 0.0 |
| 500000 | UnitedHealth Group, Inc., 2.900%, 05/15/2050 | 311440 | 0.0 |
| 285000 | UnitedHealth Group, Inc., 2.950%, 10/15/2027 | 277336 | 0.0 |
| 87000 | UnitedHealth Group, Inc., 3.050%, 05/15/2041 | 63982 | 0.0 |
| 500000 | UnitedHealth Group, Inc., 3.125%, 05/15/2060 | 299565 | 0.0 |
| 73000 | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | 58948 | 0.0 |
| 588000 | UnitedHealth Group, Inc., 3.850%, 06/15/2028 | 583127 | 0.1 |
| 73000 | UnitedHealth Group, Inc., 4.250%, 01/15/2029 | 72886 | 0.0 |
| 62000 | UnitedHealth Group, Inc., 4.250%, 04/15/2047 | 50228 | 0.0 |
| 250000 | UnitedHealth Group, Inc., 4.625%, 07/15/2035 | 241549 | 0.0 |
| 250000 | UnitedHealth Group, Inc., 4.750%, 07/15/2045 | 221389 | 0.0 |
| 112000 | UnitedHealth Group, Inc., 5.350%, 02/15/2033 | 115434 | 0.0 |
| 108000 | UnitedHealth Group, Inc., 5.750%, 07/15/2064 | 105137 | 0.0 |
| 116000 | UnitedHealth Group, Inc., 5.875%, 02/15/2053 | 116301 | 0.0 |
| 41000 | Universal Health Services, Inc., 1.650%, 09/01/2026 | 39598 | 0.0 |
| 46000 | Universal Health Services, Inc., 2.650%, 10/15/2030 | 41028 | 0.0 |
| 29000 | Universal Health Services, Inc., 2.650%, 01/15/2032 | 24630 | 0.0 |
| 24000 | University of Chicago, 4.003%, 10/01/2053 | 18995 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 20000 | University of Chicago 20B, 2.761%, 04/01/2045 | $15468 | 0.0 |
| 18000 | University of Chicago C, 2.547%, 04/01/2050 | 11614 | 0.0 |
| 29000 <sup>(1)</sup> | University of Miami 2022, 4.063%, 04/01/2052 | 22802 | 0.0 |
| 23000 | University of Notre Dame du Lac 2015, 3.438%, 02/15/2045 | 17603 | 0.0 |
| 23000 | University of Notre Dame du Lac 2017, 3.394%, 02/15/2048 | 17001 | 0.0 |
| 18000 | University of Southern California, 2.805%, 10/01/2050 | 11391 | 0.0 |
| 43000 | University of Southern California, 3.028%, 10/01/2039 | 34572 | 0.0 |
| 30000 <sup>(1)</sup> | University of Southern California, 4.976%, 10/01/2053 | 27702 | 0.0 |
| 18000 <sup>(1)</sup> | University of Southern California, 5.250%, 10/01/2111 | 16750 | 0.0 |
| 24000 | University of Southern California 2017, 3.841%, 10/01/2047 | 19017 | 0.0 |
| 24000 | University of Southern California 21A, 2.945%, 10/01/2051 | 15375 | 0.0 |
| 19000 | University of Southern California A, 3.226%, 10/01/2120 | 10918 | 0.0 |
| 64000 <sup>(1)</sup> | UPMC, 5.035%, 05/15/2033 | 64334 | 0.0 |
| 81000 | Utah Acquisition Sub, Inc., 3.950%, 06/15/2026 | 80255 | 0.0 |
| 59000 | Utah Acquisition Sub, Inc., 5.250%, 06/15/2046 | 47898 | 0.0 |
| 29000 <sup>(1)</sup> | Verisk Analytics, Inc., 3.625%, 05/15/2050 | 20736 | 0.0 |
| 35000 | Verisk Analytics, Inc., 4.125%, 03/15/2029 | 34794 | 0.0 |
| 35000 | Verisk Analytics, Inc., 5.250%, 06/05/2034 | 35765 | 0.0 |
| 20000 | Verisk Analytics, Inc., 5.500%, 06/15/2045 | 19214 | 0.0 |
| 29000 | Verisk Analytics, Inc., 5.750%, 04/01/2033 | 30513 | 0.0 |
| 44000 | Viatris, Inc., 2.300%, 06/22/2027 | 41945 | 0.0 |
| 86000 | Viatris, Inc., 2.700%, 06/22/2030 | 76634 | 0.0 |
| 89000 | Viatris, Inc., 3.850%, 06/22/2040 | 65773 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 101000 | Viatris, Inc., 4.000%, 06/22/2050 | $| 67329 | 0.0 |
| 30000 <sup>(1)</sup> | Washington University, 4.349%, 04/15/2122 |  | 22946 | 0.0 |
| 30000 | Washington University 2022, 3.524%, 04/15/2054 |  | 21530 | 0.0 |
| 20000 | William Marsh Rice University, 3.574%, 05/15/2045 |  | 15727 | 0.0 |
| 20000 | William Marsh Rice University, 3.774%, 05/15/2055 |  | 15101 | 0.0 |
| 17000 | Willis-Knighton Medical Center 2018, 4.813%, 09/01/2048 |  | 14810 | 0.0 |
| 23000 | Willis-Knighton Medical Center 2021, 3.065%, 03/01/2051 |  | 14160 | 0.0 |
| 29000 | Yale University 2020, 1.482%, 04/15/2030 |  | 25670 | 0.0 |
| 29000 <sup>(1)</sup> | Yale University 2020, 2.402%, 04/15/2050 |  | 17180 | 0.0 |
| 44000 | Zimmer Biomet Holdings, Inc., 2.600%, 11/24/2031 |  | 38906 | 0.0 |
| 35000 | Zimmer Biomet Holdings, Inc., 3.050%, 01/15/2026 |  | 34733 | 0.0 |
| 23000 | Zimmer Biomet Holdings, Inc., 4.450%, 08/15/2045 |  | 19152 | 0.0 |
| 29000 | Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028 |  | 29907 | 0.0 |
| 18000 | Zimmer Biomet Holdings, Inc., 5.750%, 11/30/2039 |  | 18127 | 0.0 |
| 292000 | Zoetis, Inc., 2.000%, 05/15/2030 |  | 262534 | 0.0 |
| 103000 <sup>(1)</sup> | Zoetis, Inc., 3.000%, 05/15/2050 |  | 67760 | 0.0 |
| 44000 | Zoetis, Inc., 4.500%, 11/13/2025 |  | 43979 | 0.0 |
|  |  |  | **60716255** | **4.4** |
|  | **Energy: 1.8%** | **Energy: 1.8%** | **Energy: 1.8%** | **Energy: 1.8%** |
| 31000 <sup>(4)</sup> | APA Corp., 4.250%, 01/15/2030 |  | 29690 | 0.0 |
| 19000 <sup>(4)</sup> | APA Corp., 4.375%, 10/15/2028 |  | 18287 | 0.0 |
| 5000 <sup>(4)</sup> | APA Corp., 4.750%, 04/15/2043 |  | 3821 | 0.0 |
| 11000 <sup>(4)</sup> | APA Corp., 5.250%, 02/01/2042 |  | 8807 | 0.0 |
| 23000 <sup>(4)</sup> | APA Corp., 5.350%, 07/01/2049 |  | 18275 | 0.0 |
| 26000 <sup>(4)</sup> | APA Corp., 6.000%, 01/15/2037 |  | 23630 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** | **Energy: (continued)** | **Energy: (continued)** |
| 421000 | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 3.138%, 11/07/2029 | $401607 | 0.1 |
| 500000 | Boardwalk Pipelines L.P., 5.950%, 06/01/2026 | 504244 | 0.1 |
| 89000 | BP Capital Markets America, Inc., 2.772%, 11/10/2050 | 54383 | 0.0 |
| 104000 | BP Capital Markets America, Inc., 2.939%, 06/04/2051 | 65348 | 0.0 |
| 53000 | BP Capital Markets America, Inc., 3.000%, 02/24/2050 | 34076 | 0.0 |
| 74000 | BP Capital Markets America, Inc., 3.001%, 03/17/2052 | 46707 | 0.0 |
| 500000 | BP Capital Markets America, Inc., 3.017%, 01/16/2027 | 491952 | 0.1 |
| 250000 | BP Capital Markets America, Inc., 3.119%, 05/04/2026 | 247533 | 0.0 |
| 117000 | BP Capital Markets America, Inc., 3.379%, 02/08/2061 | 75509 | 0.0 |
| 331000 | BP Capital Markets America, Inc., 3.937%, 09/21/2028 | 328528 | 0.1 |
| 36000 | Canadian Natural Resources Ltd., 2.050%, 07/15/2025 | 35959 | 0.0 |
| 30000 <sup>(1)</sup> | Canadian Natural Resources Ltd., 2.950%, 07/15/2030 | 27529 | 0.0 |
| 74000 | Canadian Natural Resources Ltd., 3.850%, 06/01/2027 | 73303 | 0.0 |
| 21000 | Canadian Natural Resources Ltd., 5.850%, 02/01/2035 | 21369 | 0.0 |
| 65000 | Canadian Natural Resources Ltd., 6.250%, 03/15/2038 | 67463 | 0.0 |
| 21000 | Canadian Natural Resources Ltd., 6.450%, 06/30/2033 | 22407 | 0.0 |
| 27000 | Canadian Natural Resources Ltd., 6.500%, 02/15/2037 | 28457 | 0.0 |
| 24000 | Canadian Natural Resources Ltd., 6.750%, 02/01/2039 | 25752 | 0.0 |
| 24000 | Canadian Natural Resources Ltd., 7.200%, 01/15/2032 | 26447 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** | **Energy: (continued)** | **Energy: (continued)** |
| 44000 <sup>(1)</sup> | Canadian Natural Resources Ltd., GMTN, 4.950%, 06/01/2047 | $37653 | 0 |
| 154000 | Cenovus Energy, Inc., 6.750%, 11/15/2039 | 164934 | 0 |
| 33000 | Cheniere Corpus Christi Holdings LLC, 2.742%, 12/31/2039 | 26874 | 0 |
| 65000 | Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029 | 62724 | 0 |
| 70000 | Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027 | 70685 | 0 |
| 292000 <sup>(1)</sup> | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 | 288976 | 0.1 |
| 156000 | Cheniere Energy Partners L.P., 5.750%, 08/15/2034 | 160288 | 0 |
| 89000 | Cheniere Energy, Inc., 4.625%, 10/15/2028 | 88903 | 0 |
| 89000 | Cheniere Energy, Inc., 5.650%, 04/15/2034 | 91195 | 0 |
| 59000 | Chevron Corp., 1.995%, 05/11/2027 | 57004 | 0 |
| 89000 | Chevron Corp., 2.236%, 05/11/2030 | 81301 | 0 |
| 133000 | Chevron Corp., 2.954%, 05/16/2026 | 131516 | 0 |
| 59000 | Chevron Corp., 3.078%, 05/11/2050 | 39775 | 0 |
| 44000 | Chevron Corp., 3.326%, 11/17/2025 | 43812 | 0 |
| 44000 | Chevron USA, Inc., 0.687%, 08/12/2025 | 43811 | 0 |
| 44000 | Chevron USA, Inc., 1.018%, 08/12/2027 | 41388 | 0 |
| 44000 | Chevron USA, Inc., 2.343%, 08/12/2050 | 25208 | 0 |
| 30000 | Chevron USA, Inc., 3.250%, 10/15/2029 | 29112 | 0 |
| 35000 | Chevron USA, Inc., 3.850%, 01/15/2028 | 34952 | 0 |
| 19000 | Chevron USA, Inc., 5.250%, 11/15/2043 | 18594 | 0 |
| 23000 | Chevron USA, Inc., 6.000%, 03/01/2041 | 24379 | 0 |
| 31000 | CNOOC Petroleum North America ULC, 5.875%, 03/10/2035 | 34217 | 0 |
| 29000 | Columbia Pipeline Group, Inc., 5.800%, 06/01/2045 | 28014 | 0 |
| 197000 | ConocoPhillips Co., 4.025%, 03/15/2062 | 142020 | 0 |
| 129000 | ConocoPhillips Co., 4.150%, 11/15/2034 | 120195 | 0 |
| 416000 | ConocoPhillips Co., 4.300%, 11/15/2044 | 346406 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** | **Energy: (continued)** | **Energy: (continued)** |
| 146000 | ConocoPhillips Co., 5.200%, 06/01/2045 | $133145 | 0.0 |
| 58000 | Continental Resources, Inc., 4.375%, 01/15/2028 | 57209 | 0.0 |
| 41000 | Continental Resources, Inc., 4.900%, 06/01/2044 | 32250 | 0.0 |
| 40000 | Coterra Energy, Inc., 3.900%, 05/15/2027 | 39514 | 0.0 |
| 25000 <sup>(1)</sup> | Coterra Energy, Inc., 4.375%, 03/15/2029 | 24768 | 0.0 |
| 29000 | Coterra Energy, Inc., 5.600%, 03/15/2034 | 29262 | 0.0 |
| 59000 | Coterra Energy, Inc., 5.900%, 02/15/2055 | 54983 | 0.0 |
| 23000 | DCP Midstream Operating L.P., 3.250%, 02/15/2032 | 20339 | 0.0 |
| 35000 | DCP Midstream Operating L.P., 5.125%, 05/15/2029 | 35569 | 0.0 |
| 23000 | DCP Midstream Operating L.P., 5.600%, 04/01/2044 | 21007 | 0.0 |
| 29000 | DCP Midstream Operating L.P., 5.625%, 07/15/2027 | 29658 | 0.0 |
| 17000 | DCP Midstream Operating L.P., 8.125%, 08/16/2030 | 19783 | 0.0 |
| 34000 | Devon Energy Corp., 4.500%, 01/15/2030 | 33667 | 0.0 |
| 44000 | Devon Energy Corp., 4.750%, 05/15/2042 | 36876 | 0.0 |
| 44000 | Devon Energy Corp., 5.000%, 06/15/2045 | 36647 | 0.0 |
| 50000 <sup>(1)</sup> | Devon Energy Corp., 5.200%, 09/15/2034 | 48586 | 0.0 |
| 22000 | Devon Energy Corp., 5.250%, 10/15/2027 | 22050 | 0.0 |
| 74000 | Devon Energy Corp., 5.600%, 07/15/2041 | 68517 | 0.0 |
| 58000 | Devon Energy Corp., 5.750%, 09/15/2054 | 52263 | 0.0 |
| 29000 | Devon Energy Corp., 5.850%, 12/15/2025 | 29079 | 0.0 |
| 19000 | Devon Energy Corp., 5.875%, 06/15/2028 | 19009 | 0.0 |
| 40000 | Devon Energy Corp., 7.875%, 09/30/2031 | 46077 | 0.0 |
| 22000 | Devon Energy Corp., 7.950%, 04/15/2032 | 25291 | 0.0 |
| 47000 | Diamondback Energy, Inc., 3.125%, 03/24/2031 | 43076 | 0.0 |
| 46000 | Diamondback Energy, Inc., 3.250%, 12/01/2026 | 45336 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** | **Energy: (continued)** | **Energy: (continued)** |
| 60000 | Diamondback Energy, Inc., 3.500%, 12/01/2029 | $57413 | 0.0 |
| 44000 | Diamondback Energy, Inc., 4.250%, 03/15/2052 | 33147 | 0.0 |
| 38000 <sup>(1)</sup> | Diamondback Energy, Inc., 4.400%, 03/24/2051 | 29356 | 0.0 |
| 50000 | Diamondback Energy, Inc., 5.150%, 01/30/2030 | 51158 | 0.0 |
| 50000 | Diamondback Energy, Inc., 5.200%, 04/18/2027 | 50706 | 0.0 |
| 77000 <sup>(1)</sup> | Diamondback Energy, Inc., 5.400%, 04/18/2034 | 77264 | 0.0 |
| 89000 | Diamondback Energy, Inc., 5.750%, 04/18/2054 | 82699 | 0.0 |
| 59000 | Diamondback Energy, Inc., 5.900%, 04/18/2064 | 54669 | 0.0 |
| 65000 | Diamondback Energy, Inc., 6.250%, 03/15/2033 | 69257 | 0.0 |
| 38000 | Diamondback Energy, Inc., 6.250%, 03/15/2053 | 37617 | 0.0 |
| 25000 | Eastern Gas Transmission & Storage, Inc., 3.000%, 11/15/2029 | 23625 | 0.0 |
| 26000 | Eastern Gas Transmission & Storage, Inc., 4.600%, 12/15/2044 | 21868 | 0.0 |
| 20000 | Eastern Gas Transmission & Storage, Inc., 4.800%, 11/01/2043 | 17382 | 0.0 |
| 250000 | Enbridge, Inc., 4.500%, 06/10/2044 | 205130 | 0.0 |
| 210000 <sup>(1)</sup> | Enbridge, Inc., 5.700%, 03/08/2033 | 217824 | 0.0 |
| 311000 | Energy Transfer L.P., 4.950%, 01/15/2043 | 266162 | 0.0 |
| 593000 | Energy Transfer L.P., 6.050%, 12/01/2026 | 605674 | 0.1 |
| 59000 | Energy Transfer L.P., 6.125%, 12/15/2045 | 58007 | 0.0 |
| 1063000 | Energy Transfer L.P., 6.500%, 02/01/2042 | 1102677 | 0.1 |
| 278000 | Enterprise Products Operating LLC, 3.200%, 02/15/2052 | 181616 | 0.0 |
| 235000 | Enterprise Products Operating LLC, 3.700%, 02/15/2026 | 233849 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** | **Energy: (continued)** | **Energy: (continued)** |
| 235000 <sup>(1)</sup> | Enterprise Products Operating LLC, 3.950%, 02/15/2027 | $234260 | 0.0 |
| 140000 | Enterprise Products Operating LLC, 4.450%, 02/15/2043 | 121293 | 0.0 |
| 80000 | Enterprise Products Operating LLC, 4.850%, 03/15/2044 | 72147 | 0.0 |
| 488000 | Enterprise Products Operating LLC, 4.900%, 05/15/2046 | 439215 | 0.1 |
| 250000 | EOG Resources, Inc., 4.150%, 01/15/2026 | 249475 | 0.0 |
| 57000 | EOG Resources, Inc., 4.950%, 04/15/2050 | 50765 | 0.0 |
| 310000 | EQT Corp., 3.900%, 10/01/2027 | 305983 | 0.1 |
| 44000 | Equinor ASA, 2.375%, 05/22/2030 | 40413 | 0.0 |
| 59000 | Equinor ASA, 3.625%, 09/10/2028 | 58213 | 0.0 |
| 286000 | Equinor ASA, 3.950%, 05/15/2043 | 239804 | 0.0 |
| 64000 | Expand Energy Corp., 4.750%, 02/01/2032 | 62276 | 0.0 |
| 67000 | Expand Energy Corp., 5.375%, 03/15/2030 | 67235 | 0.0 |
| 74000 <sup>(1)</sup> | Exxon Mobil Corp., 2.440%, 08/16/2029 | 69740 | 0.0 |
| 118000 <sup>(1)</sup> | Exxon Mobil Corp., 2.610%, 10/15/2030 | 109245 | 0.0 |
| 44000 | Exxon Mobil Corp., 2.995%, 08/16/2039 | 34296 | 0.0 |
| 89000 | Exxon Mobil Corp., 3.095%, 08/16/2049 | 59478 | 0.0 |
| 49000 | Exxon Mobil Corp., 3.452%, 04/15/2051 | 34772 | 0.0 |
| 118000 | Exxon Mobil Corp., 3.482%, 03/19/2030 | 114736 | 0.0 |
| 59000 | Exxon Mobil Corp., 3.567%, 03/06/2045 | 45287 | 0.0 |
| 148000 | Exxon Mobil Corp., 4.114%, 03/01/2046 | 121618 | 0.0 |
| 118000 | Exxon Mobil Corp., 4.227%, 03/19/2040 | 105611 | 0.0 |
| 163000 | Exxon Mobil Corp., 4.327%, 03/19/2050 | 135220 | 0.0 |
| 59000 | Halliburton Co., 2.920%, 03/01/2030 | 54894 | 0.0 |
| 23000 | Halliburton Co., 3.800%, 11/15/2025 | 22914 | 0.0 |
| 53000 | Halliburton Co., 4.750%, 08/01/2043 | 46005 | 0.0 |
| 59000 <sup>(1)</sup> | Halliburton Co., 4.850%, 11/15/2035 | 56825 | 0.0 |
| 68000 | Hess Corp., 5.600%, 02/15/2041 | 67587 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** | **Energy: (continued)** | **Energy: (continued)** |
| 300000 | Kinder Morgan Energy Partners L.P., MTN, 6.950%, 01/15/2038 | $332906 | 0.1 |
| 177000 | Kinder Morgan, Inc., 2.000%, 02/15/2031 | 154554 | 0.0 |
| 127000 | Kinder Morgan, Inc., 4.300%, 03/01/2028 | 127138 | 0.0 |
| 353000 | Kinder Morgan, Inc., 5.050%, 02/15/2046 | 311925 | 0.1 |
| 250000 | Kinder Morgan, Inc., 5.550%, 06/01/2045 | 236076 | 0.0 |
| 209000 | Marathon Petroleum Corp., 4.750%, 09/15/2044 | 174018 | 0.0 |
| 89000 | MPLX L.P., 1.750%, 03/01/2026 | 87295 | 0.0 |
| 89000 | MPLX L.P., 2.650%, 08/15/2030 | 80582 | 0.0 |
| 74000 | MPLX L.P., 4.000%, 03/15/2028 | 73296 | 0.0 |
| 74000 | MPLX L.P., 4.125%, 03/01/2027 | 73629 | 0.0 |
| 43000 | MPLX L.P., 4.250%, 12/01/2027 | 42844 | 0.0 |
| 104000 | MPLX L.P., 4.500%, 04/15/2038 | 92062 | 0.0 |
| 89000 | MPLX L.P., 4.700%, 04/15/2048 | 72284 | 0.0 |
| 44000 | MPLX L.P., 4.800%, 02/15/2029 | 44439 | 0.0 |
| 30000 | MPLX L.P., 4.900%, 04/15/2058 | 24088 | 0.0 |
| 59000 | MPLX L.P., 4.950%, 09/01/2032 | 58486 | 0.0 |
| 89000 | MPLX L.P., 4.950%, 03/14/2052 | 73764 | 0.0 |
| 65000 | MPLX L.P., 5.000%, 03/01/2033 | 64129 | 0.0 |
| 59000 | MPLX L.P., 5.200%, 03/01/2047 | 51528 | 0.0 |
| 29000 | MPLX L.P., 5.200%, 12/01/2047 | 25333 | 0.0 |
| 69000 | MPLX L.P., 5.500%, 06/01/2034 | 69314 | 0.0 |
| 89000 | MPLX L.P., 5.500%, 02/15/2049 | 80449 | 0.0 |
| 30000 | MPLX L.P., 5.650%, 03/01/2053 | 27576 | 0.0 |
| 29000 <sup>(1)</sup> | NOV, Inc., 3.600%, 12/01/2029 | 27830 | 0.0 |
| 64000 <sup>(1)</sup> | NOV, Inc., 3.950%, 12/01/2042 | 47683 | 0.0 |
| 18000 | Occidental Petroleum Corp., 4.200%, 03/15/2048 | 12269 | 0.0 |
| 25000 | Occidental Petroleum Corp., 4.400%, 04/15/2046 | 18384 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 54000 <sup>(1)</sup> | Occidental Petroleum Corp., 5.375%, 01/01/2032 | $53595 | 0.0 |
| 118000 <sup>(1)</sup> | Occidental Petroleum Corp., 5.550%, 10/01/2034 | 115865 | 0.0 |
| 68000 <sup>(1)</sup> | Occidental Petroleum Corp., 6.125%, 01/01/2031 | 70443 | 0.0 |
| 43000 | Occidental Petroleum Corp., 6.200%, 03/15/2040 | 42118 | 0.0 |
| 34000 | Occidental Petroleum Corp., 6.375%, 09/01/2028 | 35351 | 0.0 |
| 101000 | Occidental Petroleum Corp., 6.450%, 09/15/2036 | 103407 | 0.0 |
| 66000 | Occidental Petroleum Corp., 6.600%, 03/15/2046 | 65108 | 0.0 |
| 86000 | Occidental Petroleum Corp., 6.625%, 09/01/2030 | 90992 | 0.0 |
| 51000 | Occidental Petroleum Corp., 7.500%, 05/01/2031 | 56169 | 0.0 |
| 29000 | Occidental Petroleum Corp., 7.875%, 09/15/2031 | 32528 | 0.0 |
| 19000 | Occidental Petroleum Corp., 7.950%, 06/15/2039 | 21337 | 0.0 |
| 29000 | Occidental Petroleum Corp., 8.500%, 07/15/2027 | 30696 | 0.0 |
| 59000 | Occidental Petroleum Corp., 8.875%, 07/15/2030 | 67463 | 0.0 |
| 36000 | ONEOK Partners L.P., 6.125%, 02/01/2041 | 35902 | 0.0 |
| 22000 | ONEOK Partners L.P., 6.200%, 09/15/2043 | 21914 | 0.0 |
| 34000 | ONEOK Partners L.P., 6.650%, 10/01/2036 | 36558 | 0.0 |
| 34000 | ONEOK Partners L.P., 6.850%, 10/15/2037 | 37241 | 0.0 |
| 44000 | ONEOK, Inc., 3.100%, 03/15/2030 | 41126 | 0.0 |
| 28000 | ONEOK, Inc., 3.250%, 06/01/2030 | 26241 | 0.0 |
| 40000 | ONEOK, Inc., 3.400%, 09/01/2029 | 38187 | 0.0 |
| 45000 | ONEOK, Inc., 3.950%, 03/01/2050 | 32025 | 0.0 |
| 28000 | ONEOK, Inc., 4.000%, 07/13/2027 | 27829 | 0.0 |
| 28000 | ONEOK, Inc., 4.200%, 10/03/2047 | 20987 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 70000 | ONEOK, Inc., 4.250%, 09/24/2027 | $69917 | 0.0 |
| 28000 | ONEOK, Inc., 4.250%, 09/15/2046 | 21352 | 0.0 |
| 39000 | ONEOK, Inc., 4.350%, 03/15/2029 | 38717 | 0.0 |
| 34000 | ONEOK, Inc., 4.400%, 10/15/2029 | 33754 | 0.0 |
| 32000 | ONEOK, Inc., 4.450%, 09/01/2049 | 24673 | 0.0 |
| 25000 | ONEOK, Inc., 4.500%, 03/15/2050 | 19358 | 0.0 |
| 45000 | ONEOK, Inc., 4.550%, 07/15/2028 | 45110 | 0.0 |
| 70000 | ONEOK, Inc., 4.750%, 10/15/2031 | 69344 | 0.0 |
| 29000 <sup>(1)</sup> | ONEOK, Inc., 4.850%, 07/15/2026 | 29060 | 0.0 |
| 28000 | ONEOK, Inc., 4.850%, 02/01/2049 | 22879 | 0.0 |
| 32000 | ONEOK, Inc., 4.950%, 07/13/2047 | 26895 | 0.0 |
| 36000 | ONEOK, Inc., 5.000%, 03/01/2026 | 36032 | 0.0 |
| 89000 | ONEOK, Inc., 5.050%, 11/01/2034 | 86655 | 0.0 |
| 27000 <sup>(1)</sup> | ONEOK, Inc., 5.050%, 04/01/2045 | 22802 | 0.0 |
| 31000 | ONEOK, Inc., 5.150%, 10/15/2043 | 27581 | 0.0 |
| 51000 | ONEOK, Inc., 5.200%, 07/15/2048 | 44206 | 0.0 |
| 30000 | ONEOK, Inc., 5.450%, 06/01/2047 | 26654 | 0.0 |
| 42000 | ONEOK, Inc., 5.550%, 11/01/2026 | 42589 | 0.0 |
| 21000 | ONEOK, Inc., 5.600%, 04/01/2044 | 19197 | 0.0 |
| 42000 | ONEOK, Inc., 5.650%, 11/01/2028 | 43525 | 0.0 |
| 84000 <sup>(1)</sup> | ONEOK, Inc., 5.700%, 11/01/2054 | 77606 | 0.0 |
| 28000 | ONEOK, Inc., 5.800%, 11/01/2030 | 29326 | 0.0 |
| 34000 | ONEOK, Inc., 5.850%, 01/15/2026 | 34177 | 0.0 |
| 22000 | ONEOK, Inc., 6.000%, 06/15/2035 | 22900 | 0.0 |
| 84000 | ONEOK, Inc., 6.050%, 09/01/2033 | 88176 | 0.0 |
| 42000 | ONEOK, Inc., 6.100%, 11/15/2032 | 44439 | 0.0 |
| 34000 | ONEOK, Inc., 6.350%, 01/15/2031 | 36345 | 0.0 |
| 88000 | ONEOK, Inc., 6.625%, 09/01/2053 | 91534 | 0.0 |
| 17000 | ONEOK, Inc., 7.150%, 01/15/2051 | 18327 | 0.0 |
| 27000 | Ovintiv Exploration, Inc., 5.375%, 01/01/2026 | 27026 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 41000 | Ovintiv, Inc., 5.650%, 05/15/2028 | $42161 | 0.0 |
| 36000 | Ovintiv, Inc., 6.250%, 07/15/2033 | 37188 | 0.0 |
| 35000 | Ovintiv, Inc., 6.500%, 08/15/2034 | 36349 | 0.0 |
| 25000 | Ovintiv, Inc., 6.500%, 02/01/2038 | 25312 | 0.0 |
| 27000 | Ovintiv, Inc., 6.625%, 08/15/2037 | 27761 | 0.0 |
| 24000 | Ovintiv, Inc., 7.100%, 07/15/2053 | 24899 | 0.0 |
| 21000 | Ovintiv, Inc., 7.200%, 11/01/2031 | 22737 | 0.0 |
| 30000 | Ovintiv, Inc., 7.375%, 11/01/2031 | 32683 | 0.0 |
| 18000 | Ovintiv, Inc., 8.125%, 09/15/2030 | 20448 | 0.0 |
| 28000 | Patterson-UTI Energy, Inc., 3.950%, 02/01/2028 | 27121 | 0.0 |
| 20000 | Patterson-UTI Energy, Inc., 5.150%, 11/15/2029 | 19743 | 0.0 |
| 23000 <sup>(1)</sup> | Patterson-UTI Energy, Inc., 7.150%, 10/01/2033 | 23566 | 0.0 |
| 173000 | Petroleos Mexicanos, 6.700%, 02/16/2032 | 161046 | 0.0 |
| 28000 | Phillips 66, 1.300%, 02/15/2026 | 27452 | 0.0 |
| 48000 | Phillips 66, 2.150%, 12/15/2030 | 42289 | 0.0 |
| 56000 | Phillips 66, 3.300%, 03/15/2052 | 35952 | 0.0 |
| 45000 | Phillips 66, 3.900%, 03/15/2028 | 44556 | 0.0 |
| 56000 | Phillips 66, 4.650%, 11/15/2034 | 53482 | 0.0 |
| 85000 | Phillips 66, 4.875%, 11/15/2044 | 73848 | 0.0 |
| 84000 | Phillips 66, 5.875%, 05/01/2042 | 83458 | 0.0 |
| 32000 | Phillips 66 Co., 3.150%, 12/15/2029 | 30334 | 0.0 |
| 25000 | Phillips 66 Co., 3.550%, 10/01/2026 | 24747 | 0.0 |
| 24000 | Phillips 66 Co., 3.750%, 03/01/2028 | 23587 | 0.0 |
| 25000 | Phillips 66 Co., 4.680%, 02/15/2045 | 20931 | 0.0 |
| 34000 | Phillips 66 Co., 4.900%, 10/01/2046 | 28661 | 0.0 |
| 42000 | Phillips 66 Co., 4.950%, 12/01/2027 | 42670 | 0.0 |
| 34000 | Phillips 66 Co., 4.950%, 03/15/2035 | 33006 | 0.0 |
| 67000 | Phillips 66 Co., 5.250%, 06/15/2031 | 68857 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 50000 | Phillips 66 Co., 5.300%, 06/30/2033 | $50536 | 0.0 |
| 34000 <sup>(1)</sup> | Phillips 66 Co., 5.500%, 03/15/2055 | 31007 | 0.0 |
| 28000 | Phillips 66 Co., 5.650%, 06/15/2054 | 26032 | 0.0 |
| 44000 | Pioneer Natural Resources Co., 1.125%, 01/15/2026 | 43241 | 0.0 |
| 64000 | Pioneer Natural Resources Co., 1.900%, 08/15/2030 | 56755 | 0.0 |
| 58000 | Pioneer Natural Resources Co., 2.150%, 01/15/2031 | 51540 | 0.0 |
| 64000 | Pioneer Natural Resources Co., 5.100%, 03/29/2026 | 64316 | 0.0 |
| 441000 | Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025 | 440923 | 0.1 |
| 250000 | Plains All American Pipeline L.P. / PAA Finance Corp., 4.700%, 06/15/2044 | 207536 | 0.0 |
| 80000 | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | 79595 | 0.0 |
| 118000 <sup>(1)</sup> | Sabine Pass Liquefaction LLC, 4.500%, 05/15/2030 | 117846 | 0.0 |
| 89000 | Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027 | 89563 | 0.0 |
| 89000 | Sabine Pass Liquefaction LLC, 5.875%, 06/30/2026 | 89495 | 0.0 |
| 25000 | Sabine Pass Liquefaction LLC, 5.900%, 09/15/2037 | 26017 | 0.0 |
| 147000 <sup>(4)</sup> | Schlumberger Holdings Corp., 2.650%, 06/26/2030 | 135348 | 0.0 |
| 294000 | Shell Finance US, Inc., 3.750%, 09/12/2046 | 226836 | 0.0 |
| 572000 | Shell Finance US, Inc., 4.125%, 05/11/2035 | 540774 | 0.1 |
| 250000 | Shell Finance US, Inc., 4.375%, 05/11/2045 | 211689 | 0.0 |
| 39000 <sup>(4)</sup> | South Bow USA Infrastructure Holdings LLC, 4.911%, 09/01/2027 | 39261 | 0.0 |
| 56000 <sup>(4)</sup> | South Bow USA Infrastructure Holdings LLC, 5.026%, 10/01/2029 | 56199 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 70000 <sup>(4)</sup> | South Bow USA Infrastructure Holdings LLC, 5.584%, 10/01/2034 | $69298 | 0.0 |
| 39000 <sup>(4)</sup> | South Bow USA Infrastructure Holdings LLC, 6.176%, 10/01/2054 | 37107 | 0.0 |
| 39000 | Southwestern Energy Co., 5.375%, 02/01/2029 | 39062 | 0.0 |
| 325000 | Spectra Energy Partners L.P., 4.500%, 03/15/2045 | 267291 | 0.0 |
| 206000 | Suncor Energy, Inc., 3.750%, 03/04/2051 | 144004 | 0.0 |
| 44000 | Targa Resources Corp., 4.200%, 02/01/2033 | 41250 | 0.0 |
| 127000 | Targa Resources Corp., 4.950%, 04/15/2052 | 106079 | 0.0 |
| 44000 | Targa Resources Corp., 5.200%, 07/01/2027 | 44610 | 0.0 |
| 53000 | Targa Resources Corp., 6.125%, 03/15/2033 | 55881 | 0.0 |
| 59000 | Targa Resources Corp., 6.150%, 03/01/2029 | 62066 | 0.0 |
| 30000 | Targa Resources Corp., 6.250%, 07/01/2052 | 29741 | 0.0 |
| 59000 | Targa Resources Corp., 6.500%, 03/30/2034 | 63432 | 0.0 |
| 50000 | Targa Resources Corp., 6.500%, 02/15/2053 | 51375 | 0.0 |
| 59000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.000%, 01/15/2032 | 55019 | 0.0 |
| 59000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | 58559 | 0.0 |
| 41000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.000%, 01/15/2028 | 41035 | 0.0 |
| 56000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.500%, 03/01/2030 | 56846 | 0.0 |
| 42000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.500%, 07/15/2027 | 42028 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 40000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.875%, 01/15/2029 | $40804 | 0.0 |
| 74000 | TotalEnergies Capital International SA, 2.829%, 01/10/2030 | 70120 | 0.0 |
| 47000 | TotalEnergies Capital International SA, 2.986%, 06/29/2041 | 34673 | 0.0 |
| 148000 | TotalEnergies Capital International SA, 3.127%, 05/29/2050 | 97740 | 0.0 |
| 128000 | TotalEnergies Capital International SA, 3.386%, 06/29/2060 | 83992 | 0.0 |
| 74000 | TotalEnergies Capital International SA, 3.455%, 02/19/2029 | 72369 | 0.0 |
| 59000 | TotalEnergies Capital International SA, 3.461%, 07/12/2049 | 41856 | 0.0 |
| 59000 | TotalEnergies Capital SA, 3.883%, 10/11/2028 | 58744 | 0.0 |
| 74000 <sup>(1)</sup> | TotalEnergies Capital SA, 5.150%, 04/05/2034 | 75798 | 0.0 |
| 104000 | TotalEnergies Capital SA, 5.488%, 04/05/2054 | 100180 | 0.0 |
| 74000 | TotalEnergies Capital SA, 5.638%, 04/05/2064 | 71826 | 0.0 |
| 250000 | TransCanada PipeLines Ltd., 4.625%, 03/01/2034 | 239959 | 0.0 |
| 249000 | TransCanada PipeLines Ltd., 7.625%, 01/15/2039 | 291003 | 0.1 |
| 307000 | Valero Energy Corp., 6.625%, 06/15/2037 | 330665 | 0.1 |
| 65000 | Western Midstream Operating L.P., 4.050%, 02/01/2030 | 62537 | 0.0 |
| 21000 | Western Midstream Operating L.P., 4.500%, 03/01/2028 | 20885 | 0.0 |
| 28000 | Western Midstream Operating L.P., 4.650%, 07/01/2026 | 27948 | 0.0 |
| 23000 | Western Midstream Operating L.P., 4.750%, 08/15/2028 | 22998 | 0.0 |
| 59000 | Western Midstream Operating L.P., 5.250%, 02/01/2050 | 49677 | 0.0 |
| 41000 | Western Midstream Operating L.P., 5.300%, 03/01/2048 | 34253 | 0.0 |
| 36000 | Western Midstream Operating L.P., 5.450%, 04/01/2044 | 31474 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 21000 | Western Midstream Operating L.P., 5.500%, 08/15/2048 | $18076 | 0.0 |
| 44000 | Western Midstream Operating L.P., 6.150%, 04/01/2033 | 45816 | 0.0 |
| 36000 | Western Midstream Operating L.P., 6.350%, 01/15/2029 | 37702 | 0.0 |
| 734000 | Williams Cos., Inc., 2.600%, 03/15/2031 | 657924 | 0.1 |
| 45000 | Williams Cos., Inc., 5.100%, 09/15/2045 | 40813 | 0.0 |
| 412000 | Williams Cos., Inc., 5.400%, 03/04/2044 | 387497 | 0.1 |
| 70000 | Woodside Finance Ltd., 5.100%, 09/12/2034 | 67819 | 0.0 |
| 119000 | Woodside Finance Ltd., 5.700%, 09/12/2054 | 107605 | 0.0 |
|  |  | **25429295** | **1.8** |
|  | **Financial: 9.0%** |  |  |
| 500000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.450%, 10/29/2026 | 487287 | 0.1 |
| 612000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.000%, 10/29/2028 | 583227 | 0.1 |
| 470000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.300%, 01/30/2032 | 426079 | 0.1 |
| 24000 | Aflac, Inc., 1.125%, 03/15/2026 | 23448 | 0.0 |
| 18000 | Aflac, Inc., 2.875%, 10/15/2026 | 17702 | 0.0 |
| 59000 <sup>(1)</sup> | Aflac, Inc., 3.600%, 04/01/2030 | 57335 | 0.0 |
| 24000 | Aflac, Inc., 4.000%, 10/15/2046 | 18774 | 0.0 |
| 33000 <sup>(1)</sup> | Aflac, Inc., 4.750%, 01/15/2049 | 28541 | 0.0 |
| 20000 <sup>(1)</sup> | Agree L.P., 2.000%, 06/15/2028 | 18755 | 0.0 |
| 17000 | Agree L.P., 2.600%, 06/15/2033 | 14167 | 0.0 |
| 20000 | Agree L.P., 2.900%, 10/01/2030 | 18468 | 0.0 |
| 17000 | Agree L.P., 4.800%, 10/01/2032 | 16824 | 0.0 |
| 26000 | Agree L.P., 5.625%, 06/15/2034 | 26667 | 0.0 |
| 71000 | Air Lease Corp., 1.875%, 08/15/2026 | 69042 | 0.0 |
| 30000 | Air Lease Corp., 2.100%, 09/01/2028 | 28019 | 0.0 |
| 44000 | Air Lease Corp., 2.200%, 01/15/2027 | 42612 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 44000 | Air Lease Corp., 3.125%, 12/01/2030 | $40684 | 0.0 |
| 30000 | Air Lease Corp., 3.250%, 10/01/2029 | 28596 | 0.0 |
| 50000 | Air Lease Corp., 3.375%, 07/01/2025 | 50000 | 0.0 |
| 30000 | Air Lease Corp., 3.625%, 04/01/2027 | 29566 | 0.0 |
| 30000 | Air Lease Corp., 3.625%, 12/01/2027 | 29566 | 0.0 |
| 30000 | Air Lease Corp., 4.625%, 10/01/2028 | 30210 | 0.0 |
| 30000 | Air Lease Corp., 5.100%, 03/01/2029 | 30668 | 0.0 |
| 41000 | Air Lease Corp., 5.300%, 02/01/2028 | 41919 | 0.0 |
| 41000 | Air Lease Corp., 5.850%, 12/15/2027 | 42424 | 0.0 |
| 44000 | Air Lease Corp., GMTN, 3.750%, 06/01/2026 | 43716 | 0.0 |
| 86000 | Air Lease Corp., MTN, 2.875%, 01/15/2026 | 85135 | 0.0 |
| 44000 | Air Lease Corp., MTN, 2.875%, 01/15/2032 | 39084 | 0.0 |
| 38000 | Air Lease Corp., MTN, 3.000%, 02/01/2030 | 35586 | 0.0 |
| 42000 | Alexandria Real Estate Equities, Inc., 1.875%, 02/01/2033 | 33598 | 0.0 |
| 74000 | Alexandria Real Estate Equities, Inc., 2.000%, 05/18/2032 | 61477 | 0.0 |
| 50000 | Alexandria Real Estate Equities, Inc., 3.000%, 05/18/2051 | 30336 | 0.0 |
| 59000 | Alexandria Real Estate Equities, Inc., 3.550%, 03/15/2052 | 39723 | 0.0 |
| 23000 | Alexandria Real Estate Equities, Inc., 5.150%, 04/15/2053 | 20159 | 0.0 |
| 30000 | Alleghany Corp., 3.625%, 05/15/2030 | 29125 | 0.0 |
| 18000 | Alleghany Corp., 4.900%, 09/15/2044 | 16404 | 0.0 |
| 588000 | Allstate Corp., 3.280%, 12/15/2026 | 580142 | 0.1 |
| 30000 | Allstate Corp., 3.850%, 08/10/2049 | 22983 | 0.0 |
| 41000 | Allstate Corp., 4.200%, 12/15/2046 | 33495 | 0.0 |
| 30000 | Allstate Corp., 4.500%, 06/15/2043 | 26178 | 0.0 |
| 11000 <sup>(1)(3)</sup> | Allstate Corp., 6.500%, 05/15/2067 | 11307 | 0.0 |
| 281000 <sup>(1)</sup> | Ally Financial, Inc., 8.000%, 11/01/2031 | 320102 | 0.0 |
| 70000 | American Express Co., 1.650%, 11/04/2026 | 67731 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 110000 | American Express Co., 2.550%, 03/04/2027 | $107143 | 0.0 |
| 55000 | American Express Co., 3.125%, 05/20/2026 | 54514 | 0.0 |
| 103000 | American Express Co., 3.300%, 05/03/2027 | 101485 | 0.0 |
| 140000 | American Express Co., 3.950%, 08/01/2025 | 140000 | 0.0 |
| 65000 <sup>(1)</sup> | American Express Co., 4.050%, 05/03/2029 | 64988 | 0.0 |
| 338000 | American Express Co., 4.050%, 12/03/2042 | 286301 | 0.0 |
| 45000 | American Express Co., 4.200%, 11/06/2025 | 44959 | 0.0 |
| 80000 <sup>(3)</sup> | American Express Co., 4.420%, 08/03/2033 | 78092 | 0.0 |
| 75000 | American Express Co., 4.900%, 02/13/2026 | 75237 | 0.0 |
| 45000 <sup>(3)</sup> | American Express Co., 4.989%, 05/26/2033 | 45153 | 0.0 |
| 80000 <sup>(3)</sup> | American Express Co., 5.043%, 05/01/2034 | 80785 | 0.0 |
| 95000 <sup>(3)</sup> | American Express Co., 5.282%, 07/27/2029 | 97699 | 0.0 |
| 75000 <sup>(3)</sup> | American Express Co., 5.389%, 07/28/2027 | 75761 | 0.0 |
| 69000 <sup>(3)</sup> | American Express Co., 5.625%, 07/28/2034 | 70589 | 0.0 |
| 95000 | American Express Co., 5.850%, 11/05/2027 | 98489 | 0.0 |
| 20000 | American Express Credit Corp., MTN, 3.300%, 05/03/2027 | 19723 | 0.0 |
| 34000 | American Financial Group, Inc., 4.500%, 06/15/2047 | 27494 | 0.0 |
| 17000 | American Financial Group, Inc., 5.250%, 04/02/2030 | 17600 | 0.0 |
| 26000 <sup>(1)</sup> | American Homes 4 Rent L.P., 2.375%, 07/15/2031 | 22655 | 0.0 |
| 17000 | American Homes 4 Rent L.P., 3.375%, 07/15/2051 | 11262 | 0.0 |
| 35000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | 32317 | 0.0 |
| 29000 | American Homes 4 Rent L.P., 4.250%, 02/15/2028 | 28836 | 0.0 |
| 17000 | American Homes 4 Rent L.P., 4.300%, 04/15/2052 | 13243 | 0.0 |
| 23000 | American Homes 4 Rent L.P., 4.900%, 02/15/2029 | 23286 | 0.0 |
| 35000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 | 35604 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 29000 | American Homes 4 Rent L.P., 5.500%, 07/15/2034 | $29432 | 0.0 |
| 20000 | American International Group, Inc., 3.400%, 06/30/2030 | 19029 | 0.0 |
| 72000 | American International Group, Inc., 3.875%, 01/15/2035 | 65872 | 0.0 |
| 59000 | American International Group, Inc., 4.375%, 06/30/2050 | 49444 | 0.0 |
| 44000 | American International Group, Inc., 4.500%, 07/16/2044 | 38648 | 0.0 |
| 59000 | American International Group, Inc., 4.750%, 04/01/2048 | 52424 | 0.0 |
| 61000 | American International Group, Inc., 5.125%, 03/27/2033 | 62054 | 0.0 |
| 500000 | American Tower Corp., 1.600%, 04/15/2026 | 489011 | 0.1 |
| 500000 | American Tower Corp., 2.700%, 04/15/2031 | 448656 | 0.1 |
| 71000 | American Tower Corp., 2.950%, 01/15/2051 | 45009 | 0.0 |
| 500000 | American Tower Corp., 3.375%, 10/15/2026 | 493789 | 0.1 |
| 441000 | American Tower Corp., 3.550%, 07/15/2027 | 434779 | 0.1 |
| 100000 | Ameriprise Financial, Inc., 5.150%, 05/15/2033 | 102723 | 0.0 |
| 500000 | Aon Corp., 3.750%, 05/02/2029 | 489191 | 0.1 |
| 188000 | Aon Global Ltd., 4.450%, 05/24/2043 | 157455 | 0.0 |
| 142000 | Aon Global Ltd., 4.600%, 06/14/2044 | 123345 | 0.0 |
| 35000 <sup>(1)</sup> | Apollo Debt Solutions BDC, 6.700%, 07/29/2031 | 36382 | 0.0 |
| 38000 | Apollo Debt Solutions BDC, 6.900%, 04/13/2029 | 39683 | 0.0 |
| 44000 | Apollo Global Management, Inc., 5.800%, 05/21/2054 | 43503 | 0.0 |
| 29000 | Apollo Global Management, Inc., 6.375%, 11/15/2033 | 31717 | 0.0 |
| 29000 | Arch Capital Finance LLC, 4.011%, 12/15/2026 | 28882 | 0.0 |
| 26000 | Arch Capital Finance LLC, 5.031%, 12/15/2046 | 23522 | 0.0 |
| 58000 | Arch Capital Group Ltd., 3.635%, 06/30/2050 | 42324 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 17000 | Arch Capital Group Ltd., 7.350%, 05/01/2034 | $19668 | 0.0 |
| 29000 | Arch Capital Group US, Inc., 5.144%, 11/01/2043 | 26995 | 0.0 |
| 234000 | Ares Capital Corp., 3.200%, 11/15/2031 | 203815 | 0.0 |
| 1116000 | Ares Capital Corp., 3.250%, 07/15/2025 | 1115329 | 0.1 |
| 38000 | Ares Management Corp., 5.600%, 10/11/2054 | 35902 | 0.0 |
| 25000 | Ares Management Corp., 6.375%, 11/10/2028 | 26510 | 0.0 |
| 24000 | Arthur J Gallagher & Co., 2.400%, 11/09/2031 | 21051 | 0.0 |
| 184000 | Arthur J Gallagher & Co., 3.050%, 03/09/2052 | 116511 | 0.0 |
| 50000 | Arthur J Gallagher & Co., 3.500%, 05/20/2051 | 34799 | 0.0 |
| 30000 | Arthur J Gallagher & Co., 5.450%, 07/15/2034 | 30688 | 0.0 |
| 21000 | Arthur J Gallagher & Co., 5.500%, 03/02/2033 | 21726 | 0.0 |
| 36000 | Arthur J Gallagher & Co., 5.750%, 03/02/2053 | 35109 | 0.0 |
| 30000 | Arthur J Gallagher & Co., 5.750%, 07/15/2054 | 29453 | 0.0 |
| 24000 | Arthur J Gallagher & Co., 6.500%, 02/15/2034 | 26378 | 0.0 |
| 36000 | Arthur J Gallagher & Co., 6.750%, 02/15/2054 | 39923 | 0.0 |
| 29000 <sup>(1)</sup> | Assured Guaranty US Holdings, Inc., 3.150%, 06/15/2031 | 26821 | 0.0 |
| 23000 | Assured Guaranty US Holdings, Inc., 3.600%, 09/15/2051 | 15687 | 0.0 |
| 20000 | Assured Guaranty US Holdings, Inc., 6.125%, 09/15/2028 | 21034 | 0.0 |
| 30000 | Athene Holding Ltd., 3.450%, 05/15/2052 | 19150 | 0.0 |
| 30000 | Athene Holding Ltd., 3.500%, 01/15/2031 | 28292 | 0.0 |
| 30000 | Athene Holding Ltd., 3.950%, 05/25/2051 | 21237 | 0.0 |
| 59000 | Athene Holding Ltd., 4.125%, 01/12/2028 | 58479 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 36000 <sup>(1)</sup> | Athene Holding Ltd., 5.875%, 01/15/2034 | $37304 | 0.0 |
| 30000 | Athene Holding Ltd., 6.150%, 04/03/2030 | 31856 | 0.0 |
| 59000 | Athene Holding Ltd., 6.250%, 04/01/2054 | 58292 | 0.0 |
| 24000 <sup>(1)</sup> | Athene Holding Ltd., 6.650%, 02/01/2033 | 25964 | 0.0 |
| 263000 | Australia & New Zealand Banking Group Ltd./New York NY, 4.750%, 01/18/2027 | 265782 | 0.0 |
| 500000 | AvalonBay Communities, Inc., MTN, 2.300%, 03/01/2030 | 456806 | 0.1 |
| 200000 | Banco Santander SA, 2.749%, 12/03/2030 | 178203 | 0.0 |
| 400000 | Banco Santander SA, 3.800%, 02/23/2028 | 393077 | 0.1 |
| 400000 | Banco Santander SA, 4.250%, 04/11/2027 | 399158 | 0.1 |
| 400000 | Banco Santander SA, 5.179%, 11/19/2025 | 400478 | 0.1 |
| 400000 | Banco Santander SA, 6.921%, 08/08/2033 | 433783 | 0.1 |
| 188000 <sup>(3)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 182771 | 0.0 |
| 250000 <sup>(3)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 217922 | 0.0 |
| 220000 <sup>(3)</sup> | Bank of America Corp., 2.572%, 10/20/2032 | 193957 | 0.0 |
| 200000 <sup>(3)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 182894 | 0.0 |
| 237000 <sup>(3)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | 212756 | 0.0 |
| 220000 <sup>(3)</sup> | Bank of America Corp., 2.972%, 07/21/2052 | 142336 | 0.0 |
| 235000 <sup>(3)</sup> | Bank of America Corp., 3.311%, 04/22/2042 | 180469 | 0.0 |
| 401000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 392048 | 0.1 |
| 135000 <sup>(3)</sup> | Bank of America Corp., 3.705%, 04/24/2028 | 133445 | 0.0 |
| 85000 <sup>(3)</sup> | Bank of America Corp., 3.946%, 01/23/2049 | 66796 | 0.0 |
| 135000 <sup>(3)</sup> | Bank of America Corp., 4.244%, 04/24/2038 | 122981 | 0.0 |
| 150000 <sup>(3)</sup> | Bank of America Corp., 4.376%, 04/27/2028 | 150024 | 0.0 |
| 270000 <sup>(3)</sup> | Bank of America Corp., 4.571%, 04/27/2033 | 265776 | 0.0 |
| 457000 <sup>(3)</sup> | Bank of America Corp., 5.202%, 04/25/2029 | 467110 | 0.1 |
| 333000 <sup>(3)</sup> | Bank of America Corp., 5.288%, 04/25/2034 | 339793 | 0.0 |
| 34000 <sup>(3)</sup> | Bank of America Corp., 5.468%, 01/23/2035 | 34943 | 0.0 |
| 190000 <sup>(3)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 200571 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 100000 <sup>(3)</sup> | Bank of America Corp., 5.933%, 09/15/2027 | $101769 | 0.0 |
| 135000 <sup>(1)(3)</sup> | Bank of America Corp., 6.204%, 11/10/2028 | 140523 | 0.0 |
| 135000 <sup>(3)</sup> | Bank of America Corp., GMTN, 3.593%, 07/21/2028 | 132954 | 0.0 |
| 170000 <sup>(3)</sup> | Bank of America Corp., MTN, 1.922%, 10/24/2031 | 148296 | 0.0 |
| 200000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.087%, 06/14/2029 | 187497 | 0.0 |
| 235000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.496%, 02/13/2031 | 214693 | 0.0 |
| 150000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.551%, 02/04/2028 | 145831 | 0.0 |
| 337000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.676%, 06/19/2041 | 240568 | 0.0 |
| 65000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.831%, 10/24/2051 | 40733 | 0.0 |
| 135000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.884%, 10/22/2030 | 126387 | 0.0 |
| 250000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.972%, 02/04/2033 | 223937 | 0.0 |
| 170000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.194%, 07/23/2030 | 161852 | 0.0 |
| 170000 | Bank of America Corp., MTN, 3.248%, 10/21/2027 | 166794 | 0.0 |
| 200000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.559%, 04/23/2027 | 198591 | 0.0 |
| 169000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.824%, 01/20/2028 | 167579 | 0.0 |
| 170000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.970%, 03/05/2029 | 168142 | 0.0 |
| 200000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.974%, 02/07/2030 | 196896 | 0.0 |
| 100000 <sup>(3)</sup> | Bank of America Corp., MTN, 4.078%, 04/23/2040 | 87034 | 0.0 |
| 370000 <sup>(3)</sup> | Bank of America Corp., MTN, 4.083%, 03/20/2051 | 294077 | 0.0 |
| 133000 | Bank of America Corp., MTN, 4.250%, 10/22/2026 | 132792 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 200000 <sup>(3)</sup> | Bank of America Corp., MTN, 4.271%, 07/23/2029 | $199369 | 0.0 |
| 185000 <sup>(3)</sup> | Bank of America Corp., MTN, 4.330%, 03/15/2050 | 153773 | 0.0 |
| 135000 <sup>(3)</sup> | Bank of America Corp., MTN, 4.443%, 01/20/2048 | 115498 | 0.0 |
| 35000 | Bank of America Corp., MTN, 4.875%, 04/01/2044 | 32484 | 0.0 |
| 200000 <sup>(3)</sup> | Bank of America Corp., MTN, 4.948%, 07/22/2028 | 202345 | 0.0 |
| 135000 | Bank of America Corp., MTN, 5.000%, 01/21/2044 | 127657 | 0.0 |
| 335000 <sup>(3)</sup> | Bank of America Corp., MTN, 5.015%, 07/22/2033 | 339022 | 0.0 |
| 100000 | Bank of America Corp., MTN, 5.875%, 02/07/2042 | 104583 | 0.0 |
| 135000 | Bank of America Corp. L, 4.183%, 11/25/2027 | 134486 | 0.0 |
| 35000 | Bank of America Corp. L, 4.750%, 04/21/2045 | 31146 | 0.0 |
| 77000 <sup>(3)</sup> | Bank of America Corp. N, 2.651%, 03/11/2032 | 69139 | 0.0 |
| 65000 <sup>(3)</sup> | Bank of America Corp. N, 3.483%, 03/13/2052 | 46432 | 0.0 |
| 117000 <sup>(3)</sup> | Bank of Montreal, 3.088%, 01/10/2037 | 101333 | 0.0 |
| 92000 <sup>(3)</sup> | Bank of Montreal, 3.803%, 12/15/2032 | 89638 | 0.0 |
| 27000 | Bank of New York Mellon Corp., 2.500%, 01/26/2032 | 23833 | 0.0 |
| 71000 <sup>(3)</sup> | Bank of New York Mellon Corp., 5.606%, 07/21/2039 | 72400 | 0.0 |
| 30000 | Bank of New York Mellon Corp., MTN, 1.650%, 01/28/2031 | 25998 | 0.0 |
| 411000 | Bank of New York Mellon Corp., MTN, 3.000%, 10/30/2028 | 395951 | 0.1 |
| 441000 | Bank of New York Mellon Corp., MTN, 3.250%, 05/16/2027 | 435059 | 0.1 |
| 500000 <sup>(1)(3)</sup> | Bank of New York Mellon Corp., MTN, 3.442%, 02/07/2028 | 494668 | 0.1 |
| 53000 <sup>(3)</sup> | Bank of New York Mellon Corp., MTN, 5.188%, 03/14/2035 | 53690 | 0.0 |
| 89000 <sup>(3)</sup> | Bank of New York Mellon Corp., MTN, 5.834%, 10/25/2033 | 94422 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 65000 <sup>(1)(3)</sup> | Bank of New York Mellon Corp., MTN, 6.474%, 10/25/2034 | $71605 | 0 |
| 20000 <sup>(3)</sup> | Bank of New York Mellon Corp. J, 4.967%, 04/26/2034 | 20069 | 0 |
| 56000 <sup>(1)</sup> | Bank of Nova Scotia, 1.050%, 03/02/2026 | 54790 | 0 |
| 53000 <sup>(1)</sup> | Bank of Nova Scotia, 1.300%, 09/15/2026 | 51200 | 0 |
| 44000 <sup>(1)</sup> | Bank of Nova Scotia, 1.350%, 06/24/2026 | 42756 | 0 |
| 44000 | Bank of Nova Scotia, 1.950%, 02/02/2027 | 42592 | 0 |
| 38000 <sup>(1)</sup> | Bank of Nova Scotia, 2.150%, 08/01/2031 | 33232 | 0 |
| 50000 | Bank of Nova Scotia, 2.450%, 02/02/2032 | 43515 | 0 |
| 74000 | Bank of Nova Scotia, 2.700%, 08/03/2026 | 72844 | 0 |
| 41000 | Bank of Nova Scotia, 2.951%, 03/11/2027 | 40219 | 0 |
| 74000 | Bank of Nova Scotia, 4.500%, 12/16/2025 | 73957 | 0 |
| 74000 <sup>(3)</sup> | Bank of Nova Scotia, 4.588%, 05/04/2037 | 70068 | 0 |
| 74000 <sup>(1)</sup> | Bank of Nova Scotia, 4.750%, 02/02/2026 | 74180 | 0 |
| 74000 | Bank of Nova Scotia, 4.850%, 02/01/2030 | 75427 | 0 |
| 44000 <sup>(1)</sup> | Bank of Nova Scotia, 5.250%, 06/12/2028 | 45351 | 0 |
| 68000 | Bank of Nova Scotia, 5.350%, 12/07/2026 | 68990 | 0 |
| 50000 | Bank of Nova Scotia, 5.650%, 02/01/2034 | 52483 | 0 |
| 588000 <sup>(3)</sup> | Barclays PLC, 2.667%, 03/10/2032 | 522287 | 0.1 |
| 441000 <sup>(1)(3)</sup> | Barclays PLC, 3.811%, 03/10/2042 | 346218 | 0 |
| 441000 | Barclays PLC, 4.375%, 01/12/2026 | 440722 | 0.1 |
| 588000 | Barclays PLC, 5.200%, 05/12/2026 | 590779 | 0.1 |
| 250000 | Barclays PLC, 5.250%, 08/17/2045 | 239583 | 0 |
| 614000 <sup>(3)</sup> | Barclays PLC, 6.496%, 09/13/2027 | 627761 | 0.1 |
| 44000 | Berkshire Hathaway Finance Corp., 1.450%, 10/15/2030 | 38520 | 0 |
| 30000 | Berkshire Hathaway Finance Corp., 1.850%, 03/12/2030 | 27182 | 0 |
| 44000 | Berkshire Hathaway Finance Corp., 2.500%, 01/15/2051 | 26339 | 0 |
| 59000 <sup>(1)</sup> | Berkshire Hathaway Finance Corp., 2.875%, 03/15/2032 | 54412 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 163000 | Berkshire Hathaway Finance Corp., 3.850%, 03/15/2052 | $126240 | 0.0 |
| 139000 | Berkshire Hathaway Finance Corp., 4.200%, 08/15/2048 | 116750 | 0.0 |
| 118000 | Berkshire Hathaway Finance Corp., 4.250%, 01/15/2049 | 99913 | 0.0 |
| 30000 | Berkshire Hathaway Finance Corp., 4.300%, 05/15/2043 | 26443 | 0.0 |
| 43000 | Berkshire Hathaway Finance Corp., 4.400%, 05/15/2042 | 39808 | 0.0 |
| 44000 | Berkshire Hathaway Finance Corp., 5.750%, 01/15/2040 | 47733 | 0.0 |
| 59000 <sup>(1)</sup> | Berkshire Hathaway, Inc., 4.500%, 02/11/2043 | 55021 | 0.0 |
| 95000 | BlackRock Funding, Inc., 5.350%, 01/08/2055 | 92678 | 0.0 |
| 583000 | BlackRock, Inc., 1.900%, 01/28/2031 | 513165 | 0.1 |
| 72000 | Blackstone Private Credit Fund, 2.625%, 12/15/2026 | 69589 | 0.0 |
| 58000 | Blackstone Private Credit Fund, 3.250%, 03/15/2027 | 56426 | 0.0 |
| 37000 <sup>(1)</sup> | Blackstone Private Credit Fund, 4.000%, 01/15/2029 | 35514 | 0.0 |
| 29000 | Blackstone Private Credit Fund, 5.950%, 07/16/2029 | 29565 | 0.0 |
| 98000 | Blackstone Private Credit Fund, 6.000%, 11/22/2034 | 95885 | 0.0 |
| 29000 | Blackstone Private Credit Fund, 6.250%, 01/25/2031 | 29845 | 0.0 |
| 46000 | Blackstone Private Credit Fund, 7.050%, 09/29/2025 | 46256 | 0.0 |
| 29000 | Blackstone Private Credit Fund, 7.300%, 11/27/2028 | 30940 | 0.0 |
| 309000 | Blackstone Secured Lending Fund, 3.625%, 01/15/2026 | 307098 | 0.0 |
| 233000 | Blue Owl Capital Corp., 2.625%, 01/15/2027 | 225109 | 0.0 |
| 173000 | Blue Owl Credit Income Corp., 6.650%, 03/15/2031 | 178020 | 0.0 |
| 58000 | Blue Owl Finance LLC, 6.250%, 04/18/2034 | 59712 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 213000 | Boston Properties L.P., 2.550%, 04/01/2032 | $179802 | 0.0 |
| 222000 | Boston Properties L.P., 3.250%, 01/30/2031 | 203566 | 0.0 |
| 219000 <sup>(1)</sup> | Brighthouse Financial, Inc., 5.625%, 05/15/2030 | 224728 | 0.0 |
| 21000 | Brixmor Operating Partnership L.P., 2.250%, 04/01/2028 | 19883 | 0.0 |
| 30000 | Brixmor Operating Partnership L.P., 2.500%, 08/16/2031 | 26204 | 0.0 |
| 24000 | Brixmor Operating Partnership L.P., 3.900%, 03/15/2027 | 23805 | 0.0 |
| 47000 <sup>(1)</sup> | Brixmor Operating Partnership L.P., 4.050%, 07/01/2030 | 45625 | 0.0 |
| 36000 | Brixmor Operating Partnership L.P., 4.125%, 06/15/2026 | 35871 | 0.0 |
| 44000 | Brixmor Operating Partnership L.P., 4.125%, 05/15/2029 | 43285 | 0.0 |
| 24000 | Brixmor Operating Partnership L.P., 5.500%, 02/15/2034 | 24325 | 0.0 |
| 36000 | Brookfield Finance LLC / Brookfield Finance, Inc., 3.450%, 04/15/2050 | 24424 | 0.0 |
| 441000 | Brookfield Finance, Inc., 2.724%, 04/15/2031 | 398945 | 0.1 |
| 35000 | Brookfield Finance, Inc., 3.500%, 03/30/2051 | 23770 | 0.0 |
| 24000 | Brookfield Finance, Inc., 3.625%, 02/15/2052 | 16620 | 0.0 |
| 25000 | Brookfield Finance, Inc., 4.700%, 09/20/2047 | 21369 | 0.0 |
| 4000 | Brookfield Finance, Inc., 5.675%, 01/15/2035 | 4109 | 0.0 |
| 44000 | Brookfield Finance, Inc., 5.968%, 03/04/2054 | 43952 | 0.0 |
| 41000 | Brown & Brown, Inc., 2.375%, 03/15/2031 | 36118 | 0.0 |
| 36000 | Brown & Brown, Inc., 4.200%, 03/17/2032 | 34473 | 0.0 |
| 21000 | Brown & Brown, Inc., 4.500%, 03/15/2029 | 21003 | 0.0 |
| 36000 | Brown & Brown, Inc., 4.950%, 03/17/2052 | 31190 | 0.0 |
| 44000 | Camden Property Trust, 2.800%, 05/15/2030 | 40934 | 0.0 |
| 36000 | Camden Property Trust, 3.150%, 07/01/2029 | 34403 | 0.0 |
| 18000 <sup>(1)</sup> | Camden Property Trust, 3.350%, 11/01/2049 | 12688 | 0.0 |
| 24000 | Camden Property Trust, 4.100%, 10/15/2028 | 23868 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 24000 | Camden Property Trust, 4.900%, 01/15/2034 | $24016 | 0.0 |
| 30000 | Camden Property Trust, 5.850%, 11/03/2026 | 30611 | 0.0 |
| 30000 | Canadian Imperial Bank of Commerce, 0.950%, 10/23/2025 | 29687 | 0.0 |
| 45000 | Canadian Imperial Bank of Commerce, 1.250%, 06/22/2026 | 43683 | 0.0 |
| 65000 | Canadian Imperial Bank of Commerce, 3.450%, 04/07/2027 | 64197 | 0.0 |
| 65000 <sup>(1)</sup> | Canadian Imperial Bank of Commerce, 3.600%, 04/07/2032 | 60444 | 0.0 |
| 85000 | Canadian Imperial Bank of Commerce, 3.945%, 08/04/2025 | 84937 | 0.0 |
| 65000 <sup>(1)</sup> | Canadian Imperial Bank of Commerce, 5.001%, 04/28/2028 | 66321 | 0.0 |
| 30000 | Canadian Imperial Bank of Commerce, 5.615%, 07/17/2026 | 30369 | 0.0 |
| 55000 <sup>(1)</sup> | Canadian Imperial Bank of Commerce, 5.926%, 10/02/2026 | 56093 | 0.0 |
| 45000 | Canadian Imperial Bank of Commerce, 5.986%, 10/03/2028 | 47250 | 0.0 |
| 188000 <sup>(1)</sup> | Canadian Imperial Bank of Commerce, 6.092%, 10/03/2033 | 201664 | 0.0 |
| 74000 <sup>(3)</sup> | Capital One Financial Corp., 1.878%, 11/02/2027 | 71499 | 0.0 |
| 59000 <sup>(3)</sup> | Capital One Financial Corp., 2.359%, 07/29/2032 | 50051 | 0.0 |
| 30000 <sup>(3)</sup> | Capital One Financial Corp., 2.618%, 11/02/2032 | 26219 | 0.0 |
| 74000 <sup>(1)(3)</sup> | Capital One Financial Corp., 3.273%, 03/01/2030 | 70796 | 0.0 |
| 59000 | Capital One Financial Corp., 3.650%, 05/11/2027 | 58395 | 0.0 |
| 89000 | Capital One Financial Corp., 3.750%, 07/28/2026 | 88151 | 0.0 |
| 80000 | Capital One Financial Corp., 3.750%, 03/09/2027 | 79356 | 0.0 |
| 83000 | Capital One Financial Corp., 3.800%, 01/31/2028 | 81919 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 89000 | Capital One Financial Corp., 4.200%, 10/29/2025 | $88880 | 0.0 |
| 92000 <sup>(3)</sup> | Capital One Financial Corp., 4.927%, 05/10/2028 | 92709 | 0.0 |
| 80000 <sup>(3)</sup> | Capital One Financial Corp., 4.985%, 07/24/2026 | 79998 | 0.0 |
| 53000 <sup>(3)</sup> | Capital One Financial Corp., 5.247%, 07/26/2030 | 54232 | 0.0 |
| 65000 <sup>(3)</sup> | Capital One Financial Corp., 5.268%, 05/10/2033 | 65592 | 0.0 |
| 93000 <sup>(3)</sup> | Capital One Financial Corp., 5.463%, 07/26/2030 | 95722 | 0.0 |
| 59000 <sup>(1)(3)</sup> | Capital One Financial Corp., 5.468%, 02/01/2029 | 60428 | 0.0 |
| 59000 <sup>(3)</sup> | Capital One Financial Corp., 5.700%, 02/01/2030 | 61043 | 0.0 |
| 74000 <sup>(3)</sup> | Capital One Financial Corp., 5.817%, 02/01/2034 | 76370 | 0.0 |
| 59000 <sup>(3)</sup> | Capital One Financial Corp., 6.051%, 02/01/2035 | 61525 | 0.0 |
| 104000 <sup>(3)</sup> | Capital One Financial Corp., 6.312%, 06/08/2029 | 109187 | 0.0 |
| 104000 <sup>(3)</sup> | Capital One Financial Corp., 6.377%, 06/08/2034 | 110759 | 0.0 |
| 44000 <sup>(3)</sup> | Capital One Financial Corp., 7.149%, 10/29/2027 | 45474 | 0.0 |
| 104000 <sup>(3)</sup> | Capital One Financial Corp., 7.624%, 10/30/2031 | 117533 | 0.0 |
| 29000 | Cboe Global Markets, Inc., 1.625%, 12/15/2030 | 24990 | 0.0 |
| 17000 | Cboe Global Markets, Inc., 3.000%, 03/16/2032 | 15287 | 0.0 |
| 38000 | Cboe Global Markets, Inc., 3.650%, 01/12/2027 | 37714 | 0.0 |
| 30000 <sup>(1)</sup> | CBRE Services, Inc., 2.500%, 04/01/2031 | 26530 | 0.0 |
| 30000 <sup>(1)</sup> | CBRE Services, Inc., 5.500%, 04/01/2029 | 31016 | 0.0 |
| 59000 <sup>(1)</sup> | CBRE Services, Inc., 5.950%, 08/15/2034 | 62149 | 0.0 |
| 74000 | Charles Schwab Corp., 0.900%, 03/11/2026 | 72239 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 59000 | Charles Schwab Corp., 1.150%, 05/13/2026 | $57400 | 0.0 |
| 44000 | Charles Schwab Corp., 1.650%, 03/11/2031 | 37796 | 0.0 |
| 50000 | Charles Schwab Corp., 1.950%, 12/01/2031 | 42756 | 0.0 |
| 74000 | Charles Schwab Corp., 2.000%, 03/20/2028 | 70056 | 0.0 |
| 44000 | Charles Schwab Corp., 2.300%, 05/13/2031 | 39208 | 0.0 |
| 89000 | Charles Schwab Corp., 2.450%, 03/03/2027 | 86530 | 0.0 |
| 28000 | Charles Schwab Corp., 2.750%, 10/01/2029 | 26280 | 0.0 |
| 59000 | Charles Schwab Corp., 2.900%, 03/03/2032 | 53089 | 0.0 |
| 38000 | Charles Schwab Corp., 3.200%, 03/02/2027 | 37438 | 0.0 |
| 41000 | Charles Schwab Corp., 3.200%, 01/25/2028 | 40150 | 0.0 |
| 36000 <sup>(1)</sup> | Charles Schwab Corp., 3.250%, 05/22/2029 | 34781 | 0.0 |
| 44000 | Charles Schwab Corp., 3.300%, 04/01/2027 | 43422 | 0.0 |
| 21000 | Charles Schwab Corp., 3.450%, 02/13/2026 | 20882 | 0.0 |
| 36000 | Charles Schwab Corp., 4.000%, 02/01/2029 | 35746 | 0.0 |
| 30000 | Charles Schwab Corp., 4.625%, 03/22/2030 | 30509 | 0.0 |
| 71000 <sup>(3)</sup> | Charles Schwab Corp., 5.643%, 05/19/2029 | 73612 | 0.0 |
| 77000 <sup>(3)</sup> | Charles Schwab Corp., 5.853%, 05/19/2034 | 81827 | 0.0 |
| 59000 | Charles Schwab Corp., 5.875%, 08/24/2026 | 60005 | 0.0 |
| 68000 <sup>(3)</sup> | Charles Schwab Corp., 6.136%, 08/24/2034 | 73602 | 0.0 |
| 77000 <sup>(3)</sup> | Charles Schwab Corp., 6.196%, 11/17/2029 | 81726 | 0.0 |
| 47000 | Chubb Corp., 6.000%, 05/11/2037 | 51057 | 0.0 |
| 49000 | Chubb INA Holdings, Inc., 2.850%, 12/15/2051 | 31414 | 0.0 |
| 56000 | CI Financial Corp., 3.200%, 12/17/2030 | 49424 | 0.0 |
| 19000 | CI Financial Corp., 4.100%, 06/15/2051 | 13521 | 0.0 |
| 140000 <sup>(3)</sup> | Citigroup, Inc., 1.122%, 01/28/2027 | 137257 | 0.0 |
| 154000 <sup>(3)</sup> | Citigroup, Inc., 1.462%, 06/09/2027 | 149662 | 0.0 |
| 98000 <sup>(3)</sup> | Citigroup, Inc., 2.520%, 11/03/2032 | 85711 | 0.0 |
| 168000 <sup>(3)</sup> | Citigroup, Inc., 2.561%, 05/01/2032 | 148878 | 0.0 |
| 196000 <sup>(3)</sup> | Citigroup, Inc., 2.572%, 06/03/2031 | 177805 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 126000 <sup>(3)</sup> | Citigroup, Inc., 2.666%, 01/29/2031 | $115556 | 0.0 |
| 70000 <sup>(3)</sup> | Citigroup, Inc., 2.904%, 11/03/2042 | 49610 | 0.0 |
| 126000 <sup>(3)</sup> | Citigroup, Inc., 2.976%, 11/05/2030 | 117909 | 0.0 |
| 168000 <sup>(3)</sup> | Citigroup, Inc., 3.057%, 01/25/2033 | 150194 | 0.0 |
| 112000 | Citigroup, Inc., 3.400%, 05/01/2026 | 111168 | 0.0 |
| 126000 <sup>(3)</sup> | Citigroup, Inc., 3.520%, 10/27/2028 | 123412 | 0.0 |
| 140000 <sup>(3)</sup> | Citigroup, Inc., 3.668%, 07/24/2028 | 137840 | 0.0 |
| 168000 <sup>(3)</sup> | Citigroup, Inc., 3.785%, 03/17/2033 | 157096 | 0.0 |
| 56000 <sup>(3)</sup> | Citigroup, Inc., 3.878%, 01/24/2039 | 48302 | 0.0 |
| 140000 <sup>(3)</sup> | Citigroup, Inc., 3.980%, 03/20/2030 | 137251 | 0.0 |
| 112000 <sup>(3)</sup> | Citigroup, Inc., 4.075%, 04/23/2029 | 110907 | 0.0 |
| 117000 | Citigroup, Inc., 4.125%, 07/25/2028 | 116195 | 0.0 |
| 56000 <sup>(3)</sup> | Citigroup, Inc., 4.281%, 04/24/2048 | 46201 | 0.0 |
| 224000 <sup>(3)</sup> | Citigroup, Inc., 4.412%, 03/31/2031 | 221673 | 0.0 |
| 215000 | Citigroup, Inc., 4.450%, 09/29/2027 | 215251 | 0.0 |
| 168000 <sup>(3)</sup> | Citigroup, Inc., 4.542%, 09/19/2030 | 167273 | 0.0 |
| 84000 | Citigroup, Inc., 4.600%, 03/09/2026 | 84000 | 0.0 |
| 56000 <sup>(1)</sup> | Citigroup, Inc., 4.650%, 07/30/2045 | 49214 | 0.0 |
| 142000 | Citigroup, Inc., 4.650%, 07/23/2048 | 122900 | 0.0 |
| 84000 <sup>(3)</sup> | Citigroup, Inc., 4.658%, 05/24/2028 | 84337 | 0.0 |
| 112000 | Citigroup, Inc., 4.750%, 05/18/2046 | 95683 | 0.0 |
| 140000 <sup>(3)</sup> | Citigroup, Inc., 4.910%, 05/24/2033 | 139738 | 0.0 |
| 168000 <sup>(3)</sup> | Citigroup, Inc., 5.174%, 02/13/2030 | 171437 | 0.0 |
| 49000 | Citigroup, Inc., 5.300%, 05/06/2044 | 45791 | 0.0 |
| 73000 <sup>(3)</sup> | Citigroup, Inc., 5.316%, 03/26/2041 | 71245 | 0.0 |
| 62000 <sup>(3)</sup> | Citigroup, Inc., 5.411%, 09/19/2039 | 60243 | 0.0 |
| 140000 <sup>(3)</sup> | Citigroup, Inc., 5.449%, 06/11/2035 | 143058 | 0.0 |
| 140000 <sup>(3)</sup> | Citigroup, Inc., 5.827%, 02/13/2035 | 142908 | 0.0 |
| 27000 | Citigroup, Inc., 5.875%, 02/22/2033 | 28013 | 0.0 |
| 56000 | Citigroup, Inc., 5.875%, 01/30/2042 | 57941 | 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)** |  |  |
| 37000 | Citigroup, Inc., 6.000%, 10/31/2033 | $38873 | 0 |
| 179000 <sup>(3)</sup> | Citigroup, Inc., 6.174%, 05/25/2034 | 187454 | 0 |
| 154000 <sup>(3)</sup> | Citigroup, Inc., 6.270%, 11/17/2033 | 165878 | 0 |
| 17000 | Citigroup, Inc., 6.625%, 01/15/2028 | 17979 | 0 |
| 56000 | Citigroup, Inc., 6.625%, 06/15/2032 | 61095 | 0 |
| 56000 | Citigroup, Inc., 6.675%, 09/13/2043 | 61141 | 0 |
| 108000 | Citigroup, Inc., 8.125%, 07/15/2039 | 136080 | 0 |
| 140000 <sup>(3)</sup> | Citigroup, Inc. VAR, 3.070%, 02/24/2028 | 136942 | 0 |
| 336000 | Citizens Financial Group, Inc., 3.250%, 04/30/2030 | 314415 | 0 |
| 92000 <sup>(3)</sup> | Citizens Financial Group, Inc., 5.841%, 01/23/2030 | 95308 | 0 |
| 117000 | CME Group, Inc., 5.300%, 09/15/2043 | 117417 | 0 |
| 29000 | CNA Financial Corp., 2.050%, 08/15/2030 | 25586 | 0 |
| 29000 | CNA Financial Corp., 3.450%, 08/15/2027 | 28477 | 0 |
| 29000 | CNA Financial Corp., 3.900%, 05/01/2029 | 28465 | 0 |
| 29000 | CNA Financial Corp., 4.500%, 03/01/2026 | 28976 | 0 |
| 29000 | CNA Financial Corp., 5.125%, 02/15/2034 | 29065 | 0 |
| 29000 | CNA Financial Corp., 5.500%, 06/15/2033 | 29769 | 0 |
| 29000 <sup>(1)</sup> | CNO Financial Group, Inc., 5.250%, 05/30/2029 | 29270 | 0 |
| 41000 | CNO Financial Group, Inc., 6.450%, 06/15/2034 | 43027 | 0 |
| 250000 | Comerica, Inc., 3.800%, 07/22/2026 | 247810 | 0 |
| 500000 | Cooperatieve Rabobank UA, 3.750%, 07/21/2026 | 496087 | 0.1 |
| 228000 | Cooperatieve Rabobank UA, BKNT, 5.250%, 05/24/2041 | 224551 | 0 |
| 472000 | Corebridge Financial, Inc., 3.900%, 04/05/2032 | 443355 | 0.1 |
| 91000 | Corporate Office Properties L.P., 2.750%, 04/15/2031 | 80539 | 0 |
| 53000 | Credit Suisse USA, Inc., 7.125%, 07/15/2032 | 60379 | 0 |
| 500000 | Crown Castle, Inc., 1.050%, 07/15/2026 | 481681 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 415000 | Crown Castle, Inc., 2.100%, 04/01/2031 | $356263 | 0.1 |
| 73000 | Crown Castle, Inc., 2.900%, 04/01/2041 | 52256 | 0.0 |
| 26000 | CubeSmart L.P., 2.000%, 02/15/2031 | 22578 | 0.0 |
| 32000 | CubeSmart L.P., 2.250%, 12/15/2028 | 29834 | 0.0 |
| 29000 | CubeSmart L.P., 2.500%, 02/15/2032 | 24989 | 0.0 |
| 20000 | CubeSmart L.P., 3.000%, 02/15/2030 | 18657 | 0.0 |
| 17000 | CubeSmart L.P., 3.125%, 09/01/2026 | 16728 | 0.0 |
| 17000 | CubeSmart L.P., 4.000%, 11/15/2025 | 16953 | 0.0 |
| 20000 | CubeSmart L.P., 4.375%, 02/15/2029 | 19891 | 0.0 |
| 212000 | Deutsche Bank AG, 4.100%, 01/13/2026 | 211350 | 0.0 |
| 366000 <sup>(3)</sup> | Deutsche Bank AG/ New York NY, 2.311%, 11/16/2027 | 355219 | 0.1 |
| 569000 <sup>(1)(3)</sup> | Deutsche Bank AG/ New York NY, 3.547%, 09/18/2031 | 532438 | 0.1 |
| 400000 | Deutsche Bank AG/ New York NY, 4.100%, 01/13/2026 | 398707 | 0.1 |
| 52000 | Digital Realty Trust L.P., 3.600%, 07/01/2029 | 50420 | 0.0 |
| 58000 | Digital Realty Trust L.P., 3.700%, 08/15/2027 | 57289 | 0.0 |
| 38000 | Digital Realty Trust L.P., 4.450%, 07/15/2028 | 38028 | 0.0 |
| 52000 | Digital Realty Trust L.P., 5.550%, 01/15/2028 | 53352 | 0.0 |
| 400000 | Discover Bank, 4.250%, 03/13/2026 | 399242 | 0.1 |
| 59000 | Discover Financial Services, 4.100%, 02/09/2027 | 58744 | 0.0 |
| 36000 | Discover Financial Services, 4.500%, 01/30/2026 | 35987 | 0.0 |
| 44000 | Discover Financial Services, 6.700%, 11/29/2032 | 48066 | 0.0 |
| 31000 <sup>(3)</sup> | Discover Financial Services, 7.964%, 11/02/2034 | 36049 | 0.0 |
| 30000 | DOC DR, LLC, 2.625%, 11/01/2031 | 26485 | 0.0 |
| 21000 | DOC DR, LLC, 3.950%, 01/15/2028 | 20823 | 0.0 |
| 24000 | DOC DR, LLC, 4.300%, 03/15/2027 | 23950 | 0.0 |
| 29000 <sup>(3)</sup> | Enstar Finance LLC, 5.500%, 01/15/2042 | 28602 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 29000 | Enstar Group Ltd., 3.100%, 09/01/2031 | $25802 | 0 |
| 29000 | Enstar Group Ltd., 4.950%, 06/01/2029 | 29190 | 0 |
| 137000 | EPR Properties, 3.750%, 08/15/2029 | 130505 | 0 |
| 41000 | Equinix, Inc., 1.000%, 09/15/2025 | 40677 | 0 |
| 30000 | Equinix, Inc., 1.250%, 07/15/2025 | 29962 | 0 |
| 41000 | Equinix, Inc., 1.450%, 05/15/2026 | 39885 | 0 |
| 38000 | Equinix, Inc., 1.550%, 03/15/2028 | 35433 | 0 |
| 30000 | Equinix, Inc., 1.800%, 07/15/2027 | 28613 | 0 |
| 24000 | Equinix, Inc., 2.000%, 05/15/2028 | 22465 | 0 |
| 65000 | Equinix, Inc., 2.150%, 07/15/2030 | 57870 | 0 |
| 59000 | Equinix, Inc., 2.500%, 05/15/2031 | 52300 | 0 |
| 36000 | Equinix, Inc., 2.900%, 11/18/2026 | 35293 | 0 |
| 30000 | Equinix, Inc., 2.950%, 09/15/2051 | 18518 | 0 |
| 30000 | Equinix, Inc., 3.000%, 07/15/2050 | 18769 | 0 |
| 71000 | Equinix, Inc., 3.200%, 11/18/2029 | 67400 | 0 |
| 30000 | Equinix, Inc., 3.400%, 02/15/2052 | 20134 | 0 |
| 71000 | Equinix, Inc., 3.900%, 04/15/2032 | 67282 | 0 |
| 89000 | Equitable Holdings, Inc., 4.350%, 04/20/2028 | 88860 | 0 |
| 61000 | Equitable Holdings, Inc., 5.000%, 04/20/2048 | 53873 | 0 |
| 30000 | Equitable Holdings, Inc., 5.594%, 01/11/2033 | 31232 | 0 |
| 161000 | ERP Operating L.P., 4.500%, 07/01/2044 | 139878 | 0 |
| 240000 | Essex Portfolio L.P., 2.650%, 03/15/2032 | 209928 | 0 |
| 59000 | Everest Reinsurance Holdings, Inc., 3.125%, 10/15/2052 | 36669 | 0 |
| 59000 | Everest Reinsurance Holdings, Inc., 3.500%, 10/15/2050 | 40337 | 0 |
| 24000 | Everest Reinsurance Holdings, Inc., 4.868%, 06/01/2044 | 21287 | 0 |
| 24000 | Extra Space Storage L.P., 2.200%, 10/15/2030 | 21241 | 0 |
| 36000 | Extra Space Storage L.P., 2.350%, 03/15/2032 | 30566 | 0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 36000 | Extra Space Storage L.P., 2.400%, 10/15/2031 | $31298 | 0.0 |
| 27000 | Extra Space Storage L.P., 2.550%, 06/01/2031 | 23886 | 0.0 |
| 34000 | Extra Space Storage L.P., 3.500%, 07/01/2026 | 33665 | 0.0 |
| 26000 | Extra Space Storage L.P., 3.875%, 12/15/2027 | 25717 | 0.0 |
| 24000 | Extra Space Storage L.P., 3.900%, 04/01/2029 | 23510 | 0.0 |
| 20000 | Extra Space Storage L.P., 4.000%, 06/15/2029 | 19622 | 0.0 |
| 36000 | Extra Space Storage L.P., 5.400%, 02/01/2034 | 36583 | 0.0 |
| 27000 | Extra Space Storage L.P., 5.500%, 07/01/2030 | 28018 | 0.0 |
| 30000 | Extra Space Storage L.P., 5.700%, 04/01/2028 | 30995 | 0.0 |
| 36000 | Extra Space Storage L.P., 5.900%, 01/15/2031 | 38054 | 0.0 |
| 35000 | Fairfax Financial Holdings Ltd., 3.375%, 03/03/2031 | 32508 | 0.0 |
| 38000 | Fairfax Financial Holdings Ltd., 4.625%, 04/29/2030 | 37818 | 0.0 |
| 35000 | Fairfax Financial Holdings Ltd., 4.850%, 04/17/2028 | 35321 | 0.0 |
| 44000 | Fairfax Financial Holdings Ltd., 5.625%, 08/16/2032 | 45228 | 0.0 |
| 44000 | Fairfax Financial Holdings Ltd., 6.000%, 12/07/2033 | 45920 | 0.0 |
| 35000 | Fairfax Financial Holdings Ltd., 6.100%, 03/15/2055 | 34315 | 0.0 |
| 58000 | Fairfax Financial Holdings Ltd., 6.350%, 03/22/2054 | 58808 | 0.0 |
| 151000 | Federal Realty OP L.P., 3.500%, 06/01/2030 | 143722 | 0.0 |
| 35000 | Fidelity National Financial, Inc., 2.450%, 03/15/2031 | 30400 | 0.0 |
| 26000 | Fidelity National Financial, Inc., 3.200%, 09/17/2051 | 16066 | 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)** |  |  |
| 38000 | Fidelity National Financial, Inc., 3.400%, 06/15/2030 | $35494 | 0.0 |
| 26000 | Fidelity National Financial, Inc., 4.500%, 08/15/2028 | 25964 | 0.0 |
| 45000 <sup>(3)</sup> | Fifth Third Bancorp, 1.707%, 11/01/2027 | 43462 | 0.0 |
| 65000 | Fifth Third Bancorp, 2.550%, 05/05/2027 | 63017 | 0.0 |
| 60000 | Fifth Third Bancorp, 3.950%, 03/14/2028 | 59432 | 0.0 |
| 35000 <sup>(3)</sup> | Fifth Third Bancorp, 4.055%, 04/25/2028 | 34788 | 0.0 |
| 55000 <sup>(1)(3)</sup> | Fifth Third Bancorp, 4.337%, 04/25/2033 | 52525 | 0.0 |
| 90000 <sup>(3)</sup> | Fifth Third Bancorp, 4.772%, 07/28/2030 | 90580 | 0.0 |
| 90000 <sup>(3)</sup> | Fifth Third Bancorp, 6.361%, 10/27/2028 | 93844 | 0.0 |
| 90000 | Fifth Third Bancorp, 8.250%, 03/01/2038 | 107882 | 0.0 |
| 50000 | Franklin Resources, Inc., 1.600%, 10/30/2030 | 43084 | 0.0 |
| 21000 | Franklin Resources, Inc., 2.950%, 08/12/2051 | 12922 | 0.0 |
| 803000 | FS KKR Capital Corp., 3.400%, 01/15/2026 | 796057 | 0.1 |
| 23000 | Globe Life, Inc., 2.150%, 08/15/2030 | 20272 | 0.0 |
| 32000 | Globe Life, Inc., 4.550%, 09/15/2028 | 32167 | 0.0 |
| 23000 | Globe Life, Inc., 4.800%, 06/15/2032 | 22591 | 0.0 |
| 347000 | GLP Capital L.P. / GLP Financing II, Inc., 5.375%, 04/15/2026 | 347293 | 0.0 |
| 98000 | GLP Capital L.P. / GLP Financing II, Inc., 6.250%, 09/15/2054 | 95744 | 0.0 |
| 126000 <sup>(3)</sup> | Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027 | 126638 | 0.0 |
| 148000 <sup>(3)</sup> | Goldman Sachs Bank USA/New York NY, 5.414%, 05/21/2027 | 149247 | 0.0 |
| 53000 | Goldman Sachs Capital I, 6.345%, 02/15/2034 | 55070 | 0.0 |
| 168000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 1.431%, 03/09/2027 | 164395 | 0.0 |
| 154000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 1.542%, 09/10/2027 | 148723 | 0.0 |
| 238000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 1.948%, 10/21/2027 | 230507 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 139000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 1.992%, 01/27/2032 | $120433 | 0.0 |
| 224000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 2.383%, 07/21/2032 | 195691 | 0.0 |
| 112000 | Goldman Sachs Group, Inc., 2.600%, 02/07/2030 | 103532 | 0.0 |
| 209000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 2.615%, 04/22/2032 | 185827 | 0.0 |
| 168000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 2.640%, 02/24/2028 | 163217 | 0.0 |
| 168000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 2.650%, 10/21/2032 | 148496 | 0.0 |
| 81000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 2.908%, 07/21/2042 | 58041 | 0.0 |
| 224000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 3.102%, 02/24/2033 | 201670 | 0.0 |
| 122000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 3.210%, 04/22/2042 | 91310 | 0.0 |
| 106000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 3.436%, 02/24/2043 | 80874 | 0.0 |
| 154000 | Goldman Sachs Group, Inc., 3.500%, 11/16/2026 | 152251 | 0.0 |
| 182000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 3.615%, 03/15/2028 | 179521 | 0.0 |
| 140000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 3.691%, 06/05/2028 | 138069 | 0.0 |
| 98000 | Goldman Sachs Group, Inc., 3.750%, 02/25/2026 | 97576 | 0.0 |
| 140000 | Goldman Sachs Group, Inc., 3.800%, 03/15/2030 | 136658 | 0.0 |
| 140000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 3.814%, 04/23/2029 | 137794 | 0.0 |
| 168000 | Goldman Sachs Group, Inc., 3.850%, 01/26/2027 | 166948 | 0.0 |
| 140000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 4.017%, 10/31/2038 | 122186 | 0.0 |
| 196000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 4.223%, 05/01/2029 | 194914 | 0.0 |
| 39000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 4.387%, 06/15/2027 | 38949 | 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)** |  |  |
| 84000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 4.411%, 04/23/2039 | $75777 | 0 |
| 140000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 4.482%, 08/23/2028 | 140213 | 0 |
| 112000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 4.692%, 10/23/2030 | 112361 | 0 |
| 98000 | Goldman Sachs Group, Inc., 4.750%, 10/21/2045 | 87207 | 0 |
| 196000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 | 193712 | 0 |
| 140000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.049%, 07/23/2030 | 142357 | 0 |
| 112000 | Goldman Sachs Group, Inc., 5.150%, 05/22/2045 | 100699 | 0 |
| 168000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 169534 | 0 |
| 140000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 145763 | 0 |
| 193000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.734%, 01/28/2056 | 193145 | 0 |
| 140000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.851%, 04/25/2035 | 146882 | 0 |
| 45000 | Goldman Sachs Group, Inc., 5.950%, 01/15/2027 | 46257 | 0 |
| 58000 | Goldman Sachs Group, Inc., 6.125%, 02/15/2033 | 63381 | 0 |
| 140000 | Goldman Sachs Group, Inc., 6.250%, 02/01/2041 | 149767 | 0 |
| 39000 <sup>(1)</sup> | Goldman Sachs Group, Inc., 6.450%, 05/01/2036 | 41728 | 0 |
| 154000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 163382 | 0 |
| 70000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.561%, 10/24/2034 | 77427 | 0 |
| 306000 | Goldman Sachs Group, Inc., 6.750%, 10/01/2037 | 336163 | 0 |
| 98000 | Goldman Sachs Group, Inc., MTN, 4.800%, 07/08/2044 | 88122 | 0 |
| 123000 <sup>(3)</sup> | Goldman Sachs Group, Inc. VAR, 1.093%, 12/09/2026 | 121100 | 0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 88000 | Golub Capital BDC, Inc., 6.000%, 07/15/2029 | $89228 | 0.0 |
| 36000 <sup>(1)</sup> | Hartford Financial Services Group, Inc., 2.800%, 08/19/2029 | 33886 | 0.0 |
| 36000 | Hartford Financial Services Group, Inc., 2.900%, 09/15/2051 | 22543 | 0.0 |
| 47000 | Hartford Financial Services Group, Inc., 3.600%, 08/19/2049 | 34571 | 0.0 |
| 18000 | Hartford Financial Services Group, Inc., 4.300%, 04/15/2043 | 15245 | 0.0 |
| 30000 | Hartford Financial Services Group, Inc., 4.400%, 03/15/2048 | 25318 | 0.0 |
| 18000 | Hartford Financial Services Group, Inc., 5.950%, 10/15/2036 | 18862 | 0.0 |
| 24000 | Hartford Financial Services Group, Inc., 6.100%, 10/01/2041 | 24969 | 0.0 |
| 47000 | Healthcare Realty Holdings L.P., 2.000%, 03/15/2031 | 40260 | 0.0 |
| 38000 | Healthcare Realty Holdings L.P., 3.100%, 02/15/2030 | 35270 | 0.0 |
| 35000 | Healthcare Realty Holdings L.P., 3.500%, 08/01/2026 | 34574 | 0.0 |
| 29000 | Healthcare Realty Holdings L.P., 3.750%, 07/01/2027 | 28610 | 0.0 |
| 27000 | Healthpeak OP LLC, 1.350%, 02/01/2027 | 25747 | 0.0 |
| 30000 | Healthpeak OP LLC, 2.125%, 12/01/2028 | 27870 | 0.0 |
| 36000 | Healthpeak OP LLC, 2.875%, 01/15/2031 | 32848 | 0.0 |
| 44000 | Healthpeak OP LLC, 3.000%, 01/15/2030 | 41299 | 0.0 |
| 38000 | Healthpeak OP LLC, 3.250%, 07/15/2026 | 37553 | 0.0 |
| 38000 | Healthpeak OP LLC, 3.500%, 07/15/2029 | 36709 | 0.0 |
| 44000 | Healthpeak OP LLC, 5.250%, 12/15/2032 | 44800 | 0.0 |
| 18000 | Healthpeak OP LLC, 6.750%, 02/01/2041 | 19853 | 0.0 |
| 20000 | Highwoods Realty L.P., 2.600%, 02/01/2031 | 17311 | 0.0 |
| 23000 <sup>(1)</sup> | Highwoods Realty L.P., 3.050%, 02/15/2030 | 21014 | 0.0 |
| 17000 <sup>(1)</sup> | Highwoods Realty L.P., 3.875%, 03/01/2027 | 16695 | 0.0 |
| 20000 | Highwoods Realty L.P., 4.125%, 03/15/2028 | 19596 | 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)** |  |  |
| 20000 | Highwoods Realty L.P., 4.200%, 04/15/2029 | $19458 | 0.0 |
| 20000 | Highwoods Realty L.P., 7.650%, 02/01/2034 | 22624 | 0.0 |
| 35000 | Host Hotels & Resorts L.P., 5.700%, 07/01/2034 | 35243 | 0.0 |
| 23000 | Host Hotels & Resorts L.P. F, 4.500%, 02/01/2026 | 22952 | 0.0 |
| 38000 <sup>(1)</sup> | Host Hotels & Resorts L.P. H, 3.375%, 12/15/2029 | 35880 | 0.0 |
| 44000 <sup>(1)</sup> | Host Hotels & Resorts L.P. I, 3.500%, 09/15/2030 | 40877 | 0.0 |
| 26000 | Host Hotels & Resorts L.P. J, 2.900%, 12/15/2031 | 22798 | 0.0 |
| 441000 <sup>(3)</sup> | HSBC Holdings PLC, 4.292%, 09/12/2026 | 440579 | 0.1 |
| 500000 <sup>(3)</sup> | HSBC Holdings PLC, 4.583%, 06/19/2029 | 500799 | 0.1 |
| 500000 <sup>(3)</sup> | HSBC Holdings PLC, 6.000%, 12/31/2199 | 500744 | 0.1 |
| 1831000 | HSBC Holdings PLC, 6.500%, 09/15/2037 | 1965867 | 0.2 |
| 33000 <sup>(3)</sup> | Huntington Bancshares, Inc., 2.487%, 08/15/2036 | 27734 | 0.0 |
| 44000 | Huntington Bancshares, Inc., 2.550%, 02/04/2030 | 40252 | 0.0 |
| 44000 <sup>(3)</sup> | Huntington Bancshares, Inc., 4.443%, 08/04/2028 | 43983 | 0.0 |
| 24000 <sup>(3)</sup> | Huntington Bancshares, Inc., 5.023%, 05/17/2033 | 23737 | 0.0 |
| 95000 <sup>(3)</sup> | Huntington Bancshares, Inc., 5.709%, 02/02/2035 | 97123 | 0.0 |
| 124000 <sup>(3)</sup> | Huntington Bancshares, Inc., 6.208%, 08/21/2029 | 130137 | 0.0 |
| 895000 | ING Groep NV, 4.550%, 10/02/2028 | 899844 | 0.1 |
| 101000 | Intercontinental Exchange, Inc., 1.850%, 09/15/2032 | 83915 | 0.0 |
| 74000 | Intercontinental Exchange, Inc., 3.000%, 06/15/2050 | 48375 | 0.0 |
| 89000 | Intercontinental Exchange, Inc., 3.000%, 09/15/2060 | 54385 | 0.0 |
| 355000 | Intercontinental Exchange, Inc., 4.000%, 09/15/2027 | 353460 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 48000 <sup>(1)</sup> | Intercontinental Exchange, Inc., 4.950%, 06/15/2052 | $43472 | 0 |
| 59000 | Intercontinental Exchange, Inc., 5.200%, 06/15/2062 | 55289 | 0 |
| 164000 | Invitation Homes Operating Partnership L.P., 4.150%, 04/15/2032 | 155347 | 0 |
| 29000 | Jackson Financial, Inc., 3.125%, 11/23/2031 | 25719 | 0 |
| 29000 | Jackson Financial, Inc., 4.000%, 11/23/2051 | 19712 | 0 |
| 23000 | Jackson Financial, Inc., 5.170%, 06/08/2027 | 23316 | 0 |
| 20000 | Jackson Financial, Inc., 5.670%, 06/08/2032 | 20418 | 0 |
| 71000 <sup>(3)</sup> | Jefferies Financial Group, Inc., 4.150%, 01/23/2030 | 69369 | 0 |
| 160000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.045%, 11/19/2026 | 157853 | 0 |
| 60000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | 57901 | 0 |
| 204000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 199305 | 0 |
| 881000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.764%, 11/19/2031 | 763583 | 0.1 |
| 588000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.182%, 06/01/2028 | 565364 | 0.1 |
| 95000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.525%, 11/19/2041 | 66646 | 0 |
| 500000 | JPMorgan Chase & Co., 2.950%, 10/01/2026 | 492870 | 0.1 |
| 1175000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.956%, 05/13/2031 | 1086822 | 0.1 |
| 782000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.109%, 04/22/2041 | 599741 | 0.1 |
| 207000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.328%, 04/22/2052 | 145164 | 0 |
| 588000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | 576058 | 0.1 |
| 441000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.540%, 05/01/2028 | 434628 | 0.1 |
| 588000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.782%, 02/01/2028 | 583102 | 0.1 |
| 441000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.882%, 07/24/2038 | 389178 | 0.1 |
| 588000 | JPMorgan Chase & Co., 4.125%, 12/15/2026 | 587522 | 0.1 |
| 588000 | JPMorgan Chase & Co., 4.250%, 10/01/2027 | 590576 | 0.1 |
| 175000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.323%, 04/26/2028 | 174900 | 0 |
| 474000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.912%, 07/25/2033 | 476885 | 0.1 |
| 146000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.040%, 01/23/2028 | 147431 | 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)** |  |  |
| 1395000 | JPMorgan Chase & Co., 5.500%, 10/15/2040 | $1424858 | 0.1 |
| 500000 | KeyBank NA/Cleveland OH, BKNT, 3.400%, 05/20/2026 | 494500 | 0.1 |
| 105000 <sup>(3)</sup> | KeyCorp, 6.401%, 03/06/2035 | 112049 | 0 |
| 47000 | KeyCorp, MTN, 2.250%, 04/06/2027 | 45339 | 0 |
| 44000 | KeyCorp, MTN, 2.550%, 10/01/2029 | 40662 | 0 |
| 44000 | KeyCorp, MTN, 4.100%, 04/30/2028 | 43732 | 0 |
| 30000 | KeyCorp, MTN, 4.150%, 10/29/2025 | 29935 | 0 |
| 39000 <sup>(3)</sup> | KeyCorp, MTN, 4.789%, 06/01/2033 | 38037 | 0 |
| 96000 | Kilroy Realty L.P., 2.500%, 11/15/2032 | 77325 | 0 |
| 65000 | Kilroy Realty L.P., 4.250%, 08/15/2029 | 62857 | 0 |
| 24000 | Kilroy Realty L.P., 4.375%, 10/01/2025 | 23962 | 0 |
| 425000 | Kimco Realty OP LLC, 2.700%, 10/01/2030 | 390048 | 0.1 |
| 118000 | Kreditanstalt fuer Wiederaufbau, 0.750%, 09/30/2030 | 100987 | 0 |
| 178000 <sup>(1)</sup> | Kreditanstalt fuer Wiederaufbau, 1.000%, 10/01/2026 | 171827 | 0 |
| 118000 | Kreditanstalt fuer Wiederaufbau, 1.750%, 09/14/2029 | 108998 | 0 |
| 178000 | Kreditanstalt fuer Wiederaufbau, 2.875%, 04/03/2028 | 174371 | 0 |
| 296000 <sup>(1)</sup> | Kreditanstalt fuer Wiederaufbau, 3.000%, 05/20/2027 | 292006 | 0 |
| 237000 <sup>(1)</sup> | Kreditanstalt fuer Wiederaufbau, 3.750%, 02/15/2028 | 237609 | 0 |
| 237000 | Kreditanstalt fuer Wiederaufbau, 3.875%, 06/15/2028 | 238318 | 0 |
| 296000 <sup>(1)</sup> | Kreditanstalt fuer Wiederaufbau, 4.000%, 03/15/2029 | 298713 | 0 |
| 237000 <sup>(1)</sup> | Kreditanstalt fuer Wiederaufbau, 4.125%, 07/15/2033 | 236823 | 0 |
| 296000 | Kreditanstalt fuer Wiederaufbau, 4.375%, 03/01/2027 | 298868 | 0 |
| 118000 <sup>(1)</sup> | Kreditanstalt fuer Wiederaufbau, 4.375%, 02/28/2034 | 119533 | 0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 118000 <sup>(5)</sup> | Kreditanstalt fuer Wiederaufbau, 4.440%, 04/18/2036 | $73776 | 0.0 |
| 118000 <sup>(5)</sup> | Kreditanstalt fuer Wiederaufbau, 4.470%, 06/29/2037 | 69838 | 0.0 |
| 296000 | Kreditanstalt fuer Wiederaufbau, 4.625%, 08/07/2026 | 298322 | 0.0 |
| 118000 | Kreditanstalt fuer Wiederaufbau, 4.750%, 10/29/2030 | 123174 | 0.0 |
| 1763000 | Landwirtschaftliche Rentenbank, 0.875%, 09/03/2030 | 1521289 | 0.1 |
| 17000 | Lazard Group LLC, 3.625%, 03/01/2027 | 16698 | 0.0 |
| 29000 | Lazard Group LLC, 4.375%, 03/11/2029 | 28666 | 0.0 |
| 29000 | Lazard Group LLC, 4.500%, 09/19/2028 | 28897 | 0.0 |
| 23000 | Lazard Group LLC, 6.000%, 03/15/2031 | 24163 | 0.0 |
| 26000 | Legg Mason, Inc., 4.750%, 03/15/2026 | 26051 | 0.0 |
| 32000 | Legg Mason, Inc., 5.625%, 01/15/2044 | 31745 | 0.0 |
| 25000 <sup>(1)</sup> | Lincoln National Corp., 3.050%, 01/15/2030 | 23515 | 0.0 |
| 30000 | Lincoln National Corp., 3.400%, 01/15/2031 | 27954 | 0.0 |
| 18000 | Lincoln National Corp., 3.400%, 03/01/2032 | 16151 | 0.0 |
| 24000 | Lincoln National Corp., 3.625%, 12/12/2026 | 23725 | 0.0 |
| 30000 | Lincoln National Corp., 3.800%, 03/01/2028 | 29542 | 0.0 |
| 21000 | Lincoln National Corp., 5.852%, 03/15/2034 | 21625 | 0.0 |
| 22000 | Lincoln National Corp., 6.300%, 10/09/2037 | 23053 | 0.0 |
| 30000 | Lincoln National Corp., 7.000%, 06/15/2040 | 33175 | 0.0 |
| 500000 <sup>(3)</sup> | Lloyds Banking Group PLC, 3.574%, 11/07/2028 | 489597 | 0.1 |
| 256000 | Lloyds Banking Group PLC, 4.550%, 08/16/2028 | 256907 | 0.0 |
| 500000 | Lloyds Banking Group PLC, 4.650%, 03/24/2026 | 499623 | 0.1 |
| 270000 | Lloyds Banking Group PLC, 5.300%, 12/01/2045 | 252057 | 0.0 |
| 250000 | Loews Corp., 3.750%, 04/01/2026 | 248756 | 0.0 |
| 29000 | LPL Holdings, Inc., 5.700%, 05/20/2027 | 29560 | 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)** |  |  |
| 88000 | LPL Holdings, Inc., 5.750%, 06/15/2035 | $89067 | 0.0 |
| 29000 | LPL Holdings, Inc., 6.000%, 05/20/2034 | 30004 | 0.0 |
| 44000 <sup>(1)</sup> | LPL Holdings, Inc., 6.750%, 11/17/2028 | 46942 | 0.0 |
| 279000 <sup>(3)</sup> | M&T Bank Corp., 7.413%, 10/30/2029 | 302646 | 0.0 |
| 128000 <sup>(3)</sup> | Manulife Financial Corp., 4.061%, 02/24/2032 | 126591 | 0.0 |
| 59000 | Manulife Financial Corp., 4.150%, 03/04/2026 | 58910 | 0.0 |
| 31000 | Manulife Financial Corp., 5.375%, 03/04/2046 | 30723 | 0.0 |
| 18000 | Markel Group, Inc., 3.350%, 09/17/2029 | 17351 | 0.0 |
| 36000 | Markel Group, Inc., 3.450%, 05/07/2052 | 24315 | 0.0 |
| 18000 | Markel Group, Inc., 3.500%, 11/01/2027 | 17681 | 0.0 |
| 30000 | Markel Group, Inc., 4.150%, 09/17/2050 | 22936 | 0.0 |
| 18000 | Markel Group, Inc., 4.300%, 11/01/2047 | 14302 | 0.0 |
| 30000 | Markel Group, Inc., 5.000%, 04/05/2046 | 26609 | 0.0 |
| 36000 | Markel Group, Inc., 5.000%, 05/20/2049 | 31662 | 0.0 |
| 31000 | Markel Group, Inc., 6.000%, 05/16/2054 | 30993 | 0.0 |
| 448000 | Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | 401382 | 0.1 |
| 258000 | Marsh & McLennan Cos., Inc., 2.900%, 12/15/2051 | 162289 | 0.0 |
| 28000 | Marsh & McLennan Cos., Inc., 4.750%, 03/15/2039 | 26662 | 0.0 |
| 112000 | Marsh & McLennan Cos., Inc., 5.000%, 03/15/2035 | 112027 | 0.0 |
| 28000 | Marsh & McLennan Cos., Inc., 5.150%, 03/15/2034 | 28644 | 0.0 |
| 28000 | Marsh & McLennan Cos., Inc., 5.350%, 11/15/2044 | 27554 | 0.0 |
| 34000 <sup>(1)</sup> | Marsh & McLennan Cos., Inc., 5.400%, 09/15/2033 | 35287 | 0.0 |
| 42000 | Marsh & McLennan Cos., Inc., 5.400%, 03/15/2055 | 40510 | 0.0 |
| 28000 | Marsh & McLennan Cos., Inc., 5.750%, 11/01/2032 | 29890 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 17000 | Marsh & McLennan Cos., Inc., 5.875%, 08/01/2033 | $18154 | 0.0 |
| 34000 | Mastercard, Inc., 1.900%, 03/15/2031 | 30025 | 0.0 |
| 320000 | Mastercard, Inc., 2.950%, 03/15/2051 | 210692 | 0.0 |
| 84000 <sup>(1)</sup> | Mastercard, Inc., 3.350%, 03/26/2030 | 81048 | 0.0 |
| 420000 | Mastercard, Inc., 3.500%, 02/26/2028 | 414982 | 0.1 |
| 3000 | Mastercard, Inc., 3.800%, 11/21/2046 | 2407 | 0.0 |
| 41000 | Mastercard, Inc., 4.350%, 01/15/2032 | 40840 | 0.0 |
| 43000 | Mastercard, Inc., 4.875%, 05/09/2034 | 43535 | 0.0 |
| 200000 | MetLife, Inc., 4.050%, 03/01/2045 | 163893 | 0.0 |
| 129000 | MetLife, Inc., 4.125%, 08/13/2042 | 108577 | 0.0 |
| 40000 | MetLife, Inc., 4.721%, 12/15/2044 | 35589 | 0.0 |
| 59000 <sup>(1)</sup> | MetLife, Inc., 5.000%, 07/15/2052 | 53529 | 0.0 |
| 179000 | Mid-America Apartments L.P., 1.700%, 02/15/2031 | 153814 | 0.0 |
| 360000 | Mitsubishi UFJ Financial Group, Inc., 3.287%, 07/25/2027 | 354098 | 0.1 |
| 85000 | Mitsubishi UFJ Financial Group, Inc., 3.677%, 02/22/2027 | 84299 | 0.0 |
| 535000 <sup>(1)</sup> | Mitsubishi UFJ Financial Group, Inc., 3.741%, 03/07/2029 | 525132 | 0.1 |
| 465000 <sup>(1)</sup> | Mitsubishi UFJ Financial Group, Inc., 3.961%, 03/02/2028 | 461732 | 0.1 |
| 360000 | Mitsubishi UFJ Financial Group, Inc., 4.050%, 09/11/2028 | 358960 | 0.1 |
| 180000 | Mitsubishi UFJ Financial Group, Inc., 4.153%, 03/07/2039 | 166173 | 0.0 |
| 180000 | Mitsubishi UFJ Financial Group, Inc., 4.286%, 07/26/2038 | 167602 | 0.0 |
| 1395000 <sup>(1)(3)</sup> | Mizuho Financial Group, Inc., 4.254%, 09/11/2029 | 1387028 | 0.1 |
| 126000 <sup>(3)</sup> | Morgan Stanley, 2.475%, 01/21/2028 | 122341 | 0.0 |
| 168000 <sup>(3)</sup> | Morgan Stanley, 2.484%, 09/16/2036 | 142801 | 0.0 |
| 140000 <sup>(3)</sup> | Morgan Stanley, 2.943%, 01/21/2033 | 124987 | 0.0 |
| 112000 <sup>(3)</sup> | Morgan Stanley, 3.217%, 04/22/2042 | 85033 | 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)** |  |  |
| 168000 <sup>(3)</sup> | Morgan Stanley, 3.591%, 07/22/2028 | $165091 | 0.0 |
| 112000 <sup>(3)</sup> | Morgan Stanley, 3.971%, 07/22/2038 | 97579 | 0.0 |
| 140000 | Morgan Stanley, 4.300%, 01/27/2045 | 119427 | 0.0 |
| 56000 <sup>(3)</sup> | Morgan Stanley, 4.457%, 04/22/2039 | 51954 | 0.0 |
| 168000 <sup>(3)</sup> | Morgan Stanley, 4.654%, 10/18/2030 | 168353 | 0.0 |
| 112000 <sup>(3)</sup> | Morgan Stanley, 4.889%, 07/20/2033 | 112148 | 0.0 |
| 126000 <sup>(3)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 128167 | 0.0 |
| 140000 <sup>(3)</sup> | Morgan Stanley, 5.123%, 02/01/2029 | 142476 | 0.0 |
| 126000 <sup>(3)</sup> | Morgan Stanley, 5.173%, 01/16/2030 | 128664 | 0.0 |
| 112000 <sup>(3)</sup> | Morgan Stanley, 5.297%, 04/20/2037 | 111626 | 0.0 |
| 182000 <sup>(3)</sup> | Morgan Stanley, 5.320%, 07/19/2035 | 184295 | 0.0 |
| 126000 <sup>(3)</sup> | Morgan Stanley, 5.449%, 07/20/2029 | 129606 | 0.0 |
| 140000 <sup>(3)</sup> | Morgan Stanley, 5.466%, 01/18/2035 | 143283 | 0.0 |
| 140000 <sup>(3)</sup> | Morgan Stanley, 5.656%, 04/18/2030 | 145446 | 0.0 |
| 168000 <sup>(3)</sup> | Morgan Stanley, 5.831%, 04/19/2035 | 176076 | 0.0 |
| 84000 <sup>(1)(3)</sup> | Morgan Stanley, 5.942%, 02/07/2039 | 86258 | 0.0 |
| 112000 <sup>(3)</sup> | Morgan Stanley, 5.948%, 01/19/2038 | 115261 | 0.0 |
| 126000 <sup>(3)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 131281 | 0.0 |
| 168000 <sup>(3)</sup> | Morgan Stanley, 6.342%, 10/18/2033 | 182452 | 0.0 |
| 112000 | Morgan Stanley, 6.375%, 07/24/2042 | 122486 | 0.0 |
| 112000 <sup>(3)</sup> | Morgan Stanley, 6.407%, 11/01/2029 | 118652 | 0.0 |
| 112000 <sup>(3)</sup> | Morgan Stanley, 6.627%, 11/01/2034 | 123505 | 0.0 |
| 55000 | Morgan Stanley, 7.250%, 04/01/2032 | 63319 | 0.0 |
| 196000 <sup>(3)</sup> | Morgan Stanley, GMTN, 2.239%, 07/21/2032 | 169777 | 0.0 |
| 196000 <sup>(3)</sup> | Morgan Stanley, GMTN, 2.699%, 01/22/2031 | 180779 | 0.0 |
| 168000 <sup>(3)</sup> | Morgan Stanley, GMTN, 3.772%, 01/24/2029 | 165626 | 0.0 |
| 168000 <sup>(3)</sup> | Morgan Stanley, GMTN, 4.431%, 01/23/2030 | 167793 | 0.0 |
| 112000 <sup>(3)</sup> | Morgan Stanley, GMTN, 5.597%, 03/24/2051 | 111251 | 0.0 |
| 154000 <sup>(3)</sup> | Morgan Stanley, MTN, 1.794%, 02/13/2032 | 131794 | 0.0 |
| 140000 <sup>(3)</sup> | Morgan Stanley, MTN, 1.928%, 04/28/2032 | 119736 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 140000 <sup>(3)</sup> | Morgan Stanley, MTN, 2.511%, 10/20/2032 | $122635 | 0.0 |
| 580000 <sup>(3)</sup> | Morgan Stanley, MTN, 2.802%, 01/25/2052 | 359187 | 0.1 |
| 168000 <sup>(3)</sup> | Morgan Stanley, MTN, 3.622%, 04/01/2031 | 161145 | 0.0 |
| 126000 | Morgan Stanley, MTN, 4.375%, 01/22/2047 | 107350 | 0.0 |
| 154000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 157046 | 0.0 |
| 182000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.250%, 04/21/2034 | 185207 | 0.0 |
| 140000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.424%, 07/21/2034 | 143468 | 0.0 |
| 84000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.652%, 04/13/2028 | 85898 | 0.0 |
| 38000 | Nasdaq, Inc., 1.650%, 01/15/2031 | 32821 | 0.0 |
| 38000 | Nasdaq, Inc., 2.500%, 12/21/2040 | 26347 | 0.0 |
| 29000 | Nasdaq, Inc., 3.250%, 04/28/2050 | 19528 | 0.0 |
| 29000 | Nasdaq, Inc., 3.850%, 06/30/2026 | 28843 | 0.0 |
| 17000 | Nasdaq, Inc., 3.950%, 03/07/2052 | 12768 | 0.0 |
| 52000 | Nasdaq, Inc., 5.350%, 06/28/2028 | 53555 | 0.0 |
| 64000 | Nasdaq, Inc., 5.550%, 02/15/2034 | 66707 | 0.0 |
| 44000 | Nasdaq, Inc., 5.950%, 08/15/2053 | 44925 | 0.0 |
| 44000 | Nasdaq, Inc., 6.100%, 06/28/2063 | 44919 | 0.0 |
| 500000 | National Australia Bank Ltd./New York, 2.500%, 07/12/2026 | 491781 | 0.1 |
| 23000 | Nationwide Financial Services, Inc., 6.750%, 05/15/2087 | 22874 | 0.0 |
| 588000 <sup>(1)(3)</sup> | NatWest Group PLC, 3.073%, 05/22/2028 | 573552 | 0.1 |
| 500000 | NatWest Group PLC, 4.800%, 04/05/2026 | 501229 | 0.1 |
| 220000 <sup>(3)</sup> | NatWest Group PLC, 5.778%, 03/01/2035 | 228566 | 0.0 |
| 24000 | NNN REIT, Inc., 2.500%, 04/15/2030 | 21891 | 0.0 |
| 27000 | NNN REIT, Inc., 3.000%, 04/15/2052 | 16620 | 0.0 |
| 18000 | NNN REIT, Inc., 3.100%, 04/15/2050 | 11446 | 0.0 |
| 24000 | NNN REIT, Inc., 3.500%, 10/15/2027 | 23605 | 0.0 |
| 27000 | NNN REIT, Inc., 3.500%, 04/15/2051 | 18547 | 0.0 |
| 21000 | NNN REIT, Inc., 3.600%, 12/15/2026 | 20755 | 0.0 |
| 24000 | NNN REIT, Inc., 4.000%, 11/15/2025 | 23944 | 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)** |  |  |
| 24000 | NNN REIT, Inc., 4.300%, 10/15/2028 | $23955 | 0.0 |
| 18000 | NNN REIT, Inc., 4.800%, 10/15/2048 | 15594 | 0.0 |
| 30000 | NNN REIT, Inc., 5.600%, 10/15/2033 | 31029 | 0.0 |
| 200000 | Nomura Holdings, Inc., 1.653%, 07/14/2026 | 194293 | 0.0 |
| 351000 | Nomura Holdings, Inc., 2.679%, 07/16/2030 | 318571 | 0.0 |
| 346000 | Nomura Holdings, Inc., 5.842%, 01/18/2028 | 356888 | 0.1 |
| 59000 | Northern Trust Corp., 1.950%, 05/01/2030 | 53032 | 0.0 |
| 30000 | Northern Trust Corp., 3.150%, 05/03/2029 | 28947 | 0.0 |
| 21000 <sup>(3)</sup> | Northern Trust Corp., 3.375%, 05/08/2032 | 20396 | 0.0 |
| 30000 | Northern Trust Corp., 3.650%, 08/03/2028 | 29592 | 0.0 |
| 44000 | Northern Trust Corp., 3.950%, 10/30/2025 | 43903 | 0.0 |
| 59000 | Northern Trust Corp., 4.000%, 05/10/2027 | 58951 | 0.0 |
| 59000 | Northern Trust Corp., 6.125%, 11/02/2032 | 63728 | 0.0 |
| 1763000 | Oesterreichische Kontrollbank AG, GMTN, 0.500%, 02/02/2026 | 1725937 | 0.1 |
| 38000 | Old Republic International Corp., 3.850%, 06/11/2051 | 27027 | 0.0 |
| 32000 | Old Republic International Corp., 3.875%, 08/26/2026 | 31765 | 0.0 |
| 23000 | Old Republic International Corp., 5.750%, 03/28/2034 | 23697 | 0.0 |
| 41000 <sup>(1)</sup> | Omega Healthcare Investors, Inc., 3.250%, 04/15/2033 | 35413 | 0.0 |
| 41000 | Omega Healthcare Investors, Inc., 3.375%, 02/01/2031 | 37539 | 0.0 |
| 30000 <sup>(1)</sup> | Omega Healthcare Investors, Inc., 3.625%, 10/01/2029 | 28576 | 0.0 |
| 41000 | Omega Healthcare Investors, Inc., 4.500%, 04/01/2027 | 41098 | 0.0 |
| 33000 <sup>(1)</sup> | Omega Healthcare Investors, Inc., 4.750%, 01/15/2028 | 33163 | 0.0 |
| 36000 | Omega Healthcare Investors, Inc., 5.250%, 01/15/2026 | 36020 | 0.0 |
| 138000 | ORIX Corp., 2.250%, 03/09/2031 | 121720 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 17000 | Piedmont Operating Partnership L.P., 2.750%, 04/01/2032 | $14167 | 0.0 |
| 17000 | Piedmont Operating Partnership L.P., 3.150%, 08/15/2030 | 15260 | 0.0 |
| 23000 | Piedmont Operating Partnership L.P., 6.875%, 07/15/2029 | 24237 | 0.0 |
| 35000 | Piedmont Operating Partnership L.P., 9.250%, 07/20/2028 | 38999 | 0.0 |
| 441000 | PNC Bank NA, 3.100%, 10/25/2027 | 430273 | 0.1 |
| 500000 | PNC Bank NA, 3.250%, 01/22/2028 | 487898 | 0.1 |
| 588000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 2.307%, 04/23/2032 | 515972 | 0.1 |
| 105000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 5.401%, 07/23/2035 | 106963 | 0.0 |
| 345000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 5.582%, 06/12/2029 | 357359 | 0.1 |
| 341000 | Principal Financial Group, Inc., 2.125%, 06/15/2030 | 303776 | 0.0 |
| 30000 | Progressive Corp., 2.450%, 01/15/2027 | 29271 | 0.0 |
| 30000 | Progressive Corp., 2.500%, 03/15/2027 | 29232 | 0.0 |
| 30000 | Progressive Corp., 3.000%, 03/15/2032 | 27383 | 0.0 |
| 30000 | Progressive Corp., 3.200%, 03/26/2030 | 28643 | 0.0 |
| 24000 | Progressive Corp., 3.700%, 01/26/2045 | 18598 | 0.0 |
| 30000 | Progressive Corp., 3.700%, 03/15/2052 | 22402 | 0.0 |
| 30000 | Progressive Corp., 3.950%, 03/26/2050 | 23525 | 0.0 |
| 33000 | Progressive Corp., 4.000%, 03/01/2029 | 32822 | 0.0 |
| 43000 | Progressive Corp., 4.125%, 04/15/2047 | 35420 | 0.0 |
| 36000 | Progressive Corp., 4.200%, 03/15/2048 | 29644 | 0.0 |
| 21000 | Progressive Corp., 4.350%, 04/25/2044 | 18057 | 0.0 |
| 30000 | Progressive Corp., 4.950%, 06/15/2033 | 30658 | 0.0 |
| 24000 | Progressive Corp., 6.250%, 12/01/2032 | 26455 | 0.0 |
| 18000 | Progressive Corp., 6.625%, 03/01/2029 | 19426 | 0.0 |
| 588000 | Prologis L.P., 1.750%, 07/01/2030 | 517243 | 0.1 |
| 30000 | Prologis L.P., 2.125%, 10/15/2050 | 15973 | 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)** |  |  |
| 41000 | Prologis L.P., 3.000%, 04/15/2050 | $26603 | 0.0 |
| 19000 | Prologis L.P., 3.050%, 03/01/2050 | 12452 | 0.0 |
| 441000 | Prologis L.P., 3.250%, 10/01/2026 | 436107 | 0.1 |
| 58000 | Prologis L.P., 4.375%, 09/15/2048 | 48451 | 0.0 |
| 19000 | Prologis L.P., 5.250%, 06/15/2053 | 17864 | 0.0 |
| 27000 | Prologis L.P., 5.250%, 03/15/2054 | 25370 | 0.0 |
| 47000 <sup>(3)</sup> | Prudential Financial, Inc., 3.700%, 10/01/2050 | 42916 | 0.0 |
| 53000 | Prudential Financial, Inc., 3.905%, 12/07/2047 | 41456 | 0.0 |
| 62000 | Prudential Financial, Inc., 3.935%, 12/07/2049 | 47516 | 0.0 |
| 44000 <sup>(1)(3)</sup> | Prudential Financial, Inc., 4.500%, 09/15/2047 | 43393 | 0.0 |
| 59000 <sup>(3)</sup> | Prudential Financial, Inc., 5.125%, 03/01/2052 | 57115 | 0.0 |
| 59000 <sup>(3)</sup> | Prudential Financial, Inc., 5.700%, 09/15/2048 | 59826 | 0.0 |
| 71000 <sup>(1)(3)</sup> | Prudential Financial, Inc., 6.000%, 09/01/2052 | 71677 | 0.0 |
| 59000 <sup>(3)</sup> | Prudential Financial, Inc., 6.500%, 03/15/2054 | 60755 | 0.0 |
| 30000 <sup>(3)</sup> | Prudential Financial, Inc., 6.750%, 03/01/2053 | 31472 | 0.0 |
| 30000 | Prudential Financial, Inc., MTN, 1.500%, 03/10/2026 | 29435 | 0.0 |
| 30000 | Prudential Financial, Inc., MTN, 2.100%, 03/10/2030 | 27319 | 0.0 |
| 30000 | Prudential Financial, Inc., MTN, 3.000%, 03/10/2040 | 22723 | 0.0 |
| 75000 <sup>(1)</sup> | Prudential Financial, Inc., MTN, 3.700%, 03/13/2051 | 55193 | 0.0 |
| 23000 | Prudential Financial, Inc., MTN, 3.878%, 03/27/2028 | 22910 | 0.0 |
| 59000 <sup>(1)</sup> | Prudential Financial, Inc., MTN, 4.350%, 02/25/2050 | 49025 | 0.0 |
| 24000 | Prudential Financial, Inc., MTN, 4.418%, 03/27/2048 | 20268 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 44000 | Prudential Financial, Inc., MTN, 4.600%, 05/15/2044 | $38814 | 0.0 |
| 44000 | Prudential Financial, Inc., MTN, 5.700%, 12/14/2036 | 46241 | 0.0 |
| 22000 | Prudential Financial, Inc., MTN, 6.625%, 12/01/2037 | 24656 | 0.0 |
| 21000 | Prudential Financial, Inc., MTN, 6.625%, 06/21/2040 | 23732 | 0.0 |
| 22000 | Prudential Financial, Inc., MTNB, 5.750%, 07/15/2033 | 23466 | 0.0 |
| 38000 | Public Storage Operating Co., 1.500%, 11/09/2026 | 36701 | 0.0 |
| 190000 | Public Storage Operating Co., 1.850%, 05/01/2028 | 178496 | 0.0 |
| 250000 | Public Storage Operating Co., 2.300%, 05/01/2031 | 222364 | 0.0 |
| 30000 | Public Storage Operating Co., 3.094%, 09/15/2027 | 29367 | 0.0 |
| 44000 | Raymond James Financial, Inc., 3.750%, 04/01/2051 | 32079 | 0.0 |
| 30000 | Raymond James Financial, Inc., 4.650%, 04/01/2030 | 30408 | 0.0 |
| 47000 | Raymond James Financial, Inc., 4.950%, 07/15/2046 | 42273 | 0.0 |
| 654000 | Realty Income Corp., 3.250%, 01/15/2031 | 613268 | 0.1 |
| 249000 | Realty Income Corp., 4.125%, 10/15/2026 | 248458 | 0.0 |
| 25000 | Regency Centers L.P., 2.950%, 09/15/2029 | 23672 | 0.0 |
| 31000 | Regency Centers L.P., 3.600%, 02/01/2027 | 30725 | 0.0 |
| 36000 | Regency Centers L.P., 3.700%, 06/15/2030 | 34820 | 0.0 |
| 18000 | Regency Centers L.P., 4.125%, 03/15/2028 | 17958 | 0.0 |
| 25000 | Regency Centers L.P., 4.400%, 02/01/2047 | 20893 | 0.0 |
| 18000 | Regency Centers L.P., 4.650%, 03/15/2049 | 15637 | 0.0 |
| 24000 | Regency Centers L.P., 5.250%, 01/15/2034 | 24364 | 0.0 |
| 36000 | Regions Financial Corp., 1.800%, 08/12/2028 | 33251 | 0.0 |
| 56000 <sup>(1)(3)</sup> | Regions Financial Corp., 5.502%, 09/06/2035 | 56165 | 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)** |  |  |
| 42000 <sup>(3)</sup> | Regions Financial Corp., 5.722%, 06/06/2030 | $43391 | 0.0 |
| 42000 | Regions Financial Corp., 7.375%, 12/10/2037 | 46847 | 0.0 |
| 35000 | Reinsurance Group of America, Inc., 3.150%, 06/15/2030 | 32723 | 0.0 |
| 35000 | Reinsurance Group of America, Inc., 3.900%, 05/15/2029 | 34374 | 0.0 |
| 23000 | Reinsurance Group of America, Inc., 3.950%, 09/15/2026 | 22877 | 0.0 |
| 38000 <sup>(1)</sup> | Reinsurance Group of America, Inc., 5.750%, 09/15/2034 | 39030 | 0.0 |
| 23000 <sup>(1)</sup> | Reinsurance Group of America, Inc., 6.000%, 09/15/2033 | 24122 | 0.0 |
| 17000 | RenaissanceRe Finance, Inc., 3.450%, 07/01/2027 | 16755 | 0.0 |
| 23000 | RenaissanceRe Holdings Ltd., 3.600%, 04/15/2029 | 22278 | 0.0 |
| 44000 | RenaissanceRe Holdings Ltd., 5.750%, 06/05/2033 | 45299 | 0.0 |
| 105000 | Royal Bank of Canada, 1.200%, 04/27/2026 | 102486 | 0.0 |
| 75000 | Royal Bank of Canada, 3.625%, 05/04/2027 | 74310 | 0.0 |
| 65000 | Royal Bank of Canada, 3.875%, 05/04/2032 | 62191 | 0.0 |
| 78000 | Royal Bank of Canada, GMTN, 0.875%, 01/20/2026 | 76498 | 0.0 |
| 45000 <sup>(1)</sup> | Royal Bank of Canada, GMTN, 1.150%, 07/14/2026 | 43633 | 0.0 |
| 55000 | Royal Bank of Canada, GMTN, 1.400%, 11/02/2026 | 53117 | 0.0 |
| 95000 | Royal Bank of Canada, GMTN, 2.300%, 11/03/2031 | 83482 | 0.0 |
| 80000 <sup>(1)</sup> | Royal Bank of Canada, GMTN, 4.240%, 08/03/2027 | 80151 | 0.0 |
| 95000 | Royal Bank of Canada, GMTN, 4.650%, 01/27/2026 | 94983 | 0.0 |
| 65000 | Royal Bank of Canada, GMTN, 4.875%, 01/12/2026 | 65136 | 0.0 |
| 45000 | Royal Bank of Canada, GMTN, 4.900%, 01/12/2028 | 45853 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 105000 | Royal Bank of Canada, GMTN, 5.000%, 02/01/2033 | $106667 | 0.0 |
| 55000 | Royal Bank of Canada, GMTN, 5.000%, 05/02/2033 | 55722 | 0.0 |
| 285000 <sup>(1)</sup> | Royal Bank of Canada, GMTN, 5.150%, 02/01/2034 | 292076 | 0.0 |
| 65000 | Royal Bank of Canada, GMTN, 5.200%, 07/20/2026 | 65653 | 0.0 |
| 65000 | Royal Bank of Canada, GMTN, 5.200%, 08/01/2028 | 66887 | 0.0 |
| 85000 | Royal Bank of Canada, MTN, 6.000%, 11/01/2027 | 88361 | 0.0 |
| 30000 <sup>(1)</sup> | Royal Bank of Canada FXD, 2.050%, 01/21/2027 | 29106 | 0.0 |
| 47000 | Sabra Health Care L.P., 3.200%, 12/01/2031 | 41907 | 0.0 |
| 20000 | Sabra Health Care L.P., 3.900%, 10/15/2029 | 19045 | 0.0 |
| 29000 | Sabra Health Care L.P., 5.125%, 08/15/2026 | 29027 | 0.0 |
| 23000 | Safehold GL Holdings LLC, 2.800%, 06/15/2031 | 20603 | 0.0 |
| 20000 | Safehold GL Holdings LLC, 2.850%, 01/15/2032 | 17440 | 0.0 |
| 17000 | Safehold GL Holdings LLC, 6.100%, 04/01/2034 | 17705 | 0.0 |
| 645000 | Santander Holdings USA, Inc., 4.500%, 07/17/2025 | 644755 | 0.1 |
| 133000 <sup>(1)(3)</sup> | Santander Holdings USA, Inc., 6.342%, 05/31/2035 | 138974 | 0.0 |
| 397000 <sup>(3)</sup> | Santander UK Group Holdings PLC, 2.469%, 01/11/2028 | 384471 | 0.1 |
| 603000 | Simon Property Group L.P., 2.650%, 07/15/2030 | 556549 | 0.1 |
| 44000 | Simon Property Group L.P., 3.375%, 06/15/2027 | 43346 | 0.0 |
| 65000 | Simon Property Group L.P., 3.500%, 09/01/2025 | 64854 | 0.0 |
| 32000 | Simon Property Group L.P., 4.250%, 10/01/2044 | 26448 | 0.0 |
| 441000 | State Street Corp., 2.200%, 03/03/2031 | 390212 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 500000 | State Street Corp., 3.550%, 08/18/2025 | $499284 | 0.1 |
| 246000 <sup>(3)</sup> | State Street Corp., 5.146%, 02/28/2036 | 248967 | 0.0 |
| 22000 | STORE Capital Corp., 2.700%, 12/01/2031 | 18680 | 0.0 |
| 20000 | Store Capital LLC, 2.750%, 11/18/2030 | 17659 | 0.0 |
| 20000 | Store Capital LLC, 4.500%, 03/15/2028 | 19806 | 0.0 |
| 20000 | Store Capital LLC, 4.625%, 03/15/2029 | 19683 | 0.0 |
| 259000 | Sumitomo Mitsui Financial Group, Inc., 2.142%, 09/23/2030 | 229462 | 0.0 |
