# EDGAR Filing Document

**Accession Number:** 0001039001
**File Stem:** 0001104659-25-087894
**Filing Date:** 2025-9
**Character Count:** 1753904
**Document Hash:** 92cccd00986b435e8aa3090c95a89d7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-087894.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001104659-25-087894

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 336

**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 PARTNERS INC
- **CENTRAL INDEX KEY:** 0001039001

**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:** 811-08319
- **FILM NUMBER:** 251297466

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH RD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 4804773000

**MAIL ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH RD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PORTFOLIO PARTNERS INC
- **DATE OF NAME CHANGE:** 19970512

## Series and Classes Contracts Data

### VY(R) JPMorgan Mid Cap Value Portfolio (Series ID: S000007594)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020695 | Class ADV    | IJMAX           |
| C000020696 | Class I      | IJMIX           |
| C000020697 | Class S      | IJMSX           |
| C000074827 | Class S2     | IJPMX           |

### Voya Global Insights Portfolio (Series ID: S000007597)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020704 | Class ADV    | IGMAX           |
| C000020705 | Class I      | IGMIX           |
| C000020706 | Class S      | IGMSX           |
| C000074828 | Class S2     | IOGPX           |

### Voya Global Bond Portfolio (Series ID: S000007598)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020707 | Class ADV    | IOSAX           |
| C000020708 | Class I      | IOSIX           |
| C000020709 | Class S      | IOSSX           |

### Voya Solution 2025 Portfolio (Series ID: S000007604)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020726 | Class ADV    | ISZAX           |
| C000020727 | Class I      | ISZIX           |
| C000020728 | Class S      | ISZSX           |
| C000078368 | Class S2     | ISPBX           |

### Voya Solution 2035 Portfolio (Series ID: S000007605)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020730 | Class ADV    | ISQAX           |
| C000020731 | Class I      | ISQIX           |
| C000020732 | Class S      | ISQSX           |
| C000078369 | Class S2     | ISPCX           |

### Voya Solution 2045 Portfolio (Series ID: S000007606)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020734 | Class ADV    | ISRAX           |
| C000020735 | Class I      | ISRIX           |
| C000020736 | Class S      | ISRSX           |
| C000078370 | Class S2     | ISPDX           |

### Voya Solution Income Portfolio (Series ID: S000007607)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020738 | Class ADV    | ISWAX           |
| C000020739 | Class I      | ISWIX           |
| C000020740 | Class S      | ISWSX           |
| C000078371 | Class S2     | IJKBX           |

### VY(R) T. Rowe Price Diversified Mid Cap Growth Portfolio (Series ID: S000007608)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020742 | Class ADV    | IAXAX           |
| C000020743 | Class I      | IAXIX           |
| C000020744 | Class S      | IAXSX           |
| C000074830 | Class S2     | IAXTX           |
| C000168850 | Class R6     | VYRIX           |

### VY(R) T. Rowe Price Growth Equity Portfolio (Series ID: S000007609)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020745 | Class ADV    | IGEAX           |
| C000020746 | Class I      | ITGIX           |
| C000020747 | Class S      | ITGSX           |
| C000074831 | Class S2     | ITRGX           |

### VY(R) Invesco Comstock Portfolio (Series ID: S000007611)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020751 | Class ADV    | IVKAX           |
| C000020752 | Class I      | IVKIX           |
| C000020753 | Class S      | IVKSX           |
| C000078373 | Class S2     | IVKTX           |

### VY(R) Baron Growth Portfolio (Series ID: S000007612)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020754 | Class ADV    | IBSAX           |
| C000020755 | Class I      | IBGIX           |
| C000020756 | Class S      | IBSSX           |
| C000074832 | Class S2     | IBCGX           |
| C000168853 | Class R6     | VYRBX           |

### VY(R) Invesco Equity and Income Portfolio (Series ID: S000007613)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020757 | Class ADV    | IUAAX           |
| C000020758 | Class I      | IUAIX           |
| C000020759 | Class S      | IUASX           |
| C000074833 | Class S2     | IVIPX           |

### VY(R) Columbia Contrarian Core Portfolio (Series ID: S000007614)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020760 | Class ADV    | ISBAX           |
| C000020761 | Class I      | ISFIX           |
| C000020762 | Class S      | ISCSX           |

### Voya International High Dividend Low Volatility Portfolio (Series ID: S000009828)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027234 | Class ADV    | IFTAX           |
| C000027235 | Class I      | IFTIX           |
| C000027236 | Class S      | IFTSX           |
| C000074834 | Class S2     | ITFEX           |

### VY(R) Columbia Small Cap Value II Portfolio (Series ID: S000010008)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027676 | Class ADV    | ICSAX           |
| C000027677 | Class I      | ICISX           |
| C000027678 | Class S      | ICSSX           |
| C000074835 | Class S2     | ICVPX           |
| C000168857 | Class R6     | VYRDX           |

### VY(R) American Century Small-Mid Cap Value Portfolio (Series ID: S000010768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000029752 | Class ADV    | IASAX           |
| C000029753 | Class I      | IACIX           |
| C000029754 | Class S      | IASSX           |
| C000074837 | Class S2     | ISMSX           |

### Voya Solution Balanced Portfolio (Series ID: S000018039)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049965 | Class ADV    | ISGAX           |
| C000049966 | Class I      | ISGJX           |
| C000049967 | Class S      | ISGKX           |
| C000087528 | Class S2     | ISGTX           |
| C000168859 | Class R6     | VYRLX           |

### Voya Index Solution 2025 Portfolio (Series ID: S000021226)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060439 | Class ADV    | ISDAX           |
| C000060440 | Class I      | ISDIX           |
| C000060441 | Class S      | ISDSX           |
| C000078381 | Class S2     | IXXVX           |
| C000154752 | Class Z      | VSZBX           |

### Voya Index Solution 2035 Portfolio (Series ID: S000021227)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060443 | Class I      | ISEIX           |
| C000060444 | Class S      | ISESX           |
| C000060446 | Class ADV    | ISEAX           |
| C000078382 | Class S2     | IXISX           |
| C000154753 | Class Z      | VSZDX           |

### Voya Index Solution 2045 Portfolio (Series ID: S000021228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060447 | Class ADV    | ISJAX           |
| C000060448 | Class I      | ISJIX           |
| C000060449 | Class S      | ISJSX           |
| C000078383 | Class S2     | ISVLX           |
| C000154754 | Class Z      | VSZFX           |

### Voya Index Solution Income Portfolio (Series ID: S000021229)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060451 | Class ADV    | ISKAX           |
| C000060452 | Class I      | ISKIX           |
| C000060453 | Class S      | ISKSX           |
| C000078384 | Class S2     | IIIPX           |
| C000154755 | Class Z      | VSZJX           |

### Voya Index Solution 2055 Portfolio (Series ID: S000026397)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079256 | Class ADV    | IISAX           |
| C000079257 | Class I      | IISNX           |
| C000079258 | Class S2     | IISTX           |
| C000081026 | Class S      | IISSX           |
| C000154756 | Class Z      | VSZHX           |

### Voya Solution 2055 Portfolio (Series ID: S000026398)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079260 | Class ADV    | IASPX           |
| C000079261 | Class I      | IISPX           |
| C000079262 | Class S2     | ITSPX           |
| C000081027 | Class S      | ISSPX           |

### Voya Solution Moderately Aggressive Portfolio (Series ID: S000028589)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000087520 | Class ADV    | IAGAX           |
| C000087521 | Class I      | IAGIX           |
| C000087522 | Class S      | IAGSX           |
| C000087523 | Class S2     | IAGTX           |
| C000168861 | Class R6     | VYROX           |

### Voya Solution Conservative Portfolio (Series ID: S000028590)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000087524 | Class S2     | ICGTX           |
| C000087525 | Class ADV    | ICGAX           |
| C000087526 | Class I      | ICGIX           |
| C000087527 | Class S      | ICGSX           |
| C000168862 | Class R6     | VYRPX           |

### Voya Index Solution 2030 Portfolio (Series ID: S000034117)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105146 | Class S      | IDXHX           |
| C000105147 | Class ADV    | IDXFX           |
| C000105149 | Class I      | IDXGX           |
| C000105150 | Class S2     | IDXIX           |
| C000154758 | Class Z      | VSZCX           |

### Voya Index Solution 2040 Portfolio (Series ID: S000034118)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105151 | Class ADV    | IDXKX           |
| C000105153 | Class I      | IDXLX           |
| C000105154 | Class S2     | IDXNX           |
| C000105155 | Class S      | IDXMX           |
| C000154759 | Class Z      | VSZEX           |

### Voya Index Solution 2050 Portfolio (Series ID: S000034119)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105156 | Class ADV    | IDXPX           |
| C000105158 | Class I      | IDXQX           |
| C000105159 | Class S2     | IDXSX           |
| C000105160 | Class S      | IDXRX           |
| C000154760 | Class Z      | VSZGX           |

### Voya Solution 2030 Portfolio (Series ID: S000034121)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105166 | Class ADV    | ISNFX           |
| C000105168 | Class I      | ISNGX           |
| C000105169 | Class S2     | ISNIX           |
| C000105170 | Class S      | ISNHX           |

### Voya Solution 2040 Portfolio (Series ID: S000034122)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105171 | Class ADV    | ISNKX           |
| C000105173 | Class I      | ISNLX           |
| C000105174 | Class S2     | ISNNX           |
| C000105175 | Class S      | ISNMX           |

### Voya Solution 2050 Portfolio (Series ID: S000034123)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105176 | Class ADV    | ISNPX           |
| C000105178 | Class I      | ISNQX           |
| C000105179 | Class S2     | ISNSX           |
| C000105180 | Class S      | ISNRX           |

### Voya Solution Aggressive Portfolio (Series ID: S000040577)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125843 | Class ADV    | IAVAX           |
| C000125844 | Class I      | IAVIX           |
| C000125845 | Class S      | IAVSX           |
| C000125846 | Class S2     | IAVTX           |
| C000168863 | Class R6     | VYRMX           |

### Voya Solution 2060 Portfolio (Series ID: S000048104)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152042 | Class ADV    | VSPAX           |
| C000152043 | Class S      | VSPSX           |
| C000152044 | Class S2     | VSSPX           |
| C000152046 | Class I      | VSIPX           |

### Voya Index Solution 2060 Portfolio (Series ID: S000048105)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152047 | Class I      | VISPX           |
| C000152048 | Class ADV    | VPSAX           |
| C000152049 | Class S      | VPISX           |
| C000152050 | Class S2     | VPSSX           |
| C000154761 | Class Z      | VSZIX           |

### Voya Index Solution 2065 Portfolio (Series ID: S000068486)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219027 | Class I      | VIQIX           |
| C000219028 | Class S      | VIQSX           |
| C000219029 | Class S2     | VIQUX           |
| C000219030 | Class Z      | VIQZX           |
| C000219031 | Class ADV    | VIQAX           |

### Voya Solution 2065 Portfolio (Series ID: S000068487)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219032 | Class I      | VSQIX           |
| C000219033 | Class S      | VSSQX           |
| C000219034 | Class S2     | VSQUX           |
| C000219036 | Class ADV    | VSAQX           |

?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: **811-08319**

**Voya Partners, 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 Company, 1209 Orange Street, Wilmington, DE 19801**

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-262-3862**

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

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

**Item 1. Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; 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 Bond Portfolio](#classname2fb86ad4-2106-4c2f-89f5-ba086ea0d317)<br> **[Class ADV - IOSAX](#classname2fb86ad4-2106-4c2f-89f5-ba086ea0d317)**  |
|  [Voya Global Bond Portfolio](#classnamef0a00f8a-e014-4131-b627-ea07d2ea7996)<br> **[Class I - IOSIX](#classnamef0a00f8a-e014-4131-b627-ea07d2ea7996)**  |
|  [Voya Global Bond Portfolio](#classnamee2e09e76-da71-4d01-accc-d49fdcfe4f75)<br> **[Class S - IOSSX](#classnamee2e09e76-da71-4d01-accc-d49fdcfe4f75)**  |
|  [Voya Global Insights Portfolio](#classname4c3015e7-3880-45f8-9006-143fc0b935a9)<br> **[Class ADV - IGMAX](#classname4c3015e7-3880-45f8-9006-143fc0b935a9)**  |
|  [Voya Global Insights Portfolio](#classname0c5ffc78-e155-4410-8117-c50733dd056c)<br> **[Class I - IGMIX](#classname0c5ffc78-e155-4410-8117-c50733dd056c)**  |
|  [Voya Global Insights Portfolio](#classnamedebe8009-207e-4d31-83e4-7480d880f0d1)<br> **[Class S - IGMSX](#classnamedebe8009-207e-4d31-83e4-7480d880f0d1)**  |
|  [Voya Global Insights Portfolio](#classname566fe74d-cc7f-4e6e-9b0c-06c194a8b1a8)<br> **[Class S2 - IOGPX](#classname566fe74d-cc7f-4e6e-9b0c-06c194a8b1a8)**  |
|  [Voya Index Solution 2025 Portfolio](#classname333f22e5-fa13-41f5-b64c-545b91eaf030)<br> **[Class ADV - ISDAX](#classname333f22e5-fa13-41f5-b64c-545b91eaf030)**  |
|  [Voya Index Solution 2025 Portfolio](#classnamef2dc7936-968c-4cdc-aad0-66b4e0a6d841)<br> **[Class I - ISDIX](#classnamef2dc7936-968c-4cdc-aad0-66b4e0a6d841)**  |
|  [Voya Index Solution 2025 Portfolio](#classnameb5bf5861-109d-4168-bd39-aeb8f1d23170)<br> **[Class S - ISDSX](#classnameb5bf5861-109d-4168-bd39-aeb8f1d23170)**  |
|  [Voya Index Solution 2025 Portfolio](#classnamed0df0b00-6912-47f5-a291-1e8fbecc17bf)<br> **[Class S2 - IXXVX](#classnamed0df0b00-6912-47f5-a291-1e8fbecc17bf)**  |
|  [Voya Index Solution 2025 Portfolio](#classname3dd0edf8-4f1c-4c05-ab7a-11d85621d2ee)<br> **[Class Z - VSZBX](#classname3dd0edf8-4f1c-4c05-ab7a-11d85621d2ee)**  |
|  [Voya Index Solution 2030 Portfolio](#classnamef793a0d1-f4f2-43c1-b506-25ff6e3c989d)<br> **[Class ADV - IDXFX](#classnamef793a0d1-f4f2-43c1-b506-25ff6e3c989d)**  |
|  [Voya Index Solution 2030 Portfolio](#classname59c12d15-53b6-4884-bf2c-56bdc1298d7a)<br> **[Class I - IDXGX](#classname59c12d15-53b6-4884-bf2c-56bdc1298d7a)**  |
|  [Voya Index Solution 2030 Portfolio](#classname73a52ece-3279-4490-9e10-d3459f9263ed)<br> **[Class S - IDXHX](#classname73a52ece-3279-4490-9e10-d3459f9263ed)**  |
|  [Voya Index Solution 2030 Portfolio](#classname3b711083-a887-4029-836c-e313e400f1fe)<br> **[Class S2 - IDXIX](#classname3b711083-a887-4029-836c-e313e400f1fe)**  |
|  [Voya Index Solution 2030 Portfolio](#classnamed339815b-1351-4984-8a26-e97a34896dfa)<br> **[Class Z - VSZCX](#classnamed339815b-1351-4984-8a26-e97a34896dfa)**  |
|  [Voya Index Solution 2035 Portfolio](#classname793817a0-1487-413f-afeb-f3d0abd0d43e)<br> **[Class ADV - ISEAX](#classname793817a0-1487-413f-afeb-f3d0abd0d43e)**  |
|  [Voya Index Solution 2035 Portfolio](#classname89b45185-cee8-40ec-afb7-2be073a7c1ab)<br> **[Class I - ISEIX](#classname89b45185-cee8-40ec-afb7-2be073a7c1ab)**  |
|  [Voya Index Solution 2035 Portfolio](#classnameddf6b092-3a4a-4efb-9a23-bc4afb25e92f)<br> **[Class S - ISESX](#classnameddf6b092-3a4a-4efb-9a23-bc4afb25e92f)**  |
|  [Voya Index Solution 2035 Portfolio](#classnameb6ad8589-dae5-43bc-94c4-1ffe5eec87d7)<br> **[Class S2 - IXISX](#classnameb6ad8589-dae5-43bc-94c4-1ffe5eec87d7)**  |
|  [Voya Index Solution 2035 Portfolio](#classname51ef9449-b342-4ae5-99c1-3488c1b2992e)<br> **[Class Z - VSZDX](#classname51ef9449-b342-4ae5-99c1-3488c1b2992e)**  |
|  [Voya Index Solution 2040 Portfolio](#classname1df2f071-d076-4e33-ad03-fbcdd1a6693a)<br> **[Class ADV - IDXKX](#classname1df2f071-d076-4e33-ad03-fbcdd1a6693a)**  |
|  [Voya Index Solution 2040 Portfolio](#classname35ded727-d2d9-4681-9c91-e96830d919af)<br> **[Class I - IDXLX](#classname35ded727-d2d9-4681-9c91-e96830d919af)**  |
|  [Voya Index Solution 2040 Portfolio](#classname4d9db25b-241b-4cf4-8538-40032515251b)<br> **[Class S - IDXMX](#classname4d9db25b-241b-4cf4-8538-40032515251b)**  |
|  [Voya Index Solution 2040 Portfolio](#classnamea637a32a-f0a5-4059-b313-dbe3987adee6)<br> **[Class S2 - IDXNX](#classnamea637a32a-f0a5-4059-b313-dbe3987adee6)**  |
|  [Voya Index Solution 2040 Portfolio](#classname72da7f1f-f1f6-4ef1-aa58-af84036e6b85)<br> **[Class Z - VSZEX](#classname72da7f1f-f1f6-4ef1-aa58-af84036e6b85)**  |
|  [Voya Index Solution 2045 Portfolio](#classnamee128ab62-44fe-4241-a592-d1c87280c609)<br> **[Class ADV - ISJAX](#classnamee128ab62-44fe-4241-a592-d1c87280c609)**  |
|  [Voya Index Solution 2045 Portfolio](#classname51c5c650-507b-4dc7-9bf8-801c281b9ea9)<br> **[Class I - ISJIX](#classname51c5c650-507b-4dc7-9bf8-801c281b9ea9)**  |
|  [Voya Index Solution 2045 Portfolio](#classnamef59bcc1d-b33a-492e-8069-8b8359778671)<br> **[Class S - ISJSX](#classnamef59bcc1d-b33a-492e-8069-8b8359778671)**  |
|  [Voya Index Solution 2045 Portfolio](#classname73d91f21-b08b-4499-a187-c7d7db9cb71c)<br> **[Class S2 - ISVLX](#classname73d91f21-b08b-4499-a187-c7d7db9cb71c)**  |
|  [Voya Index Solution 2045 Portfolio](#classnamef76ad1ce-510e-4312-b365-41f15327eb74)<br> **[Class Z - VSZFX](#classnamef76ad1ce-510e-4312-b365-41f15327eb74)**  |
|  [Voya Index Solution 2050 Portfolio](#classname75b124e4-faa2-4eb4-8e21-4a0ce0f71060)<br> **[Class ADV - IDXPX](#classname75b124e4-faa2-4eb4-8e21-4a0ce0f71060)**  |
|  [Voya Index Solution 2050 Portfolio](#classname9203bff9-d4d8-4443-bd72-618241eeb8dd)<br> **[Class I - IDXQX](#classname9203bff9-d4d8-4443-bd72-618241eeb8dd)**  |
|  [Voya Index Solution 2050 Portfolio](#classname1443f1fd-b19f-4f0b-aaad-598c95c59a43)<br> **[Class S - IDXRX](#classname1443f1fd-b19f-4f0b-aaad-598c95c59a43)**  |
|  [Voya Index Solution 2050 Portfolio](#classname05025995-3d65-40d2-8200-aa935ec181d7)<br> **[Class S2 - IDXSX](#classname05025995-3d65-40d2-8200-aa935ec181d7)**  |
|  [Voya Index Solution 2050 Portfolio](#classname37c0b5da-6e1b-4942-9b37-0e1e72bf5c26)<br> **[Class Z - VSZGX](#classname37c0b5da-6e1b-4942-9b37-0e1e72bf5c26)**  |
|  [Voya Index Solution 2055 Portfolio](#classname061eee00-2dc4-4f52-b561-95f4a1f5880a)<br> **[Class ADV - IISAX](#classname061eee00-2dc4-4f52-b561-95f4a1f5880a)**  |
|  [Voya Index Solution 2055 Portfolio](#classname76566e60-5a2f-4e79-a52c-63e9b41c4a7a)<br> **[Class I - IISNX](#classname76566e60-5a2f-4e79-a52c-63e9b41c4a7a)**  |
|  [Voya Index Solution 2055 Portfolio](#classname6411e783-76fa-4338-a098-ddbdd7b9e7e1)<br> **[Class S - IISSX](#classname6411e783-76fa-4338-a098-ddbdd7b9e7e1)**  |
|  [Voya Index Solution 2055 Portfolio](#classname8fca8e61-60e6-4bfd-8aaf-8186ee53c4d3)<br> **[Class S2 - IISTX](#classname8fca8e61-60e6-4bfd-8aaf-8186ee53c4d3)**  |
|  [Voya Index Solution 2055 Portfolio](#classnamee6255851-82e7-41c8-9fe1-ba4da958e95b)<br> **[Class Z - VSZHX](#classnamee6255851-82e7-41c8-9fe1-ba4da958e95b)**  |
|  [Voya Index Solution 2060 Portfolio](#classnamecedb36f7-58a7-46c4-a5f8-88e7ac6f4faf)<br> **[Class ADV - VPSAX](#classnamecedb36f7-58a7-46c4-a5f8-88e7ac6f4faf)**  |
|  [Voya Index Solution 2060 Portfolio](#classname5703f3ac-bd7a-48bf-8cd3-25448b72e3cc)<br> **[Class I - VISPX](#classname5703f3ac-bd7a-48bf-8cd3-25448b72e3cc)**  |
|  [Voya Index Solution 2060 Portfolio](#classnamea107107b-53a4-4949-911c-e96f6c170e88)<br> **[Class S - VPISX](#classnamea107107b-53a4-4949-911c-e96f6c170e88)**  |
|  [Voya Index Solution 2060 Portfolio](#classnamea461403d-5879-43fb-b324-0ba05b945f3e)<br> **[Class S2 - VPSSX](#classnamea461403d-5879-43fb-b324-0ba05b945f3e)**  |
|  [Voya Index Solution 2060 Portfolio](#classnamebe21a146-9ea1-4462-8645-ecd7934ad9c0)<br> **[Class Z - VSZIX](#classnamebe21a146-9ea1-4462-8645-ecd7934ad9c0)**  |
|  [Voya Index Solution 2065 Portfolio](#classname68511e40-131f-46c2-b8e0-fdb108c36c50)<br> **[Class ADV - VIQAX](#classname68511e40-131f-46c2-b8e0-fdb108c36c50)**  |
|  [Voya Index Solution 2065 Portfolio](#classname7ce75e64-b4df-48b1-a0af-46102bc6d472)<br> **[Class I - VIQIX](#classname7ce75e64-b4df-48b1-a0af-46102bc6d472)**  |
|  [Voya Index Solution 2065 Portfolio](#classname63220022-58d7-4b0a-97f6-4b5355496f0e)<br> **[Class S - VIQSX](#classname63220022-58d7-4b0a-97f6-4b5355496f0e)**  |
|  [Voya Index Solution 2065 Portfolio](#classname572919f3-eebe-41a0-b038-450b9f43ddc2)<br> **[Class S2 - VIQUX](#classname572919f3-eebe-41a0-b038-450b9f43ddc2)**  |
|  [Voya Index Solution 2065 Portfolio](#classname7281fc46-b17e-475e-8655-821f3ba705e2)<br> **[Class Z - VIQZX](#classname7281fc46-b17e-475e-8655-821f3ba705e2)**  |
|  [Voya Index Solution Income Portfolio](#classname01e13bd2-84f8-42aa-a8b3-9531611f975c)<br> **[Class ADV - ISKAX](#classname01e13bd2-84f8-42aa-a8b3-9531611f975c)**  |
|  [Voya Index Solution Income Portfolio](#classname5d38b895-065f-48e9-8adf-475f02bc8ddf)<br> **[Class I - ISKIX](#classname5d38b895-065f-48e9-8adf-475f02bc8ddf)**  |
|  [Voya Index Solution Income Portfolio](#classnamed56f9e0c-d8b3-4a3c-bafb-12ce131a76e4)<br> **[Class S - ISKSX](#classnamed56f9e0c-d8b3-4a3c-bafb-12ce131a76e4)**  |
|  [Voya Index Solution Income Portfolio](#classname0fd055ea-213e-45cf-a2ea-fcaa2acbb9d7)<br> **[Class S2 - IIIPX](#classname0fd055ea-213e-45cf-a2ea-fcaa2acbb9d7)**  |
|  [Voya Index Solution Income Portfolio](#classname316b5c27-b56e-4262-b6a4-0b9c3fb41107)<br> **[Class Z - VSZJX](#classname316b5c27-b56e-4262-b6a4-0b9c3fb41107)**  |
|  [Voya International High Dividend Low Volatility Portfolio](#classname89366db9-1c50-41da-b8c6-84b9b56b8df1)<br> **[Class ADV - IFTAX](#classname89366db9-1c50-41da-b8c6-84b9b56b8df1)**  |
|  [Voya International High Dividend Low Volatility Portfolio](#classname60c93545-e89b-4f27-812f-d6e4865668d0)<br> **[Class I - IFTIX](#classname60c93545-e89b-4f27-812f-d6e4865668d0)**  |
|  [Voya International High Dividend Low Volatility Portfolio](#classname0f52a29b-4288-4f65-a5e6-504f825cd3cf)<br> **[Class S - IFTSX](#classname0f52a29b-4288-4f65-a5e6-504f825cd3cf)**  |
|  [Voya International High Dividend Low Volatility Portfolio](#classname60d361c1-62fa-4c50-b233-66fbd253189f)<br> **[Class S2 - ITFEX](#classname60d361c1-62fa-4c50-b233-66fbd253189f)**  |
|  [Voya Solution 2025 Portfolio](#classname9abc7af6-984b-4a22-94b4-bf3d7537e151)<br> **[Class ADV - ISZAX](#classname9abc7af6-984b-4a22-94b4-bf3d7537e151)**  |
|  [Voya Solution 2025 Portfolio](#classname49277365-0e5d-4768-ace1-017bd0946a96)<br> **[Class I - ISZIX](#classname49277365-0e5d-4768-ace1-017bd0946a96)**  |
|  [Voya Solution 2025 Portfolio](#classnameea65b84c-a975-45c3-8d43-cdacda4eb9b1)<br> **[Class S - ISZSX](#classnameea65b84c-a975-45c3-8d43-cdacda4eb9b1)**  |
|  [Voya Solution 2025 Portfolio](#classname455e9768-80cb-47aa-a82a-59b40de240cb)<br> **[Class S2 - ISPBX](#classname455e9768-80cb-47aa-a82a-59b40de240cb)**  |
|  [Voya Solution 2030 Portfolio](#classname29966828-acc2-4fb0-8d5c-4a650a2bec74)<br> **[Class ADV - ISNFX](#classname29966828-acc2-4fb0-8d5c-4a650a2bec74)**  |
|  [Voya Solution 2030 Portfolio](#classnameb237c00d-a1ef-482a-a067-d869cc4d8b2d)<br> **[Class I - ISNGX](#classnameb237c00d-a1ef-482a-a067-d869cc4d8b2d)**  |
|  [Voya Solution 2030 Portfolio](#classname92479fca-5db5-45bf-9f0c-eaa6bdbc116e)<br> **[Class S - ISNHX](#classname92479fca-5db5-45bf-9f0c-eaa6bdbc116e)**  |
|  [Voya Solution 2030 Portfolio](#classname58b22113-48a0-40ae-803a-150a0718acc0)<br> **[Class S2 - ISNIX](#classname58b22113-48a0-40ae-803a-150a0718acc0)**  |
|  [Voya Solution 2035 Portfolio](#classname9de72a07-2390-45cb-b09c-f0a9634a3001)<br> **[Class ADV - ISQAX](#classname9de72a07-2390-45cb-b09c-f0a9634a3001)**  |
|  [Voya Solution 2035 Portfolio](#classname34938cdc-ee5a-4dcf-add2-93e1d9671d26)<br> **[Class I - ISQIX](#classname34938cdc-ee5a-4dcf-add2-93e1d9671d26)**  |
|  [Voya Solution 2035 Portfolio](#classname1c0299a9-a66e-497c-bd48-303581c4dcb4)<br> **[Class S - ISQSX](#classname1c0299a9-a66e-497c-bd48-303581c4dcb4)**  |
|  [Voya Solution 2035 Portfolio](#classname53b90005-1ee0-455e-953d-c30188fe04a0)<br> **[Class S2 - ISPCX](#classname53b90005-1ee0-455e-953d-c30188fe04a0)**  |
|  [Voya Solution 2040 Portfolio](#classname67fbddac-4860-4ba5-9e3a-9973781d57be)<br> **[Class ADV - ISNKX](#classname67fbddac-4860-4ba5-9e3a-9973781d57be)**  |
|  [Voya Solution 2040 Portfolio](#classname2d0ca2f4-7e49-4e2a-a8f4-14dc16c2e581)<br> **[Class I - ISNLX](#classname2d0ca2f4-7e49-4e2a-a8f4-14dc16c2e581)**  |
|  [Voya Solution 2040 Portfolio](#classname89925f4d-ed13-4e0a-95fe-cf83a15a7bbd)<br> **[Class S - ISNMX](#classname89925f4d-ed13-4e0a-95fe-cf83a15a7bbd)**  |
|  [Voya Solution 2040 Portfolio](#classnamecc3d23d7-9e80-4ac8-84e7-adb0f954f504)<br> **[Class S2 - ISNNX](#classnamecc3d23d7-9e80-4ac8-84e7-adb0f954f504)**  |
|  [Voya Solution 2045 Portfolio](#classname1fe25c53-f4ba-4d58-a986-815dbc500193)<br> **[Class ADV - ISRAX](#classname1fe25c53-f4ba-4d58-a986-815dbc500193)**  |
|  [Voya Solution 2045 Portfolio](#classname51f92da9-bc4d-4fd4-985d-d60c863a6fe1)<br> **[Class I - ISRIX](#classname51f92da9-bc4d-4fd4-985d-d60c863a6fe1)**  |
|  [Voya Solution 2045 Portfolio](#classname8345c45d-d109-4c3b-8ca7-5fb8a429e365)<br> **[Class S - ISRSX](#classname8345c45d-d109-4c3b-8ca7-5fb8a429e365)**  |
|  [Voya Solution 2045 Portfolio](#classname32402400-90eb-4c61-811d-54fd6868ddcb)<br> **[Class S2 - ISPDX](#classname32402400-90eb-4c61-811d-54fd6868ddcb)**  |
|  [Voya Solution 2050 Portfolio](#classname4d6f688c-d247-4034-bc05-afb8efa03b32)<br> **[Class ADV - ISNPX](#classname4d6f688c-d247-4034-bc05-afb8efa03b32)**  |
|  [Voya Solution 2050 Portfolio](#classname20be3eea-05b8-4fe2-8a96-8eb0ff395dcb)<br> **[Class I - ISNQX](#classname20be3eea-05b8-4fe2-8a96-8eb0ff395dcb)**  |
|  [Voya Solution 2050 Portfolio](#classname9c68ce89-18d7-4eae-9478-e1b2f406622b)<br> **[Class S - ISNRX](#classname9c68ce89-18d7-4eae-9478-e1b2f406622b)**  |
|  [Voya Solution 2050 Portfolio](#classname9fcd9ddc-4d83-4894-817a-68babdac8d51)<br> **[Class S2 - ISNSX](#classname9fcd9ddc-4d83-4894-817a-68babdac8d51)**  |
|  [Voya Solution 2055 Portfolio](#classnameffa2c119-8359-4b43-955e-a0264cc33b0f)<br> **[Class ADV - IASPX](#classnameffa2c119-8359-4b43-955e-a0264cc33b0f)**  |
|  [Voya Solution 2055 Portfolio](#classname1b06c93d-1738-4500-9cf9-83d9db033e84)<br> **[Class I - IISPX](#classname1b06c93d-1738-4500-9cf9-83d9db033e84)**  |
|  [Voya Solution 2055 Portfolio](#classname8ba3a89a-0d73-4edc-a63d-04286c4ee7d9)<br> **[Class S - ISSPX](#classname8ba3a89a-0d73-4edc-a63d-04286c4ee7d9)**  |
|  [Voya Solution 2055 Portfolio](#classname0dc843f2-bd69-4575-9434-5226e0bdf43a)<br> **[Class S2 - ITSPX](#classname0dc843f2-bd69-4575-9434-5226e0bdf43a)**  |
|  [Voya Solution 2060 Portfolio](#classname2c2acf1f-1bde-4d0e-8df7-d21a77311202)<br> **[Class ADV - VSPAX](#classname2c2acf1f-1bde-4d0e-8df7-d21a77311202)**  |
|  [Voya Solution 2060 Portfolio](#classname7325957f-4699-4b0f-8615-0729354836e7)<br> **[Class I - VSIPX](#classname7325957f-4699-4b0f-8615-0729354836e7)**  |
|  [Voya Solution 2060 Portfolio](#classnamec639e22b-f116-41cb-8971-ba3fc7d19aaa)<br> **[Class S - VSPSX](#classnamec639e22b-f116-41cb-8971-ba3fc7d19aaa)**  |
|  [Voya Solution 2060 Portfolio](#classname44d2f009-52b4-4165-ba75-e1841a272c5e)<br> **[Class S2 - VSSPX](#classname44d2f009-52b4-4165-ba75-e1841a272c5e)**  |
|  [Voya Solution 2065 Portfolio](#classname4395960a-56ea-47ba-a4e7-602cb4fca675)<br> **[Class ADV - VSAQX](#classname4395960a-56ea-47ba-a4e7-602cb4fca675)**  |
|  [Voya Solution 2065 Portfolio](#classnamed7c02729-654c-4e5c-8a65-7171f0029e09)<br> **[Class I - VSQIX](#classnamed7c02729-654c-4e5c-8a65-7171f0029e09)**  |
|  [Voya Solution 2065 Portfolio](#classname0ce1b2a2-a4fa-424c-b16c-bba253ba25fc)<br> **[Class S - VSSQX](#classname0ce1b2a2-a4fa-424c-b16c-bba253ba25fc)**  |
|  [Voya Solution 2065 Portfolio](#classnamebfdf161a-a8c0-46ec-80ad-dc38f1df79d2)<br> **[Class S2 - VSQUX](#classnamebfdf161a-a8c0-46ec-80ad-dc38f1df79d2)**  |
|  [Voya Solution Aggressive Portfolio](#classname329f1761-c428-4edb-8496-cc4997f2f327)<br> **[Class ADV - IAVAX](#classname329f1761-c428-4edb-8496-cc4997f2f327)**  |
|  [Voya Solution Aggressive Portfolio](#classname4b5ba790-0da4-4766-9871-92341062e042)<br> **[Class I - IAVIX](#classname4b5ba790-0da4-4766-9871-92341062e042)**  |
|  [Voya Solution Aggressive Portfolio](#classname3352447c-3352-4d8c-aa6f-9887e06ef36c)<br> **[Class R6 - VYRMX](#classname3352447c-3352-4d8c-aa6f-9887e06ef36c)**  |
|  [Voya Solution Aggressive Portfolio](#classname53c5bd79-0186-41a8-a047-7fd16b3c4e0c)<br> **[Class S - IAVSX](#classname53c5bd79-0186-41a8-a047-7fd16b3c4e0c)**  |
|  [Voya Solution Aggressive Portfolio](#classname5066cd56-5ba6-413d-908a-0ac2bda9f4bc)<br> **[Class S2 - IAVTX](#classname5066cd56-5ba6-413d-908a-0ac2bda9f4bc)**  |
|  [Voya Solution Balanced Portfolio](#classnamef18296e9-2436-4ca2-a084-3300493e3fcd)<br> **[Class ADV - ISGAX](#classnamef18296e9-2436-4ca2-a084-3300493e3fcd)**  |
|  [Voya Solution Balanced Portfolio](#classname734f088f-d524-4941-89d7-2afb37e1dcba)<br> **[Class I - ISGJX](#classname734f088f-d524-4941-89d7-2afb37e1dcba)**  |
|  [Voya Solution Balanced Portfolio](#classnameaba7a971-9858-45ef-91c6-513e5d3e765f)<br> **[Class R6 - VYRLX](#classnameaba7a971-9858-45ef-91c6-513e5d3e765f)**  |
|  [Voya Solution Balanced Portfolio](#classname514ff32a-97bb-45ff-a4cd-87e460c6a604)<br> **[Class S - ISGKX](#classname514ff32a-97bb-45ff-a4cd-87e460c6a604)**  |
|  [Voya Solution Balanced Portfolio](#classnameac5e4325-5325-48ad-8c36-13b28f782e97)<br> **[Class S2 - ISGTX](#classnameac5e4325-5325-48ad-8c36-13b28f782e97)**  |
|  [Voya Solution Conservative Portfolio](#classname908cc87c-3ef6-433c-a34c-3b558b8f46db)<br> **[Class ADV - ICGAX](#classname908cc87c-3ef6-433c-a34c-3b558b8f46db)**  |
|  [Voya Solution Conservative Portfolio](#classnamee8b84e22-97cf-4cce-909d-241a0a0b7b30)<br> **[Class I - ICGIX](#classnamee8b84e22-97cf-4cce-909d-241a0a0b7b30)**  |
|  [Voya Solution Conservative Portfolio](#classnamee8b45cd2-c9f4-4600-abd5-d87c7b0dcd4e)<br> **[Class R6 - VYRPX](#classnamee8b45cd2-c9f4-4600-abd5-d87c7b0dcd4e)**  |
|  [Voya Solution Conservative Portfolio](#classnamedefc3c6d-b2c1-41c2-9e22-578bb5c0123c)<br> **[Class S - ICGSX](#classnamedefc3c6d-b2c1-41c2-9e22-578bb5c0123c)**  |
|  [Voya Solution Conservative Portfolio](#classname17fbfed7-2385-471c-afc7-543c01edbfba)<br> **[Class S2 - ICGTX](#classname17fbfed7-2385-471c-afc7-543c01edbfba)**  |
|  [Voya Solution Income Portfolio](#classname6a48b66a-b6b9-4b05-9156-e79435cbc505)<br> **[Class ADV - ISWAX](#classname6a48b66a-b6b9-4b05-9156-e79435cbc505)**  |
|  [Voya Solution Income Portfolio](#classname16d30f04-ba63-4cee-92bd-29cccae50540)<br> **[Class I - ISWIX](#classname16d30f04-ba63-4cee-92bd-29cccae50540)**  |
|  [Voya Solution Income Portfolio](#classnamed464abb8-72e0-4f3e-b312-10e58801f8ca)<br> **[Class S - ISWSX](#classnamed464abb8-72e0-4f3e-b312-10e58801f8ca)**  |
|  [Voya Solution Income Portfolio](#classname67066b0b-3691-46b3-b4ea-e45545b99733)<br> **[Class S2 - IJKBX](#classname67066b0b-3691-46b3-b4ea-e45545b99733)**  |
|  [Voya Solution Moderately Aggressive Portfolio](#classnamefd8552c0-407e-46dc-ab47-28bd7b85afdb)<br> **[Class ADV - IAGAX](#classnamefd8552c0-407e-46dc-ab47-28bd7b85afdb)**  |
|  [Voya Solution Moderately Aggressive Portfolio](#classname3e8a5cad-9a7b-4a97-ba22-9f5b46e4c73c)<br> **[Class I - IAGIX](#classname3e8a5cad-9a7b-4a97-ba22-9f5b46e4c73c)**  |
|  [Voya Solution Moderately Aggressive Portfolio](#classname2209747b-acd5-474a-aac9-4b6bccaa06f7)<br> **[Class R6 - VYROX](#classname2209747b-acd5-474a-aac9-4b6bccaa06f7)**  |
|  [Voya Solution Moderately Aggressive Portfolio](#classname08fc161f-154d-4168-9490-3aebe6a9c678)<br> **[Class S - IAGSX](#classname08fc161f-154d-4168-9490-3aebe6a9c678)**  |
|  [Voya Solution Moderately Aggressive Portfolio](#classnamebc1605a6-25b5-4b40-b41f-6fcb314d8adf)<br> **[Class S2 - IAGTX](#classnamebc1605a6-25b5-4b40-b41f-6fcb314d8adf)**  |
|  [VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio](#classname2effdda8-3082-4aba-aff4-439350ba28fb)<br> **[Class ADV - IASAX](#classname2effdda8-3082-4aba-aff4-439350ba28fb)**  |
|  [VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio](#classname37b8039b-141b-4365-bf45-f68edf8f71be)<br> **[Class I - IACIX](#classname37b8039b-141b-4365-bf45-f68edf8f71be)**  |
|  [VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio](#classname9123b5a5-9b4b-446e-8831-b2dfa8606172)<br> **[Class S - IASSX](#classname9123b5a5-9b4b-446e-8831-b2dfa8606172)**  |
|  [VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio](#classname07b1152a-8cd2-4088-aba2-c71653fe2362)<br> **[Class S2 - ISMSX](#classname07b1152a-8cd2-4088-aba2-c71653fe2362)**  |
|  [VY<sup>®</sup> Baron Growth Portfolio](#classname17975a27-1743-4309-ac82-e5ea40387419)<br> **[Class ADV - IBSAX](#classname17975a27-1743-4309-ac82-e5ea40387419)**  |
|  [VY<sup>®</sup> Baron Growth Portfolio](#classname3ef21a79-9ee0-43cd-814e-fdf9000c8bad)<br> **[Class I - IBGIX](#classname3ef21a79-9ee0-43cd-814e-fdf9000c8bad)**  |
|  [VY<sup>®</sup> Baron Growth Portfolio](#classnamee09d7ad8-be8a-42fb-bc6b-2890300a926a)<br> **[Class R6 - VYRBX](#classnamee09d7ad8-be8a-42fb-bc6b-2890300a926a)**  |
|  [VY<sup>®</sup> Baron Growth Portfolio](#classname0b2865ff-2e78-4079-a2f3-580440114ffc)<br> **[Class S - IBSSX](#classname0b2865ff-2e78-4079-a2f3-580440114ffc)**  |
|  [VY<sup>®</sup> Baron Growth Portfolio](#classname9ccef02d-a3d6-49f9-9660-cf56f2be188c)<br> **[Class S2 - IBCGX](#classname9ccef02d-a3d6-49f9-9660-cf56f2be188c)**  |
|  [VY<sup>®</sup> Columbia Contrarian Core Portfolio](#classnamee6807d57-6052-4809-b262-9f048e323084)<br> **[Class ADV - ISBAX](#classnamee6807d57-6052-4809-b262-9f048e323084)**  |
|  [VY<sup>®</sup> Columbia Contrarian Core Portfolio](#classname95a9ab6e-b79a-4fce-9eda-07350ac9a740)<br> **[Class I - ISFIX](#classname95a9ab6e-b79a-4fce-9eda-07350ac9a740)**  |
|  [VY<sup>®</sup> Columbia Contrarian Core Portfolio](#classnamec7c6f49f-4d2a-415e-8dce-39853c82a391)<br> **[Class S - ISCSX](#classnamec7c6f49f-4d2a-415e-8dce-39853c82a391)**  |
|  [VY<sup>®</sup> Columbia Small Cap Value II Portfolio](#classnamecde9ceec-6219-48c4-bfb7-fd3604378b8f)<br> **[Class ADV - ICSAX](#classnamecde9ceec-6219-48c4-bfb7-fd3604378b8f)**  |
|  [VY<sup>®</sup> Columbia Small Cap Value II Portfolio](#classname27ceece6-f935-4619-b81b-07948526e7bb)<br> **[Class I - ICISX](#classname27ceece6-f935-4619-b81b-07948526e7bb)**  |
|  [VY<sup>®</sup> Columbia Small Cap Value II Portfolio](#classnameb493614a-e332-48ac-bffe-0f3318cd74aa)<br> **[Class R6 - VYRDX](#classnameb493614a-e332-48ac-bffe-0f3318cd74aa)**  |
|  [VY<sup>®</sup> Columbia Small Cap Value II Portfolio](#classnamea2f7852c-859e-4c04-b194-97b34270421c)<br> **[Class S - ICSSX](#classnamea2f7852c-859e-4c04-b194-97b34270421c)**  |
|  [VY<sup>®</sup> Columbia Small Cap Value II Portfolio](#classname2328b6e8-a911-447a-bea8-5c0ac700c322)<br> **[Class S2 - ICVPX](#classname2328b6e8-a911-447a-bea8-5c0ac700c322)**  |
|  [VY<sup>®</sup> Invesco Comstock Portfolio](#classname6668bf74-fc6c-4eff-a146-9d6747c03a5c)<br> **[Class ADV - IVKAX](#classname6668bf74-fc6c-4eff-a146-9d6747c03a5c)**  |
|  [VY<sup>®</sup> Invesco Comstock Portfolio](#classname7c540781-d05d-4f01-9a8c-e37052de9ecb)<br> **[Class I - IVKIX](#classname7c540781-d05d-4f01-9a8c-e37052de9ecb)**  |
|  [VY<sup>®</sup> Invesco Comstock Portfolio](#classnamefb1d7888-cae0-4605-a004-ae95eaae8433)<br> **[Class S - IVKSX](#classnamefb1d7888-cae0-4605-a004-ae95eaae8433)**  |
|  [VY<sup>®</sup> Invesco Equity and Income Portfolio](#classnameb1d67e18-acd8-409f-abc3-abfb9294d807)<br> **[Class ADV - IUAAX](#classnameb1d67e18-acd8-409f-abc3-abfb9294d807)**  |
|  [VY<sup>®</sup> Invesco Equity and Income Portfolio](#classnamece0f64a2-c628-4c0c-960d-f5796925a1ff)<br> **[Class I - IUAIX](#classnamece0f64a2-c628-4c0c-960d-f5796925a1ff)**  |
|  [VY<sup>®</sup> Invesco Equity and Income Portfolio](#classnamecdbc04bc-ede2-4b9c-a54c-2175de87dbc9)<br> **[Class S - IUASX](#classnamecdbc04bc-ede2-4b9c-a54c-2175de87dbc9)**  |
|  [VY<sup>®</sup> Invesco Equity and Income Portfolio](#classnameed8564b6-e66d-43b2-b417-c047cbd3b757)<br> **[Class S2 - IVIPX](#classnameed8564b6-e66d-43b2-b417-c047cbd3b757)**  |
|  [VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio](#classnamed14cabc0-5245-489b-af0c-17ba9247499b)<br> **[Class ADV - IJMAX](#classnamed14cabc0-5245-489b-af0c-17ba9247499b)**  |
|  [VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio](#classname7c08bf74-69ef-48c9-8387-5f87851510cd)<br> **[Class I - IJMIX](#classname7c08bf74-69ef-48c9-8387-5f87851510cd)**  |
|  [VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio](#classnamef9803d88-9d38-4315-b3a0-4f700629df19)<br> **[Class S - IJMSX](#classnamef9803d88-9d38-4315-b3a0-4f700629df19)**  |
|  [VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio](#classname0ad82f60-c389-4757-b021-cbea720958c6)<br> **[Class S2 - IJPMX](#classname0ad82f60-c389-4757-b021-cbea720958c6)**  |
|  [VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio](#classname8374e170-285a-469f-a2b5-89963aed8089)<br> **[Class ADV - IAXAX](#classname8374e170-285a-469f-a2b5-89963aed8089)**  |
|  [VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio](#classnameee81b0d7-6e6d-4379-a3b6-7df24764e73c)<br> **[Class I - IAXIX](#classnameee81b0d7-6e6d-4379-a3b6-7df24764e73c)**  |
|  [VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio](#classnamebcb50129-03d3-4d2b-b962-f64b553150d5)<br> **[Class R6 - VYRIX](#classnamebcb50129-03d3-4d2b-b962-f64b553150d5)**  |
|  [VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio](#classnamef405c3aa-14d2-4d3a-920f-40595e8f0268)<br> **[Class S - IAXSX](#classnamef405c3aa-14d2-4d3a-920f-40595e8f0268)**  |
|  [VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio](#classname80fed05f-51a0-457b-9733-42c02425822d)<br> **[Class S2 - IAXTX](#classname80fed05f-51a0-457b-9733-42c02425822d)**  |
|  [VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio](#classname01a9464a-a04a-4a32-87e0-e12546d2a44a)<br> **[Class ADV - IGEAX](#classname01a9464a-a04a-4a32-87e0-e12546d2a44a)**  |
|  [VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio](#classnamed4d9c50c-b85c-4dae-b725-92c533fcb825)<br> **[Class I - ITGIX](#classnamed4d9c50c-b85c-4dae-b725-92c533fcb825)**  |
|  [VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio](#classname837fa8da-b78c-4285-8fe4-ed1e5e66b863)<br> **[Class S - ITGSX](#classname837fa8da-b78c-4285-8fe4-ed1e5e66b863)**  |
|  [VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio](#classname70eefe85-2402-487a-8edc-b593945ab1e6)<br> **[Class S2 - ITRGX](#classname70eefe85-2402-487a-8edc-b593945ab1e6)**  |

---

# Class ADV: IOSAX
![Image](tm2522622d7_tsrimg140.jpg)

# Voya Global Bond 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 Bond 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 | $60 | 1.17% |

---

## Fund Statistics
* Total Net Assets$104,546,692

* # of Portfolio Holdings810

* Portfolio Turnover Rate90%

## 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

---

| | |
|:---|:---|
| Voya VACS Series HYB Fund | 5.7% |
| Voya VACS Series EMHCD Fund | 3.7% |
| United States Treasury Notes, 4.250%, 05/15/35 | 3.0% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.7% |
| Peru Government Bond, 6.850%, 08/12/35 | 1.7% |
| Uniform Mortgage-Backed Securities, 5.500%, 08/15/55 | 1.6% |
| United States Treasury Bonds, 4.625%, 02/15/55 | 1.6% |
| United States Treasury Notes, 4.000%, 06/30/32 | 1.5% |
| Uniform Mortgage-Backed Securities, 2.500%, 08/01/55 | 1.5% |
| Fannie Mae REMIC Trust - Class IN, 2.500%, 02/25/51 | 1.5% |

---

### Investment Type Allocation
![Image](tm2522622d7_tsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 12.8% |
| Common Stock | 0.0% |
| Rights | 0.0% |
| Asset-Backed Securities | 7.5% |
| Commercial Mortgage-Backed Securities | 8.5% |
| U.S. Government Agency Obligations | 9.2% |
| Mutual Funds | 9.4% |
| U.S. Treasury Obligations | 9.6% |
| Sovereign Bonds | 13.2% |
| Collateralized Mortgage Obligations | 13.4% |
| Corporate Bonds/Notes | 16.4% |

---

## 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: IOSAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Global Bond Portfolio
92914K883-SAR

# Class I: IOSIX
![Image](tm2522622d7_tsrimg140.jpg)

# Voya Global Bond 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 Bond 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 | $35 | 0.67% |

---

## Fund Statistics
* Total Net Assets$104,546,692

* # of Portfolio Holdings810

* Portfolio Turnover Rate90%

## 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

---

| | |
|:---|:---|
| Voya VACS Series HYB Fund | 5.7% |
| Voya VACS Series EMHCD Fund | 3.7% |
| United States Treasury Notes, 4.250%, 05/15/35 | 3.0% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.7% |
| Peru Government Bond, 6.850%, 08/12/35 | 1.7% |
| Uniform Mortgage-Backed Securities, 5.500%, 08/15/55 | 1.6% |
| United States Treasury Bonds, 4.625%, 02/15/55 | 1.6% |
| United States Treasury Notes, 4.000%, 06/30/32 | 1.5% |
| Uniform Mortgage-Backed Securities, 2.500%, 08/01/55 | 1.5% |
| Fannie Mae REMIC Trust - Class IN, 2.500%, 02/25/51 | 1.5% |

---

### Investment Type Allocation
![Image](tm2522622d7_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 12.8% |
| Common Stock | 0.0% |
| Rights | 0.0% |
| Asset-Backed Securities | 7.5% |
| Commercial Mortgage-Backed Securities | 8.5% |
| U.S. Government Agency Obligations | 9.2% |
| Mutual Funds | 9.4% |
| U.S. Treasury Obligations | 9.6% |
| Sovereign Bonds | 13.2% |
| Collateralized Mortgage Obligations | 13.4% |
| Corporate Bonds/Notes | 16.4% |

---

## 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: IOSIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Global Bond Portfolio
92914K800-SAR

# Class S: IOSSX
![Image](tm2522622d7_tsrimg140.jpg)

# Voya Global Bond 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 Bond Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

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

---

## Fund Statistics
* Total Net Assets$104,546,692

* # of Portfolio Holdings810

* Portfolio Turnover Rate90%

## 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

---

| | |
|:---|:---|
| Voya VACS Series HYB Fund | 5.7% |
| Voya VACS Series EMHCD Fund | 3.7% |
| United States Treasury Notes, 4.250%, 05/15/35 | 3.0% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.7% |
| Peru Government Bond, 6.850%, 08/12/35 | 1.7% |
| Uniform Mortgage-Backed Securities, 5.500%, 08/15/55 | 1.6% |
| United States Treasury Bonds, 4.625%, 02/15/55 | 1.6% |
| United States Treasury Notes, 4.000%, 06/30/32 | 1.5% |
| Uniform Mortgage-Backed Securities, 2.500%, 08/01/55 | 1.5% |
| Fannie Mae REMIC Trust - Class IN, 2.500%, 02/25/51 | 1.5% |

---

### Investment Type Allocation
![Image](tm2522622d7_tsrimg184.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 12.8% |
| Common Stock | 0.0% |
| Rights | 0.0% |
| Asset-Backed Securities | 7.5% |
| Commercial Mortgage-Backed Securities | 8.5% |
| U.S. Government Agency Obligations | 9.2% |
| Mutual Funds | 9.4% |
| U.S. Treasury Obligations | 9.6% |
| Sovereign Bonds | 13.2% |
| Collateralized Mortgage Obligations | 13.4% |
| Corporate Bonds/Notes | 16.4% |

---

## 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: IOSSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Global Bond Portfolio
92914K701-SAR

# Class ADV: IGMAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Global Insights 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 Insights 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 | $65 | 1.25% |

---

## Fund Statistics
* Total Net Assets$1,128,871,094

* # of Portfolio Holdings67

* 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

---

| | |
|:---|:---|
| Cisco Systems, Inc. | 4.4% |
| Robinhood Markets, Inc. - Class A | 3.6% |
| Microsoft Corp. | 2.9% |
| Standardaero, Inc. | 2.8% |
| Enel SpA | 2.8% |
| Siemens Energy AG | 2.7% |
| Sony Group Corp. | 2.7% |
| Spotify Technology SA | 2.6% |
| Tesla, Inc. | 2.5% |
| Walt Disney Co. | 2.4% |

---

### Country Weightings
![Image](tm2522622d7_tsrimg200.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Countries-Other | 1.3% |
| Netherlands | 1.0% |
| Indonesia | 1.1% |
| Brazil | 1.1% |
| Italy | 2.8% |
| India | 2.8% |
| Switzerland | 3.3% |
| China | 3.5% |
| Japan | 3.8% |
| Germany | 4.6% |
| United Kingdom | 5.7% |
| United States | 67.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg077.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 18.4% |
| Industrials | 16.0% |
| Consumer Discretionary | 14.8% |
| Financials | 13.3% |
| Communication Services | 8.8% |
| Health Care | 6.9% |
| Materials | 5.9% |
| Consumer Staples | 4.7% |
| Utilities | 4.7% |
| Energy | 4.0% |
| Real Estate | 0.9% |
| Short-Term Investments | 1.1% |
| Assets in Excess of Other Liabilities | 0.5% |

---

## 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: IGMAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Global Insights Portfolio
92914K677-SAR

# Class I: IGMIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Global Insights 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 Insights 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 | $39 | 0.75% |

---

## Fund Statistics
* Total Net Assets$1,128,871,094

* # of Portfolio Holdings67

* 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

---

| | |
|:---|:---|
| Cisco Systems, Inc. | 4.4% |
| Robinhood Markets, Inc. - Class A | 3.6% |
| Microsoft Corp. | 2.9% |
| Standardaero, Inc. | 2.8% |
| Enel SpA | 2.8% |
| Siemens Energy AG | 2.7% |
| Sony Group Corp. | 2.7% |
| Spotify Technology SA | 2.6% |
| Tesla, Inc. | 2.5% |
| Walt Disney Co. | 2.4% |

---

### Country Weightings
![Image](tm2522622d7_tsrimg160.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Countries-Other | 1.3% |
| Netherlands | 1.0% |
| Indonesia | 1.1% |
| Brazil | 1.1% |
| Italy | 2.8% |
| India | 2.8% |
| Switzerland | 3.3% |
| China | 3.5% |
| Japan | 3.8% |
| Germany | 4.6% |
| United Kingdom | 5.7% |
| United States | 67.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 18.4% |
| Industrials | 16.0% |
| Consumer Discretionary | 14.8% |
| Financials | 13.3% |
| Communication Services | 8.8% |
| Health Care | 6.9% |
| Materials | 5.9% |
| Consumer Staples | 4.7% |
| Utilities | 4.7% |
| Energy | 4.0% |
| Real Estate | 0.9% |
| Short-Term Investments | 1.1% |
| Assets in Excess of Other Liabilities | 0.5% |

---

## 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: IGMIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Global Insights Portfolio
92914K651-SAR

# Class S: IGMSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Global Insights 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 Insights 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 | $52 | 1.00% |

---

## Fund Statistics
* Total Net Assets$1,128,871,094

* # of Portfolio Holdings67

* 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

---

| | |
|:---|:---|
| Cisco Systems, Inc. | 4.4% |
| Robinhood Markets, Inc. - Class A | 3.6% |
| Microsoft Corp. | 2.9% |
| Standardaero, Inc. | 2.8% |
| Enel SpA | 2.8% |
| Siemens Energy AG | 2.7% |
| Sony Group Corp. | 2.7% |
| Spotify Technology SA | 2.6% |
| Tesla, Inc. | 2.5% |
| Walt Disney Co. | 2.4% |

---

### Country Weightings
![Image](tm2522622d7_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Countries-Other | 1.3% |
| Netherlands | 1.0% |
| Indonesia | 1.1% |
| Brazil | 1.1% |
| Italy | 2.8% |
| India | 2.8% |
| Switzerland | 3.3% |
| China | 3.5% |
| Japan | 3.8% |
| Germany | 4.6% |
| United Kingdom | 5.7% |
| United States | 67.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg303.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 18.4% |
| Industrials | 16.0% |
| Consumer Discretionary | 14.8% |
| Financials | 13.3% |
| Communication Services | 8.8% |
| Health Care | 6.9% |
| Materials | 5.9% |
| Consumer Staples | 4.7% |
| Utilities | 4.7% |
| Energy | 4.0% |
| Real Estate | 0.9% |
| Short-Term Investments | 1.1% |
| Assets in Excess of Other Liabilities | 0.5% |

---

## 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: IGMSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Global Insights Portfolio
92914K669-SAR

# Class S2: IOGPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Global Insights 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 Insights 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 | $60 | 1.15% |

---

## Fund Statistics
* Total Net Assets$1,128,871,094

* # of Portfolio Holdings67

* 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

---

| | |
|:---|:---|
| Cisco Systems, Inc. | 4.4% |
| Robinhood Markets, Inc. - Class A | 3.6% |
| Microsoft Corp. | 2.9% |
| Standardaero, Inc. | 2.8% |
| Enel SpA | 2.8% |
| Siemens Energy AG | 2.7% |
| Sony Group Corp. | 2.7% |
| Spotify Technology SA | 2.6% |
| Tesla, Inc. | 2.5% |
| Walt Disney Co. | 2.4% |

---

### Country Weightings
![Image](tm2522622d7_tsrimg219.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Countries-Other | 1.3% |
| Netherlands | 1.0% |
| Indonesia | 1.1% |
| Brazil | 1.1% |
| Italy | 2.8% |
| India | 2.8% |
| Switzerland | 3.3% |
| China | 3.5% |
| Japan | 3.8% |
| Germany | 4.6% |
| United Kingdom | 5.7% |
| United States | 67.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg128.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 18.4% |
| Industrials | 16.0% |
| Consumer Discretionary | 14.8% |
| Financials | 13.3% |
| Communication Services | 8.8% |
| Health Care | 6.9% |
| Materials | 5.9% |
| Consumer Staples | 4.7% |
| Utilities | 4.7% |
| Energy | 4.0% |
| Real Estate | 0.9% |
| Short-Term Investments | 1.1% |
| Assets in Excess of Other Liabilities | 0.5% |

---

## 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: IOGPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Global Insights Portfolio
92914L444-SAR

# Class ADV: ISDAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2025 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 Solution 2025 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 | $28 | 0.54% |

---

## Fund Statistics
* Total Net Assets$938,967,823

* # of Portfolio Holdings11

* Portfolio Turnover Rate16%

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 35.1% |
| Voya VACS Index Series S Portfolio | 22.7% |
| Voya VACS Index Series I Portfolio | 9.7% |
| Schwab U.S. TIPS ETF | 9.6% |
| Voya Short Duration Bond Fund - Class R6 | 6.9% |
| Voya U.S. Bond Index Portfolio - Class I | 3.7% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.7% |
| Voya VACS Index Series EM Portfolio | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Index Series MC Portfolio | 1.3% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 37.8% |
| Fixed Income | 62.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 22.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.3% |
| International | 9.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 39.5% |
| High Yield | 3.7% |
| TIPS | 9.7% |
| Short Duration | 7.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISDAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2025 Portfolio
92914H575-SAR

# Class I: ISDIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2025 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 Solution 2025 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 | $2 | 0.04% |

---

## Fund Statistics
* Total Net Assets$938,967,823

* # of Portfolio Holdings11

* Portfolio Turnover Rate16%

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 35.1% |
| Voya VACS Index Series S Portfolio | 22.7% |
| Voya VACS Index Series I Portfolio | 9.7% |
| Schwab U.S. TIPS ETF | 9.6% |
| Voya Short Duration Bond Fund - Class R6 | 6.9% |
| Voya U.S. Bond Index Portfolio - Class I | 3.7% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.7% |
| Voya VACS Index Series EM Portfolio | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Index Series MC Portfolio | 1.3% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 37.8% |
| Fixed Income | 62.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 22.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.3% |
| International | 9.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 39.5% |
| High Yield | 3.7% |
| TIPS | 9.7% |
| Short Duration | 7.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISDIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2025 Portfolio
92914H690-SAR

# Class S: ISDSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2025 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 Solution 2025 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 | $15 | 0.29% |

---

## Fund Statistics
* Total Net Assets$938,967,823

* # of Portfolio Holdings11

* Portfolio Turnover Rate16%

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 35.1% |
| Voya VACS Index Series S Portfolio | 22.7% |
| Voya VACS Index Series I Portfolio | 9.7% |
| Schwab U.S. TIPS ETF | 9.6% |
| Voya Short Duration Bond Fund - Class R6 | 6.9% |
| Voya U.S. Bond Index Portfolio - Class I | 3.7% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.7% |
| Voya VACS Index Series EM Portfolio | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Index Series MC Portfolio | 1.3% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg121.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 37.8% |
| Fixed Income | 62.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 22.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.3% |
| International | 9.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 39.5% |
| High Yield | 3.7% |
| TIPS | 9.7% |
| Short Duration | 7.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISDSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2025 Portfolio
92914H633-SAR

# Class S2: IXXVX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2025 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 Solution 2025 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 | $22 | 0.44% |

---

## Fund Statistics
* Total Net Assets$938,967,823

* # of Portfolio Holdings11

* Portfolio Turnover Rate16%

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 35.1% |
| Voya VACS Index Series S Portfolio | 22.7% |
| Voya VACS Index Series I Portfolio | 9.7% |
| Schwab U.S. TIPS ETF | 9.6% |
| Voya Short Duration Bond Fund - Class R6 | 6.9% |
| Voya U.S. Bond Index Portfolio - Class I | 3.7% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.7% |
| Voya VACS Index Series EM Portfolio | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Index Series MC Portfolio | 1.3% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg299.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 37.8% |
| Fixed Income | 62.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg153.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 22.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.3% |
| International | 9.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 39.5% |
| High Yield | 3.7% |
| TIPS | 9.7% |
| Short Duration | 7.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IXXVX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2025 Portfolio
92914L543-SAR

# Class Z: VSZBX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2025 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 Solution 2025 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 Z | $0 | 0.00% |

---

## Fund Statistics
* Total Net Assets$938,967,823

* # of Portfolio Holdings11

* Portfolio Turnover Rate16%

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 35.1% |
| Voya VACS Index Series S Portfolio | 22.7% |
| Voya VACS Index Series I Portfolio | 9.7% |
| Schwab U.S. TIPS ETF | 9.6% |
| Voya Short Duration Bond Fund - Class R6 | 6.9% |
| Voya U.S. Bond Index Portfolio - Class I | 3.7% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.7% |
| Voya VACS Index Series EM Portfolio | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Index Series MC Portfolio | 1.3% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg137.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 37.8% |
| Fixed Income | 62.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg071.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 22.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.3% |
| International | 9.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 39.5% |
| High Yield | 3.7% |
| TIPS | 9.7% |
| Short Duration | 7.0% |
| Long Govt Bonds | 3.0% |

---

## 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 Z: VSZBX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2025 Portfolio
92914J514-SAR

# Class ADV: IDXFX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2030 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 Solution 2030 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 | $29 | 0.56% |

---

## Fund Statistics
* Total Net Assets$968,355,790

* # of Portfolio Holdings12

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 36.3% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 25.1% |
| Voya VACS Index Series I Portfolio | 14.8% |
| Voya U.S. Bond Index Portfolio - Class I | 3.8% |
| Voya VACS Index Series MC Portfolio | 3.5% |
| Voya VACS Index Series EM Portfolio | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 2.9% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 2.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg146.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 38.7% |
| Equity | 61.3% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg208.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 35.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IDXFX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2030 Portfolio
92914J753-SAR

# Class I: IDXGX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2030 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 Solution 2030 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 | $3 | 0.06% |

---

## Fund Statistics
* Total Net Assets$968,355,790

* # of Portfolio Holdings12

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 36.3% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 25.1% |
| Voya VACS Index Series I Portfolio | 14.8% |
| Voya U.S. Bond Index Portfolio - Class I | 3.8% |
| Voya VACS Index Series MC Portfolio | 3.5% |
| Voya VACS Index Series EM Portfolio | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 2.9% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 2.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg064.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 38.7% |
| Equity | 61.3% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg249.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 35.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IDXGX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2030 Portfolio
92914J761-SAR

# Class S: IDXHX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2030 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 Solution 2030 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 | $16 | 0.31% |

---

## Fund Statistics
* Total Net Assets$968,355,790

* # of Portfolio Holdings12

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 36.3% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 25.1% |
| Voya VACS Index Series I Portfolio | 14.8% |
| Voya U.S. Bond Index Portfolio - Class I | 3.8% |
| Voya VACS Index Series MC Portfolio | 3.5% |
| Voya VACS Index Series EM Portfolio | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 2.9% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 2.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg067.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 38.7% |
| Equity | 61.3% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg246.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 35.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IDXHX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2030 Portfolio
92914J779-SAR

# Class S2: IDXIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2030 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 Solution 2030 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 | $24 | 0.46% |

---

## Fund Statistics
* Total Net Assets$968,355,790

* # of Portfolio Holdings12

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 36.3% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 25.1% |
| Voya VACS Index Series I Portfolio | 14.8% |
| Voya U.S. Bond Index Portfolio - Class I | 3.8% |
| Voya VACS Index Series MC Portfolio | 3.5% |
| Voya VACS Index Series EM Portfolio | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 2.9% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 2.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 38.7% |
| Equity | 61.3% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg098.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 35.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IDXIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2030 Portfolio
92914J787-SAR

# Class Z: VSZCX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2030 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 Solution 2030 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 Z | $0 | 0.00% |

---

## Fund Statistics
* Total Net Assets$968,355,790

* # of Portfolio Holdings12

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 36.3% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 25.1% |
| Voya VACS Index Series I Portfolio | 14.8% |
| Voya U.S. Bond Index Portfolio - Class I | 3.8% |
| Voya VACS Index Series MC Portfolio | 3.5% |
| Voya VACS Index Series EM Portfolio | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 2.9% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 2.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg055.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 38.7% |
| Equity | 61.3% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg170.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 35.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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 Z: VSZCX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2030 Portfolio
92914J498-SAR

# Class ADV: ISEAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2035 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 Solution 2035 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 | $28 | 0.55% |

---

## Fund Statistics
* Total Net Assets$1,650,205,324

* # of Portfolio Holdings10

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 43.3% |
| Voya VACS Index Series I Portfolio | 17.8% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17.1% |
| Voya U.S. Bond Index Portfolio - Class I | 5.8% |
| Voya VACS Index Series EM Portfolio | 4.5% |
| Voya VACS Index Series MC Portfolio | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.1% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg194.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 27.8% |
| Equity | 72.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg047.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 42.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISEAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2035 Portfolio
92914H583-SAR

# Class I: ISEIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2035 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 Solution 2035 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 | $3 | 0.05% |

---

## Fund Statistics
* Total Net Assets$1,650,205,324

* # of Portfolio Holdings10

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 43.3% |
| Voya VACS Index Series I Portfolio | 17.8% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17.1% |
| Voya U.S. Bond Index Portfolio - Class I | 5.8% |
| Voya VACS Index Series EM Portfolio | 4.5% |
| Voya VACS Index Series MC Portfolio | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.1% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg308.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 27.8% |
| Equity | 72.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg148.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 42.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISEIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2035 Portfolio
92914H716-SAR

# Class S: ISESX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2035 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 Solution 2035 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 | $15 | 0.30% |

---

## Fund Statistics
* Total Net Assets$1,650,205,324

* # of Portfolio Holdings10

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 43.3% |
| Voya VACS Index Series I Portfolio | 17.8% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17.1% |
| Voya U.S. Bond Index Portfolio - Class I | 5.8% |
| Voya VACS Index Series EM Portfolio | 4.5% |
| Voya VACS Index Series MC Portfolio | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.1% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg262.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 27.8% |
| Equity | 72.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg228.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 42.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISESX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2035 Portfolio
92914H641-SAR

# Class S2: IXISX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2035 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 Solution 2035 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 | $23 | 0.45% |

---

## Fund Statistics
* Total Net Assets$1,650,205,324

* # of Portfolio Holdings10

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 43.3% |
| Voya VACS Index Series I Portfolio | 17.8% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17.1% |
| Voya U.S. Bond Index Portfolio - Class I | 5.8% |
| Voya VACS Index Series EM Portfolio | 4.5% |
| Voya VACS Index Series MC Portfolio | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.1% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg115.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 27.8% |
| Equity | 72.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg173.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 42.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IXISX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2035 Portfolio
92914L550-SAR

# Class Z: VSZDX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2035 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 Solution 2035 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 Z | $0 | 0.00% |

---

## Fund Statistics
* Total Net Assets$1,650,205,324

* # of Portfolio Holdings10

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 43.3% |
| Voya VACS Index Series I Portfolio | 17.8% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17.1% |
| Voya U.S. Bond Index Portfolio - Class I | 5.8% |
| Voya VACS Index Series EM Portfolio | 4.5% |
| Voya VACS Index Series MC Portfolio | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.1% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg043.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 27.8% |
| Equity | 72.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg237.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 42.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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 Z: VSZDX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2035 Portfolio
92914J480-SAR

# Class ADV: IDXKX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2040 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 Solution 2040 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 | $31 | 0.59% |

---

## Fund Statistics
* Total Net Assets$1,078,657,945

* # of Portfolio Holdings10

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 48.2% |
| Voya VACS Index Series I Portfolio | 21.6% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 9.7% |
| Voya VACS Index Series EM Portfolio | 5.5% |
| Voya VACS Index Series MC Portfolio | 4.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya U.S. Bond Index Portfolio - Class I | 2.4% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg177.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.0% |
| Equity | 82.8% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 47.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IDXKX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2040 Portfolio
92914J811-SAR

# Class I: IDXLX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2040 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 Solution 2040 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 | $5 | 0.09% |

---

## Fund Statistics
* Total Net Assets$1,078,657,945

* # of Portfolio Holdings10

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 48.2% |
| Voya VACS Index Series I Portfolio | 21.6% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 9.7% |
| Voya VACS Index Series EM Portfolio | 5.5% |
| Voya VACS Index Series MC Portfolio | 4.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya U.S. Bond Index Portfolio - Class I | 2.4% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg258.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.0% |
| Equity | 82.8% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg207.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 47.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IDXLX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2040 Portfolio
92914J829-SAR

# Class S: IDXMX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2040 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 Solution 2040 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 | $18 | 0.34% |

---

## Fund Statistics
* Total Net Assets$1,078,657,945

* # of Portfolio Holdings10

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 48.2% |
| Voya VACS Index Series I Portfolio | 21.6% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 9.7% |
| Voya VACS Index Series EM Portfolio | 5.5% |
| Voya VACS Index Series MC Portfolio | 4.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya U.S. Bond Index Portfolio - Class I | 2.4% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg192.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.0% |
| Equity | 82.8% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg243.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 47.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IDXMX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2040 Portfolio
92914J837-SAR

# Class S2: IDXNX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2040 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 Solution 2040 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 | $25 | 0.49% |

---

## Fund Statistics
* Total Net Assets$1,078,657,945

* # of Portfolio Holdings10

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 48.2% |
| Voya VACS Index Series I Portfolio | 21.6% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 9.7% |
| Voya VACS Index Series EM Portfolio | 5.5% |
| Voya VACS Index Series MC Portfolio | 4.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya U.S. Bond Index Portfolio - Class I | 2.4% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg212.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.0% |
| Equity | 82.8% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg227.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 47.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IDXNX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2040 Portfolio
92914J845-SAR

# Class Z: VSZEX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2040 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 Solution 2040 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 Z | $0 | 0.00% |

---

## Fund Statistics
* Total Net Assets$1,078,657,945

* # of Portfolio Holdings10

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 48.2% |
| Voya VACS Index Series I Portfolio | 21.6% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 9.7% |
| Voya VACS Index Series EM Portfolio | 5.5% |
| Voya VACS Index Series MC Portfolio | 4.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya U.S. Bond Index Portfolio - Class I | 2.4% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.0% |
| Equity | 82.8% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 47.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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 Z: VSZEX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2040 Portfolio
92914J472-SAR

# Class ADV: ISJAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2045 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 Solution 2045 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 | $29 | 0.56% |

---

## Fund Statistics
* Total Net Assets$1,393,703,304

* # of Portfolio Holdings10

* 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.6% |
| Voya VACS Index Series I Portfolio | 22.5% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4.3% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg026.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.2% |
| Equity | 90.6% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 53.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 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: ISJAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2045 Portfolio
92914H591-SAR

# Class I: ISJIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2045 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 Solution 2045 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 | $3 | 0.06% |

---

## Fund Statistics
* Total Net Assets$1,393,703,304

* # of Portfolio Holdings10

* 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.6% |
| Voya VACS Index Series I Portfolio | 22.5% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4.3% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg188.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.2% |
| Equity | 90.6% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 53.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 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: ISJIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2045 Portfolio
92914H724-SAR

# Class S: ISJSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2045 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 Solution 2045 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 | $16 | 0.31% |

---

## Fund Statistics
* Total Net Assets$1,393,703,304

* # of Portfolio Holdings10

* 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.6% |
| Voya VACS Index Series I Portfolio | 22.5% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4.3% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.2% |
| Equity | 90.6% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 53.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 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: ISJSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2045 Portfolio
92914H666-SAR

# Class S2: ISVLX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2045 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 Solution 2045 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 | $24 | 0.46% |

---

## Fund Statistics
* Total Net Assets$1,393,703,304

* # of Portfolio Holdings10

* 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.6% |
| Voya VACS Index Series I Portfolio | 22.5% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4.3% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg204.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.2% |
| Equity | 90.6% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg236.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 53.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 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: ISVLX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2045 Portfolio
92914L568-SAR

# Class Z: VSZFX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2045 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 Solution 2045 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 Z | $0 | 0.00% |

---

## Fund Statistics
* Total Net Assets$1,393,703,304

* # of Portfolio Holdings10

* 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.6% |
| Voya VACS Index Series I Portfolio | 22.5% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4.3% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg174.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.2% |
| Equity | 90.6% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 53.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 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 Z: VSZFX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2045 Portfolio
92914J464-SAR

# Class ADV: IDXPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2050 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 Solution 2050 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 | $30 | 0.58% |

---

## Fund Statistics
* Total Net Assets$934,313,625

* # of Portfolio Holdings9

* 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.4% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.0% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.8% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 4.8% |
| Equity | 95.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg311.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## 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: IDXPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2050 Portfolio
92914J878-SAR

# Class I: IDXQX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2050 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 Solution 2050 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 | $4 | 0.08% |

---

## Fund Statistics
* Total Net Assets$934,313,625

* # of Portfolio Holdings9

* 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.4% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.0% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.8% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 4.8% |
| Equity | 95.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## 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: IDXQX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2050 Portfolio
92914J886-SAR

# Class S: IDXRX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2050 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 Solution 2050 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 | $17 | 0.33% |

---

## Fund Statistics
* Total Net Assets$934,313,625

* # of Portfolio Holdings9

* 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.4% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.0% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.8% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg292.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 4.8% |
| Equity | 95.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg247.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## 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: IDXRX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2050 Portfolio
92914J803-SAR

# Class S2: IDXSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2050 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 Solution 2050 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 | $25 | 0.48% |

---

## Fund Statistics
* Total Net Assets$934,313,625

* # of Portfolio Holdings9

* 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.4% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.0% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.8% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 4.8% |
| Equity | 95.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg203.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## 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: IDXSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2050 Portfolio
92914J704-SAR

# Class Z: VSZGX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2050 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 Solution 2050 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 Z | $0 | 0.00% |

---

## Fund Statistics
* Total Net Assets$934,313,625

* # of Portfolio Holdings9

* 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.4% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.0% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.8% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg232.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 4.8% |
| Equity | 95.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg210.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## 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 Z: VSZGX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2050 Portfolio
92914J456-SAR