| 133000 | Sumitomo Mitsui Financial Group, Inc., 2.632%, 07/14/2026 | 130722 | 0.0 |
| 175000 | Sumitomo Mitsui Financial Group, Inc., 2.930%, 09/17/2041 | 126790 | 0.0 |
| 190000 | Sumitomo Mitsui Financial Group, Inc., 3.010%, 10/19/2026 | 186946 | 0.0 |
| 344000 | Sumitomo Mitsui Financial Group, Inc., 3.202%, 09/17/2029 | 326740 | 0.0 |
| 155000 | Sumitomo Mitsui Financial Group, Inc., 3.352%, 10/18/2027 | 152225 | 0.0 |
| 360000 | Sumitomo Mitsui Financial Group, Inc., 3.364%, 07/12/2027 | 354565 | 0.1 |
| 260000 <sup>(1)</sup> | Sumitomo Mitsui Financial Group, Inc., 3.446%, 01/11/2027 | 257027 | 0.0 |
| 155000 | Sumitomo Mitsui Financial Group, Inc., 3.544%, 01/17/2028 | 152322 | 0.0 |
| 89000 | Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026 | 88711 | 0.0 |
| 155000 | Sumitomo Mitsui Financial Group, Inc., 3.944%, 07/19/2028 | 153823 | 0.0 |
| 135000 <sup>(1)</sup> | Sumitomo Mitsui Financial Group, Inc., 4.306%, 10/16/2028 | 135398 | 0.0 |
| 55000 <sup>(1)</sup> | Sumitomo Mitsui Financial Group, Inc., 6.184%, 07/13/2043 | 58732 | 0.0 |
| 27000 | Sun Communities Operating L.P., 2.300%, 11/01/2028 | 25278 | 0.0 |
| 44000 | Sun Communities Operating L.P., 2.700%, 07/15/2031 | 39019 | 0.0 |
| 36000 | Sun Communities Operating L.P., 4.200%, 04/15/2032 | 34122 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 97000 | Synchrony Financial, 2.875%, 10/28/2031 | $84207 | 0.0 |
| 250000 <sup>(1)</sup> | Synchrony Financial, 4.500%, 07/23/2025 | 249835 | 0.0 |
| 44000 <sup>(1)(3)</sup> | Synchrony Financial, 5.935%, 08/02/2030 | 45240 | 0.0 |
| 109000 | Tanger Properties L.P., 3.125%, 09/01/2026 | 107086 | 0.0 |
| 95000 <sup>(3)</sup> | Toronto-Dominion Bank, 3.625%, 09/15/2031 | 93946 | 0.0 |
| 95000 | Toronto-Dominion Bank, 4.108%, 06/08/2027 | 94792 | 0.0 |
| 125000 <sup>(1)</sup> | Toronto-Dominion Bank, 4.456%, 06/08/2032 | 122749 | 0.0 |
| 45000 | Toronto-Dominion Bank, 5.103%, 01/09/2026 | 45144 | 0.0 |
| 80000 | Toronto-Dominion Bank, 5.156%, 01/10/2028 | 81668 | 0.0 |
| 40000 | Toronto-Dominion Bank, GMTN, 2.450%, 01/12/2032 | 34958 | 0.0 |
| 65000 | Toronto-Dominion Bank, MTN, 0.750%, 09/11/2025 | 64504 | 0.0 |
| 80000 | Toronto-Dominion Bank, MTN, 0.750%, 01/06/2026 | 78499 | 0.0 |
| 80000 | Toronto-Dominion Bank, MTN, 1.200%, 06/03/2026 | 77759 | 0.0 |
| 90000 | Toronto-Dominion Bank, MTN, 1.250%, 09/10/2026 | 86877 | 0.0 |
| 55000 | Toronto-Dominion Bank, MTN, 2.000%, 09/10/2031 | 48048 | 0.0 |
| 70000 | Toronto-Dominion Bank, MTN, 2.800%, 03/10/2027 | 68381 | 0.0 |
| 228000 | Toronto-Dominion Bank, MTN, 3.200%, 03/10/2032 | 207350 | 0.0 |
| 95000 | Toronto-Dominion Bank, MTN, 4.693%, 09/15/2027 | 95941 | 0.0 |
| 80000 | Toronto-Dominion Bank, MTN, 5.523%, 07/17/2028 | 82772 | 0.0 |
| 115000 | Toronto-Dominion Bank, MTN, 5.532%, 07/17/2026 | 116446 | 0.0 |
| 46000 | Toronto-Dominion Bank, FXD, 1.950%, 01/12/2027 | 44489 | 0.0 |
| 21000 | Transatlantic Holdings, Inc., 8.000%, 11/30/2039 | 26402 | 0.0 |
| 30000 | Travelers Cos., Inc., 2.550%, 04/27/2050 | 17993 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 55000 | Travelers Cos., Inc., 4.000%, 05/30/2047 | $44077 | 0.0 |
| 42000 | Truist Financial Corp., MTN, 1.125%, 08/03/2027 | 39488 | 0.0 |
| 56000 <sup>(3)</sup> | Truist Financial Corp., MTN, 1.887%, 06/07/2029 | 52121 | 0.0 |
| 42000 | Truist Financial Corp., MTN, 1.950%, 06/05/2030 | 37187 | 0.0 |
| 36000 | Truist Financial Corp., MTN, 3.875%, 03/19/2029 | 35221 | 0.0 |
| 48000 <sup>(3)</sup> | Truist Financial Corp., MTN, 4.123%, 06/06/2028 | 47841 | 0.0 |
| 84000 <sup>(3)</sup> | Truist Financial Corp., MTN, 4.873%, 01/26/2029 | 84993 | 0.0 |
| 56000 <sup>(3)</sup> | Truist Financial Corp., MTN, 4.916%, 07/28/2033 | 54668 | 0.0 |
| 84000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.122%, 01/26/2034 | 84085 | 0.0 |
| 56000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.153%, 08/05/2032 | 57107 | 0.0 |
| 84000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.435%, 01/24/2030 | 86535 | 0.0 |
| 174000 <sup>(1)(3)</sup> | Truist Financial Corp., MTN, 5.711%, 01/24/2035 | 180432 | 0.0 |
| 98000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.867%, 06/08/2034 | 102416 | 0.0 |
| 84000 <sup>(3)</sup> | Truist Financial Corp., MTN, 6.047%, 06/08/2027 | 85145 | 0.0 |
| 42000 <sup>(3)</sup> | Truist Financial Corp., MTN, 6.123%, 10/28/2033 | 44657 | 0.0 |
| 98000 <sup>(3)</sup> | Truist Financial Corp., MTN, 7.161%, 10/30/2029 | 106024 | 0.0 |
| 89000 | UDR, Inc., 3.000%, 08/15/2031 | 80888 | 0.0 |
| 108000 | UDR, Inc., MTN, 3.200%, 01/15/2030 | 102383 | 0.0 |
| 15000 | UDR, Inc., MTN, 4.400%, 01/26/2029 | 15002 | 0.0 |
| 24000 | Unum Group, 4.000%, 06/15/2029 | 23571 | 0.0 |
| 36000 | Unum Group, 4.125%, 06/15/2051 | 26880 | 0.0 |
| 27000 | Unum Group, 4.500%, 12/15/2049 | 21398 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 30000 | Unum Group, 5.750%, 08/15/2042 | $28957 | 0.0 |
| 1175000 | US Bancorp, MTN, 1.375%, 07/22/2030 | 1015553 | 0.1 |
| 325000 <sup>(3)</sup> | US Bancorp MTN, 2.215%, 01/27/2028 | 314184 | 0.0 |
| 441000 | US Bancorp X, 3.150%, 04/27/2027 | 433450 | 0.1 |
| 29000 | Ventas Realty L.P., 2.500%, 09/01/2031 | 25565 | 0.0 |
| 38000 | Ventas Realty L.P., 3.000%, 01/15/2030 | 35679 | 0.0 |
| 26000 | Ventas Realty L.P., 3.250%, 10/15/2026 | 25602 | 0.0 |
| 23000 | Ventas Realty L.P., 3.850%, 04/01/2027 | 22789 | 0.0 |
| 38000 | Ventas Realty L.P., 4.000%, 03/01/2028 | 37661 | 0.0 |
| 29000 <sup>(1)</sup> | Ventas Realty L.P., 4.125%, 01/15/2026 | 28889 | 0.0 |
| 17000 | Ventas Realty L.P., 4.375%, 02/01/2045 | 13912 | 0.0 |
| 44000 | Ventas Realty L.P., 4.400%, 01/15/2029 | 43871 | 0.0 |
| 29000 | Ventas Realty L.P., 4.750%, 11/15/2030 | 29149 | 0.0 |
| 17000 | Ventas Realty L.P., 4.875%, 04/15/2049 | 14648 | 0.0 |
| 29000 <sup>(1)</sup> | Ventas Realty L.P., 5.625%, 07/01/2034 | 29972 | 0.0 |
| 17000 | Ventas Realty L.P., 5.700%, 09/30/2043 | 16629 | 0.0 |
| 306000 <sup>(1)</sup> | VICI Properties L.P., 5.125%, 05/15/2032 | 305064 | 0.0 |
| 133000 | Visa, Inc., 2.050%, 04/15/2030 | 121110 | 0.0 |
| 72000 | Visa, Inc., 2.700%, 04/15/2040 | 54426 | 0.0 |
| 9000 | Visa, Inc., 2.750%, 09/15/2027 | 8787 | 0.0 |
| 350000 | Visa, Inc., 4.300%, 12/14/2045 | 304464 | 0.0 |
| 21000 | W R Berkley Corp., 3.150%, 09/30/2061 | 12991 | 0.0 |
| 24000 | W R Berkley Corp., 3.550%, 03/30/2052 | 16625 | 0.0 |
| 28000 | W R Berkley Corp., 4.000%, 05/12/2050 | 21396 | 0.0 |
| 21000 | W R Berkley Corp., 4.750%, 08/01/2044 | 18443 | 0.0 |
| 55000 | Wachovia Corp., 5.500%, 08/01/2035 | 55914 | 0.0 |
| 20000 <sup>(3)</sup> | Wachovia Corp., 7.574%, 08/01/2026 | 20647 | 0.0 |
| 238000 | Wells Fargo & Co., 3.000%, 10/23/2026 | 233993 | 0.0 |
| 237000 <sup>(3)</sup> | Wells Fargo & Co., 3.068%, 04/30/2041 | 179232 | 0.0 |
| 135000 | Wells Fargo & Co., 3.900%, 05/01/2045 | 107345 | 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)** |  |  |
| 30000 | Wells Fargo & Co., 5.375%, 02/07/2035 | $31382 | 0.0 |
| 125000 | Wells Fargo & Co., 5.375%, 11/02/2043 | 118631 | 0.0 |
| 162000 <sup>(3)</sup> | Wells Fargo & Co., 5.389%, 04/24/2034 | 165826 | 0.0 |
| 163000 | Wells Fargo & Co., 5.606%, 01/15/2044 | 158122 | 0.0 |
| 35000 | Wells Fargo & Co., 5.950%, 12/01/2086 | 35928 | 0.0 |
| 140000 | Wells Fargo & Co., GMTN, 4.300%, 07/22/2027 | 140056 | 0.0 |
| 138000 | Wells Fargo & Co., GMTN, 4.900%, 11/17/2045 | 121494 | 0.0 |
| 182000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 2.393%, 06/02/2028 | 175418 | 0.0 |
| 168000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 2.572%, 02/11/2031 | 153947 | 0.0 |
| 88000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 2.879%, 10/30/2030 | 82241 | 0.0 |
| 170000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.196%, 06/17/2027 | 167998 | 0.0 |
| 224000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.350%, 03/02/2033 | 204630 | 0.0 |
| 224000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.526%, 03/24/2028 | 220921 | 0.0 |
| 168000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.584%, 05/22/2028 | 165479 | 0.0 |
| 170000 | Wells Fargo & Co., MTN, 4.150%, 01/24/2029 | 169393 | 0.0 |
| 135000 | Wells Fargo & Co., MTN, 4.400%, 06/14/2046 | 110228 | 0.0 |
| 140000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 4.478%, 04/04/2031 | 139369 | 0.0 |
| 359000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 4.611%, 04/25/2053 | 306163 | 0.0 |
| 135000 | Wells Fargo & Co., MTN, 4.650%, 11/04/2044 | 115655 | 0.0 |
| 135000 <sup>(1)</sup> | Wells Fargo & Co., MTN, 4.750%, 12/07/2046 | 115804 | 0.0 |
| 168000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 4.808%, 07/25/2028 | 169446 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**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)** |  |  |
| 238000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 4.897%, 07/25/2033 | $238122 | 0.0 |
| 288000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.013%, 04/04/2051 | 262437 | 0.0 |
| 237000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.557%, 07/25/2034 | 244680 | 0.0 |
| 147000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.574%, 07/25/2029 | 151807 | 0.0 |
| 17000 | Wells Fargo & Co. B, 7.950%, 11/15/2029 | 19079 | 0.0 |
| 393000 | Welltower OP LLC, 2.800%, 06/01/2031 | 357192 | 0.1 |
| 500000 | Western Union Co., 1.350%, 03/15/2026 | 488386 | 0.1 |
| 90000 | Westpac Banking Corp., 1.150%, 06/03/2026 | 87504 | 0.0 |
| 80000 | Westpac Banking Corp., 1.953%, 11/20/2028 | 74674 | 0.0 |
| 65000 | Westpac Banking Corp., 2.150%, 06/03/2031 | 57738 | 0.0 |
| 45000 <sup>(1)</sup> | Westpac Banking Corp., 2.650%, 01/16/2030 | 42192 | 0.0 |
| 95000 <sup>(1)(3)</sup> | Westpac Banking Corp., 2.668%, 11/15/2035 | 83834 | 0.0 |
| 65000 | Westpac Banking Corp., 2.700%, 08/19/2026 | 64001 | 0.0 |
| 95000 | Westpac Banking Corp., 2.850%, 05/13/2026 | 93885 | 0.0 |
| 65000 <sup>(1)</sup> | Westpac Banking Corp., 2.963%, 11/16/2040 | 48162 | 0.0 |
| 80000 <sup>(3)</sup> | Westpac Banking Corp., 3.020%, 11/18/2036 | 70275 | 0.0 |
| 65000 | Westpac Banking Corp., 3.133%, 11/18/2041 | 47387 | 0.0 |
| 65000 | Westpac Banking Corp., 3.350%, 03/08/2027 | 64289 | 0.0 |
| 65000 | Westpac Banking Corp., 3.400%, 01/25/2028 | 64055 | 0.0 |
| 45000 | Westpac Banking Corp., 3.735%, 08/26/2025 | 44944 | 0.0 |
| 65000 <sup>(1)</sup> | Westpac Banking Corp., 4.043%, 08/26/2027 | 65068 | 0.0 |
| 80000 <sup>(1)(3)</sup> | Westpac Banking Corp., 4.110%, 07/24/2034 | 77350 | 0.0 |
| 65000 | Westpac Banking Corp., 4.421%, 07/24/2039 | 59059 | 0.0 |
| 65000 <sup>(1)(3)</sup> | Westpac Banking Corp., 5.405%, 08/10/2033 | 65698 | 0.0 |
| 80000 | Westpac Banking Corp., 5.457%, 11/18/2027 | 82558 | 0.0 |
| 96000 <sup>(3)</sup> | Westpac Banking Corp., GMTN, 4.322%, 11/23/2031 | 95400 | 0.0 |
| 189000 | Weyerhaeuser Co., 7.375%, 03/15/2032 | 213511 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**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)** |  |  |
| 285000 | Willis North America, Inc., 5.350%, 05/15/2033 | $292347 | 0.0 |
|  |  | **125267641** | **9.0** |
|  | **Industrial: 2.0%** |  |  |
| 367000 | 3M Co., 2.875%, 10/15/2027 | 356598 | 0.1 |
| 33000 | 3M Co., MTN, 3.000%, 08/07/2025 | 32923 | 0.0 |
| 200000 | 3M Co., MTN, 3.875%, 06/15/2044 | 161423 | 0.0 |
| 68000 | 3M Co., MTN, 4.000%, 09/14/2048 | 53841 | 0.0 |
| 22000 | ABB Finance USA, Inc., 3.800%, 04/03/2028 | 22015 | 0.0 |
| 35000 | ABB Finance USA, Inc., 4.375%, 05/08/2042 | 30632 | 0.0 |
| 23000 | AGCO Corp., 5.450%, 03/21/2027 | 23293 | 0.0 |
| 41000 | AGCO Corp., 5.800%, 03/21/2034 | 41638 | 0.0 |
| 23000 | Allegion PLC, 3.500%, 10/01/2029 | 22042 | 0.0 |
| 23000 | Allegion US Holding Co., Inc., 3.550%, 10/01/2027 | 22557 | 0.0 |
| 35000 | Allegion US Holding Co., Inc., 5.411%, 07/01/2032 | 36089 | 0.0 |
| 23000 | Allegion US Holding Co., Inc., 5.600%, 05/29/2034 | 23640 | 0.0 |
| 35000 | Amcor Finance USA, Inc., 3.625%, 04/28/2026 | 34718 | 0.0 |
| 29000 | Amcor Finance USA, Inc., 4.500%, 05/15/2028 | 29037 | 0.0 |
| 30000 | Amcor Finance USA, Inc., 5.625%, 05/26/2033 | 31232 | 0.0 |
| 30000 | Amcor Flexibles North America, Inc., 2.630%, 06/19/2030 | 27237 | 0.0 |
| 47000 <sup>(1)</sup> | Amcor Flexibles North America, Inc., 2.690%, 05/25/2031 | 42106 | 0.0 |
| 44000 | Amphenol Corp., 2.200%, 09/15/2031 | 38552 | 0.0 |
| 53000 | Amphenol Corp., 2.800%, 02/15/2030 | 49741 | 0.0 |
| 30000 | Amphenol Corp., 4.350%, 06/01/2029 | 30138 | 0.0 |
| 21000 | Amphenol Corp., 4.750%, 03/30/2026 | 21050 | 0.0 |
| 47000 | Amphenol Corp., 5.000%, 01/15/2035 | 47530 | 0.0 |
| 27000 | Amphenol Corp., 5.050%, 04/05/2027 | 27429 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 27000 | Amphenol Corp., 5.050%, 04/05/2029 | $27784 | 0.0 |
| 36000 | Amphenol Corp., 5.250%, 04/05/2034 | 37068 | 0.0 |
| 23000 <sup>(1)</sup> | Amphenol Corp., 5.375%, 11/15/2054 | 22525 | 0.0 |
| 101000 <sup>(4)</sup> | Amrize Finance US LLC, 5.400%, 04/07/2035 | 102526 | 0.0 |
| 29000 | Arrow Electronics, Inc., 2.950%, 02/15/2032 | 25489 | 0.0 |
| 29000 | Arrow Electronics, Inc., 3.875%, 01/12/2028 | 28452 | 0.0 |
| 29000 <sup>(1)</sup> | Arrow Electronics, Inc., 5.875%, 04/10/2034 | 29966 | 0.0 |
| 17000 | Avnet, Inc., 3.000%, 05/15/2031 | 15225 | 0.0 |
| 32000 | Avnet, Inc., 4.625%, 04/15/2026 | 31961 | 0.0 |
| 17000 | Avnet, Inc., 5.500%, 06/01/2032 | 17165 | 0.0 |
| 29000 <sup>(1)</sup> | Avnet, Inc., 6.250%, 03/15/2028 | 30151 | 0.0 |
| 89000 | Berry Global, Inc., 1.570%, 01/15/2026 | 87420 | 0.0 |
| 23000 | Berry Global, Inc., 1.650%, 01/15/2027 | 22069 | 0.0 |
| 29000 | Berry Global, Inc., 5.500%, 04/15/2028 | 29779 | 0.0 |
| 47000 <sup>(1)</sup> | Berry Global, Inc., 5.650%, 01/15/2034 | 48531 | 0.0 |
| 47000 | Berry Global, Inc., 5.800%, 06/15/2031 | 49411 | 0.0 |
| 24000 | Boeing Co., 2.250%, 06/15/2026 | 23461 | 0.0 |
| 59000 | Boeing Co., 2.700%, 02/01/2027 | 57365 | 0.0 |
| 305000 | Boeing Co., 2.800%, 03/01/2027 | 296246 | 0.0 |
| 44000 | Boeing Co., 2.950%, 02/01/2030 | 40810 | 0.0 |
| 59000 | Boeing Co., 3.200%, 03/01/2029 | 56179 | 0.0 |
| 65000 | Boeing Co., 3.250%, 02/01/2028 | 63060 | 0.0 |
| 21000 | Boeing Co., 3.250%, 03/01/2028 | 20305 | 0.0 |
| 44000 | Boeing Co., 3.250%, 02/01/2035 | 37083 | 0.0 |
| 21000 | Boeing Co., 3.450%, 11/01/2028 | 20261 | 0.0 |
| 24000 | Boeing Co., 3.500%, 03/01/2039 | 18761 | 0.0 |
| 21000 | Boeing Co., 3.550%, 03/01/2038 | 16885 | 0.0 |
| 350000 | Boeing Co., 3.600%, 05/01/2034 | 308638 | 0.0 |
| 83000 | Boeing Co., 3.625%, 02/01/2031 | 78233 | 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)** |  |  |
| 300000 | Boeing Co., 3.825%, 03/01/2059 | $202582 | 0.0 |
| 59000 | Boeing Co., 3.950%, 08/01/2059 | 40372 | 0.0 |
| 358000 | Boeing Co., 5.040%, 05/01/2027 | 360821 | 0.1 |
| 266000 | Boeing Co., 5.150%, 05/01/2030 | 270937 | 0.0 |
| 413000 | Boeing Co., 5.705%, 05/01/2040 | 408301 | 0.1 |
| 27000 | Boeing Co., 5.875%, 02/15/2040 | 26955 | 0.0 |
| 207000 | Boeing Co., 5.930%, 05/01/2060 | 196948 | 0.0 |
| 24000 | Boeing Co., 6.125%, 02/15/2033 | 25371 | 0.0 |
| 18000 | Boeing Co., 6.625%, 02/15/2038 | 19467 | 0.0 |
| 30000 | Boeing Co., 6.875%, 03/15/2039 | 32836 | 0.0 |
| 186000 <sup>(1)</sup> | Burlington Northern Santa Fe LLC, 2.875%, 06/15/2052 | 117666 | 0.0 |
| 40000 | Burlington Northern Santa Fe LLC, 3.300%, 09/15/2051 | 27762 | 0.0 |
| 374000 | Burlington Northern Santa Fe LLC, 4.375%, 09/01/2042 | 328454 | 0.1 |
| 400000 | Burlington Northern Santa Fe LLC, 4.900%, 04/01/2044 | 373967 | 0.1 |
| 33000 | Burlington Northern Santa Fe LLC, 6.150%, 05/01/2037 | 36063 | 0.0 |
| 156000 | Canadian National Railway Co., 3.850%, 08/05/2032 | 148448 | 0.0 |
| 153000 | Canadian National Railway Co., 4.450%, 01/20/2049 | 132559 | 0.0 |
| 83000 | Canadian National Railway Co., 6.375%, 11/15/2037 | 92218 | 0.0 |
| 359000 | Canadian Pacific Railway Co., 4.800%, 09/15/2035 | 349836 | 0.1 |
| 216000 | Canadian Pacific Railway Co., 4.800%, 08/01/2045 | 191999 | 0.0 |
| 32000 | Carlisle Cos., Inc., 2.200%, 03/01/2032 | 27080 | 0.0 |
| 44000 | Carlisle Cos., Inc., 2.750%, 03/01/2030 | 40652 | 0.0 |
| 35000 | Carlisle Cos., Inc., 3.750%, 12/01/2027 | 34514 | 0.0 |
| 53000 | Carrier Global Corp., 2.493%, 02/15/2027 | 51603 | 0.0 |
| 44000 <sup>(1)</sup> | Carrier Global Corp., 2.700%, 02/15/2031 | 40050 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 118000 | Carrier Global Corp., 2.722%, 02/15/2030 | $109700 | 0.0 |
| 89000 | Carrier Global Corp., 3.377%, 04/05/2040 | 70688 | 0.0 |
| 40000 | Carrier Global Corp., 3.577%, 04/05/2050 | 29382 | 0.0 |
| 49000 | Carrier Global Corp., 5.900%, 03/15/2034 | 52199 | 0.0 |
| 30000 <sup>(1)</sup> | Carrier Global Corp., 6.200%, 03/15/2054 | 32182 | 0.0 |
| 200000 | Caterpillar Financial Services Corp., 2.400%, 08/09/2026 | 196329 | 0.0 |
| 500000 | Caterpillar Financial Services Corp., MTN, 1.700%, 01/08/2027 | 482902 | 0.1 |
| 200000 <sup>(1)</sup> | Caterpillar, Inc., 1.900%, 03/12/2031 | 176320 | 0.0 |
| 58000 | Caterpillar, Inc., 2.600%, 04/09/2030 | 53944 | 0.0 |
| 47000 <sup>(1)</sup> | Caterpillar, Inc., 3.250%, 04/09/2050 | 32811 | 0.0 |
| 250000 | Caterpillar, Inc., 3.803%, 08/15/2042 | 206753 | 0.0 |
| 51000 | Caterpillar, Inc., 4.750%, 05/15/2064 | 44864 | 0.0 |
| 35000 | CNH Industrial Capital LLC, 1.450%, 07/15/2026 | 33904 | 0.0 |
| 29000 | CNH Industrial Capital LLC, 1.875%, 01/15/2026 | 28570 | 0.0 |
| 35000 | CNH Industrial Capital LLC, 4.550%, 04/10/2028 | 35171 | 0.0 |
| 35000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 35738 | 0.0 |
| 23000 | CNH Industrial Capital LLC, 5.450%, 10/14/2025 | 23076 | 0.0 |
| 29000 | CNH Industrial Capital LLC, 5.500%, 01/12/2029 | 29936 | 0.0 |
| 29000 | CNH Industrial NV, MTN, 3.850%, 11/15/2027 | 28713 | 0.0 |
| 30000 | CSX Corp., 3.800%, 04/15/2050 | 22739 | 0.0 |
| 246000 | CSX Corp., 4.100%, 03/15/2044 | 205183 | 0.0 |
| 502000 | CSX Corp., 4.400%, 03/01/2043 | 438690 | 0.1 |
| 163000 <sup>(1)</sup> | Deere & Co., 2.875%, 09/07/2049 | 107033 | 0.0 |
| 17000 | Dover Corp., 2.950%, 11/04/2029 | 16022 | 0.0 |
| 23000 | Dover Corp., 3.150%, 11/15/2025 | 22889 | 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)** |  |  |
| 17000 | Dover Corp., 5.375%, 10/15/2035 | $17621 | 0.0 |
| 20000 | Dover Corp., 5.375%, 03/01/2041 | 19548 | 0.0 |
| 41000 | Eaton Corp., 3.103%, 09/15/2027 | 40269 | 0.0 |
| 18000 | Eaton Corp., 3.915%, 09/15/2047 | 14373 | 0.0 |
| 41000 | Eaton Corp., 4.000%, 11/02/2032 | 39659 | 0.0 |
| 77000 <sup>(1)</sup> | Eaton Corp., 4.150%, 03/15/2033 | 74709 | 0.0 |
| 59000 | Eaton Corp., 4.150%, 11/02/2042 | 50818 | 0.0 |
| 30000 | Eaton Corp., 4.350%, 05/18/2028 | 30251 | 0.0 |
| 41000 | Eaton Corp., 4.700%, 08/23/2052 | 36605 | 0.0 |
| 403000 | Emerson Electric Co., 1.950%, 10/15/2030 | 360138 | 0.1 |
| 42000 <sup>(1)(4)</sup> | FedEx Corp., 2.400%, 05/15/2031 | 37221 | 0.0 |
| 250000 <sup>(4)</sup> | FedEx Corp., 3.250%, 05/15/2041 | 179564 | 0.0 |
| 200000 <sup>(4)</sup> | FedEx Corp., 3.400%, 02/15/2028 | 195414 | 0.0 |
| 33000 <sup>(4)</sup> | FedEx Corp., 4.050%, 02/15/2048 | 24452 | 0.0 |
| 200000 <sup>(4)</sup> | FedEx Corp., 4.750%, 11/15/2045 | 166829 | 0.0 |
| 52000 | Fortive Corp., 3.150%, 06/15/2026 | 51320 | 0.0 |
| 32000 | Fortive Corp., 4.300%, 06/15/2046 | 26294 | 0.0 |
| 41000 | Fortune Brands Innovations, Inc., 3.250%, 09/15/2029 | 38902 | 0.0 |
| 27000 | Fortune Brands Innovations, Inc., 4.000%, 03/25/2032 | 25414 | 0.0 |
| 27000 | Fortune Brands Innovations, Inc., 4.500%, 03/25/2052 | 21532 | 0.0 |
| 36000 <sup>(1)</sup> | Fortune Brands Innovations, Inc., 5.875%, 06/01/2033 | 37808 | 0.0 |
| 500000 <sup>(1)</sup> | GATX Corp., 1.900%, 06/01/2031 | 424517 | 0.1 |
| 200000 | GE Capital Funding LLC, 4.550%, 05/15/2032 | 198860 | 0.0 |
| 260000 | General Dynamics Corp., 3.600%, 11/15/2042 | 208573 | 0.0 |
| 35000 | HEICO Corp., 5.250%, 08/01/2028 | 35919 | 0.0 |
| 35000 | HEICO Corp., 5.350%, 08/01/2033 | 35842 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 58000 | Honeywell International, Inc., 1.100%, 03/01/2027 | $55267 | 0.0 |
| 87000 | Honeywell International, Inc., 1.750%, 09/01/2031 | 74383 | 0.0 |
| 58000 | Honeywell International, Inc., 1.950%, 06/01/2030 | 51947 | 0.0 |
| 87000 | Honeywell International, Inc., 2.500%, 11/01/2026 | 85095 | 0.0 |
| 44000 | Honeywell International, Inc., 2.700%, 08/15/2029 | 41529 | 0.0 |
| 44000 | Honeywell International, Inc., 2.800%, 06/01/2050 | 27876 | 0.0 |
| 26000 | Honeywell International, Inc., 3.812%, 11/21/2047 | 20149 | 0.0 |
| 44000 | Honeywell International, Inc., 4.250%, 01/15/2029 | 44145 | 0.0 |
| 58000 | Honeywell International, Inc., 4.500%, 01/15/2034 | 56843 | 0.0 |
| 67000 | Honeywell International, Inc., 4.650%, 07/30/2027 | 67723 | 0.0 |
| 58000 | Honeywell International, Inc., 4.700%, 02/01/2030 | 58885 | 0.0 |
| 38000 | Honeywell International, Inc., 4.750%, 02/01/2032 | 38369 | 0.0 |
| 29000 | Honeywell International, Inc., 4.875%, 09/01/2029 | 29713 | 0.0 |
| 29000 | Honeywell International, Inc., 4.950%, 02/15/2028 | 29640 | 0.0 |
| 29000 | Honeywell International, Inc., 4.950%, 09/01/2031 | 29804 | 0.0 |
| 64000 | Honeywell International, Inc., 5.000%, 02/15/2033 | 65064 | 0.0 |
| 84000 | Honeywell International, Inc., 5.000%, 03/01/2035 | 84578 | 0.0 |
| 88000 | Honeywell International, Inc., 5.250%, 03/01/2054 | 83569 | 0.0 |
| 24000 | Honeywell International, Inc., 5.375%, 03/01/2041 | 24157 | 0.0 |
| 26000 | Honeywell International, Inc., 5.700%, 03/15/2036 | 27388 | 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)** |  |  |
| 27000 | Honeywell International, Inc., 5.700%, 03/15/2037 | $28318 | 0 |
| 41000 <sup>(1)</sup> | Howmet Aerospace, Inc., 3.000%, 01/15/2029 | 39228 | 0 |
| 36000 | Howmet Aerospace, Inc., 5.900%, 02/01/2027 | 36957 | 0 |
| 36000 | Howmet Aerospace, Inc., 5.950%, 02/01/2037 | 38252 | 0 |
| 17000 | Howmet Aerospace, Inc., 6.750%, 01/15/2028 | 17918 | 0 |
| 124000 | Huntington Ingalls Industries, Inc., 3.483%, 12/01/2027 | 121321 | 0 |
| 119000 | Illinois Tool Works, Inc., 3.900%, 09/01/2042 | 98814 | 0 |
| 44000 | Ingersoll Rand, Inc., 5.176%, 06/15/2029 | 45187 | 0 |
| 41000 | Ingersoll Rand, Inc., 5.197%, 06/15/2027 | 41693 | 0 |
| 29000 | Ingersoll Rand, Inc., 5.314%, 06/15/2031 | 30083 | 0 |
| 29000 | Ingersoll Rand, Inc., 5.400%, 08/14/2028 | 29903 | 0 |
| 44000 | Ingersoll Rand, Inc., 5.450%, 06/15/2034 | 45277 | 0 |
| 58000 | Ingersoll Rand, Inc., 5.700%, 08/14/2033 | 60773 | 0 |
| 35000 | Ingersoll Rand, Inc., 5.700%, 06/15/2054 | 34691 | 0 |
| 500000 | Jabil, Inc., 1.700%, 04/15/2026 | 488417 | 0.1 |
| 29000 | Jacobs Engineering Group, Inc., 5.900%, 03/01/2033 | 30193 | 0 |
| 35000 | Jacobs Engineering Group, Inc., 6.350%, 08/18/2028 | 36794 | 0 |
| 44000 | John Deere Capital Corp., 4.500%, 01/08/2027 | 44292 | 0 |
| 21000 | John Deere Capital Corp., 5.300%, 09/08/2025 | 21032 | 0 |
| 53000 | John Deere Capital Corp., MTN, 0.700%, 01/15/2026 | 51985 | 0 |
| 33000 | John Deere Capital Corp., MTN, 1.050%, 06/17/2026 | 32032 | 0 |
| 24000 | John Deere Capital Corp., MTN, 1.300%, 10/13/2026 | 23172 | 0 |
| 500000 | John Deere Capital Corp., MTN, 1.500%, 03/06/2028 | 468522 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 30000 | John Deere Capital Corp., MTN, 1.700%, 01/11/2027 | $28968 | 0.0 |
| 30000 | John Deere Capital Corp., MTN, 1.750%, 03/09/2027 | 28878 | 0.0 |
| 27000 | John Deere Capital Corp., MTN, 2.250%, 09/14/2026 | 26383 | 0.0 |
| 30000 | John Deere Capital Corp., MTN, 2.350%, 03/08/2027 | 29194 | 0.0 |
| 30000 | John Deere Capital Corp., MTN, 2.650%, 06/10/2026 | 29574 | 0.0 |
| 30000 | John Deere Capital Corp., MTN, 2.800%, 09/08/2027 | 29202 | 0.0 |
| 24000 | John Deere Capital Corp., MTN, 3.050%, 01/06/2028 | 23451 | 0.0 |
| 19000 | John Deere Capital Corp., MTN, 3.400%, 09/11/2025 | 18955 | 0.0 |
| 588000 | John Deere Capital Corp., MTN, 3.450%, 03/07/2029 | 574339 | 0.1 |
| 44000 | John Deere Capital Corp., MTN, 4.050%, 09/08/2025 | 43962 | 0.0 |
| 53000 | John Deere Capital Corp., MTN, 4.150%, 09/15/2027 | 53127 | 0.0 |
| 36000 | John Deere Capital Corp., MTN, 4.750%, 06/08/2026 | 36171 | 0.0 |
| 65000 | John Deere Capital Corp., MTN, 4.750%, 01/20/2028 | 66052 | 0.0 |
| 71000 | John Deere Capital Corp., MTN, 4.800%, 01/09/2026 | 71163 | 0.0 |
| 33000 | John Deere Capital Corp., MTN, 4.850%, 03/05/2027 | 33430 | 0.0 |
| 305000 | John Deere Capital Corp., MTN, 4.900%, 03/03/2028 | 311663 | 0.0 |
| 206000 | John Deere Capital Corp., MTN, 4.950%, 07/14/2028 | 211116 | 0.0 |
| 33000 | John Deere Capital Corp., MTN, 5.150%, 09/08/2026 | 33412 | 0.0 |
| 33000 | John Deere Capital Corp. FXD, 5.050%, 03/03/2026 | 33154 | 0.0 |
| 27000 | John Deere Capital Corp. MTN, 4.950%, 03/06/2026 | 27119 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 152000 | Johnson Controls International PLC, 4.625%, 07/02/2044 | $131784 | 0.0 |
| 38000 | L3Harris Technologies, Inc., 1.800%, 01/15/2031 | 32894 | 0.0 |
| 24000 | L3Harris Technologies, Inc., 2.900%, 12/15/2029 | 22541 | 0.0 |
| 32000 | L3Harris Technologies, Inc., 3.850%, 12/15/2026 | 31822 | 0.0 |
| 54000 | L3Harris Technologies, Inc., 4.400%, 06/15/2028 | 54154 | 0.0 |
| 50000 | L3Harris Technologies, Inc., 4.400%, 06/15/2028 | 50143 | 0.0 |
| 24000 | L3Harris Technologies, Inc., 4.854%, 04/27/2035 | 23498 | 0.0 |
| 44000 <sup>(1)</sup> | L3Harris Technologies, Inc., 5.050%, 06/01/2029 | 45038 | 0.0 |
| 30000 | L3Harris Technologies, Inc., 5.054%, 04/27/2045 | 28021 | 0.0 |
| 44000 | L3Harris Technologies, Inc., 5.250%, 06/01/2031 | 45411 | 0.0 |
| 44000 | L3Harris Technologies, Inc., 5.350%, 06/01/2034 | 45001 | 0.0 |
| 74000 | L3Harris Technologies, Inc., 5.400%, 01/15/2027 | 75256 | 0.0 |
| 75000 | L3Harris Technologies, Inc., 5.400%, 07/31/2033 | 77074 | 0.0 |
| 30000 | L3Harris Technologies, Inc., 5.500%, 08/15/2054 | 29127 | 0.0 |
| 30000 | L3Harris Technologies, Inc., 5.600%, 07/31/2053 | 29390 | 0.0 |
| 18000 | L3Harris Technologies, Inc., 6.150%, 12/15/2040 | 19102 | 0.0 |
| 93000 | Lockheed Martin Corp., 2.800%, 06/15/2050 | 58324 | 0.0 |
| 500000 | Lockheed Martin Corp., 4.500%, 05/15/2036 | 481431 | 0.1 |
| 378000 | Lockheed Martin Corp., 4.700%, 05/15/2046 | 337236 | 0.1 |
| 53000 | Martin Marietta Materials, Inc., 2.400%, 07/15/2031 | 46762 | 0.0 |
| 53000 <sup>(1)</sup> | Martin Marietta Materials, Inc., 3.200%, 07/15/2051 | 35192 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 18000 | Martin Marietta Materials, Inc., 3.450%, 06/01/2027 | $17708 | 0.0 |
| 30000 | Martin Marietta Materials, Inc., 3.500%, 12/15/2027 | 29433 | 0.0 |
| 36000 | Martin Marietta Materials, Inc., 4.250%, 12/15/2047 | 29249 | 0.0 |
| 30000 | Martin Marietta Materials, Inc. CB, 2.500%, 03/15/2030 | 27545 | 0.0 |
| 36000 | Masco Corp., 1.500%, 02/15/2028 | 33457 | 0.0 |
| 149000 | Masco Corp., 2.000%, 02/15/2031 | 128342 | 0.0 |
| 510000 | Norfolk Southern Corp., 3.950%, 10/01/2042 | 418245 | 0.1 |
| 250000 | Norfolk Southern Corp., 4.800%, 08/15/2043 | 220464 | 0.0 |
| 61000 | Northrop Grumman Corp., 3.850%, 04/15/2045 | 48166 | 0.0 |
| 479000 | Northrop Grumman Corp., 4.030%, 10/15/2047 | 382315 | 0.1 |
| 17000 | nVent Finance Sarl, 2.750%, 11/15/2031 | 14797 | 0.0 |
| 29000 | nVent Finance Sarl, 4.550%, 04/15/2028 | 28991 | 0.0 |
| 29000 | nVent Finance Sarl, 5.650%, 05/15/2033 | 29556 | 0.0 |
| 119000 | Otis Worldwide Corp., 2.293%, 04/05/2027 | 115220 | 0.0 |
| 138000 | Otis Worldwide Corp., 3.112%, 02/15/2040 | 106137 | 0.0 |
| 24000 | Owens Corning, 3.400%, 08/15/2026 | 23741 | 0.0 |
| 18000 | Owens Corning, 3.875%, 06/01/2030 | 17388 | 0.0 |
| 27000 | Owens Corning, 3.950%, 08/15/2029 | 26483 | 0.0 |
| 36000 | Owens Corning, 4.300%, 07/15/2047 | 29052 | 0.0 |
| 24000 | Owens Corning, 4.400%, 01/30/2048 | 19608 | 0.0 |
| 141000 <sup>(1)</sup> | Owens Corning, 5.700%, 06/15/2034 | 146520 | 0.0 |
| 22000 | Owens Corning, 7.000%, 12/01/2036 | 24778 | 0.0 |
| 30000 | Packaging Corp. of America, 3.000%, 12/15/2029 | 28334 | 0.0 |
| 41000 | Packaging Corp. of America, 3.050%, 10/01/2051 | 25704 | 0.0 |
| 30000 | Packaging Corp. of America, 3.400%, 12/15/2027 | 29370 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 24000 | Packaging Corp. of America, 4.050%, 12/15/2049 | $18442 | 0.0 |
| 24000 | Packaging Corp. of America, 5.700%, 12/01/2033 | 25081 | 0.0 |
| 41000 | Parker-Hannifin Corp., 3.250%, 03/01/2027 | 40429 | 0.0 |
| 58000 | Parker-Hannifin Corp., 3.250%, 06/14/2029 | 55687 | 0.0 |
| 47000 <sup>(1)</sup> | Parker-Hannifin Corp., 4.000%, 06/14/2049 | 36991 | 0.0 |
| 35000 | Parker-Hannifin Corp., 4.100%, 03/01/2047 | 28416 | 0.0 |
| 70000 | Parker-Hannifin Corp., 4.250%, 09/15/2027 | 70191 | 0.0 |
| 58000 | Parker-Hannifin Corp., 4.500%, 09/15/2029 | 58592 | 0.0 |
| 29000 <sup>(1)</sup> | Parker-Hannifin Corp., MTN, 4.200%, 11/21/2034 | 27681 | 0.0 |
| 29000 | Parker-Hannifin Corp., MTN, 4.450%, 11/21/2044 | 25072 | 0.0 |
| 19000 | Parker-Hannifin Corp., MTN, 6.250%, 05/15/2038 | 20716 | 0.0 |
| 29000 | Precision Castparts Corp., 3.900%, 01/15/2043 | 23510 | 0.0 |
| 19000 | Precision Castparts Corp., 4.375%, 06/15/2045 | 16193 | 0.0 |
| 318000 | Raytheon Technologies Corp., 4.450%, 11/16/2038 | 293251 | 0.0 |
| 500000 | Raytheon Technologies Corp., 4.500%, 06/01/2042 | 442899 | 0.1 |
| 64000 | Regal Rexnord Corp., 6.050%, 02/15/2026 | 64379 | 0.0 |
| 69000 | Regal Rexnord Corp., 6.050%, 04/15/2028 | 71123 | 0.0 |
| 58000 | Regal Rexnord Corp., 6.300%, 02/15/2030 | 60782 | 0.0 |
| 72000 <sup>(1)</sup> | Regal Rexnord Corp., 6.400%, 04/15/2033 | 76059 | 0.0 |
| 500000 | Republic Services, Inc., 2.300%, 03/01/2030 | 457725 | 0.1 |
| 46000 | Republic Services, Inc., 3.050%, 03/01/2050 | 30918 | 0.0 |
| 31000 | Republic Services, Inc., 5.700%, 05/15/2041 | 32110 | 0.0 |
| 27000 | Rockwell Automation, Inc., 1.750%, 08/15/2031 | 23216 | 0.0 |
| 27000 | Rockwell Automation, Inc., 2.800%, 08/15/2061 | 15667 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 25000 | Rockwell Automation, Inc., 3.500%, 03/01/2029 | $24400 | 0.0 |
| 34000 | Rockwell Automation, Inc., 4.200%, 03/01/2049 | 28062 | 0.0 |
| 65000 | RTX Corp., 3.030%, 03/15/2052 | 41737 | 0.0 |
| 357000 | RTX Corp., 4.150%, 05/15/2045 | 293201 | 0.0 |
| 104000 | RTX Corp., 4.625%, 11/16/2048 | 89473 | 0.0 |
| 250000 | Ryder System, Inc., MTN, 1.750%, 09/01/2026 | 242630 | 0.0 |
| 268000 | Ryder System, Inc., MTN, 2.900%, 12/01/2026 | 262186 | 0.0 |
| 200000 | Smurfit Kappa Treasury ULC, 5.438%, 04/03/2034 | 202816 | 0.0 |
| 29000 | Snap-on, Inc., 3.100%, 05/01/2050 | 19541 | 0.0 |
| 17000 | Snap-on, Inc., 3.250%, 03/01/2027 | 16758 | 0.0 |
| 23000 | Snap-on, Inc., 4.100%, 03/01/2048 | 18413 | 0.0 |
| 17000 | Sonoco Products Co., 2.250%, 02/01/2027 | 16404 | 0.0 |
| 29000 <sup>(1)</sup> | Sonoco Products Co., 2.850%, 02/01/2032 | 25522 | 0.0 |
| 35000 | Sonoco Products Co., 3.125%, 05/01/2030 | 32627 | 0.0 |
| 31000 | Sonoco Products Co., 5.750%, 11/01/2040 | 30721 | 0.0 |
| 354000 <sup>(1)</sup> | Stanley Black & Decker, Inc., 2.300%, 03/15/2030 | 317086 | 0.0 |
| 41000 | TD Synnex Corp., 1.750%, 08/09/2026 | 39654 | 0.0 |
| 35000 | TD Synnex Corp., 2.375%, 08/09/2028 | 32792 | 0.0 |
| 29000 | TD Synnex Corp., 2.650%, 08/09/2031 | 25045 | 0.0 |
| 35000 | TD Synnex Corp., 6.100%, 04/12/2034 | 36858 | 0.0 |
| 27000 | Teledyne Technologies, Inc., 1.600%, 04/01/2026 | 26426 | 0.0 |
| 41000 | Teledyne Technologies, Inc., 2.250%, 04/01/2028 | 38955 | 0.0 |
| 61000 | Teledyne Technologies, Inc., 2.750%, 04/01/2031 | 55364 | 0.0 |
| 139000 | Textron, Inc., 2.450%, 03/15/2031 | 123292 | 0.0 |
| 151000 | Trane Technologies Financing Ltd., 4.500%, 03/21/2049 | 127038 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 35000 | Trimble, Inc., 4.900%, 06/15/2028 | $35524 | 0.0 |
| 47000 | Trimble, Inc., 6.100%, 03/15/2033 | 49951 | 0.0 |
| 63000 | Tyco Electronics Group SA, 7.125%, 10/01/2037 | 72435 | 0.0 |
| 50000 <sup>(1)</sup> | Union Pacific Corp., 2.950%, 03/10/2052 | 31936 | 0.0 |
| 500000 | Union Pacific Corp., 2.973%, 09/16/2062 | 291003 | 0.0 |
| 250000 <sup>(1)</sup> | Union Pacific Corp., 3.375%, 02/01/2035 | 222919 | 0.0 |
| 114000 | Union Pacific Corp., 3.799%, 10/01/2051 | 85994 | 0.0 |
| 68000 | Union Pacific Corp., 3.799%, 04/06/2071 | 46645 | 0.0 |
| 588000 | United Parcel Service, Inc., 3.050%, 11/15/2027 | 575328 | 0.1 |
| 30000 | United Parcel Service, Inc., 3.400%, 11/15/2046 | 21753 | 0.0 |
| 41000 | United Parcel Service, Inc., 3.400%, 09/01/2049 | 28685 | 0.0 |
| 22000 | United Parcel Service, Inc., 3.625%, 10/01/2042 | 17256 | 0.0 |
| 68000 | United Parcel Service, Inc., 3.750%, 11/15/2047 | 51743 | 0.0 |
| 44000 | United Parcel Service, Inc., 4.250%, 03/15/2049 | 35954 | 0.0 |
| 30000 | United Parcel Service, Inc., 4.875%, 11/15/2040 | 28467 | 0.0 |
| 65000 | United Parcel Service, Inc., 5.050%, 03/03/2053 | 59264 | 0.0 |
| 30000 | United Parcel Service, Inc., 5.200%, 04/01/2040 | 29436 | 0.0 |
| 74000 <sup>(1)</sup> | United Parcel Service, Inc., 5.300%, 04/01/2050 | 70228 | 0.0 |
| 218000 | United Parcel Service, Inc., 5.600%, 05/22/2064 | 210054 | 0.0 |
| 21000 | United Parcel Service, Inc., 6.200%, 01/15/2038 | 22937 | 0.0 |
| 26000 | Valmont Industries, Inc., 5.000%, 10/01/2044 | 23207 | 0.0 |
| 18000 | Valmont Industries, Inc., 5.250%, 10/01/2054 | 16197 | 0.0 |
| 41000 | Veralto Corp., 5.350%, 09/18/2028 | 42279 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 41000 | Veralto Corp., 5.450%, 09/18/2033 | $42310 | 0.0 |
| 41000 | Veralto Corp., 5.500%, 09/18/2026 | 41499 | 0.0 |
| 215000 | Vulcan Materials Co., 3.500%, 06/01/2030 | 205829 | 0.0 |
| 61000 | Vulcan Materials Co., 5.700%, 12/01/2054 | 60600 | 0.0 |
| 38000 | Waste Connections, Inc., 2.200%, 01/15/2032 | 32809 | 0.0 |
| 36000 | Waste Connections, Inc., 2.600%, 02/01/2030 | 33519 | 0.0 |
| 50000 | Waste Connections, Inc., 2.950%, 01/15/2052 | 32007 | 0.0 |
| 30000 | Waste Connections, Inc., 3.050%, 04/01/2050 | 19892 | 0.0 |
| 30000 | Waste Connections, Inc., 3.200%, 06/01/2032 | 27412 | 0.0 |
| 30000 | Waste Connections, Inc., 3.500%, 05/01/2029 | 29364 | 0.0 |
| 44000 | Waste Connections, Inc., 4.200%, 01/15/2033 | 42597 | 0.0 |
| 30000 | Waste Connections, Inc., 4.250%, 12/01/2028 | 30136 | 0.0 |
| 44000 | Waste Connections, Inc., 5.000%, 03/01/2034 | 44488 | 0.0 |
| 28000 | Waste Management, Inc., 0.750%, 11/15/2025 | 27633 | 0.0 |
| 28000 | Waste Management, Inc., 1.150%, 03/15/2028 | 25958 | 0.0 |
| 56000 | Waste Management, Inc., 1.500%, 03/15/2031 | 47906 | 0.0 |
| 27000 | Waste Management, Inc., 2.000%, 06/01/2029 | 24912 | 0.0 |
| 28000 | Waste Management, Inc., 2.500%, 11/15/2050 | 16749 | 0.0 |
| 27000 | Waste Management, Inc., 2.950%, 06/01/2041 | 20014 | 0.0 |
| 42000 | Waste Management, Inc., 3.150%, 11/15/2027 | 41166 | 0.0 |
| 23000 | Waste Management, Inc., 4.100%, 03/01/2045 | 19210 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 56000 | Waste Management, Inc., 4.150%, 04/15/2032 | $54837 | 0.0 |
| 38000 <sup>(1)</sup> | Waste Management, Inc., 4.150%, 07/15/2049 | 30934 | 0.0 |
| 56000 | Waste Management, Inc., 4.500%, 03/15/2028 | 56604 | 0.0 |
| 42000 | Waste Management, Inc., 4.625%, 02/15/2030 | 42594 | 0.0 |
| 28000 | Waste Management, Inc., 4.625%, 02/15/2033 | 28060 | 0.0 |
| 39000 | Waste Management, Inc., 4.650%, 03/15/2030 | 39558 | 0.0 |
| 42000 | Waste Management, Inc., 4.800%, 03/15/2032 | 42662 | 0.0 |
| 42000 | Waste Management, Inc., 4.875%, 02/15/2029 | 43040 | 0.0 |
| 70000 <sup>(1)</sup> | Waste Management, Inc., 4.875%, 02/15/2034 | 70995 | 0.0 |
| 42000 | Waste Management, Inc., 4.950%, 07/03/2027 | 42732 | 0.0 |
| 42000 | Waste Management, Inc., 4.950%, 07/03/2031 | 43139 | 0.0 |
| 84000 | Waste Management, Inc., 4.950%, 03/15/2035 | 84388 | 0.0 |
| 62000 | Waste Management, Inc., 5.350%, 10/15/2054 | 59723 | 0.0 |
| 44000 | Westinghouse Air Brake Technologies Corp., 3.450%, 11/15/2026 | 43440 | 0.0 |
| 73000 | Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028 | 73438 | 0.0 |
| 29000 | Westinghouse Air Brake Technologies Corp., 5.611%, 03/11/2034 | 30040 | 0.0 |
| 233000 | WRKCo, Inc., 4.900%, 03/15/2029 | 236066 | 0.0 |
| 29000 | Xylem, Inc., 1.950%, 01/30/2028 | 27441 | 0.0 |
| 29000 <sup>(1)</sup> | Xylem, Inc., 2.250%, 01/30/2031 | 25719 | 0.0 |
| 29000 | Xylem, Inc., 3.250%, 11/01/2026 | 28599 | 0.0 |
| 23000 | Xylem, Inc., 4.375%, 11/01/2046 | 18910 | 0.0 |
|  |  | **27844271** | **2.0** |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: 1.8%** |  |  |
| 62000 | Accenture Capital, Inc., 3.900%, 10/04/2027 | $61828 | 0.0 |
| 67000 | Accenture Capital, Inc., 4.050%, 10/04/2029 | 66584 | 0.0 |
| 67000 | Accenture Capital, Inc., 4.250%, 10/04/2031 | 66392 | 0.0 |
| 84000 | Accenture Capital, Inc., 4.500%, 10/04/2034 | 81781 | 0.0 |
| 500000 | Adobe, Inc., 2.150%, 02/01/2027 | 486303 | 0.1 |
| 30000 <sup>(1)</sup> | Advanced Micro Devices, Inc., 3.924%, 06/01/2032 | 28976 | 0.0 |
| 30000 <sup>(1)</sup> | Advanced Micro Devices, Inc., 4.393%, 06/01/2052 | 25203 | 0.0 |
| 44000 | Analog Devices, Inc., 1.700%, 10/01/2028 | 40806 | 0.0 |
| 59000 | Analog Devices, Inc., 2.100%, 10/01/2031 | 51572 | 0.0 |
| 44000 | Analog Devices, Inc., 2.800%, 10/01/2041 | 32040 | 0.0 |
| 59000 | Analog Devices, Inc., 2.950%, 10/01/2051 | 38330 | 0.0 |
| 25000 | Analog Devices, Inc., 3.450%, 06/15/2027 | 24756 | 0.0 |
| 53000 | Analog Devices, Inc., 3.500%, 12/05/2026 | 52557 | 0.0 |
| 33000 | Analog Devices, Inc., 5.050%, 04/01/2034 | 33846 | 0.0 |
| 20000 | Analog Devices, Inc., 5.300%, 12/15/2045 | 19338 | 0.0 |
| 33000 | Analog Devices, Inc., 5.300%, 04/01/2054 | 31838 | 0.0 |
| 127000 | Apple, Inc., 1.200%, 02/08/2028 | 118463 | 0.0 |
| 89000 | Apple, Inc., 1.650%, 05/11/2030 | 79278 | 0.0 |
| 441000 | Apple, Inc., 2.375%, 02/08/2041 | 308434 | 0.1 |
| 80000 <sup>(1)</sup> | Apple, Inc., 2.550%, 08/20/2060 | 46165 | 0.0 |
| 588000 | Apple, Inc., 2.650%, 05/11/2050 | 369138 | 0.1 |
| 750000 | Apple, Inc., 2.650%, 02/08/2051 | 466052 | 0.1 |
| 114000 | Apple, Inc., 3.350%, 02/09/2027 | 112876 | 0.0 |
| 500000 | Apple, Inc., 3.450%, 02/09/2045 | 388865 | 0.1 |
| 293000 | Apple, Inc., 4.450%, 05/06/2044 | 267358 | 0.1 |
| 44000 | Applied Materials, Inc., 1.750%, 06/01/2030 | 39122 | 0.0 |
| 44000 | Applied Materials, Inc., 2.750%, 06/01/2050 | 27488 | 0.0 |
| 71000 | Applied Materials, Inc., 3.300%, 04/01/2027 | 70105 | 0.0 |
| 41000 | Applied Materials, Inc., 3.900%, 10/01/2025 | 40962 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 59000 | Applied Materials, Inc., 4.350%, 04/01/2047 | $50857 | 0.0 |
| 30000 <sup>(1)</sup> | Applied Materials, Inc., 5.100%, 10/01/2035 | 30920 | 0.0 |
| 36000 | Applied Materials, Inc., 5.850%, 06/15/2041 | 38166 | 0.0 |
| 97000 | AppLovin Corp., 5.950%, 12/01/2054 | 94816 | 0.0 |
| 29000 | Atlassian Corp., 5.250%, 05/15/2029 | 29786 | 0.0 |
| 29000 | Atlassian Corp., 5.500%, 05/15/2034 | 29794 | 0.0 |
| 58000 | Autodesk, Inc., 2.400%, 12/15/2031 | 50907 | 0.0 |
| 29000 | Autodesk, Inc., 2.850%, 01/15/2030 | 27157 | 0.0 |
| 29000 | Autodesk, Inc., 3.500%, 06/15/2027 | 28657 | 0.0 |
| 43000 | Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.500%, 01/15/2028 | 42198 | 0.0 |
| 588000 | Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 01/15/2027 | 584168 | 0.1 |
| 42000 <sup>(4)</sup> | Broadcom, Inc., 1.950%, 02/15/2028 | 39635 | 0.0 |
| 163000 <sup>(4)</sup> | Broadcom, Inc., 2.450%, 02/15/2031 | 145804 | 0.0 |
| 104000 <sup>(4)</sup> | Broadcom, Inc., 2.600%, 02/15/2033 | 88991 | 0.0 |
| 192000 <sup>(4)</sup> | Broadcom, Inc., 3.137%, 11/15/2035 | 162017 | 0.0 |
| 163000 <sup>(4)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 135193 | 0.0 |
| 133000 <sup>(4)</sup> | Broadcom, Inc., 3.419%, 04/15/2033 | 120663 | 0.0 |
| 178000 <sup>(4)</sup> | Broadcom, Inc., 3.500%, 02/15/2041 | 141159 | 0.0 |
| 92000 <sup>(4)</sup> | Broadcom, Inc., 3.750%, 02/15/2051 | 68879 | 0.0 |
| 62000 | Broadcom, Inc., 4.110%, 09/15/2028 | 61764 | 0.0 |
| 49000 | Broadcom, Inc., 4.150%, 02/15/2028 | 48867 | 0.0 |
| 93000 | Broadcom, Inc., 4.300%, 11/15/2032 | 90241 | 0.0 |
| 84000 | Broadcom, Inc., 4.750%, 04/15/2029 | 85035 | 0.0 |
| 529000 <sup>(4)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 513682 | 0.1 |
| 58000 | Broadridge Financial Solutions, Inc., 2.600%, 05/01/2031 | 51704 | 0.0 |
| 44000 | Broadridge Financial Solutions, Inc., 2.900%, 12/01/2029 | 41251 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 29000 | Broadridge Financial Solutions, Inc., 3.400%, 06/27/2026 | $28658 | 0.0 |
| 28000 <sup>(1)</sup> | Cadence Design Systems, Inc., 4.200%, 09/10/2027 | 28047 | 0.0 |
| 56000 | Cadence Design Systems, Inc., 4.300%, 09/10/2029 | 56023 | 0.0 |
| 56000 | Cadence Design Systems, Inc., 4.700%, 09/10/2034 | 55345 | 0.0 |
| 368000 | CDW LLC / CDW Finance Corp., 2.670%, 12/01/2026 | 358991 | 0.1 |
| 341000 | Concentrix Corp., 6.650%, 08/02/2026 | 347303 | 0.1 |
| 57000 | Dell International LLC / EMC Corp., 3.375%, 12/15/2041 | 42636 | 0.0 |
| 133000 <sup>(1)</sup> | Dell International LLC / EMC Corp., 3.450%, 12/15/2051 | 91236 | 0.0 |
| 102000 | Dell International LLC / EMC Corp., 4.900%, 10/01/2026 | 102483 | 0.0 |
| 59000 | Dell International LLC / EMC Corp., 5.250%, 02/01/2028 | 60422 | 0.0 |
| 103000 | Dell International LLC / EMC Corp., 5.300%, 10/01/2029 | 106033 | 0.0 |
| 59000 | Dell International LLC / EMC Corp., 5.400%, 04/15/2034 | 60111 | 0.0 |
| 59000 | Dell International LLC / EMC Corp., 5.750%, 02/01/2033 | 62015 | 0.0 |
| 147000 | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | 148414 | 0.0 |
| 30000 <sup>(1)</sup> | Dell International LLC / EMC Corp., 6.100%, 07/15/2027 | 31020 | 0.0 |
| 44000 | Dell International LLC / EMC Corp., 6.200%, 07/15/2030 | 47103 | 0.0 |
| 59000 | Dell International LLC / EMC Corp., 8.100%, 07/15/2036 | 71153 | 0.0 |
| 38000 | Dell International LLC / EMC Corp., 8.350%, 07/15/2046 | 48509 | 0.0 |
| 23000 | Dell, Inc., 6.500%, 04/15/2038 | 24614 | 0.0 |
| 18000 | Dell, Inc., 7.100%, 04/15/2028 | 19269 | 0.0 |
| 44000 | Electronic Arts, Inc., 1.850%, 02/15/2031 | 38241 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 44000 <sup>(1)</sup> | Electronic Arts, Inc., 2.950%, 02/15/2051 | $27501 | 0.0 |
| 23000 | Electronic Arts, Inc., 4.800%, 03/01/2026 | 23017 | 0.0 |
| 500000 <sup>(1)</sup> | Fidelity National Information Services, Inc., 1.150%, 03/01/2026 | 489246 | 0.1 |
| 242000 <sup>(1)</sup> | Fidelity National Information Services, Inc., 1.650%, 03/01/2028 | 225924 | 0.0 |
| 87000 | Fiserv, Inc., 2.250%, 06/01/2027 | 83812 | 0.0 |
| 989000 | Fiserv, Inc., 2.650%, 06/01/2030 | 906751 | 0.1 |
| 44000 | Hewlett Packard Enterprise Co., 1.750%, 04/01/2026 | 43139 | 0.0 |
| 148000 | Hewlett Packard Enterprise Co., 4.900%, 10/15/2025 | 148007 | 0.0 |
| 109000 | Hewlett Packard Enterprise Co., 5.000%, 10/15/2034 | 105781 | 0.0 |
| 33000 | Hewlett Packard Enterprise Co., 5.250%, 07/01/2028 | 33836 | 0.0 |
| 55000 | Hewlett Packard Enterprise Co., 5.600%, 10/15/2054 | 50835 | 0.0 |
| 44000 | Hewlett Packard Enterprise Co., 6.200%, 10/15/2035 | 46555 | 0.0 |
| 88000 | Hewlett Packard Enterprise Co., 6.350%, 10/15/2045 | 90349 | 0.0 |
| 31000 | HP, Inc., 1.450%, 06/17/2026 | 30103 | 0.0 |
| 59000 | HP, Inc., 2.650%, 06/17/2031 | 52234 | 0.0 |
| 59000 | HP, Inc., 3.000%, 06/17/2027 | 57585 | 0.0 |
| 30000 | HP, Inc., 3.400%, 06/17/2030 | 28211 | 0.0 |
| 59000 | HP, Inc., 4.000%, 04/15/2029 | 57766 | 0.0 |
| 40000 | HP, Inc., 4.200%, 04/15/2032 | 38244 | 0.0 |
| 53000 | HP, Inc., 4.750%, 01/15/2028 | 53626 | 0.0 |
| 65000 <sup>(1)</sup> | HP, Inc., 5.500%, 01/15/2033 | 66377 | 0.0 |
| 71000 <sup>(1)</sup> | HP, Inc., 6.000%, 09/15/2041 | 71349 | 0.0 |
| 101000 | Intel Corp., 2.450%, 11/15/2029 | 92314 | 0.0 |
| 74000 | Intel Corp., 3.050%, 08/12/2051 | 44001 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 59000 | Intel Corp., 3.100%, 02/15/2060 | $33020 | 0.0 |
| 588000 | Intel Corp., 3.150%, 05/11/2027 | 576366 | 0.1 |
| 44000 | Intel Corp., 3.200%, 08/12/2061 | 25096 | 0.0 |
| 398000 | Intel Corp., 3.250%, 11/15/2049 | 252300 | 0.0 |
| 272000 | Intel Corp., 3.734%, 12/08/2047 | 192068 | 0.0 |
| 74000 | Intel Corp., 4.100%, 05/19/2046 | 55609 | 0.0 |
| 59000 | Intel Corp., 4.100%, 05/11/2047 | 44232 | 0.0 |
| 133000 | Intel Corp., 4.750%, 03/25/2050 | 108605 | 0.0 |
| 104000 | Intel Corp., 4.875%, 02/10/2028 | 105347 | 0.0 |
| 59000 <sup>(1)</sup> | Intel Corp., 4.950%, 03/25/2060 | 48053 | 0.0 |
| 53000 | Intel Corp., 5.050%, 08/05/2062 | 43180 | 0.0 |
| 44000 <sup>(1)</sup> | Intel Corp., 5.200%, 02/10/2033 | 44390 | 0.0 |
| 68000 | Intel Corp., 5.600%, 02/21/2054 | 62426 | 0.0 |
| 59000 <sup>(1)</sup> | Intel Corp., 5.625%, 02/10/2043 | 56167 | 0.0 |
| 118000 | Intel Corp., 5.700%, 02/10/2053 | 109897 | 0.0 |
| 159000 | International Business Machines Corp., 1.950%, 05/15/2030 | 141878 | 0.0 |
| 588000 | International Business Machines Corp., 2.850%, 05/15/2040 | 433250 | 0.1 |
| 186000 | International Business Machines Corp., 3.450%, 02/19/2026 | 184793 | 0.0 |
| 140000 | Intuit, Inc., 5.500%, 09/15/2053 | 139113 | 0.0 |
| 78000 <sup>(1)</sup> | KLA Corp., 4.950%, 07/15/2052 | 71151 | 0.0 |
| 39000 | Kyndryl Holdings, Inc., 2.050%, 10/15/2026 | 37806 | 0.0 |
| 26000 | Kyndryl Holdings, Inc., 2.700%, 10/15/2028 | 24564 | 0.0 |
| 38000 | Kyndryl Holdings, Inc., 3.150%, 10/15/2031 | 34336 | 0.0 |
| 32000 | Kyndryl Holdings, Inc., 4.100%, 10/15/2041 | 25523 | 0.0 |
| 29000 <sup>(1)</sup> | Kyndryl Holdings, Inc., 6.350%, 02/20/2034 | 30996 | 0.0 |
| 441000 | Lam Research Corp., 4.000%, 03/15/2029 | 437834 | 0.1 |
| 59000 | Leidos, Inc., 2.300%, 02/15/2031 | 51651 | 0.0 |
| 44000 | Leidos, Inc., 4.375%, 05/15/2030 | 43374 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 44000 | Leidos, Inc., 5.750%, 03/15/2033 | $45876 | 0.0 |
| 30000 | Marvell Technology, Inc., 1.650%, 04/15/2026 | 29325 | 0.0 |
| 44000 | Marvell Technology, Inc., 2.450%, 04/15/2028 | 41822 | 0.0 |
| 44000 | Marvell Technology, Inc., 2.950%, 04/15/2031 | 40089 | 0.0 |
| 28000 | Marvell Technology, Inc., 4.875%, 06/22/2028 | 28329 | 0.0 |
| 30000 | Marvell Technology, Inc., 5.750%, 02/15/2029 | 31244 | 0.0 |
| 30000 | Marvell Technology, Inc., 5.950%, 09/15/2033 | 31696 | 0.0 |
| 59000 | Micron Technology, Inc., 2.703%, 04/15/2032 | 51349 | 0.0 |
| 30000 | Micron Technology, Inc., 3.366%, 11/01/2041 | 22035 | 0.0 |
| 30000 <sup>(1)</sup> | Micron Technology, Inc., 3.477%, 11/01/2051 | 20506 | 0.0 |
| 50000 | Micron Technology, Inc., 4.663%, 02/15/2030 | 49907 | 0.0 |
| 59000 | Micron Technology, Inc., 5.300%, 01/15/2031 | 60438 | 0.0 |
| 41000 | Micron Technology, Inc., 5.327%, 02/06/2029 | 41982 | 0.0 |
| 36000 | Micron Technology, Inc., 5.375%, 04/15/2028 | 37023 | 0.0 |
| 44000 | Micron Technology, Inc., 5.875%, 02/09/2033 | 45906 | 0.0 |
| 53000 | Micron Technology, Inc., 5.875%, 09/15/2033 | 55390 | 0.0 |
| 74000 | Micron Technology, Inc., 6.750%, 11/01/2029 | 80005 | 0.0 |
| 500000 | Microsoft Corp., 2.525%, 06/01/2050 | 309272 | 0.1 |
| 206000 | Microsoft Corp., 2.675%, 06/01/2060 | 121923 | 0.0 |
| 588000 | Microsoft Corp., 2.921%, 03/17/2052 | 390289 | 0.1 |
| 248000 | Microsoft Corp., 3.041%, 03/17/2062 | 159334 | 0.0 |
| 250000 <sup>(1)</sup> | Microsoft Corp., 3.500%, 02/12/2035 | 233714 | 0.0 |
| 74000 | NVIDIA Corp., 1.550%, 06/15/2028 | 69252 | 0.0 |
| 136000 | NVIDIA Corp., 2.850%, 04/01/2030 | 129016 | 0.0 |
| 59000 | NVIDIA Corp., 3.200%, 09/16/2026 | 58476 | 0.0 |
| 52000 | NVIDIA Corp., 3.500%, 04/01/2040 | 43830 | 0.0 |
| 100000 <sup>(1)</sup> | NVIDIA Corp., 3.500%, 04/01/2050 | 74760 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 30000 | NVIDIA Corp., 3.700%, 04/01/2060 | $22082 | 0.0 |
| 30000 | NXP BV / NXP Funding LLC, 5.550%, 12/01/2028 | 30987 | 0.0 |
| 59000 <sup>(1)</sup> | NXP BV / NXP Funding LLC / NXP USA, Inc., 2.500%, 05/11/2031 | 51907 | 0.0 |
| 59000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 2.650%, 02/15/2032 | 51449 | 0.0 |
| 30000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.125%, 02/15/2042 | 21386 | 0.0 |
| 28000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051 | 18143 | 0.0 |
| 59000 <sup>(1)</sup> | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030 | 55951 | 0.0 |
| 144000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029 | 142614 | 0.0 |
| 60000 <sup>(1)</sup> | NXP BV / NXP Funding LLC / NXP USA, Inc., 5.000%, 01/15/2033 | 59835 | 0.0 |
| 154000 | Oracle Corp., 1.650%, 03/25/2026 | 150875 | 0.0 |
| 112000 | Oracle Corp., 2.300%, 03/25/2028 | 106326 | 0.0 |
| 168000 | Oracle Corp., 2.650%, 07/15/2026 | 165012 | 0.0 |
| 126000 | Oracle Corp., 2.800%, 04/01/2027 | 122881 | 0.0 |
| 182000 | Oracle Corp., 2.875%, 03/25/2031 | 166060 | 0.0 |
| 182000 | Oracle Corp., 2.950%, 04/01/2030 | 170014 | 0.0 |
| 154000 | Oracle Corp., 3.250%, 11/15/2027 | 150581 | 0.0 |
| 28000 | Oracle Corp., 3.250%, 05/15/2030 | 26449 | 0.0 |
| 168000 | Oracle Corp., 3.600%, 04/01/2040 | 134559 | 0.0 |
| 226000 | Oracle Corp., 3.600%, 04/01/2050 | 158198 | 0.0 |
| 126000 | Oracle Corp., 3.650%, 03/25/2041 | 99404 | 0.0 |
| 98000 | Oracle Corp., 3.800%, 11/15/2037 | 83947 | 0.0 |
| 70000 | Oracle Corp., 3.850%, 07/15/2036 | 61670 | 0.0 |
| 196000 | Oracle Corp., 3.850%, 04/01/2060 | 135186 | 0.0 |
| 70000 | Oracle Corp., 3.900%, 05/15/2035 | 63185 | 0.0 |
| 182000 | Oracle Corp., 3.950%, 03/25/2051 | 134451 | 0.0 |
| 168000 | Oracle Corp., 4.000%, 07/15/2046 | 129685 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 126000 | Oracle Corp., 4.000%, 11/15/2047 | $96529 | 0 |
| 84000 | Oracle Corp., 4.100%, 03/25/2061 | 60784 | 0 |
| 112000 | Oracle Corp., 4.125%, 05/15/2045 | 89080 | 0 |
| 84000 | Oracle Corp., 4.200%, 09/27/2029 | 83445 | 0 |
| 98000 | Oracle Corp., 4.300%, 07/08/2034 | 93122 | 0 |
| 70000 | Oracle Corp., 4.375%, 05/15/2055 | 54845 | 0 |
| 42000 | Oracle Corp., 4.500%, 05/06/2028 | 42267 | 0 |
| 56000 | Oracle Corp., 4.500%, 07/08/2044 | 47375 | 0 |
| 42000 | Oracle Corp., 4.650%, 05/06/2030 | 42401 | 0 |
| 98000 | Oracle Corp., 4.700%, 09/27/2034 | 95187 | 0 |
| 84000 | Oracle Corp., 4.900%, 02/06/2033 | 84254 | 0 |
| 125000 | Oracle Corp., 5.375%, 07/15/2040 | 122180 | 0 |
| 98000 | Oracle Corp., 5.375%, 09/27/2054 | 89651 | 0 |
| 70000 | Oracle Corp., 5.500%, 09/27/2064 | 63807 | 0 |
| 126000 | Oracle Corp., 5.550%, 02/06/2053 | 118594 | 0 |
| 56000 | Oracle Corp., 5.800%, 11/10/2025 | 56230 | 0 |
| 70000 | Oracle Corp., 6.125%, 07/08/2039 | 73570 | 0 |
| 70000 | Oracle Corp., 6.150%, 11/09/2029 | 74715 | 0 |
| 126000 | Oracle Corp., 6.250%, 11/09/2032 | 136397 | 0 |
| 70000 | Oracle Corp., 6.500%, 04/15/2038 | 76208 | 0 |
| 140000 | Oracle Corp., 6.900%, 11/09/2052 | 155853 | 0 |
| 161000 | Paychex, Inc., 5.600%, 04/15/2035 | 166496 | 0 |
| 318000 <sup>(1)</sup> | Qualcomm, Inc., 2.150%, 05/20/2030 | 289432 | 0.1 |
| 238000 | Qualcomm, Inc., 4.650%, 05/20/2035 | 235679 | 0 |
| 182000 | Qualcomm, Inc., 4.800%, 05/20/2045 | 166037 | 0 |
| 41000 | Roper Technologies, Inc., 1.000%, 09/15/2025 | 40681 | 0 |
| 41000 | Roper Technologies, Inc., 1.400%, 09/15/2027 | 38577 | 0 |
| 59000 | Roper Technologies, Inc., 1.750%, 02/15/2031 | 50679 | 0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 36000 | Roper Technologies, Inc., 2.000%, 06/30/2030 | $32003 | 0.0 |
| 41000 | Roper Technologies, Inc., 2.950%, 09/15/2029 | 38748 | 0.0 |
| 41000 | Roper Technologies, Inc., 3.800%, 12/15/2026 | 40672 | 0.0 |
| 18000 | Roper Technologies, Inc., 3.850%, 12/15/2025 | 17999 | 0.0 |
| 47000 | Roper Technologies, Inc., 4.200%, 09/15/2028 | 46847 | 0.0 |
| 14000 <sup>(1)</sup> | Salesforce, Inc., 1.950%, 07/15/2031 | 12282 | 0.0 |
| 74000 | Salesforce, Inc., 2.700%, 07/15/2041 | 53268 | 0.0 |
| 118000 | Salesforce, Inc., 2.900%, 07/15/2051 | 75592 | 0.0 |
| 74000 | Salesforce, Inc., 3.050%, 07/15/2061 | 45338 | 0.0 |
| 84000 | Salesforce, Inc., 3.700%, 04/11/2028 | 83439 | 0.0 |
| 87000 | ServiceNow, Inc., 1.400%, 09/01/2030 | 75429 | 0.0 |
| 262000 | Synopsys, Inc., 5.700%, 04/01/2055 | 260681 | 0.0 |
| 219000 | Take-Two Interactive Software, Inc., 4.950%, 03/28/2028 | 222423 | 0.0 |
| 29000 | Teledyne FLIR LLC, 2.500%, 08/01/2030 | 26284 | 0.0 |
| 30000 | Texas Instruments, Inc., 1.125%, 09/15/2026 | 28992 | 0.0 |
| 44000 | Texas Instruments, Inc., 1.750%, 05/04/2030 | 39251 | 0.0 |
| 30000 | Texas Instruments, Inc., 1.900%, 09/15/2031 | 26178 | 0.0 |
| 44000 | Texas Instruments, Inc., 2.250%, 09/04/2029 | 40862 | 0.0 |
| 30000 | Texas Instruments, Inc., 2.700%, 09/15/2051 | 18236 | 0.0 |
| 30000 | Texas Instruments, Inc., 2.900%, 11/03/2027 | 29283 | 0.0 |
| 24000 <sup>(1)</sup> | Texas Instruments, Inc., 3.650%, 08/16/2032 | 22772 | 0.0 |
| 44000 | Texas Instruments, Inc., 3.875%, 03/15/2039 | 38909 | 0.0 |
| 18000 | Texas Instruments, Inc., 4.100%, 08/16/2052 | 14287 | 0.0 |
| 89000 | Texas Instruments, Inc., 4.150%, 05/15/2048 | 73396 | 0.0 |
| 38000 | Texas Instruments, Inc., 4.600%, 02/08/2027 | 38366 | 0.0 |
| 41000 | Texas Instruments, Inc., 4.600%, 02/15/2028 | 41674 | 0.0 |
| 38000 | Texas Instruments, Inc., 4.600%, 02/08/2029 | 38661 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 36000 | Texas Instruments, Inc., 4.850%, 02/08/2034 | $36586 | 0.0 |
| 56000 <sup>(1)</sup> | Texas Instruments, Inc., 4.900%, 03/14/2033 | 57384 | 0.0 |
| 38000 | Texas Instruments, Inc., 5.000%, 03/14/2053 | 35085 | 0.0 |
| 78000 | Texas Instruments, Inc., 5.050%, 05/18/2063 | 71592 | 0.0 |
| 44000 | Texas Instruments, Inc., 5.150%, 02/08/2054 | 41506 | 0.0 |
| 237000 | TSMC Arizona Corp., 3.125%, 10/25/2041 | 184052 | 0.0 |
| 242000 | TSMC Arizona Corp., 4.125%, 04/22/2029 | 241318 | 0.0 |
| 44000 | VMware LLC, 1.800%, 08/15/2028 | 40720 | 0.0 |
| 89000 | VMware LLC, 2.200%, 08/15/2031 | 77279 | 0.0 |
| 74000 | VMware LLC, 3.900%, 08/21/2027 | 73378 | 0.0 |
| 30000 | VMware LLC, 4.650%, 05/15/2027 | 30188 | 0.0 |
| 44000 | VMware LLC, 4.700%, 05/15/2030 | 44191 | 0.0 |
| 110000 | VMware, Inc., 1.400%, 08/15/2026 | 106419 | 0.0 |
| 59000 | Workday, Inc., 3.500%, 04/01/2027 | 58264 | 0.0 |
| 44000 <sup>(1)</sup> | Workday, Inc., 3.700%, 04/01/2029 | 42989 | 0.0 |
| 74000 | Workday, Inc., 3.800%, 04/01/2032 | 69562 | 0.0 |
| 44000 | Xilinx, Inc., 2.375%, 06/01/2030 | 40353 | 0.0 |
|  |  | **24678419** | **1.8** |
|  | **Utilities: 2.4%** |  |  |
| 47000 | AES Corp., 1.375%, 01/15/2026 | 46112 | 0.0 |
| 59000 | AES Corp., 2.450%, 01/15/2031 | 51610 | 0.0 |
| 53000 | AES Corp., 5.450%, 06/01/2028 | 54174 | 0.0 |
| 27000 | Ameren Corp., 1.750%, 03/15/2028 | 25200 | 0.0 |
| 30000 | Ameren Corp., 1.950%, 03/15/2027 | 28933 | 0.0 |
| 47000 | Ameren Corp., 3.500%, 01/15/2031 | 44463 | 0.0 |
| 21000 | Ameren Corp., 3.650%, 02/15/2026 | 20858 | 0.0 |
| 41000 | Ameren Corp., 5.000%, 01/15/2029 | 41758 | 0.0 |
| 36000 | Ameren Corp., 5.700%, 12/01/2026 | 36588 | 0.0 |
| 22000 | Ameren Illinois Co., 1.550%, 11/15/2030 | 19045 | 0.0 |
| 21000 | Ameren Illinois Co., 2.900%, 06/15/2051 | 13286 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 18000 | Ameren Illinois Co., 3.250%, 03/15/2050 | $12259 | 0.0 |
| 30000 | Ameren Illinois Co., 3.700%, 12/01/2047 | 22631 | 0.0 |
| 25000 | Ameren Illinois Co., 3.800%, 05/15/2028 | 24818 | 0.0 |
| 30000 | Ameren Illinois Co., 3.850%, 09/01/2032 | 28443 | 0.0 |
| 29000 | Ameren Illinois Co., 4.150%, 03/15/2046 | 23823 | 0.0 |
| 30000 | Ameren Illinois Co., 4.500%, 03/15/2049 | 25559 | 0.0 |
| 30000 | Ameren Illinois Co., 4.950%, 06/01/2033 | 30423 | 0.0 |
| 25000 | Ameren Illinois Co., 5.550%, 07/01/2054 | 24689 | 0.0 |
| 21000 | Ameren Illinois Co., 5.900%, 12/01/2052 | 21712 | 0.0 |
| 33000 | American Water Capital Corp., 2.300%, 06/01/2031 | 29018 | 0.0 |
| 30000 | American Water Capital Corp., 2.800%, 05/01/2030 | 27888 | 0.0 |
| 36000 | American Water Capital Corp., 2.950%, 09/01/2027 | 35101 | 0.0 |
| 33000 | American Water Capital Corp., 3.250%, 06/01/2051 | 22323 | 0.0 |
| 33000 | American Water Capital Corp., 3.450%, 06/01/2029 | 31990 | 0.0 |
| 30000 | American Water Capital Corp., 3.450%, 05/01/2050 | 21210 | 0.0 |
| 37000 | American Water Capital Corp., 3.750%, 09/01/2028 | 36503 | 0.0 |
| 44000 | American Water Capital Corp., 3.750%, 09/01/2047 | 33499 | 0.0 |
| 18000 | American Water Capital Corp., 4.000%, 12/01/2046 | 14324 | 0.0 |
| 33000 | American Water Capital Corp., 4.150%, 06/01/2049 | 26401 | 0.0 |
| 41000 | American Water Capital Corp., 4.200%, 09/01/2048 | 32934 | 0.0 |
| 30000 | American Water Capital Corp., 4.300%, 12/01/2042 | 25612 | 0.0 |
| 19000 | American Water Capital Corp., 4.300%, 09/01/2045 | 16007 | 0.0 |
| 47000 | American Water Capital Corp., 4.450%, 06/01/2032 | 46422 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 41000 | American Water Capital Corp., 5.150%, 03/01/2034 | $41625 | 0.0 |
| 35000 | American Water Capital Corp., 5.450%, 03/01/2054 | 33905 | 0.0 |
| 44000 | American Water Capital Corp., 6.593%, 10/15/2037 | 49478 | 0.0 |
| 347000 | Appalachian Power Co., 4.400%, 05/15/2044 | 282749 | 0.0 |
| 441000 | Appalachian Power Co., 4.450%, 06/01/2045 | 359983 | 0.1 |
| 24000 | Appalachian Power Co. Y, 4.500%, 03/01/2049 | 19408 | 0.0 |
| 171000 | Arizona Public Service Co., 2.950%, 09/15/2027 | 165832 | 0.0 |
| 229000 | Arizona Public Service Co., 3.350%, 05/15/2050 | 155477 | 0.0 |
| 500000 | Atlantic City Electric Co., 2.300%, 03/15/2031 | 443972 | 0.1 |
| 309000 | Atmos Energy Corp., 4.125%, 10/15/2044 | 256858 | 0.0 |
| 60000 | Atmos Energy Corp., 4.125%, 03/15/2049 | 47917 | 0.0 |
| 23000 | Avista Corp., 4.000%, 04/01/2052 | 16971 | 0.0 |
| 22000 | Avista Corp., 4.350%, 06/01/2048 | 18057 | 0.0 |
| 61000 | Baltimore Gas and Electric Co., 3.500%, 08/15/2046 | 44831 | 0.0 |
| 30000 | Berkshire Hathaway Energy Co., 1.650%, 05/15/2031 | 25570 | 0.0 |
| 89000 | Berkshire Hathaway Energy Co., 2.850%, 05/15/2051 | 54647 | 0.0 |
| 35000 | Berkshire Hathaway Energy Co., 3.250%, 04/15/2028 | 34298 | 0.0 |
| 65000 | Berkshire Hathaway Energy Co., 3.700%, 07/15/2030 | 63097 | 0.0 |
| 44000 | Berkshire Hathaway Energy Co., 3.800%, 07/15/2048 | 33261 | 0.0 |
| 45000 | Berkshire Hathaway Energy Co., 4.250%, 10/15/2050 | 35989 | 0.0 |
| 59000 | Berkshire Hathaway Energy Co., 4.450%, 01/15/2049 | 48833 | 0.0 |
| 44000 | Berkshire Hathaway Energy Co., 4.500%, 02/01/2045 | 37871 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 58000 | Berkshire Hathaway Energy Co., 4.600%, 05/01/2053 | $48533 | 0.0 |
| 38000 | Berkshire Hathaway Energy Co., 5.150%, 11/15/2043 | 35729 | 0.0 |
| 33000 | Berkshire Hathaway Energy Co., 5.950%, 05/15/2037 | 35208 | 0.0 |
| 121000 | Berkshire Hathaway Energy Co., 6.125%, 04/01/2036 | 130227 | 0.0 |
| 24000 | Black Hills Corp., 2.500%, 06/15/2030 | 21608 | 0.0 |
| 24000 | Black Hills Corp., 3.050%, 10/15/2029 | 22512 | 0.0 |
| 24000 | Black Hills Corp., 3.150%, 01/15/2027 | 23477 | 0.0 |
| 18000 | Black Hills Corp., 3.875%, 10/15/2049 | 13086 | 0.0 |
| 18000 | Black Hills Corp., 3.950%, 01/15/2026 | 17904 | 0.0 |
| 18000 | Black Hills Corp., 4.200%, 09/15/2046 | 14211 | 0.0 |
| 24000 | Black Hills Corp., 4.350%, 05/01/2033 | 22607 | 0.0 |
| 21000 | Black Hills Corp., 5.950%, 03/15/2028 | 21760 | 0.0 |
| 27000 | Black Hills Corp., 6.150%, 05/15/2034 | 28349 | 0.0 |
| 441000 | CenterPoint Energy Houston Electric LLC AA, 3.000%, 02/01/2027 | 432475 | 0.1 |
| 22000 | CenterPoint Energy Houston Electric LLC AE, 2.350%, 04/01/2031 | 19595 | 0.0 |
| 54000 | CenterPoint Energy Houston Electric LLC AF, 3.350%, 04/01/2051 | 37731 | 0.0 |
| 29000 | CenterPoint Energy Houston Electric LLC AG, 3.000%, 03/01/2032 | 26283 | 0.0 |
| 28000 | CenterPoint Energy Resources Corp., 4.400%, 07/01/2032 | 27220 | 0.0 |
| 28000 | CenterPoint Energy, Inc., 2.650%, 06/01/2031 | 24996 | 0.0 |
| 20000 | Cleveland Electric Illuminating Co., 5.950%, 12/15/2036 | 20899 | 0.0 |
| 250000 | CMS Energy Corp., 4.875%, 03/01/2044 | 223241 | 0.0 |
| 40000 | Connecticut Light and Power Co., 4.000%, 04/01/2048 | 31444 | 0.0 |
| 28000 | Connecticut Light and Power Co., 4.300%, 04/15/2044 | 23669 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 21000 | Connecticut Light and Power Co., 4.650%, 01/01/2029 | $21268 | 0.0 |
| 18000 | Connecticut Light and Power Co., 4.900%, 07/01/2033 | 18019 | 0.0 |
| 30000 | Connecticut Light and Power Co., 5.250%, 01/15/2053 | 28086 | 0.0 |
| 24000 <sup>(1)</sup> | Connecticut Light and Power Co. A, 0.750%, 12/01/2025 | 23634 | 0.0 |
| 25000 | Connecticut Light and Power Co. A, 2.050%, 07/01/2031 | 21827 | 0.0 |
| 30000 | Connecticut Light and Power Co. A, 3.200%, 03/15/2027 | 29570 | 0.0 |
| 21000 | Connecticut Light and Power Co. A, 4.150%, 06/01/2045 | 17145 | 0.0 |
| 146000 <sup>(1)</sup> | Consolidated Edison Co. of New York, Inc., 2.400%, 06/15/2031 | 131126 | 0.0 |
| 50000 | Consolidated Edison Co. of New York, Inc., 4.450%, 03/15/2044 | 43108 | 0.0 |
| 321000 | Consolidated Edison Co. of New York, Inc., 4.500%, 12/01/2045 | 275810 | 0.0 |
| 325000 | Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054 | 274967 | 0.0 |
| 200000 | Consolidated Edison Co. of New York, Inc. C, 4.300%, 12/01/2056 | 157794 | 0.0 |
| 44000 <sup>(1)</sup> | Constellation Energy Generation LLC, 5.600%, 03/01/2028 | 45541 | 0.0 |
| 47000 | Constellation Energy Generation LLC, 5.600%, 06/15/2042 | 45779 | 0.0 |
| 21000 | Constellation Energy Generation LLC, 5.750%, 10/01/2041 | 21025 | 0.0 |
| 53000 | Constellation Energy Generation LLC, 5.750%, 03/15/2054 | 51983 | 0.0 |
| 36000 <sup>(1)</sup> | Constellation Energy Generation LLC, 5.800%, 03/01/2033 | 38090 | 0.0 |
| 30000 | Constellation Energy Generation LLC, 6.125%, 01/15/2034 | 32329 | 0.0 |
| 53000 | Constellation Energy Generation LLC, 6.250%, 10/01/2039 | 56637 | 0.0 |
| 45000 | Constellation Energy Generation LLC, 6.500%, 10/01/2053 | 48354 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 176000 | Consumers Energy Co., 3.950%, 07/15/2047 | $140538 | 0.0 |
| 25000 | Dayton Power & Light Co., 3.950%, 06/15/2049 | 18574 | 0.0 |
| 25000 | Dominion Energy South Carolina, Inc., 4.600%, 06/15/2043 | 22258 | 0.0 |
| 30000 | Dominion Energy South Carolina, Inc., 5.100%, 06/01/2065 | 26974 | 0.0 |
| 20000 | Dominion Energy South Carolina, Inc., 5.300%, 05/15/2033 | 20552 | 0.0 |
| 20000 | Dominion Energy South Carolina, Inc., 5.450%, 02/01/2041 | 19730 | 0.0 |
| 35000 | Dominion Energy South Carolina, Inc., 6.050%, 01/15/2038 | 37215 | 0.0 |
| 66000 | Dominion Energy South Carolina, Inc., 6.250%, 10/15/2053 | 71397 | 0.0 |
| 20000 | Dominion Energy South Carolina, Inc., 6.625%, 02/01/2032 | 22100 | 0.0 |
| 25000 | Dominion Energy South Carolina, Inc. A, 2.300%, 12/01/2031 | 21925 | 0.0 |
| 30000 | Dominion Energy, Inc., 4.250%, 06/01/2028 | 29969 | 0.0 |
| 30000 | Dominion Energy, Inc., 4.700%, 12/01/2044 | 25834 | 0.0 |
| 55000 | Dominion Energy, Inc., 5.375%, 11/15/2032 | 56401 | 0.0 |
| 25000 | Dominion Energy, Inc., 7.000%, 06/15/2038 | 28552 | 0.0 |
| 36000 | Dominion Energy, Inc. A, 1.450%, 04/15/2026 | 35144 | 0.0 |
| 25000 | Dominion Energy, Inc. A, 4.350%, 08/15/2032 | 24012 | 0.0 |
| 25000 | Dominion Energy, Inc. A, 4.600%, 03/15/2049 | 20514 | 0.0 |
| 31000 | Dominion Energy, Inc. B, 3.300%, 04/15/2041 | 22907 | 0.0 |
| 20000 | Dominion Energy, Inc. B, 3.600%, 03/15/2027 | 19794 | 0.0 |
| 40000 | Dominion Energy, Inc. B, 4.850%, 08/15/2052 | 33896 | 0.0 |
| 30000 | Dominion Energy, Inc. B, 5.950%, 06/15/2035 | 31559 | 0.0 |
| 55000 | Dominion Energy, Inc. C, 2.250%, 08/15/2031 | 48118 | 0.0 |
| 95000 | Dominion Energy, Inc. C, 3.375%, 04/01/2030 | 90319 | 0.0 |
| 20000 | Dominion Energy, Inc. C, 4.050%, 09/15/2042 | 15868 | 0.0 |
| 30000 | Dominion Energy, Inc. C, 4.900%, 08/01/2041 | 27098 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 25000 | Dominion Energy, Inc. D, 2.850%, 08/15/2026 | $24580 | 0.0 |
| 20000 | Dominion Energy, Inc. E, 6.300%, 03/15/2033 | 21434 | 0.0 |
| 36000 | DTE Electric Co., 2.250%, 03/01/2030 | 32888 | 0.0 |
| 30000 | DTE Electric Co., 2.950%, 03/01/2050 | 19531 | 0.0 |
| 30000 | DTE Electric Co., 3.700%, 03/15/2045 | 23255 | 0.0 |
| 18000 | DTE Electric Co., 3.700%, 06/01/2046 | 13787 | 0.0 |
| 26000 | DTE Electric Co., 3.750%, 08/15/2047 | 19814 | 0.0 |
| 38000 | DTE Electric Co., 3.950%, 03/01/2049 | 29961 | 0.0 |
| 21000 | DTE Electric Co., 4.300%, 07/01/2044 | 17743 | 0.0 |
| 30000 | DTE Electric Co., 4.850%, 12/01/2026 | 30353 | 0.0 |
| 36000 | DTE Electric Co., 5.200%, 04/01/2033 | 37014 | 0.0 |
| 30000 <sup>(1)</sup> | DTE Electric Co., 5.200%, 03/01/2034 | 30702 | 0.0 |
| 36000 <sup>(1)</sup> | DTE Electric Co., 5.400%, 04/01/2053 | 35199 | 0.0 |
| 34000 <sup>(1)</sup> | DTE Electric Co. A, 1.900%, 04/01/2028 | 32094 | 0.0 |
| 30000 | DTE Electric Co. A, 3.000%, 03/01/2032 | 27301 | 0.0 |
| 22000 | DTE Electric Co. A, 4.000%, 04/01/2043 | 18085 | 0.0 |
| 31000 | DTE Electric Co. A, 4.050%, 05/15/2048 | 25044 | 0.0 |
| 25000 | DTE Electric Co. B, 3.250%, 04/01/2051 | 17102 | 0.0 |
| 24000 | DTE Electric Co. B, 3.650%, 03/01/2052 | 17695 | 0.0 |
| 36000 | DTE Electric Co. C, 2.625%, 03/01/2031 | 32807 | 0.0 |
| 36000 | DTE Energy Co., 2.850%, 10/01/2026 | 35380 | 0.0 |
| 18000 | DTE Energy Co., 2.950%, 03/01/2030 | 16811 | 0.0 |
| 47000 | DTE Energy Co., 4.875%, 06/01/2028 | 47706 | 0.0 |
| 71000 | DTE Energy Co., 5.100%, 03/01/2029 | 72425 | 0.0 |
| 50000 | DTE Energy Co., 5.850%, 06/01/2034 | 52331 | 0.0 |
| 28000 | DTE Energy Co. C, 3.400%, 06/15/2029 | 26880 | 0.0 |
| 441000 | Duke Energy Carolinas LLC, 2.550%, 04/15/2031 | 399868 | 0.1 |
| 441000 | Duke Energy Carolinas LLC, 3.450%, 04/15/2051 | 312756 | 0.0 |
| 588000 <sup>(1)</sup> | Duke Energy Corp., 2.450%, 06/01/2030 | 533785 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 500000 | Duke Energy Corp., 3.750%, 09/01/2046 | $371467 | 0.1 |
| 295000 | Duke Energy Corp., 4.800%, 12/15/2045 | 256838 | 0.0 |
| 588000 | Duke Energy Florida LLC, 3.800%, 07/15/2028 | 583238 | 0.1 |
| 150000 | Duke Energy Progress LLC, 4.150%, 12/01/2044 | 122475 | 0.0 |
| 441000 | Duke Energy Progress LLC, 4.200%, 08/15/2045 | 363165 | 0.1 |
| 17000 | El Paso Electric Co., 5.000%, 12/01/2044 | 14964 | 0.0 |
| 23000 | El Paso Electric Co., 6.000%, 05/15/2035 | 23764 | 0.0 |
| 27000 | Emera US Finance L.P., 2.639%, 06/15/2031 | 23724 | 0.0 |
| 44000 | Emera US Finance L.P., 3.550%, 06/15/2026 | 43528 | 0.0 |
| 74000 | Emera US Finance L.P., 4.750%, 06/15/2046 | 61608 | 0.0 |
| 117000 | Enel Americas SA, 4.000%, 10/25/2026 | 116123 | 0.0 |
| 101000 | Enel Chile SA, 4.875%, 06/12/2028 | 101376 | 0.0 |
| 277000 | Entergy Arkansas LLC, 3.350%, 06/15/2052 | 185474 | 0.0 |
| 500000 | Entergy Corp., 2.400%, 06/15/2031 | 441970 | 0.1 |
| 475000 | Entergy Louisiana LLC, 2.350%, 06/15/2032 | 410775 | 0.1 |
| 50000 | Entergy Louisiana LLC, 4.200%, 09/01/2048 | 39878 | 0.0 |
| 17000 | Entergy Mississippi LLC, 5.850%, 06/01/2054 | 17064 | 0.0 |
| 20000 | Entergy Texas, Inc., 5.800%, 09/01/2053 | 19749 | 0.0 |
| 314000 | Essential Utilities, Inc., 2.400%, 05/01/2031 | 277121 | 0.0 |
| 20000 | Evergy Kansas Central, Inc., 2.550%, 07/01/2026 | 19651 | 0.0 |
| 20000 | Evergy Kansas Central, Inc., 3.100%, 04/01/2027 | 19666 | 0.0 |
| 20000 | Evergy Kansas Central, Inc., 3.250%, 09/01/2049 | 13420 | 0.0 |
| 30000 | Evergy Kansas Central, Inc., 3.450%, 04/15/2050 | 20781 | 0.0 |
| 25000 | Evergy Kansas Central, Inc., 4.100%, 04/01/2043 | 20557 | 0.0 |
| 33000 | Evergy Kansas Central, Inc., 4.125%, 03/01/2042 | 27442 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 20000 | Evergy Kansas Central, Inc., 4.250%, 12/01/2045 | $16471 | 0.0 |
| 25000 | Evergy Kansas Central, Inc., 5.700%, 03/15/2053 | 24703 | 0.0 |
| 20000 | Evergy Metro, Inc., 3.650%, 08/15/2025 | 19975 | 0.0 |
| 20000 | Evergy Metro, Inc., 4.200%, 06/15/2047 | 16102 | 0.0 |
| 20000 | Evergy Metro, Inc., 4.200%, 03/15/2048 | 16029 | 0.0 |
| 20000 | Evergy Metro, Inc., 4.950%, 04/15/2033 | 19988 | 0.0 |
| 25000 | Evergy Metro, Inc., 5.300%, 10/01/2041 | 24107 | 0.0 |
| 25000 | Evergy Metro, Inc. 2019, 4.125%, 04/01/2049 | 19509 | 0.0 |
| 25000 | Evergy Metro, Inc. 2020, 2.250%, 06/01/2030 | 22584 | 0.0 |
| 50000 | Evergy, Inc., 2.900%, 09/15/2029 | 46999 | 0.0 |
| 21000 | Eversource Energy, 2.550%, 03/15/2031 | 18681 | 0.0 |
| 38000 | Eversource Energy, 2.900%, 03/01/2027 | 37087 | 0.0 |
| 38000 | Eversource Energy, 3.375%, 03/01/2032 | 34640 | 0.0 |
| 38000 | Eversource Energy, 3.450%, 01/15/2050 | 26681 | 0.0 |
| 36000 | Eversource Energy, 4.600%, 07/01/2027 | 36192 | 0.0 |
| 27000 | Eversource Energy, 4.750%, 05/15/2026 | 27049 | 0.0 |
| 21000 | Eversource Energy, 5.000%, 01/01/2027 | 21197 | 0.0 |
| 47000 | Eversource Energy, 5.125%, 05/15/2033 | 47063 | 0.0 |
| 77000 | Eversource Energy, 5.450%, 03/01/2028 | 79019 | 0.0 |
| 38000 | Eversource Energy, 5.500%, 01/01/2034 | 38719 | 0.0 |
| 41000 | Eversource Energy, 5.850%, 04/15/2031 | 43156 | 0.0 |
| 47000 | Eversource Energy, 5.950%, 02/01/2029 | 49106 | 0.0 |
| 41000 | Eversource Energy, 5.950%, 07/15/2034 | 42955 | 0.0 |
| 27000 | Eversource Energy M, 3.300%, 01/15/2028 | 26306 | 0.0 |
| 30000 | Eversource Energy O, 4.250%, 04/01/2029 | 29720 | 0.0 |
| 18000 | Eversource Energy Q, 0.800%, 08/15/2025 | 17907 | 0.0 |
| 36000 | Eversource Energy R, 1.650%, 08/15/2030 | 31295 | 0.0 |
| 18000 | Eversource Energy U, 1.400%, 08/15/2026 | 17413 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 588000 | Exelon Corp., 4.950%, 06/15/2035 | $571839 | 0.1 |
| 441000 | Exelon Corp., 5.100%, 06/15/2045 | 401517 | 0.1 |
| 36000 <sup>(1)</sup> | FirstEnergy Corp., 2.650%, 03/01/2030 | 33070 | 0.0 |
| 27000 | FirstEnergy Corp. B, 2.250%, 09/01/2030 | 23990 | 0.0 |
| 89000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | 88030 | 0.0 |
| 50000 | FirstEnergy Corp. C, 3.400%, 03/01/2050 | 33928 | 0.0 |
| 87000 | Florida Power & Light Co., 2.450%, 02/03/2032 | 76763 | 0.0 |
| 207000 | Florida Power & Light Co., 2.875%, 12/04/2051 | 130683 | 0.0 |
| 35000 | Florida Power & Light Co., 3.125%, 12/01/2025 | 34834 | 0.0 |
| 47000 | Florida Power & Light Co., 3.150%, 10/01/2049 | 31795 | 0.0 |
| 41000 | Florida Power & Light Co., 3.700%, 12/01/2047 | 31237 | 0.0 |
| 23000 | Florida Power & Light Co., 3.800%, 12/15/2042 | 18757 | 0.0 |
| 58000 | Florida Power & Light Co., 3.950%, 03/01/2048 | 46377 | 0.0 |
| 35000 | Florida Power & Light Co., 3.990%, 03/01/2049 | 27594 | 0.0 |
| 35000 | Florida Power & Light Co., 4.050%, 06/01/2042 | 29703 | 0.0 |
| 29000 | Florida Power & Light Co., 4.050%, 10/01/2044 | 23993 | 0.0 |
| 35000 | Florida Power & Light Co., 4.125%, 02/01/2042 | 29788 | 0.0 |
| 29000 | Florida Power & Light Co., 4.125%, 06/01/2048 | 23687 | 0.0 |
| 44000 | Florida Power & Light Co., 4.400%, 05/15/2028 | 44344 | 0.0 |
| 29000 | Florida Power & Light Co., 4.450%, 05/15/2026 | 29036 | 0.0 |
| 29000 | Florida Power & Light Co., 4.625%, 05/15/2030 | 29396 | 0.0 |
| 44000 | Florida Power & Light Co., 4.800%, 05/15/2033 | 44142 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 17000 | Florida Power & Light Co., 4.950%, 06/01/2035 | $17050 | 0.0 |
| 20000 | Florida Power & Light Co., 5.000%, 08/01/2034 | 20157 | 0.0 |
| 58000 | Florida Power & Light Co., 5.050%, 04/01/2028 | 59419 | 0.0 |
| 44000 | Florida Power & Light Co., 5.100%, 04/01/2033 | 45000 | 0.0 |
| 44000 | Florida Power & Light Co., 5.150%, 06/15/2029 | 45554 | 0.0 |
| 23000 | Florida Power & Light Co., 5.250%, 02/01/2041 | 22874 | 0.0 |
| 44000 <sup>(1)</sup> | Florida Power & Light Co., 5.300%, 06/15/2034 | 45374 | 0.0 |
| 44000 | Florida Power & Light Co., 5.300%, 04/01/2053 | 42099 | 0.0 |
| 49000 | Florida Power & Light Co., 5.600%, 06/15/2054 | 48839 | 0.0 |
| 24000 | Florida Power & Light Co., 5.625%, 04/01/2034 | 25461 | 0.0 |
| 23000 | Florida Power & Light Co., 5.650%, 02/01/2037 | 24118 | 0.0 |
| 29000 | Florida Power & Light Co., 5.690%, 03/01/2040 | 30314 | 0.0 |
| 35000 | Florida Power & Light Co., 5.950%, 02/01/2038 | 37710 | 0.0 |
| 29000 | Florida Power & Light Co., 5.960%, 04/01/2039 | 31058 | 0.0 |
| 17000 | Florida Power & Light Co. A, 3.300%, 05/30/2027 | 16740 | 0.0 |
| 65000 | Fortis, Inc./Canada, 3.055%, 10/04/2026 | 63862 | 0.0 |
| 500000 | Georgia Power Co. A, 3.250%, 03/15/2051 | 343359 | 0.0 |
| 24000 | Idaho Power Co., MTN, 5.500%, 03/15/2053 | 23048 | 0.0 |
| 21000 | Idaho Power Co., MTN, 5.800%, 04/01/2054 | 21235 | 0.0 |
| 27000 | Idaho Power Co. K, 4.200%, 03/01/2048 | 22008 | 0.0 |
| 351000 | Indiana Michigan Power Co. K, 4.550%, 03/15/2046 | 298000 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 28000 | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | $26900 | 0.0 |
| 24000 | IPALCO Enterprises, Inc., 5.750%, 04/01/2034 | 24151 | 0.0 |
| 95000 | ITC Holdings Corp., 3.350%, 11/15/2027 | 93029 | 0.0 |
| 33000 | Kentucky Utilities Co., 3.300%, 06/01/2050 | 22221 | 0.0 |
| 35000 | Kentucky Utilities Co., 4.375%, 10/01/2045 | 29513 | 0.0 |
| 38000 | Kentucky Utilities Co., 5.125%, 11/01/2040 | 36669 | 0.0 |
| 25000 | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | 25803 | 0.0 |
| 25000 | Louisville Gas and Electric Co., 4.250%, 04/01/2049 | 19931 | 0.0 |
| 20000 | Louisville Gas and Electric Co. 25, 3.300%, 10/01/2025 | 19911 | 0.0 |
| 25000 | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | 25862 | 0.0 |
| 30000 | MidAmerican Energy Co., 2.700%, 08/01/2052 | 18599 | 0.0 |
| 22000 | MidAmerican Energy Co., 3.100%, 05/01/2027 | 21651 | 0.0 |
| 36000 | MidAmerican Energy Co., 3.150%, 04/15/2050 | 24323 | 0.0 |
| 50000 | MidAmerican Energy Co., 3.650%, 04/15/2029 | 49071 | 0.0 |
| 41000 | MidAmerican Energy Co., 3.650%, 08/01/2048 | 30715 | 0.0 |
| 28000 | MidAmerican Energy Co., 3.950%, 08/01/2047 | 22167 | 0.0 |
| 27000 | MidAmerican Energy Co., 4.250%, 05/01/2046 | 22413 | 0.0 |
| 53000 | MidAmerican Energy Co., 4.250%, 07/15/2049 | 43153 | 0.0 |
| 24000 | MidAmerican Energy Co., 4.400%, 10/15/2044 | 20585 | 0.0 |
| 21000 | MidAmerican Energy Co., 4.800%, 09/15/2043 | 19201 | 0.0 |
| 36000 | MidAmerican Energy Co., 5.300%, 02/01/2055 | 34295 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 21000 | MidAmerican Energy Co., 5.350%, 01/15/2034 | $21775 | 0.0 |
| 24000 | MidAmerican Energy Co., 6.750%, 12/30/2031 | 27052 | 0.0 |
| 18000 | MidAmerican Energy Co., MTN, 5.750%, 11/01/2035 | 19063 | 0.0 |
| 21000 | MidAmerican Energy Co., MTN, 5.800%, 10/15/2036 | 22443 | 0.0 |
| 55000 | Mississippi Power Co. 12-A, 4.250%, 03/15/2042 | 47063 | 0.0 |
| 50000 | National Fuel Gas Co., 2.950%, 03/01/2031 | 44635 | 0.0 |
| 133000 | National Grid PLC, 5.809%, 06/12/2033 | 139858 | 0.0 |
| 33000 | National Rural Utilities Cooperative Finance Corp., 4.300%, 03/15/2049 | 27548 | 0.0 |
| 588000 <sup>(3)</sup> | National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046 | 584935 | 0.1 |
| 243000 <sup>(1)</sup> | National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033 | 258365 | 0.0 |
| 30000 | Nevada Power Co., 6.000%, 03/15/2054 | 30544 | 0.0 |
| 30000 | Nevada Power Co. CC, 3.700%, 05/01/2029 | 29396 | 0.0 |
| 25000 | Nevada Power Co. DD, 2.400%, 05/01/2030 | 22939 | 0.0 |
| 18000 | Nevada Power Co. EE, 3.125%, 08/01/2050 | 11425 | 0.0 |
| 24000 | Nevada Power Co. GG, 5.900%, 05/01/2053 | 23903 | 0.0 |
| 21000 | Nevada Power Co. R, 6.750%, 07/01/2037 | 23442 | 0.0 |
| 58000 | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | 55955 | 0.0 |
| 87000 | NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028 | 81320 | 0.0 |
| 116000 | NextEra Energy Capital Holdings, Inc., 2.250%, 06/01/2030 | 104518 | 0.0 |
| 58000 | NextEra Energy Capital Holdings, Inc., 2.440%, 01/15/2032 | 50409 | 0.0 |
| 58000 | NextEra Energy Capital Holdings, Inc., 2.750%, 11/01/2029 | 54197 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 29000 | NextEra Energy Capital Holdings, Inc., 3.000%, 01/15/2052 | $18266 | 0.0 |
| 29000 | NextEra Energy Capital Holdings, Inc., 3.500%, 04/01/2029 | 28097 | 0.0 |
| 86000 | NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/2027 | 84844 | 0.0 |
| 35000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082 | 33624 | 0.0 |
| 73000 | NextEra Energy Capital Holdings, Inc., 4.625%, 07/15/2027 | 73486 | 0.0 |
| 32000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 4.800%, 12/01/2077 | 30725 | 0.0 |
| 73000 | NextEra Energy Capital Holdings, Inc., 4.900%, 02/28/2028 | 74015 | 0.0 |
| 52000 | NextEra Energy Capital Holdings, Inc., 4.900%, 03/15/2029 | 52850 | 0.0 |
| 58000 | NextEra Energy Capital Holdings, Inc., 4.950%, 01/29/2026 | 58159 | 0.0 |
| 35000 <sup>(1)</sup> | NextEra Energy Capital Holdings, Inc., 5.000%, 02/28/2030 | 35886 | 0.0 |
| 58000 | NextEra Energy Capital Holdings, Inc., 5.000%, 07/15/2032 | 58720 | 0.0 |
| 58000 | NextEra Energy Capital Holdings, Inc., 5.050%, 02/28/2033 | 58500 | 0.0 |
| 64000 <sup>(1)</sup> | NextEra Energy Capital Holdings, Inc., 5.250%, 03/15/2034 | 64642 | 0.0 |
| 67000 | NextEra Energy Capital Holdings, Inc., 5.250%, 02/28/2053 | 61937 | 0.0 |
| 47000 | NextEra Energy Capital Holdings, Inc., 5.550%, 03/15/2054 | 45263 | 0.0 |
| 29000 <sup>(1)(3)</sup> | NextEra Energy Capital Holdings, Inc., 5.650%, 05/01/2079 | 28961 | 0.0 |
| 116000 | NextEra Energy Capital Holdings, Inc., 5.749%, 09/01/2025 | 116175 | 0.0 |
| 58000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.700%, 09/01/2054 | 59912 | 0.0 |
| 70000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.750%, 06/15/2054 | 72798 | 0.0 |
| 74000 | NiSource, Inc., 0.950%, 08/15/2025 | 73660 | 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)** |  |  |
| 44000 | NiSource, Inc., 1.700%, 02/15/2031 | $37697 | 0.0 |
| 44000 | NiSource, Inc., 2.950%, 09/01/2029 | 41529 | 0.0 |
| 59000 | NiSource, Inc., 3.490%, 05/15/2027 | 58121 | 0.0 |
| 59000 | NiSource, Inc., 3.600%, 05/01/2030 | 56620 | 0.0 |
| 44000 | NiSource, Inc., 3.950%, 03/30/2048 | 34006 | 0.0 |
| 59000 | NiSource, Inc., 4.375%, 05/15/2047 | 48566 | 0.0 |
| 44000 | NiSource, Inc., 4.800%, 02/15/2044 | 38891 | 0.0 |
| 21000 | NiSource, Inc., 5.000%, 06/15/2052 | 18682 | 0.0 |
| 62000 <sup>(1)</sup> | NiSource, Inc., 5.250%, 03/30/2028 | 63489 | 0.0 |
| 30000 | NiSource, Inc., 5.250%, 02/15/2043 | 28020 | 0.0 |
| 38000 | NiSource, Inc., 5.350%, 04/01/2034 | 38657 | 0.0 |
| 27000 | NiSource, Inc., 5.400%, 06/30/2033 | 27630 | 0.0 |
| 30000 | NiSource, Inc., 5.650%, 02/01/2045 | 29336 | 0.0 |
| 21000 | NiSource, Inc., 5.950%, 06/15/2041 | 21440 | 0.0 |
| 36000 | Northern States Power Co., 2.600%, 06/01/2051 | 21761 | 0.0 |
| 500000 | Northern States Power Co., 4.125%, 05/15/2044 | 416633 | 0.1 |
| 18000 | NSTAR Electric Co., 1.950%, 08/15/2031 | 15588 | 0.0 |
| 18000 | NSTAR Electric Co., 3.100%, 06/01/2051 | 11765 | 0.0 |
| 41000 | NSTAR Electric Co., 3.200%, 05/15/2027 | 40351 | 0.0 |
| 24000 | NSTAR Electric Co., 3.250%, 05/15/2029 | 23123 | 0.0 |
| 24000 | NSTAR Electric Co., 3.950%, 04/01/2030 | 23553 | 0.0 |
| 18000 | NSTAR Electric Co., 4.400%, 03/01/2044 | 15310 | 0.0 |
| 27000 | NSTAR Electric Co., 4.550%, 06/01/2052 | 22485 | 0.0 |
| 24000 | NSTAR Electric Co., 4.950%, 09/15/2052 | 21324 | 0.0 |
| 18000 | NSTAR Electric Co., 5.500%, 03/15/2040 | 18306 | 0.0 |
| 26000 | Oglethorpe Power Corp., 3.750%, 08/01/2050 | 18173 | 0.0 |
| 30000 | Oglethorpe Power Corp., 4.500%, 04/01/2047 | 24569 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 30000 | Oglethorpe Power Corp., 5.050%, 10/01/2048 | $26547 | 0.0 |
| 18000 | Oglethorpe Power Corp., 5.250%, 09/01/2050 | 16069 | 0.0 |
| 27000 | Oglethorpe Power Corp., 5.375%, 11/01/2040 | 26390 | 0.0 |
| 24000 | Oglethorpe Power Corp., 5.950%, 11/01/2039 | 24782 | 0.0 |
| 24000 | Oglethorpe Power Corp., 6.200%, 12/01/2053 | 24600 | 0.0 |
| 20000 | Ohio Edison Co., 6.875%, 07/15/2036 | 22541 | 0.0 |
| 110000 | Oklahoma Gas and Electric Co., 4.000%, 12/15/2044 | 87957 | 0.0 |
| 27000 | Oncor Electric Delivery Co. LLC, 0.550%, 10/01/2025 | 26735 | 0.0 |
| 29000 | Oncor Electric Delivery Co. LLC, 2.700%, 11/15/2051 | 17076 | 0.0 |
| 41000 | Oncor Electric Delivery Co. LLC, 2.750%, 05/15/2030 | 38016 | 0.0 |
| 41000 | Oncor Electric Delivery Co. LLC, 3.100%, 09/15/2049 | 26971 | 0.0 |
| 38000 | Oncor Electric Delivery Co. LLC, 3.700%, 11/15/2028 | 37438 | 0.0 |
| 24000 | Oncor Electric Delivery Co. LLC, 3.700%, 05/15/2050 | 17494 | 0.0 |
| 33000 | Oncor Electric Delivery Co. LLC, 3.750%, 04/01/2045 | 25404 | 0.0 |
| 19000 | Oncor Electric Delivery Co. LLC, 3.800%, 09/30/2047 | 14283 | 0.0 |
| 30000 | Oncor Electric Delivery Co. LLC, 3.800%, 06/01/2049 | 22302 | 0.0 |
| 27000 | Oncor Electric Delivery Co. LLC, 4.100%, 11/15/2048 | 21386 | 0.0 |
| 24000 | Oncor Electric Delivery Co. LLC, 4.150%, 06/01/2032 | 23208 | 0.0 |
| 36000 | Oncor Electric Delivery Co. LLC, 4.300%, 05/15/2028 | 36182 | 0.0 |
| 41000 | Oncor Electric Delivery Co. LLC, 4.550%, 09/15/2032 | 40506 | 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)** |  |  |
| 24000 <sup>(1)</sup> | Oncor Electric Delivery Co. LLC, 4.550%, 12/01/2041 | $21121 | 0.0 |
| 23000 | Oncor Electric Delivery Co. LLC, 4.600%, 06/01/2052 | 19292 | 0.0 |
| 53000 | Oncor Electric Delivery Co. LLC, 4.950%, 09/15/2052 | 47049 | 0.0 |
| 28000 | Oncor Electric Delivery Co. LLC, 5.250%, 09/30/2040 | 27594 | 0.0 |
| 21000 | Oncor Electric Delivery Co. LLC, 5.300%, 06/01/2042 | 20097 | 0.0 |
| 18000 | Oncor Electric Delivery Co. LLC, 5.350%, 10/01/2052 | 16884 | 0.0 |
| 35000 | Oncor Electric Delivery Co. LLC, 5.550%, 06/15/2054 | 33919 | 0.0 |
| 47000 | Oncor Electric Delivery Co. LLC, 5.650%, 11/15/2033 | 49417 | 0.0 |
| 19000 | Oncor Electric Delivery Co. LLC, 5.750%, 03/15/2029 | 19928 | 0.0 |
| 29000 | Oncor Electric Delivery Co. LLC, 7.000%, 05/01/2032 | 32632 | 0.0 |
| 19000 | Oncor Electric Delivery Co. LLC, 7.250%, 01/15/2033 | 21707 | 0.0 |
| 18000 | Oncor Electric Delivery Co. LLC, 7.500%, 09/01/2038 | 21679 | 0.0 |
| 18000 | ONE Gas, Inc., 2.000%, 05/15/2030 | 16139 | 0.0 |
| 18000 | ONE Gas, Inc., 4.250%, 09/01/2032 | 17391 | 0.0 |
| 24000 | ONE Gas, Inc., 4.500%, 11/01/2048 | 20082 | 0.0 |
| 36000 | ONE Gas, Inc., 4.658%, 02/01/2044 | 31820 | 0.0 |
| 18000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 18444 | 0.0 |
| 500000 | Pacific Gas and Electric Co., 2.100%, 08/01/2027 | 473697 | 0.1 |
| 881000 | Pacific Gas and Electric Co., 2.500%, 02/01/2031 | 765216 | 0.1 |
| 103000 | Pacific Gas and Electric Co., 3.250%, 06/01/2031 | 92494 | 0.0 |
| 703000 | Pacific Gas and Electric Co., 3.300%, 08/01/2040 | 503454 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 175000 | Pacific Gas and Electric Co., 4.200%, 06/01/2041 | $134735 | 0.0 |
| 24000 | PacifiCorp, 2.700%, 09/15/2030 | 21957 | 0.0 |
| 59000 | PacifiCorp, 2.900%, 06/15/2052 | 34978 | 0.0 |
| 36000 | PacifiCorp, 3.300%, 03/15/2051 | 23433 | 0.0 |
| 24000 | PacifiCorp, 3.500%, 06/15/2029 | 23214 | 0.0 |
| 18000 | PacifiCorp, 4.100%, 02/01/2042 | 14505 | 0.0 |
| 36000 | PacifiCorp, 4.125%, 01/15/2049 | 27609 | 0.0 |
| 36000 | PacifiCorp, 4.150%, 02/15/2050 | 27383 | 0.0 |
| 30000 <sup>(1)</sup> | PacifiCorp, 5.100%, 02/15/2029 | 30599 | 0.0 |
| 18000 | PacifiCorp, 5.250%, 06/15/2035 | 17992 | 0.0 |
| 41000 | PacifiCorp, 5.300%, 02/15/2031 | 42251 | 0.0 |
| 56000 | PacifiCorp, 5.350%, 12/01/2053 | 50397 | 0.0 |
| 65000 <sup>(1)</sup> | PacifiCorp, 5.450%, 02/15/2034 | 65956 | 0.0 |
| 61000 | PacifiCorp, 5.500%, 05/15/2054 | 56171 | 0.0 |
| 36000 | PacifiCorp, 5.750%, 04/01/2037 | 36671 | 0.0 |
| 76000 | PacifiCorp, 5.800%, 01/15/2055 | 72812 | 0.0 |
| 38000 | PacifiCorp, 6.000%, 01/15/2039 | 39296 | 0.0 |
| 20000 | PacifiCorp, 6.100%, 08/01/2036 | 20940 | 0.0 |
| 36000 | PacifiCorp, 6.250%, 10/15/2037 | 38070 | 0.0 |
| 18000 | PacifiCorp, 6.350%, 07/15/2038 | 19189 | 0.0 |
| 18000 | PacifiCorp, 7.700%, 11/15/2031 | 20934 | 0.0 |
| 441000 | PECO Energy Co., 4.150%, 10/01/2044 | 368489 | 0.1 |
| 250000 | Piedmont Natural Gas Co., Inc., 4.100%, 09/18/2034 | 230333 | 0.0 |
| 40000 | PPL Capital Funding, Inc., 3.100%, 05/15/2026 | 39533 | 0.0 |
| 25000 | PPL Capital Funding, Inc., 4.125%, 04/15/2030 | 24556 | 0.0 |
| 25000 | PPL Electric Utilities Corp., 3.000%, 10/01/2049 | 16504 | 0.0 |
| 30000 | PPL Electric Utilities Corp., 3.950%, 06/01/2047 | 23942 | 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)** |  |  |
| 20000 | PPL Electric Utilities Corp., 4.125%, 06/15/2044 | $16784 | 0.0 |
| 20000 | PPL Electric Utilities Corp., 4.150%, 10/01/2045 | 16729 | 0.0 |
| 25000 | PPL Electric Utilities Corp., 4.150%, 06/15/2048 | 20294 | 0.0 |
| 20000 | PPL Electric Utilities Corp., 4.750%, 07/15/2043 | 18126 | 0.0 |
| 40000 | PPL Electric Utilities Corp., 5.000%, 05/15/2033 | 40646 | 0.0 |
| 45000 | PPL Electric Utilities Corp., 5.250%, 05/15/2053 | 42976 | 0.0 |
| 20000 | PPL Electric Utilities Corp., 6.250%, 05/15/2039 | 22128 | 0.0 |
| 235000 | Public Service Co. of Colorado, 3.700%, 06/15/2028 | 232524 | 0.0 |
| 500000 | Public Service Co. of Colorado, 4.100%, 06/15/2048 | 387138 | 0.1 |
| 234000 | Public Service Co. of Colorado 35, 1.900%, 01/15/2031 | 203227 | 0.0 |
| 18000 | Public Service Co. of New Hampshire, 3.600%, 07/01/2049 | 13117 | 0.0 |
| 18000 | Public Service Co. of New Hampshire, 5.150%, 01/15/2053 | 16674 | 0.0 |
| 36000 | Public Service Co. of New Hampshire, 5.350%, 10/01/2033 | 37316 | 0.0 |
| 21000 | Public Service Co. of New Hampshire V, 2.200%, 06/15/2031 | 18491 | 0.0 |
| 441000 | Public Service Electric and Gas Co., MTN, 3.800%, 01/01/2043 | 351748 | 0.1 |
| 250000 | Public Service Electric and Gas Co. I, 4.000%, 06/01/2044 | 200610 | 0.0 |
| 88000 | Public Service Enterprise Group, Inc., 5.850%, 11/15/2027 | 91111 | 0.0 |
| 30000 | Puget Energy, Inc., 2.379%, 06/15/2028 | 28328 | 0.0 |
| 33000 | Puget Energy, Inc., 4.100%, 06/15/2030 | 31893 | 0.0 |
| 27000 | Puget Energy, Inc., 4.224%, 03/15/2032 | 25472 | 0.0 |
| 69000 | Puget Sound Energy, Inc., 2.893%, 09/15/2051 | 42933 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 27000 | Puget Sound Energy, Inc., 3.250%, 09/15/2049 | $18100 | 0.0 |
| 36000 | Puget Sound Energy, Inc., 4.223%, 06/15/2048 | 28872 | 0.0 |
| 25000 | Puget Sound Energy, Inc., 4.300%, 05/20/2045 | 20630 | 0.0 |
| 24000 | Puget Sound Energy, Inc., 5.448%, 06/01/2053 | 22907 | 0.0 |
| 18000 | Puget Sound Energy, Inc., 5.638%, 04/15/2041 | 17845 | 0.0 |
| 21000 | Puget Sound Energy, Inc., 5.757%, 10/01/2039 | 21837 | 0.0 |
| 19000 | Puget Sound Energy, Inc., 5.795%, 03/15/2040 | 19523 | 0.0 |
| 18000 | Puget Sound Energy, Inc., 6.274%, 03/15/2037 | 19547 | 0.0 |
| 30000 | San Diego Gas & Electric Co., 2.500%, 05/15/2026 | 29515 | 0.0 |
| 30000 | San Diego Gas & Electric Co., 3.700%, 03/15/2052 | 21513 | 0.0 |
| 24000 | San Diego Gas & Electric Co., 4.150%, 05/15/2048 | 18680 | 0.0 |
| 30000 | San Diego Gas & Electric Co., 4.500%, 08/15/2040 | 26895 | 0.0 |
| 36000 | San Diego Gas & Electric Co., 4.950%, 08/15/2028 | 36773 | 0.0 |
| 47000 | San Diego Gas & Electric Co., 5.350%, 04/01/2053 | 43948 | 0.0 |
| 36000 | San Diego Gas & Electric Co., 5.550%, 04/15/2054 | 34708 | 0.0 |
| 18000 | San Diego Gas & Electric Co., 6.000%, 06/01/2039 | 18972 | 0.0 |
| 24000 | San Diego Gas & Electric Co. RRR, 3.750%, 06/01/2047 | 17838 | 0.0 |
| 24000 | San Diego Gas & Electric Co. TTT, 4.100%, 06/15/2049 | 18494 | 0.0 |
| 24000 | San Diego Gas & Electric Co. UUU, 3.320%, 04/15/2050 | 16165 | 0.0 |
| 47000 | San Diego Gas & Electric Co. VVV, 1.700%, 10/01/2030 | 40928 | 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)** |  |  |
| 137000 | San Diego Gas & Electric Co. WWW, 2.950%, 08/15/2051 | $86330 | 0.0 |
| 30000 | San Diego Gas & Electric Co. XXX, 3.000%, 03/15/2032 | 27010 | 0.0 |
| 44000 | Sempra, 3.250%, 06/15/2027 | 43102 | 0.0 |
| 59000 | Sempra, 3.400%, 02/01/2028 | 57620 | 0.0 |
| 30000 | Sempra, 3.700%, 04/01/2029 | 29253 | 0.0 |
| 59000 | Sempra, 3.800%, 02/01/2038 | 48872 | 0.0 |
| 47000 | Sempra, 4.000%, 02/01/2048 | 34730 | 0.0 |
| 44000 | Sempra, 6.000%, 10/15/2039 | 44663 | 0.0 |
| 36000 <sup>(1)(3)</sup> | Sempra, 6.875%, 10/01/2054 | 36394 | 0.0 |
| 59000 <sup>(3)</sup> | Sempra Energy, 4.125%, 04/01/2052 | 56879 | 0.0 |
| 33000 | Sempra Energy, 5.400%, 08/01/2026 | 33328 | 0.0 |
| 41000 <sup>(1)</sup> | Sempra Energy, 5.500%, 08/01/2033 | 41874 | 0.0 |
| 24000 | Sierra Pacific Power Co., 5.900%, 03/15/2054 | 24091 | 0.0 |
| 220000 | Southern California Edison Co., 4.000%, 04/01/2047 | 158213 | 0.0 |
| 500000 | Southern California Edison Co., 4.650%, 10/01/2043 | 404658 | 0.1 |
| 500000 | Southern California Edison Co. 13-A, 3.900%, 03/15/2043 | 369547 | 0.1 |
| 41000 | Southern California Gas Co., 2.950%, 04/15/2027 | 40183 | 0.0 |
| 21000 | Southern California Gas Co., 3.750%, 09/15/2042 | 16354 | 0.0 |
| 18000 | Southern California Gas Co., 5.125%, 11/15/2040 | 17220 | 0.0 |
| 30000 | Southern California Gas Co., 5.200%, 06/01/2033 | 30428 | 0.0 |
| 30000 | Southern California Gas Co., 5.600%, 04/01/2054 | 29246 | 0.0 |
| 30000 | Southern California Gas Co., 5.750%, 06/01/2053 | 29567 | 0.0 |
| 36000 | Southern California Gas Co., 6.350%, 11/15/2052 | 38628 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 30000 | Southern California Gas Co. TT, 2.600%, 06/15/2026 | $29480 | 0.0 |
| 24000 | Southern California Gas Co. UU, 4.125%, 06/01/2048 | 18653 | 0.0 |
| 33000 | Southern California Gas Co. VV, 4.300%, 01/15/2049 | 26578 | 0.0 |
| 38000 | Southern California Gas Co. XX, 2.550%, 02/01/2030 | 34934 | 0.0 |
| 500000 | Southern Co. 21-B, 1.750%, 03/15/2028 | 469094 | 0.1 |
| 200000 | Southern Co. Gas Capital Corp. 20-A, 1.750%, 01/15/2031 | 172011 | 0.0 |
| 500000 | Southern Power Co., 4.150%, 12/01/2025 | 499680 | 0.1 |
| 27000 | Southwest Gas Corp., 2.200%, 06/15/2030 | 24268 | 0.0 |
| 18000 | Southwest Gas Corp., 3.180%, 08/15/2051 | 11692 | 0.0 |
| 18000 | Southwest Gas Corp., 3.700%, 04/01/2028 | 17656 | 0.0 |
| 18000 | Southwest Gas Corp., 3.800%, 09/29/2046 | 13277 | 0.0 |
| 36000 | Southwest Gas Corp., 4.050%, 03/15/2032 | 34212 | 0.0 |
| 18000 | Southwest Gas Corp., 4.150%, 06/01/2049 | 13687 | 0.0 |
| 18000 | Southwest Gas Corp., 5.450%, 03/23/2028 | 18423 | 0.0 |
| 18000 | Southwest Gas Corp., 5.800%, 12/01/2027 | 18582 | 0.0 |
| 18000 | Spire Missouri, Inc., 3.300%, 06/01/2051 | 12114 | 0.0 |
| 23000 | Spire Missouri, Inc., 4.800%, 02/15/2033 | 22987 | 0.0 |
| 20000 | Spire, Inc., 5.300%, 03/01/2026 | 20072 | 0.0 |
| 89000 <sup>(1)</sup> | Tampa Electric Co., 2.400%, 03/15/2031 | 79898 | 0.0 |
| 126000 | Tampa Electric Co., 3.450%, 03/15/2051 | 87286 | 0.0 |
| 67000 | Toledo Edison Co., 6.150%, 05/15/2037 | 72678 | 0.0 |
| 18000 | Tucson Electric Power Co., 1.500%, 08/01/2030 | 15528 | 0.0 |
| 19000 | Tucson Electric Power Co., 3.250%, 05/15/2032 | 17250 | 0.0 |
| 19000 | Tucson Electric Power Co., 3.250%, 05/01/2051 | 12549 | 0.0 |
| 21000 | Tucson Electric Power Co., 4.000%, 06/15/2050 | 15878 | 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)** |  |  |
| 18000 | Tucson Electric Power Co., 4.850%, 12/01/2048 | $15749 | 0.0 |
| 22000 | Tucson Electric Power Co., 5.500%, 04/15/2053 | 20922 | 0.0 |
| 31000 | Union Electric Co., 2.150%, 03/15/2032 | 26725 | 0.0 |
| 33000 | Union Electric Co., 2.625%, 03/15/2051 | 19721 | 0.0 |
| 24000 | Union Electric Co., 2.950%, 06/15/2027 | 23563 | 0.0 |
| 28000 | Union Electric Co., 2.950%, 03/15/2030 | 26395 | 0.0 |
| 20000 | Union Electric Co., 3.250%, 10/01/2049 | 13661 | 0.0 |
| 27000 | Union Electric Co., 3.500%, 03/15/2029 | 26363 | 0.0 |
| 24000 | Union Electric Co., 3.650%, 04/15/2045 | 18423 | 0.0 |
| 29000 | Union Electric Co., 3.900%, 09/15/2042 | 23552 | 0.0 |
| 31000 | Union Electric Co., 3.900%, 04/01/2052 | 23692 | 0.0 |
| 25000 | Union Electric Co., 4.000%, 04/01/2048 | 19653 | 0.0 |
| 30000 | Union Electric Co., 5.200%, 04/01/2034 | 30518 | 0.0 |
| 21000 | Union Electric Co., 5.250%, 01/15/2054 | 19414 | 0.0 |
| 18000 | Union Electric Co., 5.300%, 08/01/2037 | 18267 | 0.0 |
| 30000 | Union Electric Co., 5.450%, 03/15/2053 | 29034 | 0.0 |
| 21000 | Union Electric Co., 8.450%, 03/15/2039 | 26845 | 0.0 |
| 30000 | Virginia Electric and Power Co., 2.300%, 11/15/2031 | 26235 | 0.0 |
| 40000 | Virginia Electric and Power Co., 2.400%, 03/30/2032 | 34704 | 0.0 |
| 55000 | Virginia Electric and Power Co., 2.450%, 12/15/2050 | 30897 | 0.0 |
| 55000 | Virginia Electric and Power Co., 2.950%, 11/15/2051 | 34398 | 0.0 |
| 35000 | Virginia Electric and Power Co., 3.300%, 12/01/2049 | 23691 | 0.0 |
| 30000 | Virginia Electric and Power Co., 4.000%, 01/15/2043 | 24200 | 0.0 |
| 40000 | Virginia Electric and Power Co., 4.450%, 02/15/2044 | 34108 | 0.0 |
| 40000 | Virginia Electric and Power Co., 4.600%, 12/01/2048 | 33953 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 45000 | Virginia Electric and Power Co., 5.000%, 04/01/2033 | $45502 | 0.0 |
| 25000 | Virginia Electric and Power Co., 5.300%, 08/15/2033 | 25510 | 0.0 |
| 45000 | Virginia Electric and Power Co., 5.450%, 04/01/2053 | 42797 | 0.0 |
| 40000 <sup>(1)</sup> | Virginia Electric and Power Co., 5.700%, 08/15/2053 | 39446 | 0.0 |
| 30000 | Virginia Electric and Power Co., 6.350%, 11/30/2037 | 32315 | 0.0 |
| 45000 | Virginia Electric and Power Co., 8.875%, 11/15/2038 | 59516 | 0.0 |
| 30000 | Virginia Electric and Power Co. A, 2.875%, 07/15/2029 | 28496 | 0.0 |
| 45000 | Virginia Electric and Power Co. A, 3.150%, 01/15/2026 | 44698 | 0.0 |
| 45000 | Virginia Electric and Power Co. A, 3.500%, 03/15/2027 | 44534 | 0.0 |
| 45000 | Virginia Electric and Power Co. A, 3.800%, 04/01/2028 | 44741 | 0.0 |
| 36000 | Virginia Electric and Power Co. A, 6.000%, 05/15/2037 | 37894 | 0.0 |
| 25000 | Virginia Electric and Power Co. B, 2.950%, 11/15/2026 | 24554 | 0.0 |
| 40000 | Virginia Electric and Power Co. B, 3.750%, 05/15/2027 | 39726 | 0.0 |
| 35000 | Virginia Electric and Power Co. B, 3.800%, 09/15/2047 | 26310 | 0.0 |
| 20000 | Virginia Electric and Power Co. B, 4.200%, 05/15/2045 | 16397 | 0.0 |
| 35000 | Virginia Electric and Power Co. B, 6.000%, 01/15/2036 | 36941 | 0.0 |
| 30000 | Virginia Electric and Power Co. C, 4.000%, 11/15/2046 | 23381 | 0.0 |
| 40000 | Virginia Electric and Power Co. C, 4.625%, 05/15/2052 | 33669 | 0.0 |
| 35000 | Virginia Electric and Power Co. D, 4.650%, 08/15/2043 | 30821 | 0.0 |
| 23000 | Washington Gas Light Co., MTN, 3.650%, 09/15/2049 | 16557 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 26000 | Washington Gas Light Co. K, 3.796%, 09/15/2046 | 19651 | 0 |
| 136000 | WEC Energy Group, Inc., 4.750%, 01/09/2026 | 136049 | 0 |
| 250000 | Wisconsin Electric Power Co., 4.250%, 06/01/2044 | 204548 | 0 |
| 229000 | Wisconsin Power and Light Co., 4.100%, 10/15/2044 | 182957 | 0 |
|  |  | **33096723** | **2.4** |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $371,336,857) | **357655443** | **25.7** |
| **SOVEREIGN BONDS: 2.8%** | **SOVEREIGN BONDS: 2.8%** | **SOVEREIGN BONDS: 2.8%** | **SOVEREIGN BONDS: 2.8%** |
| 59000 | Asian Development Bank, 3.125%, 04/27/2032 | 55800 | 0 |
| 44000 | Asian Development Bank, 5.820%, 06/16/2028 | 46378 | 0 |
| 18000 | Asian Development Bank, 6.220%, 08/15/2027 | 18759 | 0 |
| 24000 | Asian Development Bank, 6.375%, 10/01/2028 | 25632 | 0 |
| 266000 | Asian Development Bank, GMTN, 0.500%, 02/04/2026 | 260253 | 0 |
| 59000 | Asian Development Bank, GMTN, 0.750%, 10/08/2030 | 50308 | 0 |
| 296000 | Asian Development Bank, GMTN, 1.000%, 04/14/2026 | 288913 | 0 |
| 89000 | Asian Development Bank, GMTN, 1.250%, 06/09/2028 | 82894 | 0 |
| 207000 | Asian Development Bank, GMTN, 1.500%, 01/20/2027 | 199705 | 0 |
| 118000 | Asian Development Bank, GMTN, 1.500%, 03/04/2031 | 103654 | 0 |
| 36000 | Asian Development Bank, GMTN, 1.750%, 08/14/2026 | 35151 | 0 |
| 118000 | Asian Development Bank, GMTN, 1.750%, 09/19/2029 | 108702 | 0 |
| 89000 | Asian Development Bank, GMTN, 1.875%, 03/15/2029 | 83192 | 0 |
| 118000 | Asian Development Bank, GMTN, 1.875%, 01/24/2030 | 108486 | 0 |

---

See Accompanying Notes to Financial Statements

Voya U.S. Bond Index Portfolio <br> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
| 59000 | Asian Development Bank, GMTN, 2.000%, 04/24/2026 | $58020 | 0.0 |
| 30000 | Asian Development Bank, GMTN, 2.375%, 08/10/2027 | 29185 | 0.0 |
| 95000 | Asian Development Bank, GMTN, 2.500%, 11/02/2027 | 92407 | 0.0 |
| 77000 | Asian Development Bank, GMTN, 2.625%, 01/12/2027 | 75617 | 0.0 |
| 104000 | Asian Development Bank, GMTN, 2.750%, 01/19/2028 | 101552 | 0.0 |
| 266000 | Asian Development Bank, GMTN, 3.125%, 08/20/2027 | 262634 | 0.0 |
| 207000 | Asian Development Bank, GMTN, 3.750%, 04/25/2028 | 207100 | 0.0 |
| 74000 | Asian Development Bank, GMTN, 3.875%, 09/28/2032 | 73147 | 0.0 |
| 118000 | Asian Development Bank, GMTN, 3.875%, 06/14/2033 | 116098 | 0.0 |
| 118000 | Asian Development Bank, GMTN, 4.000%, 01/12/2033 | 117435 | 0.0 |
| 178000 | Asian Development Bank, GMTN, 4.125%, 01/12/2027 | 178713 | 0.0 |
| 118000 | Asian Development Bank, GMTN, 4.125%, 01/12/2034 | 117277 | 0.0 |
| 207000 | Asian Development Bank, GMTN, 4.375%, 03/06/2029 | 211253 | 0.0 |
| 237000 <sup>(1)</sup> | Asian Development Bank, GMTN, 4.500%, 08/25/2028 | 242256 | 0.0 |
| 30000 | Asian Development Bank, GMTN, 4.875%, 09/26/2028 | 30292 | 0.0 |
| 20000 | Asian Development Bank, GMTN, 4.950%, 04/12/2029 | 20087 | 0.0 |
| 44000 | Asian Development Bank GMTN, 3.125%, 09/26/2028 | 43183 | 0.0 |
| 180000 | Canada Government International Bond, 4.000%, 03/18/2030 | 181543 | 0.0 |
| 842000 | Chile Government International Bond, 3.100%, 05/07/2041 | 628553 | 0.1 |
| 656932 | Chile Government International Bond, 4.950%, 01/05/2036 | 646027 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
| 237000 | European Investment Bank, 0.375%, 12/15/2025 | $232816 | 0.0 |
| 296000 | European Investment Bank, 0.375%, 03/26/2026 | 288037 | 0.0 |
| 441000 <sup>(1)</sup> | European Investment Bank, 0.625%, 07/25/2025 | 439893 | 0.1 |
| 59000 | European Investment Bank, 0.625%, 10/21/2027 | 55018 | 0.0 |
| 178000 | European Investment Bank, 0.750%, 10/26/2026 | 170892 | 0.0 |
| 89000 | European Investment Bank, 0.750%, 09/23/2030 | 76101 | 0.0 |
| 59000 | European Investment Bank, 0.875%, 05/17/2030 | 51343 | 0.0 |
| 237000 | European Investment Bank, 1.250%, 02/14/2031 | 205800 | 0.0 |
| 59000 | European Investment Bank, 1.625%, 10/09/2029 | 54066 | 0.0 |
| 89000 | European Investment Bank, 1.625%, 05/13/2031 | 78496 | 0.0 |
| 178000 <sup>(1)</sup> | European Investment Bank, 1.750%, 03/15/2029 | 165775 | 0.0 |
| 89000 | European Investment Bank, 2.125%, 04/13/2026 | 87677 | 0.0 |
| 89000 | European Investment Bank, 2.375%, 05/24/2027 | 86738 | 0.0 |
| 178000 | European Investment Bank, 2.750%, 08/15/2025 | 177612 | 0.0 |
| 237000 | European Investment Bank, 3.250%, 11/15/2027 | 234506 | 0.0 |
| 237000 | European Investment Bank, 3.625%, 07/15/2030 | 234683 | 0.0 |
| 296000 | European Investment Bank, 3.750%, 02/14/2033 | 290286 | 0.0 |
| 296000 | European Investment Bank, 3.875%, 03/15/2028 | 297228 | 0.0 |
| 296000 | European Investment Bank, 4.000%, 02/15/2029 | 298452 | 0.0 |
| 237000 <sup>(1)</sup> | European Investment Bank, 4.125%, 02/13/2034 | 235765 | 0.0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
| 237000 | European Investment Bank, 4.375%, 03/19/2027 | $239224 | 0.0 |
| 237000 <sup>(1)</sup> | European Investment Bank, 4.500%, 10/16/2028 | 242624 | 0.0 |
| 296000 | European Investment Bank, 4.750%, 06/15/2029 | 306627 | 0.0 |
| 59000 | European Investment Bank, 4.875%, 02/15/2036 | 61836 | 0.0 |
| 296000 | European Investment Bank, GMTN, 1.375%, 03/15/2027 | 284240 | 0.0 |
| 500000 | Export-Import Bank of Korea, 3.250%, 08/12/2026 | 494615 | 0.1 |
| 315000 | Export-Import Bank of Korea, 4.500%, 01/11/2029 | 318747 | 0.0 |
| 201000 <sup>(1)</sup> | Export-Import Bank of Korea, 5.125%, 01/11/2033 | 207491 | 0.0 |
| 98000 | Hungary Government International Bond 30Y, 7.625%, 03/29/2041 | 110481 | 0.0 |
| 588000 | Indonesia Government International Bond, 1.850%, 03/12/2031 | 510090 | 0.1 |
| 588000 | Indonesia Government International Bond, 4.350%, 01/11/2048 | 494508 | 0.1 |
| 588000 <sup>(1)</sup> | Indonesia Government International Bond, 4.850%, 01/11/2033 | 591704 | 0.1 |
| 1410000 | Inter-American Development Bank, 0.625%, 07/15/2025 | 1407918 | 0.1 |
| 588000 <sup>(1)</sup> | Inter-American Development Bank, 3.200%, 08/07/2042 | 470938 | 0.1 |
| 325000 | International Bank for Reconstruction & Development, 0.875%, 07/15/2026 | 314880 | 0.0 |
| 223000 | International Bank for Reconstruction & Development, 1.125%, 09/13/2028 | 205415 | 0.0 |
| 377000 | International Bank for Reconstruction & Development, 3.625%, 09/21/2029 | 374503 | 0.1 |
| 500000 | International Bank for Reconstruction & Development, 3.875%, 02/14/2030 | 501103 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
| 573000 | International Bank for Reconstruction & Development, 4.000%, 01/10/2031 | $575670 | 0.1 |
| 142000 | International Bank for Reconstruction & Development GDIF, GDIF, 1.375%, 04/20/2028 | 133149 | 0 |
| 520000 | Israel Government International Bond 10Y, 4.500%, 01/17/2033 | 495638 | 0.1 |
| 564000 | Israel Government International Bond 30Y, 3.875%, 07/03/2050 | 398325 | 0.1 |
| 200000 | Japan Bank for International Cooperation, 1.250%, 01/21/2031 | 172267 | 0 |
| 236000 | Japan Bank for International Cooperation, 1.875%, 04/15/2031 | 209334 | 0 |
| 200000 | Japan Bank for International Cooperation, 2.125%, 02/16/2029 | 187868 | 0 |
| 200000 | Japan Bank for International Cooperation, 2.875%, 06/01/2027 | 196163 | 0 |
| 200000 <sup>(1)</sup> | Japan Bank for International Cooperation, 3.250%, 07/20/2028 | 196484 | 0 |
| 200000 | Japan Bank for International Cooperation, 4.250%, 01/26/2026 | 199855 | 0 |
| 200000 | Japan Bank for International Cooperation, 4.250%, 04/27/2026 | 200043 | 0 |
| 200000 | Japan Bank for International Cooperation, 4.375%, 10/05/2027 | 202217 | 0 |
| 200000 | Japan Bank for International Cooperation DTC, 2.250%, 11/04/2026 | 195391 | 0 |
| 588000 | Korea Development Bank, 1.000%, 09/09/2026 | 566988 | 0.1 |
| 274000 | Korea Development Bank, 1.625%, 01/19/2031 | 239956 | 0 |
| 200000 | Korea International Bond, 4.125%, 06/10/2044 | 173497 | 0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
| 881000 | Mexico Government International Bond, 2.659%, 05/24/2031 | $763827 | 0.1 |
| 1521000 | Mexico Government International Bond, 6.000%, 05/07/2036 | 1504269 | 0.1 |
| 1466000 | Mexico Government International Bond, MTN, 4.750%, 03/08/2044 | 1159606 | 0.1 |
| 588000 | Panama Government International Bond, 3.870%, 07/23/2060 | 336998 | 0 |
| 1183000 | Panama Government International Bond, 6.400%, 02/14/2035 | 1153129 | 0.1 |
| 1161000 | Peruvian Government International Bond, 6.550%, 03/14/2037 | 1261403 | 0.1 |
| 2350000 | Philippine Government International Bond, 6.375%, 01/15/2032 | 2576188 | 0.2 |
| 1763000 | Province of British Columbia Canada, 2.250%, 06/02/2026 | 1733678 | 0.2 |
| 1763000 | Province of Ontario Canada, 1.050%, 04/14/2026 | 1721225 | 0.1 |
| 1763000 | Province of Ontario Canada, 1.125%, 10/07/2030 | 1523156 | 0.1 |
| 192000 | Province of Quebec Canada, 0.600%, 07/23/2025 | 191550 | 0 |
| 89000 <sup>(1)</sup> | Province of Quebec Canada, 1.350%, 05/28/2030 | 78643 | 0 |
| 59000 | Province of Quebec Canada, 1.900%, 04/21/2031 | 52328 | 0 |
| 118000 | Province of Quebec Canada, 2.500%, 04/20/2026 | 116489 | 0 |
| 74000 | Province of Quebec Canada, 2.750%, 04/12/2027 | 72578 | 0 |
| 207000 | Province of Quebec Canada, 3.625%, 04/13/2028 | 205950 | 0 |
| 222000 | Province of Quebec Canada, 4.500%, 04/03/2029 | 226801 | 0 |
| 89000 | Province of Quebec Canada, 4.500%, 09/08/2033 | 89296 | 0 |
| 89000 | Province of Quebec Canada PD, 7.500%, 09/15/2029 | 101156 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |  |
| 103000 | Republic of Italy Government International Bond 30Y, 5.375%, 06/15/2033 | $| 107870 | 0.0 |
| 1410000 | Republic of Italy Government International Bond 5Y, 1.250%, 02/17/2026 |  | 1384001 | 0.1 |
| 104000 | Republic of Poland Government International Bond 10Y, 3.250%, 04/06/2026 |  | 103327 | 0.0 |
| 148000 | Republic of Poland Government International Bond 10Y, 4.875%, 10/04/2033 |  | 147091 | 0.0 |
| 178000 | Republic of Poland Government International Bond 10Y, 5.125%, 09/18/2034 |  | 178668 | 0.0 |
| 89000 | Republic of Poland Government International Bond 10Y, 5.750%, 11/16/2032 |  | 93856 | 0.0 |
| 148000 | Republic of Poland Government International Bond 30Y, 5.500%, 04/04/2053 |  | 138084 | 0.0 |
| 207000 | Republic of Poland Government International Bond 30Y, 5.500%, 03/18/2054 |  | 192044 | 0.0 |
| 89000 | Republic of Poland Government International Bond 5Y, 4.625%, 03/18/2029 |  | 90335 | 0.0 |
| 89000 | Republic of Poland Government International Bond 5y, 5.500%, 11/16/2027 |  | 91861 | 0.0 |
| 325000 | State of Israel 10Y, 2.500%, 01/15/2030 |  | 294328 | 0.0 |
| 622000 | Uruguay Government International Bond, 5.100%, 06/18/2050 |  | 575039 | 0.1 |
|  | Total Sovereign Bonds |  |  |  |
|  | (Cost $39,524,831) |  | **38405953** | **2.8** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%** |  |
| 1468871 | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3 AS, 3.748%, 02/15/2050 |  | 1437082 | 0.1 |
| 2350194 | Benchmark Mortgage Trust 2018-B3 A5, 4.025%, 04/10/2051 |  | 2314095 | 0.2 |
| 501000 | COMM Mortgage Trust 2016-COR1 AM, 3.494%, 10/10/2049 |  | 482691 | 0.0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 252221 | Freddie Mac Multifamily Structured Pass Through Certificates K053 A2, 2.995%, 12/25/2025 | $250281 | 0.0 |
| 750000 | Freddie Mac Multifamily Structured Pass Through Certificates K060 A2, 3.300%, 10/25/2026 | 740463 | 0.1 |
| 500000 | Freddie Mac Multifamily Structured Pass Through Certificates K062 A2, 3.413%, 12/25/2026 | 494044 | 0.0 |
| 750000 <sup>(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K063 A2, 3.430%, 01/25/2027 | 741239 | 0.1 |
| 757000 | Freddie Mac Multifamily Structured Pass Through Certificates K071 A2, 3.286%, 11/25/2027 | 743924 | 0.1 |
| 315000 | Freddie Mac Multifamily Structured Pass Through Certificates K100 A2, 2.673%, 09/25/2029 | 297888 | 0.0 |
| 750000 | Freddie Mac Multifamily Structured Pass Through Certificates K102 A2, 2.537%, 10/25/2029 | 705118 | 0.0 |
| 225000 | Freddie Mac Multifamily Structured Pass Through Certificates K133 A2, 2.096%, 09/25/2031 | 198324 | 0.0 |
| 250000 | Freddie Mac Multifamily Structured Pass Through Certificates K146 A2, 2.920%, 06/25/2032 | 228683 | 0.0 |
| 120000 <sup>(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K148 A2, 3.500%, 07/25/2032 | 113687 | 0.0 |
| 200000 <sup>(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-150 A2, 3.710%, 09/25/2032 | 191630 | 0.0 |
| 750000 <sup>(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-151 A2, 3.800%, 10/25/2032 | 722039 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 225000 | Freddie Mac Multifamily Structured Pass Through Certificates K-155 A2, 4.250%, 04/25/2033 | $222214 | 0.0 |
| 750000 <sup>(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-161 A2, 4.900%, 10/25/2033 | 770817 | 0.1 |
| 750000 <sup>(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-162 A2, 5.150%, 12/25/2033 | 783434 | 0.1 |
| 750000 <sup>(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K507 A2, 4.800%, 09/25/2028 | 764659 | 0.1 |
| 750000 <sup>(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K508 A2, 4.740%, 08/25/2028 | 763229 | 0.1 |
| 750000 | Freddie Mac Multifamily Structured Pass Through Certificates K509 A2, 4.850%, 09/25/2028 | 765739 | 0.1 |
| 300000 | Freddie Mac Multifamily Structured Pass Through Certificates K511 A2, 4.860%, 10/25/2028 | 306694 | 0.0 |
| 750000 | Freddie Mac Multifamily Structured Pass Through Certificates K740 A2, 1.470%, 09/25/2027 | 709686 | 0.0 |
| 1705440 | JPMDB Commercial Mortgage Securities Trust 2016-C2 A3A, 2.881%, 06/15/2049 | 1681951 | 0.1 |
| 1028210 | JPMDB Commercial Mortgage Securities Trust 2019-COR6 A4, 3.057%, 11/13/2052 | 921559 | 0.1 |
| 806082 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 A5, 3.635%, 10/15/2048 | 803988 | 0.1 |
| 625000 | Morgan Stanley Capital I Trust 2016-BNK2 AS, 3.282%, 11/15/2049 | 577399 | 0.0 |
| 587549 <sup>(3)</sup> | UBS Commercial Mortgage Trust 2018- C9 A4, 4.117%, 03/15/2051 | 577657 | 0.0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 321437 | Wells Fargo Commercial Mortgage Trust 2015-P2 A3, 3.541%, 12/15/2048 | $| 320008 | 0.0 |
| 529000 | Wells Fargo Commercial Mortgage Trust 2021-C59 A5, 2.626%, 04/15/2054 |  | 469931 | 0.0 |
| 804916 <sup>(3)</sup> | WFRBS Commercial Mortgage Trust 2014- C21 B, 4.213%, 08/15/2047 |  | 782215 | 0.1 |
|  | Total Commercial Mortgage-Backed Securities <br> (Cost $21,245,305) |  | **20882368** | **1.5** |
| **ASSET-BACKED SECURITIES: 0.8%** | **ASSET-BACKED SECURITIES: 0.8%** |  |  |  |
|  | **Automobile Asset-Backed Securities: 0.5%** | **Automobile Asset-Backed Securities: 0.5%** | **Automobile Asset-Backed Securities: 0.5%** |  |
| 1000000 | Ally Auto Receivables Trust 2024-1 A4, 4.940%, 10/15/2029 |  | 1015483 | 0.1 |
| 450000 | AmeriCredit Automobile Receivables Trust 2022-2 C, 5.320%, 04/18/2028 |  | 453323 | 0.0 |
| 750000 | GM Financial Consumer Automobile Receivables Trust 2024-2 A3, 5.100%, 03/16/2029 |  | 756924 | 0.1 |
| 1110000 | Nissan Auto Receivables Owner Trust 2022-A A4, 2.070%, 12/17/2029 |  | 1094961 | 0.1 |
| 441000 | Nissan Auto Receivables Owner Trust 2022-B A4, 4.450%, 11/15/2029 |  | 441871 | 0.0 |
| 600000 | Santander Drive Auto Receivables Trust 2024-2 A3, 5.630%, 11/15/2028 |  | 603261 | 0.0 |
| 630000 | Toyota Auto Receivables Owner Trust 2022-C A4, 3.770%, 02/15/2028 |  | 625805 | 0.0 |
| 500000 | Toyota Auto Receivables Owner Trust 2022-D A4, 5.430%, 04/17/2028 |  | 508767 | 0.0 |
| 1000000 | Volkswagen Auto Lease Trust 2024-A A4, 5.200%, 12/20/2028 |  | 1011783 | 0.1 |
| 650000 | World Omni Automobile Lease Securitization Trust 2024-A A4, 5.250%, 09/17/2029 |  | 659270 | 0.1 |
|  |  |  | **7171448** | **0.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Credit Card Asset-Backed Securities: 0.1%** | **Credit Card Asset-Backed Securities: 0.1%** |  |
| 650000 | American Express Credit Account Master Trust 2022-4 A, 4.950%, 10/15/2027 | $650909 | 0.0 |
| 1000000 | American Express Credit Account Master Trust 2024-1 A, 5.230%, 04/15/2029 | 1020525 | 0.1 |
|  |  | **1671434** | **0.1** |
|  | **Other Asset-Backed Securities: 0.2%** | **Other Asset-Backed Securities: 0.2%** |  |
| 154000 | CNH Equipment Trust 2023-B A4, 5.460%, 03/17/2031 | 158398 | 0.1 |
| 1500000 | John Deere Owner Trust 2024 2024-A A4, 4.910%, 02/18/2031 | 1527114 | 0.1 |
|  |  | **1685512** | **0.2** |
|  | Total Asset-Backed Securities (Cost $10,369,791) | **10528394** | **0.8** |
| **MUNICIPAL BONDS: 0.5%** | **MUNICIPAL BONDS: 0.5%** |  |  |
|  | **California: 0.0%** |  |  |
| 175000 | State of California, 7.550%, 04/01/2039 | 209942 | 0.0 |
|  | **Connecticut: 0.2%** |  |  |
| 2195000 | State of Connecticut A, 5.850%, 03/15/2032 | 2356599 | 0.2 |
|  | **New Jersey: 0.1%** |  |  |
| 2012000 | New Jersey Turnpike Authority A, 7.102%, 01/01/2041 | 2306595 | 0.1 |
|  | **New York: 0.2%** |  |  |
| 1305000 | Metropolitan Transportation Authority E, 6.814%, 11/15/2040 | 1416613 | 0.1 |
| 1370000 | Port Authority of New York & New Jersey, 4.926%, 10/01/2051 | 1266564 | 0.1 |
|  |  | **2683177** | **0.2** |
|  | Total Municipal Bonds<br> (Cost $7,543,620) | **7556313** | **0.5** |
|  | Total Long-Term Investments<br> (Cost $1,361,599,975) | **1324727033** | **95.3** |
| **Principal<br> Amount†** |  | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 8.3%** | **SHORT-TERM INVESTMENTS: 8.3%** |  |  |
|  | Certificates of Deposits: 0.8% |  |  |
| 900000 (6) | Bank of America N.A., 4.530%, 08/05/2025 | 900251 | 0.1 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Certificates of Deposits (continued)** | **Certificates of Deposits (continued)** |  |
| 850000 <sup>(3)(6)</sup> | Barclays Bank PLC, 4.620%, (SOFRRATE + 0.220%), 07/28/2025 | $850071 | 0.0 |
| 900000 <sup>(6)</sup> | Canadian Imperial Bank of Commerce, 4.490%, 11/12/2025 | 900606 | 0.1 |
| 900000 <sup>(6)</sup> | Citibank N.A., 4.577%, 10/23/2025 | 900959 | 0.1 |
| 950000 <sup>(3)(6)</sup> | Cooperatieve Rabobank U.A., 4.671%, (SOFRRATE + 0.360%), 08/11/2025 | 950319 | 0.1 |
| 900000 <sup>(6)</sup> | DZ Bank AG, 4.439%, 08/15/2025 | 900207 | 0.1 |
| 900000 <sup>(6)</sup> | Landesbank Baden- Wurttemberg, 4.540%, 11/17/2025 | 900146 | 0.0 |
| 900000 <sup>(3)(6)</sup> | Mitsubishi UFJ Trust & Banking Corp. YCd, 4.533%, (SOFRRATE + 0.230%), 08/08/2025 | 900121 | 0.0 |
| 750000 <sup>(6)</sup> | Mizuho Bank Ltd., 4.516%, 07/23/2025 | 750174 | 0.0 |
| 900000 <sup>(6)</sup> | Natixis, 4.484%, 08/06/2025 | 900240 | 0.1 |
| 900000 <sup>(6)</sup> | Oversea-Chinese Banking Corporation Ltd., 4.530%, 11/14/2025 | 900695 | 0.1 |
| 900000 <sup>(6)</sup> | Sumitomo Mitsui Banking Corp., 4.468%, 08/20/2025 | 900242 | 0.1 |
|  | Total Certificates of Deposits <br> (Cost $10,654,031) | **10654031** | **0.8** |
|  | **Commercial Paper: 5.2%** |  |  |
| 900000 <sup>(6)</sup> | ANZ Banking Group Ltd., 4.480%, 08/27/2025 | 900051 | 0.1 |
| 10200000 | Automatic Data Processing, Inc., 4.400%, 07/01/2025 | 10198770 | 0.7 |
| 5925000 | Automatic Data Processing, Inc., 4.400%, 07/02/2025 | 5923570 | 0.4 |
| 950000 <sup>(6)</sup> | Bank of Montreal, 4.510%, 09/05/2025 | 950268 | 0.1 |
| 750000 <sup>(6)</sup> | BNP Paribas S.A., 4.450%, 07/23/2025 | 747926 | 0.1 |
| 750000 <sup>(6)</sup> | Commonwealth Bank of Australia, 4.520%, 07/24/2025 | 750042 | 0.1 |
| 7000000 | Concord Minutemen Capital Co. LLC, 4.340%, 07/01/2025 | 6999156 | 0.4 |
| 7625000 | Concord Minutemen Capital Co. LLC, 4.420%, 07/07/2025 | 7618536 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Commercial Paper (continued)** |  |  |
| 900000 <sup>(6)</sup> | Credit Industriel et Commercial S.A., 4.420%, 07/14/2025 | $898491 | 0.1 |
| 900000 <sup>(6)</sup> | DBS Bank Ltd., 4.430%, 09/03/2025 | 892885 | 0.1 |
| 900000 <sup>(6)</sup> | DNB Bank ASA, 4.540%, 12/09/2025 | 900581 | 0.1 |
| 3000000 | Duke Energy Corp., 4.700%, 07/22/2025 | 2991520 | 0.1 |
| 2300000 | Fiserv, Inc., 4.730%, 07/23/2025 | 2293167 | 0.1 |
| 7000000 | HP, Inc. Disc Co., 4.380%, 07/17/2025 | 6985751 | 0.5 |
| 900000 <sup>(6)</sup> | John Deere Financial, 4.400%, 08/20/2025 | 894467 | 0.1 |
| 750000 <sup>(6)</sup> | LLoyds Bank PLC, 4.430%, 07/24/2025 | 747828 | 0.1 |
| 950000 <sup>(6)</sup> | National Australia Bank Ltd., 4.500%, 09/04/2025 | 950019 | 0.1 |
| 900000 <sup>(6)</sup> | Novartis Finance Corp., 4.370%, 07/14/2025 | 898484 | 0.1 |
| 5000000 | RTX Corp., 4.720%, 07/16/2025 | 4989673 | 0.3 |
| 900000 <sup>(6)</sup> | Skandinaviska Enskilda Banken AB, 4.570%, 12/11/2025 | 899991 | 0.1 |
| 900000 <sup>(6)</sup> | Societe Generale S.A., 4.650%, 10/24/2025 | 900936 | 0.1 |
| 900000 <sup>(6)</sup> | Svenska Handelsbanken AB, 4.500%, 09/10/2025 | 900022 | 0.1 |
| 900000 <sup>(6)</sup> | Swedbank AB, 4.580%, 12/10/2025 | 900763 | 0.1 |
| 900000 <sup>(6)</sup> | Toyota Motor Credit Corp., 4.490%, 08/11/2025 | 895447 | 0.1 |
| 900000 <sup>(6)</sup> | United Overseas Bank Ltd., 4.360%, 09/19/2025 | 900041 | 0.1 |
| 4000000 | Virginia Electric and Power Co., 4.530%, 07/18/2025 | 3991081 | 0.2 |
| 900000 <sup>(6)</sup> | Walmart, Inc., 4.340%, 07/07/2025 | 899249 | 0.1 |
| 4000000 | Waste Management, Inc., 4.660%, 07/08/2025 | 3995917 | 0.2 |
|  | Total Commercial Paper <br> (Cost $71,820,622) | **71814632** | **5.2** |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements: 2.2%** |  |  |
| 3846799 <sup>(6)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $3,847,262, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $3,923,735, due 06/01/30-02/01/57) | $3846799 | 0.3 |
| 6997140 <sup>(6)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $6,997,982, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 7.500%, Market Value plus accrued interest $7,137,083, due 08/15/34-06/01/55) | 6997140 | 0.5 |
| 2350777 <sup>(6)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,351,060, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $2,397,793, due 03/01/34-05/01/55) | 2350777 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |  |
| 6224687 <sup>(6)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $6,225,451, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $6,349,181, due 12/01/29-06/20/55) | $6224687 | 0.4 |
| 11695458 <sup>(6)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $11,696,893, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $11,894,203, due 07/15/26-02/15/54) | 11695458 | 0.8 |
|  | Total Repurchase Agreements<br> (Cost $31,114,861) | 31114861 | **2.2** |
| **Shares** |  | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 0.1%** |  |  |
| 1811000 <sup>(7)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $1,811,000) | $**1811000** | **0.1** |
|  | Total Short-Term Investments (Cost $115,400,514) | **115394524** | **8.3** |
|  | **Total Investments in Securities (Cost $1,477,000,489)** | $**1440121557** | **103.6** |
|  | **Liabilities in Excess of Other Assets** | **(50009263)** | **(3.6)** |
|  | **Net Assets** | $**1390112294** | **100.0** |

---

See Accompanying Notes to Financial Statements

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

---

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

---

<sup>(1)</sup> Security, or a portion of the security, is on loan.

<sup>(2)</sup> 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>(3)</sup> Variable rate security. Rate shown is the rate in effect as of June 30, 2025.

<sup>(4)</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>(5)</sup> Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2025.

<sup>(6)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

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

Reference Rate Abbreviations:

RFUCCT1Y FTSE USD IBOR Consumer Cash Fallbacks Term 1Y <br> SOFRRATE 1-day Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Lervel 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| U.S. Treasury Obligations | $— | $530665032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $530665032 |
| U.S. Government Agency Obligations |  | 359033530 |  | 359033530 |
| Corporate Bonds/Notes |  | 357655443 |  | 357655443 |
| Sovereign Bonds |  | 38405953 |  | 38405953 |
| Commercial Mortgage-Backed Securities |  | 20882368 |  | 20882368 |
| Asset-Backed Securities |  | 10528394 |  | 10528394 |
| Municipal Bonds |  | 7556313 |  | 7556313 |
| Short-Term Investments | 1811000 | 113583524 |  | 115394524 |
| Total Investments, at fair value | $1811000 | $1438310557 | $— | $1440121557 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 2877390 |  |  | 2877390 |
| Total Assets | $4688390 | $1438310557 | $— | $1442998947 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(698216) | $— | $— | $(698216) |
| Total Liabilities | $(698216) | $— | $— | $(698216) |

---

---

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

---

At June 30, 2025, the following futures contracts were outstanding for Voya U.S. Bond Index Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 206 | 09/30/25 | $42852828 | $129110 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 62 | 09/19/25 | 7159063 | 56492 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 615 | 09/19/25 | 73261875 | 2691788 |
|  |  |  | $123273766 | $2877390 |
| Short Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (57) | 09/30/25 | (6213000) | (11278) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (50) | 09/19/25 | (5606250) | (48541) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (252) | 09/19/25 | (28794938) | (638397) |
|  |  |  | $(40614188) | $(698216) |

---

See Accompanying Notes to Financial Statements

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

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

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

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts\* | $2877390 |
| **Total Asset Derivatives** |  | $2877390 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts\* | $698216 |
| **Total Liability Derivatives** |  | $698216 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(6430821) |
| **Total** | $(6430821) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $5447862 |
| **Total** | $5447862 |

---

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

Cost for U.S. federal income tax purposes was $1,475,354,904.

---

| | |
|:---|:---|
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $13682532 |
| Gross Unrealized Depreciation | (46736705) |
| Net Unrealized Depreciation | $(33054173) |

---

See Accompanying Notes to Financial Statements

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[This Page Intentionally Left Blank]

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

---

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

**VPSAR-VIPALL (0625)**

![](tm2522622d6_indplsprtfnimg03.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

Classes ADV, I and S

**Domestic Equity Index Portfolios**

< Voya Index Plus LargeCap Portfolio

< Voya Index Plus MidCap Portfolio

< Voya Index Plus SmallCap 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.

---

| | |
|:---|:---|
| ![A black and white logo AI-generated content may be incorrect.](tm2522622d6_indplsprtfnimg05.jpg) | &nbsp;&nbsp;E-Delivery Sign-up — details inside |

---

---

| | |
|:---|:---|
| <br> **INVESTMENT MANAGEMENT** | ![](tm2522622d6_indplsprtfnimg02.jpg) |
|  | ![](tm2522622d6_indplsprtfnimg02.jpg) |
| **voyainvestments.com** | ![](tm2522622d6_indplsprtfnimg02.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#ss_001) | [1](#ss_001) |
| [Statements of Operations](#ss_002) | [3](#ss_002) |
| [Statements of Changes in Net Assets](#ss_003) | [4](#ss_003) |
| [Financial Highlights](#ss_004) | [6](#ss_004) |
| [Notes to Financial Statements](#ss_005) | [8](#ss_005) |
| [Portfolios of Investments](#ss_006) | [19](#ss_006) |

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at https://individuals.voya.com/product/variable-portfolio/ prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

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

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| | | | |
|:---|:---|:---|:---|
|  | **Voya Index Plus<br> LargeCap Portfolio** | **Voya Index Plus <br> MidCap Portfolio** | **Voya Index Plus<br> SmallCap Portfolio** |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $874144270 | $760838453 | $353075945 |
| Short-term investments at fair value† | 13830000 | 7903826 | 16544433 |
| Cash | 230427 | 252774 | 79217 |
| Cash collateral for futures contracts | 882998 | 389773 | 536766 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 29911 | 107515 | 1502419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 486857 | 659665 | 387449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 58 | 47 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 348 | 492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 61499 |  | 8409 |
| Prepaid expenses | 8065 | 6933 | 3297 |
| Reimbursement due from Investment Adviser |  | 27459 | 15354 |
| Other assets | 94311 | 59703 | 28926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 889768744 | 770246640 | 372182254 |
| **LIABILITIES:** |  |  |  |
| Payable for fund shares redeemed | 780700 | 913183 | 8108 |
| Payable upon receipt of securities loaned |  | 1183826 | 10027433 |
| Variation margin payable on futures contracts |  | 1440 |  |
| Payable for investment management fees | 345418 | 310359 | 145378 |
| Payable for distribution and shareholder service fees | 3360 | 10838 | 6337 |
| Payable to directors under the deferred compensation plan (Note 6) | 94311 | 59703 | 28926 |
| Payable for directors fees | 2122 | 1801 | 848 |
| Other accrued expenses and liabilities | 196237 | 279928 | 136812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1422148 | 2761078 | 10353842 |
| **NET ASSETS** | $888346596 | $767485562 | $361828412 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $597097344 | $704915631 | $350403406 |
| Total distributable earnings | 291249252 | 62569931 | 11425006 |
| **NET ASSETS** | $888346596 | $767485562 | $361828412 |
| + Including securities loaned at value | $— | $1129152 | $9736422 |
| \* Cost of investments in securities | $626193957 | $712739571 | $348939035 |
| † Cost of short-term investments | $13830000 | $7903826 | $16544433 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Index Plus<br> LargeCap Portfolio** | **Voya Index Plus <br> MidCap Portfolio** | **Voya Index Plus<br> SmallCap Portfolio** |
| **Class ADV** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1269715 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 46216 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $27.47 | n/a | n/a |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $872823899 | $713773358 | $330329024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 200000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 31180494 | 36188515 | 16066856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $27.99 | $19.72 | $20.56 |
| **Class S** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $14252982 | $53712204 | $31499388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 516696 | 2790977 | 1554915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $27.58 | $19.24 | $20.26 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Index Plus<br> LargeCap Portfolio** | **Voya Index Plus<br> MidCap Portfolio** | **Voya Index Plus<br> SmallCap Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $5441197 | $5694903 | $3132407 |
| Interest | 12459 | 13696 | 7081 |
| Securities lending income, net | 1559 | 8310 | 10730 |
| Other | 3232 | 2471 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 5458447 | 5719380 | 3151372 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 1894708 | 1786760 | 841450 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 3052 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 15436 | 64232 | 39300 |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 336 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 227972 | 376313 | 181074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 3397 | 29164 | 18673 |
| Shareholder reporting expense | 11468 | 13523 | 7248 |
| Professional fees | 36803 | 21526 | 12195 |
| Custody and accounting expense | 27198 | 17001 | 10071 |
| Directors fees | 10611 | 9005 | 4240 |
| Licensing fee (Note 8) | 63163 | 53608 | 33458 |
| Miscellaneous expense | 19260 | 12335 | 3596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2313404 | 2383467 | 1151305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | 24390 | (171396) | (101214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2337794 | 2212071 | 1050091 |
| Net investment income | 3120653 | 3507309 | 2101281 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 39990773 | 11690631 | 6449837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1149983 | 682186 | (989506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 41140756 | 12372817 | 5460331 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (8062409) | (29235008) | (27521361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 371047 | 172515 | 271659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (7691362) | (29062493) | (27249702) |
| Net realized and unrealized gain (loss) | 33449394 | (16689676) | (21789371) |
| **Increase (decrease) in net assets resulting from operations** | $36570047 | $(13182367) | $(19688090) |
| \* Foreign taxes withheld | $1329 | $3541 | $9305 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** |
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,**<br> **2024** | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,**<br> **2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $3120653 | $6602992 | $3507309 | $4665544 |
| Net realized gain | 41140756 | 120701985 | 12372817 | 53826411 |
| Net change in unrealized appreciation (depreciation) | (7691362) | 59471751 | (29062493) | 12091017 |
| Increase (decrease) in net assets resulting from operations | 36570047 | 186776728 | (13182367) | 70582972 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (131070) | (70786) |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (93707118) | (42282006) | (54463269) | (19307860) |
| &nbsp;&nbsp;&nbsp;Class S | (1514037) | (5284112) | (4087000) | (2034984) |
| Total distributions | (95352225) | (47636904) | (58550269) | (21342844) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 66828224 | 12608317 | 319915783 | 4508747 |
| Reinvestment of distributions | 95352225 | 47636904 | 58550269 | 21342844 |
|  | 162180449 | 60245221 | 378466052 | 25851591 |
| Cost of shares redeemed | (48970359) | (172873348) | (44011008) | (57198043) |
| Net increase (decrease) in net assets resulting from capital share transactions | 113210090 | (112628127) | 334455044 | (31346452) |
| Net increase in net assets | 54427912 | 26511697 | 262722408 | 17893676 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 833918684 | 807406987 | 504763154 | 486869478 |
| End of year or period | $888346596 | $833918684 | $767485562 | $504763154 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** |
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,**<br> **2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $2101281 | $2536851 |
| Net realized gain | 5460331 | 19516449 |
| Net change in unrealized appreciation (depreciation) | (27249702) | (3011698) |
| Increase (decrease) in net assets resulting from operations | (19688090) | 19041602 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (20042148) | (8900950) |
| &nbsp;&nbsp;&nbsp;Class S | (1881726) | (1522156) |
| Total distributions | (21923874) | (10423106) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 169957472 | 5090416 |
| Reinvestment of distributions | 21923874 | 10423106 |
|  | 191881346 | 15513522 |
| Cost of shares redeemed | (18016060) | (29443674) |
| Net increase (decrease) in net assets resulting from capital share transactions | 173865286 | (13930152) |
| Net increase (decrease) in net assets | 132253322 | (5311656) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 229575090 | 234886746 |
| End of year or period | $361828412 | $229575090 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

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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<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) |<br>Total <br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital |<br>Total<br> distributions |<br>Payment<br> by<br> affiliate |<br>Net<br> asset<br> value,<br> end of<br> year<br> or<br> period |<br>**Total<br> Return<br> <sup>(1)</sup>** | Expenses <br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss) <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** | **Voya Index Plus LargeCap Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 06-30-25<sup>+</sup> | 29.63 | 0.03 | • | 0.99 | 1.02 | 0.06 | 3.12 |  | 3.18 |  | 27.47 | **4.40** | 1.05 | 1.05 | 1.05 | 0.24 | 1270 | 33 |
| 12-31-24 | 25.09 | 0.08 | • | 5.89 | 5.97 | 0.12 | 1.31 |  | 1.43 |  | 29.63 | **24.57** | 1.05 | 1.05 | 1.05 | 0.29 | 1318 | 59 |
| 12-31-23 | 20.58 | 0.11 | • | 5.02 | 5.13 | 0.10 | 0.51 |  | 0.61 |  | 25.09 | **25.42** | 1.07 | 1.05 | 1.05 | 0.49 | 1314 | 59 |
| 12-31-22 | 34.59 | 0.10 | • | (6.73) | (6.63) | 0.09 | 7.29 |  | 7.38 |  | 20.58 | **(19.44)** | 1.07 | 1.05 | 1.05 | 0.40 | 1098 | 57 |
| 12-31-21 | 29.04 | 0.08 | • | 7.82 | 7.90 | 0.21 | 2.14 |  | 2.35 |  | 34.59 | **28.62** | 1.07 | 1.05 | 1.05 | 0.26 | 1564 | 60 |
| 12-31-20 | 28.37 | 0.17 | • | 3.30 | 3.47 | 0.28 | 2.52 |  | 2.80 |  | 29.04 | **15.37** | 1.08 | 1.05 | 1.05 | 0.67 | 1188 | 52 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 06-30-25<sup>+</sup> | 30.23 | 0.11 | • | 1.00 | 1.11 | 0.23 | 3.12 |  | 3.35 |  | 27.99 | **4.66** | 0.55 | 0.55 | 0.55 | 0.75 | 872824 | 33 |
| 12-31-24 | 25.56 | 0.22 | • | 6.01 | 6.23 | 0.25 | 1.31 |  | 1.56 |  | 30.23 | **25.20** | 0.55 | 0.55 | 0.55 | 0.80 | 828114 | 59 |
| 12-31-23 | 20.96 | 0.23 | • | 5.11 | 5.34 | 0.22 | 0.51 |  | 0.73 |  | 25.56 | **26.07** | 0.57 | 0.55 | 0.55 | 0.99 | 707743 | 59 |
| 12-31-22 | 35.11 | 0.22 | • | (6.83) | (6.61) | 0.25 | 7.29 |  | 7.54 |  | 20.96 | **(19.04)** | 0.57 | 0.55 | 0.55 | 0.91 | 617825 | 57 |
| 12-31-21 | 29.43 | 0.24 | • | 7.92 | 8.16 | 0.34 | 2.14 |  | 2.48 |  | 35.11 | **29.25** | 0.57 | 0.55 | 0.55 | 0.76 | 829418 | 60 |
| 12-31-20 | 28.77 | 0.30 | • | 3.33 | 3.63 | 0.45 | 2.52 |  | 2.97 |  | 29.43 | **15.91** | 0.58 | 0.55 | 0.55 | 1.16 | 755544 | 52 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 29.80 | 0.07 | • | 0.98 | 1.05 | 0.15 | 3.12 |  | 3.27 |  | 27.58 | **4.50** | 0.80 | 0.80 | 0.80 | 0.53 | 14253 | 33 |
| 12-31-24 | 25.21 | 0.15 | • | 5.93 | 6.08 | 0.18 | 1.31 |  | 1.49 |  | 29.80 | **24.92** | 0.80 | 0.80 | 0.80 | 0.54 | 4487 | 59 |
| 12-31-23 | 20.68 | 0.17 | • | 5.03 | 5.20 | 0.16 | 0.51 |  | 0.67 |  | 25.21 | **25.71** | 0.82 | 0.80 | 0.80 | 0.74 | 98350 | 59 |
| 12-31-22 | 34.72 | 0.16 | • | (6.75) | (6.59) | 0.16 | 7.29 |  | 7.45 |  | 20.68 | **(19.23)** | 0.82 | 0.80 | 0.80 | 0.65 | 89855 | 57 |
| 12-31-21 | 29.13 | 0.16 | • | 7.84 | 8.00 | 0.27 | 2.14 |  | 2.41 |  | 34.72 | **28.94** | 0.82 | 0.80 | 0.80 | 0.51 | 131883 | 60 |
| 12-31-20 | 28.49 | 0.27 |  | 3.26 | 3.53 | 0.37 | 2.52 |  | 2.89 |  | 29.13 | **15.62** | 0.83 | 0.80 | 0.80 | 0.91 | 123319 | 52 |
| **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** | **Voya Index Plus MidCap Portfolio** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 06-30-25<sup>+</sup> | 21.28 | 0.10 | • | (0.06) | 0.04 | 0.13 | 1.47 |  | 1.60 |  | 19.72 | **0.66** | 0.65 | 0.60 | 0.60 | 1.00 | 713773 | 32 |
| 12-31-24 | 19.29 | 0.19 | • | 2.68 | 2.87 | 0.22 | 0.66 |  | 0.88 |  | 21.28 | **15.17** | 0.66 | 0.60 | 0.60 | 0.95 | 462353 | 60 |
| 12-31-23 | 17.31 | 0.20 | • | 2.68 | 2.88 | 0.20 | 0.70 |  | 0.90 |  | 19.29 | **17.52** | 0.68 | 0.60 | 0.60 | 1.13 | 437514 | 58 |
| 12-31-22 | 26.18 | 0.20 | • | (4.04) | (3.84) | 0.21 | 4.82 |  | 5.03 |  | 17.31 | **(14.29)** | 0.68 | 0.60 | 0.60 | 1.02 | 403373 | 58 |
| 12-31-21 | 20.75 | 0.20 | • | 5.52 | 5.72 | 0.21 | 0.08 |  | 0.29 |  | 26.18 | **27.74** | 0.68 | 0.60 | 0.60 | 0.81 | 517075 | 63 |
| 12-31-20 | 19.50 | 0.20 |  | 1.30 | 1.50 | 0.25 |  |  | 0.25 |  | 20.75 | **8.25** | 0.74 | 0.60 | 0.60 | 1.03 | 442016 | 53 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 20.78 | 0.07 | • | (0.05) | 0.02 | 0.09 | 1.47 |  | 1.56 |  | 19.24 | **0.52** | 0.90 | 0.85 | 0.85 | 0.74 | 53712 | 32 |
| 12-31-24 | 18.85 | 0.14 | • | 2.62 | 2.76 | 0.17 | 0.66 |  | 0.83 |  | 20.78 | **14.92** | 0.91 | 0.85 | 0.85 | 0.70 | 42410 | 60 |
| 12-31-23 | 16.93 | 0.15 | • | 2.62 | 2.77 | 0.15 | 0.70 |  | 0.85 |  | 18.85 | **17.20** | 0.93 | 0.85 | 0.85 | 0.88 | 49355 | 58 |
| 12-31-22 | 25.71 | 0.15 | • | (3.98) | (3.83) | 0.13 | 4.82 |  | 4.95 |  | 16.93 | **(14.51)** | 0.93 | 0.85 | 0.85 | 0.77 | 50396 | 58 |
| 12-31-21 | 20.38 | 0.13 | • | 5.44 | 5.57 | 0.16 | 0.08 |  | 0.24 |  | 25.71 | **27.49** | 0.93 | 0.85 | 0.85 | 0.56 | 70637 | 63 |
| 12-31-20 | 19.14 | 0.16 |  | 1.28 | 1.44 | 0.20 |  |  | 0.20 |  | 20.38 | **7.98** | 0.99 | 0.85 | 0.85 | 0.78 | 65246 | 53 |
| **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** | **Voya Index Plus SmallCap Portfolio** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 06-30-25<sup>+</sup> | 22.78 | 0.13 | • | (1.03) | (0.90) | 0.15 | 1.17 |  | 1.32 |  | 20.56 | **(3.63)** | 0.66 | 0.60 | 0.60 | 1.28 | 330329 | 32 |
| 12-31-24 | 21.95 | 0.25 | • | 1.59 | 1.84 | 0.28 | 0.73 |  | 1.01 |  | 22.78 | **8.69** | 0.68 | 0.60 | 0.60 | 1.13 | 199103 | 59 |
| 12-31-23 | 19.52 | 0.25 | • | 3.10 | 3.35 | 0.22 | 0.71 |  | 0.93 |  | 21.95 | 18.21 | 0.70 | 0.60 | 0.60 | 1.27 | 198371 | 57 |
| 12-31-22 | 27.28 | 0.19 | • | (4.07) | (3.88) | 0.22 | 3.66 |  | 3.88 |  | 19.52 | **(14.00)** | 0.69 | 0.60 | 0.60 | 0.89 | 181927 | 57 |
| 12-31-21 | 21.39 | 0.23 | • | 5.84 | 6.07 | 0.18 |  |  | 0.18 |  | 27.28 | **28.45** | 0.69 | 0.60 | 0.60 | 0.91 | 227944 | 63 |
| 12-31-20 | 20.91 | 0.17 | • | 0.74 | 0.91 | 0.21 | 0.22 |  | 0.43 |  | 21.39 | **5.38** | 0.73 | 0.60 | 0.60 | 0.97 | 188149 | 54 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 06-30-25<sup>+</sup> | 22.42 | 0.10 | • | (1.00) | (0.90) | 0.09 | 1.17 |  | 1.26 |  | 20.26 | **(3.71)** | 0.91 | 0.85 | 0.85 | 0.99 | 31499 | 32 |
| 12-31-24 | 21.62 | 0.19 | • | 1.56 | 1.75 | 0.22 | 0.73 |  | 0.95 |  | 22.42 | **8.39** | 0.93 | 0.85 | 0.85 | 0.88 | 30472 | 59 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  |<br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) |<br>Total <br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital |<br>Total<br> distributions |<br>Payment<br> by<br> affiliate |<br>Net<br> asset<br> value,<br> end of<br> year<br> or<br> period |<br>**Total<br> Return<br> <sup>(1)</sup>** | Expenses <br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss) <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** | **Voya Index Plus SmallCap Portfolio (continued)** |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (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 | 19.23 | 0.20 | • | 3.05 | 3.25 | 0.16 | 0.71 |  | 0.87 |  | 21.62 | **17.89** | 0.95 | 0.85 | 0.85 | 1.01 | 36515 | 57 |
| 12-31-22 | 26.91 | 0.14 | • | (4.01) | (3.87) | 0.15 | 3.66 |  | 3.81 |  | 19.23 | **(14.20)** | 0.94 | 0.85 | 0.85 | 0.64 | 37556 | 57 |
| 12-31-21 | 21.11 | 0.16 | • | 5.77 | 5.93 | 0.13 |  |  | 0.13 |  | 26.91 | **28.13** | 0.94 | 0.85 | 0.85 | 0.65 | 51234 | 63 |
| 12-31-20 | 20.62 | 0.14 |  | 0.72 | 0.86 | 0.15 | 0.22 |  | 0.37 |  | 21.11 | **5.11** | 0.98 | 0.85 | 0.85 | 0.71 | 47970 | 54 |

---

<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.

+ Unaudited.

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

See Accompanying Notes to Financial Statements

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

**NOTE 1 — ORGANIZATION**

Voya Variable Portfolios, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended ("1940 Act" or "Act"), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are seventeen active separate investment series that comprise the Company. The three series (each a "Portfolio" and collectively the "Portfolios") included in this report are: Voya Index Plus LargeCap Portfolio ("Index Plus LargeCap"), Voya Index Plus MidCap Portfolio ("Index Plus MidCap"), and Voya Index Plus SmallCap Portfolio ("Index Plus SmallCap"), each a diversified series of the Company. 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 and Class S. 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 the 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 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 each Portfolio's assets attributable to that class, subtracting each 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. 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

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

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

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.

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 to be Level 2 securities under applicable accounting rules. 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

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

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

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.

**D. *Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually by the Portfolios. 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.

**E. *Federal Income Taxes.*** It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions 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, no U.S. federal income tax provision is 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 any 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.

**F. *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.

**G. *Risk Exposures and the Use of Derivative Instruments****.* Each Portfolio's investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. 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:

***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 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.

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

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

***Risks of Investing in Derivatives****.* Each 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 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.

**H. *Futures Contracts.*** Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each 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 the Portfolio's assets are valued.

Upon entering into a futures contract, each 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 the 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 following each Portfolio's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts, if any, are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2025, each Portfolio had purchased futures contracts on various equity indices to "equitize" cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are 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 the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2025, Index Plus LargeCap, Index Plus MidCap, and Index Plus SmallCap had average notional values on futures contracts purchased

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

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

of $7,076,425, $6,260,710, and $3,844,630, respectively. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at June 30, 2025.

**I. *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 agreement, plus accrued interest, being invested by a 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. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may 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.

***Securities Lending.*** Each Portfolio may temporarily loan up to 331/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending 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.

**J. *Restricted Securities.*** Each Portfolio may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") 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.

**K. *Indemnifications.*** In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company's 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 period ended June 30, 2025, the cost of purchases and the proceeds from the sale of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Index Plus LargeCap | $296594894 | $282712446 |
| Index Plus MidCap | 512795705 | 230152876 |
| Index Plus SmallCap | 255529942 | 108120591 |

---

**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

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

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

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

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Index Plus LargeCap | 0.45% |
| Index Plus MidCap | 0.50% |
| Index Plus SmallCap | 0.50% |

---

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios' assets in accordance with the Portfolios' investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class ADV shares of the respective Portfolios are subject to a shareholder service and distribution plan and Class S shares of the respective Portfolios are subject to a shareholder services and distribution plan (collectively the "Plans), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or the distribution of each respective Portfolio's Class ADV and Class S shares. Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each respective Portfolio's Class ADV and Class S 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 Plan for Class ADV shares of Index Plus LargeCap, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the Portfolio's average daily net assets attributable to its Class ADV shares and an annual distribution fee at the rate of 0.25% of the Portfolio's average daily net assets attributable to its Class ADV shares. Under the Plan for Class S shares, Class S shares

of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets attributable to each Portfolio's Class S shares.

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

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

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Portfolio** | **Percentage** |
| ReliaStar Life Insurance Company | Index Plus MidCap | 19.28% |
|  | Index Plus |  |
|  | SmallCap | 23.90 |
| Voya Retirement Insurance and Annuity Company | Index Plus |  |
|  | LargeCap | 77.84 |
|  | Index Plus MidCap | 62.17 |
|  | Index Plus |  |
|  | SmallCap | 50.79 |

---

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, as described in the DC Plan, to defer the receipt of all or a portion of the directors' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (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' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

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

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

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

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
| Index Plus LargeCap | $231567 |
| Index Plus MidCap | 405426 |
| Index Plus SmallCap | 199661 |

---

**NOTE 7 — OTHER TRANSACTIONS**

The Portfolios may engage in purchase and sale transactions with other funds. For the period ended June 30, 2025, the Portfolios did not have any 17a-7 transactions and in-kind transactions.

**NOTE 8 — LICENSING FEE**

The Portfolios pay an annual licensing fee to S&P Opco, LLC. in order to obtain data and permissions necessary to achieve their respective principal investment strategies.

**NOTE 9 — EXPENSE LIMITATION AGREEMENTS**

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** | **Class**<br>**I** | **Class**<br>**S** |
| Index Plus LargeCap | 1.05% | 0.55% | 0.80% |
| Index Plus MidCap | N/A | 0.60% | 0.85% |
| Index Plus SmallCap | N/A | 0.60% | 0.85% |

---

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, a Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Index Plus LargeCap | $73381 | $— | $— | $73381 |
| Index Plus MidCap | 195441 |  |  | 195441 |
| Index Plus SmallCap | 112925 |  |  | 112925 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Index Plus LargeCap** |  |  |  |  |
| Class ADV | $132 | $99 | $— | $231 |
| Class I | 71756 | 42743 |  | 114499 |
| Class S | 10333 | 6939 |  | 17272 |
| **Index Plus MidCap** |  |  |  |  |
| Class I | $158853 | $296657 | $290496 | $746006 |
| Class S | 19386 | 35901 | 25072 | 80359 |
| **Index Plus SmallCap** |  |  |  |  |
| Class I | $97299 | $170888 | $163045 | $431232 |
| Class S | 19595 | 32372 | 20635 | 72602 |

---

The Expense Limitation Agreement is contractual through May 1, 2026, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 10 — 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

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

**NOTE 10 — LINE OF CREDIT (continued)**

generally must be made within 60 days after the date of a revolving credit advance.

**NOTE 11 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

During the period ended June 30, 2025, the Portfolios did not utilize the line of credit.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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)** |
| **Year or <br> period ended** | **#** | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) |
| **Index Plus LargeCap Class ADV** | **Index Plus LargeCap Class ADV** | **Index Plus LargeCap Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 306 |  | 5203 | (3763) |  | 1746 | 9000 |  | 131070 | (106443) |  | 33627 |
| 12/31/2024 | 3245 |  | 2704 | (13839) |  | (7890) | 87855 |  | 70786 | (381090) |  | (222449) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1809222 |  | 3653299 | (1677775) |  | 3784746 | 56083984 |  | 93707118 | (47670810) |  | 102120292 |
| 12/31/2024 | 424788 |  | 1588355 | (2305453) |  | (292310) | 11811815 |  | 42282006 | (65088451) |  | (10994630) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 347784 |  | 59867 | (41553) |  | 366098 | 10735240 |  | 1514037 | (1193106) |  | 11056171 |
| 12/31/2024 | 24976 |  | 201070 | (3976064) |  | (3750018) | 708647 |  | 5284112 | (107403807) |  | (101411048) |
| **Index Plus MidCap** | **Index Plus MidCap** |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 13499655 |  | 2920283 | (1954311) |  | 14465627 | 303070847 |  | 54463269 | (39172285) |  | 318361831 |
| 12/31/2024 | 182884 |  | 962505 | (2100787) |  | (955398) | 3740431 |  | 19307860 | (42886125) |  | (19837834) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 770519 |  | 224437 | (244737) |  | 750219 | 16844936 |  | 4087000 | (4838723) |  | 16093213 |
| 12/31/2024 | 37945 |  | 103720 | (718524) |  | (576859) | 768316 |  | 2034984 | (14311918) |  | (11508618) |
| **Index Plus SmallCap** | **Index Plus SmallCap** |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 6985752 |  | 1027802 | (688874) |  | 7324680 | 163851014 |  | 20042148 | (14511798) |  | 169381364 |
| 12/31/2024 | 196475 |  | 415932 | (908128) |  | (295721) | 4292662 |  | 8900950 | (19991956) |  | (6798344) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 265617 |  | 97905 | (167665) |  | 195857 | 6106458 |  | 1881726 | (3504262) |  | 4483922 |
| 12/31/2024 | 36687 |  | 72140 | (438649) |  | (329822) | 797754 |  | 1522156 | (9451718) |  | (7131808) |

---

**NOTE 12 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

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

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the

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

**NOTE 12 — SECURITIES LENDING (continued)**

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 the Portfolios.

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

**Index Plus Midcap**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BNP Paribas Prime |  |  |  |
| Brokerage Intl Ltd | $41543 | $(41543) | $— |
| Janney Montgomery |  |  |  |
| Scott LLC | 51513 | (51513) |  |
| National Financial |  |  |  |
| Services LLC | 773129 | (773129) |  |
| Scotia Capital (USA) |  |  |  |
| INC | 119644 | (119644) |  |
| UBS AG | 143323 | (143323) |  |
| Total | $1129152 | $(1129152) | $— |

---

(1) Cash collateral with a fair value of $1,183,826 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.

**Index Plus SmallCap**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BMO Capital Markets |  |  |  |
| Corp | $2154001 | $(2154001) | $— |
| BNP Paribas Prime |  |  |  |
| Brokerage Intl Ltd | 207903 | (207903) |  |
| BNP Paribas |  |  |  |
| Securities Corp. | 874431 | (874431) |  |
| BofA Securities Inc | 827803 | (827803) |  |
| Cantor Fitzgerald |  |  |  |
| & Co | 97946 | (97946) |  |
| Citigroup Global |  |  |  |
| Markets Inc. | 298596 | (298596) |  |
| Deutsche Bank |  |  |  |
| Securities Inc. | 532253 | (532253) |  |
| J.P. Morgan Securities |  |  |  |
| LLC | 95773 | (95773) |  |
| Janney Montgomery |  |  |  |
| Scott LLC | 3725 | (3725) |  |
| Morgan Stanley & Co. |  |  |  |
| LLC | 21859 | (21859) |  |
| National Bank of |  |  |  |
| Canada Financial Inc | 2416310 | (2416310) |  |
| National Financial |  |  |  |
| Services LLC | 732300 | (732300) |  |
| State Street Bank and |  |  |  |
| Trust Company | 168740 | (168740) |  |
| TD Prime Services |  |  |  |
| LLC | 1175517 | (1175517) |  |
| UBS AG | 129265 | (129265) |  |
| Total | $9736422 | $(9736422) | $— |

---

(1) Cash collateral with a fair value of $10,027,433 has been pledged
by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the
individual counterparty is not shown for financial reporting purposes.

**NOTE 13 — 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 futures contracts and wash sale deferrals.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
|  | **Ordinary<br> Income** | **Long-term <br> Capital Gains** | **Ordinary <br> Income** | **Long-term <br> Capital Gains** |
| Index Plus LargeCap | $8974629 | $38662275 | $6956198 | $16730822 |
| Index Plus MidCap | 5958051 | 15384793 | 4939460 | 17851092 |
| Index Plus SmallCap | 3589095 | 6834011 | 2239612 | 7703638 |

---

The tax-basis components of distributable earnings as of December 31, 2024, were:

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

**NOTE 13 — FEDERAL INCOME TAXES (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Index Plus LargeCap | $30030865 | $65319376 | $254681189 | $— |  | $350031430 |
| Index Plus MidCap | 20159634 | 38329993 | 75812939 |  |  | 134302566 |
| Index Plus SmallCap | 9253501 | 12755048 | 31028421 |  |  | 53036970 |

---

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

As of June 30, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 14 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

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

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

**NOTE 15 — SEGMENT REPORTING**

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.

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

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

**NOTE 15 — SEGMENT REPORTING (continued)**

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.

**NOTE 16 — SUBSEQUENT EVENTS**

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. No such subsequent events were identified.