# Class ADV: IISAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2055 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 Solution 2055 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 | $30 | 0.58% |

---

## Fund Statistics
* Total Net Assets$938,158,705

* # of Portfolio Holdings9

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.9% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg298.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: IISAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2055 Portfolio
92914L683-SAR

# Class I: IISNX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2055 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 Solution 2055 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 | $4 | 0.08% |

---

## Fund Statistics
* Total Net Assets$938,158,705

* # of Portfolio Holdings9

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.9% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg112.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg126.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: IISNX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2055 Portfolio
92914L691-SAR

# Class S: IISSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2055 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 Solution 2055 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 | $17 | 0.33% |

---

## Fund Statistics
* Total Net Assets$938,158,705

* # of Portfolio Holdings9

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.9% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg230.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg280.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: IISSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2055 Portfolio
92914L717-SAR

# Class S2: IISTX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2055 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 Solution 2055 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 | $25 | 0.48% |

---

## Fund Statistics
* Total Net Assets$938,158,705

* # of Portfolio Holdings9

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.9% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg178.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: IISTX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2055 Portfolio
92914L725-SAR

# Class Z: VSZHX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2055 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 Solution 2055 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 Z | $0 | 0.00% |

---

## Fund Statistics
* Total Net Assets$938,158,705

* # of Portfolio Holdings9

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.9% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg193.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg218.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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 Z: VSZHX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2055 Portfolio
92914J449-SAR

# Class ADV: VPSAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2060 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 Solution 2060 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 | $30 | 0.57% |

---

## Fund Statistics
* Total Net Assets$610,839,384

* # of Portfolio Holdings9

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.9% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg283.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: VPSAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2060 Portfolio
92914L238-SAR

# Class I: VISPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2060 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 Solution 2060 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 | $4 | 0.07% |

---

## Fund Statistics
* Total Net Assets$610,839,384

* # of Portfolio Holdings9

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.9% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg290.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg293.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: VISPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2060 Portfolio
92914L279-SAR

# Class S: VPISX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2060 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 Solution 2060 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 | $17 | 0.32% |

---

## Fund Statistics
* Total Net Assets$610,839,384

* # of Portfolio Holdings9

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.9% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg163.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: VPISX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2060 Portfolio
92914L261-SAR

# Class S2: VPSSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2060 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 Solution 2060 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 | $24 | 0.47% |

---

## Fund Statistics
* Total Net Assets$610,839,384

* # of Portfolio Holdings9

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.9% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg250.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg239.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: VPSSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2060 Portfolio
92914L253-SAR

# Class Z: VSZIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2060 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 Solution 2060 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 Z | $0 | 0.00% |

---

## Fund Statistics
* Total Net Assets$610,839,384

* # of Portfolio Holdings9

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 23.9% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg111.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg277.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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 Z: VSZIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2060 Portfolio
92914J431-SAR

# Class ADV: VIQAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2065 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 Solution 2065 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 | $31 | 0.60% |

---

## Fund Statistics
* Total Net Assets$182,814,687

* # of Portfolio Holdings9

* Portfolio Turnover Rate12%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 24.4% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg083.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.4% |
| Equity | 96.5% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## 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: VIQAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2065 Portfolio
92914J423-SAR

# Class I: VIQIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2065 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 Solution 2065 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 | $5 | 0.10% |

---

## Fund Statistics
* Total Net Assets$182,814,687

* # of Portfolio Holdings9

* Portfolio Turnover Rate12%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 24.4% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.4% |
| Equity | 96.5% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg132.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## 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: VIQIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2065 Portfolio
92914J415-SAR

# Class S: VIQSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2065 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 Solution 2065 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 | $18 | 0.35% |

---

## Fund Statistics
* Total Net Assets$182,814,687

* # of Portfolio Holdings9

* Portfolio Turnover Rate12%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 24.4% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg284.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.4% |
| Equity | 96.5% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg306.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## 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: VIQSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2065 Portfolio
92914J399-SAR

# Class S2: VIQUX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2065 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 Solution 2065 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 | $26 | 0.50% |

---

## Fund Statistics
* Total Net Assets$182,814,687

* # of Portfolio Holdings9

* Portfolio Turnover Rate12%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 24.4% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg245.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.4% |
| Equity | 96.5% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg257.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## 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: VIQUX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2065 Portfolio
92914J381-SAR

# Class Z: VIQZX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution 2065 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 Solution 2065 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 Z | $0 | 0.00% |

---

## Fund Statistics
* Total Net Assets$182,814,687

* # of Portfolio Holdings9

* Portfolio Turnover Rate12%

## 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

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 56.1% |
| Voya VACS Index Series I Portfolio | 24.4% |
| Voya VACS Index Series EM Portfolio | 6.5% |
| Voya VACS Index Series MC Portfolio | 5.5% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg190.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.4% |
| Equity | 96.5% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## 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 Z: VIQZX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution 2065 Portfolio
92914J373-SAR

# Class ADV: ISKAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $27 | 0.53% |

---

## Fund Statistics
* Total Net Assets$567,983,070

* # of Portfolio Holdings12

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 35.8% |
| Voya VACS Index Series S Portfolio | 22.2% |
| Schwab U.S. TIPS ETF | 9.8% |
| Voya VACS Index Series I Portfolio | 8.5% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.9% |
| Voya U.S. Bond Index Portfolio - Class I | 3.7% |
| Voya VACS Index Series EM Portfolio | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.1% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.8% |
| Fixed Income | 64.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg285.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 21.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 40.0% |
| High Yield | 4.0% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISKAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution Income Portfolio
92914H559-SAR

# Class I: ISKIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $2 | 0.03% |

---

## Fund Statistics
* Total Net Assets$567,983,070

* # of Portfolio Holdings12

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 35.8% |
| Voya VACS Index Series S Portfolio | 22.2% |
| Schwab U.S. TIPS ETF | 9.8% |
| Voya VACS Index Series I Portfolio | 8.5% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.9% |
| Voya U.S. Bond Index Portfolio - Class I | 3.7% |
| Voya VACS Index Series EM Portfolio | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.1% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg144.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.8% |
| Fixed Income | 64.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg222.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 21.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 40.0% |
| High Yield | 4.0% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISKIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution Income Portfolio
92914H674-SAR

# Class S: ISKSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $14 | 0.28% |

---

## Fund Statistics
* Total Net Assets$567,983,070

* # of Portfolio Holdings12

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 35.8% |
| Voya VACS Index Series S Portfolio | 22.2% |
| Schwab U.S. TIPS ETF | 9.8% |
| Voya VACS Index Series I Portfolio | 8.5% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.9% |
| Voya U.S. Bond Index Portfolio - Class I | 3.7% |
| Voya VACS Index Series EM Portfolio | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.1% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg244.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.8% |
| Fixed Income | 64.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg116.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 21.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 40.0% |
| High Yield | 4.0% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISKSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution Income Portfolio
92914H617-SAR

# Class S2: IIIPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $22 | 0.43% |

---

## Fund Statistics
* Total Net Assets$567,983,070

* # of Portfolio Holdings12

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 35.8% |
| Voya VACS Index Series S Portfolio | 22.2% |
| Schwab U.S. TIPS ETF | 9.8% |
| Voya VACS Index Series I Portfolio | 8.5% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.9% |
| Voya U.S. Bond Index Portfolio - Class I | 3.7% |
| Voya VACS Index Series EM Portfolio | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.1% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.8% |
| Fixed Income | 64.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg179.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 21.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 40.0% |
| High Yield | 4.0% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IIIPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution Income Portfolio
92914L576-SAR

# Class Z: VSZJX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Index Solution Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class Z | $0 | 0.00% |

---

## Fund Statistics
* Total Net Assets$567,983,070

* # of Portfolio Holdings12

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 35.8% |
| Voya VACS Index Series S Portfolio | 22.2% |
| Schwab U.S. TIPS ETF | 9.8% |
| Voya VACS Index Series I Portfolio | 8.5% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.9% |
| Voya U.S. Bond Index Portfolio - Class I | 3.7% |
| Voya VACS Index Series EM Portfolio | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.1% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg215.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.8% |
| Fixed Income | 64.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 21.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 40.0% |
| High Yield | 4.0% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## 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 Z: VSZJX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Index Solution Income Portfolio
92914J530-SAR

# Class ADV: IFTAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya International 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 International 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 | $70 | 1.25% |

---

## Fund Statistics
* Total Net Assets$332,848,334

* # of Portfolio Holdings161

* Portfolio Turnover Rate49%

## 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

---

| | |
|:---|:---|
| HSBC Holdings PLC | 2.8% |
| iShares MSCI EAFE Value ETF | 2.5% |
| Roche Holding AG | 2.0% |
| Shell PLC | 2.0% |
| Allianz SE | 2.0% |
| Novartis AG | 1.8% |
| Zurich Insurance Group AG | 1.6% |
| British American Tobacco PLC | 1.5% |
| Intesa Sanpaolo SpA | 1.5% |
| BNP Paribas SA | 1.5% |

---

### Country Weightings
![Image](tm2522622d7_tsrimg074.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.8% |
| Countries-Other | 11.3% |
| Hong Kong | 2.9% |
| Norway | 3.7% |
| Switzerland | 4.0% |
| Italy | 4.2% |
| Netherlands | 5.6% |
| Germany | 6.9% |
| Australia | 7.5% |
| United States | 8.6% |
| France | 8.7% |
| United Kingdom | 13.4% |
| Japan | 20.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg151.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 33.9% |
| Industrials | 13.5% |
| Consumer Staples | 9.4% |
| Health Care | 9.0% |
| Communication Services | 6.6% |
| Utilities | 6.5% |
| Energy | 6.4% |
| Materials | 4.9% |
| Consumer Discretionary | 3.3% |
| Real Estate | 2.8% |
| Exchange-Traded Funds | 2.5% |
| Information Technology | 0.9% |
| Short-Term Investments | 3.9% |
| Liabilities in Excess of Other Assets | (3.6)% |

---

## 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: IFTAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya International High Dividend Low Volatility Portfolio
92914H484-SAR

# Class I: IFTIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya International 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 International 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 | $42 | 0.75% |

---

## Fund Statistics
* Total Net Assets$332,848,334

* # of Portfolio Holdings161

* Portfolio Turnover Rate49%

## 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

---

| | |
|:---|:---|
| HSBC Holdings PLC | 2.8% |
| iShares MSCI EAFE Value ETF | 2.5% |
| Roche Holding AG | 2.0% |
| Shell PLC | 2.0% |
| Allianz SE | 2.0% |
| Novartis AG | 1.8% |
| Zurich Insurance Group AG | 1.6% |
| British American Tobacco PLC | 1.5% |
| Intesa Sanpaolo SpA | 1.5% |
| BNP Paribas SA | 1.5% |

---

### Country Weightings
![Image](tm2522622d7_tsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.8% |
| Countries-Other | 11.3% |
| Hong Kong | 2.9% |
| Norway | 3.7% |
| Switzerland | 4.0% |
| Italy | 4.2% |
| Netherlands | 5.6% |
| Germany | 6.9% |
| Australia | 7.5% |
| United States | 8.6% |
| France | 8.7% |
| United Kingdom | 13.4% |
| Japan | 20.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 33.9% |
| Industrials | 13.5% |
| Consumer Staples | 9.4% |
| Health Care | 9.0% |
| Communication Services | 6.6% |
| Utilities | 6.5% |
| Energy | 6.4% |
| Materials | 4.9% |
| Consumer Discretionary | 3.3% |
| Real Estate | 2.8% |
| Exchange-Traded Funds | 2.5% |
| Information Technology | 0.9% |
| Short-Term Investments | 3.9% |
| Liabilities in Excess of Other Assets | (3.6)% |

---

## 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: IFTIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya International High Dividend Low Volatility Portfolio
92914H492-SAR

# Class S: IFTSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya International 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 International 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 | $56 | 1.00% |

---

## Fund Statistics
* Total Net Assets$332,848,334

* # of Portfolio Holdings161

* Portfolio Turnover Rate49%

## 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

---

| | |
|:---|:---|
| HSBC Holdings PLC | 2.8% |
| iShares MSCI EAFE Value ETF | 2.5% |
| Roche Holding AG | 2.0% |
| Shell PLC | 2.0% |
| Allianz SE | 2.0% |
| Novartis AG | 1.8% |
| Zurich Insurance Group AG | 1.6% |
| British American Tobacco PLC | 1.5% |
| Intesa Sanpaolo SpA | 1.5% |
| BNP Paribas SA | 1.5% |

---

### Country Weightings
![Image](tm2522622d7_tsrimg079.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.8% |
| Countries-Other | 11.3% |
| Hong Kong | 2.9% |
| Norway | 3.7% |
| Switzerland | 4.0% |
| Italy | 4.2% |
| Netherlands | 5.6% |
| Germany | 6.9% |
| Australia | 7.5% |
| United States | 8.6% |
| France | 8.7% |
| United Kingdom | 13.4% |
| Japan | 20.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg136.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 33.9% |
| Industrials | 13.5% |
| Consumer Staples | 9.4% |
| Health Care | 9.0% |
| Communication Services | 6.6% |
| Utilities | 6.5% |
| Energy | 6.4% |
| Materials | 4.9% |
| Consumer Discretionary | 3.3% |
| Real Estate | 2.8% |
| Exchange-Traded Funds | 2.5% |
| Information Technology | 0.9% |
| Short-Term Investments | 3.9% |
| Liabilities in Excess of Other Assets | (3.6)% |

---

## 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: IFTSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya International High Dividend Low Volatility Portfolio
92914H518-SAR

# Class S2: ITFEX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya International 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 International 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 | $64 | 1.15% |

---

## Fund Statistics
* Total Net Assets$332,848,334

* # of Portfolio Holdings161

* Portfolio Turnover Rate49%

## 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

---

| | |
|:---|:---|
| HSBC Holdings PLC | 2.8% |
| iShares MSCI EAFE Value ETF | 2.5% |
| Roche Holding AG | 2.0% |
| Shell PLC | 2.0% |
| Allianz SE | 2.0% |
| Novartis AG | 1.8% |
| Zurich Insurance Group AG | 1.6% |
| British American Tobacco PLC | 1.5% |
| Intesa Sanpaolo SpA | 1.5% |
| BNP Paribas SA | 1.5% |

---

### Country Weightings
![Image](tm2522622d7_tsrimg158.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.8% |
| Countries-Other | 11.3% |
| Hong Kong | 2.9% |
| Norway | 3.7% |
| Switzerland | 4.0% |
| Italy | 4.2% |
| Netherlands | 5.6% |
| Germany | 6.9% |
| Australia | 7.5% |
| United States | 8.6% |
| France | 8.7% |
| United Kingdom | 13.4% |
| Japan | 20.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg104.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 33.9% |
| Industrials | 13.5% |
| Consumer Staples | 9.4% |
| Health Care | 9.0% |
| Communication Services | 6.6% |
| Utilities | 6.5% |
| Energy | 6.4% |
| Materials | 4.9% |
| Consumer Discretionary | 3.3% |
| Real Estate | 2.8% |
| Exchange-Traded Funds | 2.5% |
| Information Technology | 0.9% |
| Short-Term Investments | 3.9% |
| Liabilities in Excess of Other Assets | (3.6)% |

---

## 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: ITFEX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya International High Dividend Low Volatility Portfolio
92914L485-SAR

# Class ADV: ISZAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2025 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 Solution 2025 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 | $41 | 0.80% |

---

## Fund Statistics
* Total Net Assets$377,131,614

* # of Portfolio Holdings17

* 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| Schwab U.S. TIPS ETF | 9.5% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.4% |
| Voya U.S. Stock Index Portfolio - Class I | 8.3% |
| Voya Short Duration Bond Fund - Class R6 | 6.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.2% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya High Yield Bond Fund - Class R6 | 3.7% |
| Vanguard FTSE Developed Markets ETF | 3.5% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg197.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 41.7% |
| Fixed Income | 58.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg270.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 14.0% |
| US Large Growth | 5.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 1.3% |
| International | 9.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.0% |
| High Yield | 3.7% |
| International Bonds | 1.5% |
| TIPS | 9.7% |
| Short Duration | 7.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISZAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2025 Portfolio
92914H880-SAR

# Class I: ISZIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2025 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 Solution 2025 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 | $15 | 0.30% |

---

## Fund Statistics
* Total Net Assets$377,131,614

* # of Portfolio Holdings17

* 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| Schwab U.S. TIPS ETF | 9.5% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.4% |
| Voya U.S. Stock Index Portfolio - Class I | 8.3% |
| Voya Short Duration Bond Fund - Class R6 | 6.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.2% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya High Yield Bond Fund - Class R6 | 3.7% |
| Vanguard FTSE Developed Markets ETF | 3.5% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 41.7% |
| Fixed Income | 58.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg157.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 14.0% |
| US Large Growth | 5.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 1.3% |
| International | 9.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.0% |
| High Yield | 3.7% |
| International Bonds | 1.5% |
| TIPS | 9.7% |
| Short Duration | 7.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISZIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2025 Portfolio
92914H708-SAR

# Class S: ISZSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2025 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 Solution 2025 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 | $28 | 0.55% |

---

## Fund Statistics
* Total Net Assets$377,131,614

* # of Portfolio Holdings17

* 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| Schwab U.S. TIPS ETF | 9.5% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.4% |
| Voya U.S. Stock Index Portfolio - Class I | 8.3% |
| Voya Short Duration Bond Fund - Class R6 | 6.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.2% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya High Yield Bond Fund - Class R6 | 3.7% |
| Vanguard FTSE Developed Markets ETF | 3.5% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg223.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 41.7% |
| Fixed Income | 58.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 14.0% |
| US Large Growth | 5.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 1.3% |
| International | 9.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.0% |
| High Yield | 3.7% |
| International Bonds | 1.5% |
| TIPS | 9.7% |
| Short Duration | 7.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISZSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2025 Portfolio
92914H807-SAR

# Class S2: ISPBX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2025 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 Solution 2025 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 | $36 | 0.70% |

---

## Fund Statistics
* Total Net Assets$377,131,614

* # of Portfolio Holdings17

* 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| Schwab U.S. TIPS ETF | 9.5% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.4% |
| Voya U.S. Stock Index Portfolio - Class I | 8.3% |
| Voya Short Duration Bond Fund - Class R6 | 6.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.2% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya High Yield Bond Fund - Class R6 | 3.7% |
| Vanguard FTSE Developed Markets ETF | 3.5% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 41.7% |
| Fixed Income | 58.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 14.0% |
| US Large Growth | 5.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 1.3% |
| International | 9.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.0% |
| High Yield | 3.7% |
| International Bonds | 1.5% |
| TIPS | 9.7% |
| Short Duration | 7.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISPBX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2025 Portfolio
92914L592-SAR

# Class ADV: ISNFX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2030 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 Solution 2030 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 | $38 | 0.75% |

---

## Fund Statistics
* Total Net Assets$66,076,061

* # of Portfolio Holdings20

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 19.9% |
| Voya Intermediate Bond Fund - Class R6 | 19.2% |
| Voya Multi-Manager International Equity Fund - Class I | 10.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Vanguard FTSE Developed Markets ETF | 4.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 4.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg259.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 34.9% |
| Equity | 65.1% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 25.5% |
| US Large Growth | 6.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISNFX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2030 Portfolio
92914J852-SAR

# Class I: ISNGX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2030 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 Solution 2030 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 | $13 | 0.25% |

---

## Fund Statistics
* Total Net Assets$66,076,061

* # of Portfolio Holdings20

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 19.9% |
| Voya Intermediate Bond Fund - Class R6 | 19.2% |
| Voya Multi-Manager International Equity Fund - Class I | 10.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Vanguard FTSE Developed Markets ETF | 4.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 4.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg310.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 34.9% |
| Equity | 65.1% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg199.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 25.5% |
| US Large Growth | 6.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISNGX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2030 Portfolio
92914J746-SAR

# Class S: ISNHX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2030 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 Solution 2030 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 | $26 | 0.50% |

---

## Fund Statistics
* Total Net Assets$66,076,061

* # of Portfolio Holdings20

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 19.9% |
| Voya Intermediate Bond Fund - Class R6 | 19.2% |
| Voya Multi-Manager International Equity Fund - Class I | 10.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Vanguard FTSE Developed Markets ETF | 4.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 4.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 34.9% |
| Equity | 65.1% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg171.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 25.5% |
| US Large Growth | 6.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISNHX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2030 Portfolio
92914J639-SAR

# Class S2: ISNIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2030 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 Solution 2030 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 | $33 | 0.65% |

---

## Fund Statistics
* Total Net Assets$66,076,061

* # of Portfolio Holdings20

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 19.9% |
| Voya Intermediate Bond Fund - Class R6 | 19.2% |
| Voya Multi-Manager International Equity Fund - Class I | 10.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Vanguard FTSE Developed Markets ETF | 4.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 4.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg198.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 34.9% |
| Equity | 65.1% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg066.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 25.5% |
| US Large Growth | 6.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISNIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2030 Portfolio
92914J548-SAR

# Class ADV: ISQAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2035 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 Solution 2035 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 | $39 | 0.75% |

---

## Fund Statistics
* Total Net Assets$595,013,725

* # of Portfolio Holdings18

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.0% |
| Voya Intermediate Bond Fund - Class R6 | 15.2% |
| Voya Multi-Manager International Equity Fund - Class I | 12.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Vanguard FTSE Developed Markets ETF | 4.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 4.1% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 3.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg271.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 24.1% |
| Equity | 75.8% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 6.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISQAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2035 Portfolio
92914H856-SAR

# Class I: ISQIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2035 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 Solution 2035 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 | $13 | 0.25% |

---

## Fund Statistics
* Total Net Assets$595,013,725

* # of Portfolio Holdings18

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.0% |
| Voya Intermediate Bond Fund - Class R6 | 15.2% |
| Voya Multi-Manager International Equity Fund - Class I | 12.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Vanguard FTSE Developed Markets ETF | 4.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 4.1% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 3.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 24.1% |
| Equity | 75.8% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 6.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISQIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2035 Portfolio
92914H872-SAR

# Class S: ISQSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2035 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 Solution 2035 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 | $26 | 0.50% |

---

## Fund Statistics
* Total Net Assets$595,013,725

* # of Portfolio Holdings18

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.0% |
| Voya Intermediate Bond Fund - Class R6 | 15.2% |
| Voya Multi-Manager International Equity Fund - Class I | 12.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Vanguard FTSE Developed Markets ETF | 4.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 4.1% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 3.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg295.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 24.1% |
| Equity | 75.8% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg109.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 6.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISQSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2035 Portfolio
92914H864-SAR

# Class S2: ISPCX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2035 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 Solution 2035 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 | $33 | 0.65% |

---

## Fund Statistics
* Total Net Assets$595,013,725

* # of Portfolio Holdings18

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.0% |
| Voya Intermediate Bond Fund - Class R6 | 15.2% |
| Voya Multi-Manager International Equity Fund - Class I | 12.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Vanguard FTSE Developed Markets ETF | 4.9% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 4.1% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 3.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 24.1% |
| Equity | 75.8% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg272.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 6.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISPCX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2035 Portfolio
92914L618-SAR

# Class ADV: ISNKX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2040 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 Solution 2040 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 | $37 | 0.72% |

---

## Fund Statistics
* Total Net Assets$57,505,216

* # of Portfolio Holdings18

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 29.4% |
| Voya Multi-Manager International Equity Fund - Class I | 14.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| Voya Intermediate Bond Fund - Class R6 | 6.3% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 4.2% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg094.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 14.0% |
| Equity | 85.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISNKX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2040 Portfolio
92914J563-SAR

# Class I: ISNLX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2040 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 Solution 2040 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 | $11 | 0.22% |

---

## Fund Statistics
* Total Net Assets$57,505,216

* # of Portfolio Holdings18

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 29.4% |
| Voya Multi-Manager International Equity Fund - Class I | 14.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| Voya Intermediate Bond Fund - Class R6 | 6.3% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 4.2% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg032.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 14.0% |
| Equity | 85.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg095.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISNLX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2040 Portfolio
92914J571-SAR

# Class S: ISNMX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2040 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 Solution 2040 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 | $24 | 0.47% |

---

## Fund Statistics
* Total Net Assets$57,505,216

* # of Portfolio Holdings18

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 29.4% |
| Voya Multi-Manager International Equity Fund - Class I | 14.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| Voya Intermediate Bond Fund - Class R6 | 6.3% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 4.2% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg191.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 14.0% |
| Equity | 85.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISNMX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2040 Portfolio
92914J589-SAR

# Class S2: ISNNX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2040 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 Solution 2040 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 | $32 | 0.62% |

---

## Fund Statistics
* Total Net Assets$57,505,216

* # of Portfolio Holdings18

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 29.4% |
| Voya Multi-Manager International Equity Fund - Class I | 14.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| Voya Intermediate Bond Fund - Class R6 | 6.3% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 4.2% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 14.0% |
| Equity | 85.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg233.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISNNX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2040 Portfolio
92914J597-SAR

# Class ADV: ISRAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2045 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 Solution 2045 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 | $37 | 0.72% |

---

## Fund Statistics
* Total Net Assets$477,790,660

* # of Portfolio Holdings17

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 15.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg282.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 6.3% |
| Equity | 93.6% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg162.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 39.0% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 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: ISRAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2045 Portfolio
92914H823-SAR

# Class I: ISRIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2045 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 Solution 2045 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 | $11 | 0.22% |

---

## Fund Statistics
* Total Net Assets$477,790,660

* # of Portfolio Holdings17

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 15.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 6.3% |
| Equity | 93.6% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg164.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 39.0% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 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: ISRIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2045 Portfolio
92914H849-SAR

# Class S: ISRSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2045 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 Solution 2045 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 | $24 | 0.47% |

---

## Fund Statistics
* Total Net Assets$477,790,660

* # of Portfolio Holdings17

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 15.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg296.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 6.3% |
| Equity | 93.6% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg201.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 39.0% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 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: ISRSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2045 Portfolio
92914H831-SAR

# Class S2: ISPDX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2045 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 Solution 2045 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 | $32 | 0.62% |

---

## Fund Statistics
* Total Net Assets$477,790,660

* # of Portfolio Holdings17

* Portfolio Turnover Rate13%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 15.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg205.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 6.3% |
| Equity | 93.6% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg102.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 39.0% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 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: ISPDX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2045 Portfolio
92914L626-SAR

# Class ADV: ISNPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2050 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 Solution 2050 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 | $38 | 0.74% |

---

## Fund Statistics
* Total Net Assets$47,951,355

* # of Portfolio Holdings16

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.7% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg081.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 2.0% |
| Equity | 97.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## 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: ISNPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2050 Portfolio
92914J621-SAR

# Class I: ISNQX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2050 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 Solution 2050 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 | $12 | 0.24% |

---

## Fund Statistics
* Total Net Assets$47,951,355

* # of Portfolio Holdings16

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.7% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg254.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 2.0% |
| Equity | 97.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg307.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## 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: ISNQX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2050 Portfolio
92914J647-SAR

# Class S: ISNRX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2050 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 Solution 2050 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 | $25 | 0.49% |

---

## Fund Statistics
* Total Net Assets$47,951,355

* # of Portfolio Holdings16

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.7% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg106.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 2.0% |
| Equity | 97.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## 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: ISNRX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2050 Portfolio
92914J654-SAR

# Class S2: ISNSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2050 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 Solution 2050 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 | $33 | 0.64% |

---

## Fund Statistics
* Total Net Assets$47,951,355

* # of Portfolio Holdings16

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 6.7% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg275.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 2.0% |
| Equity | 97.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## 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: ISNSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2050 Portfolio
92914J662-SAR

# Class ADV: IASPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2055 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 Solution 2055 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 | $39 | 0.76% |

---

## Fund Statistics
* Total Net Assets$180,198,788

* # of Portfolio Holdings15

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.3% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg231.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 1.0% |
| Equity | 98.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: IASPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2055 Portfolio
92914L741-SAR

# Class I: IISPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2055 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 Solution 2055 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 | $13 | 0.26% |

---

## Fund Statistics
* Total Net Assets$180,198,788

* # of Portfolio Holdings15

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.3% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg213.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 1.0% |
| Equity | 98.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg265.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: IISPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2055 Portfolio
92914L758-SAR

# Class S: ISSPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2055 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 Solution 2055 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 | $26 | 0.51% |

---

## Fund Statistics
* Total Net Assets$180,198,788

* # of Portfolio Holdings15

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.3% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 1.0% |
| Equity | 98.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: ISSPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2055 Portfolio
92914L766-SAR

# Class S2: ITSPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2055 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 Solution 2055 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 | $34 | 0.66% |

---

## Fund Statistics
* Total Net Assets$180,198,788

* # of Portfolio Holdings15

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.3% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg211.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 1.0% |
| Equity | 98.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: ITSPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2055 Portfolio
92914L774-SAR

# Class ADV: VSPAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2060 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 Solution 2060 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 | $39 | 0.75% |

---

## Fund Statistics
* Total Net Assets$37,048,999

* # of Portfolio Holdings15

* Portfolio Turnover Rate20%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg159.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 1.0% |
| Equity | 98.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg189.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: VSPAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2060 Portfolio
92914L337-SAR

# Class I: VSIPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2060 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 Solution 2060 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 | $13 | 0.25% |

---

## Fund Statistics
* Total Net Assets$37,048,999

* # of Portfolio Holdings15

* Portfolio Turnover Rate20%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 1.0% |
| Equity | 98.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg182.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: VSIPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2060 Portfolio
92914L329-SAR

# Class S: VSPSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2060 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 Solution 2060 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 | $26 | 0.50% |

---

## Fund Statistics
* Total Net Assets$37,048,999

* # of Portfolio Holdings15

* Portfolio Turnover Rate20%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 1.0% |
| Equity | 98.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: VSPSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2060 Portfolio
92914L311-SAR

# Class S2: VSSPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2060 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 Solution 2060 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 | $34 | 0.65% |

---

## Fund Statistics
* Total Net Assets$37,048,999

* # of Portfolio Holdings15

* Portfolio Turnover Rate20%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg240.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 1.0% |
| Equity | 98.9% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg172.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## 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: VSSPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2060 Portfolio
92914L295-SAR

# Class ADV: VSAQX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2065 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 Solution 2065 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 | $39 | 0.75% |

---

## Fund Statistics
* Total Net Assets$24,365,280

* # of Portfolio Holdings15

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 17.2% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg169.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 0.5% |
| Equity | 99.4% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg301.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## 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: VSAQX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2065 Portfolio
92914L154-SAR

# Class I: VSQIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2065 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 Solution 2065 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 | $13 | 0.25% |

---

## Fund Statistics
* Total Net Assets$24,365,280

* # of Portfolio Holdings15

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 17.2% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg127.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 0.5% |
| Equity | 99.4% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg080.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## 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: VSQIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2065 Portfolio
92914L147-SAR

# Class S: VSSQX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2065 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 Solution 2065 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 | $26 | 0.50% |

---

## Fund Statistics
* Total Net Assets$24,365,280

* # of Portfolio Holdings15

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 17.2% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg155.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 0.5% |
| Equity | 99.4% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## 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: VSSQX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2065 Portfolio
92914L139-SAR

# Class S2: VSQUX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution 2065 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 Solution 2065 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 | $34 | 0.65% |

---

## Fund Statistics
* Total Net Assets$24,365,280

* # of Portfolio Holdings15

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 37.4% |
| Voya Multi-Manager International Equity Fund - Class I | 17.2% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 3.1% |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 3.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg289.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 0.5% |
| Equity | 99.4% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg225.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## 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: VSQUX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution 2065 Portfolio
92914L121-SAR

# Class ADV: IAVAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Aggressive 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 Solution Aggressive 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 | $37 | 0.73% |

---

## Fund Statistics
* Total Net Assets$197,984,052

* # of Portfolio Holdings14

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 36.3% |
| Voya Multi-Manager International Equity Fund - Class I | 10.2% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 6.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.9% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.1% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 4.9% |
| Voya Large-Cap Growth Fund - Class R6 | 4.1% |
| Voya Small Company Fund - Class R6 | 4.0% |
| Voya International Index Portfolio - Class I | 3.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg267.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 2.9% |
| Equity | 97.1% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 10.0% |
| US Large Value | 9.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 6.5% |
| International | 14.5% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 6.0% |

---

## 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: IAVAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Aggressive Portfolio
92914L600-SAR

# Class I: IAVIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Aggressive 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 Solution Aggressive 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 | $12 | 0.23% |

---

## Fund Statistics
* Total Net Assets$197,984,052

* # of Portfolio Holdings14

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 36.3% |
| Voya Multi-Manager International Equity Fund - Class I | 10.2% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 6.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.9% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.1% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 4.9% |
| Voya Large-Cap Growth Fund - Class R6 | 4.1% |
| Voya Small Company Fund - Class R6 | 4.0% |
| Voya International Index Portfolio - Class I | 3.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg288.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 2.9% |
| Equity | 97.1% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 10.0% |
| US Large Value | 9.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 6.5% |
| International | 14.5% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 6.0% |

---

## 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: IAVIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Aggressive Portfolio
92914L501-SAR

# Class R6: VYRMX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Aggressive 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 Solution Aggressive 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 | $11 | 0.22% |

---

## Fund Statistics
* Total Net Assets$197,984,052

* # of Portfolio Holdings14

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 36.3% |
| Voya Multi-Manager International Equity Fund - Class I | 10.2% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 6.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.9% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.1% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 4.9% |
| Voya Large-Cap Growth Fund - Class R6 | 4.1% |
| Voya Small Company Fund - Class R6 | 4.0% |
| Voya International Index Portfolio - Class I | 3.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 2.9% |
| Equity | 97.1% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg287.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 10.0% |
| US Large Value | 9.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 6.5% |
| International | 14.5% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 6.0% |

---

## 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 R6: VYRMX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Aggressive Portfolio
92914L220-SAR

# Class S: IAVSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Aggressive 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 Solution Aggressive 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 | $25 | 0.48% |

---

## Fund Statistics
* Total Net Assets$197,984,052

* # of Portfolio Holdings14

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 36.3% |
| Voya Multi-Manager International Equity Fund - Class I | 10.2% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 6.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.9% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.1% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 4.9% |
| Voya Large-Cap Growth Fund - Class R6 | 4.1% |
| Voya Small Company Fund - Class R6 | 4.0% |
| Voya International Index Portfolio - Class I | 3.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg031.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 2.9% |
| Equity | 97.1% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg131.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 10.0% |
| US Large Value | 9.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 6.5% |
| International | 14.5% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 6.0% |

---

## 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: IAVSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Aggressive Portfolio
92914L402-SAR

# Class S2: IAVTX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Aggressive 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 Solution Aggressive 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 | $32 | 0.63% |

---

## Fund Statistics
* Total Net Assets$197,984,052

* # of Portfolio Holdings14

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 36.3% |
| Voya Multi-Manager International Equity Fund - Class I | 10.2% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 6.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.9% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.1% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 4.9% |
| Voya Large-Cap Growth Fund - Class R6 | 4.1% |
| Voya Small Company Fund - Class R6 | 4.0% |
| Voya International Index Portfolio - Class I | 3.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg051.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 2.9% |
| Equity | 97.1% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg273.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 10.0% |
| US Large Value | 9.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 6.5% |
| International | 14.5% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 6.0% |

---

## 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: IAVTX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Aggressive Portfolio
92914L303-SAR

# Class ADV: ISGAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Balanced 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 Solution Balanced 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 | $39 | 0.77% |

---

## Fund Statistics
* Total Net Assets$189,799,543

* # of Portfolio Holdings15

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 28.0% |
| Voya Intermediate Bond Fund - Class R6 | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Voya Short Duration Bond Fund - Class R6 | 8.7% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Multi-Manager International Equity Fund - Class I | 5.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Large-Cap Growth Fund - Class R6 | 3.1% |
| Voya MidCap Opportunities Portfolio - Class R6 | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg120.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 31.3% |
| Equity | 68.7% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg274.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 6.0% |
| US Small Cap | 2.0% |
| International | 5.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 27.0% |
| Short Duration | 9.0% |

---

## 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: ISGAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Balanced Portfolio
92914L386-SAR

# Class I: ISGJX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Balanced 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 Solution Balanced 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 | $14 | 0.27% |

---

## Fund Statistics
* Total Net Assets$189,799,543

* # of Portfolio Holdings15

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 28.0% |
| Voya Intermediate Bond Fund - Class R6 | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Voya Short Duration Bond Fund - Class R6 | 8.7% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Multi-Manager International Equity Fund - Class I | 5.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Large-Cap Growth Fund - Class R6 | 3.1% |
| Voya MidCap Opportunities Portfolio - Class R6 | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg242.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 31.3% |
| Equity | 68.7% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 6.0% |
| US Small Cap | 2.0% |
| International | 5.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 27.0% |
| Short Duration | 9.0% |

---

## 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: ISGJX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Balanced Portfolio
92914L378-SAR

# Class R6: VYRLX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Balanced 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 Solution Balanced 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 | $11 | 0.21% |

---

## Fund Statistics
* Total Net Assets$189,799,543

* # of Portfolio Holdings15

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 28.0% |
| Voya Intermediate Bond Fund - Class R6 | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Voya Short Duration Bond Fund - Class R6 | 8.7% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Multi-Manager International Equity Fund - Class I | 5.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Large-Cap Growth Fund - Class R6 | 3.1% |
| Voya MidCap Opportunities Portfolio - Class R6 | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg149.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 31.3% |
| Equity | 68.7% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg138.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 6.0% |
| US Small Cap | 2.0% |
| International | 5.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 27.0% |
| Short Duration | 9.0% |

---

## 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 R6: VYRLX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Balanced Portfolio
92914L212-SAR

# Class S: ISGKX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Balanced 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 Solution Balanced 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 | $27 | 0.52% |

---

## Fund Statistics
* Total Net Assets$189,799,543

* # of Portfolio Holdings15

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 28.0% |
| Voya Intermediate Bond Fund - Class R6 | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Voya Short Duration Bond Fund - Class R6 | 8.7% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Multi-Manager International Equity Fund - Class I | 5.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Large-Cap Growth Fund - Class R6 | 3.1% |
| Voya MidCap Opportunities Portfolio - Class R6 | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 31.3% |
| Equity | 68.7% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg183.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 6.0% |
| US Small Cap | 2.0% |
| International | 5.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 27.0% |
| Short Duration | 9.0% |

---

## 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: ISGKX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Balanced Portfolio
92914L360-SAR

# Class S2: ISGTX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Balanced 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 Solution Balanced 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 | $34 | 0.67% |

---

## Fund Statistics
* Total Net Assets$189,799,543

* # of Portfolio Holdings15

* 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 28.0% |
| Voya Intermediate Bond Fund - Class R6 | 16.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Voya Short Duration Bond Fund - Class R6 | 8.7% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Multi-Manager International Equity Fund - Class I | 5.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Large-Cap Growth Fund - Class R6 | 3.1% |
| Voya MidCap Opportunities Portfolio - Class R6 | 3.0% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg278.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 31.3% |
| Equity | 68.7% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg166.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.5% |
| US Large Growth | 8.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 6.0% |
| US Small Cap | 2.0% |
| International | 5.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 27.0% |
| Short Duration | 9.0% |

---

## 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: ISGTX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Balanced Portfolio
92914L808-SAR

# Class ADV: ICGAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Conservative 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 Solution Conservative 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 | $38 | 0.76% |

---

## Fund Statistics
* Total Net Assets$98,587,621

* # of Portfolio Holdings14

* Portfolio Turnover Rate20%

## 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.4% |
| Voya Short Duration Bond Fund - Class R6 | 20.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya U.S. Stock Index Portfolio - Class I | 6.7% |
| Voya High Yield Bond Fund - Class R6 | 6.0% |
| Schwab U.S. TIPS ETF | 4.9% |
| Voya Large-Cap Growth Fund - Class R6 | 3.2% |
| Voya Large Cap Value Portfolio - Class R6 | 3.1% |
| Voya Multi-Manager International Equity Fund - Class I | 2.5% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg300.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 29.7% |
| Fixed Income | 70.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg134.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 12.5% |
| US Large Growth | 3.0% |
| US Large Value | 3.0% |
| US Mid Cap Blend | 4.0% |
| International | 2.5% |
| Core Fixed Income | 39.5% |
| High Yield | 6.0% |
| International Bonds | 2.5% |
| TIPS | 5.0% |
| Short Duration | 21.0% |
| Long Govt Bonds | 1.0% |

---

## 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: ICGAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Conservative Portfolio
92914L840-SAR

# Class I: ICGIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Conservative 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 Solution Conservative 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 | $13 | 0.26% |

---

## Fund Statistics
* Total Net Assets$98,587,621

* # of Portfolio Holdings14

* Portfolio Turnover Rate20%

## 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.4% |
| Voya Short Duration Bond Fund - Class R6 | 20.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya U.S. Stock Index Portfolio - Class I | 6.7% |
| Voya High Yield Bond Fund - Class R6 | 6.0% |
| Schwab U.S. TIPS ETF | 4.9% |
| Voya Large-Cap Growth Fund - Class R6 | 3.2% |
| Voya Large Cap Value Portfolio - Class R6 | 3.1% |
| Voya Multi-Manager International Equity Fund - Class I | 2.5% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg133.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 29.7% |
| Fixed Income | 70.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg053.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 12.5% |
| US Large Growth | 3.0% |
| US Large Value | 3.0% |
| US Mid Cap Blend | 4.0% |
| International | 2.5% |
| Core Fixed Income | 39.5% |
| High Yield | 6.0% |
| International Bonds | 2.5% |
| TIPS | 5.0% |
| Short Duration | 21.0% |
| Long Govt Bonds | 1.0% |

---

## 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: ICGIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Conservative Portfolio
92914L857-SAR

# Class R6: VYRPX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Conservative 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 Solution Conservative 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 | $12 | 0.24% |

---

## Fund Statistics
* Total Net Assets$98,587,621

* # of Portfolio Holdings14

* Portfolio Turnover Rate20%

## 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.4% |
| Voya Short Duration Bond Fund - Class R6 | 20.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya U.S. Stock Index Portfolio - Class I | 6.7% |
| Voya High Yield Bond Fund - Class R6 | 6.0% |
| Schwab U.S. TIPS ETF | 4.9% |
| Voya Large-Cap Growth Fund - Class R6 | 3.2% |
| Voya Large Cap Value Portfolio - Class R6 | 3.1% |
| Voya Multi-Manager International Equity Fund - Class I | 2.5% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 29.7% |
| Fixed Income | 70.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg196.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 12.5% |
| US Large Growth | 3.0% |
| US Large Value | 3.0% |
| US Mid Cap Blend | 4.0% |
| International | 2.5% |
| Core Fixed Income | 39.5% |
| High Yield | 6.0% |
| International Bonds | 2.5% |
| TIPS | 5.0% |
| Short Duration | 21.0% |
| Long Govt Bonds | 1.0% |

---

## 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 R6: VYRPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Conservative Portfolio
92914L196-SAR

# Class S: ICGSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Conservative 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 Solution Conservative 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 | $26 | 0.51% |

---

## Fund Statistics
* Total Net Assets$98,587,621

* # of Portfolio Holdings14

* Portfolio Turnover Rate20%

## 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.4% |
| Voya Short Duration Bond Fund - Class R6 | 20.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya U.S. Stock Index Portfolio - Class I | 6.7% |
| Voya High Yield Bond Fund - Class R6 | 6.0% |
| Schwab U.S. TIPS ETF | 4.9% |
| Voya Large-Cap Growth Fund - Class R6 | 3.2% |
| Voya Large Cap Value Portfolio - Class R6 | 3.1% |
| Voya Multi-Manager International Equity Fund - Class I | 2.5% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg297.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 29.7% |
| Fixed Income | 70.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg214.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 12.5% |
| US Large Growth | 3.0% |
| US Large Value | 3.0% |
| US Mid Cap Blend | 4.0% |
| International | 2.5% |
| Core Fixed Income | 39.5% |
| High Yield | 6.0% |
| International Bonds | 2.5% |
| TIPS | 5.0% |
| Short Duration | 21.0% |
| Long Govt Bonds | 1.0% |

---

## 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: ICGSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Conservative Portfolio
92914L873-SAR

# Class S2: ICGTX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Conservative 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 Solution Conservative 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 | $33 | 0.66% |

---

## Fund Statistics
* Total Net Assets$98,587,621

* # of Portfolio Holdings14

* Portfolio Turnover Rate20%

## 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.4% |
| Voya Short Duration Bond Fund - Class R6 | 20.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya U.S. Stock Index Portfolio - Class I | 6.7% |
| Voya High Yield Bond Fund - Class R6 | 6.0% |
| Schwab U.S. TIPS ETF | 4.9% |
| Voya Large-Cap Growth Fund - Class R6 | 3.2% |
| Voya Large Cap Value Portfolio - Class R6 | 3.1% |
| Voya Multi-Manager International Equity Fund - Class I | 2.5% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 29.7% |
| Fixed Income | 70.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg276.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 12.5% |
| US Large Growth | 3.0% |
| US Large Value | 3.0% |
| US Mid Cap Blend | 4.0% |
| International | 2.5% |
| Core Fixed Income | 39.5% |
| High Yield | 6.0% |
| International Bonds | 2.5% |
| TIPS | 5.0% |
| Short Duration | 21.0% |
| Long Govt Bonds | 1.0% |

---

## 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: ICGTX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Conservative Portfolio
92914L881-SAR

# Class ADV: ISWAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $39 | 0.77% |

---

## Fund Statistics
* Total Net Assets$149,511,005

* # of Portfolio Holdings17

* Portfolio Turnover Rate11%

## 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| Schwab U.S. TIPS ETF | 9.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Voya U.S. Stock Index Portfolio - Class I | 7.7% |
| Voya Multi-Manager International Equity Fund - Class I | 5.4% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 3.2% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg229.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 39.6% |
| Fixed Income | 60.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg312.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 13.5% |
| US Large Growth | 5.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISWAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Income Portfolio
92914H302-SAR

# Class I: ISWIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $14 | 0.27% |

---

## Fund Statistics
* Total Net Assets$149,511,005

* # of Portfolio Holdings17

* Portfolio Turnover Rate11%

## 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| Schwab U.S. TIPS ETF | 9.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Voya U.S. Stock Index Portfolio - Class I | 7.7% |
| Voya Multi-Manager International Equity Fund - Class I | 5.4% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 3.2% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg033.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 39.6% |
| Fixed Income | 60.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg161.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 13.5% |
| US Large Growth | 5.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISWIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Income Portfolio
92914H104-SAR

# Class S: ISWSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $27 | 0.52% |

---

## Fund Statistics
* Total Net Assets$149,511,005

* # of Portfolio Holdings17

* Portfolio Turnover Rate11%

## 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| Schwab U.S. TIPS ETF | 9.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Voya U.S. Stock Index Portfolio - Class I | 7.7% |
| Voya Multi-Manager International Equity Fund - Class I | 5.4% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 3.2% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg090.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 39.6% |
| Fixed Income | 60.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg058.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 13.5% |
| US Large Growth | 5.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## 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: ISWSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Income Portfolio
92914H203-SAR

# Class S2: IJKBX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $34 | 0.67% |

---

## Fund Statistics
* Total Net Assets$149,511,005

* # of Portfolio Holdings17

* Portfolio Turnover Rate11%

## 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

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 26.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 10.1% |
| Schwab U.S. TIPS ETF | 9.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Voya U.S. Stock Index Portfolio - Class I | 7.7% |
| Voya Multi-Manager International Equity Fund - Class I | 5.4% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 3.2% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg281.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 39.6% |
| Fixed Income | 60.2% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg235.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 13.5% |
| US Large Growth | 5.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## 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: IJKBX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Income Portfolio
92914L634-SAR

# Class ADV: IAGAX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Moderately Aggressive 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 Solution Moderately Aggressive 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 | $37 | 0.72% |

---

## Fund Statistics
* Total Net Assets$463,083,820

* # of Portfolio Holdings16

* Portfolio Turnover Rate16%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 28.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Voya Intermediate Bond Fund - Class R6 | 7.8% |
| Voya Multi-Manager International Equity Fund - Class I | 7.3% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.6% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.2% |
| Voya International Index Portfolio - Class I | 3.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg050.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 14.5% |
| Equity | 85.5% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg216.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 34.5% |
| US Large Growth | 9.0% |
| US Large Value | 8.0% |
| US Mid Cap Blend | 11.0% |
| US Small Cap | 4.5% |
| International | 11.5% |
| Emerging Markets | 2.5% |
| Core Fixed Income | 15.0% |
| Short Duration | 4.0% |

---

## 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: IAGAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Moderately Aggressive Portfolio
92914L790-SAR

# Class I: IAGIX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Moderately Aggressive 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 Solution Moderately Aggressive 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 | $11 | 0.22% |

---

## Fund Statistics
* Total Net Assets$463,083,820

* # of Portfolio Holdings16

* Portfolio Turnover Rate16%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 28.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Voya Intermediate Bond Fund - Class R6 | 7.8% |
| Voya Multi-Manager International Equity Fund - Class I | 7.3% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.6% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.2% |
| Voya International Index Portfolio - Class I | 3.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg202.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 14.5% |
| Equity | 85.5% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg141.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 34.5% |
| US Large Growth | 9.0% |
| US Large Value | 8.0% |
| US Mid Cap Blend | 11.0% |
| US Small Cap | 4.5% |
| International | 11.5% |
| Emerging Markets | 2.5% |
| Core Fixed Income | 15.0% |
| Short Duration | 4.0% |

---

## 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: IAGIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Moderately Aggressive Portfolio
92914L816-SAR

# Class R6: VYROX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Moderately Aggressive 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 Solution Moderately Aggressive 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 | $11 | 0.21% |

---

## Fund Statistics
* Total Net Assets$463,083,820

* # of Portfolio Holdings16

* Portfolio Turnover Rate16%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 28.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Voya Intermediate Bond Fund - Class R6 | 7.8% |
| Voya Multi-Manager International Equity Fund - Class I | 7.3% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.6% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.2% |
| Voya International Index Portfolio - Class I | 3.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg253.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 14.5% |
| Equity | 85.5% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg268.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 34.5% |
| US Large Growth | 9.0% |
| US Large Value | 8.0% |
| US Mid Cap Blend | 11.0% |
| US Small Cap | 4.5% |
| International | 11.5% |
| Emerging Markets | 2.5% |
| Core Fixed Income | 15.0% |
| Short Duration | 4.0% |

---

## 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 R6: VYROX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Moderately Aggressive Portfolio
92914L188-SAR

# Class S: IAGSX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Moderately Aggressive 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 Solution Moderately Aggressive 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 | $24 | 0.47% |

---

## Fund Statistics
* Total Net Assets$463,083,820

* # of Portfolio Holdings16

* Portfolio Turnover Rate16%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 28.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Voya Intermediate Bond Fund - Class R6 | 7.8% |
| Voya Multi-Manager International Equity Fund - Class I | 7.3% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.6% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.2% |
| Voya International Index Portfolio - Class I | 3.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg234.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 14.5% |
| Equity | 85.5% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg241.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 34.5% |
| US Large Growth | 9.0% |
| US Large Value | 8.0% |
| US Mid Cap Blend | 11.0% |
| US Small Cap | 4.5% |
| International | 11.5% |
| Emerging Markets | 2.5% |
| Core Fixed Income | 15.0% |
| Short Duration | 4.0% |

---

## 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: IAGSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Moderately Aggressive Portfolio
92914L824-SAR

# Class S2: IAGTX
![Image](tm2522622d7_tsrimg260.jpg)

# Voya Solution Moderately Aggressive 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 Solution Moderately Aggressive 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 | $32 | 0.62% |

---

## Fund Statistics
* Total Net Assets$463,083,820

* # of Portfolio Holdings16

* Portfolio Turnover Rate16%

## 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

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 28.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| Voya Intermediate Bond Fund - Class R6 | 7.8% |
| Voya Multi-Manager International Equity Fund - Class I | 7.3% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.6% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.4% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.2% |
| Voya International Index Portfolio - Class I | 3.9% |

---

### Asset Weightings
![Image](tm2522622d7_tsrimg238.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 14.5% |
| Equity | 85.5% |

---

### Target Asset Allocations
![Image](tm2522622d7_tsrimg220.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 34.5% |
| US Large Growth | 9.0% |
| US Large Value | 8.0% |
| US Mid Cap Blend | 11.0% |
| US Small Cap | 4.5% |
| International | 11.5% |
| Emerging Markets | 2.5% |
| Core Fixed Income | 15.0% |
| Short Duration | 4.0% |

---

## 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: IAGTX
![QR Code](tm2522622d7_tsrimg059.jpg)

# Voya Solution Moderately Aggressive Portfolio
92914L832-SAR

# Class ADV: IASAX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value 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 VY<sup>®</sup> American Century Small-Mid Cap Value 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 | 1.35% |

---

## Fund Statistics
* Total Net Assets$279,856,834

* # of Portfolio Holdings217

* Portfolio Turnover Rate34%

## 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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 1.9% |
| Graphic Packaging Holding Co. | 1.7% |
| Enterprise Products Partners L.P. | 1.5% |
| Henry Schein, Inc. | 1.4% |
| US Bancorp | 1.4% |
| Truist Financial Corp. | 1.4% |
| Willis Towers Watson PLC | 1.3% |
| Timken Co. | 1.3% |
| Northern Trust Corp. | 1.3% |
| Labcorp Holdings, Inc. | 1.2% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg206.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.8)% |
| Short-Term Investments | 2.9% |
| Preferred Stock | 0.5% |
| Common Stock | 98.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.5% |
| Industrials | 17.4% |
| Health Care | 12.0% |
| Consumer Staples | 8.3% |
| Real Estate | 8.3% |
| Energy | 7.0% |
| Utilities | 5.7% |
| Information Technology | 5.6% |
| Consumer Discretionary | 5.5% |
| Materials | 5.3% |
| Communication Services | 1.3% |
| Short-Term Investments | 2.9% |
| Liabilities in Excess of Other Assets | (1.8)% |

---

## 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: IASAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio
92914K578-SAR

# Class I: IACIX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value 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 VY<sup>®</sup> American Century Small-Mid Cap Value 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 | 0.85% |

---

## Fund Statistics
* Total Net Assets$279,856,834

* # of Portfolio Holdings217

* Portfolio Turnover Rate34%

## 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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 1.9% |
| Graphic Packaging Holding Co. | 1.7% |
| Enterprise Products Partners L.P. | 1.5% |
| Henry Schein, Inc. | 1.4% |
| US Bancorp | 1.4% |
| Truist Financial Corp. | 1.4% |
| Willis Towers Watson PLC | 1.3% |
| Timken Co. | 1.3% |
| Northern Trust Corp. | 1.3% |
| Labcorp Holdings, Inc. | 1.2% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg226.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.8)% |
| Short-Term Investments | 2.9% |
| Preferred Stock | 0.5% |
| Common Stock | 98.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.5% |
| Industrials | 17.4% |
| Health Care | 12.0% |
| Consumer Staples | 8.3% |
| Real Estate | 8.3% |
| Energy | 7.0% |
| Utilities | 5.7% |
| Information Technology | 5.6% |
| Consumer Discretionary | 5.5% |
| Materials | 5.3% |
| Communication Services | 1.3% |
| Short-Term Investments | 2.9% |
| Liabilities in Excess of Other Assets | (1.8)% |

---

## 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: IACIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio
92914K552-SAR

# Class S: IASSX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value 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 VY<sup>®</sup> American Century Small-Mid Cap Value 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 | 1.10% |

---

## Fund Statistics
* Total Net Assets$279,856,834

* # of Portfolio Holdings217

* Portfolio Turnover Rate34%

## 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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 1.9% |
| Graphic Packaging Holding Co. | 1.7% |
| Enterprise Products Partners L.P. | 1.5% |
| Henry Schein, Inc. | 1.4% |
| US Bancorp | 1.4% |
| Truist Financial Corp. | 1.4% |
| Willis Towers Watson PLC | 1.3% |
| Timken Co. | 1.3% |
| Northern Trust Corp. | 1.3% |
| Labcorp Holdings, Inc. | 1.2% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg114.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.8)% |
| Short-Term Investments | 2.9% |
| Preferred Stock | 0.5% |
| Common Stock | 98.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg266.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.5% |
| Industrials | 17.4% |
| Health Care | 12.0% |
| Consumer Staples | 8.3% |
| Real Estate | 8.3% |
| Energy | 7.0% |
| Utilities | 5.7% |
| Information Technology | 5.6% |
| Consumer Discretionary | 5.5% |
| Materials | 5.3% |
| Communication Services | 1.3% |
| Short-Term Investments | 2.9% |
| Liabilities in Excess of Other Assets | (1.8)% |

---

## 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: IASSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio
92914K560-SAR

# Class S2: ISMSX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value 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 VY<sup>®</sup> American Century Small-Mid Cap Value 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 | $62 | 1.25% |

---

## Fund Statistics
* Total Net Assets$279,856,834

* # of Portfolio Holdings217

* Portfolio Turnover Rate34%

## 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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 1.9% |
| Graphic Packaging Holding Co. | 1.7% |
| Enterprise Products Partners L.P. | 1.5% |
| Henry Schein, Inc. | 1.4% |
| US Bancorp | 1.4% |
| Truist Financial Corp. | 1.4% |
| Willis Towers Watson PLC | 1.3% |
| Timken Co. | 1.3% |
| Northern Trust Corp. | 1.3% |
| Labcorp Holdings, Inc. | 1.2% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.8)% |
| Short-Term Investments | 2.9% |
| Preferred Stock | 0.5% |
| Common Stock | 98.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg261.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.5% |
| Industrials | 17.4% |
| Health Care | 12.0% |
| Consumer Staples | 8.3% |
| Real Estate | 8.3% |
| Energy | 7.0% |
| Utilities | 5.7% |
| Information Technology | 5.6% |
| Consumer Discretionary | 5.5% |
| Materials | 5.3% |
| Communication Services | 1.3% |
| Short-Term Investments | 2.9% |
| Liabilities in Excess of Other Assets | (1.8)% |

---

## 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: ISMSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio
92914L428-SAR

# Class ADV: IBSAX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Baron Growth 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 VY<sup>®</sup> Baron Growth 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 | $73 | 1.49% |

---

## Fund Statistics
* Total Net Assets$384,771,355

* # of Portfolio Holdings41

* 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

---

| | |
|:---|:---|
| MSCI, Inc. | 9.8% |
| Gartner, Inc. | 8.3% |
| CoStar Group, Inc. | 7.0% |
| Kinsale Capital Group, Inc. | 7.0% |
| Arch Capital Group Ltd. | 6.5% |
| Primerica, Inc. | 5.8% |
| Guidewire Software, Inc. | 5.5% |
| Vail Resorts, Inc. | 5.4% |
| Choice Hotels International, Inc. | 5.0% |
| IDEXX Laboratories, Inc. | 4.2% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg167.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.3% |
| Common Stock | 99.5% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 41.2% |
| Information Technology | 19.1% |
| Consumer Discretionary | 15.3% |
| Health Care | 9.6% |
| Real Estate | 8.0% |
| Industrials | 5.2% |
| Communication Services | 1.1% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 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: IBSAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Baron Growth Portfolio
92914K610-SAR

# Class I: IBGIX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Baron Growth 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 VY<sup>®</sup> Baron Growth 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 | $48 | 0.99% |

---

## Fund Statistics
* Total Net Assets$384,771,355

* # of Portfolio Holdings41

* 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

---

| | |
|:---|:---|
| MSCI, Inc. | 9.8% |
| Gartner, Inc. | 8.3% |
| CoStar Group, Inc. | 7.0% |
| Kinsale Capital Group, Inc. | 7.0% |
| Arch Capital Group Ltd. | 6.5% |
| Primerica, Inc. | 5.8% |
| Guidewire Software, Inc. | 5.5% |
| Vail Resorts, Inc. | 5.4% |
| Choice Hotels International, Inc. | 5.0% |
| IDEXX Laboratories, Inc. | 4.2% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg097.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.3% |
| Common Stock | 99.5% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 41.2% |
| Information Technology | 19.1% |
| Consumer Discretionary | 15.3% |
| Health Care | 9.6% |
| Real Estate | 8.0% |
| Industrials | 5.2% |
| Communication Services | 1.1% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 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: IBGIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Baron Growth Portfolio
92914K586-SAR

# Class R6: VYRBX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Baron Growth 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 VY<sup>®</sup> Baron Growth 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 | $48 | 0.99% |

---

## Fund Statistics
* Total Net Assets$384,771,355

* # of Portfolio Holdings41

* 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

---

| | |
|:---|:---|
| MSCI, Inc. | 9.8% |
| Gartner, Inc. | 8.3% |
| CoStar Group, Inc. | 7.0% |
| Kinsale Capital Group, Inc. | 7.0% |
| Arch Capital Group Ltd. | 6.5% |
| Primerica, Inc. | 5.8% |
| Guidewire Software, Inc. | 5.5% |
| Vail Resorts, Inc. | 5.4% |
| Choice Hotels International, Inc. | 5.0% |
| IDEXX Laboratories, Inc. | 4.2% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg263.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.3% |
| Common Stock | 99.5% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg135.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 41.2% |
| Information Technology | 19.1% |
| Consumer Discretionary | 15.3% |
| Health Care | 9.6% |
| Real Estate | 8.0% |
| Industrials | 5.2% |
| Communication Services | 1.1% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 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 R6: VYRBX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Baron Growth Portfolio
92915V102-SAR

# Class S: IBSSX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Baron Growth 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 VY<sup>®</sup> Baron Growth 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 | $60 | 1.24% |

---

## Fund Statistics
* Total Net Assets$384,771,355

* # of Portfolio Holdings41

* 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

---

| | |
|:---|:---|
| MSCI, Inc. | 9.8% |
| Gartner, Inc. | 8.3% |
| CoStar Group, Inc. | 7.0% |
| Kinsale Capital Group, Inc. | 7.0% |
| Arch Capital Group Ltd. | 6.5% |
| Primerica, Inc. | 5.8% |
| Guidewire Software, Inc. | 5.5% |
| Vail Resorts, Inc. | 5.4% |
| Choice Hotels International, Inc. | 5.0% |
| IDEXX Laboratories, Inc. | 4.2% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg037.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.3% |
| Common Stock | 99.5% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg286.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 41.2% |
| Information Technology | 19.1% |
| Consumer Discretionary | 15.3% |
| Health Care | 9.6% |
| Real Estate | 8.0% |
| Industrials | 5.2% |
| Communication Services | 1.1% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 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: IBSSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Baron Growth Portfolio
92914K594-SAR

# Class S2: IBCGX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Baron Growth 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 VY<sup>®</sup> Baron Growth 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 | $68 | 1.39% |

---

## Fund Statistics
* Total Net Assets$384,771,355

* # of Portfolio Holdings41

* 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

---

| | |
|:---|:---|
| MSCI, Inc. | 9.8% |
| Gartner, Inc. | 8.3% |
| CoStar Group, Inc. | 7.0% |
| Kinsale Capital Group, Inc. | 7.0% |
| Arch Capital Group Ltd. | 6.5% |
| Primerica, Inc. | 5.8% |
| Guidewire Software, Inc. | 5.5% |
| Vail Resorts, Inc. | 5.4% |
| Choice Hotels International, Inc. | 5.0% |
| IDEXX Laboratories, Inc. | 4.2% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg119.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.3% |
| Common Stock | 99.5% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg181.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 41.2% |
| Information Technology | 19.1% |
| Consumer Discretionary | 15.3% |
| Health Care | 9.6% |
| Real Estate | 8.0% |
| Industrials | 5.2% |
| Communication Services | 1.1% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 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 S2: IBCGX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Baron Growth Portfolio
92914L410-SAR

# Class ADV: ISBAX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Columbia Contrarian Core 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 VY<sup>®</sup> Columbia Contrarian Core 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 | $61 | 1.20% |

---

## Fund Statistics
* Total Net Assets$76,421,025

* # of Portfolio Holdings79

* Portfolio Turnover Rate26%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.8% |
| NVIDIA Corp. | 8.2% |
| Apple, Inc. | 4.9% |
| Amazon.com, Inc. | 4.3% |
| Meta Platforms, Inc. - Class A | 3.5% |
| JPMorgan Chase & Co. | 2.4% |
| Alphabet, Inc. - Class A | 2.3% |
| Broadcom, Inc. | 2.2% |
| Bank of America Corp. | 2.0% |
| Alphabet, Inc. - Class C | 2.0% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 1.5% |
| Common Stock | 99.0% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg304.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 33.1% |
| Financials | 15.7% |
| Communication Services | 13.5% |
| Health Care | 10.2% |
| Industrials | 9.4% |
| Consumer Discretionary | 7.9% |
| Energy | 2.8% |
| Consumer Staples | 2.7% |
| Utilities | 1.8% |
| Real Estate | 1.0% |
| Materials | 0.9% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

## 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: ISBAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Columbia Contrarian Core Portfolio
92914K735-SAR

# Class I: ISFIX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Columbia Contrarian Core 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 VY<sup>®</sup> Columbia Contrarian Core 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 | $36 | 0.70% |

---

## Fund Statistics
* Total Net Assets$76,421,025

* # of Portfolio Holdings79

* Portfolio Turnover Rate26%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.8% |
| NVIDIA Corp. | 8.2% |
| Apple, Inc. | 4.9% |
| Amazon.com, Inc. | 4.3% |
| Meta Platforms, Inc. - Class A | 3.5% |
| JPMorgan Chase & Co. | 2.4% |
| Alphabet, Inc. - Class A | 2.3% |
| Broadcom, Inc. | 2.2% |
| Bank of America Corp. | 2.0% |
| Alphabet, Inc. - Class C | 2.0% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg224.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 1.5% |
| Common Stock | 99.0% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg186.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 33.1% |
| Financials | 15.7% |
| Communication Services | 13.5% |
| Health Care | 10.2% |
| Industrials | 9.4% |
| Consumer Discretionary | 7.9% |
| Energy | 2.8% |
| Consumer Staples | 2.7% |
| Utilities | 1.8% |
| Real Estate | 1.0% |
| Materials | 0.9% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

## 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: ISFIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Columbia Contrarian Core Portfolio
92914K750-SAR

# Class S: ISCSX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Columbia Contrarian Core 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 VY<sup>®</sup> Columbia Contrarian Core 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 | $49 | 0.95% |

---

## Fund Statistics
* Total Net Assets$76,421,025

* # of Portfolio Holdings79

* Portfolio Turnover Rate26%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.8% |
| NVIDIA Corp. | 8.2% |
| Apple, Inc. | 4.9% |
| Amazon.com, Inc. | 4.3% |
| Meta Platforms, Inc. - Class A | 3.5% |
| JPMorgan Chase & Co. | 2.4% |
| Alphabet, Inc. - Class A | 2.3% |
| Broadcom, Inc. | 2.2% |
| Bank of America Corp. | 2.0% |
| Alphabet, Inc. - Class C | 2.0% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg313.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 1.5% |
| Common Stock | 99.0% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg130.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 33.1% |
| Financials | 15.7% |
| Communication Services | 13.5% |
| Health Care | 10.2% |
| Industrials | 9.4% |
| Consumer Discretionary | 7.9% |
| Energy | 2.8% |
| Consumer Staples | 2.7% |
| Utilities | 1.8% |
| Real Estate | 1.0% |
| Materials | 0.9% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

## 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: ISCSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Columbia Contrarian Core Portfolio
92914K743-SAR

# Class ADV: ICSAX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II 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 VY<sup>®</sup> Columbia Small Cap Value II 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 | $70 | 1.43% |

---

## Fund Statistics
* Total Net Assets$101,487,161

* # of Portfolio Holdings98

* Portfolio Turnover Rate57%

## 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

---

| | |
|:---|:---|
| Essent Group Ltd. | 1.8% |
| TTM Technologies, Inc. | 1.6% |
| Radian Group, Inc. | 1.6% |
| Telephone and Data Systems, Inc. | 1.6% |
| PotlatchDeltic Corp. | 1.5% |
| Avient Corp. | 1.5% |
| Korn Ferry | 1.5% |
| Macerich Co. | 1.5% |
| CNX Resources Corp. | 1.5% |
| Assured Guaranty Ltd. | 1.4% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 98.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.1% |
| Industrials | 18.6% |
| Information Technology | 11.8% |
| Health Care | 9.2% |
| Consumer Discretionary | 9.0% |
| Real Estate | 8.2% |
| Energy | 6.9% |
| Materials | 6.0% |
| Utilities | 3.0% |
| Consumer Staples | 3.0% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 1.1% |

---

## 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: ICSAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio
92914L105-SAR

# Class I: ICISX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II 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 VY<sup>®</sup> Columbia Small Cap Value II 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 | $45 | 0.93% |

---

## Fund Statistics
* Total Net Assets$101,487,161

* # of Portfolio Holdings98

* Portfolio Turnover Rate57%

## 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

---

| | |
|:---|:---|
| Essent Group Ltd. | 1.8% |
| TTM Technologies, Inc. | 1.6% |
| Radian Group, Inc. | 1.6% |
| Telephone and Data Systems, Inc. | 1.6% |
| PotlatchDeltic Corp. | 1.5% |
| Avient Corp. | 1.5% |
| Korn Ferry | 1.5% |
| Macerich Co. | 1.5% |
| CNX Resources Corp. | 1.5% |
| Assured Guaranty Ltd. | 1.4% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg165.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 98.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg256.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.1% |
| Industrials | 18.6% |
| Information Technology | 11.8% |
| Health Care | 9.2% |
| Consumer Discretionary | 9.0% |
| Real Estate | 8.2% |
| Energy | 6.9% |
| Materials | 6.0% |
| Utilities | 3.0% |
| Consumer Staples | 3.0% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 1.1% |

---

## 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: ICISX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio
92914L865-SAR

# Class R6: VYRDX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II 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 VY<sup>®</sup> Columbia Small Cap Value II 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 | $43 | 0.88% |

---

## Fund Statistics
* Total Net Assets$101,487,161

* # of Portfolio Holdings98

* Portfolio Turnover Rate57%

## 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

---

| | |
|:---|:---|
| Essent Group Ltd. | 1.8% |
| TTM Technologies, Inc. | 1.6% |
| Radian Group, Inc. | 1.6% |
| Telephone and Data Systems, Inc. | 1.6% |
| PotlatchDeltic Corp. | 1.5% |
| Avient Corp. | 1.5% |
| Korn Ferry | 1.5% |
| Macerich Co. | 1.5% |
| CNX Resources Corp. | 1.5% |
| Assured Guaranty Ltd. | 1.4% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg309.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 98.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg028.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.1% |
| Industrials | 18.6% |
| Information Technology | 11.8% |
| Health Care | 9.2% |
| Consumer Discretionary | 9.0% |
| Real Estate | 8.2% |
| Energy | 6.9% |
| Materials | 6.0% |
| Utilities | 3.0% |
| Consumer Staples | 3.0% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 1.1% |

---

## 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 R6: VYRDX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio
92915V300-SAR

# Class S: ICSSX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II 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 VY<sup>®</sup> Columbia Small Cap Value II 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 | $57 | 1.18% |

---

## Fund Statistics
* Total Net Assets$101,487,161

* # of Portfolio Holdings98

* Portfolio Turnover Rate57%

## 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

---

| | |
|:---|:---|
| Essent Group Ltd. | 1.8% |
| TTM Technologies, Inc. | 1.6% |
| Radian Group, Inc. | 1.6% |
| Telephone and Data Systems, Inc. | 1.6% |
| PotlatchDeltic Corp. | 1.5% |
| Avient Corp. | 1.5% |
| Korn Ferry | 1.5% |
| Macerich Co. | 1.5% |
| CNX Resources Corp. | 1.5% |
| Assured Guaranty Ltd. | 1.4% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg251.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 98.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg255.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.1% |
| Industrials | 18.6% |
| Information Technology | 11.8% |
| Health Care | 9.2% |
| Consumer Discretionary | 9.0% |
| Real Estate | 8.2% |
| Energy | 6.9% |
| Materials | 6.0% |
| Utilities | 3.0% |
| Consumer Staples | 3.0% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 1.1% |

---

## 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: ICSSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio
92914L204-SAR

# Class S2: ICVPX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II 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 VY<sup>®</sup> Columbia Small Cap Value II 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 | $65 | 1.33% |

---

## Fund Statistics
* Total Net Assets$101,487,161

* # of Portfolio Holdings98

* Portfolio Turnover Rate57%

## 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

---

| | |
|:---|:---|
| Essent Group Ltd. | 1.8% |
| TTM Technologies, Inc. | 1.6% |
| Radian Group, Inc. | 1.6% |
| Telephone and Data Systems, Inc. | 1.6% |
| PotlatchDeltic Corp. | 1.5% |
| Avient Corp. | 1.5% |
| Korn Ferry | 1.5% |
| Macerich Co. | 1.5% |
| CNX Resources Corp. | 1.5% |
| Assured Guaranty Ltd. | 1.4% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg302.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 98.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg269.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.1% |
| Industrials | 18.6% |
| Information Technology | 11.8% |
| Health Care | 9.2% |
| Consumer Discretionary | 9.0% |
| Real Estate | 8.2% |
| Energy | 6.9% |
| Materials | 6.0% |
| Utilities | 3.0% |
| Consumer Staples | 3.0% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 1.1% |

---

## 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: ICVPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio
92914L394-SAR

# Class ADV: IVKAX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Invesco Comstock 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 VY<sup>®</sup> Invesco Comstock 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 | $62 | 1.20% |

---

## Fund Statistics
* Total Net Assets$243,008,321

* # of Portfolio Holdings81

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.3% |
| Microsoft Corp. | 3.0% |
| Wells Fargo & Co. | 2.9% |
| Cisco Systems, Inc. | 2.8% |
| CVS Health Corp. | 2.4% |
| State Street Corp. | 2.2% |
| Meta Platforms, Inc. - Class A | 2.1% |
| Alphabet, Inc. - Class A | 2.0% |
| Johnson Controls International PLC | 2.0% |
| Philip Morris International, Inc. | 1.9% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg195.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Short-Term Investments | 2.6% |
| Common Stock | 96.7% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg187.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.0% |
| Health Care | 15.8% |
| Information Technology | 12.0% |
| Industrials | 10.9% |
| Consumer Staples | 10.6% |
| Communication Services | 8.3% |
| Energy | 6.7% |
| Consumer Discretionary | 6.3% |
| Utilities | 3.2% |
| Materials | 2.1% |
| Real Estate | 0.8% |
| Short-Term Investments | 2.6% |
| Assets in Excess of Other Liabilities | 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: IVKAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Invesco Comstock Portfolio
92914K834-SAR

# Class I: IVKIX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Invesco Comstock 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 VY<sup>®</sup> Invesco Comstock 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 | $36 | 0.70% |

---

## Fund Statistics
* Total Net Assets$243,008,321

* # of Portfolio Holdings81

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.3% |
| Microsoft Corp. | 3.0% |
| Wells Fargo & Co. | 2.9% |
| Cisco Systems, Inc. | 2.8% |
| CVS Health Corp. | 2.4% |
| State Street Corp. | 2.2% |
| Meta Platforms, Inc. - Class A | 2.1% |
| Alphabet, Inc. - Class A | 2.0% |
| Johnson Controls International PLC | 2.0% |
| Philip Morris International, Inc. | 1.9% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg152.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Short-Term Investments | 2.6% |
| Common Stock | 96.7% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg217.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.0% |
| Health Care | 15.8% |
| Information Technology | 12.0% |
| Industrials | 10.9% |
| Consumer Staples | 10.6% |
| Communication Services | 8.3% |
| Energy | 6.7% |
| Consumer Discretionary | 6.3% |
| Utilities | 3.2% |
| Materials | 2.1% |
| Real Estate | 0.8% |
| Short-Term Investments | 2.6% |
| Assets in Excess of Other Liabilities | 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: IVKIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Invesco Comstock Portfolio
92914K818-SAR

# Class S: IVKSX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> Invesco Comstock 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 VY<sup>®</sup> Invesco Comstock 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 | $49 | 0.95% |

---

## Fund Statistics
* Total Net Assets$243,008,321

* # of Portfolio Holdings81

* Portfolio Turnover Rate14%

## 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.3% |
| Microsoft Corp. | 3.0% |
| Wells Fargo & Co. | 2.9% |
| Cisco Systems, Inc. | 2.8% |
| CVS Health Corp. | 2.4% |
| State Street Corp. | 2.2% |
| Meta Platforms, Inc. - Class A | 2.1% |
| Alphabet, Inc. - Class A | 2.0% |
| Johnson Controls International PLC | 2.0% |
| Philip Morris International, Inc. | 1.9% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg100.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Short-Term Investments | 2.6% |
| Common Stock | 96.7% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.0% |
| Health Care | 15.8% |
| Information Technology | 12.0% |
| Industrials | 10.9% |
| Consumer Staples | 10.6% |
| Communication Services | 8.3% |
| Energy | 6.7% |
| Consumer Discretionary | 6.3% |
| Utilities | 3.2% |
| Materials | 2.1% |
| Real Estate | 0.8% |
| Short-Term Investments | 2.6% |
| Assets in Excess of Other Liabilities | 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: IVKSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Invesco Comstock Portfolio
92914K842-SAR

# Class ADV: IUAAX
![Image](tm2522622d7_tsrimg140.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $58 | 1.14% |

---

## Fund Statistics
* Total Net Assets$456,680,627

* # of Portfolio Holdings341

* Portfolio Turnover Rate64%

## 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, 3.875%, 06/15/28 | 2.5% |
| United States Treasury Notes, 3.875%, 06/30/30 | 2.4% |
| Wells Fargo & Co. | 2.4% |
| Bank of America Corp. | 2.3% |
| Amazon.com, Inc. | 1.8% |
| Microsoft Corp. | 1.7% |
| Microchip Technology, Inc. | 1.5% |
| Philip Morris International, Inc. | 1.5% |
| United States Treasury Notes, 3.750%, 06/30/27 | 1.5% |
| Parker-Hannifin Corp. | 1.4% |

---

### Investment Type Allocation
![Image](tm2522622d7_tsrimg305.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.6% |
| Municipal Bonds | 0.1% |
| U.S. Government Agency Obligations | 0.2% |
| Equity-Linked Notes | 2.2% |
| U.S. Treasury Obligations | 7.9% |
| Convertible Bonds/Notes | 9.4% |
| Corporate Bonds/Notes | 13.9% |
| Common Stock | 63.7% |

---

## 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: IUAAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio
92914K875-SAR