VOYA INDEX PLUS LARGECAP PORTFOLIO PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** |  |  |
|  | **Communication Services: 9.8%** | **Communication Services: 9.8%** |  |
| 184916 | Alphabet, Inc. - Class A | $32587747 | 3.7 |
| 105099 | Comcast Corp. - Class A | 3750983 | 0.4 |
| 10971 | Fox Corp. - Class A | 614815 | 0.1 |
| 19692 | Iridium Communications, Inc. | 594108 | 0.1 |
| 27495 <sup>(1)</sup> | Liberty Media Corp.- Liberty Formula One - Class C, Tracking Stock | 2873227 | 0.3 |
| 35825 | Meta Platforms, Inc. - Class A | 26442074 | 3 |
| 6948 <sup>(1)</sup> | Netflix, Inc. | 9304275 | 1 |
| 31800 | New York Times Co. - Class A | 1780164 | 0.2 |
| 22607 | T-Mobile US, Inc. | 5386344 | 0.6 |
| 87044 | Verizon Communications, Inc. | 3766394 | 0.4 |
|  |  | **87100131** | **9.8** |
|  | **Consumer Discretionary: 9.8%** | **Consumer Discretionary: 9.8%** |  |
| 230581 | ADT, Inc. | 1953021 | 0.2 |
| 14193 <sup>(1)</sup> | Airbnb, Inc. - Class A | 1878302 | 0.2 |
| 166092 <sup>(1)</sup> | Amazon.com, Inc. | 36438924 | 4.1 |
| 1558 | Booking Holdings, Inc. | 9019636 | 1 |
| 21688 <sup>(1)</sup> | CarMax, Inc. | 1457650 | 0.2 |
| 18018 <sup>(1)</sup> | Deckers Outdoor Corp. | 1857115 | 0.2 |
| 6791 <sup>(1)</sup> | DoorDash, Inc. - Class A | 1674049 | 0.2 |
| 9120 | Expedia Group, Inc. | 1538362 | 0.2 |
| 96812 | Ford Motor Co. | 1050410 | 0.1 |
| 89865 | General Motors Co. | 4422257 | 0.5 |
| 16086 <sup>(1)</sup> | Grand Canyon Education, Inc. | 3040254 | 0.3 |
| 2113 | Home Depot, Inc. | 774710 | 0.1 |
| 2300 <sup>(1)</sup> | Lululemon Athletica, Inc. | 546434 | 0.1 |
| 20239 <sup>(1)</sup> | On Holding AG - Class A | 1053440 | 0.1 |
| 9887 | PVH Corp. | 678248 | 0.1 |
| 11003 | Ralph Lauren Corp. | 3017903 | 0.3 |
| 21290 | Ross Stores, Inc. | 2716178 | 0.3 |
| 30797 <sup>(1)</sup> | Tesla, Inc. | 9782975 | 1.1 |
| 21369 | TJX Cos., Inc. | 2638858 | 0.3 |
| 15278 | Travel + Leisure Co. | 788498 | 0.1 |
| 1256 <sup>(1)</sup> | Ulta Beauty, Inc. | 587582 | 0.1 |
|  |  | **86914806** | **9.8** |
|  | **Consumer Staples: 5.5%** |  |  |
| 122450 | Altria Group, Inc. | 7179244 | 0.8 |
| 34970 <sup>(1)</sup> | BellRing Brands, Inc. | 2025812 | 0.2 |
| 13300 | Coca-Cola Consolidated, Inc. | 1484945 | 0.2 |
| 73056 | Colgate-Palmolive Co. | 6640790 | 0.7 |
| 2385 | Costco Wholesale Corp. | 2361007 | 0.3 |
| 24183 | Ingredion, Inc. | 3279698 | 0.4 |
| 85573 <sup>(1)</sup> | Monster Beverage Corp. | 5360293 | 0.6 |
| 24962 | PepsiCo, Inc. | 3295983 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |  |
| 29622 | Philip Morris International, Inc. | $5395055 | 0.6 |
| 30735 | Procter & Gamble Co. | 4896700 | 0.5 |
| 12777 | Sysco Corp. | 967730 | 0.1 |
| 58190 <sup>(1)</sup> | US Foods Holding Corp. | 4481212 | 0.5 |
| 15454 | Walmart, Inc. | 1511092 | 0.2 |
|  |  | **48879561** | **5.5** |
|  | **Energy: 3.1%** |  |  |
| 53570 <sup>(1)</sup> | Antero Resources Corp. | 2157799 | 0.2 |
| 68246 | Baker Hughes Co. | 2616552 | 0.3 |
| 18718 | Chesapeake Energy Corp. | 2188883 | 0.3 |
| 26632 | Devon Energy Corp. | 847164 | 0.1 |
| 9368 | DT Midstream, Inc. | 1029637 | 0.1 |
| 17904 | EOG Resources, Inc. | 2141497 | 0.2 |
| 19120 | EQT Corp. | 1115078 | 0.1 |
| 20920 | Exxon Mobil Corp. | 2255176 | 0.3 |
| 36689 | HF Sinclair Corp. | 1507184 | 0.2 |
| 37109 | ONEOK, Inc. | 3029208 | 0.3 |
| 5843 | Phillips 66 | 697070 | 0.1 |
| 28292 | Valero Energy Corp. | 3803011 | 0.4 |
| 63415 | Williams Cos., Inc. | 3983096 | 0.5 |
|  |  | **27371355** | **3.1** |
|  | **Financials: 13.5%** |  |  |
| 11583 | American Express Co. | 3694745 | 0.4 |
| 11188 | Ameriprise Financial, Inc. | 5971371 | 0.7 |
| 23138 | Bank of New York Mellon Corp. | 2108103 | 0.2 |
| 19198 <sup>(1)</sup> | Berkshire Hathaway, Inc. - Class B | 9325812 | 1.1 |
| 22824 | Blue Owl Capital, Inc. | 438449 | 0.1 |
| 16845 | Capital One Financial Corp. | 3583942 | 0.4 |
| 24428 | Charles Schwab Corp. | 2228811 | 0.3 |
| 85488 | Citigroup, Inc. | 7276739 | 0.8 |
| 25653 | CME Group, Inc. | 7070480 | 0.8 |
| 50762 | Equitable Holdings, Inc. | 2847748 | 0.3 |
| 30152 <sup>(1)</sup> | Euronet Worldwide, Inc. | 3056810 | 0.3 |
| 5093 | Evercore, Inc. - Class A | 1375212 | 0.2 |
| 10667 | Globe Life, Inc. | 1325801 | 0.2 |
| 43094 | Hancock Whitney Corp. | 2473596 | 0.3 |
| 52673 | Hartford Financial Services Group, Inc. | 6682623 | 0.8 |
| 25755 | JPMorgan Chase & Co. | 7466632 | 0.8 |
| 35970 | Loews Corp. | 3297010 | 0.4 |
| 3521 | LPL Financial Holdings, Inc. | 1320269 | 0.2 |
| 28914 | Marsh & McLennan Cos., Inc. | 6321757 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX PLUS LARGECAP PORTFOLIO</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 3456 | Mastercard, Inc. - Class A | $1942065 | 0.2 |
| 13649 | MetLife, Inc. | 1097653 | 0.1 |
| 6574 | MSCI, Inc. | 3791489 | 0.4 |
| 46715 <sup>(1)</sup> | PayPal Holdings, Inc. | 3471859 | 0.4 |
| 20035 | Popular, Inc. | 2208057 | 0.3 |
| 177978 | Rithm Capital Corp. | 2009372 | 0.2 |
| 58041 | Synchrony Financial | 3873656 | 0.4 |
| 46095 <sup>(1)</sup> | Toast, Inc. - Class A | 2041548 | 0.2 |
| 25184 | Tradeweb Markets, Inc. - Class A | 3686938 | 0.4 |
| 47920 | Unum Group | 3870019 | 0.4 |
| 66811 | US Bancorp | 3023198 | 0.3 |
| 13558 | Visa, Inc. - Class A | 4813768 | 0.5 |
| 74453 | Wells Fargo & Co. | 5965174 | 0.7 |
|  |  | **119660706** | **13.5** |
|  | **Health Care: 8.9%** |  |  |
| 22869 | AbbVie, Inc. | 4244944 | 0.5 |
| 3712 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | 1210446 | 0.1 |
| 1936 | AmerisourceBergen Corp. | 580510 | 0.1 |
| 36598 <sup>(1)</sup> | Boston Scientific Corp. | 3930991 | 0.4 |
| 73583 | Bristol-Myers Squibb Co. | 3406157 | 0.4 |
| 18913 | Cardinal Health, Inc. | 3177384 | 0.4 |
| 58497 <sup>(1)</sup> | Centene Corp. | 3175217 | 0.4 |
| 10958 | Cigna Group | 3622496 | 0.4 |
| 14079 <sup>(1)</sup> | Doximity, Inc. - Class A | 863606 | 0.1 |
| 7664 | Elevance Health, Inc. | 2980989 | 0.3 |
| 7441 | Eli Lilly & Co. | 5800483 | 0.6 |
| 35745 <sup>(1)</sup> | Exelixis, Inc. | 1575461 | 0.2 |
| 37422 | Gilead Sciences, Inc. | 4148977 | 0.5 |
| 7076 <sup>(1)</sup> | Haemonetics Corp. | 527940 | 0.1 |
| 3744 | Humana, Inc. | 915333 | 0.1 |
| 41592 <sup>(1)</sup> | Incyte Corp. | 2832415 | 0.3 |
| 4021 <sup>(1)</sup> | Insmed, Inc. | 404673 | 0.0 |
| 7283 <sup>(1)</sup> | Inspire Medical Systems, Inc. | 945115 | 0.1 |
| 3796 <sup>(1)</sup> | Insulet Corp. | 1192627 | 0.1 |
| 13799 <sup>(1)</sup> | Jazz Pharmaceuticals PLC | 1464350 | 0.2 |
| 65982 | Johnson & Johnson | 10078751 | 1.1 |
| 7514 <sup>(1)</sup> | Lantheus Holdings, Inc. | 615096 | 0.1 |
| 17874 <sup>(1)</sup> | LivaNova PLC | 804688 | 0.1 |
| 81122 | Medtronic PLC | 7071405 | 0.8 |
| 10532 | Merck & Co., Inc. | 833713 | 0.1 |
| 3876 <sup>(1)</sup> | Natera, Inc. | 654811 | 0.1 |
| 6741 <sup>(1)</sup> | Neurocrine Biosciences, Inc. | 847276 | 0.1 |
| 22462 <sup>(1)</sup> | Sarepta Therapeutics, Inc. | 384100 | 0.0 |
| 1373 | Stryker Corp. | 543200 | 0.1 |
| 5898 <sup>(1)</sup> | United Therapeutics Corp. | 1694790 | 0.2 |
| 8679 | UnitedHealth Group, Inc. | 2707588 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |  |
| 7345 <sup>(1)</sup> | Veeva Systems, Inc. - Class A | $| 2115213 | 0.2 |
| 8523 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. |  | 3794440 | 0.4 |
|  |  |  | **79145185** | **8.9** |
|  | **Industrials: 9.1%** | **Industrials: 9.1%** | **Industrials: 9.1%** |  |
| 14057 | AECOM |  | 1586473 | 0.2 |
| 23450 | AMETEK, Inc. |  | 4243512 | 0.5 |
| 10825 | Applied Industrial Technologies, Inc. |  | 2516271 | 0.3 |
| 22713 | Cintas Corp. |  | 5062046 | 0.6 |
| 29762 <sup>(1)</sup> | Copart, Inc. |  | 1460421 | 0.2 |
| 20355 <sup>(1)</sup> | Core & Main, Inc. - Class A |  | 1228424 | 0.1 |
| 5030 | Curtiss-Wright Corp. |  | 2457407 | 0.3 |
| 47258 | Delta Air Lines, Inc. |  | 2324149 | 0.3 |
| 4552 | Eaton Corp. PLC |  | 1625019 | 0.2 |
| 33806 | Emerson Electric Co. |  | 4507354 | 0.5 |
| 11480 <sup>(1)</sup> | ExlService Holdings, Inc. |  | 502709 | 0.0 |
| 73054 | Fortive Corp. |  | 3808305 | 0.4 |
| 6535 | GE Aerospace |  | 1682044 | 0.2 |
| 25086 | Genpact Ltd. |  | 1104035 | 0.1 |
| 25376 | Hexcel Corp. |  | 1433490 | 0.2 |
| 60500 | Ingersoll Rand, Inc. |  | 5032390 | 0.6 |
| 31669 | Johnson Controls International PLC |  | 3344880 | 0.4 |
| 6269 <sup>(1)</sup> | Kirby Corp. |  | 710967 | 0.1 |
| 3236 | Leidos Holdings, Inc. |  | 510511 | 0.0 |
| 126382 <sup>(1)</sup> | Lyft, Inc. - Class A |  | 1991780 | 0.2 |
| 17628 <sup>(1)</sup> | Nextracker, Inc. – Class A |  | 958434 | 0.1 |
| 7402 | nVent Electric PLC |  | 542197 | 0.0 |
| 4258 | Parker-Hannifin Corp. |  | 2974085 | 0.3 |
| 3125 | Paycom Software, Inc. |  | 723125 | 0.1 |
| 66278 | SS&C Technologies Holdings, Inc. |  | 5487819 | 0.6 |
| 1247 | Trane Technologies PLC |  | 545450 | 0.1 |
| 79408 <sup>(1)</sup> | Uber Technologies, Inc. |  | 7408766 | 0.8 |
| 24462 <sup>(1)</sup> | U-Haul Holding Co. |  | 1481419 | 0.2 |
| 27328 <sup>(1)</sup> | United Airlines Holdings, Inc. |  | 2176129 | 0.2 |
| 16836 | Vertiv Holdings Co. - Class A |  | 2161911 | 0.2 |
| 16670 | Watts Water Technologies, Inc. - Class A |  | 4098986 | 0.5 |
| 25209 | Westinghouse Air Brake Technologies Corp. |  | 5277504 | 0.6 |
|  |  |  | **80968012** | **9.1** |
|  | **Information Technology: 32.6%** |  |  |  |
| 9229 <sup>(1)</sup> | Adobe, Inc. |  | 3570516 | 0.4 |
| 234757 | Apple, Inc. |  | 48165094 | 5.4 |
| 19528 | Applied Materials, Inc. |  | 3574991 | 0.4 |
| 53443 <sup>(1)</sup> | Arista Networks, Inc. |  | 5467753 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX PLUS LARGECAP PORTFOLIO</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 73782 | Broadcom, Inc. | $20338008 | 2.3 |
| 106483 | Cisco Systems, Inc. | 7387791 | 0.8 |
| 21462 <sup>(1)</sup> | Datadog, Inc. - Class A | 2882990 | 0.3 |
| 101629 <sup>(1)</sup> | DXC Technology Co. | 1553907 | 0.2 |
| 5581 <sup>(1)</sup> | Elastic NV | 470646 | 0.0 |
| 14534 <sup>(1)</sup> | F5, Inc. | 4277647 | 0.5 |
| 243 <sup>(1)</sup> | Fair Isaac Corp. | 444194 | 0.0 |
| 9060 <sup>(1)</sup> | GoDaddy, Inc. – Class A | 1631344 | 0.2 |
| 88939 | Hewlett Packard Enterprise Co. | 1818803 | 0.2 |
| 3099 <sup>(1)</sup> | HubSpot, Inc. | 1724996 | 0.2 |
| 6450 | Intuit, Inc. | 5080214 | 0.6 |
| 5386 | KLA Corp. | 4824456 | 0.5 |
| 22058 <sup>(1)</sup> | Kyndryl Holdings, Inc. | 925554 | 0.1 |
| 124439 | Microsoft Corp. | 61897203 | 7.0 |
| 1074 | Monolithic Power Systems, Inc. | 785502 | 0.1 |
| 31736 | NetApp, Inc. | 3381471 | 0.4 |
| 29687 <sup>(1)</sup> | Nutanix, Inc. - Class A | 2269274 | 0.3 |
| 435355 | NVIDIA Corp. | 68781736 | 7.7 |
| 8415 | Oracle Corp. | 1839771 | 0.2 |
| 19747 <sup>(1)</sup> | Palo Alto Networks, Inc. | 4041026 | 0.5 |
| 31121 <sup>(1)</sup> | Pure Storage, Inc. - Class A | 1791947 | 0.2 |
| 48602 | Qualcomm, Inc. | 7740355 | 0.9 |
| 24351 <sup>(1)</sup> | Ralliant Corp. | 1180796 | 0.1 |
| 21980 <sup>(1)</sup> | Rambus, Inc. | 1407160 | 0.2 |
| 17314 | Salesforce, Inc. | 4721355 | 0.5 |
| 28662 <sup>(1)</sup> | Samsara, Inc. – Class A | 1140174 | 0.1 |
| 6993 <sup>(1)</sup> | ServiceNow, Inc. | 7189363 | 0.8 |
| 7479 <sup>(1)</sup> | Snowflake, Inc. – Class A | 1673576 | 0.2 |
| 1011 <sup>(1)</sup> | Synopsys, Inc. | 518319 | 0.1 |
| 17490 <sup>(1)</sup> | Workday, Inc. - Class A | 4197600 | 0.5 |
| 12406 <sup>(1)</sup> | Zoom Video Communications, Inc. - Class A | 967420 | 0.1 |
|  |  | **289662952** | **32.6** |
|  | **Materials: 1.5%** |  |  |
| 11184 | AptarGroup, Inc. | 1749513 | 0.2 |
| 42555 | DuPont de Nemours, Inc. | 2918847 | 0.3 |
| 19710 | Ecolab, Inc. | 5310662 | 0.6 |
| 932 | Linde PLC US | 437276 | 0.1 |
| 14908 | Royal Gold, Inc. | 2651239 | 0.3 |
|  |  | **13067537** | **1.5** |
|  | **Real Estate: 2.1%** |  |  |
| 130335 | Brixmor Property Group, Inc. | 3393924 | 0.4 |
| 21375 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 2995065 | 0.3 |
| 15925 | Digital Realty Trust, Inc. | 2776205 | 0.3 |
| 1181 | Equinix, Inc. | 939450 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** |  |
| 10155 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | $2597446 | 0.3 |
| 39345 | National Retail Properties, Inc. | 1698917 | 0.2 |
| 76471 | Sabra Health Care REIT, Inc. | 1410125 | 0.2 |
| 17906 | Simon Property Group, Inc. | 2878569 | 0.3 |
|  |  | **18689701** | **2.1** |
|  | **Utilities: 2.5%** |  |  |
| 34365 | Black Hills Corp. | 1927876 | 0.2 |
| 34919 | Duke Energy Corp. | 4120442 | 0.5 |
| 78208 | Edison International | 4035533 | 0.4 |
| 11769 | Exelon Corp. | 511010 | 0.1 |
| 31093 | National Fuel Gas Co. | 2633888 | 0.3 |
| 66893 | NiSource, Inc. | 2698464 | 0.3 |
| 56125 | NorthWestern Corp. | 2879212 | 0.3 |
| 278185 | PG&E Corp. | 3877899 | 0.4 |
|  |  | **22684324** | **2.5** |
|  | Total Common Stock <br> (Cost $626,193,957) | **874144270** | **98.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.6%** | **SHORT-TERM INVESTMENTS: 1.6%** |  |  |
|  | **Mutual Funds: 1.6%** |  |  |
| 13830000 <sup>(2)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $13,830,000) | $**13830000** | **1.6** |
|  | Total Short-Term Investments <br> (Cost $13,830,000) | **13830000** | **1.6** |
|  | **Total Investments in Securities <br> (Cost $640,023,957)** | $**887974270** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **372326** | **0.0** |
|  | **Net Assets** | $**888346596** | **100.0** |

---

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

<sup>(2)</sup> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

<u>VOYA INDEX PLUS LARGECAP PORTFOLIO</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table<br> Investments, at fair value** |  |  |  |  |
| Common Stock\* | $874144270 | $— | $— | $874144270 |
| Short-Term Investments | 13830000 |  |  | 13830000 |
| Total Investments, at fair value | $887974270 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $887974270 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 215923 |  |  | 215923 |
| Total Assets | $888190193 | $— | $— | $888190193 |

---

---

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

---

At June 30, 2025, the following futures contracts were outstanding for Voya Index Plus LargeCap Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 41 | 09/19/25 | $12820188 | $215923 |
|  |  |  | $12820188 | $215923 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $215923 |
| **Total Asset Derivatives** |  | $215923 |

---

<sup>\*</sup> The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $1149983 |
| **Total** | $1149983 |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX PLUS LARGECAP PORTFOLIO</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $371047 |
| **Total** | $371047 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $641,200,366. | Cost for U.S. federal income tax purposes was $641,200,366. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $262550304 |
| Gross Unrealized Depreciation | (15560477) |
| Net Unrealized Appreciation | $246989827 |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX PLUS MIDCAP PORTFOLIO</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: 99.2%** | **COMMON STOCK: 99.2%** |  |  |
|  | **Communication Services: 1.3%** | **Communication Services: 1.3%** |  |
| 97063 | Iridium Communications, Inc. | $2928391 | 0.4 |
| 6830 <sup>(1)</sup> | Liberty Media Corp.- Liberty Formula One - Class C, Tracking Stock | 713735 | 0.1 |
| 95802 | New York Times Co. - Class A | 5362996 | 0.7 |
| 12937 | News Corp. - Class A | 384488 | 0.0 |
| 5449 <sup>(1)</sup> | Roku, Inc. | 478912 | 0.1 |
|  |  | **9868522** | **1.3** |
|  | **Consumer Discretionary: 13.3%** | **Consumer Discretionary: 13.3%** |  |
| 18055 <sup>(1)</sup> | Abercrombie & Fitch Co. - Class A | 1495857 | 0.2 |
| 209410 | ADT, Inc. | 1773703 | 0.2 |
| 64467 | Aramark | 2699233 | 0.4 |
| 98859 | Bath & Body Works, Inc. | 2961816 | 0.4 |
| 11242 | BorgWarner, Inc. | 376382 | 0.0 |
| 4782 <sup>(1)</sup> | Burlington Stores, Inc. | 1112484 | 0.1 |
| 23444 <sup>(1)</sup> | CarMax, Inc. | 1575671 | 0.2 |
| 24879 <sup>(1)</sup> | Cava Group, Inc. | 2095558 | 0.3 |
| 37337 <sup>(1)</sup> | Chewy, Inc. - Class A | 1591303 | 0.2 |
| 26610 | Columbia Sportswear Co. | 1625339 | 0.2 |
| 29986 <sup>(1)</sup> | Crocs, Inc. | 3036982 | 0.4 |
| 11108 <sup>(1)</sup> | Deckers Outdoor Corp. | 1144902 | 0.1 |
| 3681 | Dick's Sporting Goods, Inc. | 728139 | 0.1 |
| 1713 <sup>(2)</sup> | Dillard's, Inc. - Class A | 715743 | 0.1 |
| 9590 <sup>(1)</sup> | Duolingo, Inc. | 3932092 | 0.5 |
| 5731 | Expedia Group, Inc. | 966705 | 0.1 |
| 38913 | Ford Motor Co. | 422206 | 0.1 |
| 106950 <sup>(1)</sup> | GameStop Corp. - Class A | 2608510 | 0.3 |
| 95448 | Gap, Inc. | 2081721 | 0.3 |
| 157586 | Gentex Corp. | 3465316 | 0.5 |
| 34687 <sup>(1)</sup> | Goodyear Tire & Rubber Co. | 359704 | 0.0 |
| 3595 | Graham Holdings Co. - Class B | 3401481 | 0.4 |
| 27491 <sup>(1)</sup> | Grand Canyon Education, Inc. | 5195799 | 0.7 |
| 60399 | H&R Block, Inc. | 3315301 | 0.4 |
| 15860 | Harley-Davidson, Inc. | 374296 | 0.0 |
| 49643 <sup>(1)</sup> | Hilton Grand Vacations, Inc. | 2061674 | 0.3 |
| 17448 | Hyatt Hotels Corp. - Class A | 2436613 | 0.3 |
| 31816 | Lear Corp. | 3021884 | 0.4 |
| 28619 <sup>(1)</sup> | Light & Wonder, Inc. | 2754865 | 0.4 |
| 10719 | Lithia Motors, Inc. | 3621093 | 0.5 |
| 159439 | Macy's, Inc. | 1859059 | 0.2 |
| 65411 <sup>(1)</sup> | Mattel, Inc. | 1289905 | 0.2 |
| 1459 | Murphy USA, Inc. | 593521 | 0.1 |
| 13153 <sup>(1)</sup> | On Holding AG - Class A | 684614 | 0.1 |
| 19625 <sup>(1)</sup> | Planet Fitness, Inc. - Class A | 2140106 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |  |
| 2637 | Pool Corp. | $768633 | 0.1 |
| 36578 | PVH Corp. | 2509251 | 0.3 |
| 10834 | Ralph Lauren Corp. | 2971550 | 0.4 |
| 34443 <sup>(1)</sup> | Skechers USA, Inc. - Class A | 2173353 | 0.3 |
| 7923 <sup>(1)</sup> | Taylor Morrison Home Corp. | 486631 | 0.1 |
| 5550 | Tempur Sealy International, Inc. | 377677 | 0.0 |
| 21854 | Texas Roadhouse, Inc. | 4095658 | 0.5 |
| 17188 | Toll Brothers, Inc. | 1961666 | 0.3 |
| 16787 <sup>(1)</sup> | TopBuild Corp. | 5434623 | 0.7 |
| 65907 | Travel + Leisure Co. | 3401460 | 0.4 |
| 46124 | VF Corp. | 541957 | 0.1 |
| 31265 <sup>(1)</sup> | Visteon Corp. | 2917024 | 0.4 |
| 208095 | Wendy's Co. | 2376445 | 0.3 |
| 4192 | Wingstop, Inc. | 1411614 | 0.2 |
| 7828 | Wyndham Hotels & Resorts, Inc. | 635712 | 0.1 |
| 7774 | Wynn Resorts Ltd. | 728191 | 0.1 |
|  |  | **102311022** | **13.3** |
|  | **Consumer Staples: 5.1%** |  |  |
| 81323 <sup>(1)</sup> | BellRing Brands, Inc. | 4711041 | 0.6 |
| 3696 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. | 398540 | 0.0 |
| 4591 <sup>(1)</sup> | Boston Beer Co., Inc. - Class A | 876009 | 0.1 |
| 2987 | Casey's General Stores, Inc. | 1524176 | 0.2 |
| 38010 | Coca-Cola Consolidated, Inc. | 4243816 | 0.5 |
| 35250 <sup>(1)</sup> | Darling Ingredients, Inc. | 1337385 | 0.2 |
| 37679 | Ingredion, Inc. | 5110026 | 0.7 |
| 11323 | Lancaster Colony Corp. | 1956275 | 0.3 |
| 47785 <sup>(1)</sup> | Maplebear, Inc. | 2161793 | 0.3 |
| 34200 <sup>(1)</sup> | Performance Food Group Co. | 2991474 | 0.4 |
| 10358 <sup>(1)</sup> | Post Holdings, Inc. | 1129333 | 0.1 |
| 26641 <sup>(1)</sup> | Sprouts Farmers Market, Inc. | 4386174 | 0.6 |
| 108561 <sup>(1)</sup> | US Foods Holding Corp. | 8360283 | 1.1 |
|  |  | **39186325** | **5.1** |
|  | **Energy: 3.8%** |  |  |
| 129976 <sup>(1)</sup> | Antero Resources Corp. | 5235433 | 0.7 |
| 47838 | Baker Hughes Co. | 1834109 | 0.2 |
| 50841 | ChampionX Corp. | 1262890 | 0.2 |
| 8765 | Chesapeake Energy Corp. | 1024979 | 0.1 |
| 16629 <sup>(1)</sup> | CNX Resources Corp. | 560065 | 0.1 |
| 49290 | Coterra Energy, Inc. | 1250980 | 0.2 |
| 49521 | Devon Energy Corp. | 1575263 | 0.2 |
| 43171 | DT Midstream, Inc. | 4744925 | 0.6 |
| 6289 | EQT Corp. | 366774 | 0.0 |
| 77732 | HF Sinclair Corp. | 3193231 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX PLUS MIDCAP PORTFOLIO</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 14513 | Matador Resources Co. | $692560 | 0.1 |
| 8297 | ONEOK, Inc. | 677284 | 0.1 |
| 67017 | Permian Resources Corp. | 912772 | 0.1 |
| 103677 | Range Resources Corp. | 4216544 | 0.6 |
| 25993 | Weatherford International PLC | 1307708 | 0.2 |
|  |  | **28855517** | **3.8** |
|  | **Financials: 17.8%** |  |  |
| 18469 | Affiliated Managers Group, Inc. | 3634145 | 0.5 |
| 4887 | Ameriprise Financial, Inc. | 2608339 | 0.3 |
| 4584 | Assurant, Inc. | 905294 | 0.1 |
| 25082 | Axis Capital Holdings Ltd. | 2604013 | 0.3 |
| 103655 | Blue Owl Capital, Inc. | 1991213 | 0.3 |
| 128411 | Cadence Bank | 4106584 | 0.5 |
| 58459 | Citizens Financial Group, Inc. | 2616040 | 0.3 |
| 20706 | CNO Financial Group, Inc. | 798837 | 0.1 |
| 70032 | Commerce Bancshares, Inc. | 4353889 | 0.6 |
| 4008 | East West Bancorp, Inc. | 404728 | 0.1 |
| 148463 | Equitable Holdings, Inc. | 8328774 | 1.1 |
| 68491 | Essent Group Ltd. | 4159458 | 0.5 |
| 36646 <sup>(1)</sup> | Euronet Worldwide, Inc. | 3715172 | 0.5 |
| 18913 | Evercore, Inc. - Class A | 5106888 | 0.7 |
| 60150 | F.N.B. Corp. | 876987 | 0.1 |
| 8431 | Fidelity National Financial, Inc. | 472642 | 0.1 |
| 13626 | Globe Life, Inc. | 1693576 | 0.2 |
| 84528 | Hancock Whitney Corp. | 4851907 | 0.6 |
| 18507 | Hanover Insurance Group, Inc. | 3143784 | 0.4 |
| 21034 | Hartford Financial Services Group, Inc. | 2668584 | 0.4 |
| 49480 | Interactive Brokers Group, Inc. - Class A | 2741687 | 0.4 |
| 27580 | Janus Henderson Group PLC | 1071207 | 0.1 |
| 48735 | Kemper Corp. | 3145357 | 0.4 |
| 30087 | Loews Corp. | 2757774 | 0.4 |
| 3243 | LPL Financial Holdings, Inc. | 1216028 | 0.2 |
| 8498 | Morningstar, Inc. | 2667777 | 0.4 |
| 2443 | MSCI, Inc. | 1408976 | 0.2 |
| 146205 | Old Republic International Corp. | 5620120 | 0.7 |
| 42337 | OneMain Holdings, Inc. | 2413209 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 29276 | Popular, Inc. | $3226508 | 0.4 |
| 5896 | Primerica, Inc. | 1613558 | 0.2 |
| 56944 | Prosperity Bancshares, Inc. | 3999747 | 0.5 |
| 10891 | Reinsurance Group of America, Inc. | 2160339 | 0.3 |
| 1428 | RenaissanceRe Holdings Ltd. | 346861 | 0.0 |
| 205903 | Rithm Capital Corp. | 2324645 | 0.3 |
| 29878 | Ryan Specialty Holdings, Inc. | 2031405 | 0.3 |
| 19026 <sup>(1)(2)</sup> | Shift4 Payments, Inc. - Class A | 1885667 | 0.2 |
| 140340 | SLM Corp. | 4601749 | 0.6 |
| 59197 | SouthState Corp. | 5447900 | 0.7 |
| 3638 | Stifel Financial Corp. | 377552 | 0.1 |
| 53265 | Synchrony Financial | 3554906 | 0.5 |
| 106629 | Synovus Financial Corp. | 5518051 | 0.7 |
| 21476 <sup>(1)</sup> | Toast, Inc. - Class A | 951172 | 0.1 |
| 12916 | Tradeweb Markets, Inc. - Class A | 1890902 | 0.2 |
| 83383 | Unum Group | 6734011 | 0.9 |
| 33245 | Western Alliance Bancorp | 2592445 | 0.3 |
| 108744 | Zions Bancorp NA | 5648163 | 0.7 |
|  |  | **136988570** | **17.8** |
|  | **Health Care: 8.9%** |  |  |
| 1605 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | 523374 | 0.1 |
| 1291 | AmerisourceBergen Corp. | 387106 | 0.0 |
| 22261 <sup>(1)</sup> | Apellis Pharmaceuticals, Inc. | 385338 | 0.0 |
| 52393 <sup>(1)</sup> | BioMarin Pharmaceutical, Inc. | 2880043 | 0.4 |
| 9354 | Cardinal Health, Inc. | 1571472 | 0.2 |
| 33624 <sup>(1)</sup> | Centene Corp. | 1825111 | 0.2 |
| 62746 <sup>(1)</sup> | Doximity, Inc. - Class A | 3848840 | 0.5 |
| 117363 <sup>(1)</sup> | Exelixis, Inc. | 5172774 | 0.7 |
| 18519 <sup>(1)</sup> | Globus Medical, Inc. - Class A | 1092991 | 0.1 |
| 31242 <sup>(1)</sup> | Haemonetics Corp. | 2330966 | 0.3 |
| 52010 <sup>(1)</sup> | Halozyme Therapeutics, Inc. | 2705560 | 0.3 |
| 19217 <sup>(1)</sup> | HealthEquity, Inc. | 2013173 | 0.3 |
| 1481 | Humana, Inc. | 362075 | 0.0 |
| 53174 <sup>(1)</sup> | Illumina, Inc. | 5073331 | 0.7 |
| 25342 <sup>(1)</sup> | Incyte Corp. | 1725790 | 0.2 |
| 7883 <sup>(1)</sup> | Inspire Medical Systems, Inc. | 1022977 | 0.1 |
| 3906 <sup>(1)</sup> | Insulet Corp. | 1227187 | 0.2 |
| 31736 <sup>(1)</sup> | Jazz Pharmaceuticals PLC | 3367824 | 0.4 |
| 33181 <sup>(1)</sup> | Lantheus Holdings, Inc. | 2716197 | 0.4 |
| 60727 <sup>(1)</sup> | LivaNova PLC | 2733930 | 0.4 |
| 6363 <sup>(1)</sup> | Medpace Holdings, Inc. | 1997091 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX PLUS MIDCAP PORTFOLIO</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 1753 <sup>(1)</sup> | Molina Healthcare, Inc. | $522219 | 0.1 |
| 7642 <sup>(1)</sup> | Natera, Inc. | 1291040 | 0.2 |
| 42087 <sup>(1)</sup> | Neurocrine Biosciences, Inc. | 5289915 | 0.7 |
| 40317 <sup>(1)</sup> | Option Care Health, Inc. | 1309496 | 0.2 |
| 8897 <sup>(1)</sup> | Penumbra, Inc. | 2283237 | 0.3 |
| 42318 <sup>(1)</sup> | Sarepta Therapeutics, Inc. | 723638 | 0.1 |
| 31075 <sup>(1)</sup> | Tenet Healthcare Corp. | 5469200 | 0.7 |
| 17134 <sup>(1)</sup> | United Therapeutics Corp. | 4923455 | 0.6 |
| 5883 <sup>(1)</sup> | Veeva Systems, Inc. - Class A | 1694186 | 0.2 |
|  |  | **68469536** | **8.9** |
|  | **Industrials: 22.4%** |  |  |
| 20048 | Acuity Brands, Inc. | 5981120 | 0.8 |
| 66021 | AECOM | 7451130 | 1 |
| 7218 <sup>(1)</sup> | Alaska Air Group, Inc. | 357147 | 0 |
| 5971 | Allison Transmission Holdings, Inc. | 567185 | 0.1 |
| 262795 <sup>(1)</sup> | American Airlines Group, Inc. | 2948560 | 0.4 |
| 9564 | AMETEK, Inc. | 1730701 | 0.2 |
| 22702 | Applied Industrial Technologies, Inc. | 5277080 | 0.7 |
| 29411 <sup>(1)</sup> | ATI, Inc. | 2539346 | 0.3 |
| 2628 | BWX Technologies, Inc. | 378590 | 0 |
| 14198 | Carlisle Cos., Inc. | 5301533 | 0.7 |
| 11797 <sup>(1)</sup> | Chart Industries, Inc. | 1942376 | 0.3 |
| 250483 <sup>(1)</sup> | Clarivate PLC | 1077077 | 0.1 |
| 10987 <sup>(1)</sup> | Clean Harbors, Inc. | 2539975 | 0.3 |
| 2560 | Comfort Systems USA, Inc. | 1372698 | 0.2 |
| 16701 | Concentrix Corp. | 882731 | 0.1 |
| 113542 <sup>(1)</sup> | Core & Main, Inc. - Class A | 6852260 | 0.9 |
| 16936 | Curtiss-Wright Corp. | 8274083 | 1.1 |
| 35593 | Delta Air Lines, Inc. | 1750464 | 0.2 |
| 77168 | Donaldson Co., Inc. | 5351601 | 0.7 |
| 16136 | EMCOR Group, Inc. | 8630985 | 1.1 |
| 6059 | Equifax, Inc. | 1571523 | 0.2 |
| 10886 | Esab Corp. | 1312307 | 0.2 |
| 39619 <sup>(1)</sup> | ExlService Holdings, Inc. | 1734916 | 0.2 |
| 34421 | Flowserve Corp. | 1801939 | 0.2 |
| 56382 <sup>(1)</sup> | Fluor Corp. | 2890705 | 0.4 |
| 35778 | Fortive Corp. | 1865107 | 0.2 |
| 6853 <sup>(1)</sup> | FTI Consulting, Inc. | 1106759 | 0.1 |
| 17821 <sup>(1)</sup> | Gates Industrial Corp. PLC | 410418 | 0.1 |
| 84481 | Genpact Ltd. | 3718009 | 0.5 |
| 4579 | Graco, Inc. | 393657 | 0.1 |
| 59704 | Hexcel Corp. | 3372679 | 0.4 |
| 31492 | Ingersoll Rand, Inc. | 2619505 | 0.3 |
| 18398 | ITT, Inc. | 2885358 | 0.4 |
| 36026 <sup>(1)</sup> | Kirby Corp. | 4085709 | 0.5 |
| 14018 | Leidos Holdings, Inc. | 2211480 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Industrials: (continued)** |  |  |  |
| 160216 <sup>(1)</sup> | Lyft, Inc. - Class A | $| 2525004 | 0.3 |
| 30818 <sup>(1)</sup> | MasTec, Inc. |  | 5252312 | 0.7 |
| 16602 | MSA Safety, Inc. |  | 2781333 | 0.4 |
| 4505 | MSC Industrial Direct Co., Inc. - Class A |  | 383015 | 0.1 |
| 60731 <sup>(1)</sup> | Nextracker, Inc. - Class A |  | 3301944 | 0.4 |
| 82681 | nVent Electric PLC |  | 6056383 | 0.8 |
| 42776 | Owens Corning |  | 5882555 | 0.8 |
| 14142 <sup>(1)</sup> | Paylocity Holding Corp. |  | 2562389 | 0.3 |
| 4067 | Pentair PLC |  | 417518 | 0.1 |
| 16401 | RB Global, Inc. |  | 1741622 | 0.2 |
| 28933 | Regal Rexnord Corp. |  | 4194128 | 0.5 |
| 31845 | Ryder System, Inc. |  | 5063355 | 0.7 |
| 52617 | Schneider National, Inc. - Class B |  | 1270700 | 0.2 |
| 41248 | Sensata Technologies Holding PLC |  | 1241977 | 0.2 |
| 29216 | SS&C Technologies Holdings, Inc. |  | 2419085 | 0.3 |
| 23335 | Terex Corp. |  | 1089511 | 0.1 |
| 11461 | TransUnion |  | 1008568 | 0.1 |
| 26258 <sup>(1)</sup> | U-Haul Holding Co. |  | 1590184 | 0.2 |
| 22901 <sup>(1)</sup> | United Airlines Holdings, Inc. |  | 1823607 | 0.2 |
| 15296 | Vertiv Holdings Co. - Class A |  | 1964159 | 0.3 |
| 5347 | Watsco, Inc. |  | 2361342 | 0.3 |
| 21682 | Watts Water Technologies, Inc. - Class A |  | 5331387 | 0.7 |
| 27209 | WESCO International, Inc. |  | 5039107 | 0.7 |
| 11397 | Westinghouse Air Brake Technologies Corp. |  | 2385962 | 0.3 |
| 1718 | Woodward, Inc. |  | 421065 | 0.1 |
| 3396 <sup>(1)</sup> | XPO, Inc. |  | 428881 | 0.1 |
|  |  |  | **171723806** | **22.4** |
|  | **Information Technology: 11.3%** | **Information Technology: 11.3%** | **Information Technology: 11.3%** |  |
| 10910 <sup>(1)</sup> | Arrow Electronics, Inc. |  | 1390261 | 0.2 |
| 72070 | Avnet, Inc. |  | 3825476 | 0.5 |
| 31243 <sup>(1)</sup> | BILL Holdings, Inc. |  | 1445301 | 0.2 |
| 55575 <sup>(1)</sup> | Ciena Corp. |  | 4519915 | 0.6 |
| 28206 <sup>(1)</sup> | Cirrus Logic, Inc. |  | 2940616 | 0.4 |
| 27355 <sup>(1)</sup> | Coherent Corp. |  | 2440340 | 0.3 |
| 5262 <sup>(1)</sup> | CommVault Systems, Inc. |  | 917324 | 0.1 |
| 8730 <sup>(1)</sup> | Datadog, Inc. - Class A |  | 1172701 | 0.2 |
| 55736 <sup>(1)</sup> | DocuSign, Inc. |  | 4341277 | 0.6 |
| 78453 <sup>(1)</sup> | Dropbox, Inc. - Class A |  | 2243756 | 0.3 |
| 66642 <sup>(1)</sup> | DXC Technology Co. |  | 1018956 | 0.1 |
| 89875 <sup>(1)</sup> | Dynatrace, Inc. |  | 4961999 | 0.6 |
| 11362 <sup>(1)</sup> | F5, Inc. |  | 3344064 | 0.4 |
| 12667 <sup>(1)</sup> | Fannie Mae |  | 3732712 | 0.5 |
| 129545 <sup>(1)</sup> | Flex Ltd. |  | 6466886 | 0.8 |
| 17826 <sup>(1)</sup> | Guidewire Software, Inc. |  | 4197132 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX PLUS MIDCAP PORTFOLIO</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 115465 | Hewlett Packard Enterprise Co. | $2361259 | 0.3 |
| 1252 <sup>(1)</sup> | HubSpot, Inc. | 696901 | 0.1 |
| 73495 <sup>(1)</sup> | Kyndryl Holdings, Inc. | 3083850 | 0.4 |
| 11905 <sup>(1)</sup> | Manhattan Associates, Inc. | 2350880 | 0.3 |
| 1811 | Monolithic Power Systems, Inc. | 1324529 | 0.2 |
| 20032 | NetApp, Inc. | 2134410 | 0.3 |
| 17759 <sup>(1)</sup> | Nutanix, Inc. - Class A | 1357498 | 0.2 |
| 42512 <sup>(1)</sup> | Okta, Inc. | 4249925 | 0.6 |
| 8268 <sup>(1)</sup> | Onto Innovation, Inc. | 834489 | 0.1 |
| 131135 <sup>(1)</sup> | Pure Storage, Inc. - Class A | 7550753 | 1 |
| 11926 <sup>(1)</sup> | Ralliant Corp. | 578292 | 0.1 |
| 72247 <sup>(1)</sup> | Rambus, Inc. | 4625253 | 0.6 |
| 23901 <sup>(1)</sup> | Samsara, Inc. - Class A | 950782 | 0.1 |
| 12850 <sup>(1)</sup> | Silicon Laboratories, Inc. | 1893576 | 0.2 |
| 5431 <sup>(1)</sup> | Synaptics, Inc. | 352037 | 0 |
| 18693 | TD SYNNEX Corp. | 2536640 | 0.3 |
| 7110 <sup>(1)</sup> | Zoom Video Communications, Inc. - Class A | 554438 | 0.1 |
|  |  | **86394228** | **11.3** |
|  | **Materials: 5.0%** |  |  |
| 88245 | Alcoa Corp. | 2604110 | 0.3 |
| 34242 | AptarGroup, Inc. | 5356476 | 0.7 |
| 11099 | Avient Corp. | 358609 | 0 |
| 101171 <sup>(1)</sup> | Axalta Coating Systems Ltd. | 3003767 | 0.4 |
| 9115 | Cabot Corp. | 683625 | 0.1 |
| 15501 | Carpenter Technology Corp. | 4284166 | 0.6 |
| 66446 | Commercial Metals Co. | 3249874 | 0.4 |
| 29976 | DuPont de Nemours, Inc. | 2056054 | 0.3 |
| 8420 | Eastman Chemical Co. | 628637 | 0.1 |
| 78326 | Element Solutions, Inc. | 1774084 | 0.2 |
| 1995 | Reliance Steel & Aluminum Co. | 626230 | 0.1 |
| 34474 | Royal Gold, Inc. | 6130856 | 0.8 |
| 59259 | RPM International, Inc. | 6509009 | 0.8 |
| 7138 | Silgan Holdings, Inc. | 386737 | 0.1 |
| 10029 | Smurfit WestRock PLC | 432751 | 0.1 |
|  |  | **38084985** | **5.0** |
|  | **Real Estate: 7.2%** |  |  |
| 105252 | American Homes 4 Rent - Class A | 3796440 | 0.5 |
| 208759 | Brixmor Property Group, Inc. | 5436084 | 0.7 |
| 8710 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 1220445 | 0.2 |
| 144978 | COPT Defense Properties | 3998493 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | |  |
|  | **Real Estate: (continued)** |  |  |
| 79209 | Cousins Properties, Inc. | $2378646 | 0.3 |
| 8843 | Digital Realty Trust, Inc. | 1541600 | 0.2 |
| 67297 | EPR Properties | 3920723 | 0.5 |
| 97717 | First Industrial Realty Trust, Inc. | 4703119 | 0.6 |
| 130759 | Gaming and Leisure Properties, Inc. | 6103830 | 0.8 |
| 126331 | Host Hotels & Resorts, Inc. | 1940444 | 0.3 |
| 22668 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | 5798021 | 0.8 |
| 125059 | National Retail Properties, Inc. | 5400048 | 0.7 |
| 164619 | Park Hotels & Resorts, Inc. | 1684053 | 0.2 |
| 211502 | Sabra Health Care REIT, Inc. | 3900097 | 0.5 |
| 7142 | Simon Property Group, Inc. | 1148148 | 0.2 |
| 50252 | STAG Industrial, Inc. | 1823143 | 0.2 |
| 6054 | WP Carey, Inc. | 377649 | 0.0 |
|  |  | **55170983** | **7.2** |
|  | **Utilities: 3.1%** |  |  |
| 56962 | Black Hills Corp. | 3195568 | 0.4 |
| 27266 | Edison International | 1406925 | 0.2 |
| 68256 | National Fuel Gas Co. | 5781966 | 0.8 |
| 62192 | NorthWestern Corp. | 3190450 | 0.4 |
| 62579 | OGE Energy Corp. | 2777256 | 0.4 |
| 36398 | ONE Gas, Inc. | 2615560 | 0.3 |
| 77299 | PG&E Corp. | 1077548 | 0.1 |
| 10547 | Portland General Electric Co. | 428525 | 0.1 |
| 90916 | UGI Corp. | 3311161 | 0.4 |
|  |  | **23784959** | **3.1** |
|  | Total Common Stock <br> (Cost $712,739,571) | **760838453** | **99.2** |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX PLUS MIDCAP PORTFOLIO</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** |
|  | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** |  |
| 1000000 <sup>(3)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $1,000,123, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $1,016,993, due 07/15/26-02/15/54) | $1000000 | 0.1 |
| 183826 <sup>(3)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 06/30/2025, 4.400%, due 07/01/2025 (Repurchase Amount $183,848, collateralized by various U.S. Government Securities, 4.750%, Market Value plus accrued interest $187,503, due 05/15/55) | 183826 | 0 |
|  | Total Repurchase Agreements <br> (Cost $1,183,826) | **1183826** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 0.9%** |  |  |
| 6720000 <sup>(4)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $6,720,000) | $**6720000** | **0.9** |
|  | Total Short-Term Investments<br> (Cost $7,903,826) | **7903826** | **1.0** |
|  | **Total Investments in Securities <br> (Cost $720,643,397)** | $**768742279** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(1256717)** | **(0.2)** |
|  | **Net Assets** | $**767485562** | **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 June 30, 2025. |

---

See Accompanying Notes to Financial Statements

Voya Index Plus MidCap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical <br> Investments <br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table Investments, at fair value** |  |  |  |  |
| Common Stock\* | $760838453 | $— | $— | $760838453 |
| Short-Term Investments | 6720000 | 1183826 |  | 7903826 |
| Total Investments, at fair value | $767558453 | $1183826 | $— | $768742279 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 131926 |  |  | 131926 |
| Total Assets | $767690379 | $1183826 | $— | $768874205 |

---

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

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

---

| | |
|:---|:---|
| + | 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. |

---

At June 30, 2025, the following futures contracts were outstanding for Voya Index Plus MidCap Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P Mid 400 E-Mini Index | 18 | 09/19/25 | $5625900 | $131926 |
|  |  |  | $5625900 | $131926 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments Asset Derivatives** | **Location on Statement <u><br> of Assets and Liabilities</u>**  | **Fair Value** |
| Equity contracts | Variation margin receivable on futures contracts\* | $131926 |
| **Total Asset Derivatives** |  | $131926 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $682186 |
| **Total** | $682186 |

---

See Accompanying Notes to Financial Statements

Voya Index Plus MidCap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $172515 |
| **Total** | $**172515** |

---

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

Cost for U.S. federal income tax purposes was $722,123,759.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $82141258 |
| Gross Unrealized Depreciation | (35390812) |
| Net Unrealized Appreciation | $46750446 |

---

See Accompanying Notes to Financial Statements

Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** |  |  |
|  | **Communication Services: 2.9%** |  |  |
| 15972 | ATN International, Inc. | $259545 | 0.1 |
| 32887 <sup>(1)</sup> | Bandwidth, Inc. - Class A | 522903 | 0.1 |
| 2185 | Cable One, Inc. | 296745 | 0.1 |
| 24126<sup>(1)</sup> | Cars.com, Inc. | 285893 | 0.1 |
| 70031<sup>(1)</sup> | Eventbrite, Inc. - Class A | 184182 | 0.0 |
| 7011<sup>(1)</sup> | EverQuote, Inc. - Class A | 169526 | 0.0 |
| 150597<sup>(1)</sup> | iHeartMedia, Inc. - Class A | 265051 | 0.1 |
| 26155<sup>(1)</sup> | Integral Ad Science Holding Corp. | 217348 | 0.1 |
| 15906 | Iridium Communications, Inc. | 479884 | 0.1 |
| 5110 | John Wiley & Sons, Inc. - Class A | 228059 | 0.1 |
| 277964<sup>(1)</sup> | Lumen Technologies, Inc. | 1217482 | 0.3 |
| 90072 | National CineMedia, Inc. | 436399 | 0.1 |
| 11342 | New York Times Co. - Class A | 634925 | 0.2 |
| 15042<sup>(1)</sup> | QuinStreet, Inc. | 242176 | 0.1 |
| 169190<sup>(1)</sup> | Taboola.com Ltd. | 619235 | 0.2 |
| 40420 | Telephone and Data Systems, Inc. | 1438144 | 0.4 |
| 26501<sup>(1)</sup> | Thryv Holdings, Inc. | 322252 | 0.1 |
| 65952<sup>(1)</sup> | TripAdvisor, Inc. | 860674 | 0.2 |
| 48849<sup>(1)</sup> | Yelp, Inc. | 1674055 | 0.5 |
|  |  | **10354478** | **2.9** |
|  | **Consumer Discretionary: 12.2%** |  |  |
| 7585 | Academy Sports & Outdoors, Inc. | 339884 | 0.1 |
| 19551<sup>(1)</sup> | Adtalem Global Education, Inc. | 2487474 | 0.7 |
| 254250<sup>(1)</sup> | American Axle & Manufacturing Holdings, Inc. | 1037340 | 0.3 |
| 134171 <sup>(2)</sup> | American Eagle Outfitters, Inc. | 1290725 | 0.4 |
| 8066<sup>(1)</sup> | America's Car-Mart, Inc. | 452019 | 0.1 |
| 1104<sup>(1)</sup> | Asbury Automotive Group, Inc. | 263348 | 0.1 |
| 187252<sup>(1)</sup> | BARK, Inc. | 164688 | 0.0 |
| 1070<sup>(1)</sup> | Boot Barn Holdings, Inc. | 162640 | 0.0 |
| 34271 | BorgWarner, Inc. | 1147393 | 0.3 |
| 6283<sup>(1)</sup> | Brinker International, Inc. | 1133013 | 0.3 |
| 10371 | Carriage Services, Inc. | 474370 | 0.1 |
| 3275<sup>(1)</sup> | Cavco Industries, Inc. | 1422758 | 0.4 |
| 10816 <sup>(2)</sup> | Cheesecake Factory, Inc. | 677731 | 0.2 |
| 2003<sup>(1)</sup> | Crocs, Inc. | 202864 | 0.1 |
| 87187 | Dana, Inc. | 1495257 | 0.4 |
| 14449 | Dine Brands Global, Inc. | 351544 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |  |
| 7955 <sup>(1)</sup> | Dorman Products, Inc. | $975840 | 0.3 |
| 6648 <sup>(1)(2)</sup> | Etsy, Inc. | 333464 | 0.1 |
| 70413 <sup>(1)</sup> | European Wax Center, Inc. - Class A | 396425 | 0.1 |
| 22190 <sup>(1)</sup> | Foot Locker, Inc. | 543655 | 0.1 |
| 34480 <sup>(1)</sup> | Frontdoor, Inc. | 2032251 | 0.6 |
| 19288 <sup>(1)</sup> | Genius Sports Ltd. | 200595 | 0.0 |
| 10176 <sup>(1)(2)</sup> | GigaCloud Technology, Inc. - Class A | 201281 | 0.1 |
| 41681 <sup>(1)</sup> | G-III Apparel Group Ltd. | 933654 | 0.3 |
| 2164 <sup>(1)</sup> | Grand Canyon Education, Inc. | 408996 | 0.1 |
| 540 | Group 1 Automotive, Inc. | 235823 | 0.1 |
| 37929 <sup>(2)</sup> | Guess, Inc. | 458562 | 0.1 |
| 3328 | Installed Building Products, Inc. | 600105 | 0.2 |
| 25801 | International Game Technology PLC | 407914 | 0.1 |
| 20314 | Kontoor Brands, Inc. | 1340115 | 0.4 |
| 17663 <sup>(1)</sup> | M/I Homes, Inc. | 1980376 | 0.5 |
| 2602 | Meritage Homes Corp. | 174256 | 0.0 |
| 19971 | Monarch Casino & Resort, Inc. | 1726293 | 0.5 |
| 4733 | Nathan's Famous, Inc. | 523375 | 0.1 |
| 8510 | OneSpaWorld Holdings Ltd. | 173519 | 0.0 |
| 41577 | Perdoceo Education Corp. | 1359152 | 0.4 |
| 14044 | Phinia, Inc. | 624818 | 0.2 |
| 3058 | PVH Corp. | 209779 | 0.1 |
| 1947 | Ralph Lauren Corp. | 534023 | 0.1 |
| 21339 | Rent-A-Center, Inc. | 535609 | 0.1 |
| 12511 | Rocky Brands, Inc. | 277619 | 0.1 |
| 23868 <sup>(1)</sup> | Rush Street Interactive, Inc. | 355633 | 0.1 |
| 124954 <sup>(1)</sup> | Sabre Corp. | 394855 | 0.1 |
| 34278 <sup>(1)</sup> | Sally Beauty Holdings, Inc. | 317414 | 0.1 |
| 13989 <sup>(1)</sup> | Shake Shack, Inc. - Class A | 1966853 | 0.5 |
| 30591 | Shoe Carnival, Inc. | 572358 | 0.2 |
| 2783 <sup>(1)</sup> | Skyline Champion Corp. | 174244 | 0.0 |
| 3252 | Sonic Automotive, Inc. - Class A | 259932 | 0.1 |
| 28438 | Standard Motor Products, Inc. | 873615 | 0.2 |
| 33692 | Steven Madden Ltd. | 807934 | 0.2 |
| 1993 | Strategic Education, Inc. | 169664 | 0.0 |
| 17217 <sup>(1)</sup> | Stride, Inc. | 2499736 | 0.7 |
| 2326 | Tapestry, Inc. | 204246 | 0.1 |
| 63420 <sup>(1)</sup> | Tri Pointe Homes, Inc. | 2026269 | 0.6 |
| 34212 <sup>(1)</sup> | Urban Outfitters, Inc. | 2481739 | 0.7 |
| 14707 <sup>(1)</sup> | Warby Parker, Inc. - Class A | 322525 | 0.1 |
| 32408 | Wendy's Co. | 370099 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |  |
| 6483 | Weyco Group, Inc. | $214976 | 0.1 |
|  |  | **44302639** | **12.2** |
|  | **Consumer Staples: 3.2%** |  |  |
| 24607 | Andersons, Inc. | 904307 | 0.2 |
| 8209 <sup>(1)</sup> | BellRing Brands, Inc. | 475547 | 0.1 |
| 1712 | Cal-Maine Foods, Inc. | 170567 | 0.0 |
| 7462 <sup>(1)</sup> | Central Garden & Pet Co. | 262513 | 0.1 |
| 13985 <sup>(1)</sup> | Chefs' Warehouse, Inc. | 892383 | 0.2 |
| 1953 | Coca-Cola Consolidated, Inc. | 218052 | 0.1 |
| 16363 | Dole PLC | 228918 | 0.1 |
| 41343 | Edgewell Personal Care Co. | 967840 | 0.3 |
| 18427 | Fresh Del Monte Produce, Inc. | 597403 | 0.2 |
| 29892 <sup>(1)</sup> | Honest Co., Inc. | 152150 | 0.0 |
| 7265 <sup>(1)</sup> | National Beverage Corp. | 314139 | 0.1 |
| 14258 <sup>(1)</sup> | Nature's Sunshine Products, Inc. | 210876 | 0.1 |
| 8487 | PriceSmart, Inc. | 891474 | 0.2 |
| 54158 <sup>(1)</sup> | Simply Good Foods Co. | 1710851 | 0.5 |
| 9034 | SpartanNash Co. | 239311 | 0.1 |
| 11167 | Turning Point Brands, Inc. | 846124 | 0.2 |
| 29501 <sup>(1)</sup> | United Natural Foods, Inc. | 687668 | 0.2 |
| 14707 | Universal Corp. | 856536 | 0.2 |
| 7871 <sup>(1)</sup> | US Foods Holding Corp. | 606146 | 0.2 |
| 1056 | WD-40 Co. | 240863 | 0.1 |
|  |  | **11473668** | **3.2** |
|  | **Energy: 3.9%** |  |  |
| 10042 <sup>(1)</sup> | Antero Resources Corp. | 404492 | 0.1 |
| 55311 | Berry Corp. | 153212 | 0.0 |
| 14846 <sup>(1)</sup> | Bristow Group, Inc. | 489473 | 0.1 |
| 33121 | California Resources Corp. | 1512636 | 0.4 |
| 125732 | Crescent Energy Co. - Class A | 1081295 | 0.3 |
| 10188 | Excelerate Energy, Inc. - Class A | 298712 | 0.1 |
| 28418 <sup>(1)</sup> | Forum Energy Technologies, Inc. | 553298 | 0.2 |
| 160005 <sup>(1)</sup> | Helix Energy Solutions Group, Inc. | 998431 | 0.3 |
| 74277 | Liberty Energy, Inc. | 852700 | 0.2 |
| 7005 | Magnolia Oil & Gas Corp. - Class A | 157472 | 0.0 |
| 5541 | Northern Oil and Gas, Inc. | 157087 | 0.0 |
| 7693 <sup>(1)</sup> | Oceaneering International, Inc. | 159399 | 0.1 |
| 8622 <sup>(1)</sup> | Par Pacific Holdings, Inc. | 228742 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 247154 | Patterson-UTI Energy, Inc. | $1465623 | 0.4 |
| 62207 | Peabody Energy Corp. | 834818 | 0.2 |
| 127906 <sup>(1)</sup> | ProPetro Holding Corp. | 763599 | 0.2 |
| 6499 | Riley Exploration Permian, Inc. | 170469 | 0.1 |
| 66063 | SM Energy Co. | 1632417 | 0.5 |
| 30489 <sup>(1)</sup> | Vital Energy, Inc. | 490568 | 0.1 |
| 58352 | World Fuel Services Corp. | 1654279 | 0.5 |
|  |  | **14058722** | **3.9** |
|  | **Financials: 19.9%** |  |  |
| 102420 | AG Mortgage Investment Trust, Inc. | 773271 | 0.2 |
| 28482 | Angel Oak Mortgage REIT, Inc. | 268300 | 0.1 |
| 38955 | Artisan Partners Asset Management, Inc. - Class A | 1726875 | 0.5 |
| 7296 <sup>(1)</sup> | Atlanticus Holdings Corp. | 399456 | 0.1 |
| 29616 | Banner Corp. | 1899866 | 0.5 |
| 67837 | Berkshire Hills Bancorp, Inc. | 1698638 | 0.5 |
| 206912 | BGC Group, Inc. - Class A | 2116710 | 0.6 |
| 23614 | Blue Owl Capital, Inc. | 453625 | 0.1 |
| 18806 | Bread Financial Holdings, Inc. | 1074199 | 0.3 |
| 33246 | Brightsphere Investment Group, Inc. | 1171589 | 0.3 |
| 228739 | Capitol Federal Financial, Inc. | 1395308 | 0.4 |
| 35461 | Central Pacific Financial Corp. | 993972 | 0.3 |
| 13266 | Chimera Investment Corp. | 183999 | 0.0 |
| 7896 <sup>(2)</sup> | CNB Financial Corp. | 180503 | 0.0 |
| 24498 <sup>(1)</sup> | Consumer Portfolio Services, Inc. | 240815 | 0.1 |
| 16367 <sup>(1)</sup> | Customers Bancorp, Inc. | 961398 | 0.3 |
| 12123 <sup>(1)</sup> | Donnelley Financial Solutions, Inc. | 747383 | 0.2 |
| 8970 | Eagle Bancorp, Inc. | 174736 | 0.0 |
| 13132 <sup>(2)</sup> | Ellington Financial, Inc. | 170585 | 0.0 |
| 22740 | Enact Holdings, Inc. | 844791 | 0.2 |
| 12670 <sup>(1)</sup> | Encore Capital Group, Inc. | 490456 | 0.1 |
| 20808 <sup>(1)</sup> | Enova International, Inc. | 2320508 | 0.6 |
| 5836 <sup>(1)</sup> | Euronet Worldwide, Inc. | 591654 | 0.2 |
| 1374 | Evercore, Inc. - Class A | 371007 | 0.1 |
| 83747 <sup>(1)</sup> | EZCORP, Inc. - Class A | 1162408 | 0.3 |
| 115273 | First BanCorp/Puerto Rico | 2401137 | 0.7 |

---

See Accompanying Notes to Financial Statements

Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 16778 | First Financial Bancorp | $407034 | 0.1 |
| 6817 | First Financial Corp. | 369413 | 0.1 |
| 108629 <sup>(2)</sup> | Franklin BSP Realty Trust, Inc. | 1161244 | 0.3 |
| 11698 | Fulton Financial Corp. | 211032 | 0.1 |
| 3761 | Globe Life, Inc. | 467455 | 0.1 |
| 3997 | Goosehead Insurance, Inc. - Class A | 421723 | 0.1 |
| 24800 <sup>(1)</sup> | Hamilton Insurance Group Ltd. - Class B | 536176 | 0.1 |
| 13153 | Hancock Whitney Corp. | 754982 | 0.2 |
| 38428 | Hanmi Financial Corp. | 948403 | 0.3 |
| 6804 | HCI Group, Inc. | 1035569 | 0.3 |
| 42449 | Heritage Financial Corp. | 1011984 | 0.3 |
| 10983 <sup>(1)</sup> | Heritage Insurance Holdings, Inc. | 273916 | 0.1 |
| 7580 <sup>(1)</sup> | Hippo Holdings, Inc. | 211709 | 0.1 |
| 51455 | Hope Bancorp, Inc. | 552112 | 0.2 |
| 31876 | Horace Mann Educators Corp. | 1369712 | 0.4 |
| 20112 | Independent Bank Corp. Michigan | 651830 | 0.2 |
| 4953 | Jackson Financial, Inc. - Class A | 439777 | 0.1 |
| 146524 | KKR Real Estate Finance Trust, Inc. | 1285015 | 0.4 |
| 37230 <sup>(1)</sup> | LendingClub Corp. | 447877 | 0.1 |
| 27031 | Lincoln National Corp. | 935273 | 0.3 |
| 13329 | Midland States Bancorp, Inc. | 230858 | 0.1 |
| 17078 <sup>(1)</sup> | Mr Cooper Group, Inc. | 2548208 | 0.7 |
| 67921 | Navient Corp. | 957686 | 0.3 |
| 16830 | NBT Bancorp, Inc. | 699287 | 0.2 |
| 24668 | New York Mortgage Trust, Inc. | 165276 | 0.0 |
| 56250 <sup>(1)</sup> | NMI Holdings, Inc. - Class A | 2373188 | 0.7 |
| 25174 | OceanFirst Financial Corp. | 443314 | 0.1 |
| 43150 | OFG Bancorp | 1846820 | 0.5 |
| 8981 | OneMain Holdings, Inc. | 511917 | 0.1 |
| 25970 | Pacific Premier Bancorp, Inc. | 547707 | 0.2 |
| 3598 <sup>(1)</sup> | Palomar Holdings, Inc. | 554992 | 0.2 |
| 3475 | Pathward Financial, Inc. | 274942 | 0.1 |
| 196875 <sup>(1)</sup> | Payoneer Global, Inc. | 1348594 | 0.4 |
| 8581 | Piper Sandler Cos. | 2385003 | 0.7 |
| 11010 | PJT Partners, Inc. - Class A | 1816760 | 0.5 |
| 3489 | Popular, Inc. | 384523 | 0.1 |
| 30566 | Radian Group, Inc. | 1100987 | 0.3 |
| 4727 | Red River Bancshares, Inc. | 277475 | 0.1 |
| 13212 | Regional Management Corp. | 385923 | 0.1 |
| 38883 | Rithm Capital Corp. | 438989 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 34917 | Riverview Bancorp, Inc. | $192043 | 0.1 |
| 21668 | S&T Bancorp, Inc. | 819484 | 0.2 |
| 10862 | Sierra Bancorp | 322493 | 0.1 |
| 28539 | Southside Bancshares, Inc. | 839903 | 0.2 |
| 5392 <sup>(1)</sup> | StoneX Group, Inc. | 491427 | 0.1 |
| 2791 | Tompkins Financial Corp. | 175079 | 0.0 |
| 69618 | TPG RE Finance Trust, Inc. | 537451 | 0.1 |
| 29809 | TrustCo Bank Corp. NY | 996217 | 0.3 |
| 114942 <sup>(2)</sup> | Two Harbors Investment Corp. | 1237925 | 0.3 |
| 50965 | United Community Banks, Inc. | 1518247 | 0.4 |
| 29838 | United Fire Group, Inc. | 856351 | 0.2 |
| 36074 | Universal Insurance Holdings, Inc. | 1000332 | 0.3 |
| 9178 | Unum Group | 741215 | 0.2 |
| 13591 <sup>(1)</sup> | Velocity Financial, Inc. | 251977 | 0.1 |
| 6073 | Virtus Investment Partners, Inc. | 1101642 | 0.3 |
| 32745 | Westamerica BanCorp | 1586168 | 0.4 |
| 155903 | WisdomTree, Inc. | 1794444 | 0.5 |
|  |  | **72060272** | **19.9** |
|  | **Health Care: 10.3%** |  |  |
| 19918 <sup>(1)</sup> | 10X Genomics, Inc. - Class A | 230651 | 0.1 |
| 38715 <sup>(1)</sup> | ACADIA Pharmaceuticals, Inc. | 835083 | 0.2 |
| 13114 <sup>(1)</sup> | Addus HomeCare Corp. | 1510602 | 0.4 |
| 70021 <sup>(1)</sup> | ADMA Biologics, Inc. | 1275082 | 0.3 |
| 48071 <sup>(1)</sup> | Alkermes PLC | 1375311 | 0.4 |
| 20694 <sup>(1)</sup> | Alphatec Holdings, Inc. | 229703 | 0.1 |
| 47182 <sup>(1)</sup> | Amicus Therapeutics, Inc. | 270353 | 0.1 |
| 17808 <sup>(1)</sup> | AMN Healthcare Services, Inc. | 368091 | 0.1 |
| 7534 <sup>(1)</sup> | Amphastar Pharmaceuticals, Inc. | 172981 | 0.0 |
| 3785 <sup>(1)</sup> | ANI Pharmaceuticals, Inc. | 246971 | 0.1 |
| 26987 <sup>(1)</sup> | Arcus Biosciences, Inc. | 219674 | 0.1 |
| 26278 <sup>(1)</sup> | Ardent Health Partners, Inc. | 358958 | 0.1 |
| 20655 <sup>(1)</sup> | Arrowhead Pharmaceuticals, Inc. | 326349 | 0.1 |
| 32486 <sup>(1)</sup> | Aurinia Pharmaceuticals, Inc. | 275156 | 0.1 |
| 26638 <sup>(1)</sup> | Bioventus, Inc. - Class A | 176344 | 0.0 |
| 33007 <sup>(1)</sup> | Catalyst Pharmaceuticals, Inc. | 716252 | 0.2 |
| 23255 | CONMED Corp. | 1211120 | 0.3 |
| 20478 <sup>(1)</sup> | Corcept Therapeutics, Inc. | 1503085 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 5189 <sup>(1)</sup> | Doximity, Inc. - Class A | $318293 | 0.1 |
| 13460 <sup>(1)</sup> | Electromed, Inc. | 295985 | 0.1 |
| 15819 | Embecta Corp. | 153286 | 0.0 |
| 7129 <sup>(1)</sup> | Exelixis, Inc. | 314211 | 0.1 |
| 2179 <sup>(1)</sup> | GeneDx Holdings Corp. | 201144 | 0.1 |
| 6183 <sup>(1)</sup> | Glaukos Corp. | 638642 | 0.2 |
| 21597 <sup>(1)</sup> | Harmony Biosciences Holdings, Inc. | 682465 | 0.2 |
| 17583 | HealthStream, Inc. | 486522 | 0.1 |
| 4352 <sup>(1)</sup> | Insmed, Inc. | 437985 | 0.1 |
| 11973 <sup>(1)</sup> | Inspire Medical Systems, Inc. | 1553736 | 0.4 |
| 11880 <sup>(1)</sup> | Integer Holdings Corp. | 1460884 | 0.4 |
| 9151 | iRadimed Corp. | 547138 | 0.1 |
| 1627 <sup>(1)</sup> | Jazz Pharmaceuticals PLC | 172657 | 0.0 |
| 20056 <sup>(1)</sup> | Kiniksa Pharmaceuticals International PLC | 554950 | 0.2 |
| 1840 <sup>(1)</sup> | Krystal Biotech, Inc. | 252926 | 0.1 |
| 5262 <sup>(1)</sup> | Lantheus Holdings, Inc. | 430747 | 0.1 |
| 15513 | LeMaitre Vascular, Inc. | 1288355 | 0.4 |
| 14170 <sup>(1)</sup> | LivaNova PLC | 637933 | 0.2 |
| 28583 <sup>(1)</sup> | Merit Medical Systems, Inc. | 2671939 | 0.7 |
| 47358 <sup>(1)</sup> | Myriad Genetics, Inc. | 251471 | 0.1 |
| 5185 | National HealthCare Corp. | 554847 | 0.2 |
| 6122 <sup>(1)</sup> | Omnicell, Inc. | 179987 | 0.0 |
| 56384 <sup>(1)</sup> | Owens & Minor, Inc. | 513094 | 0.1 |
| 25688 | Phibro Animal Health Corp. - Class A | 656072 | 0.2 |
| 11297 <sup>(1)</sup> | Phreesia, Inc. | 321513 | 0.1 |
| 17831 <sup>(1)</sup> | Prestige Consumer Healthcare, Inc. | 1423805 | 0.4 |
| 49366 <sup>(1)</sup> | Privia Health Group, Inc. | 1135418 | 0.3 |
| 45073 <sup>(1)</sup> | Progyny, Inc. | 991606 | 0.3 |
| 27522 <sup>(1)</sup> | Protagonist Therapeutics, Inc. | 1521141 | 0.4 |
| 3056 <sup>(1)</sup> | RadNet, Inc. | 173917 | 0.0 |
| 16830 <sup>(1)</sup> | RxSight, Inc. | 218790 | 0.1 |
| 18922 <sup>(1)</sup> | SI-BONE, Inc. | 356112 | 0.1 |
| 45100 <sup>(1)</sup> | Supernus Pharmaceuticals, Inc. | 1421552 | 0.4 |
| 38309 <sup>(1)</sup> | Tactile Systems Technology, Inc. | 388453 | 0.1 |
| 15176 <sup>(1)</sup> | Tandem Diabetes Care, Inc. | 282881 | 0.1 |
| 1497 | Teleflex, Inc. | 177185 | 0.0 |
| 38891 <sup>(1)</sup> | TG Therapeutics, Inc. | 1399687 | 0.4 |
| 28170 <sup>(1)</sup> | Varex Imaging Corp. | 244234 | 0.1 |
| 16229 <sup>(1)</sup> | Vericel Corp. | 690544 | 0.2 |
|  |  | **37303873** | **10.3** |
|  | **Industrials: 18.7%** |  |  |
| 2962 <sup>(1)</sup> | AAR Corp. | 203756 | 0.1 |
| 50196 | ACCO Brands Corp. | 179702 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 2674 | Acuity Brands, Inc. | $797761 | 0.2 |
| 1030 <sup>(1)</sup> | AeroVironment, Inc. | 293498 | 0.1 |
| 4232 | Air Lease Corp. | 247530 | 0.1 |
| 20233 | Albany International Corp. - Class A | 1418940 | 0.4 |
| 11362 <sup>(1)</sup> | Allegiant Travel Co. | 624342 | 0.2 |
| 11527 | Allient, Inc. | 418545 | 0.1 |
| 9615 <sup>(1)</sup> | American Superconductor Corp. | 352774 | 0.1 |
| 21815 | Apogee Enterprises, Inc. | 885689 | 0.2 |
| 1618 | Applied Industrial Technologies, Inc. | 376104 | 0.1 |
| 5191 | ArcBest Corp. | 399759 | 0.1 |
| 9634 | Arcosa, Inc. | 835364 | 0.2 |
| 5133 | Armstrong World Industries, Inc. | 833805 | 0.2 |
| 34770 <sup>(1)(2)</sup> | Array Technologies, Inc. | 205143 | 0.1 |
| 5189 <sup>(1)</sup> | Astronics Corp. | 173728 | 0.0 |
| 13696 <sup>(1)</sup> | Bowman Consulting Group Ltd. | 393760 | 0.1 |
| 31091 | Brady Corp. - Class A | 2113255 | 0.6 |
| 5297 | Cadre Holdings, Inc. | 168709 | 0.0 |
| 6784 <sup>(1)</sup> | Cimpress PLC | 318848 | 0.1 |
| 40218 | Concrete Pumping Holdings, Inc. | 247341 | 0.1 |
| 16259 <sup>(1)</sup> | Core & Main, Inc. - Class A | 981231 | 0.3 |
| 8646 <sup>(1)</sup> | CoreCivic, Inc. | 182171 | 0.1 |
| 20859 | CSG Systems International, Inc. | 1362301 | 0.4 |
| 7033 | CSW Industrials, Inc. | 2017275 | 0.6 |
| 70278 | Deluxe Corp. | 1118123 | 0.3 |
| 15938 <sup>(1)</sup> | DXP Enterprises, Inc. | 1396966 | 0.4 |
| 1525 <sup>(1)</sup> | Dycom Industries, Inc. | 372695 | 0.1 |
| 12518 | EnPro Industries, Inc. | 2397823 | 0.7 |
| 2356 | ESCO Technologies, Inc. | 452046 | 0.1 |
| 4006 <sup>(1)</sup> | Everus Construction Group, Inc. | 254501 | 0.1 |
| 2118 | Federal Signal Corp. | 225398 | 0.1 |
| 12935 <sup>(1)</sup> | Franklin Covey Co. | 295177 | 0.1 |
| 25814 | Franklin Electric Co., Inc. | 2316548 | 0.6 |
| 78130 <sup>(1)</sup> | Gates Industrial Corp. PLC | 1799334 | 0.5 |
| 8340 <sup>(1)</sup> | Gibraltar Industries, Inc. | 492060 | 0.1 |
| 13686 <sup>(1)</sup> | GMS, Inc. | 1488353 | 0.4 |
| 23325 <sup>(2)</sup> | Granite Construction, Inc. | 2181121 | 0.6 |
| 16153 | Griffon Corp. | 1168993 | 0.3 |
| 23002 <sup>(1)</sup> | Hayward Holdings, Inc. | 317428 | 0.1 |
| 7210 | Heidrick & Struggles International, Inc. | 329930 | 0.1 |
| 41318 | Hillenbrand, Inc. | 829252 | 0.2 |
| 3660 | HNI Corp. | 179999 | 0.1 |
| 56123 <sup>(1)</sup> | Hudson Technologies, Inc. | 455719 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 15476 <sup>(1)</sup> | IBEX Holdings Ltd. | $450352 | 0.1 |
| 43545 | Interface, Inc. | 911397 | 0.3 |
| 6625 | John Bean Technologies Corp. | 796723 | 0.2 |
| 21405 | Kelly Services, Inc. - Class A | 250653 | 0.1 |
| 68380 | Kennametal, Inc. | 1570005 | 0.4 |
| 15277 | Korn Ferry | 1120262 | 0.3 |
| 5414 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. | 251480 | 0.1 |
| 54675 <sup>(1)</sup> | Legalzoom.com, Inc. | 487154 | 0.1 |
| 18714 <sup>(1)</sup> | Liquidity Services, Inc. | 441463 | 0.1 |
| 48451 <sup>(1)</sup> | Lyft, Inc. - Class A | 763588 | 0.2 |
| 25662 | Marten Transport Ltd. | 333349 | 0.1 |
| 35342 <sup>(1)</sup> | Matrix Service Co. | 477470 | 0.1 |
| 19054 <sup>(1)</sup> | Mercury Systems, Inc. | 1026248 | 0.3 |
| 22035 <sup>(1)</sup> | Mistras Group, Inc. | 176500 | 0.0 |
| 1215 | Moog, Inc. - Class A | 219879 | 0.1 |
| 36445 | Mueller Water Products, Inc. - Class A | 876138 | 0.2 |
| 1594 <sup>(1)</sup> | MYR Group, Inc. | 289231 | 0.1 |
| 5003 <sup>(1)</sup> | Nextracker, Inc. - Class A | 272013 | 0.1 |
| 100117 <sup>(1)</sup> | NOW, Inc. | 1484735 | 0.4 |
| 6060 | nVent Electric PLC | 443895 | 0.1 |
| 21600 | Pitney Bowes, Inc. | 235656 | 0.1 |
| 27082 <sup>(1)</sup> | Proto Labs, Inc. | 1084363 | 0.3 |
| 9368 | Quanex Building Products Corp. | 177055 | 0.0 |
| 95218 <sup>(1)</sup> | Resideo Technologies, Inc. | 2100509 | 0.6 |
| 5150 | Robert Half International, Inc. | 211408 | 0.1 |
| 16903 | Schneider National, Inc. - Class B | 408207 | 0.1 |
| 18870 <sup>(1)</sup> | SkyWest, Inc. | 1943044 | 0.5 |
| 16975 <sup>(1)</sup> | SPX Technologies, Inc. | 2846368 | 0.8 |
| 41239 | Steelcase, Inc. - Class A | 430123 | 0.1 |
| 10838 <sup>(1)</sup> | Sterling Infrastructure, Inc. | 2500652 | 0.7 |
| 30215 <sup>(1)</sup> | Sun Country Airlines Holdings, Inc. | 355026 | 0.1 |
| 16792 | Tennant Co. | 1301044 | 0.4 |
| 13097 <sup>(1)</sup> | Thermon Group Holdings, Inc. | 367764 | 0.1 |
| 20035 <sup>(1)</sup> | Triumph Group, Inc. | 515901 | 0.1 |
| 10555 <sup>(1)</sup> | Tutor Perini Corp. | 493763 | 0.1 |
| 2431 | UL Solutions, Inc. - Class A | 177123 | 0.0 |
| 10512 | UniFirst Corp. | 1978569 | 0.5 |
| 9367 <sup>(1)</sup> | Vicor Corp. | 424887 | 0.1 |
| 26528 | Virco Mfg. Corp. | 211693 | 0.1 |
| 2124 | Watts Water Technologies, Inc. - Class A | 522270 | 0.1 |
| 9580 | WillScot Mobile Mini Holdings Corp. | 262492 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 65285 | Zurn Elkay Water Solutions Corp. | $2387472 | 0.7 |
|  |  | **67680721** | **18.7** |
|  | **Information Technology: 12.5%** |  |  |
| 41095 | A10 Networks, Inc. | 795188 | 0.2 |
| 43998 <sup>(1)</sup> | ACI Worldwide, Inc. | 2019948 | 0.6 |
| 14610 | Adeia, Inc. | 206585 | 0.1 |
| 30277 <sup>(1)</sup> | ADTRAN Holdings, Inc. | 271585 | 0.1 |
| 5259 | Advanced Energy Industries, Inc. | 696818 | 0.2 |
| 2832 <sup>(1)</sup> | Agilysys, Inc. | 324660 | 0.1 |
| 26326 <sup>(1)</sup> | Alarm.com Holdings, Inc. | 1489262 | 0.4 |
| 15693 <sup>(1)</sup> | Alkami Technology, Inc. | 472987 | 0.1 |
| 77705 <sup>(1)</sup> | Arlo Technologies, Inc. | 1317877 | 0.4 |
| 9470 <sup>(1)</sup> | AvePoint, Inc. | 182866 | 0 |
| 19041 <sup>(1)</sup> | Aviat Networks, Inc. | 457936 | 0.1 |
| 14376 <sup>(1)</sup> | Axcelis Technologies, Inc. | 1001863 | 0.3 |
| 2561 | Badger Meter, Inc. | 627317 | 0.2 |
| 23785 | Benchmark Electronics, Inc. | 923572 | 0.3 |
| 12421 <sup>(1)</sup> | Box, Inc. - Class A | 424426 | 0.1 |
| 21739 <sup>(1)</sup> | Calix, Inc. | 1156297 | 0.3 |
| 52358 <sup>(1)</sup> | CEVA, Inc. | 1150829 | 0.3 |
| 75029 <sup>(1)(2)</sup> | Cleanspark, Inc. | 827570 | 0.2 |
| 19235 | Clear Secure, Inc. - Class A | 533964 | 0.1 |
| 64595 <sup>(1)</sup> | Cohu, Inc. | 1242808 | 0.3 |
| 5102 <sup>(1)</sup> | Credo Technology Group Holding Ltd. | 472394 | 0.1 |
| 21947 <sup>(1)</sup> | Digi International, Inc. | 765072 | 0.2 |
| 44750 <sup>(1)</sup> | DoubleVerify Holdings, Inc. | 669908 | 0.2 |
| 100971 <sup>(1)</sup> | DXC Technology Co. | 1543847 | 0.4 |
| 23997 <sup>(1)</sup> | ePlus, Inc. | 1730184 | 0.5 |
| 53563 <sup>(1)</sup> | Extreme Networks, Inc. | 961456 | 0.3 |
| 77146 <sup>(1)</sup> | Harmonic, Inc. | 730573 | 0.2 |
| 9784 <sup>(1)</sup> | Ichor Holdings Ltd. | 192158 | 0.1 |
| 6911 <sup>(1)</sup> | Impinj, Inc. | 767605 | 0.2 |
| 2253 <sup>(1)</sup> | Insight Enterprises, Inc. | 311106 | 0.1 |
| 890 | InterDigital, Inc. | 199565 | 0.1 |
| 16448 <sup>(1)</sup> | Itron, Inc. | 2165050 | 0.6 |
| 48783 <sup>(1)</sup> | LiveRamp Holdings, Inc. | 1611790 | 0.4 |
| 91596 <sup>(1)(2)</sup> | Marathon Digital Holdings, Inc. | 1436225 | 0.4 |
| 26476 <sup>(1)</sup> | NCR Corp. | 310563 | 0.1 |
| 51802 <sup>(1)</sup> | NetScout Systems, Inc. | 1285208 | 0.4 |
| 26049 <sup>(1)</sup> | Olo, Inc. - Class A | 231836 | 0.1 |
| 41294 <sup>(1)</sup> | Ooma, Inc. | 532693 | 0.1 |
| 3993 <sup>(1)</sup> | OSI Systems, Inc. | 897866 | 0.2 |
| 19339 <sup>(1)</sup> | Pagaya Technologies Ltd. - Class A | 412307 | 0.1 |
| 22107 <sup>(1)</sup> | PagerDuty, Inc. | 337795 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 15576 | PC Connection, Inc. | $1024589 | 0.3 |
| 49132 <sup>(1)</sup> | PDF Solutions, Inc. | 1050442 | 0.3 |
| 29709 <sup>(1)</sup> | Photronics, Inc. | 559420 | 0.2 |
| 15440 <sup>(1)</sup> | PROS Holdings, Inc. | 241790 | 0.1 |
| 6959 <sup>(1)</sup> | Qorvo, Inc. | 590889 | 0.2 |
| 7264 <sup>(1)</sup> | Rambus, Inc. | 465041 | 0.1 |
| 137452 <sup>(1)</sup> | Ribbon Communications, Inc. | 551183 | 0.1 |
| 36067 <sup>(1)</sup> | Sandisk Corp. | 1635638 | 0.4 |
| 2751 <sup>(1)</sup> | Sanmina Corp. | 269130 | 0.1 |
| 32877 <sup>(1)</sup> | ScanSource, Inc. | 1374587 | 0.4 |
| 45488 <sup>(1)</sup> | SEMrush Holdings, Inc. - Class A | 411666 | 0.1 |
| 34209 <sup>(1)(2)</sup> | SMART Global Holdings, Inc. | 677680 | 0.2 |
| 3961 <sup>(1)</sup> | SPS Commerce, Inc. | 539052 | 0.1 |
| 39485 <sup>(1)</sup> | Unisys Corp. | 178867 | 0.0 |
| 46877 <sup>(1)</sup> | Veeco Instruments, Inc. | 952541 | 0.3 |
| 43615 <sup>(1)</sup> | Viavi Solutions, Inc. | 439203 | 0.1 |
| 33668 <sup>(1)</sup> | Weave Communications, Inc. | 280118 | 0.1 |
| 58873 (2) | Xerox Holdings Corp. | 310261 | 0.1 |
|  |  | **45241656** | **12.5** |
|  | **Materials: 5.0%** |  |  |
| 5667 <sup>(1)</sup> | Alpha Metallurgical Resources, Inc. | 637424 | 0.2 |
| 6422 | Balchem Corp. | 1022382 | 0.3 |
| 3839 | Celanese Corp. | 212412 | 0.1 |
| 56790 | Chemours Co. | 650246 | 0.2 |
| 97143 | Element Solutions, Inc. | 2200289 | 0.6 |
| 4219 | FMC Corp. | 176143 | 0.0 |
| 17328 | HB Fuller Co. | 1042279 | 0.3 |
| 16061 | Innospec, Inc. | 1350570 | 0.4 |
| 14052 | Kaiser Aluminum Corp. | 1122755 | 0.3 |
| 25114 | Koppers Holdings, Inc. | 807415 | 0.2 |
| 6063 | Materion Corp. | 481220 | 0.1 |
| 54110 | Mativ Holdings, Inc. | 369030 | 0.1 |
| 25478 | Minerals Technologies, Inc. | 1403073 | 0.4 |
| 89278 <sup>(1)</sup> | O-I Glass, Inc. | 1315958 | 0.4 |
| 5597 | Olympic Steel, Inc. | 182406 | 0.0 |
| 9693 | Quaker Chemical Corp. | 1085034 | 0.3 |
| 90769 <sup>(1)</sup> | Rayonier Advanced Materials, Inc. | 349461 | 0.1 |
| 11391 | Ryerson Holding Corp. | 245704 | 0.1 |
| 5470 | Sealed Air Corp. | 169734 | 0.0 |
| 139795 | SunCoke Energy, Inc. | 1200839 | 0.3 |
| 19427 | Sylvamo Corp. | 973293 | 0.3 |
| 65533 <sup>(1)</sup> | TimkenSteel Corp. | 1009864 | 0.3 |
| 40900 | Tronox Holdings PLC | 207363 | 0.0 |
|  |  | **18214894** | **5.0** |
|  | **Real Estate: 6.6%** |  |  |
| 13212 | Acadia Realty Trust | 245347 | 0.1 |
| 95646 | Alexander & Baldwin, Inc. | 1705368 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Real Estate: (continued)** |  |  |
| 14471 | American Assets Trust, Inc. | $285802 | 0.1 |
| 138192 | Apple Hospitality REIT, Inc. | 1612701 | 0.4 |
| 31998 | Brixmor Property Group, Inc. | 833228 | 0.2 |
| 8141 | CareTrust REIT, Inc. | 249115 | 0.1 |
| 28210 | CBL & Associates Properties, Inc. | 716252 | 0.2 |
| 9272 | Centerspace | 558082 | 0.1 |
| 103845 | Chatham Lodging Trust | 723800 | 0.2 |
| 159358 <sup>(1)</sup> | Cushman & Wakefield PLC | 1764093 | 0.5 |
| 134775 | DiamondRock Hospitality Co. | 1032376 | 0.3 |
| 10273 | Elme Communities | 163341 | 0.0 |
| 7840 | Essential Properties Realty Trust, Inc. | 250174 | 0.1 |
| 50180 <sup>(2)</sup> | eXp World Holdings, Inc. | 456638 | 0.1 |
| 2760 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | 705953 | 0.2 |
| 29898 | Newmark Group, Inc. - Class A | 363261 | 0.1 |
| 90411 <sup>(2)</sup> | Outfront Media, Inc. | 1475507 | 0.4 |
| 119708 | Pebblebrook Hotel Trust | 1195883 | 0.3 |
| 69865 | Phillips Edison & Co., Inc. | 2447371 | 0.7 |
| 32962 <sup>(1)</sup> | RE/MAX Holdings, Inc. - Class A | 269629 | 0.1 |
| 7143 | Ryman Hospitality Properties, Inc. | 704800 | 0.2 |
| 21258 | Sabra Health Care REIT, Inc. | 391997 | 0.1 |
| 11096 | Saul Centers, Inc. | 378817 | 0.1 |
| 167436 | Summit Hotel Properties, Inc. | 852249 | 0.2 |
| 74588 | Tanger Factory Outlet Centers, Inc. | 2280901 | 0.6 |
| 5218 | Terreno Realty Corp. | 292573 | 0.1 |
| 53624 | Uniti Group, Inc. | 231656 | 0.1 |
| 74796 | Whitestone REIT | 933454 | 0.3 |
| 50033 | Xenia Hotels & Resorts, Inc. | 628915 | 0.2 |
|  |  | **23749283** | **6.6** |
|  | **Utilities: 2.4%** |  |  |
| 52413 | Avista Corp. | 1989073 | 0.5 |
| 9578 | Black Hills Corp. | 537326 | 0.1 |
| 9658 | Chesapeake Utilities Corp. | 1161085 | 0.3 |
| 7973 | National Fuel Gas Co. | 675393 | 0.2 |
| 42753 | Northwest Natural Holding Co. | 1698149 | 0.5 |
| 5206 | NorthWestern Corp. | 267068 | 0.1 |
| 2538 | Otter Tail Corp. | 195654 | 0.1 |
| 16361 | SJW Group | 850281 | 0.2 |
| 20553 | Unitil Corp. | 1071839 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 23155 | XPLR Infrastructure L.P. | $189871 | 0.1 |
|  |  | **8635739** | **2.4** |
|  | Total Common Stock<br> (Cost $348,939,035) | **353075945** | **97.6** |
| **RIGHTS: —%** | **RIGHTS: —%** |  |  |
|  | **Health Care: —%** |  |  |
| 7651 <sup>(3)(4)</sup> | Aduro Biotech - CVR |  |  |
|  | Total Rights<br> (Cost $—) | **—** | **—** |
|  | Total Long-Term Investments<br> (Cost $348,939,035) | **353075945** | **97.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 4.6%** | **SHORT-TERM INVESTMENTS: 4.6%** |  |  |
|  | **Repurchase Agreements: 2.5%** |  |  |
| 411284 <sup>(5)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $411,333, collateralized by various U.S. Government Securities, 0.000%- 3.875%, Market Value plus accrued interest $419,510, due 07/10/25-05/15/42) | 411284 | 0.1 |
| 2396358 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,396,646, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $2,444,285, due 06/01/30-02/01/57) | 2396358 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 2396358 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,396,646, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 7.500%, Market Value plus accrued interest $2,444,285, due 08/15/34-06/01/55) | $2396358 | 0.7 |
| 1715748 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,715,954, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $1,750,063, due 03/01/34-05/01/55) | 1715748 | 0.5 |
| 2197685 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $2,197,955, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $2,235,031, due 07/15/26-02/15/54) | 2197685 | 0.6 |
|  | Total Repurchase Agreements <br> (Cost $9,117,433) | **9117433** | **2.5** |
|  | **Time Deposits: 0.3%** |  |  |
| 230000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 | 230000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Time Deposits (continued)** |  |  |
| 220000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | $220000 | 0.0 |
| 230000 <sup>(5)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 230000 | 0.1 |
| 230000 <sup>(5)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 230000 | 0.1 |
|  | Total Time Deposits <br> (Cost $910,000) | **910000** | **0.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
|  | **Mutual Funds: 1.8%** |  |  |
| 6517000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $6,517,000) | $**6517000** | **1.8** |
|  | Total Short-Term Investments<br> (Cost $16,544,433) | **16544433** | **4.6** |
|  | **Total Investments in Securities<br> (Cost $365,483,468)** | $**369620378** | **102.2** |
|  | **Liabilities in Excess of Other Assets** | **(7791966)** | **(2.2)** |
|  | **Net Assets** | $**361828412** | **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> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

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

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

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

See Accompanying Notes to Financial Statements

Voya Index Plus Smallcap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br> **in Active Markets**<br> **for Identical**<br> **Investments**<br> **(Level 1)** | **Significant Other**<br> **Observable**<br> **Inputs**<br> **(Level 2)** | **Significant**<br> **Unobservable**<br> **Inputs**<br> **(Level 3)** | **Fair Value**<br> **at**<br> **June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $353075945 | $— | $— | $353075945 |
| Short-Term Investments | 6517000 | 10027433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 16544433 |
| Total Investments, at fair value | $359592945 | $10027433 | $— | $369620378 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 142687 |  |  | 142687 |
| Total Assets | $359735632 | $10027433 | $— | $369763065 |

---

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

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

---

| | |
|:---|:---|
| + | 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. |

---

At June 30, 2025, Voya Index Plus SmallCap Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Aduro Biotech – CVR | 10/6/2020 | $— | $— |
|  |  | $— | $— |

---

At June 30, 2025, the following futures contracts were outstanding for Voya Index Plus SmallCap Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number**<br> **of Contracts** | **Expiration**<br> **Date** | **Notional<br> Amount**  | **Unrealized**<br> **Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E-mini Russell 2000 Index | 58 | 09/19/25 | $6355930 | $142687 |
|  |  |  | $6355930 | $142687 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement**<br> **<u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\* | $142687 |
| **Total Asset Derivatives** |  | $142687 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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).

See Accompanying Notes to Financial Statements

Voya Index Plus Smallcap Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(989506) |
| **Total** | $(989506) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $271659 |
| **Total** | $271659 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $365,984,346. | Cost for U.S. federal income tax purposes was $365,984,346. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $34915370 |
| Gross Unrealized Depreciation | (31136651) |
| Net Unrealized Appreciation | $3778719 |

---

See Accompanying Notes to Financial Statements

[This Page Intentionally Left Blank]

---

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

---

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

**VPSAR-AIP (0625)**

![](tm2522622d6_voyaimg001.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;■ Voya VACS Index Series EM Portfolio

■ Voya VACS Index Series
 I Portfolio

■ Voya VACS Index Series
 MC Portfolio

■ Voya VACS Index Series
 S Portfolio

■ Voya VACS Index Series
 SC Portfolio

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

| | | |
|:---|:---|:---|
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| **voyainvestments.com** | **voyainvestments.com** | ![](tm2522622d6_voyaimg003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#a001-0) | [1](#a001-0) |
| [Statements of Operations](#a002-0) | [3](#a002-0) |
| [Statements of Changes in Net Assets](#a003-0) | [5](#a003-0) |
| [Financial Highlights](#a004-0) | [8](#a004-0) |
| [Notes to Financial Statements](#a005-0) | [9](#a005-0) |
| [Portfolios of Investments](#a006-0) | [21](#a006-0) |

---

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge and upon request, by calling 1-800-992-0180, or by accessing on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Voya <br> VACS Index <br> Series EM <br> Portfolio** | **Voya <br> VACS Index <br> Series I <br> Portfolio** | **Voya <br> VACS Index <br> Series MC <br> Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $472042797 | $1716627368 | $368907434 |
| Investments in affiliates at fair value<sup>\*\*</sup> | Investments in affiliates at fair value<sup>\*\*</sup> |  |  | 205048 |
| Short-term investments at fair value† | Short-term investments at fair value† | 7202840 | 80346907 | 1234552 |
| Cash | Cash | 13105 | 348 | 690059 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 238716 | 1253113 | 71459 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 946480 | 3171518 |  |
| Receivables: | Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 24064 | 912212 | 501138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 170698 | 1436106 | 137442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1861387 | 3066355 | 320171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 27 | 7 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 84004 | 6420106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 12344 | 19168 |  |
| Other assets | Other assets | 2075 | 8376 | 2294 |
| &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;Total assets | 482598537 | 1813261584 | 372069652 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased | 24068 | 738340 | 686940 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 10417 | 35798 | 5435 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 4314840 | 57377907 | 1234552 |
| Unrealized depreciation on forward foreign currency contracts | Unrealized depreciation on forward foreign currency contracts | 13 |  |  |
| Variation margin payable on futures contracts | Variation margin payable on futures contracts |  |  | 241 |
| Payable for unified fees | Payable for unified fees | 73842 | 213012 | 44572 |
| Payable to directors under the deferred compensation plan (Note 5) | Payable to directors under the deferred compensation plan (Note 5) | 2075 | 8376 | 2294 |
| Payable for foreign capital gains tax | Payable for foreign capital gains tax | 2914641 | – | – |
| &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;Total liabilities | 7339896 | 58373433 | 1974034 |
| **NET ASSETS** | **NET ASSETS** | $475258641 | $1754888151 | $370095618 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | Paid-in capital | $390524049 | $1348190240 | $290224623 |
| Total distributable earnings | Total distributable earnings | 84734592 | 406697911 | 79870995 |
| **NET ASSETS** | **NET ASSETS** | $475258641 | $1754888151 | $370095618 |
| + | Including securities loaned at value | $4079796 | $53489489 | $1196604 |
| \* | Cost of investments in securities | $390065676 | $1331134247 | $297486290 |
| \*\* | Cost of investments in affiliates | $— | $— | $200442 |
| † | Cost of short-term investments | $7202840 | $80346907 | $1234552 |
| ‡ | Cost of foreign currencies | $944097 | $3129059 | $— |
| Net assets | Net assets | $475258641 | $1754888151 | $370095618 |
| Shares authorized | Shares authorized | 20000000 | 200000000 | 100000000 |
| Par value | Par value | $0.001 | $0.001 | $0.001 |
| Shares outstanding | Shares outstanding | 36950442 | 136701473 | 29797931 |
| Net asset value and redemption price per share | Net asset value and redemption price per share | $12.86 | $12.84 | $12.42 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Voya<br> VACS Index<br> Series S<br> Portfolio** | **Voya<br> VACS Index<br> Series SC<br> Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $4003810676 | $179101699 |
| Short-term investments at fair value† | Short-term investments at fair value† | 149638929 | 11443751 |
| Cash | Cash | 961179 | 349986 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 12295209 | 468282 |
| Receivables: | Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 419342 | 132719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 1471156 | 73739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 2089762 | 175378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 281 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 783769 | 6685 |
| Other assets | Other assets | 19887 | 1464 |
| &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;Total assets | 4171490190 | 191757248 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased |  | 367107 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 81661 | 1071 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 581929 | 7317751 |
| Payable for unified fees | Payable for unified fees | 498509 | 22111 |
| Payable to directors/ trustees under the deferred compensation plan (Note 5) | Payable to directors/ trustees under the deferred compensation plan (Note 5) | 19887 | 1464 |
| &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;Total liabilities | 1181986 | 7709504 |
| **NET ASSETS** | **NET ASSETS** | $4170308204 | $184047744 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | Paid-in capital | $2573709621 | $151042789 |
| Total distributable earnings | Total distributable earnings | 1596598583 | 33004955 |
| **NET ASSETS** | **NET ASSETS** | $4170308204 | $184047744 |
| + | Including securities loaned at value | $560091 | $7104413 |
| \* | Cost of investments in securities | $2673716645 | $153972483 |
| † | Cost of short-term investments | $149638929 | $11443751 |
| Net assets | Net assets | $4170308204 | $184047744 |
| Shares authorized | Shares authorized | unlimited | 100000000 |
| Par value | Par value | $0.001 | $0.001 |
| Shares outstanding | Shares outstanding | 269519484 | 18310025 |
| Net asset value and redemption price per share | Net asset value and redemption price per share | $15.47 | $10.05 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Voya <br> VACS Index <br> Series EM <br> Portfolio** | **Voya <br> VACS Index <br> Series I <br> Portfolio** | **Voya <br> VACS Index <br> Series MC <br> Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | Dividends, net of foreign taxes withheld\* | $6986478 | $32232325 | $3803819 |
| Dividends from affiliates | Dividends from affiliates |  |  | 3344 |
| Interest | Interest | 11548 | 21273 | 3106 |
| Securities lending income, net | Securities lending income, net | 15223 | 127810 | 6843 |
| Other | Other | 1650 | 6377 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 7014899 | 32387785 | 3818949 |
| **EXPENSES:** | **EXPENSES:** |  |  |  |
| Unified fees | Unified fees | 335261 | 1243441 | 335579 |
| Directors fees | Directors fees | 17297 | 68247 | 20980 |
| Miscellaneous expense | Miscellaneous expense |  |  |  |
| Interest expense | Interest expense |  | 23620 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 352558 | 1335308 | 357057 |
| Net investment income | Net investment income | 6662341 | 31052477 | 3461892 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | 1543848 | 5738194 | 7920237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in affiliates |  |  | (12975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 2877 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 35952 | (63314) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 355032 | 3858606 | (160013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 1937709 | 9533486 | 7747249 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | 58481045 | 270653342 | (1143876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates |  |  | 8968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 35986 | 794694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 498246 | 1679317 | 110580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 59015264 | 273127353 | (1024328) |
| Net realized and unrealized gain | Net realized and unrealized gain | 60952973 | 282660839 | 6722921 |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $67615314 | $313713316 | $10184813 |
| \* | Foreign taxes withheld | $702251 | $3538613 | $2059 |
| ^ | Foreign capital gains taxes withheld | $116561 | $— | $— |
| # | Change in foreign capital gains taxes accrued | $616482 | $— | $— |

---

See Accompanying Notes to Financial Statements

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

---

| | | |
|:---|:---|:---|
|  | **Voya<br> VACS Index<br> Series S<br> Portfolio** | **Voya<br> VACS Index<br> Series SC<br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $26115565 | $1404740 |
| Interest | 108789 | 12724 |
| Securities lending income, net | 1890 | 42876 |
| Other | 14576 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 26240820 | 1461190 |
| **EXPENSES:** |  |  |
| Unified fees | 2815761 | 141856 |
| Director/ Trustee fees and expenses | 172653 | 9199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2988414 | 151055 |
| Net investment income | 23252406 | 1310135 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 26219006 | 9574002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1519790 | (788113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 27738796 | 8785889 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 186520586 | (14507137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 6088865 | 451054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 192609451 | (14056083) |
| Net realized and unrealized gain (loss) | 220348247 | (5270194) |
| **Increase (decrease) in net assets resulting from operations** | $243600653 | $(3960059) |
| \* Foreign taxes withheld | $5763 | $3092 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Index**<br> **Series EM Portfolio** | **Voya VACS Index**<br> **Series EM Portfolio** | **Voya VACS Index**<br> **Series I Portfolio** | **Voya VACS Index**<br> **Series I Portfolio** |
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months**<br> **Ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $6662341 | $8256188 | $31052477 | $45633003 |
| Net realized gain (loss) | 1937709 | (309060) | 9533486 | (8880323) |
| Net change in unrealized appreciation (depreciation) | 59015264 | 4583858 | 273127353 | 17467268 |
| Increase in net assets resulting from operations | 67615314 | 12530986 | 313713316 | 54219948 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital) | (8196622) | (11592380) | (48716331) | (40327673) |
| Total distributions | (8196622) | (11592380) | (48716331) | (40327673) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 15739082 | 184214420 | 132290760 | 280501176 |
| Reinvestment of distributions | 8196622 | 11592380 | 48716331 | 40327673 |
|  | 23935704 | 195806800 | 181007091 | 320828849 |
| Cost of shares redeemed | (53266521) | (154379659) | (365311662) | (225711965) |
| Net increase (decrease) in net assets resulting from capital share transactions | (29330817) | 41427141 | (184304571) | 95116884 |
| Net increase in net assets | 30087875 | 42365747 | 80692414 | 109009159 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 445170766 | 402805019 | 1674195737 | 1565186578 |
| End of year or period | $475258641 | $445170766 | $1754888151 | $1674195737 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Index<br> Series MC Portfolio** | **Voya VACS Index<br> Series MC Portfolio** | **Voya VACS Index<br> Series S Portfolio** | **Voya VACS Index<br> Series S Portfolio** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $3461892 | $6828761 | $23252406 | $48672279 |
| Net realized gain | 7747249 | 9515556 | 27738796 | 163616602 |
| Net change in unrealized appreciation (depreciation) | (1024328) | 46632191 | 192609451 | 630877613 |
| Increase in net assets resulting from operations | 10184813 | 62976508 | 243600653 | 843166494 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital) | (18518071) | (6315232) |  | (66236266) |
| Total distributions | (18518071) | (6315232) |  | (66236266) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 97209191 | 221351678 | 425604192 | 577006751 |
| Reinvestment of distributions | 18518071 | 6315232 |  | 66236266 |
|  | 115727262 | 227666910 | 425604192 | 643243017 |
| Cost of shares redeemed | (201536742) | (197023868) | (233186359) | (1174487050) |
| Net increase (decrease) in net assets resulting from capital share transactions | (85809480) | 30643042 | 192417833 | (531244033) |
| Net increase (decrease) in net assets | (94142738) | 87304318 | 436018486 | 245686195 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 464238356 | 376934038 | 3734289718 | 3488603523 |
| End of year or period | $370095618 | $464238356 | $4170308204 | $3734289718 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Voya VACS Index<br> Series SC Portfolio** | **Voya VACS Index<br> Series SC Portfolio** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $1310135 | $3311504 |
| Net realized gain | 8785889 | 19239001 |
| Net change in unrealized appreciation (depreciation) | (14056083) | 5144073 |
| Increase (decrease) in net assets resulting from operations | (3960059) | 27694578 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital) | (23581657) | (8073821) |
| Total distributions | (23581657) | (8073821) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 19947584 | 43077563 |
| Reinvestment of distributions | 23581657 | 8073821 |
|  | 43529241 | 51151384 |
| Cost of shares redeemed | (68367029) | (250972455) |
| Net decrease in net assets resulting from capital share transactions | (24837788) | (199821071) |
| Net decrease in net assets | (52379504) | (180200314) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 236427248 | 416627562 |
| End of year or period | $184047744 | $236427248 |

---

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** | | **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<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and unrealized <br> gain (loss) | <br>Total from investment operations | From net<br> investment<br> income | From net realized gains | From<br> return<br> of capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net asset<br> value, end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** |
| 06-30-25+ | 11.30 | 0.17<sup>•</sup> | 1.61 | 1.78 | 0.22 | 0.00 \* |  | 0.22 |  | 12.86 | **15.92** | 0.16 | 0.16 | 0.16 | 2.98 | 475259 | 2 |
| 12-31-24 | 11.00 | 0.27<sup>•</sup> | 0.45 | 0.72 | 0.42 |  |  | 0.42 |  | 11.30 | **6.54** | 0.17 | 0.17 | 0.17 | 2.37 | 445171 | 37 |
| 03-15-23<sup>(5)</sup>- 12-31-23 | 10.00 | 0.27<sup>•</sup> | 0.73 | 1.00 |  |  |  |  |  | 11.00 | **10.00** | 0.16 | 0.16 | 0.16 | 3.15 | 402805 | 56 |
| **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** |
| 06-30-25+ | 10.99 | 0.22<sup>•</sup> | 2.01 | 2.23 | 0.38 |  |  | 0.38 |  | 12.84 | **20.52** | 0.16 | 0.16 | 0.16 | 3.75 | 1754888 | 7 |
| 12-31-24 | 10.90 | 0.31<sup>•</sup> | 0.06 | 0.37 | 0.28 |  |  | 0.28 |  | 10.99 | **3.34** | 0.16 | 0.16 | 0.16 | 2.77 | 1674196 | 6 |
| 02-03-23<sup>(5)</sup>- 12-31-23 | 10.00 | 0.28<sup>•</sup> | 0.62 | 0.90 |  |  |  |  |  | 10.90 | **9.00** | 0.15 | 0.15 | 0.15 | 3.09 | 1565187 | 3 |
| **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** |
| 06-30-25+ | 12.38 | 0.09<sup>•</sup> | 0.46 | 0.55 | 0.19 | 0.32 |  | 0.51 |  | 12.42 | **4.73** | 0.16 | 0.16 | 0.16 | 1.55 | 370096 | 28 |
| 12-31-24 | 10.88 | 0.17<sup>•</sup> | 1.46 | 1.63 | 0.10 | 0.03 |  | 0.13 |  | 12.38 | **15.09** | 0.16 | 0.16 | 0.16 | 1.42 | 464238 | 53 |
| 01-27-23<sup>(5)</sup>- 12-31-23 | 10.00 | 0.15<sup>•</sup> | 0.73 | 0.88 |  |  |  |  |  | 10.88 | **8.80** | 0.16 | 0.16 | 0.16 | 1.63 | 376934 | 22 |
| **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** |
| 06-30-25+ | 14.58 | 0.09<sup>•</sup> | 0.80 | 0.89 |  |  |  |  |  | 15.47 | **6.10** | 0.16 | 0.16 | 0.16 | 1.24 | 4170308 | 3 |
| 12-31-24 | 11.88 | 0.17<sup>•</sup> | 2.76 | 2.93 | 0.17 | 0.06 |  | 0.23 |  | 14.58 | **24.78** | 0.16 | 0.16 | 0.16 | 1.28 | 3734290 | 6 |
| 01-27-23<sup>(5)</sup>- 12-31-23 | 10.00 | 0.16<sup>•</sup> | 1.72 | 1.88 |  |  |  |  |  | 11.88 | **18.80** | 0.15 | 0.15 | 0.15 | 1.62 | 3488604 | 9 |
| **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** |
| 06-30-25+ | 11.87 | 0.07<sup>•</sup> | (0.40) | (0.33) | 0.28 | 1.21 |  | 1.49 |  | 10.05 | **(1.85)** | 0.16 | 0.16 | 0.16 | 1.39 | 184048 | 15 |
| 12-31-24 | 11.01 | 0.13<sup>•</sup> | 1.07 | 1.20 | 0.22 | 0.12 |  | 0.34 |  | 11.87 | **11.18** | 0.16 | 0.16 | 0.16 | 1.18 | 236 | 17 |
| 01-20-23<sup>(5)</sup>- 12-31-23 | 10.00 | 0.14<sup>•</sup> | 0.87 | 1.01 |  |  |  |  |  | 11.01 | **10.10** | 0.16 | 0.16 | 0.16 | 1.54 | 417 | 20 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| <sup>(4)</sup> | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| <sup>(5)</sup> | Commencement of operations. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <sup>+</sup> | Unaudited. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

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

**NOTE 1 — ORGANIZATION**

Voya Variable Portfolios, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended ("1940 Act" or "Act"), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are seventeen active separate investment series that comprise the Company. The four series (each a "Portfolio" and collectively the "Portfolios") included in this report are: Voya VACS Index Series EM Portfolio ("Series EM"), Voya VACS Index Series I Portfolio ("Series I"), Voya VACS Index Series MC Portfolio ("Series MC"), and Voya VACS Index Series SC Portfolio ("Series SC"), each a diversified series of the Company.

Voya Investors Trust (the "Trust") is registered under the 1940 Act, as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. This report is for Voya VACS Index Series S Portfolio ("Series S"), a diversified series of the Trust.

Each of the series is referred to as a "Portfolio" and collectively, the "Portfolios." The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

The Portfolios' shares are not registered under the Securities Act of 1933 (the "1933 Act") because the shares are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act.

The Portfolios do not have a share class designation. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio. Expenses that are specific to a portfolio are charged directly to that portfolio. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets.

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"), a Delaware limited liability company, serves as the sub-adviser to the Portfolios. Voya Investments Distributor, LLC ("VID"), 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 the 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 Portfolio 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 Portfolio is calculated by taking the value of each Portfolio's assets, subtracting each Portfolio's liabilities, and dividing by the number of shares 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. 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

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

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

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.

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-advisers' 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 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

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

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

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 Portfolios' books, 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. ***Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually. 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.

E. ***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, no U.S. federal income tax or excise tax provision is 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.

F. ***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.

G. ***Risk Exposures and the Use of Derivative Instruments***. The 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 the 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 asset class may underperform bonds or other asset classes

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

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

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.*** Each 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 price. A manager might imperfectly judge the direction of

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

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

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 it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio enters into master netting arrangements, established within each Portfolio's International Swap and Derivatives Association, Inc. Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

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 its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and/or a percentage decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are

established within each Portfolio's Master Agreements.

As of June 30, 2025, the maximum amount of loss that VACS Index Series EM Portfolio would incur if its counterparties failed to perform would be $11 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of June 30, 2025. There was no collateral pledged by any counterparty at June 30, 2025 to any Portfolio.

H. ***Forward Foreign Currency Transactions and Futures Contracts.*** Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. A Portfolio either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

During the period ended June 30, 2025, the following Portfolio had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

---

| | | |
|:---|:---|:---|
|  | **Buy** | **Sell** |
| &nbsp;&nbsp;&nbsp;Series EM | $13115 | $— |

---

The above Portfolio entered into forward foreign currency contracts to protect any non-U.S. dollar-denominated holdings from adverse currency movements. For the period ended June 30, 2025, no other Portfolio entered into forward foreign currency contracts.

Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific 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

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

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

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. Futures contracts are purchased to provide immediate market exposure proportionate to the size of each Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are 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 the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2025, the Portfolios had average notional values on futures contracts purchased as disclosed below.

---

| | |
|:---|:---|
|  | **Purchased** |
| Series EM | $8157070 |
| Series I | 36103805 |
| Series MC | 1424720 |
| Series S | 99782754 |
| Series SC | 5973445 |

---

Please refer to the tables within each respective Portfolio of Investments for open futures contracts as of June 30, 2025.

I. ***Securities Lending***. Each Portfolio may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending 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.

J. ***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") ("Rule 144A") 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.

K. ***Indemnifications.*** In the normal course of business, the Trust and the Company may enter into contracts that provide certain indemnifications. The Trust's and the Company's, as applicable, maximum exposure under these

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

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

arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Series EM | $8983527 | $34682502 |
| Series I | 108189164 | 302250217 |
| Series MC | 127582861 | 228385517 |
| Series S | 215850641 | 115529791 |
| Series SC | 27788891 | 72459942 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Investment Adviser provides the Portfolios with advisory and administrative services under a management agreement (the "Unified Agreement"). Under the Unified Agreements, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio's assets and the purchase and sale of portfolio securities and other investments. Pursuant to this Unified Agreement, the Investment Adviser is also responsible for providing or procuring, at the Investment Adviser's expense, the services reasonably necessary for the ordinary operation of each Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Company/Trust pays the Investment Adviser a monthly fee (a "Unified Fee") of 0.15% based on the annual rates of the average daily net assets of the Portfolios.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios' assets in accordance with the Portfolios' investment objectives, policies, and limitations.

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At June 30, 2025, the following affiliated investment companies owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Affiliated Investment Company** | **Portfolio** | **Percentage** |
| Voya Index Solution 2025 Portfolio | Series EM | 6.01% |
|  | Series I | 5.20 |
|  | Series S | 5.12 |
| Voya Index Solution 2030 Portfolio | Series EM | 7.16 |
|  | Series I | 8.17 |
|  | Series MC | 9.26 |
|  | Series S | 8.44 |
|  | Series SC | 10.75 |
| Voya Index Solution 2035 Portfolio | Series EM | 15.63 |
|  | Series I | 16.69 |
|  | Series MC | 15.71 |
|  | Series S | 17.14 |
|  | Series SC | 18.24 |
| Voya Index Solution 2040 Portfolio | Series EM | 12.44 |
|  | Series I | 13.25 |
|  | Series MC | 13.14 |
|  | Series S | 12.48 |
|  | Series SC | 11.88 |
| Voya Index Solution 2045 Portfolio | Series EM | 18.95 |
|  | Series I | 17.85 |
|  | Series MC | 18.81 |
|  | Series S | 17.94 |
|  | Series SC | 15.31 |
| Voya Index Solution 2050 Portfolio | Series EM | 12.68 |
|  | Series I | 12.47 |
|  | Series MC | 12.58 |
|  | Series S | 12.57 |
|  | Series SC | 15.36 |
| Voya Index Solution 2055 Portfolio | Series EM | 12.73 |
|  | Series I | 12.78 |
|  | Series MC | 13.90 |
|  | Series S | 12.62 |
|  | Series SC | 15.43 |
| Voya Index Solution 2060 Portfolio | Series EM | 8.29 |
|  | Series I | 8.32 |
|  | Series MC | 9.04 |
|  | Series S | 8.21 |
|  | Series SC | 10.04 |

---

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent directors, 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 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, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets

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

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

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 engage in purchase and sale transactions with fund's that have a common investment adviser (or affiliated investment adviser), a common sub-adviser and/ or common officers or trustees. For the period ended June 30, 2025, the Portfolios did not have any 17a-7 transactions and in-kind transactions.

**NOTE 6 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption

of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Portfolios utilized the line of credit during the period ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Days<br> Utilized** | **Approximate<br> Average<br> Daily Balance<br> For Days<br> Utilized** | **Approximate<br> Weighted<br> Average<br> Interest Rate<br> For Days<br> Utilized** |
| Series I | 3 | $53178667 | 5.33% |
| Series MC | 4 | 840750 | 5.33 |

---

**NOTE 7 — CAPITAL SHARES**

Transactions in capital shares and dollars are 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 of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Series EM** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1326322 |  | 691698 | (4473900) |  | (2455880) | 15739082 |  | 8196622 | (53266521) |  | (29330817) |
| 12/31/2024 | 15740229 |  | 1025874 | (13974422) |  | 2791681 | 184214420 |  | 11592380 | (154379659) |  | 41427141 |
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 10763564 |  | 4049570 | (30390416) |  | (15577282) | 132290760 |  | 48716331 | (365311662) |  | (184304571) |
| 12/31/2024 | 24902054 |  | 3559371 | (19797973) |  | 8663452 | 280501176 |  | 40327673 | (225711965) |  | 95116884 |
| **Series MC** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 7859346 |  | 1586810 | (17135898) |  | (7689742) | 97209191 |  | 18518071 | (201536742) |  | (85809480) |
| 12/31/2024 | 19026580 |  | 553482 | (16732588) |  | 2847474 | 221351678 |  | 6315232 | (197023868) |  | 30643042 |
| **Series S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 29551093 |  |  | (16103025) |  | 13448068 | 425604192 |  |  | (233186359) |  | 192417833 |
| 12/31/2024 | 44097221 |  | 4768630 | (86381455) |  | (37515604) | 577006751 |  | 66236266 | (1174487050) |  | (531244033) |
| **Series SC** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1839597 |  | 2524803 | (5966086) |  | (1601686) | 19947584 |  | 23581657 | (68367029) |  | (24837788) |
| 12/31/2024 | 3782499 |  | 741398 | (22467427) |  | (17943530) | 43077563 |  | 8073821 | (250972455) |  | (199821071) |

---

**NOTE 8 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined

at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios

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

**NOTE 8 — SECURITIES LENDING (continued)**

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 its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.

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

---

| | | | |
|:---|:---|:---|:---|
| **Series EM**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $65910 | $(65910) | $— |
| Citigroup Global Markets Limited | 917859 | (917859) |  |
| Jefferies International Ltd | 801827 | (801827) |  |
| JP Morgan Securities Plc. | 61344 | (61344) |  |
| Merrill Lynch International | 1587493 | (1587493) |  |
| Mizuho Securities USA LLC. | 170221 | (170221) |  |
| State Street Bank and Trust Company | 475142 | (475142) |  |
| Total | $4079796 | $(4079796) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $4,314,840 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.

---

| | | | |
|:---|:---|:---|:---|
| **Series I**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $41632 | $(41632) | $— |
| Citigroup Global Markets Limited | 9543646 | (9543646) |  |
| Goldman, Sachs & Co. LLC | 198530 | (198530) |  |
| Jefferies International Ltd | 1225561 | (1225561) |  |
| Jefferies LLC | 1100802 | (1100802) |  |
| JP Morgan Securities Plc. | 10442223 | (10442223) |  |
| Merrill Lynch International | 5007237 | (5007237) |  |
| State Street Bank and Trust Company | 25929858 | (25929858) |  |
| Total | $53489489 | $(53489489) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $57,377,907 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.

---

| | | | |
|:---|:---|:---|:---|
| **Series MC**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $434169 | $(434169) | $— |
| Goldman, Sachs & Co. LLC | 133445 | (133445) |  |
| J.P. Morgan Securities LLC | 212523 | (212523) |  |
| Janney Montgomery Scott LLC | 220672 | (220672) |  |
| Jefferies LLC | 32133 | (32133) |  |
| Mizuho Securities USA LLC. | 29172 | (29172) |  |
| State Street Bank and Trust Company | 134490 | (134490) |  |
| Total | $1196604 | $(1196604) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $1,234,552 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.

---

| | | | |
|:---|:---|:---|:---|
| **Series S** | **Series S** | **Series S** | **Series S** |
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| BofA Securities Inc | $560091 | $(560091) | $— |
| Total | $560091 | $(560091) | $— |

---

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

**NOTE 8 — SECURITIES LENDING (continued)**

<sup>(1)</sup> Cash collateral with a fair value of $581,929 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.

---

| | | | |
|:---|:---|:---|:---|
| **Series SC**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $2465264 | $(2465264) | $— |
| Citadel Clearing LLC | 156594 | (156594) |  |
| Citadel Securities LLC | 9236 | (9236) |  |
| J.P. Morgan Securities LLC | 2335104 | (2335104) |  |
| Janney Montgomery Scott LLC | 110447 | (110447) |  |
| Jefferies LLC | 827808 | (827808) |  |
| Mizuho Securities USA LLC. | 161596 | (161596) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| State Street Bank and Trust Company | $615981 | $(615981) | $— |
| Wells Fargo Securities LLC | 422383 | (422383) |  |
| Total | $7104413 | $(7104413) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $7,317,751 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 9 — 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 foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), and wash sale deferrals.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, 2024** | **Year Ended <br> December 31, 2024** | **Period Ended <br> December 31, <br> 2023** |
|  | **Ordinary <br> Income** | **Long-term <br> Capital Gains** | **Ordinary <br> Income** |
| Series EM | $11592380 | $— | $— |
| Series I | 40327673 |  |  |
| Series MC | 5971381 | 343851 |  |
| Series S | 60331482 | 5904784 |  |
| Series SC | 7731770 | 342051 |  |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2024, were:

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

**NOTE 9 — FEDERAL INCOME TAXES (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
|  | **Undistributed <br> Ordinary**<br>**Income** | **Undistributed Long-term**<br>**Capital Gains** | **Unrealized Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total <br> Distributable**<br>**Earnings/(Loss)** |
| Series EM | $8127019 | $66303 | $19420737 | $— |  | $(2298159) | $25315900 |
| Series I | 48714284 |  | 106251723 | (3064049) | Short-term |  | 141700926 |
|  |  |  |  | (10201032) | Long-term |  |  |
|  |  |  |  | $(13265081) |  |  |  |
| Series MC | 11513911 | 7147835 | 69542507 |  |  |  | 88204253 |
| Series S | 68473491 | 143362996 | 1141161443 |  |  |  | 1352997930 |
| Series SC | 9354035 | 14292702 | 36899934 |  |  |  | 60546671 |

---

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

As of June 30, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 10 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

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

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

**NOTE 11 — SEGMENT REPORTING**

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

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

**NOTE 11 — SEGMENT REPORTING (continued)**

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

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

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

**NOTE 12 — SUBSEQUENT EVENTS**

Dividends: Subsequent to June 30, 2025, the following Portfolio declared dividends and distributions of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Amounts** | | | |
|  | **Net Investment**<br>**Income** | **Short-term**<br>**Capital Gains** | **Long-term**<br>**Capital Gains** | <br>**Payable Date** | <br>**Record Date** |
| **Series S** | $0.1785 | $0.0759 | $0.5326 | July 15, 2025 | July 14, 2025 |

---

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** |
|  | **Brazil: 3.2%** | **Brazil: 3.2%** | **Brazil: 3.2%** |
| 252108 | Ambev SA | $616686 | 0.1 |
| 285374 | B3 SA - Brasil Bolsa Balcao | 763715 | 0.2 |
| 76336 | Banco Bradesco SA | 203306 | 0.0 |
| 63771 | Banco BTG Pactual SA | 495909 | 0.1 |
| 91104 | Banco do Brasil SA | 371754 | 0.1 |
| 35928 | BB Seguridade Participacoes SA | 237201 | 0.1 |
| 27200 | BRF SA | 101028 | 0.0 |
| 29200 | Caixa Seguridade Participacoes S/A | 78897 | 0.0 |
| 63768 | Centrais Eletricas Brasileiras SA | 472882 | 0.1 |
| 25846 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 569001 | 0.1 |
| 12902 | CPFL Energia SA | 96650 | 0.0 |
| 38000 | Embraer SA | 539810 | 0.1 |
| 15058 | Energisa S/A | 134447 | 0.0 |
| 14500 <sup>(1)</sup> | Eneva SA | 36723 | 0.0 |
| 2500 | Engie Brasil Energia SA | 20936 | 0.0 |
| 65370 | Equatorial Energia SA | 436875 | 0.1 |
| 44687 | Klabin SA | 152491 | 0.0 |
| 49780 | Localiza Rent a Car SA | 373733 | 0.1 |
| 56977 | Motiva Infraestrutura de Mobilidade SA | 145245 | 0.0 |
| 49267 <sup>(1)</sup> | Natura & Co. Holding SA | 100201 | 0.0 |
| 172119 <sup>(1)</sup> | NU Holdings Ltd./Cayman Islands - Class A | 2361473 | 0.5 |
| 202985 | Petroleo Brasileiro SA | 1270267 | 0.3 |
| 45334 <sup>(1)</sup> | PRIO SA/Brazil | 353120 | 0.1 |
| 69761 | Raia Drogasil SA | 194526 | 0.0 |
| 43360 <sup>(2)</sup> | Rede D'Or Sao Luiz SA | 282437 | 0.1 |
| 68594 | Rumo SA | 234198 | 0.1 |
| 38064 | Suzano SA | 359125 | 0.1 |
| 44340 | Telefonica Brasil SA | 252912 | 0.1 |
| 47263 | TIM SA/Brazil | 190423 | 0.0 |
| 31148 | Totvs SA | 242563 | 0.1 |
| 41520 | Ultrapar Participacoes SA | 134194 | 0.0 |
| 195933 | Vale SA - Foreign | 1900511 | 0.4 |
| 55052 | Vibra Energia SA | 220285 | 0.0 |
| 92803 | WEG SA | 730044 | 0.2 |
| 20815 | XP, Inc. - Class A | 420463 | 0.1 |
|  |  | **15094031** | **3.2** |
|  | **Chile: 0.4%** | **Chile: 0.4%** | **Chile: 0.4%** |
| 2461437 | Banco de Chile | 372270 | 0.1 |
| 4754 | Banco de Credito e Inversiones SA | 200749 | 0.1 |
| 3563986 | Banco Santander Chile | 223833 | 0.1 |
| 68287 | Cencosud SA | 232357 | 0.1 |
| 62767 | Empresas CMPC SA | 95940 | 0.0 |
| 21255 | Empresas Copec SA | 144738 | 0.0 |
| 1102410 | Enel Americas SA | 107386 | 0.0 |
| 1587605 | Enel Chile SA | 117551 | 0.0 |
| 26447 | Falabella SA | 140521 | 0.0 |
| 8669340 | Latam Airlines Group SA | 175504 | 0.0 |
|  |  | **1810849** | **0.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China: 28.2%** | **China: 28.2%** | **China: 28.2%** |
| 44000 | AAC Technologies Holdings, Inc. | $228925 | 0.1 |
| 2718 <sup>(1)</sup> | Advanced Micro-Fabrication Equipment, Inc. China - Class A | 69218 | 0.0 |
| 14000 | AECC Aviation Power Co. Ltd. - Class A | 75346 | 0.0 |
| 326600 | Agricultural Bank of China Ltd. - Class A | 268060 | 0.1 |
| 1450000 | Agricultural Bank of China Ltd. - Class H | 1036196 | 0.2 |
| 40191 | Aier Eye Hospital Group Co. Ltd. - Class A | 70040 | 0.0 |
| 8000 | Airtac International Group | 238185 | 0.1 |
| 34000 <sup>(1)(2)</sup> | Akeso, Inc. | 400115 | 0.1 |
| 922000 | Alibaba Group Holding Ltd. | 13051785 | 2.8 |
| 318000 <sup>(1)(3)</sup> | Alibaba Health Information Technology Ltd. | 193000 | 0.1 |
| 86500 | Aluminum Corp. of China Ltd. - Class A | 85167 | 0.0 |
| 184000 | Aluminum Corp. of China Ltd. - Class H | 124401 | 0.0 |
| 25400 | Anhui Conch Cement Co. Ltd. - Class A | 76139 | 0.0 |
| 61500 | Anhui Conch Cement Co. Ltd. - Class H | 156672 | 0.0 |
| 7443 | Anhui Gujing Distillery Co. Ltd. - Class B | 99611 | 0.0 |
| 9600 | Anhui Jianghuai Automobile Group Corp. Ltd. - Class A | 53675 | 0.0 |
| 70600 | ANTA Sports Products Ltd. | 854245 | 0.2 |
| 3784 | Autohome, Inc., ADR | 97589 | 0.0 |
| 156000 | AviChina Industry & Technology Co. Ltd. - Class H | 88263 | 0.0 |
| 123150 <sup>(1)</sup> | Baidu, Inc. - Class A | 1319790 | 0.3 |
| 94700 | Bank of Beijing Co. Ltd. - Class A | 90284 | 0.0 |
| 157700 | Bank of China Ltd. - Class A | 123717 | 0.0 |
| 3792000 | Bank of China Ltd. - Class H | 2207558 | 0.5 |
| 171800 | Bank of Communications Co. Ltd. - Class A | 191857 | 0.1 |
| 437000 | Bank of Communications Co. Ltd. - Class H | 407218 | 0.1 |
| 29600 | Bank of Hangzhou Co. Ltd. - Class A | 69496 | 0.0 |
| 76300 | Bank of Jiangsu Co. Ltd. - Class A | 127165 | 0.0 |
| 49600 | Bank of Nanjing Co. Ltd. - Class A | 80443 | 0.0 |
| 27900 | Bank of Ningbo Co. Ltd. - Class A | 106567 | 0.0 |
| 67700 | Bank of Shanghai Co. Ltd. - Class A | 100254 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 96000 | Baoshan Iron & Steel Co. Ltd. - Class A | $88298 | 0.0 |
| 29500 | Beijing Enterprises Holdings Ltd. | 121635 | 0.0 |
| 226000 | Beijing Enterprises Water Group Ltd. | 68253 | 0.0 |
| 1811 | Beijing Kingsoft Office Software, Inc. - Class A | 70816 | 0.0 |
| 178800 | Beijing-Shanghai High Speed Railway Co. Ltd. - Class A | 143572 | 0.0 |
| 45100 <sup>(1)</sup> | BeOne Medicines Ltd. | 853159 | 0.2 |
| 12860 <sup>(1)(3)</sup> | Bilibili, Inc. - Class Z | 276030 | 0.1 |
| 11100 <sup>(2)</sup> | BOC Aviation Ltd. | 92035 | 0.0 |
| 201600 | BOE Technology Group Co. Ltd. - Class A | 112308 | 0.0 |
| 222000 | Bosideng International Holdings Ltd. | 131572 | 0.0 |
| 7300 | BYD Co. Ltd. - Class A | 338381 | 0.1 |
| 195000 | BYD Co. Ltd. - Class H | 3036156 | 0.7 |
| 44500 | BYD Electronic International Co. Ltd. | 181125 | 0.1 |
| 39000 | C&D International Investment Group Ltd. | 79251 | 0.0 |
| 1469 <sup>(1)</sup> | Cambricon Technologies Corp. Ltd. - Class A | 123411 | 0.0 |
| 662000 <sup>(2)</sup> | CGN Power Co. Ltd. - Class H | 225688 | 0.1 |
| 13100 | Chaozhou Three-Circle Group Co. Ltd. - Class A | 61131 | 0.0 |
| 481000 | China CITIC Bank Corp. Ltd. - Class H | 458576 | 0.1 |
| 116000 <sup>(3)</sup> | China Coal Energy Co. Ltd. - Class H | 134294 | 0.0 |
| 140000 | China Communications Services Corp. Ltd. - Class H | 75999 | 0.0 |
| 62200 | China Construction Bank Corp. - Class A | 81970 | 0.0 |
| 5136000 | China Construction Bank Corp. - Class H | 5197358 | 1.1 |
| 19600 | China CSSC Holdings Ltd. - Class A | 89023 | 0.0 |
| 107400 <sup>(1)</sup> | China Eastern Airlines Corp. Ltd. - Class A | 60428 | 0.0 |
| 200900 | China Energy Engineering Corp. Ltd. - Class A | 62544 | 0.0 |
| 269400 | China Everbright Bank Co. Ltd. - Class A | 156086 | 0.0 |
| 39000 <sup>(3)</sup> | China Everbright Bank Co. Ltd. - Class H | 19475 | 0.0 |
| 201000 <sup>(2)</sup> | China Feihe Ltd. | 146618 | 0.0 |
| 39900 | China Galaxy Securities Co. Ltd. - Class A | 95562 | 0.0 |
| 176000 | China Galaxy Securities Co. Ltd. - Class H | 198850 | 0.1 |
| 152400 | China Gas Holdings Ltd. | 142538 | 0.0 |
| 158000 <sup>(3)</sup> | China Hongqiao Group Ltd. | 363811 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 93600 <sup>(2)</sup> | China International Capital Corp. Ltd. - Class H | $212218 | 0.1 |
| 14100 | China Life Insurance Co. Ltd. - Class A | 81070 | 0.0 |
| 392000 | China Life Insurance Co. Ltd. - Class H | 945883 | 0.2 |
| 23800 <sup>(1)(2)</sup> | China Literature Ltd. | 90874 | 0.0 |
| 177000 | China Longyuan Power Group Corp. Ltd. - Class H | 159717 | 0.0 |
| 175000 | China Mengniu Dairy Co. Ltd. | 360714 | 0.1 |
| 75400 | China Merchants Bank Co. Ltd. - Class A | 483761 | 0.1 |
| 204000 | China Merchants Bank Co. Ltd. - Class H | 1431052 | 0.3 |
| 68810 | China Merchants Port Holdings Co. Ltd. | 125349 | 0.0 |
| 36500 | China Merchants Securities Co. Ltd. - Class A | 89624 | 0.0 |
| 41100 | China Merchants Shekou Industrial Zone Holdings Co. Ltd. - Class A | 50321 | 0.0 |
| 163612 | China Minsheng Banking Corp. Ltd. - Class A | 108489 | 0.0 |
| 322500 | China Minsheng Banking Corp. Ltd. - Class H | 182942 | 0.1 |
| 194000 | China National Building Material Co. Ltd. - Class H | 92857 | 0.0 |
| 76200 | China National Nuclear Power Co. Ltd. - Class A | 99170 | 0.0 |
| 21800 | China Northern Rare Earth Group High-Tech Co. Ltd. - Class A | 75795 | 0.0 |
| 108000 | China Oilfield Services Ltd. - Class H | 88725 | 0.0 |
| 212500 <sup>(3)</sup> | China Overseas Land & Investment Ltd. | 370429 | 0.1 |
| 31600 | China Pacific Insurance Group Co. Ltd. - Class A | 165527 | 0.0 |
| 137800 | China Pacific Insurance Group Co. Ltd. - Class H | 474083 | 0.1 |
| 148600 | China Petroleum & Chemical Corp. - Class A | 117002 | 0.0 |
| 1284000 | China Petroleum & Chemical Corp. - Class H | 673610 | 0.2 |
| 249000 <sup>(3)</sup> | China Power International Development Ltd. | 94903 | 0.0 |
| 103400 | China Railway Group Ltd. - Class A | 80987 | 0.0 |
| 202000 | China Railway Group Ltd. - Class H | 96975 | 0.0 |
| 90000 | China Resources Beer Holdings Co. Ltd. | 287890 | 0.1 |
| 50500 | China Resources Gas Group Ltd. | 129279 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 175000 | China Resources Land Ltd. | $595838 | 0.1 |
| 8800 | China Resources Microelectronics Ltd. - Class A | 57942 | 0.0 |
| 38600 <sup>(2)</sup> | China Resources Mixc Lifestyle Services Ltd. | 187536 | 0.1 |
| 110000 <sup>(2)</sup> | China Resources Pharmaceutical Group Ltd. | 71811 | 0.0 |
| 108000 <sup>(3)</sup> | China Resources Power Holdings Co. Ltd. | 260952 | 0.1 |
| 356000 <sup>(1)(3)</sup> | China Ruyi Holdings Ltd. | 114737 | 0.0 |
| 28300 | China Shenhua Energy Co. Ltd. - Class A | 160175 | 0.0 |
| 179000 | China Shenhua Energy Co. Ltd. - Class H | 695578 | 0.2 |
| 68700 <sup>(1)</sup> | China Southern Airlines Co. Ltd. - Class A | 56586 | 0.0 |
| 157700 | China State Construction Engineering Corp. Ltd. - Class A | 127045 | 0.0 |
| 110000 | China State Construction International Holdings Ltd. | 166025 | 0.0 |
| 79400 | China Taiping Insurance Holdings Co. Ltd. | 155390 | 0.0 |
| 141300 | China Three Gorges Renewables Group Co. Ltd. - Class A | 84026 | 0.0 |
| 8800 | China Tourism Group Duty Free Corp. Ltd. - Class A | 74932 | 0.0 |
| 252800 <sup>(2)</sup> | China Tower Corp. Ltd. - Class H | 362435 | 0.1 |
| 135100 | China United Network Communications Ltd. - Class A | 100745 | 0.0 |
| 61800 <sup>(1)</sup> | China Vanke Co. Ltd. - Class A | 55393 | 0.0 |
| 104600 <sup>(1)(3)</sup> | China Vanke Co. Ltd. - Class H | 65253 | 0.0 |
| 83800 | China Yangtze Power Co. Ltd. - Class A | 352514 | 0.1 |
| 39500 <sup>(1)</sup> | Chongqing Changan Automobile Co. Ltd. - Class A | 70363 | 0.0 |
| 115000 | Chongqing Rural Commercial Bank Co. Ltd. - Class H | 97204 | 0.0 |
| 116000 <sup>(3)</sup> | Chow Tai Fook Jewellery Group Ltd. | 198902 | 0.1 |
| 165000 | CITIC Ltd. | 227182 | 0.1 |
| 52000 | CITIC Securities Co. Ltd. - Class A | 200530 | 0.1 |
| 80500 | CITIC Securities Co. Ltd. - Class H | 244172 | 0.1 |
| 102500 | CMOC Group Ltd. - Class A | 120581 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 174000 | CMOC Group Ltd. - Class H | $177580 | 0.1 |
| 15080 | Contemporary Amperex Technology Co. Ltd. - Class A | 531605 | 0.1 |
| 4100 <sup>(1)(3)</sup> | Contemporary Amperex Technology Co. Ltd. - Class H | 171940 | 0.0 |
| 66000 | COSCO SHIPPING Holdings Co. Ltd. - Class A | 138633 | 0.0 |
| 138500 | COSCO SHIPPING Holdings Co. Ltd. - Class H | 241117 | 0.1 |
| 117800 | CRRC Corp. Ltd. - Class A | 115817 | 0.0 |
| 201000 | CRRC Corp. Ltd. - Class H | 121465 | 0.0 |
| 19900 | CSC Financial Co. Ltd. - Class A | 66819 | 0.0 |
| 466000 | CSPC Pharmaceutical Group Ltd. | 458386 | 0.1 |
| 80400 | Daqin Railway Co. Ltd. - Class A | 74097 | 0.0 |
| 57040 | East Money Information Co. Ltd. - Class A | 184310 | 0.1 |
| 2450 | Eastroc Beverage Group Co. Ltd. - Class A | 107396 | 0.0 |
| 43700 | ENN Energy Holdings Ltd. | 350824 | 0.1 |
| 2800 | Eoptolink Technology, Inc. Ltd. - Class A | 49936 | 0.0 |
| 1260 | Eoptolink Technology, Inc. Ltd. - Class A | 22471 | 0.0 |
| 10000 | Eve Energy Co. Ltd. - Class A | 63978 | 0.0 |
| 24100 | Everbright Securities Co. Ltd. - Class A | 60506 | 0.0 |
| 114000 | Far East Horizon Ltd. | 99043 | 0.0 |
| 71400 | Focus Media Information Technology Co. Ltd. - Class A | 72778 | 0.0 |
| 18420 | Foshan Haitian Flavouring & Food Co. Ltd. - Class A | 100102 | 0.0 |
| 143000 | Fosun International Ltd. | 85201 | 0.0 |
| 49700 | Founder Securities Co. Ltd. - Class A | 54899 | 0.0 |
| 47500 | Foxconn Industrial Internet Co. Ltd. - Class A | 142435 | 0.0 |
| 12100 | Fuyao Glass Industry Group Co. Ltd. - Class A | 96253 | 0.0 |
| 30000 <sup>(2)</sup> | Fuyao Glass Industry Group Co. Ltd. - Class H | 214362 | 0.1 |
| 1248000 <sup>(1)(3)</sup> | GCL Technology Holdings Ltd. | 159403 | 0.0 |
| 85500 | GD Power Development Co. Ltd. - Class A | 57784 | 0.0 |
| 334000 | Geely Automobile Holdings Ltd. | 681762 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 66000 <sup>(1)</sup> | Genscript Biotech Corp. | $124882 | 0.0 |
| 17400 <sup>(2)</sup> | Giant Biogene Holding Co. Ltd. | 128401 | 0.0 |
| 4300 <sup>(1)</sup> | GigaDevice Semiconductor, Inc. - Class A | 75992 | 0.0 |
| 18600 | GoerTek, Inc. - Class A | 60600 | 0.0 |
| 139500 <sup>(1)</sup> | Great Wall Motor Co. Ltd. - Class H | 215396 | 0.1 |
| 12600 | Gree Electric Appliances, Inc. of Zhuhai - Class A | 79023 | 0.0 |
| 8400 | Guangdong Haid Group Co. Ltd. - Class A | 68687 | 0.0 |
| 166000 <sup>(3)</sup> | Guangdong Investment Ltd. | 139097 | 0.0 |
| 38200 | Guosen Securities Co. Ltd. - Class A | 61437 | 0.0 |
| 72578 | Guotai Junan Securities Co. Ltd. - Class A | 194247 | 0.1 |
| 81592 <sup>(2)</sup> | Guotai Junan Securities Co. Ltd. - Class H | 131233 | 0.0 |
| 11257 | H World Group Ltd., ADR | 381837 | 0.1 |
| 93000 <sup>(2)</sup> | Haidilao International Holding Ltd. | 177311 | 0.1 |
| 29800 | Haier Smart Home Co. Ltd. - Class A | 103121 | 0.0 |
| 126200 | Haier Smart Home Co. Ltd. - Class H | 362648 | 0.1 |
| 36000 | Haitian International Holdings Ltd. | 93753 | 0.0 |
| 66000 <sup>(2)</sup> | Hansoh Pharmaceutical Group Co. Ltd. | 250820 | 0.1 |
| 18000 | Henan Shuanghui Investment & Development Co. Ltd. - Class A | 61332 | 0.0 |
| 36500 | Hengan International Group Co. Ltd. | 105054 | 0.0 |
| 37200 | Hengli Petrochemical Co. Ltd. - Class A | 74043 | 0.0 |
| 23000 <sup>(3)</sup> | Hisense Home Appliances Group Co. Ltd. - Class H | 62831 | 0.0 |
| 2100 | Hithink RoyalFlush Information Network Co. Ltd. - Class A | 80076 | 0.0 |
| 37000 <sup>(2)(3)</sup> | Hua Hong Semiconductor Ltd. | 164395 | 0.0 |
| 10400 | Huadong Medicine Co. Ltd. - Class A | 58592 | 0.0 |
| 278000 | Huaneng Power International, Inc. - Class H | 179304 | 0.1 |
| 44700 | Huatai Securities Co. Ltd. - Class A | 111199 | 0.0 |
| 64400 <sup>(2)</sup> | Huatai Securities Co. Ltd. - Class H | 130969 | 0.0 |
| 63400 | Huaxia Bank Co. Ltd. - Class A | 70002 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 8355 | Hygon Information Technology Co. Ltd. - Class A | $164976 | 0.0 |
| 7800 | IEIT Systems Co. Ltd. - Class A | 55526 | 0.0 |
| 11300 | Iflytek Co. Ltd. - Class A | 75544 | 0.0 |
| 245300 | Industrial & Commercial Bank of China Ltd. - Class A | 259902 | 0.1 |
| 3469000 | Industrial & Commercial Bank of China Ltd. - Class H | 2754579 | 0.6 |
| 76300 | Industrial Bank Co. Ltd. - Class A | 248610 | 0.1 |
| 285800 | Inner Mongolia BaoTou Steel Union Co. Ltd. - Class A | 71426 | 0.0 |
| 26800 | Inner Mongolia Yili Industrial Group Co. Ltd. - Class A | 104341 | 0.0 |
| 67100 | Inner Mongolia Yitai Coal Co. Ltd. - Class B | 132975 | 0.0 |
| 68000 <sup>(1)(2)</sup> | Innovent Biologics, Inc. | 681678 | 0.2 |
| 11900 | JCET Group Co. Ltd. - Class A | 55983 | 0.0 |
| 63100 <sup>(1)(2)</sup> | JD Health International, Inc. | 347544 | 0.1 |
| 107500 <sup>(1)(2)</sup> | JD Logistics, Inc. | 180726 | 0.1 |
| 131600 | JD.com, Inc. - Class A | 2149332 | 0.5 |
| 72000 | Jiangsu Expressway Co. Ltd. - Class H | 101719 | 0.0 |
| 6800 | Jiangsu Hengli Hydraulic Co. Ltd. - Class A | 68393 | 0.0 |
| 24500 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 177478 | 0.1 |
| 7000 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A | 63084 | 0.0 |
| 77000 | Jiangxi Copper Co. Ltd. - Class H | 149891 | 0.0 |
| 14909 <sup>(1)</sup> | Kanzhun Ltd., ADR | 265977 | 0.1 |
| 111900 | KE Holdings, Inc. - Class A | 667810 | 0.2 |
| 169000 <sup>(1)</sup> | Kingdee International Software Group Co. Ltd. | 334025 | 0.1 |
| 52800 | Kingsoft Corp. Ltd. | 275962 | 0.1 |
| 145900 <sup>(1)(2)</sup> | Kuaishou Technology | 1184356 | 0.3 |
| 11600 | Kuang-Chi Technologies Co. Ltd. - Class A | 64714 | 0.0 |
| 212000 | Kunlun Energy Co. Ltd. | 206062 | 0.1 |
| 4200 | Kweichow Moutai Co. Ltd. - Class A | 826761 | 0.2 |
| 448000 | Lenovo Group Ltd. | 541271 | 0.1 |
| 26000 | Lens Technology Co. Ltd. - Class A | 81029 | 0.0 |
| 67000 <sup>(1)</sup> | Li Auto, Inc. - Class A | 914483 | 0.2 |
| 129500 | Li Ning Co. Ltd. | 280648 | 0.1 |
| 112500 <sup>(2)(3)</sup> | Longfor Group Holdings Ltd. | 133310 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 41000 | LONGi Green Energy Technology Co. Ltd. - Class A | $85987 | 0.0 |
| 28000 | Luxshare Precision Industry Co. Ltd. - Class A | 135668 | 0.0 |
| 5943 | Luzhou Laojiao Co. Ltd. - Class A | 94123 | 0.0 |
| 264600 <sup>(1)(2)</sup> | Meituan - Class B | 4256367 | 0.9 |
| 13600 | Midea Group Co. Ltd. - Class A | 137088 | 0.0 |
| 16000 | Midea Group Co. Ltd. - Class H | 152119 | 0.0 |
| 22200 | MINISO Group Holding Ltd. | 101153 | 0.0 |
| 233600 <sup>(1)(3)</sup> | MMG Ltd. | 114442 | 0.0 |
| 5843 | Montage Technology Co. Ltd. - Class A | 66918 | 0.0 |
| 21100 | Muyuan Foods Co. Ltd. - Class A | 123776 | 0.0 |
| 33500 | NARI Technology Co. Ltd. - Class A | 104828 | 0.0 |
| 2200 | NAURA Technology Group Co. Ltd. - Class A | 135877 | 0.0 |
| 94700 | NetEase, Inc. | 2552105 | 0.6 |
| 13000 | New China Life Insurance Co. Ltd. - Class A | 106257 | 0.0 |
| 45900 | New China Life Insurance Co. Ltd. - Class H | 251337 | 0.1 |
| 72000 | New Oriental Education & Technology Group, Inc. | 388818 | 0.1 |
| 7845 | Ningbo Tuopu Group Co. Ltd. - Class A | 51655 | 0.0 |
| 34900 | Ningxia Baofeng Energy Group Co. Ltd. - Class A | 78608 | 0.0 |
| 84740 <sup>(1)</sup> | NIO, Inc. - Class A | 290006 | 0.1 |
| 111800 <sup>(2)</sup> | Nongfu Spring Co. Ltd. - Class H | 573511 | 0.1 |
| 52400 | Orient Securities Co. Ltd./ China - Class A | 70834 | 0.0 |
| 37457 <sup>(1)</sup> | PDD Holdings, Inc., ADR | 3920250 | 0.8 |
| 520000 | People's Insurance Co. Group of China Ltd. - Class H | 396916 | 0.1 |
| 104500 | PetroChina Co. Ltd. - Class A | 124711 | 0.0 |
| 1126000 | PetroChina Co. Ltd. - Class H | 970361 | 0.2 |
| 382000 | PICC Property & Casualty Co. Ltd. - Class H | 742293 | 0.2 |
| 80300 | Ping An Bank Co. Ltd. - Class A | 135301 | 0.0 |
| 44300 | Ping An Insurance Group Co. of China Ltd. - Class A | 343289 | 0.1 |
| 349500 | Ping An Insurance Group Co. of China Ltd. - Class H | 2230970 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 52700 | Poly Developments and Holdings Group Co. Ltd. - Class A | $59578 | 0.0 |
| 29200 <sup>(2)</sup> | Pop Mart International Group Ltd. | 994820 | 0.2 |
| 142300 | Postal Savings Bank of China Co. Ltd. - Class A | 108671 | 0.0 |
| 403000 <sup>(2)</sup> | Postal Savings Bank of China Co. Ltd. - Class H | 281787 | 0.1 |
| 91600 | Power Construction Corp. of China Ltd. - Class A | 62285 | 0.0 |
| 6188 | Qifu Technology, Inc., ADR | 268312 | 0.1 |
| 35000 <sup>(1)</sup> | Qinghai Salt Lake Industry Co. Ltd. - Class A | 83392 | 0.0 |
| 56300 | Rongsheng Petrochemical Co. Ltd. - Class A | 65059 | 0.0 |
| 34700 | SAIC Motor Corp. Ltd. - Class A | 77708 | 0.0 |
| 38200 | Sanan Optoelectronics Co. Ltd. - Class A | 66247 | 0.0 |
| 37700 | Sany Heavy Industry Co. Ltd. - Class A | 94488 | 0.0 |
| 33400 | SDIC Power Holdings Co. Ltd. - Class A | 68641 | 0.0 |
| 5600 | Seres Group Co. Ltd. - Class A | 104972 | 0.0 |
| 19700 | SF Holding Co. Ltd. - Class A | 134149 | 0.0 |
| 37700 | Shaanxi Coal Industry Co. Ltd. - Class A | 101270 | 0.0 |
| 23200 | Shandong Gold Mining Co. Ltd. - Class A | 104201 | 0.0 |
| 33750 <sup>(2)(3)</sup> | Shandong Gold Mining Co. Ltd. - Class H | 118417 | 0.0 |
| 146400 | Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | 114089 | 0.0 |
| 75025 | Shanghai Baosight Software Co. Ltd. - Class B | 101690 | 0.0 |
| 54500 <sup>(1)</sup> | Shanghai Electric Group Co. Ltd. - Class A | 56277 | 0.0 |
| 15600 | Shanghai Fosun Pharmaceutical Group Co. Ltd. - Class A | 54628 | 0.0 |
| 109600 | Shanghai Pudong Development Bank Co. Ltd. - Class A | 212412 | 0.1 |
| 3624 | Shanghai United Imaging Healthcare Co. Ltd. - Class A | 64618 | 0.0 |
| 4600 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - Class A | 113322 | 0.0 |
| 900 | Shennan Circuits Co. Ltd. - Class A | 13569 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 131900 | Shenwan Hongyuan Group Co. Ltd. - Class A | $92449 | 0.0 |
| 6800 | Shenzhen Inovance Technology Co. Ltd. - Class A | 61309 | 0.0 |
| 4500 | Shenzhen Mindray Bio- Medical Electronics Co. Ltd. - Class A | 141235 | 0.0 |
| 45600 | Shenzhou International Group Holdings Ltd. | 325955 | 0.1 |
| 24300 | Sichuan Chuantou Energy Co. Ltd. - Class A | 54385 | 0.0 |
| 18000 | Silergy Corp. | 219262 | 0.1 |
| 74800 | Sinopharm Group Co. Ltd. - Class H | 175590 | 0.1 |
| 38000 | Sinotruk Hong Kong Ltd. | 111002 | 0.0 |
| 103000 <sup>(2)(3)</sup> | Smoore International Holdings Ltd. | 239709 | 0.1 |
| 9100 | Sungrow Power Supply Co. Ltd. - Class A | 86116 | 0.0 |
| 40200 | Sunny Optical Technology Group Co. Ltd. | 357036 | 0.1 |
| 22880 <sup>(1)</sup> | TAL Education Group, ADR | 233834 | 0.1 |
| 36030 | TBEA Co. Ltd. - Class A | 60008 | 0.0 |
| 112840 | TCL Technology Group Corp. - Class A | 68200 | 0.0 |
| 346800 | Tencent Holdings Ltd. | 22346271 | 4.7 |
| 41049 | Tencent Music Entertainment Group, ADR | 800045 | 0.2 |
| 108000 | Tingyi Cayman Islands Holding Corp. | 158546 | 0.0 |
| 72000 | Tongcheng Travel Holdings Ltd. | 180068 | 0.1 |
| 23700 <sup>(1)</sup> | Tongwei Co. Ltd. - Class A | 55429 | 0.0 |
| 56000 | TravelSky Technology Ltd. - Class H | 75060 | 0.0 |
| 33600 | Trip.com Group Ltd. | 1967768 | 0.4 |
| 36000 | Tsingtao Brewery Co. Ltd. - Class H | 235514 | 0.1 |
| 17400 | Unisplendour Corp. Ltd. - Class A | 58310 | 0.0 |
| 18943 | Vipshop Holdings Ltd., ADR | 285092 | 0.1 |
| 13400 | Wanhua Chemical Group Co. Ltd. - Class A | 101522 | 0.0 |
| 258000 | Want Want China Holdings Ltd. | 180446 | 0.1 |
| 48500 | Weichai Power Co. Ltd. - Class A | 104183 | 0.0 |
| 92000 | Weichai Power Co. Ltd. - Class H | 187314 | 0.1 |
| 32800 | Wens Foodstuffs Group Co. Ltd. - Class A | 78222 | 0.0 |
| 5900 | Will Semiconductor Co. Ltd. Shanghai - Class A | 105235 | 0.0 |
| 13500 | Wuliangye Yibin Co. Ltd. - Class A | 224120 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** | **China (continued)** |
| 10000 | WuXi AppTec Co. Ltd. - Class A | $| 97132 | 0.0 |
| 15800 <sup>(2)(3)</sup> | WuXi AppTec Co. Ltd. - Class H |  | 158954 | 0.0 |
| 190500 <sup>(1)(2)</sup> | Wuxi Biologics Cayman, Inc. |  | 625965 | 0.1 |
| 55800 | XCMG Construction Machinery Co. Ltd. - Class A |  | 60533 | 0.0 |
| 919000 <sup>(1)(2)</sup> | Xiaomi Corp. - Class B |  | 7074220 | 1.5 |
| 272000 <sup>(3)</sup> | Xinyi Solar Holdings Ltd. |  | 86587 | 0.0 |
| 67400 <sup>(1)</sup> | XPeng, Inc. - Class A |  | 603340 | 0.1 |
| 70000 <sup>(2)</sup> | Yadea Group Holdings Ltd. |  | 112320 | 0.0 |
| 203200 | Yankuang Energy Group Co. Ltd. - Class H |  | 202260 | 0.1 |
| 20515 | Yum China Holdings, Inc. |  | 917226 | 0.2 |
| 10200 | Yunnan Baiyao Group Co. Ltd. - Class A |  | 79441 | 0.0 |
| 2900 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - Class A |  | 80964 | 0.0 |
| 95500 <sup>(3)</sup> | Zhaojin Mining Industry Co. Ltd. - Class H |  | 251029 | 0.1 |
| 98600 | Zhejiang Expressway Co. Ltd. - Class H |  | 90808 | 0.0 |
| 14200 | Zhejiang Juhua Co. Ltd. - Class A |  | 56909 | 0.0 |
| 28600 <sup>(1)(2)</sup> | Zhejiang Leapmotor Technology Co. Ltd. |  | 199804 | 0.1 |
| 19200 | Zhejiang NHU Co. Ltd. - Class A |  | 57006 | 0.0 |
| 4620 | Zhongji Innolight Co. Ltd. - Class A |  | 94628 | 0.0 |
| 27800 | Zhongjin Gold Corp. Ltd. - Class A |  | 57223 | 0.0 |
| 46000 | Zhongsheng Group Holdings Ltd. |  | 71148 | 0.0 |
| 31000 | Zhuzhou CRRC Times Electric Co. Ltd. - Class H |  | 125003 | 0.0 |
| 88000 | Zijin Mining Group Co. Ltd. - Class A |  | 240769 | 0.1 |
| 298000 | Zijin Mining Group Co. Ltd. - Class H |  | 766400 | 0.2 |
| 22700 | ZTE Corp. - Class A |  | 103149 | 0.0 |
| 35800 <sup>(3)</sup> | ZTE Corp. - Class H |  | 111318 | 0.0 |
| 23250 | ZTO Express Cayman, Inc. |  | 411644 | 0.1 |
|  |  |  | **133882511** | **28.2** |
|  | **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** |
| 13173 | Grupo Cibest SA |  | 164451 | 0.1 |
| 23247 | Interconexion Electrica SA ESP |  | 112557 | 0.0 |
|  |  |  | **277008** | **0.1** |
|  | **Czechia: 0.2%** | **Czechia: 0.2%** | **Czechia: 0.2%** | **Czechia: 0.2%** |
| 8383 | CEZ AS |  | 492429 | 0.1 |
| 4196 | Komercni Banka AS |  | 203057 | 0.1 |
| 17998 <sup>(2)</sup> | Moneta Money Bank AS |  | 124136 | 0.0 |
|  |  |  | **819622** | **0.2** |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Egypt: 0.0%** | **Egypt: 0.0%** | **Egypt: 0.0%** |
| 120902 | Commercial International Bank Egypt SAE | $**205476** | **0.0** |
|  | **Greece: 0.6%** | **Greece: 0.6%** | **Greece: 0.6%** |
| 124291 | Alpha Bank SA | 437763 | 0.1 |
| 140299 | Eurobank Ergasias Services and Holdings SA | 483231 | 0.1 |
| 9370 | Hellenic Telecommunications Organization SA | 178144 | 0.0 |
| 6402 | Jumbo SA | 220959 | 0.1 |
| 5817 | Mytilineos SA | 315342 | 0.1 |
| 48021 | National Bank of Greece SA | 612305 | 0.1 |
| 9096 | OPAP SA | 206257 | 0.0 |
| 58958 | Piraeus Financial Holdings SA | 408449 | 0.1 |
| 11296 | Public Power Corp. SA | 184606 | 0.0 |
|  |  | **3047056** | **0.6** |
|  | **Hong Kong: 0.1%** | **Hong Kong: 0.1%** | **Hong Kong: 0.1%** |
| 109800 <sup>(1)</sup> | J&T Global Express Ltd. | 95090 | 0.0 |
| 6500 | Orient Overseas International Ltd. | 110623 | 0.0 |
| 584000 | Sino Biopharmaceutical Ltd. | 392882 | 0.1 |
|  |  | **598595** | **0.1** |
|  | **Hungary: 0.3%** | **Hungary: 0.3%** | **Hungary: 0.3%** |
| 21828 | MOL Hungarian Oil & Gas PLC | 190161 | 0.0 |
| 12064 | OTP Bank Nyrt | 964277 | 0.2 |
| 7320 | Richter Gedeon Nyrt | 215767 | 0.1 |
|  |  | **1370205** | **0.3** |
|  | **India: 18.0%** | **India: 18.0%** | **India: 18.0%** |
| 2916 | ABB India Ltd. | 206841 | 0.0 |
| 8304 | Adani Enterprises Ltd. | 253753 | 0.1 |
| 29463 | Adani Ports & Special Economic Zone Ltd. | 498335 | 0.1 |
| 30902 <sup>(1)</sup> | Adani Power Ltd. | 210789 | 0.1 |
| 2017 | Alkem Laboratories Ltd. | 116178 | 0.0 |
| 33843 | Ambuja Cements Ltd. | 227947 | 0.1 |
| 9990 | APL Apollo Tubes Ltd. | 202603 | 0.0 |
| 5491 | Apollo Hospitals Enterprise Ltd. | 463865 | 0.1 |
| 80681 | Ashok Leyland Ltd. | 236170 | 0.1 |
| 20785 | Asian Paints Ltd. | 567621 | 0.1 |
| 7393 | Astral Ltd. | 129920 | 0.0 |
| 20266 <sup>(2)</sup> | AU Small Finance Bank Ltd. | 193241 | 0.0 |
| 14346 <sup>(1)</sup> | Aurobindo Pharma Ltd. | 189938 | 0.0 |
| 8885 <sup>(1)(2)</sup> | Avenue Supermarts Ltd. | 453205 | 0.1 |
| 122044 | Axis Bank Ltd. | 1706915 | 0.4 |
| 3616 | Bajaj Auto Ltd. | 353195 | 0.1 |
| 20783 | Bajaj Finserv Ltd. | 498246 | 0.1 |
| 1469 | Bajaj Holdings & Investment Ltd. | 246491 | 0.1 |
| 4285 | Balkrishna Industries Ltd. | 122226 | 0.0 |
| 56812 | Bank of Baroda | 164849 | 0.0 |
| 199162 | Bharat Electronics Ltd. | 979467 | 0.2 |
| 14074 | Bharat Forge Ltd. | 214851 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **India (continued)** | **India (continued)** | **India (continued)** |
| 58759 | Bharat Heavy Electricals Ltd. | $182540 | 0 |
| 83835 | Bharat Petroleum Corp. Ltd. | 324638 | 0.1 |
| 138228 | Bharti Airtel Ltd. | 3240627 | 0.7 |
| 385 | Bosch Ltd. | 146788 | 0 |
| 5840 | Britannia Industries Ltd. | 398446 | 0.1 |
| 10791 | BSE Ltd. | 349106 | 0.1 |
| 99304 | Canara Bank | 132266 | 0 |
| 33944 | CG Power & Industrial Solutions Ltd. | 270090 | 0.1 |
| 22697 | Cholamandalam Investment and Finance Co. Ltd. | 431215 | 0.1 |
| 29019 | Cipla Ltd./India | 509790 | 0.1 |
| 102092 | Coal India Ltd. | 466851 | 0.1 |
| 148670 | Coforge Ltd. | 1623678 | 0.3 |
| 7271 | Colgate-Palmolive India Ltd. | 204134 | 0 |
| 12967 | Container Corp. Of India Ltd. | 114888 | 0 |
| 4237 | Coromandel International Ltd. | 123844 | 0 |
| 7634 | Cummins India Ltd. | 302769 | 0.1 |
| 28241 | Dabur India Ltd. | 159807 | 0 |
| 6551 | Divi's Laboratories Ltd. | 520469 | 0.1 |
| 1900 | Dixon Technologies India Ltd. | 332123 | 0.1 |
| 40484 | DLF Ltd. | 395768 | 0.1 |
| 32292 | Dr Reddy's Laboratories Ltd. | 483778 | 0.1 |
| 7444 | Eicher Motors Ltd. | 491111 | 0.1 |
| 39807 <sup>(1)</sup> | FSN E-Commerce Ventures Ltd. | 96774 | 0 |
| 123460 | GAIL India Ltd. | 274851 | 0.1 |
| 140295 <sup>(1)</sup> | GMR Airports Infrastructure Ltd. | 139471 | 0 |
| 22342 | Godrej Consumer Products Ltd. | 307035 | 0.1 |
| 8140 <sup>(1)</sup> | Godrej Properties Ltd. | 222578 | 0.1 |
| 14332 | Grasim Industries Ltd. | 475474 | 0.1 |
| 13895 | Havells India Ltd. | 251292 | 0.1 |
| 50764 | HCL Technologies Ltd. | 1023503 | 0.2 |
| 5298 <sup>(2)</sup> | HDFC Asset Management Co. Ltd. | 320876 | 0.1 |
| 304186 | HDFC Bank Ltd. | 7101363 | 1.5 |
| 52860 <sup>(2)</sup> | HDFC Life Insurance Co. Ltd. | 501662 | 0.1 |
| 6534 | Hero MotoCorp Ltd. | 322826 | 0.1 |
| 71299 | Hindalco Industries Ltd. | 576840 | 0.1 |
| 10961 | Hindustan Aeronautics Ltd. | 622618 | 0.1 |
| 52978 | Hindustan Petroleum Corp. Ltd. | 270732 | 0.1 |
| 43808 | Hindustan Unilever Ltd. | 1172505 | 0.3 |
| 7933 <sup>(1)</sup> | Hyundai Motor India Ltd. | 205327 | 0 |
| 283442 | ICICI Bank Ltd. | 4790097 | 1 |
| 13230 <sup>(2)</sup> | ICICI Lombard General Insurance Co. Ltd. | 314761 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **India (continued)** | **India (continued)** | **India (continued)** |
| 19209 <sup>(2)</sup> | ICICI Prudential Life Insurance Co. Ltd. | $147261 | 0 |
| 208360 <sup>(1)</sup> | IDFC First Bank Ltd. | 176985 | 0 |
| 46328 | Indian Hotels Co. Ltd. | 410845 | 0.1 |
| 154803 | Indian Oil Corp. Ltd. | 265393 | 0.1 |
| 13418 | Indian Railway Catering & Tourism Corp. Ltd. | 122343 | 0 |
| 65930 <sup>(1)</sup> | Indus Towers Ltd. | 323369 | 0.1 |
| 29591 | IndusInd Bank Ltd. | 300941 | 0.1 |
| 19355 | Info Edge India Ltd. | 336034 | 0.1 |
| 177020 | Infosys Ltd. | 3307208 | 0.7 |
| 10390 <sup>(1)(2)</sup> | InterGlobe Aviation Ltd. | 724641 | 0.2 |
| 162029 | ITC Ltd. | 786887 | 0.2 |
| 18097 | Jindal Stainless Ltd. | 148893 | 0 |
| 22412 | Jindal Steel & Power Ltd. | 246312 | 0.1 |
| 23101 | JSW Energy Ltd. | 140724 | 0 |
| 33115 | JSW Steel Ltd. | 394435 | 0.1 |
| 19622 | Jubilant Foodworks Ltd. | 160599 | 0 |
| 22086 | Kalyan Jewellers India Ltd. | 143192 | 0 |
| 58274 | Kotak Mahindra Bank Ltd. | 1470198 | 0.3 |
| 35875 | Larsen & Toubro Ltd. | 1535493 | 0.3 |
| 4042 <sup>(2)</sup> | LTIMindtree Ltd. | 250709 | 0.1 |
| 12557 | Lupin Ltd. | 283978 | 0.1 |
| 16491 <sup>(2)</sup> | Macrotech Developers Ltd. | 266621 | 0.1 |
| 50117 | Mahindra & Mahindra Ltd. | 1860205 | 0.4 |
| 6386 <sup>(1)</sup> | Mankind Pharma Ltd. | 172801 | 0 |
| 27941 | Marico Ltd. | 235378 | 0.1 |
| 6822 | Maruti Suzuki India Ltd. | 986813 | 0.2 |
| 42601 | Max Healthcare Institute Ltd. | 633849 | 0.1 |
| 5756 | Mphasis Ltd. | 191094 | 0 |
| 126 | MRF Ltd. | 209188 | 0 |
| 6375 | Muthoot Finance Ltd. | 195216 | 0 |
| 17874 | Nestle India Ltd. | 513898 | 0.1 |
| 164771 | NHPC Ltd. | 164782 | 0 |
| 171125 | NMDC Ltd. | 139779 | 0 |
| 238507 | NTPC Ltd. | 931354 | 0.2 |
| 6034 | Oberoi Realty Ltd. | 134161 | 0 |
| 172748 | Oil & Natural Gas Corp. Ltd. | 492009 | 0.1 |
| 26702 | Oil India Ltd. | 135233 | 0 |
| 332 | Page Industries Ltd. | 191290 | 0 |
| 18231 <sup>(1)</sup> | PB Fintech Ltd. | 387530 | 0.1 |
| 6000 | Persistent Systems Ltd. | 422908 | 0.1 |
| 42249 | Petronet LNG Ltd. | 148764 | 0 |
| 10869 | Phoenix Mills Ltd. | 198017 | 0 |
| 4167 | PI Industries Ltd. | 199402 | 0 |
| 8243 | Pidilite Industries Ltd. | 293766 | 0.1 |
| 2931 | Polycab India Ltd. | 223953 | 0.1 |
| 77426 | Power Finance Corp. Ltd. | 386287 | 0.1 |
| 248717 | Power Grid Corp. of India Ltd. | 869303 | 0.2 |
| 9405 | Prestige Estates Projects Ltd. | 181945 | 0 |
| 126172 | Punjab National Bank | 162608 | 0 |
| 28611 | Rail Vikas Nigam Ltd. | 132744 | 0 |
| 68984 | REC Ltd. | 324125 | 0.1 |
| 324450 | Reliance Industries Ltd. | 5678920 | 1.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **India (continued)** | **India (continued)** | **India (continued)** | **India (continued)** |
| 157174 <sup>(1)</sup> | Reliance Strategic Investments Ltd. | $| 599543 | 0.1 |
| 170382 | Samvardhana Motherson International Ltd. |  | 307582 | 0.1 |
| 15817 | SBI Cards & Payment Services Ltd. |  | 175783 | 0.0 |
| 24602 <sup>(2)</sup> | SBI Life Insurance Co. Ltd. |  | 527383 | 0.1 |
| 505 | Shree Cement Ltd. |  | 182762 | 0.0 |
| 76044 | Shriram Finance Ltd. |  | 627067 | 0.1 |
| 4735 | Siemens Ltd. |  | 179553 | 0.0 |
| 1491 | Solar Industries India Ltd. |  | 306003 | 0.1 |
| 23902 <sup>(2)</sup> | Sona Blw Precision Forgings Ltd. |  | 134170 | 0.0 |
| 7598 | SRF Ltd. |  | 287327 | 0.1 |
| 94126 | State Bank of India |  | 900384 | 0.2 |
| 52322 | Sun Pharmaceutical Industries Ltd. |  | 1022796 | 0.2 |
| 3634 | Sundaram Finance Ltd. |  | 219441 | 0.1 |
| 3508 | Supreme Industries Ltd. |  | 179672 | 0.0 |
| 525072 <sup>(1)</sup> | Suzlon Energy Ltd. |  | 414840 | 0.1 |
| 6230 | Tata Communications Ltd. |  | 122834 | 0.0 |
| 48514 | Tata Consultancy Services Ltd. |  | 1959019 | 0.4 |
| 32487 | Tata Consumer Products Ltd. |  | 416405 | 0.1 |
| 1909 | Tata Elxsi Ltd. |  | 140472 | 0.0 |
| 108901 | Tata Motors Ltd. |  | 873660 | 0.2 |
| 87053 | Tata Power Co. Ltd. |  | 411728 | 0.1 |
| 399053 | Tata Steel Ltd. |  | 744269 | 0.2 |
| 29532 | Tech Mahindra Ltd. |  | 581153 | 0.1 |
| 2239 | Thermax Ltd. |  | 89292 | 0.0 |
| 19049 | Titan Co. Ltd. |  | 819831 | 0.2 |
| 5737 | Torrent Pharmaceuticals Ltd. |  | 228061 | 0.1 |
| 9189 | Torrent Power Ltd. |  | 157242 | 0.0 |
| 9939 | Trent Ltd. |  | 720542 | 0.2 |
| 5870 | Tube Investments of India Ltd. |  | 212861 | 0.1 |
| 12885 | TVS Motor Co. Ltd. |  | 438452 | 0.1 |
| 6338 | UltraTech Cement Ltd. |  | 893976 | 0.2 |
| 84433 | Union Bank of India Ltd. |  | 151253 | 0.0 |
| 15482 | United Spirits Ltd. |  | 257839 | 0.1 |
| 25586 | UPL Ltd. |  | 197363 | 0.0 |
| 70439 | Varun Beverages Ltd. |  | 375866 | 0.1 |
| 74492 | Vedanta Ltd. |  | 401106 | 0.1 |
| 1380913 <sup>(1)</sup> | Vodafone Idea Ltd. |  | 119577 | 0.0 |
| 12244 | Voltas Ltd. |  | 187663 | 0.0 |
| 142318 | Wipro Ltd. |  | 441583 | 0.1 |
| 784708 <sup>(1)</sup> | Yes Bank Ltd. |  | 186146 | 0.0 |
| 260431 <sup>(1)</sup> | Zomato Ltd. |  | 802075 | 0.2 |
| 13503 | Zydus Lifesciences Ltd. |  | 155966 | 0.0 |
|  |  |  | **85322880** | **18.0** |
|  | **Indonesia: 1.2%** | **Indonesia: 1.2%** | **Indonesia: 1.2%** | **Indonesia: 1.2%** |
| 728100 | Adaro Energy Indonesia Tbk PT |  | 82198 | 0.0 |
| 351100 <sup>(1)</sup> | Amman Mineral Internasional PT |  | 183071 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| 1096100 | Astra International Tbk PT | $| 303965 | 0.1 |
| 2999200 | Bank Central Asia Tbk PT |  | 1603215 | 0.4 |
| 2002100 | Bank Mandiri Persero Tbk PT |  | 601400 | 0.1 |
| 814800 | Bank Negara Indonesia Persero Tbk PT |  | 206799 | 0.1 |
| 3664500 | Bank Rakyat Indonesia Persero Tbk PT |  | 844889 | 0.2 |
| 1332449 | Barito Pacific Tbk PT |  | 136358 | 0.0 |
| 426700 | Chandra Asri Pacific Tbk PT |  | 259701 | 0.1 |
| 381700 | Charoen Pokphand Indonesia Tbk PT |  | 110510 | 0.0 |
| 49378900 <sup>(1)</sup> | GoTo Gojek Tokopedia Tbk PT |  | 176408 | 0.0 |
| 117000 | Indofood CBP Sukses Makmur Tbk PT |  | 75705 | 0.0 |
| 223600 | Indofood Sukses Makmur Tbk PT |  | 111963 | 0.0 |
| 1142300 | Kalbe Farma Tbk PT |  | 107440 | 0.0 |
| 1010200 | Sumber Alfaria Trijaya Tbk PT |  | 148786 | 0.0 |
| 2700400 | Telkom Indonesia Persero Tbk PT |  | 461989 | 0.1 |
| 79500 | United Tractors Tbk PT |  | 105026 | 0.0 |
|  |  |  | **5519423** | **1.2** |
|  | **Kuwait: 0.7%** | **Kuwait: 0.7%** | **Kuwait: 0.7%** | **Kuwait: 0.7%** |
| 94666 | Boubyan Bank KSCP |  | 223037 | 0.1 |
| 127841 | Gulf Bank KSCP |  | 150185 | 0.0 |
| 566043 | Kuwait Finance House KSCP |  | 1485478 | 0.3 |
| 43993 | Mabanee Co. KPSC |  | 125838 | 0.0 |
| 108906 | Mobile Telecommunications Co. KSCP |  | 172258 | 0.0 |
| 426709 | National Bank of Kuwait SAKP |  | 1394772 | 0.3 |
|  |  |  | **3551568** | **0.7** |
|  | **Luxembourg: 0.0%** | **Luxembourg: 0.0%** | **Luxembourg: 0.0%** | **Luxembourg: 0.0%** |
| 7468 | Reinet Investments SCA |  | **243038** | **0.0** |
|  | **Malaysia: 1.3%** | **Malaysia: 1.3%** | **Malaysia: 1.3%** | **Malaysia: 1.3%** |
| 138200 | AMMB Holdings Bhd |  | 167444 | 0.1 |
| 157600 | Axiata Group Bhd |  | 86491 | 0.0 |
| 192000 | CelcomDIGI Bhd |  | 179340 | 0.1 |
| 420000 | CIMB Group Holdings Bhd |  | 677399 | 0.2 |
| 226300 | Gamuda Bhd |  | 257590 | 0.1 |
| 110600 | Genting Bhd |  | 80133 | 0.0 |
| 34100 | Hong Leong Bank Bhd |  | 158751 | 0.1 |
| 112300 | IHH Healthcare Bhd |  | 181899 | 0.1 |
| 130700 | IOI Corp. Bhd |  | 116150 | 0.0 |
| 26200 | Kuala Lumpur Kepong Bhd |  | 128807 | 0.0 |
| 298800 | Malayan Banking Bhd |  | 688353 | 0.2 |
| 130400 | Maxis Bhd |  | 111871 | 0.0 |
| 66600 | MISC Bhd |  | 120096 | 0.0 |
| 171300 <sup>(2)</sup> | MR DIY Group M Bhd |  | 66729 | 0.0 |
| 3600 | Nestle Malaysia Bhd |  | 65615 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| 153500 | Petronas Chemicals Group Bhd | $| 127345 | 0.0 |
| 18400 | Petronas Dagangan Bhd |  | 94075 | 0.0 |
| 37500 | Petronas Gas Bhd |  | 156929 | 0.0 |
| 34000 | PPB Group Bhd |  | 83062 | 0.0 |
| 209700 | Press Metal Aluminium Holdings Bhd |  | 258235 | 0.1 |
| 816300 | Public Bank Bhd |  | 835628 | 0.2 |
| 88200 | QL Resources Bhd |  | 96395 | 0.0 |
| 85500 | RHB Bank Bhd |  | 127918 | 0.0 |
| 159200 | Sime Darby Bhd |  | 62393 | 0.0 |
| 109800 | Sime Darby Plantation Bhd |  | 121072 | 0.0 |
| 124000 | Sunway Bhd |  | 138473 | 0.0 |
| 66800 | Telekom Malaysia Bhd |  | 103984 | 0.0 |
| 159600 | Tenaga Nasional Bhd |  | 545423 | 0.1 |
| 175700 | YTL Corp. Bhd |  | 96899 | 0.0 |
| 159720 | YTL Power International Bhd |  | 150951 | 0.0 |
|  |  |  | **6085450** | **1.3** |
|  | **Mexico: 2.1%** | **Mexico: 2.1%** | **Mexico: 2.1%** | **Mexico: 2.1%** |
| 198678 <sup>(3)</sup> | Alfa SAB de CV - Class A |  | 146643 | 0.0 |
| 996107 | America Movil SAB de CV |  | 891822 | 0.2 |
| 27641 | Arca Continental SAB de CV |  | 292842 | 0.1 |
| 836894 | Cemex SAB de CV |  | 579352 | 0.1 |
| 28508 | Coca-Cola Femsa SAB de CV |  | 276154 | 0.1 |
| 154340 | Fibra Uno Administracion SA de CV |  | 213359 | 0.0 |
| 92540 | Fomento Economico Mexicano SAB de CV |  | 952006 | 0.2 |
| 9838 | Gruma SAB de CV - Class B |  | 169675 | 0.0 |
| 15725 | Grupo Aeroportuario del Centro Norte SAB de CV |  | 206823 | 0.0 |
| 20989 | Grupo Aeroportuario del Pacifico SAB de CV - Class B |  | 480484 | 0.1 |
| 9769 | Grupo Aeroportuario del Sureste SAB de CV - Class B |  | 311846 | 0.1 |
| 70171 | Grupo Bimbo SAB de CV |  | 195729 | 0.0 |
| 30641 | Grupo Carso SAB de CV |  | 218420 | 0.1 |
| 15000 | Grupo Comercial Chedraui SA de CV |  | 118780 | 0.0 |
| 134169 | Grupo Financiero Banorte SAB de CV - Class O |  | 1231185 | 0.3 |
| 100312 | Grupo Financiero Inbursa SAB de CV - Class O |  | 259220 | 0.1 |
| 169598 | Grupo Mexico SAB de CV |  | 1023580 | 0.2 |
| 11082 <sup>(1)</sup> | Industrias Penoles SAB de CV |  | 309844 | 0.1 |
| 80149 | Kimberly-Clark de Mexico SAB de CV - Class A |  | 146933 | 0.0 |
| 57508 | Prologis Property Mexico SA de CV |  | 216829 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| 10635 | Promotora y Operadora de Infraestructura SAB de CV | $| 119950 | 0.0 |
| 7500 | Qualitas Controladora SAB de CV |  | 77096 | 0.0 |
| 4827 | Southern Copper Corp. |  | 488348 | 0.1 |
| 285579 | Wal-Mart de Mexico SAB de CV |  | 944802 | 0.2 |
|  |  |  | **9871722** | **2.1** |
|  | **Peru: 0.2%** | **Peru: 0.2%** | **Peru: 0.2%** | **Peru: 0.2%** |
| 9496 | Cia de Minas Buenaventura SAA, ADR |  | 155924 | 0.0 |
| 3750 | Credicorp Ltd. |  | 838200 | 0.2 |
|  |  |  | **994124** | **0.2** |
|  | **Philippines: 0.5%** | **Philippines: 0.5%** | **Philippines: 0.5%** | **Philippines: 0.5%** |
| 13100 | Ayala Corp. |  | 132528 | 0.0 |
| 358600 | Ayala Land, Inc. |  | 172075 | 0.0 |
| 104535 | Bank of the Philippine Islands |  | 241249 | 0.1 |
| 134276 | BDO Unibank, Inc. |  | 364233 | 0.1 |
| 56090 | International Container Terminal Services, Inc. |  | 408916 | 0.1 |
| 23750 | Jollibee Foods Corp. |  | 91098 | 0.0 |
| 15160 | Manila Electric Co. |  | 144926 | 0.0 |
| 100030 | Metropolitan Bank & Trust Co. |  | 128745 | 0.0 |
| 4130 | PLDT, Inc. |  | 89297 | 0.0 |
| 11530 | SM Investments Corp. |  | 178487 | 0.1 |
| 554800 | SM Prime Holdings, Inc. |  | 230961 | 0.1 |
|  |  |  | **2182515** | **0.5** |
|  | **Poland: 1.1%** | **Poland: 1.1%** | **Poland: 1.1%** | **Poland: 1.1%** |
| 37424 <sup>(1)(2)</sup> | Allegro.eu SA |  | 360304 | 0.1 |
| 21884 <sup>(1)</sup> | Bank Millennium SA |  | 86948 | 0.0 |
| 9968 | Bank Polska Kasa Opieki SA |  | 513396 | 0.1 |
| 478 <sup>(3)</sup> | Budimex SA |  | 74082 | 0.0 |
| 2634 <sup>(1)(3)</sup> | CCC SA |  | 149935 | 0.0 |
| 3418 <sup>(3)</sup> | CD Projekt SA |  | 266746 | 0.1 |
| 2678 <sup>(1)(2)</sup> | Dino Polska SA |  | 391343 | 0.1 |
| 7526 <sup>(1)</sup> | KGHM Polska Miedz SA |  | 269368 | 0.1 |
| 59 <sup>(3)</sup> | L.P. SA |  | 240461 | 0.1 |
| 821 <sup>(1)</sup> | mBank SA |  | 181739 | 0.0 |
| 50038 <sup>(1)</sup> | PGE Polska Grupa Energetyczna SA |  | 158402 | 0.0 |
| 31124 | Polski Koncern Naftowy ORLEN SA |  | 709362 | 0.1 |
| 47368 | Powszechna Kasa Oszczednosci Bank Polski SA |  | 989746 | 0.2 |
| 31994 | Powszechny Zaklad Ubezpieczen SA |  | 559482 | 0.1 |
| 2176 | Santander Bank Polska SA |  | 299029 | 0.1 |
| 10856 <sup>(1)(3)</sup> | Zabka Group SA |  | 65249 | 0.0 |
|  |  |  | **5315592** | **1.1** |
|  | **Qatar: 0.7%** | **Qatar: 0.7%** | **Qatar: 0.7%** | **Qatar: 0.7%** |
| 120640 | Barwa Real Estate Co. |  | 91996 | 0.0 |
| 177796 | Commercial Bank PSQC |  | 222132 | 0.1 |
| 110273 | Dukhan Bank |  | 110182 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Qatar (continued)** | **Qatar (continued)** | **Qatar (continued)** | **Qatar (continued)** |
| 79219 | Industries Qatar QSC | $| 268705 | 0.1 |
| 326777 | Masraf Al Rayan QSC |  | 208912 | 0.1 |
| 314737 | Mesaieed Petrochemical Holding Co. |  | 116394 | 0.0 |
| 44766 | Ooredoo QPSC |  | 157335 | 0.0 |
| 25070 | Qatar Electricity & Water Co. QSC |  | 111545 | 0.0 |
| 33706 | Qatar Fuel QSC |  | 138675 | 0.0 |
| 152721 | Qatar Gas Transport Co. Ltd. |  | 208046 | 0.0 |
| 55556 | Qatar International Islamic Bank QSC |  | 166136 | 0.0 |
| 97962 | Qatar Islamic Bank SAQ |  | 595951 | 0.1 |
| 247575 | Qatar National Bank QPSC |  | 1179619 | 0.3 |
|  |  |  | **3575628** | **0.7** |
|  | **Romania: 0.0%** | **Romania: 0.0%** | **Romania: 0.0%** | **Romania: 0.0%** |
| 30525 | NEPI Rockcastle NV |  | **232682** | **0.0** |
|  | **Saudi Arabia: 3.4%** | **Saudi Arabia: 3.4%** | **Saudi Arabia: 3.4%** | **Saudi Arabia: 3.4%** |
| 8066 <sup>(1)</sup> | ACWA Power Co. |  | 549781 | 0.1 |
| 18321 | Ades Holding Co. |  | 66914 | 0.0 |
| 105978 | Al Rajhi Bank |  | 2673068 | 0.6 |
| 2099 <sup>(1)</sup> | Al Rajhi Co for Co-operative Insurance |  | 71995 | 0.0 |
| 67710 | Alinma Bank |  | 484050 | 0.1 |
| 23217 | Almarai Co. JSC |  | 313797 | 0.1 |
| 49218 | Arab National Bank |  | 285013 | 0.1 |
| 1385 | Arabian Internet & Communications Services Co. |  | 98353 | 0.0 |
| 40082 | Bank AlBilad |  | 281185 | 0.1 |
| 35662 <sup>(1)</sup> | Bank Al-Jazira |  | 122174 | 0.0 |
| 66255 | Banque Saudi Fransi |  | 315460 | 0.1 |
| 4569 | Bupa Arabia for Cooperative Insurance Co. |  | 216968 | 0.1 |
| 4096 | Co. for Cooperative Insurance |  | 172562 | 0.1 |
| 1888 | Dallah Healthcare Co. |  | 65736 | 0.0 |
| 29467 <sup>(1)</sup> | Dar Al Arkan Real Estate Development Co. |  | 150939 | 0.0 |
| 4704 | Dr Sulaiman Al Habib Medical Services Group Co. |  | 340080 | 0.1 |
| 1312 | Elm Co. |  | 350315 | 0.1 |
| 20854 | Etihad Etisalat Co. |  | 329727 | 0.1 |
| 29091 <sup>(1)</sup> | Jabal Omar Development Co. |  | 156400 | 0.0 |
| 31975 | Jarir Marketing Co. |  | 106890 | 0.0 |
| 4877 | Makkah Construction & Development Co. |  | 119894 | 0.0 |
| 5268 | Mouwasat Medical Services Co. |  | 105996 | 0.0 |
| 80960 | Riyad Bank |  | 620200 | 0.1 |
| 12873 | SABIC Agri-Nutrients Co. |  | 368078 | 0.1 |
| 19381 | Sahara International Petrochemical Co. |  | 102451 | 0.0 |
| 1176 | SAL Saudi Logistics Services |  | 58871 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| 72046 <sup>(1)</sup> | Saudi Arabian Mining Co. | $| 1028860 | 0.2 |
| 312099 <sup>(2)</sup> | Saudi Arabian Oil Co. |  | 2023625 | 0.4 |
| 3073 | Saudi Aramco Base Oil Co. |  | 83752 | 0.0 |
| 55343 | Saudi Awwal Bank |  | 497135 | 0.1 |
| 49670 | Saudi Basic Industries Corp. |  | 723761 | 0.2 |
| 40959 | Saudi Electricity Co. |  | 160446 | 0.0 |
| 20024 | Saudi Industrial Investment Group |  | 89587 | 0.0 |
| 34091 | Saudi Investment Bank |  | 131979 | 0.0 |
| 161036 | Saudi National Bank |  | 1550546 | 0.3 |
| 1885 <sup>(1)</sup> | Saudi Research & Media Group |  | 97158 | 0.0 |
| 2641 | Saudi Tadawul Group Holding Co. |  | 124263 | 0.0 |
| 110019 | Saudi Telecom Co. |  | 1247997 | 0.3 |
| 15032 | Yanbu National Petrochemical Co. |  | 121112 | 0.0 |
|  |  |  | **16407118** | **3.4** |
|  | **South Africa: 2.8%** | **South Africa: 2.8%** | **South Africa: 2.8%** | **South Africa: 2.8%** |
| 44386 | Absa Group Ltd. |  | 441792 | 0.1 |
| 11395 <sup>(1)</sup> | Anglo American Platinum Ltd. |  | 507386 | 0.1 |
| 20718 | Aspen Pharmacare Holdings Ltd. |  | 139834 | 0.0 |
| 18367 | Bid Corp. Ltd. |  | 484942 | 0.1 |
| 18433 | Bidvest Group Ltd. |  | 243139 | 0.0 |
| 4680 | Capitec Bank Holdings Ltd. |  | 935747 | 0.2 |
| 12624 | Clicks Group Ltd. |  | 264549 | 0.1 |
| 28787 | Discovery Ltd. |  | 349947 | 0.1 |
| 269972 | FirstRand Ltd. |  | 1154087 | 0.2 |
| 48346 | Gold Fields Ltd. |  | 1144819 | 0.2 |
| 31180 | Harmony Gold Mining Co. Ltd. |  | 433837 | 0.1 |
| 48508 <sup>(1)</sup> | Impala Platinum Holdings Ltd. |  | 435857 | 0.1 |
| 93038 | MTN Group Ltd. |  | 740604 | 0.2 |
| 8825 | Naspers Ltd. - Class N |  | 2753520 | 0.6 |
| 25127 | Nedbank Group Ltd. |  | 344962 | 0.1 |
| 224435 | Old Mutual Ltd. |  | 153015 | 0.0 |
| 44464 | OUTsurance Group Ltd. |  | 196730 | 0.0 |
| 128748 <sup>(2)</sup> | Pepkor Holdings Ltd. |  | 198204 | 0.0 |
| 27774 | Remgro Ltd. |  | 248562 | 0.1 |
| 96128 | Sanlam Ltd. |  | 481461 | 0.1 |
| 32303 <sup>(1)</sup> | Sasol Ltd. |  | 143839 | 0.0 |
| 27167 | Shoprite Holdings Ltd. |  | 424989 | 0.1 |
| 69891 | Standard Bank Group Ltd. |  | 897374 | 0.2 |
| 33535 | Vodacom Group Ltd. |  | 258941 | 0.1 |
| 50617 | Woolworths Holdings Ltd./South Africa |  | 147988 | 0.0 |
|  |  |  | **13526125** | **2.8** |
|  | **South Korea: 10.2%** | **South Korea: 10.2%** | **South Korea: 10.2%** | **South Korea: 10.2%** |
| 2186 <sup>(1)</sup> | Alteogen, Inc. |  | 602303 | 0.1 |
| 1591 | Amorepacific Corp. |  | 160906 | 0.0 |
| 8958 | Celltrion, Inc. |  | 1057043 | 0.2 |
| 439 | CJ CheilJedang Corp. |  | 80771 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| 3003 | Coway Co. Ltd. | $214590 | 0.1 |
| 2493 | DB Insurance Co. Ltd. | 227493 | 0.1 |
| 3056 | Doosan Bobcat, Inc. | 131357 | 0.0 |
| 24546 <sup>(1)</sup> | Doosan Enerbility Co. Ltd. | 1243576 | 0.3 |
| 2667 <sup>(1)</sup> | Ecopro BM Co. Ltd. | 198042 | 0.0 |
| 5509 | Ecopro Co. Ltd. | 183586 | 0.0 |
| 15213 | Hana Financial Group, Inc. | 969038 | 0.2 |
| 1225 | Hanjin Kal Corp. | 106544 | 0.0 |
| 4014 | Hankook Tire & Technology Co. Ltd. | 117928 | 0.0 |
| 2407 | Hanmi Semiconductor Co. Ltd. | 180766 | 0.0 |
| 1822 | Hanwha Aerospace Co. Ltd. | 1143355 | 0.2 |
| 5595 <sup>(1)</sup> | Hanwha Ocean Co. Ltd. | 327733 | 0.1 |
| 3855 | Hanwha Systems Co. Ltd. | 165371 | 0.0 |
| 2345 | HD Hyundai Co. Ltd. | 224695 | 0.1 |
| 1280 | HD Hyundai Electric Co. Ltd. | 479855 | 0.1 |
| 1201 | HD Hyundai Heavy Industries Co. Ltd. | 379078 | 0.1 |
| 2323 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 627305 | 0.1 |
| 6394 <sup>(1)</sup> | HLB, Inc. | 231698 | 0.1 |
| 13853 | HMM Co. Ltd. | 230974 | 0.1 |
| 1253 | HYBE Co. Ltd. | 286480 | 0.1 |
| 1954 | Hyundai Glovis Co. Ltd. | 194542 | 0.0 |
| 3299 | Hyundai Mobis Co. Ltd. | 699877 | 0.2 |
| 7443 | Hyundai Motor Co. | 1117622 | 0.2 |
| 3909 | Hyundai Rotem Co. Ltd. | 567257 | 0.1 |
| 13472 | Industrial Bank of Korea | 181953 | 0.0 |
| 17022 | Kakao Corp. | 755066 | 0.2 |
| 8946 | KakaoBank Corp. | 198247 | 0.0 |
| 20010 | KB Financial Group, Inc. | 1644347 | 0.4 |
| 12836 | Kia Corp. | 918472 | 0.2 |
| 4026 | Korea Aerospace Industries Ltd. | 267359 | 0.1 |
| 13763 | Korea Electric Power Corp. | 397712 | 0.1 |
| 2204 | Korea Investment Holdings Co. Ltd. | 227438 | 0.1 |
| 230 | Korea Zinc Co. Ltd. | 139141 | 0.0 |
| 9519 | Korean Air Lines Co. Ltd. | 160805 | 0.0 |
| 1561 <sup>(1)</sup> | Krafton, Inc. | 419112 | 0.1 |
| 4868 | KT&G Corp. | 459474 | 0.1 |
| 2698 | LG Chem Ltd. | 421374 | 0.1 |
| 5017 | LG Corp. | 295183 | 0.1 |
| 16568 <sup>(1)</sup> | LG Display Co. Ltd. | 109888 | 0.0 |
| 5815 | LG Electronics, Inc. | 317122 | 0.1 |
| 2575 <sup>(1)</sup> | LG Energy Solution Ltd. | 565324 | 0.1 |
| 489 | LG H&H Co. Ltd. | 115525 | 0.0 |
| 795 | LG Innotek Co. Ltd. | 86560 | 0.0 |
| 11223 | LG Uplus Corp. | 118818 | 0.0 |
| 803 | LS Electric Co. Ltd. | 177499 | 0.0 |
| 4405 | Meritz Financial Group, Inc. | 366445 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **South Korea (continued)** |  |  |
| 12894 | Mirae Asset Securities Co. Ltd. | $204366 | 0.0 |
| 7748 | NAVER Corp. | 1504545 | 0.3 |
| 7253 | NH Investment & Securities Co. Ltd. | 107257 | 0.0 |
| 1298 | Orion Corp./Republic of Korea | 104442 | 0.0 |
| 1680 <sup>(1)</sup> | POSCO Future M Co. Ltd. | 156799 | 0.0 |
| 3852 | POSCO Holdings, Inc. | 742072 | 0.2 |
| 2788 | Posco International Corp. | 102349 | 0.0 |
| 976 <sup>(1)(2)</sup> | Samsung Biologics Co. Ltd. | 716206 | 0.2 |
| 4600 | Samsung C&T Corp. | 548242 | 0.1 |
| 3137 | Samsung Electro- Mechanics Co. Ltd. | 311679 | 0.1 |
| 254577 | Samsung Electronics Co. Ltd. | 11257808 | 2.4 |
| 1683 | Samsung Fire & Marine Insurance Co. Ltd. | 539633 | 0.1 |
| 36326 <sup>(1)</sup> | Samsung Heavy Industries Co. Ltd. | 449205 | 0.1 |
| 4344 | Samsung Life Insurance Co. Ltd. | 409055 | 0.1 |
| 3437 | Samsung SDI Co. Ltd. | 438839 | 0.1 |
| 2305 | Samsung SDS Co. Ltd. | 288920 | 0.1 |
| 207 | Samyang Foods Co. Ltd. | 213712 | 0.1 |
| 22915 | Shinhan Financial Group Co. Ltd. | 1038894 | 0.2 |
| 1705 <sup>(1)</sup> | SK Biopharmaceuticals Co. Ltd. | 116110 | 0.0 |
| 29415 | SK Hynix, Inc. | 6338392 | 1.3 |
| 3509 | SK Innovation Co. Ltd. | 318074 | 0.1 |
| 5022 <sup>(1)</sup> | SK Square Co. Ltd. | 675002 | 0.1 |
| 2755 | SK Telecom Co. Ltd. | 115913 | 0.0 |
| 1928 | SK, Inc. | 291218 | 0.1 |
| 1027 <sup>(1)</sup> | SKC Co. Ltd. | 83563 | 0.0 |
| 2461 | S-Oil Corp. | 109121 | 0.0 |
| 34015 | Woori Financial Group, Inc. | 565984 | 0.1 |
| 3098 | Yuhan Corp. | 238609 | 0.1 |
|  |  | **48478658** | **10.2** |
|  | **Taiwan: 18.7%** |  |  |
| 28000 | Accton Technology Corp. | 699825 | 0.1 |
| 162000 | Acer, Inc. | 167873 | 0.0 |
| 24595 | Advantech Co. Ltd. | 285330 | 0.1 |
| 4000 | Alchip Technologies Ltd. | 424128 | 0.1 |
| 180000 | ASE Technology Holding Co. Ltd. | 903020 | 0.2 |
| 125000 | Asia Cement Corp. | 182477 | 0.0 |
| 18000 | Asia Vital Components Co. Ltd. | 459764 | 0.1 |
| 38000 | Asustek Computer, Inc. | 840080 | 0.2 |
| 368000 | AUO Corp. | 155542 | 0.0 |
| 34000 | Catcher Technology Co. Ltd. | 246883 | 0.1 |
| 504000 | Cathay Financial Holding Co. Ltd. | 1084882 | 0.2 |
| 79179 | Chailease Holding Co. Ltd. | 342941 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Taiwan (continued)** |  |  |
| 321464 | Chang Hwa Commercial Bank Ltd. | $205782 | 0.0 |
| 98000 | Cheng Shin Rubber Industry Co. Ltd. | 126766 | 0.0 |
| 162000 | China Airlines Ltd. | 119703 | 0.0 |
| 869000 | China Development Financial Holding Corp. | 445744 | 0.1 |
| 642000 | China Steel Corp. | 412913 | 0.1 |
| 204000 | Chunghwa Telecom Co. Ltd. | 943611 | 0.2 |
| 232000 | Compal Electronics, Inc. | 230758 | 0.1 |
| 893000 | CTBC Financial Holding Co. Ltd. | 1336492 | 0.3 |
| 105000 | Delta Electronics, Inc. | 1485850 | 0.3 |
| 46000 | E Ink Holdings, Inc. | 348167 | 0.1 |
| 765516 | E.Sun Financial Holding Co. Ltd. | 860497 | 0.2 |
| 11000 <sup>(1)</sup> | Eclat Textile Co. Ltd. | 154550 | 0.0 |
| 16000 | Elite Material Co. Ltd. | 483819 | 0.1 |
| 4000 | eMemory Technology, Inc. | 323826 | 0.1 |
| 147000 | Eva Airways Corp. | 200646 | 0.0 |
| 56000 | Evergreen Marine Corp. Taiwan Ltd. | 381342 | 0.1 |
| 156000 | Far Eastern New Century Corp. | 175708 | 0.0 |
| 95000 | Far EasTone Telecommunications Co. Ltd. | 291219 | 0.1 |
| 26720 | Feng TAY Enterprise Co. Ltd. | 112187 | 0.0 |
| 603306 | First Financial Holding Co. Ltd. | 599918 | 0.1 |
| 190000 | Formosa Chemicals & Fibre Corp. | 149064 | 0.0 |
| 215000 | Formosa Plastics Corp. | 256556 | 0.1 |
| 8500 | Fortune Electric Co. Ltd. | 163794 | 0.0 |
| 439620 | Fubon Financial Holding Co. Ltd. | 1316509 | 0.3 |
| 29000 | Gigabyte Technology Co. Ltd. | 281799 | 0.1 |
| 5000 | Global Unichip Corp. | 223644 | 0.0 |
| 13000 | Globalwafers Co. Ltd. | 134171 | 0.0 |
| 675000 | Hon Hai Precision Industry Co. Ltd. | 3724202 | 0.8 |
| 16420 | Hotai Motor Co. Ltd. | 316418 | 0.1 |
| 475710 | Hua Nan Financial Holdings Co. Ltd. | 442608 | 0.1 |
| 405544 | Innolux Corp. | 162439 | 0.0 |
| 13000 | International Games System Co. Ltd. | 381625 | 0.1 |
| 149000 | Inventec Corp. | 215938 | 0.0 |
| 5000 | Jentech Precision Industrial Co. Ltd. | 258745 | 0.1 |
| 5000 | Largan Precision Co. Ltd. | 408352 | 0.1 |
| 116000 | Lite-On Technology Corp. | 439736 | 0.1 |
| 4000 | Lotes Co. Ltd. | 185214 | 0.0 |
| 82000 | MediaTek, Inc. | 3513590 | 0.7 |
| 629756 | Mega Financial Holding Co. Ltd. | 884410 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Taiwan (continued)** |  |  |
| 281000 | Nan Ya Plastics Corp. | $262536 | 0.1 |
| 9000 | Nien Made Enterprise Co. Ltd. | 125470 | 0 |
| 31000 | Novatek Microelectronics Corp. | 578177 | 0.1 |
| 108000 | Pegatron Corp. | 284510 | 0.1 |
| 13000 <sup>(1)</sup> | PharmaEssentia Corp. | 243854 | 0.1 |
| 118000 | Pou Chen Corp. | 125124 | 0 |
| 29000 | President Chain Store Corp. | 254331 | 0.1 |
| 146000 | Quanta Computer, Inc. | 1373331 | 0.3 |
| 27000 | Realtek Semiconductor Corp. | 524367 | 0.1 |
| 74300 | Ruentex Development Co. Ltd. | 75750 | 0 |
| 214000 | Shanghai Commercial & Savings Bank Ltd. | 339726 | 0.1 |
| 799800 <sup>(1)</sup> | Shin Kong Financial Holding Co. Ltd. | 309393 | 0.1 |
| 581714 | SinoPac Financial Holdings Co. Ltd. | 481799 | 0.1 |
| 70000 | Synnex Technology International Corp. | 154271 | 0 |
| 615245 | Taishin Financial Holding Co. Ltd. | 331868 | 0.1 |
| 375008 | Taiwan Business Bank | 197061 | 0 |
| 360000 | Taiwan Cement Corp. | 314237 | 0.1 |
| 563430 | Taiwan Cooperative Financial Holding Co. Ltd. | 477077 | 0.1 |
| 88000 | Taiwan High Speed Rail Corp. | 85083 | 0 |
| 98000 | Taiwan Mobile Co. Ltd. | 385635 | 0.1 |
| 1323000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 48381255 | 10.2 |
| 72000 | Unimicron Technology Corp. | 281009 | 0.1 |
| 259000 | Uni-President Enterprises Corp. | 717923 | 0.2 |
| 611000 | United Microelectronics Corp. | 921569 | 0.2 |
| 54477 | Vanguard International Semiconductor Corp. | 187598 | 0 |
| 4000 | Voltronic Power Technology Corp. | 172542 | 0 |
| 38000 | Wan Hai Lines Ltd. | 115562 | 0 |
| 151000 | Wistron Corp. | 635296 | 0.1 |
| 6000 | Wiwynn Corp. | 521010 | 0.1 |
| 89000 | WPG Holdings Ltd. | 213920 | 0 |
| 22727 | Yageo Corp. | 377129 | 0.1 |
| 94000 | Yang Ming Marine Transport Corp. | 228508 | 0.1 |
| 552620 | Yuanta Financial Holding Co. Ltd. | 646744 | 0.1 |
| 38000 | Zhen Ding Technology Holding Ltd. | 130772 | 0 |
|  |  | **88945494** | **18.7** |
|  | **Thailand: 1.0%** |  |  |
| 56000 | Advanced Info Service PCL | 479984 | 0.1 |
| 231800 | Airports of Thailand PCL | 216039 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Thailand (continued)** |  |  |
| 612800 | Bangkok Dusit Medical Services PCL - Class F | $392159 | 0.1 |
| 33300 | Bumrungrad Hospital PCL | 143035 | 0.0 |
| 108500 | Central Pattana PCL | 154317 | 0.0 |
| 200200 | Charoen Pokphand Foods PCL | 141776 | 0.0 |
| 297000 | CP ALL PCL - Foreign | 402275 | 0.1 |
| 115702 | CP AXTRA PCL | 63819 | 0.0 |
| 170956 | Delta Electronics Thailand PCL | 507474 | 0.1 |
| 250811 <sup>(1)</sup> | Gulf Development PCL | 298963 | 0.1 |
| 348500 | Home Product Center PCL | 69802 | 0.0 |
| 32500 | Kasikornbank PCL | 153517 | 0.0 |
| 194800 | Krung Thai Bank PCL | 127782 | 0.0 |
| 184400 | Minor International PCL | 131906 | 0.0 |
| 77900 | PTT Exploration & Production PCL | 262549 | 0.1 |
| 547300 | PTT PCL - Foreign | 505391 | 0.1 |
| 43900 | SCB X PCL | 158755 | 0.0 |
| 41800 | Siam Cement PCL - Foreign | 216499 | 0.1 |
| 1409300 | TMBThanachart Bank PCL | 82003 | 0.0 |
| 569000 <sup>(1)</sup> | True Corp. PCL | 194604 | 0.1 |
|  |  | **4702649** | **1.0** |
|  | **Turkey: 0.5%** |  |  |
| 170901 | Akbank TAS | 292878 | 0.1 |
| 74637 | Aselsan Elektronik Sanayi Ve Ticaret AS | 282642 | 0.1 |
| 24907 | BIM Birlesik Magazalar AS | 309479 | 0.1 |
| 40395 | Coca-Cola Icecek AS | 49949 | 0.0 |
| 164474 <sup>(1)</sup> | Eregli Demir ve Celik Fabrikalari TAS | 110237 | 0.0 |
| 35599 | Ford Otomotiv Sanayi AS | 79869 | 0.0 |
| 56313 | Haci Omer Sabanci Holding AS | 126842 | 0.0 |
| 40302 | KOC Holding AS | 155971 | 0.0 |
| 12825 <sup>(1)</sup> | Pegasus Hava Tasimaciligi AS | 82808 | 0.0 |
| 580921 <sup>(1)</sup> | Sasa Polyester Sanayi AS | 44667 | 0.0 |
| 29957 | Turk Hava Yollari AO | 213420 | 0.1 |
| 65260 | Turkcell Iletisim Hizmetleri AS | 157855 | 0.0 |
| 469871 | Turkiye Is Bankasi AS - Class C | 157694 | 0.0 |
| 52258 | Turkiye Petrol Rafinerileri AS | 183766 | 0.1 |
| 74145 | Turkiye Sise ve Cam Fabrikalari AS | 67129 | 0.0 |
| 183187 <sup>(1)</sup> | Yapi ve Kredi Bankasi AS | 145906 | 0.0 |
|  |  | **2461112** | **0.5** |
|  | **United Arab Emirates: 1.6%** |  |  |
| 160903 | Abu Dhabi Commercial Bank PJSC | 590599 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **RA** | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United Arab Emirates (continued)** |  |  |  |
| 80201 | Abu Dhabi Islamic Bank PJSC | $| 469559 | 0.1 |
| 166582 | Abu Dhabi National Oil Co. for Distribution PJSC |  | 166464 | 0.0 |
| 176201 | ADNOC Drilling Co. PJSC |  | 273470 | 0.1 |
| 298471 | Adnoc Gas PLC |  | 277925 | 0.1 |
| 210729 | Aldar Properties PJSC |  | 512071 | 0.1 |
| 158897 | Americana Restaurants International PLC |  | 97347 | 0.0 |
| 262490 | Dubai Electricity & Water Authority PJSC |  | 201575 | 0.1 |
| 158516 | Dubai Islamic Bank PJSC |  | 391401 | 0.1 |
| 46162 | Emaar Development PJSC |  | 169950 | 0.1 |
| 356216 | Emaar Properties PJSC |  | 1321433 | 0.3 |
| 103756 | Emirates NBD Bank PJSC |  | 644131 | 0.1 |
| 194258 | Emirates Telecommunications Group Co. PJSC |  | 930932 | 0.2 |
| 239705 | First Abu Dhabi Bank PJSC |  | 1083306 | 0.2 |
| 191798 <sup>(1)</sup> | Multiply Group PJSC |  | 126027 | 0.0 |
| 91167 | Salik Co. PJSC |  | 150159 | 0.0 |
|  |  |  | **7406349** | **1.6** |
|  | **United Kingdom: 0.3%** |  |  |  |
| 27175 | Anglogold Ashanti PLC |  | **1241394** | **0.3** |
|  | **United States: 0.2%** |  |  |  |
| 20847 <sup>(1)</sup> | JBS NV |  | 303656 | 0.1 |
| 4137 <sup>(1)</sup> | Legend Biotech Corp., ADR |  | 146822 | 0.0 |
| 40000 <sup>(2)</sup> | Micro-Star International Co. Ltd. |  | 196661 | 0.1 |
| 1149 | Oracle Financial Services Software Ltd. - Class 1 |  | 120435 | 0.0 |
|  |  |  | **767574** | **0.2** |
|  | Total Common Stock<br> (Cost $382,484,922) |  | **463936448** | **97.6** |
| **PREFERRED STOCK: 1.7%** | **PREFERRED STOCK: 1.7%** | **PREFERRED STOCK: 1.7%** | **PREFERRED STOCK: 1.7%** | **PREFERRED STOCK: 1.7%** |
|  | **Brazil: 1.2%** |  |  |  |
| 298321 | Banco Bradesco SA - Preference Shares |  | 923005 | 0.2 |
| 14349 | Centrais Eletricas Brasileiras SA |  | 117790 | 0.0 |
| 96823 | Cia Energetica de Minas Gerais |  | 193357 | 0.1 |
| 61900 | Cia Paranaense de Energia |  | 141958 | 0.0 |
| 75704 | Gerdau SA |  | 222942 | 0.1 |
| 289421 | Itau Unibanco Holding SA |  | 1964063 | 0.4 |
| 307114 | Itausa SA |  | 618965 | 0.1 |
| 242099 | Petroleo Brasileiro SA |  | 1397848 | 0.3 |
|  |  |  | **5579928** | **1.2** |
|  | **Chile: 0.1%** |  |  |  |
| 8084 | Sociedad Quimica y Minera de Chile SA |  | **288087** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** |
| | **Colombia: 0.0%** | **Colombia: 0.0%** | **Colombia: 0.0%** |
| 24234 | Grupo Cibest SA | $**273824** | **0.0** |
|  | **South Korea: 0.4%** |  |  |
| 1023 | Hyundai Motor Co. | 116821 | 0.0 |
| 1858 | Hyundai Motor Co. - Second Preference Shares | 218192 | 0.1 |
| 43625 | Samsung Electronics Co. Ltd. | 1600379 | 0.3 |
|  |  | **1935392** | **0.4** |
|  | Total Preferred Stock<br> (Cost $7,580,754) | **8077231** | **1.7** |
| **RIGHT: 0.0%** | **RIGHT: 0.0%** | **RIGHT: 0.0%** | **RIGHT: 0.0%** |
|  | **South Korea: 0.0%** |  |  |
| 199 <sup>(1)</sup> | POSCO Future M Co. Ltd. | **4536** | **0.0** |
|  | Total Right<br> (Cost $–) | **4536** | **0.0** |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |
|  | **South Korea: 0.0%** |  |  |
| 126 <sup>(1)</sup> | Hanwha Aerospace Co. Ltd. | 15318 | 0.0 |
|  | Total Rights<br> (Cost $–) | **15318** | **0.0** |
| **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** |
|  | **Malaysia: 0.0%** |  |  |
| 35140 | YTL Corp. BHD | 9264 | 0.0 |
|  | Total Warrants<br> (Cost $–) | **9264** | **0.0** |
|  | Total Long-Term Investments<br> (Cost $390,065,676) | **472042797** | **99.3** |
| **Principal**<br> **Amount†** |  | **Value** | **Percentage**<br> **of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** |
|  | **Repurchase Agreements: 0.9%** |  |  |
| 1031246 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,031,370, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $1,051,871, due 06/01/30-02/01/57) | 1031246 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |  |
| 1031246 <sup>(4)</sup> | CF Secured LLC, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,031,370, collateralized by various U.S. Government Agency Obligations, 3.000%- 6.500%, Market Value plus accrued interest $1,052,108, due 05/23/28-12/01/63) | $1031246 | 0.2 |
| 1031246 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,031,370, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 7.500%, Market Value plus accrued interest $1,051,871, due 08/15/34-06/01/55) | 1031246 | 0.2 |
| 189856 <sup>(4)</sup> | Deutsche Bank Securities Inc., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $189,879, collateralized by various U.S. Government Securities, 1.875%-4.250%, Market Value plus accrued interest $193,653, due 11/15/40-02/15/51) | 189856 | 0.1 |
| 1031246 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,031,370, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $1,051,871, due 03/01/34-05/01/55) | 1031246 | 0.2 |
|  | Total Repurchase Agreements<br> (Cost $4,314,840) | **4314840** | **0.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 0.6%** |  |  |
| 2888000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230%<br> (Cost $2,888,000) | $**2888000** | **0.6** |
|  | Total Short-Term Investments<br> (Cost $7,202,840) | $**7202840** | **1.5** |
|  | **Total Investments in Securities<br> (Cost $397,268,516)** | $**479245637** | **100.8** |
|  | **Liabilities in Excess of Other Assets** | **(3986996)** | **(0.8)** |
|  | **Net Assets** | $**475258641** | **100.0** |

---

ADR American Depositary Receipt

† Unless
 otherwise indicated, principal amount is shown in USD.

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

<sup>(2)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(3)</sup> Security, or a portion of the security, is on loan.

<sup>(4)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(5)</sup> Rate shown is the 7-day yield as of June 30, 2025.

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage<br> of Net Assets** |
| Financials | 24.4% |
| Information Technology | 23.8 |
| Consumer Discretionary | 12.7 |
| Communication Services | 9.8 |
| Industrials | 6.8 |
| Materials | 5.7 |
| Consumer Staples | 4.4 |
| Energy | 4.2 |
| Health Care | 3.2 |
| Utilities | 2.6 |
| Real Estate | 1.6 |
| Consumer, Non-cyclical | 0.1 |
| Short-Term Investments | 1.5 |
| Liabilities in Excess of Other Assets | (0.8) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs#<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $15094031 | $— | $— | $15094031 |
| &nbsp;&nbsp;&nbsp;Chile | 1810849 |  |  | 1810849 |
| &nbsp;&nbsp;&nbsp;China | 7700706 | 126181805 |  | 133882511 |
| &nbsp;&nbsp;&nbsp;Colombia | 277008 |  |  | 277008 |
| &nbsp;&nbsp;&nbsp;Czechia | 492429 | 327193 |  | 819622 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 205476 |  | 205476 |
| &nbsp;&nbsp;&nbsp;Greece | 1043123 | 2003933 |  | 3047056 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 598595 |  | 598595 |
| &nbsp;&nbsp;&nbsp;Hungary | 215767 | 1154438 |  | 1370205 |
| &nbsp;&nbsp;&nbsp;India | 1014959 | 84307921 |  | 85322880 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 5519423 |  | 5519423 |
| &nbsp;&nbsp;&nbsp;Kuwait | 125838 | 3425730 |  | 3551568 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 243038 |  |  | 243038 |
| &nbsp;&nbsp;&nbsp;Malaysia | 467635 | 5617815 |  | 6085450 |
| &nbsp;&nbsp;&nbsp;Mexico | 9871722 |  |  | 9871722 |
| &nbsp;&nbsp;&nbsp;Peru | 994124 |  |  | 994124 |
| &nbsp;&nbsp;&nbsp;Philippines | 795623 | 1386892 |  | 2182515 |
| &nbsp;&nbsp;&nbsp;Poland |  | 5315592 |  | 5315592 |
| &nbsp;&nbsp;&nbsp;Qatar | 1433104 | 2142524 |  | 3575628 |
| &nbsp;&nbsp;&nbsp;Romania | 232682 |  |  | 232682 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 1270456 | 15136662 |  | 16407118 |
| &nbsp;&nbsp;&nbsp;South Africa | 3140550 | 10385575 |  | 13526125 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 48478658 |  | 48478658 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 88945494 |  | 88945494 |
| &nbsp;&nbsp;&nbsp;Thailand | 298963 | 4403686 |  | 4702649 |
| &nbsp;&nbsp;&nbsp;Turkey | 309479 | 2151633 |  | 2461112 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 2112344 | 5294005 |  | 7406349 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 1241394 |  | 1241394 |
| &nbsp;&nbsp;&nbsp;United States | 450478 | 317096 |  | 767574 |
| Total Common Stock | 49394908 | 414541540 |  | 463936448 |
| Preferred Stock | 6141839 | 1935392 |  | 8077231 |
| Right |  | 4536 |  | 4536 |
| Rights |  | 15318 |  | 15318 |
| Warrants |  | 9264 |  | 9264 |
| Short-Term Investments | 2888000 | 4314840 |  | 7202840 |
| Total Investments, at fair value | $58424747 | $420820890 | $— | $479245637 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 135671 |  |  | 135671 |
| Total Assets | $58560418 | $420820890 | $— | $479381308 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(13) | $— | $(13) |
| Total Liabilities | $— | $(13) | $— | $(13) |

---

^ 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. |

---

---

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

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

At June 30, 2025, the following forward foreign currency contracts were outstanding for Voya VACS Index Series EM Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | 72 | CNY | 514 | The Bank of New York Mellon | 07/02/25 | $— |
| USD | 170 | CNY | 1222 | The Bank of New York Mellon | 07/02/25 |  |
| USD | 598 | CNY | 4284 | The Bank of New York Mellon | 07/02/25 |  |
| USD | 657 | CNY | 4716 | The Bank of New York Mellon | 07/02/25 | (1) |
| USD | 1160 | CNY | 8316 | The Bank of New York Mellon | 07/02/25 | (1) |
| USD | 2036 | CNY | 14597 | The Bank of New York Mellon | 07/02/25 | (1) |
| USD | 1053 | CNY | 7551 | The Bank of New York Mellon | 07/02/25 | (1) |
| USD | 1828 | CNY | 13115 | The Bank of New York Mellon | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| USD | 2262 | CNY | 16231 | The Bank of New York Mellon | 07/02/25 | (3) |
| USD | 3279 | CNY | 23524 | The Bank of New York Mellon | 07/02/25 | (4) |
|  |  |  |  |  |  | $(13) |

---

At June 30, 2025, the following futures contracts were outstanding for Voya VACS Index Series EM Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 102 | 09/19/25 | $6290850 | $135671 |
|  |  |  | $6290850 | $135671 |

---

Currency Abbreviations:

CNY — Chinese Yuan <br> 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 June 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\* | $135671 |
| **Total Asset Derivatives** |  | $135671 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $13 |
| **Total Liability Derivatives** |  | $13 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Forward<br> foreign<br> currency<br> contracts** | **Futures** | **Total** |
| Equity contracts | $— | $355032 | $355032 |
| Foreign exchange contracts | 2877 |  | 2877 |
| **Total** | $2877 | $355032 | $357909 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Forward<br> foreign<br> currency<br> contracts** | **Futures** | **Total** |
| Equity contracts | $— | $498246 | $498246 |
| Foreign exchange contracts | (13) |  | (13) |
| **Total** | $(13) | $498246 | $498233 |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **The Bank<br> of New York<br> Mellon** | **Total** |
| **Liabilities:** | | |
| Forward foreign currency contracts | $13 | $13 |
| **Total Liabilities** | $13 | $13 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(13) | $13 |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(13) | $13 |

---

<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.