# Class I: IUAIX
![Image](tm2522622d7_tsrimg140.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $33 | 0.64% |

---

## Fund Statistics
* Total Net Assets$456,680,627

* # of Portfolio Holdings341

* Portfolio Turnover Rate64%

## 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, 3.875%, 06/15/28 | 2.5% |
| United States Treasury Notes, 3.875%, 06/30/30 | 2.4% |
| Wells Fargo & Co. | 2.4% |
| Bank of America Corp. | 2.3% |
| Amazon.com, Inc. | 1.8% |
| Microsoft Corp. | 1.7% |
| Microchip Technology, Inc. | 1.5% |
| Philip Morris International, Inc. | 1.5% |
| United States Treasury Notes, 3.750%, 06/30/27 | 1.5% |
| Parker-Hannifin Corp. | 1.4% |

---

### Investment Type Allocation
![Image](tm2522622d7_tsrimg108.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.6% |
| Municipal Bonds | 0.1% |
| U.S. Government Agency Obligations | 0.2% |
| Equity-Linked Notes | 2.2% |
| U.S. Treasury Obligations | 7.9% |
| Convertible Bonds/Notes | 9.4% |
| Corporate Bonds/Notes | 13.9% |
| Common Stock | 63.7% |

---

## 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: IUAIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio
92914K859-SAR

# Class S: IUASX
![Image](tm2522622d7_tsrimg140.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $45 | 0.89% |

---

## Fund Statistics
* Total Net Assets$456,680,627

* # of Portfolio Holdings341

* Portfolio Turnover Rate64%

## 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, 3.875%, 06/15/28 | 2.5% |
| United States Treasury Notes, 3.875%, 06/30/30 | 2.4% |
| Wells Fargo & Co. | 2.4% |
| Bank of America Corp. | 2.3% |
| Amazon.com, Inc. | 1.8% |
| Microsoft Corp. | 1.7% |
| Microchip Technology, Inc. | 1.5% |
| Philip Morris International, Inc. | 1.5% |
| United States Treasury Notes, 3.750%, 06/30/27 | 1.5% |
| Parker-Hannifin Corp. | 1.4% |

---

### Investment Type Allocation
![Image](tm2522622d7_tsrimg125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.6% |
| Municipal Bonds | 0.1% |
| U.S. Government Agency Obligations | 0.2% |
| Equity-Linked Notes | 2.2% |
| U.S. Treasury Obligations | 7.9% |
| Convertible Bonds/Notes | 9.4% |
| Corporate Bonds/Notes | 13.9% |
| Common Stock | 63.7% |

---

## 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: IUASX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio
92914K867-SAR

# Class S2: IVIPX
![Image](tm2522622d7_tsrimg140.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $52 | 1.02% |

---

## Fund Statistics
* Total Net Assets$456,680,627

* # of Portfolio Holdings341

* Portfolio Turnover Rate64%

## 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, 3.875%, 06/15/28 | 2.5% |
| United States Treasury Notes, 3.875%, 06/30/30 | 2.4% |
| Wells Fargo & Co. | 2.4% |
| Bank of America Corp. | 2.3% |
| Amazon.com, Inc. | 1.8% |
| Microsoft Corp. | 1.7% |
| Microchip Technology, Inc. | 1.5% |
| Philip Morris International, Inc. | 1.5% |
| United States Treasury Notes, 3.750%, 06/30/27 | 1.5% |
| Parker-Hannifin Corp. | 1.4% |

---

### Investment Type Allocation
![Image](tm2522622d7_tsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.6% |
| Municipal Bonds | 0.1% |
| U.S. Government Agency Obligations | 0.2% |
| Equity-Linked Notes | 2.2% |
| U.S. Treasury Obligations | 7.9% |
| Convertible Bonds/Notes | 9.4% |
| Corporate Bonds/Notes | 13.9% |
| Common Stock | 63.7% |

---

## 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: IVIPX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio
92914L493-SAR

# Class ADV: IJMAX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value 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 VY<sup>®</sup> JPMorgan Mid Cap Value 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$243,764,229

* # of Portfolio Holdings99

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Fidelity National Information Services, Inc. | 2.0% |
| WEC Energy Group, Inc. | 1.9% |
| Loews Corp. | 1.9% |
| State Street Corp. | 1.7% |
| Ameriprise Financial, Inc. | 1.7% |
| Hartford Financial Services Group, Inc. | 1.7% |
| Arch Capital Group Ltd. | 1.6% |
| Raymond James Financial, Inc. | 1.6% |
| Quest Diagnostics, Inc. | 1.6% |
| MGIC Investment Corp. | 1.5% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg264.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Short-Term Investments | 1.9% |
| Common Stock | 98.2% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.9% |
| Industrials | 15.8% |
| Real Estate | 9.1% |
| Health Care | 8.7% |
| Consumer Discretionary | 8.3% |
| Information Technology | 8.0% |
| Utilities | 7.0% |
| Materials | 6.5% |
| Energy | 6.2% |
| Consumer Staples | 5.6% |
| Communication Services | 2.1% |
| Short-Term Investments | 1.9% |
| 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: IJMAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio
92914K644-SAR

# Class I: IJMIX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value 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 VY<sup>®</sup> JPMorgan Mid Cap Value 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 | $43 | 0.86% |

---

## Fund Statistics
* Total Net Assets$243,764,229

* # of Portfolio Holdings99

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Fidelity National Information Services, Inc. | 2.0% |
| WEC Energy Group, Inc. | 1.9% |
| Loews Corp. | 1.9% |
| State Street Corp. | 1.7% |
| Ameriprise Financial, Inc. | 1.7% |
| Hartford Financial Services Group, Inc. | 1.7% |
| Arch Capital Group Ltd. | 1.6% |
| Raymond James Financial, Inc. | 1.6% |
| Quest Diagnostics, Inc. | 1.6% |
| MGIC Investment Corp. | 1.5% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg185.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Short-Term Investments | 1.9% |
| Common Stock | 98.2% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg291.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.9% |
| Industrials | 15.8% |
| Real Estate | 9.1% |
| Health Care | 8.7% |
| Consumer Discretionary | 8.3% |
| Information Technology | 8.0% |
| Utilities | 7.0% |
| Materials | 6.5% |
| Energy | 6.2% |
| Consumer Staples | 5.6% |
| Communication Services | 2.1% |
| Short-Term Investments | 1.9% |
| 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: IJMIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio
92914K628-SAR

# Class S: IJMSX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value 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 VY<sup>®</sup> JPMorgan Mid Cap Value 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 | $55 | 1.11% |

---

## Fund Statistics
* Total Net Assets$243,764,229

* # of Portfolio Holdings99

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Fidelity National Information Services, Inc. | 2.0% |
| WEC Energy Group, Inc. | 1.9% |
| Loews Corp. | 1.9% |
| State Street Corp. | 1.7% |
| Ameriprise Financial, Inc. | 1.7% |
| Hartford Financial Services Group, Inc. | 1.7% |
| Arch Capital Group Ltd. | 1.6% |
| Raymond James Financial, Inc. | 1.6% |
| Quest Diagnostics, Inc. | 1.6% |
| MGIC Investment Corp. | 1.5% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg294.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Short-Term Investments | 1.9% |
| Common Stock | 98.2% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg221.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.9% |
| Industrials | 15.8% |
| Real Estate | 9.1% |
| Health Care | 8.7% |
| Consumer Discretionary | 8.3% |
| Information Technology | 8.0% |
| Utilities | 7.0% |
| Materials | 6.5% |
| Energy | 6.2% |
| Consumer Staples | 5.6% |
| Communication Services | 2.1% |
| Short-Term Investments | 1.9% |
| 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: IJMSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio
92914K636-SAR

# Class S2: IJPMX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value 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 VY<sup>®</sup> JPMorgan Mid Cap Value 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 | $63 | 1.26% |

---

## Fund Statistics
* Total Net Assets$243,764,229

* # of Portfolio Holdings99

* Portfolio Turnover Rate17%

## 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

---

| | |
|:---|:---|
| Fidelity National Information Services, Inc. | 2.0% |
| WEC Energy Group, Inc. | 1.9% |
| Loews Corp. | 1.9% |
| State Street Corp. | 1.7% |
| Ameriprise Financial, Inc. | 1.7% |
| Hartford Financial Services Group, Inc. | 1.7% |
| Arch Capital Group Ltd. | 1.6% |
| Raymond James Financial, Inc. | 1.6% |
| Quest Diagnostics, Inc. | 1.6% |
| MGIC Investment Corp. | 1.5% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Short-Term Investments | 1.9% |
| Common Stock | 98.2% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg252.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.9% |
| Industrials | 15.8% |
| Real Estate | 9.1% |
| Health Care | 8.7% |
| Consumer Discretionary | 8.3% |
| Information Technology | 8.0% |
| Utilities | 7.0% |
| Materials | 6.5% |
| Energy | 6.2% |
| Consumer Staples | 5.6% |
| Communication Services | 2.1% |
| Short-Term Investments | 1.9% |
| 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: IJPMX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio
92914L436-SAR

# Class ADV: IAXAX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth 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 VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth 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 | $68 | 1.30% |

---

## Fund Statistics
* Total Net Assets$985,299,650

* # of Portfolio Holdings266

* Portfolio Turnover Rate35%

## 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. | 2.4% |
| Howmet Aerospace, Inc. | 2.4% |
| Vistra Corp. | 2.2% |
| AmerisourceBergen Corp. | 2.2% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| ROBLOX Corp. - Class A | 1.9% |
| Axon Enterprise, Inc. | 1.9% |
| Vertiv Holdings Co. - Class A | 1.7% |
| Ameriprise Financial, Inc. | 1.5% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg175.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.1)% |
| Short-Term Investments | 1.3% |
| Preferred Stock | 0.4% |
| Common Stock | 99.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.9% |
| Information Technology | 18.8% |
| Consumer Discretionary | 18.5% |
| Health Care | 14.1% |
| Financials | 10.1% |
| Communication Services | 6.4% |
| Energy | 4.0% |
| Utilities | 3.2% |
| Consumer Staples | 2.8% |
| Real Estate | 1.4% |
| Materials | 0.6% |
| Short-Term Investments | 1.3% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

## 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: IAXAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio
92914K768-SAR

# Class I: IAXIX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth 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 VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth 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 | 0.80% |

---

## Fund Statistics
* Total Net Assets$985,299,650

* # of Portfolio Holdings266

* Portfolio Turnover Rate35%

## 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. | 2.4% |
| Howmet Aerospace, Inc. | 2.4% |
| Vistra Corp. | 2.2% |
| AmerisourceBergen Corp. | 2.2% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| ROBLOX Corp. - Class A | 1.9% |
| Axon Enterprise, Inc. | 1.9% |
| Vertiv Holdings Co. - Class A | 1.7% |
| Ameriprise Financial, Inc. | 1.5% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.1)% |
| Short-Term Investments | 1.3% |
| Preferred Stock | 0.4% |
| Common Stock | 99.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg117.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.9% |
| Information Technology | 18.8% |
| Consumer Discretionary | 18.5% |
| Health Care | 14.1% |
| Financials | 10.1% |
| Communication Services | 6.4% |
| Energy | 4.0% |
| Utilities | 3.2% |
| Consumer Staples | 2.8% |
| Real Estate | 1.4% |
| Materials | 0.6% |
| Short-Term Investments | 1.3% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

## 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: IAXIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio
92914K826-SAR

# Class R6: VYRIX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth 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 VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth 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 | $40 | 0.77% |

---

## Fund Statistics
* Total Net Assets$985,299,650

* # of Portfolio Holdings266

* Portfolio Turnover Rate35%

## 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. | 2.4% |
| Howmet Aerospace, Inc. | 2.4% |
| Vistra Corp. | 2.2% |
| AmerisourceBergen Corp. | 2.2% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| ROBLOX Corp. - Class A | 1.9% |
| Axon Enterprise, Inc. | 1.9% |
| Vertiv Holdings Co. - Class A | 1.7% |
| Ameriprise Financial, Inc. | 1.5% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg122.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.1)% |
| Short-Term Investments | 1.3% |
| Preferred Stock | 0.4% |
| Common Stock | 99.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg156.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.9% |
| Information Technology | 18.8% |
| Consumer Discretionary | 18.5% |
| Health Care | 14.1% |
| Financials | 10.1% |
| Communication Services | 6.4% |
| Energy | 4.0% |
| Utilities | 3.2% |
| Consumer Staples | 2.8% |
| Real Estate | 1.4% |
| Materials | 0.6% |
| Short-Term Investments | 1.3% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

## 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 R6: VYRIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio
92915V805-SAR

# Class S: IAXSX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth 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 VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth 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 | $55 | 1.05% |

---

## Fund Statistics
* Total Net Assets$985,299,650

* # of Portfolio Holdings266

* Portfolio Turnover Rate35%

## 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. | 2.4% |
| Howmet Aerospace, Inc. | 2.4% |
| Vistra Corp. | 2.2% |
| AmerisourceBergen Corp. | 2.2% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| ROBLOX Corp. - Class A | 1.9% |
| Axon Enterprise, Inc. | 1.9% |
| Vertiv Holdings Co. - Class A | 1.7% |
| Ameriprise Financial, Inc. | 1.5% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg248.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.1)% |
| Short-Term Investments | 1.3% |
| Preferred Stock | 0.4% |
| Common Stock | 99.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg087.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.9% |
| Information Technology | 18.8% |
| Consumer Discretionary | 18.5% |
| Health Care | 14.1% |
| Financials | 10.1% |
| Communication Services | 6.4% |
| Energy | 4.0% |
| Utilities | 3.2% |
| Consumer Staples | 2.8% |
| Real Estate | 1.4% |
| Materials | 0.6% |
| Short-Term Investments | 1.3% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

## 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: IAXSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio
92914K685-SAR

# Class S2: IAXTX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth 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 VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth 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 | $63 | 1.20% |

---

## Fund Statistics
* Total Net Assets$985,299,650

* # of Portfolio Holdings266

* Portfolio Turnover Rate35%

## 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. | 2.4% |
| Howmet Aerospace, Inc. | 2.4% |
| Vistra Corp. | 2.2% |
| AmerisourceBergen Corp. | 2.2% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| ROBLOX Corp. - Class A | 1.9% |
| Axon Enterprise, Inc. | 1.9% |
| Vertiv Holdings Co. - Class A | 1.7% |
| Ameriprise Financial, Inc. | 1.5% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.1)% |
| Short-Term Investments | 1.3% |
| Preferred Stock | 0.4% |
| Common Stock | 99.4% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg063.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.9% |
| Information Technology | 18.8% |
| Consumer Discretionary | 18.5% |
| Health Care | 14.1% |
| Financials | 10.1% |
| Communication Services | 6.4% |
| Energy | 4.0% |
| Utilities | 3.2% |
| Consumer Staples | 2.8% |
| Real Estate | 1.4% |
| Materials | 0.6% |
| Short-Term Investments | 1.3% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

## 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: IAXTX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio
92914L469-SAR

# Class ADV: IGEAX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> T. Rowe Price Growth Equity 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 VY<sup>®</sup> T. Rowe Price Growth Equity 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 | $62 | 1.21% |

---

## Fund Statistics
* Total Net Assets$1,435,993,852

* # of Portfolio Holdings65

* 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

---

| | |
|:---|:---|
| Microsoft Corp. | 14.2% |
| NVIDIA Corp. | 14.2% |
| Apple, Inc. | 9.3% |
| Amazon.com, Inc. | 6.4% |
| Meta Platforms, Inc. - Class A | 5.5% |
| Broadcom, Inc. | 4.3% |
| Alphabet, Inc. - Class A | 3.4% |
| Netflix, Inc. | 3.0% |
| Visa, Inc. - Class A | 2.8% |
| Eli Lilly & Co. | 2.3% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg142.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.1% |
| Preferred Stock | 0.4% |
| Common Stock | 98.7% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg279.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 54.3% |
| Consumer Discretionary | 14.2% |
| Communication Services | 12.9% |
| Financials | 7.0% |
| Health Care | 6.9% |
| Industrials | 3.1% |
| Materials | 0.7% |
| Short-Term Investments | 1.1% |
| 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: IGEAX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio
92914K784-SAR

# Class I: ITGIX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> T. Rowe Price Growth Equity 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 VY<sup>®</sup> T. Rowe Price Growth Equity 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 | $36 | 0.71% |

---

## Fund Statistics
* Total Net Assets$1,435,993,852

* # of Portfolio Holdings65

* 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

---

| | |
|:---|:---|
| Microsoft Corp. | 14.2% |
| NVIDIA Corp. | 14.2% |
| Apple, Inc. | 9.3% |
| Amazon.com, Inc. | 6.4% |
| Meta Platforms, Inc. - Class A | 5.5% |
| Broadcom, Inc. | 4.3% |
| Alphabet, Inc. - Class A | 3.4% |
| Netflix, Inc. | 3.0% |
| Visa, Inc. - Class A | 2.8% |
| Eli Lilly & Co. | 2.3% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg180.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.1% |
| Preferred Stock | 0.4% |
| Common Stock | 98.7% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 54.3% |
| Consumer Discretionary | 14.2% |
| Communication Services | 12.9% |
| Financials | 7.0% |
| Health Care | 6.9% |
| Industrials | 3.1% |
| Materials | 0.7% |
| Short-Term Investments | 1.1% |
| 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: ITGIX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio
92914K776-SAR

# Class S: ITGSX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> T. Rowe Price Growth Equity 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 VY<sup>®</sup> T. Rowe Price Growth Equity 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 | $49 | 0.96% |

---

## Fund Statistics
* Total Net Assets$1,435,993,852

* # of Portfolio Holdings65

* 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

---

| | |
|:---|:---|
| Microsoft Corp. | 14.2% |
| NVIDIA Corp. | 14.2% |
| Apple, Inc. | 9.3% |
| Amazon.com, Inc. | 6.4% |
| Meta Platforms, Inc. - Class A | 5.5% |
| Broadcom, Inc. | 4.3% |
| Alphabet, Inc. - Class A | 3.4% |
| Netflix, Inc. | 3.0% |
| Visa, Inc. - Class A | 2.8% |
| Eli Lilly & Co. | 2.3% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg052.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.1% |
| Preferred Stock | 0.4% |
| Common Stock | 98.7% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg209.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 54.3% |
| Consumer Discretionary | 14.2% |
| Communication Services | 12.9% |
| Financials | 7.0% |
| Health Care | 6.9% |
| Industrials | 3.1% |
| Materials | 0.7% |
| Short-Term Investments | 1.1% |
| 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: ITGSX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio
92914K792-SAR

# Class S2: ITRGX
![Image](tm2522622d7_tsrimg082.jpg)

# VY<sup>®</sup> T. Rowe Price Growth Equity 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 VY<sup>®</sup> T. Rowe Price Growth Equity 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 | $56 | 1.11% |

---

## Fund Statistics
* Total Net Assets$1,435,993,852

* # of Portfolio Holdings65

* 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

---

| | |
|:---|:---|
| Microsoft Corp. | 14.2% |
| NVIDIA Corp. | 14.2% |
| Apple, Inc. | 9.3% |
| Amazon.com, Inc. | 6.4% |
| Meta Platforms, Inc. - Class A | 5.5% |
| Broadcom, Inc. | 4.3% |
| Alphabet, Inc. - Class A | 3.4% |
| Netflix, Inc. | 3.0% |
| Visa, Inc. - Class A | 2.8% |
| Eli Lilly & Co. | 2.3% |

---

### Portfolio Composition
![Image](tm2522622d7_tsrimg154.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.1% |
| Preferred Stock | 0.4% |
| Common Stock | 98.7% |

---

### Sector Allocation
![Image](tm2522622d7_tsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 54.3% |
| Consumer Discretionary | 14.2% |
| Communication Services | 12.9% |
| Financials | 7.0% |
| Health Care | 6.9% |
| Industrials | 3.1% |
| Materials | 0.7% |
| Short-Term Investments | 1.1% |
| 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 S2: ITRGX
![QR Code](tm2522622d7_tsrimg059.jpg)

# VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio
92914L477-SAR

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; Schedule is included as part of the report to shareholders filed under Item 7 of this Form.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

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

![](tm2522622d7_partn01img01.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

Classes ADV, I, R6, S and S2

**Voya Partners, Inc.**

■ Voya Global Bond Portfolio ■ VY<sup>®</sup> Columbia Small Cap Value II Portfolio

■ Voya Global Insights Portfolio ■ VY<sup>®</sup> Invesco Comstock Portfolio

■ Voya International High Dividend Low Volatility Portfolio ■ VY<sup>®</sup> Invesco Equity and Income Portfolio

■ VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio ■ VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

■ VY<sup>®</sup> Baron Growth Portfolio ■ VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

■ VY<sup>®</sup> Columbia Contrarian Core Portfolio ■ VY<sup>®</sup> T. Rowe Price Growth Equity 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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| | |
|:---|:---|
| ![](tm2522622d7_partn01img02.jpg) | E-Delivery Sign-up – details inside |

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| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2522622d7_partn01img03.jpg) |

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#m_001) | [1](#m_001) |
| [Statements of Operations](#m_003) | [8](#m_003) |
| [Statements of Changes in Net Assets](#m_004) | [12](#m_004) |
| [Financial Highlights](#m_005) | [18](#m_005) |
| [Notes to Financial Statements](#m_002) | [26](#m_002) |
| [Portfolios of Investments](#m_006) | [50](#m_006) |

---

---

| |
|:---|
| **Go Paperless with E-Delivery!** |
| &nbsp;&nbsp;&nbsp;Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements. |
| &nbsp;&nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
| &nbsp;&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.

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Global Bond**<br>**Portfolio** |<br>**Voya**<br>**Global**<br>**Insights**<br>**Portfolio** | **Voya**<br>**International**<br>**High Dividend**<br>**Low Volatility**<br>**Portfolio** | **VY<sup>®</sup> American**<br>**Century**<br>**Small-Mid**<br>**Cap Value**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | $81351136 | $1110366444 | $331884488 | $276786455 |
| Investments in affiliated underlying funds at fair value<sup>\*\*</sup> | 9858344 |  |  |  |
| Short-term investments at fair value† | 16618800 | 12502666 | 13032002 | 8026192 |
| Cash | 218 |  | 331398 |  |
| Cash collateral for futures contracts | 406477 |  |  |  |
| Cash pledged for centrally cleared swaps (Note 2) | 1085000 |  |  |  |
| Cash pledged as collateral for OTC derivatives (Note 2) | 220000 |  |  |  |
| Foreign currencies at value‡ | 653129 | 5708202 | 84290 | 4 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | 1388984 | 13163462 | 96993 | 1121464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold on a delayed-delivery or when-issued basis | 5136956 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 379753 | 126778 | 155613 | 622062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 58714 | 444230 | 872816 | 619305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 664122 | 113 | 810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 6150 | 1836434 | 2323857 | 42246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 23838 |  |  |  |
| Unrealized appreciation on forward foreign currency contracts | 1679918 |  |  |  |
| Unrealized appreciation on forward premium swaptions | 222064 |  |  |  |
| Unrealized appreciation on OTC swap agreements | 39187 |  |  |  |
| Prepaid expenses | 977 | 10178 | 2817 | 2733 |
| Reimbursement due from Investment Adviser | 15805 | 28325 |  | 58811 |
| Other assets | 13656 | 84099 | 46557 | 15699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 119823228 | 1144270931 | 348831641 | 287294971 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | |<br>**Voya**<br>**Global Bond**<br>**Portfolio** |<br>**Voya**<br>**Global**<br>**Insights**<br>**Portfolio** | **Voya**<br>**International**<br>**High Dividend**<br>**Low Volatility**<br>**Portfolio** | **VY<sup>®</sup> American**<br>**Century**<br>**Small-Mid**<br>**Cap Value**<br>**Portfolio** |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |  |
| Income distribution payable | Income distribution payable | 314206 |  |  |  |
| Payable for investment securities and currencies purchased | Payable for investment securities and currencies purchased | 2443323 | 11282532 | 97351 | 615794 |
| Payable for investment securities purchased on a | Payable for investment securities purchased on a |  |  |  |  |
| delayed-delivery or when-issued basis | delayed-delivery or when-issued basis | 9927523 |  |  |  |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 43348 | 1175184 | 2429513 | 23663 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 499476 |  | 13032002 | 6055605 |
| Unrealized depreciation on forward foreign currency contracts | Unrealized depreciation on forward foreign currency contracts | 459271 |  |  | 336263 |
| Unrealized depreciation on forward premium swaptions | Unrealized depreciation on forward premium swaptions | 110825 |  |  |  |
| Unrealized depreciation on OTC swap agreements | Unrealized depreciation on OTC swap agreements | 28458 |  |  |  |
| Variation margin payable on centrally cleared swaps | Variation margin payable on centrally cleared swaps | 32164 |  |  |  |
| Cash received as collateral for OTC derivatives (Note 2) | Cash received as collateral for OTC derivatives (Note 2) | 1150000 |  |  |  |
| Payable for investment management fees | Payable for investment management fees | 50627 | 585721 | 163314 | 207273 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 8618 | 65521 | 54750 | 53396 |
| Payable to directors under the deferred compensation | Payable to directors under the deferred compensation |  |  |  |  |
| plan (Note 6) | plan (Note 6) | 13656 | 84099 | 46557 | 15699 |
| Payable for directors fees | Payable for directors fees | 255 | 2688 | 758 | 710 |
| Payable for foreign capital gains tax | Payable for foreign capital gains tax |  | 1768661 |  |  |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 87567 | 435431 | 159062 | 129734 |
| Written options, at fair value^ | Written options, at fair value^ | 107219 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 15276536 | 15399837 | 15983307 | 7438137 |
| **NET ASSETS** | **NET ASSETS** | $104546692 | $1128871094 | $332848334 | $279856834 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | Paid-in capital | $126640315 | $827237496 | $222057194 | $250220841 |
| Total distributable earnings (loss) | Total distributable earnings (loss) | (22093623) | 301633598 | 110791140 | 29635993 |
| **NET ASSETS** | **NET ASSETS** | $104546692 | $1128871094 | $332848334 | $279856834 |
| + | Including securities loaned at value | $477609 | $— | $12299760 | $5888232 |
| \* | Cost of investments in securities | $84033743 | $946231755 | $265171372 | $276929756 |
| \*\* | Cost of investments in affiliated underlying funds | $9571240 | $— | $— | $— |
| † | Cost of short-term investments | $16620487 | $12502666 | $13032002 | $8026192 |
| ‡ | Cost of foreign currencies | $644320 | $5576811 | $83635 | $4 |
| ^ | Premiums received on written options | $188519 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Global Bond**<br>**Portfolio** |<br>**Voya**<br>**Global**<br>**Insights**<br>**Portfolio** | **Voya**<br>**International**<br>**High Dividend**<br>**Low Volatility**<br>**Portfolio** | **VY<sup>®</sup> American**<br>**Century**<br>**Small-Mid**<br>**Cap Value**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $12607660 | $110410834 | $37727122 | $93171161 |
| &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 | 1524827 | 13440739 | 2983960 | 9080704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $8.27 | $8.21 | $12.64 | $10.26 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $74702559 | $913483770 | $103586702 | $110671578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 250000000 | 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 | 8867306 | 88368682 | 8063668 | 9583252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $8.42 | $10.34 | $12.85 | $11.55 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $17236473 | $102259167 | $191412805 | $74365774 |
| &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 | 2048697 | 11784006 | 15018549 | 6611536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $8.41 | $8.68 | $12.75 | $11.25 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $2717323 | $121705 | $1648321 |
| &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 | 360739 | 9409 | 160374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $7.53 | $12.93 | $10.28 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (UNAUDITED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | |<br>**VY<sup>®</sup>**<br>**Baron**<br>**Growth**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**Columbia**<br>**Contrarian Core**<br>**Portfolio** | **VY<sup>®</sup>**<br>**Columbia**<br>**Small Cap**<br>**Value II**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**Invesco**<br>**Comstock**<br>**Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |  |  |
| Investments in securities at fair value\* | Investments in securities at fair value\* | $382806571 | $75676460 | $99806161 | $234841385 |
| Short-term investments at fair value† | Short-term investments at fair value† | 1045262 | 1117013 | 516784 | 6380826 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 2 |  |  | 216 |
| Receivables: | Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 538937 | 242260 | 934126 | 2066860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 535507 | 53 | 500787 | 277052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 304955 | 26799 | 78808 | 400733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 26515 |  | 37090 |
| Unrealized appreciation on forward foreign | Unrealized appreciation on forward foreign |  |  |  |  |
| currency contracts | currency contracts |  |  |  | 5363 |
| Prepaid expenses | Prepaid expenses | 3890 | 690 | 1021 | 2227 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 38005 | 18480 | 4811 | 19317 |
| Other assets | Other assets | 36869 | 14105 | 10012 | 24510 |
| &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 | 385309998 | 77122375 | 101852510 | 244055579 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased |  | 118021 | 162059 | 586989 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 3353 | 464873 | 73255 | 29679 |
| Unrealized depreciation on forward foreign | Unrealized depreciation on forward foreign |  |  |  |  |
| currency contracts | currency contracts |  |  |  | 181575 |
| Payable for investment management fees | Payable for investment management fees | 297756 | 52361 | 66975 | 136426 |
| Payable for distribution and shareholder service | Payable for distribution and shareholder service |  |  |  |  |
| fees | fees | 70966 | 21983 | 19967 | 30996 |
| Payable to directors under the deferred | Payable to directors under the deferred |  |  |  |  |
| compensation plan (Note 6) | compensation plan (Note 6) | 36869 | 14105 | 10012 | 24510 |
| Payable for directors fees | Payable for directors fees | 998 | 184 | 267 | 582 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 128701 | 29823 | 32814 | 56501 |
| &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 | 538643 | 701350 | 365349 | 1047258 |
| **NET ASSETS** | **NET ASSETS** | $384771355 | $76421025 | $101487161 | $243008321 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | Paid-in capital | $(26868476) | $45542158 | $64781473 | $158825933 |
| Total distributable earnings | Total distributable earnings | 411639831 | 30878867 | 36705688 | 84182388 |
| **NET ASSETS** | **NET ASSETS** | $384771355 | $76421025 | $101487161 | $243008321 |
| \* | Cost of investments in securities | $93941821 | $53434402 | $89781841 | $190923976 |
| † | Cost of short-term investments | $1045262 | $1117013 | $516784 | $6380826 |
| ‡ | Cost of foreign currencies | $2 | $— | $— | $181 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**VY<sup>®</sup>**<br>**Baron**<br>**Growth**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**Columbia**<br>**Contrarian Core**<br>**Portfolio** | **VY<sup>®</sup>**<br>**Columbia**<br>**Small Cap**<br>**Value II**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**Invesco**<br>**Comstock**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $86450982 | $40991887 | $21519453 | $29503141 |
| &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 | 4444719 | 2688164 | 1401750 | 1347276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $19.45 | $15.25 | $15.35 | $21.90 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $93579879 | $7867062 | $17296007 | $118165156 |
| &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 | 3611718 | 431783 | 1059216 | 5311365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $25.91 | $18.22 | $16.33 | $22.25 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $30251875 | n/a | $7278334 | 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 | 1165441 | n/a | 444627 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $25.96 | n/a | $16.37 | n/a |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $172427560 | $27562076 | $53724811 | $95340024 |
| &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 | 7573628 | 1616628 | 3313782 | 4283650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $22.77 | $17.05 | $16.21 | $22.26 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2061059 | n/a | $1668556 | 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 | 102615 | n/a | 108593 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $20.09 | n/a | $15.37 | n/a |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (UNAUDITED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **VY<sup>®</sup>**<br>**Invesco**<br>**Equity and**<br>**Income**<br>**Portfolio** | **VY<sup>®</sup>**<br>**JPMorgan**<br>**Mid Cap**<br>**Value**<br>**Portfolio** | **VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Diversified Mid Cap**<br>**Growth**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Growth Equity**<br>**Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $444918601 | $239327667 | $983507173 | $1422270880 |
| Short-term investments at fair value† | Short-term investments at fair value† | 12412119 | 4739097 | 12851749 | 15886910 |
| Cash | Cash |  |  | 745 | 1586125 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 67251 |  |  |  |
| Receivables: | Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 23175955 | 275854 | 7646194 | 6430383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 150829 | 428592 | 230525 | 88676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 360571 | 333974 | 206078 | 132647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 977268 |  | 435 | 2231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 69296 |  | 6433 | 8373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1600 |  |  |  |
| Unrealized appreciation on forward foreign | Unrealized appreciation on forward foreign |  |  |  |  |
| currency contracts | currency contracts | 12644 |  |  |  |
| Prepaid expenses | Prepaid expenses | 4214 | 2433 | 8781 | 13235 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 54657 | 24306 | 35799 | 55785 |
| Other assets | Other assets | 86395 | 24269 | 52358 | 83800 |
| &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 | 482291400 | 245156192 | 1004546270 | 1446559045 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased | 21895221 |  | 4459380 | 7813063 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 156473 | 15 | 478199 | 1508875 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 2907164 | 1073876 | 12851649 |  |
| Unrealized depreciation on forward foreign currency contracts | Unrealized depreciation on forward foreign currency contracts | 145813 |  |  |  |
| Payable for investment management fees | Payable for investment management fees | 236613 | 163252 | 582527 | 758612 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 21774 | 53579 | 38869 | 135358 |
| Payable to directors under the deferred compensation plan (Note 6) | Payable to directors under the deferred compensation plan (Note 6) | 86395 | 24269 | 52358 | 83800 |
| Payable for directors fees | Payable for directors fees | 1134 | 632 | 2412 | 3536 |
| Payable for borrowings against line of credit (Note 8) | Payable for borrowings against line of credit (Note 8) |  |  | 604000 |  |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 160186 | 76340 | 177226 | 261949 |
| &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 | 25610773 | 1391963 | 19246620 | 10565193 |
| **NET ASSETS** | **NET ASSETS** | $456680627 | $243764229 | $985299650 | $1435993852 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | Paid-in capital | $257342124 | $126367548 | $476499241 | $540826851 |
| Total distributable earnings | Total distributable earnings | 199338503 | 117396681 | 508800409 | 895167001 |
| **NET ASSETS** | **NET ASSETS** | $456680627 | $243764229 | $985299650 | $1435993852 |
| + | Including securities loaned at value | $2818217 | $1049529 | $12638798 | $— |
| \* | Cost of investments in securities | $386388080 | $183635340 | $805799831 | $958517291 |
| † | Cost of short-term investments | $12412092 | $4739097 | $12851749 | $15886910 |
| ‡ | Cost of foreign currencies | $66867 | $— | $— | $33 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2025 (UNAUDITED) (cONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>**<br>**Invesco**<br>**Equity and**<br>**Income**<br>**Portfolio** | **VY<sup>®</sup>**<br>**JPMorgan**<br>**Mid Cap**<br>**Value**<br>**Portfolio** | **VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Diversified Mid Cap**<br>**Growth**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Growth Equity**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $40657475 | $72465821 | $81691833 | $304303892 |
| &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 | 946684 | 4729337 | 8656477 | 3668029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $42.95 | $15.32 | $9.44 | $82.96 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $392507526 | $51958416 | $756684616 | $1065072827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 250000000 | 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 | 8865784 | 3193710 | 59944692 | 10184740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $44.27 | $16.27 | $12.62 | $104.58 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | n/a | $115935919 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | n/a | 100000000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | n/a | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | n/a | 9154506 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | n/a | $12.66 | n/a |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $19392586 | $118764014 | $27999285 | $62158486 |
| &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 | 444032 | 7465423 | 2472333 | 662049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $43.67 | $15.91 | $11.33 | $93.89 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4123040 | $575978 | $2987997 | $4458647 |
| &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 | 96712 | 37655 | 309631 | 51511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $42.63 | $15.30 | $9.65 | $86.56 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Global Bond**<br>**Portfolio** |<br>**Voya**<br>**Global**<br>**Insights**<br>**Portfolio** | **Voya**<br>**International**<br>**High Dividend**<br>**Low Volatility**<br>**Portfolio** | **VY<sup>®</sup> American**<br>**Century**<br>**Small-Mid**<br>**Cap Value**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $22793 | $9374086 | $8733078 | $3709935 |
| Dividends from affiliated underlying funds | 330002 |  |  |  |
| Interest, net of foreign taxes withheld\* | 2081747 | 1921 | 15589 | 54 |
| Securities lending income, net | 9407 |  | 25642 | 9924 |
| Other | 393 |  | 1149 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2444342 | 9376007 | 8775458 | 3721041 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 303744 | 3732173 | 901281 | 1282602 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 30726 | 261574 | 75442 | 233940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 22734 | 122314 | 223563 | 93932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  | 5170 | 215 | 3447 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 7687 | 55923 | 12073 | 72616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 44260 | 460334 | 36531 | 86482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 11375 | 52302 | 71574 | 58314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  | 1381 | 43 | 1338 |
| Shareholder reporting expense | 9284 | 33065 | 10322 | 9774 |
| Professional fees | 7960 | 72192 | 22944 | 17399 |
| Custody and accounting expense | 45264 | 121645 | 48465 | 22585 |
| Directors fees | 1276 | 13440 | 3787 | 3552 |
| Miscellaneous expense | 7384 | 36086 | 16706 | 9837 |
| Interest expense |  | 12240 | 4910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 491694 | 4979839 | 1427856 | 1895818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (99710) | (567771) |  | (363448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 391984 | 4412068 | 1427856 | 1532370 |
| Net investment income | 2052358 | 4963939 | 7347602 | 2188671 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | (92322) | 48119170 | 19476542 | 6675201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 1491403 |  | 35204 | (764324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 125113 | 271586 | 59254 | (425464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (477527) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (166750) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 55288 | (310199) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 935205 | 48080557 | 19571000 | 5485413 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | 2887963 | 51924192 | 42937557 | (7934303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 146919 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 2012803 |  | 2304 | (531099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 16841 | 350612 | 262953 | 4681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 253458 |  |  |  |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED) (cONTINUED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | |<br>**Voya**<br>**Global Bond**<br>**Portfolio** |<br>**Voya**<br>**Global**<br>**Insights**<br>**Portfolio** | **Voya**<br>**International**<br>**High Dividend**<br>**Low Volatility**<br>**Portfolio** | **VY<sup>®</sup> American**<br>**Century**<br>**Small-Mid**<br>**Cap Value**<br>**Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (573606) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 125328 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4869706 | 52274804 | 43202814 | (8460721) |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | 5804911 | 100355361 | 62773814 | (2975308) |
| **Increase (decrease) in net assets resulting from operations** | **Increase (decrease) in net assets resulting from operations** | $7857269 | $105319300 | $70121416 | $(786637) |
| \* | Foreign taxes withheld | $6886 | $611145 | $943725 | $36091 |
| ^ | Foreign capital gains taxes withheld | $— | $298693 | $— | $— |
| # | Change in foreign capital gains taxes accrued | $— | $474576 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | |<br>**VY<sup>®</sup>**<br>**Baron**<br>**Growth**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**Columbia**<br>**Contrarian Core**<br>**Portfolio** | **VY<sup>®</sup>**<br>**Columbia**<br>**Small Cap**<br>**Value II**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**Invesco**<br>**Comstock**<br>**Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | Dividends, net of foreign taxes withheld\* | $2104607 | $407863 | $1088416 | $2906291 |
| Interest | Interest |  |  |  | 26 |
| Securities lending income, net | Securities lending income, net |  |  |  | 1843 |
| Other | Other | 1623 | 288 | 459 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2106230 | 408151 | 1088875 | 2909063 |
| **EXPENSES:** | **EXPENSES:** |  |  |  |  |
| Investment management fees | Investment management fees | 1881584 | 328206 | 449651 | 807888 |
| Distribution and shareholder service fees: | Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 221694 | 97113 | 54304 | 72770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 219248 | 33390 | 68350 | 114557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 3995 |  | 3195 |  |
| Transfer agent fees: | Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 59202 | 19500 | 10919 | 9493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 65600 | 3704 | 10363 | 35895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 16 |  | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 117102 | 13410 | 27482 | 29888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 1333 |  | 804 |  |
| Shareholder reporting expense | Shareholder reporting expense | 13475 | 3218 | 4996 | 6275 |
| Professional fees | Professional fees | 24950 | 6178 | 9750 | 14138 |
| Custody and accounting expense | Custody and accounting expense | 15864 | 5824 | 8282 | 13244 |
| Directors fees | Directors fees | 4989 | 919 | 1333 | 2909 |
| Miscellaneous expense | Miscellaneous expense | 14233 | 3002 | 6259 | 7550 |
| Interest expense | Interest expense | 925 |  | 173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2644210 | 514464 | 655874 | 1114607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (235162) | (127328) | (41597) | (116923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  |  | (278) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2409048 | 387136 | 613999 | 997684 |
| Net investment income (loss) | Net investment income (loss) | (302818) | 21015 | 474876 | 1911379 |
| **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;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 50376818 | 2807943 | 2689957 | 14010506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  |  | (926607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  |  | 293250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 50376818 | 2807943 | 2689957 | 13377149 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (64350839) | 1455483 | (7152542) | 1956934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  |  | (335819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  |  | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (64350839) | 1455483 | (7152542) | 1623888 |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | (13974021) | 4263426 | (4462585) | 15001037 |
| **Increase (decrease) in net assets resulting from operations** | **Increase (decrease) in net assets resulting from operations** | $(14276839) | $4284441 | $(3987709) | $16912416 |
| \* | Foreign taxes withheld | $— | $385 | $2156 | $56972 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **VY<sup>®</sup>**<br>**Invesco**<br>**Equity and**<br>**Income**<br>**Portfolio** | **VY<sup>®</sup>**<br>**JPMorgan**<br>**Mid Cap**<br>**Value**<br>**Portfolio** | **VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Diversified Mid Cap**<br>**Growth**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Growth Equity**<br>**Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | Dividends, net of foreign taxes withheld\* | $3211602 | $2340751 | $2705412 | $3057747 |
| Interest | Interest | 2548686 |  | 12927 | 40123 |
| Securities lending income, net | Securities lending income, net | 32783 | 1717 | 24025 | 544 |
| Other | Other | 1778 | 1047 | 3993 | 5648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 5794849 | 2343515 | 2746357 | 3104062 |
| **EXPENSES:** | **EXPENSES:** |  |  |  |  |
| Investment management fees | Investment management fees | 1461979 | 1065166 | 3540410 | 4911396 |
| Distribution and shareholder service fees: | Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 99425 | 179605 | 183242 | 723627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 24816 | 150567 | 32838 | 74975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 8031 | 1479 | 5668 | 9647 |
| Transfer agent fees: | Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 18727 | 39828 | 28796 | 94486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 181860 | 31906 | 286226 | 342382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 9349 | 66767 | 10318 | 19578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 1892 | 409 | 1113 | 1574 |
| Shareholder reporting expense | Shareholder reporting expense | 15084 | 9895 | 26676 | 18100 |
| Professional fees | Professional fees | 37288 | 17352 | 54798 | 74815 |
| Custody and accounting expense | Custody and accounting expense | 50120 | 11745 | 36360 | 45370 |
| Directors fees | Directors fees | 5668 | 3158 | 12060 | 17678 |
| Miscellaneous expense | Miscellaneous expense | 30249 | 9518 | 28118 | 49044 |
| Interest expense | Interest expense |  |  | 89 | 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1944488 | 1587395 | 4246737 | 6385294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (365293) | (181472) | (204860) | (567669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  | (2212) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1579195 | 1403711 | 4041877 | 5817625 |
| Net investment income (loss) | Net investment income (loss) | 4215654 | 939804 | (1295520) | (2713563) |
| **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;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 11653215 | 26957334 | 204098328 | 152910748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (508288) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 1693 |  |  | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (9924) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 11136696 | 26957334 | 204098328 | 152912813 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 7163516 | (27042736) | (95931172) | (84375730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (278693) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 7132 |  |  | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 16201 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6908156 | (27042736) | (95931172) | (84374906) |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | 18044852 | (85402) | 108167156 | 68537907 |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $22260506 | $854402 | $106871636 | $65824344 |
| \* | Foreign taxes withheld | $40275 | $— | $3197 | $40870 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya** | **Voya** | **Voya Global** | **Voya Global** |
|  | **Global Bond Portfolio** | **Global Bond Portfolio** | **Insights Portfolio** | **Insights 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 | $2052358 | $3877044 | $4963939 | $5227914 |
| Net realized gain (loss) | 935205 | (3523845) | 48080557 | 83747240 |
| Net change in unrealized appreciation (depreciation) | 4869706 | (1444380) | 52274804 | 11940679 |
| Increase (decrease) in net assets resulting from operations | 7857269 | (1091181) | 105319300 | 100915833 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (205404) |  |  | (70993564) |
| &nbsp;&nbsp;&nbsp;Class I | (1359648) | (243127) |  | (512705989) |
| &nbsp;&nbsp;&nbsp;Class S | (326927) | (10523) |  | (71369455) |
| &nbsp;&nbsp;&nbsp;Class S2 |  |  |  | (1836836) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (495358) |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (2904926) |  |  |
| &nbsp;&nbsp;&nbsp;Class S |  | (841534) |  |  |
| Total distributions | (1891979) | (4495468) |  | (656905844) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 4996520 | 7647507 | 2177473 | 7153669 |
| Reinvestment of distributions | 1891979 | 4493800 |  | 656905844 |
|  | 6888499 | 12141307 | 2177473 | 664059513 |
| Cost of shares redeemed | (9821984) | (20548455) | (79417405) | (191436881) |
| Net increase (decrease) in net assets resulting from capital share transactions | (2933485) | (8407148) | (77239932) | 472622632 |
| Net increase (decrease) in net assets | 3031805 | (13993797) | 28079368 | (83367379) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 101514887 | 115508684 | 1100791726 | 1184159105 |
| End of year or period | $104546692 | $101514887 | $1128871094 | $1100791726 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya** | **Voya** | **VY<sup>®</sup> American** | **VY<sup>®</sup> American** |
|  | **International High Dividend** | **International High Dividend** | **Century Small-Mid** | **Century Small-Mid** |
|  | **Low Volatility Portfolio** | **Low Volatility Portfolio** | **Cap Value Portfolio** | **Cap Value 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 | $7347602 | $12444790 | $2188671 | $4225606 |
| Net realized gain | 19571000 | 19160648 | 5485413 | 21382629 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) | 43202814 | (9198188) | (8460721) | (2134267) |
| Increase (decrease) in net assets resulting from operations | 70121416 | 22407250 | (786637) | 23473968 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (1084610) |  | (4793420) |
| &nbsp;&nbsp;&nbsp;Class I |  | (4844087) |  | (5412824) |
| &nbsp;&nbsp;&nbsp;Class S |  | (8049465) |  | (3636062) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (8740) |  | (85450) |
| Total distributions |  | (13986902) |  | (13927756) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 25620183 | 12045405 | 6090084 | 14565301 |
| Reinvestment of distributions |  | 13986902 |  | 13927756 |
|  | 25620183 | 26032307 | 6090084 | 28493057 |
| Cost of shares redeemed | (57174207) | (64777351) | (22392108) | (58885377) |
| Net decrease in net assets resulting from capital share transactions | (31554024) | (38745044) | (16302024) | (30392320) |
| Net increase (decrease) in net assets | 38567392 | (30324696) | (17088661) | (20846108) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 294280942 | 324605638 | 296945495 | 317791603 |
| End of year or period | $332848334 | $294280942 | $279856834 | $296945495 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup> Baron** | **VY<sup>®</sup> Baron** | **VY<sup>®</sup> Columbia** | **VY<sup>®</sup> Columbia** |
|  | **Growth Portfolio** | **Growth Portfolio** | **Contrarian Core Portfolio** | **Contrarian Core 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) | $(302818) | $835307 | $21015 | $180213 |
| Net realized gain | 50376818 | 73892458 | 2807943 | 6708629 |
| Net change in unrealized appreciation (depreciation) | (64350839) | (53863801) | 1455483 | 8125959 |
| Increase (decrease) in net assets resulting from operations | (14276839) | 20863964 | 4284441 | 15014801 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (5481457) |  | (913679) |
| &nbsp;&nbsp;&nbsp;Class I |  | (4712343) |  | (177282) |
| &nbsp;&nbsp;&nbsp;Class R6 |  | (1540840) |  |  |
| &nbsp;&nbsp;&nbsp;Class S |  | (9071555) |  | (599006) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (111688) |  |  |
| Total distributions |  | (20917883) |  | (1689967) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 4327019 | 10795488 | 2692778 | 10361113 |
| Reinvestment of distributions |  | 20917883 |  | 1689967 |
|  | 4327019 | 31713371 | 2692778 | 12051080 |
| Cost of shares redeemed | (42904425) | (90098720) | (7346838) | (12860734) |
| Net decrease in net assets resulting from capital share transactions | (38577406) | (58385349) | (4654060) | (809654) |
| Net increase (decrease) in net assets | (52854245) | (58439268) | (369619) | 12515180 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 437625600 | 496064868 | 76790644 | 64275464 |
| End of year or period | $384771355 | $437625600 | $76421025 | $76790644 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** | **VY<sup>®</sup>** | | |
|  | **Columbia Small Cap** | **Columbia Small Cap** | **VY<sup>®</sup> Invesco** | **VY<sup>®</sup> Invesco** |
|  | **Value II Portfolio** | **Value II Portfolio** | **Comstock Portfolio** | **Comstock 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 | $474876 | $813790 | $1911379 | $3792712 |
| Net realized gain | 2689957 | 24009837 | 13377149 | 30322294 |
| Net change in unrealized appreciation (depreciation) | (7152542) | (10044050) | 1623888 | 45797 |
| Increase (decrease) in net assets resulting from operations | (3987709) | 14779577 | 16912416 | 34160803 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (2556723) |  | (3247125) |
| &nbsp;&nbsp;&nbsp;Class I |  | (3745164) |  | (11999703) |
| &nbsp;&nbsp;&nbsp;Class R6 |  | (896943) |  |  |
| &nbsp;&nbsp;&nbsp;Class S |  | (6708363) |  | (9781006) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (167853) |  |  |
| Total distributions |  | (14075046) |  | (25027834) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 4829792 | 11891344 | 12331656 | 19114608 |
| Reinvestment of distributions |  | 14075046 |  | 25027834 |
|  | 4829792 | 25966390 | 12331656 | 44142442 |
| Cost of shares redeemed | (33463474) | (46285909) | (19005638) | (75020669) |
| Net decrease in net assets resulting from capital share transactions | (28633682) | (20319519) | (6673982) | (30878227) |
| Net increase (decrease) in net assets | (32621391) | (19614988) | 10238434 | (21745258) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 134108552 | 153723540 | 232769887 | 254515145 |
| End of year or period | $101487161 | $134108552 | $243008321 | $232769887 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** | **VY<sup>®</sup>** | **VY<sup>®</sup>** | **VY<sup>®</sup>** |
|  | **Invesco Equity and** | **Invesco Equity and** | **JPMorgan Mid Cap** | **JPMorgan Mid Cap** |
|  | **Income Portfolio** | **Income Portfolio** | **Value Portfolio** | **Value 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 | $4215654 | $15414548 | $939804 | $2299965 |
| Net realized gain | 11136696 | 127828320 | 26957334 | 35073768 |
| Net change in unrealized appreciation (depreciation) | 6908156 | (48905616) | (27042736) | 2890716 |
| Increase in net assets resulting from operations | 22260506 | 94337252 | 854402 | 40264449 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (4056545) |  | (4478035) |
| &nbsp;&nbsp;&nbsp;Class I |  | (40887652) |  | (4894616) |
| &nbsp;&nbsp;&nbsp;Class S |  | (21788848) |  | (7886381) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (17167665) |  | (49084) |
| Total distributions |  | (83900710) |  | (17308116) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 5013764 | 7697397 | 4406864 | 9282518 |
| Reinvestment of distributions |  | 83900710 |  | 17308116 |
|  | 5013764 | 91598107 | 4406864 | 26590634 |
| Cost of shares redeemed | (34623678) | (665533256) | (50918277) | (72592527) |
| Net decrease in net assets resulting from capital share transactions | (29609914) | (573935149) | (46511413) | (46001893) |
| Net decrease in net assets | (7349408) | (563498607) | (45657011) | (23045560) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 464030035 | 1027528642 | 289421240 | 312466800 |
| End of year or period | $456680627 | $464030035 | $243764229 | $289421240 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** | **VY<sup>®</sup>** | | |
|  | **T. Rowe Price Diversified Mid Cap** | **T. Rowe Price Diversified Mid Cap** | **VY<sup>®</sup> T. Rowe Price** | **VY<sup>®</sup> T. Rowe Price** |
|  | **Growth Portfolio** | **Growth Portfolio** | **Growth Equity Portfolio** | **Growth Equity 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 loss | $(1295520) | $(1994912) | $(2713563) | $(5417638) |
| Net realized gain | 204098328 | 131237630 | 152912813 | 287965604 |
| Net change in unrealized appreciation (depreciation) | (95931172) | 106472386 | (84374906) | 111316168 |
| Increase in net assets resulting from operations | 106871636 | 235715104 | 65824344 | 393864134 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (8960523) |  | (36887816) |
| &nbsp;&nbsp;&nbsp;Class I |  | (86206752) |  | (111056945) |
| &nbsp;&nbsp;&nbsp;Class R6 |  | (13548558) |  |  |
| &nbsp;&nbsp;&nbsp;Class S |  | (3256156) |  | (6314623) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (373484) |  | (673018) |
| Total distributions |  | (112345473) |  | (154932402) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 34146607 | 69907104 | 16814602 | 41913544 |
| Reinvestment of distributions |  | 112345473 |  | 154932402 |
|  | 34146607 | 182252577 | 16814602 | 196845946 |
| Cost of shares redeemed | (304356474) | (198832944) | (206193509) | (330574230) |
| Net decrease in net assets resulting from capital share transactions | (270209867) | (16580367) | (189378907) | (133728284) |
| Net increase (decrease) in net assets | (163338231) | 106789264 | (123554563) | 105203448 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1148637881 | 1041848617 | 1559548415 | 1454344967 |
| End of year or period | $985299650 | $1148637881 | $1435993852 | $1559548415 |

---

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<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<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 Bond Portfolio<sup>(5)</sup>** | **Voya Global Bond Portfolio<sup>(5)</sup>** | **Voya Global Bond Portfolio<sup>(5)</sup>** | **Voya Global Bond Portfolio<sup>(5)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 7.80 | 0.14 | <sup>•</sup> | 0.46 | 0.60 | 0.13 |  |  | 0.13 |  | 8.27 | **7.78** | 1.37 | 1.17 | 1.17 | 3.66 | 12608 | 90 |
| 12-31-24 | 8.22 | 0.26 | <sup>•</sup> | (0.38) | (0.12) |  |  | 0.30 | 0.30 |  | 7.80 | **(1.44)** | 1.36 | 1.17 | 1.17 | 3.22 | 12275 | 149 |
| 12-31-23 | 8.04 | 0.25 | <sup>•</sup> | 0.19 | 0.44 | 0.19 |  | 0.07 | 0.26 |  | 8.22 | **5.62** | 1.35 | 1.17 | 1.17 | 3.18 | 13790 | 264 |
| 12-31-22 | 10.13 | 0.21 | <sup>•</sup> | (2.10) | (1.89) |  |  | 0.20 | 0.20 |  | 8.04 | **(18.75)** | 1.31 | 1.17 | 1.17 | 2.38 | 14350 | 194 |
| 12-31-21 | 11.28 | 0.27 | <sup>•</sup> | (0.85) | (0.58) | 0.49 |  | 0.08 | 0.57 |  | 10.13 | **(5.21)** | 1.30 | 1.17 | 1.17 | 2.54 | 19156 | 144 |
| 12-31-20 | 10.64 | 0.28 |  | 0.62 | 0.90 | 0.26 |  |  | 0.26 |  | 11.28 | **8.58** | 1.28 | 1.17 | 1.17 | 2.50 | 21097 | 150 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 7.95 | 0.17 | <sup>•</sup> | 0.45 | 0.62 | 0.15 |  |  | 0.15 |  | 8.42 | **7.93** | 0.87 | 0.67 | 0.67 | 4.16 | 74703 | 90 |
| 12-31-24 | 8.38 | 0.30 | <sup>•</sup> | (0.38) | (0.08) | 0.03 |  | 0.32 | 0.35 |  | 7.95 | **(0.97)** | 0.86 | 0.67 | 0.67 | 3.72 | 70016 | 149 |
| 12-31-23 | 8.19 | 0.34 | <sup>•</sup> | 0.16 | 0.50 | 0.24 |  | 0.07 | 0.31 |  | 8.38 | **6.24** | 0.85 | 0.67 | 0.67 | 4.20 | 79766 | 264 |
| 12-31-22 | 10.32 | 0.25 | <sup>•</sup> | (2.13) | (1.88) |  |  | 0.25 | 0.25 |  | 8.19 | **(18.35)** | 0.81 | 0.67 | 0.67 | 2.88 | 83034 | 194 |
| 12-31-21 | 11.49 | 0.33 | <sup>•</sup> | (0.87) | (0.54) | 0.55 |  | 0.08 | 0.63 |  | 10.32 | **(4.78)** | 0.80 | 0.67 | 0.67 | 3.04 | 110162 | 144 |
| 12-31-20 | 10.83 | 0.33 | <sup>•</sup> | 0.64 | 0.97 | 0.31 |  |  | 0.31 |  | 11.49 | **9.20** | 0.78 | 0.67 | 0.67 | 3.00 | 125244 | 150 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 7.94 | 0.16 | <sup>•</sup> | 0.45 | 0.61 | 0.14 |  |  | 0.14 |  | 8.41 | **7.81** | 1.12 | 0.92 | 0.92 | 3.90 | 17236 | 90 |
| 12-31-24 | 8.37 | 0.28 | <sup>•</sup> | (0.38) | (0.10) | 0.01 |  | 0.32 | 0.33 |  | 7.94 | **(1.22)** | 1.11 | 0.92 | 0.92 | 3.48 | 19224 | 149 |
| 12-31-23 | 8.18 | 0.12 | <sup>•</sup> | 0.36 | 0.48 | 0.22 |  | 0.07 | 0.29 |  | 8.37 | **5.97** | 1.10 | 0.92 | 0.92 | 1.51 | 21952 | 264 |
| 12-31-22 | 10.30 | 0.23 | <sup>•</sup> | (2.12) | (1.89) |  |  | 0.23 | 0.23 |  | 8.18 | **(18.49)** | 1.06 | 0.92 | 0.92 | 2.63 | 22191 | 194 |
| 12-31-21 | 11.47 | 0.30 | <sup>•</sup> | (0.87) | (0.57) | 0.52 |  | 0.08 | 0.60 |  | 10.30 | **(5.03)** | 1.05 | 0.92 | 0.92 | 2.79 | 29562 | 144 |
| 12-31-20 | 10.82 | 0.31 |  | 0.63 | 0.94 | 0.29 |  |  | 0.29 |  | 11.47 | **8.85** | 1.03 | 0.92 | 0.92 | 2.75 | 33183 | 150 |
| **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 7.47 | 0.02 | <sup>•</sup> | 0.72 | 0.74 |  |  |  |  |  | 8.21 | **9.91** | 1.36 | 1.25 | 1.25 | 0.50 | 110411 | 37 |
| 12-31-24 | 16.32 | 0.00 | <sup>\*•</sup> | 0.71 | 0.71 |  | 9.56 |  | 9.56 |  | 7.47 | **8.82** | 1.37 | 1.26 | 1.26 | 0.04 | 107408 | 126 |
| 12-31-23 | 13.99 | (0.06) |)<sup>•</sup> | 4.40 | 4.34 |  | 2.01 |  | 2.01 |  | 16.32 | **31.96** | 1.36 | 1.30 | 1.30 | (0.41) | 114505 | 107 |
| 12-31-22 | 24.55 | (0.06) |)<sup>•</sup> | (7.57) | (7.63) |  | 2.93 |  | 2.93 |  | 13.99 | **(32.28)** | 1.35 | 1.30 | 1.30 | (0.38) | 93472 | 13 |
| 12-31-21 | 22.38 | (0.19) |)<sup>•</sup> | 3.51 | 3.32 |  | 1.15 |  | 1.15 |  | 24.55 | **14.80** | 1.33 | 1.30 | 1.30 | (0.80) | 149741 | 7 |
| 12-31-20 | 18.41 | (0.10) |)<sup>•</sup> | 4.91 | 4.81 | 0.13 | 0.71 |  | 0.84 |  | 22.38 | **27.19** | 1.35 | 1.30 | 1.30 | (0.53) | 131946 | 8 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.38 | 0.05 | <sup>•</sup> | 0.91 | 0.96 |  |  |  |  |  | 10.34 | **10.24** | 0.86 | 0.75 | 0.75 | 1.00 | 913484 | 37 |
| 12-31-24 | 17.99 | 0.07 | <sup>•</sup> | 0.88 | 0.95 |  | 9.56 |  | 9.56 |  | 9.38 | **9.43** | 0.87 | 0.76 | 0.76 | 0.53 | 887328 | 126 |
| 12-31-23 | 15.20 | 0.02 | <sup>•</sup> | 4.79 | 4.81 | 0.01 | 2.01 |  | 2.02 |  | 17.99 | **32.54** | 0.86 | 0.80 | 0.80 | 0.10 | 940045 | 107 |
| 12-31-22 | 26.21 | 0.02 | <sup>•</sup> | (8.10) | (8.08) |  | 2.93 |  | 2.93 |  | 15.20 | **(31.93)** | 0.85 | 0.80 | 0.80 | 0.12 | 852916 | 13 |
| 12-31-21 | 23.71 | (0.08) |)<sup>•</sup> | 3.73 | 3.65 |  | 1.15 |  | 1.15 |  | 26.21 | **15.37** | 0.83 | 0.80 | 0.80 | (0.30) | 1381312 | 7 |
| 12-31-20 | 19.46 | (0.01) |)<sup>•</sup> | 5.20 | 5.19 | 0.23 | 0.71 |  | 0.94 |  | 23.71 | **27.78** | 0.85 | 0.80 | 0.80 | (0.03) | 1332750 | 8 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 7.88 | 0.03 | <sup>•</sup> | 0.77 | 0.80 |  |  |  |  |  | 8.68 | **10.15** | 1.11 | 1.00 | 1.00 | 0.75 | 102259 | 37 |
| 12-31-24 | 16.66 | 0.04 | <sup>•</sup> | 0.74 | 0.78 |  | 9.56 |  | 9.56 |  | 7.88 | **9.09** | 1.12 | 1.01 | 1.01 | 0.29 | 103333 | 126 |
| 12-31-23 | 14.22 | (0.02) |)<sup>•</sup> | 4.47 | 4.45 |  | 2.01 |  | 2.01 |  | 16.66 | **32.24** | 1.11 | 1.05 | 1.05 | (0.15) | 127024 | 107 |
| 12-31-22 | 24.83 | (0.02) |)<sup>•</sup> | (7.66) | (7.68) |  | 2.93 |  | 2.93 |  | 14.22 | **(32.10)** | 1.10 | 1.05 | 1.05 | (0.13) | 108045 | 13 |
| 12-31-21 | 22.56 | (0.13) |)<sup>•</sup> | 3.55 | 3.42 |  | 1.15 |  | 1.15 |  | 24.83 | **15.13** | 1.08 | 1.05 | 1.05 | (0.55) | 185986 | 7 |
| 12-31-20 | 18.56 | (0.05) |)<sup>•</sup> | 4.94 | 4.89 | 0.18 | 0.71 |  | 0.89 |  | 22.56 | **27.43** | 1.10 | 1.05 | 1.05 | (0.28) | 188985 | 8 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 6.85 | 0.02 | <sup>•</sup> | 0.66 | 0.68 |  |  |  |  |  | 7.53 | **9.93** | 1.26 | 1.15 | 1.15 | 0.60 | 2717 | 37 |
| 12-31-24 | 15.73 | 0.02 | <sup>•</sup> | 0.66 | 0.68 |  | 9.56 |  | 9.56 |  | 6.85 | **9.00** | 1.27 | 1.16 | 1.16 | 0.14 | 2724 | 126 |
| 12-31-23 | 13.53 | (0.05) |)<sup>•</sup> | 4.26 | 4.21 |  | 2.01 |  | 2.01 |  | 15.73 | **32.10** | 1.26 | 1.20 | 1.20 | (0.31) | 2586 | 107 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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<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<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 Insights Portfolio (continued)** | **Voya Global Insights Portfolio (continued)** | **Voya Global Insights Portfolio (continued)** | **Voya Global Insights Portfolio (continued)** | **Voya Global Insights Portfolio (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 23.85 | (0.04) |)<sup>•</sup> | (7.35) | (7.39) |  | 2.93 |  | 2.93 |  | 13.53 | **(32.21)** | 1.25 | 1.20 | 1.20 | (0.27) | 2205 | 13 |
| 12-31-21 | 21.75 | (0.16) |)<sup>•</sup> | 3.41 | 3.25 |  | 1.15 |  | 1.15 |  | 23.85 | **14.91** | 1.23 | 1.20 | 1.20 | (0.69) | 4152 | 7 |
| 12-31-20 | 17.89 | (0.07) |)<sup>•</sup> | 4.77 | 4.70 | 0.13 | 0.71 |  | 0.84 |  | 21.75 | **27.33** | 1.25 | 1.20 | 1.20 | (0.42) | 4266 | 8 |
| **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.03 | 0.27 | <sup>•</sup> | 2.34 | 2.61 |  |  |  |  |  | 12.64 | **26.02** | 1.25 | 1.25 | 1.25 | 4.84 | 37727 | 49 |
| 12-31-24 | 9.81 | 0.37 | <sup>•</sup> | 0.30 | 0.67 | 0.45 |  |  | 0.45 |  | 10.03 | **6.82** | 1.25 | 1.25 | 1.25 | 3.61 | 23774 | 71 |
| 12-31-23 | 8.95 | 0.32 | <sup>•</sup> | 0.93 | 1.25 | 0.39 |  |  | 0.39 |  | 9.81 | **14.24** | 1.24 | 1.24 | 1.24 | 3.38 | 24515 | 73 |
| 12-31-22 | 10.31 | 0.31 | <sup>•</sup> | (1.28) | (0.97) | 0.39 |  |  | 0.39 |  | 8.95 | **(9.34)** | 1.22 | 1.22 | 1.22 | 3.39 | 24167 | 67 |
| 12-31-21 | 9.43 | 0.28 | <sup>•</sup> | 0.80 | 1.08 | 0.20 |  |  | 0.20 |  | 10.31 | **11.50** | 1.23 | 1.23 | 1.23 | 2.75 | 27021 | 73 |
| 12-31-20 | 11.36 | 0.19 |  | (0.49) | (0.30) | 0.32 | 1.31 |  | 1.63 |  | 9.43 | **(1.17)** | 1.24 | 1.24 | 1.24 | 1.86 | 26702 | 74 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.16 | 0.29 | <sup>•</sup> | 2.40 | 2.69 |  |  |  |  |  | 12.85 | **26.48** | 0.75 | 0.75 | 0.75 | 5.01 | 103587 | 49 |
| 12-31-24 | 9.94 | 0.42 | <sup>•</sup> | 0.30 | 0.72 | 0.50 |  |  | 0.50 |  | 10.16 | **7.23** | 0.75 | 0.75 | 0.75 | 4.10 | 100394 | 71 |
| 12-31-23 | 9.06 | 0.37 | <sup>•</sup> | 0.95 | 1.32 | 0.44 |  |  | 0.44 |  | 9.94 | **14.87** | 0.74 | 0.74 | 0.74 | 3.87 | 106170 | 73 |
| 12-31-22 | 10.44 | 0.36 | <sup>•</sup> | (1.30) | (0.94) | 0.44 |  |  | 0.44 |  | 9.06 | **(8.90)** | 0.72 | 0.72 | 0.72 | 3.92 | 107060 | 67 |
| 12-31-21 | 9.54 | 0.33 | <sup>•</sup> | 0.82 | 1.15 | 0.25 |  |  | 0.25 |  | 10.44 | **12.08** | 0.73 | 0.73 | 0.73 | 3.25 | 125719 | 73 |
| 12-31-20 | 11.49 | 0.25 |  | (0.51) | (0.26) | 0.38 | 1.31 |  | 1.69 |  | 9.54 | **(0.71)** | 0.74 | 0.74 | 0.74 | 2.37 | 122082 | 74 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.10 | 0.27 | <sup>•</sup> | 2.38 | 2.65 |  |  |  |  |  | 12.75 | **26.24** | 1.00 | 1.00 | 1.00 | 4.84 | 191413 | 49 |
| 12-31-24 | 9.87 | 0.40 | <sup>•</sup> | 0.30 | 0.70 | 0.47 |  |  | 0.47 |  | 10.10 | **7.09** | 1.00 | 1.00 | 1.00 | 3.92 | 170018 | 71 |
| 12-31-23 | 9.00 | 0.34 | <sup>•</sup> | 0.94 | 1.28 | 0.41 |  |  | 0.41 |  | 9.87 | **14.52** | 0.99 | 0.99 | 0.99 | 3.62 | 193729 | 73 |
| 12-31-22 | 10.36 | 0.34 | <sup>•</sup> | (1.29) | (0.95) | 0.41 |  |  | 0.41 |  | 9.00 | **(9.07)** | 0.97 | 0.97 | 0.97 | 3.68 | 204207 | 67 |
| 12-31-21 | 9.47 | 0.30 | <sup>•</sup> | 0.82 | 1.12 | 0.23 |  |  | 0.23 |  | 10.36 | **11.79** | 0.98 | 0.98 | 0.98 | 3.00 | 258075 | 73 |
| 12-31-20 | 11.41 | 0.22 |  | (0.50) | (0.28) | 0.35 | 1.31 |  | 1.66 |  | 9.47 | **(0.94)** | 0.99 | 0.99 | 0.99 | 2.12 | 268402 | 74 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.25 | 0.27 | <sup>•</sup> | 2.41 | 2.68 |  |  |  |  |  | 12.93 | **26.15** | 1.15 | 1.15 | 1.15 | 4.76 | 122 | 49 |
| 12-31-24 | 10.01 | 0.40 | <sup>•</sup> | 0.29 | 0.69 | 0.45 |  |  | 0.45 |  | 10.25 | **6.95** | 1.15 | 1.15 | 1.15 | 3.87 | 95 | 71 |
| 12-31-23 | 9.08 | 0.30 | <sup>•</sup> | 0.98 | 1.28 | 0.35 |  |  | 0.35 |  | 10.01 | **14.29** | 1.14 | 1.14 | 1.14 | 3.12 | 192 | 73 |
| 12-31-22 | 10.47 | 0.32 | <sup>•</sup> | (1.30) | (0.98) | 0.41 |  |  | 0.41 |  | 9.08 | **(9.30)** | 1.12 | 1.12 | 1.12 | 3.50 | 394 | 67 |
| 12-31-21 | 9.56 | 0.29 | <sup>•</sup> | 0.82 | 1.11 | 0.20 |  |  | 0.20 |  | 10.47 | **11.67** | 1.13 | 1.13 | 1.13 | 2.85 | 390 | 73 |
| 12-31-20 | 11.52 | 0.18 | <sup>•</sup> | (0.48) | (0.30) | 0.35 | 1.31 |  | 1.66 |  | 9.56 | **(1.15)** | 1.14 | 1.14 | 1.14 | 1.92 | 334 | 74 |
| **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.30 | 0.06 | <sup>•</sup> | (0.10) | (0.04) |  |  |  |  |  | 10.26 | **(0.39)** | 1.61 | 1.35 | 1.35 | 1.29 | 93171 | 34 |
| 12-31-24 | 10.03 | 0.12 | <sup>•</sup> | 0.64 | 0.76 | 0.14 | 0.35 |  | 0.49 |  | 10.30 | **7.71** | 1.63 | 1.35 | 1.35 | 1.13 | 98760 | 51 |
| 12-31-23 | 10.82 | 0.12 | <sup>•</sup> | 0.76 | 0.88 | 0.21 | 1.46 |  | 1.67 |  | 10.03 | **8.52** | 1.64 | 1.35 | 1.35 | 1.16 | 101672 | 46 |
| 12-31-22 | 14.21 | 0.12 | <sup>•</sup> | (0.91) | (0.79) | 0.14 | 2.46 |  | 2.60 |  | 10.82 | **(5.85)** | 1.81 | 1.35 | 1.35 | 1.01 | 98642 | 66 |
| 12-31-21 | 11.27 | 0.09 | <sup>•</sup> | 2.94 | 3.03 | 0.09 |  |  | 0.09 |  | 14.21 | **26.94** | 1.80 | 1.35 | 1.35 | 0.67 | 110892 | 55 |
| 12-31-20 | 11.12 | 0.11 |  | 0.22 | 0.33 | 0.12 | 0.06 |  | 0.18 |  | 11.27 | **3.35** | 1.86 | 1.35 | 1.35 | 0.92 | 96609 | 70 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.56 | 0.10 | <sup>•</sup> | (0.11) | (0.01) |  |  |  |  |  | 11.55 | **(0.09)** | 1.11 | 0.85 | 0.85 | 1.79 | 110672 | 34 |
| 12-31-24 | 11.20 | 0.19 | <sup>•</sup> | 0.72 | 0.91 | 0.20 | 0.35 |  | 0.55 |  | 11.56 | **8.20** | 1.13 | 0.85 | 0.85 | 1.62 | 116322 | 51 |
| 12-31-23 | 11.90 | 0.19 | <sup>•</sup> | 0.84 | 1.03 | 0.27 | 1.46 |  | 1.73 |  | 11.20 | **9.09** | 1.14 | 0.85 | 0.85 | 1.63 | 128382 | 46 |
| 12-31-22 | 15.36 | 0.20 | <sup>•</sup> | (0.99) | (0.79) | 0.21 | 2.46 |  | 2.67 |  | 11.90 | **(5.38)** | 1.31 | 0.85 | 0.85 | 1.51 | 165702 | 66 |
| 12-31-21 | 12.16 | 0.17 | <sup>•</sup> | 3.17 | 3.34 | 0.14 |  |  | 0.14 |  | 15.36 | **27.57** | 1.30 | 0.85 | 0.85 | 1.17 | 186365 | 55 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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<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<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) | (%) |
| **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-20 | 11.99 | 0.16 | 0.25 | 0.41 | 0.18 | 0.06 |  | 0.24 |  | 12.16 | **3.84** | 1.36 | 0.85 | 0.85 | 1.42 | 161201 | 70 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.28 | 0.08 | (0.11) | (0.03) |  |  |  |  |  | 11.25 | **(0.27)** | 1.36 | 1.10 | 1.10 | 1.54 | 74366 | 34 |
| 12-31-24 | 10.93 | 0.15 | 0.72 | 0.87 | 0.17 | 0.35 |  | 0.52 |  | 11.28 | **8.02** | 1.38 | 1.10 | 1.10 | 1.38 | 80028 | 51 |
| 12-31-23 | 11.65 | 0.16 | 0.82 | 0.98 | 0.24 | 1.46 |  | 1.70 |  | 10.93 | **8.77** | 1.39 | 1.10 | 1.10 | 1.41 | 85925 | 46 |
| 12-31-22 | 15.09 | 0.17 | (0.98) | (0.81) | 0.17 | 2.46 |  | 2.63 |  | 11.65 | **(5.60)** | 1.56 | 1.10 | 1.10 | 1.26 | 89431 | 66 |
| 12-31-21 | 11.95 | 0.13 | 3.13 | 3.26 | 0.12 |  |  | 0.12 |  | 15.09 | **27.30** | 1.55 | 1.10 | 1.10 | 0.92 | 100022 | 55 |
| 12-31-20 | 11.79 | 0.13 | 0.24 | 0.37 | 0.15 | 0.06 |  | 0.21 |  | 11.95 | **3.52** | 1.61 | 1.10 | 1.10 | 1.17 | 85902 | 70 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.31 | 0.07 | (0.10) | (0.03) |  |  |  |  |  | 10.28 | **(0.29)** | 1.51 | 1.25 | 1.25 | 1.37 | 1648 | 34 |
| 12-31-24 | 10.04 | 0.13 | 0.64 | 0.77 | 0.15 | 0.35 |  | 0.50 |  | 10.31 | **7.81** | 1.53 | 1.25 | 1.25 | 1.22 | 1836 | 51 |
| 12-31-23 | 10.83 | 0.13 | 0.76 | 0.89 | 0.22 | 1.46 |  | 1.68 |  | 10.04 | **8.59** | 1.54 | 1.25 | 1.25 | 1.27 | 1812 | 46 |
| 12-31-22 | 14.22 | 0.13 | (0.92) | (0.79) | 0.14 | 2.46 |  | 2.60 |  | 10.83 | **(5.77)** | 1.71 | 1.25 | 1.25 | 1.08 | 1653 | 66 |
| 12-31-21 | 11.26 | 0.10 | 2.95 | 3.05 | 0.09 |  |  | 0.09 |  | 14.22 | **27.11** | 1.70 | 1.25 | 1.25 | 0.74 | 2415 | 55 |
| 12-31-20 | 11.12 | 0.10 | 0.23 | 0.33 | 0.13 | 0.06 |  | 0.19 |  | 11.26 | **3.40** | 1.76 | 1.25 | 1.25 | 1.02 | 3328 | 70 |
| **VY<sup>®</sup> Baron Growth Portfolio** | **VY<sup>®</sup> Baron Growth Portfolio** | **VY<sup>®</sup> Baron Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 20.13 | (0.04) | (0.64) | (0.68) |  |  |  |  |  | 19.45 | **(3.38)** | 1.62 | 1.49 | 1.49 | (0.43) | 86451 | 7 |
| 12-31-24 | 20.39 | (0.02) | 0.87 | 0.85 |  | 1.11 |  | 1.11 |  | 20.13 | **4.36** | 1.62 | 1.50 | 1.50 | (0.10) | 97072 | 4 |
| 12-31-23 | 19.05 | (0.09) | 2.82 | 2.73 |  | 1.39 |  | 1.39 |  | 20.39 | **14.56** | 1.62 | 1.50 | 1.50 | (0.47) | 107138 | 1 |
| 12-31-22 | 28.60 | (0.10) | (6.63) | (6.73) |  | 2.82 |  | 2.82 |  | 19.05 | **(23.90)** | 1.59 | 1.49 | 1.49 | (0.46) | 99639 | 1 |
| 12-31-21 | 25.98 | (0.22) | 5.28 | 5.06 |  | 2.44 |  | 2.44 |  | 28.60 | **20.14** | 1.59 | 1.49 | 1.49 | (0.82) | 140345 | 1 |
| 12-31-20 | 19.55 | (0.17) | 6.60 | 6.43 |  |  |  |  |  | 25.98 | **32.89** | 1.64 | 1.49 | 1.49 | (0.80) | 122298 | 1 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 26.75 | 0.01 | (0.85) | (0.84) |  |  |  |  |  | 25.91 | **(3.14)** | 1.12 | 0.99 | 0.99 | 0.06 | 93580 | 7 |
| 12-31-24 | 26.60 | 0.11 | 1.15 | 1.26 |  | 1.11 |  | 1.11 |  | 26.75 | **4.89** | 1.12 | 1.00 | 1.00 | 0.40 | 111696 | 4 |
| 12-31-23 | 24.36 | 0.01 | 3.62 | 3.63 |  | 1.39 |  | 1.39 |  | 26.60 | **15.10** | 1.12 | 1.00 | 1.00 | 0.03 | 126519 | 1 |
| 12-31-22 | 35.40 | 0.01 | (8.23) | (8.22) |  | 2.82 |  | 2.82 |  | 24.36 | **(23.50)** | 1.09 | 0.99 | 0.99 | 0.03 | 122511 | 1 |
| 12-31-21 | 31.49 | (0.11) | 6.46 | 6.35 |  | 2.44 |  | 2.44 |  | 35.40 | **20.73** | 1.09 | 0.99 | 0.99 | (0.32) | 177254 | 1 |
| 12-31-20 | 23.58 | (0.08) | 7.99 | 7.91 |  |  |  |  |  | 31.49 | **33.55** | 1.14 | 0.99 | 0.99 | (0.30) | 164347 | 1 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 26.80 | 0.01 | (0.85) | (0.84) |  |  |  |  |  | 25.96 | **(3.14)** | 0.99 | 0.99 | 0.99 | 0.07 | 30252 | 7 |
| 12-31-24 | 26.64 | 0.11 | 1.16 | 1.27 |  | 1.11 |  | 1.11 |  | 26.80 | **4.92** | 0.98 | 0.98 | 0.98 | 0.41 | 35984 | 4 |
| 12-31-23 | 24.39 | 0.01 | 3.63 | 3.64 |  | 1.39 |  | 1.39 |  | 26.64 | **15.12** | 0.99 | 0.99 | 0.99 | 0.05 | 41144 | 1 |
| 12-31-22 | 35.44 | 0.02 | (8.25) | (8.23) |  | 2.82 |  | 2.82 |  | 24.39 | **(23.50)** | 0.98 | 0.98 | 0.98 | 0.06 | 38747 | 1 |
| 12-31-21 | 31.52 | (0.10) | 6.46 | 6.36 |  | 2.44 |  | 2.44 |  | 35.44 | **20.74** | 0.97 | 0.97 | 0.97 | (0.30) | 50410 | 1 |
| 12-31-20 | 23.60 | (0.07) | 7.99 | 7.92 |  |  |  |  |  | 31.52 | **33.56** | 0.99 | 0.99 | 0.99 | (0.30) | 44926 | 1 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 23.54 | (0.02) | (0.75) | (0.77) |  |  |  |  |  | 22.77 | **(3.27)** | 1.37 | 1.24 | 1.24 | (0.18) | 172428 | 7 |
| 12-31-24 | 23.59 | 0.04 | 1.02 | 1.06 |  | 1.11 |  | 1.11 |  | 23.54 | **4.66** | 1.37 | 1.25 | 1.25 | 0.15 | 190790 | 4 |
| 12-31-23 | 21.80 | (0.05) | 3.23 | 3.18 |  | 1.39 |  | 1.39 |  | 23.59 | **14.80** | 1.37 | 1.25 | 1.25 | (0.22) | 219006 | 1 |
| 12-31-22 | 32.13 | (0.05) | (7.46) | (7.51) |  | 2.82 |  | 2.82 |  | 21.80 | **(23.69)** | 1.34 | 1.24 | 1.24 | (0.21) | 203579 | 1 |
| 12-31-21 | 28.85 | (0.17) | 5.89 | 5.72 |  | 2.44 |  | 2.44 |  | 32.13 | **20.43** | 1.34 | 1.24 | 1.24 | (0.57) | 282227 | 1 |
| 12-31-20 | 21.65 | (0.13) | 7.33 | 7.20 |  |  |  |  |  | 28.85 | **33.26** | 1.39 | 1.24 | 1.24 | (0.55) | 261358 | 1 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 20.78 | (0.03) | (0.66) | (0.69) |  |  |  |  |  | 20.09 | **(3.32)** | 1.52 | 1.39 | 1.39 | (0.31) | 2061 | 7 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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<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<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) | (%) |
| **VY<sup>®</sup> Baron Growth Portfolio (continued)** | **VY<sup>®</sup> Baron Growth Portfolio (continued)** | **VY<sup>®</sup> Baron Growth Portfolio (continued)** | **VY<sup>®</sup> Baron Growth Portfolio (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-24 | 20.99 | 0.01 | 0.89 | 0.90 |  | 1.11 |  | 1.11 |  | 20.78 | **4.47** | 1.52 | 1.40 | 1.40 | 0.03 | 2083 | 4 |
| 12-31-23 | 19.56 | (0.08) | 2.90 | 2.82 |  | 1.39 |  | 1.39 |  | 20.99 | **14.65** | 1.52 | 1.40 | 1.40 | (0.37) | 2258 | 1 |
| 12-31-22 | 29.23 | (0.08) | (6.77) | (6.85) |  | 2.82 |  | 2.82 |  | 19.56 | **(23.79)** | 1.49 | 1.39 | 1.39 | (0.36) | 2092 | 1 |
| 12-31-21 | 26.48 | (0.21) | 5.40 | 5.19 |  | 2.44 |  | 2.44 |  | 29.23 | **20.25** | 1.49 | 1.39 | 1.39 | (0.73) | 2681 | 1 |
| 12-31-20 | 19.91 | (0.15) | 6.72 | 6.57 |  |  |  |  |  | 26.48 | **33.00** | 1.54 | 1.39 | 1.39 | (0.69) | 2963 | 1 |
| **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 14.39 | (0.01) | 0.87 | 0.86 |  |  |  |  |  | 15.25 | **5.98** | 1.55 | 1.20 | 1.20 | (0.08) | 40992 | 26 |
| 12-31-24 | 11.99 | 0.01 | 2.70 | 2.71 | 0.02 | 0.29 |  | 0.31 |  | 14.39 | **22.81** | 1.54 | 1.21 | 1.20 | 0.09 | 40494 | 49 |
| 12-31-23 | 14.21 | 0.02 | 3.95 | 3.97 | 0.27 | 5.92 |  | 6.19 |  | 11.99 | **31.36** | 1.54 | 1.21 | 1.20 | 0.18 | 32297 | 46 |
| 12-31-22 | 21.12 | 0.03 | (3.75) | (3.72) | 0.01 | 3.18 |  | 3.19 |  | 14.21 | **(18.85)** | 1.46 | 1.22 | 1.22 | 0.15 | 23018 | 50 |
| 12-31-21 | 19.23 | 0.00 | 4.42 | 4.42 | 0.05 | 2.48 |  | 2.53 |  | 21.12 | **23.62** | 1.48 | 1.23 | 1.23 | 0.01 | 31288 | 54 |
| 12-31-20 | 16.38 | 0.06 | 3.33 | 3.39 |  | 0.54 |  | 0.54 |  | 19.23 | **21.22** | 1.54 | 1.23 | 1.22 | 0.36 | 26173 | 91 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 17.15 | 0.04 | 1.03 | 1.07 |  |  |  |  |  | 18.22 | **6.24** | 1.05 | 0.70 | 0.70 | 0.42 | 7867 | 26 |
| 12-31-24 | 14.22 | 0.10 | 3.20 | 3.30 | 0.08 | 0.29 |  | 0.37 |  | 17.15 | **23.39** | 1.04 | 0.71 | 0.70 | 0.60 | 7769 | 49 |
| 12-31-23 | 15.87 | 0.10 | 4.49 | 4.59 | 0.32 | 5.92 |  | 6.24 |  | 14.22 | **32.09** | 1.04 | 0.71 | 0.71 | 0.67 | 7078 | 46 |
| 12-31-22 | 23.19 | 0.12 | (4.15) | (4.03) | 0.11 | 3.18 |  | 3.29 |  | 15.87 | **(18.51)** | 0.96 | 0.72 | 0.72 | 0.64 | 5731 | 50 |
| 12-31-21 | 20.88 | 0.12 | 4.81 | 4.93 | 0.14 | 2.48 |  | 2.62 |  | 23.19 | **24.23** | 0.98 | 0.73 | 0.73 | 0.52 | 157468 | 54 |
| 12-31-20 | 17.67 | 0.15 | 3.61 | 3.76 | 0.01 | 0.54 |  | 0.55 |  | 20.88 | **21.79** | 1.04 | 0.73 | 0.72 | 0.80 | 129553 | 91 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.07 | 0.01 | 0.97 | 0.98 |  |  |  |  |  | 17.05 | **6.10** | 1.30 | 0.95 | 0.95 | 0.17 | 27562 | 26 |
| 12-31-24 | 13.35 | 0.05 | 3.00 | 3.05 | 0.04 | 0.29 |  | 0.33 |  | 16.07 | **23.07** | 1.29 | 0.96 | 0.95 | 0.35 | 28528 | 49 |
| 12-31-23 | 15.24 | 0.06 | 4.28 | 4.34 | 0.31 | 5.92 |  | 6.23 |  | 13.35 | **31.76** | 1.29 | 0.96 | 0.95 | 0.43 | 24900 | 46 |
| 12-31-22 | 22.39 | 0.07 | (3.98) | (3.91) | 0.06 | 3.18 |  | 3.24 |  | 15.24 | **(18.64)** | 1.21 | 0.97 | 0.97 | 0.40 | 18315 | 50 |
| 12-31-21 | 20.24 | 0.06 | 4.66 | 4.72 | 0.09 | 2.48 |  | 2.57 |  | 22.39 | **23.94** | 1.23 | 0.98 | 0.98 | 0.26 | 23775 | 54 |
| 12-31-20 | 17.18 | 0.11 | 3.49 | 3.60 |  | 0.54 |  | 0.54 |  | 20.24 | **21.45** | 1.29 | 0.98 | 0.97 | 0.61 | 20139 | 91 |
| **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.97 | 0.05 | (0.67) | (0.62) |  |  |  |  |  | 15.35 | **(3.88)** | 1.51 | 1.43 | 1.43 | 0.67 | 21519 | 57 |
| 12-31-24 | 16.10 | 0.04 | 1.63 | 1.67 | 0.27 | 1.53 |  | 1.80 |  | 15.97 | **11.04** | 1.49 | 1.43 | 1.42 | 0.27 | 24128 | 81 |
| 12-31-23 | 15.27 | 0.11 | 1.91 | 2.02 | 0.03 | 1.16 |  | 1.19 |  | 16.10 | **13.57** | 1.50 | 1.42 | 1.40 | 0.70 | 25025 | 73 |
| 12-31-22 | 20.83 | 0.01 | (2.85) | (2.84) |  | 2.72 |  | 2.72 |  | 15.27 | **(14.12)** | 1.49 | 1.42 | 1.41 | 0.07 | 28968 | 56 |
| 12-31-21 | 15.65 | (0.02) | 5.30 | 5.28 | 0.03 | 0.07 |  | 0.10 |  | 20.83 | **33.85** | 1.47 | 1.42 | 1.42 | (0.10) | 39427 | 56 |
| 12-31-20 | 15.06 | 0.03 | 1.17 | 1.20 | 0.05 | 0.56 |  | 0.61 |  | 15.65 | **9.28** | 1.51 | 1.42 | 1.41 | 0.18 | 24162 | 47 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.94 | 0.08 | (0.69) | (0.61) |  |  |  |  |  | 16.33 | **(3.60)** | 1.01 | 0.93 | 0.93 | 1.00 | 17296 | 57 |
| 12-31-24 | 16.98 | 0.13 | 1.72 | 1.85 | 0.36 | 1.53 |  | 1.89 |  | 16.94 | **11.56** | 0.99 | 0.93 | 0.92 | 0.77 | 37210 | 81 |
| 12-31-23 | 16.07 | 0.20 | 2.01 | 2.21 | 0.14 | 1.16 |  | 1.30 |  | 16.98 | **14.13** | 1.00 | 0.92 | 0.90 | 1.23 | 49605 | 73 |
| 12-31-22 | 21.71 | 0.11 | (2.98) | (2.87) | 0.05 | 2.72 |  | 2.77 |  | 16.07 | **(13.67)** | 0.99 | 0.92 | 0.91 | 0.59 | 43765 | 56 |
| 12-31-21 | 16.27 | 0.07 | 5.53 | 5.60 | 0.09 | 0.07 |  | 0.16 |  | 21.71 | **34.52** | 0.97 | 0.92 | 0.92 | 0.37 | 45424 | 56 |
| 12-31-20 | 15.65 | 0.10 | 1.22 | 1.32 | 0.14 | 0.56 |  | 0.70 |  | 16.27 | **9.89** | 1.01 | 0.92 | 0.91 | 0.68 | 34277 | 47 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.98 | 0.10 | (0.71) | (0.61) |  |  |  |  |  | 16.37 | **(3.59)** | 0.91 | 0.88 | 0.88 | 1.22 | 7278 | 57 |
| 12-31-24 | 17.02 | 0.14 | 1.72 | 1.86 | 0.37 | 1.53 |  | 1.90 |  | 16.98 | **11.63** | 0.89 | 0.87 | 0.86 | 0.83 | 8064 | 81 |
| 12-31-23 | 16.10 | 0.21 | 2.02 | 2.23 | 0.15 | 1.16 |  | 1.31 |  | 17.02 | **14.23** | 0.89 | 0.86 | 0.84 | 1.28 | 8338 | 73 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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<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<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) | (%) |
| **VY<sup>®</sup> Columbia Small Cap Value II Portfolio (continued)** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio (continued)** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio (continued)** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio (continued)** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio (continued)** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio (continued)** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio (continued)** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio (continued)** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio (continued)** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio (continued)** |  |  |  |  |  |  |  |  |  |
| **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.74 | 0.12 | <sup>•</sup> | (2.98) | (2.86) | 0.06 | 2.72 |  | 2.78 |  | 16.10 | **(13.62)** | 0.89 | 0.86 | 0.85 | 0.65 | 9533 | 56 |
| 12-31-21 | 16.29 | 0.10 | <sup>•</sup> | 5.51 | 5.61 | 0.09 | 0.07 |  | 0.16 |  | 21.74 | **34.57** | 0.89 | 0.86 | 0.86 | 0.49 | 12560 | 56 |
| 12-31-20 | 15.66 | 0.10 |  | 1.23 | 1.33 | 0.14 | 0.56 |  | 0.70 |  | 16.29 | **9.94** | 0.91 | 0.88 | 0.87 | 0.71 | 6983 | 47 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.84 | 0.07 | <sup>•</sup> | (0.70) | (0.63) |  |  |  |  |  | 16.21 | **(3.74)** | 1.26 | 1.18 | 1.18 | 0.91 | 53725 | 57 |
| 12-31-24 | 16.89 | 0.09 | <sup>•</sup> | 1.70 | 1.79 | 0.31 | 1.53 |  | 1.84 |  | 16.84 | **11.27** | 1.24 | 1.18 | 1.17 | 0.53 | 62975 | 81 |
| 12-31-23 | 15.98 | 0.15 | <sup>•</sup> | 2.01 | 2.16 | 0.09 | 1.16 |  | 1.25 |  | 16.89 | **13.85** | 1.25 | 1.17 | 1.15 | 0.96 | 69044 | 73 |
| 12-31-22 | 21.61 | 0.06 | <sup>•</sup> | (2.97) | (2.91) | 0.00 \* | 2.72 |  | 2.72 |  | 15.98 | **(13.91)** | 1.24 | 1.17 | 1.16 | 0.32 | 72207 | 56 |
| 12-31-21 | 16.20 | 0.02 | <sup>•</sup> | 5.51 | 5.53 | 0.05 | 0.07 |  | 0.12 |  | 21.61 | **34.22** | 1.22 | 1.17 | 1.17 | 0.12 | 96978 | 56 |
| 12-31-20 | 15.58 | 0.07 |  | 1.20 | 1.27 | 0.09 | 0.56 |  | 0.65 |  | 16.20 | **9.54** | 1.26 | 1.17 | 1.16 | 0.42 | 82438 | 47 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.97 | 0.06 | <sup>•</sup> | (0.66) | (0.60) |  |  |  |  |  | 15.37 | **(3.76)** | 1.41 | 1.33 | 1.33 | 0.78 | 1669 | 57 |
| 12-31-24 | 16.11 | 0.06 | <sup>•</sup> | 1.62 | 1.68 | 0.29 | 1.53 |  | 1.82 |  | 15.97 | **11.12** | 1.39 | 1.33 | 1.32 | 0.37 | 1731 | 81 |
| 12-31-23 | 15.30 | 0.13 | <sup>•</sup> | 1.91 | 2.04 | 0.07 | 1.16 |  | 1.23 |  | 16.11 | **13.70** | 1.40 | 1.32 | 1.30 | 0.82 | 1712 | 73 |
| 12-31-22 | 20.85 | 0.03 |  | (2.86) | (2.83) |  | 2.72 |  | 2.72 |  | 15.30 | **(14.06)** | 1.39 | 1.32 | 1.31 | 0.17 | 1597 | 56 |
| 12-31-21 | 15.65 | 0.00 | \* | 5.30 | 5.30 | 0.03 | 0.07 |  | 0.10 |  | 20.85 | **33.96** | 1.37 | 1.32 | 1.32 | (0.01) | 1856 | 56 |
| 12-31-20 | 15.02 | 0.05 |  | 1.18 | 1.23 | 0.04 | 0.56 |  | 0.60 |  | 15.65 | **9.45** | 1.41 | 1.32 | 1.31 | 0.27 | 1446 | 47 |
| **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 20.43 | 0.14 | <sup>•</sup> | 1.33 | 1.47 |  |  |  |  |  | 21.90 | **7.20** | 1.30 | 1.20 | 1.20 | 1.31 | 29503 | 14 |
| 12-31-24 | 19.94 | 0.26 | <sup>•</sup> | 2.51 | 2.77 | 0.27 | 2.01 |  | 2.28 |  | 20.43 | **14.44** | 1.30 | 1.20 | 1.20 | 1.24 | 30575 | 23 |
| 12-31-23 | 20.74 | 0.28 | <sup>•</sup> | 2.03 | 2.31 | 0.30 | 2.81 |  | 3.11 |  | 19.94 | **11.70** | 1.29 | 1.20 | 1.20 | 1.36 | 30757 | 19 |
| 12-31-22 | 21.05 | 0.26 | <sup>•</sup> | (0.24) | 0.02 | 0.28 | 0.05 |  | 0.33 |  | 20.74 | **0.12** | 1.28 | 1.20 | 1.20 | 1.27 | 33953 | 22 |
| 12-31-21 | 16.05 | 0.21 | <sup>•</sup> | 5.03 | 5.24 | 0.24 |  |  | 0.24 |  | 21.05 | **32.69** | 1.29 | 1.20 | 1.20 | 1.06 | 34649 | 31 |
| 12-31-20 | 17.01 | 0.25 |  | (0.46) | (0.21) | 0.30 | 0.45 |  | 0.75 |  | 16.05 | **(0.74)** | 1.33 | 1.27 | 1.27 | 1.71 | 28434 | 64 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 20.71 | 0.19 | <sup>•</sup> | 1.35 | 1.54 |  |  |  |  |  | 22.25 | **7.44** | 0.80 | 0.70 | 0.70 | 1.82 | 118165 | 14 |
| 12-31-24 | 20.17 | 0.37 | <sup>•</sup> | 2.56 | 2.93 | 0.38 | 2.01 |  | 2.39 |  | 20.71 | **15.05** | 0.80 | 0.70 | 0.70 | 1.72 | 109517 | 23 |
| 12-31-23 | 20.94 | 0.38 | <sup>•</sup> | 2.06 | 2.44 | 0.40 | 2.81 |  | 3.21 |  | 20.17 | **12.25** | 0.79 | 0.70 | 0.70 | 1.87 | 134901 | 19 |
| 12-31-22 | 21.25 | 0.37 | <sup>•</sup> | (0.25) | 0.12 | 0.38 | 0.05 |  | 0.43 |  | 20.94 | **0.63** | 0.78 | 0.70 | 0.70 | 1.74 | 141023 | 22 |
| 12-31-21 | 16.20 | 0.31 | <sup>•</sup> | 5.09 | 5.40 | 0.35 |  |  | 0.35 |  | 21.25 | **33.33** | 0.79 | 0.70 | 0.70 | 1.58 | 178856 | 31 |
| 12-31-20 | 17.19 | 0.32 | <sup>•</sup> | (0.46) | (0.14) | 0.40 | 0.45 |  | 0.85 |  | 16.20 | **(0.22)** | 0.83 | 0.77 | 0.77 | 2.25 | 114569 | 64 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 20.74 | 0.16 | <sup>•</sup> | 1.36 | 1.52 |  |  |  |  |  | 22.26 | **7.33** | 1.05 | 0.95 | 0.95 | 1.57 | 95340 | 14 |
| 12-31-24 | 20.21 | 0.32 | <sup>•</sup> | 2.54 | 2.86 | 0.32 | 2.01 |  | 2.33 |  | 20.74 | **14.70** | 1.05 | 0.95 | 0.95 | 1.49 | 92678 | 23 |
| 12-31-23 | 20.97 | 0.33 | <sup>•</sup> | 2.07 | 2.40 | 0.35 | 2.81 |  | 3.16 |  | 20.21 | **12.03** | 1.04 | 0.95 | 0.95 | 1.62 | 88857 | 19 |
| 12-31-22 | 21.28 | 0.32 | <sup>•</sup> | (0.25) | 0.07 | 0.33 | 0.05 |  | 0.38 |  | 20.97 | **0.38** | 1.03 | 0.95 | 0.95 | 1.53 | 87056 | 22 |
| 12-31-21 | 16.23 | 0.26 | <sup>•</sup> | 5.09 | 5.35 | 0.30 |  |  | 0.30 |  | 21.28 | **32.96** | 1.04 | 0.95 | 0.95 | 1.31 | 81485 | 31 |
| 12-31-20 | 17.18 | 0.31 |  | (0.48) | (0.17) | 0.33 | 0.45 |  | 0.78 |  | 16.23 | **(0.47)** | 1.08 | 1.02 | 1.02 | 1.97 | 63320 | 64 |
| **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 40.95 | 0.29 | <sup>•</sup> | 1.71 | 2.00 |  |  |  |  |  | 42.95 | **4.88** | 1.31 | 1.14 | 1.14 | 1.43 | 40657 | 64 |
| 12-31-24 | 40.72 | 0.62 | <sup>•</sup> | 3.89 | 4.51 | 1.26 | 3.02 |  | 4.28 |  | 40.95 | **11.42** | 1.24 | 1.14 | 1.14 | 1.46 | 40720 | 125 |
| 12-31-23 | 40.03 | 0.62 | <sup>•</sup> | 3.15 | 3.77 | 0.73 | 2.35 |  | 3.08 |  | 40.72 | **9.71** | 1.22 | 1.14 | 1.14 | 1.55 | 40401 | 144 |
| 12-31-22 | 51.71 | 0.54 | <sup>•</sup> | (4.68) | (4.14) | 0.54 | 7.00 |  | 7.54 |  | 40.03 | **(8.07)** | 1.22 | 1.14 | 1.14 | 1.20 | 43412 | 136 |
| 12-31-21 | 44.76 | 0.36 | <sup>•</sup> | 7.69 | 8.05 | 0.50 | 0.60 |  | 1.10 |  | 51.71 | **18.03** | 1.21 | 1.14 | 1.14 | 0.73 | 49436 | 127 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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<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<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) | (%) |
| **VY<sup>®</sup> Invesco Equity and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Equity and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Equity and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Equity and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Equity and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Equity and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Equity and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Equity and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Equity and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Equity and Income Portfolio (continued)** |  |  |  |  |  |  |  |  |  |
| **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-20 | 43.36 | 0.58 |  | 3.25 | 3.83 | 0.59 | 1.84 |  | 2.43 |  | 44.76 | **9.62** | 1.21 | 1.14 | 1.14 | 1.34 | 42053 | 90 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 42.11 | 0.41 | <sup>•</sup> | 1.75 | 2.16 |  |  |  |  |  | 44.27 | **5.13** | 0.81 | 0.64 | 0.64 | 1.93 | 392508 | 64 |
| 12-31-24 | 41.73 | 0.85 | <sup>•</sup> | 4.01 | 4.86 | 1.46 | 3.02 |  | 4.48 |  | 42.11 | **12.00** | 0.74 | 0.64 | 0.64 | 1.96 | 399506 | 125 |
| 12-31-23 | 40.95 | 0.84 | <sup>•</sup> | 3.23 | 4.07 | 0.94 | 2.35 |  | 3.29 |  | 41.73 | **10.25** | 0.72 | 0.64 | 0.64 | 2.05 | 419320 | 144 |
| 12-31-22 | 52.69 | 0.78 | <sup>•</sup> | (4.77) | (3.99) | 0.75 | 7.00 |  | 7.75 |  | 40.95 | **(7.60)** | 0.72 | 0.64 | 0.64 | 1.69 | 423188 | 136 |
| 12-31-21 | 45.58 | 0.62 | <sup>•</sup> | 7.83 | 8.45 | 0.74 | 0.60 |  | 1.34 |  | 52.69 | **18.60** | 0.71 | 0.64 | 0.64 | 1.23 | 502445 | 127 |
| 12-31-20 | 44.08 | 0.80 |  | 3.34 | 4.14 | 0.80 | 1.84 |  | 2.64 |  | 45.58 | **10.18** | 0.71 | 0.64 | 0.64 | 1.84 | 467994 | 90 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 41.59 | 0.35 | <sup>•</sup> | 1.73 | 2.08 |  |  |  |  |  | 43.67 | **5.00** | 1.06 | 0.89 | 0.89 | 1.69 | 19393 | 64 |
| 12-31-24 | 41.32 | 0.76 | <sup>•</sup> | 3.94 | 4.70 | 1.41 | 3.02 |  | 4.43 |  | 41.59 | **11.71** | 0.99 | 0.89 | 0.89 | 1.78 | 19710 | 125 |
| 12-31-23 | 40.58 | 0.73 | <sup>•</sup> | 3.19 | 3.92 | 0.83 | 2.35 |  | 3.18 |  | 41.32 | **9.97** | 0.97 | 0.89 | 0.89 | 1.80 | 316937 | 144 |
| 12-31-22 | 52.29 | 0.66 | <sup>•</sup> | (4.73) | (4.07) | 0.64 | 7.00 |  | 7.64 |  | 40.58 | **(7.83)** | 0.97 | 0.89 | 0.89 | 1.44 | 346982 | 136 |
| 12-31-21 | 45.24 | 0.49 | <sup>•</sup> | 7.77 | 8.26 | 0.61 | 0.60 |  | 1.21 |  | 52.29 | **18.31** | 0.96 | 0.89 | 0.89 | 0.97 | 437821 | 127 |
| 12-31-20 | 43.79 | 0.70 |  | 3.28 | 3.98 | 0.69 | 1.84 |  | 2.53 |  | 45.24 | **9.88** | 0.96 | 0.89 | 0.89 | 1.59 | 436888 | 90 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 40.63 | 0.31 | <sup>•</sup> | 1.69 | 2.00 |  |  |  |  |  | 42.63 | **4.92** | 1.21 | 1.02 | 1.02 | 1.55 | 4123 | 64 |
| 12-31-24 | 40.48 | 0.69 | <sup>•</sup> | 3.83 | 4.52 | 1.35 | 3.02 |  | 4.37 |  | 40.63 | **11.53** | 1.14 | 1.02 | 1.02 | 1.65 | 4094 | 125 |
| 12-31-23 | 39.81 | 0.66 | <sup>•</sup> | 3.13 | 3.79 | 0.77 | 2.35 |  | 3.12 |  | 40.48 | **9.83** | 1.12 | 1.02 | 1.02 | 1.67 | 250871 | 144 |
| 12-31-22 | 51.45 | 0.59 | <sup>•</sup> | (4.65) | (4.06) | 0.58 | 7.00 |  | 7.58 |  | 39.81 | **(7.95)** | 1.12 | 1.02 | 1.02 | 1.31 | 265672 | 136 |
| 12-31-21 | 44.52 | 0.42 | <sup>•</sup> | 7.64 | 8.06 | 0.53 | 0.60 |  | 1.13 |  | 51.45 | **18.17** | 1.11 | 1.02 | 1.02 | 0.84 | 320526 | 127 |
| 12-31-20 | 43.13 | 0.63 |  | 3.23 | 3.86 | 0.63 | 1.84 |  | 2.47 |  | 44.52 | **9.76** | 1.11 | 1.02 | 1.02 | 1.46 | 308786 | 90 |
| **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.30 | 0.04 | <sup>•</sup> | (0.02) | 0.02 |  |  |  |  |  | 15.32 | **0.13** | 1.50 | 1.36 | 1.36 | 0.53 | 72466 | 17 |
| 12-31-24 | 14.29 | 0.08 | <sup>•</sup> | 1.83 | 1.91 | 0.10 | 0.80 |  | 0.90 |  | 15.30 | **13.71** | 1.50 | 1.36 | 1.36 | 0.50 | 76216 | 26 |
| 12-31-23 | 14.51 | 0.09 | <sup>•</sup> | 1.33 | 1.42 | 0.12 | 1.52 |  | 1.64 |  | 14.29 | **10.28** | 1.51 | 1.35 | 1.35 | 0.62 | 75703 | 10 |
| 12-31-22 | 19.24 | 0.11 | <sup>•</sup> | (1.76) | (1.65) | 0.11 | 2.97 |  | 3.08 |  | 14.51 | **(8.84)** | 1.50 | 1.38 | 1.38 | 0.64 | 79578 | 13 |
| 12-31-21 | 15.51 | 0.05 | <sup>•</sup> | 4.43 | 4.48 | 0.05 | 0.70 |  | 0.75 |  | 19.24 | **29.15** | 1.49 | 1.38 | 1.38 | 0.28 | 93649 | 22 |
| 12-31-20 | 17.15 | 0.09 |  | (0.33) | (0.24) | 0.11 | 1.29 |  | 1.40 |  | 15.51 | **0.08** | 1.51 | 1.38 | 1.38 | 0.58 | 79036 | 18 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.21 | 0.08 | <sup>•</sup> | (0.02) | 0.06 |  |  |  |  |  | 16.27 | **0.37** | 1.00 | 0.86 | 0.86 | 0.98 | 51958 | 17 |
| 12-31-24 | 15.08 | 0.16 | <sup>•</sup> | 1.94 | 2.10 | 0.17 | 0.80 |  | 0.97 |  | 16.21 | **14.30** | 1.00 | 0.86 | 0.86 | 1.00 | 81067 | 26 |
| 12-31-23 | 15.21 | 0.17 | <sup>•</sup> | 1.41 | 1.58 | 0.19 | 1.52 |  | 1.71 |  | 15.08 | **10.89** | 1.01 | 0.85 | 0.85 | 1.11 | 97398 | 10 |
| 12-31-22 | 20.00 | 0.20 | <sup>•</sup> | (1.83) | (1.63) | 0.19 | 2.97 |  | 3.16 |  | 15.21 | **(8.39)** | 1.00 | 0.88 | 0.88 | 1.13 | 107243 | 13 |
| 12-31-21 | 16.09 | 0.15 | <sup>•</sup> | 4.60 | 4.75 | 0.14 | 0.70 |  | 0.84 |  | 20.00 | **29.79** | 0.99 | 0.88 | 0.88 | 0.77 | 138540 | 22 |
| 12-31-20 | 17.72 | 0.17 |  | (0.33) | (0.16) | 0.18 | 1.29 |  | 1.47 |  | 16.09 | **0.55** | 1.01 | 0.88 | 0.88 | 1.08 | 124709 | 18 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.87 | 0.06 | <sup>•</sup> | (0.02) | 0.04 |  |  |  |  |  | 15.91 | **0.25** | 1.25 | 1.11 | 1.11 | 0.77 | 118764 | 17 |
| 12-31-24 | 14.78 | 0.12 | <sup>•</sup> | 1.90 | 2.02 | 0.13 | 0.80 |  | 0.93 |  | 15.87 | **14.04** | 1.25 | 1.11 | 1.11 | 0.75 | 131293 | 26 |
| 12-31-23 | 14.95 | 0.13 | <sup>•</sup> | 1.37 | 1.50 | 0.15 | 1.52 |  | 1.67 |  | 14.78 | **10.54** | 1.26 | 1.10 | 1.10 | 0.87 | 138590 | 10 |
| 12-31-22 | 19.72 | 0.15 | <sup>•</sup> | (1.80) | (1.65) | 0.15 | 2.97 |  | 3.12 |  | 14.95 | **(8.62)** | 1.25 | 1.13 | 1.13 | 0.89 | 153670 | 13 |
| 12-31-21 | 15.87 | 0.10 | <sup>•</sup> | 4.54 | 4.64 | 0.09 | 0.70 |  | 0.79 |  | 19.72 | **29.51** | 1.24 | 1.13 | 1.13 | 0.53 | 188813 | 22 |
| 12-31-20 | 17.51 | 0.13 |  | (0.33) | (0.20) | 0.15 | 1.29 |  | 1.44 |  | 15.87 | **0.28** | 1.26 | 1.13 | 1.13 | 0.83 | 169728 | 18 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.27 | 0.04 | <sup>•</sup> | (0.01) | 0.03 |  |  |  |  |  | 15.30 | **0.20** | 1.40 | 1.26 | 1.26 | 0.57 | 576 | 17 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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<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<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) | (%) |
| **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** |  |  |  |  |  |  |
| **Class S2 (continued)** | **Class S2 (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-24 | 14.26 | 0.09 | 1.83 | 1.92 | 0.11 | 0.80 |  | 0.91 |  | 15.27 | **13.86** | 1.40 | 1.26 | 1.26 | 0.61 | 845 | 26 |
| 12-31-23 | 14.48 | 0.10 | 1.33 | 1.43 | 0.13 | 1.52 |  | 1.65 |  | 14.26 | **10.42** | 1.41 | 1.25 | 1.25 | 0.73 | 776 | 10 |
| 12-31-22 | 19.17 | 0.13 | (1.77) | (1.64) | 0.08 | 2.97 |  | 3.05 |  | 14.48 | **(8.82)** | 1.40 | 1.28 | 1.28 | 0.73 | 718 | 13 |
| 12-31-21 | 15.47 | 0.08 | 4.41 | 4.49 | 0.09 | 0.70 |  | 0.79 |  | 19.17 | **29.29** | 1.39 | 1.28 | 1.28 | 0.43 | 1996 | 22 |
| 12-31-20 | 17.10 | 0.11 | (0.33) | (0.22) | 0.12 | 1.29 |  | 1.41 |  | 15.47 | **0.18** | 1.41 | 1.28 | 1.28 | 0.69 | 1340 | 18 |
| **VY® T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY® T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY® T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY® T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY® T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY® T. Rowe Price Diversified Mid Cap Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 8.56 | (0.03) | 0.91 | 0.88 |  |  |  |  |  | 9.44 | **10.28** | 1.35 | 1.30 | 1.30 | (0.71) | 81692 | 35 |
| 12-31-24 | 8.07 | (0.05) | 1.70 | 1.65 |  | 1.16 |  | 1.16 |  | 8.56 | **23.17** | 1.36 | 1.30 | 1.30 | (0.65) | 73397 | 45 |
| 12-31-23 | 6.72 | (0.03) | 1.39 | 1.36 |  | 0.01 |  | 0.01 |  | 8.07 | **20.30** | 1.37 | 1.28 | 1.28 | (0.47) | 64561 | 45 |
| 12-31-22 | 12.43 | (0.04) | (2.84) | (2.88) |  | 2.83 |  | 2.83 |  | 6.72 | **(24.63)** | 1.36 | 1.28 | 1.28 | (0.45) | 53242 | 29 |
| 12-31-21 | 13.16 | (0.12) | 1.84 | 1.72 |  | 2.45 |  | 2.45 |  | 12.43 | **13.24** | 1.34 | 1.30 | 1.30 | (0.91) | 76149 | 31 |
| 12-31-20 | 11.00 | (0.05) | 3.27 | 3.22 | 0.01 | 1.05 |  | 1.06 |  | 13.16 | **31.26** | 1.37 | 1.30 | 1.30 | (0.49) | 64622 | 53 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 11.43 | (0.01) | 1.20 | 1.19 |  |  |  |  |  | 12.62 | **10.41** | 0.85 | 0.80 | 0.80 | (0.23) | 756685 | 35 |
| 12-31-24 | 10.34 | (0.02) | 2.27 | 2.25 |  | 1.16 |  | 1.16 |  | 11.43 | **23.92** | 0.86 | 0.80 | 0.80 | (0.15) | 914315 | 45 |
| 12-31-23 | 8.56 | 0.00 | 1.79 | 1.79 | 0.00 \* | 0.01 |  | 0.01 |  | 10.34 | **20.96** | 0.87 | 0.78 | 0.78 | 0.03 | 836627 | 45 |
| 12-31-22 | 14.82 | 0.00 | (3.43) | (3.43) |  | 2.83 |  | 2.83 |  | 8.56 | **(24.34)** | 0.86 | 0.78 | 0.78 | 0.05 | 841674 | 29 |
| 12-31-21 | 15.20 | (0.06) | 2.13 | 2.07 | 0.00 \* | 2.45 |  | 2.45 |  | 14.82 | **13.80** | 0.84 | 0.80 | 0.80 | (0.41) | 1214371 | 31 |
| 12-31-20 | 12.50 | (0.01) | 3.77 | 3.76 | 0.01 | 1.05 |  | 1.06 |  | 15.20 | **31.84** | 0.87 | 0.80 | 0.80 | (0.07) | 1179581 | 53 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 11.46 | (0.01) | 1.21 | 1.20 |  |  |  |  |  | 12.66 | **10.47** | 0.77 | 0.77 | 0.77 | (0.19) | 115936 | 35 |
| 12-31-24 | 10.37 | (0.01) | 2.26 | 2.25 |  | 1.16 |  | 1.16 |  | 11.46 | **23.84** | 0.77 | 0.76 | 0.76 | (0.11) | 128959 | 45 |
| 12-31-23 | 8.58 | 0.01 | 1.79 | 1.80 | 0.00 \* | 0.01 |  | 0.01 |  | 10.37 | **21.03** | 0.77 | 0.75 | 0.75 | 0.07 | 109932 | 45 |
| 12-31-22 | 14.84 | 0.01 | (3.44) | (3.43) |  | 2.83 |  | 2.83 |  | 8.58 | **(24.31)** | 0.77 | 0.75 | 0.75 | 0.08 | 89811 | 29 |
| 12-31-21 | 15.22 | (0.06) | 2.13 | 2.07 |  | 2.45 |  | 2.45 |  | 14.84 | **13.80** | 0.76 | 0.76 | 0.76 | (0.37) | 118927 | 31 |
| 12-31-20 | 12.51 | (0.01) | 3.78 | 3.77 | 0.01 | 1.05 |  | 1.06 |  | 15.22 | **31.90** | 0.77 | 0.77 | 0.77 | (0.13) | 109585 | 53 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 10.26 | (0.02) | 1.09 | 1.07 |  |  |  |  |  | 11.33 | **10.43** | 1.10 | 1.05 | 1.05 | (0.47) | 27999 | 35 |
| 12-31-24 | 9.43 | (0.04) | 2.03 | 1.99 |  | 1.16 |  | 1.16 |  | 10.26 | **23.45** | 1.11 | 1.05 | 1.05 | (0.40) | 28931 | 45 |
| 12-31-23 | 7.83 | (0.02) | 1.63 | 1.61 |  | 0.01 |  | 0.01 |  | 9.43 | **20.62** | 1.12 | 1.03 | 1.03 | (0.22) | 28114 | 45 |
| 12-31-22 | 13.88 | (0.02) | (3.20) | (3.22) |  | 2.83 |  | 2.83 |  | 7.83 | **(24.47)** | 1.11 | 1.03 | 1.03 | (0.22) | 26887 | 29 |
| 12-31-21 | 14.40 | (0.10) | 2.03 | 1.93 |  | 2.45 |  | 2.45 |  | 13.88 | **13.58** | 1.09 | 1.05 | 1.05 | (0.66) | 45922 | 31 |
| 12-31-20 | 11.93 | (0.03) | 3.56 | 3.53 | 0.01 | 1.05 |  | 1.06 |  | 14.40 | **31.42** | 1.12 | 1.05 | 1.05 | (0.30) | 49415 | 53 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 8.75 | (0.03) | 0.93 | 0.90 |  |  |  |  |  | 9.65 | **10.29** | 1.25 | 1.20 | 1.20 | (0.62) | 2988 | 35 |
| 12-31-24 | 8.21 | (0.05) | 1.75 | 1.70 |  | 1.16 |  | 1.16 |  | 8.75 | **23.38** | 1.26 | 1.20 | 1.20 | (0.55) | 3036 | 45 |
| 12-31-23 | 6.83 | (0.03) | 1.42 | 1.39 |  | 0.01 |  | 0.01 |  | 8.21 | **20.42** | 1.27 | 1.18 | 1.18 | (0.37) | 2614 | 45 |
| 12-31-22 | 12.57 | (0.04) | (2.87) | (2.91) |  | 2.83 |  | 2.83 |  | 6.83 | **(24.60)** | 1.26 | 1.18 | 1.18 | (0.41) | 2207 | 29 |
| 12-31-21 | 13.28 | (0.11) | 1.85 | 1.74 |  | 2.45 |  | 2.45 |  | 12.57 | **13.28** | 1.24 | 1.20 | 1.20 | (0.82) | 5903 | 31 |
| 12-31-20 | 11.08 | (0.05) | 3.31 | 3.26 | 0.01 | 1.05 |  | 1.06 |  | 13.28 | **31.40** | 1.27 | 1.20 | 1.20 | (0.46) | 6833 | 53 |
| **VY® T. Rowe Price Growth Equity Portfolio** | **VY® T. Rowe Price Growth Equity Portfolio** | **VY® T. Rowe Price Growth Equity Portfolio** | **VY® T. Rowe Price Growth Equity Portfolio** | **VY® T. Rowe Price Growth Equity Portfolio** | **VY® T. Rowe Price Growth Equity Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 78.92 | (0.29) | 4.33 | 4.04 |  |  |  |  |  | 82.96 | **5.12** | 1.30 | 1.21 | 1.21 | (0.77) | 304304 | 19 |
| 12-31-24 | 69.78 | (0.57) | 19.49 | 18.92 |  | 9.78 |  | 9.78 |  | 78.92 | **29.05** | 1.29 | 1.21 | 1.21 | (0.74) | 314966 | 39 |
| 12-31-23 | 48.66 | (0.41) | 22.77 | 22.36 |  | 1.24 |  | 1.24 |  | 69.78 | **46.18** | 1.31 | 1.21 | 1.21 | (0.67) | 283595 | 34 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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<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<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) | (%) |
| **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** | **VY® T. Rowe Price Growth Equity Portfolio (continued)** |  |  |  |  |
| **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 102.35 | (0.54) | (38.71) | (39.25) |  | 14.44 |  | 14.44 |  | 48.66 | **(40.93)** | 1.30 | 1.23 | 1.23 | (0.81) | 210945 | 30 |
| 12-31-21 | 93.76 | (0.92) | 19.06 | 18.14 |  | 9.55 |  | 9.55 |  | 102.35 | **19.54** | 1.30 | 1.23 | 1.23 | (0.91) | 394504 | 28 |
| 12-31-20 | 71.90 | (0.61) | 25.93 | 25.32 |  | 3.46 |  | 3.46 |  | 93.76 | **36.00** | 1.31 | 1.23 | 1.23 | (0.75) | 362950 | 36 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 99.23 | (0.13) | 5.48 | 5.35 |  |  |  |  |  | 104.58 | **5.40** | 0.80 | 0.71 | 0.71 | (0.27) | 1065073 | 19 |
| 12-31-24 | 85.11 | (0.23) | 24.13 | 23.90 |  | 9.78 |  | 9.78 |  | 99.23 | **29.69** | 0.79 | 0.71 | 0.71 | (0.24) | 1175078 | 39 |
| 12-31-23 | 58.86 | (0.12) | 27.61 | 27.49 |  | 1.24 |  | 1.24 |  | 85.11 | **46.89** | 0.81 | 0.71 | 0.71 | (0.17) | 1110625 | 34 |
| 12-31-22 | 119.12 | (0.24) | (45.58) | (45.82) |  | 14.44 |  | 14.44 |  | 58.86 | **(40.66)** | 0.80 | 0.73 | 0.73 | (0.31) | 957701 | 30 |
| 12-31-21 | 107.26 | (0.48) | 21.89 | 21.41 |  | 9.55 |  | 9.55 |  | 119.12 | **20.15** | 0.80 | 0.73 | 0.73 | (0.41) | 1742542 | 28 |
| 12-31-20 | 81.43 | (0.24) | 29.53 | 29.29 |  | 3.46 |  | 3.46 |  | 107.26 | **36.68** | 0.81 | 0.73 | 0.73 | (0.25) | 1506472 | 36 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 89.20 | (0.22) | 4.91 | 4.69 |  |  |  |  |  | 93.89 | **5.26** | 1.05 | 0.96 | 0.96 | (0.52) | 62158 | 19 |
| 12-31-24 | 77.57 | (0.42) | 21.83 | 21.41 |  | 9.78 |  | 9.78 |  | 89.20 | **29.36** | 1.04 | 0.96 | 0.96 | (0.49) | 63729 | 39 |
| 12-31-23 | 53.85 | (0.28) | 25.24 | 24.96 |  | 1.24 |  | 1.24 |  | 77.57 | **46.55** | 1.06 | 0.96 | 0.96 | (0.42) | 54637 | 34 |
| 12-31-22 | 110.92 | (0.41) | (42.22) | (42.63) |  | 14.44 |  | 14.44 |  | 53.85 | **(40.81)** | 1.05 | 0.98 | 0.98 | (0.56) | 39165 | 30 |
| 12-31-21 | 100.68 | (0.72) | 20.51 | 19.79 |  | 9.55 |  | 9.55 |  | 110.92 | **19.85** | 1.05 | 0.98 | 0.98 | (0.66) | 72845 | 28 |
| 12-31-20 | 76.79 | (0.42) | 27.77 | 27.35 |  | 3.46 |  | 3.46 |  | 100.68 | **36.36** | 1.06 | 0.98 | 0.98 | (0.50) | 74335 | 36 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 82.30 | (0.27) | 4.53 | 4.26 |  |  |  |  |  | 86.56 | **5.18** | 1.20 | 1.11 | 1.11 | (0.67) | 4459 | 19 |
| 12-31-24 | 72.33 | (0.52) | 20.27 | 19.75 |  | 9.78 |  | 9.78 |  | 82.30 | **29.18** | 1.19 | 1.11 | 1.11 | (0.64) | 5775 | 39 |
| 12-31-23 | 50.36 | (0.36) | 23.57 | 23.21 |  | 1.24 |  | 1.24 |  | 72.33 | **46.30** | 1.21 | 1.11 | 1.11 | (0.57) | 5487 | 34 |
| 12-31-22 | 105.14 | (0.49) | (39.85) | (40.34) |  | 14.44 |  | 14.44 |  | 50.36 | **(40.88)** | 1.20 | 1.13 | 1.13 | (0.71) | 3544 | 30 |
| 12-31-21 | 95.99 | (0.85) | 19.55 | 18.70 |  | 9.55 |  | 9.55 |  | 105.14 | **19.68** | 1.20 | 1.13 | 1.13 | (0.81) | 6338 | 28 |
| 12-31-20 | 73.47 | (0.51) | 26.49 | 25.98 |  | 3.46 |  | 3.46 |  | 95.99 | **36.13** | 1.21 | 1.13 | 1.13 | (0.64) | 5735 | 36 |

---

(1) 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.

(2) Annualized
 for periods less than one year.

(3) 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.

(4) Ratios
 do not include expenses of underlying funds and do not include fees and expenses charged
 under the variable annuity contract or variable life insurance policy.

(5) Ratios
 do not include expenses of the Underlying Funds.

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

+ 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 Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-eight active separate investment series. The twelve series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Global Bond Portfolio ("Global Bond"), Voya Global Insights Portfolio ("Global Insights"), Voya International High Dividend Low Volatility Portfolio ("International High Dividend Low Volatility"), VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio ("American Century Small-Mid Cap Value"), VY<sup>®</sup> Baron Growth Portfolio ("Baron Growth"), VY<sup>®</sup> Columbia Contrarian Core Portfolio ("Columbia Contrarian Core"), VY<sup>®</sup> Columbia Small Cap Value II Portfolio ("Columbia Small Cap Value II"), VY<sup>®</sup> Invesco Comstock Portfolio ("Invesco Comstock"), VY<sup>®</sup> Invesco Equity and Income Portfolio ("Invesco Equity and Income"), VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio ("JPMorgan Mid Cap Value"), VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio ("T. Rowe Price Diversified Mid Cap Growth") and VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio ("T. Rowe Price Growth Equity"). Each Portfolio is a diversified series of the Company, except T. Rowe Price Growth Equity, which is non-diversified. 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"), Initial ("Class I"), Class R6, Service ("Class S") and Service 2 ("Class S2"); however, each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts ("Separate Accounts") of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies ("Variable Contracts") and to certain of the Portfolios' investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans ("Qualified Plans") outside the Separate Account context. 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. Distributions are determined separately for each class based on income and expenses allocated to each class. 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. 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"), a Delaware limited liability company, serves as the sub-adviser to Global Bond and International High Dividend Low Volatility. 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 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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

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 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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

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 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, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by Global Bond. Dividends from net investment income, if any, are declared and paid semi-annually and net capital gains distributions, if any, are declared and paid annually by Invesco Comstock, Invesco Equity and Income, JPMorgan Mid Cap Value, T. Rowe Price Diversified Mid Cap Growth and T. Rowe Price Growth Equity. For all other Portfolios, dividends from net investment income and net 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 subchapter M 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.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

F. ***Use of Estimates.*** Management of the Portfolios has made certain estimates and assumptions relating to the reporting of assets, liabilities, income, and expenses to prepare these financial statements in conformity with GAAP for investment companies. Actual results could differ from these 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 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 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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

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.

***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 it believes 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. ("ISDA") 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 Global Bond, Invesco Comstock and Invesco Equity and Income would incur if their relevant counterparties failed to perform would be $1,951,477, $5,363 and $12,644 respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts, forward premium swaptions, OTC total return swaps, OTC volatility swaps and OTC purchased options were they to be unwound as of June 30, 2025. At June 30, 2025, Global Bond received $1,150,000 in cash collateral for open OTC derivatives. There was no cash collateral received by any other Portfolio at June 30, 2025.

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.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

As of June 30, 2025, Global Bond, Invesco Comstock and Invesco Equity and Income had a liability position of $705,773, $181,575 and $145,813 respectively, on open forward foreign currency contracts, forward premium swaptions, OTC interest rate swaps, OTC total return swaps, OTC volatility swaps and OTC written options with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2025, the Portfolios could have been required to pay this amount in cash to its counterparties. As of June 30, 2025, Global Bond had pledged $220,000 in cash collateral for open OTC derivatives transactions with its respective counterparties. There was no cash collateral pledged by any other Portfolio at June 30, 2025.

As of June 30, 2025, American Century Small-Mid Cap Value had not entered into any Master Agreements.

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 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 Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement 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 Portfolio of Investments.

During the period ended June 30, 2025, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at June 30, 2025. There were no open forward foreign currency for International High Dividend Low Volatility at June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Buy** | **Sell** |
| Global Bond | $48525745 | $8882416 |
| International High Dividend Low Volatility | 1404019 | 108442 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Buy** | **Buy** | **Sell** | **Sell** |
| American Century Small-Mid Cap Value |  | 190792 |  | 15149813 |
| Invesco Comstock |  | 609192 |  | 10787936 |
| Invesco Equity and Income |  | 6523346 |  | 15029914 |

---

I. ***Futures Contracts.*** Certain Portfolios 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 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 following 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, Global Bond and Invesco Equity and Income had purchased and sold (Global Bond only) futures contracts on various notes and bonds as part of their respective duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each 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 each 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.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

During the period ended June 30, 2025, Global Bond and Invesco Equity and Income had an average notional value on futures contracts purchased and sold as disclosed below. At June 30, 2025, Invesco Equity and Income had pledged $22,000 original par value in U.S. Treasury Bills as footnoted in the Portfolio of Investments as collateral for open futures contracts. Please refer to the table within the Portfolio of Investments for open futures contracts at June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| Global Bond | $39707962 | $8194419 |
| Invesco Equity and Income | 1308000 |  |

---

J. ***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.

K. ***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 Regulations 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.

L. ***Delayed-Delivery and When-Issued Transactions.*** Certain Portfolios 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 Portfolios' 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, Global Bond had not pledged any cash collateral for any when-issued or delayed-delivery transactions.

M. ***Mortgage Dollar Roll Transactions.*** Certain Portfolios 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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales. For fee based dollar roll transactions, the fee is recorded as income.

N. ***Options Contracts.*** Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options on futures, swaps ("swaptions"), securities, commodities or foreign currencies. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. 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. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the period ended June 30, 2025, Global Bond had purchased and written interest rate swaptions with an average notional value of $2,629,192 and $4,088,096, respectively, to gain additional exposure to interest rates and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written interest rate swaptions at June 30, 2025.

During the period ended June 30, 2025, Global Bond had purchased and written foreign currency options with

an average notional value of $76,667 and $1,917,000, respectively, to gain exposure to foreign currencies and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written foreign currency options at June 30, 2025.

During the period ended June 30, 2025, Global Bond had purchased and written forward premium swaptions with an average notional value of $11,253,728 and $18,782,799 respectively, to manage duration and yield curve exposures and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written forward premium swaptions at June 30, 2025.

During the period ended June 30, 2025, Global Bond had written credit default swaptions with an average notional value of $2,249,500 to generate income. Please refer to the tables within the Portfolio of Investments for open written credit default swaptions at June 30, 2025.

During the period ended June 30, 2025, Global Insights had written options on equity securities with an average notional value of $8,194,886 to generate income. There were no open written options on equity securities at June 30, 2025.

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 following each Portfolio's Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, registered commodities exchange(s), counterparties or brokers. The fair value of an OTC swap contract is recorded on each Portfolio's Statements of Assets and Liabilities. Daily changes in the value of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on the Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

gains or losses on the Statements of Operations. Upfront payments paid or received on OTC swaps 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 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 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 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 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 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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

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.

During the period ended June 30, 2025, Global Bond bought credit protection on credit default swap indices ("CDX") with an average notional amount of $5,190,000 to reduce exposure to various sectors of the credit market. There were no open credit default swaps to buy protection at June 30, 2025.

During the period ended June 30, 2025, Global Bond sold credit protection on credit default swap indices ("CDX") with an average notional amount of $500,000 to gain exposure to the various sectors of the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. 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, Global Bond had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate ("Long interest

rate swap") in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps was $8,815,349.

For the period ended June 30, 2025, Global Bond had entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate ("Short interest rate swap") in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps was $54,321,599.

Global 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 Global Bond for open centrally cleared and OTC interest rate swaps at June 30, 2025.

At June 30, 2025, Global Bond had pledged $1,085,000 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, the 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, the 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, Global Bond had entered into receiver and payer volatility swaps on foreign currencies with an average notional amount of $1,765,000 and $1,701,333, respectively. Please refer to the tables within the Portfolio of Investments for open receiver and payer volatility swaps at June 30, 2025.

***Total Return Swap Contracts.*** Certain Portfolios may enter into total return swaps. Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Portfolio's use of a total return swap exposes the Portfolio to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

For the period ended June 30, 2025, Global Bond had an average notional amount of $6,123,145 on receiver total return swaps.

***Cross-Currency Swaps.*** Certain Funds may enter into cross-currency swaps. Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

There were no cross-currency swaps entered into by any Portfolio during the period ended June 30, 2025.

P. ***Equity-Linked Notes.*** Invesco Equity and Income invests in equity-linked notes. Equity-linked notes are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income earned from equity-linked notes is recorded as Interest income in the Statements of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The Portfolio records the net change in the fair value of the equity-linked note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. The Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the equity-linked note. The risks of investing in equity-linked notes include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with equity-

linked notes and the appreciation potential may be limited. Equity-linked notes may be more volatile and less liquid than other investments held by the Portfolio. Please refer to the Portfolio of Investments for open equity-linked notes at June 30, 2025.

Q. ***Structured Notes.*** Global Bond and Invesco Equity and Income invest in structured notes whose principal payments or interest payments are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The terms and conditions of these notes may be 'structured' by the purchaser (a Portfolio) and the borrower issuing the note. The market value of these notes will increase or decrease based on the performance of the underlying asset or reference. A Portfolio records the net change in the market value of the structured note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. A Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the structured note. There were no structured notes for either Global Bond and Invesco Equity and Income at June 30, 2025.

R. ***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 sales of securities, excluding U.S. government and short-term securities were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Global Bond | $15110060 | $25415482 |
| Global Insights | 389663609 | 452449981 |
| International High Dividend Low Volatility | 148387154 | 166919381 |
| American Century Small-Mid Cap Value | 95100591 | 108149602 |
| Baron Growth | 28630364 | 69243051 |
| Columbia Contrarian Core | 19200061 | 23961924 |
| Columbia Small Cap Value II | 61106229 | 89913676 |
| Invesco Comstock | 32696143 | 41812692 |
| Invesco Equity and Income | 69084328 | 78708427 |
| JPMorgan Mid Cap Value | 43189955 | 83965486 |
| T. Rowe Price Diversified Mid Cap Growth | 338128744 | 610725585 |
| T. Rowe Price Growth Equity | 272511778 | 444359510 |

---

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

**NOTE 3 — INVESTMENT TRANSACTIONS (continued)**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Global Bond | $71434671 | $70964366 |
| Invesco Equity and Income | 213833456 | 223486940 |

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**NOTE 4 — INVESTMENT MANAGEMENT FEES**

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

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| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Global Bond | 0.600% on the first $4 billion; |
|  | 0.575% on the next $1 billion; |
|  | 0.550% on the next $1 billion; |
|  | 0.530% on assets over $6 billion |
| Global Insights | 0.70% on the first $3 billion; |
|  | 0.68% on the next $1 billion; |
|  | 0.67% on the next $4 billion; |
|  | 0.66% thereafter |
| International High Dividend Low Volatility | 0.60% on all assets |
| American Century Small-Mid Cap Value | 0.91% on all assets |
| Baron Growth | 0.950% on the first $1 billion; |
|  | 0.925% on the next $1 billion; |
|  | 0.900% on assets over $2 billion |
| Columbia Contrarian Core | 0.90% on the first $500 million; |
|  | 0.85% on the next $500 million; |
|  | 0.80% on assets over $1 billion |
| Columbia Small Cap Value II | 0.85% on all assets |
| Invesco Comstock | 0.70% on all assets |
| Invesco Equity and Income | 0.65% on the first $750 million; |
|  | 0.63% on the next $250 million; |
|  | 0.61% on assets over $1 billion |
| JPMorgan Mid Cap Value | 0.85% on the first $500 million; |
|  | 0.75% on the next $500 million; |
|  | 0.70% on assets over $1 billion |
| T. Rowe Price Diversified Mid Cap Growth | 0.74% on all assets |
| T. Rowe Price Growth Equity | 0.70% on all assets |

---

The Investment Adviser is contractually obligated to waive 0.003%, 0.05%, 0.048%, 0.027%, 0.01%, 0.025%, and

0.039% of the management fee for Global Bond, Global Insights, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Equity and Income, JPMorgan Mid Cap Value, and T. Rowe Price Growth Equity, respectively. 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 each respective sub-adviser. These sub-advisers provide investment advice for certain Portfolios and are paid by the Investment Adviser based on the average daily net assets of the respective Portfolios. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each respective Portfolio's assets in accordance with the Portfolio's investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (\*denotes an affiliated sub-adviser):

---

| | |
|:---|:---|
| **Portfolio** | **Sub-Adviser** |
| Global Bond, Global Insights & International High Dividend Low Volatility | Voya Investment Management Co. LLC\* |
| American Century Small-Mid Cap Value | American Century Investment Management, Inc. |
| Baron Growth | BAMCO, Inc. |
| Columbia Contrarian Core & Columbia Small Cap Value II | Columbia Management Investment Advisers, LLC |
| Invesco Comstock & Invesco Equity and Income | Invesco Advisers, Inc. |
| JPMorgan Mid Cap Value | J.P. Morgan Investment Management Inc. |
| T. Rowe Price Diversified Mid Cap Growth & T. Rowe Price Growth Equity | T. Rowe Price Associates, Inc. |

---

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class ADV and Class S2 shares of each respective Portfolio have a plan of distribution (the "Plan"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio's shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance. Under the Plan, a Portfolio makes payments at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to its Class ADV shares and a Portfolio makes payments at an annual 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 0.02% of the distribution fee for Class S2 shares of Invesco Equity and Income. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Class ADV, Class S and Class S2 shares are further subject to a shareholder servicing fee payable to shareholder

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

organizations pursuant to the shareholder servicing plan adopted for Class ADV, Class S and Class S2 shares which shall not exceed an annual rate of 0.25% of the average daily net assets of each class, respectively.

**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 | Global Bond | 8.11% |
|  | Invesco Comstock | 6.57 |
|  | T. Rowe Price Diversified |  |
|  | Invesco Comstock | 5.78 |
| Voya Institutional Trust Company | Global Bond | 15.04 |
|  | Global Insights | 12.15 |
|  | International High Dividend Low Volatility | 11.31 |
|  | American Century Small-Mid Cap Value | 49.83 |
|  | Baron Growth | 34.04 |
|  | Columbia Contrarian Core | 55.35 |
|  | Columbia Small Cap Value II | 23.32 |
|  | Invesco Comstock | 12.25 |
|  | Invesco Equity and Income | 10.02 |
|  | JPMorgan Mid Cap Value | 33.54 |
|  | T. Rowe Price Diversified Mid Cap Growth | 13.86 |
|  | T. Rowe Price Growth Equity | 30.66 |
| Voya Retirement Insurance and Annuity Company | Global Bond | 71.56 |
|  | Global Insights | 68.83 |
|  | International High Dividend Low Volatility | 29.32 |
|  | American Century Small-Mid Cap Value | 47.82 |
|  | Baron Growth | 59.32 |
|  | Columbia Contrarian Core | 39.80 |
|  | Columbia Small Cap Value II | 31.19 |
|  | Invesco Comstock | 45.54 |
|  | Invesco Equity and Income | 79.13 |
|  | JPMorgan Mid Cap Value | 40.01 |
|  | T. Rowe Price Diversified Mid Cap Growth | 73.63 |
|  | T. Rowe Price Growth Equity | 64.48 |
| Voya Solution 2045 Portfolio | Invesco Comstock | 5.90 |
| Voya Solution Moderately Aggressive Portfolio | Invesco Comstock | 5.75 |

---

The Investment Adviser may direct the Portfolios' sub- advisers to use their 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** |
| Global Bond | $63281 |
| Global Insights | 569629 |
| International High Dividend Low Volatility | 119953 |
| American Century Small-Mid Cap Value | 218467 |
| Baron Growth | 243058 |
| Columbia Contrarian Core | 36467 |
| Columbia Small Cap Value II | 49382 |
| Invesco Comstock | 74859 |
| Invesco Equity and Income | 211720 |
| JPMorgan Mid Cap Value | 138723 |
| T. Rowe Price Diversified Mid Cap Growth | 326286 |
| T. Rowe Price Growth Equity | 457610 |

---

**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:

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** | **Class**<br>**I** | **Class**<br>**R6** | **Class**<br>**S** | **Class**<br>**S2** |
| Global Bond | 1.17% | 0.67% | N/A | 0.92% | N/A |
| Global Insights | 1.30% | 0.80% | N/A | 1.05% | 1.20% |
| International High Dividend Low Volatility | 1.25% | 0.75% | N/A | 1.00% | 1.15% |
| American Century Small-Mid Cap Value | 1.35% | 0.85% | N/A | 1.10% | 1.25% |
| Baron Growth | 1.49% | 0.99% | 0.99% | 1.24% | 1.39% |
| Columbia Contrarian Core | N/A | N/A | N/A | N/A | N/A |
| Columbia Small Cap Value II | 1.45% | 0.95% | 0.95% | 1.20% | 1.35% |
| Invesco Comstock | 1.20% | 0.70% | N/A | 0.95% | N/A |
| Invesco Equity and Income | 1.15% | 0.65% | N/A | 0.90% | 1.05% |
| JPMorgan Mid Cap Value | 1.38% | 0.88% | N/A | 1.13% | 1.28% |
| T. Rowe Price Diversified Mid Cap Growth | 1.30% | 0.80% | 0.80% | 1.05% | 1.20% |
| T. Rowe Price Growth Equity | 1.25% | 0.75% | N/A | 1.00% | 1.15% |

---

Pursuant to a side letter agreement for Columbia Contrarian Core, through May 1, 2026, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expense so that the expense limits are 1.25%, 0.75% and 1.00% 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 for Invesco Comstock, through May 1, 2026, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expense so that the expense limits are 1.20%, 0.70% and 0.95% 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.

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 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** |
| Global Bond | $104965 | $78232 | $69480 | $252677 |
| Global Insights | 365540 |  |  | 365540 |
| American |  |  |  |  |
| Century Small- |  |  |  |  |
| Mid Cap Value | 751375 | 304708 | 309699 | 1365782 |
| Invesco Equity |  |  |  |  |
| and Income | 585829 | 173936 | 311109 | 1070874 |
| JPMorgan Mid |  |  |  |  |
| Cap Value | 244911 | 27854 | 11332 | 284097 |
| T. Rowe Price |  |  |  |  |
| Growth Equity | 409571 |  |  | 409571 |

---

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** |
| **Global Bond** |  |  |  |  |
| Class ADV | $8529 | $17348 | $15808 | $41685 |
| Class I | 49715 | 93626 | 89869 | 233210 |
| Class S | 13338 | 27123 | 24139 | 64600 |
| **Global Insights** |  |  |  |  |
| Class ADV | $35827 | $60627 | $60450 | $156904 |
| Class I | 314070 | 474616 | 496008 | 1284694 |
| Class S | 40990 | 63285 | 60889 | 165164 |
| Class S2 | 776 | 1512 | 1505 | 3793 |
| **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** |  |
| Class I | $— | $— | $313 | $313 |
| **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** |  |
| Class ADV | $89438 | $179099 | $150021 | $418558 |
| Class I | 130733 | 220493 | 175917 | 527143 |
| Class S | 80925 | 148455 | 119819 | 349199 |
| Class S2 | 1513 | 3150 | 2726 | 7389 |
| **Baron Growth** |  |  |  |  |
| Class ADV | $126344 | $131698 | $119158 | $377200 |
| Class I | 154003 | 154671 | 133467 | 442141 |
| Class S | 258428 | 262079 | 232945 | 753452 |
| Class S2 | 2593 | 2778 | 2613 | 7984 |
| **Columbia Small Cap Value II** |  |  |  |  |
| Class ADV | $15794 | $10151 | $10938 | $36883 |
| Class I | 24519 | 19215 | 12851 | 56585 |
| Class S | 39713 | 28167 | 28146 | 96026 |
| Class S2 | 868 | 679 | 785 | 2332 |
| **Invesco Equity and Income** |  |  |  |  |
| Class ADV | $10118 | $21483 | $30093 | $61694 |
| Class I | 100126 | 219261 | 294329 | 613716 |
| Class S | 79529 | 167425 | 25392 | 272346 |

---

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class S2 | 61541 | 131838 | 11844 | 205223 |
| **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** |  |  |
| Class ADV | $42017 | $93860 | $87079 | $222956 |
| Class I | 56939 | 116578 | 82428 | 255945 |
| Class S | 81083 | 172474 | 149311 | 402868 |
| Class S2 | 399 | 958 | 928 | 2285 |
| **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** |  |  |
| Class ADV | $37922 | $39653 | $34933 | $112508 |
| Class I | 573327 | 521062 | 386426 | 1480815 |
| Class S | 19037 | 17618 | 13276 | 49931 |
| Class S2 | 1673 | 1620 | 1411 | 4704 |
| **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** |  |
| Class ADV | $89001 | $143620 | $102194 | $334815 |
| Class I | 397399 | 573609 | 366568 | 1337576 |
| Class S | 16649 | 28263 | 20471 | 65383 |
| Class S2 | 1499 | 2678 | 1757 | 5934 |

---

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 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 below Portfolios utilized the line of credit during the period ended June 30, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| <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** |
| Global Insights | 7 | $11810000 | 5.33% |
| International High |  |  |  |
| Dividend Low Volatility | 4 | 8291000 | 5.33 |
| Baron Growth | 9 | 694222 | 5.33 |
| Columbia Small Cap |  |  |  |
| Value II | 2 | 584000 | 5.33 |
| T. Rowe Price Diversified |  |  |  |
| Mid Cap Growth<sup>(1)</sup> | 1 | 604000 | 5.33 |
| T. Rowe Price Growth |  |  |  |
| Equity | 3 | 5903333 | 5.33 |

---

<sup>(1)</sup> As of June 30, 2025, T. Rowe Price Diversified Mid Cap Growth had an outstanding balance of $604,000.

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**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 32630 |  | 25573 | (107232) |  | (49029) | 259977 |  | 205404 | (857202) |  | (391821) |
| 12/31/2024 | 56793 |  | 61925 | (221776) |  | (103058) | 451452 |  | 495358 | (1783138) |  | (836328) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 404230 |  | 166142 | (513767) |  | 56605 | 3296627 |  | 1359648 | (4166457) |  | 489818 |
| 12/31/2024 | 459025 |  | 386195 | (1556744) |  | (711524) | 3763154 |  | 3147985 | (12741525) |  | (5830386) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 179474 |  | 40059 | (593122) |  | (373589) | 1439916 |  | 326927 | (4798325) |  | (3031482) |
| 12/31/2024 | 428860 |  | 104512 | (734939) |  | (201567) | 3432901 |  | 850457 | (6023792) |  | (1740434) |
| **Global Insights** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 56333 |  |  | (993791) |  | (937458) | 425658 |  |  | (7565494) |  | (7139836) |
| 12/31/2024 | 94054 |  | 8753719 | (1486643) |  | 7361130 | 1045853 |  | 70993564 | (17545519) |  | 54493898 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 92586 |  |  | (6353014) |  | (6260428) | 889515 |  |  | (60166597) |  | (59277082) |
| 12/31/2024 | 213357 |  | 51722413 | (9549860) |  | 42385910 | 2781847 |  | 512705989 | (136643635) |  | 378844201 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 91246 |  |  | (1417797) |  | (1326551) | 744688 |  |  | (11317253) |  | (10572565) |
| 12/31/2024 | 286943 |  | 8391569 | (3192092) |  | 5486420 | 3062897 |  | 71369455 | (36892493) |  | 37539859 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 16625 |  |  | (53722) |  | (37097) | 117612 |  |  | (368061) |  | (250449) |
| 12/31/2024 | 22950 |  | 244821 | (34308) |  | 233463 | 263072 |  | 1836836 | (355234) |  | 1744674 |
| **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 787749 |  |  | (174820) |  | 612929 | 9102461 |  |  | (1987630) |  | 7114831 |
| 12/31/2024 | 145040 |  | 108570 | (381839) |  | (128229) | 1472882 |  | 1084610 | (3877231) |  | (1319739) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1055215 |  |  | (2868178) |  | (1812963) | 12336698 |  |  | (30502086) |  | (18165388) |
| 12/31/2024 | 246247 |  | 479138 | (1535012) |  | (809627) | 2556863 |  | 4844087 | (15805721) |  | (8404771) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 343240 |  |  | (2165834) |  | (1822594) | 4179040 |  |  | (24684064) |  | (20505024) |
| 12/31/2024 | 782627 |  | 800942 | (4375918) |  | (2792349) | 8009879 |  | 8049465 | (44974929) |  | (28915585) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 168 |  |  | (40) |  | 128 | 1984 |  |  | (427) |  | 1557 |
| 12/31/2024 | 555 |  | 856 | (11337) |  | (9926) | 5781 |  | 8740 | (119470) |  | (104949) |
| **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 134905 |  |  | (643659) |  | (508754) | 1381825 |  |  | (6580523) |  | (5198698) |
| 12/31/2024 | 394116 |  | 477908 | (1420161) |  | (548137) | 4026711 |  | 4793420 | (14645165) |  | (5825034) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 339039 |  |  | (815414) |  | (476375) | 3871843 |  |  | (9325532) |  | (5453689) |
| 12/31/2024 | 800039 |  | 481568 | (2686136) |  | (1404529) | 9157496 |  | 5412824 | (30596778) |  | (16026458) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 66629 |  |  | (552175) |  | (485546) | 740342 |  |  | (6214266) |  | (5473924) |
| 12/31/2024 | 101620 |  | 331455 | (1197349) |  | (764274) | 1145311 |  | 3636062 | (13293023) |  | (8511650) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 9394 |  |  | (27069) |  | (17675) | 96074 |  |  | (271787) |  | (175713) |
| 12/31/2024 | 22995 |  | 8511 | (33906) |  | (2400) | 235783 |  | 85450 | (350411) |  | (29178) |
| **Baron Growth** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 48185 |  |  | (425018) |  | (376833) | 934795 |  |  | (8235861) |  | (7301066) |
| 12/31/2024 | 125051 |  | 282841 | (841563) |  | (433671) | 2514691 |  | 5481457 | (17101262) |  | (9105114) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 61529 |  |  | (624923) |  | (563394) | 1584183 |  |  | (16262332) |  | (14678149) |
| 12/31/2024 | 140871 |  | 183360 | (905906) |  | (581675) | 3757139 |  | 4712343 | (24234825) |  | (15765343) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 50531 |  |  | (227688) |  | (177157) | 1261092 |  |  | (5904174) |  | (4643082) |
| 12/31/2024 | 112237 |  | 59838 | (373875) |  | (201800) | 2999528 |  | 1540840 | (10028220) |  | (5487852) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 19902 |  |  | (552236) |  | (532334) | 442480 |  |  | (12443621) |  | (12001141) |
| 12/31/2024 | 55847 |  | 400687 | (1634395) |  | (1177861) | 1332884 |  | 9071555 | (38263843) |  | (27859404) |

---

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**<br> **sold** | **Shares**<br> **issued in**<br> **merger** | **Reinvestment**<br> **of**<br> **distributions** | **Shares**<br> **redeemed** | **Shares**<br> **converted** | **Net increase**<br> **(decrease) in**<br> **shares**<br> **outstanding** | **Shares**<br> **sold** | **Proceeds**<br> **from**<br> **shares**<br> **issued in**<br> **merger** | **Reinvestment**<br> **of**<br> **distributions** | **Shares**<br> **redeemed** | **Shares**<br> **converted** | **Net increase**<br> **(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** |
| **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** |
| 6/30/2025 | 5226 |  |  | (2864) |  | 2362 | 104469 |  |  | (58437) |  | 46032 |
| 12/31/2024 | 9147 |  | 5584 | (22068) |  | (7337) | 191246 |  | 111688 | (470570) |  | (167636) |
| **Columbia Contrarian Core** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 99145 |  |  | (224692) |  | (125547) | 1416822 |  |  | (3133908) |  | (1717086) |
| 12/31/2024 | 561180 |  | 69166 | (509217) |  | 121129 | 7495614 |  | 913679 | (7058713) |  | 1350580 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 44213 |  |  | (65342) |  | (21129) | 762041 |  |  | (1133974) |  | (371933) |
| 12/31/2024 | 71304 |  | 11285 | (127366) |  | (44777) | 1137292 |  | 177282 | (2058486) |  | (743912) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 32005 |  |  | (190488) |  | (158483) | 513915 |  |  | (3078956) |  | (2565041) |
| 12/31/2024 | 115935 |  | 40666 | (246692) |  | (90091) | 1728207 |  | 599006 | (3743535) |  | (1416322) |
| **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 62478 |  |  | (171815) |  | (109337) | 906191 |  |  | (2566153) |  | (1659962) |
| 12/31/2024 | 131667 |  | 169544 | (344268) |  | (43057) | 2167045 |  | 2556723 | (5525060) |  | (801292) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 114255 |  |  | (1251154) |  | (1136899) | 1812789 |  |  | (21304713) |  | (19491924) |
| 12/31/2024 | 275137 |  | 234512 | (1234586) |  | (724937) | 4664665 |  | 3745164 | (21237336) |  | (12827507) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 53599 |  |  | (83898) |  | (30299) | 858174 |  |  | (1377318) |  | (519144) |
| 12/31/2024 | 103329 |  | 56059 | (174341) |  | (14953) | 1780131 |  | 896943 | (2963018) |  | (285944) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 74916 |  |  | (500322) |  | (425406) | 1183110 |  |  | (8144943) |  | (6961833) |
| 12/31/2024 | 176156 |  | 422175 | (946931) |  | (348600) | 2977701 |  | 6708363 | (16102714) |  | (6416650) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 4683 |  |  | (4453) |  | 230 | 69528 |  |  | (70347) |  | (819) |
| 12/31/2024 | 18696 |  | 11131 | (27703) |  | 2124 | 301802 |  | 167853 | (457781) |  | 11874 |
| **Invesco Comstock** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 16490 |  |  | (165624) |  | (149134) | 339854 |  |  | (3423668) |  | (3083814) |
| 12/31/2024 | 25397 |  | 164520 | (235801) |  | (45884) | 538708 |  | 3247125 | (4914176) |  | (1128343) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 532993 |  |  | (510573) |  | 22420 | 11028806 |  |  | (10725463) |  | 303343 |
| 12/31/2024 | 785898 |  | 597521 | (2781165) |  | (1397746) | 16825362 |  | 11999703 | (59525964) |  | (30700899) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 45281 |  |  | (230026) |  | (184745) | 962996 |  |  | (4856507) |  | (3893511) |
| 12/31/2024 | 81904 |  | 487124 | (497950) |  | 71078 | 1750538 |  | 9781006 | (10580529) |  | 951015 |
| **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 22507 |  |  | (70107) |  | (47600) | 935057 |  |  | (2842955) |  | (1907898) |
| 12/31/2024 | 66168 |  | 100021 | (164189) |  | 2000 | 2806966 |  | 4056545 | (6911548) |  | (48037) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 59656 |  |  | (680386) |  | (620730) | 2536002 |  |  | (28734583) |  | (26198581) |
| 12/31/2024 | 66204 |  | 978501 | (1606305) |  | (561600) | 2884392 |  | 40887652 | (69749521) |  | (25977477) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 36164 |  |  | (65985) |  | (29821) | 1472145 |  |  | (2811666) |  | (1339521) |
| 12/31/2024 | 37520 |  | 531702 | (7764875) |  | (7195653) | 1588336 |  | 21788848 | (323130694) |  | (299753510) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1710 |  |  | (5764) |  | (4054) | 70560 |  |  | (234474) |  | (163914) |
| 12/31/2024 | 9773 |  | 429002 | (6536116) |  | (6097341) | 417703 |  | 17167665 | (265741493) |  | (248156125) |
| **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 89608 |  |  | (340120) |  | (250512) | 1355308 |  |  | (5148565) |  | (3793257) |
| 12/31/2024 | 193426 |  | 306247 | (817259) |  | (317586) | 2881173 |  | 4478035 | (12433886) |  | (5074678) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 128228 |  |  | (1935849) |  | (1807621) | 2073557 |  |  | (31769656) |  | (29696099) |
| 12/31/2024 | 265967 |  | 314160 | (2038587) |  | (1458460) | 4263250 |  | 4894616 | (32561222) |  | (23403356) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 61660 |  |  | (868943) |  | (807283) | 951804 |  |  | (13716536) |  | (12764732) |
| 12/31/2024 | 131162 |  | 518699 | (1752714) |  | (1102853) | 2057820 |  | 7886381 | (27474998) |  | (17530797) |

---

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**<br> **sold** | **Shares**<br> **issued in**<br> **merger** | **Reinvestment**<br> **of**<br> **distributions** | **Shares**<br> **redeemed** | **Shares**<br> **converted** | **Net increase**<br> **(decrease) in**<br> **shares**<br> **outstanding** | **Shares**<br> **sold** | **Proceeds**<br> **from**<br> **shares**<br> **issued in**<br> **merger** | **Reinvestment**<br> **of**<br> **distributions** | **Shares**<br> **redeemed** | **Shares**<br> **converted** | **Net increase**<br> **(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** |
| **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** |
| 6/30/2025 | 1735 |  |  | (19385) |  | (17650) | 26195 |  |  | (283520) |  | (257325) |
| 12/31/2024 | 5356 |  | 3360 | (7842) |  | 874 | 80275 |  | 49084 | (122421) |  | 6938 |
| **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 597712 |  |  | (512092) |  | 85620 | 5337852 |  |  | (4291646) |  | 1046206 |
| 12/31/2024 | 532761 |  | 1242791 | (1206827) |  | 568725 | 4562623 |  | 8960523 | (10128706) |  | 3394440 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 568606 |  |  | (20639703) |  | (20071097) | 6723186 |  |  | (250334467) |  | (243611281) |
| 12/31/2024 | 1230401 |  | 8979870 | (11093408) |  | (883137) | 13648357 |  | 86206752 | (122692255) |  | (22837146) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1839331 |  |  | (3935835) |  | (2096504) | 21181253 |  |  | (44778587) |  | (23597334) |
| 12/31/2024 | 4369945 |  | 1406912 | (5129737) |  | 647120 | 49213741 |  | 13548558 | (57924967) |  | 4837332 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 72571 |  |  | (418979) |  | (346408) | 769556 |  |  | (4502878) |  | (3733322) |
| 12/31/2024 | 214411 |  | 377307 | (755704) |  | (163986) | 2146703 |  | 3256156 | (7557915) |  | (2155056) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 15843 |  |  | (53048) |  | (37205) | 134760 |  |  | (448896) |  | (314136) |
| 12/31/2024 | 38065 |  | 50676 | (60208) |  | 28533 | 335680 |  | 373484 | (529101) |  | 180063 |
| **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** | **T. Rowe Price Growth Equity** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 22997 |  |  | (346083) |  | (323086) | 1707773 |  |  | (26360513) |  | (24652740) |
| 12/31/2024 | 43489 |  | 531831 | (648381) |  | (73061) | 3385257 |  | 36887816 | (49403953) |  | (9130880) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 132087 |  |  | (1789592) |  | (1657505) | 12344893 |  |  | (171050201) |  | (158705308) |
| 12/31/2024 | 339975 |  | 1276077 | (2822698) |  | (1206646) | 32442992 |  | 111056945 | (267322307) |  | (123822370) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 27701 |  |  | (80084) |  | (52383) | 2393651 |  |  | (7033839) |  | (4640188) |
| 12/31/2024 | 65795 |  | 80626 | (136385) |  | 10036 | 5684732 |  | 6314623 | (12267822) |  | (268467) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 4650 |  |  | (23312) |  | (18662) | 368285 |  |  | (1748956) |  | (1380671) |
| 12/31/2024 | 5096 |  | 9309 | (20087) |  | (5682) | 400563 |  | 673018 | (1580148) |  | (506567) |

---

**NOTE 10 — 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 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 10 — 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 a Portfolio.