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $401,293,051. | Cost for U.S. federal income tax purposes was $401,293,051. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $102633375 |
| Gross Unrealized Depreciation | (23580894) |
| Net Unrealized Appreciation | $79052481 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.5%** | **COMMON STOCK: 97.5%** | **COMMON STOCK: 97.5%** | **COMMON STOCK: 97.5%** |
|  | **Australia: 6.8%** | **Australia: 6.8%** | **Australia: 6.8%** |
| 270497 <sup>(1)</sup> | ANZ Group Holdings Ltd. | $5187265 | 0.3 |
| 118237 | APA Group | 635733 | 0.0 |
| 51247 | Aristocrat Leisure Ltd. | 2195668 | 0.1 |
| 17703 | ASX Ltd. | 812842 | 0.1 |
| 462090 | BHP Group Ltd. - Class DI | 11116778 | 0.6 |
| 40048 | BlueScope Steel Ltd. | 610273 | 0.0 |
| 124967 | Brambles Ltd. | 1929965 | 0.1 |
| 34486 | CAR Group Ltd. | 849297 | 0.1 |
| 5974 <sup>(1)</sup> | Cochlear Ltd. | 1181514 | 0.1 |
| 122377 <sup>(1)</sup> | Coles Group Ltd. | 1678049 | 0.1 |
| 152343 | Commonwealth Bank of Australia | 18541410 | 1.1 |
| 48135 | Computershare Ltd. | 1262778 | 0.1 |
| 182285 | Evolution Mining Ltd. | 949030 | 0.1 |
| 154621 | Fortescue Metals Group Ltd. | 1554287 | 0.1 |
| 933424 | Glencore PLC | 3637209 | 0.2 |
| 184905 | Goodman Group | 4168615 | 0.2 |
| 215966 | Insurance Australia Group Ltd. | 1283923 | 0.1 |
| 203227 <sup>(1)</sup> | Lottery Corp. Ltd. | 712926 | 0.0 |
| 32962 <sup>(1)</sup> | Macquarie Group Ltd. | 4957673 | 0.3 |
| 251458 | Medibank Pvt Ltd. | 835067 | 0.1 |
| 278795 <sup>(1)</sup> | National Australia Bank Ltd. | 7225753 | 0.4 |
| 124014 | Northern Star Resources Ltd. | 1531838 | 0.1 |
| 157298 | Origin Energy Ltd. | 1118064 | 0.1 |
| 5248 | Pro Medicus Ltd. | 982083 | 0.1 |
| 67701 | Qantas Airways Ltd. | 478279 | 0.0 |
| 137453 | QBE Insurance Group Ltd. | 2116657 | 0.1 |
| 4825 | REA Group Ltd. | 764082 | 0.0 |
| 19730 | Reece Ltd. | 186432 | 0.0 |
| 33793 | Rio Tinto Ltd. | 2392216 | 0.1 |
| 102739 | Rio Tinto PLC | 5979815 | 0.3 |
| 296543 | Santos Ltd. | 1495131 | 0.1 |
| 474953 | Scentre Group | 1115530 | 0.1 |
| 18581 | SGH Ltd. | 661746 | 0.0 |
| 420350 | Sigma Healthcare Ltd. | 827374 | 0.1 |
| 41671 | Sonic Healthcare Ltd. | 735543 | 0.0 |
| 412469 | South32 Ltd. - Class DI | 788186 | 0.0 |
| 217964 | Stockland | 770311 | 0.0 |
| 98873 | Suncorp Group Ltd. | 1409103 | 0.1 |
| 366493 | Telstra Group Ltd. | 1168608 | 0.1 |
| 283418 | Transurban Group | 2607719 | 0.2 |
| 353304 | Vicinity Ltd. | 576757 | 0.0 |
| 21825 <sup>(1)</sup> | Washington H Soul Pattinson & Co. Ltd. | 603364 | 0.0 |
| 103304 <sup>(1)</sup> | Wesfarmers Ltd. | 5765125 | 0.3 |
| 311629 | Westpac Banking Corp. | 6945131 | 0.4 |
| 18274 | WiseTech Global Ltd. | 1310536 | 0.1 |
| 172852 <sup>(1)</sup> | Woodside Energy Group Ltd. (WDS) | 2670030 | 0.2 |
| 111207 | Woolworths Group Ltd. | 2277944 | 0.1 |
|  |  | **118603659** | **6.8** |
|  | **Austria: 0.2%** | **Austria: 0.2%** | **Austria: 0.2%** |
| 28028 | Erste Group Bank AG | 2385899 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Austria (continued)** | **Austria (continued)** | **Austria (continued)** | **Austria (continued)** |
| 40304 | Mondi PLC QX | $| 658586 | 0 |
| 13447 | OMV AG |  | 731265 | 0.1 |
| 6217 | Verbund AG |  | 477632 | 0 |
|  |  |  | **4253382** | **0.2** |
|  | **Belgium: 0.8%** | **Belgium: 0.8%** | **Belgium: 0.8%** | **Belgium: 0.8%** |
| 13623 | Ageas SA |  | 921566 | 0.1 |
| 89984 | Anheuser-Busch InBev SA |  | 6190951 | 0.4 |
| 1962 <sup>(1)</sup> | D'ieteren Group |  | 422517 | 0 |
| 4468 <sup>(1)</sup> | Elia Group SA |  | 516030 | 0 |
| 7582 | Groupe Bruxelles Lambert NV |  | 647208 | 0.1 |
| 20968 | KBC Group NV |  | 2164106 | 0.1 |
| 36 | Lotus Bakeries NV |  | 346894 | 0 |
| 1407 <sup>(1)</sup> | Sofina SA |  | 465365 | 0 |
| 6725 | Syensqo SA |  | 520949 | 0 |
| 11544 | UCB SA |  | 2271379 | 0.1 |
|  |  |  | **14466965** | **0.8** |
|  | **Brazil: 0.0%** | **Brazil: 0.0%** | **Brazil: 0.0%** | **Brazil: 0.0%** |
| 15118 | Yara International ASA |  | **557895** | **0.0** |
|  | **Chile: 0.1%** | **Chile: 0.1%** | **Chile: 0.1%** | **Chile: 0.1%** |
| 36006 | Antofagasta PLC |  | **895210** | **0.1** |
|  | **China: 0.6%** | **China: 0.6%** | **China: 0.6%** | **China: 0.6%** |
| 338000 | BOC Hong Kong Holdings Ltd. |  | 1471396 | 0.1 |
| 119111 | Prosus NV |  | 6682921 | 0.4 |
| 123000 | SITC International Holdings Co. Ltd. |  | 394073 | 0 |
| 93000 | Wharf Holdings Ltd. |  | 283148 | 0 |
| 175400 <sup>(1)</sup> | Wilmar International Ltd. |  | 395927 | 0 |
| 235900 <sup>(1)</sup> | Yangzijiang Shipbuilding Holdings Ltd. |  | 411669 | 0.1 |
|  |  |  | **9639134** | **0.6** |
|  | **Denmark: 2.2%** | **Denmark: 2.2%** | **Denmark: 2.2%** | **Denmark: 2.2%** |
| 267 | AP Moller - Maersk A/S - Class A |  | 492605 | 0 |
| 387 <sup>(1)</sup> | AP Moller - Maersk A/S - Class B |  | 719703 | 0 |
| 8702 | Carlsberg AS - Class B |  | 1232929 | 0.1 |
| 11488 | Coloplast A/S - Class B |  | 1093692 | 0.1 |
| 62830 | Danske Bank A/S |  | 2566217 | 0.1 |
| 7790 <sup>(2)</sup> | Demant A/S |  | 325478 | 0 |
| 18617 | DSV A/S |  | 4465368 | 0.3 |
| 5841 <sup>(2)</sup> | Genmab A/S |  | 1212991 | 0.1 |
| 293369 | Novo Nordisk A/S - Class B |  | 20328726 | 1.2 |
| 32098 | Novozymes A/S - Class B |  | 2304536 | 0.1 |
| 15353 <sup>(1)(2)(3)</sup> | Orsted AS |  | 661386 | 0 |
| 7469 | Pandora A/S |  | 1316003 | 0.1 |
| 8586 | ROCKWOOL A/S - Class B |  | 402446 | 0 |
| 30881 | Tryg A/S |  | 798311 | 0 |
| 91990 <sup>(1)</sup> | Vestas Wind Systems A/S |  | 1381779 | 0.1 |
|  |  |  | **39302170** | **2.2** |
|  | **Finland: 1.0%** | **Finland: 1.0%** | **Finland: 1.0%** | **Finland: 1.0%** |
| 12987 | Elisa Oyj |  | 721839 | 0 |
| 40963 | Fortum Oyj |  | 768132 | 0.1 |
| 24939 <sup>(1)</sup> | Kesko Oyj - Class B |  | 615102 | 0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Finland (continued)** | **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| 31034 | Kone Oyj - Class B | $| 2044548 | 0.1 |
| 56768 <sup>(1)</sup> | Metso Oyj |  | 735706 | 0.0 |
| 38629 | Neste Oyj |  | 523508 | 0.0 |
| 484809 | Nokia Oyj |  | 2515501 | 0.2 |
| 14686 | Nordea Bank Abp - EUR |  | 217907 | 0.0 |
| 271326 | Nordea Bank Abp - SEK |  | 4030825 | 0.2 |
| 9896 | Orion Oyj - Class B |  | 744513 | 0.1 |
| 220414 | Sampo Oyj - Class A |  | 2372213 | 0.1 |
| 53168 <sup>(1)</sup> | Stora Enso Oyj - Class R |  | 578022 | 0.0 |
| 48734 | UPM-Kymmene Oyj |  | 1330833 | 0.1 |
| 45924 | Wartsila Oyj Abp |  | 1085388 | 0.1 |
|  |  |  | **18284037** | **1.0** |
|  | **France: 9.3%** | **France: 9.3%** | **France: 9.3%** | **France: 9.3%** |
| 17799 | Accor SA |  | 932821 | 0.1 |
| 3163 | Aeroports de Paris |  | 396554 | 0.0 |
| 52655 | Air Liquide SA |  | 10857552 | 0.6 |
| 54094 | Airbus SE |  | 11316538 | 0.7 |
| 31604 <sup>(2)</sup> | Alstom SA |  | 737669 | 0.0 |
| 5627 <sup>(3)</sup> | Amundi SA |  | 456102 | 0.0 |
| 5209 | Arkema SA |  | 384652 | 0.0 |
| 161298 | AXA SA |  | 7920568 | 0.5 |
| 3782 <sup>(1)</sup> | BioMerieux |  | 523115 | 0.0 |
| 92648 | BNP Paribas SA |  | 8310708 | 0.5 |
| 65105 | Bollore SE |  | 409212 | 0.0 |
| 17301 | Bouygues SA |  | 782435 | 0.1 |
| 29009 | Bureau Veritas SA |  | 990146 | 0.1 |
| 14819 | Capgemini SE |  | 2537560 | 0.2 |
| 49522 | Carrefour SA |  | 698571 | 0.0 |
| 40888 | Cie de Saint-Gobain |  | 4803342 | 0.3 |
| 61035 | Cie Generale des Etablissements Michelin SCA |  | 2270156 | 0.1 |
| 5096 | Covivio SA/France |  | 323108 | 0.0 |
| 96412 | Credit Agricole SA |  | 1823955 | 0.1 |
| 58770 | Danone SA |  | 4808771 | 0.3 |
| 1794 | Dassault Aviation SA |  | 634310 | 0.0 |
| 61104 | Dassault Systemes SE |  | 2214515 | 0.1 |
| 22094 | Edenred |  | 686253 | 0.0 |
| 6264 | Eiffage SA |  | 880178 | 0.1 |
| 166271 | Engie SA |  | 3907846 | 0.2 |
| 27072 | EssilorLuxottica SA |  | 7433791 | 0.4 |
| 3652 | Eurazeo SE |  | 261092 | 0.0 |
| 27620 | Getlink SE |  | 533179 | 0.0 |
| 2883 | Hermes International |  | 7815449 | 0.5 |
| 3444 | Ipsen SA |  | 410243 | 0.0 |
| 6797 | Kering SA |  | 1480769 | 0.1 |
| 19644 | Klepierre SA |  | 776712 | 0.1 |
| 10120 <sup>(3)</sup> | La Francaise des Jeux SAEM |  | 397113 | 0.0 |
| 23873 | Legrand SA |  | 3199673 | 0.2 |
| 21888 | L'Oreal SA |  | 9375829 | 0.5 |
| 25042 | LVMH Moet Hennessy Louis Vuitton SE |  | 13106520 | 0.8 |
| 169510 | Orange SA |  | 2581338 | 0.2 |
| 18427 | Pernod Ricard SA |  | 1838123 | 0.1 |
| 20836 | Publicis Groupe SA |  | 2353324 | 0.1 |
| 17551 | Renault SA |  | 809893 | 0.1 |
| 20423 | Rexel SA |  | 629902 | 0.0 |
| 32780 | Safran SA |  | 10690383 | 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)** |
|  | **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| 2666 | Sartorius Stedim Biotech | $| 637876 | 0.0 |
| 65571 | Societe Generale SA |  | 3750948 | 0.2 |
| 8078 | Sodexo SA |  | 497174 | 0.0 |
| 4920 | Teleperformance |  | 477868 | 0.0 |
| 8437 | Thales SA |  | 2491239 | 0.1 |
| 185988 | TotalEnergies SE |  | 11368114 | 0.7 |
| 11069 | Unibail-Rodamco- Westfield |  | 1064040 | 0.1 |
| 57311 | Veolia Environnement SA |  | 2046116 | 0.1 |
| 45067 | Vinci SA |  | 6646067 | 0.4 |
|  |  |  | **162279412** | **9.3** |
|  | **Germany: 9.8%** | **Germany: 9.8%** | **Germany: 9.8%** | **Germany: 9.8%** |
| 15567 | Adidas AG |  | 3633814 | 0.2 |
| 35154 | Allianz SE |  | 14266714 | 0.8 |
| 81250 | BASF SE |  | 4018598 | 0.2 |
| 89434 | Bayer AG |  | 2694412 | 0.2 |
| 26391 | Bayerische Motoren Werke AG |  | 2350372 | 0.1 |
| 9058 | Beiersdorf AG |  | 1138576 | 0.1 |
| 11206 | Brenntag SE |  | 742399 | 0.0 |
| 80884 | Commerzbank AG |  | 2548907 | 0.2 |
| 10044 | Continental AG |  | 876620 | 0.1 |
| 16394 <sup>(2)</sup> | Covestro AG |  | 1166407 | 0.1 |
| 5698 | CTS Eventim AG & Co. KGaA |  | 708552 | 0.0 |
| 43382 | Daimler Truck Holding AG |  | 2058220 | 0.1 |
| 168490 | Deutsche Bank AG |  | 4994973 | 0.3 |
| 17142 | Deutsche Boerse AG |  | 5600129 | 0.3 |
| 54785 | Deutsche Lufthansa AG |  | 465106 | 0.0 |
| 87393 | Deutsche Post AG, Reg |  | 4048043 | 0.2 |
| 317758 | Deutsche Telekom AG, Reg |  | 11631121 | 0.7 |
| 204383 | E.ON SE |  | 3765898 | 0.2 |
| 23402 | Evonik Industries AG |  | 483454 | 0.0 |
| 20033 | Fresenius Medical Care AG & Co. KGaA |  | 1151003 | 0.1 |
| 38570 | Fresenius SE & Co. KGaA |  | 1940956 | 0.1 |
| 13335 | GEA Group AG |  | 934788 | 0.1 |
| 5506 | Hannover Rueck SE |  | 1735019 | 0.1 |
| 12183 | Heidelberg Materials AG |  | 2869066 | 0.2 |
| 9488 | Henkel AG & Co. KGaA |  | 688122 | 0.0 |
| 118884 | Infineon Technologies AG |  | 5073038 | 0.3 |
| 6623 | Knorr-Bremse AG |  | 642413 | 0.0 |
| 6800 | LEG Immobilien SE |  | 605280 | 0.0 |
| 65743 | Mercedes-Benz Group AG |  | 3830209 | 0.2 |
| 11801 | Merck KGaA |  | 1530103 | 0.1 |
| 4915 | MTU Aero Engines AG |  | 2183512 | 0.1 |
| 12177 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  | 7906969 | 0.5 |
| 5273 | Nemetschek SE |  | 764549 | 0.1 |
| 467 | Rational AG |  | 392420 | 0.0 |
| 4070 | Rheinmetall AG |  | 8619059 | 0.5 |
| 57730 | RWE AG |  | 2412439 | 0.1 |
| 95061 | SAP SE |  | 29067786 | 1.7 |
| 6848 <sup>(3)</sup> | Scout24 SE |  | 945361 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| 69186 | Siemens AG, Reg | $| 17771043 | 1 |
| 61850 <sup>(2)</sup> | Siemens Energy AG |  | 7229106 | 0.4 |
| 30806 <sup>(3)</sup> | Siemens Healthineers AG |  | 1710180 | 0.1 |
| 12124 | Symrise AG |  | 1271380 | 0.1 |
| 5894 | Talanx AG |  | 764111 | 0 |
| 67417 | Vonovia SE |  | 2390168 | 0.1 |
| 20484 <sup>(2)(3)</sup> | Zalando SE |  | 675919 | 0 |
|  |  |  | **172296314** | **9.8** |
|  | **Hong Kong: 1.8%** | **Hong Kong: 1.8%** | **Hong Kong: 1.8%** | **Hong Kong: 1.8%** |
| 973600 | AIA Group Ltd. |  | 8819301 | 0.5 |
| 176000 | CK Asset Holdings Ltd. |  | 777713 | 0.1 |
| 54500 <sup>(1)</sup> | CK Infrastructure Holdings Ltd. |  | 360913 | 0 |
| 3000 | CK Infrastructure Holdings Ltd. |  | 19867 | 0 |
| 150000 | CLP Holdings Ltd. |  | 1266864 | 0.1 |
| 5609 | Futu Holdings Ltd., ADR |  | 693216 | 0 |
| 68700 | Hang Seng Bank Ltd. |  | 1030924 | 0.1 |
| 133000 | Henderson Land Development Co. Ltd. |  | 467096 | 0 |
| 346000 | HKT Trust & HKT Ltd. - Stapled Security |  | 517295 | 0 |
| 1022000 | Hong Kong & China Gas Co. Ltd. |  | 859288 | 0.1 |
| 109600 | Hong Kong Exchanges & Clearing Ltd. |  | 5895008 | 0.3 |
| 100700 | Hongkong Land Holdings Ltd. |  | 581039 | 0 |
| 14600 | Jardine Matheson Holdings Ltd. |  | 701822 | 0 |
| 237400 | Link REIT |  | 1271631 | 0.1 |
| 142000 | MTR Corp. Ltd. |  | 510617 | 0 |
| 126500 | Power Assets Holdings Ltd. |  | 813340 | 0.1 |
| 237532 | Prudential PLC |  | 2973001 | 0.2 |
| 328000 | Sino Land Co. Ltd. |  | 349364 | 0 |
| 132500 | Sun Hung Kai Properties Ltd. |  | 1526804 | 0.1 |
| 32500 <sup>(1)</sup> | Swire Pacific Ltd. - Class A |  | 278594 | 0 |
| 133500 | Techtronic Industries Co. Ltd. |  | 1473036 | 0.1 |
| 761500 <sup>(3)</sup> | WH Group Ltd. |  | 733928 | 0 |
| 152000 <sup>(1)</sup> | Wharf Real Estate Investment Co. Ltd. |  | 431466 | 0 |
|  |  |  | **32352127** | **1.8** |
|  | **Ireland: 0.4%** | **Ireland: 0.4%** | **Ireland: 0.4%** | **Ireland: 0.4%** |
| 16758 | AerCap Holdings NV |  | 1960686 | 0.1 |
| 191341 | AIB Group PLC |  | 1579113 | 0.1 |
| 89680 | Bank of Ireland Group PLC |  | 1277955 | 0.1 |
| 15025 | Kerry Group PLC - Class A |  | 1660063 | 0.1 |
| 14115 | Kingspan Group PLC |  | 1202734 | 0 |
|  |  |  | **7680551** | **0.4** |
|  | **Israel: 0.8%** | **Israel: 0.8%** | **Israel: 0.8%** | **Israel: 0.8%** |
| 3703 | Azrieli Group Ltd. |  | 341005 | 0 |
| 114267 | Bank Hapoalim BM |  | 2194849 | 0.1 |
| 136561 | Bank Leumi Le-Israel BM |  | 2540792 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Israel (continued)** | **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| 7892 <sup>(2)</sup> | Check Point Software Technologies Ltd. | $| 1746105 | 0.1 |
| 2441 | Elbit Systems Ltd. |  | 1087304 | 0.1 |
| 70692 | ICL Group Ltd. |  | 485320 | 0.0 |
| 111959 | Israel Discount Bank Ltd. - Class A |  | 1116761 | 0.1 |
| 14163 | Mizrahi Tefahot Bank Ltd. |  | 923878 | 0.1 |
| 5740 <sup>(2)</sup> | Nice Ltd. |  | 973006 | 0.1 |
| 104413 <sup>(2)</sup> | Teva Pharmaceutical Industries Ltd., ADR |  | 1749962 | 0.1 |
| 4827 <sup>(2)</sup> | Wix.com Ltd. |  | 764886 | 0.0 |
|  |  |  | **13923868** | **0.8** |
|  | **Italy: 3.1%** | **Italy: 3.1%** | **Italy: 3.1%** | **Italy: 3.1%** |
| 78579 <sup>(1)</sup> | Assicurazioni Generali SpA |  | 2795183 | 0.2 |
| 20356 | Banca Mediolanum SpA |  | 350800 | 0.0 |
| 103450 | Banco BPM SpA |  | 1207526 | 0.1 |
| 90862 | BPER Banca |  | 824691 | 0.0 |
| 19842 | Coca-Cola HBC AG - Class DI |  | 1036595 | 0.1 |
| 56211 <sup>(1)</sup> | Davide Campari-Milano NV |  | 378434 | 0.0 |
| 1953 | DiaSorin SpA |  | 209030 | 0.0 |
| 740415 | Enel SpA |  | 7027081 | 0.4 |
| 200525 | Eni SpA |  | 3239315 | 0.2 |
| 11475 | Ferrari NV |  | 5621744 | 0.3 |
| 55788 | FinecoBank Banca Fineco SpA |  | 1237579 | 0.1 |
| 25450 <sup>(1)(3)</sup> | Infrastrutture Wireless Italiane SpA |  | 311203 | 0.0 |
| 1377636 | Intesa Sanpaolo SpA |  | 7935771 | 0.5 |
| 36842 | Leonardo SpA |  | 2078885 | 0.1 |
| 45650 <sup>(1)</sup> | Mediobanca Banca di Credito Finanziario SpA |  | 1062322 | 0.1 |
| 21328 | Moncler SpA |  | 1216585 | 0.1 |
| 42941 <sup>(1)(3)</sup> | Nexi SpA |  | 256458 | 0.0 |
| 41740 <sup>(1)(3)</sup> | Poste Italiane SpA |  | 896823 | 0.0 |
| 25657 | Prysmian SpA |  | 1816501 | 0.1 |
| 10502 | Recordati Industria Chimica e Farmaceutica SpA |  | 660105 | 0.0 |
| 77398 | Ryanair Holdings PLC |  | 2195454 | 0.1 |
| 184121 | Snam SpA |  | 1114615 | 0.1 |
| 976857 <sup>(1)(2)</sup> | Telecom Italia SpA/Milano |  | 482682 | 0.0 |
| 128468 <sup>(1)</sup> | Terna - Rete Elettrica Nazionale |  | 1320779 | 0.1 |
| 127489 | UniCredit SpA |  | 8552418 | 0.5 |
| 32755 | Unipol Gruppo SpA |  | 648707 | 0.0 |
|  |  |  | **54477286** | **3.1** |
|  | **Japan: 21.2%** | **Japan: 21.2%** | **Japan: 21.2%** | **Japan: 21.2%** |
| 69700 | Advantest Corp. |  | 5166934 | 0.3 |
| 67600 | Aeon Co. Ltd. |  | 2072129 | 0.1 |
| 17900 <sup>(1)</sup> | AGC, Inc. |  | 525109 | 0.0 |
| 48000 | Aisin Corp. |  | 614035 | 0.0 |
| 82400 | Ajinomoto Co., Inc. |  | 2234949 | 0.1 |
| 14600 | ANA Holdings, Inc. |  | 285869 | 0.0 |
| 131900 <sup>(1)</sup> | Asahi Group Holdings Ltd. |  | 1763126 | 0.1 |
| 111900 | Asahi Kasei Corp. |  | 796590 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 60200 | Asics Corp. | $1535123 | 0.1 |
| 165200 | Astellas Pharma, Inc. | 1617466 | 0.1 |
| 54200 | Bandai Namco Holdings, Inc. | 1942485 | 0.1 |
| 52100 <sup>(1)</sup> | Bridgestone Corp. | 2130483 | 0.1 |
| 85200 <sup>(1)</sup> | Canon, Inc. | 2471118 | 0.1 |
| 31600 | Capcom Co. Ltd. | 1079187 | 0.1 |
| 70500 | Central Japan Railway Co. | 1575998 | 0.1 |
| 51300 <sup>(1)</sup> | Chiba Bank Ltd. | 474101 | 0.0 |
| 58800 | Chubu Electric Power Co., Inc. | 727617 | 0.0 |
| 61100 | Chugai Pharmaceutical Co. Ltd. | 3190509 | 0.2 |
| 93800 | Concordia Financial Group Ltd. | 608741 | 0.0 |
| 35400 | Dai Nippon Printing Co. Ltd. | 537366 | 0.0 |
| 29500 <sup>(1)</sup> | Daifuku Co. Ltd. | 758915 | 0.1 |
| 320000 | Dai-ichi Life Holdings, Inc. | 2432834 | 0.1 |
| 156400 | Daiichi Sankyo Co. Ltd. | 3623492 | 0.2 |
| 24000 | Daikin Industries Ltd. | 2817210 | 0.2 |
| 5300 | Daito Trust Construction Co. Ltd. | 577268 | 0.0 |
| 51000 | Daiwa House Industry Co. Ltd. | 1752503 | 0.1 |
| 121800 | Daiwa Securities Group, Inc. | 865027 | 0.1 |
| 172200 | Denso Corp. | 2323889 | 0.1 |
| 18200 <sup>(1)</sup> | Dentsu Group, Inc. | 403275 | 0.0 |
| 8400 | Disco Corp. | 2488445 | 0.1 |
| 82900 | East Japan Railway Co. | 1783256 | 0.1 |
| 24000 | Eisai Co. Ltd. | 689290 | 0.0 |
| 249200 | ENEOS Holdings, Inc. | 1235243 | 0.1 |
| 86300 | FANUC Corp. | 2342811 | 0.1 |
| 17400 | Fast Retailing Co. Ltd. | 5965836 | 0.3 |
| 12300 | Fuji Electric Co. Ltd. | 566439 | 0.0 |
| 101900 | FUJIFILM Holdings Corp. | 2206704 | 0.1 |
| 23000 | Fujikura Ltd. | 1209925 | 0.1 |
| 160300 | Fujitsu Ltd. | 3888779 | 0.2 |
| 20800 | Hankyu Hanshin Holdings, Inc. | 565420 | 0.0 |
| 1600 | Hikari Tsushin, Inc. | 472426 | 0.0 |
| 417000 | Hitachi Ltd. | 12119836 | 0.7 |
| 384500 | Honda Motor Co. Ltd. | 3707678 | 0.2 |
| 9900 | Hoshizaki Corp. | 341135 | 0.0 |
| 31500 | Hoya Corp. | 3741006 | 0.2 |
| 42100 <sup>(1)</sup> | Hulic Co. Ltd. | 424654 | 0.0 |
| 74200 | Idemitsu Kosan Co. Ltd. | 449977 | 0.0 |
| 13400 | IHI Corp. | 1449394 | 0.1 |
| 80500 <sup>(1)</sup> | Inpex Corp. | 1129992 | 0.1 |
| 48700 | Isuzu Motors Ltd. | 616929 | 0.0 |
| 108200 | ITOCHU Corp. | 5665895 | 0.3 |
| 12600 <sup>(1)</sup> | Japan Airlines Co. Ltd. | 256988 | 0.0 |
| 90600 | Japan Exchange Group, Inc. | 917780 | 0.1 |
| 164100 | Japan Post Bank Co. Ltd. | 1769085 | 0.1 |
| 162400 | Japan Post Holdings Co. Ltd. | 1504184 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 17500 | Japan Post Insurance Co. Ltd. | $396205 | 0.0 |
| 109200 | Japan Tobacco, Inc. | 3216969 | 0.2 |
| 52500 | JFE Holdings, Inc. | 610715 | 0.0 |
| 38500 | Kajima Corp. | 1004146 | 0.1 |
| 86500 | Kansai Electric Power Co., Inc. | 1025875 | 0.1 |
| 42500 | Kao Corp. | 1904238 | 0.1 |
| 32000 <sup>(1)</sup> | Kawasaki Kisen Kaisha Ltd. | 453186 | 0.0 |
| 279300 | KDDI Corp. | 4795745 | 0.3 |
| 17700 | Keyence Corp. | 7076961 | 0.4 |
| 62000 | Kikkoman Corp. | 575102 | 0.0 |
| 70900 <sup>(1)</sup> | Kirin Holdings Co. Ltd. | 993566 | 0.1 |
| 13700 | Kobe Bussan Co. Ltd. | 425462 | 0.0 |
| 82200 | Komatsu Ltd. | 2712069 | 0.2 |
| 9100 | Konami Group Corp. | 1438726 | 0.1 |
| 89300 <sup>(1)</sup> | Kubota Corp. | 1007027 | 0.1 |
| 117200 | Kyocera Corp. | 1407614 | 0.1 |
| 21600 <sup>(1)</sup> | Kyowa Kirin Co. Ltd. | 369733 | 0.0 |
| 7300 <sup>(1)</sup> | Lasertec Corp. | 978643 | 0.1 |
| 40300 | M3, Inc. | 553589 | 0.0 |
| 21700 | Makita Corp. | 668316 | 0.0 |
| 128500 | Marubeni Corp. | 2590335 | 0.2 |
| 30400 | MatsukiyoCocokara & Co. | 625344 | 0.0 |
| 21900 | MEIJI Holdings Co. Ltd. | 484292 | 0.0 |
| 33100 | MINEBEA MITSUMI, Inc. | 484046 | 0.0 |
| 123800 | Mitsubishi Chemical Group Corp. | 650696 | 0.0 |
| 311200 | Mitsubishi Corp. | 6218362 | 0.4 |
| 173100 | Mitsubishi Electric Corp. | 3723204 | 0.2 |
| 97100 | Mitsubishi Estate Co. Ltd. | 1820345 | 0.1 |
| 80400 | Mitsubishi HC Capital, Inc. | 591963 | 0.0 |
| 291800 | Mitsubishi Heavy Industries Ltd. | 7302116 | 0.4 |
| 1043600 | Mitsubishi UFJ Financial Group, Inc. | 14228017 | 0.8 |
| 224800 | Mitsui & Co. Ltd. | 4581419 | 0.3 |
| 240600 | Mitsui Fudosan Co. Ltd. | 2329268 | 0.1 |
| 31400 <sup>(1)</sup> | Mitsui OSK Lines Ltd. | 1048752 | 0.1 |
| 217400 | Mizuho Financial Group, Inc. | 6035008 | 0.4 |
| 22900 | MonotaRO Co. Ltd. | 450806 | 0.0 |
| 117100 | MS&AD Insurance Group Holdings, Inc. | 2617842 | 0.2 |
| 152300 | Murata Manufacturing Co. Ltd. | 2251099 | 0.1 |
| 111800 | NEC Corp. | 3261771 | 0.2 |
| 30000 <sup>(1)</sup> | Nexon Co. Ltd. | 604248 | 0.0 |
| 76200 | NIDEC Corp. | 1480802 | 0.1 |
| 100500 | Nintendo Co. Ltd. | 9650999 | 0.6 |
| 699 <sup>(1)</sup> | Nippon Building Fund, Inc. | 645442 | 0.0 |
| 86600 | Nippon Paint Holdings Co. Ltd. | 696460 | 0.0 |
| 15800 | Nippon Sanso Holdings Corp. | 597896 | 0.0 |
| 88300 | Nippon Steel Corp. | 1669924 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 2720300 | Nippon Telegraph & Telephone Corp. | $2908301 | 0.2 |
| 40000 <sup>(1)</sup> | Nippon Yusen KK | 1438999 | 0.1 |
| 203500 <sup>(1)(2)</sup> | Nissan Motor Co. Ltd. | 492384 | 0.0 |
| 18000 <sup>(1)</sup> | Nissin Foods Holdings Co. Ltd. | 373953 | 0.0 |
| 7300 | Nitori Holdings Co. Ltd. | 702627 | 0.0 |
| 64500 | Nitto Denko Corp. | 1245590 | 0.1 |
| 274400 | Nomura Holdings, Inc. | 1808214 | 0.1 |
| 34500 | Nomura Research Institute Ltd. | 1379911 | 0.1 |
| 59300 | Obayashi Corp. | 898503 | 0.1 |
| 29600 | Obic Co. Ltd. | 1150998 | 0.1 |
| 103700 | Olympus Corp. | 1231782 | 0.1 |
| 16000 <sup>(1)</sup> | Omron Corp. | 431303 | 0.0 |
| 34200 | Ono Pharmaceutical Co. Ltd. | 370652 | 0.0 |
| 3500 <sup>(1)</sup> | Oracle Corp. Japan | 417167 | 0.0 |
| 98600 | Oriental Land Co. Ltd./ Japan | 2270933 | 0.1 |
| 105400 | ORIX Corp. | 2378528 | 0.1 |
| 33200 | Osaka Gas Co. Ltd. | 851578 | 0.1 |
| 20800 <sup>(1)</sup> | Otsuka Corp. | 423725 | 0.0 |
| 40300 | Otsuka Holdings Co. Ltd. | 1998046 | 0.1 |
| 34800 | Pan Pacific International Holdings Corp. | 1196949 | 0.1 |
| 212300 | Panasonic Holdings Corp. | 2271466 | 0.1 |
| 137600 <sup>(2)</sup> | Rakuten Group, Inc. | 758201 | 0.1 |
| 128000 | Recruit Holdings Co. Ltd. | 7527250 | 0.4 |
| 153700 | Renesas Electronics Corp. | 1901489 | 0.1 |
| 189000 | Resona Holdings, Inc. | 1745570 | 0.1 |
| 48200 | Ricoh Co. Ltd. | 454883 | 0.0 |
| 16300 | Sanrio Co. Ltd. | 788197 | 0.1 |
| 24900 <sup>(1)</sup> | SBI Holdings, Inc. | 867644 | 0.1 |
| 7400 | SCREEN Holdings Co. Ltd. | 601705 | 0.0 |
| 14300 | SCSK Corp. | 430826 | 0.0 |
| 38300 | Secom Co. Ltd. | 1375925 | 0.1 |
| 34500 | Sekisui Chemical Co. Ltd. | 624819 | 0.0 |
| 54500 | Sekisui House Ltd. | 1199509 | 0.1 |
| 201500 | Seven & i Holdings Co. Ltd. | 3243209 | 0.2 |
| 29200 <sup>(1)</sup> | SG Holdings Co. Ltd. | 325229 | 0.0 |
| 21600 | Shimadzu Corp. | 534017 | 0.0 |
| 6900 | Shimano, Inc. | 1000365 | 0.1 |
| 164000 | Shin-Etsu Chemical Co. Ltd. | 5415605 | 0.3 |
| 69000 | Shionogi & Co. Ltd. | 1242157 | 0.1 |
| 36500 <sup>(1)</sup> | Shiseido Co. Ltd. | 651914 | 0.0 |
| 5200 | SMC Corp. | 1863485 | 0.1 |
| 2606100 | SoftBank Corp. | 4036723 | 0.2 |
| 87000 | SoftBank Group Corp. | 6325424 | 0.4 |
| 81400 | Sompo Holdings, Inc. | 2452973 | 0.1 |
| 559800 | Sony Group Corp. | 14554983 | 0.8 |
| 53500 | Subaru Corp. | 927497 | 0.1 |
| 99200 | Sumitomo Corp. | 2560027 | 0.2 |
| 65200 | Sumitomo Electric Industries Ltd. | 1398110 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 22600 <sup>(1)</sup> | Sumitomo Metal Mining Co. Ltd. | $| 556977 | 0.0 |
| 335900 | Sumitomo Mitsui Financial Group, Inc. |  | 8458285 | 0.5 |
| 58400 | Sumitomo Mitsui Trust Holdings, Inc. |  | 1553290 | 0.1 |
| 28300 <sup>(1)</sup> | Sumitomo Realty & Development Co. Ltd. |  | 1092928 | 0.1 |
| 12700 | Suntory Beverage & Food Ltd. |  | 406139 | 0.0 |
| 143500 | Suzuki Motor Corp. |  | 1730069 | 0.1 |
| 46000 | Sysmex Corp. |  | 800732 | 0.1 |
| 44700 | T&D Holdings, Inc. |  | 981170 | 0.1 |
| 14200 | Taisei Corp. |  | 827016 | 0.1 |
| 144800 | Takeda Pharmaceutical Co. Ltd. |  | 4470411 | 0.3 |
| 177500 | TDK Corp. |  | 2071879 | 0.1 |
| 121300 | Terumo Corp. |  | 2226083 | 0.1 |
| 19400 | TIS, Inc. |  | 650088 | 0.0 |
| 10200 <sup>(1)</sup> | Toho Co. Ltd./Tokyo |  | 601758 | 0.0 |
| 167300 | Tokio Marine Holdings, Inc. |  | 7090351 | 0.4 |
| 40800 | Tokyo Electron Ltd. |  | 7813586 | 0.5 |
| 30100 | Tokyo Gas Co. Ltd. |  | 1001189 | 0.1 |
| 26500 <sup>(1)</sup> | Tokyo Metro Co. Ltd. |  | 308372 | 0.0 |
| 45500 | Tokyu Corp. |  | 541274 | 0.0 |
| 21800 | TOPPAN Holdings, Inc. |  | 592241 | 0.0 |
| 126600 | Toray Industries, Inc. |  | 866609 | 0.1 |
| 14800 | Toyota Industries Corp. |  | 1670368 | 0.1 |
| 862700 | Toyota Motor Corp. |  | 14858275 | 0.9 |
| 58200 | Toyota Tsusho Corp. |  | 1318303 | 0.1 |
| 11500 | Trend Micro, Inc./Japan |  | 795407 | 0.1 |
| 102000 <sup>(1)</sup> | Unicharm Corp. |  | 736520 | 0.1 |
| 40900 | West Japan Railway Co. |  | 935018 | 0.1 |
| 23400 | Yakult Honsha Co. Ltd. |  | 440693 | 0.0 |
| 84300 <sup>(1)</sup> | Yamaha Motor Co. Ltd. |  | 630823 | 0.0 |
| 20800 | Yokogawa Electric Corp. |  | 555648 | 0.0 |
| 261200 | Z Holdings Corp. |  | 961896 | 0.1 |
| 8800 | Zensho Holdings Co. Ltd. |  | 532632 | 0.0 |
| 37000 | ZOZO, Inc. |  | 399774 | 0.0 |
|  |  |  | **372191947** | **21.2** |
|  | **Luxembourg: 0.1%** | **Luxembourg: 0.1%** | **Luxembourg: 0.1%** | **Luxembourg: 0.1%** |
| 42827 | ArcelorMittal SA |  | 1359946 | 0.1 |
| 19411 <sup>(3)</sup> | CVC Capital Partners PLC |  | 399119 | 0.0 |
| 10779 <sup>(1)</sup> | Eurofins Scientific SE |  | 768171 | 0.0 |
|  |  |  | **2527236** | **0.1** |
|  | **Macao: 0.1%** | **Macao: 0.1%** | **Macao: 0.1%** | **Macao: 0.1%** |
| 200000 | Galaxy Entertainment Group Ltd. |  | 891520 | 0.1 |
| 221600 <sup>(1)</sup> | Sands China Ltd. |  | 463129 | 0.0 |
|  |  |  | **1354649** | **0.1** |
|  | **Netherlands: 4.1%** | **Netherlands: 4.1%** | **Netherlands: 4.1%** | **Netherlands: 4.1%** |
| 41834 <sup>(3)</sup> | ABN AMRO Bank NV |  | 1142320 | 0.1 |
| 2294 <sup>(2)(3)</sup> | Adyen NV |  | 4213029 | 0.2 |
| 120729 | Aegon Ltd. |  | 874891 | 0.0 |
| 15593 | Akzo Nobel NV |  | 1094065 | 0.1 |
| 5559 <sup>(2)</sup> | Argenx SE |  | 3077376 | 0.2 |
| 4266 | ASM International, N.V. |  | 2736552 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| 35852 | ASML Holding NV | $| 28729612 | 1.6 |
| 13467 | ASR Nederland NV |  | 894825 | 0.1 |
| 7409 <sup>(1)</sup> | BE Semiconductor Industries NV |  | 1108044 | 0.1 |
| 7138 <sup>(3)</sup> | Euronext NV |  | 1223043 | 0.1 |
| 8071 | EXOR NV |  | 814750 | 0.0 |
| 11835 | Heineken Holding NV |  | 883126 | 0.0 |
| 26218 | Heineken NV |  | 2287340 | 0.1 |
| 5397 <sup>(1)</sup> | IMCD NV |  | 725874 | 0.0 |
| 286521 | ING Groep NV |  | 6279896 | 0.4 |
| 15601 <sup>(1)</sup> | JDE Peet's NV |  | 445637 | 0.0 |
| 83108 | Koninklijke Ahold Delhaize NV |  | 3471136 | 0.2 |
| 355084 | Koninklijke KPN NV |  | 1732172 | 0.1 |
| 78930 | Koninklijke Philips, N.V. |  | 1895300 | 0.1 |
| 24561 | NN Group NV |  | 1634272 | 0.1 |
| 9909 <sup>(1)</sup> | Randstad NV |  | 458005 | 0.0 |
| 100158 <sup>(1)</sup> | Universal Music Group NV |  | 3249191 | 0.2 |
| 21713 | Wolters Kluwer NV |  | 3631252 | 0.2 |
|  |  |  | **72601708** | **4.1** |
|  | **New Zealand: 0.3%** | **New Zealand: 0.3%** | **New Zealand: 0.3%** | **New Zealand: 0.3%** |
| 153561 | Auckland International Airport Ltd. |  | 724958 | 0.1 |
| 72858 | Contact Energy Ltd. |  | 399834 | 0.0 |
| 53518 | Fisher & Paykel Healthcare Corp. Ltd. |  | 1175512 | 0.1 |
| 83973 | Infratil Ltd. |  | 541857 | 0.0 |
| 118985 | Meridian Energy Ltd. |  | 427912 | 0.0 |
| 13274 <sup>(2)</sup> | Xero Ltd. |  | 1570703 | 0.1 |
|  |  |  | **4840776** | **0.3** |
|  | **Norway: 0.6%** | **Norway: 0.6%** | **Norway: 0.6%** | **Norway: 0.6%** |
| 28854 | Aker BP ASA |  | 737347 | 0.1 |
| 81523 | DNB Bank ASA |  | 2254484 | 0.1 |
| 76500 | Equinor ASA |  | 1931935 | 0.1 |
| 18261 | Gjensidige Forsikring ASA |  | 462915 | 0.0 |
| 40155 | Kongsberg Gruppen ASA |  | 1557095 | 0.1 |
| 42494 | Mowi ASA |  | 820704 | 0.1 |
| 128405 | Norsk Hydro ASA |  | 735299 | 0.0 |
| 63436 | Orkla ASA |  | 690913 | 0.0 |
| 5761 | Salmar ASA |  | 249658 | 0.0 |
| 56223 | Telenor ASA |  | 875516 | 0.1 |
|  |  |  | **10315866** | **0.6** |
|  | **Poland: 0.0%** | **Poland: 0.0%** | **Poland: 0.0%** | **Poland: 0.0%** |
| 20544 <sup>(2)</sup> | InPost SA |  | **341888** | **0.0** |
|  | **Portugal: 0.2%** | **Portugal: 0.2%** | **Portugal: 0.2%** | **Portugal: 0.2%** |
| 286521 | EDP - Energias de Portugal SA |  | 1244731 | 0.1 |
| 38098 | Galp Energia SGPS SA |  | 697418 | 0.1 |
| 25856 | Jeronimo Martins SGPS SA |  | 654621 | 0.0 |
|  |  |  | **2596770** | **0.2** |
|  | **Singapore: 1.8%** | **Singapore: 1.8%** | **Singapore: 1.8%** | **Singapore: 1.8%** |
| 341500 | CapitaLand Ascendas REIT |  | 720618 | 0.0 |
| 533135 | CapitaLand Integrated Commercial Trust |  | 910368 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| 213800 <sup>(1)</sup> | CapitaLand Investment Ltd./Singapore | $| 445701 | 0.0 |
| 193960 | DBS Group Holdings Ltd. |  | 6847192 | 0.4 |
| 552100 | Genting Singapore Ltd. |  | 310522 | 0.0 |
| 216005 <sup>(2)</sup> | Grab Holdings Ltd. - Class A |  | 1086505 | 0.1 |
| 133000 | Keppel Corp. Ltd. |  | 776664 | 0.1 |
| 308300 | Oversea-Chinese Banking Corp. Ltd. |  | 3953428 | 0.2 |
| 34825 <sup>(2)</sup> | Sea Ltd., ADR |  | 5569911 | 0.3 |
| 81600 | Sembcorp Industries Ltd. |  | 439587 | 0.0 |
| 135900 | Singapore Airlines Ltd. |  | 745378 | 0.0 |
| 78300 | Singapore Exchange Ltd. |  | 916832 | 0.1 |
| 142600 | Singapore Technologies Engineering Ltd. |  | 874378 | 0.1 |
| 678600 | Singapore Telecommunications Ltd. |  | 2045836 | 0.1 |
| 61822 | STMicroelectronics NV |  | 1895591 | 0.1 |
| 115000 | United Overseas Bank Ltd. |  | 3254927 | 0.2 |
|  |  |  | **30793438** | **1.8** |
|  | **South Africa: 0.2%** | **South Africa: 0.2%** | **South Africa: 0.2%** | **South Africa: 0.2%** |
| 101880 | Anglo American PLC |  | **3003199** | **0.2** |
|  | **South Korea: 0.0%** | **South Korea: 0.0%** | **South Korea: 0.0%** | **South Korea: 0.0%** |
| 17201 <sup>(2)(3)</sup> | Delivery Hero SE |  | **466875** | **0.0** |
|  | **Spain: 3.1%** | **Spain: 3.1%** | **Spain: 3.1%** | **Spain: 3.1%** |
| 2254 <sup>(1)</sup> | Acciona SA |  | 406542 | 0.0 |
| 16075 | ACS Actividades de Construccion y Servicios SA |  | 1117338 | 0.1 |
| 68480 <sup>(3)</sup> | Aena SME SA |  | 1827995 | 0.1 |
| 41011 | Amadeus IT Group SA |  | 3464744 | 0.2 |
| 524658 | Banco Bilbao Vizcaya Argentaria SA |  | 8078848 | 0.5 |
| 490466 | Banco de Sabadell SA |  | 1561428 | 0.1 |
| 1379399 | Banco Santander SA |  | 11422668 | 0.6 |
| 61371 | Bankinter SA |  | 801169 | 0.0 |
| 359242 | CaixaBank SA |  | 3112773 | 0.2 |
| 45020 <sup>(3)</sup> | Cellnex Telecom SA |  | 1753005 | 0.1 |
| 27838 <sup>(1)</sup> | EDP Renovaveis SA |  | 311500 | 0.0 |
| 29001 <sup>(1)</sup> | Endesa SA |  | 918611 | 0.1 |
| 26410 <sup>(1)(2)</sup> | Grifols SA |  | 322255 | 0.0 |
| 527682 | Iberdrola SA |  | 10151592 | 0.6 |
| 99303 | Industria de Diseno Textil SA |  | 5180330 | 0.3 |
| 37053 <sup>(1)</sup> | Red Electrica Corp. SA |  | 792853 | 0.0 |
| 105678 <sup>(1)</sup> | Repsol SA |  | 1545693 | 0.1 |
| 335517 <sup>(1)</sup> | Telefonica SA |  | 1765859 | 0.1 |
|  |  |  | **54535203** | **3.1** |
|  | **Sweden: 3.0%** | **Sweden: 3.0%** | **Sweden: 3.0%** | **Sweden: 3.0%** |
| 23731 | AddTech AB - Class B |  | 809027 | 0.1 |
| 26418 | Alfa Laval AB |  | 1112690 | 0.1 |
| 91244 | Assa Abloy AB - Class B |  | 2852620 | 0.2 |
| 244524 | Atlas Copco AB - Class A |  | 3952977 | 0.2 |
| 142518 | Atlas Copco AB - Class B |  | 2028400 | 0.1 |
| 35145 <sup>(1)</sup> | Beijer Ref AB |  | 554624 | 0.0 |
| 25874 <sup>(2)</sup> | Boliden AB |  | 808549 | 0.1 |
| 60172 | Epiroc AB - Class A |  | 1309334 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| 35607 | Epiroc AB - Class B | $| 682677 | 0.0 |
| 33997 <sup>(1)</sup> | EQT AB |  | 1140464 | 0.1 |
| 54837 | Essity AB - Class B |  | 1518375 | 0.1 |
| 13499 <sup>(3)</sup> | Evolution AB |  | 1072132 | 0.1 |
| 65558 <sup>(1)(2)</sup> | Fastighets AB Balder |  | 488687 | 0.0 |
| 51721 <sup>(1)</sup> | H & M Hennes & Mauritz AB - Class B |  | 728445 | 0.1 |
| 189569 | Hexagon AB - Class B |  | 1910779 | 0.1 |
| 6960 <sup>(1)</sup> | Holmen AB - Class B |  | 275700 | 0.0 |
| 10883 | Industrivarden AB - Class A |  | 395634 | 0.0 |
| 14136 <sup>(1)</sup> | Industrivarden AB - Class C |  | 511889 | 0.0 |
| 24949 | Indutrade AB |  | 681235 | 0.0 |
| 13519 | Investment AB Latour - Class B |  | 356567 | 0.0 |
| 157566 | Investor AB - Class B |  | 4669214 | 0.3 |
| 6939 | L E Lundbergforetagen AB - Class B |  | 346379 | 0.0 |
| 21284 | Lifco AB - Class B |  | 862573 | 0.1 |
| 138375 <sup>(1)</sup> | Nibe Industrier AB - Class B |  | 590815 | 0.0 |
| 29246 | Saab AB - Class B |  | 1635240 | 0.1 |
| 20066 | Sagax AB - Class B |  | 459797 | 0.0 |
| 97353 | Sandvik AB |  | 2235455 | 0.1 |
| 44905 | Securitas AB - Class B |  | 672333 | 0.0 |
| 144460 | Skandinaviska Enskilda Banken AB - Class A |  | 2518015 | 0.2 |
| 31071 | Skanska AB - Class B |  | 723787 | 0.1 |
| 31144 | SKF AB - Class B |  | 715387 | 0.0 |
| 55397 <sup>(1)</sup> | Svenska Cellulosa AB SCA - Class B |  | 720314 | 0.0 |
| 133178 | Svenska Handelsbanken AB - Class A |  | 1782892 | 0.1 |
| 77520 | Swedbank AB - Class A |  | 2053220 | 0.1 |
| 17878 <sup>(2)</sup> | Swedish Orphan Biovitrum AB |  | 544120 | 0.0 |
| 49911 | Tele2 AB - Class B |  | 728572 | 0.1 |
| 252880 | Telefonaktiebolaget LM Ericsson - Class B |  | 2160941 | 0.1 |
| 215416 | Telia Co. AB |  | 774814 | 0.1 |
| 18425 | Trelleborg AB - Class B |  | 686352 | 0.0 |
| 144607 | Volvo AB - Class B |  | 4068896 | 0.2 |
|  |  |  | **52139921** | **3.0** |
|  | **Switzerland: 4.8%** | **Switzerland: 4.8%** | **Switzerland: 4.8%** | **Switzerland: 4.8%** |
| 143973 | ABB Ltd., Reg |  | 8628135 | 0.5 |
| 3764 | Baloise Holding AG, Reg |  | 887747 | 0.0 |
| 2750 <sup>(1)</sup> | Banque Cantonale Vaudoise |  | 317165 | 0.0 |
| 326 <sup>(1)</sup> | Barry Callebaut AG |  | 356341 | 0.0 |
| 1928 | BKW AG |  | 422713 | 0.0 |
| 10 | Chocoladefabriken Lindt & Spruengli AG |  | 1667256 | 0.1 |
| 86 <sup>(1)</sup> | Chocoladefabriken Lindt & Spruengli AG - Class PC |  | 1449410 | 0.1 |
| 48939 | Cie Financiere Richemont SA |  | 9260868 | 0.5 |
| 16981 | DSM-Firmenich AG |  | 1806532 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| 8026 | Dufry AG, Reg | $| 437185 | 0.0 |
| 641 | EMS-Chemie Holding AG |  | 484598 | 0.0 |
| 10836 | Galderma Group AG |  | 1575074 | 0.1 |
| 3043 | Geberit AG, Reg |  | 2396499 | 0.1 |
| 841 | Givaudan SA, Reg |  | 4078452 | 0.2 |
| 3389 | Helvetia Holding AG |  | 795657 | 0.0 |
| 18809 | Julius Baer Group Ltd. |  | 1275906 | 0.1 |
| 4410 | Kuehne + Nagel International AG |  | 954954 | 0.1 |
| 13887 | Logitech International SA |  | 1259336 | 0.1 |
| 6575 | Lonza Group AG |  | 4702200 | 0.3 |
| 2066 | Partners Group Holding AG |  | 2703002 | 0.2 |
| 38166 | Sandoz Group AG |  | 2091626 | 0.1 |
| 3718 | Schindler Holding AG |  | 1384472 | 0.1 |
| 2144 | Schindler Holding AG (SCHN) |  | 778887 | 0.0 |
| 14664 | SGS SA |  | 1488919 | 0.1 |
| 27923 <sup>(1)</sup> | SIG Group AG |  | 516493 | 0.0 |
| 13879 | Sika AG, Reg |  | 3776253 | 0.2 |
| 4628 | Sonova Holding AG, Reg |  | 1380188 | 0.1 |
| 10192 | Straumann Holding AG |  | 1334028 | 0.1 |
| 2642 <sup>(1)</sup> | Swatch Group AG - Class BR |  | 431335 | 0.0 |
| 2615 | Swiss Life Holding AG |  | 2647333 | 0.2 |
| 7304 | Swiss Prime Site AG |  | 1096507 | 0.1 |
| 2365 | Swisscom AG, Reg |  | 1679359 | 0.1 |
| 5148 | Temenos AG |  | 369807 | 0.0 |
| 299411 | UBS Group AG |  | 10165533 | 0.6 |
| 2465 <sup>(3)</sup> | VAT Group AG |  | 1044500 | 0.1 |
| 13323 | Zurich Insurance Group AG |  | 9322412 | 0.5 |
|  |  |  | **84966682** | **4.8** |
|  | **United Kingdom: 11.1%** | **United Kingdom: 11.1%** | **United Kingdom: 11.1%** | **United Kingdom: 11.1%** |
| 88613 | 3i Group PLC |  | 5014791 | 0.3 |
| 23772 | Admiral Group PLC |  | 1067516 | 0.1 |
| 39325 | Ashtead Group PLC |  | 2521750 | 0.1 |
| 29669 | Associated British Foods PLC |  | 838276 | 0.0 |
| 141160 | AstraZeneca PLC |  | 19645061 | 1.1 |
| 80038 <sup>(3)</sup> | Auto Trader Group PLC |  | 906571 | 0.1 |
| 244487 | Aviva PLC |  | 2078557 | 0.1 |
| 274232 | BAE Systems PLC |  | 7117091 | 0.4 |
| 1301929 | Barclays PLC |  | 6015898 | 0.3 |
| 125864 | Barratt Developments PLC |  | 788157 | 0.0 |
| 180336 | British American Tobacco PLC |  | 8574296 | 0.5 |
| 543849 <sup>(1)</sup> | BT Group PLC |  | 1448115 | 0.1 |
| 29822 | Bunzl PLC |  | 950320 | 0.1 |
| 457563 | Centrica PLC |  | 1015226 | 0.1 |
| 245000 | CK Hutchison Holdings Ltd. |  | 1508632 | 0.1 |
| 20973 | Coca-Cola European Partners PLC - USD |  | 1944617 | 0.1 |
| 154525 | Compass Group PLC |  | 5234056 | 0.3 |
| 12112 | Croda International PLC |  | 486271 | 0.0 |
| 9036 | DCC PLC |  | 586440 | 0.0 |
| 202576 | Diageo PLC |  | 5108163 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 55454 | Entain PLC | $686830 | 0.0 |
| 34664 | Halma PLC | 1523621 | 0.1 |
| 15195 | Hikma Pharmaceuticals PLC | 414655 | 0.0 |
| 1608862 | HSBC Holdings PLC | 19461044 | 1.1 |
| 71213 | Imperial Brands PLC | 2813629 | 0.2 |
| 120081 | Informa PLC | 1329437 | 0.1 |
| 13498 | InterContinental Hotels Group PLC | 1543292 | 0.1 |
| 113144 | International Consolidated Airlines Group SA - Class DI | 533048 | 0.0 |
| 14576 | Intertek Group PLC | 949457 | 0.1 |
| 160177 | J Sainsbury PLC | 637481 | 0.0 |
| 226152 | JD Sports Fashion PLC | 275786 | 0.0 |
| 162328 | Kingfisher PLC | 648271 | 0.0 |
| 64617 | Land Securities Group PLC | 561250 | 0.0 |
| 534582 | Legal & General Group PLC | 1870464 | 0.1 |
| 5475480 | Lloyds Banking Group PLC | 5757551 | 0.3 |
| 43388 | London Stock Exchange Group PLC | 6345355 | 0.4 |
| 208504 | M&G PLC | 737001 | 0.0 |
| 187316 | Marks & Spencer Group PLC | 911669 | 0.1 |
| 116094 | Melrose Industries PLC | 845532 | 0.1 |
| 445807 | National Grid PLC | 6543831 | 0.4 |
| 735380 | NatWest Group PLC | 5164524 | 0.3 |
| 10625 | Next PLC | 1814681 | 0.1 |
| 54751 | Pearson PLC | 806535 | 0.0 |
| 64113 | Phoenix Group Holdings PLC | 580037 | 0.0 |
| 62073 | Reckitt Benckiser Group PLC | 4228835 | 0.2 |
| 168169 | RELX PLC | 9114342 | 0.5 |
| 230507 | Rentokil Initial PLC | 1112140 | 0.1 |
| 771775 | Rolls-Royce Holdings PLC | 10228032 | 0.6 |
| 89403 | Sage Group PLC | 1535296 | 0.1 |
| 65984 | Schroders PLC | 328145 | 0.0 |
| 117349 | Segro PLC | 1098518 | 0.1 |
| 24670 | Severn Trent PLC | 926903 | 0.1 |
| 75845 | Smith & Nephew PLC | 1161505 | 0.1 |
| 30555 | Smiths Group PLC | 942446 | 0.1 |
| 6721 | Spirax-Sarco Engineering PLC | 549590 | 0.0 |
| 100757 | SSE PLC | 2537068 | 0.1 |
| 183773 | Standard Chartered PLC | 3041167 | 0.2 |
| 612520 | Tesco PLC | 3377133 | 0.2 |
| 227727 | Unilever PLC | 13897286 | 0.8 |
| 62261 | United Utilities Group PLC | 977667 | 0.1 |
| 1815800 | Vodafone Group PLC | 1943720 | 0.1 |
| 16108 | Whitbread PLC | 625086 | 0.0 |
| 60833 <sup>(2)</sup> | Wise PLC - Class A | 869021 | 0.1 |
| 98502 | WPP PLC | 693550 | 0.0 |
|  |  | **194792235** | **11.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States: 10.0%** | **United States: 10.0%** | **United States: 10.0%** |
| 45490 | Alcon, Inc. | $4034189 | 0.2 |
| 47448 <sup>(2)</sup> | Amrize Ltd. | 2366869 | 0.1 |
| 1458120 | BP PLC | 7264765 | 0.4 |
| 44080 | CSL Ltd. | 6962907 | 0.4 |
| 4276 <sup>(2)</sup> | CyberArk Software Ltd. | 1739819 | 0.1 |
| 83586 | Experian PLC | 4310204 | 0.2 |
| 46784 <sup>(1)</sup> | Ferrovial SE | 2495592 | 0.1 |
| 4204 | Gecina SA | 462796 | 0.0 |
| 374722 | GSK PLC | 7144604 | 0.4 |
| 821552 | Haleon PLC | 4222462 | 0.2 |
| 47448 | Holcim AG | 3523448 | 0.2 |
| 52685 <sup>(1)(2)</sup> | James Hardie Industries PLC | 1414768 | 0.1 |
| 3698 <sup>(2)</sup> | Monday.com Ltd. | 1162947 | 0.1 |
| 238510 | Nestle SA | 23714184 | 1.4 |
| 173073 | Novartis AG, Reg | 21007100 | 1.2 |
| 19707 | QIAGEN NV | 949479 | 0.1 |
| 63957 | Roche Holding AG | 20876837 | 1.2 |
| 2922 | Roche Holding AG - Class BR | 1015486 | 0.1 |
| 101067 | Sanofi | 9784700 | 0.6 |
| 49782 | Schneider Electric SE | 13365754 | 0.8 |
| 544932 | Shell PLC | 19012378 | 1.1 |
| 13977 <sup>(2)</sup> | Spotify Technology SA | 10725111 | 0.6 |
| 183557 | Stellantis NV (STLAM) | 1838537 | 0.1 |
| 27458 | Swiss Re AG | 4749880 | 0.3 |
| 37048 | Tenaris SA | 694455 | 0.0 |
|  |  | **174839271** | **10.0** |
|  | Total Common Stock <br> (Cost $1,324,231,679) | **1711319674** | **97.5** |
| **PREFERRED STOCK: 0.3%** | **PREFERRED STOCK: 0.3%** | **PREFERRED STOCK: 0.3%** | **PREFERRED STOCK: 0.3%** |
|  | **Germany: 0.3%** | **Germany: 0.3%** | **Germany: 0.3%** |
| 5111 | Bayerische Motoren Werke AG | 424449 | 0.0 |
| 10398 <sup>(3)</sup> | Dr Ing hc F Porsche AG | 513911 | 0.0 |
| 15454 | Henkel AG & Co. KGaA | 1214434 | 0.1 |
| 13981 | Porsche Automobil Holding SE | 555028 | 0.0 |
| 2393 | Sartorius AG | 609493 | 0.1 |
| 18828 | Volkswagen AG | 1990379 | 0.1 |
|  |  | **5307694** | **0.3** |
|  | Total Preferred Stock <br> (Cost $6,902,568) | **5307694** | **0.3** |
|  | Total Long-Term Investments <br> (Cost $1,331,134,247) | **1716627368** | **97.8** |
| **Principal <br> Amount†** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 4.6%** | **SHORT-TERM INVESTMENTS: 4.6%** | **SHORT-TERM INVESTMENTS: 4.6%** | **SHORT-TERM INVESTMENTS: 4.6%** |
|  | **Commercial Paper: 0.5%** | **Commercial Paper: 0.5%** | **Commercial Paper: 0.5%** |
| 900000 <sup>(4)</sup> | ANZ Banking Group Ltd., 4.480%, 08/27/2025 | 900051 | 0.1 |
| 750000 <sup>(4)</sup> | BNP Paribas S.A., 4.450%, 07/23/2025 | 747926 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Commercial Paper (continued)** | **Commercial Paper (continued)** | **Commercial Paper (continued)** | **Commercial Paper (continued)** |
| 900000 <sup>(4)</sup> | Credit Industriel et Commercial S.A., 4.420%, 07/14/2025 | $| 898490 | 0.0 |
| 900000 <sup>(4)</sup> | DBS Bank Ltd., 4.430%, 07/28/2025 |  | 896963 | 0.0 |
| 750000 <sup>(4)</sup> | LLoyds Bank PLC, 4.430%, 07/24/2025 |  | 747828 | 0.0 |
| 950000 <sup>(4)</sup> | National Australia Bank Ltd., 4.500%, 09/04/2025 |  | 950019 | 0.1 |
| 900000 <sup>(4)</sup> | Skandinaviska Enskilda Banken AB, 4.570%, 12/11/2025 |  | 899991 | 0.1 |
| 500000 <sup>(4)</sup> | Svenska Handelsbanken AB, 4.510%, 11/21/2025 |  | 500391 | 0.0 |
| 900000 <sup>(4)</sup> | Swedbank AB, 4.580%, 12/10/2025 |  | 900763 | 0.1 |
| 900000 <sup>(4)</sup> | Toyota Motor Credit Corp., 4.490%, 08/11/2025 |  | 895447 | 0.0 |
| 900000 <sup>(4)</sup> | United Overseas Bank Ltd., 4.360%, 09/19/2025 |  | 900041 | 0.1 |
|  | Total Commercial Paper <br> (Cost $9,237,910) |  | **9237910** | **0.5** |
|  | **Certificates of Deposits: 0.6%** | **Certificates of Deposits: 0.6%** | **Certificates of Deposits: 0.6%** | **Certificates of Deposits: 0.6%** |
| 900000 <sup>(4)</sup> | Bank of America N.A., 4.530%, 08/05/2025 |  | 900252 | 0.1 |
| 900000 <sup>(4)(5)</sup> | Barclays Bank PLC, 4.620%, (SOFRRATE + 0.220%), 07/28/2025 |  | 900075 | 0.0 |
| 900000 <sup>(4)</sup> | Canadian Imperial Bank of Commerce, 4.490%, 11/12/2025 |  | 900606 | 0.1 |
| 900000 <sup>(4)</sup> | Citibank N.A., 4.577%, 10/23/2025 |  | 900959 | 0.1 |
| 950000 <sup>(4)(5)</sup> | Cooperatieve Rabobank U.A., 4.671%, (SOFRRATE + 0.360%), 08/11/2025 |  | 950319 | 0.1 |
| 900000 <sup>(4)</sup> | DZ Bank AG, 4.439%, 08/15/2025 |  | 900207 | 0.0 |
| 900000 <sup>(4)</sup> | Landesbank Baden- Wurttemberg, 4.540%, 11/17/2025 |  | 900146 | 0.0 |
| 900000 <sup>(4)(5)</sup> | Mitsubishi UFJ Trust & Banking Corp. YCd, 4.533%, (SOFRRATE + 0.230%), 08/08/2025 |  | 900121 | 0.0 |
| 750000 <sup>(4)</sup> | Mizuho Bank Ltd., 4.516%, 07/23/2025 |  | 750174 | 0.0 |
| 900000 <sup>(4)</sup> | Natixis, 4.484%, 08/06/2025 |  | 900240 | 0.0 |
| 900000 <sup>(4)</sup> | Oversea-Chinese Banking Corporation Ltd., 4.530%, 11/14/2025 |  | 900695 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Certificates of Deposits (continued)** | **Certificates of Deposits (continued)** | **Certificates of Deposits (continued)** | **Certificates of Deposits (continued)** |
| 900000 <sup>(4)</sup> | Sumitomo Mitsui Banking Corp., 4.468%, 08/20/2025 | $| 900242 | 0.1 |
|  | Total Certificates of Deposits<br> (Cost $10,704,036) |  | **10704036** | **0.6** |
|  | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** |
| 4590343 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $4,590,895, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $4,682,150, due 06/01/30-02/01/57) |  | 4590343 | 0.3 |
| 8349608 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $8,350,612, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $8,516,600, due 08/15/34-06/01/55) |  | 8349608 | 0.5 |
| 2805155 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,805,492, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $2,861,258, due 03/01/34-05/01/55) |  | 2805155 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 13063913 <sup>(4)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $13,065,516, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $13,325,191, due 12/01/29-06/20/55) | $13063913 | 0.7 |
| 8626942 <sup>(4)</sup> | Mirae Asset Securities (USA), Inc., Repurchase Agreement dated 06/30/2025, 4.470%, due 07/01/2025 (Repurchase Amount $8,627,999, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.318%, Market Value plus accrued interest $8,800,578, due 09/23/25-03/15/66) | 8626942 | 0.5 |
|  | Total Repurchase Agreements <br> (Cost $37,435,961) | **37435961** | **2.2** |
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 1.3%** | **Mutual Funds: 1.3%** | **Mutual Funds: 1.3%** |
| 22969000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% <br> (Cost $22,969,000) | $**22969000** | **1.3** |
|  | Total Short-Term Investments <br> (Cost $80,346,907) | **80346907** | **4.6** |
|  | **Total Investments in Securities <br> (Cost $1,411,481,154)** | $**1796974275** | **102.4** |
|  | **Liabilities in Excess of Other Assets** | **(42086124)** | **(2.4)** |
|  | **Net Assets** | $**1754888151** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | 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>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(5)</sup> | Variable rate security. Rate shown is the rate in effect as of June 30, 2025. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

Reference Rate Abbreviations: <br> <br> SOFRRATE 1-day Secured Overnight Financing Rate

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage <br> of Net Assets** |
| Financials | 23.3% |
| Industrials | 18.6 |
| Health Care | 11.0 |
| Consumer Discretionary | 9.6 |
| Information Technology | 8.3 |
| Consumer Staples | 7.8 |
| Materials | 5.5 |
| Communication Services | 5.3 |
| Utilities | 3.4 |
| Energy | 3.1 |
| Real Estate | 1.9 |
| Short-Term Investments | 4.6 |
| Liabilities in Excess of Other Assets | (2.4) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other<br> Observable <br> Inputs#<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at <br> June 30, 2025** |
| **Asset Table** | **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;Australia | $— | $118603659 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $118603659 |
| &nbsp;&nbsp;&nbsp;Austria |  | 4253382 |  | 4253382 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 14466965 |  | 14466965 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 557895 |  | 557895 |
| &nbsp;&nbsp;&nbsp;Chile |  | 895210 |  | 895210 |
| &nbsp;&nbsp;&nbsp;China | 677221 | 8961913 |  | 9639134 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 39302170 |  | 39302170 |
| &nbsp;&nbsp;&nbsp;Finland |  | 18284037 |  | 18284037 |
| &nbsp;&nbsp;&nbsp;France |  | 162279412 |  | 162279412 |
| &nbsp;&nbsp;&nbsp;Germany | 1166407 | 171129907 |  | 172296314 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 1976077 | 30376050 |  | 32352127 |
| &nbsp;&nbsp;&nbsp;Ireland | 1960686 | 5719865 |  | 7680551 |
| &nbsp;&nbsp;&nbsp;Israel | 4260953 | 9662915 |  | 13923868 |
| &nbsp;&nbsp;&nbsp;Italy |  | 54477286 |  | 54477286 |
| &nbsp;&nbsp;&nbsp;Japan |  | 372191947 |  | 372191947 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 2527236 |  | 2527236 |
| &nbsp;&nbsp;&nbsp;Macao |  | 1354649 |  | 1354649 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 72601708 |  | 72601708 |
| &nbsp;&nbsp;&nbsp;New Zealand | 1152870 | 3687906 |  | 4840776 |
| &nbsp;&nbsp;&nbsp;Norway | 1806753 | 8509113 |  | 10315866 |
| &nbsp;&nbsp;&nbsp;Poland |  | 341888 |  | 341888 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 2596770 |  | 2596770 |
| &nbsp;&nbsp;&nbsp;Singapore | 6656416 | 24137022 |  | 30793438 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 3003199 |  | 3003199 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 466875 |  | 466875 |
| &nbsp;&nbsp;&nbsp;Spain | 918611 | 53616592 |  | 54535203 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 52139921 |  | 52139921 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 84966682 |  | 84966682 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 1944617 | 192847618 |  | 194792235 |
| &nbsp;&nbsp;&nbsp;United States | 15994746 | 158844525 |  | 174839271 |
| Total Common Stock | 38515357 | 1672804317 |  | 1711319674 |
| Preferred Stock |  | 5307694 |  | 5307694 |
| Short-Term Investments | 22969000 | 57377907 |  | 80346907 |
| Total Investments, at fair value | $61484357 | $1735489918 | $— | $1796974275 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Futures | 498533 |  |  | 498533 |
| Total Assets | $61982890 | $1735489918 | $— | $1797472808 |

---

---

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

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

At June 30, 2025, the following futures contracts were outstanding for Voya VACS Index Series I Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Unrealized <br> Appreciation** |
| Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: |
| &nbsp;&nbsp;&nbsp;MSCI EAFE Index | 243 | 09/19/25 | $32582655 | $498533 |
|  |  |  | $32582655 | $498533 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Equity contracts | Variation margin receivable on futures contracts\* | $498533 |
| **Total Asset Derivatives** |  | $498533 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $3858606 |
| **Total** | $3858606 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $1679317 |
| **Total** | $1679317 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $1,421,834,470. | Cost for U.S. federal income tax purposes was $1,421,834,470. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $452927153 |
| Gross Unrealized Depreciation | (73548078) |
| Net Unrealized Appreciation | $379379075 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** |
|  | **Communication Services: 4.0%** | **Communication Services: 4.0%** | **Communication Services: 4.0%** |
| 5178 <sup>(1)</sup> | AST SpaceMobile, Inc. | $241968 | 0.1 |
| 2724 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 1113598 | 0.3 |
| 7836 | Electronic Arts, Inc. | 1251409 | 0.3 |
| 6482 | Fox Corp. - Class A | 363251 | 0.1 |
| 3974 | Fox Corp. - Class B | 205178 | 0.1 |
| 7044 <sup>(1)</sup> | Frontier Communications Parent, Inc. | 256402 | 0.1 |
| 2018 <sup>(1)</sup> | IAC, Inc. | 75352 | 0.0 |
| 11078 | Interpublic Group of Cos., Inc. | 271189 | 0.1 |
| 2850 | Iridium Communications, Inc. | 85985 | 0.0 |
| 492 <sup>(1)</sup> | Liberty Broadband Corp. - Class A | 48127 | 0.0 |
| 3363 <sup>(1)</sup> | Liberty Broadband Corp. - Class C | 330852 | 0.1 |
| 5027 <sup>(1)</sup> | Liberty Global Ltd. - Class A | 50320 | 0.0 |
| 4210 <sup>(1)</sup> | Liberty Global Ltd. - Class C | 43405 | 0.0 |
| 682 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class A, Tracking Stock | 64763 | 0.0 |
| 6301 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class C, Tracking Stock | 658455 | 0.2 |
| 592 <sup>(1)</sup> | Liberty Media Corp.-Liberty Live - Class A, Tracking Stock | 47052 | 0.0 |
| 1374 <sup>(1)</sup> | Liberty Media Corp.-Liberty Live - Class C, Tracking Stock | 111514 | 0.0 |
| 4754 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 719185 | 0.2 |
| 484 <sup>(1)</sup> | Madison Square Garden Sports Corp. | 101132 | 0.0 |
| 7343 | Match Group, Inc. | 226825 | 0.1 |
| 3086 | Millicom International Cellular SA | 115632 | 0.0 |
| 4821 | New York Times Co. - Class A | 269880 | 0.1 |
| 11373 | News Corp. - Class A | 338006 | 0.1 |
| 3362 | News Corp. - Class B | 115350 | 0.0 |
| 847 | Nexstar Media Group, Inc. | 146489 | 0.0 |
| 5807 | Omnicom Group, Inc. | 417756 | 0.1 |
| 275 | Paramount Global - Class A | 6311 | 0.0 |
| 17887 | Paramount Global - Class B | 230742 | 0.1 |
| 17745 <sup>(1)</sup> | Pinterest, Inc. - Class A | 636336 | 0.2 |
| 3502 <sup>(1)</sup> | Reddit, Inc. - Class A | 527296 | 0.1 |
| 16928 <sup>(1)</sup> | ROBLOX Corp. - Class A | 1780826 | 0.5 |
| 3872 <sup>(1)</sup> | Roku, Inc. | 340310 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** |
| 5702 | Sirius XM Holdings, Inc. | $| 130975 | 0.0 |
| 5377 <sup>(1)</sup> | Take-Two Interactive Software, Inc. |  | 1305804 | 0.4 |
| 2065 | TKO Group Holdings, Inc. |  | 375727 | 0.1 |
| 13406 <sup>(1)</sup> | Trade Desk, Inc. - Class A |  | 965098 | 0.3 |
| 3114 <sup>(1)</sup> | Trump Media & Technology Group Corp. |  | 56177 | 0.0 |
| 67013 <sup>(1)</sup> | Warner Bros Discovery, Inc. |  | 767969 | 0.2 |
| 8879 <sup>(1)</sup> | ZoomInfo Technologies, Inc. |  | 89855 | 0.0 |
|  |  |  | **14882501** | **4.0** |
|  | **Consumer Discretionary: 11.5%** | **Consumer Discretionary: 11.5%** | **Consumer Discretionary: 11.5%** | **Consumer Discretionary: 11.5%** |
| 10620 | ADT, Inc. |  | 89951 | 0.0 |
| 4482 <sup>(1)</sup> | Amer Sports, Inc. |  | 173722 | 0.1 |
| 6876 <sup>(1)</sup> | Aptiv PLC |  | 469081 | 0.1 |
| 7929 | Aramark |  | 331987 | 0.1 |
| 825 <sup>(1)</sup> | AutoNation, Inc. |  | 163886 | 0.0 |
| 6396 | Bath & Body Works, Inc. |  | 191624 | 0.1 |
| 5806 | Best Buy Co., Inc. |  | 389757 | 0.1 |
| 1600 <sup>(1)</sup> | Birkenstock Holding PLC |  | 78688 | 0.0 |
| 6546 | BorgWarner, Inc. |  | 219160 | 0.1 |
| 1745 | Boyd Gaming Corp. |  | 136511 | 0.0 |
| 1708 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. |  | 211092 | 0.1 |
| 1968 | Brunswick Corp. |  | 108712 | 0.0 |
| 1889 <sup>(1)</sup> | Burlington Stores, Inc. |  | 439457 | 0.1 |
| 6200 <sup>(1)</sup> | Caesars Entertainment, Inc. |  | 176018 | 0.1 |
| 4580 <sup>(1)</sup> | CarMax, Inc. |  | 307822 | 0.1 |
| 32471 <sup>(1)</sup> | Carnival Corp. |  | 913085 | 0.2 |
| 3858 <sup>(1)</sup> | Carvana Co. |  | 1299992 | 0.4 |
| 2998 <sup>(1)</sup> | Cava Group, Inc. |  | 252522 | 0.1 |
| 6283 <sup>(1)</sup> | Chewy, Inc. - Class A |  | 267781 | 0.1 |
| 815 <sup>(2)</sup> | Choice Hotels International, Inc. |  | 103407 | 0.0 |
| 1953 | Churchill Downs, Inc. |  | 197253 | 0.1 |
| 781 | Columbia Sportswear Co. |  | 47703 | 0.0 |
| 37300 <sup>(1)</sup> | Coupang, Inc. |  | 1117508 | 0.3 |
| 1633 <sup>(1)</sup> | Crocs, Inc. |  | 165390 | 0.0 |
| 8243 | D.R. Horton, Inc. |  | 1062688 | 0.3 |
| 3510 | Darden Restaurants, Inc. |  | 765075 | 0.2 |
| 4540 <sup>(1)</sup> | Deckers Outdoor Corp. |  | 467938 | 0.1 |
| 1626 | Dick's Sporting Goods, Inc. |  | 321639 | 0.1 |
| 89 <sup>(2)</sup> | Dillard's, Inc. - Class A |  | 37187 | 0.0 |
| 955 | Domino's Pizza, Inc. |  | 430323 | 0.1 |
| 14438 <sup>(1)</sup> | DraftKings, Inc. - Class A |  | 619246 | 0.2 |
| 1129 <sup>(1)</sup> | Duolingo, Inc. |  | 462913 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 3474 <sup>(1)</sup> | Dutch Bros, Inc. - Class A | $237517 | 0.1 |
| 13837 | eBay, Inc. | 1030303 | 0.3 |
| 3101 <sup>(1)</sup> | Etsy, Inc. | 155546 | 0.0 |
| 3635 | Expedia Group, Inc. | 613152 | 0.2 |
| 1619 <sup>(1)</sup> | Five Below, Inc. | 212380 | 0.1 |
| 3197 <sup>(1)</sup> | Floor & Decor Holdings, Inc. - Class A | 242844 | 0.1 |
| 5264 <sup>(1)</sup> | Flutter Entertainment PLC - Class DI | 1504241 | 0.4 |
| 117281 | Ford Motor Co. | 1272499 | 0.3 |
| 12310 <sup>(1)</sup> | GameStop Corp. - Class A | 300241 | 0.1 |
| 6911 | Gap, Inc. | 150729 | 0.0 |
| 4896 | Garmin Ltd. | 1021893 | 0.3 |
| 6775 | Gentex Corp. | 148982 | 0.0 |
| 4167 | Genuine Parts Co. | 505499 | 0.1 |
| 836 <sup>(1)</sup> | Grand Canyon Education, Inc. | 158004 | 0.0 |
| 3983 | H&R Block, Inc. | 218627 | 0.1 |
| 3350 | Harley-Davidson, Inc. | 79060 | 0.0 |
| 3971 | Hasbro, Inc. | 293139 | 0.1 |
| 7007 | Hilton Worldwide Holdings, Inc. | 1866244 | 0.5 |
| 1208 | Hyatt Hotels Corp. - Class A | 168697 | 0.0 |
| 9622 | Las Vegas Sands Corp. | 418653 | 0.1 |
| 1603 | Lear Corp. | 152253 | 0.0 |
| 6860 | Lennar Corp. - Class A | 758785 | 0.2 |
| 286 | Lennar Corp. - Class B | 30101 | 0.0 |
| 2486 <sup>(1)</sup> | Light & Wonder, Inc. | 239302 | 0.1 |
| 769 | Lithia Motors, Inc. | 259784 | 0.1 |
| 7795 | LKQ Corp. | 288493 | 0.1 |
| 37320 <sup>(1)(2)</sup> | Lucid Group, Inc. | 78745 | 0.0 |
| 3162 <sup>(1)</sup> | Lululemon Athletica, Inc. | 751228 | 0.2 |
| 8324 | Macy's, Inc. | 97058 | 0.0 |
| 9646 <sup>(1)</sup> | Mattel, Inc. | 190219 | 0.1 |
| 6155 <sup>(1)</sup> | MGM Resorts International | 211670 | 0.1 |
| 1541 <sup>(1)</sup> | Mohawk Industries, Inc. | 161558 | 0.0 |
| 540 | Murphy USA, Inc. | 219672 | 0.1 |
| 12523 | Newell Brands, Inc. | 67624 | 0.0 |
| 13287 <sup>(1)</sup> | Norwegian Cruise Line Holdings Ltd. | 269460 | 0.1 |
| 84 <sup>(1)</sup> | NVR, Inc. | 620395 | 0.2 |
| 1839 <sup>(1)</sup> | Ollie's Bargain Outlet Holdings, Inc. | 242343 | 0.1 |
| 6618 <sup>(1)</sup> | On Holding AG - Class A | 344467 | 0.1 |
| 4488 <sup>(1)</sup> | Penn Entertainment, Inc. | 80201 | 0.0 |
| 555 | Penske Automotive Group, Inc. | 95355 | 0.0 |
| 2518 <sup>(1)</sup> | Planet Fitness, Inc. - Class A | 274588 | 0.1 |
| 1079 | Pool Corp. | 314507 | 0.1 |
| 6000 | PulteGroup, Inc. | 632760 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 1569 | PVH Corp. | $| 107633 | 0.0 |
| 12382 <sup>(1)</sup> | QuantumScape Corp. |  | 83207 | 0.0 |
| 1175 | Ralph Lauren Corp. |  | 322279 | 0.1 |
| 9720 | Restaurant Brands International, Inc. |  | 644339 | 0.2 |
| 459 <sup>(1)</sup> | RH |  | 86756 | 0.0 |
| 23284 <sup>(1)</sup> | Rivian Automotive, Inc. - Class A |  | 319922 | 0.1 |
| 9679 | Ross Stores, Inc. |  | 1234847 | 0.3 |
| 7612 | Royal Caribbean Cruises Ltd. |  | 2383622 | 0.6 |
| 4189 | Service Corp. International |  | 340985 | 0.1 |
| 2114 <sup>(1)</sup> | SharkNinja, Inc. |  | 209265 | 0.1 |
| 3926 <sup>(1)</sup> | Skechers USA, Inc. - Class A |  | 247731 | 0.1 |
| 6213 | Tapestry, Inc. |  | 545564 | 0.2 |
| 6073 | Tempur Sealy International, Inc. |  | 413268 | 0.1 |
| 1987 | Texas Roadhouse, Inc. |  | 372384 | 0.1 |
| 1529 <sup>(2)</sup> | Thor Industries, Inc. |  | 135790 | 0.0 |
| 2972 | Toll Brothers, Inc. |  | 339194 | 0.1 |
| 877 <sup>(1)</sup> | TopBuild Corp. |  | 283920 | 0.1 |
| 15971 | Tractor Supply Co. |  | 842790 | 0.2 |
| 1887 | Travel + Leisure Co. |  | 97388 | 0.0 |
| 1356 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 634364 | 0.2 |
| 5621 <sup>(1)</sup> | Under Armour, Inc. - Class A |  | 38391 | 0.0 |
| 5681 <sup>(1)</sup> | Under Armour, Inc. - Class C |  | 36870 | 0.0 |
| 1077 | Vail Resorts, Inc. |  | 169229 | 0.0 |
| 3808 <sup>(1)</sup> | Valvoline, Inc. |  | 144209 | 0.0 |
| 10549 | VF Corp. |  | 123951 | 0.0 |
| 6106 <sup>(1)</sup> | Viking Holdings Ltd. |  | 325389 | 0.1 |
| 2815 <sup>(1)</sup> | Wayfair, Inc. - Class A |  | 143959 | 0.0 |
| 4914 | Wendy's Co. |  | 56118 | 0.0 |
| 1612 | Whirlpool Corp. |  | 163489 | 0.0 |
| 3558 | Williams-Sonoma, Inc. |  | 581270 | 0.2 |
| 834 | Wingstop, Inc. |  | 280841 | 0.1 |
| 2280 | Wyndham Hotels & Resorts, Inc. |  | 185159 | 0.1 |
| 2509 | Wynn Resorts Ltd. |  | 235018 | 0.1 |
| 2478 <sup>(1)</sup> | YETI Holdings, Inc. |  | 78107 | 0.0 |
| 8374 | Yum! Brands, Inc. |  | 1240859 | 0.3 |
|  |  |  | **42446043** | **11.5** |
|  | **Consumer Staples: 5.2%** | **Consumer Staples: 5.2%** | **Consumer Staples: 5.2%** | **Consumer Staples: 5.2%** |
| 12450 | Albertsons Cos., Inc. - Class A |  | 267800 | 0.1 |
| 14360 | Archer-Daniels-Midland Co. |  | 757921 | 0.2 |
| 3813 <sup>(1)</sup> | BellRing Brands, Inc. |  | 220887 | 0.1 |
| 3930 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. |  | 423772 | 0.1 |
| 245 <sup>(1)</sup> | Boston Beer Co., Inc. - Class A |  | 46749 | 0.0 |
| 1310 | Brown-Forman Corp. - Class A |  | 35986 | 0.0 |
| 4437 | Brown-Forman Corp. - Class B |  | 119400 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 3990 | Bunge Global SA | $320317 | 0.1 |
| 5825 | Campbell Soup Co. | 178536 | 0.0 |
| 1111 | Casey's General Stores, Inc. | 566910 | 0.1 |
| 4939 <sup>(1)</sup> | Celsius Holdings, Inc. | 229120 | 0.1 |
| 7399 | Church & Dwight Co., Inc. | 711118 | 0.2 |
| 3699 | Clorox Co. | 444139 | 0.1 |
| 1555 | Coca-Cola Consolidated, Inc. | 173616 | 0.0 |
| 14298 | Conagra Brands, Inc. | 292680 | 0.1 |
| 3925 | Constellation Brands, Inc. - Class A | 638519 | 0.2 |
| 10372 <sup>(1)</sup> | Coty, Inc. - Class A | 48230 | 0.0 |
| 4698 <sup>(1)</sup> | Darling Ingredients, Inc. | 178242 | 0.0 |
| 6599 | Dollar General Corp. | 754794 | 0.2 |
| 6103 <sup>(1)</sup> | Dollar Tree, Inc. | 604441 | 0.2 |
| 1645 <sup>(1)</sup> | e.l.f. Beauty, Inc. | 204704 | 0.1 |
| 7021 | Estee Lauder Cos., Inc. - Class A | 567297 | 0.2 |
| 5583 | Flowers Foods, Inc. | 89216 | 0.0 |
| 1430 <sup>(1)</sup> | Freshpet, Inc. | 97183 | 0.0 |
| 16451 | General Mills, Inc. | 852326 | 0.2 |
| 4377 | Hershey Co. | 726363 | 0.2 |
| 8689 | Hormel Foods Corp. | 262842 | 0.1 |
| 1918 | Ingredion, Inc. | 260119 | 0.1 |
| 3113 | JM Smucker Co. | 305697 | 0.1 |
| 8347 | Kellogg Co. | 663837 | 0.2 |
| 57067 | Kenvue, Inc. | 1194412 | 0.3 |
| 25650 | Kraft Heinz Co. | 662283 | 0.2 |
| 18218 | Kroger Co. | 1306777 | 0.3 |
| 4093 | Lamb Weston Holdings, Inc. | 212222 | 0.1 |
| 5176 <sup>(1)</sup> | Maplebear, Inc. | 234162 | 0.1 |
| 7606 | McCormick & Co., Inc. | 576687 | 0.2 |
| 5039 | Molson Coors Beverage Co. - Class B | 242326 | 0.1 |
| 4584 <sup>(1)</sup> | Performance Food Group Co. | 400963 | 0.1 |
| 1243 | Pilgrim's Pride Corp. | 55910 | 0.0 |
| 1515 <sup>(1)</sup> | Post Holdings, Inc. | 165180 | 0.0 |
| 7713 | Primo Brands Corp. - Class A | 228459 | 0.1 |
| 1620 | Reynolds Consumer Products, Inc. | 34700 | 0.0 |
| 7 | Seaboard Corp. | 20028 | 0.0 |
| 763 | Smithfield Foods, Inc. | 17953 | 0.0 |
| 2941 <sup>(1)</sup> | Sprouts Farmers Market, Inc. | 484206 | 0.1 |
| 14576 | Sysco Corp. | 1103986 | 0.3 |
| 8405 | Tyson Foods, Inc. - Class A | 470176 | 0.1 |
| 6898 <sup>(1)</sup> | US Foods Holding Corp. | 531215 | 0.1 |
| 21465 | Walgreens Boots Alliance, Inc. | 246418 | 0.1 |
|  |  | **19230824** | **5.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: 5.9%** | **Energy: 5.9%** | **Energy: 5.9%** |
| 10047 | Antero Midstream Corp. | $190391 | 0.1 |
| 8704 <sup>(1)</sup> | Antero Resources Corp. | 350597 | 0.1 |
| 10654 | APA Corp. | 194862 | 0.1 |
| 29794 | Baker Hughes Co. | 1142302 | 0.3 |
| 6627 | Cheniere Energy, Inc. | 1613807 | 0.4 |
| 6601 | Chesapeake Energy Corp. | 771921 | 0.2 |
| 1774 | Chord Energy Corp. | 171812 | 0.1 |
| 2772 | Civitas Resources, Inc. | 76285 | 0.0 |
| 22663 | Coterra Energy, Inc. | 575187 | 0.2 |
| 18682 | Devon Energy Corp. | 594274 | 0.2 |
| 5728 | Diamondback Energy, Inc. | 787027 | 0.2 |
| 3048 | DT Midstream, Inc. | 335006 | 0.1 |
| 17910 | EQT Corp. | 1044511 | 0.3 |
| 25755 | Halliburton Co. | 524887 | 0.1 |
| 8490 | Hess Corp. | 1176205 | 0.3 |
| 4799 | HF Sinclair Corp. | 197143 | 0.1 |
| 58422 | Kinder Morgan, Inc. | 1717607 | 0.5 |
| 9362 | Marathon Petroleum Corp. | 1555122 | 0.4 |
| 3502 | Matador Resources Co. | 167115 | 0.0 |
| 11224 | NOV, Inc. | 139514 | 0.0 |
| 20233 | Occidental Petroleum Corp. | 849988 | 0.2 |
| 18774 | ONEOK, Inc. | 1532522 | 0.4 |
| 7799 | Ovintiv, Inc. | 296752 | 0.1 |
| 19144 | Permian Resources Corp. | 260741 | 0.1 |
| 12247 | Phillips 66 | 1461067 | 0.4 |
| 7092 | Range Resources Corp. | 288432 | 0.1 |
| 6452 | Targa Resources Corp. | 1123164 | 0.3 |
| 12478 | TechnipFMC PLC | 429742 | 0.1 |
| 578 | Texas Pacific Land Corp. | 610593 | 0.2 |
| 9378 | Valero Energy Corp. | 1260591 | 0.3 |
| 3942 | Viper Energy, Inc. | 150309 | 0.0 |
| 2138 | Weatherford International PLC | 107563 | 0.0 |
|  |  | **21697039** | **5.9** |
|  | **Financials: 15.1%** | **Financials: 15.1%** | **Financials: 15.1%** |
| 839 | Affiliated Managers Group, Inc. | 165090 | 0.0 |
| 8061 <sup>(1)</sup> | Affirm Holdings, Inc. | 557338 | 0.1 |
| 28464 <sup>(2)</sup> | AGNC Investment Corp. | 261584 | 0.1 |
| 7928 | Allstate Corp. | 1595986 | 0.4 |
| 8290 | Ally Financial, Inc. | 322895 | 0.1 |
| 1986 | American Financial Group, Inc. | 250653 | 0.1 |
| 2870 | Ameriprise Financial, Inc. | 1531805 | 0.4 |
| 17963 | Annaly Capital Management, Inc. | 338064 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 10961 | Arch Capital Group Ltd. | $997999 | 0.3 |
| 5653 | Ares Management Corp. - Class A | 979100 | 0.3 |
| 1522 | Assurant, Inc. | 300580 | 0.1 |
| 1399 | Assured Guaranty Ltd. | 121853 | 0.0 |
| 2279 | Axis Capital Holdings Ltd. | 236606 | 0.1 |
| 21505 | Bank of New York Mellon Corp. | 1959321 | 0.5 |
| 3206 | Bank OZK | 150874 | 0.0 |
| 16360 <sup>(1)</sup> | Block, Inc. | 1111335 | 0.3 |
| 18326 | Blue Owl Capital, Inc. | 352042 | 0.1 |
| 676 | BOK Financial Corp. | 65998 | 0.0 |
| 1717 <sup>(1)</sup> | Brighthouse Financial, Inc. | 92323 | 0.0 |
| 8279 | Brown & Brown, Inc. | 917893 | 0.2 |
| 7857 | Carlyle Group, Inc. | 403850 | 0.1 |
| 3147 | Cboe Global Markets, Inc. | 733912 | 0.2 |
| 4628 | Cincinnati Financial Corp. | 689202 | 0.2 |
| 13068 | Citizens Financial Group, Inc. | 584793 | 0.2 |
| 628 | CNA Financial Corp. | 29221 | 0.0 |
| 6197 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 2171987 | 0.6 |
| 6277 | Columbia Banking System, Inc. | 146756 | 0.0 |
| 3921 | Comerica, Inc. | 233888 | 0.1 |
| 3703 | Commerce Bancshares, Inc. | 230216 | 0.1 |
| 7214 | Corebridge Financial, Inc. | 256097 | 0.1 |
| 2042 <sup>(1)</sup> | Corpay, Inc. | 677576 | 0.2 |
| 206 <sup>(1)</sup> | Credit Acceptance Corp. | 104943 | 0.0 |
| 1786 | Cullen/Frost Bankers, Inc. | 229572 | 0.1 |
| 4110 | East West Bancorp, Inc. | 415028 | 0.1 |
| 9188 | Equitable Holdings, Inc. | 515447 | 0.1 |
| 1218 <sup>(1)</sup> | Euronet Worldwide, Inc. | 123481 | 0.0 |
| 1107 | Evercore, Inc. - Class A | 298912 | 0.1 |
| 1262 | Everest Re Group Ltd. | 428891 | 0.1 |
| 10664 | F.N.B. Corp. | 155481 | 0.0 |
| 1141 | FactSet Research Systems, Inc. | 510346 | 0.1 |
| 7810 | Fidelity National Financial, Inc. | 437829 | 0.1 |
| 15819 | Fidelity National Information Services, Inc. | 1287825 | 0.3 |
| 20005 | Fifth Third Bancorp | 822806 | 0.2 |
| 2954 | First American Financial Corp. | 181346 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **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)** |
| 296 | First Citizens BancShares, Inc. - Class A | $579115 | 0.2 |
| 3762 | First Hawaiian, Inc. | 93900 | 0.0 |
| 15103 | First Horizon Corp. | 320184 | 0.1 |
| 9223 | Franklin Resources, Inc. | 219969 | 0.1 |
| 530 <sup>(1)(2)</sup> | Freedom Holding Corp. | 77406 | 0.0 |
| 7335 | Global Payments, Inc. | 587093 | 0.2 |
| 2491 | Globe Life, Inc. | 309606 | 0.1 |
| 1200 | Hamilton Lane, Inc. - Class A | 170544 | 0.0 |
| 1076 | Hanover Insurance Group, Inc. | 182780 | 0.0 |
| 8527 | Hartford Financial Services Group, Inc. | 1081820 | 0.3 |
| 1625 | Houlihan Lokey, Inc. | 292419 | 0.1 |
| 43448 | Huntington Bancshares, Inc. | 728188 | 0.2 |
| 10933 | Invesco Ltd. | 172413 | 0.0 |
| 2181 | Jack Henry & Associates, Inc. | 392951 | 0.1 |
| 3770 | Janus Henderson Group PLC | 146427 | 0.0 |
| 4600 | Jefferies Financial Group, Inc. | 251574 | 0.1 |
| 1836 | Kemper Corp. | 118495 | 0.0 |
| 28408 | KeyCorp | 494867 | 0.1 |
| 664 | Kinsale Capital Group, Inc. | 321310 | 0.1 |
| 3303 | Lazard, Inc. | 158478 | 0.0 |
| 5116 | Lincoln National Corp. | 177014 | 0.0 |
| 5133 | Loews Corp. | 470491 | 0.1 |
| 2394 | LPL Financial Holdings, Inc. | 897678 | 0.2 |
| 4884 | M&T Bank Corp. | 947447 | 0.3 |
| 374 <sup>(1)</sup> | Markel Corp. | 747013 | 0.2 |
| 1095 | MarketAxess Holdings, Inc. | 244557 | 0.1 |
| 7008 | MGIC Investment Corp. | 195103 | 0.1 |
| 706 | Morningstar, Inc. | 221635 | 0.1 |
| 1885 <sup>(1)</sup> | Mr Cooper Group, Inc. | 281261 | 0.1 |
| 2259 | MSCI, Inc. | 1302856 | 0.3 |
| 12389 | Nasdaq, Inc. | 1107824 | 0.3 |
| 5809 | Northern Trust Corp. | 736523 | 0.2 |
| 6865 | Old Republic International Corp. | 263891 | 0.1 |
| 3578 | OneMain Holdings, Inc. | 203946 | 0.1 |
| 2293 | Pinnacle Financial Partners, Inc. | 253170 | 0.1 |
| 2032 | Popular, Inc. | 223947 | 0.1 |
| 990 | Primerica, Inc. | 270933 | 0.1 |
| 6672 | Principal Financial Group, Inc. | 529957 | 0.1 |
| 2747 | Prosperity Bancshares, Inc. | 192949 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 10654 | Prudential Financial, Inc. | $1144666 | 0.3 |
| 5493 | Raymond James Financial, Inc. | 842461 | 0.2 |
| 26989 | Regions Financial Corp. | 634781 | 0.2 |
| 1981 | Reinsurance Group of America, Inc. | 392951 | 0.1 |
| 1435 | RenaissanceRe Holdings Ltd. | 348561 | 0.1 |
| 15894 | Rithm Capital Corp. | 179443 | 0.0 |
| 2458 | RLI Corp. | 177517 | 0.0 |
| 22234 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A | 2081769 | 0.6 |
| 6948 <sup>(2)</sup> | Rocket Cos., Inc. - Class A | 98523 | 0.0 |
| 3154 | Ryan Specialty Holdings, Inc. | 214440 | 0.1 |
| 3125 | SEI Investments Co. | 280812 | 0.1 |
| 1994 <sup>(1)</sup> | Shift4 Payments, Inc. - Class A | 197625 | 0.1 |
| 6281 | SLM Corp. | 205954 | 0.1 |
| 31943 <sup>(1)</sup> | SoFi Technologies, Inc. | 581682 | 0.2 |
| 3013 | SouthState Corp. | 277286 | 0.1 |
| 9555 | Starwood Property Trust, Inc. | 191769 | 0.0 |
| 8653 | State Street Corp. | 920160 | 0.2 |
| 3001 | Stifel Financial Corp. | 311444 | 0.1 |
| 11429 | Synchrony Financial | 762771 | 0.2 |
| 4166 | Synovus Financial Corp. | 215591 | 0.1 |
| 6572 | T. Rowe Price Group, Inc. | 634198 | 0.2 |
| 1574 | TFS Financial Corp. | 20383 | 0.0 |
| 13571 <sup>(1)</sup> | Toast, Inc. - Class A | 601060 | 0.2 |
| 3890 | TPG, Inc. | 204030 | 0.1 |
| 3503 | Tradeweb Markets, Inc. - Class A | 512839 | 0.1 |
| 5199 | Unum Group | 419871 | 0.1 |
| 4713 | UWM Holdings Corp. | 19512 | 0.0 |
| 2423 | Virtu Financial, Inc. - Class A | 108526 | 0.0 |
| 2888 <sup>(3)</sup> | Voya Financial, Inc. | 205048 | 0.1 |
| 9122 | W.R. Berkley Corp. | 670193 | 0.2 |
| 5026 | Webster Financial Corp. | 274420 | 0.1 |
| 3241 | Western Alliance Bancorp | 252733 | 0.1 |
| 9918 | Western Union Co. | 83510 | 0.0 |
| 1020 <sup>(1)</sup> | WEX, Inc. | 149828 | 0.0 |
| 75 | White Mountains Insurance Group Ltd. | 134679 | 0.0 |
| 2977 | Willis Towers Watson PLC | 912450 | 0.2 |
| 1983 | Wintrust Financial Corp. | 245852 | 0.1 |
| 12156 | XP, Inc. - Class A | 245551 | 0.1 |
| 4357 | Zions Bancorp NA | 226303 | 0.1 |
|  |  | **55927670** | **15.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: 9.1%** | **Health Care: 9.1%** | **Health Care: 9.1%** |
| 2711 <sup>(1)</sup> | Acadia Healthcare Co., Inc. | $61513 | 0.0 |
| 8558 | Agilent Technologies, Inc. | 1009930 | 0.3 |
| 2059 <sup>(1)</sup> | Align Technology, Inc. | 389830 | 0.1 |
| 3750 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | 1222837 | 0.3 |
| 968 <sup>(1)</sup> | Amedisys, Inc. | 95242 | 0.0 |
| 5501 | AmerisourceBergen Corp. | 1649475 | 0.4 |
| 3239 <sup>(1)</sup> | Apellis Pharmaceuticals, Inc. | 56067 | 0.0 |
| 19847 <sup>(1)</sup> | Avantor, Inc. | 267141 | 0.1 |
| 15389 | Baxter International, Inc. | 465979 | 0.1 |
| 4389 <sup>(1)</sup> | Biogen, Inc. | 551214 | 0.1 |
| 5711 <sup>(1)</sup> | BioMarin Pharmaceutical, Inc. | 313934 | 0.1 |
| 582 <sup>(1)</sup> | Bio-Rad Laboratories, Inc. - Class A | 140448 | 0.0 |
| 4711 | Bio-Techne Corp. | 242381 | 0.1 |
| 3103 | Bruker Corp. | 127844 | 0.0 |
| 7258 | Cardinal Health, Inc. | 1219344 | 0.3 |
| 14917 <sup>(1)</sup> | Centene Corp. | 809695 | 0.2 |
| 3642 <sup>(1)</sup> | Certara, Inc. | 42611 | 0.0 |
| 1465 <sup>(1)</sup> | Charles River Laboratories International, Inc. | 222284 | 0.1 |
| 431 | Chemed Corp. | 209867 | 0.1 |
| 5984 <sup>(1)</sup> | Cooper Cos., Inc. | 425821 | 0.1 |
| 2823 <sup>(1)</sup> | Corcept Therapeutics, Inc. | 207208 | 0.1 |
| 1149 <sup>(1)</sup> | DaVita, Inc. | 163675 | 0.0 |
| 5982 | Dentsply Sirona, Inc. | 94994 | 0.0 |
| 11746 <sup>(1)</sup> | Dexcom, Inc. | 1025308 | 0.3 |
| 3923 <sup>(1)</sup> | Doximity, Inc. - Class A | 240637 | 0.1 |
| 14784 <sup>(1)</sup> | Elanco Animal Health, Inc. | 211116 | 0.1 |
| 2992 | Encompass Health Corp. | 366909 | 0.1 |
| 5044 <sup>(1)</sup> | Envista Holdings Corp. | 98560 | 0.0 |
| 5596 <sup>(1)</sup> | Exact Sciences Corp. | 297371 | 0.1 |
| 8104 <sup>(1)</sup> | Exelixis, Inc. | 357184 | 0.1 |
| 13751 | GE HealthCare Technologies, Inc. | 1018537 | 0.3 |
| 3369 <sup>(1)</sup> | Globus Medical, Inc. - Class A | 198838 | 0.1 |
| 3681 <sup>(1)</sup> | Halozyme Therapeutics, Inc. | 191486 | 0.1 |
| 3291 <sup>(1)</sup> | Henry Schein, Inc. | 240408 | 0.1 |
| 6701 <sup>(1)</sup> | Hologic, Inc. | 436637 | 0.1 |
| 3626 | Humana, Inc. | 886484 | 0.2 |
| 2424 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 1300088 | 0.4 |
| 4747 <sup>(1)</sup> | Illumina, Inc. | 452911 | 0.1 |
| 4753 <sup>(1)</sup> | Incyte Corp. | 323679 | 0.1 |
| 5363 <sup>(1)</sup> | Insmed, Inc. | 539732 | 0.1 |
| 859 <sup>(1)</sup> | Inspire Medical Systems, Inc. | 111472 | 0.0 |
| 2106 <sup>(1)</sup> | Insulet Corp. | 661663 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 4662 <sup>(1)</sup> | Ionis Pharmaceuticals, Inc. | $| 184196 | 0.1 |
| 5263 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 829396 | 0.2 |
| 1782 <sup>(1)</sup> | Jazz Pharmaceuticals PLC |  | 189106 | 0.1 |
| 2510 | Labcorp Holdings, Inc. |  | 658900 | 0.2 |
| 1354 <sup>(1)</sup> | Masimo Corp. |  | 227770 | 0.1 |
| 686 <sup>(1)</sup> | Medpace Holdings, Inc. |  | 215308 | 0.1 |
| 625 <sup>(1)</sup> | Mettler-Toledo International, Inc. |  | 734200 | 0.2 |
| 10656 <sup>(1)</sup> | Moderna, Inc. |  | 293999 | 0.1 |
| 1611 <sup>(1)</sup> | Molina Healthcare, Inc. |  | 479917 | 0.1 |
| 3901 <sup>(1)</sup> | Natera, Inc. |  | 659035 | 0.2 |
| 2909 <sup>(1)</sup> | Neurocrine Biosciences, Inc. |  | 365632 | 0.1 |
| 7801 | Organon & Co. |  | 75514 | 0.0 |
| 1124 <sup>(1)</sup> | Penumbra, Inc. |  | 288452 | 0.1 |
| 4092 | Perrigo Co. PLC |  | 109338 | 0.0 |
| 6403 | QIAGEN N.V. |  | 307728 | 0.1 |
| 3349 | Quest Diagnostics, Inc. |  | 601581 | 0.2 |
| 1583 <sup>(1)</sup> | Repligen Corp. |  | 196894 | 0.1 |
| 4386 | ResMed, Inc. |  | 1131588 | 0.3 |
| 5207 <sup>(1)</sup> | Revolution Medicines, Inc. |  | 191566 | 0.1 |
| 3612 | Revvity, Inc. |  | 349353 | 0.1 |
| 11381 <sup>(1)</sup> | Roivant Sciences Ltd. |  | 128264 | 0.0 |
| 11717 | Royalty Pharma PLC - Class A |  | 422164 | 0.1 |
| 2786 <sup>(1)</sup> | Sarepta Therapeutics, Inc. |  | 47641 | 0.0 |
| 4170 <sup>(1)</sup> | Solventum Corp. |  | 316253 | 0.1 |
| 4634 <sup>(1)</sup> | Sotera Health Co. |  | 51530 | 0.0 |
| 2950 | STERIS PLC |  | 708649 | 0.2 |
| 3509 <sup>(1)</sup> | Summit Therapeutics, Inc. |  | 74672 | 0.0 |
| 1341 | Teleflex, Inc. |  | 158721 | 0.0 |
| 2473 <sup>(1)</sup> | Tempus AI, Inc. |  | 157134 | 0.0 |
| 2751 <sup>(1)</sup> | Tenet Healthcare Corp. |  | 484176 | 0.1 |
| 2698 <sup>(1)</sup> | Ultragenyx Pharmaceutical, Inc. |  | 98099 | 0.0 |
| 1335 <sup>(1)</sup> | United Therapeutics Corp. |  | 383612 | 0.1 |
| 1654 | Universal Health Services, Inc. - Class B |  | 299622 | 0.1 |
| 4435 <sup>(1)</sup> | Veeva Systems, Inc. - Class A |  | 1277191 | 0.3 |
| 35629 | Viatris, Inc. |  | 318167 | 0.1 |
| 3273 <sup>(1)(2)</sup> | Viking Therapeutics, Inc. |  | 86734 | 0.0 |
| 1789 <sup>(1)</sup> | Waters Corp. |  | 624433 | 0.2 |
| 2150 | West Pharmaceutical Services, Inc. |  | 470420 | 0.1 |
| 5949 | Zimmer Biomet Holdings, Inc. |  | 542608 | 0.1 |
|  |  |  | **33687917** | **9.1** |
|  | **Industrials: 17.6%** | **Industrials: 17.6%** | **Industrials: 17.6%** | **Industrials: 17.6%** |
| 3472 | A.O. Smith Corp. |  | 227659 | 0.1 |
| 2019 | AAON, Inc. |  | 148901 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 927 | Acuity Brands, Inc. | $276561 | 0.1 |
| 2122 | Advanced Drainage Systems, Inc. | 243733 | 0.1 |
| 3975 | AECOM | 448619 | 0.1 |
| 1863 | AGCO Corp. | 192187 | 0.1 |
| 3129 | Air Lease Corp. | 183015 | 0.0 |
| 3678 <sup>(1)</sup> | Alaska Air Group, Inc. | 181987 | 0.0 |
| 2585 | Allegion PLC | 372550 | 0.1 |
| 2552 | Allison Transmission Holdings, Inc. | 242415 | 0.1 |
| 4783 <sup>(1)</sup> | Amentum Holdings, Inc. | 112927 | 0.0 |
| 3038 | AMERCO | 165176 | 0.0 |
| 19591 <sup>(1)</sup> | American Airlines Group, Inc. | 219811 | 0.1 |
| 6921 | AMETEK, Inc. | 1252424 | 0.3 |
| 7379 <sup>(1)</sup> | API Group Corp. | 376698 | 0.1 |
| 1145 | Applied Industrial Technologies, Inc. | 266155 | 0.1 |
| 1294 | Armstrong World Industries, Inc. | 210197 | 0.1 |
| 4202 <sup>(1)</sup> | ATI, Inc. | 362801 | 0.1 |
| 505 <sup>(1)</sup> | Avis Budget Group, Inc. | 85370 | 0.0 |
| 2241 <sup>(1)</sup> | Axon Enterprise, Inc. | 1855414 | 0.5 |
| 4247 <sup>(1)</sup> | AZEK Co., Inc. | 230824 | 0.1 |
| 3752 | Booz Allen Hamilton Holding Corp. | 390696 | 0.1 |
| 3501 | Broadridge Financial Solutions, Inc. | 850848 | 0.2 |
| 3354 <sup>(1)</sup> | Builders FirstSource, Inc. | 391378 | 0.1 |
| 2741 | BWX Technologies, Inc. | 394868 | 0.1 |
| 652 <sup>(1)</sup> | CACI International, Inc. - Class A | 310808 | 0.1 |
| 1288 | Carlisle Cos., Inc. | 480939 | 0.1 |
| 4586 <sup>(1)</sup> | Ceridian HCM Holding, Inc. | 254019 | 0.1 |
| 3529 | CH Robinson Worldwide, Inc. | 338608 | 0.1 |
| 10635 <sup>(1)</sup> | Clarivate PLC | 45731 | 0.0 |
| 1522 <sup>(1)</sup> | Clean Harbors, Inc. | 351856 | 0.1 |
| 26368 | CNH Industrial NV | 341729 | 0.1 |
| 1045 | Comfort Systems USA, Inc. | 560339 | 0.2 |
| 1362 | Concentrix Corp. | 71989 | 0.0 |
| 5703 <sup>(1)</sup> | Core & Main, Inc. - Class A | 344176 | 0.1 |
| 1478 | Crane Co. | 280657 | 0.1 |
| 4135 | Cummins, Inc. | 1354213 | 0.4 |
| 1129 | Curtiss-Wright Corp. | 551573 | 0.1 |
| 19593 | Delta Air Lines, Inc. | 963584 | 0.3 |
| 3577 | Donaldson Co., Inc. | 248065 | 0.1 |
| 4074 | Dover Corp. | 746479 | 0.2 |
| 9243 | Dun & Bradstreet Holdings, Inc. | 84019 | 0.0 |
| 1329 | EMCOR Group, Inc. | 710869 | 0.2 |
| 3719 | Equifax, Inc. | 964597 | 0.3 |
| 1710 | Esab Corp. | 206141 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 1528 <sup>(1)</sup> | Everus Construction Group, Inc. | $97074 | 0.0 |
| 4754 <sup>(1)</sup> | ExlService Holdings, Inc. | 208178 | 0.1 |
| 4118 | Expeditors International of Washington, Inc. | 470482 | 0.1 |
| 34487 | Fastenal Co. | 1448454 | 0.4 |
| 5818 | Ferguson Enterprises, Inc. | 1266870 | 0.3 |
| 3912 | Flowserve Corp. | 204793 | 0.1 |
| 10334 | Fortive Corp. | 538711 | 0.1 |
| 3634 | Fortune Brands Innovations, Inc. | 187078 | 0.1 |
| 3060 | FTAI Aviation Ltd. | 352022 | 0.1 |
| 1004 <sup>(1)</sup> | FTI Consulting, Inc. | 162146 | 0.0 |
| 7617 <sup>(1)</sup> | Gates Industrial Corp. PLC | 175420 | 0.0 |
| 1754 <sup>(1)</sup> | Generac Holdings, Inc. | 251190 | 0.1 |
| 4835 | Genpact Ltd. | 212788 | 0.1 |
| 4983 | Graco, Inc. | 428389 | 0.1 |
| 3449 <sup>(1)</sup> | GXO Logistics, Inc. | 167966 | 0.0 |
| 5961 <sup>(1)</sup> | Hayward Holdings, Inc. | 82262 | 0.0 |
| 1275 | HEICO Corp. | 418200 | 0.1 |
| 2253 | HEICO Corp. - Class A | 582964 | 0.2 |
| 2403 | Hexcel Corp. | 135746 | 0.0 |
| 12047 | Howmet Aerospace, Inc. | 2242308 | 0.6 |
| 1607 | Hubbell, Inc. | 656315 | 0.2 |
| 1172 | Huntington Ingalls Industries, Inc. | 282991 | 0.1 |
| 2271 | IDEX Corp. | 398720 | 0.1 |
| 12124 | Ingersoll Rand, Inc. | 1008474 | 0.3 |
| 2421 | ITT, Inc. | 379685 | 0.1 |
| 3647 | Jacobs Solutions, Inc. | 479398 | 0.1 |
| 2398 | JB Hunt Transport Services, Inc. | 344353 | 0.1 |
| 796 <sup>(1)</sup> | Karman Holdings, Inc. | 40095 | 0.0 |
| 3859 | KBR, Inc. | 185000 | 0.0 |
| 1701 <sup>(1)</sup> | Kirby Corp. | 192910 | 0.1 |
| 4729 | Knight-Swift Transportation Holdings, Inc. | 209164 | 0.1 |
| 5611 | L3Harris Technologies, Inc. | 1407463 | 0.4 |
| 1041 | Landstar System, Inc. | 144720 | 0.0 |
| 3831 | Leidos Holdings, Inc. | 604379 | 0.2 |
| 964 | Lennox International, Inc. | 552603 | 0.1 |
| 2272 | Leonardo DRS, Inc. | 105603 | 0.0 |
| 1629 | Lincoln Electric Holdings, Inc. | 337724 | 0.1 |
| 1281 <sup>(1)</sup> | Loar Holdings, Inc. | 110384 | 0.0 |
| 11957 <sup>(1)</sup> | Lyft, Inc. - Class A | 188442 | 0.1 |
| 1382 | ManpowerGroup, Inc. | 55833 | 0.0 |
| 6339 | Masco Corp. | 407978 | 0.1 |
| 1867 <sup>(1)</sup> | MasTec, Inc. | 318193 | 0.1 |
| 1515 <sup>(1)</sup> | Middleby Corp. | 218160 | 0.1 |
| 1111 | MSA Safety, Inc. | 186126 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 1320 | MSC Industrial Direct Co., Inc. - Class A | $112226 | 0.0 |
| 3258 | Mueller Industries, Inc. | 258913 | 0.1 |
| 1619 | Nordson Corp. | 347065 | 0.1 |
| 4893 | nVent Electric PLC | 358412 | 0.1 |
| 5599 | Old Dominion Freight Line, Inc. | 908718 | 0.2 |
| 1921 | Oshkosh Corp. | 218110 | 0.1 |
| 11872 | Otis Worldwide Corp. | 1175565 | 0.3 |
| 2550 | Owens Corning | 350676 | 0.1 |
| 1585 <sup>(1)</sup> | Parsons Corp. | 113755 | 0.0 |
| 9694 | Paychex, Inc. | 1410089 | 0.4 |
| 1542 | Paycom Software, Inc. | 356819 | 0.1 |
| 1354 <sup>(1)</sup> | Paylocity Holding Corp. | 245331 | 0.1 |
| 4914 | Pentair PLC | 504471 | 0.1 |
| 4424 | Quanta Services, Inc. | 1672626 | 0.5 |
| 17879 <sup>(1)</sup> | QXO, Inc. | 385114 | 0.1 |
| 5569 | RB Global, Inc. | 591372 | 0.2 |
| 931 <sup>(1)</sup> | RBC Bearings, Inc. | 358249 | 0.1 |
| 1984 | Regal Rexnord Corp. | 287601 | 0.1 |
| 2971 | Robert Half International, Inc. | 121960 | 0.0 |
| 11760 <sup>(1)</sup> | Rocket Lab Corp. | 420655 | 0.1 |
| 3400 | Rockwell Automation, Inc. | 1129378 | 0.3 |
| 8432 | Rollins, Inc. | 475733 | 0.1 |
| 1208 | Ryder System, Inc. | 192072 | 0.1 |
| 800 <sup>(1)</sup> | Saia, Inc. | 219192 | 0.1 |
| 1552 | Schneider National, Inc. - Class B | 37481 | 0.0 |
| 1412 | Science Applications International Corp. | 159005 | 0.0 |
| 4357 | Sensata Technologies Holding PLC | 131189 | 0.0 |
| 1258 | Simpson Manufacturing Co., Inc. | 195380 | 0.1 |
| 1328 <sup>(1)</sup> | SiteOne Landscape Supply, Inc. | 160608 | 0.0 |
| 1541 | Snap-on, Inc. | 479528 | 0.1 |
| 15358 | Southwest Airlines Co. | 498214 | 0.1 |
| 3509 <sup>(1)</sup> | Spirit AeroSystems Holdings, Inc. - Class A | 133868 | 0.0 |
| 6353 | SS&C Technologies Holdings, Inc. | 526028 | 0.1 |
| 4256 <sup>(1)</sup> | Standardaero, Inc. | 134702 | 0.0 |
| 4643 | Stanley Black & Decker, Inc. | 314563 | 0.1 |
| 8023 | Tetra Tech, Inc. | 288507 | 0.1 |
| 5406 | Textron, Inc. | 434048 | 0.1 |
| 1879 | Timken Co. | 136321 | 0.0 |
| 2995 | Toro Co. | 211687 | 0.1 |
| 5856 | TransUnion | 515328 | 0.1 |
| 3205 <sup>(1)</sup> | Trex Co., Inc. | 174288 | 0.0 |
| 230 <sup>(1)</sup> | U-Haul Holding Co. | 13929 | 0.0 |
| 9778 <sup>(1)</sup> | United Airlines Holdings, Inc. | 778622 | 0.2 |
| 1948 | United Rentals, Inc. | 1467623 | 0.4 |
| 596 | Valmont Industries, Inc. | 194636 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 7163 | Veralto Corp. | $| 723105 | 0.2 |
| 4205 | Verisk Analytics, Inc. |  | 1309858 | 0.4 |
| 11429 | Vertiv Holdings Co. - Class A |  | 1467598 | 0.4 |
| 1045 | Watsco, Inc. |  | 461493 | 0.1 |
| 1439 | WESCO International, Inc. |  | 266503 | 0.1 |
| 5094 | Westinghouse Air Brake Technologies Corp. |  | 1066429 | 0.3 |
| 5334 | WillScot Mobile Mini Holdings Corp. |  | 146152 | 0.0 |
| 1781 | Woodward, Inc. |  | 436505 | 0.1 |
| 1331 | WW Grainger, Inc. |  | 1384559 | 0.4 |
| 3444 <sup>(1)</sup> | XPO, Inc. |  | 434943 | 0.1 |
| 7310 | Xylem, Inc. |  | 945622 | 0.3 |
|  |  |  | **65183783** | **17.6** |
|  | **Information Technology: 11.4%** | **Information Technology: 11.4%** | **Information Technology: 11.4%** | **Information Technology: 11.4%** |
| 4311 <sup>(1)</sup> | Akamai Technologies, Inc. |  | 343845 | 0.1 |
| 3697 <sup>(1)</sup> | Allegro MicroSystems, Inc. |  | 126400 | 0.0 |
| 3316 | Amdocs Ltd. |  | 302552 | 0.1 |
| 3431 | Amkor Technology, Inc. |  | 72017 | 0.0 |
| 2633 <sup>(1)</sup> | ANSYS, Inc. |  | 924762 | 0.3 |
| 660 <sup>(1)</sup> | Appfolio, Inc. - Class A |  | 151985 | 0.0 |
| 1551 <sup>(1)</sup> | Arrow Electronics, Inc. |  | 197644 | 0.1 |
| 4302 <sup>(1)</sup> | Astera Labs, Inc. |  | 388987 | 0.1 |
| 29592 <sup>(1)</sup> | Aurora Innovation, Inc. |  | 155062 | 0.0 |
| 2581 | Avnet, Inc. |  | 137000 | 0.0 |
| 4729 | Bentley Systems, Inc. - Class B |  | 255224 | 0.1 |
| 2769 <sup>(1)</sup> | BILL Holdings, Inc. |  | 128094 | 0.0 |
| 15554 <sup>(1)</sup> | CCC Intelligent Solutions Holdings, Inc. |  | 146363 | 0.0 |
| 3952 | CDW Corp. |  | 705788 | 0.2 |
| 4238 <sup>(1)</sup> | Ciena Corp. |  | 344677 | 0.1 |
| 1590 <sup>(1)</sup> | Cirrus Logic, Inc. |  | 165765 | 0.0 |
| 9271 <sup>(1)</sup> | Cloudflare, Inc. - Class A |  | 1815540 | 0.5 |
| 5040 | Cognex Corp. |  | 159869 | 0.0 |
| 14832 | Cognizant Technology Solutions Corp. - Class A |  | 1157341 | 0.3 |
| 4609 <sup>(1)</sup> | Coherent Corp. |  | 411169 | 0.1 |
| 8316 <sup>(1)</sup> | Confluent, Inc. - Class A |  | 207318 | 0.1 |
| 23456 | Corning, Inc. |  | 1233551 | 0.3 |
| 1471 | Crane Holdings Co. |  | 79287 | 0.0 |
| 9268 <sup>(1)</sup> | Datadog, Inc. - Class A |  | 1244970 | 0.3 |
| 6034 <sup>(1)</sup> | DocuSign, Inc. |  | 469988 | 0.1 |
| 1816 | Dolby Laboratories, Inc. - Class A |  | 134856 | 0.0 |
| 4067 <sup>(1)</sup> | DoubleVerify Holdings, Inc. |  | 60883 | 0.0 |
| 6080 <sup>(1)</sup> | Dropbox, Inc. - Class A |  | 173888 | 0.1 |
| 5390 <sup>(1)</sup> | DXC Technology Co. |  | 82413 | 0.0 |
| 8821 <sup>(1)</sup> | Dynatrace, Inc. |  | 487007 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 2724 <sup>(1)</sup> | Elastic NV | $229715 | 0.1 |
| 3824 <sup>(1)</sup> | Enphase Energy, Inc. | 151622 | 0.0 |
| 4503 | Entegris, Inc. | 363167 | 0.1 |
| 1645 <sup>(1)</sup> | EPAM Systems, Inc. | 290869 | 0.1 |
| 1730 <sup>(1)</sup> | F5, Inc. | 509174 | 0.1 |
| 714 <sup>(1)</sup> | Fair Isaac Corp. | 1305163 | 0.4 |
| 3049 <sup>(1)</sup> | First Solar, Inc. | 504731 | 0.1 |
| 11451 <sup>(1)</sup> | Flex Ltd. | 571634 | 0.2 |
| 2251 <sup>(1)</sup> | Gartner, Inc. | 909899 | 0.3 |
| 16504 | Gen Digital, Inc. | 485218 | 0.1 |
| 3948 <sup>(1)</sup> | Gitlab, Inc. - Class A | 178094 | 0.1 |
| 3086 <sup>(1)</sup> | GLOBALFOUNDRIES, Inc. | 117885 | 0.0 |
| 1297 <sup>(1)</sup> | Globant SA | 117820 | 0.0 |
| 4129 <sup>(1)</sup> | GoDaddy, Inc. - Class A | 743468 | 0.2 |
| 2516 <sup>(1)</sup> | Guidewire Software, Inc. | 592392 | 0.2 |
| 39393 | Hewlett Packard Enterprise Co. | 805587 | 0.2 |
| 28335 | HP, Inc. | 693074 | 0.2 |
| 1528 <sup>(1)</sup> | HubSpot, Inc. | 850531 | 0.2 |
| 3149 <sup>(1)</sup> | Informatica, Inc. - Class A | 76678 | 0.0 |
| 616 | Ingram Micro Holding Corp. | 12837 | 0.0 |
| 751 <sup>(1)</sup> | IPG Photonics Corp. | 51556 | 0.0 |
| 3169 | Jabil, Inc. | 691159 | 0.2 |
| 9925 | Juniper Networks, Inc. | 396305 | 0.1 |
| 5169 <sup>(1)</sup> | Keysight Technologies, Inc. | 846992 | 0.2 |
| 6948 <sup>(1)</sup> | Kyndryl Holdings, Inc. | 291538 | 0.1 |
| 4085 <sup>(1)</sup> | Lattice Semiconductor Corp. | 200124 | 0.1 |
| 738 | Littelfuse, Inc. | 167327 | 0.0 |
| 2064 <sup>(1)</sup> | Lumentum Holdings, Inc. | 196204 | 0.1 |
| 1901 <sup>(1)</sup> | MACOM Technology Solutions Holdings, Inc. | 272394 | 0.1 |
| 1801 <sup>(1)</sup> | Manhattan Associates, Inc. | 355643 | 0.1 |
| 15855 | Microchip Technology, Inc. | 1115716 | 0.3 |
| 2018 | MKS Instruments, Inc. | 200509 | 0.1 |
| 2369 <sup>(1)</sup> | MongoDB, Inc. | 497466 | 0.1 |
| 1391 | Monolithic Power Systems, Inc. | 1017350 | 0.3 |
| 3203 <sup>(1)</sup> | nCino, Inc. | 89588 | 0.0 |
| 6102 | NetApp, Inc. | 650168 | 0.2 |
| 7664 <sup>(1)</sup> | Nutanix, Inc. - Class A | 585836 | 0.2 |
| 4949 <sup>(1)</sup> | Okta, Inc. | 494752 | 0.1 |
| 12661 <sup>(1)</sup> | ON Semiconductor Corp. | 663563 | 0.2 |
| 1459 <sup>(1)</sup> | Onto Innovation, Inc. | 147257 | 0.0 |
| 2612 | Pegasystems, Inc. | 141388 | 0.0 |
| 3442 <sup>(1)</sup> | Procore Technologies, Inc. | 235502 | 0.1 |
| 3582 <sup>(1)</sup> | PTC, Inc. | 617322 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 9330 <sup>(1)</sup> | Pure Storage, Inc. - Class A | $| 537221 | 0.1 |
| 2798 <sup>(1)</sup> | Qorvo, Inc. |  | 237578 | 0.1 |
| 3445 <sup>(1)</sup> | Ralliant Corp. |  | 167032 | 0.0 |
| 2405 <sup>(1)</sup> | RingCentral, Inc. - Class A |  | 68182 | 0.0 |
| 2916 <sup>(1)</sup> | Rubrik, Inc. - Class A |  | 261244 | 0.1 |
| 1806 <sup>(1)</sup> | SailPoint, Inc. |  | 41285 | 0.0 |
| 8059 <sup>(1)</sup> | Samsara, Inc. - Class A |  | 320587 | 0.1 |
| 4051 <sup>(1)</sup> | Sandisk Corp. |  | 183713 | 0.1 |
| 8754 <sup>(1)</sup> | SentinelOne, Inc. - Class A |  | 160023 | 0.0 |
| 4604 | Skyworks Solutions, Inc. |  | 343090 | 0.1 |
| 15425 <sup>(1)</sup> | Super Micro Computer, Inc. |  | 755979 | 0.2 |
| 2364 | TD SYNNEX Corp. |  | 320795 | 0.1 |
| 1397 <sup>(1)</sup> | Teledyne Technologies, Inc. |  | 715697 | 0.2 |
| 2844 <sup>(1)</sup> | Teradata Corp. |  | 63450 | 0.0 |
| 4831 | Teradyne, Inc. |  | 434404 | 0.1 |
| 7157 <sup>(1)</sup> | Trimble, Inc. |  | 543789 | 0.2 |
| 4248 <sup>(1)</sup> | Twilio, Inc. - Class A |  | 528281 | 0.1 |
| 1293 <sup>(1)</sup> | Tyler Technologies, Inc. |  | 766542 | 0.2 |
| 126 | Ubiquiti, Inc. |  | 51868 | 0.0 |
| 13085 <sup>(1)</sup> | UiPath, Inc. - Class A |  | 167488 | 0.1 |
| 9514 <sup>(1)</sup> | Unity Software, Inc. |  | 230239 | 0.1 |
| 1320 | Universal Display Corp. |  | 203887 | 0.1 |
| 2403 | VeriSign, Inc. |  | 693986 | 0.2 |
| 4442 | Vontier Corp. |  | 163910 | 0.0 |
| 10398 | Western Digital Corp. |  | 665368 | 0.2 |
| 4586 <sup>(1)(2)</sup> | Wolfspeed, Inc. |  | 1829 | 0.0 |
| 1527 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 470866 | 0.1 |
| 7893 <sup>(1)</sup> | Zoom Video Communications, Inc. - Class A |  | 615496 | 0.2 |
| 2933 <sup>(1)</sup> | Zscaler, Inc. |  | 920786 | 0.3 |
|  |  |  | **42334077** | **11.4** |
|  | **Materials: 5.0%** | **Materials: 5.0%** | **Materials: 5.0%** | **Materials: 5.0%** |
| 3530 | Albemarle Corp. |  | 221225 | 0.1 |
| 7763 | Alcoa Corp. |  | 229086 | 0.1 |
| 68364 | Amcor PLC |  | 628265 | 0.2 |
| 15132 | Anglogold Ashanti PLC |  | 689565 | 0.2 |
| 1967 | AptarGroup, Inc. |  | 307698 | 0.1 |
| 1401 | Ashland, Inc. |  | 70442 | 0.0 |
| 2337 | Avery Dennison Corp. |  | 410073 | 0.1 |
| 6555 <sup>(1)</sup> | Axalta Coating Systems Ltd. |  | 194618 | 0.1 |
| 8484 | Ball Corp. |  | 475868 | 0.1 |
| 1446 | Carpenter Technology Corp. |  | 399646 | 0.1 |
| 3352 | Celanese Corp. |  | 185466 | 0.1 |
| 4976 | CF Industries Holdings, Inc. |  | 457792 | 0.1 |
| 14617 <sup>(1)</sup> | Cleveland-Cliffs, Inc. |  | 111089 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 20553 | Corteva, Inc. | $| 1531815 | 0.4 |
| 3477 | Crown Holdings, Inc. |  | 358061 | 0.1 |
| 21257 | Dow, Inc. |  | 562885 | 0.2 |
| 12575 | DuPont de Nemours, Inc. |  | 862519 | 0.2 |
| 991 | Eagle Materials, Inc. |  | 200291 | 0.1 |
| 3448 | Eastman Chemical Co. |  | 257428 | 0.1 |
| 6765 | Element Solutions, Inc. |  | 153227 | 0.0 |
| 3727 | FMC Corp. |  | 155602 | 0.0 |
| 8946 <sup>(2)</sup> | Graphic Packaging Holding Co. |  | 188492 | 0.1 |
| 4937 | Huntsman Corp. |  | 51444 | 0.0 |
| 7696 | International Flavors & Fragrances, Inc. |  | 566041 | 0.2 |
| 15746 | International Paper Co. |  | 737385 | 0.2 |
| 1893 | Louisiana-Pacific Corp. |  | 162779 | 0.1 |
| 7696 | LyondellBasell Industries NV - Class A |  | 445291 | 0.1 |
| 1802 | Martin Marietta Materials, Inc. |  | 989226 | 0.3 |
| 9479 | Mosaic Co. |  | 345794 | 0.1 |
| 3622 <sup>(1)(2)</sup> | MP Materials Corp. |  | 120504 | 0.0 |
| 178 | NewMarket Corp. |  | 122973 | 0.0 |
| 6900 | Nucor Corp. |  | 893826 | 0.2 |
| 3440 | Olin Corp. |  | 69110 | 0.0 |
| 2653 | Packaging Corp. of America |  | 499958 | 0.1 |
| 6828 | PPG Industries, Inc. |  | 776685 | 0.2 |
| 1586 | Reliance Steel & Aluminum Co. |  | 497845 | 0.1 |
| 1973 | Royal Gold, Inc. |  | 350878 | 0.1 |
| 3819 | RPM International, Inc. |  | 419479 | 0.1 |
| 1311 | Scotts Miracle-Gro Co. |  | 86474 | 0.0 |
| 4381 | Sealed Air Corp. |  | 135942 | 0.0 |
| 2654 | Silgan Holdings, Inc. |  | 143794 | 0.0 |
| 15651 | Smurfit WestRock PLC |  | 675341 | 0.2 |
| 2958 | Sonoco Products Co. |  | 128851 | 0.0 |
| 4220 | Steel Dynamics, Inc. |  | 540202 | 0.2 |
| 3972 | Vulcan Materials Co. |  | 1035977 | 0.3 |
| 999 | Westlake Corp. |  | 75854 | 0.0 |
|  |  |  | **18522806** | **5.0** |
|  | **Real Estate: 7.3%** | **Real Estate: 7.3%** | **Real Estate: 7.3%** | **Real Estate: 7.3%** |
| 3252 | Agree Realty Corp. |  | 237591 | 0.1 |
| 5153 | Alexandria Real Estate Equities, Inc. |  | 374262 | 0.1 |
| 10264 | American Homes 4 Rent - Class A |  | 370222 | 0.1 |
| 8564 | Americold Realty Trust, Inc. |  | 142419 | 0.0 |
| 4272 | AvalonBay Communities, Inc. |  | 869352 | 0.2 |
| 4758 | Boston Properties, Inc. |  | 321022 | 0.1 |
| 9146 | Brixmor Property Group, Inc. |  | 238162 | 0.1 |
| 3229 | Camden Property Trust |  | 363876 | 0.1 |
| 8933 <sup>(1)</sup> | CBRE Group, Inc. - Class A |  | 1251692 | 0.3 |
| 12545 <sup>(1)</sup> | CoStar Group, Inc. |  | 1008618 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 5013 | Cousins Properties, Inc. | $150540 | 0.0 |
| 13034 | Crown Castle, Inc. | 1338983 | 0.4 |
| 6800 | CubeSmart | 289000 | 0.1 |
| 10133 | Digital Realty Trust, Inc. | 1766486 | 0.5 |
| 1566 | EastGroup Properties, Inc. | 261710 | 0.1 |
| 2241 | EPR Properties | 130561 | 0.0 |
| 5694 | Equity LifeStyle Properties, Inc. | 351149 | 0.1 |
| 11378 | Equity Residential | 767901 | 0.2 |
| 1915 | Essex Property Trust, Inc. | 542711 | 0.2 |
| 6329 | Extra Space Storage, Inc. | 933148 | 0.3 |
| 2555 | Federal Realty Investment Trust | 242699 | 0.1 |
| 3845 | First Industrial Realty Trust, Inc. | 185060 | 0.1 |
| 7928 | Gaming and Leisure Properties, Inc. | 370079 | 0.1 |
| 9858 | Healthcare Realty Trust, Inc. | 156348 | 0.0 |
| 20815 | Healthpeak Properties, Inc. | 364471 | 0.1 |
| 3185 | Highwoods Properties, Inc. | 99022 | 0.0 |
| 20601 | Host Hotels & Resorts, Inc. | 316431 | 0.1 |
| 923 <sup>(1)</sup> | Howard Hughes Holdings, Inc. | 62303 | 0.0 |
| 18381 | Invitation Homes, Inc. | 602897 | 0.2 |
| 8814 | Iron Mountain, Inc. | 904052 | 0.2 |
| 1417 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | 362440 | 0.1 |
| 3523 | Kilroy Realty Corp. | 120874 | 0.0 |
| 20074 | Kimco Realty Corp. | 421955 | 0.1 |
| 2632 | Lamar Advertising Co. - Class A | 319420 | 0.1 |
| 2122 <sup>(2)</sup> | Lineage, Inc. | 92349 | 0.0 |
| 14986 <sup>(2)</sup> | Medical Properties Trust, Inc. | 64590 | 0.0 |
| 3495 | Mid-America Apartment Communities, Inc. | 517295 | 0.1 |
| 3599 <sup>(1)</sup> | Millrose Properties, Inc. | 102607 | 0.0 |
| 5617 | National Retail Properties, Inc. | 242542 | 0.1 |
| 2115 | National Storage Affiliates Trust | 67659 | 0.0 |
| 8627 | Omega Healthcare Investors, Inc. | 316180 | 0.1 |
| 5899 | Park Hotels & Resorts, Inc. | 60347 | 0.0 |
| 4651 | Rayonier, Inc. | 103159 | 0.0 |
| 26831 | Realty Income Corp. | 1545734 | 0.4 |
| 5427 | Regency Centers Corp. | 386565 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 7119 | Rexford Industrial Realty, Inc. | $| 253223 | 0.1 |
| 3226 | SBA Communications Corp. |  | 757594 | 0.2 |
| 9733 | Simon Property Group, Inc. |  | 1564677 | 0.4 |
| 5608 | STAG Industrial, Inc. |  | 203458 | 0.1 |
| 3796 | Sun Communities, Inc. |  | 480156 | 0.1 |
| 9924 | UDR, Inc. |  | 405197 | 0.1 |
| 13107 | Ventas, Inc. |  | 827707 | 0.2 |
| 31728 | VICI Properties, Inc. |  | 1034333 | 0.3 |
| 5298 | Vornado Realty Trust |  | 202596 | 0.1 |
| 21773 | Weyerhaeuser Co. |  | 559348 | 0.2 |
| 6511 | WP Carey, Inc. |  | 406156 | 0.1 |
| 1499 <sup>(1)</sup> | Zillow Group, Inc. - Class A |  | 102667 | 0.0 |
| 4885 <sup>(1)</sup> | Zillow Group, Inc. - Class C |  | 342194 | 0.1 |
|  |  |  | **26875789** | **7.3** |
|  | **Utilities: 6.0%** | **Utilities: 6.0%** | **Utilities: 6.0%** | **Utilities: 6.0%** |
| 21328 | AES Corp. |  | 224371 | 0.1 |
| 7716 | Alliant Energy Corp. |  | 466587 | 0.1 |
| 8107 | Ameren Corp. |  | 778596 | 0.2 |
| 5851 | American Water Works Co., Inc. |  | 813933 | 0.2 |
| 4754 | Atmos Energy Corp. |  | 732639 | 0.2 |
| 4057 | Brookfield Renewable Corp. |  | 132988 | 0.0 |
| 19575 | CenterPoint Energy, Inc. |  | 719186 | 0.2 |
| 1032 | Clearway Energy, Inc. - Class A |  | 31228 | 0.0 |
| 2442 | Clearway Energy, Inc. - Class C |  | 78144 | 0.0 |
| 8937 | CMS Energy Corp. |  | 619155 | 0.2 |
| 10829 | Consolidated Edison, Inc. |  | 1086690 | 0.3 |
| 6225 | DTE Energy Co. |  | 824563 | 0.2 |
| 11450 | Edison International |  | 590820 | 0.2 |
| 12946 | Entergy Corp. |  | 1076072 | 0.3 |
| 8280 | Essential Utilities, Inc. |  | 307519 | 0.1 |
| 6915 | Evergy, Inc. |  | 476651 | 0.1 |
| 11037 | Eversource Energy |  | 702174 | 0.2 |
| 30367 | Exelon Corp. |  | 1318535 | 0.4 |
| 16485 | FirstEnergy Corp. |  | 663686 | 0.2 |
| 1620 | IDACORP, Inc. |  | 187029 | 0.0 |
| 6092 | MDU Resources Group, Inc. |  | 101554 | 0.0 |
| 2694 | National Fuel Gas Co. |  | 228209 | 0.1 |
| 14136 | NiSource, Inc. |  | 570246 | 0.2 |
| 5954 | NRG Energy, Inc. |  | 956093 | 0.3 |
| 6035 | OGE Energy Corp. |  | 267833 | 0.1 |
| 65865 | PG&E Corp. |  | 918158 | 0.2 |
| 3579 | Pinnacle West Capital Corp. |  | 320213 | 0.1 |
| 22235 | PPL Corp. |  | 753544 | 0.2 |
| 15002 | Public Service Enterprise Group, Inc. |  | 1262868 | 0.3 |
| 1363 <sup>(1)</sup> | Talen Energy Corp. |  | 396320 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 6460 | UGI Corp. | $| 235273 | 0.1 |
| 10164 | Vistra Corp. |  | 1969885 | 0.5 |
| 9595 | WEC Energy Group, Inc. |  | 999799 | 0.3 |
| 17339 | Xcel Energy, Inc. |  | 1180786 | 0.3 |
|  |  |  | **21991347** | **6.0** |
|  | Total Common Stock <br> (Cost $291,921,384) |  | **362779796** | **98.1** |
| **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%** |
| 68856 | iShares Russell Mid-Cap ETF |  | **6332686** | **1.7** |
|  | Total Exchange-Traded Funds <br> (Cost $5,765,348) |  | **6332686** | **1.7** |
|  | Total Long-Term Investments <br> (Cost $297,686,732) |  | **369112482** | **99.8** |
| **Principal <br> Amount†** | **RA** | **Value** | **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%** | **SHORT-TERM INVESTMENTS: 0.3%** |
|  | **Repurchase Agreements: 0.3%** | **Repurchase Agreements: 0.3%** | **Repurchase Agreements: 0.3%** | **Repurchase Agreements: 0.3%** |
| 234552 <sup>(4)</sup> | Bank of America Securities Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $234,580, collateralized by various U.S. Government Securities, 0.000%-4.875%, Market Value plus accrued interest $239,243, due 04/30/26-06/30/30) |  | 234552 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,000,120, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,020,000, due 06/01/30-02/01/57) | $1000000 | 0.3 |
|  | Total Repurchase Agreements <br> (Cost $1,234,552) | **1234552** | **0.3** |
|  | Total Short-Term Investments <br> (Cost $1,234,552) | **1234552** | **0.3** |
|  | **Total Investments in Securities <br> (Cost $298,921,284)** | $**370347034** | **100.1** |
|  | **Liabilities in Excess of Other Assets** | **(251416)** | **(0.1)** |
|  | **Net Assets** | $**370095618** | **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> | Investment in affiliate. |
| <sup>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets<br> for Identical <br> Investments<br> (Level 1)** | **Significant Other<br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $362779796 | $— | $— | $362779796 |
| Exchange-Traded Funds | 6332686 |  |  | 6332686 |
| Short-Term Investments |  | 1234552 |  | 1234552 |
| Total Investments, at fair value | $369112482 | $1234552 | $— | $370347034 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 20226 |  |  | 20226 |
| Total Assets | $369132708 | $1234552 | $— | $370367260 |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| \* | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates** 