The following is 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 Bond**

---

| | | | |
|:---|:---|:---|:---|
| <br> **Counterparty** | **Securities**<br> **Loaned at Value** | **Cash Collateral**<br> **Received<sup>(1)</sup>** | <br> **Net Amount** |
| <br> **Counterparty** | **Securities**<br> **Loaned at Value** | **Cash Collateral**<br> **Received<sup>(1)</sup>** | <br> **Net Amount** |
| Barclays Capital Inc. | $26374 | $(26374) | $— |
| BNP Paribas | 69557 | (69557) |  |
| BofA Securities Inc | 49286 | (49286) |  |
| Citigroup Global Markets Inc. | 16503 | (16503) |  |
| Deutsche Bank Securities Inc. | 1995 | (1995) |  |
| Goldman, Sachs & Co. LLC | 52402 | (52402) |  |
| J.P. Morgan Securities LLC | 16361 | (16361) |  |
| NatWest Markets |  |  |  |
| Securities Inc. | 78640 | (78640) |  |
| Nomura Securities |  |  |  |
| International, Inc. | 6291 | (6291) |  |
| TD Securities (USA) Inc. | 11218 | (11218) |  |
| TD Securities Inc | 11636 | (11636) |  |
| Truist Securities INC | 137346 | (137346) |  |
| Total | $477609 | $(477609) | $— |

---

(1) Cash collateral with a fair value of $499,476 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.

**International High Dividend Low Volatility**

---

| | | | |
|:---|:---|:---|:---|
| <br> **Counterparty** | **Securities**<br> **Loaned at Value** | **Cash Collateral**<br> **Received<sup>(1)</sup>** | <br> **Net Amount** |
| <br> **Counterparty** | **Securities**<br> **Loaned at Value** | **Cash Collateral**<br> **Received<sup>(1)</sup>** | <br> **Net Amount** |
| Barclays Capital Inc. | $1167315 | $(1167315) | $— |
| BNP Paribas |  |  |  |
| Financial Markets | 1303710 | (1303710) |  |
| Citigroup Global |  |  |  |
| Markets Limited | 2897116 | (2897116) |  |
| HSBC Bank PLC | 911370 | (911370) |  |
| JP Morgan Securities Plc. | 2590259 | (2590259) |  |
| State Street Bank and Trust Company | 1226910 | (1226910) |  |
| UBS AG | 2203080 | (2203080) |  |
| Total | $12299760 | $(12299760) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $13,032,002 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.

**American Century Small-Mid Cap Value**

---

| | | | |
|:---|:---|:---|:---|
| <br> **Counterparty** | **Securities**<br> **Loaned at Value** | **Cash Collateral**<br> **Received<sup>(1)</sup>** | <br> **Net Amount** |
| <br> **Counterparty** | **Securities**<br> **Loaned at Value** | **Cash Collateral**<br> **Received<sup>(1)</sup>** | <br> **Net Amount** |
| Barclays Bank PLC | $369324 | $(369324) | $— |
| BNP Paribas Prime |  |  |  |
| Brokerage Intl Ltd | 62178 | (62178) |  |
| BNP Paribas |  |  |  |
| Securities Corp. | 544667 | (544667) |  |
| Janney Montgomery Scott LLC | 4550123 | (4550123) |  |
| Morgan Stanley & Co. LLC | 281057 | (281057) |  |
| UBS AG | 80883 | (80883) |  |
| Total | $5888232 | $(5888232) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $6,055,605 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.

**Invesco Equity and Income**

---

| | | | |
|:---|:---|:---|:---|
| <br> **Counterparty** | **Securities**<br> **Loaned at Value** | **Cash Collateral**<br> **Received<sup>(1)</sup>** | <br> **Net Amount** |
| <br> **Counterparty** | **Securities**<br> **Loaned at Value** | **Cash Collateral**<br> **Received<sup>(1)</sup>** | <br> **Net Amount** |
| BNP Paribas | $209912 | $(209912) | $— |
| BNP Paribas Prime Brokerage Intl Ltd | 64502 | (64502) |  |
| BofA Securities Inc | 263174 | (263174) |  |
| Canadian Imperial Bank of Commerce | 102381 | (102381) |  |
| Deutsche Bank Securities Inc. | 2033 | (2033) |  |
| HSBC Securities (USA) Inc. | 162171 | (162171) |  |
| J.P. Morgan Securities LLC | 709886 | (709886) |  |
| Jefferies LLC | 2968 | (2968) |  |
| Morgan Stanley & Co. LLC | 341722 | (341722) |  |
| MUFG Securities Americas Inc. | 194967 | (194967) |  |
| Nomura Securities International, Inc. | 198216 | (198216) |  |
| State Street Bank and Trust Company | 486087 | (486087) |  |
| Truist Securities INC | 80198 | (80198) |  |
| Total | $2818217 | $(2818217) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $2,907,164 has been pledged by the counterparty and received in
connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown
for financial reporting purposes.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

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

**JPMorgan Mid Cap Value**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Janney Montgomery Scott LLC | $1049529 | $(1049529) | $— |
| Total | $1049529 | $(1049529) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $1,073,876 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.

**T. Rowe Price Diversified Mid Cap Growth**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Capital Inc. | $1478283 | $(1478283) | $— |
| BMO Capital Markets Corp | 519682 | (519682) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 1599128 | (1599128) |  |
| BNP Paribas Securities Corp. | 461732 | (461732) |  |
| BofA Securities Inc | 1935532 | (1935532) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Citadel Clearing LLC | $95384 | $(95384) | $— |
| Citigroup Global Markets Inc. | 864141 | (864141) |  |
| Goldman, Sachs &Co. LLC | 1719402 | (1719402) |  |
| Jefferies LLC | 193310 | (193310) |  |
| Mirae Asset Securities (USA) Inc. | 6407 | (6407) |  |
| National Financial Services LLC | 367919 | (367919) |  |
| Nomura Securities International, Inc. | 228598 | (228598) |  |
| Scotia Capital (USA) INC | 160995 | (160995) |  |
| State Street Bank and Trust Company | 2109143 | (2109143) |  |
| Wells Fargo Securities LLC | 899142 | (899142) |  |
| Total | $12638798 | $(12638798) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $12,851,649 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 foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydowns, straddle loss deferrals and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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 11 — FEDERAL INCOME TAXES (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Return of**<br>**Capital** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Return of**<br>**Capital** |
| Global Bond | $253650 | $— | $4241819 | $3218958 | $— | $968512 |
| Global Insights | 1611455 | 655294389 |  | 460274 | 125580792 |  |
| International High Dividend Low Volatility | 13986902 |  |  | 13976065 |  |  |
| American Century Small-Mid Cap Value | 6577473 | 7350283 |  | 9477566 | 35002895 |  |
| Baron Growth |  | 20917883 |  |  | 28695083 |  |
| Columbia Contrarian Core | 181628 | 1508339 |  | 911414 | 18591081 |  |
| Columbia Small Cap Value II | 2432671 | 11642375 |  | 930381 | 10773302 |  |
| Invesco Comstock | 4467569 | 20560265 |  | 6034657 | 30519073 |  |
| Invesco Equity and Income | 17692684 | 66208026 |  | 20952329 | 57341983 |  |
| JPMorgan Mid Cap Value | 2450509 | 14857607 |  | 3219512 | 31042551 |  |
| T. Rowe Price Diversified Mid Cap Growth |  | 112345473 |  | 9521 | 1459416 |  |
| T. Rowe Price Growth Equity | 4168009 | 150764393 |  |  | 24334095 |  |

---

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** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Global Bond | $— | $— | $(6770635) | $(2912787) | Short-term | $— | $(28058914) |
|  |  |  |  | (18375492) | Long-term |  |  |
|  |  |  |  | $(21288279) |  |  |  |
| Global Insights | 32718640 | 54816325 | 110073418 |  |  | (1294085) | 196314298 |
| International High Dividend Low Volatility | 12365539 | 5768975 | 22535210 |  |  |  | 40669724 |
| American Century Small-Mid Cap Value | 10710487 | 14484606 | 5227537 |  |  |  | 30422630 |
| Baron Growth | 990859 | 73282447 | 351643364 |  |  |  | 425916670 |
| Columbia Contrarian Core | 317978 | 6368650 | 19907798 |  |  |  | 26594426 |
| Columbia Small Cap Value II | 4592465 | 19086192 | 17014740 |  |  |  | 40693397 |
| Invesco Comstock | 1217157 | 27679128 | 38373687 |  |  |  | 67269972 |
| Invesco Equity and Income | 8094969 | 120775610 | 48207418 |  |  |  | 177077997 |
| JPMorgan Mid Cap Value | 43811 | 34420725 | 82077743 |  |  |  | 116542279 |
| T. Rowe Price Diversified Mid Cap Growth | 13942703 | 116495714 | 271490356 |  |  |  | 401928773 |
| T. Rowe Price Growth Equity |  | 286198103 | 543144555 |  |  |  | 829342658 |

---

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.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

**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 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 Portfolios' performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

**NOTE 14 — SUBSEQUENT EVENTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per Share Amounts** | **Per Share Amounts** | **Per Share Amounts** | | |
|  | **Net Investment**<br>**Income** | **Short-term Capital**<br>**Gains** | **Long-term Capital**<br>**Gains** | <br>**Payable Date** | <br>**Record Date** |
| **Global Bond** |  |  |  |  |  |
| Class ADV | $0.0234 | $— | $— | August 1, 2025 | Daily |
| Class I | $0.0274 | $— | $— | August 1, 2025 | Daily |
| Class S | $0.0256 | $— | $— | August 1, 2025 | Daily |
| **Global Insights** |  |  |  |  |  |
| Class ADV | $0.0003 | $0.2586 | $0.4894 | August 4, 2025 | August 1, 2025 |
| Class I | $0.0411 | $0.2586 | $0.4894 | August 4, 2025 | August 1, 2025 |
| Class S | $0.0163 | $0.2586 | $0.4894 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.0129 | $0.2586 | $0.4894 | August 4, 2025 | August 1, 2025 |
| **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** |
| Class ADV | $0.4594 | $— | $0.2220 | August 4, 2025 | August 1, 2025 |
| Class I | $0.4977 | $— | $0.2220 | August 4, 2025 | August 1, 2025 |
| Class S | $0.4671 | $— | $0.2220 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.4061 | $— | $0.2220 | August 4, 2025 | August 1, 2025 |
| **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** |
| Class ADV | $0.1803 | $0.2159 | $0.5835 | August 4, 2025 | August 1, 2025 |
| Class I | $0.2387 | $0.2159 | $0.5835 | August 4, 2025 | August 1, 2025 |
| Class S | $0.2072 | $0.2159 | $0.5835 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.1905 | $0.2159 | $0.5835 | August 4, 2025 | August 1, 2025 |
| **Baron Growth** |  |  |  |  |  |
| Class ADV | $0.0107 | $— | $4.6673 | August 4, 2025 | August 1, 2025 |
| Class I | $0.1267 | $— | $4.6673 | August 4, 2025 | August 1, 2025 |
| Class R6 | $0.1323 | $— | $4.6673 | August 4, 2025 | August 1, 2025 |
| Class S | $0.0610 | $— | $4.6673 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.0430 | $— | $4.6673 | August 4, 2025 | August 1, 2025 |
| **Columbia Contrarian Core** |  |  |  |  |  |
| Class ADV | $0.0189 | $0.0298 | $1.3549 | August 4, 2025 | August 1, 2025 |
| Class I | $0.1001 | $0.0298 | $1.3549 | August 4, 2025 | August 1, 2025 |
| Class S | $0.0543 | $0.0298 | $1.3549 | August 4, 2025 | August 1, 2025 |
| **Columbia Small Cap Value II** |  |  |  |  |  |
| Class ADV | $0.2476 | $0.4671 | $3.1271 | August 4, 2025 | August 1, 2025 |
| Class I | $0.3214 | $0.4671 | $3.1271 | August 4, 2025 | August 1, 2025 |
| Class R6 | $0.3449 | $0.4671 | $3.1271 | August 4, 2025 | August 1, 2025 |
| Class S | $0.2796 | $0.4671 | $3.1271 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2746 | $0.4671 | $3.1271 | August 4, 2025 | August 1, 2025 |
| **Invesco Comstock** |  |  |  |  |  |
| Class ADV | $0.0690 | $0.0434 | $2.5530 | August 4, 2025 | August 1, 2025 |
| Class I | $0.0690 | $0.0434 | $2.5530 | August 4, 2025 | August 1, 2025 |
| Class S | $0.0690 | $0.0434 | $2.5530 | August 4, 2025 | August 1, 2025 |
| **Invesco Equity and Income** |  |  |  |  |  |
| Class ADV | $0.0756 | $0.7150 | $11.7937 | August 4, 2025 | August 1, 2025 |
| Class I | $0.0756 | $0.7150 | $11.7937 | August 4, 2025 | August 1, 2025 |
| Class S | $0.0756 | $0.7150 | $11.7937 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.0756 | $0.7150 | $11.7937 | August 4, 2025 | August 1, 2025 |
| **JPMorgan Mid Cap Value** |  |  |  |  |  |
| Class ADV | $0.0029 | $— | $2.2709 | August 4, 2025 | August 1, 2025 |
| Class I | $0.0029 | $— | $2.2709 | August 4, 2025 | August 1, 2025 |

---

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) (CONTINUED)

**NOTE 14 — SUBSEQUENT EVENTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S | $0.0029 | $— | $2.2709 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.0029 | $— | $2.2709 | August 4, 2025 | August 1, 2025 |
| **T. Rowe Price Diversified Mid Cap Growth** |  |  |  |  |  |
| Class ADV | $— | $0.1741 | $1.4546 | August 4, 2025 | August 1, 2025 |
| Class I | $— | $0.1741 | $1.4546 | August 4, 2025 | August 1, 2025 |
| Class R6 | $— | $0.1741 | $1.4546 | August 4, 2025 | August 1, 2025 |
| Class S | $— | $0.1741 | $1.4546 | August 4, 2025 | August 1, 2025 |
| Class S2 | $— | $0.1741 | $1.4546 | August 4, 2025 | August 1, 2025 |
| **T. Rowe Price Growth Equity** |  |  |  |  |  |
| Class ADV | $— | $— | $20.3961 | August 4, 2025 | August 1, 2025 |
| Class I | $— | $— | $20.3961 | August 4, 2025 | August 1, 2025 |
| Class S | $— | $— | $20.3961 | August 4, 2025 | August 1, 2025 |
| Class S2 | $— | $— | $20.3961 | August 4, 2025 | August 1, 2025 |

---

Reorganization: On May 15, 2025, the Board approved a proposal to reorganize T. Rowe Price Growth Equity (the "Merging Portfolio") with and into Voya Large Cap Growth Portfolio, a series of Voya Investors Trust (the "Reorganization"), which is not included in this report. The proposed Reorganization is scheduled to be voted on by the shareholders of the Merging Portfolio at a shareholder meeting held on or about October 14, 2025. If the shareholder approval is obtained, the Reorganization will take place on or about close of business November 21, 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.

<u>Voya Global 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: 16.4%** | **CORPORATE BONDS/NOTES: 16.4%** | | |
|  | **Australia: 0.2%** | **Australia: 0.2%** | **Australia: 0.2%** |
| 27000 | BHP Billiton Finance USA Ltd., 5.125%, 02/21/2032 | $27665 | 0.1 |
| 24000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030 | 24886 | 0.0 |
| 8000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033 | 8196 | 0.0 |
| 37000 <sup>(1)</sup> | CSL Finance PLC, 4.050%, 04/27/2029 | 36699 | 0.1 |
| 23000 | Rio Tinto Finance USA PLC, 5.000%, 03/14/2032 | 23414 | 0.0 |
| 24000 | Woodside Finance Ltd., 5.400%, 05/19/2030 | 24351 | 0.0 |
| 23000 | Woodside Finance Ltd., 5.700%, 05/19/2032 | 23428 | 0.0 |
| 21000 | Woodside Finance Ltd., 6.000%, 05/19/2035 | 21446 | 0.0 |
|  |  | **190085** | **0.2** |
|  | **Belgium: 0.0%** |  |  |
| 16000 | Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038 | 14939 | 0.0 |
|  | **Canada: 0.7%** |  |  |
| 20000 <sup>(2)</sup> | Algonquin Power & Utilities Corp., 5.365%, 06/15/2026 | 20111 | 0.0 |
| 52000 <sup>(2)(3)</sup> | Bank of Montreal, 4.640%, 09/10/2030 | 52444 | 0.1 |
| 36000 | Bank of Montreal, 5.511%, 06/04/2031 | 37655 | 0.1 |
| 27000 <sup>(2)</sup> | Bank of Nova Scotia, 4.740%, 11/10/2032 | 26991 | 0.0 |
| 21000 | Bank of Nova Scotia, 4.850%, 02/01/2030 | 21405 | 0.0 |
| 20000 <sup>(2)</sup> | Bank of Nova Scotia, 5.130%, 02/14/2031 | 20374 | 0.0 |
| 22000 | Brookfield Asset Management Ltd., 5.795%, 04/24/2035 | 22584 | 0.0 |
| 24000 <sup>(1)</sup> | Canadian Natural Resources Ltd., 5.400%, 12/15/2034 | 23858 | 0.0 |
| 17000 | Canadian Pacific Railway Co., 2.875%, 11/15/2029 | 15980 | 0.0 |
| 31000 <sup>(1)</sup> | Constellation Software, Inc./Canada, 5.158%, 02/16/2029 | 31544 | 0.1 |
| 54000 <sup>(1)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | 54860 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Canada: (continued)** |  |  |
| 177000 | Fortis, Inc./Canada, 3.055%, 10/04/2026 | $173902 | 0.2 |
| 1000 | Nutrien Ltd., 5.875%, 12/01/2036 | 1041 | 0.0 |
| 15000 | Nutrien Ltd., 5.950%, 11/07/2025 | 15076 | 0.0 |
| 32000 <sup>(2)</sup> | Royal Bank of Canada, 4.650%, 10/18/2030 | 32064 | 0.1 |
| 16000 <sup>(2)</sup> | Royal Bank of Canada, 4.969%, 08/02/2030 | 16228 | 0.0 |
| 26000 <sup>(2)(3)</sup> | Royal Bank of Canada, 4.970%, 05/02/2031 | 26398 | 0.0 |
| 17000 <sup>(2)</sup> | Royal Bank of Canada, 5.153%, 02/04/2031 | 17356 | 0.0 |
| 29000 | Royal Bank of Canada, 5.200%, 08/01/2028 | 29842 | 0.0 |
| 23000 | Toronto-Dominion Bank, 5.298%, 01/30/2032 | 23617 | 0.0 |
| 29000 | Toronto-Dominion Bank, 5.523%, 07/17/2028 | 30005 | 0.0 |
| 26000 <sup>(2)</sup> | TransCanada PipeLines Ltd., 7.000%, 06/01/2065 | 26042 | 0.0 |
|  |  | **719377** | **0.7** |
|  | **Germany: 0.0%** |  |  |
| 11000 <sup>(1)</sup> | BMW US Capital LLC, 5.050%, 03/21/2030 | 11205 | 0.0 |
|  | **Japan: 0.3%** |  |  |
| 44000 | Honda Motor Co. Ltd., 4.688%, 07/08/2030 | 44085 | 0.0 |
| 67000 | Honda Motor Co. Ltd., 5.337%, 07/08/2035 | 67197 | 0.1 |
| 200000 <sup>(2)</sup> | Sumitomo Mitsui Financial Group, Inc., 6.450%, 12/31/2199 | 196461 | 0.2 |
| 41000 | Toyota Motor Corp., 4.450%, 06/30/2030 | 41181 | 0.0 |
|  |  | **348924** | **0.3** |
|  | **Norway: 0.0%** |  |  |
| 39000 | Equinor ASA, 4.500%, 09/03/2030 | 39293 | 0.0 |
|  | **United Kingdom: 0.3%** |  |  |
| 43000 | Astrazeneca Finance LLC, 4.900%, 02/26/2031 | 44201 | 0.1 |
| 11000 | BAT Capital Corp., 4.390%, 08/15/2037 | 9842 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global 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)** | | |
|  | **United Kingdom: (continued)** |  |  |
| 10000 | BAT Capital Corp., 5.834%, 02/20/2031 | $10527 | 0.0 |
| 21000 | GlaxoSmithKline Capital, Inc., 4.875%, 04/15/2035 | 20989 | 0.0 |
| 12000 | National Grid PLC, 5.418%, 01/11/2034 | 12336 | 0.0 |
| 200000 <sup>(1)</sup> | Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027 | 195609 | 0.2 |
|  |  | **293504** | **0.3** |
|  | **United States: 14.9%** |  |  |
| 15000 | 3M Co., 5.150%, 03/15/2035 | 15141 | 0.0 |
| 14000 | AbbVie, Inc., 4.050%, 11/21/2039 | 12278 | 0.0 |
| 17000 | AbbVie, Inc., 4.650%, 03/15/2028 | 17260 | 0.0 |
| 43000 | AbbVie, Inc., 4.950%, 03/15/2031 | 44159 | 0.1 |
| 9000 | AbbVie, Inc., 5.050%, 03/15/2034 | 9167 | 0.0 |
| 56000 | Accenture Capital, Inc., 4.250%, 10/04/2031 | 55492 | 0.1 |
| 32000 | Adobe, Inc., 4.950%, 01/17/2030 | 33065 | 0.0 |
| 9000 | Adobe, Inc., 4.950%, 04/04/2034 | 9187 | 0.0 |
| 153000 <sup>(1)</sup> | AEP Texas, Inc., 3.850%, 10/01/2025 | 152553 | 0.2 |
| 45000 | AEP Texas, Inc., 5.450%, 05/15/2029 | 46469 | 0.1 |
| 6000 | AEP Transmission Co. LLC, 5.150%, 04/01/2034 | 6080 | 0.0 |
| 48000 | AES Corp., 2.450%, 01/15/2031 | 41988 | 0.1 |
| 33000 | AES Corp., 5.450%, 06/01/2028 | 33731 | 0.0 |
| 27000 | AES Corp., 5.800%, 03/15/2032 | 27427 | 0.0 |
| 25000 | AGCO Corp., 5.450%, 03/21/2027 | 25318 | 0.0 |
| 24000 | Air Lease Corp., 5.200%, 07/15/2031 | 24538 | 0.0 |
| 5000 | Alabama Power Co., 5.850%, 11/15/2033 | 5336 | 0.0 |
| 22000 | Alphabet, Inc., 4.500%, 05/15/2035 | 21720 | 0.0 |
| 27000 | Altria Group, Inc., 6.200%, 11/01/2028 | 28511 | 0.0 |
| 14000 | Amcor Group Finance PLC, 5.450%, 05/23/2029 | 14404 | 0.0 |
| 36000 | Ameren Corp., 5.000%, 01/15/2029 | 36666 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **United States: (continued)** |  |  |
| 108243 | American Airlines Pass Through Trust 2021-1, A, 2.875%, 01/11/2036 | $95584 | 0.1 |
| 6000 <sup>(3)</sup> | American Electric Power Co., Inc., 5.625%, 03/01/2033 | 6240 | 0.0 |
| 30000 <sup>(2)</sup> | American Express Co., 5.098%, 02/16/2028 | 30351 | 0.0 |
| 35000 <sup>(2)</sup> | American Express Co., 5.532%, 04/25/2030 | 36392 | 0.1 |
| 7000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | 6463 | 0.0 |
| 19000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 | 19328 | 0.0 |
| 43000 | American Honda Finance Corp., 4.700%, 01/12/2028 | 43426 | 0.1 |
| 28000 | American Honda Finance Corp., 4.850%, 10/23/2031 | 28090 | 0.0 |
| 20000 | American Honda Finance Corp., 5.650%, 11/15/2028 | 20797 | 0.0 |
| 36000 | American International Group, Inc., 3.400%, 06/30/2030 | 34253 | 0.1 |
| 29000 <sup>(1)</sup> | American National Global Funding, 5.250%, 06/03/2030 | 29160 | 0.0 |
| 205000 | American Tower Corp., 2.750%, 01/15/2027 | 200198 | 0.2 |
| 29000 | American Tower Corp., 3.650%, 03/15/2027 | 28655 | 0.0 |
| 19000 <sup>(1)</sup> | American Transmission Systems, Inc., 2.650%, 01/15/2032 | 16730 | 0.0 |
| 17000 | Ameriprise Financial, Inc., 5.200%, 04/15/2035 | 17132 | 0.0 |
| 22000 | Ameriprise Financial, Inc., 5.700%, 12/15/2028 | 23063 | 0.0 |
| 13000 | Aon North America, Inc., 5.125%, 03/01/2027 | 13159 | 0.0 |
| 37000 | Aon North America, Inc., 5.150%, 03/01/2029 | 37904 | 0.1 |
| 38000 | AppLovin Corp., 5.125%, 12/01/2029 | 38506 | 0.1 |
| 27000 | AppLovin Corp., 5.375%, 12/01/2031 | 27486 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global 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)** | | |
|  | **United States: (continued)** |  |  |
| 36000 | Arrow Electronics, Inc., 5.150%, 08/21/2029 | $36568 | 0.1 |
| 20000 | AT&T, Inc., 6.050%, 08/15/2056 | 20425 | 0.0 |
| 46000 <sup>(1)</sup> | Athene Global Funding, 5.322%, 11/13/2031 | 46401 | 0.1 |
| 89000 <sup>(1)</sup> | Athene Global Funding, 5.684%, 02/23/2026 | 89627 | 0.1 |
| 25000 | Automatic Data Processing, Inc., 4.750%, 05/08/2032 | 25371 | 0.0 |
| 13000 | AutoZone, Inc., 6.250%, 11/01/2028 | 13780 | 0.0 |
| 26000 | Avnet, Inc., 6.250%, 03/15/2028 | 27032 | 0.0 |
| 153000 <sup>(2)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 148744 | 0.2 |
| 43000 <sup>(2)</sup> | Bank of America Corp., 2.087%, 06/14/2029 | 40312 | 0.1 |
| 95000 <sup>(2)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 82810 | 0.1 |
| 32000 <sup>(2)</sup> | Bank of America Corp., 2.572%, 10/20/2032 | 28212 | 0.0 |
| 55000 <sup>(2)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 50296 | 0.1 |
| 99000 <sup>(2)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | 88873 | 0.1 |
| 40000 <sup>(2)</sup> | Bank of America Corp., 2.884%, 10/22/2030 | 37448 | 0.1 |
| 71000 <sup>(2)</sup> | Bank of America Corp., 2.972%, 02/04/2033 | 63598 | 0.1 |
| 25000 <sup>(2)</sup> | Bank of America Corp., 3.194%, 07/23/2030 | 23802 | 0.0 |
| 49000 <sup>(2)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 47906 | 0.1 |
| 40000 <sup>(2)</sup> | Bank of America Corp., 3.593%, 07/21/2028 | 39394 | 0.1 |
| 10000 <sup>(2)</sup> | Bank of America Corp., 3.970%, 03/05/2029 | 9891 | 0.0 |
| 19000 <sup>(2)</sup> | Bank of America Corp., 5.464%, 05/09/2036 | 19490 | 0.0 |
| 11000 <sup>(2)</sup> | Bank of America Corp., 5.511%, 01/24/2036 | 11315 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **United States: (continued)** | | |
| 37000 <sup>(2)</sup> | Bank of America Corp., 5.518%, 10/25/2035 | $37017 | 0.1 |
| 41000 <sup>(2)</sup> | Bank of America Corp., 5.744%, 02/12/2036 | 41682 | 0.1 |
| 22000 <sup>(2)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 23224 | 0.0 |
| 6000 <sup>(2)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 | 6127 | 0.0 |
| 42000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | 42422 | 0.1 |
| 230000 | Berry Global, Inc., 1.650%, 01/15/2027 | 220686 | 0.2 |
| 6000 | Black Hills Corp., 6.000%, 01/15/2035 | 6227 | 0.0 |
| 26000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | 21901 | 0.0 |
| 8000 | Boeing Co., 5.705%, 05/01/2040 | 7909 | 0.0 |
| 56000 <sup>(1)</sup> | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | 54339 | 0.1 |
| 27000 <sup>(1)(3)</sup> | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 | 25960 | 0.0 |
| 6000 <sup>(3)</sup> | BorgWarner, Inc., 5.400%, 08/15/2034 | 6071 | 0.0 |
| 15000 <sup>(1)</sup> | Boston Gas Co., 5.843%, 01/10/2035 | 15602 | 0.0 |
| 5000 | BP Capital Markets America, Inc., 4.893%, 09/11/2033 | 5014 | 0.0 |
| 2000 | BP Capital Markets America, Inc., 4.989%, 04/10/2034 | 2013 | 0.0 |
| 22000 | BP Capital Markets America, Inc., 5.227%, 11/17/2034 | 22395 | 0.0 |
| 20000 <sup>(2)</sup> | BP Capital Markets PLC, 6.125%, 12/31/2199 | 20017 | 0.0 |
| 18000 | Bristol-Myers Squibb Co., 5.100%, 02/22/2031 | 18648 | 0.0 |
| 31000 <sup>(1)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 25712 | 0.0 |
| 14000 | Broadcom, Inc., 4.800%, 10/15/2034 | 13837 | 0.0 |
| 31000 <sup>(1)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 30102 | 0.0 |
| 17000 | Broadcom, Inc., 5.050%, 04/15/2030 | 17420 | 0.0 |
| 8000 | Broadcom, Inc., 5.200%, 04/15/2032 | 8230 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global 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)** | | |
|  | **United States: (continued)** |  |  |
| 28000 | Brown & Brown, Inc., 4.900%, 06/23/2030 | $28276 | 0.0 |
| 20000 | Bunge Ltd. Finance Corp., 4.200%, 09/17/2029 | 19783 | 0.0 |
| 28000 | Cadence Design Systems, Inc., 4.300%, 09/10/2029 | 28011 | 0.0 |
| 33000 | Camden Property Trust, 5.850%, 11/03/2026 | 33672 | 0.0 |
| 34000 | Campbell Soup Co., 5.200%, 03/21/2029 | 34827 | 0.1 |
| 36000 | Cardinal Health, Inc., 4.700%, 11/15/2026 | 36199 | 0.1 |
| 2000 | Cardinal Health, Inc., 5.450%, 02/15/2034 | 2059 | 0.0 |
| 16000 <sup>(1)</sup> | Cargill, Inc., 1.700%, 02/02/2031 | 13853 | 0.0 |
| 16000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 04/23/2030 | 14528 | 0.0 |
| 23000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 11/10/2031 | 20013 | 0.0 |
| 11000 <sup>(1)</sup> | Cargill, Inc., 5.125%, 02/11/2035 | 11087 | 0.0 |
| 5000 | Carrier Global Corp., 2.722%, 02/15/2030 | 4648 | 0.0 |
| 2000 | Carrier Global Corp., 5.900%, 03/15/2034 | 2131 | 0.0 |
| 16000 <sup>(3)</sup> | Caterpillar Financial Services Corp., 4.375%, 08/16/2029 | 16129 | 0.0 |
| 21000 | Caterpillar, Inc., 5.200%, 05/15/2035 | 21417 | 0.0 |
| 16000 | CDW LLC / CDW Finance Corp., 5.100%, 03/01/2030 | 16125 | 0.0 |
| 10000 | Cencora, Inc., 5.125%, 02/15/2034 | 10085 | 0.0 |
| 6000 | Centene Corp., 2.450%, 07/15/2028 | 5576 | 0.0 |
| 52000 | Centene Corp., 3.000%, 10/15/2030 | 46497 | 0.1 |
| 15000 <sup>(3)</sup> | CenterPoint Energy, Inc., 5.400%, 06/01/2029 | 15512 | 0.0 |
| 36000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029 | 33162 | 0.0 |
| 45000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | 47125 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **United States: (continued)** |  |  |
| 10000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034 | $10674 | 0.0 |
| 19000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 | 18803 | 0.0 |
| 135000 | Cigna Group, 2.375%, 03/15/2031 | 120060 | 0.1 |
| 9000 <sup>(3)</sup> | Cigna Group, 5.250%, 02/15/2034 | 9147 | 0.0 |
| 6000 | Cigna Group, 5.400%, 03/15/2033 | 6203 | 0.0 |
| 29000 | Cisco Systems, Inc., 4.950%, 02/26/2031 | 29841 | 0.0 |
| 38000 | Cisco Systems, Inc., 4.950%, 02/24/2032 | 38966 | 0.1 |
| 10000 | Cisco Systems, Inc., 5.050%, 02/26/2034 | 10240 | 0.0 |
| 10000 <sup>(3)</sup> | Cisco Systems, Inc., 5.100%, 02/24/2035 | 10240 | 0.0 |
| 265000 <sup>(1)</sup> | Cleveland Electric Illuminating Co., 3.500%, 04/01/2028 | 257884 | 0.3 |
| 45000 | CME Group, Inc., 4.400%, 03/15/2030 | 45329 | 0.1 |
| 40000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 40843 | 0.1 |
| 47000 | CNH Industrial Capital LLC, 5.500%, 01/12/2029 | 48517 | 0.1 |
| 45000 <sup>(1)</sup> | CNO Global Funding, 5.875%, 06/04/2027 | 46237 | 0.1 |
| 30000 | Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029 | 30927 | 0.0 |
| 17000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 5.097%, 10/01/2031 | 17085 | 0.0 |
| 57000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 | 59369 | 0.1 |
| 12000 <sup>(3)</sup> | Comcast Corp., 1.500%, 02/15/2031 | 10249 | 0.0 |
| 12000 | Comcast Corp., 1.950%, 01/15/2031 | 10522 | 0.0 |
| 27000 | Comcast Corp., 4.250%, 01/15/2033 | 26098 | 0.0 |
| 6000 | Comcast Corp., 5.300%, 06/01/2034 | 6148 | 0.0 |
| 20000 <sup>(3)</sup> | Comcast Corp., 5.300%, 05/15/2035 | 20386 | 0.0 |
| 34000 <sup>(1)</sup> | Corebridge Financial, Inc., 3.650%, 04/05/2027 | 33564 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global 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)** | | |
|  | **United States: (continued)** |  |  |
| 11000 | Corebridge Financial, Inc., 3.900%, 04/05/2032 | $10332 | 0.0 |
| 6000 | Corebridge Financial, Inc., 5.750%, 01/15/2034 | 6238 | 0.0 |
| 21000 | Corebridge Financial, Inc., 6.050%, 09/15/2033 | 22118 | 0.0 |
| 20000 | Crown Castle, Inc., 2.900%, 03/15/2027 | 19464 | 0.0 |
| 34000 | Crown Castle, Inc., 3.300%, 07/01/2030 | 31843 | 0.0 |
| 12000 | Crown Castle, Inc., 4.800%, 09/01/2028 | 12077 | 0.0 |
| 36000 | Crown Castle, Inc., 4.900%, 09/01/2029 | 36342 | 0.1 |
| 21000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 21684 | 0.0 |
| 8000 | Crown Castle, Inc., 5.800%, 03/01/2034 | 8288 | 0.0 |
| 3000 | CVS Health Corp., 4.780%, 03/25/2038 | 2755 | 0.0 |
| 10000 | CVS Health Corp., 5.125%, 02/21/2030 | 10184 | 0.0 |
| 38000 | Deere & Co., 3.100%, 04/15/2030 | 36164 | 0.1 |
| 118000 | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | 119135 | 0.1 |
| 20000 | Delta Air Lines, Inc., 5.250%, 07/10/2030 | 20142 | 0.0 |
| 16000 <sup>(3)</sup> | Devon Energy Corp., 5.200%, 09/15/2034 | 15548 | 0.0 |
| 34000 | Discovery Communications LLC, 3.625%, 05/15/2030 | 27700 | 0.0 |
| 19000 | Dollar General Corp., 3.500%, 04/03/2030 | 18040 | 0.0 |
| 15000 | DTE Energy Co., 4.950%, 07/01/2027 | 15179 | 0.0 |
| 71000 | DTE Energy Co., 5.100%, 03/01/2029 | 72425 | 0.1 |
| 27000 | DTE Energy Co., 5.200%, 04/01/2030 | 27642 | 0.0 |
| 19000 | Duke Energy Florida LLC, 2.400%, 12/15/2031 | 16822 | 0.0 |
| 4000 | Duke Energy Florida LLC, 5.875%, 11/15/2033 | 4266 | 0.0 |
| 3000 | Duke Energy Ohio, Inc., 5.250%, 04/01/2033 | 3096 | 0.0 |
| 18000 | Elevance Health, Inc., 4.900%, 02/08/2026 | 18001 | 0.0 |
| 24000 | Elevance Health, Inc., 4.950%, 11/01/2031 | 24349 | 0.0 |
| 11000 | Elevance Health, Inc., 5.200%, 02/15/2035 | 11121 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **United States: (continued)** |  |  |
| 6000 | Eli Lilly & Co., 4.700%, 02/09/2034 | $5999 | 0.0 |
| 34000 | Energy Transfer L.P., 3.750%, 05/15/2030 | 32635 | 0.0 |
| 19000 | Energy Transfer L.P., 5.200%, 04/01/2030 | 19431 | 0.0 |
| 9000 | Entergy Mississippi LLC, 5.000%, 09/01/2033 | 9019 | 0.0 |
| 8000 <sup>(3)</sup> | Enterprise Products Operating LLC, 4.950%, 02/15/2035 | 7976 | 0.0 |
| 40000 | EOG Resources, Inc., 5.000%, 07/15/2032 | 40505 | 0.1 |
| 34000 | Equifax, Inc., 3.100%, 05/15/2030 | 31821 | 0.0 |
| 39000 <sup>(1)</sup> | Equitable Financial Life Global Funding, 5.000%, 03/27/2030 | 39610 | 0.1 |
| 132000 | Essential Utilities, Inc., 2.704%, 04/15/2030 | 121696 | 0.1 |
| 5000 | Essential Utilities, Inc., 5.375%, 01/15/2034 | 5071 | 0.0 |
| 8000 | Evergy Kansas Central, Inc., 5.250%, 03/15/2035 | 8098 | 0.0 |
| 3000 | Evergy Kansas Central, Inc., 5.900%, 11/15/2033 | 3182 | 0.0 |
| 34000 | Eversource Energy, 2.550%, 03/15/2031 | 30246 | 0.0 |
| 51000 | Eversource Energy, 2.900%, 03/01/2027 | 49775 | 0.1 |
| 6000 | Eversource Energy, 5.125%, 05/15/2033 | 6008 | 0.0 |
| 30000 | Eversource Energy, 5.450%, 03/01/2028 | 30787 | 0.0 |
| 6000 | Eversource Energy, 5.500%, 01/01/2034 | 6114 | 0.0 |
| 28000 | Eversource Energy, 5.950%, 02/01/2029 | 29255 | 0.0 |
| 48000 <sup>(3)</sup> | Eversource Energy U, 1.400%, 08/15/2026 | 46434 | 0.1 |
| 49000 | Exelon Corp., 5.150%, 03/15/2028 | 50100 | 0.1 |
| 19000 | Exelon Corp., 5.150%, 03/15/2029 | 19501 | 0.0 |
| 23000 | Extra Space Storage L.P., 2.350%, 03/15/2032 | 19528 | 0.0 |
| 35000 | Extra Space Storage L.P., 3.900%, 04/01/2029 | 34286 | 0.1 |
| 8000 | Extra Space Storage L.P., 5.350%, 01/15/2035 | 8058 | 0.0 |
| 11000 | Exxon Mobil Corp., 2.995%, 08/16/2039 | 8574 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global 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)** | | |
|  | **United States: (continued)** |  |  |
| 11000 <sup>(2)</sup> | First Citizens BancShares, Inc., 6.254%, 03/12/2040 | $10973 | 0.0 |
| 45000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | 44510 | 0.1 |
| 32000 | Fiserv, Inc., 5.150%, 03/15/2027 | 32432 | 0.0 |
| 6000 | Fiserv, Inc., 5.150%, 08/12/2034 | 6025 | 0.0 |
| 20000 | Flex Ltd., 5.250%, 01/15/2032 | 20245 | 0.0 |
| 17000 | Florida Power & Light Co., 4.625%, 05/15/2030 | 17232 | 0.0 |
| 17000 | Florida Power & Light Co., 5.300%, 06/15/2034 | 17531 | 0.0 |
| 34000 | Fortune Brands Innovations, Inc., 3.250%, 09/15/2029 | 32260 | 0.0 |
| 6000 <sup>(3)</sup> | Fortune Brands Innovations, Inc., 5.875%, 06/01/2033 | 6301 | 0.0 |
| 19000 | GATX Corp., 4.000%, 06/30/2030 | 18496 | 0.0 |
| 73000 | General Mills, Inc., 2.875%, 04/15/2030 | 67938 | 0.1 |
| 38000 | General Motors Financial Co., Inc., 2.350%, 01/08/2031 | 32930 | 0.0 |
| 36000 <sup>(3)</sup> | General Motors Financial Co., Inc., 4.900%, 10/06/2029 | 35953 | 0.1 |
| 202000 | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | 202387 | 0.2 |
| 37000 | General Motors Financial Co., Inc., 5.450%, 07/15/2030 | 37535 | 0.1 |
| 70000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 71532 | 0.1 |
| 38000 | General Motors Financial Co., Inc., 5.900%, 01/07/2035 | 38224 | 0.1 |
| 5000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | 5149 | 0.0 |
| 16000 | Genuine Parts Co., 4.950%, 08/15/2029 | 16252 | 0.0 |
| 18000 | Georgia Power Co., 4.650%, 05/16/2028 | 18254 | 0.0 |
| 30000 <sup>(2)</sup> | Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027 | 30152 | 0.0 |
| 15000 <sup>(2)</sup> | Goldman Sachs Bank USA/New York NY, 5.414%, 05/21/2027 | 15126 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **United States: (continued)** |  |  |
| 11000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 | $10872 | 0.0 |
| 10000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 10091 | 0.0 |
| 11000 <sup>(2)(3)</sup> | Goldman Sachs Group, Inc., 5.536%, 01/28/2036 | 11285 | 0.0 |
| 20000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 20823 | 0.0 |
| 20000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 21218 | 0.0 |
| 22000 | HCA, Inc., 2.375%, 07/15/2031 | 19156 | 0.0 |
| 40000 | HCA, Inc., 3.500%, 09/01/2030 | 37838 | 0.1 |
| 95000 | HCA, Inc., 4.125%, 06/15/2029 | 93363 | 0.1 |
| 19000 | HCA, Inc., 4.500%, 02/15/2027 | 19008 | 0.0 |
| 24000 | HCA, Inc., 5.450%, 04/01/2031 | 24755 | 0.0 |
| 45000 <sup>(1)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co., 5.200%, 06/15/2029 | 45937 | 0.1 |
| 93000 | Healthpeak OP LLC, 3.000%, 01/15/2030 | 87291 | 0.1 |
| 12000 | Healthpeak OP LLC, 5.250%, 12/15/2032 | 12218 | 0.0 |
| 49000 | HEICO Corp., 5.250%, 08/01/2028 | 50287 | 0.1 |
| 49000 | Hershey Co., 4.950%, 02/24/2032 | 50111 | 0.1 |
| 48000 | Hess Corp., 4.300%, 04/01/2027 | 47908 | 0.1 |
| 36000 | Hewlett Packard Enterprise Co., 4.850%, 10/15/2031 | 35923 | 0.1 |
| 19000 | Hewlett Packard Enterprise Co., 5.000%, 10/15/2034 | 18439 | 0.0 |
| 27000 | Home Depot, Inc., 2.700%, 04/15/2030 | 25223 | 0.0 |
| 21000 | Honeywell International, Inc., 4.750%, 02/01/2032 | 21204 | 0.0 |
| 7000 | Honeywell International, Inc., 5.000%, 03/01/2035 | 7048 | 0.0 |
| 12000 | Host Hotels & Resorts L.P., 5.500%, 04/15/2035 | 11884 | 0.0 |
| 18000 | HP, Inc., 2.650%, 06/17/2031 | 15936 | 0.0 |
| 25000 | Humana, Inc., 5.375%, 04/15/2031 | 25581 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global 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)** | | |
|  | **United States: (continued)** |  |  |
| 43000 <sup>(2)</sup> | Huntington Bancshares, Inc., 6.141%, 11/18/2039 | $43886 | 0.1 |
| 34000 <sup>(3)</sup> | Huntington Ingalls Industries, Inc., 4.200%, 05/01/2030 | 33281 | 0.0 |
| 12000 | Hyatt Hotels Corp., 5.250%, 06/30/2029 | 12212 | 0.0 |
| 23000 <sup>(1)</sup> | Hyundai Capital America, 5.150%, 03/27/2030 | 23285 | 0.0 |
| 32000 <sup>(1)(3)</sup> | Hyundai Capital America, 5.400%, 03/29/2032 | 32396 | 0.0 |
| 35000 <sup>(1)</sup> | Hyundai Capital America, 5.680%, 06/26/2028 | 35931 | 0.1 |
| 90000 <sup>(1)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 93588 | 0.1 |
| 32000<sup>(1)</sup> | Hyundai Capital America, 6.500%, 01/16/2029 | 33761 | 0.0 |
| 100000 | IBM International Capital Pte Ltd., 4.750%, 02/05/2031 | 101359 | 0.1 |
| 10000 | Ingersoll Rand, Inc., 5.176%, 06/15/2029 | 10270 | 0.0 |
| 16000 | Ingersoll Rand, Inc., 5.400%, 08/14/2028 | 16498 | 0.0 |
| 2000 <sup>(3)</sup> | Ingersoll Rand, Inc., 5.450%, 06/15/2034 | 2058 | 0.0 |
| 47000 | Intel Corp., 2.450%, 11/15/2029 | 42958 | 0.1 |
| 23000 | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 20598 | 0.0 |
| 10000 | Intuit, Inc., 5.200%, 09/15/2033 | 10365 | 0.0 |
| 7000 | Invitation Homes Operating Parternship L.P., 5.500%, 08/15/2033 | 7112 | 0.0 |
| 38000 | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | 32376 | 0.0 |
| 28000 | John Deere Capital Corp., 4.400%, 09/08/2031 | 27946 | 0.0 |
| 65000 | John Deere Capital Corp., 4.700%, 06/10/2030 | 66121 | 0.1 |
| 24000 | John Deere Capital Corp., 4.850%, 06/11/2029 | 24599 | 0.0 |
| 47000 | John Deere Capital Corp., 4.900%, 03/07/2031 | 48167 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **United States: (continued)** |  |  |
| 21000 | Johnson & Johnson, 3.625%, 03/03/2037 | $18802 | 0.0 |
| 38000 | Johnson & Johnson, 4.700%, 03/01/2030 | 38904 | 0.1 |
| 6000 <sup>(3)</sup> | Johnson & Johnson, 4.950%, 06/01/2034 | 6243 | 0.0 |
| 135000 <sup>(2)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | 130278 | 0.1 |
| 99000 <sup>(2)</sup> | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 96722 | 0.1 |
| 6000 <sup>(2)</sup> | JPMorgan Chase & Co., 1.953%, 02/04/2032 | 5205 | 0.0 |
| 92000 <sup>(2)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 86306 | 0.1 |
| 7000 <sup>(2)</sup> | JPMorgan Chase & Co., 2.739%, 10/15/2030 | 6529 | 0.0 |
| 78000 <sup>(2)</sup> | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 76243 | 0.1 |
| 565000 | JPMorgan Chase & Co., 2.950%, 10/01/2026 | 556943 | 0.6 |
| 23000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 23048 | 0.0 |
| 30000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 30108 | 0.0 |
| 20000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 20370 | 0.0 |
| 5000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.140%, 01/24/2031 | 5129 | 0.0 |
| 42000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 42878 | 0.1 |
| 64000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.572%, 04/22/2036 | 66351 | 0.1 |
| 42000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 43619 | 0.1 |
| 8000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 8408 | 0.0 |
| 4000 | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | 4129 | 0.0 |
| 14000 | Kenvue, Inc., 4.850%, 05/22/2032 | 14176 | 0.0 |
| 14000 | Kenvue, Inc., 4.900%, 03/22/2033 | 14214 | 0.0 |
| 21000 | Kenvue, Inc., 5.050%, 03/22/2028 | 21510 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global 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)** | | |
|  | **United States: (continued)** |  |  |
| 6000 | Keurig Dr Pepper, Inc., 4.600%, 05/15/2030 | $6032 | 0.0 |
| 5000 <sup>(2)</sup> | KeyCorp, 4.789%, 06/01/2033 | 4877 | 0.0 |
| 5000 <sup>(2)</sup> | KeyCorp, 6.401%, 03/06/2035 | 5336 | 0.0 |
| 18000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 17983 | 0.0 |
| 5000 | KLA Corp., 4.700%, 02/01/2034 | 4981 | 0.0 |
| 11000 | Kraft Heinz Foods Co., 5.200%, 03/15/2032 | 11206 | 0.0 |
| 42000 | Kyndryl Holdings, Inc., 2.700%, 10/15/2028 | 39680 | 0.1 |
| 22000 | L3Harris Technologies, Inc., 5.050%, 06/01/2029 | 22519 | 0.0 |
| 16000 | Laboratory Corp. of America Holdings, 4.550%, 04/01/2032 | 15761 | 0.0 |
| 42000<sup>(1)(3)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 | 43228 | 0.1 |
| 19000<sup>(1)</sup> | Liberty Utilities Co., 5.869%, 01/31/2034 | 19403 | 0.0 |
| 15000<sup>(1)</sup> | Lineage OP L.P., 5.250%, 07/15/2030 | 15097 | 0.0 |
| 7000 | Lockheed Martin Corp., 4.800%, 08/15/2034 | 6981 | 0.0 |
| 6000 | Lockheed Martin Corp., 5.250%, 01/15/2033 | 6231 | 0.0 |
| 4000 | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | 4138 | 0.0 |
| 30000 | LPL Holdings, Inc., 5.150%, 06/15/2030 | 30384 | 0.0 |
| 28000 | LPL Holdings, Inc., 5.200%, 03/15/2030 | 28449 | 0.0 |
| 30000 | LPL Holdings, Inc., 5.700%, 05/20/2027 | 30580 | 0.0 |
| 23000 | Marathon Petroleum Corp., 5.700%, 03/01/2035 | 23341 | 0.0 |
| 24000 | Marriott International, Inc., 4.800%, 03/15/2030 | 24238 | 0.0 |
| 10000 | Marriott International, Inc., 5.350%, 03/15/2035 | 10087 | 0.0 |
| 18000<sup>(1)</sup> | Mars, Inc., 5.000%, 03/01/2032 | 18248 | 0.0 |
| 26000<sup>(1)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 26324 | 0.0 |
| 73000 | Marsh & McLennan Cos., Inc., 5.000%, 03/15/2035 | 73018 | 0.1 |
| 23000 | Marvell Technology, Inc., 5.750%, 02/15/2029 | 23954 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **United States: (continued)** |  |  |
| 19000 | McKesson Corp., 4.250%, 09/15/2029 | $18980 | 0.0 |
| 21000 | McKesson Corp., 4.950%, 05/30/2032 | 21290 | 0.0 |
| 17000 | McKesson Corp., 5.250%, 05/30/2035 | 17275 | 0.0 |
| 6000 | Medtronic Global Holdings SCA, 4.500%, 03/30/2033 | 5941 | 0.0 |
| 2000 <sup>(3)</sup> | Merck & Co., Inc., 4.500%, 05/17/2033 | 1996 | 0.0 |
| 34000 <sup>(3)</sup> | Meta Platforms, Inc., 4.750%, 08/15/2034 | 34171 | 0.1 |
| 27000 | Micron Technology, Inc., 5.800%, 01/15/2035 | 27935 | 0.0 |
| 11000 | Mid-America Apartments L.P., 5.300%, 02/15/2032 | 11373 | 0.0 |
| 6000 | Mohawk Industries, Inc., 5.850%, 09/18/2028 | 6234 | 0.0 |
| 48000 | Mondelez International, Inc., 2.750%, 04/13/2030 | 44592 | 0.1 |
| 9000 <sup>(1)</sup> | Monongahela Power Co., 5.850%, 02/15/2034 | 9363 | 0.0 |
| 38000 <sup>(2)</sup> | Morgan Stanley, 0.985%, 12/10/2026 | 37398 | 0.1 |
| 30000 <sup>(2)</sup> | Morgan Stanley, 1.512%, 07/20/2027 | 29108 | 0.0 |
| 494000 <sup>(2)</sup> | Morgan Stanley, 1.593%, 05/04/2027 | 482146 | 0.5 |
| 14000 <sup>(2)</sup> | Morgan Stanley, 2.484%, 09/16/2036 | 11900 | 0.0 |
| 210000 | Morgan Stanley, 3.125%, 07/27/2026 | 207429 | 0.2 |
| 21000 <sup>(2)</sup> | Morgan Stanley, 3.591%, 07/22/2028 | 20636 | 0.0 |
| 15000 <sup>(2)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 15258 | 0.0 |
| 52000 <sup>(2)</sup> | Morgan Stanley, 5.164%, 04/20/2029 | 53028 | 0.1 |
| 35000 <sup>(2)</sup> | Morgan Stanley, 5.192%, 04/17/2031 | 35888 | 0.1 |
| 26000 <sup>(2)</sup> | Morgan Stanley, 5.587%, 01/18/2036 | 26700 | 0.0 |
| 113000 <sup>(2)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 117140 | 0.1 |
| 86000 <sup>(2)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 89605 | 0.1 |
| 22000 | Motorola Solutions, Inc., 5.000%, 04/15/2029 | 22367 | 0.0 |
| 23000 | Motorola Solutions, Inc., 5.550%, 08/15/2035 | 23460 | 0.0 |
| 23000 | MPLX L.P., 2.650%, 08/15/2030 | 20825 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global 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)** | | |
|  | **United States: (continued)** |  |  |
| 5000 | MPLX L.P., 5.500%, 06/01/2034 | $5023 | 0.0 |
| 20000 | National Rural Utilities Cooperative Finance Corp., 1.650%, 06/15/2031 | 17026 | 0.0 |
| 267000 | National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028 | 264131 | 0.3 |
| 11000 | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | 10553 | 0.0 |
| 15000 | National Rural Utilities Cooperative Finance Corp., 5.000%, 08/15/2034 | 15104 | 0.0 |
| 16000 | NetApp, Inc., 5.500%, 03/17/2032 | 16486 | 0.0 |
| 19000 | NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032 | 19588 | 0.0 |
| 19000 <sup>(2)</sup> | NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055 | 19449 | 0.0 |
| 16000 <sup>(2)</sup> | NextEra Energy Capital Holdings, Inc., 6.500%, 08/15/2055 | 16395 | 0.0 |
| 24000 | NiSource, Inc., 5.850%, 04/01/2055 | 23773 | 0.0 |
| 26000 | NNN REIT, Inc., 4.600%, 02/15/2031 | 25870 | 0.0 |
| 10000 | Norfolk Southern Corp., 2.550%, 11/01/2029 | 9288 | 0.0 |
| 16000 | Norfolk Southern Corp., 5.050%, 08/01/2030 | 16539 | 0.0 |
| 4000 | Norfolk Southern Corp., 5.550%, 03/15/2034 | 4185 | 0.0 |
| 48000 <sup>(1)</sup> | NorthWestern Corp., 5.073%, 03/21/2030 | 48779 | 0.1 |
| 16000 <sup>(1)</sup> | Northwestern Mutual Life Insurance Co., 6.170%, 05/29/2055 | 16722 | 0.0 |
| 4000 | NSTAR Electric Co., 5.400%, 06/01/2034 | 4101 | 0.0 |
| 28000 | Nucor Corp., 5.100%, 06/01/2035 | 28100 | 0.0 |
| 31000 <sup>(1)</sup> | Nuveen LLC, 5.550%, 01/15/2030 | 32303 | 0.0 |
| 7000 | Occidental Petroleum Corp., 5.375%, 01/01/2032 | 6948 | 0.0 |
| 32000 | Occidental Petroleum Corp., 6.125%, 01/01/2031 | 33150 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **United States: (continued)** |  |  |
| 9000 | Occidental Petroleum Corp., 6.200%, 03/15/2040 | $8815 | 0.0 |
| 10000 | OGE Energy Corp., 5.450%, 05/15/2029 | 10364 | 0.0 |
| 23000 | Omega Healthcare Investors, Inc., 5.200%, 07/01/2030 | 23138 | 0.0 |
| 15000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 15370 | 0.0 |
| 222000 | Oracle Corp., 2.800%, 04/01/2027 | 216505 | 0.2 |
| 18000 | Oracle Corp., 3.800%, 11/15/2037 | 15419 | 0.0 |
| 25000 | Oracle Corp., 6.150%, 11/09/2029 | 26684 | 0.0 |
| 46000 | O'Reilly Automotive, Inc., 3.600%, 09/01/2027 | 45398 | 0.1 |
| 91000 | O'Reilly Automotive, Inc., 4.350%, 06/01/2028 | 91298 | 0.1 |
| 12000 | O'Reilly Automotive, Inc., 5.000%, 08/19/2034 | 11891 | 0.0 |
| 13000 | Ovintiv, Inc., 5.650%, 05/15/2028 | 13368 | 0.0 |
| 4000 | PECO Energy Co., 4.900%, 06/15/2033 | 4064 | 0.0 |
| 24000 <sup>(1)</sup> | Pennsylvania Electric Co., 5.150%, 03/30/2026 | 24059 | 0.0 |
| 43000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 07/01/2029 | 44045 | 0.1 |
| 27000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030 | 27645 | 0.0 |
| 95000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | 97459 | 0.1 |
| 21000 | Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030 | 21297 | 0.0 |
| 21000 | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | 20945 | 0.0 |
| 21000 | Philip Morris International, Inc., 4.750%, 11/01/2031 | 21168 | 0.0 |
| 36000 | Philip Morris International, Inc., 4.875%, 02/13/2029 | 36647 | 0.1 |
| 6000 | Philip Morris International, Inc., 5.250%, 02/13/2034 | 6123 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global 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)** | | |
|  | **United States: (continued)** | | |
| 15000 <sup>(2)</sup> | PNC Financial Services Group, Inc., 6.037%, 10/28/2033 | $15957 | 0.0 |
| 62000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 63721 | 0.1 |
| 4000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034 | 4088 | 0.0 |
| 21000 <sup>(1)</sup> | PSEG Power LLC, 5.200%, 05/15/2030 | 21439 | 0.0 |
| 21000 <sup>(1)</sup> | PSEG Power LLC, 5.750%, 05/15/2035 | 21636 | 0.0 |
| 8000 | Public Service Electric and Gas Co., 5.200%, 08/01/2033 | 8250 | 0.0 |
| 6000 | Public Service Electric and Gas Co., 5.200%, 03/01/2034 | 6156 | 0.0 |
| 22000 | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | 19331 | 0.0 |
| 22000 | Public Service Enterprise Group, Inc., 4.900%, 03/15/2030 | 22387 | 0.0 |
| 39000 | Public Service Enterprise Group, Inc., 5.200%, 04/01/2029 | 40110 | 0.1 |
| 6000 | Public Service Enterprise Group, Inc., 5.400%, 03/15/2035 | 6074 | 0.0 |
| 16000 | QUALCOMM, Inc., 4.750%, 05/20/2032 | 16193 | 0.0 |
| 8000 | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | 7260 | 0.0 |
| 8000 | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | 7447 | 0.0 |
| 36000 | Quest Diagnostics, Inc., 4.625%, 12/15/2029 | 36368 | 0.1 |
| 10000 | Quest Diagnostics, Inc., 5.000%, 12/15/2034 | 9955 | 0.0 |
| 6000 | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | 6577 | 0.0 |
| 12000 | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | 10299 | 0.0 |
| 8000 <sup>(1)</sup> | RGA Global Funding, 5.448%, 05/24/2029 | 8261 | 0.0 |
| 23000 | Ross Stores, Inc., 4.700%, 04/15/2027 | 23028 | 0.0 |
| 150000 | Royalty Pharma PLC, 1.200%, 09/02/2025 | 149015 | 0.2 |
| 143000 | Royalty Pharma PLC, 1.750%, 09/02/2027 | 135462 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **United States: (continued)** | | |
| 25000 | Royalty Pharma PLC, 2.200%, 09/02/2030 | $22168 | 0.0 |
| 16000 | Royalty Pharma PLC, 5.150%, 09/02/2029 | 16340 | 0.0 |
| 19000 | Ryder System, Inc., 4.950%, 09/01/2029 | 19343 | 0.0 |
| 27000 | Ryder System, Inc., 5.000%, 03/15/2030 | 27407 | 0.0 |
| 27000 | Ryder System, Inc., 5.250%, 06/01/2028 | 27714 | 0.0 |
| 4000 | Ryder System, Inc., 5.375%, 03/15/2029 | 4111 | 0.0 |
| 32000 | Ryder System, Inc., 5.500%, 06/01/2029 | 33142 | 0.0 |
| 8000 | Ryder System, Inc., 6.600%, 12/01/2033 | 8798 | 0.0 |
| 10000 | S&P Global, Inc., 1.250%, 08/15/2030 | 8613 | 0.0 |
| 48000 | S&P Global, Inc., 2.700%, 03/01/2029 | 45508 | 0.1 |
| 19000 <sup>(1)</sup> | Schlumberger Holdings Corp., 2.650%, 06/26/2030 | 17494 | 0.0 |
| 2000 <sup>(1)</sup> | Schlumberger Holdings Corp., 4.850%, 05/15/2033 | 1966 | 0.0 |
| 22000 <sup>(1)</sup> | Schlumberger Holdings Corp., 5.000%, 11/15/2029 | 22586 | 0.0 |
| 52000 <sup>(1)</sup> | Sealed Air Corp., 1.573%, 10/15/2026 | 49782 | 0.1 |
| 20000 <sup>(2)</sup> | Sempra, 6.400%, 10/01/2054 | 19037 | 0.0 |
| 24000 | Solventum Corp., 5.450%, 03/13/2031 | 24931 | 0.0 |
| 8000 | Solventum Corp., 5.600%, 03/23/2034 | 8237 | 0.0 |
| 16000 | Sonoco Products Co., 4.600%, 09/01/2029 | 15971 | 0.0 |
| 10000 | Southern California Gas Co., 5.200%, 06/01/2033 | 10143 | 0.0 |
| 36000 | Southern Co., 5.113%, 08/01/2027 | 36553 | 0.1 |
| 5000 | Southwestern Electric Power Co., 5.300%, 04/01/2033 | 5049 | 0.0 |
| 52000 | Southwestern Public Service Co., 5.300%, 05/15/2035 | 52286 | 0.1 |
| 90000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 96641 | 0.1 |
| 44000 | Sprint Capital Corp., 8.750%, 03/15/2032 | 53401 | 0.1 |
| 77000 <sup>(2)</sup> | State Street Corp., 3.031%, 11/01/2034 | 71157 | 0.1 |
| 29000 <sup>(2)</sup> | State Street Corp., 4.675%, 10/22/2032 | 29020 | 0.0 |
| 17000 | State Street Corp., 4.729%, 02/28/2030 | 17262 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **United States: (continued)** |  |  |
| 24000 | Stryker Corp., 4.850%, 02/10/2030 | $24494 | 0.0 |
| 19000 | Synopsys, Inc., 5.000%, 04/01/2032 | 19254 | 0.0 |
| 10000 | Sysco Corp., 5.400%, 03/23/2035 | 10178 | 0.0 |
| 20000 | Take-Two Interactive Software, Inc., 5.400%, 06/12/2029 | 20603 | 0.0 |
| 3000 | Targa Resources Corp., 4.200%, 02/01/2033 | 2812 | 0.0 |
| 4000 | Targa Resources Corp., 5.500%, 02/15/2035 | 4016 | 0.0 |
| 19000 | Target Corp., 5.000%, 04/15/2035 | 18979 | 0.0 |
| 34000 | Teledyne FLIR LLC, 2.500%, 08/01/2030 | 30816 | 0.0 |
| 57000 | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | 58686 | 0.1 |
| 19000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 | 18459 | 0.0 |
| 18000 <sup>(3)</sup> | T-Mobile USA, Inc., 5.300%, 05/15/2035 | 18232 | 0.0 |
| 30000 | Toyota Motor Credit Corp., 4.350%, 10/08/2027 | 30134 | 0.0 |
| 20000 | Toyota Motor Credit Corp., 4.550%, 08/09/2029 | 20166 | 0.0 |
| 31000 | Toyota Motor Credit Corp., 4.800%, 05/15/2030 | 31505 | 0.0 |
| 16000 | Toyota Motor Credit Corp., 5.350%, 01/09/2035 | 16407 | 0.0 |
| 30000 | Toyota Motor Credit Corp., 5.550%, 11/20/2030 | 31589 | 0.0 |
| 8000 | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 | 7549 | 0.0 |
| 61000 <sup>(2)</sup> | Truist Financial Corp., 5.435%, 01/24/2030 | 62841 | 0.1 |
| 11000 <sup>(2)</sup> | Truist Financial Corp., 5.867%, 06/08/2034 | 11496 | 0.0 |
| 11000 <sup>(2)(3)</sup> | Truist Financial Corp., 6.123%, 10/28/2033 | 11696 | 0.0 |
| 14000 | Tucson Electric Power Co., 5.200%, 09/15/2034 | 14067 | 0.0 |
| 21000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 21658 | 0.0 |
| 21000 | Uber Technologies, Inc., 4.300%, 01/15/2030 | 20921 | 0.0 |
| 19000 | Union Pacific Corp., 5.100%, 02/20/2035 | 19332 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **United States: (continued)** |  |  |
| 20000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | $14519 | 0.0 |
| 20000 | UnitedHealth Group, Inc., 4.950%, 01/15/2032 | 20264 | 0.0 |
| 8000 | UnitedHealth Group, Inc., 5.150%, 07/15/2034 | 8085 | 0.0 |
| 12000 | Universal Health Services, Inc., 4.625%, 10/15/2029 | 11869 | 0.0 |
| 121000 | Utah Acquisition Sub, Inc., 3.950%, 06/15/2026 | 119887 | 0.1 |
| 13000 | Verizon Communications, Inc., 1.750%, 01/20/2031 | 11205 | 0.0 |
| 11000 | Verizon Communications, Inc., 2.550%, 03/21/2031 | 9869 | 0.0 |
| 27000 <sup>(3)</sup> | Verizon Communications, Inc., 4.400%, 11/01/2034 | 25636 | 0.0 |
| 58000 | Viatris, Inc., 2.700%, 06/22/2030 | 51683 | 0.1 |
| 3000 | Viatris, Inc., 3.850%, 06/22/2040 | 2217 | 0.0 |
| 74000 | VMware, Inc., 1.400%, 08/15/2026 | 71591 | 0.1 |
| 55000 | Walmart, Inc., 4.900%, 04/28/2035 | 55727 | 0.1 |
| 23000 | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | 21464 | 0.0 |
| 9000 | WEC Energy Group, Inc., 5.000%, 09/27/2025 | 9000 | 0.0 |
| 13000 | WEC Energy Group, Inc., 5.150%, 10/01/2027 | 13250 | 0.0 |
| 312000 | Wells Fargo & Co., 3.000%, 10/23/2026 | 306747 | 0.3 |
| 21000 <sup>(2)</sup> | Wells Fargo & Co., 3.584%, 05/22/2028 | 20685 | 0.0 |
| 40000 <sup>(2)</sup> | Wells Fargo & Co., 4.540%, 08/15/2026 | 39992 | 0.1 |
| 6000 <sup>(2)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 | 6155 | 0.0 |
| 115000 <sup>(2)</sup> | Wells Fargo & Co., 5.605%, 04/23/2036 | 118750 | 0.1 |
| 5000 <sup>(2)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 | 5467 | 0.0 |
| 4000 | Western Midstream Operating L.P., 5.450%, 11/15/2034 | 3923 | 0.0 |
| 42000 | Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028 | 42252 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **United States: (continued)** |  |  |
| 21000 | Weyerhaeuser Co., 4.750%, 05/15/2026 | $21045 | 0.0 |
| 10000 | Williams Cos., Inc., 4.900%, 03/15/2029 | 10141 | 0.0 |
| 6000 | Wisconsin Power and Light Co., 5.375%, 03/30/2034 | 6150 | 0.0 |
| 16000 | Xcel Energy, Inc., 5.600%, 04/15/2035 | 16342 | 0.0 |
| 26000 | Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028 | 26813 | 0.0 |
|  |  | **15515307** | **14.9** |
|  | Total Corporate Bonds/Notes |  |  |
|  | (Cost $17,070,944) | **17132634** | **16.4** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 13.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 13.4%** |  |  |
|  | **Mexico: 0.0%** |  |  |
| 17878 <sup>(4)</sup> | Su Casita 2006-1U A, 6.100%, 09/25/2035 | 946 | 0.0 |
|  | **United States: 13.4%** |  |  |
| 97946 <sup>(2)</sup> | Adjustable Rate Mortgage Trust 2006-2 1A1, 4.759%, 05/25/2036 | 85944 | 0.1 |
| 30108 <sup>(2)</sup> | Alternative Loan Trust 2005-53T2 2A6, 4.934%, (TSFR1M + 0.614%), 11/25/2035 | 15402 | 0.0 |
| 53675 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 | 24190 | 0.0 |
| 112521 | Banc of America Funding Trust 2005-1 1A1, 5.500%, 02/25/2035 | 111069 | 0.1 |
| 12300 | CHL Mortgage Pass-Through Trust 2005-17 1A8, 5.500%, 09/25/2035 | 12264 | 0.0 |
| 22299 | CHL Mortgage Pass-Through Trust 2005-J4 A7, 5.500%, 11/25/2035 | 18569 | 0.0 |
| 170126 | CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037 | 78243 | 0.1 |
| 20070 <sup>(2)</sup> | Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 6.302%, 05/25/2035 | 19525 | 0.0 |
| 123669 | CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036 | 108605 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
|  | **United States: (continued)** |  |  |
| 298678 <sup>(1)(2)</sup> | COLT Mortgage Loan Trust 2021-2 A1, 0.924%, 08/25/2066 | $251505 | 0.3 |
| 172064 <sup>(1)(2)</sup> | COLT Mortgage Loan Trust 2021-3 A1, 0.956%, 09/27/2066 | 143784 | 0.1 |
| 300000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2M2, 6.256%, (SOFR30A + 1.950%), 03/25/2044 | 302907 | 0.3 |
| 250000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1M2, 5.906%, (SOFR30A + 1.600%), 02/25/2045 | 251071 | 0.3 |
| 2590 <sup>(5)</sup> | Fannie Mae Interest Strip 294 2, 7.000%, 02/25/2028 | 162 | 0.0 |
| 47929 <sup>(5)</sup> | Fannie Mae Interest Strip 319 2, 6.500%, 02/25/2032 | 6631 | 0.0 |
| 15595 <sup>(5)</sup> | Fannie Mae Interest Strip 328 2, 6.000%, 12/25/2032 | 2177 | 0.0 |
| 7558 <sup>(5)</sup> | Fannie Mae Interest Strip 331 5, 6.000%, 02/25/2033 | 1014 | 0.0 |
| 9250 <sup>(5)</sup> | Fannie Mae Interest Strip 332 2, 6.000%, 03/25/2033 | 1370 | 0.0 |
| 7337 <sup>(5)</sup> | Fannie Mae Interest Strip 334 12, 6.000%, 03/25/2033 | 1024 | 0.0 |
| 9709 <sup>(5)</sup> | Fannie Mae Interest Strip 338 2, 5.500%, 07/25/2033 | 1399 | 0.0 |
| 4250 <sup>(5)</sup> | Fannie Mae Interest Strip 356 10, 5.500%, 06/25/2035 | 664 | 0.0 |
| 4049 <sup>(5)</sup> | Fannie Mae Interest Strip 364 15, 6.000%, 09/25/2035 | 561 | 0.0 |
| 155170 <sup>(5)</sup> | Fannie Mae Interest Strip 418 5, 3.500%, 08/25/2043 | 22950 | 0.0 |
| 191767 <sup>(2)(5)</sup> | Fannie Mae Interest Strip 418 80, 3.500%, 08/25/2033 | 15292 | 0.0 |
| 962 | Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029 | 969 | 0.0 |
| 2064 | Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032 | 2115 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
|  | **United States: (continued)** |  |  |
| 16476 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2002-12 SB, 3.330%, (-1.000\*SOFR30A + 7.636%), 07/25/2031 | $1350 | 0.0 |
| 10689 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2002-2 SW, 3.330%, (-1.000\*SOFR30A + 7.636%), 02/25/2032 | 946 | 0.0 |
| 4131 | Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032 | 4306 | 0.0 |
| 1730 <sup>(2)</sup> | Fannie Mae REMIC Trust 2002-29 F, 5.420%, (SOFR30A + 1.114%), 04/25/2032 | 1746 | 0.0 |
| 3459 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2002-41 S, 3.530%, (-1.000\*SOFR30A + 7.836%), 07/25/2032 | 187 | 0.0 |
| 533 <sup>(2)</sup> | Fannie Mae REMIC Trust 2002-64 FJ, 5.420%, (SOFR30A + 1.114%), 04/25/2032 | 536 | 0.0 |
| 1230 <sup>(2)</sup> | Fannie Mae REMIC Trust 2002-68 FH, 4.916%, (SOFR30A + 0.614%), 10/18/2032 | 1226 | 0.0 |
| 189282 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2002-77 JS, 3.584%, (-1.000\*SOFR30A + 7.886%), 12/18/2032 | 17394 | 0.0 |
| 5067 <sup>(2)</sup> | Fannie Mae REMIC Trust 2002-84 FB, 5.420%, (SOFR30A + 1.114%), 12/25/2032 | 5116 | 0.0 |
| 5066 <sup>(2)</sup> | Fannie Mae REMIC Trust 2003-11 FA, 5.420%, (SOFR30A + 1.114%), 09/25/2032 | 5116 | 0.0 |
| 999 <sup>(2)</sup> | Fannie Mae REMIC Trust 2003-116 FA, 4.820%, (SOFR30A + 0.514%), 11/25/2033 | 997 | 0.0 |
| 6685 <sup>(5)</sup> | Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033 | 992 | 0.0 |
| 7363 <sup>(5)</sup> | Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033 | 1262 | 0.0 |
| 132930 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2004-56 SE, 3.130%, (-1.000\*SOFR30A + 7.436%), 10/25/2033 | 12960 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
|  | **United States: (continued)** |  |  |
| 8249 <sup>(2)</sup> | Fannie Mae REMIC Trust 2005-25 PS, 8.714%, (-1.000\*SOFR30A + 27.656%), 04/25/2035 | $10058 | 0.0 |
| 1798 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2005-40 SB, 2.330%, (-1.000\*SOFR30A + 6.636%), 05/25/2035 | 65 | 0.0 |
| 57777 <sup>(2)</sup> | Fannie Mae REMIC Trust 2005-74 DK, 6.321%, (-1.000\*SOFR30A + 23.542%), 07/25/2035 | 59602 | 0.1 |
| 124991 <sup>(2)</sup> | Fannie Mae REMIC Trust 2005-87 SB, 7.628%, (-1.000\*SOFR30A + 23.414%), 10/25/2035 | 135260 | 0.1 |
| 61494 <sup>(2)</sup> | Fannie Mae REMIC Trust 2006-104 ES, 11.352%, (-1.000\*SOFR30A + 32.878%), 11/25/2036 | 81701 | 0.1 |
| 5195 <sup>(2)</sup> | Fannie Mae REMIC Trust 2006-11 PS, 8.361%, (-1.000\*SOFR30A + 24.147%), 03/25/2036 | 6237 | 0.0 |
| 10299 <sup>(2)</sup> | Fannie Mae REMIC Trust 2006-46 SW, 7.995%, (-1.000\*SOFR30A + 23.779%), 06/25/2036 | 11869 | 0.0 |
| 2389611 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2006-51 SA, 2.150%, (-1.000\*SOFR30A + 6.456%), 06/25/2036 | 195126 | 0.2 |
| 18328 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2006-90 SX, 2.810%, (-1.000\*SOFR30A + 7.116%), 09/25/2036 | 1225 | 0.0 |
| 2830411 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2007-116 DI, 1.520%, (-1.000\*SOFR30A + 5.826%), 01/25/2038 | 237106 | 0.2 |
| 19446 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2007-88 XI, 2.120%, (-1.000\*SOFR30A + 6.426%), 06/25/2037 | 1858 | 0.0 |
| 161970 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2007-89 SB, 2.130%, (-1.000\*SOFR30A + 6.436%), 09/25/2037 | 14345 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
|  | **United States: (continued)** |  |  |
| 512037 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2007-94 SG, 2.030%, (-1.000\*SOFR30A + 6.336%), 10/25/2037 | $47461 | 0.1 |
| 248774 <sup>(2)</sup> | Fannie Mae REMIC Trust 2010-109 SN, 2.865%, (-1.000\*SOFR30A + 24.428%), 10/25/2040 | 242101 | 0.2 |
| 131869 | Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040 | 133122 | 0.1 |
| 1010328 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2011-55 SK, 2.140%, (-1.000\*SOFR30A + 6.446%), 06/25/2041 | 104293 | 0.1 |
| 672255 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2011-86 NS, 1.530%, (-1.000\*SOFR30A + 5.836%), 09/25/2041 | 46071 | 0.1 |
| 206222 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2012-10 US, 2.030%, (-1.000\*SOFR30A + 6.336%), 02/25/2042 | 24945 | 0.0 |
| 326613 <sup>(5)</sup> | Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042 | 43999 | 0.1 |
| 963230 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2012-133 PS, 1.780%, (-1.000\*SOFR30A + 6.086%), 03/25/2042 | 71333 | 0.1 |
| 485967 <sup>(5)</sup> | Fannie Mae REMIC Trust 2012-138 DI, 3.000%, 12/25/2027 | 8327 | 0.0 |
| 817866 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2012-144 SB, 1.680%, (-1.000\*SOFR30A + 5.986%), 01/25/2043 | 86928 | 0.1 |
| 427718 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2012-27 SB, 1.560%, (-1.000\*SOFR30A + 5.866%), 11/25/2041 | 23091 | 0.0 |
| 422296 <sup>(5)</sup> | Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033 | 32641 | 0.0 |
| 6655899 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2019-15 SA, 1.580%, (-1.000\*SOFR30A + 5.886%), 04/25/2049 | 751877 | 0.7 |
| 1666923 <sup>(5)</sup> | Fannie Mae REMIC Trust 2020-3 DI, 3.500%, 02/25/2050 | 299049 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
|  | **United States: (continued)** |  |  |
| 12192690 <sup>(5)</sup> | Fannie Mae REMIC Trust 2021-4 IN, 2.500%, 02/25/2051 | $1529068 | 1.5 |
| 948 | Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026 | 947 | 0 |
| 979 <sup>(5)</sup> | Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028 | 57 | 0 |
| 6847 <sup>(5)</sup> | Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028 | 440 | 0 |
| 3941 <sup>(2)</sup> | Freddie Mac REMIC Trust 2122 F, 4.868%, (SOFR30A + 0.564%), 02/15/2029 | 3930 | 0 |
| 3133 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 2134 SB, 3.282%, (-1.000\*SOFR30A + 7.586%), 03/15/2029 | 73 | 0 |
| 9882 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 2136 SG, 3.232%, (-1.000\*SOFR30A + 7.536%), 03/15/2029 | 385 | 0 |
| 8422 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 2177 SB, 4.532%, (-1.000\*SOFR30A + 8.836%), 08/15/2029 | 307 | 0 |
| 2839 <sup>(2)</sup> | Freddie Mac REMIC Trust 2344 FP, 5.368%, (SOFR30A + 1.064%), 08/15/2031 | 2867 | 0 |
| 1364 <sup>(2)</sup> | Freddie Mac REMIC Trust 2412 GF, 5.368%, (SOFR30A + 1.064%), 02/15/2032 | 1375 | 0 |
| 20244 | Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032 | 21138 | 0 |
| 1671 <sup>(2)</sup> | Freddie Mac REMIC Trust 2464 FI, 5.418%, (SOFR30A + 1.114%), 02/15/2032 | 1683 | 0 |
| 1714 <sup>(2)</sup> | Freddie Mac REMIC Trust 2470 LF, 5.418%, (SOFR30A + 1.114%), 02/15/2032 | 1730 | 0 |
| 2307 <sup>(2)</sup> | Freddie Mac REMIC Trust 2471 FD, 5.418%, (SOFR30A + 1.114%), 03/15/2032 | 2330 | 0 |
| 1876 <sup>(2)</sup> | Freddie Mac REMIC Trust 2504 FP, 4.918%, (SOFR30A + 0.614%), 03/15/2032 | 1869 | 0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal** |  | | |
| **Amount†** | **Amount†** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | |
|  | **United States: (continued)** | |  |
| 6702 <sup>(2)</sup> | Freddie Mac REMIC Trust 2551 LF, 4.918%, (SOFR30A + 0.614%), 01/15/2033 | $6698 | 0.0 |
| 93528 | Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034 | 95463 | 0.1 |
| 79260 | Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034 | 81068 | 0.1 |
| 14956 <sup>(2)</sup> | Freddie Mac REMIC Trust 3001 HT, 8.000%, (-1.000\*SOFR30A + 43.903%), 05/15/2035 | 15555 | 0.0 |
| 8847 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3004 SB, 1.732%, (-1.000\*SOFR30A + 6.036%), 07/15/2035 | 302 | 0.0 |
| 3806 <sup>(2)</sup> | Freddie Mac REMIC Trust 3025 SJ, 8.549%, (-1.000\*SOFR30A + 24.330%), 08/15/2035 | 4434 | 0.0 |
| 346919 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3223 S, 1.532%, (-1.000\*SOFR30A + 5.836%), 10/15/2036 | 25426 | 0.0 |
| 2380311 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3502 DL, 1.582%, (-1.000\*SOFR30A + 5.886%), 01/15/2039 | 204598 | 0.2 |
| 692469 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3505 SA, 1.582%, (-1.000\*SOFR30A + 5.886%), 01/15/2039 | 57098 | 0.1 |
| 4331515 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3582 SL, 1.732%, (-1.000\*SOFR30A + 6.036%), 10/15/2039 | 383190 | 0.4 |
| 769906 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3702 S, 0.032%, (-1.000\*SOFR30A + 4.336%), 05/15/2036 | 25102 | 0.0 |
| 169274 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3925 SD, 1.632%, (-1.000\*SOFR30A + 5.936%), 07/15/2040 | 3428 | 0.0 |
| 272971 <sup>(5)</sup> | Freddie Mac REMIC Trust 4120 IK, 3.000%, 10/15/2032 | 19701 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal** |  | | |
| **Amount†** | **Amount†** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | |
|  | **United States: (continued)** |  |  |
| 2344120 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 4136 LS, 1.732%, (-1.000\*SOFR30A + 6.036%), 11/15/2042 | $259800 | 0.3 |
| 241900 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 4136 SW, 1.832%, (-1.000\*SOFR30A + 6.136%), 11/15/2032 | 13406 | 0.0 |
| 187802 <sup>(5)</sup> | Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043 | 26598 | 0.0 |
| 3075948 <sup>(5)</sup> | Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043 | 479405 | 0.5 |
| 631427 <sup>(5)</sup> | Freddie Mac REMIC Trust 4624 BI, 5.500%, 04/15/2036 | 111220 | 0.1 |
| 500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022- DNA2 M2, 8.055%, (SOFR30A + 3.750%), 02/25/2042 | 519622 | 0.5 |
| 600000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022- HQA1 M2, 9.555%, (SOFR30A + 5.250%), 03/25/2042 | 637320 | 0.6 |
| 400000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2024- HQA2 M2, 6.105%, (SOFR30A + 1.800%), 08/25/2044 | 401665 | 0.4 |
| 114498 <sup>(2)</sup> | Ginnie Mae 2007- 8 SP, 7.678%, (-1.000\*TSFR1M + 21.677%), 03/20/2037 | 136610 | 0.1 |
| 580983 <sup>(2)(5)</sup> | Ginnie Mae 2010- 68 MS, 1.418%, (-1.000\*TSFR1M + 5.736%), 06/20/2040 | 55326 | 0.1 |
| 307503 <sup>(2)(5)</sup> | Ginnie Mae 2012- 97 SC, 2.274%, (-1.000\*TSFR1M + 6.586%), 07/16/2041 | 18947 | 0.0 |
| 5419097 <sup>(2)(5)</sup> | Ginnie Mae 2014- 133 BS, 1.168%, (-1.000\*TSFR1M + 5.486%), 09/20/2044 | 457178 | 0.4 |
| 74385 <sup>(2)</sup> | GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 4.854%, (TSFR1M + 0.534%), 04/25/2036 | 66034 | 0.1 |
| 8416 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 7952 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | |
|  | **United States: (continued)** |  |  |
| 3764 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050 | $3559 | 0.0 |
| 436356 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B1A, 3.411%, 10/25/2050 | 383538 | 0.4 |
| 162072 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022-PJ1 A4, 2.500%, 05/28/2052 | 131635 | 0.1 |
| 337305 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022-PJ6 A24, 3.000%, 01/25/2053 | 285592 | 0.3 |
| 448583 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2023-PJ2 A16, 5.500%, 05/25/2053 | 448291 | 0.4 |
| 1469 <sup>(2)</sup> | GSR Mortgage Loan Trust 2005-AR6 1A4, 6.562%, 09/25/2035 | 1486 | 0.0 |
| 300199 <sup>(2)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 4.854%, (TSFR1M + 0.534%), 04/25/2046 | 272278 | 0.3 |
| 326849 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-6 A3, 3.000%, 11/25/2052 | 278215 | 0.3 |
| 685707 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2023-2 A3A, 5.000%, 07/25/2053 | 668987 | 0.6 |
| 232223 <sup>(2)</sup> | JP Morgan Mortgage Trust 2005-A4 B1, 5.701%, 07/25/2035 | 223139 | 0.2 |
| 19390 <sup>(2)</sup> | JP Morgan Mortgage Trust 2007-A1 7A1, 5.823%, 07/25/2035 | 18820 | 0.0 |
| 206592 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-3 B1, 3.787%, 08/25/2047 | 192951 | 0.2 |
| 135795 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050 | 121785 | 0.1 |
| 29277 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050 | 26433 | 0.0 |
| 1653 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 A15, 3.493%, 03/25/2050 | 1624 | 0.0 |
| 100000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2025-3 M1, 6.783%, 09/25/2055 | 100953 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
|  | **United States: (continued)** |  |  |
| 96398 <sup>(2)</sup> | Lehman XS Trust Series 2005-5N 1A2, 4.794%, (TSFR1M + 0.474%), 11/25/2035 | $97234 | 0.1 |
| 26808 <sup>(2)</sup> | MASTR Adjustable Rate Mortgages Trust 2006-2 1A1, 6.870%, 04/25/2036 | 26150 | 0.0 |
| 200000 <sup>(1)(2)</sup> | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | 194281 | 0.2 |
| 199575 <sup>(1)(2)</sup> | Mill City Mortgage Loan Trust 2018-3 M1, 3.250%, 08/25/2058 | 191437 | 0.2 |
| 133267 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051 | 108187 | 0.1 |
| 1100597 <sup>(2)(5)</sup> | RALI Series Trust 2006-QO1 X2, 2.421%, 02/25/2046 | 50182 | 0.1 |
| 3436 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 | 3229 | 0.0 |
| 2421899 <sup>(2)(5)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR11 X, 1.410%, 08/25/2045 | 2627 | 0.0 |
| 17477 <sup>(2)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 4.755%, 10/25/2036 | 16080 | 0.0 |
| 140051 <sup>(2)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 4.252%, 12/25/2036 | 127302 | 0.1 |
| 29941 <sup>(2)</sup> | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 4.864%, (TSFR1M + 0.544%), 06/25/2037 | 26155 | 0.0 |
| 77989 <sup>(1)(2)</sup> | WinWater Mortgage Loan Trust 2015-5 B4, 3.753%, 08/20/2045 | 72161 | 0.1 |
|  |  | **13958886** | **13.4** |
|  | Total Collateralized Mortgage Obligations (Cost $16,574,082) | **13959832** | **13.4** |
| **SOVEREIGN BONDS: 13.2%** | **SOVEREIGN BONDS: 13.2%** |  |  |
|  | **Australia: 0.3%** |  |  |
| <sup>AUD</sup>558000 <sup>(1)</sup> | Queensland Treasury Corp., 1.750%, 07/20/2034 | 285047 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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)** |  |  |
|  | Brazil: 2.6% |  |  |
| <sup>BRL</sup>10381 <sup>(6)</sup> | Brazil Letras do Tesouro Nacional LTN, 15.084%, 01/01/2026 | $1779096 | 1.7 |
| <sup>BRL</sup>700000 | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 05/15/2035 | 538498 | 0.5 |
| <sup>BRL</sup>537000 | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 08/15/2050 | 405176 | 0.4 |
|  |  | **2722770** | **2.6** |
|  | Canada: 0.3% |  |  |
| <sup>CAD</sup>575000 | Canadian Government Bond 0004, 2.000%, 12/01/2051 | 308826 | 0.3 |
|  | China: 1.9% |  |  |
| <sup>CNY</sup>1400000 | China Government Bond INBK, 2.520%, 08/25/2033 | 207775 | 0.2 |
| <sup>CNY</sup>4500000 | China Government Bond INBK, 2.880%, 02/25/2033 | 684334 | 0.7 |
| <sup>CNY</sup>2400000 | China Government Bond INBK, 3.000%, 10/15/2053 | 415847 | 0.4 |
| <sup>CNY</sup>1270000 | China Government Bond INBK, 3.320%, 04/15/2052 | 227751 | 0.2 |
| <sup>CNY</sup>1780000 | China Government Bond INBK, 4.080%, 10/22/2048 | 348166 | 0.3 |
| <sup>CNY</sup>550000 | China Government Bond SZ, 3.190%, 04/15/2053 | 97193 | 0.1 |
|  |  | **1981066** | **1.9** |
|  | Czechia: 0.2% |  |  |
| <sup>CZK</sup>3950000 | Czech Republic Government Bond 105, 2.750%, 07/23/2029 | 181727 | 0.2 |
|  | Germany: 0.3% |  |  |
| <sup>EUR</sup>30000 | Bundesrepublik Deutschland Bundesanleihe 10Y, 0.500%, 02/15/2028 | 34110 | 0.0 |
| <sup>EUR</sup>120000 | Bundesrepublik Deutschland Bundesanleihe 10Y, 2.730%, 08/15/2026 | 138547 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
|  | **Germany: (continued)** |  |  |
| <sup>EUR</sup>200000 | Bundesrepublik Deutschland Bundesanleihe 31Y, 1.250%, 08/15/2048 | $166987 | 0.2 |
|  |  | **339644** | **0.3** |
|  | **Indonesia: 0.4%** |  |  |
| <sup>IDR</sup>6452000000 | Indonesia Treasury Bond FR79, 8.375%, 04/15/2039 | 448484 | 0.4 |
|  | **Italy: 0.5%** |  |  |
| <sup>EUR</sup>438000 <sup>(1)</sup> | Italy Buoni Poliennali Del Tesoro 30Y, 3.850%, 09/01/2049 | 495719 | 0.5 |
|  | **Malaysia: 0.4%** |  |  |
| <sup>MYR</sup>1864000 | Malaysia Government Bond 0419, 3.828%, 07/05/2034 | 453770 | 0.4 |
|  | **Mexico: 0.7%** |  |  |
| <sup>MXN</sup>18785 | Mexican Udibonos S, 2.750%, 11/27/2031 | 758100 | 0.7 |
|  | **Peru: 1.7%** |  |  |
| <sup>PEN</sup>6014000 <sup>(1)</sup> | Peru Government Bond, 6.850%, 08/12/2035 | 1752315 | 1.7 |
|  | **Poland: 0.2%** |  |  |
| <sup>PLN</sup>650000 | Republic of Poland Government Bond 0728, 7.500%, 07/25/2028 | 194732 | 0.2 |
|  | **Spain: 1.8%** |  |  |
| <sup>EUR</sup>870000 <sup>(1)</sup> | Spain Government Bond, 1.450%, 04/30/2029 | 993346 | 1 |
| <sup>EUR</sup>908000 <sup>(1)</sup> | Spain Government Bond 30Y, 2.700%, 10/31/2048 | 882822 | 0.8 |
|  |  | **1876168** | **1.8** |
|  | **Thailand: 0.6%** |  |  |
| <sup>THB</sup>17994000 | Thailand Government Bond, 2.875%, 12/17/2028 | 580662 | 0.6 |
|  | United Kingdom: 1.3% |  |  |
| <sup>GBP</sup>500000 | United Kingdom Gilt, 4.125%, 01/29/2027 | 689488 | 0.6 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Assets** | **Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |  |  |
|  | **United Kingdom: (continued)** |  |  |  |  |
| <sup>GBP</sup>500000 | United Kingdom Gilt, 4.125%, 07/22/2029 | $| 692889 |  | 0.7 |
|  |  |  | **1382377** |  | **1.3** |
|  | Total Sovereign Bonds |  |  |  |  |
|  | (Cost $13,667,037) |  | **13761407** |  | **13.2** |
| **U.S. TREASURY OBLIGATIONS: 9.6%** | **U.S. TREASURY OBLIGATIONS: 9.6%** |  |  |  |  |
|  | **United States Treasury Bonds: 3.2%** | **United States Treasury Bonds: 3.2%** | **United States Treasury Bonds: 3.2%** |  |  |
| 1717900 | 4.625%, 02/15/2055 |  | 1672805 |  | 1.6 |
| 324000 | 4.750%, 02/15/2045 |  | 322380 |  | 0.3 |
| 1340400 | 5.000%, 05/15/2045 |  | 1377157 |  | 1.3 |
|  |  |  | **3372342** |  | **3.2** |
|  | **United States Treasury Notes: 6.4%** | **United States Treasury Notes: 6.4%** | **United States Treasury Notes: 6.4%** |  |  |
| 537700 | 3.375%, 09/15/2027 |  | 534066 |  | 0.5 |
| 53900 | 3.750%, 06/30/2027 |  | 53936 |  | 0.1 |
| 240200 | 3.750%, 05/15/2028 |  | 240594 |  | 0.2 |
| 579700 | 3.875%, 06/15/2028 |  | 582802 |  | 0.6 |
| 470700 | 3.875%, 06/30/2030 |  | 472520 |  | 0.5 |
| 4000 | 3.875%, 08/15/2034 |  | 3907 |  | 0.0 |
| 16000 | 4.000%, 03/31/2030 |  | 16153 |  | 0.0 |
| 43900 | 4.000%, 04/30/2032 |  | 43965 |  | 0.0 |
| 1596700 | 4.000%, 06/30/2032 |  | 1598072 |  | 1.5 |
| 3104200 | 4.250%, 05/15/2035 |  | 3109293 |  | 3.0 |
|  |  |  | **6655308** |  | **6.4** |
|  | Total U.S. Treasury Obligations<br> (Cost $9,884,776) |  | **10027650** |  | **9.6** |
| **MUTUAL FUNDS: 9.4%** | **MUTUAL FUNDS: 9.4%** |  |  |  |  |
|  | **United States: 9.4%** |  |  |  |  |
| 379573 | Voya VACS Series EMHCD Fund |  | 3902013 |  | 3.7 |
| 574381 | Voya VACS Series HYB Fund |  | 5956331 |  | 5.7 |
|  |  |  | **9858344** |  | **9.4** |
|  | Total Mutual Funds<br> (Cost $9,571,240) |  | **9858344** |  | **9.4** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 9.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 9.2%** |  |  |  |  |
|  | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(7)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(7)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(7)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(7)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(7)</sup>** |
| 253109 <sup>(7)</sup> | 3.500%, 01/01/2048 |  | 232624 |  | 0.2 |
| 23363 <sup>(7)</sup> | 4.000%, 09/01/2045 |  | 21983 |  | 0.0 |
| 23952 <sup>(7)</sup> | 4.000%, 09/01/2045 |  | 22682 |  | 0.0 |
| 39639 <sup>(7)</sup> | 4.000%, 09/01/2045 |  | 37675 |  | 0.1 |
| 45187 <sup>(7)</sup> | 4.000%, 09/01/2045 |  | 42938 |  | 0.1 |
| 37290 <sup>(7)</sup> | 4.000%, 05/01/2046 |  | 35407 |  | 0.0 |
| 1509 <sup>(7)</sup> | 5.000%, 12/01/2034 |  | 1512 |  | 0.0 |
| 5694 <sup>(7)</sup> | 6.000%, 02/01/2034 |  | 5834 |  | 0.0 |
| 772 <sup>(7)</sup> | 6.500%, 08/01/2032 |  | 808 |  | 0.0 |
| 1376 <sup>(7)</sup> | 6.500%, 07/01/2034 |  | 1423 |  | 0.0 |
| 4404 <sup>(7)</sup> | 6.500%, 07/01/2034 |  | 4622 |  | 0.0 |
|  |  |  | **407508** |  | **0.4** |
|  | **Federal National Mortgage Association: 0.0%<sup>(7)</sup>** | **Federal National Mortgage Association: 0.0%<sup>(7)</sup>** | **Federal National Mortgage Association: 0.0%<sup>(7)</sup>** | **Federal National Mortgage Association: 0.0%<sup>(7)</sup>** |  |
| 25955 <sup>(2)(7)</sup> | 6.805%, (US0012M + 1.779%), 10/01/2036 |  | 26737 |  | 0.0 |
|  | **Government National Mortgage Association: 2.5%** | **Government National Mortgage Association: 2.5%** | **Government National Mortgage Association: 2.5%** | **Government National Mortgage Association: 2.5%** | **Government National Mortgage Association: 2.5%** |
| 1580000 <sup>(8)</sup> | 2.000%, 07/20/2055 |  | 1287177 |  | 1.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | **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)** |
| 1509677 | 2.500%, 05/20/2051 | $| 1284734 | 1.2 |
| 9516 | 5.000%, 04/15/2034 |  | 9602 | 0 |
| 4036 | 6.500%, 02/20/2035 |  | 4169 | 0 |
|  |  |  | **2585682** | **2.5** |
|  | **Uniform Mortgage-Backed Securities: 6.3%** | **Uniform Mortgage-Backed Securities: 6.3%** | **Uniform Mortgage-Backed Securities: 6.3%** | **Uniform Mortgage-Backed Securities: 6.3%** |
| 1604312 | 2.000%, 02/01/2052 |  | 1275455 | 1.2 |
| 11380 | 2.500%, 06/01/2030 |  | 11019 | 0 |
| 15180 | 2.500%, 06/01/2030 |  | 14691 | 0 |
| 6225 | 2.500%, 07/01/2030 |  | 6021 | 0 |
| 1873000 <sup>(8)</sup> | 2.500%, 08/01/2055 |  | 1553540 | 1.5 |
| 24271 | 4.000%, 05/01/2045 |  | 23047 | 0 |
| 463638 | 4.000%, 04/01/2049 |  | 438009 | 0.4 |
| 1083402 | 4.500%, 12/01/2054 |  | 1037239 | 1 |
| 127930 | 5.000%, 10/01/2052 |  | 126064 | 0.1 |
| 363000 <sup>(8)</sup> | 5.000%, 08/01/2055 |  | 355562 | 0.4 |
| 1686000 <sup>(8)</sup> | 5.500%, 08/15/2055 |  | 1684495 | 1.6 |
| 21528 | 6.000%, 11/01/2034 |  | 22499 | 0 |
| 36370 | 6.000%, 04/01/2035 |  | 38024 | 0.1 |
| 8583 | 6.500%, 12/01/2029 |  | 8869 | 0 |
| 4724 | 6.500%, 01/01/2034 |  | 4882 | 0 |
| 30 | 7.000%, 04/01/2033 |  | 32 | 0 |
| 4610 | 7.500%, 09/01/2032 |  | 4797 | 0 |
| 8060 | 7.500%, 01/01/2033 |  | 8276 | 0 |
|  |  |  | **6612521** | **6.3** |
|  | Total U.S. Government Agency Obligations |  |  |  |
|  | (Cost $9,958,711) |  | **9632448** | **9.2** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.5%** |  |
|  | **United States: 8.5%** |  |  |  |
| 250000 <sup>(1)</sup> | ARZ Trust 2024-BILT C, 6.361%, 06/11/2029 |  | 256550 | 0.2 |
| 5066438 <sup>(2)(5)</sup> | BANK 2017-BNK5 XA, 1.083%, 06/15/2060 |  | 79982 | 0.1 |
| 1948000 <sup>(1)(2)(5)</sup> | BANK 2017-BNK6 XE, 1.500%, 07/15/2060 |  | 52469 | 0.1 |
| 897353 <sup>(2)(5)</sup> | BANK 2019-BN16 XA, 1.091%, 02/15/2052 |  | 22889 | 0 |
| 8623109 <sup>(2)(5)</sup> | BANK 2019-BN21 XA, 0.947%, 10/17/2052 |  | 241253 | 0.2 |
| 500000 <sup>(1)(2)</sup> | BAY Mortgage Trust 2025-LIVN A, 6.112%, (TSFR1M + 1.800%), 05/15/2035 |  | 501354 | 0.5 |
| 8020000 <sup>(1)(2)(5)</sup> | BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033 |  | 5754 | 0 |
| 210000 <sup>(1)</sup> | Benchmark Mortgage Trust 2019-B9 D, 3.000%, 03/15/2052 |  | 135403 | 0.1 |
| 1105235 <sup>(2)(5)</sup> | Benchmark Mortgage Trust 2019-B9 XA, 1.177%, 03/15/2052 |  | 32928 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
|  | **United States: (continued)** |  |  |
| 2718044 <sup>(2)(5)</sup> | Benchmark Mortgage Trust 2020-B18 XA, 1.923%, 07/15/2053 | $135499 | 0.1 |
| 332090 <sup>(1)(2)</sup> | BLP Commercial Mortgage Trust 2024-IND2 B, 6.003%, (TSFR1M + 1.692%), 03/15/2041 | 332965 | 0.3 |
| 315000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-21M E, 6.597%, (TSFR1M + 2.285%), 10/15/2036 | 313871 | 0.3 |
| 625000 <sup>(1)(2)</sup> | BX Trust 2021-ARIA C, 6.072%, (TSFR1M + 1.760%), 10/15/2036 | 624455 | 0.6 |
| 450000 <sup>(1)(2)</sup> | BX Trust 2021-LBA EJV, 6.426%, (TSFR1M + 2.114%), 02/15/2036 | 447612 | 0.4 |
| 275000 <sup>(1)(2)</sup> | BX Trust 2021-LGCY D, 5.728%, (TSFR1M + 1.416%), 10/15/2036 | 274282 | 0.3 |
| 494508 <sup>(1)(2)</sup> | BX Trust 2021-SDMF D, 5.813%, (TSFR1M + 1.501%), 09/15/2034 | 489924 | 0.5 |
| 1449247 <sup>(2)(5)</sup> | CD Mortgage Trust 2016-CD1 XA, 1.474%, 08/10/2049 | 9177 | 0.0 |
| 200000 <sup>(2)</sup> | Citigroup Commercial Mortgage Trust 2016-P5 B, 3.698%, 10/10/2049 | 182111 | 0.2 |
| 2820412 <sup>(2)(5)</sup> | COMM Mortgage Trust 2016-CR28 XA, 0.746%, 02/10/2049 | 7826 | 0.0 |
| 5493230 <sup>(1)(2)(5)</sup> | Commercial Mortgage Pass Through Certificates 2012-LTRT XA, 0.927%, 10/05/2030 | 56786 | 0.1 |
| 750000 | CSAIL Commercial Mortgage Trust 2021-C20 A3, 2.805%, 03/15/2054 | 675441 | 0.6 |
| 4011985 <sup>(2)(5)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.962%, 11/25/2030 | 151377 | 0.1 |
| 2049388 <sup>(2)(5)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.435%, 07/25/2035 | 191609 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
|  | **United States: (continued)** |  |  |
| 2089402 <sup>(5)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.464%, 12/25/2029 | $87045 | 0.1 |
| 129000 <sup>(1)</sup> | GAM RE-REMIC Trust 2021-FRR2 CK49, 0.810%, 09/27/2051 | 127970 | 0.1 |
| 58085 <sup>(1)(9)</sup> | GAM RE-REMIC Trust 2021-FRR2 D730, 0.000%, 09/27/2051 | 57643 | 0.1 |
| 129000 <sup>(1)(9)</sup> | GAM RE-REMIC Trust 2021-FRR2 DK49, 0.000%, 09/27/2051 | 127011 | 0.1 |
| 95000 <sup>(1)(9)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 94384 | 0.1 |
| 95000 <sup>(1)(9)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 94226 | 0.1 |
| 4729124 <sup>(2)(5)</sup> | GS Mortgage Securities Trust 2019-GC42 XA, 0.929%, 09/10/2052 | 129600 | 0.1 |
| 856243 <sup>(2)(5)</sup> | GS Mortgage Securities Trust 2020-GC47 XA, 1.237%, 05/12/2053 | 35931 | 0 |
| 500000 <sup>(1)(2)</sup> | GWT 2024-WLF2 A, 6.003%, (TSFR1M + 1.691%), 05/15/2041 | 501972 | 0.5 |
| 400000 <sup>(1)(2)</sup> | Hawaii Hotel Trust 2025-MAUI C, 6.354%, (TSFR1M + 2.042%), 03/15/2042 | 400328 | 0.4 |
| 2056460 <sup>(1)(2)(5)</sup> | LSTAR Commercial Mortgage Trust 2017-5 X, 1.001%, 03/10/2050 | 14389 | 0 |
| 1687318 <sup>(5)</sup> | Morgan Stanley Capital I Trust 2021-L5 XA, 1.400%, 05/15/2054 | 82957 | 0.1 |
| 80000 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.347%, 11/08/2049 | 75479 | 0.1 |
| 30000 <sup>(1)(9)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | 26480 | 0 |
| 750000 <sup>(1)(2)</sup> | SMRT 2022-MINI B, 5.662%, (TSFR1M + 1.350%), 01/15/2039 | 743966 | 0.7 |
| 500000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025-DATA B, 6.154%, (TSFR1M + 1.842%), 02/15/2042 | 496811 | 0.5 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
|  | **United States: (continued)** |  |  |
| 5767442 <sup>(2)(5)</sup> | UBS Commercial Mortgage Trust 2018-C9 XA, 1.074%, 03/15/2051 | $96959 | 0.1 |
| 500000 | Wells Fargo Commercial Mortgage Trust 2024-5C1 A3, 5.928%, 07/15/2057 | 522141 | 0.5 |
|  |  | **8936809** | **8.5** |
|  | Total Commercial Mortgage-Backed Securities |  |  |
|  | (Cost $8,911,859) | **8936809** | **8.5** |
| **ASSET-BACKED SECURITIES: 7.5%** | **ASSET-BACKED SECURITIES: 7.5%** |  |  |
|  | **Cayman Islands: 7.4%** |  |  |
| 700000 <sup>(1)(2)</sup> | AGL CLO 11 Ltd. 2021-11A AJ, 5.868%, (TSFR3M + 1.612%), 04/15/2034 | 700383 | 0.7 |
| 500000 <sup>(1)(2)</sup> | Barings CLO Ltd. 2019-4A CR, 6.456%, (TSFR3M + 2.200%), 07/15/2037 | 502826 | 0.5 |
| 412500 <sup>(1)(2)</sup> | BlueMountain CLO Ltd. 2013-2A CR, 6.484%, (TSFR3M + 2.212%), 10/22/2030 | 412907 | 0.4 |
| 250000 <sup>(1)(2)</sup> | BlueMountain CLO XXVIII Ltd. 2021-28A C, 6.518%, (TSFR3M + 2.262%), 04/15/2034 | 250253 | 0.2 |
| 250000 <sup>(1)(2)</sup> | BlueMountain CLO XXXI Ltd. 2021-31A A2, 5.931%, (TSFR3M + 1.662%), 04/19/2034 | 250168 | 0.2 |
| 300000 <sup>(1)(2)</sup> | CBAM Ltd. 2017-1A AR2, 5.659%, (TSFR3M + 1.390%), 01/20/2038 | 300794 | 0.3 |
| 400000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2013-1A BR, 6.922%, (TSFR3M + 2.662%), 07/16/2030 | 401870 | 0.4 |
| 500000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2020-2A AR, 5.701%, (TSFR3M + 1.432%), 10/20/2034 | 500632 | 0.5 |
| 400000 <sup>(1)(2)</sup> | Galaxy XXI CLO Ltd. 2015-21A CR, 6.281%, (TSFR3M + 2.012%), 04/20/2031 | 400382 | 0.4 |
| 400000 <sup>(1)(2)</sup> | Madison Park Funding XXXI Ltd. 2018-31A CR, 6.529%, (TSFR3M + 2.250%), 07/23/2037 | 402834 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Cayman Islands: (continued)** |  |  |
| 250000 <sup>(1)(2)</sup> | Mountain View CLO XVIII Ltd. 2024-1A C, 6.461%, (TSFR3M + 2.200%), 10/16/2037 | $251338 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2019-4A CRR, 6.539%, (TSFR3M + 2.270%), 07/20/2037 | 502362 | 0.5 |
| 250000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2022-3A CR, 6.356%, (TSFR3M + 2.100%), 10/15/2037 | 251053 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Ocean Trails Clo XI 2021-11A C1R, 6.119%, (TSFR3M + 1.850%), 07/20/2034 | 493819 | 0.5 |
| 500000 <sup>(1)(2)</sup> | OCP CLO Ltd. 2014-5A BR, 6.344%, (TSFR3M + 2.062%), 04/26/2031 | 500528 | 0.5 |
| 550000 <sup>(1)(2)</sup> | Octagon Investment Partners 43 Ltd. 2019-1A CR, 6.732%, (TSFR3M + 2.450%), 10/25/2032 | 551151 | 0.5 |
| 440000 <sup>(1)(2)</sup> | Shackleton CLO Ltd. 2019-15A CR, 6.668%, (TSFR3M + 2.412%), 01/15/2032 | 440598 | 0.4 |
| 420816 <sup>(1)(2)</sup> | Sound Point CLO IX Ltd. 2015-2A ARRR, 5.741%, (TSFR3M + 1.472%), 07/20/2032 | 421330 | 0.4 |
| 250000 <sup>(1)(2)</sup> | THL Credit Wind River CLO Ltd. 2013-2A CR, 6.531%, (TSFR3M + 2.262%), 10/18/2030 | 250262 | 0.2 |
|  |  | **7785490** | **7.4** |
|  | **United States: 0.1%** |  |  |
| 191954 <sup>(2)</sup> | Citigroup Mortgage Loan Trust 2006-WF1 A2E, 6.582%, 03/25/2036 | 91521 | 0.1 |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $7,880,755) | **7877011** | **7.5** |
| **COMMON STOCK: 0.0%** | **COMMON STOCK: 0.0%** |  |  |
|  | **United States: 0.0%** |  |  |
| <sub>2149</sub> (3)(4) | American Media |  |  |
| <sub>18</sub> (10) | Ingevity Corp. | 776 | 0.0 |
| 120 | Smurfit WestRock PLC | 5178 | 0.0 |
|  |  | **5954** | **0.0** |
|  | Total Common Stock |  |  |
|  | (Cost $68,119) | **5954** | **0.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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** |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |
|  | **United States: 0.0%** |  |  |
| 4988 <sup>(4)(11)</sup> | Resolute Forest Products, Inc. - CVR | $7083 | 0 |
|  | Total Rights <br> (Cost $–) | **7083** | **0.0** |
| **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** |  |  |
|  | Total Purchased Options <br> (Cost $17,460) | 10308 | 0 |
|  | Total Long-Term Investments <br> (Cost $93,604,983) | **91209480** | **87.2** |
| **SHORT-TERM INVESTMENTS: 15.9%** | **SHORT-TERM INVESTMENTS: 15.9%** |  |  |
|  | **Commercial Paper: 13.0%** |  |  |
| 1000000 | American Honda Finance Corp., 4.790%, 08/25/2025 | 992711 | 0.9 |
| 2000000 | Automatic Data Processing, Inc., 4.400%, 07/02/2025 | 1999517 | 1.9 |
| 1000000 | BASF SE, 4.800%, 09/30/2025 | 988045 | 0.9 |
| 1000000 | Broadcom, Inc., 4.730%, 07/22/2025 | 997158 | 0.9 |
| 2000000 | Cigna Group, 4.640%, 07/01/2025 | 1999746 | 1.9 |
| 1000000 | Concord Minutemen Capital Co. LLC, 4.340%, 07/01/2025 | 999880 | 1 |
| 1000000 | Concord Minutemen Capital Co. LLC, 4.420%, 07/07/2025 | 999152 | 1 |
| 1125000 | Duke Energy Corp., 4.580%, 07/01/2025 | 1124859 | 1.1 |
| 1000000 | Duke Energy Corp., 4.610%, 07/11/2025 | 998612 | 0.9 |
| 1000000 | HP, Inc., 4.380%, 07/17/2025 | 997964 | 1 |
| 500000 | National Grid North America, Inc., 4.680%, 08/05/2025 | 497701 | 0.5 |
| 1000000 | Waste Management, Inc., 4.660%, 07/08/2025 | 998979 | 1 |
|  | Total Commercial Paper<br> (Cost $13,596,011) | **13594324** | **13.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements: 0.5%** |  |  |
| 372 <sup>(13)</sup> | Bank of America Securities Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $372, collateralized by various U.S. Government Securities, 0.000%-4.875%, Market Value plus accrued interest $379, due 04/30/26-06/30/30) | $372 | 0.0 |
| 499104 <sup>(13)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 06/30/2025, 4.400%, due 07/01/2025 (Repurchase Amount $499,164, collateralized by various U.S. Government Securities, 4.750%, Market Value plus accrued interest $509,086, due 05/15/55) | 499104 | 0.5 |
|  | Total Repurchase Agreements <br> (Cost $499,476) | **499476** | **0.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Mutual Funds: 2.4%** |  |  |
| 2525000 <sup>(14)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% <br> (Cost $2,525,000) | $**2525000** | **2.4** |
|  | Total Short-Term Investments <br> (Cost $16,620,487) | **16618800** | **15.9** |
|  | **Total Investments in Securities <br> (Cost $110,225,470)** | $**107828280** | **103.1** |
|  | **Liabilities in Excess of Other Assets** | **(3281588)** | **(3.1)** |
|  | **Net Assets** | $**104546692** | **100.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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> | 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> | Variable rate security. Rate shown is the rate in effect as of June 30, 2025. |
| <sup>(3)</sup> | Security, or a portion of the security, is on loan. |
| <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> | 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>(6)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2025. |
| <sup>(7)</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>(8)</sup> | Represents or includes a TBA transaction. |
| <sup>(9)</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>(10)</sup> | Non-income producing security. |
| <sup>(11)</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 $7,083 or —% of net assets. Please refer to the table below for additional details. |
| <sup>(12)</sup> | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| <sup>(13)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(14)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

Currency Abbreviations:

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CNY | China Yuan |
| CZK | Czech Koruna |
| EUR | EU Euro |
| GBP | British Pound |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| THB | Thai Baht |

---

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| 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 |
| US0012M | 12-month LIBOR |

---

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Collateralized Mortgage Obligations | 13.4% |
| Sovereign Bonds | 13.2 |
| U.S. Treasury Obligations | 9.6 |

---

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Mutual Funds | 9.4% |
| U.S. Government Agency Obligations | 9.2 |
| Commercial Mortgage-Backed Securities | 8.5 |
| Asset-Backed Securities | 7.5 |
| Financial | 6.0 |
| Consumer, Non-cyclical | 2.6 |
| Utilities | 2.3 |
| Consumer, Cyclical | 1.5 |
| Industrial | 1.3 |
| Technology | 1.3 |
| Energy | 0.7 |
| Communications | 0.6 |
| Purchased Options | 0.0 |
| Basic Materials | 0.1 |
| Materials | 0.0 |
| Rights | 0.0 |
| Short-Term Investments | 15.9 |
| Liabilities in Excess of Other Assets | (3.1) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>Voya Global Bond 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)** |<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;United States | $5954 | $— | $— | $5954 |
| Total Common Stock | 5954 |  |  | 5954 |
| Corporate Bonds/Notes |  | 17132634 |  | 17132634 |
| Collateralized Mortgage Obligations |  | 13958886 | 946 | 13959832 |
| Sovereign Bonds |  | 13761407 |  | 13761407 |
| U.S. Treasury Obligations |  | 10027650 |  | 10027650 |
| Mutual Funds | 9858344 |  |  | 9858344 |
| U.S. Government Agency Obligations |  | 9632448 |  | 9632448 |
| Commercial Mortgage-Backed Securities |  | 8936809 |  | 8936809 |
| Asset-Backed Securities |  | 7877011 |  | 7877011 |
| Purchased Options |  | 10308 |  | 10308 |
| Rights |  |  | 7083 | 7083 |
| Short-Term Investments | 2525000 | 14093800 |  | 16618800 |
| Total Investments, at fair value | $12389298 | $95430953 | $8029 | $107828280 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Interest Rate Swaps |  | 349369 |  | 349369 |
| Forward Foreign Currency Contracts |  | 1679918 |  | 1679918 |
| Forward Premium Swaptions |  | 222064 |  | 222064 |
| Futures | 192147 |  |  | 192147 |
| OTC Total Return Swaps |  | 20958 |  | 20958 |
| OTC volatility swaps |  | 18229 |  | 18229 |
| Total Assets | $12581445 | $97721491 | $8029 | $110310965 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Interest Rate Swaps | $— | $(692648) | $— | $(692648) |
| Forward Foreign Currency Contracts |  | (459271) |  | (459271) |
| Forward Premium Swaptions |  | (110825) |  | (110825) |
| Futures | (219490) |  |  | (219490) |
| OTC interest rate swaps |  | (15780) |  | (15780) |
| OTC Total Return Swaps |  | (7937) |  | (7937) |
| OTC volatility swaps |  | (4741) |  | (4741) |
| Written Options |  | (107219) |  | (107219) |
| Total Liabilities | $(219490) | $(1398421) | $— | $(1617911) |

---

---

| | |
|:---|:---|
| ^ | 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. |

---

**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:

See Accompanying Notes to Financial Statements

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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 VACS Series EMHCD Fund | $3695656 | $127755 | $— | $78602 | $3902013 | $127760 | $— | $— |
| Voya VACS Series HYB Fund | 5685773 | 202241 |  | 68317 | 5956331 | 202242 |  |  |
|  | $9381429 | $329996 | $— | $146919 | $9858344 | $330002 | $— | $— |

---

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

At June 30, 2025, Voya Global Bond Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Resolute Forest Products, Inc. - CVR | 3/1/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $7083 |
|  |  | $— | $7083 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| EUR | 8267 | USD | 9403 | Barclays Bank PLC | 07/18/25 | $346 |
| USD | 3302 | EUR | 2902 | Barclays Bank PLC | 07/18/25 | (120) |
| CZK | 1529 | USD | 70 | BNP Paribas | 07/11/25 | 3 |
| CNY | 73032356 | USD | 10084649 | Brown Brothers Harriman & Co. | 07/11/25 | 119996 |
| USD | 2581 | ZAR | 48325 | Brown Brothers Harriman & Co. | 07/11/25 | (146) |
| DKK | 1526805 | USD | 230239 | Brown Brothers Harriman & Co. | 07/18/25 | 11135 |
| SEK | 4198207 | USD | 433133 | Brown Brothers Harriman & Co. | 07/18/25 | 11115 |
| JPY | 6241390 | USD | 42948 | Brown Brothers Harriman & Co. | 07/18/25 | 479 |
| USD |  | JPY | 2 | Brown Brothers Harriman & Co. | 07/18/25 |  |
| USD | 19335 | JPY | 2841390 | Brown Brothers Harriman & Co. | 07/18/25 | (435) |
| USD | 3258721 | GBP | 2437478 | Brown Brothers Harriman & Co. | 07/18/25 | (87343) |
| EUR | 18605041 | USD | 20926046 | Citibank N.A. | 07/18/25 | 1015353 |
| ILS | 446061 | USD | 120243 | Deutsche Bank AG | 07/11/25 | 12193 |
| USD | 217392 | TRY | 10252207 | Deutsche Bank AG | 11/10/25 | (12138) |
| PEN | 1503532 | USD | 420298 | Goldman Sachs International | 07/11/25 | 4030 |
| USD | 384000 | PEN | 1390042 | Goldman Sachs International | 07/11/25 | (8299) |
| USD | 190090 | MXN | 3752659 | Goldman Sachs International | 07/11/25 | (9692) |
| USD | 677000 | PEN | 2452974 | Goldman Sachs International | 07/11/25 | (15280) |
| USD | 300529 | MXN | 5937097 | Goldman Sachs International | 07/11/25 | (15547) |
| USD | 329668 | BRL | 1930013 | Goldman Sachs International | 07/11/25 | (24741) |
| USD | 517966 | BRL | 2979703 | Goldman Sachs International | 07/11/25 | (29198) |
| EGP | 13386527 | USD | 257929 | Goldman Sachs International | 09/30/25 | 2788 |
| TRY | 10239164 | USD | 217392 | Goldman Sachs International | 11/10/25 | 11846 |
| USD | 1667764 | BRL | 10381000 | Goldman Sachs International | 01/05/26 | (155493) |
| COP | 451325458 | USD | 104035 | HSBC Bank USA N.A. | 07/11/25 | 6301 |
| IDR | 318581556 | USD | 18845 | JPMorgan Chase Bank N.A. | 07/11/25 | 801 |
| USD | 167679 | THB | 5542988 | JPMorgan Chase Bank N.A. | 07/11/25 | (2951) |
| USD | 344087 | MXN | 6803158 | JPMorgan Chase Bank N.A. | 07/11/25 | (18096) |
| HUF | 29109883 | USD | 81204 | Morgan Stanley Capital Services LLC | 07/11/25 | 4558 |
| PLN | 171616 | USD | 45862 | Morgan Stanley Capital Services LLC | 07/11/25 | 1740 |
| USD | 1123237 | PEN | 4059941 | Morgan Stanley Capital Services LLC | 07/11/25 | (22563) |
| JPY | 1414293281 | USD | 9721854 | Morgan Stanley Capital Services LLC | 07/18/25 | 118650 |
| GBP | 2437478 | USD | 3241861 | Morgan Stanley Capital Services LLC | 07/18/25 | 104203 |
| CAD | 3412009 | USD | 2449352 | Morgan Stanley Capital Services LLC | 07/18/25 | 58529 |
| CHF | 493860 | USD | 592155 | Morgan Stanley Capital Services LLC | 07/18/25 | 31645 |
| AUD | 1864563 | USD | 1202290 | Morgan Stanley Capital Services LLC | 07/18/25 | 25282 |
| NZD | 296987 | USD | 175912 | Morgan Stanley Capital Services LLC | 07/18/25 | 5219 |
| CNY | 2061629 | USD | 287319 | Nomura Global Financial Products, Inc. | 07/11/25 | 748 |
| KRW | 1693737212 | USD | 1194590 | Standard Chartered Bank | 07/11/25 | 60193 |
| RON | 360146 | USD | 82763 | Standard Chartered Bank | 07/11/25 | 723 |
| USD | 343499 | MXN | 6803158 | Standard Chartered Bank | 07/11/25 | (18684) |
| GBP | 2436033 | USD | 3298836 | Standard Chartered Bank | 07/18/25 | 45244 |
| CAD | 5750 | USD | 4198 | Standard Chartered Bank | 07/18/25 | 29 |
| MXN | 6008528 | USD | 303757 | State Street Bank and Trust Co. | 07/11/25 | 16122 |
| SGD | 343577 | USD | 263713 | State Street Bank and Trust Co. | 07/11/25 | 6699 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| CLP | 63308012 | USD | 66415 | State Street Bank and Trust Co. | 07/11/25 | $1540 |
| HKD | 379429 | USD | 48984 | State Street Bank and Trust Co. | 07/11/25 | (599) |
| USD | 206699 | CNY | 1495638 | State Street Bank and Trust Co. | 07/11/25 | (2283) |
| USD | 2168728 | CNY | 15769008 | State Street Bank and Trust Co. | 07/11/25 | (34639) |
| USD | 4484 | JPY | 646724 | UBS AG | 07/18/25 | (16) |
| NOK | 878092 | USD | 84719 | Wells Fargo Bank N.A. | 07/18/25 | 2408 |
| USD | 132519 | JPY | 19190674 | Wells Fargo Bank N.A. | 07/18/25 | (1008) |
|  |  |  |  |  |  | $1220647 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia 3-Year Bond | 16 | 09/15/25 | $1134557 | $3642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia 10-Year Bond | 4 | 09/15/25 | 301747 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada 10-Year Bond | 20 | 09/18/25 | 1791812 | (587) |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Bobl 5-Year | 45 | 09/08/25 | 6237970 | (23922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Bund | 7 | 09/08/25 | 1073174 | (5515) |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Buxl 30-year German Government Bond | 7 | 09/08/25 | 979091 | (14545) |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-OAT | 35 | 09/08/25 | 5105721 | (29989) |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Schatz | 42 | 09/08/25 | 5306091 | (7993) |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan 10-Year Bond (TSE) | 1 | 09/12/25 | 965383 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japanese Government Bonds 10-Year Mini | 13 | 09/11/25 | 1255720 | 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long Gilt | 14 | 09/26/25 | 1787762 | 34589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Euro-BTP | 11 | 09/08/25 | 1567856 | 4137 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 4 | 09/30/25 | 832094 | 3180 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 41 | 09/19/25 | 4597125 | 51075 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 4 | 09/19/25 | 461875 | 16585 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 14 | 09/19/25 | 1667750 | 69233 |
|  |  |  | $35065728 | $109596 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (36) | 09/30/25 | (3924000) | (41139) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (39) | 09/19/25 | (4456359) | (95800) |
|  |  |  | $(8380359) | $(136939) |

---

At June 30, 2025, the following centrally cleared interest rate swaps were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** | <br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Pay | 1-day Sterling Overnight Index Average (SONIA) | Annual | 1.649% | Annual | 04/14/52 | GBP | 800000 | $(484248) | $(484248) |
| Pay | 3-month KRW-CD-KSDA-Bloomberg | Quarterly | 2.935 | Quarterly | 07/31/34 | KRW | 1713918000 | 35188 | 35188 |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.933 | Annual | 05/05/45 | USD | 494179 | (2262) | (2262) |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.058 | Monthly | 05/08/29 | USD | 900000 | (9395) | (9184) |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.105 | Monthly | 08/08/32 | USD | 1870000 | (45025) | (52685) |
| Receive | 1-day Sterling Overnight Index Average (SONIA) | Annual | 3.674 | Annual | 09/30/52 | GBP | 70000 | 11915 | 11915 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.857 | Annual | 05/05/55 | USD | 194926 | 1924 | 1924 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.699 | Annual | 05/05/35 | USD | 411129 | (488) | (488) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.837 | Annual | 08/16/44 | USD | 458600 | 14465 | 14465 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.855 | Annual | 11/29/44 | USD | 580000 | 17519 | 17519 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.860 | Annual | 06/26/34 | USD | 1000000 | (16909) | (16909) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 1.551 | Annual | 01/24/29 | USD | 2000000 | 123673 | 123673 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.750 | Annual | 05/21/30 | USD | 2000000 | (29101) | (29101) |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** | <br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.464% | Annual | 09/26/32 | USD | 2000000 | $10691 | $10691 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.482 | Annual | 06/09/33 | USD | 2000000 | 14184 | 14184 |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.477 | Monthly | 05/03/27 | USD | 2250000 | (124) | (171) |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.046 | Monthly | 05/08/30 | USD | 2300000 | 33658 | 33462 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 2.962 | Annual | 06/14/27 | USD | 3000000 | 30534 | 30534 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 4.006 | Annual | 06/26/29 | USD | 3000000 | (67881) | (67881) |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.114 | Monthly | 03/08/28 | USD | 3600000 | 23773 | 24462 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.605 | Annual | 01/08/31 | USD | 4000000 | (29719) | (29719) |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.679 | Monthly | 05/03/26 | USD | 17000000 | 31552 | 31352 |
|  |  |  |  |  |  |  |  | $(336076) | $(343279) |

---

At June 30, 2025, the following OTC interest rate swaps were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | | |
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** | <br>**Counterparty** | <br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** | **Upfront**<br>**Payments**<br>**Paid/**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  | 7-day China Fixing |  |  |  |  |  |  |  |  |  |  |
| Pay | Repo Rates | Quarterly | BNP Paribas | 1.436% | Quarterly | 04/24/30 | CNY | 46977000 | $(15780) | $— | $(15780) |
|  |  |  |  |  |  |  |  |  | $(15780) | $— | $(15780) |

---

At June 30, 2025, the following OTC total return swaps were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | | |
| <br>**Pay/Receive**<br>**Total**<br>**Return<sup>(1)</sup>** | <br>**Reference Entity** | **Reference**<br>**Entity**<br>**Payment**<br>**Frequency** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate** | **Floating**<br>**Rate**<br>**Payment**<br>**Frequency** | <br>**Counterparty** | <br>**Termination**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** | **Upfront**<br>**Payments**<br>**Paid/**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Pay | Japanese Government 30-Year Treasury Bond | At Termination Date | (1-day Tokyo Overnight Average Rate) | At Termination Date | Citibank N.A. | 08/15/25 | JPY | 220000000 | $(7937) | $— | $(7937) |
| Pay | Japanese Government 5-Year Treasury Bond | At Termination Date | (1-day Tokyo Overnight Average Rate) | At Termination Date | Nomura International PLC | 07/24/25 | JPY | 500000000 | 7742 |  | 7742 |
| Pay | Japanese Government 20-Year Treasury Bond | At Termination Date | (1-day Tokyo Overnight Average Rate) | At Termination Date | Nomura International PLC | 09/11/25 | JPY | 200000000 | 13216 |  | 13216 |
|  |  |  |  |  |  |  |  |  | $13021 | $— | $13021 |

---

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

At June 30, 2025, the following OTC volatility swaps were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/**<br>**Receive**<br>**Volatility<sup>(1)</sup>** | <br>**Reference Entity** | **Volatility**<br>**Strike**<br>**Rate** | <br>**Counterparty** | <br>**Maturity**<br>**Date** | <br>**Currency** | <br>**Notional**<br>**Amount** |<br>**Fair Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Pay | USD vs. BRL Spot Exchange Rate | 18.300% | Goldman Sachs International | 06/24/26 | USD | 1553000 | $(4741) | $(4741) |
| Pay | EUR vs. USD Spot Exchange Rate | 8.400% | Morgan Stanley Capital Services LLC | 02/10/26 | USD | 1765000 | 6749 | 6749 |
| Receive | USD vs. INR Spot Exchange Rate | 4.325% | BNP Paribas | 02/10/26 | USD | 1765000 | 11480 | 11480 |
|  |  |  |  |  |  |  | $13488 | $13488 |

---

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

See Accompanying Notes to Financial Statements

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Reference Entity** | <br>**Exercise**<br>**Rate (%)** | **(Pay)/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Strike**<br>**Price** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** | <br>**Premiums**<br>**Received** | <br>**Fair**<br>**Value** |
| Put on 5-Year Credit Default Swap | Goldman Sachs International | CDX North American High Yield, Series 44, Version 1 | 5.000 | Pay | 105.000% | 07/16/25 | USD | $1014000 | $(7529) | $(634) |
| Put on 5-Year Credit Default Swap | JPMorgan Chase Bank N.A. | CDX North American High Yield, Series 44, Version 1 | 5.000 | Pay | 104.500% | 08/20/25 | USD | 1000000 | (8060) | (2310) |
| Put on 5-Year Credit Default Swap | Goldman Sachs International | CDX North American High Yield, Series 44, Version 1 | 5.000 | Pay | 104.500% | 08/20/25 | USD | 971000 | (6797) | (2243) |
| Put on 5-Year Credit Default Swap | Barclays Bank PLC | CDX North American High Yield, Series 44, Version 1 | 5.000 | Pay | 105.000% | 08/20/25 | USD | 1014000 | (11154) | (2762) |
|  |  |  |  |  |  |  |  |  | $(33540) | $(7949) |

---

At June 30, 2025, the following OTC purchased foreign currency options were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Counterparty** | **Expiration**<br>**Date** | **Exercise**<br>**Price** | **Notional Amount** | **Notional Amount** |<br>**Cost** |<br>**Fair Value** |
| Call USD vs. Put JPY | Goldman Sachs International | 10/13/25 | 125.000 | USD | 29000 | $2451 | $708 |
| Put USD vs. Call JPY | Morgan Stanley Capital Services LLC | 10/13/25 | 125.000 | USD | 29000 | 2545 | 709 |
|  |  |  |  |  |  | $4996 | $1417 |

---

At June 30, 2025, the following OTC written foreign currency options were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | **Expiration**<br>**Date** | **Exercise**<br>**Price** | **Notional Amount** | **Notional Amount** | **Premiums**<br>**Received** |<br>**Fair Value** |
| Call INR vs. Put USD | Goldman Sachs International | 05/12/27 | 89.420 | USD | 747000 | $20916 | $(19081) |
| Call USD vs. Put BRL | BNP Paribas | 06/10/26 | 6.300 | USD | 1045000 | 42291 | (32919) |
| Call USD vs. Put INR | Goldman Sachs International | 05/12/27 | 89.420 | USD | 747000 | 20916 | (20381) |
| Call USD vs. Put TRY | Deutsche Bank AG | 11/07/25 | 47.000 | USD | 633000 | 57033 | (20909) |
|  |  |  |  |  |  | $141156 | $(93290) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** |<br><br>**Cost** |<br><br>**Fair Value** |
|  | Morgan Stanley |  |  |  |  |  |  |  |  |
| Call on 5-Year Interest | Capital Services |  |  |  |  |  |  |  |  |
| Rate Swap<sup>(1)</sup> | LLC | Receive | 2.500% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 2232000 | $12464 | $8891 |
|  |  |  |  |  |  |  |  | $12464 | $8891 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | **Pay/Receive**<br>**Exercise**<br>**Rate** | <br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** |<br>**Premiums**<br>**Received** |<br>**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 | 1116000 | $9191 | $(5716) |
| 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 | 2773500 | 4632 | (264) |
|  |  |  |  |  |  |  |  | $13823 | $(5980) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Rate<sup>(3)</sup>** | **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate** | **Floating Rate**<br> **Index** | **Expiration**<br> **Date** | **Notional <br>Amount** | **Notional <br>Amount** | **Premium**<br> **receivable/**<br> **(payable)**<br> **at expiration**<br>**(4)** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Call on 10-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 2.355% | Receive | Financing Rate | 11/27/34 | USD | 1208000 | $— | $20035 |
| Call on 10-Year | JPMorgan Chase |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Bank N.A. | 2.375% | Receive | Financing Rate | 08/14/34 | USD | 1146610 | (48158) | (13515) |
| Call on 30-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 17.500% | Receive | Financing Rate | 06/14/27 | USD | 1307000 | (898002) | 46488 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(3)</sup>** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** | **Premium**<br>**receivable/**<br>**(payable)**<br>**at expiration****(4)** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Put on 10-Year <br> Interest Rate Swap | Morgan Stanley <br> Capital Services LLC | 3.000% | Pay | 6-month EUR-EURIBOR | 12/15/25 | EUR | 1109000 | $(23514) | $(15903) |
| Put on 10-Year Interest<br> Rate Swap | UBS AG | 3.000% | Pay | 6-month EUR-EURIBOR | 12/15/25 | EUR | 831000 | (17620) | (11917) |
| Put on 1-Year Interest <br> Rate Swap | UBS AG | 3.665% | Pay | 1-day Secured Overnight<br> Financing Rate | 02/02/26 | USD | 6863600 | (14071) | (5389) |
| Put on 30-Year Interest<br> Rate Swap | Barclays Bank PLC | 18.000% | Pay | 1-day Secured Overnight<br> Financing Rate | 05/25/27 | USD | 3070500 | (293300) | 96189 |
| Put on 30-Year Interest<br> Rate Swap | UBS AG | 4.548% | Pay | 1-day Secured Overnight<br> Financing Rate | 11/28/25 | USD | 1109400 | (19969) | (10862) |
|  |  |  |  |  |  |  |  | $(1314634) | $105126 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Pay/** |  |  |  |  | **Premium** |  | |
|  |  |  | **Receive** |  |  |  |  | **receivable/** |  | **Unrealized** |
|  |  | **Exercise** | **Exercise** | **Floating Rate** | **Expiration** | **Notional** | **Notional** | **(payable)** |  | **Appreciation/** |
| **Description** | **Counterparty** | **Rate<sup>(3)</sup>** | **Rate** | **Index** | **Date** | **Amount** | **Amount** | **at expiration** | (4) | **(Depreciation)** |
| Call on 10-Year <br> Interest Rate Swap | UBS AG | 4.630% | Pay | 1-day Secured Overnight Financing Rate | 05/22/35 | USD | 550000 | $50187 |  | $(3811) |
| Put on 10-Year Interest<br> Rate Swap | Barclays Bank PLC | 5.355% | Receive | 1-day Secured Overnight Financing Rate | 11/27/34 | USD | 1208000 | 21865 |  | (36812) |
| Put on 10-Year Interest <br> Rate Swap | JPMorgan Chase <br> Bank N.A. | 5.540% | Receive | 1-day Secured Overnight Financing Rate | 08/14/34 | USD | 1146610 | 48157 |  | (12616) |
| Put on 10-Year Interest <br> Rate Swap | Morgan Stanley <br> Capital Services LLC | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 1109000 | 9798 |  | 8257 |
| Put on 10-Year Interest<br> Rate Swap | Morgan Stanley <br> Capital Services LLC | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 1109000 | 14370 |  | 10954 |
| Put on 10-Year Interest <br> Rate Swap | UBS AG | 4.630% | Receive | 1-day Secured Overnight Financing Rate | 05/22/35 | USD | 550000 | 50187 |  | 3768 |
| Put on 10-Year Interest <br> Rate Swap | UBS AG | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 831000 | 8516 |  | 7351 |
| Put on 10-Year Interest <br> Rate Swap | UBS AG | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 831000 | 9789 |  | 7238 |
| Put on 1-Year Interest <br> Rate Swap | UBS AG | 4.185% | Receive | 1-day Secured Overnight Financing Rate | 02/02/26 | USD | 6863600 | 5491 |  | 3461 |
| Put on 1-Year Interest <br> Rate Swap | UBS AG | 3.965% | Receive | 1-day Secured Overnight Financing Rate | 02/02/26 | USD | 6863600 | 8580 |  | 4704 |
| Put on 2-Year Interest <br> Rate Swap | UBS AG | 4.000% | Receive | 1-day Secured Overnight Financing Rate | 11/28/25 | USD | 9984600 | 19969 |  | 13619 |
|  |  |  |  |  |  |  |  | $246909 |  | $6113 |

---

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |
| AUD | &nbsp;&nbsp;Australian Dollar | HKD | &nbsp;&nbsp;Hong Kong Sar Dollar |
| BRL | &nbsp;&nbsp;Brazilian Real | HUF | &nbsp;&nbsp;Hungarian Forint |
| CAD | &nbsp;&nbsp;Canadian Dollar | IDR | &nbsp;&nbsp;Indonesian Rupiah |
| CHF | &nbsp;&nbsp;Swiss Franc | ILS | &nbsp;&nbsp;Israeli New Shekel |
| CLP | &nbsp;&nbsp;Chilean Peso | JPY | &nbsp;&nbsp;Japanese Yen |
| CNY | &nbsp;&nbsp;Chinese Yuan | KRW | &nbsp;&nbsp;South Korean Won |
| COP | &nbsp;&nbsp;Colombian Peso | MXN | &nbsp;&nbsp;Mexican Peso |
| CZK | &nbsp;&nbsp;Czech Koruna | NOK | &nbsp;&nbsp;Norwegian Krone |
| DKK | &nbsp;&nbsp;Danish Krone | NZD | &nbsp;&nbsp;New Zealand Dollar |
| EGP | &nbsp;&nbsp;Egyptian Pound | PEN | &nbsp;&nbsp;Peruvian Nuevo Sol |
| EUR | &nbsp;&nbsp;EU Euro | PLN | &nbsp;&nbsp;Polish Zloty |
| GBP | &nbsp;&nbsp;British Pound | RON | &nbsp;&nbsp;Romanian New Leu |
|  |  | SEK | &nbsp;&nbsp;Swedish Krona |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Abbreviations: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Abbreviations: |
| SGD | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;Turkish Lira |
| THB | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;United States Dollar |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;South African Rand |

---

**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>** |  | |
| Foreign exchange contracts | Investments in securities at value<sup>\*</sup> | $1417 |
| Interest rate contracts | Investments in securities at value<sup>\*</sup> | 8891 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1679918 |
| Interest rate contracts | Unrealized appreciation on forward premium swaptions | 222064 |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*\*</sup> | 192147 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps<sup>\*\*</sup> | 349369 |
| Foreign exchange contracts | Unrealized appreciation on OTC swap agreements | 18229 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 20958 |
| **Total Asset Derivatives** |  | $2492993 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $459271 |
| Interest rate contracts | Unrealized depreciation on forward premium swaptions | 110825 |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*\*</sup> | 219490 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps<sup>\*\*</sup> | 692648 |
| Foreign exchange contracts | Unrealized depreciation on OTC swap agreements | 4741 |
| Interest rate contracts | Unrealized depreciation on OTC swap agreements | 23717 |
| Credit contracts | Written options, at fair value | 7949 |
| Foreign exchange contracts | Written options, at fair value | 93290 |
| Interest rate contracts | Written options, at fair value | 5980 |
| **Total Liability Derivatives** |  | $1617911 |

---

\* 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>** | | | | | | |
| **<u>instruments</u>** |<br><br>**Investments<sup>\*</sup>** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br>**Written**<br>**options** |<br><br>**Total** |
| Credit contracts | $— | $— | $— | $19693 | $— | $19693 |
| Foreign exchange contracts | 17306 | 1491403 |  | 7624 | 16893 | 1533226 |
| Interest rate contracts | 13039 |  | (477527) | (194067) | 38395 | (620160) |
| **Total** | $30345 | $1491403 | $(477527) | $(166750) | $55288 | $932759 |

---

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

See Accompanying Notes to Financial Statements

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging</u>** | | | | | | |
| **<u>instruments</u>** |<br><br>**Investments** **<sup>\*</sup>** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br>**Written**<br>**options** |<br><br>**Total** |
| Credit contracts | $— | $— | $— | $— | $25591 | $25591 |
| Foreign exchange contracts | (4159) | 2012803 |  | 16633 | 38814 | 2064090 |
| Interest rate contracts | (17313) |  | 253458 | (590239) | 60923 | (293171) |
| **Total** | $(21472) | $2012803 | $253458 | $(573606) | $125328 | $1796510 |

---

<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.

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:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Barclays Bank**<br>**PLC** |<br><br>**BNP Paribas** | **Brown**<br>**Brothers**<br>**Harriman &**<br>**Co.** |<br><br>**Citibank N.A.** |<br>**Deutsche**<br>**Bank AG** |<br>**Goldman**<br>**Sachs**<br>**International** |<br>**HSBC Bank**<br>**USA N.A.** |<br>**JPMorgan**<br>**Chase Bank**<br>**N.A.** | **Morgan**<br>**Stanley**<br>**Capital**<br>**Services LLC** | **Nomura**<br>**Global**<br>**Financial**<br>**Products, Inc.** |<br>**Nomura**<br>**International**<br>**PLC** |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |  |
| Purchased options | $— | $— | $— | $— | $— | $708 | $— | $— | $9600 | $— | $— |
| Forward foreign currency contracts | 346 | 3 | 142725 | 1015353 | 12193 | 18664 | 6301 | 801 | 349826 | 748 |  |
| Forward premium swaptions | 162712 |  |  |  |  |  |  |  | 19211 |  |  |
| OTC total return swaps |  |  |  |  |  |  |  |  |  |  | 20958 |
| OTC volatility swaps |  | 11480 |  |  |  |  |  |  | 6749 |  |  |
| **Total Assets** | $163058 | $11483 | $142725 | $1015353 | $12193 | $19372 | $6301 | $801 | $385386 | $748 | $20958 |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $120 | $— | $87924 | $— | $12138 | $258250 | $— | $21047 | $22563 | $— | $— |
| Forward premium swaptions | 36812 |  |  |  |  |  |  | 26131 | 15903 |  |  |
| OTC interest rate swaps |  | 15780 |  |  |  |  |  |  |  |  |  |
| OTC total return swaps |  |  |  | 7937 |  |  |  |  |  |  |  |
| OTC volatility swaps |  |  |  |  |  | 4741 |  |  |  |  |  |
| Written options | 2762 | 33183 |  |  | 20909 | 42339 |  | 2310 | 5716 |  |  |
| **Total Liabilities** | $39694 | $48963 | $87924 | $7937 | $33047 | $305330 | $— | $49488 | $44182 | $— | $— |
| **Net OTC derivative instruments by counterparty, at fair value** | $123364 | $(37480) | $54801 | $1007416 | $(20854) | $(285958) | $6301 | $(48687) | $341204 | $748 | $20958 |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $(110000) | $— | $— | $(660000) | $— | $220000 | $— | $— | $(341204) | $— | $— |
| **Net Exposure** **<sup>(1)(2)</sup>** | $13364 | $(37480) | $54801 | $347416 | $(20854) | $(65958) | $6301 | $(48687) | $— | $748 | $20958 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Standard**<br>**Chartered**<br>**Bank** | **State Street**<br>**Bank and**<br>**Trust Co.** |<br>**UBS AG** |<br>**Wells Fargo**<br>**Bank N.A.** |<br>**Total** |
| **Assets:** |  |  |  |  |  |
| Purchased options | $— | $— | $— | $— | $10308 |
| Forward foreign currency contracts | 106189 | 24361 |  | 2408 | 1679918 |
| Forward premium swaptions |  |  | 40141 |  | 222064 |
| OTC total return swaps |  |  |  |  | 20958 |
| OTC volatility swaps |  |  |  |  | 18229 |
| **Total Assets** | $106189 | $24361 | $40141 | $2408 | $1951477 |
| **Liabilities:** |  |  |  |  |  |
| Forward foreign currency contracts | $18684 | $37521 | $16 | $1008 | $459271 |
| Forward premium swaptions |  |  | 31979 |  | 110825 |
| OTC interest rate swaps |  |  |  |  | 15780 |
| OTC total return swaps |  |  |  |  | 7937 |
| OTC volatility swaps |  |  |  |  | 4741 |
| Written options |  |  |  |  | 107219 |
| **Total Liabilities** | $18684 | $37521 | $31995 | $1008 | $705773 |
| **Net OTC derivative instruments by counterparty, at fair value** | $87505 | $(13160) | $8146 | $1400 | $1245704 |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $(8146) | $— | $(899350) |
| **Net Exposure<sup>(1)(2)</sup>** | $87505 | $(13160) | $— | $1400 | $346354 |

---

See Accompanying Notes to Financial Statements

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

<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 $220,000 in cash collateral to Goldman Sachs International. In addition, the Portfolio received $660,000, $370,000, $110,000 and $10,000 from Citibank N.A., Morgan Stanley Capital Services LLC, Barclays Bank PLC and UBS AG, respectively. 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 $111,079,324. | Cost for U.S. federal income tax purposes was $111,079,324. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $3180901 |
| Gross Unrealized Depreciation | (4910194) |
| Net Unrealized Depreciation | $(1729293) |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** |  |  |
|  | **Brazil: 1.1%** |  |  |
| 143424 | Wheaton Precious Metals Corp. | $**12879475** | **1.1** |
|  | **China: 3.5%** |  |  |
| 110390 | Alibaba Group Holding Ltd., ADR | 12519330 | 1.1 |
| 81500 <sup>(1)</sup> | Mixue Group | 5349084 | 0.5 |
| 2295608 | Shenzhen Envicool Technology Co. Ltd. - Class A | 9523537 | 0.8 |
| 206600 | Trip.com Group Ltd. | 12099433 | 1.1 |
|  |  | **39491384** | **3.5** |
|  | **Germany: 4.6%** |  |  |
| 435130 | BASF SE | 21521384 | 1.9 |
| 264809 <sup>(1)</sup> | Siemens Energy AG | 30951211 | 2.7 |
|  |  | **52472595** | **4.6** |
|  | **India: 2.8%** |  |  |
| 123243 | Maruti Suzuki India Ltd. | 17827296 | 1.6 |
| 787840 | Reliance Industries Ltd. | 13789737 | 1.2 |
|  |  | **31617033** | **2.8** |
|  | **Indonesia: 1.1%** |  |  |
| 24224800 | Bank Central Asia Tbk PT | **12949310** | **1.1** |
|  | **Italy: 2.8%** |  |  |
| 3273110 | Enel SpA | **31064213** | **2.8** |
|  | **Japan: 3.8%** |  |  |
| 439900 | Hitachi Ltd. | 12785409 | 1.1 |
| 1155400 | Sony Group Corp. | 30040777 | 2.7 |
|  |  | **42826186** | **3.8** |
|  | **Netherlands: 1.0%** |  |  |
| 266057 | Koninklijke Ahold Delhaize NV | **11112289** | **1.0** |
|  | **Singapore: 0.7%** |  |  |
| 1616753 <sup>(1)</sup> | Grab Holdings Ltd. - Class A | **8132268** | **0.7** |
|  | **Spain: 0.6%** |  |  |
| 123738 | Industria de Diseno Textil SA | **6455028** | **0.6** |
|  | **Switzerland: 3.3%** |  |  |
| 16831 | Lonza Group AG | 12036916 | 1.1 |
| 893380 <sup>(1)</sup> | Sportradar Group AG - Class A | 25086111 | 2.2 |
|  |  | **37123027** | **3.3** |
|  | **United Kingdom: 5.7%** |  |  |
| 4805114 | Barclays PLC | 22203265 | 2 |
| 173532 | London Stock Exchange Group PLC | 25378497 | 2.3 |
| 238428 | Reckitt Benckiser Group PLC | 16243337 | 1.4 |
|  |  | **63825099** | **5.7** |
|  | **United States: 67.4%** |  |  |
| 128744 | 3M Co. | 19599986 | 1.7 |
| 59530 | AbbVie, Inc. | 11049959 | 1 |
| 213099 | Acushnet Holdings Corp. | 15517869 | 1.4 |
| 132023 <sup>(1)</sup> | Amrize Ltd. | 6585759 | 0.6 |
| 111841 | Apple, Inc. | 22946418 | 2 |
| 59582 <sup>(1)</sup> | ARM Holdings PLC, ADR | 9636793 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 480148 <sup>(1)</sup> | Asana, Inc. - Class A | $6481998 | 0.6 |
| 224116 <sup>(1)</sup> | Astera Labs, Inc. | 20264569 | 1.8 |
| 392573 | AT&T, Inc. | 11361063 | 1 |
| 487679 | Bank of America Corp. | 23076970 | 2 |
| 725144 | Cisco Systems, Inc. | 50310491 | 4.4 |
| 28245 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 9899590 | 0.9 |
| 66481 | Constellation Energy Corp. | 21457407 | 1.9 |
| 343732 | Coterra Energy, Inc. | 8723918 | 0.8 |
| 45953 | Deere & Co. | 23366641 | 2.1 |
| 80777 <sup>(1)</sup> | First Solar, Inc. | 13371825 | 1.2 |
| 363615 | Fox Corp. - Class A | 20376985 | 1.8 |
| 369523 | Freeport-McMoRan, Inc. | 16018822 | 1.4 |
| 64145 | Garmin Ltd. | 13388344 | 1.2 |
| 26343 | HCA Healthcare, Inc. | 10092003 | 0.9 |
| 132023 | Holcim AG | 9803914 | 0.9 |
| 58424 <sup>(1)</sup> | Inspire Medical Systems, Inc. | 7581682 | 0.7 |
| 617647 <sup>(1)</sup> | Joby Aviation, Inc. | 6516176 | 0.6 |
| 70726 | Marsh & McLennan Cos., Inc. | 15463533 | 1.4 |
| 13985 | Meta Platforms, Inc. - Class A | 10322189 | 0.9 |
| 66291 | Microsoft Corp. | 32973806 | 2.9 |
| 32715 <sup>(1)</sup> | MicroStrategy, Inc. - Class A | 13224384 | 1.2 |
| 118120 <sup>(1)</sup> | Natera, Inc. | 19955193 | 1.8 |
| 163221 | NVIDIA Corp. | 25787286 | 2.3 |
| 192192 <sup>(1)</sup> | Onestream, Inc. | 5439034 | 0.5 |
| 160183 | Otis Worldwide Corp. | 15861321 | 1.4 |
| 97231 | Prologis, Inc. | 10220923 | 0.9 |
| 437609 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A | 40973331 | 3.6 |
| 33883 | Rockwell Automation, Inc. | 11254916 | 1 |
| 28661 | Salesforce, Inc. | 7815568 | 0.7 |
| 300640 | Shell PLC | 10489164 | 0.9 |
| 39025 <sup>(1)</sup> | Spotify Technology SA | 29945443 | 2.6 |
| 985237 <sup>(1)</sup> | Standardaero, Inc. | 31182751 | 2.8 |
| 43034 | Targa Resources Corp. | 7491359 | 0.7 |
| 89051 <sup>(1)</sup> | Tesla, Inc. | 28287941 | 2.5 |
| 35932 | Valero Energy Corp. | 4829979 | 0.4 |
| 89253 | Vertiv Holdings Co. - Class A | 11460978 | 1 |
| 265158 | Walmart, Inc. | 25927149 | 2.3 |
| 217158 | Walt Disney Co. | 26929764 | 2.4 |
| 419705 <sup>(1)</sup> | Waystar Holding Corp. | 17153343 | 1.5 |
|  |  | **760418537** | **67.4** |
|  | Total Common Stock |  |  |
|  | (Cost $946,231,755) | **1110366444** | **98.4** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $946,231,755) | **1110366444** | **98.4** |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **Shares** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 1.1%** | **SHORT-TERM INVESTMENTS: 1.1%** | **SHORT-TERM INVESTMENTS: 1.1%** |  |
|  | &nbsp;&nbsp;&nbsp;**Mutual Funds: 1.1%** |  |  |
| 12502666 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% |  |  |
|  | (Cost $12,502,666) | $**12502666** | **1.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $12,502,666) | $**12502666** | **1.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $958,734,421)** | $**1122869110** | **99.5** |
|  | **Assets in Excess of Other Liabilities** | **6001984** | **0.5** |
|  | **Net Assets** | $**1128871094** | **100.0** |

---

ADR American Depositary Receipt

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

<sup>(2)</sup> Rate shown is the 7-day yield as of June 30, 2025.