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales <br> at Cost** | **Change In <br> Unrealized <br> Appreciation/ <br> (Depreciation)** | **Ending <br> Fair <br> Value at <br> 6/30/2025** | **Investment<br> Income** | **Realized <br> Gains/ <br> (Losses)** | **Net<br> Capital <br> Gain <br> Distributions** |
| Voya Financial, Inc. | $262311 | $47346 | $(113577) | $8968 | $205048 | $3344 | $(12975) | $— |
|  | $262311 | $47346 | $(113577) | $8968 | $205048 | $3344 | $(12975) | $— |

---

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

At June 30, 2025, the following futures contracts were outstanding for Voya VACS Index Series MC Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number <br> of Contracts** | **Expiration <br> Date** | **Notional<br> Amount** | **Unrealized <br> Appreciation** |
| <u>Long Contracts:</u> | <u>Long Contracts:</u> | <u>Long Contracts:</u> | <u>Long Contracts:</u> | <u>Long Contracts:</u> |
| &nbsp;&nbsp;&nbsp;S&P Mid 400 E-Mini Index | 3 | 09/19/25 | $937650 | $20226 |
|  |  |  | $937650 | $20226 |

---

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

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

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Equity contracts | Variation margin receivable on futures contracts\* | $20226 |
| **Total Asset Derivatives** |  | $20226 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(160013) |
| **Total** | $(160013) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $110580 |
| **Total** | $110580 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $301,849,080. | Cost for U.S. federal income tax purposes was $301,849,080. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $88240135 |
| Gross Unrealized Depreciation | (19721955) |
| Net Unrealized Appreciation | $68518180 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** |
|  | **Communication Services: 9.4%** | **Communication Services: 9.4%** | **Communication Services: 9.4%** |  |
| 443893 | Alphabet, Inc. - Class A | $78227263 |  | 1.9 |
| 358069 | Alphabet, Inc. - Class C | 63517860 |  | 1.5 |
| 548811 | AT&T, Inc. | 15882590 |  | 0.4 |
| 7280 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 2976137 |  | 0.1 |
| 284050 | Comcast Corp. - Class A | 10137745 |  | 0.3 |
| 17405 | Electronic Arts, Inc. | 2779579 |  | 0.1 |
| 16325 | Fox Corp. - Class A | 914853 |  | 0 |
| 10032 | Fox Corp. - Class B | 517952 |  | 0 |
| 28200 | Interpublic Group of Cos., Inc. | 690336 |  | 0 |
| 12021 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 1818537 |  | 0.1 |
| 18703 | Match Group, Inc. | 577736 |  | 0 |
| 165594 | Meta Platforms, Inc. - Class A | 122223275 |  | 2.9 |
| 32458 <sup>(1)</sup> | Netflix, Inc. | 43465482 |  | 1 |
| 28748 | News Corp. - Class A | 854391 |  | 0 |
| 8495 | News Corp. - Class B | 291463 |  | 0 |
| 14881 | Omnicom Group, Inc. | 1070539 |  | 0 |
| 45898 <sup>(2)</sup> | Paramount Global - Class B | 592084 |  | 0 |
| 12922 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 3138108 |  | 0.1 |
| 5113 | TKO Group Holdings, Inc. | 930310 |  | 0 |
| 36372 | T-Mobile US, Inc. | 8665993 |  | 0.2 |
| 321556 | Verizon Communications, Inc. | 13913728 |  | 0.3 |
| 137115 | Walt Disney Co. | 17003631 |  | 0.4 |
| 171716 <sup>(1)</sup> | Warner Bros Discovery, Inc. | 1967865 |  | 0.1 |
|  |  | **392157457** |  | **9.4** |
|  | **Consumer Discretionary: 10.0%** | **Consumer Discretionary: 10.0%** | **Consumer Discretionary: 10.0%** |  |
| 32917 <sup>(1)</sup> | Airbnb, Inc. - Class A | 4356236 |  | 0.1 |
| 720644 <sup>(1)</sup> | Amazon.com, Inc. | 158102087 |  | 3.8 |
| 16606 <sup>(1)</sup> | Aptiv PLC | 1132861 |  | 0 |
| 1276 <sup>(1)</sup> | AutoZone, Inc. | 4736805 |  | 0.1 |
| 14692 | Best Buy Co., Inc. | 986274 |  | 0 |
| 2482 | Booking Holdings, Inc. | 14368894 |  | 0.4 |
| 15862 <sup>(1)</sup> | Caesars Entertainment, Inc. | 450322 |  | 0 |
| 11619 <sup>(1)</sup> | CarMax, Inc. | 780913 |  | 0 |
| 80080 <sup>(1)</sup> | Carnival Corp. | 2251850 |  | 0.1 |
| 102764 <sup>(1)</sup> | Chipotle Mexican Grill, Inc. | 5770199 |  | 0.1 |
| 21086 | D.R. Horton, Inc. | 2718407 |  | 0.1 |
| 8926 | Darden Restaurants, Inc. | 1945600 |  | 0.1 |
| 11576 <sup>(1)</sup> | Deckers Outdoor Corp. | 1193138 |  | 0 |
| 2612 | Domino's Pizza, Inc. | 1176967 |  | 0 |
| 26150 <sup>(1)</sup> | DoorDash, Inc. - Class A | 6446237 |  | 0.2 |
| 35161 | eBay, Inc. | 2618088 |  | 0.1 |
| 9274 | Expedia Group, Inc. | 1564338 |  | 0 |
| 297889 | Ford Motor Co. | 3232096 |  | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |  |
| 11748 | Garmin Ltd. | $2452043 |  | 0.1 |
| 73329 | General Motors Co. | 3608520 |  | 0.1 |
| 10573 | Genuine Parts Co. | 1282611 |  | 0.0 |
| 10046 | Hasbro, Inc. | 741596 |  | 0.0 |
| 18129 | Hilton Worldwide Holdings, Inc. | 4828478 |  | 0.1 |
| 75807 | Home Depot, Inc. | 27793878 |  | 0.7 |
| 25869 | Las Vegas Sands Corp. | 1125560 |  | 0.0 |
| 17709 | Lennar Corp. - Class A | 1958792 |  | 0.1 |
| 19689 | LKQ Corp. | 728690 |  | 0.0 |
| 42689 | Lowe's Cos., Inc. | 9471408 |  | 0.2 |
| 8431 <sup>(1)</sup> | Lululemon Athletica, Inc. | 2003037 |  | 0.1 |
| 17339 | Marriott International, Inc. - Class A | 4737188 |  | 0.1 |
| 54536 | McDonald's Corp. | 15933783 |  | 0.4 |
| 15775 <sup>(1)</sup> | MGM Resorts International | 542502 |  | 0.0 |
| 3958 <sup>(1)</sup> | Mohawk Industries, Inc. | 414957 |  | 0.0 |
| 89825 | NIKE, Inc. - Class B | 6381168 |  | 0.2 |
| 34078 <sup>(1)</sup> | Norwegian Cruise Line Holdings Ltd. | 691102 |  | 0.0 |
| 223 <sup>(1)</sup> | NVR, Inc. | 1647002 |  | 0.0 |
| 65199 <sup>(1)</sup> | O'Reilly Automotive, Inc. | 5876386 |  | 0.1 |
| 2867 | Pool Corp. | 835673 |  | 0.0 |
| 15287 | PulteGroup, Inc. | 1612167 |  | 0.0 |
| 3042 | Ralph Lauren Corp. | 834360 |  | 0.0 |
| 25089 | Ross Stores, Inc. | 3200855 |  | 0.1 |
| 19055 | Royal Caribbean Cruises Ltd. | 5966883 |  | 0.2 |
| 86674 | Starbucks Corp. | 7941939 |  | 0.2 |
| 15841 | Tapestry, Inc. | 1390998 |  | 0.0 |
| 213727 <sup>(1)</sup> | Tesla, Inc. | 67892519 |  | 1.6 |
| 85155 | TJX Cos., Inc. | 10515791 |  | 0.3 |
| 40439 | Tractor Supply Co. | 2133966 |  | 0.1 |
| 3443 <sup>(1)</sup> | Ulta Beauty, Inc. | 1610704 |  | 0.0 |
| 9377 | Williams-Sonoma, Inc. | 1531920 |  | 0.0 |
| 6712 | Wynn Resorts Ltd. | 628713 |  | 0.0 |
| 21200 | Yum! Brands, Inc. | 3141416 |  | 0.1 |
|  |  | **415287917** |  | **10.0** |
|  | **Consumer Staples: 5.3%** |  |  |  |
| 128474 | Altria Group, Inc. | 7532431 |  | 0.2 |
| 36644 | Archer-Daniels-Midland Co. | 1934070 |  | 0.1 |
| 13849 | Brown-Forman Corp. - Class B | 372677 |  | 0.0 |
| 10251 | Bunge Global SA | 822950 |  | 0.0 |
| 14962 | Campbell Soup Co. | 458585 |  | 0.0 |
| 18784 | Church & Dwight Co., Inc. | 1805330 |  | 0.0 |
| 9401 | Clorox Co. | 1128778 |  | 0.0 |
| 295441 | Coca-Cola Co. | 20902451 |  | 0.5 |
| 61811 | Colgate-Palmolive Co. | 5618620 |  | 0.1 |
| 36409 | Conagra Brands, Inc. | 745292 |  | 0.0 |
| 11675 | Constellation Brands, Inc. - Class A | 1899289 |  | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** |  |  |
| 33840 | Costco Wholesale Corp. | $33499570 | 0.8 |
| 16775 | Dollar General Corp. | 1918725 | 0.1 |
| 15066 <sup>(1)</sup> | Dollar Tree, Inc. | 1492137 | 0.0 |
| 17863 | Estee Lauder Cos., Inc. - Class A | 1443330 | 0.0 |
| 41766 | General Mills, Inc. | 2163897 | 0.1 |
| 11287 | Hershey Co. | 1873078 | 0.1 |
| 22229 | Hormel Foods Corp. | 672427 | 0.0 |
| 8116 | JM Smucker Co. | 796991 | 0.0 |
| 20506 | Kellogg Co. | 1630842 | 0.0 |
| 146432 | Kenvue, Inc. | 3064822 | 0.1 |
| 103590 | Keurig Dr Pepper, Inc. | 3424685 | 0.1 |
| 25308 | Kimberly-Clark Corp. | 3262707 | 0.1 |
| 65896 | Kraft Heinz Co. | 1701435 | 0.0 |
| 46722 | Kroger Co. | 3351369 | 0.1 |
| 10763 | Lamb Weston Holdings, Inc. | 558062 | 0.0 |
| 19272 | McCormick & Co., Inc. | 1461203 | 0.0 |
| 13093 | Molson Coors Beverage Co. - Class B | 629642 | 0.0 |
| 98756 | Mondelez International, Inc. - Class A | 6660105 | 0.2 |
| 53555 <sup>(1)</sup> | Monster Beverage Corp. | 3354685 | 0.1 |
| 104573 | PepsiCo, Inc. | 13807819 | 0.3 |
| 118716 | Philip Morris International, Inc. | 21621745 | 0.5 |
| 178819 | Procter & Gamble Co. | 28489443 | 0.7 |
| 36972 | Sysco Corp. | 2800259 | 0.1 |
| 34654 | Target Corp. | 3418617 | 0.1 |
| 21830 | Tyson Foods, Inc. - Class A | 1221170 | 0.0 |
| 54742 | Walgreens Boots Alliance, Inc. | 628438 | 0.0 |
| 329524 | Walmart, Inc. | 32220857 | 0.8 |
|  |  | **220388533** | **5.3** |
|  | **Energy: 2.8%** |  |  |
| 27522 | APA Corp. | 503377 | 0.0 |
| 75565 | Baker Hughes Co. | 2897162 | 0.1 |
| 16517 | Chesapeake Energy Corp. | 1931498 | 0.0 |
| 123874 | Chevron Corp. | 17737518 | 0.4 |
| 96284 | ConocoPhillips | 8640526 | 0.2 |
| 58214 | Coterra Energy, Inc. | 1477471 | 0.0 |
| 48973 | Devon Energy Corp. | 1557831 | 0.0 |
| 14262 | Diamondback Energy, Inc. | 1959599 | 0.0 |
| 41627 | EOG Resources, Inc. | 4979006 | 0.1 |
| 45657 | EQT Corp. | 2662716 | 0.1 |
| 328725 | Exxon Mobil Corp. | 35436555 | 0.9 |
| 65571 | Halliburton Co. | 1336337 | 0.0 |
| 21145 | Hess Corp. | 2929428 | 0.1 |
| 147444 | Kinder Morgan, Inc. | 4334854 | 0.1 |
| 23431 | Marathon Petroleum Corp. | 3892123 | 0.1 |
| 54043 | Occidental Petroleum Corp. | 2270346 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** |  |  |
| 47641 | ONEOK, Inc. | $3888935 | 0.1 |
| 31075 | Phillips 66 | 3707248 | 0.1 |
| 103740 | Schlumberger NV | 3506412 | 0.1 |
| 16545 | Targa Resources Corp. | 2880154 | 0.1 |
| 1438 | Texas Pacific Land Corp. | 1519089 | 0.0 |
| 23888 | Valero Energy Corp. | 3211025 | 0.1 |
| 93126 | Williams Cos., Inc. | 5849244 | 0.1 |
|  |  | **119108454** | **2.8** |
|  | **Financials: 13.5%** |  |  |
| 37112 | Aflac, Inc. | 3913832 | 0.1 |
| 20198 | Allstate Corp. | 4066059 | 0.1 |
| 42213 | American Express Co. | 13465103 | 0.3 |
| 43957 | American International Group, Inc. | 3762280 | 0.1 |
| 7263 | Ameriprise Financial, Inc. | 3876481 | 0.1 |
| 16470 | Aon PLC - Class A | 5875837 | 0.1 |
| 34435 | Apollo Global Management, Inc. | 4885294 | 0.1 |
| 28466 | Arch Capital Group Ltd. | 2591829 | 0.1 |
| 19533 | Arthur J Gallagher & Co. | 6252904 | 0.2 |
| 3867 | Assurant, Inc. | 763694 | 0.0 |
| 499779 | Bank of America Corp. | 23649542 | 0.6 |
| 54574 | Bank of New York Mellon Corp. | 4972237 | 0.1 |
| 139859 <sup>(1)</sup> | Berkshire Hathaway, Inc. - Class B | 67939306 | 1.6 |
| 11107 | Blackrock, Inc. | 11654020 | 0.3 |
| 55658 | Blackstone, Inc. | 8325324 | 0.2 |
| 21372 | Brown & Brown, Inc. | 2369514 | 0.1 |
| 48784 | Capital One Financial Corp. | 10379284 | 0.3 |
| 7986 | Cboe Global Markets, Inc. | 1862415 | 0.1 |
| 130266 | Charles Schwab Corp. | 11885470 | 0.3 |
| 28424 | Chubb Ltd. | 8235001 | 0.2 |
| 11921 | Cincinnati Financial Corp. | 1775275 | 0.0 |
| 142453 | Citigroup, Inc. | 12125599 | 0.3 |
| 33075 | Citizens Financial Group, Inc. | 1480106 | 0.0 |
| 27484 | CME Group, Inc. | 7575140 | 0.2 |
| 16124 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 5651301 | 0.1 |
| 5377 <sup>(1)</sup> | Corpay, Inc. | 1784196 | 0.0 |
| 1897 | Erie Indemnity Co. - Class A | 657861 | 0.0 |
| 3244 | Everest Re Group Ltd. | 1102473 | 0.0 |
| 2892 | FactSet Research Systems, Inc. | 1293534 | 0.0 |
| 40072 | Fidelity National Information Services, Inc. | 3262262 | 0.1 |
| 50938 | Fifth Third Bancorp | 2095080 | 0.1 |
| 42287 <sup>(1)</sup> | Fiserv, Inc. | 7290702 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 23572 | Franklin Resources, Inc. | $562192 | 0.0 |
| 18601 | Global Payments, Inc. | 1488824 | 0.0 |
| 6296 | Globe Life, Inc. | 782530 | 0.0 |
| 23403 | Goldman Sachs Group, Inc. | 16563473 | 0.4 |
| 21669 | Hartford Financial Services Group, Inc. | 2749146 | 0.1 |
| 111111 | Huntington Bancshares, Inc. | 1862220 | 0.0 |
| 43751 | Intercontinental Exchange, Inc. | 8026996 | 0.2 |
| 34067 | Invesco Ltd. | 537237 | 0.0 |
| 5543 | Jack Henry & Associates, Inc. | 998682 | 0.0 |
| 211962 | JPMorgan Chase & Co. | 61449903 | 1.5 |
| 75229 | KeyCorp | 1310489 | 0.0 |
| 51626 | KKR & Co., Inc. | 6867807 | 0.2 |
| 13275 | Loews Corp. | 1216787 | 0.0 |
| 12243 | M&T Bank Corp. | 2375020 | 0.1 |
| 2867 | MarketAxess Holdings, Inc. | 640316 | 0.0 |
| 37581 | Marsh & McLennan Cos., Inc. | 8216710 | 0.2 |
| 61866 | Mastercard, Inc. - Class A | 34764980 | 0.8 |
| 43008 | MetLife, Inc. | 3458703 | 0.1 |
| 11800 | Moody's Corp. | 5918762 | 0.1 |
| 94219 | Morgan Stanley | 13271688 | 0.3 |
| 5901 | MSCI, Inc. | 3403343 | 0.1 |
| 31528 | Nasdaq, Inc. | 2819234 | 0.1 |
| 14838 | Northern Trust Corp. | 1881310 | 0.1 |
| 74175 <sup>(1)</sup> | PayPal Holdings, Inc. | 5512686 | 0.1 |
| 30170 | PNC Financial Services Group, Inc. | 5624291 | 0.1 |
| 15731 | Principal Financial Group, Inc. | 1249513 | 0.0 |
| 44711 | Progressive Corp. | 11931578 | 0.3 |
| 27000 | Prudential Financial, Inc. | 2900880 | 0.1 |
| 13849 | Raymond James Financial, Inc. | 2124021 | 0.1 |
| 68562 | Regions Financial Corp. | 1612578 | 0.0 |
| 23941 | S&P Global, Inc. | 12623850 | 0.3 |
| 21751 | State Street Corp. | 2313001 | 0.1 |
| 29033 | Synchrony Financial | 1937662 | 0.1 |
| 16804 | T. Rowe Price Group, Inc. | 1621586 | 0.0 |
| 17280 | Travelers Cos., Inc. | 4623091 | 0.1 |
| 99879 | Truist Financial Corp. | 4293798 | 0.1 |
| 118831 | US Bancorp | 5377103 | 0.1 |
| 130497 | Visa, Inc. - Class A | 46332960 | 1.1 |
| 22832 | W.R. Berkley Corp. | 1677467 | 0.0 |
| 248197 | Wells Fargo & Co. | 19885544 | 0.5 |
| 7562 | Willis Towers Watson PLC | 2317753 | 0.1 |
|  |  | **561944669** | **13.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: 8.9%** |  |  |
| 132698 | Abbott Laboratories | $18048255 | 0.4 |
| 134724 | AbbVie, Inc. | 25007469 | 0.6 |
| 21745 | Agilent Technologies, Inc. | 2566127 | 0.1 |
| 5197 <sup>(1)</sup> | Align Technology, Inc. | 983948 | 0.0 |
| 13157 | AmerisourceBergen Corp. | 3945126 | 0.1 |
| 41011 | Amgen, Inc. | 11450681 | 0.3 |
| 39140 | Baxter International, Inc. | 1185159 | 0.0 |
| 21860 | Becton Dickinson and Co. | 3765385 | 0.1 |
| 11176 <sup>(1)</sup> | Biogen, Inc. | 1403594 | 0.0 |
| 11957 | Bio-Techne Corp. | 615188 | 0.0 |
| 112838 <sup>(1)</sup> | Boston Scientific Corp. | 12119930 | 0.3 |
| 155216 | Bristol-Myers Squibb Co. | 7184949 | 0.2 |
| 18204 | Cardinal Health, Inc. | 3058272 | 0.1 |
| 37952 <sup>(1)</sup> | Centene Corp. | 2060035 | 0.1 |
| 3746 <sup>(1)</sup> | Charles River Laboratories International, Inc. | 568381 | 0.0 |
| 20375 | Cigna Group | 6735567 | 0.2 |
| 15253 <sup>(1)</sup> | Cooper Cos., Inc. | 1085403 | 0.0 |
| 96483 | CVS Health Corp. | 6655397 | 0.2 |
| 48580 | Danaher Corp. | 9596493 | 0.2 |
| 3167 <sup>(1)</sup> | DaVita, Inc. | 451139 | 0.0 |
| 29906 <sup>(1)</sup> | Dexcom, Inc. | 2610495 | 0.1 |
| 44740 <sup>(1)</sup> | Edwards Lifesciences Corp. | 3499115 | 0.1 |
| 17232 | Elevance Health, Inc. | 6702559 | 0.2 |
| 59996 | Eli Lilly & Co. | 46768682 | 1.1 |
| 34923 | GE HealthCare Technologies, Inc. | 2586747 | 0.1 |
| 94875 | Gilead Sciences, Inc. | 10518791 | 0.3 |
| 13211 | HCA Healthcare, Inc. | 5061134 | 0.1 |
| 9284 <sup>(1)</sup> | Henry Schein, Inc. | 678196 | 0.0 |
| 16996 <sup>(1)</sup> | Hologic, Inc. | 1107459 | 0.0 |
| 9205 | Humana, Inc. | 2250438 | 0.1 |
| 6134 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 3289910 | 0.1 |
| 12254 <sup>(1)</sup> | Incyte Corp. | 834497 | 0.0 |
| 5368 <sup>(1)</sup> | Insulet Corp. | 1686518 | 0.0 |
| 27337 <sup>(1)</sup> | Intuitive Surgical, Inc. | 14855199 | 0.4 |
| 12535 <sup>(1)</sup> | IQVIA Holdings, Inc. | 1975391 | 0.0 |
| 183512 | Johnson & Johnson | 28031458 | 0.7 |
| 6384 | Labcorp Holdings, Inc. | 1675864 | 0.0 |
| 9542 | McKesson Corp. | 6992187 | 0.2 |
| 97820 | Medtronic PLC | 8526969 | 0.2 |
| 191517 | Merck & Co., Inc. | 15160486 | 0.4 |
| 1585 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 1861931 | 0.0 |
| 25957 <sup>(1)</sup> | Moderna, Inc. | 716154 | 0.0 |
| 4134 <sup>(1)</sup> | Molina Healthcare, Inc. | 1231519 | 0.0 |
| 433624 | Pfizer, Inc. | 10511046 | 0.3 |
| 8514 | Quest Diagnostics, Inc. | 1529370 | 0.0 |
| 7921 | Regeneron Pharmaceuticals, Inc. | 4158525 | 0.1 |
| 11183 | ResMed, Inc. | 2885214 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 8990 | Revvity, Inc. | $869513 | 0.0 |
| 10557 <sup>(1)</sup> | Solventum Corp. | 800643 | 0.0 |
| 7494 | STERIS PLC | 1800209 | 0.0 |
| 26233 | Stryker Corp. | 10378562 | 0.3 |
| 28792 | Thermo Fisher Scientific, Inc. | 11674004 | 0.3 |
| 69188 | UnitedHealth Group, Inc. | 21584580 | 0.5 |
| 4362 | Universal Health Services, Inc. - Class B | 790176 | 0.0 |
| 19586 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 8719687 | 0.2 |
| 89517 | Viatris, Inc. | 799387 | 0.0 |
| 4539 <sup>(1)</sup> | Waters Corp. | 1584293 | 0.0 |
| 5480 | West Pharmaceutical Services, Inc. | 1199024 | 0.0 |
| 15090 | Zimmer Biomet Holdings, Inc. | 1376359 | 0.0 |
| 33956 | Zoetis, Inc. | 5295438 | 0.1 |
|  |  | **373064227** | **8.9** |
|  | **Industrials: 8.2%** |  |  |
| 41047 | 3M Co. | 6248995 | 0.2 |
| 8866 | A.O. Smith Corp. | 581344 | 0.0 |
| 6563 | Allegion PLC | 945860 | 0.0 |
| 17609 | AMETEK, Inc. | 3186525 | 0.1 |
| 30960 | Automatic Data Processing, Inc. | 9548064 | 0.2 |
| 5641 <sup>(1)</sup> | Axon Enterprise, Inc. | 4670409 | 0.1 |
| 57508 <sup>(1)</sup> | Boeing Co. | 12049651 | 0.3 |
| 8959 | Broadridge Financial Solutions, Inc. | 2177306 | 0.1 |
| 8429 <sup>(1)</sup> | Builders FirstSource, Inc. | 983580 | 0.0 |
| 60810 | Carrier Global Corp. | 4450684 | 0.1 |
| 35871 | Caterpillar, Inc. | 13925481 | 0.3 |
| 12194 <sup>(1)</sup> | Ceridian HCM Holding, Inc. | 675426 | 0.0 |
| 9056 | CH Robinson Worldwide, Inc. | 868923 | 0.0 |
| 26177 | Cintas Corp. | 5834068 | 0.1 |
| 67053 <sup>(1)</sup> | Copart, Inc. | 3290291 | 0.1 |
| 143277 | CSX Corp. | 4675128 | 0.1 |
| 10507 | Cummins, Inc. | 3441042 | 0.1 |
| 19252 | Deere & Co. | 9789449 | 0.2 |
| 49801 | Delta Air Lines, Inc. | 2449213 | 0.1 |
| 10457 | Dover Corp. | 1916036 | 0.0 |
| 29845 | Eaton Corp. PLC | 10654367 | 0.3 |
| 42902 | Emerson Electric Co. | 5720124 | 0.1 |
| 9473 | Equifax, Inc. | 2457012 | 0.1 |
| 10445 | Expeditors International of Washington, Inc. | 1193341 | 0.0 |
| 87500 | Fastenal Co. | 3675000 | 0.1 |
| 16812 | FedEx Corp. | 3821536 | 0.1 |
| 25946 | Fortive Corp. | 1352565 | 0.0 |
| 81334 | GE Aerospace | 20934558 | 0.5 |
| 20817 | GE Vernova, Inc. | 11015316 | 0.3 |
| 4506 <sup>(1)</sup> | Generac Holdings, Inc. | 645304 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 19213 | General Dynamics Corp. | $5603664 | 0.1 |
| 49018 | Honeywell International, Inc. | 11415312 | 0.3 |
| 30799 | Howmet Aerospace, Inc. | 5732618 | 0.1 |
| 4071 | Hubbell, Inc. | 1662637 | 0.0 |
| 2993 | Huntington Ingalls Industries, Inc. | 722690 | 0.0 |
| 5758 | IDEX Corp. | 1010932 | 0.0 |
| 20336 | Illinois Tool Works, Inc. | 5028076 | 0.1 |
| 30772 | Ingersoll Rand, Inc. | 2559615 | 0.1 |
| 9164 | Jacobs Solutions, Inc. | 1204608 | 0.0 |
| 5977 | JB Hunt Transport Services, Inc. | 858297 | 0.0 |
| 50199 | Johnson Controls International PLC | 5302018 | 0.1 |
| 14258 | L3Harris Technologies, Inc. | 3576477 | 0.1 |
| 9817 | Leidos Holdings, Inc. | 1548730 | 0.0 |
| 2435 | Lennox International, Inc. | 1395839 | 0.0 |
| 15904 | Lockheed Martin Corp. | 7365779 | 0.2 |
| 16120 | Masco Corp. | 1037483 | 0.0 |
| 4124 | Nordson Corp. | 884062 | 0.0 |
| 17195 | Norfolk Southern Corp. | 4401404 | 0.1 |
| 10319 | Northrop Grumman Corp. | 5159294 | 0.1 |
| 14184 | Old Dominion Freight Line, Inc. | 2302063 | 0.1 |
| 30102 | Otis Worldwide Corp. | 2980700 | 0.1 |
| 40039 | PACCAR, Inc. | 3806107 | 0.1 |
| 9746 | Parker-Hannifin Corp. | 6807289 | 0.2 |
| 24450 | Paychex, Inc. | 3556497 | 0.1 |
| 3717 | Paycom Software, Inc. | 860114 | 0.0 |
| 12565 | Pentair PLC | 1289923 | 0.0 |
| 11303 | Quanta Services, Inc. | 4273438 | 0.1 |
| 101894 | Raytheon Technologies Corp. | 14878562 | 0.4 |
| 15492 | Republic Services, Inc. | 3820482 | 0.1 |
| 8598 | Rockwell Automation, Inc. | 2855998 | 0.1 |
| 21439 | Rollins, Inc. | 1209588 | 0.0 |
| 3984 | Snap-on, Inc. | 1239741 | 0.0 |
| 43464 | Southwest Airlines Co. | 1409972 | 0.0 |
| 11800 | Stanley Black & Decker, Inc. | 799450 | 0.0 |
| 13770 | Textron, Inc. | 1105593 | 0.0 |
| 17010 | Trane Technologies PLC | 7440344 | 0.2 |
| 4284 | TransDigm Group, Inc. | 6514422 | 0.2 |
| 159494 <sup>(1)</sup> | Uber Technologies, Inc. | 14880790 | 0.4 |
| 45570 | Union Pacific Corp. | 10484746 | 0.3 |
| 24910 <sup>(1)</sup> | United Airlines Holdings, Inc. | 1983583 | 0.1 |
| 55962 | United Parcel Service, Inc. - Class B | 5648804 | 0.1 |
| 4957 | United Rentals, Inc. | 3734604 | 0.1 |
| 18904 | Veralto Corp. | 1908359 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 10669 | Verisk Analytics, Inc. | $3323393 | 0.1 |
| 27930 | Waste Management, Inc. | 6390943 | 0.2 |
| 13052 | Westinghouse Air Brake Technologies Corp. | 2732436 | 0.1 |
| 3334 | WW Grainger, Inc. | 3468160 | 0.1 |
| 18560 | Xylem, Inc. | 2400922 | 0.1 |
|  |  | **343753156** | **8.2** |
|  | **Information Technology: 31.8%** |  |  |
| 47747 | Accenture PLC - Class A | 14271101 | 0.3 |
| 32506 <sup>(1)</sup> | Adobe, Inc. | 12575921 | 0.3 |
| 123665 <sup>(1)</sup> | Advanced Micro Devices, Inc. | 17548064 | 0.4 |
| 11151 <sup>(1)</sup> | Akamai Technologies, Inc. | 889404 | 0.0 |
| 92256 | Amphenol Corp. - Class A | 9110280 | 0.2 |
| 37828 | Analog Devices, Inc. | 9003821 | 0.2 |
| 6705 <sup>(1)</sup> | ANSYS, Inc. | 2354930 | 0.1 |
| 1139160 | Apple, Inc. | 233721457 | 5.6 |
| 61965 | Applied Materials, Inc. | 11343933 | 0.3 |
| 78552 <sup>(1)</sup> | Arista Networks, Inc. | 8036655 | 0.2 |
| 16318 <sup>(1)</sup> | Autodesk, Inc. | 5051563 | 0.1 |
| 358619 | Broadcom, Inc. | 98853327 | 2.4 |
| 20825 <sup>(1)</sup> | Cadence Design Systems, Inc. | 6417224 | 0.2 |
| 10044 | CDW Corp. | 1793758 | 0.0 |
| 303425 | Cisco Systems, Inc. | 21051626 | 0.5 |
| 37612 | Cognizant Technology Solutions Corp. - Class A | 2934864 | 0.1 |
| 58791 | Corning, Inc. | 3091819 | 0.1 |
| 18997 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A | 9675362 | 0.2 |
| 22849 | Dell Technologies, Inc. - Class C | 2801287 | 0.1 |
| 10007 <sup>(1)</sup> | Enphase Energy, Inc. | 396778 | 0.0 |
| 4313 <sup>(1)</sup> | EPAM Systems, Inc. | 762625 | 0.0 |
| 4384 <sup>(1)</sup> | F5, Inc. | 1290299 | 0.0 |
| 1857 <sup>(1)</sup> | Fair Isaac Corp. | 3394522 | 0.1 |
| 8180 <sup>(1)</sup> | First Solar, Inc. | 1354117 | 0.0 |
| 48454 <sup>(1)</sup> | Fortinet, Inc. | 5122557 | 0.1 |
| 5870 <sup>(1)</sup> | Gartner, Inc. | 2372771 | 0.1 |
| 41629 | Gen Digital, Inc. | 1223893 | 0.0 |
| 10868 <sup>(1)</sup> | GoDaddy, Inc. - Class A | 1956892 | 0.1 |
| 100187 | Hewlett Packard Enterprise Co. | 2048824 | 0.1 |
| 71900 | HP, Inc. | 1758674 | 0.0 |
| 332691 | Intel Corp. | 7452278 | 0.2 |
| 70885 | International Business Machines Corp. | 20895480 | 0.5 |
| 21322 | Intuit, Inc. | 16793847 | 0.4 |
| 8187 | Jabil, Inc. | 1785585 | 0.0 |
| 25252 | Juniper Networks, Inc. | 1008312 | 0.0 |
| 13180 <sup>(1)</sup> | Keysight Technologies, Inc. | 2159675 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** | **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)** |  |
| 10086 | KLA Corp. | $9034434 |  | 0.2 |
| 97559 | Lam Research Corp. | 9496393 |  | 0.2 |
| 41020 | Microchip Technology, Inc. | 2886577 |  | 0.1 |
| 85238 | Micron Technology, Inc. | 10505584 |  | 0.3 |
| 566882 | Microsoft Corp. | 281972776 |  | 6.8 |
| 3652 | Monolithic Power Systems, Inc. | 2671000 |  | 0.1 |
| 12731 | Motorola Solutions, Inc. | 5352876 |  | 0.1 |
| 15514 | NetApp, Inc. | 1653017 |  | 0.0 |
| 1860046 | NVIDIA Corp. | 293868668 |  | 7.1 |
| 19268 | NXP Semiconductors NV | 4209865 |  | 0.1 |
| 31872 <sup>(1)</sup> | ON Semiconductor Corp. | 1670412 |  | 0.0 |
| 124050 | Oracle Corp. | 27121051 |  | 0.7 |
| 162237 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A | 22116148 |  | 0.5 |
| 50499 <sup>(1)</sup> | Palo Alto Networks, Inc. | 10334115 |  | 0.3 |
| 9150 <sup>(1)</sup> | PTC, Inc. | 1576911 |  | 0.0 |
| 83683 | Qualcomm, Inc. | 13327355 |  | 0.3 |
| 1 <sup>(1)</sup> | Ralliant Corp. | 32 |  | 0.0 |
| 8200 | Roper Technologies, Inc. | 4648088 |  | 0.1 |
| 73179 | Salesforce, Inc. | 19955182 |  | 0.5 |
| 16186 | Seagate Technology Holdings PLC | 2336125 |  | 0.1 |
| 15788 <sup>(1)</sup> | ServiceNow, Inc. | 16231327 |  | 0.4 |
| 11450 | Skyworks Solutions, Inc. | 853254 |  | 0.0 |
| 39147 <sup>(1)</sup> | Super Micro Computer, Inc. | 1918594 |  | 0.1 |
| 11793 <sup>(1)</sup> | Synopsys, Inc. | 6046035 |  | 0.2 |
| 22618 | TE Connectivity PLC | 3814978 |  | 0.1 |
| 3574 <sup>(1)</sup> | Teledyne Technologies, Inc. | 1830996 |  | 0.0 |
| 12235 | Teradyne, Inc. | 1100171 |  | 0.0 |
| 69289 | Texas Instruments, Inc. | 14385782 |  | 0.3 |
| 18197 <sup>(1)</sup> | Trimble, Inc. | 1382608 |  | 0.0 |
| 3289 <sup>(1)</sup> | Tyler Technologies, Inc. | 1949851 |  | 0.1 |
| 6159 | VeriSign, Inc. | 1778719 |  | 0.0 |
| 26609 | Western Digital Corp. | 1702710 |  | 0.0 |
| 16523 <sup>(1)</sup> | Workday, Inc. - Class A | 3965520 |  | 0.1 |
| 3879 <sup>(1)</sup> | Zebra Technologies Corp. - Class A | 1196128 |  | 0.0 |
|  |  | **1325196807** |  | **31.8** |
|  | **Materials: 1.8%** |  |  |  |
| 16973 | Air Products and Chemicals, Inc. | 4787404 |  | 0.1 |
| 8941 | Albemarle Corp. | 560333 |  | 0.0 |
| 174767 | Amcor PLC | 1606109 |  | 0.0 |
| 5963 | Avery Dennison Corp. | 1046328 |  | 0.0 |
| 21159 | Ball Corp. | 1186808 |  | 0.0 |
| 12357 | CF Industries Holdings, Inc. | 1136844 |  | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** |  |  |
| 52029 | Corteva, Inc. | $3877721 | 0.1 |
| 53913 | Dow, Inc. | 1427616 | 0.0 |
| 31919 | DuPont de Nemours, Inc. | 2189324 | 0.1 |
| 8806 | Eastman Chemical Co. | 657456 | 0.0 |
| 19245 | Ecolab, Inc. | 5185373 | 0.1 |
| 109539 | Freeport-McMoRan, Inc. | 4748516 | 0.1 |
| 19509 | International Flavors & Fragrances, Inc. | 1434887 | 0.0 |
| 40263 | International Paper Co. | 1885516 | 0.1 |
| 35902 | Linde PLC US | 16844500 | 0.4 |
| 19611 | LyondellBasell Industries NV - Class A | 1134693 | 0.0 |
| 4598 | Martin Marietta Materials, Inc. | 2524118 | 0.1 |
| 24155 | Mosaic Co. | 881174 | 0.0 |
| 84889 | Newmont Corp. | 4945633 | 0.1 |
| 17599 | Nucor Corp. | 2279775 | 0.1 |
| 6814 | Packaging Corp. of America | 1284098 | 0.0 |
| 17313 | PPG Industries, Inc. | 1969354 | 0.1 |
| 17584 | Sherwin-Williams Co. | 6037642 | 0.2 |
| 37823 | Smurfit WestRock PLC | 1632063 | 0.1 |
| 10530 | Steel Dynamics, Inc. | 1347945 | 0.0 |
| 10076 | Vulcan Materials Co. | 2628022 | 0.1 |
|  |  | **75239252** | **1.8** |
|  | **Real Estate: 2.0%** |  |  |
| 11715 | Alexandria Real Estate Equities, Inc. | 850860 | 0.0 |
| 35705 | American Tower Corp. | 7891519 | 0.2 |
| 10845 | AvalonBay Communities, Inc. | 2206957 | 0.1 |
| 11109 | Boston Properties, Inc. | 749524 | 0.0 |
| 8149 | Camden Property Trust | 918311 | 0.0 |
| 22397 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 3138268 | 0.1 |
| 32177 <sup>(1)</sup> | CoStar Group, Inc. | 2587031 | 0.1 |
| 33213 | Crown Castle, Inc. | 3411971 | 0.1 |
| 24146 | Digital Realty Trust, Inc. | 4209372 | 0.1 |
| 7461 | Equinix, Inc. | 5935002 | 0.1 |
| 26081 | Equity Residential | 1760207 | 0.0 |
| 4911 | Essex Property Trust, Inc. | 1391777 | 0.0 |
| 16185 | Extra Space Storage, Inc. | 2386316 | 0.1 |
| 5921 | Federal Realty Investment Trust | 562436 | 0.0 |
| 52987 | Healthpeak Properties, Inc. | 927802 | 0.0 |
| 52910 | Host Hotels & Resorts, Inc. | 812698 | 0.0 |
| 43477 | Invitation Homes, Inc. | 1426046 | 0.0 |
| 22503 | Iron Mountain, Inc. | 2308133 | 0.1 |
| 51671 | Kimco Realty Corp. | 1086124 | 0.0 |
| 8928 | Mid-America Apartment Communities, Inc. | 1321433 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** |  |  |
| 70773 | Prologis, Inc. | $7439658 | 0.2 |
| 12042 | Public Storage | 3533364 | 0.1 |
| 68878 | Realty Income Corp. | 3968062 | 0.1 |
| 12461 | Regency Centers Corp. | 887597 | 0.0 |
| 8195 | SBA Communications Corp. | 1924514 | 0.1 |
| 23402 | Simon Property Group, Inc. | 3762105 | 0.1 |
| 22994 | UDR, Inc. | 938845 | 0.0 |
| 34421 | Ventas, Inc. | 2173686 | 0.1 |
| 80595 | VICI Properties, Inc. | 2627397 | 0.1 |
| 47383 | Welltower, Inc. | 7284189 | 0.2 |
| 55317 | Weyerhaeuser Co. | 1421094 | 0.0 |
|  |  | **81842298** | **2.0** |
|  | **Utilities: 2.3%** |  |  |
| 54297 | AES Corp. | 571204 | 0.0 |
| 19592 | Alliant Energy Corp. | 1184728 | 0.0 |
| 20614 | Ameren Corp. | 1979769 | 0.0 |
| 40743 | American Electric Power Co., Inc. | 4227494 | 0.1 |
| 14874 | American Water Works Co., Inc. | 2069122 | 0.1 |
| 12115 | Atmos Energy Corp. | 1867043 | 0.0 |
| 49784 | CenterPoint Energy, Inc. | 1829064 | 0.0 |
| 22814 | CMS Energy Corp. | 1580554 | 0.0 |
| 27480 | Consolidated Edison, Inc. | 2757618 | 0.1 |
| 23904 | Constellation Energy Corp. | 7715255 | 0.2 |
| 65043 | Dominion Energy, Inc. | 3676230 | 0.1 |
| 15827 | DTE Energy Co. | 2096444 | 0.1 |
| 59282 | Duke Energy Corp. | 6995276 | 0.2 |
| 29346 | Edison International | 1514254 | 0.0 |
| 34042 | Entergy Corp. | 2829571 | 0.1 |
| 17549 | Evergy, Inc. | 1209653 | 0.0 |
| 28021 | Eversource Energy | 1782696 | 0.0 |
| 76998 | Exelon Corp. | 3343253 | 0.1 |
| 39178 | FirstEnergy Corp. | 1577306 | 0.0 |
| 157012 | NextEra Energy, Inc. | 10899773 | 0.3 |
| 35901 | NiSource, Inc. | 1448246 | 0.0 |
| 14912 | NRG Energy, Inc. | 2394569 | 0.1 |
| 167618 | PG&E Corp. | 2336595 | 0.1 |
| 9107 | Pinnacle West Capital Corp. | 814803 | 0.0 |
| 56384 | PPL Corp. | 1910854 | 0.0 |
| 38059 | Public Service Enterprise Group, Inc. | 3203807 | 0.1 |
| 49741 | Sempra Energy | 3768876 | 0.1 |
| 83825 | Southern Co. | 7697650 | 0.2 |
| 25872 | Vistra Corp. | 5014252 | 0.1 |
| 24340 | WEC Energy Group, Inc. | 2536228 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 43990 | Xcel Energy, Inc. | $2995719 | 0.1 |
|  |  | **95827906** | **2.3** |
|  | Total Common Stock<br> (Cost $2,673,716,645) | **4003810676** | **96.0** |
| **Principal Amount†** |  | **Value** | **Percentage**<br> **of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** |
|  | **Repurchase Agreements: 0.0%** |  |  |
| 581929 <sup>(3)</sup> | Bank of America Securities Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $581,999, collateralized by various U.S. Government Securities, 0.000%-4.875%, Market Value plus accrued interest $593,568, due 04/30/26-06/30/30) | 581929 | 0.0 |
|  | Total Repurchase Agreements<br> (Cost $581,929) | **581929** | **0.0** |
| **Shares** |  | **Value** | **Percentage**<br> **of Net<br> Assets** |
|  | **Mutual Funds: 3.6%** |  |  |
| 149057000 <sup>(4)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $149,057,000) | $**149057000** | **3.6** |
|  | Total Short-Term Investments<br> (Cost $149,638,929) | **149638929** | **3.6** |
|  | **Total Investments in Securities<br> (Cost $2,823,355,574)** | $**4153449605** | **99.6** |
|  | **Assets in Excess of Other Liabilities** | **16858599** | **0.4** |
|  | **Net Assets** | $**4170308204** | **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 June 30, 2025.

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $4003810676 | $— | $— | $4003810676 |
| Short-Term Investments | 149057000 | 581929 |  | 149638929 |
| Total Investments, at fair value | $4152867676 | $581929 | $— | $4153449605 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 4681960 |  |  | 4681960 |
| Total Assets | $4157549636 | $581929 | $— | $4158131565 |

---

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

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

---

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

---

At June 30, 2025, the following futures contracts were outstanding for Voya VACS Index Series S Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 528 | 09/19/25 | $165099000 | $4681960 |
|  |  |  | $165099000 | $4681960 |