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Information Technology | 18.4% |
| Industrials | 16.0 |
| Consumer Discretionary | 14.8 |
| Financials | 13.3 |
| Communication Services | 8.8 |
| Health Care | 6.9 |
| Materials | 5.9 |
| Consumer Staples | 4.7 |
| Utilities | 4.7 |
| Energy | 4.0 |
| Real Estate | 0.9 |
| Short-Term Investments | 1.1 |
| Assets in Excess of Other Liabilities | 0.5 |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>Voya Global Insights 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)** |<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;Brazil | $12879475 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12879475 |
| &nbsp;&nbsp;China | 12519330 | 26972054 |  | 39491384 |
| &nbsp;&nbsp;Germany |  | 52472595 |  | 52472595 |
| &nbsp;&nbsp;India |  | 31617033 |  | 31617033 |
| &nbsp;&nbsp;Indonesia |  | 12949310 |  | 12949310 |
| &nbsp;&nbsp;Italy |  | 31064213 |  | 31064213 |
| &nbsp;&nbsp;Japan |  | 42826186 |  | 42826186 |
| &nbsp;&nbsp;Netherlands |  | 11112289 |  | 11112289 |
| &nbsp;&nbsp;Singapore | 8132268 |  |  | 8132268 |
| &nbsp;&nbsp;Spain |  | 6455028 |  | 6455028 |
| &nbsp;&nbsp;Switzerland | 25086111 | 12036916 |  | 37123027 |
| &nbsp;&nbsp;United Kingdom |  | 63825099 |  | 63825099 |
| &nbsp;&nbsp;United States | 740125459 | 20293078 |  | 760418537 |
| Total Common Stock | 798742643 | 311623801 |  | 1110366444 |
| Short-Term Investments | 12502666 |  |  | 12502666 |
| Total Investments, at fair value | $811245309 | $311623801 | $— | $1122869110 |

---

---

| | |
|:---|:---|
| ^ | 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. |

---

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** | **Written**<br>**options** |
| Equity contracts | $(310199) |
| **Total** | $(310199) |

---

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 $965,815,111. | Cost for U.S. federal income tax purposes was $965,815,111. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $190756060 |
| Gross Unrealized Depreciation | (27933260) |
| Net Unrealized Appreciation | $162822800 |

---

See Accompanying Notes to Financial Statements

<u>Voya International High Dividend Low Volatility Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** |
|  | **Australia: 7.5%** | **Australia: 7.5%** | **Australia: 7.5%** |
| 182025 | ANZ Group Holdings Ltd. | $3490656 | 1.1 |
| 113063 | Brambles Ltd. | 1746122 | 0.5 |
| 68778 | Computershare Ltd. | 1804328 | 0.5 |
| 350639 | Insurance Australia Group Ltd. | 2084558 | 0.6 |
| 686448 | Medibank Pvt Ltd. | 2279626 | 0.7 |
| 95015 | National Australia Bank Ltd. | 2462580 | 0.7 |
| 315415 | Origin Energy Ltd. | 2241950 | 0.7 |
| 160268 | QBE Insurance Group Ltd. | 2467988 | 0.7 |
| 213998 | Scentre Group | 502621 | 0.2 |
| 118614 | Sonic Healthcare Ltd. | 2093679 | 0.6 |
| 706750 | Telstra Group Ltd. | 2253559 | 0.7 |
| 177662 | Transurban Group | 1634662 | 0.5 |
|  |  | **25062329** | **7.5** |
|  | **Austria: 0.7%** |  |  |
| 39995 | OMV AG | **2174980** | **0.7** |
|  | **Belgium: 0.7%** |  |  |
| 33615 | Ageas SA | **2273981** | **0.7** |
|  | **China: 0.7%** |  |  |
| 553000 | BOC Hong Kong Holdings Ltd. | **2407343** | **0.7** |
|  | **Denmark: 1.5%** |  |  |
| 75364 | Danske Bank A/S | 3078153 | 0.9 |
| 73668 | Tryg A/S | 1904407 | 0.6 |
|  |  | **4982560** | **1.5** |
|  | **Finland: 1.4%** |  |  |
| 7563 | Kone Oyj - Class B | 498257 | 0.1 |
| 212668 | Sampo Oyj - Class A | 2288847 | 0.7 |
| 71907 | UPM-Kymmene Oyj | 1963644 | 0.6 |
|  |  | **4750748** | **1.4** |
|  | **France: 8.7%** |  |  |
| 68918 | AXA SA | 3384231 | 1 |
| 55107 | BNP Paribas SA | 4943206 | 1.5 |
| 19622 | Carrefour SA | 276793 | 0.1 |
| 52842 | Cie Generale des Etablissements Michelin SCA | 1965423 | 0.6 |
| 132427 <sup>(1)</sup> | Credit Agricole SA | 2505300 | 0.7 |
| 31661 | Danone SA | 2590616 | 0.8 |
| 12525 | Eiffage SA | 1759934 | 0.5 |
| 150491 | Engie SA | 3536971 | 1.1 |
| 66620 | Getlink SE | 1286038 | 0.4 |
| 34326 <sup>(1)</sup> | Klepierre SA | 1357230 | 0.4 |
| 34490 <sup>(2)</sup> | La Francaise des Jeux SAEM | 1353403 | 0.4 |
| 191165 | Orange SA | 2911105 | 0.9 |
| 17587 | TotalEnergies SE | 1074967 | 0.3 |
|  |  | **28945217** | **8.7** |
|  | **Germany: 5.7%** |  |  |
| 16302 | Allianz SE | 6615918 | 2 |
| 120700 | Deutsche Telekom AG, Reg | 4418067 | 1.3 |
| 84444 | Evonik Industries AG | 1744499 | 0.5 |
| 51000 | Fresenius SE & Co. KGaA | 2566470 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Germany (continued)** |  |  |
| 15154 <sup>(2)</sup> | Scout24 SE | $2091998 | 0.6 |
| 14639 | Symrise AG | 1535114 | 0.5 |
|  |  | **18972066** | **5.7** |
|  | **Hong Kong: 2.9%** |  |  |
| 205500 | CLP Holdings Ltd. | 1735604 | 0.5 |
| 151100 | Hang Seng Bank Ltd. | 2267432 | 0.7 |
| 1213000 | HKT Trust & HKT Ltd. - Stapled Security | 1813522 | 0.6 |
| 7000 | Jardine Matheson Holdings Ltd. | 336439 | 0.1 |
| 149700 | Link REIT | 801867 | 0.2 |
| 327500 | Power Assets Holdings Ltd. | 2105684 | 0.6 |
| 80500 | Swire Pacific Ltd. - Class A | 690055 | 0.2 |
|  |  | **9750603** | **2.9** |
|  | **Ireland: 1.6%** |  |  |
| 329690 | AIB Group PLC | 2720891 | 0.8 |
| 172321 | Bank of Ireland Group PLC | 2455603 | 0.8 |
|  |  | **5176494** | **1.6** |
|  | **Israel: 1.1%** |  |  |
| 40668 | Bank Hapoalim BM | 781154 | 0.2 |
| 152128 | Bank Leumi Le-Israel BM | 2830425 | 0.9 |
|  |  | **3611579** | **1.1** |
|  | **Italy: 4.2%** |  |  |
| 39361 | Enel SpA | 373565 | 0.1 |
| 184376 | Eni SpA | 2978441 | 0.9 |
| 861850 | Intesa Sanpaolo SpA | 4964624 | 1.5 |
| 105154 <sup>(1)(2)</sup> | Poste Italiane SpA | 2259331 | 0.7 |
| 14901 | Recordati Industria Chimica e Farmaceutica SpA | 936605 | 0.3 |
| 37243 | UniCredit SpA | 2498393 | 0.7 |
|  |  | **14010959** | **4.2** |
|  | **Japan: 20.4%** |  |  |
| 65500 <sup>(1)</sup> | AGC, Inc. | 1921488 | 0.6 |
| 35800 | ANA Holdings, Inc. | 700966 | 0.2 |
| 283300 | Asahi Kasei Corp. | 2016747 | 0.6 |
| 241300 | Astellas Pharma, Inc. | 2362557 | 0.7 |
| 60200 <sup>(1)</sup> | Bridgestone Corp. | 2461710 | 0.7 |
| 104300 | Central Japan Railway Co. | 2331583 | 0.7 |
| 162900 | Chubu Electric Power Co., Inc. | 2015795 | 0.6 |
| 17500 | Daito Trust Construction Co. Ltd. | 1906073 | 0.6 |
| 70300 | Daiwa House Industry Co. Ltd. | 2415705 | 0.7 |
| 104000 | East Japan Railway Co. | 2237137 | 0.7 |
| 148700 | Isuzu Motors Ltd. | 1883723 | 0.6 |
| 100100 <sup>(1)</sup> | Japan Airlines Co. Ltd. | 2041630 | 0.6 |
| 97400 | Japan Tobacco, Inc. | 2869348 | 0.9 |
| 125000 | JFE Holdings, Inc. | 1454083 | 0.4 |
| 81500 | Kajima Corp. | 2125660 | 0.6 |
| 14800 | Kao Corp. | 663123 | 0.2 |
| 20900 | KDDI Corp. | 358865 | 0.1 |
| 139800 <sup>(1)</sup> | Kirin Holdings Co. Ltd. | 1959106 | 0.6 |
| 87200 | MEIJI Holdings Co. Ltd. | 1928324 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>Voya International High Dividend Low Volatility Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <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)** |  |  |
| 397000 | Mitsubishi Chemical Group Corp. | $2086642 | 0.6 |
| 236700 | Mitsubishi HC Capital, Inc. | 1742758 | 0.5 |
| 2177 <sup>(1)</sup> | Nippon Building Fund, Inc. | 2010197 | 0.6 |
| 121000 | Nippon Steel Corp. | 2288344 | 0.7 |
| 44200 | Obayashi Corp. | 669710 | 0.2 |
| 155800 | Ono Pharmaceutical Co. Ltd. | 1688526 | 0.5 |
| 26100 | Osaka Gas Co. Ltd. | 669463 | 0.2 |
| 59000 | Secom Co. Ltd. | 2119571 | 0.6 |
| 110600 | Sekisui Chemical Co. Ltd. | 2003042 | 0.6 |
| 2045700 | SoftBank Corp. | 3168690 | 1 |
| 93200 | Sumitomo Corp. | 2405187 | 0.7 |
| 82900 | Sumitomo Mitsui Trust Holdings, Inc. | 2204927 | 0.7 |
| 22600 | Suntory Beverage & Food Ltd. | 722735 | 0.2 |
| 87600 | Takeda Pharmaceutical Co. Ltd. | 2704475 | 0.8 |
| 54900 | TIS, Inc. | 1839681 | 0.6 |
| 147300 | Tokyu Corp. | 1752300 | 0.5 |
| 94100 | West Japan Railway Co. | 2151227 | 0.7 |
|  |  | **67881098** | **20.4** |
|  | **Netherlands: 5.6%** |  |  |
| 62756 <sup>(2)</sup> | ABN AMRO Bank NV | 1713617 | 0.5 |
| 32496 | ASR Nederland NV | 2159222 | 0.6 |
| 3894 | Heineken Holding NV | 290570 | 0.1 |
| 198772 | ING Groep NV | 4356636 | 1.3 |
| 76651 | Koninklijke Ahold Delhaize NV | 3201449 | 1 |
| 536700 | Koninklijke KPN NV | 2618132 | 0.8 |
| 40747 | NN Group NV | 2711277 | 0.8 |
| 10354 | Wolters Kluwer NV | 1731588 | 0.5 |
|  |  | **18782491** | **5.6** |
|  | **New Zealand: 0.3%** |  |  |
| 51352 | Fisher & Paykel Healthcare Corp. Ltd. | **1127936** | **0.3** |
|  | **Norway: 3.7%** |  |  |
| 92580 | Aker BP ASA | 2365827 | 0.7 |
| 106319 | DNB Bank ASA | 2940207 | 0.9 |
| 94833 | Equinor ASA | 2394918 | 0.7 |
| 41201 | Gjensidige Forsikring ASA | 1044443 | 0.3 |
| 69477 | Mowi ASA | 1341838 | 0.4 |
| 135454 | Telenor ASA | 2109316 | 0.7 |
|  |  | **12196549** | **3.7** |
|  | **Singapore: 0.8%** |  |  |
| 49900 | DBS Group Holdings Ltd. | 1761574 | 0.5 |
| 72100 | Oversea-Chinese Banking Corp. Ltd. | 924561 | 0.3 |
|  |  | **2686135** | **0.8** |
|  | **Spain: 2.5%** |  |  |
| 26207 | ACS Actividades de Construccion y Servicios SA | 1821591 | 0.5 |
| 69710 <sup>(2)</sup> | Aena SME SA | 1860829 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Spain (continued)** |  |  |
| 179420 | Banco de Sabadell SA | $571194 | 0.2 |
| 37073 | Bankinter SA | 483970 | 0.1 |
| 186802 | Iberdrola SA | 3593713 | 1.1 |
|  |  | **8331297** | **2.5** |
|  | **Switzerland: 4.0%** |  |  |
| 8320 | Banque Cantonale Vaudoise | 959569 | 0.3 |
| 4844 | BKW AG | 1062045 | 0.3 |
| 3833 | DSM-Firmenich AG | 407776 | 0.1 |
| 252 | Givaudan SA, Reg | 1222081 | 0.4 |
| 19521 | SGS SA | 1982077 | 0.6 |
| 82818 | SIG Group AG | 1531888 | 0.5 |
| 2907 | Swiss Prime Site AG | 436411 | 0.1 |
| 462 | Swisscom AG, Reg | 328061 | 0.1 |
| 7608 | Zurich Insurance Group AG | 5323494 | 1.6 |
|  |  | **13253402** | **4.0** |
|  | **United Kingdom: 13.4%** |  |  |
| 38567 | Admiral Group PLC | 1731907 | 0.5 |
| 201620 | Aviva PLC | 1714114 | 0.5 |
| 79737 | BAE Systems PLC | 2069399 | 0.6 |
| 108146 | British American Tobacco PLC | 5141934 | 1.5 |
| 288586 | Centrica PLC | 640305 | 0.2 |
| 18851 | Coca-Cola European Partners PLC - USD | 1747865 | 0.5 |
| 47891 | Hikma Pharmaceuticals PLC | 1306895 | 0.4 |
| 765871 | HSBC Holdings PLC | 9264095 | 2.8 |
| 70983 | Imperial Brands PLC | 2804542 | 0.8 |
| 662091 | M&G PLC | 2340299 | 0.7 |
| 327760 | NatWest Group PLC | 2301837 | 0.7 |
| 122339 | Pearson PLC | 1802171 | 0.5 |
| 49967 | Reckitt Benckiser Group PLC | 3404092 | 1 |
| 16817 | RELX PLC - GBP | 911440 | 0.3 |
| 71415 | Sage Group PLC | 1226392 | 0.4 |
| 35923 | Smith & Nephew PLC | 550132 | 0.2 |
| 70740 | Smiths Group PLC | 2181923 | 0.7 |
| 56204 | SSE PLC | 1415220 | 0.4 |
| 137993 | United Utilities Group PLC | 2166865 | 0.7 |
|  |  | **44721427** | **13.4** |
|  | **United States: 8.6%** |  |  |
| 719065 | BP PLC | 3582585 | 1.1 |
| 64149 | GSK PLC | 1223091 | 0.4 |
| 133950 | Haleon PLC | 688452 | 0.2 |
| 48722 | Novartis AG, Reg | 5913735 | 1.8 |
| 20962 | Roche Holding AG | 6842414 | 2 |
| 194423 | Shell PLC | 6783311 | 2 |
| 20943 | Swiss Re AG | 3622869 | 1.1 |
|  |  | **28656457** | **8.6** |
|  | Total Common Stock |  |  |
|  | (Cost $253,798,696) | **319755651** | **96.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya International High Dividend Low Volatility Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 2.5%** | **EXCHANGE-TRADED FUNDS: 2.5%** |  |  |
| 129873 | iShares MSCI EAFE Value ETF | $**8244338** | **2.5** |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $7,626,802) | **8244338** | **2.5** |
| **PREFERRED STOCK: 1.2%** | **PREFERRED STOCK: 1.2%** |  |  |
|  | **Germany: 1.2%** |  |  |
| 30976 | Henkel AG & Co. KGaA | 2434212 | 0.7 |
| 13719 | Volkswagen AG | 1450287 | 0.5 |
|  |  | **3884499** | **1.2** |
|  | Total Preferred Stock |  |  |
|  | (Cost $3,745,874) | **3884499** | **1.2** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $265,171,372) | **331884488** | **99.7** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | | **Percentage** |
| **Principal** |  | | **of Net** |
| **Amount†** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 3.9%** | **SHORT-TERM INVESTMENTS: 3.9%** | **SHORT-TERM INVESTMENTS: 3.9%** | **SHORT-TERM INVESTMENTS: 3.9%** |
|  | **Repurchase Agreements: 3.6%** |  |  |
| 472512 <sup>(3)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $472,569, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $481,962, due 07/10/25-05/15/42) | 472512 | 0.2 |
| 3114414 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $3,114,789, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $3,176,702, due 06/01/30-02/01/57) | 3114414 | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | | **Percentage** |
| **Principal** |  | | **of Net** |
| **Amount†** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 3114414 <sup>(3)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $3,114,789, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $3,176,702, due 08/15/34-06/01/55) | $3114414 | 0.9 |
| 2191969 <sup>(3)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,192,233, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $2,235,808, due 03/01/34-05/01/55) | 2191969 | 0.7 |
| 2958693 <sup>(3)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $2,959,056, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,008,971, due 07/15/26-02/15/54) | 2958693 | 0.9 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $11,852,002) | **11852002** | **3.6** |
|  | **Time Deposits: 0.3%** |  |  |
| 260000 <sup>(3)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 | 260000 | 0.0 |
| 300000 <sup>(3)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | 300000 | 0.1 |
| 310000 <sup>(3)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 310000 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya International High Dividend Low Volatility 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** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |
|  | **Time Deposits (continued)** |  |  |
| 310000 <sup>(3)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | $310000 | 0.1 |
|  | Total Time Deposits | **1180000** | **0.3** |
|  | (Cost $1,180,000) |  |  |
|  | Total Short-Term Investments |  |  |
|  | (Cost $13,032,002) | **13032002** | **3.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $278,203,374)** | $**344916490** | **103.6** |
|  | **Liabilities in Excess of Other Assets** | **(12068156)** | **(3.6)** |
|  | **Net Assets** | $**332848334** | **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> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Financials | 33.9% |
| Industrials | 13.5 |
| Consumer Staples | 9.4 |
| Health Care | 9.0 |
| Communication Services | 6.6 |
| Utilities | 6.5 |
| Energy | 6.4 |
| Materials | 4.9 |
| Consumer Discretionary | 3.3 |
| Real Estate | 2.8 |
| Exchange-Traded Funds | 2.5 |
| Information Technology | 0.9 |
| Short-Term Investments | 3.9 |
| Liabilities in Excess of Other Assets | (3.6) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>Voya International High Dividend Low Volatility 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** | | | |
|  | **in Active Markets** | **Significant Other** | **Significant** | |
|  | **for Identical** | **Observable** | **Unobservable** | **Fair Value** |
|  | **Investments** | **Inputs#** | **Inputs** | **at** |
|  | **(Level 1)** | **(Level 2)** | **(Level 3)** | **June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;Australia | $— | $25062329 | $— | $25062329 |
| &nbsp;&nbsp;Austria |  | 2174980 |  | 2174980 |
| &nbsp;&nbsp;Belgium |  | 2273981 |  | 2273981 |
| &nbsp;&nbsp;China |  | 2407343 |  | 2407343 |
| &nbsp;&nbsp;Denmark |  | 4982560 |  | 4982560 |
| &nbsp;&nbsp;Finland |  | 4750748 |  | 4750748 |
| &nbsp;&nbsp;France |  | 28945217 |  | 28945217 |
| &nbsp;&nbsp;Germany |  | 18972066 |  | 18972066 |
| &nbsp;&nbsp;Hong Kong |  | 9750603 |  | 9750603 |
| &nbsp;&nbsp;Ireland |  | 5176494 |  | 5176494 |
| &nbsp;&nbsp;Israel |  | 3611579 |  | 3611579 |
| &nbsp;&nbsp;Italy |  | 14010959 |  | 14010959 |
| &nbsp;&nbsp;Japan |  | 67881098 |  | 67881098 |
| &nbsp;&nbsp;Netherlands |  | 18782491 |  | 18782491 |
| &nbsp;&nbsp;New Zealand |  | 1127936 |  | 1127936 |
| &nbsp;&nbsp;Norway |  | 12196549 |  | 12196549 |
| &nbsp;&nbsp;Singapore |  | 2686135 |  | 2686135 |
| &nbsp;&nbsp;Spain |  | 8331297 |  | 8331297 |
| &nbsp;&nbsp;Switzerland |  | 13253402 |  | 13253402 |
| &nbsp;&nbsp;United Kingdom | 1747865 | 42973562 |  | 44721427 |
| &nbsp;&nbsp;United States |  | 28656457 |  | 28656457 |
| Total Common Stock | 1747865 | 318007786 |  | 319755651 |
| Exchange-Traded Funds | 8244338 |  |  | 8244338 |
| Preferred Stock |  | 3884499 |  | 3884499 |
| Short-Term Investments |  | 13032002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 13032002 |
| Total Investments, at fair value | $9992203 | $334924287 | $— | $344916490 |

---

---

| | |
|:---|:---|
| [^ | 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. |

---

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** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $35204 |
| **Total** | $35204 |

---

See Accompanying Notes to Financial Statements

<u>Voya International High Dividend Low Volatility 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**

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $2304 |
| **Total** | $2304 |

---

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 $279,468,145. | Cost for U.S. federal income tax purposes was $279,468,145. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $70336881 |
| Gross Unrealized Depreciation | (4598857) |
| Net Unrealized Appreciation | $65738024 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** |  |  |
|  | **Communication Services: 1.3%** | **Communication Services: 1.3%** | **Communication Services: 1.3%** |
| 1202 | Cable One, Inc. | $163244 | 0.1 |
| 114314 | Entravision Communications Corp. - Class A | 265208 | 0.1 |
| 62014 | Interpublic Group of Cos., Inc. | 1518103 | 0.6 |
| 19912 | Omnicom Group, Inc. | 1432469 | 0.5 |
| 8897 <sup>(1)</sup> | Thryv Holdings, Inc. | 108187 | 0 |
| 8637 | Townsquare Media, Inc. - Class A | 68319 | 0 |
|  |  | **3555530** | **1.3** |
|  | **Consumer Discretionary: 5.5%** | **Consumer Discretionary: 5.5%** | **Consumer Discretionary: 5.5%** |
| 6698 <sup>(1)</sup> | Accel Entertainment, Inc. | 78835 | 0 |
| 15861 | A-Mark Precious Metals, Inc. | 351797 | 0.1 |
| 36882 | BorgWarner, Inc. | 1234809 | 0.4 |
| 11494 | Boyd Gaming Corp. | 899176 | 0.3 |
| 16000 | Brunswick Corp. | 883840 | 0.3 |
| 25148 <sup>(1)</sup> | Capri Holdings Ltd. | 445120 | 0.2 |
| 29294 | Cie Generale des Etablissements Michelin SCA | 1089571 | 0.4 |
| 41462 | Gentex Corp. | 911749 | 0.3 |
| 43725 <sup>(1)</sup> | KinderCare Learning Cos., Inc. | 441623 | 0.2 |
| 4501 <sup>(1)</sup> | M/I Homes, Inc. | 504652 | 0.2 |
| 27187 <sup>(1)</sup> | MarineMax, Inc. | 683481 | 0.2 |
| 8701 | Meritage Homes Corp. | 582706 | 0.2 |
| 14280 <sup>(1)</sup> | Mohawk Industries, Inc. | 1497115 | 0.5 |
| 23153 <sup>(1)(2)</sup> | OneWater Marine, Inc. - Class A | 310019 | 0.1 |
| 5851 | Patrick Industries, Inc. | 539872 | 0.2 |
| 6622 | PulteGroup, Inc. | 698356 | 0.3 |
| 12789 <sup>(1)</sup> | Skyline Champion Corp. | 800719 | 0.3 |
| 17403 | Sodexo SA | 1071096 | 0.4 |
| 11293 <sup>(1)</sup> | Taylor Morrison Home Corp. | 693616 | 0.3 |
| 16336 <sup>(1)</sup> | Visteon Corp. | 1524149 | 0.6 |
|  |  | **15242301** | **5.5** |
|  | **Consumer Staples: 7.8%** | **Consumer Staples: 7.8%** | **Consumer Staples: 7.8%** |
| 93006 | Conagra Brands, Inc. | 1903833 | 0.7 |
| 40211 | Edgewell Personal Care Co. | 941339 | 0.3 |
| 26243 | Estee Lauder Cos., Inc. - Class A | 2120434 | 0.8 |
| 29985 | General Mills, Inc. | 1553523 | 0.6 |
| 16384 | Heineken NV | 1429391 | 0.5 |
| 160619 | Kenvue, Inc. | 3361756 | 1.2 |
| 21301 | Kimberly-Clark Corp. | 2746125 | 1 |
| 35865 | Koninklijke Ahold Delhaize NV | 1497958 | 0.5 |
| 14614 | Mondelez International, Inc. - Class A | 985568 | 0.3 |
| 17575 | Pernod Ricard SA | 1753135 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 28847 | Reckitt Benckiser Group PLC | $| 1965254 | 0.7 |
| 19158 | Spectrum Brands Holdings, Inc. |  | 1015374 | 0.4 |
| 6184 | Turning Point Brands, Inc. |  | 468562 | 0.2 |
|  |  |  | **21742252** | **7.8** |
|  | **Energy: 7.0%** | **Energy: 7.0%** | **Energy: 7.0%** | **Energy: 7.0%** |
| 74138 | Baker Hughes Co. |  | 2842451 | 1 |
| 23751 | ChampionX Corp. |  | 589975 | 0.2 |
| 11514 | Chord Energy Corp. |  | 1115131 | 0.4 |
| 68741 | Coterra Energy, Inc. |  | 1744647 | 0.6 |
| 131742 | Crescent Energy Co. - Class A |  | 1132981 | 0.4 |
| 8740 | Diamondback Energy, Inc. |  | 1200876 | 0.4 |
| 136301 <sup>(3)</sup> | Enterprise Products Partners L.P. |  | 4226694 | 1.5 |
| 30148 | Flowco Holdings, Inc. - Class A |  | 536936 | 0.2 |
| 12882 <sup>(1)</sup> | Infinity Natural Resources, Inc. - Class A |  | 235869 | 0.1 |
| 31302 <sup>(2)</sup> | Mach Natural Resources L.P. |  | 452001 | 0.2 |
| 63600 | Magnolia Oil & Gas Corp. - Class A |  | 1429728 | 0.5 |
| 49680 <sup>(2)</sup> | Northern Oil and Gas, Inc. |  | 1408428 | 0.5 |
| 30348 | Occidental Petroleum Corp. |  | 1274919 | 0.5 |
| 74793 | Permian Resources Corp. |  | 1018681 | 0.4 |
| 16353 | TXO Partners L.P. |  | 245949 | 0.1 |
|  |  |  | **19455266** | **7.0** |
|  | **Financials: 22.5%** | **Financials: 22.5%** | **Financials: 22.5%** | **Financials: 22.5%** |
| 5732 | Allstate Corp. |  | 1153909 | 0.4 |
| 17457 | Ameris Bancorp |  | 1129468 | 0.4 |
| 12996 <sup>(1)</sup> | Aspen Insurance Holdings Ltd. - Class A |  | 408984 | 0.2 |
| 21966 | Atlantic Union Bankshares Corp. |  | 687096 | 0.2 |
| 22309 | Axis Capital Holdings Ltd. |  | 2316120 | 0.8 |
| 10482 <sup>(1)</sup> | Axos Financial, Inc. |  | 797051 | 0.3 |
| 1602 | BancFirst Corp. |  | 198039 | 0.1 |
| 14781 | Bank of New York Mellon Corp. |  | 1346697 | 0.5 |
| 1722 <sup>(1)</sup> | Bowhead Specialty Holdings, Inc. |  | 64627 | 0 |
| 1814 <sup>(1)</sup> | BRP Group, Inc. - Class A |  | 77657 | 0 |
| 61507 | Columbia Banking System, Inc. |  | 1438034 | 0.5 |
| 50476 | Commerce Bancshares, Inc. |  | 3138093 | 1.1 |
| 61022 | Compass Diversified Holdings |  | 383218 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 24402 | CVB Financial Corp. | $| 482916 | 0.2 |
| 14919 <sup>(1)</sup> | Euronet Worldwide, Inc. |  | 1512488 | 0.5 |
| 49348 | EVERTEC, Inc. |  | 1778995 | 0.6 |
| 139220 | F.N.B. Corp. |  | 2029828 | 0.7 |
| 23696 | Fidelis Insurance Holdings Ltd. |  | 392880 | 0.1 |
| 37367 | First BanCorp/Puerto Rico |  | 778355 | 0.3 |
| 20612 | First Hawaiian, Inc. |  | 514476 | 0.2 |
| 8958 | First Merchants Corp. |  | 343091 | 0.1 |
| 25340 <sup>(1)</sup> | Hamilton Insurance Group Ltd. - Class B |  | 547851 | 0.2 |
| 6732 | Hanover Insurance Group, Inc. |  | 1143565 | 0.4 |
| 54139 | Home BancShares, Inc. |  | 1540796 | 0.6 |
| 16017 | International Bancshares Corp. |  | 1066092 | 0.4 |
| 9258 | Marex Group PLC |  | 365413 | 0.1 |
| 1709 | Nicolet Bankshares, Inc. |  | 211027 | 0.1 |
| 27729 | Northern Trust Corp. |  | 3515760 | 1.3 |
| 117272 | Old National Bancorp |  | 2502584 | 0.9 |
| 14688 | PNC Financial Services Group, Inc. |  | 2738137 | 1 |
| 8868 | Popular, Inc. |  | 977342 | 0.4 |
| 24680 | Prosperity Bancshares, Inc. |  | 1733523 | 0.6 |
| 6999 | Raymond James Financial, Inc. |  | 1073437 | 0.4 |
| 14266 | Reinsurance Group of America, Inc. |  | 2829804 | 1 |
| 72077 <sup>(1)</sup> | Repay Holdings Corp. |  | 347411 | 0.1 |
| 17314 <sup>(1)</sup> | SiriusPoint Ltd. |  | 353032 | 0.1 |
| 13431 <sup>(1)</sup> | Slide Insurance Holdings, Inc. |  | 290915 | 0.1 |
| 21652 | SouthState Corp. |  | 1992634 | 0.7 |
| 10877 <sup>(1)</sup> | StoneX Group, Inc. |  | 991330 | 0.4 |
| 16663 | T. Rowe Price Group, Inc. |  | 1607980 | 0.6 |
| 91401 | Truist Financial Corp. |  | 3929329 | 1.4 |
| 14923 | UMB Financial Corp. |  | 1569303 | 0.6 |
| 87032 | US Bancorp |  | 3938198 | 1.4 |
| 37535 | Webster Financial Corp. |  | 2049411 | 0.7 |
| 22928 | Westamerica BanCorp |  | 1110632 | 0.4 |
| 11969 | Willis Towers Watson PLC |  | 3668498 | 1.3 |
|  |  |  | **63066026** | **22.5** |
|  | **Health Care: 12.0%** | **Health Care: 12.0%** | **Health Care: 12.0%** | **Health Care: 12.0%** |
| 2603 | AmerisourceBergen Corp. |  | 780510 | 0.3 |
| 16380 | Becton Dickinson and Co. |  | 2821455 | 1 |
| 29425 <sup>(1)</sup> | Centene Corp. |  | 1597189 | 0.6 |
| 55831 | Embecta Corp. |  | 541002 | 0.2 |
| 52549 <sup>(1)</sup> | Enovis Corp. |  | 1647937 | 0.6 |
| 96886 <sup>(1)</sup> | Envista Holdings Corp. |  | 1893152 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 28624 | GE HealthCare Technologies, Inc. | $| 2120180 | 0.8 |
| 55749 <sup>(1)</sup> | Henry Schein, Inc. |  | 4072465 | 1.4 |
| 25076 <sup>(1)</sup> | Hologic, Inc. |  | 1633952 | 0.6 |
| 6598 <sup>(1)</sup> | ICON PLC |  | 959679 | 0.3 |
| 10552 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 1662890 | 0.6 |
| 13155 | Labcorp Holdings, Inc. |  | 3453319 | 1.2 |
| 22828 | Medtronic PLC |  | 1989917 | 0.7 |
| 7511 | QIAGEN N.V. |  | 360979 | 0.1 |
| 8916 | Quest Diagnostics, Inc. |  | 1601581 | 0.6 |
| 6423 | Universal Health Services, Inc. - Class B |  | 1163526 | 0.4 |
| 58925 | Zimmer Biomet Holdings, Inc. |  | 5374549 | 1.9 |
|  |  |  | **33674282** | **12.0** |
|  | **Industrials: 17.4%** | **Industrials: 17.4%** | **Industrials: 17.4%** | **Industrials: 17.4%** |
| 18203 | A.O. Smith Corp. |  | 1193571 | 0.4 |
| 27621 | ABM Industries, Inc. |  | 1303987 | 0.5 |
| 15608 | Ashtead Group PLC |  | 1000877 | 0.4 |
| 5190 | Atmus Filtration Technologies, Inc. |  | 189020 | 0.1 |
| 20399 <sup>(1)</sup> | Blue Bird Corp. |  | 880421 | 0.3 |
| 18432 | Brink's Co. |  | 1645793 | 0.6 |
| 88933 | Bunzl PLC |  | 2833974 | 1 |
| 95596 | CSX Corp. |  | 3119297 | 1.1 |
| 6689 | Cummins, Inc. |  | 2190647 | 0.8 |
| 14827 | Deluxe Corp. |  | 235898 | 0.1 |
| 79057 <sup>(1)</sup> | DIRTT Environmental Solutions |  | 47679 | 0 |
| 2899 | Dover Corp. |  | 531184 | 0.2 |
| 6035 <sup>(1)</sup> | DXP Enterprises, Inc. |  | 528968 | 0.2 |
| 8917 | Emerson Electric Co. |  | 1188904 | 0.4 |
| 8360 | Fortive Corp. |  | 435807 | 0.2 |
| 80550<sup>(1)</sup> | Gates Industrial Corp. PLC |  | 1855066 | 0.7 |
| 15111 <sup>(1)</sup> | GMS, Inc. |  | 1643321 | 0.6 |
| 22309 | Hexcel Corp. |  | 1260235 | 0.5 |
| 80024 <sup>(1)</sup> | Hillman Solutions Corp. |  | 571371 | 0.2 |
| 4080 <sup>(1)</sup> | IBEX Holdings Ltd. |  | 118728 | 0 |
| 12831 | Korn Ferry |  | 940897 | 0.3 |
| 11309 | L3Harris Technologies, Inc. |  | 2836750 | 1 |
| 7404 | Legrand SA |  | 992350 | 0.4 |
| 15074 | Loomis AB |  | 633742 | 0.2 |
| 3337 | Luxfer Holdings PLC |  | 40645 | 0 |
| 37675 | MSC Industrial Direct Co., Inc. - Class A |  | 3203129 | 1.1 |
| 12099 | Norfolk Southern Corp. |  | 3096981 | 1.1 |
| 13896 <sup>(1)</sup> | NV5 Global, Inc. |  | 320859 | 0.1 |
| 27883 | Oshkosh Corp. |  | 3165836 | 1.1 |
| 18353 <sup>(1)(2)</sup> | Proficient Auto Logistics, Inc. |  | 133243 | 0 |
| 1205 | Republic Services, Inc. |  | 297165 | 0.1 |
| 4271 | Science Applications International Corp. |  | 480957 | 0.2 |
| 16840 | Sensata Technologies Holding PLC |  | 507052 | 0.2 |
| 60414 | Southwest Airlines Co. |  | 1959830 | 0.7 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 4437 | Tecnoglass, Inc. | $| 343246 | 0.1 |
| 50352 | Timken Co. |  | 3653038 | 1.3 |
| 14730 <sup>(1)</sup> | Titan Machinery, Inc. |  | 291801 | 0.1 |
| 16124 | Toro Co. |  | 1139644 | 0.4 |
| 13140 | TriNet Group, Inc. |  | 961060 | 0.3 |
| 6711 | Vinci SA |  | 989677 | 0.4 |
|  |  |  | **48762650** | **17.4** |
|  | **Information Technology: 5.6%** | **Information Technology: 5.6%** | **Information Technology: 5.6%** | **Information Technology: 5.6%** |
| 23563 | Amdocs Ltd. |  | 2149888 | 0.8 |
| 24358 | Amkor Technology, Inc. |  | 511274 | 0.2 |
| 1703 | Analog Devices, Inc. |  | 405348 | 0.1 |
| 9639 | Avnet, Inc. |  | 511638 | 0.2 |
| 17564 <sup>(1)</sup> | Axcelis Technologies, Inc. |  | 1224035 | 0.4 |
| 21735 | Cognizant Technology Solutions Corp. - Class A |  | 1695982 | 0.6 |
| 3400 <sup>(1)</sup> | F5, Inc. |  | 1000688 | 0.4 |
| 83783 | HP, Inc. |  | 2049332 | 0.7 |
| 28505 <sup>(2)</sup> | Ingram Micro Holding Corp. |  | 594044 | 0.2 |
| 23720 | Kulicke & Soffa Industries, Inc. |  | 820712 | 0.3 |
| 5052 | NXP Semiconductors NV |  | 1103812 | 0.4 |
| 2787 <sup>(1)</sup> | Ralliant Corp. |  | 135126 | 0 |
| 9314 | TE Connectivity PLC |  | 1570992 | 0.6 |
| 21831 | Teradyne, Inc. |  | 1963044 | 0.7 |
|  |  |  | **15735915** | **5.6** |
|  | **Materials: 5.3%** | **Materials: 5.3%** | **Materials: 5.3%** | **Materials: 5.3%** |
| 14926 | Akzo Nobel NV |  | 1047266 | 0.4 |
| 7397 | Eagle Materials, Inc. |  | 1495008 | 0.5 |
| 224724 <sup>(2)</sup> | Graphic Packaging Holding Co. |  | 4734935 | 1.7 |
| 18308 <sup>(1)</sup> | Ingevity Corp. |  | 788892 | 0.3 |
| 12991 | Minerals Technologies, Inc. |  | 715414 | 0.3 |
| 12301 | Packaging Corp. of America |  | 2318123 | 0.8 |
| 12242 | PPG Industries, Inc. |  | 1392528 | 0.5 |
| 6185 | Reliance Steel & Aluminum Co. |  | 1941471 | 0.7 |
| 30620 <sup>(2)</sup> | Titan America SA |  | 382138 | 0.1 |
|  |  |  | **14815775** | **5.3** |
|  | **Real Estate: 8.3%** | **Real Estate: 8.3%** | **Real Estate: 8.3%** | **Real Estate: 8.3%** |
| 9765 | Agree Realty Corp. |  | 713431 | 0.2 |
| 9721 | American Healthcare REIT, Inc. |  | 357150 | 0.1 |
| 8932 | American Tower Corp. |  | 1974151 | 0.7 |
| 55900 | Americold Realty Trust, Inc. |  | 929617 | 0.3 |
| 13620 | EPR Properties |  | 793501 | 0.3 |
| 40282 | Equity Residential |  | 2718632 | 1 |
| 2495 | Essex Property Trust, Inc. |  | 707083 | 0.2 |
| 94947 | Healthpeak Properties, Inc. |  | 1662522 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 7701 | Public Storage | $| 2259627 | 0.8 |
| 54834 | Realty Income Corp. |  | 3158987 | 1.1 |
| 7784 | Regency Centers Corp. |  | 554454 | 0.2 |
| 13165 | Ryman Hospitality Properties, Inc. |  | 1298991 | 0.5 |
| 4518 <sup>(2)</sup> | Smartstop Self Storage REIT, Inc. |  | 163687 | 0.1 |
| 17848 | Terreno Realty Corp. |  | 1000737 | 0.4 |
| 26316 | UMH Properties, Inc. |  | 441846 | 0.2 |
| 24456 | Ventas, Inc. |  | 1544396 | 0.5 |
| 90710 | VICI Properties, Inc. |  | 2957146 | 1.1 |
|  |  |  | **23235958** | **8.3** |
|  | **Utilities: 5.7%** | **Utilities: 5.7%** | **Utilities: 5.7%** | **Utilities: 5.7%** |
| 4269 | Duke Energy Corp. |  | 503742 | 0.2 |
| 41353 | Evergy, Inc. |  | 2850462 | 1 |
| 43847 | Eversource Energy |  | 2789546 | 1 |
| 455 | Luxfer Holdings PLC-ADR |  | 5542 | 0 |
| 51191 | NorthWestern Corp. |  | 2626098 | 0.9 |
| 25823 | ONE Gas, Inc. |  | 1855641 | 0.7 |
| 14927 | PPL Corp. |  | 505876 | 0.2 |
| 28613 | Spire, Inc. |  | 2088463 | 0.7 |
| 40738 | Xcel Energy, Inc. |  | 2774258 | 1 |
|  |  |  | **15999628** | **5.7** |
|  | Total Common Stock |  |  |  |
|  | (Cost $275,567,261) |  | **275285583** | **98.4** |
| **PREFERRED STOCK: 0.5%** | **PREFERRED STOCK: 0.5%** |  |  |  |
|  | **Consumer Staples: 0.5%** | **Consumer Staples: 0.5%** | **Consumer Staples: 0.5%** | **Consumer Staples: 0.5%** |
| 19099 | Henkel AG & Co. KGaA |  | 1500872 | 0.5 |
|  | Total Preferred Stock |  |  |  |
|  | (Cost $1,362,495) |  | **1500872** | **0.5** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $276,929,756) |  | **276786455** | **98.9** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 2.9%** | **SHORT-TERM INVESTMENTS: 2.9%** |  |  |
|  | **Repurchase Agreements: 2.0%** | **Repurchase Agreements: 2.0%** | **Repurchase Agreements: 2.0%** |
| 277552 <sup>(4)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $277,585, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $283,103, due 07/10/25-05/15/42) | $277552 | 0.1 |
| 1447200 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,447,374, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,476,144, due 06/01/30-02/01/57) | 1447200 | 0.5 |
| 1447200 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,447,374, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $1,476,144, due 08/15/34-06/01/55) | 1447200 | 0.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1053994 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,054,121, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,075,074, due 03/01/34-05/01/55) | $| 1053994 | 0.4 |
| 1309659 <sup>(4)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $1,309,820, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,331,914, due 07/15/26-02/15/54) |  | 1309659 | 0.5 |
|  | Total Repurchase Agreements |  |  |  |
|  | (Cost $5,535,605) |  | **5535605** | **2.0** |
|  | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** |
| 130000 <sup>(4)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 |  | 130000 | 0.1 |
| 130000 <sup>(4)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 |  | 130000 | 0.0 |
| 130000 <sup>(4)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 |  | 130000 | 0.0 |
| 130000 <sup>(4)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 |  | 130000 | 0.1 |
|  | Total Time Deposits |  |  |  |
|  | (Cost $520,000) |  | **520000** | **0.2** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 0.7%** | **Mutual Funds: 0.7%** | **Mutual Funds: 0.7%** |
| 1970587 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% |  |  |
|  | (Cost $1,970,587) | $**1970587** | **0.7** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $8,026,192) | $**8026192** | **2.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $284,955,948)** | $**284812647** | **101.8** |
|  | **Liabilities in Excess of Other Assets** | **(4955813)** | **(1.8)** |
|  | **Net Assets** | $**279856834** | **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> Security is a Master Limited Partnership.

<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

VY<sup>®</sup>American Century Small-Mid Cap Value 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)** |<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;Communication Services | $3555530 | $— | $— | $3555530 |
| &nbsp;&nbsp;Consumer Discretionary | 13081634 | 2160667 |  | 15242301 |
| &nbsp;&nbsp;Consumer Staples | 15096514 | 6645738 |  | 21742252 |
| &nbsp;&nbsp;Energy | 19455266 |  |  | 19455266 |
| &nbsp;&nbsp;Financials | 63066026 |  |  | 63066026 |
| &nbsp;&nbsp;Health Care | 33674282 |  |  | 33674282 |
| &nbsp;&nbsp;Industrials | 42312030 | 6450620 |  | 48762650 |
| &nbsp;&nbsp;Information Technology | 15735915 |  |  | 15735915 |
| &nbsp;&nbsp;Materials | 13768509 | 1047266 |  | 14815775 |
| &nbsp;&nbsp;Real Estate | 23235958 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 23235958 |
| &nbsp;&nbsp;Utilities | 15999628 |  |  | 15999628 |
| Total Common Stock | 258981292 | 16304291 |  | 275285583 |
| Preferred Stock |  | 1500872 |  | 1500872 |
| Short-Term Investments | 1970587 | 6055605 |  | 8026192 |
| Total Investments, at fair value | $260951879 | $23860768 | $— | $284812647 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(336263) | $— | $(336263) |
| Total Liabilities | $— | $(336263) | $— | $(336263) |

---

---

| |
|:---|
| 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. |

---

At June 30, 2025, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| USD | 145360 | GBP | 106021 | Bank of America N.A. | 09/26/25 | $(253) |
| USD | 1548450 | GBP | 1156187 | Bank of America N.A. | 09/26/25 | (39498) |
| USD | 24413 | SEK | 230632 | Citibank N.A. | 09/26/25 | (105) |
| USD | 498267 | SEK | 4817651 | Citibank N.A. | 09/26/25 | (13884) |
| USD | 1548699 | GBP | 1156187 | Citibank N.A. | 09/26/25 | (39249) |
| USD | 1549031 | GBP | 1156187 | Goldman Sachs & Co. | 09/26/25 | (38918) |
| USD | 2385375 | EUR | 2056163 | Goldman Sachs & Co. | 09/26/25 | (50751) |
| USD | 2386257 | EUR | 2056163 | JPMorgan Chase Bank N.A. | 09/26/25 | (49869) |
| USD | 2383327 | EUR | 2056163 | Morgan Stanley | 09/26/25 | (52800) |
| USD | 2385190 | EUR | 2056163 | UBS AG | 09/26/25 | (50936) |
|  |  |  |  |  |  | $(336263) |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

Currency Abbreviations:

---

| | |
|:---|:---|
| EUR | &nbsp;&nbsp;EU Euro |
| GBP | &nbsp;&nbsp;British Pound |
| SEK | &nbsp;&nbsp;Swedish Krona |
| USD | &nbsp;&nbsp;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:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **<u>Derivatives not accounted for as hedging instruments</u>** | **<u>of Assets and Liabilities</u>** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $336263 |
| **Total Liability Derivatives** |  | $336263 |

---

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>** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $(764324) |
| **Total** | $(764324) |

---

**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** |
| Foreign exchange contracts | $(531099) |
| **Total** | $(531099) |

---

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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Bank of**<br>**America N.A.** |<br>**Citibank N.A.** |<br>**Goldman**<br>**Sachs & Co.** | **JPMorgan**<br>**Chase Bank**<br>**N.A.** |<br>**Morgan**<br>**Stanley** |<br>**UBS AG** |<br>**Total** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $39751 | $53238 | $89669 | $49869 | $52800 | $50936 | $336263 |
| **Total Liabilities** | $39751 | $53238 | $89669 | $49869 | $52800 | $50936 | $336263 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(39751) | $(53238) | $(89669) | $(49869) | $(52800) | $(50936) | $(336263) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $— | $— | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(39751) | $(53238) | $(89669) | $(49869) | $(52800) | $(50936) | $(336263) |

---

<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.

See Accompanying Notes to Financial Statements

VY<sup>®</sup>American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS <br> 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 $287,713,006. | Cost for U.S. federal income tax purposes was $287,713,006. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $22439090 |
| Gross Unrealized Depreciation | (25672275) |
| Net Unrealized Depreciation | $(3233185) |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Baron Growth Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 99.5%** | **COMMON STOCK: 99.5%** | **COMMON STOCK: 99.5%** | **COMMON STOCK: 99.5%** |
|  | **Communication Services: 1.1%** | **Communication Services: 1.1%** | **Communication Services: 1.1%** |
| 138223 | Iridium Communications, Inc. | $**4170188** | **1.1** |
|  | **Consumer Discretionary: 15.3%** | **Consumer Discretionary: 15.3%** | **Consumer Discretionary: 15.3%** |
| 41400 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. | 5116626 | 1.3 |
| 150548 | Choice Hotels International, Inc. | 19101530 | 5 |
| 1226106 <sup>(1)</sup> | Figs, Inc. - Class A | 6915238 | 1.8 |
| 132026 | Red Rock Resorts, Inc. - Class A | 6869313 | 1.8 |
| 133800 | Vail Resorts, Inc. | 21023994 | 5.4 |
|  |  | **59026701** | **15.3** |
|  | **Financials: 41.2%** | **Financials: 41.2%** | **Financials: 41.2%** |
| 274780 | Arch Capital Group Ltd. | 25018719 | 6.5 |
| 76716 | Carlyle Group, Inc. | 3943202 | 1 |
| 81417 | Cohen & Steers, Inc. | 6134771 | 1.6 |
| 34738 | FactSet Research Systems, Inc. | 15537613 | 4 |
| 30325 | Houlihan Lokey, Inc. | 5456984 | 1.4 |
| 55318 | Kinsale Capital Group, Inc. | 26768380 | 7 |
| 22065 | Moelis & Co. - Class A | 1375091 | 0.4 |
| 46000 | Morningstar, Inc. | 14440780 | 3.7 |
| 65137 | MSCI, Inc. | 37567113 | 9.8 |
| 81133 | Primerica, Inc. | 22203668 | 5.8 |
|  |  | **158446321** | **41.2** |
|  | **Health Care: 9.6%** | **Health Care: 9.6%** | **Health Care: 9.6%** |
| 120000 | Bio-Techne Corp. | 6174000 | 1.6 |
| 30000 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 16090200 | 4.2 |
| 30300 <sup>(1)</sup> | Integer Holdings Corp. | 3725991 | 1 |
| 4700 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 5521184 | 1.4 |
| 24000 | West Pharmaceutical Services, Inc. | 5251200 | 1.4 |
|  |  | **36762575** | **9.6** |
|  | **Industrials: 5.2%** | **Industrials: 5.2%** | **Industrials: 5.2%** |
| 14635 | EnPro Industries, Inc. | 2803334 | 0.7 |
| 30027 | Exponent, Inc. | 2243317 | 0.6 |
| 80733 <sup>(1)</sup> | Karman Holdings, Inc. | 4066521 | 1.1 |
| 22821 <sup>(1)</sup> | Loar Holdings, Inc. | 1966486 | 0.5 |
| 4129898 <sup>(2)(3)</sup> | Northvolt AB - Restricted |  | 0 |
| 18983 <sup>(1)</sup> | SiteOne Landscape Supply, Inc. | 2295804 | 0.6 |
| 37975 <sup>(1)</sup> | Transcat, Inc. | 3264331 | 0.9 |
| 60000 <sup>(1)</sup> | Trex Co., Inc. | 3262800 | 0.8 |
|  |  | **19902593** | **5.2** |
|  | **Information Technology: 19.1%** | **Information Technology: 19.1%** | **Information Technology: 19.1%** |
| 21460 <sup>(1)</sup> | Agilysys, Inc. | 2460174 | 0.7 |
| 216633 <sup>(1)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 4750762 | 1.2 |
| 79272 <sup>(1)</sup> | Gartner, Inc. | 32043328 | 8.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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)** |
| 89543 <sup>(1)</sup> | Guidewire Software, Inc. | $| 21082899 | 5.5 |
| 54800 <sup>(1)</sup> | Intapp, Inc. |  | 2828776 | 0.7 |
| 35226 <sup>(1)</sup> | JFrog Ltd. |  | 1545717 | 0.4 |
| 97000 <sup>(1)</sup> | nCino, Inc. |  | 2713090 | 0.7 |
| 45497 <sup>(1)</sup> | Procore Technologies, Inc. |  | 3112905 | 0.8 |
| 28936 <sup>(1)</sup> | ServiceTitan, Inc. - Class A |  | 3101361 | 0.8 |
|  |  |  | **73639012** | **19.1** |
|  | **Real Estate: 8.0%** | **Real Estate: 8.0%** | **Real Estate: 8.0%** | **Real Estate: 8.0%** |
| 335000 <sup>(1)</sup> | CoStar Group, Inc. |  | 26934000 | 7 |
| 84087 | Gaming and Leisure Properties, Inc. |  | 3925181 | 1 |
|  |  |  | **30859181** | **8.0** |
|  | Total Common Stock |  |  |  |
|  | (Cost $93,941,821) |  | **382806571** | **99.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | <br>**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%** |
|  | **Mutual Funds: 0.3%** | **Mutual Funds: 0.3%** | **Mutual Funds: 0.3%** |
| 1045262 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% |  |  |
|  | (Cost $1,045,262) | $**1045262** | **0.3** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $1,045,262) | **1045262** | **0.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $94,987,083)** | $**383851833** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **919522** | **0.2** |
|  | **Net Assets** | $**384771355** | **100.0** |

---

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

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

<sup>(3)</sup> Restricted security as to resale, excluding Rule 144A securities. As of 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>(4)</sup> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Baron Growth 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)** |<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 | $4170188 | $— | $— | $4170188 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 59026701 |  |  | 59026701 |
| &nbsp;&nbsp;&nbsp;Financials | 158446321 |  |  | 158446321 |
| &nbsp;&nbsp;&nbsp;Health Care | 36762575 |  |  | 36762575 |
| &nbsp;&nbsp;&nbsp;Industrials | 19902593 |  |  | 19902593 |
| &nbsp;&nbsp;&nbsp;Information Technology | 73639012 |  |  | 73639012 |
| &nbsp;&nbsp;&nbsp;Real Estate | 30859181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 30859181 |
| Total Common Stock | 382806571 |  |  | 382806571 |
| Short-Term Investments | 1045262 |  |  | 1045262 |
| Total Investments, at fair value | $383851833 | $— | $— | $383851833 |

---

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

At June 30, 2025, VY<sup>®</sup> Baron Growth Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Northvolt AB - Restricted | 9/21/2020 | $651737 | $— |
|  |  | $651737 | $— |

---

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 $96,559,310. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $291164569 |
| Gross Unrealized Depreciation | (3872044) |
| Net Unrealized Appreciation | $287292525 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** |
|  | **Communication Services: 13.5%** | **Communication Services: 13.5%** | **Communication Services: 13.5%** |
| 9831 | Alphabet, Inc. - Class A | $1732517 | 2.3 |
| 8761 | Alphabet, Inc. - Class C | 1554114 | 2 |
| 6553 | Electronic Arts, Inc. | 1046514 | 1.4 |
| 3669 | Meta Platforms, Inc. - Class A | 2708052 | 3.5 |
| 17148 <sup>(1)</sup> | Pinterest, Inc. - Class A | 614927 | 0.8 |
| 3925 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 953186 | 1.2 |
| 3117 | T-Mobile US, Inc. | 742657 | 1 |
| 7836 | Walt Disney Co. | 971743 | 1.3 |
|  |  | **10323710** | **13.5** |
|  | **Consumer Discretionary: 7.9%** | **Consumer Discretionary: 7.9%** |  |
| 15090 <sup>(1)</sup> | Amazon.com, Inc. | 3310595 | 4.3 |
| 15998 | eBay, Inc. | 1191211 | 1.6 |
| 1031 <sup>(1)</sup> | Lululemon Athletica, Inc. | 244945 | 0.3 |
| 2473 | NIKE, Inc. - Class B | 175682 | 0.2 |
| 3552 | Tapestry, Inc. | 311901 | 0.4 |
| 2627 <sup>(1)</sup> | Tesla, Inc. | 834493 | 1.1 |
|  |  | **6068827** | **7.9** |
|  | **Consumer Staples: 2.7%** | **Consumer Staples: 2.7%** |  |
| 36442 <sup>(1)</sup> | Coty, Inc. - Class A | 169455 | 0.2 |
| 6048 | Procter & Gamble Co. | 963567 | 1.3 |
| 9347 | Walmart, Inc. | 913950 | 1.2 |
|  |  | **2046972** | **2.7** |
|  | **Energy: 2.8%** |  |  |
| 6826 | Chevron Corp. | 977415 | 1.3 |
| 6406 | ConocoPhillips | 574875 | 0.7 |
| 4817 | EOG Resources, Inc. | 576161 | 0.8 |
|  |  | **2128451** | **2.8** |
|  | **Financials: 15.7%** |  |  |
| 2379 | American Express Co. | 758853 | 1 |
| 2176 | Aon PLC - Class A | 776310 | 1 |
| 32928 | Bank of America Corp. | 1558153 | 2 |
| 1175 | Blackrock, Inc. | 1232869 | 1.6 |
| 10410 <sup>(1)</sup> | Block, Inc. | 707151 | 0.9 |
| 11279 | Charles Schwab Corp. | 1029096 | 1.3 |
| 6228 | JPMorgan Chase & Co. | 1805559 | 2.4 |
| 1471 | Mastercard, Inc. - Class A | 826614 | 1.1 |
| 3060 | Morgan Stanley | 431032 | 0.6 |
| 1196 | S&P Global, Inc. | 630639 | 0.8 |
| 3127 | Visa, Inc. - Class A | 1110241 | 1.5 |
| 13869 | Wells Fargo & Co. | 1111184 | 1.5 |
|  |  | **11977701** | **15.7** |
|  | **Health Care: 10.2%** |  |  |
| 6400 | Abbott Laboratories | 870464 | 1.1 |
| 2000 | AbbVie, Inc. | 371240 | 0.5 |
| 3297 | Agilent Technologies, Inc. | 389079 | 0.5 |
| 1169 | Amgen, Inc. | 326397 | 0.4 |
| 1360 <sup>(1)</sup> | BioMarin Pharmaceutical, Inc. | 74759 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 6091 <sup>(1)</sup> | Boston Scientific Corp. | 654234 | 0.9 |
| 5431 <sup>(1)</sup> | Cooper Cos., Inc. | 386470 | 0.5 |
| 2337 | Elevance Health, Inc. | 909000 | 1.2 |
| 1812 | Eli Lilly & Co. | 1412508 | 1.9 |
| 5695 <sup>(1)</sup> | Henry Schein, Inc. | 416020 | 0.5 |
| 1407 | Thermo Fisher Scientific, Inc. | 570482 | 0.7 |
| 1990 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 885948 | 1.2 |
| 6052 | Zimmer Biomet Holdings, Inc. | 552003 | 0.7 |
|  |  | **7818604** | **10.2** |
|  | **Industrials: 9.4%** |  |  |
| 5118 <sup>(1)</sup> | Boeing Co. | 1072375 | 1.4 |
| 1562 | Eaton Corp. PLC | 557618 | 0.7 |
| 1536 | GE Aerospace | 395351 | 0.5 |
| 993 | GE Vernova, Inc. | 525446 | 0.7 |
| 3648 | Honeywell International, Inc. | 849546 | 1.1 |
| 3231 | Jacobs Solutions, Inc. | 424715 | 0.6 |
| 497 | Parker-Hannifin Corp. | 347140 | 0.5 |
| 5221 | Raytheon Technologies Corp. | 762370 | 1 |
| 11006 <sup>(1)</sup> | Uber Technologies, Inc. | 1026860 | 1.3 |
| 5483 | Union Pacific Corp. | 1261529 | 1.6 |
|  |  | **7222950** | **9.4** |
|  | **Information Technology: 33.1%** | **Information Technology: 33.1%** |  |
| 2070 | Accenture PLC - Class A | 618702 | 0.8 |
| 598 <sup>(1)</sup> | Adobe, Inc. | 231354 | 0.3 |
| 18112 | Apple, Inc. | 3716039 | 4.9 |
| 2062 | Applied Materials, Inc. | 377490 | 0.5 |
| 5967 | Broadcom, Inc. | 1644804 | 2.2 |
| 5719 | Dell Technologies, Inc. - Class C | 701149 | 0.9 |
| 1477 | Intuit, Inc. | 1163330 | 1.5 |
| 7297 | Lam Research Corp. | 710290 | 0.9 |
| 2793 | Marvell Technology, Inc. | 216178 | 0.3 |
| 3167 | Microchip Technology, Inc. | 222862 | 0.3 |
| 13577 | Microsoft Corp. | 6753336 | 8.8 |
| 39670 | NVIDIA Corp. | 6267463 | 8.2 |
| 4667 <sup>(1)</sup> | Okta, Inc. | 466560 | 0.6 |
| 7867 <sup>(1)</sup> | ON Semiconductor Corp. | 412310 | 0.6 |
| 1778 <sup>(1)</sup> | Palo Alto Networks, Inc. | 363850 | 0.5 |
| 1371 <sup>(1)</sup> | Synopsys, Inc. | 702884 | 0.9 |
| 4126 | TE Connectivity PLC | 695932 | 0.9 |
|  |  | **25264533** | **33.1** |
|  | **Materials: 0.9%** |  |  |
| 6189 | International Flavors & Fragrances, Inc. | 455201 | 0.6 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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)** | | |  |
| 638 | Sherwin-Williams Co. | $| 219064 | 0.3 |
|  |  |  | **674265** | **0.9** |
|  | **Real Estate: 1.0%** |  |  |  |
| 3063 | American Tower Corp. |  | 676984 | 0.9 |
| 918 <sup>(1)</sup> | CoStar Group, Inc. |  | 73807 | 0.1 |
|  |  |  | **750791** | **1.0** |
|  | **Utilities: 1.8%** |  |  |  |
| 5065 | DTE Energy Co. |  | 670910 | 0.9 |
| 8657 | Public Service Enterprise Group, Inc. |  | 728746 | 0.9 |
|  |  |  | **1399656** | **1.8** |
|  | Total Common Stock |  |  |  |
|  | (Cost $53,434,402) |  | **75676460** | **99.0** |
| **OTHER: 0.0%** | **OTHER: 0.0%** | **OTHER: 0.0%** | **OTHER: 0.0%** | **OTHER: 0.0%** |
|  | **Materials: 0.0%** |  |  |  |
| 649000 <sup>(2)(3)(4)</sup> | SINO Forest Corp. |  | **—** | **0.0** |
|  | Total Other |  |  |  |
|  | (Cost $—) |  | **—** | **0.0** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $53,434,402) |  | **75676460** | **99.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**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%** |
|  | **Mutual Funds: 1.5%** |  |  |
| 1117013 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% |  |  |
|  | (Cost $1,117,013) | $**1117013** | **1.5** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $1,117,013) | **1117013** | **1.5** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $54,551,415)** | $**76793473** | **100.5** |
|  | **Liabilities in Excess** **of Other Assets** | **(372448)** | **(0.5)** |
|  | **Net Assets** | $**76421025** | **100.0** |

---

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

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

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

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Contrarian Core 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)** |<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\* | $75676460 | $— | $— | $75676460 |
| Short-Term Investments | 1117013 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1117013 |
| Total Investments, at fair value | $76793473 | $— | $— | $76793473 |

---

---

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

---

At June 30, 2025, VY<sup>®</sup> Columbia Contrarian Core Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| SINO Forest Corp. | 3/1/2013 | $— | $— |
|  |  | $— | $— |

---

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 $55,430,193. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $23250473 |
| Gross Unrealized Depreciation | (1887192) |
| Net Unrealized Appreciation | $21363281 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** |
|  | **Communication Services: 1.6%** |  |  |
| 44550 | Telephone and Data Systems, Inc. | $**1585089** | **1.6** |
|  | **Consumer Discretionary: 9.0%** | **Consumer Discretionary: 9.0%** |  |
| 1510 <sup>(1)</sup> | Cavco Industries, Inc. | 655989 | 0.7 |
| 12620 | Kontoor Brands, Inc. | 832542 | 0.8 |
| 57680 <sup>(1)</sup> | Laureate Education, Inc. | 1348559 | 1.3 |
| 9610 <sup>(1)</sup> | Modine Manufacturing Co. | 946585 | 0.9 |
| 15100 | Patrick Industries, Inc. | 1393277 | 1.4 |
| 34970 | Perdoceo Education Corp. | 1143169 | 1.1 |
| 46060 <sup>(1)</sup> | Savers Value Village, Inc. | 469812 | 0.5 |
| 23510 <sup>(1)</sup> | Taylor Morrison Home Corp. | 1443984 | 1.4 |
| 11910 <sup>(1)</sup> | Urban Outfitters, Inc. | 863951 | 0.9 |
|  |  | **9097868** | **9.0** |
|  | **Consumer Staples: 3.0%** |  |  |
| 8330 | Cal-Maine Foods, Inc. | 829918 | 0.8 |
| 44240 | Dole PLC | 618917 | 0.6 |
| 11150 | PriceSmart, Inc. | 1171196 | 1.2 |
| 20790 <sup>(1)</sup> | TreeHouse Foods, Inc. | 403742 | 0.4 |
|  |  | **3023773** | **3.0** |
|  | **Energy: 6.9%** |  |  |
| 43680 <sup>(1)</sup> | CNX Resources Corp. | 1471142 | 1.5 |
| 6720 <sup>(1)</sup> | Gulfport Energy Corp. | 1351862 | 1.3 |
| 28650 | HF Sinclair Corp. | 1176942 | 1.2 |
| 30440 | Navigator Holdings Ltd. | 430726 | 0.4 |
| 18180 | Teekay Tankers Ltd. - Class A | 758470 | 0.7 |
| 20950 <sup>(1)</sup> | Tidewater, Inc. | 966424 | 1 |
| 28170 | World Fuel Services Corp. | 798619 | 0.8 |
|  |  | **6954185** | **6.9** |
|  | **Financials: 21.1%** |  |  |
| 16770 | Assured Guaranty Ltd. | 1460667 | 1.4 |
| 16600 | Banco Latinoamericano de Comercio Exterior SA - Class E | 668980 | 0.7 |
| 22109 | Bank of NT Butterfield & Son Ltd. | 978987 | 1 |
| 38060 | BankUnited, Inc. | 1354556 | 1.3 |
| 43300 | Columbia Banking System, Inc. | 1012354 | 1 |
| 50770 | Dynex Capital, Inc. | 620409 | 0.6 |
| 30480 | Essent Group Ltd. | 1851050 | 1.8 |
| 26800 | EVERTEC, Inc. | 966140 | 1 |
| 9290 | FirstCash Holdings, Inc. | 1255451 | 1.2 |
| 72480 | Fulton Financial Corp. | 1307539 | 1.3 |
| 24900 | Hancock Whitney Corp. | 1429260 | 1.4 |
| 26410 | Lazard, Inc. | 1267152 | 1.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | | |  |
| 11880 | PennyMac Financial Services, Inc. | $| 1183723 | 1.2 |
| 8730 | Popular, Inc. |  | 962133 | 0.9 |
| 44710 | Radian Group, Inc. |  | 1610454 | 1.6 |
| 10820 <sup>(1)</sup> | StoneX Group, Inc. |  | 986135 | 1 |
| 35220 | Washington Federal, Inc. |  | 1031242 | 1 |
| 27430 | Zions Bancorp NA |  | 1424714 | 1.4 |
|  |  |  | **21370946** | **21.1** |
|  | **Health Care: 9.2%** |  |  |  |
| 47940 <sup>(1)</sup> | AdaptHealth Corp. |  | 452074 | 0.4 |
| 142550 <sup>(1)</sup> | Amneal Pharmaceuticals, Inc. |  | 1153230 | 1.1 |
| 9290 <sup>(1)</sup> | ANI Pharmaceuticals, Inc. |  | 606173 | 0.6 |
| 63990 <sup>(1)</sup> | Ardent Health Partners, Inc. |  | 874103 | 0.9 |
| 21600 | Bruker Corp. |  | 889920 | 0.9 |
| 10680 <sup>(1)</sup> | ICU Medical, Inc. |  | 1411362 | 1.4 |
| 26570 <sup>(1)</sup> | LivaNova PLC |  | 1196182 | 1.2 |
| 50130 <sup>(1)</sup> | MiMedx Group, Inc. |  | 306294 | 0.3 |
| 39620 <sup>(1)</sup> | Pediatrix Medical Group, Inc. |  | 568547 | 0.6 |
| 47700 | Perrigo Co. PLC |  | 1274544 | 1.2 |
| 68720 <sup>(1)</sup> | Teladoc Health, Inc. |  | 598551 | 0.6 |
|  |  |  | **9330980** | **9.2** |
|  | **Industrials: 18.6%** |  |  |  |
| 17959 <sup>(1)</sup> | Alaska Air Group, Inc. |  | 888611 | 0.9 |
| 12070 | ArcBest Corp. |  | 929511 | 0.9 |
| 11203 | AZZ, Inc. |  | 1058460 | 1 |
| 3420 <sup>(1)</sup> | Dycom Industries, Inc. |  | 835814 | 0.8 |
| 13090 | Greenbrier Cos., Inc. |  | 602795 | 0.6 |
| 19030 | Griffon Corp. |  | 1377201 | 1.4 |
| 13820 | Helios Technologies, Inc. |  | 461173 | 0.4 |
| 18220 | HNI Corp. |  | 896060 | 0.9 |
| 11490 <sup>(1)</sup> | Kirby Corp. |  | 1303081 | 1.3 |
| 20790 | Korn Ferry |  | 1524531 | 1.5 |
| 75020 <sup>(1)</sup> | Legalzoom.com, Inc. |  | 668428 | 0.7 |
| 8690 | McGrath RentCorp |  | 1007692 | 1 |
| 5922 | Moog, Inc. - Class A |  | 1071704 | 1 |
| 41510 <sup>(1)</sup> | MRC Global, Inc. |  | 569102 | 0.6 |
| 27840 | Rush Enterprises, Inc. - Class A |  | 1434038 | 1.4 |
| 8059 | Ryder System, Inc. |  | 1281381 | 1.3 |
| 5720 <sup>(1)</sup> | SPX Technologies, Inc. |  | 959130 | 0.9 |
| 76740 <sup>(1)</sup> | Sunrun, Inc. |  | 627733 | 0.6 |
| 22510 | Worthington Industries, Inc. |  | 1432536 | 1.4 |
|  |  |  | **18928981** | **18.6** |
|  | **Information Technology: 11.8%** | **Information Technology: 11.8%** | **Information Technology: 11.8%** |  |
| 38998 | Clear Secure, Inc. - Class A |  | 1082585 | 1.1 |
| 13685 | Crane Holdings Co. |  | 737622 | 0.7 |
| 14020 | CTS Corp. |  | 597392 | 0.6 |
| 17070 <sup>(1)</sup> | Digi International, Inc. |  | 595060 | 0.6 |
| 21150 <sup>(1)</sup> | Diodes, Inc. |  | 1118624 | 1.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** |  |  |
| 45720 <sup>(1)</sup> | DoubleVerify Holdings, Inc. | $684428 | 0.7 |
| 11070 <sup>(1)</sup> | ePlus, Inc. | 798147 | 0.8 |
| 78730 <sup>(1)</sup> | N-able, Inc. | 637713 | 0.6 |
| 37140 <sup>(1)</sup> | NetScout Systems, Inc. | 921443 | 0.9 |
| 17680 | Progress Software Corp. | 1128691 | 1.1 |
| 23204 <sup>(1)</sup> | Sandisk Corp. | 1052301 | 1 |
| 39920 <sup>(1)</sup> | TTM Technologies, Inc. | 1629535 | 1.6 |
| 27630 | Vontier Corp. | 1019547 | 1 |
|  |  | **12003088** | **11.8** |
|  | **Materials: 6.0%** |  |  |
| 47860 | Avient Corp. | 1546357 | 1.5 |
| 13670 | Cabot Corp. | 1025250 | 1 |
| 29790 | Commercial Metals Co. | 1457029 | 1.5 |
| 22049 <sup>(1)</sup> | MP Materials Corp. | 733570 | 0.7 |
| 20444 | Scotts Miracle-Gro Co. | 1348486 | 1.3 |
|  |  | **6110692** | **6.0** |
|  | **Real Estate: 8.2%** |  |  |
| 27410 | American Assets Trust, Inc. | 541347 | 0.5 |
| 36580 | Cousins Properties, Inc. | 1098497 | 1.1 |
| 119930 <sup>(1)</sup> | Cushman & Wakefield PLC | 1327625 | 1.3 |
| 92020 | Macerich Co. | 1488884 | 1.5 |
| 88280 | Newmark Group, Inc. - Class A | 1072602 | 1.1 |
| 76280 | Outfront Media, Inc. | 1244890 | 1.2 |
| 40960 | PotlatchDeltic Corp. | 1571635 | 1.5 |
|  |  | **8345480** | **8.2** |
|  | **Utilities: 3.0%** |  |  |
| 9950 | National Fuel Gas Co. | 842865 | 0.8 |
| 35570 | Portland General Electric Co. | 1445209 | 1.4 |
| 21060 | UGI Corp. | 767005 | 0.8 |
|  |  | **3055079** | **3.0** |
|  | Total Common Stock |  |  |
|  | (Cost $89,781,841) | **99806161** | **98.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <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%** |
|  | **Mutual Funds: 0.5%** |  |  |
| 516784 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% |  |  |
|  | (Cost $516,784) | $**516784** | **0.5** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $516,784) | $**516784** | **0.5** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $90,298,625)** | $**100322945** | **98.9** |
|  | **Assets in Excess of** **Other Liabilities** | **1164216** | **1.1** |
|  | **Net Assets** | $**101487161** | **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

VY<sup>®</sup> Columbia Small Cap Value II 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)** |<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\* | $99806161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $99806161 |
| Short-Term Investments | 516784 |  |  | 516784 |
| Total Investments, at fair value | $100322945 | $— | $— | $100322945 |