---

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

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

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $4681960 |
| **Total Asset Derivatives** |  | $4681960 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $1519790 |
| **Total** | $1519790 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $6088865 |
| **Total** | $6088865 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $2,824,360,671. | Cost for U.S. federal income tax purposes was $2,824,360,671. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $1485041020 |
| Gross Unrealized Depreciation | (151270126) |
| Net Unrealized Appreciation | $1333770894 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** |
|  | **Communication Services: 2.6%** | **Communication Services: 2.6%** | **Communication Services: 2.6%** |
| 7747 <sup>(1)</sup> | Advantage Solutions, Inc. | $10226 | 0.0 |
| 18540 <sup>(1)</sup> | Altice USA, Inc. - Class A | 39676 | 0.0 |
| 30254 <sup>(1)</sup> | AMC Entertainment Holdings, Inc. - Class A | 93787 | 0.1 |
| 2561 <sup>(1)</sup> | AMC Networks, Inc. - Class A | 16057 | 0.0 |
| 2994 <sup>(1)</sup> | Angi, Inc. | 45688 | 0.0 |
| 934 <sup>(1)</sup> | Anterix, Inc. | 23957 | 0.0 |
| 995 <sup>(1)</sup> | Arena Group Holdings, Inc. | 6169 | 0.0 |
| 3993 <sup>(1)</sup> | Atlanta Braves Holdings, Inc. - Class C | 186753 | 0.1 |
| 858 | ATN International, Inc. | 13943 | 0.0 |
| 1931 <sup>(1)</sup> | Bandwidth, Inc. - Class A | 30703 | 0.0 |
| 2027 <sup>(1)</sup> | Boston Omaha Corp. - Class A | 28459 | 0.0 |
| 5565 <sup>(1)</sup> | Bumble, Inc. - Class A | 36673 | 0.0 |
| 390 | Cable One, Inc. | 52966 | 0.0 |
| 5911 <sup>(1)</sup> | Cargurus, Inc. | 197841 | 0.1 |
| 4653 <sup>(1)</sup> | Cars.com, Inc. | 55138 | 0.0 |
| 7618 | Cinemark Holdings, Inc. | 229911 | 0.1 |
| 3111 | Cogent Communications Holdings, Inc. | 149981 | 0.1 |
| 2384 | CuriosityStream, Inc. | 13422 | 0.0 |
| 9511 <sup>(1)</sup> | EchoStar Corp. - Class A | 263455 | 0.2 |
| 5640 <sup>(1)</sup> | Eventbrite, Inc. - Class A | 14833 | 0.0 |
| 1918 <sup>(1)</sup> | EverQuote, Inc. - Class A | 46377 | 0.0 |
| 4388 <sup>(1)</sup> | EW Scripps Co. - Class A | 12901 | 0.0 |
| 23446 <sup>(1)</sup> | fuboTV, Inc. | 90502 | 0.1 |
| 9978 <sup>(1)</sup> | Gannett Co., Inc. | 35721 | 0.0 |
| 8374 <sup>(1)(2)</sup> | Getty Images Holdings, Inc. | 13901 | 0.0 |
| 3528 <sup>(1)(2)</sup> | Globalstar, Inc. | 83084 | 0.1 |
| 4802 <sup>(1)</sup> | Gogo, Inc. | 70493 | 0.1 |
| 6109 | Gray Television, Inc. | 27674 | 0.0 |
| 2334 <sup>(1)</sup> | Grindr, Inc. | 52982 | 0.0 |
| 993 <sup>(1)</sup> | Ibotta, Inc. - Class A | 36344 | 0.0 |
| 1156 | IDT Corp. - Class B | 78978 | 0.1 |
| 8722 <sup>(1)</sup> | iHeartMedia, Inc. - Class A | 15351 | 0.0 |
| 3035 <sup>(1)</sup> | IMAX Corp. | 84859 | 0.1 |
| 5370 <sup>(1)</sup> | Integral Ad Science Holding Corp. | 44625 | 0.0 |
| 2853 | John Wiley & Sons, Inc. - Class A | 127329 | 0.1 |
| 11730 <sup>(1)</sup> | Liberty Latin America Ltd. - Class C | 72961 | 0.1 |
| 13500 <sup>(1)</sup> | Lionsgate Studios Corp. | 78435 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** |
| 67533 <sup>(1)</sup> | Lumen Technologies, Inc. | $| 295795 | 0.2 |
| 2785 <sup>(1)</sup> | Madison Square Garden Entertainment Corp. |  | 111316 | 0.1 |
| 9788 <sup>(1)</sup> | Magnite, Inc. |  | 236087 | 0.1 |
| 1862 | Marcus Corp. |  | 31393 | 0.0 |
| 2393 <sup>(1)</sup> | MediaAlpha, Inc. - Class A |  | 26203 | 0.0 |
| 5391 | National CineMedia, Inc. |  | 26119 | 0.0 |
| 512 <sup>(1)</sup> | Newsmax, Inc. |  | 7747 | 0.0 |
| 15224 <sup>(1)</sup> | Nextdoor Holdings, Inc. |  | 25272 | 0.0 |
| 2742 <sup>(1)</sup> | Nexxen International Ltd. |  | 28544 | 0.0 |
| 7854 <sup>(1)</sup> | Playstudios, Inc. |  | 10289 | 0.0 |
| 4050 | Playtika Holding Corp. |  | 19157 | 0.0 |
| 2937 <sup>(1)</sup> | PubMatic, Inc. - Class A |  | 36536 | 0.0 |
| 3812 <sup>(1)</sup> | QuinStreet, Inc. |  | 61373 | 0.1 |
| 5521 <sup>(1)</sup> | Rumble, Inc. |  | 49579 | 0.0 |
| 1755 | Scholastic Corp. |  | 36820 | 0.0 |
| 3680 | Shenandoah Telecommunications Co. |  | 50269 | 0.0 |
| 1763 | Shutterstock, Inc. |  | 33426 | 0.0 |
| 2734 | Sinclair, Inc. |  | 37784 | 0.0 |
| 1909 <sup>(1)</sup> | Sphere Entertainment Co. |  | 79796 | 0.1 |
| 1545 | Spok Holdings, Inc. |  | 27316 | 0.0 |
| 8118 <sup>(1)</sup> | Stagwell, Inc. |  | 36531 | 0.0 |
| 962 <sup>(1)</sup> | Starz Entertainment Corp. |  | 15459 | 0.0 |
| 1938 <sup>(1)</sup> | TechTarget, Inc. |  | 15058 | 0.0 |
| 11126 | TEGNA, Inc. |  | 186472 | 0.1 |
| 6856 | Telephone and Data Systems, Inc. |  | 243936 | 0.1 |
| 2777 <sup>(1)</sup> | Thryv Holdings, Inc. |  | 33768 | 0.0 |
| 8020 <sup>(1)</sup> | TripAdvisor, Inc. |  | 104661 | 0.1 |
| 6675 <sup>(1)</sup> | TrueCar, Inc. |  | 12683 | 0.0 |
| 11096 <sup>(1)</sup> | Vimeo, Inc. |  | 44828 | 0.0 |
| 5975 <sup>(1)(2)</sup> | Vivid Seats, Inc. - Class A |  | 10098 | 0.0 |
| 4129 <sup>(1)(2)</sup> | VTEX - Class A |  | 27251 | 0.0 |
| 1365 <sup>(1)</sup> | Webtoon Entertainment, Inc. |  | 12394 | 0.0 |
| 3934 <sup>(1)</sup> | WideOpenWest, Inc. |  | 15972 | 0.0 |
| 4341 <sup>(1)</sup> | Yelp, Inc. |  | 148766 | 0.1 |
| 2927 <sup>(1)</sup> | Ziff Davis, Inc. |  | 88600 | 0.1 |
| 5016 <sup>(1)</sup> | ZipRecruiter, Inc. - Class A |  | 25130 | 0.0 |
|  |  |  | **4734583** | **2.6** |
|  | **Consumer Discretionary: 9.8%** | **Consumer Discretionary: 9.8%** | **Consumer Discretionary: 9.8%** | **Consumer Discretionary: 9.8%** |
| 3356 <sup>(1)</sup> | Abercrombie & Fitch Co. - Class A |  | 278045 | 0.2 |
| 4664 | Academy Sports & Outdoors, Inc. |  | 208994 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 4076 <sup>(1)</sup> | Accel Entertainment, Inc. | $47975 | 0.0 |
| 1983 | Acushnet Holdings Corp. | 144402 | 0.1 |
| 5850 <sup>(1)</sup> | Adient PLC | 113841 | 0.1 |
| 2584 <sup>(1)</sup> | Adtalem Global Education, Inc. | 328762 | 0.2 |
| 4188 | Advance Auto Parts, Inc. | 194700 | 0.1 |
| 1365 | A-Mark Precious Metals, Inc. | 30276 | 0.0 |
| 8415 <sup>(1)</sup> | American Axle & Manufacturing Holdings, Inc. | 34333 | 0.0 |
| 12036 | American Eagle Outfitters, Inc. | 115786 | 0.1 |
| 1247 <sup>(1)</sup> | American Public Education, Inc. | 37984 | 0.0 |
| 537 <sup>(1)</sup> | America's Car-Mart, Inc. | 30093 | 0.0 |
| 7792 <sup>(1)</sup> | AMMO, Inc. | 9974 | 0.0 |
| 3766 <sup>(1)</sup> | Arhaus, Inc. | 32651 | 0.0 |
| 5986 | Arko Corp. | 25321 | 0.0 |
| 1365 <sup>(1)</sup> | Asbury Automotive Group, Inc. | 325607 | 0.2 |
| 586 <sup>(1)</sup> | Bally's Corp. | 5614 | 0.0 |
| 1079 <sup>(1)</sup> | Barnes & Noble Education, Inc. | 12700 | 0.0 |
| 2171 <sup>(1)</sup> | Beazer Homes USA, Inc. | 48565 | 0.0 |
| 1467 <sup>(1)</sup> | BJ's Restaurants, Inc. | 65428 | 0.0 |
| 5826 | Bloomin' Brands, Inc. | 50162 | 0.0 |
| 2150 <sup>(1)</sup> | Boot Barn Holdings, Inc. | 326800 | 0.2 |
| 3106 <sup>(1)</sup> | Brinker International, Inc. | 560105 | 0.3 |
| 2184 | Buckle, Inc. | 99044 | 0.1 |
| 933 | Build-A-Bear Workshop, Inc. | 48105 | 0.0 |
| 2422 | Caleres, Inc. | 29597 | 0.0 |
| 4120 | Camping World Holdings, Inc. - Class A | 70823 | 0.1 |
| 8111 <sup>(1)</sup> | Capri Holdings Ltd. | 143565 | 0.1 |
| 1049 | Carriage Services, Inc. | 47981 | 0.0 |
| 2480 | Carter's, Inc. | 74722 | 0.1 |
| 558 <sup>(1)</sup> | Cavco Industries, Inc. | 242412 | 0.1 |
| 1914 | Century Communities, Inc. | 107796 | 0.1 |
| 3299 <sup>(2)</sup> | Cheesecake Factory, Inc. | 206715 | 0.1 |
| 364 <sup>(1)</sup> | Citi Trends, Inc. | 12154 | 0.0 |
| 1318 <sup>(1)</sup> | Cooper-Standard Holdings, Inc. | 28337 | 0.0 |
| 9622 <sup>(1)</sup> | Coursera, Inc. | 84289 | 0.1 |
| 1552 | Cracker Barrel Old Country Store, Inc. | 94796 | 0.1 |
| 3782 | Cricut, Inc. - Class A | 25604 | 0.0 |
| 9240 | Dana, Inc. | 158466 | 0.1 |
| 1996 <sup>(1)</sup> | Dave & Buster's Entertainment, Inc. | 60040 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 3670 <sup>(1)</sup> | Denny's Corp. | $15047 | 0.0 |
| 1029 <sup>(2)</sup> | Dine Brands Global, Inc. | 25036 | 0.0 |
| 1934 <sup>(1)</sup> | Dorman Products, Inc. | 237244 | 0.1 |
| 2142 <sup>(1)(2)</sup> | Dream Finders Homes, Inc. - Class A | 53828 | 0.0 |
| 1927 <sup>(1)</sup> | El Pollo Loco Holdings, Inc. | 21216 | 0.0 |
| 4524 <sup>(2)</sup> | Ermenegildo Zegna NV | 38680 | 0.0 |
| 1712 | Ethan Allen Interiors, Inc. | 47679 | 0.0 |
| 2316 <sup>(1)</sup> | European Wax Center, Inc. - Class A | 13039 | 0.0 |
| 5606 <sup>(1)</sup> | Everi Holdings, Inc. | 79829 | 0.1 |
| 9075 <sup>(1)</sup> | EVgo, Inc. | 33124 | 0.0 |
| 6313 <sup>(1)</sup> | Faraday Future Intelligent Electric, Inc. | 10606 | 0.0 |
| 6914 <sup>(1)</sup> | Figs, Inc. - Class A | 38995 | 0.0 |
| 2819 <sup>(1)</sup> | First Watch Restaurant Group, Inc. | 45217 | 0.0 |
| 351 | Flexsteel Industries, Inc. | 12647 | 0.0 |
| 5928 <sup>(1)</sup> | Foot Locker, Inc. | 145236 | 0.1 |
| 2975 <sup>(1)</sup> | Fox Factory Holding Corp. | 77172 | 0.1 |
| 5318 <sup>(1)</sup> | Frontdoor, Inc. | 313443 | 0.2 |
| 2531 <sup>(1)</sup> | Funko, Inc. - Class A | 12048 | 0.0 |
| 8880 | Garrett Motion, Inc. | 93329 | 0.1 |
| 812 <sup>(1)</sup> | Genesco, Inc. | 15988 | 0.0 |
| 15421 <sup>(1)</sup> | Genius Sports Ltd. | 160378 | 0.1 |
| 2229 <sup>(1)</sup> | Gentherm, Inc. | 63058 | 0.0 |
| 1867 <sup>(1)(2)</sup> | GigaCloud Technology, Inc. - Class A | 36929 | 0.0 |
| 2738 <sup>(1)</sup> | G-III Apparel Group Ltd. | 61331 | 0.0 |
| 9054 <sup>(1)</sup> | Global Business Travel Group I | 57040 | 0.0 |
| 1378 | Golden Entertainment, Inc. | 40555 | 0.0 |
| 18765 <sup>(1)</sup> | Goodyear Tire & Rubber Co. | 194593 | 0.1 |
| 221 | Graham Holdings Co. - Class B | 209104 | 0.1 |
| 2200 <sup>(1)</sup> | Green Brick Partners, Inc. | 138336 | 0.1 |
| 903 | Group 1 Automotive, Inc. | 394349 | 0.2 |
| 1757 <sup>(1)</sup> | Groupon, Inc. | 58772 | 0.0 |
| 673 | Hamilton Beach Brands Holding Co. - Class A | 12040 | 0.0 |
| 24312 <sup>(1)</sup> | Hanesbrands, Inc. | 111349 | 0.1 |
| 1130 | Haverty Furniture Cos., Inc. | 22996 | 0.0 |
| 1615 <sup>(1)</sup> | Helen of Troy Ltd. | 45834 | 0.0 |
| 4569 <sup>(1)</sup> | Hilton Grand Vacations, Inc. | 189751 | 0.1 |
| 362 <sup>(1)</sup> | Hovnanian Enterprises, Inc. - Class A | 37847 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 1640 | Installed Building Products, Inc. | $295725 | 0.2 |
| 7787 | International Game Technology PLC | 123112 | 0.1 |
| 1366 <sup>(2)</sup> | Jack in the Box, Inc. | 23850 | 0.0 |
| 726 | JAKKS Pacific, Inc. | 15086 | 0.0 |
| 4751 | KB Home | 251660 | 0.1 |
| 2210 <sup>(1)</sup> | KinderCare Learning Cos., Inc. | 22321 | 0.0 |
| 7528 | Kohl's Corp. | 63837 | 0.0 |
| 3860 | Kontoor Brands, Inc. | 254644 | 0.1 |
| 5884 | Krispy Kreme, Inc. | 17122 | 0.0 |
| 466 <sup>(1)</sup> | Kura Sushi USA, Inc. - Class A | 40113 | 0.0 |
| 1197 <sup>(1)</sup> | Lands' End, Inc. | 12820 | 0.0 |
| 3322 <sup>(1)</sup> | Latham Group, Inc. | 21194 | 0.0 |
| 9052 <sup>(1)</sup> | Laureate Education, Inc. | 211636 | 0.1 |
| 2922 | La-Z-Boy, Inc. | 108611 | 0.1 |
| 1699 | LCI Industries | 154932 | 0.1 |
| 904 <sup>(1)</sup> | Legacy Housing Corp. | 20485 | 0.0 |
| 9259 | Leggett & Platt, Inc. | 82590 | 0.1 |
| 1476 <sup>(1)</sup> | LGI Homes, Inc. | 76044 | 0.1 |
| 9469 <sup>(1)</sup> | Life Time Group Holdings, Inc. | 287195 | 0.2 |
| 2176 <sup>(1)</sup> | Lincoln Educational Services Corp. | 50157 | 0.0 |
| 2666 <sup>(1)</sup> | Lindblad Expeditions Holdings, Inc. | 31112 | 0.0 |
| 2625 <sup>(1)</sup> | Livewire Group, Inc. | 12075 | 0.0 |
| 1050 <sup>(1)</sup> | Lovesac Co. | 19110 | 0.0 |
| 2871 <sup>(1)(2)</sup> | Luminar Technologies, Inc. | 8240 | 0.0 |
| 1843 <sup>(1)</sup> | M/I Homes, Inc. | 206637 | 0.1 |
| 1468 <sup>(1)</sup> | Malibu Boats, Inc. - Class A | 46007 | 0.0 |
| 1571 <sup>(1)</sup> | MarineMax, Inc. | 39495 | 0.0 |
| 2191 | Marriott Vacations Worldwide Corp. | 158431 | 0.1 |
| 1369 <sup>(1)</sup> | MasterCraft Boat Holdings, Inc. | 25436 | 0.0 |
| 4956 | Meritage Homes Corp. | 331903 | 0.2 |
| 6826 <sup>(1)</sup> | Mister Car Wash, Inc. | 41024 | 0.0 |
| 3662 <sup>(1)</sup> | Modine Manufacturing Co. | 360707 | 0.2 |
| 920 | Monarch Casino & Resort, Inc. | 79525 | 0.1 |
| 2183 | Monro, Inc. | 32549 | 0.0 |
| 1424 <sup>(1)</sup> | Motorcar Parts of America, Inc. | 15949 | 0.0 |
| 1250 | Movado Group, Inc. | 19063 | 0.0 |
| 227 | Nathan's Famous, Inc. | 25102 | 0.0 |
| 5512 <sup>(1)</sup> | National Vision Holdings, Inc. | 126831 | 0.1 |
| 2103 <sup>(1)</sup> | ODP Corp. | 38127 | 0.0 |
| 6952 | OneSpaWorld Holdings Ltd. | 141751 | 0.1 |
| 872 <sup>(1)</sup> | OneWater Marine, Inc. - Class A | 11676 | 0.0 |
| 3868 <sup>(1)</sup> | Overstock.com, Inc. | 26612 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 1030 | Oxford Industries, Inc. | $41458 | 0.0 |
| 2284 | Papa John's International, Inc. | 111779 | 0.1 |
| 2255 | Patrick Industries, Inc. | 208069 | 0.1 |
| 25854 <sup>(1)</sup> | Peloton Interactive, Inc. - Class A | 179427 | 0.1 |
| 4571 | Perdoceo Education Corp. | 149426 | 0.1 |
| 6164 <sup>(1)</sup> | Petco Health & Wellness Co., Inc. | 17444 | 0.0 |
| 2882 | Phinia, Inc. | 128220 | 0.1 |
| 2866 <sup>(1)</sup> | PlayAGS, Inc. | 35796 | 0.0 |
| 3706 | Polaris, Inc. | 150649 | 0.1 |
| 3882 <sup>(1)(2)</sup> | Portillo's, Inc. - Class A | 45303 | 0.0 |
| 2103 <sup>(1)</sup> | Potbelly Corp. | 25762 | 0.0 |
| 614 | RCI Hospitality Holdings, Inc. | 23406 | 0.0 |
| 7197 <sup>(1)</sup> | RealReal, Inc. | 34474 | 0.0 |
| 3388 | Red Rock Resorts, Inc. - Class A | 176278 | 0.1 |
| 3789 | Rent-A-Center, Inc. | 95104 | 0.1 |
| 2794 <sup>(1)</sup> | Revolve Group, Inc. | 56020 | 0.0 |
| 576 | Rocky Brands, Inc. | 12781 | 0.0 |
| 6227 <sup>(1)</sup> | Rush Street Interactive, Inc. | 92782 | 0.1 |
| 26413 <sup>(1)</sup> | Sabre Corp. | 83465 | 0.1 |
| 7226 <sup>(1)</sup> | Sally Beauty Holdings, Inc. | 66913 | 0.0 |
| 1773 <sup>(1)(2)</sup> | Savers Value Village, Inc. | 18085 | 0.0 |
| 2110 <sup>(1)</sup> | SeaWorld Entertainment, Inc. | 99487 | 0.1 |
| 3291 <sup>(1)</sup> | Serve Robotics, Inc. | 37649 | 0.0 |
| 2703 <sup>(1)</sup> | Shake Shack, Inc. - Class A | 380042 | 0.2 |
| 1294 | Shoe Carnival, Inc. | 24211 | 0.0 |
| 2913 | Signet Jewelers Ltd. | 231729 | 0.1 |
| 6622 | Six Flags Entertainment Corp. | 201507 | 0.1 |
| 3766 <sup>(1)</sup> | Skyline Champion Corp. | 235789 | 0.1 |
| 1408 <sup>(1)</sup> | Sleep Number Corp. | 9511 | 0.0 |
| 3154 | Smith & Wesson Brands, Inc. | 27377 | 0.0 |
| 11609 <sup>(1)(2)</sup> | Solid Power, Inc. | 25424 | 0.0 |
| 1065 | Sonic Automotive, Inc. - Class A | 85125 | 0.1 |
| 8417 <sup>(1)</sup> | Sonos, Inc. | 90988 | 0.1 |
| 1663 | Standard Motor Products, Inc. | 51087 | 0.0 |
| 4827 | Steven Madden Ltd. | 115751 | 0.1 |
| 7466 <sup>(1)</sup> | Stitch Fix, Inc. - Class A | 27624 | 0.0 |
| 1651 | Strategic Education, Inc. | 140550 | 0.1 |
| 296 <sup>(1)</sup> | Strattec Security Corp. | 18414 | 0.0 |
| 2983 <sup>(1)</sup> | Stride, Inc. | 433102 | 0.2 |
| 1228 | Sturm Ruger & Co., Inc. | 44085 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 11342 | Super Group SGHC Ltd. | $| 124422 | 0.1 |
| 7183 <sup>(1)</sup> | Sweetgreen, Inc. - Class A |  | 106883 | 0.1 |
| 2463 <sup>(1)</sup> | Target Hospitality Corp. |  | 17537 | 0.0 |
| 7079 <sup>(1)</sup> | Taylor Morrison Home Corp. |  | 434792 | 0.2 |
| 6420 <sup>(1)</sup> | ThredUp, Inc. - Class A |  | 48086 | 0.0 |
| 9905 <sup>(1)</sup> | Topgolf Callaway Brands Corp. |  | 79735 | 0.1 |
| 6393 <sup>(1)</sup> | Tri Pointe Homes, Inc. |  | 204256 | 0.1 |
| 6583 <sup>(1)</sup> | Udemy, Inc. |  | 46278 | 0.0 |
| 3256 <sup>(1)</sup> | Universal Technical Institute, Inc. |  | 110346 | 0.1 |
| 4426 <sup>(1)</sup> | Urban Outfitters, Inc. |  | 321062 | 0.2 |
| 1473 <sup>(1)</sup> | Viad Corp. |  | 42467 | 0.0 |
| 4968 <sup>(1)</sup> | Victoria's Secret & Co. |  | 92007 | 0.1 |
| 1894 <sup>(1)</sup> | Visteon Corp. |  | 176710 | 0.1 |
| 6875 <sup>(1)</sup> | Warby Parker, Inc. - Class A |  | 150769 | 0.1 |
| 212 | Winmark Corp. |  | 80053 | 0.1 |
| 1957 | Winnebago Industries, Inc. |  | 56753 | 0.0 |
| 5689 | Wolverine World Wide, Inc. |  | 102857 | 0.1 |
| 1821 <sup>(1)</sup> | XPEL, Inc. |  | 65374 | 0.0 |
| 1955 <sup>(1)</sup> | Xponential Fitness, Inc. - Class A |  | 14643 | 0.0 |
| 1174 <sup>(1)</sup> | Zumiez, Inc. |  | 15567 | 0.0 |
|  |  |  | **17979415** | **9.8** |
|  | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** |
| 2284 | Andersons, Inc. |  | 83937 | 0.1 |
| 5587 <sup>(2)</sup> | B&G Foods, Inc. |  | 23633 | 0.0 |
| 8229 <sup>(1)</sup> | Beauty Health Co. |  | 15717 | 0.0 |
| 5129 <sup>(1)(2)</sup> | Beyond Meat, Inc. |  | 17900 | 0.0 |
| 1197 | Calavo Growers, Inc. |  | 31828 | 0.0 |
| 3220 | Cal-Maine Foods, Inc. |  | 320809 | 0.2 |
| 4388 <sup>(1)</sup> | Central Garden & Pet Co. - Class A |  | 137301 | 0.1 |
| 2540 <sup>(1)</sup> | Chefs' Warehouse, Inc. |  | 162077 | 0.1 |
| 5388 | Dole PLC |  | 75378 | 0.0 |
| 3284 | Edgewell Personal Care Co. |  | 76878 | 0.1 |
| 4955 | Energizer Holdings, Inc. |  | 99893 | 0.1 |
| 2420 | Fresh Del Monte Produce, Inc. |  | 78456 | 0.1 |
| 6640 <sup>(1)</sup> | Grocery Outlet Holding Corp. |  | 82469 | 0.1 |
| 995 <sup>(1)</sup> | Guardian Pharmacy Services, Inc. - Class A |  | 21204 | 0.0 |
| 6421 <sup>(1)</sup> | Hain Celestial Group, Inc. |  | 9760 | 0.0 |
| 7038 <sup>(1)</sup> | Herbalife Ltd. |  | 60668 | 0.0 |
| 3623 <sup>(1)</sup> | HF Foods Group, Inc. |  | 11521 | 0.0 |
| 6464 <sup>(1)</sup> | Honest Co., Inc. |  | 32902 | 0.0 |
| 1061 | Ingles Markets, Inc. - Class A |  | 67246 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 1265 | Inter Parfums, Inc. | $| 166107 | 0.1 |
| 1079 | J & J Snack Foods Corp. |  | 122369 | 0.1 |
| 662 | John B Sanfilippo & Son, Inc. |  | 41865 | 0.0 |
| 1399 | Lancaster Colony Corp. |  | 241705 | 0.1 |
| 828 | Lifevantage Corp. |  | 10830 | 0.0 |
| 1362 | Limoneira Co. |  | 21315 | 0.0 |
| 2666 <sup>(1)</sup> | Mama's Creations, Inc. |  | 22128 | 0.0 |
| 972 | MGP Ingredients, Inc. |  | 29131 | 0.0 |
| 3537 <sup>(1)</sup> | Mission Produce, Inc. |  | 41454 | 0.0 |
| 1724 <sup>(1)</sup> | National Beverage Corp. |  | 74546 | 0.0 |
| 925 | Natural Grocers by Vitamin Cottage, Inc. |  | 36306 | 0.0 |
| 1024 <sup>(1)</sup> | Nature's Sunshine Products, Inc. |  | 15145 | 0.0 |
| 3820 | Nu Skin Enterprises, Inc. - Class A |  | 30522 | 0.0 |
| 785 | Oil-Dri Corp. of America |  | 46307 | 0.0 |
| 10607 <sup>(1)</sup> | Olaplex Holdings, Inc. |  | 14850 | 0.0 |
| 1793 | PriceSmart, Inc. |  | 188337 | 0.1 |
| 382 <sup>(1)</sup> | Seneca Foods Corp. - Class A |  | 38746 | 0.0 |
| 6463 <sup>(1)</sup> | Simply Good Foods Co. |  | 204166 | 0.1 |
| 2527 | SpartanNash Co. |  | 66940 | 0.0 |
| 1732 | Spectrum Brands Holdings, Inc. |  | 91796 | 0.1 |
| 7059 <sup>(1)</sup> | SunOpta, Inc. |  | 40942 | 0.0 |
| 1340 | Tootsie Roll Industries, Inc. |  | 44823 | 0.0 |
| 3495 <sup>(1)</sup> | TreeHouse Foods, Inc. |  | 67873 | 0.0 |
| 1228 | Turning Point Brands, Inc. |  | 93046 | 0.1 |
| 4246 <sup>(1)</sup> | United Natural Foods, Inc. |  | 98974 | 0.1 |
| 1719 | Universal Corp. |  | 100115 | 0.1 |
| 828 <sup>(1)</sup> | USANA Health Sciences, Inc. |  | 25279 | 0.0 |
| 5077 | Utz Brands, Inc. |  | 63716 | 0.0 |
| 782 | Village Super Market, Inc. - Class A |  | 30107 | 0.0 |
| 2803 <sup>(1)</sup> | Vita Coco Co., Inc. |  | 101188 | 0.1 |
| 2422 <sup>(1)(2)</sup> | Vital Farms, Inc. |  | 93295 | 0.1 |
| 3455 <sup>(1)</sup> | Waldencast PLC - Class A |  | 8465 | 0.0 |
| 950 | WD-40 Co. |  | 216686 | 0.1 |
| 1187 | Weis Markets, Inc. |  | 86046 | 0.1 |
| 2758 <sup>(1)(2)</sup> | Westrock Coffee Co. |  | 15803 | 0.0 |
| 4563 | WK Kellogg Co. |  | 72734 | 0.0 |
| 2359 <sup>(1)</sup> | Zevia PBC - Class A |  | 7596 | 0.0 |
|  |  |  | **4080830** | **2.2** |
|  | **Energy: 4.8%** | **Energy: 4.8%** | **Energy: 4.8%** | **Energy: 4.8%** |
| 11573 | Archrock, Inc. |  | 287358 | 0.2 |
| 3050 | Ardmore Shipping Corp. |  | 29280 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 2171 | Aris Water Solutions, Inc. - Class A | $51344 | 0.0 |
| 5290 <sup>(2)</sup> | Atlas Energy Solutions, Inc. | 70727 | 0.0 |
| 6069 | Berry Corp. | 16811 | 0.0 |
| 1183 <sup>(1)</sup> | BKV Corp. | 28534 | 0.0 |
| 17526 <sup>(2)</sup> | Borr Drilling Ltd. | 32073 | 0.0 |
| 2024 <sup>(1)</sup> | Bristow Group, Inc. | 66731 | 0.0 |
| 4719 | Cactus, Inc. - Class A | 206315 | 0.1 |
| 4782 | California Resources Corp. | 218394 | 0.1 |
| 4842 <sup>(1)</sup> | Calumet, Inc. | 76286 | 0.1 |
| 1037 <sup>(1)(2)</sup> | Centrus Energy Corp. - Class A | 189958 | 0.1 |
| 12983 | ChampionX Corp. | 322498 | 0.2 |
| 12142 <sup>(1)</sup> | Clean Energy Fuels Corp. | 23677 | 0.0 |
| 10105 <sup>(1)</sup> | CNX Resources Corp. | 340336 | 0.2 |
| 5374 <sup>(1)</sup> | Comstock Resources, Inc. | 148699 | 0.1 |
| 3576 | Core Laboratories, Inc. | 41195 | 0.0 |
| 3694 | Core Natural Resources, Inc. | 257620 | 0.2 |
| 12118 | Crescent Energy Co. - Class A | 104215 | 0.1 |
| 2408 | CVR Energy, Inc. | 64655 | 0.0 |
| 4426 | Delek US Holdings, Inc. | 93743 | 0.1 |
| 9437 | DHT Holdings, Inc. | 102014 | 0.1 |
| 3911 | Diversified Energy Co. PLC | 57374 | 0.0 |
| 1640 <sup>(1)</sup> | DMC Global, Inc. | 13218 | 0.0 |
| 2595 | Dorian LPG Ltd. | 63266 | 0.0 |
| 13176 <sup>(1)</sup> | Encore Energy Corp. | 37683 | 0.0 |
| 14486 <sup>(1)(2)</sup> | Energy Fuels, Inc./Canada | 83294 | 0.1 |
| 1623 | Excelerate Energy, Inc. - Class A | 47586 | 0.0 |
| 7223 <sup>(1)</sup> | Expro Group Holdings NV | 62046 | 0.0 |
| 2260 <sup>(2)</sup> | FLEX LNG Ltd. | 49675 | 0.0 |
| 1436 | Flowco Holdings, Inc. - Class A | 25575 | 0.0 |
| 913 <sup>(1)</sup> | Forum Energy Technologies, Inc. | 17776 | 0.0 |
| 16488 <sup>(1)</sup> | Gevo, Inc. | 21764 | 0.0 |
| 6961 | Golar LNG Ltd. | 286724 | 0.2 |
| 4507 | Granite Ridge Resources, Inc. | 28710 | 0.0 |
| 4558 <sup>(1)</sup> | Green Plains, Inc. | 27485 | 0.0 |
| 1047 <sup>(1)</sup> | Gulfport Energy Corp. | 210625 | 0.1 |
| 2175 <sup>(1)</sup> | Hallador Energy Co. | 34430 | 0.0 |
| 10379 <sup>(1)</sup> | Helix Energy Solutions Group, Inc. | 64765 | 0.0 |
| 6805 | Helmerich & Payne, Inc. | 103164 | 0.1 |
| 1387 | HighPeak Energy, Inc. | 13593 | 0.0 |
| 1079 <sup>(1)</sup> | Infinity Natural Resources, Inc. - Class A | 19756 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 2819 <sup>(1)</sup> | Innovex International, Inc. | $44033 | 0.0 |
| 2825 | International Seaways, Inc. | 103056 | 0.1 |
| 3017 | Kinetik Holdings, Inc. | 132899 | 0.1 |
| 3766 | Kodiak Gas Services, Inc. | 129061 | 0.1 |
| 2746 <sup>(1)</sup> | Kolibri Global Energy, Inc. | 18810 | 0.0 |
| 33126 <sup>(1)</sup> | Kosmos Energy Ltd. | 56977 | 0.0 |
| 10885 | Liberty Energy, Inc. | 124960 | 0.1 |
| 1317 <sup>(1)</sup> | Lightbridge Corp. | 17608 | 0.0 |
| 12627 | Magnolia Oil & Gas Corp. - Class A | 283855 | 0.2 |
| 9498 | Murphy Oil Corp. | 213705 | 0.1 |
| 979 <sup>(1)(2)</sup> | Nabors Industries Ltd. | 27432 | 0.0 |
| 4505 <sup>(1)</sup> | National Energy Services Reunited Corp. | 27120 | 0.0 |
| 854 <sup>(1)</sup> | Natural Gas Services Group, Inc. | 22042 | 0.0 |
| 2343 | Navigator Holdings Ltd. | 33153 | 0.0 |
| 11658 <sup>(2)</sup> | New Fortress Energy, Inc. | 38704 | 0.0 |
| 6728 <sup>(1)</sup> | Newpark Resources, Inc. | 57255 | 0.0 |
| 9384 <sup>(1)</sup> | NextDecade Corp. | 83611 | 0.1 |
| 9128 | Noble Corp. PLC | 242348 | 0.1 |
| 15034 | Nordic American Tankers Ltd. | 39539 | 0.0 |
| 6691 | Northern Oil and Gas, Inc. | 189690 | 0.1 |
| 7063 <sup>(1)</sup> | Oceaneering International, Inc. | 146345 | 0.1 |
| 4698 <sup>(1)</sup> | Oil States International, Inc. | 25181 | 0.0 |
| 3919 <sup>(1)</sup> | Par Pacific Holdings, Inc. | 103971 | 0.1 |
| 26304 | Patterson-UTI Energy, Inc. | 155983 | 0.1 |
| 6088 | PBF Energy, Inc. - Class A | 131927 | 0.1 |
| 8518 | Peabody Energy Corp. | 114312 | 0.1 |
| 1174 <sup>(1)(2)</sup> | ProFrac Holding Corp. - Class A | 9110 | 0.0 |
| 6546 <sup>(1)</sup> | ProPetro Holding Corp. | 39080 | 0.0 |
| 1104 <sup>(1)</sup> | REX American Resources Corp. | 53776 | 0.0 |
| 983 | Riley Exploration Permian, Inc. | 25784 | 0.0 |
| 6815 | RPC, Inc. | 32235 | 0.0 |
| 4785 <sup>(1)</sup> | Sable Offshore Corp. | 105174 | 0.1 |
| 2765 | SandRidge Energy, Inc. | 29917 | 0.0 |
| 3099 | Scorpio Tankers, Inc. | 121264 | 0.1 |
| 2269 <sup>(1)</sup> | SEACOR Marine Holdings, Inc. | 11572 | 0.0 |
| 4549 <sup>(1)</sup> | Seadrill Ltd. | 119411 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 6590 | Select Water Solutions, Inc. | $| 56938 | 0.0 |
| 9214 | SFL Corp. Ltd. |  | 76753 | 0.1 |
| 5619 | Sitio Royalties Corp. - Class A |  | 103277 | 0.1 |
| 7851 | SM Energy Co. |  | 193998 | 0.1 |
| 2577 | Solaris Oilfield Infrastructure, Inc. - Class A |  | 72903 | 0.0 |
| 730 <sup>(1)</sup> | Summit Midstream Corp. |  | 17907 | 0.0 |
| 9379 <sup>(1)</sup> | Talos Energy, Inc. |  | 79534 | 0.1 |
| 4216 | Teekay Corp. Ltd. |  | 34782 | 0.0 |
| 1697 | Teekay Tankers Ltd. - Class A |  | 70799 | 0.0 |
| 9390 <sup>(1)</sup> | TETRA Technologies, Inc. |  | 31550 | 0.0 |
| 3509 <sup>(1)</sup> | Tidewater, Inc. |  | 161870 | 0.1 |
| 51576 <sup>(1)</sup> | Transocean Ltd. |  | 133582 | 0.1 |
| 29782 <sup>(1)</sup> | Uranium Energy Corp. |  | 202518 | 0.1 |
| 8415 | VAALCO Energy, Inc. |  | 30378 | 0.0 |
| 4399 <sup>(1)</sup> | Valaris Ltd. |  | 185242 | 0.1 |
| 2086 <sup>(1)</sup> | Vital Energy, Inc. |  | 33564 | 0.0 |
| 2025 | Vitesse Energy, Inc. |  | 44732 | 0.0 |
| 7795 | W&T Offshore, Inc. |  | 12862 | 0.0 |
| 3955 | World Fuel Services Corp. |  | 112124 | 0.1 |
|  |  |  | **8807185** | **4.8** |
|  | **Financials: 18.7%** | **Financials: 18.7%** | **Financials: 18.7%** | **Financials: 18.7%** |
| 1400 | 1st Source Corp. |  | 86898 | 0.1 |
| 860 | ACNB Corp. |  | 36842 | 0.0 |
| 1805 | Alerus Financial Corp. |  | 39060 | 0.0 |
| 3577 <sup>(1)(2)</sup> | AlTi Global, Inc. |  | 14845 | 0.0 |
| 1720 | Amalgamated Financial Corp. |  | 53664 | 0.0 |
| 3398 <sup>(1)</sup> | Ambac Financial Group, Inc. |  | 24126 | 0.0 |
| 2783 | Amerant Bancorp, Inc. |  | 50734 | 0.0 |
| 1919 | American Coastal Insurance Corp. |  | 21339 | 0.0 |
| 4513 | Ameris Bancorp |  | 291991 | 0.2 |
| 1416 | AMERISAFE, Inc. |  | 61922 | 0.0 |
| 10164 | Apollo Commercial Real Estate Finance, Inc. |  | 98388 | 0.1 |
| 13372 <sup>(2)</sup> | Arbor Realty Trust, Inc. |  | 143080 | 0.1 |
| 4520 <sup>(2)</sup> | Ares Commercial Real Estate Corp. |  | 21560 | 0.0 |
| 5450 <sup>(2)</sup> | ARMOUR Residential REIT, Inc. |  | 91615 | 0.1 |
| 1545 | Arrow Financial Corp. |  | 40819 | 0.0 |
| 4260 | Artisan Partners Asset Management, Inc. - Class A |  | 188846 | 0.1 |
| 11297 | Associated Banc-Corp. |  | 275534 | 0.2 |
| 9667 | Atlantic Union Bankshares Corp. |  | 302384 | 0.2 |
| 424 <sup>(1)</sup> | Atlanticus Holdings Corp. |  | 23214 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **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)** |
| 12128 <sup>(1)</sup> | AvidXchange Holdings, Inc. | $118733 | 0.1 |
| 3755 <sup>(1)</sup> | Axos Financial, Inc. | 285530 | 0.2 |
| 9459 | Banc of California, Inc. | 132899 | 0.1 |
| 1483 | BancFirst Corp. | 183328 | 0.1 |
| 2097 | Banco Latinoamericano de Comercio Exterior SA - Class E | 84509 | 0.1 |
| 3166 <sup>(1)</sup> | Bancorp, Inc. | 180367 | 0.1 |
| 777 | Bank First Corp. | 91414 | 0.1 |
| 2692 | Bank of Hawaii Corp. | 181791 | 0.1 |
| 1301 | Bank of Marin Bancorp | 29715 | 0.0 |
| 3150 | Bank of NT Butterfield & Son Ltd. | 139482 | 0.1 |
| 5107 | BankUnited, Inc. | 181758 | 0.1 |
| 766 | Bankwell Financial Group, Inc. | 27599 | 0.0 |
| 2373 | Banner Corp. | 152228 | 0.1 |
| 1408 | Bar Harbor Bankshares | 42184 | 0.0 |
| 1161 | BayCom Corp. | 32171 | 0.0 |
| 3114 | Berkshire Hills Bancorp, Inc. | 77975 | 0.1 |
| 24986 | BGC Group, Inc. - Class A | 255607 | 0.1 |
| 11935 <sup>(2)</sup> | Blackstone Mortgage Trust, Inc. - Class A | 229749 | 0.1 |
| 2450 <sup>(1)</sup> | Blue Foundry Bancorp | 23447 | 0.0 |
| 1157 <sup>(1)</sup> | Bowhead Specialty Holdings, Inc. | 43422 | 0.0 |
| 3388 | Bread Financial Holdings, Inc. | 193523 | 0.1 |
| 1897 <sup>(1)</sup> | Bridgewater Bancshares, Inc. | 30181 | 0.0 |
| 2000 | Brightsphere Investment Group, Inc. | 70480 | 0.0 |
| 10555 | BrightSpire Capital, Inc. | 53303 | 0.0 |
| 6493 | Brookline Bancorp, Inc. | 68501 | 0.0 |
| 4907 <sup>(1)</sup> | BRP Group, Inc. - Class A | 210069 | 0.1 |
| 13983 | Burford Capital Ltd. | 199398 | 0.1 |
| 1048 | Burke & Herbert Financial Services Corp. | 62597 | 0.0 |
| 2303 | Business First Bancshares, Inc. | 56769 | 0.0 |
| 2531 | Byline Bancorp, Inc. | 67654 | 0.0 |
| 12437 | Cadence Bank | 397735 | 0.2 |
| 2000 <sup>(1)</sup> | California BanCorp | 31520 | 0.0 |
| 1373 | Camden National Corp. | 55716 | 0.0 |
| 4022 | Cannae Holdings, Inc. | 83859 | 0.1 |
| 4183 <sup>(1)</sup> | Cantaloupe, Inc. | 45971 | 0.0 |
| 1037 | Capital Bancorp, Inc. | 34822 | 0.0 |
| 1363 | Capital City Bank Group, Inc. | 53634 | 0.0 |
| 9328 | Capitol Federal Financial, Inc. | 56901 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 2023 <sup>(1)</sup> | Carter Bankshares, Inc. | $35079 | 0.0 |
| 1086 | Cass Information Systems, Inc. | 47187 | 0.0 |
| 4659 | Cathay General Bancorp | 212124 | 0.1 |
| 2046 | Central Pacific Financial Corp. | 57349 | 0.0 |
| 5978 | Chimera Investment Corp. | 82915 | 0.1 |
| 1099 | ChoiceOne Financial Services, Inc. | 31541 | 0.0 |
| 1563 | Citizens & Northern Corp. | 29603 | 0.0 |
| 413 | Citizens Financial Services, Inc. | 24251 | 0.0 |
| 3729 <sup>(1)</sup> | Citizens, Inc. | 13014 | 0.0 |
| 1044 | City Holding Co. | 127806 | 0.1 |
| 1474 | Civista Bancshares, Inc. | 34197 | 0.0 |
| 6933 | Claros Mortgage Trust, Inc. | 19759 | 0.0 |
| 1849 | CNB Financial Corp. | 42268 | 0.0 |
| 6947 | CNO Financial Group, Inc. | 268015 | 0.2 |
| 929 <sup>(1)</sup> | Coastal Financial Corp. | 89992 | 0.1 |
| 1932 | Cohen & Steers, Inc. | 145576 | 0.1 |
| 2483 <sup>(1)</sup> | Columbia Financial, Inc. | 36028 | 0.0 |
| 3707 | Community Bank System, Inc. | 210817 | 0.1 |
| 1338 | Community Trust Bancorp, Inc. | 70807 | 0.0 |
| 1604 | Community West Bancshares | 31294 | 0.0 |
| 4865 | Compass Diversified Holdings | 30552 | 0.0 |
| 3496 | ConnectOne Bancorp, Inc. | 80967 | 0.1 |
| 2065 <sup>(1)</sup> | Customers Bancorp, Inc. | 121298 | 0.1 |
| 9198 | CVB Financial Corp. | 182028 | 0.1 |
| 648 <sup>(1)</sup> | Dave, Inc. | 173930 | 0.1 |
| 206 | Diamond Hill Investment Group, Inc. | 29934 | 0.0 |
| 11944 | DigitalBridge Group, Inc. | 123620 | 0.1 |
| 2879 | Dime Community Bancshares, Inc. | 77560 | 0.1 |
| 1944 <sup>(1)</sup> | Donnelley Financial Solutions, Inc. | 119848 | 0.1 |
| 6979 <sup>(2)</sup> | Dynex Capital, Inc. | 85283 | 0.1 |
| 2175 | Eagle Bancorp, Inc. | 42369 | 0.0 |
| 13403 | Eastern Bankshares, Inc. | 204664 | 0.1 |
| 6848 <sup>(2)</sup> | Ellington Financial, Inc. | 88956 | 0.1 |
| 1800 | Employers Holdings, Inc. | 84924 | 0.1 |
| 2216 | Enact Holdings, Inc. | 82324 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **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)** |
| 1699 <sup>(1)</sup> | Encore Capital Group, Inc. | $65768 | 0.0 |
| 1747 <sup>(1)</sup> | Enova International, Inc. | 194825 | 0.1 |
| 868 <sup>(1)</sup> | Enstar Group Ltd. | 291960 | 0.2 |
| 998 | Enterprise Bancorp, Inc. | 39561 | 0.0 |
| 2613 | Enterprise Financial Services Corp. | 143976 | 0.1 |
| 1340 | Equity Bancshares, Inc. - Class A | 54672 | 0.0 |
| 548 | Esquire Financial Holdings, Inc. | 51874 | 0.0 |
| 7179 | Essent Group Ltd. | 435981 | 0.2 |
| 4497 | EVERTEC, Inc. | 162117 | 0.1 |
| 1496 | F&G Annuities & Life, Inc. | 47842 | 0.0 |
| 1257 | Farmers & Merchants Bancorp, Inc./Archbold OH | 31777 | 0.0 |
| 3314 | Farmers National Banc Corp. | 45700 | 0.0 |
| 2572 | FB Financial Corp. | 116512 | 0.1 |
| 646 | Federal Agricultural Mortgage Corp. - Class C | 125505 | 0.1 |
| 4139 | Fidelis Insurance Holdings Ltd. | 68625 | 0.0 |
| 521 | Fidelity D&D Bancorp, Inc. | 23966 | 0.0 |
| 1520 | Financial Institutions, Inc. | 39034 | 0.0 |
| 1270 | First Bancorp, Inc. | 32271 | 0.0 |
| 11093 | First BanCorp/Puerto Rico | 231067 | 0.1 |
| 2895 | First Bancorp/Southern Pines NC | 127641 | 0.1 |
| 2403 | First Bank/Hamilton NJ | 37174 | 0.0 |
| 5934 | First Busey Corp. | 135800 | 0.1 |
| 713 | First Business Financial Services, Inc. | 36121 | 0.0 |
| 7128 | First Commonwealth Financial Corp. | 115687 | 0.1 |
| 1441 | First Community Bankshares, Inc. | 56444 | 0.0 |
| 6692 | First Financial Bancorp | 162348 | 0.1 |
| 9403 | First Financial Bankshares, Inc. | 338320 | 0.2 |
| 963 | First Financial Corp. | 52185 | 0.0 |
| 4869 | First Foundation, Inc. | 24832 | 0.0 |
| 5936 | First Interstate BancSystem, Inc. - Class A | 171076 | 0.1 |
| 4115 | First Merchants Corp. | 157605 | 0.1 |
| 1940 | First Mid Bancshares, Inc. | 72731 | 0.0 |
| 2762 | FirstCash Holdings, Inc. | 373257 | 0.2 |
| 963 <sup>(1)</sup> | Firstsun Capital Bancorp | 33464 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 1556 | Five Star Bancorp | $44408 | 0.0 |
| 2442 | Flushing Financial Corp. | 29011 | 0.0 |
| 8431 <sup>(1)</sup> | Flywire Corp. | 98643 | 0.1 |
| 744 <sup>(1)</sup> | Forge Global Holdings, Inc. | 14166 | 0.0 |
| 6532 | Franklin BSP Realty Trust, Inc. | 69827 | 0.0 |
| 12374 | Fulton Financial Corp. | 223227 | 0.1 |
| 652 <sup>(1)</sup> | GBank Financial Holdings, Inc. | 23087 | 0.0 |
| 3504 | GCM Grosvenor, Inc. - Class A | 40506 | 0.0 |
| 28849 <sup>(1)</sup> | Genworth Financial, Inc. - Class A | 224445 | 0.1 |
| 2715 | German American Bancorp, Inc. | 104555 | 0.1 |
| 7930 | Glacier Bancorp, Inc. | 341624 | 0.2 |
| 1673 | Goosehead Insurance, Inc. - Class A | 176518 | 0.1 |
| 807 | Great Southern Bancorp, Inc. | 47435 | 0.0 |
| 3802 <sup>(1)</sup> | Green Dot Corp. - Class A | 40986 | 0.0 |
| 675 | Greene County Bancorp, Inc. | 14999 | 0.0 |
| 2337 <sup>(1)</sup> | Greenlight Capital Re Ltd. - Class A | 33583 | 0.0 |
| 766 | Guaranty Bancshares, Inc. | 32509 | 0.0 |
| 3150 <sup>(1)</sup> | Hamilton Insurance Group Ltd. - Class B | 68103 | 0.0 |
| 5846 | Hancock Whitney Corp. | 335560 | 0.2 |
| 2311 | Hanmi Financial Corp. | 57035 | 0.0 |
| 8527 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 229035 | 0.1 |
| 3077 | HarborOne Bancorp, Inc. | 35939 | 0.0 |
| 562 | Hawthorn Bancshares, Inc. | 16377 | 0.0 |
| 1428 | HBT Financial, Inc. | 36000 | 0.0 |
| 598 | HCI Group, Inc. | 91016 | 0.1 |
| 4904 | Heritage Commerce Corp. | 48697 | 0.0 |
| 2587 | Heritage Financial Corp. | 61674 | 0.0 |
| 1656 <sup>(1)</sup> | Heritage Insurance Holdings, Inc. | 41301 | 0.0 |
| 3286 | Hilltop Holdings, Inc. | 99730 | 0.1 |
| 118 | Hingham Institution For Savings The | 29305 | 0.0 |
| 1410 <sup>(1)</sup> | Hippo Holdings, Inc. | 39381 | 0.0 |
| 606 | Home Bancorp, Inc. | 31379 | 0.0 |
| 13029 | Home BancShares, Inc. | 370805 | 0.2 |
| 1429 <sup>(1)</sup> | HomeStreet, Inc. | 18677 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **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)** |
| 1401 | HomeTrust Bancshares, Inc. | $52411 | 0.0 |
| 8427 | Hope Bancorp, Inc. | 90422 | 0.1 |
| 2896 | Horace Mann Educators Corp. | 124441 | 0.1 |
| 3553 | Horizon Bancorp, Inc. | 54645 | 0.0 |
| 2944 | Independent Bank Corp. | 185133 | 0.1 |
| 1662 | Independent Bank Corp. Michigan | 53865 | 0.0 |
| 3799 | International Bancshares Corp. | 252861 | 0.1 |
| 2267 <sup>(1)</sup> | International Money Express, Inc. | 22874 | 0.0 |
| 4706 <sup>(2)</sup> | Invesco Mortgage Capital, Inc. | 36895 | 0.0 |
| 108 | Investors Title Co. | 22820 | 0.0 |
| 5028 | Jackson Financial, Inc. - Class A | 446436 | 0.3 |
| 2658 | James River Group Holdings Ltd. | 15576 | 0.0 |
| 1289 | John Marshall Bancorp, Inc. | 23885 | 0.0 |
| 4563 | Kearny Financial Corp. | 29477 | 0.0 |
| 824 <sup>(1)</sup> | Kingstone Cos., Inc. | 12698 | 0.0 |
| 1586 <sup>(1)</sup> | Kingsway Financial Services, Inc. | 21474 | 0.0 |
| 4679 | KKR Real Estate Finance Trust, Inc. | 41035 | 0.0 |
| 8712 | Ladder Capital Corp. | 93654 | 0.1 |
| 1792 | Lakeland Financial Corp. | 110118 | 0.1 |
| 3896 <sup>(1)</sup> | Lemonade, Inc. | 170684 | 0.1 |
| 7771 <sup>(1)</sup> | LendingClub Corp. | 93485 | 0.1 |
| 762 <sup>(1)</sup> | LendingTree, Inc. | 28247 | 0.0 |
| 2487 | Live Oak Bancshares, Inc. | 74113 | 0.0 |
| 2214 | Marex Group PLC | 87387 | 0.1 |
| 28246 <sup>(1)</sup> | Marqeta, Inc. - Class A | 164674 | 0.1 |
| 3622 <sup>(1)</sup> | MBIA, Inc. | 15719 | 0.0 |
| 1252 | Mercantile Bank Corp. | 58105 | 0.0 |
| 1856 | Merchants Bancorp | 61378 | 0.0 |
| 1875 | Mercury General Corp. | 126262 | 0.1 |
| 1829 | Metrocity Bankshares, Inc. | 52273 | 0.0 |
| 791 <sup>(1)</sup> | Metropolitan Bank Holding Corp. | 55370 | 0.0 |
| 7433 | MFA Financial, Inc. | 70316 | 0.0 |
| 1580 | Mid Penn Bancorp, Inc. | 44556 | 0.0 |
| 735 | Middlefield Banc Corp. | 22131 | 0.0 |
| 1694 | Midland States Bancorp, Inc. | 29340 | 0.0 |
| 1605 | MidWestOne Financial Group, Inc. | 46176 | 0.0 |
| 5110 | Moelis & Co. - Class A | 318455 | 0.2 |
| 1119 | MVB Financial Corp. | 25211 | 0.0 |
| 2663 | National Bank Holdings Corp. - Class A | 100155 | 0.1 |
| 5389 | Navient Corp. | 75985 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 3069 <sup>(1)</sup> | NB Bancorp, Inc. | $54812 | 0.0 |
| 3559 | NBT Bancorp, Inc. | 147876 | 0.1 |
| 1039 | Nelnet, Inc. - Class A | 125844 | 0.1 |
| 2879 <sup>(1)</sup> | NerdWallet, Inc. - Class A | 31583 | 0.0 |
| 21233 | New York Community Bancorp, Inc. | 225070 | 0.1 |
| 7259 | New York Mortgage Trust, Inc. | 48635 | 0.0 |
| 1793 | NewtekOne, Inc. | 20225 | 0.0 |
| 987 | Nicolet Bankshares, Inc. | 121875 | 0.1 |
| 5422 <sup>(1)</sup> | NMI Holdings, Inc. - Class A | 228754 | 0.1 |
| 555 | Northeast Bank | 49389 | 0.0 |
| 1164 | Northeast Community Bancorp, Inc. | 27057 | 0.0 |
| 3089 | Northfield Bancorp, Inc. | 35462 | 0.0 |
| 427 | Northrim BanCorp, Inc. | 39822 | 0.0 |
| 8983 | Northwest Bancshares, Inc. | 114803 | 0.1 |
| 843 | Norwood Financial Corp. | 21733 | 0.0 |
| 4255 | OceanFirst Financial Corp. | 74931 | 0.0 |
| 509 <sup>(1)</sup> | Ocwen Financial Corp. | 19429 | 0.0 |
| 3132 | OFG Bancorp | 134050 | 0.1 |
| 21921 | Old National Bancorp | 467794 | 0.3 |
| 3515 | Old Second Bancorp, Inc. | 62356 | 0.0 |
| 7387 <sup>(1)</sup> | Open Lending Corp. | 14331 | 0.0 |
| 2513 <sup>(1)</sup> | Oportun Financial Corp. | 17993 | 0.0 |
| 1720 <sup>(2)</sup> | OppFi, Inc. | 24063 | 0.0 |
| 849 | Orange County Bancorp, Inc. | 21938 | 0.0 |
| 7125 <sup>(2)</sup> | Orchid Island Capital, Inc. | 49946 | 0.0 |
| 2184 | Origin Bancorp, Inc. | 78056 | 0.1 |
| 1492 | Orrstown Financial Services, Inc. | 47490 | 0.0 |
| 12938 <sup>(1)</sup> | Oscar Health, Inc. - Class A | 277391 | 0.2 |
| 3814 | P10, Inc. - Class A | 38979 | 0.0 |
| 6524 | Pacific Premier Bancorp, Inc. | 137591 | 0.1 |
| 12791 | Pagseguro Digital Ltd. - Class A | 123305 | 0.1 |
| 1839 <sup>(1)</sup> | Palomar Holdings, Inc. | 283666 | 0.2 |
| 1049 | Park National Corp. | 175456 | 0.1 |
| 1687 | Pathward Financial, Inc. | 133475 | 0.1 |
| 4188 | Patria Investments Ltd. - Class A | 58883 | 0.0 |
| 3267 <sup>(1)</sup> | Patriot National Bancorp, Inc. | 4966 | 0.0 |
| 19306 <sup>(1)</sup> | Payoneer Global, Inc. | 132246 | 0.1 |
| 2352 <sup>(1)</sup> | Paysafe Ltd. | 29682 | 0.0 |
| 2538 <sup>(1)</sup> | Paysign, Inc. | 18274 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **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)** |
| 1392 | Peapack-Gladstone Financial Corp. | $39324 | 0.0 |
| 2045 | PennyMac Financial Services, Inc. | 203764 | 0.1 |
| 6609 | PennyMac Mortgage Investment Trust | 84992 | 0.1 |
| 2637 | Peoples Bancorp, Inc. | 80534 | 0.1 |
| 890 | Peoples Financial Services Corp. | 43939 | 0.0 |
| 4187 | Perella Weinberg Partners | 81312 | 0.1 |
| 1199 | Piper Sandler Cos. | 333250 | 0.2 |
| 1602 | PJT Partners, Inc. - Class A | 264346 | 0.2 |
| 584 | Plumas Bancorp | 25965 | 0.0 |
| 1975 <sup>(1)</sup> | Ponce Financial Group, Inc. | 27334 | 0.0 |
| 2838 <sup>(1)</sup> | PRA Group, Inc. | 41861 | 0.0 |
| 914 | Preferred Bank/Los Angeles CA | 79102 | 0.1 |
| 1806 <sup>(1)</sup> | Priority Technology Holdings, Inc. | 14051 | 0.0 |
| 3562 <sup>(1)</sup> | ProAssurance Corp. | 81320 | 0.1 |
| 2859 | PROG Holdings, Inc. | 83912 | 0.1 |
| 9010 | Provident Financial Services, Inc. | 157945 | 0.1 |
| 1215 | QCR Holdings, Inc. | 82498 | 0.1 |
| 10146 | Radian Group, Inc. | 365459 | 0.2 |
| 12182 <sup>(2)</sup> | Ready Capital Corp. | 53235 | 0.0 |
| 528 | Red River Bancshares, Inc. | 30994 | 0.0 |
| 10229 | Redwood Trust, Inc. | 60453 | 0.0 |
| 712 | Regional Management Corp. | 20798 | 0.0 |
| 10812 <sup>(1)</sup> | Remitly Global, Inc. | 202941 | 0.1 |
| 6475 | Renasant Corp. | 232647 | 0.1 |
| 6805 <sup>(1)</sup> | Repay Holdings Corp. | 32800 | 0.0 |
| 736 | Republic Bancorp, Inc. - Class A | 53809 | 0.0 |
| 747 <sup>(1)</sup> | Root, Inc. - Class A | 95594 | 0.1 |
| 2806 | S&T Bancorp, Inc. | 106123 | 0.1 |
| 1078 | Safety Insurance Group, Inc. | 85582 | 0.1 |
| 5897 | Seacoast Banking Corp. of Florida | 162875 | 0.1 |
| 4209 | Selective Insurance Group, Inc. | 364710 | 0.2 |
| 9782 <sup>(1)</sup> | Selectquote, Inc. | 23281 | 0.0 |
| 3599 | ServisFirst Bancshares, Inc. | 278958 | 0.2 |
| 1035 <sup>(1)(2)</sup> | Sezzle, Inc. | 185524 | 0.1 |
| 2624 | Shore Bancshares, Inc. | 41249 | 0.0 |
| 1254 | Sierra Bancorp | 37231 | 0.0 |
| 8734 | Simmons First National Corp. - Class A | 165597 | 0.1 |
| 7227 <sup>(1)</sup> | SiriusPoint Ltd. | 147359 | 0.1 |
| 2585 <sup>(1)</sup> | Skyward Specialty Insurance Group, Inc. | 149387 | 0.1 |
| 1415 | SmartFinancial, Inc. | 47799 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 1222 | South Plains Financial, Inc. | $44041 | 0.0 |
| 797 <sup>(1)</sup> | Southern First Bancshares, Inc. | 30310 | 0.0 |
| 848 | Southern Missouri Bancorp, Inc. | 46453 | 0.0 |
| 754 | Southern States Bancshares, Inc. | 27423 | 0.0 |
| 2294 | Southside Bancshares, Inc. | 67512 | 0.0 |
| 3675 | Stellar Bancorp, Inc. | 102827 | 0.1 |
| 4584 | StepStone Group, Inc. - Class A | 254412 | 0.1 |
| 1928 | Stewart Information Services Corp. | 125513 | 0.1 |
| 1878 | Stock Yards Bancorp, Inc. | 148324 | 0.1 |
| 17326 <sup>(1)</sup> | StoneCo Ltd. - Class A | 277909 | 0.2 |
| 3154 <sup>(1)</sup> | StoneX Group, Inc. | 287456 | 0.2 |
| 3154 <sup>(1)</sup> | Texas Capital Bancshares, Inc. | 250428 | 0.1 |
| 1047 <sup>(1)</sup> | Third Coast Bancshares, Inc. | 34205 | 0.0 |
| 913 | Timberland Bancorp, Inc. | 28486 | 0.0 |
| 1948 | Tiptree, Inc. | 45934 | 0.0 |
| 1043 | Tompkins Financial Corp. | 65427 | 0.0 |
| 5026 | Towne Bank/ Portsmouth VA | 171789 | 0.1 |
| 5708 | TPG RE Finance Trust, Inc. | 44066 | 0.0 |
| 2382 | TriCo Bancshares | 96447 | 0.1 |
| 7878 <sup>(1)</sup> | Triller Group, Inc. | 7330 | 0.0 |
| 1554 <sup>(1)</sup> | Triumph Financial, Inc. | 85641 | 0.1 |
| 2594 <sup>(1)</sup> | Trupanion, Inc. | 143578 | 0.1 |
| 1569 | TrustCo Bank Corp. NY | 52436 | 0.0 |
| 4256 | Trustmark Corp. | 155174 | 0.1 |
| 7379 | Two Harbors Investment Corp. | 79472 | 0.1 |
| 4993 | UMB Financial Corp. | 525064 | 0.3 |
| 9732 | United Bankshares, Inc. | 354537 | 0.2 |
| 8290 | United Community Banks, Inc. | 246959 | 0.1 |
| 1591 | United Fire Group, Inc. | 45662 | 0.0 |
| 664 | Unity Bancorp, Inc. | 31261 | 0.0 |
| 1826 | Universal Insurance Holdings, Inc. | 50635 | 0.0 |
| 2340 | Univest Financial Corp. | 70294 | 0.0 |
| 5871 <sup>(1)(2)</sup> | Upstart Holdings, Inc. | 379736 | 0.2 |
| 32937 | Valley National Bancorp | 294127 | 0.2 |
| 3737 | Veritex Holdings, Inc. | 97536 | 0.1 |
| 3071 | Victory Capital Holdings, Inc. - Class A | 195531 | 0.1 |
| 475 | Virtus Investment Partners, Inc. | 86165 | 0.1 |
| 2281 | Walker & Dunlop, Inc. | 160765 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 5623 | Washington Federal, Inc. | $164641 | 0.1 |
| 1385 | Washington Trust Bancorp, Inc. | 39168 | 0.0 |
| 1489 | Waterstone Financial, Inc. | 20563 | 0.0 |
| 6606 | WesBanco, Inc. | 208948 | 0.1 |
| 1642 | West BanCorp, Inc. | 32232 | 0.0 |
| 1865 | Westamerica BanCorp | 90341 | 0.1 |
| 9465 | WisdomTree, Inc. | 108942 | 0.1 |
| 263 <sup>(1)</sup> | World Acceptance Corp. | 43427 | 0.0 |
| 4041 | WSFS Financial Corp. | 222255 | 0.1 |
|  |  | **34479751** | **18.7** |
|  | **Health Care: 15.5%** |  |  |
| 7272 <sup>(1)</sup> | 10X Genomics, Inc. - Class A | 84210 | 0.1 |
| 3371 <sup>(1)</sup> | 4D Molecular Therapeutics, Inc. | 12506 | 0.0 |
| 8749 <sup>(1)</sup> | 89bio, Inc. | 85915 | 0.1 |
| 440 <sup>(1)</sup> | Aardvark Therapeutics, Inc. | 5949 | 0.0 |
| 3029 <sup>(1)</sup> | Abeona Therapeutics, Inc. | 17205 | 0.0 |
| 7459 <sup>(1)(2)</sup> | Absci Corp. | 19170 | 0.0 |
| 8674 <sup>(1)</sup> | ACADIA Pharmaceuticals, Inc. | 187098 | 0.1 |
| 7814 <sup>(1)</sup> | Accuray, Inc. | 10705 | 0.0 |
| 6775 <sup>(1)</sup> | Aclaris Therapeutics, Inc. | 9620 | 0.0 |
| 7044 <sup>(1)</sup> | AdaptHealth Corp. | 66425 | 0.0 |
| 10507 <sup>(1)</sup> | Adaptive Biotechnologies Corp. | 122407 | 0.1 |
| 5634 <sup>(1)</sup> | ADC Therapeutics SA | 15099 | 0.0 |
| 1263 <sup>(1)</sup> | Addus HomeCare Corp. | 145485 | 0.1 |
| 16221 <sup>(1)</sup> | ADMA Biologics, Inc. | 295384 | 0.2 |
| 21480 <sup>(1)</sup> | agilon health, Inc. | 49404 | 0.0 |
| 3923 <sup>(1)</sup> | Agios Pharmaceuticals, Inc. | 130479 | 0.1 |
| 17645 <sup>(1)</sup> | Akebia Therapeutics, Inc. | 64228 | 0.0 |
| 4985 <sup>(1)</sup> | Akero Therapeutics, Inc. | 266000 | 0.2 |
| 3844 <sup>(1)</sup> | Aldeyra Therapeutics, Inc. | 14723 | 0.0 |
| 6123 <sup>(1)</sup> | Alector, Inc. | 8572 | 0.0 |
| 8956 <sup>(1)</sup> | Alignment Healthcare, Inc. | 125384 | 0.1 |
| 11299 <sup>(1)</sup> | Alkermes PLC | 323264 | 0.2 |
| 10696 <sup>(1)</sup> | Allogene Therapeutics, Inc. | 12086 | 0.0 |
| 8189 <sup>(1)</sup> | Alphatec Holdings, Inc. | 90898 | 0.1 |
| 5318 <sup>(1)(2)</sup> | Altimmune, Inc. | 20581 | 0.0 |
| 3818 <sup>(1)</sup> | Alumis, Inc. | 11454 | 0.0 |
| 20253 <sup>(1)</sup> | Amicus Therapeutics, Inc. | 116050 | 0.1 |
| 2676 <sup>(1)</sup> | AMN Healthcare Services, Inc. | 55313 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 11205 <sup>(1)</sup> | Amneal Pharmaceuticals, Inc. | $90648 | 0.1 |
| 2676 <sup>(1)</sup> | Amphastar Pharmaceuticals, Inc. | 61441 | 0.0 |
| 4956 <sup>(1)</sup> | Amylyx Pharmaceuticals, Inc. | 31768 | 0.0 |
| 1444 <sup>(1)(2)</sup> | AnaptysBio, Inc. | 32057 | 0.0 |
| 5886 <sup>(1)(2)</sup> | Anavex Life Sciences Corp. | 54269 | 0.0 |
| 2838 <sup>(1)</sup> | AngioDynamics, Inc. | 28153 | 0.0 |
| 1290 <sup>(1)</sup> | ANI Pharmaceuticals, Inc. | 84172 | 0.1 |
| 1009 <sup>(1)</sup> | Anika Therapeutics, Inc. | 10675 | 0.0 |
| 7165 <sup>(1)</sup> | Annexon, Inc. | 17196 | 0.0 |
| 1653 <sup>(1)</sup> | Anteris Technologies Global Corp. | 6265 | 0.0 |
| 2332 <sup>(1)</sup> | Apogee Therapeutics, Inc. | 101279 | 0.1 |
| 3005 <sup>(1)</sup> | Apollo Medical Holdings, Inc. | 74764 | 0.1 |
| 6218 <sup>(1)</sup> | Aquestive Therapeutics, Inc. | 20582 | 0.0 |
| 11093 <sup>(1)</sup> | Arbutus Biopharma Corp. | 34277 | 0.0 |
| 2632 <sup>(1)</sup> | Arcellx, Inc. | 173317 | 0.1 |
| 1749 <sup>(1)</sup> | Arcturus Therapeutics Holdings, Inc. | 22754 | 0.0 |
| 4751 <sup>(1)</sup> | Arcus Biosciences, Inc. | 38673 | 0.0 |
| 7469 <sup>(1)</sup> | Arcutis Biotherapeutics, Inc. | 104715 | 0.1 |
| 16642 <sup>(1)</sup> | Ardelyx, Inc. | 65237 | 0.0 |
| 1844 <sup>(1)</sup> | Ardent Health Partners, Inc. | 25189 | 0.0 |
| 1884 <sup>(1)</sup> | ArriVent Biopharma, Inc. | 41015 | 0.0 |
| 8349 <sup>(1)</sup> | Arrowhead Pharmaceuticals, Inc. | 131914 | 0.1 |
| 3817 <sup>(1)(2)</sup> | ARS Pharmaceuticals, Inc. | 66607 | 0.0 |
| 2825 <sup>(1)</sup> | Artivion, Inc. | 87857 | 0.1 |
| 4444 <sup>(1)</sup> | Arvinas, Inc. | 32708 | 0.0 |
| 3593 <sup>(1)</sup> | Astria Therapeutics, Inc. | 19258 | 0.0 |
| 6044 <sup>(1)</sup> | Atea Pharmaceuticals, Inc. | 21758 | 0.0 |
| 3416 <sup>(1)</sup> | AtriCure, Inc. | 111942 | 0.1 |
| 6256 <sup>(1)</sup> | aTyr Pharma, Inc. | 31718 | 0.0 |
| 3559 <sup>(1)</sup> | Aura Biosciences, Inc. | 22279 | 0.0 |
| 9268 <sup>(1)</sup> | Aurinia Pharmaceuticals, Inc. | 78500 | 0.1 |
| 6530 <sup>(1)</sup> | Avadel Pharmaceuticals PLC | 57790 | 0.0 |
| 3364 <sup>(1)</sup> | Avanos Medical, Inc. | 41175 | 0.0 |
| 3729 <sup>(1)</sup> | Aveanna Healthcare Holdings, Inc. | 19503 | 0.0 |
| 8004 <sup>(1)</sup> | Avidity Biosciences, Inc. | 227314 | 0.1 |
| 1944 <sup>(1)(2)</sup> | Avita Medical, Inc. | 10284 | 0.0 |
| 3168 <sup>(1)</sup> | Axogen, Inc. | 34373 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 2829 <sup>(1)</sup> | Axsome Therapeutics, Inc. | $295319 | 0.2 |
| 2826 <sup>(1)</sup> | Azenta, Inc. | 86984 | 0.1 |
| 6600 <sup>(1)</sup> | Beam Therapeutics, Inc. | 112266 | 0.1 |
| 1121 <sup>(1)(2)</sup> | Benitec Biopharma, Inc. | 13116 | 0.0 |
| 968 <sup>(1)(2)</sup> | Beta Bionics, Inc. | 14094 | 0.0 |
| 2369 <sup>(1)</sup> | Bicara Therapeutics, Inc. | 22008 | 0.0 |
| 14573 <sup>(1)</sup> | BioCryst Pharmaceuticals, Inc. | 130574 | 0.1 |
| 6246 <sup>(1)</sup> | Biohaven Ltd. | 88131 | 0.1 |
| 2638 <sup>(1)</sup> | BioLife Solutions, Inc. | 56823 | 0.0 |
| 2230 <sup>(1)</sup> | Biote Corp. - Class A | 8965 | 0.0 |
| 3490 <sup>(1)</sup> | Bioventus, Inc. - Class A | 23104 | 0.0 |
| 4464 <sup>(1)</sup> | Blueprint Medicines Corp. | 572196 | 0.3 |
| 10949 <sup>(1)</sup> | Bridgebio Pharma, Inc. | 472778 | 0.3 |
| 354 <sup>(1)</sup> | Bright Minds Biosciences, Inc. | 9243 | 0.0 |
| 5894 <sup>(1)</sup> | BrightSpring Health Services, Inc. | 139039 | 0.1 |
| 15994 <sup>(1)</sup> | Brookdale Senior Living, Inc. | 111318 | 0.1 |
| 13762 <sup>(1)</sup> | Butterfly Network, Inc. | 27524 | 0.0 |
| 2786 <sup>(1)</sup> | Candel Therapeutics, Inc. | 14097 | 0.0 |
| 2715 <sup>(1)(2)</sup> | Capricor Therapeutics, Inc. | 26960 | 0.0 |
| 4612 <sup>(1)(2)</sup> | Cardiff Oncology, Inc. | 14528 | 0.0 |
| 3796 <sup>(1)</sup> | CareDx, Inc. | 74174 | 0.1 |
| 2494 <sup>(1)</sup> | Cargo Therapeutics, Inc. | 10275 | 0.0 |
| 710 <sup>(1)(2)</sup> | Cartesian Therapeutics, Inc. | 7377 | 0.0 |
| 1995 <sup>(1)</sup> | Castle Biosciences, Inc. | 40738 | 0.0 |
| 8036 <sup>(1)</sup> | Catalyst Pharmaceuticals, Inc. | 174381 | 0.1 |
| 2365 <sup>(1)</sup> | Celcuity, Inc. | 31573 | 0.0 |
| 4548 <sup>(1)</sup> | Celldex Therapeutics, Inc. | 92552 | 0.1 |
| 1826 <sup>(1)</sup> | Ceribell, Inc. | 34201 | 0.0 |
| 14298 <sup>(1)</sup> | Cerus Corp. | 20160 | 0.0 |
| 3869 <sup>(1)</sup> | CG oncology, Inc. | 100594 | 0.1 |
| 3705 <sup>(1)</sup> | ChromaDex Corp. | 53389 | 0.0 |
| 1183 <sup>(1)</sup> | Cidara Therapeutics, Inc. | 57624 | 0.0 |
| 553 <sup>(1)</sup> | Claritev Corp. | 24957 | 0.0 |
| 1904 <sup>(1)</sup> | ClearPoint Neuro, Inc. | 22734 | 0.0 |
| 28322 <sup>(1)</sup> | Clover Health Investments Corp. | 79018 | 0.1 |
| 5839 <sup>(1)</sup> | Codexis, Inc. | 14247 | 0.0 |
| 7444 <sup>(1)</sup> | Cogent Biosciences, Inc. | 53448 | 0.0 |
| 2277 <sup>(1)</sup> | Collegium Pharmaceutical, Inc. | 67331 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 9059 <sup>(1)</sup> | Community Health Systems, Inc. | $30801 | 0.0 |
| 7190 <sup>(1)</sup> | Compass Therapeutics, Inc. | 18694 | 0.0 |
| 772 <sup>(1)</sup> | Computer Programs and Systems, Inc. | 18080 | 0.0 |
| 8143 | Concentra Group Holdings Parent, Inc. | 167502 | 0.1 |
| 2178 | CONMED Corp. | 113430 | 0.1 |
| 4523 <sup>(1)</sup> | CorMedix, Inc. | 55723 | 0.0 |
| 2043 <sup>(1)</sup> | CorVel Corp. | 209980 | 0.1 |
| 3748 <sup>(1)</sup> | Corvus Pharmaceuticals, Inc. | 14992 | 0.0 |
| 6340 <sup>(1)</sup> | Crinetics Pharmaceuticals, Inc. | 182338 | 0.1 |
| 5748 <sup>(1)</sup> | CRISPR Therapeutics AG | 279583 | 0.2 |
| 2204 <sup>(1)</sup> | Cross Country Healthcare, Inc. | 28762 | 0.0 |
| 3486 <sup>(1)</sup> | CryoPort, Inc. | 26006 | 0.0 |
| 3898 <sup>(1)</sup> | Cullinan Oncology, Inc. | 29352 | 0.0 |
| 1260 <sup>(1)</sup> | CVRx, Inc. | 7409 | 0.0 |
| 8795 <sup>(1)</sup> | Cytek Biosciences, Inc. | 29903 | 0.0 |
| 8138 <sup>(1)</sup> | Cytokinetics, Inc. | 268880 | 0.2 |
| 4958 <sup>(1)</sup> | Day One Biopharmaceuticals, Inc. | 32227 | 0.0 |
| 3746 <sup>(1)</sup> | Definitive Healthcare Corp. | 14609 | 0.0 |
| 2173 <sup>(1)</sup> | Delcath Systems, Inc. | 29553 | 0.0 |
| 9165 <sup>(1)</sup> | Denali Therapeutics, Inc. | 128218 | 0.1 |
| 2562 <sup>(1)</sup> | Design Therapeutics, Inc. | 8634 | 0.0 |
| 1584 <sup>(1)(2)</sup> | Dianthus Therapeutics, Inc. | 29510 | 0.0 |
| 1713 <sup>(1)</sup> | Disc Medicine, Inc. | 90720 | 0.1 |
| 7393 <sup>(1)</sup> | DocGo, Inc. | 11607 | 0.0 |
| 8161 <sup>(1)</sup> | Dynavax Technologies Corp. | 80957 | 0.1 |
| 6534 <sup>(1)</sup> | Dyne Therapeutics, Inc. | 62204 | 0.0 |
| 5098 <sup>(1)</sup> | Edgewise Therapeutics, Inc. | 66835 | 0.0 |
| 6098 <sup>(1)</sup> | Editas Medicine, Inc. | 13416 | 0.0 |
| 4566 <sup>(1)</sup> | Eledon Pharmaceuticals, Inc. | 12374 | 0.0 |
| 4223 | Embecta Corp. | 40921 | 0.0 |
| 3755 <sup>(1)(2)</sup> | Emergent BioSolutions, Inc. | 23957 | 0.0 |
| 1526 <sup>(1)</sup> | Enanta Pharmaceuticals, Inc. | 11537 | 0.0 |
| 3938 <sup>(1)</sup> | Enhabit, Inc. | 37962 | 0.0 |
| 2434 <sup>(1)</sup> | Enliven Therapeutics, Inc. | 48826 | 0.0 |
| 3935 <sup>(1)</sup> | Enovis Corp. | 123402 | 0.1 |
| 3925 | Ensign Group, Inc. | 605470 | 0.3 |
| 2116 <sup>(1)</sup> | Entrada Therapeutics, Inc. | 14220 | 0.0 |
| 13889 <sup>(1)</sup> | Erasca, Inc. | 17639 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 14185 <sup>(1)</sup> | Esperion Therapeutics, Inc. | $13964 | 0.0 |
| 1881 <sup>(1)</sup> | Eton Pharmaceuticals, Inc. | 26804 | 0.0 |
| 8218 <sup>(1)</sup> | Evolent Health, Inc. - Class A | 92535 | 0.1 |
| 3974 <sup>(1)</sup> | Evolus, Inc. | 36601 | 0.0 |
| 4535 <sup>(1)</sup> | EyePoint Pharmaceuticals, Inc. | 42674 | 0.0 |
| 8110 <sup>(1)</sup> | Fate Therapeutics, Inc. | 9083 | 0.0 |
| 1830 <sup>(1)</sup> | Fennec Pharmaceuticals, Inc. | 15189 | 0.0 |
| 2510 <sup>(1)</sup> | Foghorn Therapeutics, Inc. | 11797 | 0.0 |
| 6380 <sup>(1)</sup> | Fortrea Holdings, Inc. | 31517 | 0.0 |
| 4052 <sup>(1)</sup> | Fulcrum Therapeutics, Inc. | 27878 | 0.0 |
| 1478 <sup>(1)</sup> | Fulgent Genetics, Inc. | 29383 | 0.0 |
| 1317 <sup>(1)</sup> | GeneDx Holdings Corp. | 121572 | 0.1 |
| 42187 <sup>(1)</sup> | Geron Corp. | 59484 | 0.0 |
| 3908 <sup>(1)</sup> | Glaukos Corp. | 403657 | 0.2 |
| 13728 <sup>(1)</sup> | Gossamer Bio, Inc. | 16885 | 0.0 |
| 2140 <sup>(1)</sup> | GRAIL, Inc. | 110039 | 0.1 |
| 8376 <sup>(1)</sup> | Guardant Health, Inc. | 435887 | 0.3 |
| 3529 <sup>(1)</sup> | Haemonetics Corp. | 263299 | 0.2 |
| 3028 <sup>(1)</sup> | Harmony Biosciences Holdings, Inc. | 95685 | 0.1 |
| 2208 <sup>(1)</sup> | Harrow, Inc. | 67432 | 0.1 |
| 4967 <sup>(1)</sup> | Health Catalyst, Inc. | 18726 | 0.0 |
| 5974 <sup>(1)</sup> | HealthEquity, Inc. | 625836 | 0.4 |
| 1800 | HealthStream, Inc. | 49806 | 0.0 |
| 10907 <sup>(1)</sup> | Heron Therapeutics, Inc. | 22577 | 0.0 |
| 13395 <sup>(1)</sup> | Hims & Hers Health, Inc. | 667741 | 0.4 |
| 8701 <sup>(1)(2)</sup> | Humacyte, Inc. | 18185 | 0.0 |
| 1693 <sup>(1)</sup> | ICU Medical, Inc. | 223730 | 0.1 |
| 5986 <sup>(1)</sup> | Ideaya Biosciences, Inc. | 125826 | 0.1 |
| 16014 <sup>(1)(2)</sup> | ImmunityBio, Inc. | 42277 | 0.0 |
| 5084 <sup>(1)</sup> | Immunome, Inc. | 47281 | 0.0 |
| 4716 <sup>(1)</sup> | Immunovant, Inc. | 75456 | 0.1 |
| 8542 <sup>(1)</sup> | Indivior PLC | 125909 | 0.1 |
| 4769 <sup>(1)</sup> | Inhibikase Therapeutics, Inc. | 9300 | 0.0 |
| 905 <sup>(1)</sup> | Inhibrx Biosciences, Inc. | 12914 | 0.0 |
| 1206 <sup>(1)(2)</sup> | Inmune Bio, Inc. | 2786 | 0.0 |
| 4286 <sup>(1)</sup> | Innoviva, Inc. | 86106 | 0.1 |
| 1916 <sup>(1)</sup> | Inogen, Inc. | 13469 | 0.0 |
| 2376 <sup>(1)</sup> | Integer Holdings Corp. | 292177 | 0.2 |
| 4750 <sup>(1)</sup> | Integra LifeSciences Holdings Corp. | 58282 | 0.0 |
| 7130 <sup>(1)</sup> | Intellia Therapeutics, Inc. | 66879 | 0.0 |
| 18476 <sup>(1)(2)</sup> | Iovance Biotherapeutics, Inc. | 31779 | 0.0 |
| 628 | iRadimed Corp. | 37548 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 2236 <sup>(1)</sup> | iRhythm Technologies, Inc. | $344255 | 0.2 |
| 11703 <sup>(1)</sup> | Ironwood Pharmaceuticals, Inc. | 8393 | 0.0 |
| 1988 <sup>(1)</sup> | iTeos Therapeutics, Inc. | 19820 | 0.0 |
| 2307 | Jade Biosciences, Inc. | 23047 | 0.0 |
| 2712 <sup>(1)</sup> | Janux Therapeutics, Inc. | 62647 | 0.0 |
| 1241 <sup>(1)</sup> | Joint Corp. | 14321 | 0.0 |
| 2853 <sup>(1)</sup> | KalVista Pharmaceuticals, Inc. | 32253 | 0.0 |
| 2349 <sup>(1)</sup> | Keros Therapeutics, Inc. | 31359 | 0.0 |
| 979 <sup>(1)(2)</sup> | Kestra Medical Technologies Ltd. | 16232 | 0.0 |
| 2345 <sup>(1)</sup> | Kodiak Sciences, Inc. | 8747 | 0.0 |
| 3543 <sup>(1)</sup> | KORU Medical Systems, Inc. | 12684 | 0.0 |
| 1718 <sup>(1)</sup> | Krystal Biotech, Inc. | 236156 | 0.1 |
| 5436 <sup>(1)</sup> | Kura Oncology, Inc. | 31366 | 0.0 |
| 3263 <sup>(1)</sup> | Kymera Therapeutics, Inc. | 142397 | 0.1 |
| 4780 <sup>(1)</sup> | Lantheus Holdings, Inc. | 391291 | 0.2 |
| 3082 <sup>(1)</sup> | Larimar Therapeutics, Inc. | 8907 | 0.0 |
| 1468 | LeMaitre Vascular, Inc. | 121917 | 0.1 |
| 788 <sup>(1)</sup> | LENSAR, Inc. | 10378 | 0.0 |
| 1258 <sup>(1)(2)</sup> | LENZ Therapeutics, Inc. | 36872 | 0.0 |
| 1683 <sup>(1)</sup> | Lexeo Therapeutics, Inc. | 6766 | 0.0 |
| 1981 <sup>(1)</sup> | Lifecore Biomedical, Inc. | 16086 | 0.0 |
| 2670 <sup>(1)</sup> | LifeMD, Inc. | 36365 | 0.0 |
| 9899 <sup>(1)</sup> | LifeStance Health Group, Inc. | 51178 | 0.0 |
| 1330 <sup>(1)</sup> | Ligand Pharmaceuticals, Inc. | 151194 | 0.1 |
| 4441 <sup>(1)(2)</sup> | Liquidia Corp. | 55335 | 0.0 |
| 3806 <sup>(1)</sup> | LivaNova PLC | 171346 | 0.1 |
| 1198 <sup>(1)</sup> | Madrigal Pharmaceuticals, Inc. | 362563 | 0.2 |
| 20983 <sup>(1)</sup> | MannKind Corp. | 78476 | 0.1 |
| 8802 <sup>(1)</sup> | Maravai LifeSciences Holdings, Inc. - Class A | 21213 | 0.0 |
| 8378 <sup>(1)</sup> | MaxCyte, Inc. | 18264 | 0.0 |
| 683 <sup>(1)(2)</sup> | Maze Therapeutics, Inc. | 8380 | 0.0 |
| 1224 <sup>(1)</sup> | MBX Biosciences, Inc. | 13966 | 0.0 |
| 711 <sup>(1)</sup> | MediWound Ltd. | 13772 | 0.0 |
| 3450 <sup>(1)</sup> | MeiraGTx Holdings PLC | 22494 | 0.0 |
| 4057 <sup>(1)</sup> | Merit Medical Systems, Inc. | 379248 | 0.2 |
| 371 | Mesa Laboratories, Inc. | 34956 | 0.0 |
| 1248 <sup>(1)(2)</sup> | Metsera, Inc. | 35506 | 0.0 |
| 8507 <sup>(1)</sup> | MiMedx Group, Inc. | 51978 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 5342 <sup>(1)(2)</sup> | Mind Medicine MindMed, Inc. | $34670 | 0.0 |
| 2740 <sup>(1)</sup> | Mineralys Therapeutics, Inc. | 37072 | 0.0 |
| 3029 <sup>(1)</sup> | Mirum Pharmaceuticals, Inc. | 154146 | 0.1 |
| 304 <sup>(1)</sup> | Monopar Therapeutics, Inc. | 10877 | 0.0 |
| 3283 <sup>(1)</sup> | Monte Rosa Therapeutics, Inc. | 14806 | 0.0 |
| 6340 <sup>(1)</sup> | Myriad Genetics, Inc. | 33665 | 0.0 |
| 4489 <sup>(1)(2)</sup> | Nano-X Imaging Ltd. | 23208 | 0.0 |
| 895 | National HealthCare Corp. | 95774 | 0.1 |
| 1144 | National Research Corp. | 19219 | 0.0 |
| 15430 <sup>(1)</sup> | Neogen Corp. | 73755 | 0.1 |
| 9001 <sup>(1)</sup> | NeoGenomics, Inc. | 65797 | 0.0 |
| 747 <sup>(1)(2)</sup> | Neurogene, Inc. | 11168 | 0.0 |
| 2687 <sup>(1)</sup> | Neuronetics, Inc. | 9378 | 0.0 |
| 1772 <sup>(1)</sup> | NeuroPace, Inc. | 19740 | 0.0 |
| 10703 <sup>(1)(2)</sup> | Novavax, Inc. | 67429 | 0.0 |
| 7349 <sup>(1)</sup> | Novocure Ltd. | 130812 | 0.1 |
| 5259 <sup>(1)</sup> | Nurix Therapeutics, Inc. | 59900 | 0.0 |
| 241 <sup>(1)</sup> | Nutex Health, Inc. | 30002 | 0.0 |
| 2990 <sup>(1)</sup> | Nuvalent, Inc. - Class A | 228137 | 0.1 |
| 17562 <sup>(1)(2)</sup> | Nuvation Bio, Inc. | 34246 | 0.0 |
| 970 <sup>(1)</sup> | Nuvectis Pharma, Inc. | 7246 | 0.0 |
| 10310 <sup>(1)</sup> | Ocular Therapeutix, Inc. | 95677 | 0.1 |
| 4181 <sup>(1)</sup> | Olema Pharmaceuticals, Inc. | 17811 | 0.0 |
| 4129 <sup>(1)(2)</sup> | Omeros Corp. | 12387 | 0.0 |
| 7791 <sup>(1)(3)</sup> | OmniAb, Inc. | 13556 | 0.0 |
| 3282 <sup>(1)</sup> | Omnicell, Inc. | 96491 | 0.1 |
| 4298 <sup>(1)</sup> | Oncology Institute, Inc. | 8811 | 0.0 |
| 26496 <sup>(1)</sup> | OPKO Health, Inc. | 34975 | 0.0 |
| 1301 <sup>(1)</sup> | OptimizeRx Corp. | 17563 | 0.0 |
| 11839 <sup>(1)</sup> | Option Care Health, Inc. | 384531 | 0.2 |
| 5815 <sup>(1)</sup> | OraSure Technologies, Inc. | 17445 | 0.0 |
| 4974 <sup>(1)</sup> | Organogenesis Holdings, Inc. | 18205 | 0.0 |
| 3310 <sup>(1)</sup> | ORIC Pharmaceuticals, Inc. | 33597 | 0.0 |
| 2788 <sup>(1)</sup> | Orthofix Medical, Inc. | 31086 | 0.0 |
| 1267 <sup>(1)</sup> | OrthoPediatrics Corp. | 27215 | 0.0 |
| 1975 | Oruka Therapeutics, Inc. | 22140 | 0.0 |
| 1257 <sup>(1)</sup> | Outset Medical, Inc. | 24147 | 0.0 |
| 5373 <sup>(1)</sup> | Owens & Minor, Inc. | 48894 | 0.0 |
| 19615 <sup>(1)</sup> | Pacific Biosciences of California, Inc. | 24323 | 0.0 |
| 3245 <sup>(1)</sup> | Pacira BioSciences, Inc. | 77555 | 0.1 |
| 3125 <sup>(1)</sup> | PACS Group, Inc. | 40375 | 0.0 |
| 537 <sup>(1)(2)</sup> | Palvella Therapeutics, Inc. | 12104 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 6101 <sup>(1)</sup> | Pediatrix Medical Group, Inc. | $87549 | 0.1 |
| 2412 <sup>(1)</sup> | Pennant Group, Inc. | 71998 | 0.1 |
| 5852 <sup>(1)</sup> | Performant Financial Corp. | 23408 | 0.0 |
| 3589 <sup>(1)</sup> | Personalis, Inc. | 23544 | 0.0 |
| 4181 <sup>(1)</sup> | Perspective Therapeutics, Inc. | 14383 | 0.0 |
| 3101 <sup>(1)</sup> | Phathom Pharmaceuticals, Inc. | 29739 | 0.0 |
| 1433 | Phibro Animal Health Corp. - Class A | 36599 | 0.0 |
| 3940 <sup>(1)</sup> | Phreesia, Inc. | 112132 | 0.1 |
| 1254 <sup>(1)</sup> | Praxis Precision Medicines, Inc. | 52731 | 0.0 |
| 10914 <sup>(1)(2)</sup> | Precigen, Inc. | 15498 | 0.0 |
| 6308 | Premier, Inc. - Class A | 138334 | 0.1 |
| 3443 <sup>(1)</sup> | Prestige Consumer Healthcare, Inc. | 274924 | 0.2 |
| 4130 <sup>(1)(2)</sup> | Prime Medicine, Inc. | 10201 | 0.0 |
| 7980 <sup>(1)</sup> | Privia Health Group, Inc. | 183540 | 0.1 |
| 3681 <sup>(1)</sup> | PROCEPT BioRobotics Corp. | 212026 | 0.1 |
| 5126 <sup>(1)</sup> | Progyny, Inc. | 112772 | 0.1 |
| 4114 <sup>(1)</sup> | Protagonist Therapeutics, Inc. | 227381 | 0.1 |
| 3117 <sup>(1)</sup> | Prothena Corp. PLC | 18920 | 0.0 |
| 5428 <sup>(1)</sup> | PTC Therapeutics, Inc. | 265104 | 0.2 |
| 3172 <sup>(1)</sup> | Pulmonx Corp. | 8215 | 0.0 |
| 1322 <sup>(1)</sup> | Pulse Biosciences, Inc. | 19949 | 0.0 |
| 3355 <sup>(1)</sup> | Puma Biotechnology, Inc. | 11508 | 0.0 |
| 2562 <sup>(1)</sup> | Quanterix Corp. | 17037 | 0.0 |
| 9895 <sup>(1)</sup> | Quantum-Si, Inc. | 19394 | 0.0 |
| 4738 <sup>(1)</sup> | QuidelOrtho Corp. | 136549 | 0.1 |
| 4638 <sup>(1)</sup> | RadNet, Inc. | 263949 | 0.2 |
| 1285 <sup>(1)(2)</sup> | Rapport Therapeutics, Inc. | 14610 | 0.0 |
| 23520 <sup>(1)(2)</sup> | Recursion Pharmaceuticals, Inc. - Class A | 119011 | 0.1 |
| 3253 <sup>(1)</sup> | REGENXBIO, Inc. | 26707 | 0.0 |
| 9131 <sup>(1)</sup> | Relay Therapeutics, Inc. | 31593 | 0.0 |
| 4875 <sup>(1)</sup> | Replimune Group, Inc. | 45289 | 0.0 |
| 4777 <sup>(1)</sup> | Rezolute, Inc. | 21305 | 0.0 |
| 3813 <sup>(1)</sup> | Rhythm Pharmaceuticals, Inc. | 240943 | 0.1 |
| 1264 <sup>(1)</sup> | Rigel Pharmaceuticals, Inc. | 23675 | 0.0 |
| 5423 <sup>(1)</sup> | Rocket Pharmaceuticals, Inc. | 13286 | 0.0 |
| 2616 <sup>(1)</sup> | RxSight, Inc. | 34008 | 0.0 |
| 3939 <sup>(1)</sup> | Sage Therapeutics, Inc. | 35924 | 0.0 |
| 9271 <sup>(1)(2)</sup> | Sana Biotechnology, Inc. | 25310 | 0.0 |
| 520 <sup>(1)</sup> | SANUWAVE Health, Inc. | 17087 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 9272 <sup>(1)(2)</sup> | Savara, Inc. | $21140 | 0.0 |
| 5693 <sup>(1)</sup> | Scholar Rock Holding Corp. | 201646 | 0.1 |
| 3913 <sup>(1)</sup> | Schrodinger, Inc./United States | 78730 | 0.1 |
| 2679 <sup>(1)</sup> | scPharmaceuticals, Inc. | 10207 | 0.0 |
| 7691 | Select Medical Holdings Corp. | 116749 | 0.1 |
| 6942 <sup>(1)</sup> | SELLAS Life Sciences Group, Inc. | 15203 | 0.0 |
| 586 <sup>(1)(2)</sup> | Semler Scientific, Inc. | 22702 | 0.0 |
| 1531 <sup>(1)</sup> | Septerna, Inc. | 16183 | 0.0 |
| 2958 <sup>(1)</sup> | SI-BONE, Inc. | 55670 | 0.0 |
| 3442 | SIGA Technologies, Inc. | 22442 | 0.0 |
| 3297 <sup>(1)</sup> | Sight Sciences, Inc. | 13617 | 0.0 |
| 1168 | Simulations Plus, Inc. | 20382 | 0.0 |
| 910 <sup>(1)(2)</sup> | Sionna Therapeutics, Inc. | 15788 | 0.0 |
| 2810 <sup>(1)</sup> | Soleno Therapeutics, Inc. | 235422 | 0.1 |
| 4637 <sup>(1)</sup> | Solid Biosciences, Inc. | 22582 | 0.0 |
| 5058 <sup>(1)</sup> | SpringWorks Therapeutics, Inc. | 237675 | 0.1 |
| 3459 <sup>(1)</sup> | Spyre Therapeutics, Inc. | 51781 | 0.0 |
| 3525 <sup>(1)</sup> | STAAR Surgical Co. | 59149 | 0.0 |
| 21870 <sup>(1)</sup> | Standard BioTools, Inc. | 26244 | 0.0 |
| 2867 <sup>(1)</sup> | Stoke Therapeutics, Inc. | 32540 | 0.0 |
| 3757 <sup>(1)</sup> | Supernus Pharmaceuticals, Inc. | 118421 | 0.1 |
| 5364 <sup>(1)</sup> | Surgery Partners, Inc. | 119242 | 0.1 |
| 1090 <sup>(1)</sup> | Surmodics, Inc. | 32384 | 0.0 |
| 5871 <sup>(1)</sup> | Syndax Pharmaceuticals, Inc. | 54982 | 0.0 |
| 1760 <sup>(1)</sup> | Tactile Systems Technology, Inc. | 17846 | 0.0 |
| 8786 <sup>(1)</sup> | Talkspace, Inc. | 24425 | 0.0 |
| 4684 <sup>(1)</sup> | Tandem Diabetes Care, Inc. | 87310 | 0.1 |
| 5414 <sup>(1)(2)</sup> | Tango Therapeutics, Inc. | 27720 | 0.0 |
| 2723 <sup>(1)</sup> | Tarsus Pharmaceuticals, Inc. | 110309 | 0.1 |
| 12331 <sup>(1)</sup> | Taysha Gene Therapies, Inc. | 28485 | 0.0 |
| 781 <sup>(1)(2)</sup> | Tectonic Therapeutic, Inc. | 15518 | 0.0 |
| 12153 <sup>(1)</sup> | Teladoc Health, Inc. | 105853 | 0.1 |
| 5143 <sup>(1)</sup> | Terns Pharmaceuticals, Inc. | 19183 | 0.0 |
| 10178 <sup>(1)</sup> | TG Therapeutics, Inc. | 366306 | 0.2 |
| 2820 <sup>(1)</sup> | Theravance Biopharma, Inc. | 31105 | 0.0 |
| 1782 <sup>(1)</sup> | Third Harmonic Bio, Inc. | 9676 | 0.0 |
| 531 <sup>(1)(2)</sup> | Tonix Pharmaceuticals Holding Corp. | 19105 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 1557 <sup>(1)</sup> | Tourmaline Bio, Inc. | $24896 | 0.0 |
| 2330 <sup>(1)</sup> | TransMedics Group, Inc. | 312243 | 0.2 |
| 6161 <sup>(1)</sup> | Travere Therapeutics, Inc. | 91183 | 0.1 |
| 3665 <sup>(1)</sup> | Treace Medical Concepts, Inc. | 21550 | 0.0 |
| 5548 <sup>(1)</sup> | Trevi Therapeutics, Inc. | 30348 | 0.0 |
| 1956 <sup>(1)</sup> | TuHURA Biosciences, Inc. | 4362 | 0.0 |
| 268 <sup>(1)</sup> | Tvardi Therapeutics, Inc. | 6252 | 0.0 |
| 4081 <sup>(1)</sup> | Twist Bioscience Corp. | 150140 | 0.1 |
| 1704 <sup>(1)(2)</sup> | Tyra Biosciences, Inc. | 16307 | 0.0 |
| 525 <sup>(1)</sup> | UFP Technologies, Inc. | 128184 | 0.1 |
| 2481 <sup>(1)(2)</sup> | Upstream Bio, Inc. | 27241 | 0.0 |
| 2705 <sup>(1)(2)</sup> | UroGen Pharma Ltd. | 37059 | 0.0 |
| 1055 | US Physical Therapy, Inc. | 82501 | 0.1 |
| 4469 <sup>(1)</sup> | Vanda Pharmaceuticals, Inc. | 21094 | 0.0 |
| 2861 <sup>(1)</sup> | Varex Imaging Corp. | 24805 | 0.0 |
| 8807 <sup>(1)</sup> | Vaxcyte, Inc. | 286316 | 0.2 |
| 3582 <sup>(1)</sup> | Vera Therapeutics, Inc. | 84392 | 0.1 |
| 5420 <sup>(1)</sup> | Veracyte, Inc. | 146503 | 0.1 |
| 3224 <sup>(1)</sup> | Verastem, Inc. | 13380 | 0.0 |
| 3499 <sup>(1)</sup> | Vericel Corp. | 148882 | 0.1 |
| 4886 <sup>(1)</sup> | Verve Therapeutics, Inc. | 54870 | 0.0 |
| 2719 <sup>(1)</sup> | Viemed Healthcare, Inc. | 18788 | 0.0 |
| 6487 <sup>(1)</sup> | Vir Biotechnology, Inc. | 32694 | 0.0 |
| 5185 <sup>(1)</sup> | Viridian Therapeutics, Inc. | 72486 | 0.1 |
| 3320 <sup>(1)</sup> | Voyager Therapeutics, Inc. | 10325 | 0.0 |
| 7872 <sup>(1)</sup> | WaVe Life Sciences Ltd. | 51168 | 0.0 |
| 6372 <sup>(1)</sup> | Waystar Holding Corp. | 260424 | 0.2 |
| 4892 <sup>(1)</sup> | Xencor, Inc. | 38451 | 0.0 |
| 5259 <sup>(1)(2)</sup> | Xenon Pharmaceuticals, Inc. | 164607 | 0.1 |
| 10558 <sup>(1)</sup> | Xeris Biopharma Holdings, Inc. | 49306 | 0.0 |
| 703 <sup>(1)</sup> | XOMA Corp. | 17716 | 0.0 |
| 2602 <sup>(1)</sup> | Y-mAbs Therapeutics, Inc. | 11735 | 0.0 |
| 1174 <sup>(1)(2)</sup> | Zenas Biopharma, Inc. | 11376 | 0.0 |
| 4085 <sup>(1)</sup> | Zevra Therapeutics, Inc. | 35989 | 0.0 |
| 2278 <sup>(1)</sup> | Zimvie, Inc. | 21299 | 0.0 |
| 3941 <sup>(1)</sup> | Zymeworks, Inc. | 49460 | 0.0 |
|  |  | **28589317** | **15.5** |
|  | **Industrials: 16.6%** |  |  |
| 8997 <sup>(1)</sup> | 3D Systems Corp. | 13855 | 0.0 |
| 2463 <sup>(1)</sup> | AAR Corp. | 169430 | 0.1 |
| 4271 | ABM Industries, Inc. | 201634 | 0.1 |
| 7106 | ACCO Brands Corp. | 25439 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 7378 <sup>(1)(2)</sup> | Acuren Corp. | $81453 | 0.1 |
| 11677 <sup>(1)</sup> | ACV Auctions, Inc. - Class A | 189401 | 0.1 |
| 1976 <sup>(1)</sup> | AeroVironment, Inc. | 563061 | 0.3 |
| 2675 <sup>(1)</sup> | AerSale Corp. | 16077 | 0.0 |
| 1800 <sup>(1)(2)</sup> | AirJoule Technologies Corp. | 8334 | 0.0 |
| 716 | Alamo Group, Inc. | 156360 | 0.1 |
| 2156 | Albany International Corp. - Class A | 151200 | 0.1 |
| 29537 | Alight, Inc. - Class A | 167179 | 0.1 |
| 1096 <sup>(1)</sup> | Allegiant Travel Co. | 60225 | 0.0 |
| 1195 | Allient, Inc. | 43390 | 0.0 |
| 2176 <sup>(2)</sup> | Alta Equipment Group, Inc. | 13752 | 0.0 |
| 2409 <sup>(1)</sup> | Ameresco, Inc. - Class A | 36593 | 0.0 |
| 2667 <sup>(1)</sup> | American Superconductor Corp. | 97852 | 0.1 |
| 1096 <sup>(1)</sup> | American Woodmark Corp. | 58494 | 0.0 |
| 6598 <sup>(1)</sup> | Amprius Technologies, Inc. | 27778 | 0.0 |
| 1542 | Apogee Enterprises, Inc. | 62605 | 0.0 |
| 1608 | ArcBest Corp. | 123832 | 0.1 |
| 38262 <sup>(1)</sup> | Archer Aviation, Inc. - Class A | 415143 | 0.2 |
| 3394 | Arcosa, Inc. | 294294 | 0.2 |
| 932 | Argan, Inc. | 205487 | 0.1 |
| 10788 <sup>(1)</sup> | Array Technologies, Inc. | 63649 | 0.0 |
| 1676 | Astec Industries, Inc. | 69872 | 0.0 |
| 2092 <sup>(1)</sup> | Astronics Corp. | 70040 | 0.0 |
| 2031 <sup>(1)</sup> | Asure Software, Inc. | 19823 | 0.0 |
| 2394 | Atkore, Inc. | 168897 | 0.1 |
| 5769 | Atmus Filtration Technologies, Inc. | 210107 | 0.1 |
| 2051 | AZZ, Inc. | 193778 | 0.1 |
| 1930 | Barrett Business Services, Inc. | 80462 | 0.1 |
| 1973 <sup>(1)</sup> | BlackSky Technology, Inc. | 40604 | 0.0 |
| 4715 <sup>(1)</sup> | Blade Air Mobility, Inc. | 19001 | 0.0 |
| 14369 <sup>(1)</sup> | Bloom Energy Corp. - Class A | 343706 | 0.2 |
| 2266 <sup>(1)</sup> | Blue Bird Corp. | 97801 | 0.1 |
| 617 <sup>(1)</sup> | BlueLinx Holdings, Inc. | 45892 | 0.0 |
| 2648 | Boise Cascade Co. | 229899 | 0.1 |
| 1083 <sup>(1)</sup> | Bowman Consulting Group Ltd. | 31136 | 0.0 |
| 4244 <sup>(1)</sup> | BrightView Holdings, Inc. | 70663 | 0.0 |
| 3027 | Brink's Co. | 270281 | 0.2 |
| 2080 | Brookfield Business Corp. - Class A | 64896 | 0.0 |
| 1285 <sup>(1)</sup> | Byrna Technologies, Inc. | 39681 | 0.0 |
| 1989 | Cadre Holdings, Inc. | 63350 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 4384 <sup>(1)</sup> | Casella Waste Systems, Inc. - Class A | $505826 | 0.3 |
| 3667 <sup>(1)</sup> | CBIZ, Inc. | 262961 | 0.1 |
| 2122 <sup>(1)</sup> | CECO Environmental Corp. | 60074 | 0.0 |
| 1266 <sup>(1)</sup> | Centuri Holdings, Inc. | 28409 | 0.0 |
| 3157 <sup>(1)</sup> | Chart Industries, Inc. | 519800 | 0.3 |
| 1202 <sup>(1)</sup> | Cimpress PLC | 56494 | 0.0 |
| 2117 | Columbus McKinnon Corp. | 32327 | 0.0 |
| 4503 <sup>(1)</sup> | Complete Solaria, Inc. | 8286 | 0.0 |
| 1915 | Concrete Pumping Holdings, Inc. | 11777 | 0.0 |
| 12113 <sup>(1)</sup> | Conduent, Inc. | 31978 | 0.0 |
| 3290 <sup>(1)</sup> | Construction Partners, Inc. - Class A | 349661 | 0.2 |
| 7549 <sup>(1)</sup> | CoreCivic, Inc. | 159057 | 0.1 |
| 3734 | Costamare, Inc. | 34017 | 0.0 |
| 1255 | Covenant Logistics Group, Inc. | 30258 | 0.0 |
| 473 | CRA International, Inc. | 88626 | 0.1 |
| 2007 | CSG Systems International, Inc. | 131077 | 0.1 |
| 1158 | CSW Industrials, Inc. | 332149 | 0.2 |
| 4509 <sup>(1)(2)</sup> | Custom Truck One Source, Inc. | 22274 | 0.0 |
| 3152 | Deluxe Corp. | 50148 | 0.0 |
| 987 <sup>(1)</sup> | Distribution Solutions Group, Inc. | 27113 | 0.0 |
| 1758 | Douglas Dynamics, Inc. | 51808 | 0.0 |
| 4271 <sup>(1)</sup> | Driven Brands Holdings, Inc. | 74999 | 0.0 |
| 993 <sup>(1)</sup> | Ducommun, Inc. | 82052 | 0.1 |
| 930 <sup>(1)</sup> | DXP Enterprises, Inc. | 81515 | 0.1 |
| 1964 <sup>(1)</sup> | Dycom Industries, Inc. | 479982 | 0.3 |
| 4074 <sup>(1)</sup> | Energy Recovery, Inc. | 52066 | 0.0 |
| 3797 | Enerpac Tool Group Corp. | 154006 | 0.1 |
| 2729 | EnerSys | 234066 | 0.1 |
| 2047 | Ennis, Inc. | 37133 | 0.0 |
| 11515 <sup>(1)(2)</sup> | Enovix Corp. | 119065 | 0.1 |
| 1475 | EnPro Industries, Inc. | 282536 | 0.2 |
| 5671 <sup>(1)</sup> | Enviri Corp. | 49224 | 0.0 |
| 15659 <sup>(1)</sup> | Eos Energy Enterprises, Inc. | 80174 | 0.1 |
| 1821 | ESCO Technologies, Inc. | 349395 | 0.2 |
| 4009 <sup>(1)</sup> | Eve Holding, Inc. | 27502 | 0.0 |
| 3533 | Exponent, Inc. | 263950 | 0.2 |
| 4192 | Federal Signal Corp. | 446113 | 0.2 |
| 5574 <sup>(1)</sup> | First Advantage Corp. | 92584 | 0.1 |
| 5321 <sup>(1)(2)</sup> | Fluence Energy, Inc. | 35704 | 0.0 |
| 11787 <sup>(1)</sup> | Fluor Corp. | 604320 | 0.3 |
| 1666 <sup>(1)</sup> | Forward Air Corp. | 40884 | 0.0 |
| 876 <sup>(1)</sup> | Franklin Covey Co. | 19990 | 0.0 |
| 3102 | Franklin Electric Co., Inc. | 278373 | 0.2 |
| 8885 <sup>(1)(2)</sup> | Freyr Battery, Inc. | 10929 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 6078 <sup>(1)(2)</sup> | Frontier Group Holdings, Inc. | $22063 | 0.0 |
| 7483 | FTAI Infrastructure, Inc. | 46170 | 0.0 |
| 2516 | GATX Corp. | 386357 | 0.2 |
| 3203 | Genco Shipping & Trading Ltd. | 41863 | 0.0 |
| 9579 <sup>(1)</sup> | GEO Group, Inc. | 229417 | 0.1 |
| 2125 <sup>(1)</sup> | Gibraltar Industries, Inc. | 125375 | 0.1 |
| 1228 | Global Industrial Co. | 33168 | 0.0 |
| 2695 <sup>(1)</sup> | GMS, Inc. | 293081 | 0.2 |
| 8160 | Golden Ocean Group Ltd. | 59731 | 0.0 |
| 1665 | Gorman-Rupp Co. | 61139 | 0.0 |
| 765 <sup>(1)</sup> | Graham Corp. | 37875 | 0.0 |
| 3025 | Granite Construction, Inc. | 282868 | 0.2 |
| 4911 <sup>(1)</sup> | Great Lakes Dredge & Dock Corp. | 59865 | 0.0 |
| 2118 | Greenbrier Cos., Inc. | 97534 | 0.1 |
| 2716 | Griffon Corp. | 196557 | 0.1 |
| 5263 <sup>(1)</sup> | Healthcare Services Group, Inc. | 79103 | 0.1 |
| 3575 | Heartland Express, Inc. | 30888 | 0.0 |
| 1473 | Heidrick & Struggles International, Inc. | 67404 | 0.0 |
| 2396 | Helios Technologies, Inc. | 79955 | 0.1 |
| 2284 | Herc Holdings, Inc. | 300780 | 0.2 |
| 8375 <sup>(1)(2)</sup> | Hertz Global Holdings, Inc. | 57201 | 0.0 |
| 4963 | Hillenbrand, Inc. | 99607 | 0.1 |
| 13833 <sup>(1)</sup> | Hillman Solutions Corp. | 98768 | 0.1 |
| 2775 | Himalaya Shipping Ltd. | 16012 | 0.0 |
| 3262 | HNI Corp. | 160425 | 0.1 |
| 4122 | Hub Group, Inc. - Class A | 137798 | 0.1 |
| 3334 <sup>(1)</sup> | Hudson Technologies, Inc. | 27072 | 0.0 |
| 1220 <sup>(1)</sup> | Huron Consulting Group, Inc. | 167799 | 0.1 |
| 10698 <sup>(1)</sup> | Hyliion Holdings Corp. | 14121 | 0.0 |
| 883 | Hyster-Yale Materials Handling, Inc. | 35126 | 0.0 |
| 784 <sup>(1)</sup> | IBEX Holdings Ltd. | 22814 | 0.0 |
| 1298 | ICF International, Inc. | 109954 | 0.1 |
| 634 <sup>(1)</sup> | IES Holdings, Inc. | 187810 | 0.1 |
| 2124 <sup>(1)</sup> | Innodata, Inc. | 108791 | 0.1 |
| 2511 | Insperity, Inc. | 150961 | 0.1 |
| 1401 | Insteel Industries, Inc. | 52131 | 0.0 |
| 4100 | Interface, Inc. | 85813 | 0.1 |
| 7659 <sup>(1)</sup> | Intuitive Machines, Inc. | 83253 | 0.1 |
| 9740 <sup>(1)</sup> | Janus International Group, Inc. | 79284 | 0.1 |
| 6234 <sup>(1)</sup> | JELD-WEN Holding, Inc. | 24437 | 0.0 |
| 22489 <sup>(1)</sup> | JetBlue Airways Corp. | 95128 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 32403 <sup>(1)(2)</sup> | Joby Aviation, Inc. | $341852 | 0.2 |
| 3662 | John Bean Technologies Corp. | 440392 | 0.2 |
| 817 | Kadant, Inc. | 259357 | 0.1 |
| 2514 | Kelly Services, Inc. - Class A | 29439 | 0.0 |
| 5285 | Kennametal, Inc. | 121344 | 0.1 |
| 1332 | Kforce, Inc. | 54785 | 0.0 |
| 3588 | Korn Ferry | 263108 | 0.1 |
| 11602 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. | 538913 | 0.3 |
| 2356 <sup>(1)</sup> | KULR Technology Group, Inc. | 16798 | 0.0 |
| 856 <sup>(1)</sup> | L B Foster Co. - Class A | 18721 | 0.0 |
| 8691 <sup>(1)</sup> | Legalzoom.com, Inc. | 77437 | 0.0 |
| 750 <sup>(1)</sup> | Limbach Holdings, Inc. | 105075 | 0.1 |
| 766 | Lindsay Corp. | 110496 | 0.1 |
| 1650 <sup>(1)</sup> | Liquidity Services, Inc. | 38924 | 0.0 |
| 2250 | LSI Industries, Inc. | 38273 | 0.0 |
| 2206 | Luxfer Holdings PLC | 26869 | 0.0 |
| 2639 <sup>(1)</sup> | Manitowoc Co., Inc. | 31721 | 0.0 |
| 4324 | Marten Transport Ltd. | 56169 | 0.0 |
| 8849 <sup>(1)</sup> | Masterbrand, Inc. | 96720 | 0.1 |
| 1975 <sup>(1)</sup> | Matrix Service Co. | 26682 | 0.0 |
| 2268 | Matson, Inc. | 252542 | 0.1 |
| 2157 | Matthews International Corp. - Class A | 51574 | 0.0 |
| 3958 | Maximus, Inc. | 277852 | 0.2 |
| 1203 <sup>(1)</sup> | Mayville Engineering Co., Inc. | 19200 | 0.0 |
| 1730 | McGrath RentCorp | 200611 | 0.1 |
| 3632 <sup>(1)</sup> | Mercury Systems, Inc. | 195620 | 0.1 |
| 14053 <sup>(1)</sup> | Microvast Holdings, Inc. | 51012 | 0.0 |
| 848 | Miller Industries, Inc. | 37702 | 0.0 |
| 4779 | MillerKnoll, Inc. | 92808 | 0.1 |
| 2298 <sup>(1)</sup> | Montrose Environmental Group, Inc. | 50303 | 0.0 |
| 1950 | Moog, Inc. - Class A | 352892 | 0.2 |
| 6043 <sup>(1)</sup> | MRC Global, Inc. | 82850 | 0.1 |
| 10858 | Mueller Water Products, Inc. - Class A | 261026 | 0.1 |
| 1106 <sup>(1)</sup> | MYR Group, Inc. | 200684 | 0.1 |
| 1875 <sup>(1)(2)</sup> | NANO Nuclear Energy, Inc. | 64669 | 0.0 |
| 410 | National Presto Industries, Inc. | 40164 | 0.0 |
| 10005 <sup>(1)</sup> | Nextracker, Inc. - Class A | 543972 | 0.3 |
| 775 <sup>(1)</sup> | Northwest Pipe Co. | 31783 | 0.0 |
| 7559 <sup>(1)</sup> | NOW, Inc. | 112100 | 0.1 |
| 8902 <sup>(1)(2)</sup> | NuScale Power Corp. | 352163 | 0.2 |
| 4109 <sup>(1)</sup> | NV5 Global, Inc. | 94877 | 0.1 |
| 7443 <sup>(1)</sup> | OPENLANE, Inc. | 181981 | 0.1 |
| 2781 <sup>(1)</sup> | Orion Group Holdings, Inc. | 25224 | 0.0 |
| 1811 <sup>(1)(2)</sup> | Palladyne AI Corp. | 15683 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 1718 | Park Aerospace Corp. | $25375 | 0.0 |
| 1413 <sup>(1)</sup> | Perma-Fix Environmental Services, Inc. | 14865 | 0.0 |
| 12845 | Pitney Bowes, Inc. | 140139 | 0.1 |
| 15444 <sup>(1)</sup> | Planet Labs PBC | 94208 | 0.1 |
| 64104 <sup>(1)(2)</sup> | Plug Power, Inc. | 95515 | 0.1 |
| 666 | Powell Industries, Inc. | 140160 | 0.1 |
| 464 <sup>(1)</sup> | Power Solutions International, Inc. | 30012 | 0.0 |
| 187 | Preformed Line Products Co. | 29884 | 0.0 |
| 3765 | Primoris Services Corp. | 293444 | 0.2 |
| 1731 <sup>(1)</sup> | Proficient Auto Logistics, Inc. | 12567 | 0.0 |
| 1786 <sup>(1)</sup> | Proto Labs, Inc. | 71511 | 0.0 |
| 2225 | Quad/Graphics, Inc. | 12571 | 0.0 |
| 3358 | Quanex Building Products Corp. | 63466 | 0.0 |
| 3039 <sup>(1)</sup> | Radiant Logistics, Inc. | 18477 | 0.0 |
| 2348 <sup>(1)</sup> | Redwire Corp. | 38272 | 0.0 |
| 10331 <sup>(1)</sup> | Resideo Technologies, Inc. | 227902 | 0.1 |
| 325 <sup>(1)</sup> | Resolute Holdings Management, Inc. | 10358 | 0.0 |
| 3597 | REV Group, Inc. | 171181 | 0.1 |
| 4923 <sup>(1)(2)</sup> | Richtech Robotics, Inc. - Class B | 9600 | 0.0 |
| 4453 | Rush Enterprises, Inc. - Class A | 229374 | 0.1 |
| 534 | Rush Enterprises, Inc. - Class B | 28024 | 0.0 |
| 11265 <sup>(1)</sup> | RXO, Inc. | 177086 | 0.1 |
| 4956 <sup>(1)</sup> | Satellogic, Inc. - Class A | 17941 | 0.0 |
| 11923 <sup>(1)</sup> | Shoals Technologies Group, Inc. - Class A | 50673 | 0.0 |
| 2519 | Shyft Group, Inc. | 31588 | 0.0 |
| 2847 <sup>(1)</sup> | SkyWest, Inc. | 293156 | 0.2 |
| 1957 <sup>(1)</sup> | Spire Global, Inc. | 23288 | 0.0 |
| 3192 <sup>(1)</sup> | SPX Technologies, Inc. | 535235 | 0.3 |
| 828 | Standex International Corp. | 129565 | 0.1 |
| 6617 | Steelcase, Inc. - Class A | 69015 | 0.0 |
| 2086 <sup>(1)</sup> | Sterling Infrastructure, Inc. | 481303 | 0.3 |
| 3685 <sup>(1)</sup> | Sun Country Airlines Holdings, Inc. | 43299 | 0.0 |
| 14867 <sup>(1)(2)</sup> | Sunrun, Inc. | 121612 | 0.1 |
| 1692 | Tecnoglass, Inc. | 130893 | 0.1 |
| 1318 | Tennant Co. | 102119 | 0.1 |
| 4550 | Terex Corp. | 212440 | 0.1 |
| 2436 <sup>(1)</sup> | Thermon Group Holdings, Inc. | 68403 | 0.0 |
| 3611 <sup>(1)</sup> | Titan International, Inc. | 37085 | 0.0 |
| 1557 <sup>(1)</sup> | Titan Machinery, Inc. | 30844 | 0.0 |
| 660 <sup>(1)</sup> | Transcat, Inc. | 56734 | 0.0 |
| 2210 | TriNet Group, Inc. | 161639 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 5657 | Trinity Industries, Inc. | $152796 | 0.1 |
| 5065 <sup>(1)</sup> | Triumph Group, Inc. | 130424 | 0.1 |
| 2499 <sup>(1)</sup> | TrueBlue, Inc. | 16194 | 0.0 |
| 3125 <sup>(1)</sup> | Tutor Perini Corp. | 146188 | 0.1 |
| 4187 | UFP Industries, Inc. | 416020 | 0.2 |
| 1055 | UniFirst Corp. | 198572 | 0.1 |
| 559 | Universal Logistics Holdings, Inc. | 14187 | 0.0 |
| 8726 <sup>(1)</sup> | Upwork, Inc. | 117277 | 0.1 |
| 1179 <sup>(1)</sup> | V2X, Inc. | 57240 | 0.0 |
| 11416 <sup>(1)</sup> | Verra Mobility Corp. | 289852 | 0.2 |
| 7902 | Vestis Corp. | 45278 | 0.0 |
| 1650 <sup>(1)</sup> | Vicor Corp. | 74844 | 0.0 |
| 1418 | VSE Corp. | 185730 | 0.1 |
| 3144 | Wabash National Corp. | 33421 | 0.0 |
| 1914 | Watts Water Technologies, Inc. - Class A | 470633 | 0.3 |
| 4151 | Werner Enterprises, Inc. | 113571 | 0.1 |
| 1009 <sup>(1)</sup> | Willdan Group, Inc. | 63073 | 0.0 |
| 254 | Willis Lease Finance Corp. | 36266 | 0.0 |
| 2968 <sup>(1)</sup> | WNS Holdings Ltd. | 187696 | 0.1 |
| 2227 | Worthington Industries, Inc. | 141726 | 0.1 |
| 3053 <sup>(1)(2)</sup> | Xometry, Inc. - Class A | 103161 | 0.1 |
| 10463 | Zurn Elkay Water Solutions Corp. | 382632 | 0.2 |
|  |  | **30602557** | **16.6** |
|  | **Information Technology: 14.4%** |  |  |
| 9407 <sup>(1)</sup> | 8x8, Inc. | 18438 | 0.0 |
| 2047 <sup>(1)</sup> | 908 Devices, Inc. | 14595 | 0.0 |
| 5150 | A10 Networks, Inc. | 99652 | 0.1 |
| 7369 <sup>(1)</sup> | ACI Worldwide, Inc. | 338311 | 0.2 |
| 3575 <sup>(1)</sup> | ACM Research, Inc. - Class A | 92592 | 0.1 |
| 7658 | Adeia, Inc. | 108284 | 0.1 |
| 5608 <sup>(1)</sup> | ADTRAN Holdings, Inc. | 50304 | 0.0 |
| 2628 | Advanced Energy Industries, Inc. | 348210 | 0.2 |
| 2013 <sup>(1)(2)</sup> | Aehr Test Systems | 26028 | 0.0 |
| 706 <sup>(1)</sup> | Aeluma, Inc. | 11557 | 0.0 |
| 2158 <sup>(1)</sup> | Aeva Technologies, Inc. | 81551 | 0.1 |
| 1817 <sup>(1)</sup> | Agilysys, Inc. | 208301 | 0.1 |
| 1466 <sup>(1)</sup> | Airship AI Holdings, Inc. | 8635 | 0.0 |
| 3295 <sup>(1)</sup> | Alarm.com Holdings, Inc. | 186398 | 0.1 |
| 4726 <sup>(1)</sup> | Alkami Technology, Inc. | 142442 | 0.1 |
| 1713 <sup>(1)</sup> | Alpha & Omega Semiconductor Ltd. | 43956 | 0.0 |
| 2842 <sup>(1)</sup> | Ambarella, Inc. | 187757 | 0.1 |
| 6149 <sup>(1)</sup> | Amplitude, Inc. - Class A | 76248 | 0.1 |
| 2808 <sup>(1)</sup> | Appian Corp. - Class A | 83847 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** |  |  |
| 12485 <sup>(1)</sup> | Applied Digital Corp. | $125724 | 0.1 |
| 3763 <sup>(1)(2)</sup> | Applied Optoelectronics, Inc. | 96671 | 0.1 |
| 7002 <sup>(1)</sup> | Arlo Technologies, Inc. | 118754 | 0.1 |
| 2162 <sup>(1)</sup> | Arteris, Inc. | 20604 | 0.0 |
| 6446 <sup>(1)</sup> | Asana, Inc. - Class A | 87021 | 0.1 |
| 2995 <sup>(1)</sup> | ASGN, Inc. | 149540 | 0.1 |
| 2194 <sup>(1)</sup> | Atomera, Inc. | 11058 | 0.0 |
| 9328 <sup>(1)</sup> | AvePoint, Inc. | 180124 | 0.1 |
| 907 <sup>(1)</sup> | Aviat Networks, Inc. | 21813 | 0.0 |
| 2249 <sup>(1)</sup> | Axcelis Technologies, Inc. | 156733 | 0.1 |
| 3985 <sup>(1)</sup> | Backblaze, Inc. - Class A | 21917 | 0.0 |
| 2076 | Badger Meter, Inc. | 508516 | 0.3 |
| 855 | Bel Fuse, Inc. - Class B | 83525 | 0.1 |
| 2787 | Belden, Inc. | 322735 | 0.2 |
| 2483 | Benchmark Electronics, Inc. | 96415 | 0.1 |
| 20302 <sup>(1)(2)</sup> | BigBear.ai Holdings, Inc. | 137851 | 0.1 |
| 5348 <sup>(1)</sup> | BigCommerce Holdings, Inc. | 26740 | 0.0 |
| 12485 <sup>(1)</sup> | Bit Digital, Inc. | 27342 | 0.0 |
| 6292 <sup>(1)(2)</sup> | Bitdeer Technologies Group - Class A | 72232 | 0.0 |
| 211 <sup>(1)</sup> | BK Technologies Corp. | 9944 | 0.0 |
| 2734 <sup>(1)</sup> | Blackbaud, Inc. | 175550 | 0.1 |
| 3959 <sup>(1)</sup> | Blackline, Inc. | 224159 | 0.1 |
| 15995 <sup>(1)</sup> | Blend Labs, Inc. - Class A | 52783 | 0.0 |
| 9727 <sup>(1)</sup> | Box, Inc. - Class A | 332372 | 0.2 |
| 5293 <sup>(1)</sup> | Braze, Inc. - Class A | 148733 | 0.1 |
| 8381 <sup>(1)(2)</sup> | C3.ai, Inc. - Class A | 205921 | 0.1 |
| 4120 <sup>(1)</sup> | Calix, Inc. | 219143 | 0.1 |
| 3131 <sup>(1)</sup> | Cerence, Inc. | 31967 | 0.0 |
| 1676 <sup>(1)</sup> | CEVA, Inc. | 36838 | 0.0 |
| 18466 <sup>(1)(2)</sup> | Cipher Mining, Inc. | 88267 | 0.1 |
| 19402 <sup>(1)(2)</sup> | Cleanspark, Inc. | 214004 | 0.1 |
| 6093 | Clear Secure, Inc. - Class A | 169142 | 0.1 |
| 933 <sup>(1)</sup> | Clearfield, Inc. | 40501 | 0.0 |
| 17258 <sup>(1)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 378468 | 0.2 |
| 315 | Climb Global Solutions, Inc. | 33677 | 0.0 |
| 3317 <sup>(1)</sup> | Cohu, Inc. | 63819 | 0.0 |
| 15009 <sup>(1)</sup> | CommScope Holding Co., Inc. | 124274 | 0.1 |
| 3093 <sup>(1)</sup> | CommVault Systems, Inc. | 539203 | 0.3 |
| 3231 <sup>(1)</sup> | CompoSecure, Inc. - Class A | 45525 | 0.0 |
| 1459 <sup>(1)</sup> | Consensus Cloud Solutions, Inc. | 33644 | 0.0 |
| 19315 <sup>(1)(2)</sup> | Core Scientific, Inc. | 329707 | 0.2 |
| 480 <sup>(1)</sup> | CoreCard Corp. | 13906 | 0.0 |
| 3274 <sup>(1)</sup> | Corsair Gaming, Inc. | 30874 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 3011 <sup>(1)</sup> | Couchbase, Inc. | $73408 | 0.0 |
| 10296 <sup>(1)</sup> | Credo Technology Group Holding Ltd. | 953307 | 0.5 |
| 2155 | CTS Corp. | 91825 | 0.1 |
| 100 <sup>(1)</sup> | Daily Journal Corp. | 42225 | 0.0 |
| 2978 <sup>(1)(2)</sup> | Daktronics, Inc. | 45027 | 0.0 |
| 1805 <sup>(1)</sup> | Diebold Nixdorf, Inc. | 99997 | 0.1 |
| 2590 <sup>(1)</sup> | Digi International, Inc. | 90287 | 0.1 |
| 1133 <sup>(1)</sup> | Digimarc Corp. | 14967 | 0.0 |
| 7147 <sup>(1)</sup> | Digital Turbine, Inc. | 42167 | 0.0 |
| 4572 <sup>(1)</sup> | DigitalOcean Holdings, Inc. | 130576 | 0.1 |
| 3210 <sup>(1)</sup> | Diodes, Inc. | 169777 | 0.1 |
| 2614 <sup>(1)</sup> | Domo, Inc. - Class B | 36518 | 0.0 |
| 20246 <sup>(1)</sup> | D-Wave Quantum, Inc. | 296401 | 0.2 |
| 14216 <sup>(1)</sup> | E2open Parent Holdings, Inc. | 45918 | 0.0 |
| 4403 <sup>(1)(2)</sup> | Eastman Kodak Co. | 24877 | 0.0 |
| 1855 <sup>(1)</sup> | ePlus, Inc. | 133745 | 0.1 |
| 2000 <sup>(1)</sup> | EverCommerce, Inc. | 21000 | 0.0 |
| 8503 <sup>(1)</sup> | Evolv Technologies Holdings, Inc. | 53059 | 0.0 |
| 4588 <sup>(1)</sup> | Expensify, Inc. - Class A | 11883 | 0.0 |
| 9152 <sup>(1)</sup> | Extreme Networks, Inc. | 164278 | 0.1 |
| 2534 <sup>(1)</sup> | Fabrinet | 746719 | 0.4 |
| 1322 <sup>(1)</sup> | FARO Technologies, Inc. | 58062 | 0.0 |
| 9578 <sup>(1)</sup> | Fastly, Inc. - Class A | 67621 | 0.0 |
| 5262 <sup>(1)</sup> | Five9, Inc. | 139338 | 0.1 |
| 5427 <sup>(1)</sup> | FormFactor, Inc. | 186743 | 0.1 |
| 556 <sup>(1)</sup> | Frequency Electronics, Inc. | 12627 | 0.0 |
| 14244 <sup>(1)</sup> | Freshworks, Inc. - Class A | 212378 | 0.1 |
| 4747 <sup>(1)</sup> | Grid Dynamics Holdings, Inc. | 54828 | 0.0 |
| 1932 | Hackett Group, Inc. | 49111 | 0.0 |
| 7806 <sup>(1)</sup> | Harmonic, Inc. | 73923 | 0.0 |
| 6560 <sup>(1)(2)</sup> | Hut 8 Corp. | 122016 | 0.1 |
| 1702 <sup>(1)</sup> | I3 Verticals, Inc. - Class A | 46771 | 0.0 |
| 2364 <sup>(1)</sup> | Ichor Holdings Ltd. | 46429 | 0.0 |
| 2320 | Immersion Corp. | 18282 | 0.0 |
| 1817 <sup>(1)</sup> | Impinj, Inc. | 201814 | 0.1 |
| 13678 <sup>(1)(2)</sup> | indie Semiconductor, Inc. - Class A | 48694 | 0.0 |
| 1931 <sup>(1)</sup> | Insight Enterprises, Inc. | 266642 | 0.2 |
| 3875 <sup>(1)</sup> | Intapp, Inc. | 200027 | 0.1 |
| 1816 | InterDigital, Inc. | 407202 | 0.2 |
| 16671 <sup>(1)</sup> | IonQ, Inc. | 716353 | 0.4 |
| 3171 <sup>(1)</sup> | Itron, Inc. | 417399 | 0.2 |
| 5762 <sup>(1)</sup> | Jamf Holding Corp. | 54797 | 0.0 |
| 7771 <sup>(1)</sup> | Kaltura, Inc. | 15620 | 0.0 |
| 1931 <sup>(1)</sup> | Kimball Electronics, Inc. | 37133 | 0.0 |
| 6045 <sup>(1)</sup> | Knowles Corp. | 106513 | 0.1 |
| 10913 <sup>(1)</sup> | Kopin Corp. | 16697 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 3599 | Kulicke & Soffa Industries, Inc. | $124525 | 0.1 |
| 1114 <sup>(1)</sup> | Life360, Inc. | 72688 | 0 |
| 4499 <sup>(1)</sup> | LiveRamp Holdings, Inc. | 148647 | 0.1 |
| 24287 <sup>(1)(2)</sup> | Marathon Digital Holdings, Inc. | 380820 | 0.2 |
| 5732 <sup>(1)</sup> | MaxLinear, Inc. | 81452 | 0.1 |
| 2339 <sup>(1)</sup> | Mercurity Fintech Holding, Inc. | 9005 | 0 |
| 2485 <sup>(1)</sup> | MeridianLink, Inc. | 40332 | 0 |
| 2623 | Methode Electronics, Inc. | 24945 | 0 |
| 17741 <sup>(1)(2)</sup> | MicroVision, Inc. | 20225 | 0 |
| 14730 <sup>(1)</sup> | Mirion Technologies, Inc. | 317137 | 0.2 |
| 3410 <sup>(1)</sup> | Mitek Systems, Inc. | 33759 | 0 |
| 5439 <sup>(1)</sup> | N-able, Inc. | 44056 | 0 |
| 2466 | Napco Security Technologies, Inc. | 73215 | 0 |
| 9382 <sup>(1)</sup> | Navitas Semiconductor Corp. | 61452 | 0 |
| 5126 <sup>(1)</sup> | NCR Atleos Corp. | 146245 | 0.1 |
| 10078 <sup>(1)</sup> | NCR Corp. | 118215 | 0.1 |
| 763 <sup>(1)(2)</sup> | Neonode, Inc. | 19456 | 0 |
| 1994 <sup>(1)</sup> | NETGEAR, Inc. | 57966 | 0 |
| 4891 <sup>(1)</sup> | NetScout Systems, Inc. | 121346 | 0.1 |
| 6238 <sup>(1)</sup> | NextNav, Inc. | 94818 | 0.1 |
| 3619 <sup>(1)</sup> | nLight, Inc. | 71222 | 0 |
| 2499 <sup>(1)</sup> | Novanta, Inc. | 322196 | 0.2 |
| 379 | NVE Corp. | 27898 | 0 |
| 8214 <sup>(1)</sup> | Olo, Inc. - Class A | 73105 | 0 |
| 2755 | OneSpan, Inc. | 45981 | 0 |
| 2101 <sup>(1)</sup> | Ooma, Inc. | 27103 | 0 |
| 1123 <sup>(1)</sup> | OSI Systems, Inc. | 252518 | 0.1 |
| 3564 <sup>(1)</sup> | Ouster, Inc. | 86427 | 0.1 |
| 2928 <sup>(1)(2)</sup> | Pagaya Technologies Ltd. - Class A | 62425 | 0 |
| 6055 <sup>(1)</sup> | PagerDuty, Inc. | 92520 | 0.1 |
| 2814 <sup>(1)</sup> | PAR Technology Corp. | 195207 | 0.1 |
| 860 | PC Connection, Inc. | 56571 | 0 |
| 2362 <sup>(1)</sup> | PDF Solutions, Inc. | 50500 | 0 |
| 4324 <sup>(1)</sup> | Photronics, Inc. | 81421 | 0.1 |
| 1883 <sup>(1)</sup> | Plexus Corp. | 254789 | 0.1 |
| 5705 <sup>(1)</sup> | Porch Group, Inc. | 67262 | 0 |
| 3971 | Power Integrations, Inc. | 221979 | 0.1 |
| 8789 <sup>(1)</sup> | Powerfleet, Inc. NJ | 37881 | 0 |
| 2978 | Progress Software Corp. | 190115 | 0.1 |
| 3257 <sup>(1)</sup> | PROS Holdings, Inc. | 51005 | 0 |
| 4335 <sup>(1)</sup> | Q2 Holdings, Inc. | 405713 | 0.2 |
| 2560 <sup>(1)</sup> | Qualys, Inc. | 365747 | 0.2 |
| 8103 <sup>(1)(2)</sup> | Quantum Computing, Inc. | 155334 | 0.1 |
| 7555 <sup>(1)</sup> | Rambus, Inc. | 483671 | 0.3 |
| 4415 <sup>(1)</sup> | Rapid7, Inc. | 102119 | 0.1 |
| 5286 <sup>(1)</sup> | Red Cat Holdings, Inc. | 38482 | 0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 859 | Red Violet, Inc. | $42263 | 0.0 |
| 6437 <sup>(1)(2)</sup> | Rezolve AI PLC | 19794 | 0.0 |
| 6954 <sup>(1)</sup> | Ribbon Communications, Inc. | 27885 | 0.0 |
| 19887 <sup>(1)(2)</sup> | Rigetti Computing, Inc. | 235860 | 0.1 |
| 4010 <sup>(1)</sup> | Rimini Street, Inc. | 15118 | 0.0 |
| 23088 <sup>(1)</sup> | Riot Platforms, Inc. | 260894 | 0.2 |
| 1318 <sup>(1)</sup> | Rogers Corp. | 90257 | 0.1 |
| 3696 <sup>(1)</sup> | Sanmina Corp. | 361580 | 0.2 |
| 2247 | Sapiens International Corp. NV | 65725 | 0.0 |
| 1685 <sup>(1)</sup> | ScanSource, Inc. | 70450 | 0.0 |
| 3248 <sup>(1)</sup> | SEMrush Holdings, Inc. - Class A | 29394 | 0.0 |
| 6118 <sup>(1)</sup> | Semtech Corp. | 276166 | 0.2 |
| 2255 <sup>(1)</sup> | Silicon Laboratories, Inc. | 332297 | 0.2 |
| 1487 <sup>(1)</sup> | SiTime Corp. | 316850 | 0.2 |
| 2003 <sup>(1)(2)</sup> | SkyWater Technology, Inc. | 19709 | 0.0 |
| 3728 <sup>(1)(2)</sup> | SMART Global Holdings, Inc. | 73852 | 0.0 |
| 25684 <sup>(1)(2)</sup> | SoundHound AI, Inc. - Class A | 275589 | 0.2 |
| 824 <sup>(1)</sup> | SoundThinking, Inc. | 10757 | 0.0 |
| 8246 <sup>(1)</sup> | Sprinklr, Inc. - Class A | 69761 | 0.0 |
| 3550 <sup>(1)</sup> | Sprout Social, Inc. - Class A | 74230 | 0.0 |
| 2648 <sup>(1)</sup> | SPS Commerce, Inc. | 360366 | 0.2 |
| 2722 <sup>(1)</sup> | Synaptics, Inc. | 176440 | 0.1 |
| 4015 <sup>(1)</sup> | Telos Corp. | 12727 | 0.0 |
| 8258 <sup>(1)</sup> | Tenable Holdings, Inc. | 278955 | 0.2 |
| 18544 <sup>(1)(2)</sup> | Terawulf, Inc. | 81223 | 0.1 |
| 1283 <sup>(1)(2)</sup> | TSS, Inc. | 36989 | 0.0 |
| 7052 <sup>(1)</sup> | TTM Technologies, Inc. | 287863 | 0.2 |
| 625 <sup>(1)(2)</sup> | Tucows, Inc. - Class A | 12319 | 0.0 |
| 1093 <sup>(1)</sup> | Turtle Beach Corp. | 15116 | 0.0 |
| 3118 <sup>(1)</sup> | Ultra Clean Holdings, Inc. | 70373 | 0.0 |
| 4802 <sup>(1)</sup> | Unisys Corp. | 21753 | 0.0 |
| 7674 <sup>(1)</sup> | Varonis Systems, Inc. | 389455 | 0.2 |
| 4029 <sup>(1)</sup> | Veeco Instruments, Inc. | 81869 | 0.1 |
| 4249 <sup>(1)</sup> | Verint Systems, Inc. | 83578 | 0.1 |
| 4551 <sup>(1)</sup> | Vertex, Inc. - Class A | 160810 | 0.1 |
| 1165 <sup>(1)</sup> | Viant Technology, Inc. - Class A | 15413 | 0.0 |
| 8079 <sup>(1)</sup> | Viasat, Inc. | 117953 | 0.1 |
| 15331 <sup>(1)</sup> | Viavi Solutions, Inc. | 154383 | 0.1 |
| 8512 | Vishay Intertechnology, Inc. | 135171 | 0.1 |
| 916 <sup>(1)</sup> | Vishay Precision Group, Inc. | 25740 | 0.0 |
| 4694 <sup>(1)</sup> | Vuzix Corp. | 13706 | 0.0 |
| 4068 <sup>(1)</sup> | Weave Communications, Inc. | 33846 | 0.0 |
| 3537 <sup>(1)</sup> | Workiva, Inc. | 242108 | 0.1 |
| 8136 <sup>(2)</sup> | Xerox Holdings Corp. | 42877 | 0.0 |
| 3296 <sup>(1)</sup> | Xperi, Inc. | 26071 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 7746 <sup>(1)</sup> | Yext, Inc. | $| 65841 | 0.0 |
| 13170 <sup>(1)</sup> | Zeta Global Holdings Corp. - Class A |  | 204003 | 0.1 |
|  |  |  | **26424697** | **14.4** |
|  | **Materials: 3.7%** | **Materials: 3.7%** | **Materials: 3.7%** | **Materials: 3.7%** |
| 1972 | AdvanSix, Inc. |  | 46835 | 0.0 |
| 815 <sup>(1)</sup> | Alpha Metallurgical Resources, Inc. |  | 91671 | 0.1 |
| 6104 <sup>(1)</sup> | American Battery Technology Co. |  | 9888 | 0.0 |
| 2504 | American Vanguard Corp. |  | 9816 | 0.0 |
| 10976 | Ardagh Metal Packaging SA |  | 46977 | 0.0 |
| 2607 <sup>(1)</sup> | Arq, Inc. |  | 14000 | 0.0 |
| 4030 <sup>(1)</sup> | ASP Isotopes, Inc. |  | 29661 | 0.0 |
| 4659 <sup>(1)</sup> | Aspen Aerogels, Inc. |  | 27581 | 0.0 |
| 6375 | Avient Corp. |  | 205976 | 0.1 |
| 2300 | Balchem Corp. |  | 366160 | 0.2 |
| 3770 | Cabot Corp. |  | 282750 | 0.2 |
| 1411 | Caledonia Mining Corp. PLC |  | 27261 | 0.0 |
| 3672 <sup>(1)</sup> | Century Aluminum Co. |  | 66169 | 0.0 |
| 10441 | Chemours Co. |  | 119549 | 0.1 |
| 1231 <sup>(1)</sup> | Clearwater Paper Corp. |  | 33532 | 0.0 |
| 44934 <sup>(1)</sup> | Coeur Mining, Inc. |  | 398115 | 0.2 |
| 7884 | Commercial Metals Co. |  | 385606 | 0.2 |
| 2474 <sup>(1)</sup> | Compass Minerals International, Inc. |  | 49703 | 0.0 |
| 9978 <sup>(1)</sup> | Constellium SE |  | 132707 | 0.1 |
| 751 <sup>(1)</sup> | Contango ORE, Inc. |  | 14629 | 0.0 |
| 2347 <sup>(1)</sup> | Critical Metals Corp. |  | 8402 | 0.0 |
| 6600 <sup>(1)</sup> | Dakota Gold Corp. |  | 24354 | 0.0 |
| 8405 <sup>(1)</sup> | Ecovyst, Inc. |  | 69173 | 0.0 |
| 8727 | Ferroglobe PLC |  | 32028 | 0.0 |
| 1054 <sup>(1)</sup> | Flotek Industries, Inc. |  | 15557 | 0.0 |
| 2735 <sup>(1)(2)</sup> | Ginkgo Bioworks Holdings, Inc. |  | 30769 | 0.0 |
| 2095 | Greif, Inc. - Class A |  | 136154 | 0.1 |
| 1378 | Hawkins, Inc. |  | 195814 | 0.1 |
| 3810 | HB Fuller Co. |  | 229171 | 0.1 |
| 41870 | Hecla Mining Co. |  | 250801 | 0.1 |
| 971 <sup>(1)</sup> | Idaho Strategic Resources, Inc. |  | 12701 | 0.0 |
| 2547 <sup>(1)</sup> | Ingevity Corp. |  | 109750 | 0.1 |
| 1742 | Innospec, Inc. |  | 146485 | 0.1 |
| 851 <sup>(1)</sup> | Intrepid Potash, Inc. |  | 30406 | 0.0 |
| 6068 <sup>(1)</sup> | Ivanhoe Electric, Inc. / US |  | 55037 | 0.0 |
| 1122 | Kaiser Aluminum Corp. |  | 89648 | 0.1 |
| 4004 <sup>(1)</sup> | Knife River Corp. |  | 326887 | 0.2 |
| 1508 | Koppers Holdings, Inc. |  | 48482 | 0.0 |
| 2779 <sup>(1)</sup> | Lifezone Metals Ltd. |  | 11449 | 0.0 |
| 4022 <sup>(1)</sup> | LSB Industries, Inc. |  | 31372 | 0.0 |
| 2341 <sup>(1)(2)</sup> | Magnera Corp. |  | 28279 | 0.0 |
| 1450 | Materion Corp. |  | 115086 | 0.1 |
| 3784 | Mativ Holdings, Inc. |  | 25807 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 5067 <sup>(1)</sup> | Metals Acquisition Ltd. - Class A | $| 61260 | 0.0 |
| 2237 | Minerals Technologies, Inc. |  | 123192 | 0.1 |
| 2814 | Myers Industries, Inc. |  | 40775 | 0.0 |
| 3887 <sup>(1)</sup> | NioCorp Developments Ltd. |  | 9057 | 0.0 |
| 17573 <sup>(1)</sup> | Novagold Resources, Inc. |  | 71874 | 0.1 |
| 10720 <sup>(1)</sup> | O-I Glass, Inc. |  | 158013 | 0.1 |
| 773 | Olympic Steel, Inc. |  | 25192 | 0.0 |
| 4137 | Orion SA |  | 43397 | 0.0 |
| 9874 <sup>(1)</sup> | Perimeter Solutions, Inc. |  | 137446 | 0.1 |
| 3253 <sup>(1)</sup> | Perpetua Resources Corp. |  | 39491 | 0.0 |
| 1581 <sup>(1)</sup> | Piedmont Lithium, Inc. |  | 9201 | 0.0 |
| 9137 <sup>(1)(2)</sup> | PureCycle Technologies, Inc. |  | 125177 | 0.1 |
| 967 | Quaker Chemical Corp. |  | 108246 | 0.1 |
| 2522 | Ramaco Resources, Inc. - Class A |  | 33139 | 0.0 |
| 3577 <sup>(1)</sup> | Ranpak Holdings Corp. |  | 12770 | 0.0 |
| 4848 <sup>(1)</sup> | Rayonier Advanced Materials, Inc. |  | 18665 | 0.0 |
| 2020 | Ryerson Holding Corp. |  | 43571 | 0.0 |
| 1930 | Schnitzer Steel Industries, Inc. - Class A |  | 57302 | 0.0 |
| 2956 | Sensient Technologies Corp. |  | 291225 | 0.2 |
| 1599 <sup>(1)</sup> | Solesence, Inc. |  | 6972 | 0.0 |
| 14390 <sup>(1)</sup> | SSR Mining, Inc. |  | 183329 | 0.1 |
| 1527 | Stepan Co. |  | 83344 | 0.1 |
| 5941 | SunCoke Energy, Inc. |  | 51033 | 0.0 |
| 2396 | Sylvamo Corp. |  | 120040 | 0.1 |
| 2972 <sup>(1)</sup> | TimkenSteel Corp. |  | 45799 | 0.0 |
| 1914 | Titan America SA |  | 23887 | 0.0 |
| 2417 <sup>(1)</sup> | Tredegar Corp. |  | 21270 | 0.0 |
| 2744 | TriMas Corp. |  | 78506 | 0.1 |
| 2489 | Trinseo PLC |  | 7766 | 0.0 |
| 8385 | Tronox Holdings PLC |  | 42512 | 0.0 |
| 6494 <sup>(1)(2)</sup> | United States Antimony Corp. |  | 14157 | 0.0 |
| 772 | United States Lime & Minerals, Inc. |  | 77046 | 0.1 |
| 854 <sup>(1)(2)</sup> | US Gold Corp. |  | 10419 | 0.0 |
| 3636 | Warrior Met Coal, Inc. |  | 166638 | 0.1 |
| 2363 | Worthington Steel, Inc. |  | 70488 | 0.1 |
|  |  |  | **6794397** | **3.7** |
|  | **Real Estate: 5.9%** | **Real Estate: 5.9%** | **Real Estate: 5.9%** | **Real Estate: 5.9%** |
| 9156 | Acadia Realty Trust |  | 170027 | 0.1 |
| 5250 | Alexander & Baldwin, Inc. |  | 93608 | 0.1 |
| 181 | Alexander's, Inc. |  | 40783 | 0.0 |
| 3761 | American Assets Trust, Inc. |  | 74280 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 11181 | American Healthcare REIT, Inc. | $410790 | 0.2 |
| 7764 <sup>(1)</sup> | Anywhere Real Estate, Inc. | 28106 | 0.0 |
| 9999 | Apartment Investment and Management Co. - Class A | 86491 | 0.1 |
| 15431 | Apple Hospitality REIT, Inc. | 180080 | 0.1 |
| 5768 | Armada Hoffler Properties, Inc. | 39626 | 0.0 |
| 5153 | Braemar Hotels & Resorts, Inc. | 12625 | 0.0 |
| 12329 | Brandywine Realty Trust | 52891 | 0.0 |
| 13123 | Broadstone Net Lease, Inc. | 210624 | 0.1 |
| 13261 | CareTrust REIT, Inc. | 405787 | 0.2 |
| 1696 | CBL & Associates Properties, Inc. | 43061 | 0.0 |
| 1225 | Centerspace | 73733 | 0.0 |
| 3808 | Chatham Lodging Trust | 26542 | 0.0 |
| 3795 | City Office REIT, Inc. | 20265 | 0.0 |
| 2078 | Community Healthcare Trust, Inc. | 34557 | 0.0 |
| 31978 <sup>(1)</sup> | Compass, Inc. - Class A | 200822 | 0.1 |
| 7930 | COPT Defense Properties | 218709 | 0.1 |
| 2333 | CTO Realty Growth, Inc. | 40268 | 0.0 |
| 6834 | Curbline Properties Corp. | 156020 | 0.1 |
| 16118 <sup>(1)</sup> | Cushman & Wakefield PLC | 178426 | 0.1 |
| 14308 | DiamondRock Hospitality Co. | 109599 | 0.1 |
| 16426 | Diversified Healthcare Trust | 58805 | 0.0 |
| 5544 <sup>(1)</sup> | Douglas Elliman, Inc. | 12862 | 0.0 |
| 11262 | Douglas Emmett, Inc. | 169380 | 0.1 |
| 2808 | Easterly Government Properties, Inc. | 62338 | 0.0 |
| 6260 | Elme Communities | 99534 | 0.1 |
| 9799 | Empire State Realty Trust, Inc. - Class A | 79274 | 0.1 |
| 13732 | Essential Properties Realty Trust, Inc. | 438188 | 0.2 |
| 5826 | eXp World Holdings, Inc. | 53017 | 0.0 |
| 3535 | Farmland Partners, Inc. | 40688 | 0.0 |
| 1604 <sup>(1)</sup> | Forestar Group, Inc. | 32080 | 0.0 |
| 7009 | Four Corners Property Trust, Inc. | 188612 | 0.1 |
| 1192 <sup>(1)</sup> | FRP Holdings, Inc. | 32053 | 0.0 |
| 3788 | Getty Realty Corp. | 104700 | 0.1 |
| 3414 | Gladstone Commercial Corp. | 48923 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 2650 | Gladstone Land Corp. | $26951 | 0.0 |
| 4797 | Global Medical REIT, Inc. | 33243 | 0.0 |
| 13898 | Global Net Lease, Inc. | 104930 | 0.1 |
| 22483 | Hudson Pacific Properties, Inc. | 61603 | 0.0 |
| 16065 | Independence Realty Trust, Inc. | 284190 | 0.2 |
| 5111 | Industrial Logistics Properties Trust | 23255 | 0.0 |
| 1949 | Innovative Industrial Properties, Inc. | 107624 | 0.1 |
| 5566 | InvenTrust Properties Corp. | 152508 | 0.1 |
| 5739 | JBG SMITH Properties | 99285 | 0.1 |
| 8722 | Kennedy-Wilson Holdings, Inc. | 59310 | 0.0 |
| 15257 | Kite Realty Group Trust | 345571 | 0.2 |
| 19901 | L.P. Industrial Trust | 164382 | 0.1 |
| 3261 | LTC Properties, Inc. | 112863 | 0.1 |
| 17715 | Macerich Co. | 286629 | 0.2 |
| 1848 | Marcus & Millichap, Inc. | 56752 | 0.0 |
| 3252 | National Health Investors, Inc. | 228030 | 0.1 |
| 1183 <sup>(1)</sup> | NET Lease Office Properties | 38507 | 0.0 |
| 5775 | NetSTREIT Corp. | 97771 | 0.1 |
| 9538 | Newmark Group, Inc. - Class A | 115887 | 0.1 |
| 1708 | NexPoint Residential Trust, Inc. | 56911 | 0.0 |
| 1762 | One Liberty Properties, Inc. | 42041 | 0.0 |
| 9829 | Outfront Media, Inc. | 160409 | 0.1 |
| 13714 | Paramount Group, Inc. | 83655 | 0.1 |
| 2853 | Peakstone Realty Trust | 37688 | 0.0 |
| 8241 | Pebblebrook Hotel Trust | 82328 | 0.1 |
| 8769 | Phillips Edison & Co., Inc. | 307178 | 0.2 |
| 8956 | Piedmont Office Realty Trust, Inc. - Class A | 65289 | 0.0 |
| 3071 | Plymouth Industrial REIT, Inc. | 49320 | 0.0 |
| 5484 | PotlatchDeltic Corp. | 210421 | 0.1 |
| 7777 <sup>(1)</sup> | Real Brokerage, Inc. | 35074 | 0.0 |
| 10517 | RLJ Lodging Trust | 76564 | 0.1 |
| 1410 | RMR Group, Inc. - Class A | 23053 | 0.0 |
| 4061 | Ryman Hospitality Properties, Inc. | 400699 | 0.2 |
| 16610 | Sabra Health Care REIT, Inc. | 306288 | 0.2 |
| 4181 | Safehold, Inc. | 65056 | 0.0 |
| 1234 | Saul Centers, Inc. | 42129 | 0.0 |
| 12471 | Service Properties Trust | 29806 | 0.0 |
| 4032 | Sila Realty Trust, Inc. | 95437 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 3612 | SITE Centers Corp. | $| 40852 | 0.0 |
| 4984 | SL Green Realty Corp. |  | 308510 | 0.2 |
| 1945 <sup>(2)</sup> | Smartstop Self Storage REIT, Inc. |  | 70467 | 0.0 |
| 2700 | St Joe Co. |  | 128790 | 0.1 |
| 639 <sup>(1)</sup> | Stratus Properties, Inc. |  | 12064 | 0.0 |
| 7579 | Summit Hotel Properties, Inc. |  | 38577 | 0.0 |
| 13781 | Sunstone Hotel Investors, Inc. |  | 119619 | 0.1 |
| 7779 | Tanger Factory Outlet Centers, Inc. |  | 237882 | 0.1 |
| 1675 <sup>(1)</sup> | Tejon Ranch Co. |  | 28408 | 0.0 |
| 7064 | Terreno Realty Corp. |  | 396078 | 0.2 |
| 5759 | UMH Properties, Inc. |  | 96694 | 0.1 |
| 16950 | Uniti Group, Inc. |  | 73224 | 0.0 |
| 1140 | Universal Health Realty Income Trust |  | 45566 | 0.0 |
| 8842 | Urban Edge Properties |  | 164992 | 0.1 |
| 5766 | Veris Residential, Inc. |  | 85856 | 0.1 |
| 3944 | Whitestone REIT |  | 49221 | 0.0 |
| 7161 | Xenia Hotels & Resorts, Inc. |  | 90014 | 0.1 |
|  |  |  | **10883625** | **5.9** |
|  | **Utilities: 3.1%** | **Utilities: 3.1%** | **Utilities: 3.1%** | **Utilities: 3.1%** |
| 4004 | ALLETE, Inc. |  | 256536 | 0.1 |
| 2696 | American States Water Co. |  | 206675 | 0.1 |
| 5542 | Avista Corp. |  | 210319 | 0.1 |
| 4995 | Black Hills Corp. |  | 280219 | 0.2 |
| 8423 | Brookfield Infrastructure Corp. - Class A |  | 350397 | 0.2 |
| 4244 <sup>(1)</sup> | Cadiz, Inc. |  | 12690 | 0.0 |
| 4150 | California Water Service Group |  | 188742 | 0.1 |
| 1636 | Chesapeake Utilities Corp. |  | 196680 | 0.1 |
| 1198 | Consolidated Water Co. Ltd. |  | 35964 | 0.0 |
| 1586 | Genie Energy Ltd. - Class B |  | 42632 | 0.0 |
| 12248 <sup>(1)</sup> | Hawaiian Electric Industries, Inc. |  | 130196 | 0.1 |
| 2602 | MGE Energy, Inc. |  | 230121 | 0.1 |
| 1285 | Middlesex Water Co. |  | 69621 | 0.0 |
| 5592 <sup>(1)</sup> | Montauk Renewables, Inc. |  | 12414 | 0.0 |
| 7085 | New Jersey Resources Corp. |  | 317550 | 0.2 |
| 2896 | Northwest Natural Holding Co. |  | 115029 | 0.1 |
| 4281 | NorthWestern Corp. |  | 219615 | 0.1 |
| 7214 <sup>(1)</sup> | Oklo, Inc. |  | 403912 | 0.2 |
| 4167 | ONE Gas, Inc. |  | 299441 | 0.2 |
| 4264 | Ormat Technologies, Inc. |  | 357153 | 0.2 |
| 2852 | Otter Tail Corp. |  | 219861 | 0.1 |
| 6408 | PNM Resources, Inc. |  | 360898 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (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)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 7529 | Portland General Electric Co. | $| 305903 | 0.2 |
| 1843 <sup>(1)</sup> | Pure Cycle Corp. |  | 19757 | 0.0 |
| 2336 | SJW Group |  | 121402 | 0.1 |
| 4550 | Southwest Gas Holdings, Inc. |  | 338474 | 0.2 |
| 4041 | Spire, Inc. |  | 294953 | 0.2 |
| 1252 | Unitil Corp. |  | 65292 | 0.0 |
| 1281 | York Water Co. |  | 40480 | 0.0 |
|  |  |  | **5702926** | **3.1** |
|  | Total Common Stock <br> (Cost $153,972,483) |  | **179079283** | **97.3** |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |
|  | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 18730 <sup>(3)(4)</sup> | Cartesian Therapeutics, Inc. CVR |  | 3371 | 0.0 |
| 8741 <sup>(3)(4)</sup> | Chinook Therapeutics, Inc. CVR |  | 3409 | 0.0 |
| 3559 <sup>(3)(4)</sup> | Inhibrx, Inc. CVR |  | 14628 | 0.0 |
|  |  |  | **21408** | **0.0** |
|  | Total Rights <br> (Cost $—) |  | **21408** | **0.0** |
| **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** |
|  | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 165 | Pulse Biosciences, Inc. |  | 1008 | 0.0 |
|  | Total Warrants <br> (Cost $—) |  | **1008** | **0.0** |
|  | Total Long-Term Investments <br> (Cost $153,972,483) |  | **179101699** | **97.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 6.2%** | **SHORT-TERM INVESTMENTS: 6.2%** | **SHORT-TERM INVESTMENTS: 6.2%** | **SHORT-TERM INVESTMENTS: 6.2%** |
|  | **Repurchase Agreements: 3.4%** | **Repurchase Agreements: 3.4%** | **Repurchase Agreements: 3.4%** |
| 1748942 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,749,152, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $1,783,921, due 06/01/30-02/01/57) | 1748942 | 0.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1074477 <sup>(5)</sup> | CF Secured LLC, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,074,606, collateralized by various U.S. Government Agency Obligations, 3.000%-6.500%, Market Value plus accrued interest $1,096,213, due 05/23/28-12/01/63) | $| 1074477 | 0.6 |
| 1748942 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,749,152, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $1,783,921, due 08/15/34-06/01/55) |  | 1748942 | 1 |
| 1725390 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,725,598, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,759,898, due 03/01/34-05/01/55) |  | 1725390 | 0.9 |
|  | Total Repurchase Agreements <br> (Cost $6,297,751) |  | **6297751** | **3.4** |
|  | **Time Deposits: 0.6%** | **Time Deposits: 0.6%** | **Time Deposits: 0.6%** | **Time Deposits: 0.6%** |
| 170000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 |  | 170000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Time Deposits (continued)** | **Time Deposits (continued)** | **Time Deposits (continued)** |
| 170000 <sup>(5)</sup> | Credit Agricole Corporate and Investment Bank, 4.310%, 07/01/2025 | $170000 | 0.1 |
| 170000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | 170000 | 0.1 |
| 170000 <sup>(5)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 170000 | 0.1 |
| 170000 <sup>(5)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 170000 | 0.1 |
| 170000 <sup>(5)</sup> | Svenska Handelsbanken AB, 4.300%, 07/01/2025 | 170000 | 0.1 |
|  | Total Time Deposits <br> (Cost $1,020,000) | **1020000** | **0.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 2.2%** |  |  |
| 4126000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% <br> (Cost $4,126,000) | $**4126000** | **2.2** |
|  | Total Short-Term Investments <br> (Cost $11,443,751) | **11443751** | **6.2** |
|  | **Total Investments in Securities <br> (Cost $165,416,234)** | $**190545450** | **103.5** |
|  | **Liabilities in Excess of Other Assets** | **(6497706)** | **(3.5)** |
|  | **Net Assets** | $**184047744** | **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> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(4)</sup> | Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2025, the Portfolio held restricted securities with a fair value of $21,408 or —% of net assets. Please refer to the table below for additional details. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other<br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;Communication Services | $4734583 | $— | $— | $4734583 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 17979415 |  |  | 17979415 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 4080830 |  |  | 4080830 |
| &nbsp;&nbsp;&nbsp;Energy | 8807185 |  |  | 8807185 |
| &nbsp;&nbsp;&nbsp;Financials | 34479751 |  |  | 34479751 |
| &nbsp;&nbsp;&nbsp;Health Care | 28575761 |  | 13556 | 28589317 |
| &nbsp;&nbsp;&nbsp;Industrials | 30602557 |  |  | 30602557 |
| &nbsp;&nbsp;&nbsp;Information Technology | 26424697 |  |  | 26424697 |
| &nbsp;&nbsp;&nbsp;Materials | 6794397 |  |  | 6794397 |
| &nbsp;&nbsp;&nbsp;Real Estate | 10883625 |  |  | 10883625 |
| &nbsp;&nbsp;&nbsp;Utilities | 5702926 |  |  | 5702926 |
| Total Common Stock | 179065727 |  | 13556 | 179079283 |
| Rights |  |  | 21408 | 21408 |
| Warrants |  | 1008 |  | 1008 |
| Short-Term Investments | 4126000 | 7317751 |  | 11443751 |
| Total Investments, at fair value | $183191727 | $7318759 | $34964 | $190545450 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Futures | 110024 |  |  | 110024 |
| Total Assets | $183301751 | $7318759 | $34964 | $190655474 |

---

---

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

---

At June 30, 2025, Voya VACS Index Series SC Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Cartesian Therapeutics, Inc. CVR | 12/12/2023 | $— | $3371 |
| Chinook Therapeutics, Inc. CVR | 8/14/2023 |  | 3409 |
| Inhibrx, Inc. CVR | 5/31/2024 |  | 14628 |
|  |  | $— | $21408 |

---

At June 30, 2025, the following futures contracts were outstanding for Voya VACS Index Series SC Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number <br> of Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Unrealized <br> Appreciation** |
| Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: |
| &nbsp;&nbsp;&nbsp;E-mini Russell 2000 Index | 48 | 09/19/25 | $5260080 | $110024 |
|  |  |  | $5260080 | $110024 |

---

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

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

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **Asset Derivatives** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\* | $110024 |
| **Total Asset Derivatives** |  | $110024 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 period ended June 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(788113) |
| **Total** | $(788113) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $451054 |
| **Total** | $451054 |

---

At June 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $167,811,622. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $42554839 |
| Gross Unrealized Depreciation | (19710987) |
| Net Unrealized Appreciation | $22843852 |

---

See Accompanying Notes to Financial Statements

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[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258  | The Bank of New York Mellon<br> 225 Liberty Street<br> New York, New York 10286  |
| **Placement Agent** | **Legal Counsel** |
| Voya Investments Distributor, LLC<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258  | Ropes & Gray LLP<br> Prudential Tower<br> 800 Boylston Street<br> Boston, Massachusetts 02199  |
| **Transfer Agent** | **Transfer Agent** |
| BNY Mellon Investment Servicing (U.S.) Inc.<br> 103 Bellevue Parkway<br> Wilmington, Delaware 19809  | BNY Mellon Investment Servicing (U.S.) Inc.<br> 103 Bellevue Parkway<br> Wilmington, Delaware 19809  |

---

**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**221498 (0625)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None during the reporting period.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $172,891 was paid during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

None during the reporting period.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation
of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant
is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR
are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information
for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's internal controls that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) The Code of Ethics is not required for the semi-annual filing.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm2522622d6_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.](tm2522622d6_ex99-cert.htm) |

---

(a)(4) Not applicable

(a)(5) Not applicable.

[(b)](tm2522622d6_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2522622d6_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 Portfolios, Inc. | (Registrant): Voya Variable Portfolios, Inc. |
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: September 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: September 5, 2025

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

Date: September 5, 2025

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Christian G. Wilson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Variable Portfolios, Inc. ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Variable Portfolios, Inc. ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Variable Portfolios, Inc. <br>Date of Form N-CSR: June 30, 2025

The undersigned, the principal executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of
operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Variable Portfolios, Inc. and will be retained by Voya Variable Portfolios, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 5<sup>th</sup> day of September, 2025.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Variable Portfolios, Inc. <br>Date of Form N-CSR: June 30, 2025

The undersigned, the principal financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of
operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Variable Portfolios, Inc. and will be retained by Voya Variable Portfolios, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 5<sup>th</sup> day of September, 2025.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---