---

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

At 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 $90,460,747. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $12160536 |
| Gross Unrealized Depreciation | (2298338) |
| Net Unrealized Appreciation | $9862198 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 96.7%** | **COMMON STOCK: 96.7%** | **COMMON STOCK: 96.7%** | **COMMON STOCK: 96.7%** |
|  | **Communication Services: 8.3%** | **Communication Services: 8.3%** |  |
| 28024 | Alphabet, Inc. - Class A | $4938670 | 2 |
| 6428 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 2627831 | 1.1 |
| 59747 | Comcast Corp. - Class A | 2132370 | 0.9 |
| 6753 | Meta Platforms, Inc. - Class A | 4984322 | 2.1 |
| 45728 | Universal Music Group NV | 1483446 | 0.6 |
| 20549 | Walt Disney Co. | 2548281 | 1 |
| 127381 <sup>(1)</sup> | Warner Bros Discovery, Inc. | 1459786 | 0.6 |
|  |  | **20174706** | **8.3** |
|  | **Consumer Discretionary: 6.3%** |  |  |
| 4733 | Domino's Pizza, Inc. | 2132690 | 0.9 |
| 40957 | eBay, Inc. | 3049658 | 1.3 |
| 58146 | Las Vegas Sands Corp. | 2529933 | 1 |
| 28781 | NIKE, Inc. - Class B | 2044602 | 0.8 |
| 39540 | Restaurant Brands International, Inc. | 2622837 | 1.1 |
| 32694 | Starbucks Corp. | 2995751 | 1.2 |
|  |  | **15375471** | **6.3** |
|  | **Consumer Staples: 10.6%** |  |  |
| 35155 | Anheuser-Busch InBev SA | 2418684 | 1 |
| 15705 | Clorox Co. | 1885700 | 0.8 |
| 23504 | Coca-Cola Co. | 1662908 | 0.7 |
| 98772 | Keurig Dr Pepper, Inc. | 3265402 | 1.3 |
| 27609 | Kimberly-Clark Corp. | 3559352 | 1.5 |
| 24792 | Philip Morris International, Inc. | 4515367 | 1.9 |
| 59044 | Reckitt Benckiser Group PLC | 4022479 | 1.6 |
| 56941 | Sysco Corp. | 4312712 | 1.8 |
|  |  | **25642604** | **10.6** |
|  | **Energy: 6.7%** |  |  |
| 25880 | Chevron Corp. | 3705757 | 1.5 |
| 31248 | ConocoPhillips | 2804195 | 1.1 |
| 24033 | EQT Corp. | 1401605 | 0.6 |
| 19607 | Exxon Mobil Corp. | 2113635 | 0.9 |
| 11751 | Hess Corp. | 1627984 | 0.7 |
| 86289 | Suncor Energy, Inc. | 3231523 | 1.3 |
| 72678 | Tenaris SA | 1362330 | 0.6 |
|  |  | **16247029** | **6.7** |
|  | **Financials: 20.0%** |  |  |
| 8692 | Allstate Corp. | 1749786 | 0.7 |
| 40232 | American International Group, Inc. | 3443457 | 1.4 |
| 171120 | Bank of America Corp. | 8097398 | 3.3 |
| 4626 | Capital One Financial Corp. | 984228 | 0.4 |
| 47761 | Citigroup, Inc. | 4065416 | 1.7 |
| 87931 | Citizens Financial Group, Inc. | 3934912 | 1.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 80623 | Fifth Third Bancorp | $3316024 | 1.4 |
| 1745 | Goldman Sachs Group, Inc. | 1235024 | 0.5 |
| 245576 | Huntington Bancshares, Inc. | 4115854 | 1.7 |
| 15287 | M&T Bank Corp. | 2965525 | 1.2 |
| 29671 | MetLife, Inc. | 2386142 | 1 |
| 49258 | State Street Corp. | 5238096 | 2.2 |
| 87949 | Wells Fargo & Co. | 7046474 | 2.9 |
|  |  | **48578336** | **20.0** |
|  | **Health Care: 15.8%** |  |  |
| 22873 | AstraZeneca PLC | 3183207 | 1.3 |
| 32634 | Baxter International, Inc. | 988158 | 0.4 |
| 12315 | Becton Dickinson and Co. | 2121259 | 0.9 |
| 31200 | Bristol-Myers Squibb Co. | 1444248 | 0.6 |
| 85186 | CVS Health Corp. | 5876130 | 2.4 |
| 9772 | Elevance Health, Inc. | 3800917 | 1.6 |
| 21091 | GE HealthCare Technologies, Inc. | 1562210 | 0.6 |
| 25389 <sup>(1)</sup> | Henry Schein, Inc. | 1854666 | 0.8 |
| 5122 | Humana, Inc. | 1252227 | 0.5 |
| 7603 <sup>(1)</sup> | ICON PLC | 1105856 | 0.4 |
| 7489 <sup>(1)</sup> | IQVIA Holdings, Inc. | 1180192 | 0.5 |
| 20367 | Johnson & Johnson | 3111059 | 1.3 |
| 26685 | Medtronic PLC | 2326131 | 1 |
| 33853 | Merck & Co., Inc. | 2679804 | 1.1 |
| 1701 | Regeneron Pharmaceuticals, Inc. | 893025 | 0.4 |
| 71978 | Sanofi, ADR | 3477257 | 1.4 |
| 4933 | UnitedHealth Group, Inc. | 1538948 | 0.6 |
|  |  | **38395294** | **15.8** |
|  | **Industrials: 10.9%** |  |  |
| 7805 | Caterpillar, Inc. | 3029979 | 1.2 |
| 11527 | Eaton Corp. PLC | 4115024 | 1.7 |
| 29576 | Emerson Electric Co. | 3943368 | 1.6 |
| 16878 | FedEx Corp. | 3836538 | 1.6 |
| 44951 | Johnson Controls International PLC | 4747724 | 2 |
| 39248 | Textron, Inc. | 3151222 | 1.3 |
| 17342 | Westinghouse Air Brake Technologies Corp. | 3630548 | 1.5 |
|  |  | **26454403** | **10.9** |
|  | **Information Technology: 12.0%** |  |  |
| 97888 | Cisco Systems, Inc. | 6791469 | 2.8 |
| 53422 | Cognizant Technology Solutions Corp. - Class A | 4168519 | 1.7 |
| 95889 <sup>(1)</sup> | DXC Technology Co. | 1466143 | 0.6 |
| 5749 <sup>(1)</sup> | F5, Inc. | 1692046 | 0.7 |
| 78665 | Intel Corp. | 1762096 | 0.7 |
| 14477 | Microsoft Corp. | 7201004 | 3 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**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)** |  |
| 19300 | NXP Semiconductors NV | $4216857 | 1.7 |
| 11743 | Qualcomm, Inc. | 1870190 | 0.8 |
|  |  | **29168324** | **12.0** |
|  | **Materials: 2.1%** |  |  |
| 13138 | CF Industries Holdings, Inc. | 1208696 | 0.5 |
| 28367 | Corteva, Inc. | 2114193 | 0.9 |
| 39780 | International Paper Co. | 1862897 | 0.7 |
|  |  | **5185786** | **2.1** |
|  | **Real Estate: 0.8%** |  |  |
| 8470 | SBA Communications Corp. | **1989095** | **0.8** |
|  | **Utilities: 3.2%** |  |  |
| 52226 | Dominion Energy, Inc. | 2951814 | 1.2 |
| 12325 | Evergy, Inc. | 849562 | 0.4 |
| 50534 | Sempra Energy | 3828961 | 1.6 |
|  |  | **7630337** | **3.2** |
|  | Total Common Stock |  |  |
|  | (Cost $190,923,976) | **234841385** | **96.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 2.6%** | **SHORT-TERM INVESTMENTS: 2.6%** | **SHORT-TERM INVESTMENTS: 2.6%** | **SHORT-TERM INVESTMENTS: 2.6%** |
|  | **Mutual Funds: 2.6%** |  |  |
| 6380826 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% |  |  |
|  | (Cost $6,380,826) | $**6380826** | **2.6** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $6,380,826) | **6380826** | **2.6** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $197,304,802)** | $**241222211** | **99.3** |
|  | **Assets in Excess of** **Other Liabilities** | **1786110** | **0.7** |
|  | **Net Assets** | $**243008321** | **100.0** |

---

ADR &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

<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

VY<sup>®</sup> Invesco Comstock 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)** |<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 | $18691260 | $1483446 | $— | $20174706 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 15375471 |  |  | 15375471 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 19201441 | 6441163 |  | 25642604 |
| &nbsp;&nbsp;&nbsp;Energy | 14884699 | 1362330 |  | 16247029 |
| &nbsp;&nbsp;&nbsp;Financials | 48578336 |  |  | 48578336 |
| &nbsp;&nbsp;&nbsp;Health Care | 35212087 | 3183207 |  | 38395294 |
| &nbsp;&nbsp;&nbsp;Industrials | 26454403 |  |  | 26454403 |
| &nbsp;&nbsp;&nbsp;Information Technology | 29168324 |  |  | 29168324 |
| &nbsp;&nbsp;&nbsp;Materials | 5185786 |  |  | 5185786 |
| &nbsp;&nbsp;&nbsp;Real Estate | 1989095 |  |  | 1989095 |
| &nbsp;&nbsp;&nbsp;Utilities | 7630337 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 7630337 |
| Total Common Stock | 222371239 | 12470146 |  | 234841385 |
| Short-Term Investments | 6380826 |  |  | 6380826 |
| Total Investments, at fair value | $228752065 | $12470146 | $— | $241222211 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 5363 |  | 5363 |
| Total Assets | $228752065 | $12475509 | $— | $241227574 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(181575) | $— | $(181575) |
| Total Liabilities | $— | $(181575) | $— | $(181575) |

---

---

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

---

At June 30, 2025, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> Invesco Comstock Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| USD | 89089 | GBP | 65014 | Barclays Bank PLC | 07/09/25 | $(155) |
| CAD | 154083 | USD | 112522 | Deutsche Bank AG | 07/09/25 | 674 |
| GBP | 57153 | USD | 77890 | Deutsche Bank AG | 07/09/25 | 563 |
| USD | 68519 | CAD | 93758 | Deutsche Bank AG | 07/09/25 | (360) |
| USD | 2967302 | CAD | 4059445 | Deutsche Bank AG | 07/09/25 | (14932) |
| USD | 4300321 | EUR | 3748510 | Deutsche Bank AG | 07/09/25 | (117500) |
| GBP | 56196 | USD | 77046 | Goldman Sachs International | 07/09/25 | 94 |
| CAD | 79964 | USD | 58652 | Goldman Sachs International | 07/09/25 | 93 |
| USD | 80769 | GBP | 59558 | Goldman Sachs International | 07/09/25 | (986) |
| EUR | 91686 | USD | 105704 | Royal Bank of Canada | 07/09/25 | 2353 |
| USD | 295087 | CAD | 400559 | Royal Bank of Canada | 07/09/25 | 820 |
| CAD | 145209 | USD | 105911 | Royal Bank of Canada | 07/09/25 | 766 |
| CAD | 426666 | USD | 314037 | Royal Bank of Canada | 07/09/25 | (590) |
| USD | 3546868 | GBP | 2617317 | Royal Bank of Canada | 07/09/25 | (45909) |
| USD | 187028 | CAD | 256140 | State Street Bank and Trust Co. | 07/09/25 | (1143) |
|  |  |  |  |  |  | $(176212) |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

------

Currency Abbreviations:

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| EUR | EU Euro |
| GBP | British Pound |
| 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:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $5363 |
| **Total Asset Derivatives** |  | $5363 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $181575 |
| **Total Liability Derivatives** |  | $181575 |

---

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** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $(926607) |
| **Total** | $(926607) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $(335819) |
| **Total** | $(335819) |

---

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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Barclays Bank**<br>**PLC** |<br>**Deutsche**<br>**Bank AG** | **Goldman**<br>**Sachs**<br>**International** |<br>**Royal Bank of**<br>**Canada** | **State Street**<br>**Bank and**<br>**Trust Co.** |<br>**Total** |
| **Assets:** |  |  |  |  |  |  |
| Forward foreign currency contracts | $— | $1237 | $187 | $3939 | $— | $5363 |
| **Total Assets** | $— | $1237 | $187 | $3939 | $— | $5363 |
| **Liabilities:** |  |  |  |  |  |  |
| Forward foreign currency contracts | $155 | $132792 | $986 | $46499 | $1143 | $181575 |
| **Total Liabilities** | $155 | $132792 | $986 | $46499 | $1143 | $181575 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(155) | $(131555) | $(799) | $(42560) | $(1143) | $(176212) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $— | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(155) | $(131555) | $(799) | $(42560) | $(1143) | $(176212) |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued)

------

<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 $201,050,697.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $52270435 |
| Gross Unrealized Depreciation | (12272859) |
| Net Unrealized Appreciation | $39997576 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 63.7%** | **COMMON STOCK: 63.7%** | **COMMON STOCK: 63.7%** | **COMMON STOCK: 63.7%** |
|  | **Communication Services: 3.6%** | **Communication Services: 3.6%** |  |
| 22292 | Alphabet, Inc. - Class A | $3928519 | 0.9 |
| 3880 | Meta Platforms, Inc. - Class A | 2863789 | 0.6 |
| 13900 | T-Mobile US, Inc. | 3311814 | 0.7 |
| 50154 | Walt Disney Co. | 6219598 | 1.4 |
|  |  | **16323720** | **3.6** |
|  | **Consumer Discretionary: 3.9%** | **Consumer Discretionary: 3.9%** |  |
| 36404 <sup>(1)</sup> | Amazon.com, Inc. | 7986674 | 1.8 |
| 46053 | General Motors Co. | 2266268 | 0.5 |
| 52924 | NIKE, Inc. - Class B | 3759721 | 0.8 |
| 41359 | Starbucks Corp. | 3789725 | 0.8 |
|  |  | **17802388** | **3.9** |
|  | **Consumer Staples: 4.6%** |  |  |
| 37126 | Philip Morris International, Inc. | 6761758 | 1.5 |
| 22112 | Procter & Gamble Co. | 3522884 | 0.8 |
| 72426 | Sysco Corp. | 5485545 | 1.2 |
| 66576 <sup>(1)</sup> | US Foods Holding Corp. | 5127018 | 1.1 |
|  |  | **20897205** | **4.6** |
|  | **Energy: 5.0%** |  |  |
| 31485 | Chevron Corp. | 4508337 | 1 |
| 48622 | ConocoPhillips | 4363338 | 0.9 |
| 47965 | EQT Corp. | 2797319 | 0.6 |
| 41365 | Exxon Mobil Corp. | 4459147 | 1 |
| 115153 | Shell PLC | 4017625 | 0.9 |
| 69581 | Suncor Energy, Inc. | 2606445 | 0.6 |
|  |  | **22752211** | **5.0** |
|  | **Financials: 14.1%** |  |  |
| 11869 | Allstate Corp. | 2389348 | 0.5 |
| 44749 | American International Group, Inc. | 3830067 | 0.8 |
| 218580 | Bank of America Corp. | 10343206 | 2.3 |
| 64680 | Charles Schwab Corp. | 5901403 | 1.3 |
| 112248 | Citizens Financial Group, Inc. | 5023098 | 1.1 |
| 50998 | Fidelity National Information Services, Inc. | 4151747 | 0.9 |
| 25414 <sup>(1)</sup> | Fiserv, Inc. | 4381628 | 0.9 |
| 5729 | Goldman Sachs Group, Inc. | 4054700 | 0.9 |
| 30139 | KKR & Co., Inc. | 4009391 | 0.9 |
| 22873 | PNC Financial Services Group, Inc. | 4263985 | 0.9 |
| 134983 | Wells Fargo & Co. | 10814838 | 2.4 |
| 17953 | Willis Towers Watson PLC | 5502594 | 1.2 |
|  |  | **64666005** | **14.1** |
|  | **Health Care: 8.5%** |  |  |
| 66405 | Bristol-Myers Squibb Co. | 3073887 | 0.7 |
| 57455 <sup>(1)</sup> | Centene Corp. | 3118657 | 0.7 |
| 66040 | CVS Health Corp. | 4555439 | 1 |
| 5417 | Elevance Health, Inc. | 2106996 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |  |  |
| 23964 | GE HealthCare Technologies, Inc. | 1775014 | 0.4 |
| 8076 | Humana, Inc. | 1974421 | 0.4 |
| 36641 | Johnson & Johnson | 5596913 | 1.2 |
| 59007 | Medtronic PLC | 5143640 | 1.1 |
| 28963 | Merck & Co., Inc. | 2292711 | 0.5 |
| 78857 | Pfizer, Inc. | 1911494 | 0.4 |
| 41865 | Sanofi | 4053118 | 0.9 |
| 10002 | UnitedHealth Group, Inc. | 3120324 | 0.7 |
|  |  | **38722614** | **8.5** |
|  | **Industrials: 8.8%** |  |  |
| 34886 | Emerson Electric Co. | 4651350 | 1 |
| 14943 | FedEx Corp. | 3396693 | 0.7 |
| 18132 | Ferguson Enterprises, Inc. | 3948243 | 0.9 |
| 65840 | Fortive Corp. | 3432239 | 0.8 |
| 52161 | Johnson Controls International PLC | 5509245 | 1.2 |
| 14170 | Norfolk Southern Corp. | 3627095 | 0.8 |
| 9070 | Parker-Hannifin Corp. | 6335123 | 1.4 |
| 29348 | Raytheon Technologies Corp. | 4285395 | 0.9 |
| 29714 | Textron, Inc. | 2385737 | 0.5 |
| 21772 | Vertiv Holdings Co. - Class A | 2795743 | 0.6 |
|  |  | **40366863** | **8.8** |
|  | **Information Technology: 10.5%** | **Information Technology: 10.5%** |  |
| 61119 | Cisco Systems, Inc. | 4240436 | 0.9 |
| 37843 | Cognizant Technology Solutions Corp. - Class A | 2952889 | 0.7 |
| 38231 <sup>(1)</sup> | Coherent Corp. | 3410588 | 0.8 |
| 34043 | Lam Research Corp. | 3313746 | 0.7 |
| 96386 | Microchip Technology, Inc. | 6782683 | 1.5 |
| 15810 | Microsoft Corp. | 7864052 | 1.7 |
| 26029 | NVIDIA Corp. | 4112322 | 0.9 |
| 14714 | NXP Semiconductors NV | 3214862 | 0.7 |
| 19072 | Oracle Corp. | 4169711 | 0.9 |
| 31789 <sup>(1)</sup> | Ralliant Corp. | 1541432 | 0.3 |
| 12575 | Salesforce, Inc. | 3429077 | 0.8 |
| 9289 <sup>(1)</sup> | Zebra Technologies Corp. - Class A | 2864356 | 0.6 |
|  |  | **47896154** | **10.5** |
|  | **Materials: 1.6%** |  |  |
| 43418 | Corteva, Inc. | 3235943 | 0.7 |
| 30339 | DuPont de Nemours, Inc. | 2080952 | 0.4 |
| 19096 | PPG Industries, Inc. | 2172170 | 0.5 |
|  |  | **7489065** | **1.6** |
|  | **Real Estate: 1.0%** |  |  |
| 32847 <sup>(1)</sup> | CBRE Group, Inc. - Class A | **4602522** | **1.0** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income 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)** |
|  | **Utilities: 2.1%** |  |  |
| 25937 | American Electric Power Co., Inc. | 2691223 | 0.6 |
| 54249 | FirstEnergy Corp. | 2184065 | 0.5 |
| 136443 | PPL Corp. | 4624053 | 1 |
|  |  | **9499341** | **2.1** |
|  | Total Common Stock |  |  |
|  | (Cost $231,782,651) | **291018088** | **63.7** |
| **CONVERTIBLE BONDS/NOTES: 9.4%** | **CONVERTIBLE BONDS/NOTES: 9.4%** | **CONVERTIBLE BONDS/NOTES: 9.4%** | **CONVERTIBLE BONDS/NOTES: 9.4%** |
|  | **Communications: 2.8%** |  |  |
| 2567000 <sup>(2)</sup> | Airbnb, Inc., 4.890%, 03/15/2026 | 2480997 | 0.6 |
| 1292000 <sup>(3)</sup> | Cable One, Inc., 1.125%, 03/15/2028 | 988384 | 0.2 |
| 2498000 <sup>(2)(3)</sup> | Cable One, Inc., 7.650%, 03/15/2026 | 2369603 | 0.5 |
| 1420000 <sup>(4)</sup> | Liberty Broadband Corp., 3.125%, 03/31/2053 | 1430076 | 0.3 |
| 910000 | Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/2027 | 1211665 | 0.3 |
| 738000 <sup>(4)</sup> | Match Group Financeco 2, Inc., 0.875%, 06/15/2026 | 714753 | 0.2 |
| 730000 <sup>(4)</sup> | Match Group Financeco 3, Inc., 2.000%, 01/15/2030 | 653350 | 0.1 |
| 1543000 | Shopify, Inc., 0.125%, 11/01/2025 | 1565373 | 0.3 |
| 1335000 <sup>(3)</sup> | Snap, Inc., 0.500%, 05/01/2030 | 1138755 | 0.3 |
|  |  | **12552956** | **2.8** |
|  | **Consumer, Non-cyclical: 2.7%** | **Consumer, Non-cyclical: 2.7%** |  |
| 1544000 | Alnylam Pharmaceuticals, Inc., 1.000%, 09/15/2027 | 2009516 | 0.4 |
| 815923 <sup>(4)</sup> | Bridgebio Pharma, Inc., 1.750%, 03/01/2031 | 953406 | 0.2 |
| 2347000 | Global Payments, Inc., 1.500%, 03/01/2031 | 2107606 | 0.5 |
| 1959000 | Haemonetics Corp., 2.500%, 06/01/2029 | 1953626 | 0.4 |
| 2017000 <sup>(3)</sup> | Integra LifeSciences Holdings Corp., 0.500%, 08/15/2025 | 1999351 | 0.4 |
| 1730000 | Jazz Investments I Ltd., 2.000%, 06/15/2026 | 1752923 | 0.4 |
| 809000 <sup>(4)</sup> | Jazz Investments I Ltd., 3.125%, 09/15/2030 | 861585 | 0.2 |
| 611000 <sup>(4)</sup> | Merit Medical Systems, Inc., 3.000%, 02/01/2029 | 765138 | 0.2 |
|  |  | **12403151** | **2.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** |
|  | **Energy: 0.2%** |  |  |
| 933000 | Northern Oil and Gas, Inc., 3.625%, 04/15/2029 | 976151 | 0.2 |
|  | **Financial: 0.3%** |  |  |
| 1476000 <sup>(4)</sup> | Federal Realty OP L.P., 3.250%, 01/15/2029 | 1470096 | 0.3 |
|  | **Industrials: 0.3%** |  |  |
| 1479000 | John Bean Technologies Corp., 0.250%, 05/15/2026 | 1474711 | 0.3 |
|  | **Technology: 2.1%** |  |  |
| 1294000 <sup>(2)(4)</sup> | BILL Holdings, Inc., 3.570%, 04/01/2030 | 1095048 | 0.2 |
| 950000 <sup>(4)</sup> | Box, Inc., 1.500%, 09/15/2029 | 980875 | 0.2 |
| 2435000 <sup>(2)(3)</sup> | Dropbox, Inc., 0.980%, 03/01/2026 | 2419172 | 0.5 |
| 2788000 | Microchip Technology, Inc., 0.750%, 06/01/2030 | 2751756 | 0.6 |
| 2556000 | MKS, Inc., 1.250%, 06/01/2030 | 2531718 | 0.6 |
|  |  | **9778569** | **2.1** |
|  | **Utilities: 1.0%** |  |  |
| 1923000 <sup>(4)</sup> | FirstEnergy Corp., 3.875%, 01/15/2031 | 1949922 | 0.4 |
| 2334000 | PPL Capital Funding, Inc., 2.875%, 03/15/2028 | 2526678 | 0.6 |
|  |  | **4476600** | **1.0** |
|  | Total Convertible Bonds/Notes |  |  |
|  | (Cost $42,313,949) | **43132234** | **9.4** |
| **CORPORATE BONDS/NOTES: 13.9%** | **CORPORATE BONDS/NOTES: 13.9%** | **CORPORATE BONDS/NOTES: 13.9%** | **CORPORATE BONDS/NOTES: 13.9%** |
|  | **Basic Materials: 0.3%** |  |  |
| 494000 | Air Products and Chemicals, Inc., 4.300%, 06/11/2028 | 496644 | 0.1 |
| 130000 | DuPont de Nemours, Inc., 4.493%, 11/15/2025 | 129818 | 0.1 |
| 95000 | International Paper Co., 6.000%, 11/15/2041 | 96513 | 0 |
| 215000 <sup>(4)</sup> | LYB Finance Co. BV, 8.100%, 03/15/2027 | 227051 | 0.1 |
| 73000 | Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028 | 79146 | 0 |
| 66000 | Rio Tinto Finance USA PLC, 5.750%, 03/14/2055 | 66148 | 0 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**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)** |  |  |
| 103000 | Sherwin-Williams Co., 4.500%, 06/01/2047 | $86271 | 0.0 |
|  |  | **1181591** | **0.3** |
|  | **Communications: 1.3%** |  |  |
| 69000 | Alphabet, Inc., 5.250%, 05/15/2055 | 68006 | 0.0 |
| 147000 | Amazon.com, Inc., 2.875%, 05/12/2041 | 109776 | 0.0 |
| 455000 | America Movil SAB de CV, 4.375%, 07/16/2042 | 385753 | 0.1 |
| 163000 | AT&T, Inc., 3.550%, 09/15/2055 | 110072 | 0.0 |
| 260000 | AT&T, Inc., 4.300%, 02/15/2030 | 259239 | 0.1 |
| 209000 | AT&T, Inc., 6.050%, 08/15/2056 | 213438 | 0.1 |
| 63000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025 | 62996 | 0.0 |
| 245000 | Cisco Systems, Inc., 4.550%, 02/24/2028 | 248308 | 0.1 |
| 149000 | Cisco Systems, Inc., 5.300%, 02/26/2054 | 144619 | 0.0 |
| 83000 | Comcast Corp., 2.887%, 11/01/2051 | 50558 | 0.0 |
| 138000 | Comcast Corp., 2.937%, 11/01/2056 | 81099 | 0.0 |
| 546000 | Comcast Corp., 3.150%, 03/01/2026 | 541740 | 0.1 |
| 444000 | Comcast Corp., 3.900%, 03/01/2038 | 386423 | 0.1 |
| 514000 | Comcast Corp., 4.150%, 10/15/2028 | 513138 | 0.1 |
| 92000 <sup>(4)</sup> | Cox Communications, Inc., 2.950%, 10/01/2050 | 52436 | 0.0 |
| 182000 | Discovery Communications LLC, 4.900%, 03/11/2026 | 181819 | 0.0 |
| 273000 | Omnicom Group, Inc. / Omnicom Capital, Inc., 3.600%, 04/15/2026 | 270999 | 0.1 |
| 444000 | Rogers Communications, Inc., 4.300%, 02/15/2048 | 356340 | 0.1 |
| 202000 | Rogers Communications, Inc., 4.500%, 03/15/2043 | 171187 | 0.0 |
| 419000 | Telefonica Emisiones SA, 5.213%, 03/08/2047 | 370996 | 0.1 |
| 500000 | T-Mobile USA, Inc., 2.700%, 03/15/2032 | 440831 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** |  |  |
| 348000 | T-Mobile USA, Inc., 3.400%, 10/15/2052 | 232677 | 0.1 |
| 160000 | T-Mobile USA, Inc., 5.875%, 11/15/2055 | 160047 | 0 |
| 138000 | T-Mobile USA, Inc., 6.000%, 06/15/2054 | 140584 | 0 |
| 182000 | TWDC Enterprises 18 Corp., 3.000%, 02/13/2026 | 180631 | 0 |
| 263000 | Verizon Communications, Inc., 3.400%, 03/22/2041 | 202977 | 0.1 |
|  |  | **5936689** | **1.3** |
|  | **Consumer, Cyclical: 1.0%** |  |  |
| 169507 | American Airlines Pass Through Trust 2014-1, A, 3.700%, 04/01/2028 | 166573 | 0 |
| 89000 <sup>(4)</sup> | AS Mileage Plan IP Ltd., 5.021%, 10/20/2029 | 88124 | 0 |
| 102000 <sup>(4)</sup> | AS Mileage Plan IP Ltd., 5.308%, 10/20/2031 | 100412 | 0 |
| 210000 | Delta Air Lines, Inc., 4.950%, 07/10/2028 | 211336 | 0.1 |
| 275000 | General Motors Co., 6.600%, 04/01/2036 | 291458 | 0.1 |
| 348000 | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | 348667 | 0.1 |
| 266000 | Honda Motor Co. Ltd., 2.967%, 03/10/2032 | 238857 | 0.1 |
| 231000 | Lowe's Cos., Inc., 4.250%, 04/01/2052 | 180985 | 0 |
| 940000 | Ross Stores, Inc., 0.875%, 04/15/2026 | 913542 | 0.2 |
| 361000 | Starbucks Corp., 3.550%, 08/15/2029 | 351347 | 0.1 |
| 725000 | Toyota Motor Credit Corp., 4.550%, 08/07/2026 | 727708 | 0.2 |
| 203971 | United Airlines Pass Through Trust 2014-2, A, 3.750%, 03/03/2028 | 200661 | 0 |
| 199325 | United Airlines Pass Through Trust 2018-1, AA, 3.500%, 09/01/2031 | 188148 | 0 |
| 338000 | Warnermedia Holdings, Inc., 5.050%, 03/15/2042 | 200907 | 0 |
| 482000 | Warnermedia Holdings, Inc., 5.141%, 03/15/2052 | 338605 | 0.1 |
|  |  | **4547330** | **1.0** |
|  | **Consumer, Non-cyclical: 1.8%** | **Consumer, Non-cyclical: 1.8%** |  |
| 98000 | AbbVie, Inc., 4.050%, 11/21/2039 | 85943 | 0 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <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)** |
| 150000 | AbbVie, Inc., 4.500%, 05/14/2035 | $144990 | 0.0 |
| 90000 | AbbVie, Inc., 4.850%, 06/15/2044 | 82930 | 0.0 |
| 621000 | Altria Group, Inc., 5.800%, 02/14/2039 | 629595 | 0.1 |
| 719000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036 | 701879 | 0.2 |
| 400000 | BAT International Finance PLC, 1.668%, 03/25/2026 | 391771 | 0.1 |
| 243000 <sup>(4)</sup> | Bayer US Finance II LLC, 4.375%, 12/15/2028 | 240797 | 0.1 |
| 74000 <sup>(4)</sup> | Bayer US Finance LLC, 6.875%, 11/21/2053 | 78640 | 0.0 |
| 106000 | Becton Dickinson & Co., 4.875%, 05/15/2044 | 93469 | 0.0 |
| 319000 | Bristol-Myers Squibb Co., 4.125%, 06/15/2039 | 284054 | 0.1 |
| 255000 <sup>(3)</sup> | Bristol-Myers Squibb Co., 6.250%, 11/15/2053 | 273469 | 0.1 |
| 340000 | Constellation Brands, Inc., 4.400%, 11/15/2025 | 339599 | 0.1 |
| 103729 | CVS Pass-Through Trust, 6.036%, 12/10/2028 | 105214 | 0.0 |
| 936000 | Gilead Sciences, Inc., 3.650%, 03/01/2026 | 931497 | 0.2 |
| 39000 | GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038 | 43337 | 0.0 |
| 50000 | Haleon US Capital LLC, 4.000%, 03/24/2052 | 38688 | 0.0 |
| 601000 <sup>(4)</sup> | Heineken NV, 3.500%, 01/29/2028 | 591984 | 0.1 |
| 117000 | Ingredion, Inc., 6.625%, 04/15/2037 | 129230 | 0.0 |
| 302000 | Kenvue, Inc., 5.050%, 03/22/2053 | 281157 | 0.1 |
| 125000 | Laboratory Corp. of America Holdings, 1.550%, 06/01/2026 | 121767 | 0.0 |
| 192000 <sup>(4)</sup> | Mars, Inc., 4.450%, 03/01/2027 | 192748 | 0.0 |
| 193000 <sup>(4)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 195409 | 0.1 |
| 104000 <sup>(4)</sup> | Mars, Inc., 5.650%, 05/01/2045 | 104312 | 0.0 |
| 71000 <sup>(4)</sup> | Mars, Inc., 5.700%, 05/01/2055 | 70877 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <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)** |
| 45000 | Mead Johnson Nutrition Co., 4.125%, 11/15/2025 | 44970 | 0.0 |
| 201000 | Medtronic, Inc., 4.375%, 03/15/2035 | 194516 | 0.0 |
| 250000 | Molson Coors Beverage Co., 4.200%, 07/15/2046 | 199624 | 0.1 |
| 305000 | Pfizer Investment Enterprises Pte Ltd., 4.450%, 05/19/2026 | 305397 | 0.1 |
| 98000 | Philip Morris International, Inc., 4.875%, 11/15/2043 | 89928 | 0.0 |
| 412000 | Sysco Corp., 3.750%, 10/01/2025 | 411146 | 0.1 |
| 76000 | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | 61370 | 0.0 |
| 39000 | Zoetis, Inc., 4.700%, 02/01/2043 | 35656 | 0.0 |
| 863000 | Zoetis, Inc., 5.400%, 11/14/2025 | 864897 | 0.2 |
|  |  | **8360860** | **1.8** |
|  | **Energy: 1.1%** | **Energy: 1.1%** | **Energy: 1.1%** |
| 452000 | BP Capital Markets America, Inc., 2.939%, 06/04/2051 | 284011 | 0.1 |
| 298000 <sup>(4)</sup> | Cameron LNG LLC, 3.701%, 01/15/2039 | 254991 | 0.1 |
| 477000 | Chevron Corp., 2.954%, 05/16/2026 | 471676 | 0.1 |
| 191000 | ConocoPhillips Co., 4.150%, 11/15/2034 | 177963 | 0.0 |
| 212000 | Diamondback Energy, Inc., 5.750%, 04/18/2054 | 196991 | 0.0 |
| 278000 | Energy Transfer L.P., 4.900%, 03/15/2035 | 266051 | 0.1 |
| 353000 | Energy Transfer L.P., 5.000%, 05/15/2050 | 295343 | 0.1 |
| 68000 | Energy Transfer L.P., 5.200%, 04/01/2030 | 69543 | 0.0 |
| 100000 | Energy Transfer L.P., 5.300%, 04/01/2044 | 89668 | 0.0 |
| 206000 | Energy Transfer L.P., 6.400%, 12/01/2030 | 222088 | 0.0 |
| 406000 | Enterprise Products Operating LLC, 4.250%, 02/15/2048 | 329317 | 0.1 |
| 160000 | Enterprise Products Operating LLC, 4.600%, 01/15/2031 | 161266 | 0.0 |
| 81000 | EOG Resources, Inc., 4.400%, 07/15/2028 | 81484 | 0.0 |
| 550000 | Exxon Mobil Corp., 3.043%, 03/01/2026 | 545883 | 0.1 |
| 43000 | Kinder Morgan, Inc., 5.150%, 06/01/2030 | 43922 | 0.0 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <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)** |
| 341000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 340683 | 0.1 |
| 325000 | MPLX L.P., 1.750%, 03/01/2026 | 318776 | 0.1 |
| 174000 | MPLX L.P., 4.500%, 04/15/2038 | 154027 | 0.0 |
| 418000 | Spectra Energy Partners L.P., 4.500%, 03/15/2045 | 343777 | 0.1 |
| 105000 | Texas Eastern Transmission L.P., 7.000%, 07/15/2032 | 116272 | 0.0 |
| 247000 | Valero Energy Corp., 4.000%, 06/01/2052 | 175402 | 0.0 |
| 243000 | Williams Cos., Inc., 5.400%, 03/02/2026 | 244420 | 0.1 |
|  |  | **5183554** | **1.1** |
|  | **Financial: 0.8%** | **Financial: 0.8%** | **Financial: 0.8%** |
| 193000 <sup>(3)(5)</sup> | American Express Co., 4.731%, 04/25/2029 | 195233 | 0.1 |
| 124000 <sup>(4)</sup> | Aviation Capital Group LLC, 4.750%, 04/14/2027 | 124173 | 0.0 |
| 229000 <sup>(5)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 | 233857 | 0.1 |
| 429000 | Brixmor Operating Partnership L.P., 5.500%, 02/15/2034 | 434815 | 0.1 |
| 139000 <sup>(3)(5)</sup> | Capital One Financial Corp., 6.183%, 01/30/2036 | 141572 | 0.0 |
| 297000 <sup>(5)</sup> | Citigroup, Inc., 4.952%, 05/07/2031 | 300466 | 0.1 |
| 129000 <sup>(5)</sup> | Citizens Financial Group, Inc., 6.645%, 04/25/2035 | 139119 | 0.0 |
| 530000 <sup>(4)</sup> | GA Global Funding Trust, 5.500%, 01/08/2029 | 543442 | 0.1 |
| 103000 <sup>(4)</sup> | Global Atlantic Fin Co., 6.750%, 03/15/2054 | 105636 | 0.0 |
| 225000 <sup>(5)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 | 222374 | 0.1 |
| 570000 <sup>(4)</sup> | Metropolitan Life Insurance Co., 7.800%, 11/01/2025 | 575366 | 0.1 |
| 190000 <sup>(5)</sup> | Morgan Stanley, 4.994%, 04/12/2029 | 192790 | 0.0 |
| 55000 <sup>(3)(4)</sup> | Sixth Street Lending Partners, 6.125%, 07/15/2030 | 56033 | 0.0 |
| 381000 | State Street Bank & Trust Co., 4.594%, 11/25/2026 | 383900 | 0.1 |
|  |  | **3648776** | **0.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financials: 3.6%** | **Financials: 3.6%** | **Financials: 3.6%** |
| 191000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041 | $152846 | 0.0 |
| 200000 | Allstate Corp., 3.280%, 12/15/2026 | 197327 | 0.0 |
| 192000 | American Equity Investment Life Holding Co., 5.000%, 06/15/2027 | 192853 | 0.0 |
| 405000 | American Tower Corp., 1.600%, 04/15/2026 | 396099 | 0.1 |
| 534000 <sup>(4)</sup> | Aviation Capital Group LLC, 4.875%, 10/01/2025 | 533766 | 0.1 |
| 407000 <sup>(5)</sup> | Bank of America Corp., 2.572%, 10/20/2032 | 358820 | 0.1 |
| 351000 | Bank of America Corp., MTN, 3.248%, 10/21/2027 | 344380 | 0.1 |
| 625000 | BlackRock, Inc., 4.750%, 05/25/2033 | 632033 | 0.1 |
| 408000 | Brighthouse Financial, Inc., 3.850%, 12/22/2051 | 263110 | 0.1 |
| 307000 <sup>(5)</sup> | Citigroup, Inc., 3.668%, 07/24/2028 | 302263 | 0.1 |
| 254000 | Citigroup, Inc., 4.750%, 05/18/2046 | 216995 | 0.1 |
| 127000 | Citigroup, Inc., 5.300%, 05/06/2044 | 118682 | 0.0 |
| 202000 | Citigroup, Inc., 6.675%, 09/13/2043 | 220543 | 0.1 |
| 657000 | Crown Castle, Inc., 2.500%, 07/15/2031 | 573657 | 0.1 |
| 29000 | Crown Castle, Inc., 4.750%, 05/15/2047 | 24850 | 0.0 |
| 494000 | CubeSmart L.P., 2.500%, 02/15/2032 | 425672 | 0.1 |
| 2088000 <sup>(4)</sup> | Delaware Life Global Funding 21-1, 2.662%, 06/29/2026 | 2041049 | 0.5 |
| 1109000 | EPR Properties, 4.750%, 12/15/2026 | 1107791 | 0.2 |
| 286000 | Extra Space Storage L.P., 3.500%, 07/01/2026 | 283178 | 0.1 |
| 169000 | Extra Space Storage L.P., 5.700%, 04/01/2028 | 174605 | 0.0 |
| 150000 <sup>(5)</sup> | Goldman Sachs Group, Inc., 2.908%, 07/21/2042 | 107483 | 0.0 |
| 400000 | Goldman Sachs Group, Inc., 4.250%, 10/21/2025 | 399538 | 0.1 |
| 268000 | JPMorgan Chase & Co., 3.200%, 06/15/2026 | 265486 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 619000 <sup>(5)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | $606428 | 0.1 |
| 150000 <sup>(5)</sup> | JPMorgan Chase & Co., 3.897%, 01/23/2049 | 118559 | 0.0 |
| 329000 <sup>(5)</sup> | JPMorgan Chase & Co., 4.260%, 02/22/2048 | 277422 | 0.1 |
| 590000 | Kimco Realty OP LLC, 3.200%, 04/01/2032 | 538311 | 0.1 |
| 216000 <sup>(4)</sup> | KKR Group Finance Co. III LLC, 5.125%, 06/01/2044 | 197064 | 0.0 |
| 516000 <sup>(4)</sup> | KKR Group Finance Co. XII LLC, 4.850%, 05/17/2032 | 513769 | 0.1 |
| 463000 <sup>(4)</sup> | Liberty Mutual Group, Inc., 3.950%, 05/15/2060 | 311845 | 0.1 |
| 139000 | Markel Group, Inc., 5.000%, 03/30/2043 | 124801 | 0.0 |
| 256000 | Markel Group, Inc., 5.000%, 05/20/2049 | 225153 | 0.1 |
| 507000 | Morgan Stanley, GMTN, 4.000%, 07/23/2025 | 506530 | 0.1 |
| 78000 | Nasdaq, Inc., 5.950%, 08/15/2053 | 79640 | 0.0 |
| 108000 <sup>(4)</sup> | Nationwide Financial Services, Inc., 5.300%, 11/18/2044 | 99998 | 0.0 |
| 569000 <sup>(4)</sup> | Pacific Life Global Funding II, 5.500%, 08/28/2026 | 577590 | 0.1 |
| 288000 | PartnerRe Finance B LLC, 3.700%, 07/02/2029 | 279246 | 0.1 |
| 368000 | PNC Financial Services Group, Inc., 3.450%, 04/23/2029 | 357895 | 0.1 |
| 194000 <sup>(5)</sup> | PNC Financial Services Group, Inc., 6.875%, 10/20/2034 | 216949 | 0.1 |
| 98000 | Regency Centers L.P., 2.950%, 09/15/2029 | 92794 | 0.0 |
| 146000 | Regency Centers L.P., 4.650%, 03/15/2049 | 126836 | 0.0 |
| 327000 | Synchrony Financial, 3.950%, 12/01/2027 | 321713 | 0.1 |
| 217000 | Travelers Cos., Inc., 4.600%, 08/01/2043 | 193562 | 0.0 |
| 285000 <sup>(4)</sup> | UBS Group AG, 4.125%, 04/15/2026 | 284235 | 0.1 |
| 200000 | US Bancorp, MTN, 3.100%, 04/27/2026 | 198019 | 0.0 |
| 471000 | Wells Fargo & Co., MTN, 3.550%, 09/29/2025 | 469700 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 229000 | Wells Fargo & Co., MTN, 4.100%, 06/03/2026 | 228126 | 0.1 |
| 146000 | Wells Fargo & Co., MTN, 4.650%, 11/04/2044 | 125079 | 0.0 |
|  |  | **16404290** | **3.6** |
|  | **Industrial: 0.2%** | **Industrial: 0.2%** | **Industrial: 0.2%** |
| 65000 <sup>(3)(4)</sup> | BAE Systems PLC, 5.500%, 03/26/2054 | 64229 | 0.0 |
| 152000 <sup>(3)</sup> | Burlington Northern Santa Fe LLC, 5.800%, 03/15/2056 | 156558 | 0.0 |
| 238000 | Lockheed Martin Corp., 5.200%, 02/15/2064 | 220022 | 0.1 |
| 151000 <sup>(4)</sup> | Molex Electronic Technologies LLC, 4.750%, 04/30/2028 | 151976 | 0.0 |
| 325000 | Westinghouse Air Brake Technologies Corp., 5.500%, 05/29/2035 | 329858 | 0.1 |
|  |  | **922643** | **0.2** |
|  | **Industrials: 0.8%** | **Industrials: 0.8%** | **Industrials: 0.8%** |
| 473000 | Avnet, Inc., 4.625%, 04/15/2026 | 472417 | 0.1 |
| 398000 | Boeing Co., 5.805%, 05/01/2050 | 382050 | 0.1 |
| 186000 | Canadian Pacific Railway Co., 3.000%, 12/02/2041 | 135367 | 0.0 |
| 180000 | Honeywell International, Inc., 4.500%, 01/15/2034 | 176409 | 0.0 |
| 631000 | Lockheed Martin Corp., 3.550%, 01/15/2026 | 629037 | 0.1 |
| 244000 | Lockheed Martin Corp., 4.150%, 06/15/2053 | 193817 | 0.1 |
| 224000 | Norfolk Southern Corp., 3.400%, 11/01/2049 | 157844 | 0.0 |
| 217000 <sup>(3)</sup> | Norfolk Southern Corp., 5.350%, 08/01/2054 | 207448 | 0.1 |
| 168000 | Raytheon Technologies Corp., 4.450%, 11/16/2038 | 154925 | 0.0 |
| 128000 | Rockwell Automation, Inc., 1.750%, 08/15/2031 | 110062 | 0.0 |
| 266000 | RTX Corp., 6.400%, 03/15/2054 | 291820 | 0.1 |
| 473000 | Union Pacific Corp., 3.200%, 05/20/2041 | 361694 | 0.1 |
| 183000 | Union Pacific Corp., 3.839%, 03/20/2060 | 131883 | 0.0 |
| 356000 | Union Pacific Corp., 4.150%, 01/15/2045 | 288127 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 161000 | United Parcel Service, Inc., 3.400%, 11/15/2046 | 116740 | 0.0 |
|  |  | **3809640** | **0.8** |
|  | **Technology: 2.2%** | **Technology: 2.2%** | **Technology: 2.2%** |
| 212000 | Apple, Inc., 3.350%, 02/09/2027 | 209910 | 0.1 |
| 300000 | Apple, Inc., 4.200%, 05/12/2030 | 301425 | 0.1 |
| 227000 <sup>(4)</sup> | Broadcom, Inc., 3.469%, 04/15/2034 | 202862 | 0.0 |
| 1300000 <sup>(3)</sup> | CSG Systems International, Inc., 3.875%, 09/15/2028 | 1470950 | 0.3 |
| 320000 | Dell International LLC / EMC Corp., 5.300%, 04/01/2032 | 327192 | 0.1 |
| 368000 | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | 371541 | 0.1 |
| 2000 | Dell International LLC / EMC Corp., 8.350%, 07/15/2046 | 2553 | 0.0 |
| 465000 <sup>(3)</sup> | Electronic Arts, Inc., 4.800%, 03/01/2026 | 465352 | 0.1 |
| 923000 | Envestnet, Inc., 2.625%, 12/01/2027 | 988995 | 0.2 |
| 470000 | Fidelity National Information Services, Inc., 1.150%, 03/01/2026 | 459891 | 0.1 |
| 298000 <sup>(4)</sup> | Foundry JV Holdco LLC, 6.200%, 01/25/2037 | 310563 | 0.1 |
| 285000 | Hewlett Packard Enterprise Co., 4.900%, 10/15/2025 | 285014 | 0.1 |
| 640000 | International Business Machines Corp., 3.300%, 05/15/2026 | 634159 | 0.1 |
| 562000 | Marvell Technology, Inc., 2.450%, 04/15/2028 | 534180 | 0.1 |
| 83000 | Micron Technology, Inc., 3.366%, 11/01/2041 | 60963 | 0.0 |
| 98000 | Micron Technology, Inc., 4.663%, 02/15/2030 | 97818 | 0.0 |
| 46000 | Micron Technology, Inc., 5.650%, 11/01/2032 | 47831 | 0.0 |
| 310000 | Microsoft Corp., |  |  |
|  | 3.125%, 11/03/2025 | 308681 | 0.1 |
| 316000 <sup>(3)</sup> | Microsoft Corp., |  |  |
|  | 3.500%, 02/12/2035 | 295415 | 0.1 |
| 795000 | NXP BV / NXP Funding LLC, 5.350%, 03/01/2026 | 798399 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** |  |  |
| 480000 | Oracle Corp., 3.600%, 04/01/2040 | 384453 | 0.1 |
| 133000 | Oracle Corp., 6.000%, 08/03/2055 | 132887 | 0.0 |
| 126000 | Paychex, Inc., 5.350%, 04/15/2032 | 129439 | 0.0 |
| 488000 | Salesforce, Inc., 2.700%, 07/15/2041 | 351282 | 0.1 |
| 200000 | Synopsys, Inc., 4.550%, 04/01/2027 | 201088 | 0.0 |
| 161000 | Synopsys, Inc., 5.700%, 04/01/2055 | 160189 | 0.0 |
| 166000 | Take-Two Interactive Software, Inc., 3.700%, 04/14/2027 | 164432 | 0.0 |
| 245000 | Workday, Inc., 3.500%, 04/01/2027 | 241944 | 0.1 |
|  |  | **9939408** | **2.2** |
|  | **Utilities: 0.8%** | **Utilities: 0.8%** | **Utilities: 0.8%** |
| 128000 | Constellation Energy Generation LLC, 6.500%, 10/01/2053 | 137540 | 0.0 |
| 620000 <sup>(4)</sup> | Electricite de France SA, 4.875%, 01/22/2044 | 533357 | 0.1 |
| 168000 | Georgia Power Co. B, 3.700%, 01/30/2050 | 125479 | 0.0 |
| 482000 | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 | 430440 | 0.1 |
| 343000 | NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/2027 | 338389 | 0.1 |
| 678000 | NextEra Energy Capital Holdings, Inc., 5.749%, 09/01/2025 | 679023 | 0.1 |
| 371000 | NiSource, Inc., 4.375%, 05/15/2047 | 305389 | 0.1 |
| 94000 | NiSource, Inc., 5.850%, 04/01/2055 | 93112 | 0.0 |
| 295000 | Oglethorpe Power Corp., 4.550%, 06/01/2044 | 244211 | 0.1 |
| 325000 | Sempra, 3.800%, 02/01/2038 | 269208 | 0.1 |
| 440000 | Southern Co. Gas Capital Corp., 3.875%, 11/15/2025 | 438273 | 0.1 |
| 134000 | Xcel Energy, Inc., 3.500%, 12/01/2049 | 91907 | 0.0 |
|  |  | **3686328** | **0.8** |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $67,171,700) | **63621109** | **13.9** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EQUITY-LINKED NOTES: 2.2%** | **EQUITY-LINKED NOTES: 2.2%** | **EQUITY-LINKED NOTES: 2.2%** | **EQUITY-LINKED NOTES: 2.2%** |
|  | **Financial: 0.6%** | **Financial: 0.6%** | **Financial: 0.6%** |
| 2610000 <sup>(2)(6)</sup> | GS Finance Corp. (Guarantor: The Goldman Sachs Group, Inc.) Exchangeable Basket (Basket of 4 Common Stocks), (0.470)%, 03/03/2032 | $2692737 | 0.6 |
|  | **Financials: 1.6%** | **Financials: 1.6%** | **Financials: 1.6%** |
| 2657000 <sup>(6)</sup> | GS Finance Corp. (Guarantor: The Goldman Sachs Group, Inc.) Exchangeable Basket (Basket of 3 Common Stocks), 0.500%, 04/11/2028 | 3877892 | 0.9 |
| 2757000 <sup>(2)(6)</sup> | GS Finance Corp. (Guarantor: The Goldman Sachs Group, Inc.) Exchangeable Basket (Basket of 5 Common Stocks), (4.280)%, 07/30/2029 | 3295442 | 0.7 |
|  |  | **7173334** | **1.6** |
|  | Total Equity-Linked Notes |  |  |
|  | (Cost $8,060,913) | **9866071** | **2.2** |
| **MUNICIPAL BONDS: 0.1%** | **MUNICIPAL BONDS: 0.1%** | **MUNICIPAL BONDS: 0.1%** | **MUNICIPAL BONDS: 0.1%** |
|  | **Georgia: 0.1%** | **Georgia: 0.1%** | **Georgia: 0.1%** |
| 301000 | Municipal Electric Authority of Georgia, 6.655%, 04/01/2057 | 321580 | 0.1 |
|  | Total Municipal Bonds |  |  |
|  | (Cost $301,000) | **321580** | **0.1** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%** |
|  | **Federal National Mortgage Association: 0.2%<sup>(7)</sup>** | **Federal National Mortgage Association: 0.2%<sup>(7)</sup>** | **Federal National Mortgage Association: 0.2%<sup>(7)</sup>** |
| 915000 <sup>(7)</sup> | 6.625%, 11/15/2030 | 1035724 | 0.2 |
|  | Total U.S. Government Agency Obligations |  |  |
|  | (Cost $971,822) | **1035724** | **0.2** |
| **U.S. TREASURY OBLIGATIONS: 7.9%** | **U.S. TREASURY OBLIGATIONS: 7.9%** | **U.S. TREASURY OBLIGATIONS: 7.9%** | **U.S. TREASURY OBLIGATIONS: 7.9%** |
|  | **United States Treasury Bonds: 0.5%** | **United States Treasury Bonds: 0.5%** | **United States Treasury Bonds: 0.5%** |
| 207200 | 4.500%, 02/15/2036 | 212663 | 0.0 |
| 529100 | 4.625%, 02/15/2055 | 515211 | 0.1 |
| 1630000 | 5.000%, 05/15/2045 | 1674698 | 0.4 |
|  |  | **2402572** | **0.5** |
|  | **United States Treasury Notes: 7.4%** | **United States Treasury Notes: 7.4%** | **United States Treasury Notes: 7.4%** |
| 6752000 | 3.750%, 06/30/2027 | 6756484 | 1.5 |
| 11294800 | 3.875%, 06/15/2028 | 11355245 | 2.5 |
| 11024000 | 3.875%, 06/30/2030 | 11066632 | 2.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** |
|  | **United States Treasury Notes: (continued)** | **United States Treasury Notes: (continued)** | **United States Treasury Notes: (continued)** |
| 3526500 | 4.000%, 06/30/2032 | $3529530 | 0.8 |
| 812000 | 4.250%, 05/15/2035 | 813332 | 0.2 |
|  |  | **33521223** | **7.4** |
|  | Total U.S. Treasury Obligations |  |  |
|  | (Cost $35,786,045) | **35923795** | **7.9** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $386,388,080) | **444918601** | **97.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** |
|  | **U.S. Treasury Obligations: 0.0%** | **U.S. Treasury Obligations: 0.0%** | **U.S. Treasury Obligations: 0.0%** |
| 22000 <sup>(2)(8)</sup> | United States Treasury Bill, 4.010%, 05/14/2026 <br> (Cost $21,231) | 21258 | 0.0 |
|  | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** |
| 1000000 <sup>(9)</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 | 0.2 |
| 1000000 <sup>(9)</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 | 0.2 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income 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)** |
| 907164 <sup>(9)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 06/30/2025, 4.400%, due 07/01/2025 (Repurchase Amount $907,273, collateralized by various U.S. Government Securities, 4.750%, Market Value plus accrued interest $925,308, due 05/15/55) | $907164 | 0.2 |
|  | Total Repurchase Agreements<br> (Cost $2,907,164) | **2907164** | **0.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 2.1%** | **Mutual Funds: 2.1%** | **Mutual Funds: 2.1%** |
| 9483697 <sup>(10)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220%<br> (Cost $9,483,697) | $**9483697** | **2.1** |
|  | Total Short-Term Investments <br> (Cost $12,412,092) | **12412119** | **2.7** |
|  | **Total Investments in Securities<br> (Cost $398,800,172)** | $**457330720** | **100.1** |
|  | **Liabilities in Excess of Other Assets** | **(650093)** | **(0.1)** |
|  | **Net Assets** | $**456680627** | **100.0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Unless otherwise indicated, principal
amount is shown in USD.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Security, or a portion of the security, is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Variable rate security. Rate shown is the rate in effect as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(6) For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was
 determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(7) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(8) All or a portion of this security has been pledged as collateral in connection with open futures contracts. Please refer to Note
2 for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;(9) All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income 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)** |<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 | $16323720 | $— | $— | $16323720 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 17802388 |  |  | 17802388 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 20897205 |  |  | 20897205 |
| &nbsp;&nbsp;&nbsp;Energy | 18734586 | 4017625 |  | 22752211 |
| &nbsp;&nbsp;&nbsp;Financials | 64666005 |  |  | 64666005 |
| &nbsp;&nbsp;&nbsp;Health Care | 34669496 | 4053118 |  | 38722614 |
| &nbsp;&nbsp;&nbsp;Industrials | 40366863 |  |  | 40366863 |
| &nbsp;&nbsp;&nbsp;Information Technology | 47896154 |  |  | 47896154 |
| &nbsp;&nbsp;&nbsp;Materials | 7489065 |  |  | 7489065 |
| &nbsp;&nbsp;&nbsp;Real Estate | 4602522 |  |  | 4602522 |
| &nbsp;&nbsp;&nbsp;Utilities | 9499341 |  |  | 9499341 |
| Total Common Stock | 282947345 | 8070743 |  | 291018088 |
| Convertible Bonds/Notes |  | 43132234 |  | 43132234 |
| Corporate Bonds/Notes |  | 63621109 |  | 63621109 |
| Equity-Linked Notes |  |  | 9866071 | 9866071 |
| Municipal Bonds |  | 321580 |  | 321580 |
| U.S. Government Agency Obligations |  | 1035724 |  | 1035724 |
| U.S. Treasury Obligations |  | 35923795 |  | 35923795 |
| Short-Term Investments | 9483697 | 2928422 |  | 12412119 |
| Total Investments, at fair value | $292431042 | $155033607 | $9866071 | $457330720 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 12644 |  | 12644 |
| Futures | 16201 |  |  | 16201 |
| Total Assets | $292447243 | $155046251 | $9866071 | $457359565 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(145813) | $— | $(145813) |
| Total Liabilities | $— | $(145813) | $— | $(145813) |

---

---

| | |
|:---|:---|
| ^ | 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. |

---

At June 30, 2025, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> Invesco Equity and Income Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| EUR | 139724 | USD | 160267 | State Street Bank and Trust Co. | 07/09/25 | $4405 |
| EUR | 50552 | USD | 57633 | State Street Bank and Trust Co. | 07/09/25 | 1945 |
| EUR | 58402 | USD | 67085 | State Street Bank and Trust Co. | 07/09/25 | 1745 |
| EUR | 54320 | USD | 62661 | State Street Bank and Trust Co. | 07/09/25 | 1358 |
| EUR | 53377 | USD | 61902 | State Street Bank and Trust Co. | 07/09/25 | 1006 |
| CAD | 112199 | USD | 81818 | State Street Bank and Trust Co. | 07/09/25 | 608 |
| GBP | 98025 | USD | 133989 | State Street Bank and Trust Co. | 07/09/25 | 569 |
| USD | 99344 | CAD | 134638 | State Street Bank and Trust Co. | 07/09/25 | 433 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| CAD | 50099 | USD | 36527 | State Street Bank and Trust Co. | 07/09/25 | $278 |
| CAD | 41749 | USD | 30481 | State Street Bank and Trust Co. | 07/09/25 | 189 |
| USD | 62982 | CAD | 85585 | State Street Bank and Trust Co. | 07/09/25 | 108 |
| USD | 47401 | CAD | 64711 | State Street Bank and Trust Co. | 07/09/25 | (138) |
| USD | 44977 | CAD | 61580 | State Street Bank and Trust Co. | 07/09/25 | (262) |
| USD | 41662 | GBP | 30659 | State Street Bank and Trust Co. | 07/09/25 | (424) |
| USD | 81954 | GBP | 60456 | State Street Bank and Trust Co. | 07/09/25 | (1034) |
| USD | 43549 | EUR | 37993 | State Street Bank and Trust Co. | 07/09/25 | (1228) |
| USD | 46376 | EUR | 40503 | State Street Bank and Trust Co. | 07/09/25 | (1359) |
| USD | 99989 | GBP | 73842 | State Street Bank and Trust Co. | 07/09/25 | (1373) |
| USD | 77865 | GBP | 57865 | State Street Bank and Trust Co. | 07/09/25 | (1566) |
| USD | 2855037 | GBP | 2107299 | State Street Bank and Trust Co. | 07/09/25 | (37641) |
| USD | 1870454 | CAD | 2558667 | The Bank of New York Mellon | 07/09/25 | (9247) |
| USD | 3311819 | EUR | 2887743 | The Bank of New York Mellon | 07/09/25 | (91541) |
|  |  |  |  |  |  | $(133169) |

---

At June 30, 2025, the following futures contracts were outstanding for VY<sup>®</sup> Invesco Equity and Income Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 12 | 09/30/25 | $1308000 | $16201 |
|  |  |  | $1308000 | $16201 |

---

Currency Abbreviations:

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| EUR | EU Euro |
| GBP | British Pound |
| 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:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $12644 |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | 16201 |
| **Total Asset Derivatives** |  | $28845 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $145813 |
| **Total Liability Derivatives** |  | $145813 |

---

\* 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

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

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** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Total** |
| Foreign exchange contracts | $(508288) | $— | $(508288) |
| Interest rate contracts |  | (9924) | (9924) |
| **Total** | $(508288) | $(9924) | $(518212) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Total** |
| Foreign exchange contracts | $(278693) | $— | $(278693) |
| Interest rate contracts |  | 16201 | 16201 |
| **Total** | $(278693) | $16201 | $(262492) |

---

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:

---

| | | | |
|:---|:---|:---|:---|
|  | **State Street**<br>**Bank and**<br>**Trust Co.** | **The Bank**<br>**of New York**<br>**Mellon** |<br>**Total** |
| **Assets:** |  |  |  |
| Forward foreign currency contracts | $12644 | $— | $12644 |
| **Total Assets** | $12644 | $— | $12644 |
| **Liabilities:** |  |  |  |
| Forward foreign currency contracts | $45025 | $100788 | $145813 |
| **Total Liabilities** | $45025 | $100788 | $145813 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(32381) | $(100788) | $(133169) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(32381) | $(100788) | $(133169) |

---

<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.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Equity-Linked**<br>**Notes<sup>\*</sup>** |
| Beginning balance at December 31, 2024 | $11152455 |
| Purchases | 2610000 |
| Sales | (4478066) |
| Accrued discounts/(premiums) | (6593) |
| Total realized gain (loss) | 1717066 |
| Net change in unrealized appreciation (depreciation)<sup>\*\*</sup> | (1128791) |
| Transfers into Level 3 |  |
| Transfers out of Level 3 |  |
| Ending balance at June 30, 2025 | $9866071 |
| Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of June 30, 2025<sup>\*\*</sup> | $(1128791) |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco PORTFOLIO OF INVESTMENTS <br> <u>Equity and Income Portfolio</u> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | |
|:---|:---|
| <sup>\*</sup> | Securities categorized as Level 3 were fair valued based on a single quotation obtained from a broker. The Portfolio does not have access to the unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation. |
| <sup>\*\*</sup> | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at June 30, 2025 may be due to securities no longer held or categorized as Level 3 at period end. |

---

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 $402,169,715

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $71351045 |
| Gross Unrealized Depreciation | (16235471) |
| Net Unrealized Appreciation | $55115574 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> JPMorgan PORTFOLIO OF INVESTMENTS <br> Mid Cap Value Portfolio As of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** |  |  |
|  | **Communication Services: 2.1%** | **Communication Services: 2.1%** | **Communication Services: 2.1%** |
| 53166 <sup>(1)</sup> | IAC, Inc. | $1985218 | 0.8 |
| 20457 | Omnicom Group, Inc. | 1471677 | 0.6 |
| 63557 | Warner Music Group Corp. - Class A | 1731293 | 0.7 |
|  |  | **5188188** | **2.1** |
|  | **Consumer Discretionary: 8.3%** | **Consumer Discretionary: 8.3%** | **Consumer Discretionary: 8.3%** |
| 704 <sup>(1)</sup> | AutoZone, Inc. | 2613410 | 1.1 |
| 59036 | Bath & Body Works, Inc. | 1768719 | 0.7 |
| 27325 | Best Buy Co., Inc. | 1834327 | 0.8 |
| 10520 | Darden Restaurants, Inc. | 2293044 | 0.9 |
| 11038 | Expedia Group, Inc. | 1861890 | 0.8 |
| 22925 | Genuine Parts Co. | 2781032 | 1.1 |
| 21117 <sup>(1)</sup> | Mohawk Industries, Inc. | 2213906 | 0.9 |
| 9882 | Ralph Lauren Corp. | 2710435 | 1.1 |
| 16788 | Ross Stores, Inc. | 2141813 | 0.9 |
|  |  | **20218576** | **8.3** |
|  | **Consumer Staples: 5.6%** | **Consumer Staples: 5.6%** | **Consumer Staples: 5.6%** |
| 8136 | Constellation Brands, Inc. - Class A | 1323564 | 0.5 |
| 45205 | General Mills, Inc. | 2342071 | 1 |
| 9079 | Hershey Co. | 1506660 | 0.6 |
| 77528 | Keurig Dr Pepper, Inc. | 2563076 | 1.1 |
| 36612 | Kroger Co. | 2626179 | 1.1 |
| 20200 <sup>(1)</sup> | Post Holdings, Inc. | 2202406 | 0.9 |
| 13094 <sup>(1)</sup> | US Foods Holding Corp. | 1008369 | 0.4 |
|  |  | **13572325** | **5.6** |
|  | **Energy: 6.2%** | **Energy: 6.2%** | **Energy: 6.2%** |
| 59842 | Baker Hughes Co. | 2294342 | 0.9 |
| 8845 | Cheniere Energy, Inc. | 2153934 | 0.9 |
| 107638 | Coterra Energy, Inc. | 2731853 | 1.1 |
| 22425 | Diamondback Energy, Inc. | 3081195 | 1.3 |
| 14506 | Marathon Petroleum Corp. | 2409592 | 1 |
| 38652 | Williams Cos., Inc. | 2427732 | 1 |
|  |  | **15098648** | **6.2** |
|  | **Financials: 20.9%** | **Financials: 20.9%** | **Financials: 20.9%** |
| 7652 | Ameriprise Financial, Inc. | 4084102 | 1.7 |
| 43187 | Arch Capital Group Ltd. | 3932176 | 1.6 |
| 74573 | Blue Owl Capital, Inc. | 1432547 | 0.6 |
| 43955 | Columbia Banking System, Inc. | 1027668 | 0.4 |
| 59764 | Fidelity National Information Services, Inc. | 4865387 | 2 |
| 68463 | Fifth Third Bancorp | 2815883 | 1.2 |
| 1623 | First Citizens BancShares, Inc. - Class A | 3175351 | 1.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 31711 | Hartford Financial Services Group, Inc. | $| 4023175 | 1.7 |
| 51109 | Loews Corp. |  | 4684651 | 1.9 |
| 14908 | M&T Bank Corp. |  | 2892003 | 1.2 |
| 134469 | MGIC Investment Corp. |  | 3743617 | 1.5 |
| 7860 | Northern Trust Corp. |  | 996569 | 0.4 |
| 25569 | Raymond James Financial, Inc. |  | 3921518 | 1.6 |
| 74516 | Regions Financial Corp. |  | 1752616 | 0.7 |
| 38824 | State Street Corp. |  | 4128544 | 1.7 |
| 47761 | W.R. Berkley Corp. |  | 3509001 | 1.4 |
|  |  |  | **50984808** | **20.9** |
|  | **Health Care: 8.7%** | **Health Care: 8.7%** | **Health Care: 8.7%** | **Health Care: 8.7%** |
| 10815 | AmerisourceBergen Corp. |  | 3242878 | 1.3 |
| 34280 | GE HealthCare Technologies, Inc. |  | 2539120 | 1 |
| 39405 <sup>(1)</sup> | Globus Medical, Inc. - Class A |  | 2325683 | 1 |
| 42847 <sup>(1)</sup> | Henry Schein, Inc. |  | 3129973 | 1.3 |
| 6234 | Humana, Inc. |  | 1524088 | 0.6 |
| 16511 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 2601969 | 1.1 |
| 17894 <sup>(1)</sup> | Jazz Pharmaceuticals PLC |  | 1898911 | 0.8 |
| 21634 | Quest Diagnostics, Inc. |  | 3886115 | 1.6 |
|  |  |  | **21148737** | **8.7** |
|  | **Industrials: 15.8%** | **Industrials: 15.8%** | **Industrials: 15.8%** | **Industrials: 15.8%** |
| 9057 | Acuity Brands, Inc. |  | 2702065 | 1.1 |
| 19813 | AMETEK, Inc. |  | 3585360 | 1.5 |
| 7303 | Carlisle Cos., Inc. |  | 2726940 | 1.1 |
| 19320 | Dover Corp. |  | 3540004 | 1.5 |
| 8012 | Hubbell, Inc. |  | 3272181 | 1.3 |
| 36956 | Ingersoll Rand, Inc. |  | 3074000 | 1.3 |
| 20643 | ITT, Inc. |  | 3237442 | 1.3 |
| 16670 | JB Hunt Transport Services, Inc. |  | 2393812 | 1 |
| 14085 | Lincoln Electric Holdings, Inc. |  | 2920102 | 1.2 |
| 14380 <sup>(1)</sup> | Middleby Corp. |  | 2070720 | 0.9 |
| 31689 <sup>(1)</sup> | Parsons Corp. |  | 2274320 | 0.9 |
| 27024 | UL Solutions, Inc. - Class A |  | 1968969 | 0.8 |
| 26388 | Veralto Corp. |  | 2663869 | 1.1 |
| 8216 | Woodward, Inc. |  | 2013659 | 0.8 |
|  |  |  | **38443443** | **15.8** |
|  | **Information Technology: 8.0%** | **Information Technology: 8.0%** | **Information Technology: 8.0%** | **Information Technology: 8.0%** |
| 12321 | CDW Corp. |  | 2200407 | 0.9 |
| 11586 <sup>(1)</sup> | GoDaddy, Inc. - Class A |  | 2086175 | 0.9 |
| 11492 | Jabil, Inc. |  | 2506405 | 1 |
| 45016 <sup>(1)</sup> | ON Semiconductor Corp. |  | 2359289 | 1 |
| 26065 | TD SYNNEX Corp. |  | 3537021 | 1.4 |
| 6233 <sup>(1)</sup> | Teledyne Technologies, Inc. |  | 3193228 | 1.3 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> JPMorgan PORTFOLIO OF INVESTMENTS <br> Mid Cap Value Portfolio As of June 30, 2025 (Unaudited) (Continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 9593 <sup>(1)</sup> | Zebra Technologies Corp. - Class A | $| 2958098 | 1.2 |
| 8536 <sup>(1)</sup> | Zoom Video Communications, Inc. - Class A |  | 665637 | 0.3 |
|  |  |  | **19506260** | **8.0** |
|  | **Materials: 6.5%** | **Materials: 6.5%** | **Materials: 6.5%** | **Materials: 6.5%** |
| 40572 | Ball Corp. |  | 2275683 | 0.9 |
| 32713 | Freeport-McMoRan, Inc. |  | 1418108 | 0.6 |
| 50435 <sup>(2)</sup> | Graphic Packaging Holding Co. |  | 1062665 | 0.4 |
| 45283 | International Paper Co. |  | 2120603 | 0.9 |
| 5235 | Martin Marietta Materials, Inc. |  | 2873806 | 1.2 |
| 7768 | Packaging Corp. of America |  | 1463880 | 0.6 |
| 21665 | RPM International, Inc. |  | 2379684 | 1 |
| 40832 | Silgan Holdings, Inc. |  | 2212278 | 0.9 |
|  |  |  | **15806707** | **6.5** |
|  | **Real Estate: 9.1%** | **Real Estate: 9.1%** | **Real Estate: 9.1%** | **Real Estate: 9.1%** |
| 69929 | American Homes 4 Rent - Class A |  | 2522339 | 1 |
| 12945 | AvalonBay Communities, Inc. |  | 2634308 | 1.1 |
| 62558 | Healthpeak Properties, Inc. |  | 1095391 | 0.5 |
| 155306 | Host Hotels & Resorts, Inc. |  | 2385500 | 1 |
| 4031 | Mid-America Apartment Communities, Inc. |  | 596628 | 0.3 |
| 7777 | Public Storage |  | 2281927 | 0.9 |
| 38909 | Regency Centers Corp. |  | 2771488 | 1.1 |
| 9512 | SBA Communications Corp. |  | 2233798 | 0.9 |
| 14428 | Simon Property Group, Inc. |  | 2319445 | 1 |
| 13279 | Ventas, Inc. |  | 838569 | 0.3 |
| 98976 | Weyerhaeuser Co. |  | 2542693 | 1 |
|  |  |  | **22222086** | **9.1** |
|  | **Utilities: 7.0%** | **Utilities: 7.0%** | **Utilities: 7.0%** | **Utilities: 7.0%** |
| 52008 | CMS Energy Corp. |  | 3603114 | 1.5 |
| 73170 | NiSource, Inc. |  | 2951678 | 1.2 |
| 112309 | PG&E Corp. |  | 1565587 | 0.6 |
| 11166 | Sempra Energy |  | 846048 | 0.4 |
| 44999 | WEC Energy Group, Inc. |  | 4688896 | 1.9 |
| 51139 | Xcel Energy, Inc. |  | 3482566 | 1.4 |
|  |  |  | **17137889** | **7.0** |
|  | Total Common Stock |  |  |  |
|  | (Cost $183,635,340) |  | **239327667** | **98.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 1.9%** | **SHORT-TERM INVESTMENTS: 1.9%** |  |  |
|  | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** |
| 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 | 0.4 |
| 73876 <sup>(3)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 06/30/2025, 4.400%, due 07/01/2025 (Repurchase Amount $73,885, collateralized by various U.S. Government Securities, 4.750%, Market Value plus accrued interest $75,354, due 05/15/55) | 73876 | 0.0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $1,073,876) | **1073876** | **0.4** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
|  | **Mutual Funds: 1.5%** | **Mutual Funds: 1.5%** | **Mutual Funds: 1.5%** |
| 3665221 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% |  |  |
|  | (Cost $3,665,221) | $**3665221** | **1.5** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $4,739,097) | **4739097** | **1.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $188,374,437)** | $**244066764** | **100.1** |
|  | **Liabilities in Excess** **of Other Assets** | **(302535)** | **(0.1)** |
|  | **Net Assets** | $**243764229** | **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

VY<sup>®</sup> JPMorgan PORTFOLIO OF INVESTMENTS <br> Mid Cap Value 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)** | **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\* | $239327667 | $— | $— | $239327667 |
| Short-Term Investments | 3665221 | 1073876 |  | 4739097 |
| Total Investments, at fair value | $242992888 | $1073876 | $— | $244066764 |

---

---

| | |
|:---|:---|
| ^ | 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. |

---

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 $189,031,757. | Cost for U.S. federal income tax purposes was $189,031,757. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $64252554 |
| Gross Unrealized Depreciation | (9217547) |
| Net Unrealized Appreciation | $55035007 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> T. Rowe Price Diversified PORTFOLIO OF INVESTMENTS <br> Mid Cap Growth Portfolio as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 99.4%** | **COMMON STOCK: 99.4%** |  |  |
|  | **Communication Services: 6.4%** | **Communication Services: 6.4%** | **Communication Services: 6.4%** |
| 51720<sup>(1)(2)</sup> | AST SpaceMobile, Inc. | $2416876 | 0.2 |
| 27000<sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class C, Tracking Stock | 2821500 | 0.3 |
| 64434<sup>(1)</sup> | Live Nation Entertainment, Inc. | 9747575 | 1 |
| 183140 <sup>(1)</sup> | Pinterest, Inc. - Class A | 6567400 | 0.7 |
| 38747<sup>(1)</sup> | Reddit, Inc. - Class A | 5834136 | 0.6 |
| 179929 <sup>(1)</sup> | ROBLOX Corp. - Class A | 18928531 | 1.9 |
| 12114 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 2941885 | 0.3 |
| 21808 | TKO Group Holdings, Inc. | 3967966 | 0.4 |
| 138473 <sup>(1)</sup> | Trade Desk, Inc. - Class A | 9968671 | 1 |
|  |  | **63194540** | **6.4** |
|  | **Consumer Discretionary: 18.4%** | **Consumer Discretionary: 18.4%** | **Consumer Discretionary: 18.4%** |
| 268 <sup>(1)</sup> | AutoZone, Inc. | 994878 | 0.1 |
| 16700<sup>(1)</sup> | Birkenstock Holding PLC | 821306 | 0.1 |
| 16258<sup>(1)</sup> | Bright Horizons Family Solutions, Inc. | 2009326 | 0.2 |
| 31500<sup>(1)</sup> | Burlington Stores, Inc. | 7328160 | 0.7 |
| 42800<sup>(1)</sup> | Carvana Co. | 14421888 | 1.5 |
| 20900<sup>(1)</sup> | Cava Group, Inc. | 1760407 | 0.2 |
| 9900 | Churchill Downs, Inc. | 999900 | 0.1 |
| 290690 <sup>(1)</sup> | Coupang, Inc. | 8709072 | 0.9 |
| 38100 | Darden Restaurants, Inc. | 8304657 | 0.8 |
| 45100<sup>(1)</sup> | Deckers Outdoor Corp. | 4648457 | 0.5 |
| 4117 | Domino's Pizza, Inc. | 1855120 | 0.2 |
| 180065 <sup>(1)</sup> | DraftKings, Inc. - Class A | 7722988 | 0.8 |
| 14355<sup>(1)</sup> | Duolingo, Inc. | 5885837 | 0.6 |
| 29056<sup>(1)</sup> | Dutch Bros, Inc. - Class A | 1986559 | 0.2 |
| 27772 | Expedia Group, Inc. | 4684581 | 0.5 |
| 9600 <sup>(1)</sup> | Floor & Decor Holdings, Inc. - Class A | 729216 | 0.1 |
| 45100<sup>(1)</sup> | Flutter Entertainment PLC - Class DI | 12887776 | 1.3 |
| 73050 | Hilton Worldwide Holdings, Inc. | 19456137 | 2 |
| 6300 | Hyatt Hotels Corp. - Class A | 879795 | 0.1 |
| 44401 | Las Vegas Sands Corp. | 1931888 | 0.2 |
| 11136 <sup>(1)</sup> | Light & Wonder, Inc. | 1071951 | 0.1 |
| 119 <sup>(1)</sup> | NVR, Inc. | 878894 | 0.1 |
| 14689<sup>(1)</sup> | Ollie's Bargain Outlet Holdings, Inc. | 1935716 | 0.2 |
| 32000<sup>(1)</sup> | Planet Fitness, Inc. - Class A | 3489600 | 0.3 |
| 6800 | Ralph Lauren Corp. | 1865104 | 0.2 |
| 3400 <sup>(1)</sup> | RH | 642634 | 0.1 |
| 47700 | Ross Stores, Inc. | 6085566 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <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)** | **Consumer Discretionary: (continued)** |
| 76100 | Royal Caribbean Cruises Ltd. | $| 23829954 | 2.4 |
| 12027 | Service Corp. International |  | 978998 | 0.1 |
| 20823 <sup>(1)</sup> | SharkNinja, Inc. |  | 2061269 | 0.2 |
| 6100 <sup>(1)</sup> | Stride, Inc. |  | 885659 | 0.1 |
| 24886 | Texas Roadhouse, Inc. |  | 4663885 | 0.5 |
| 2600 <sup>(1)</sup> | TopBuild Corp. |  | 841724 | 0.1 |
| 140257 | Tractor Supply Co. |  | 7401362 | 0.7 |
| 10061 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 4706737 | 0.5 |
| 89697 <sup>(1)</sup> | Viking Holdings Ltd. |  | 4779953 | 0.5 |
| 15300 | Williams-Sonoma, Inc. |  | 2499561 | 0.2 |
| 12450 | Wingstop, Inc. |  | 4192413 | 0.4 |
|  |  |  | **180828928** | **18.4** |
|  | **Consumer Staples: 2.8%** | **Consumer Staples: 2.8%** | **Consumer Staples: 2.8%** | **Consumer Staples: 2.8%** |
| 29854 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. |  | 3219157 | 0.3 |
| 7367 | Casey's General Stores, Inc. |  | 3759159 | 0.4 |
| 20590 <sup>(1)</sup> | Celsius Holdings, Inc. |  | 955170 | 0.1 |
| 15514 <sup>(1)</sup> | e.l.f. Beauty, Inc. |  | 1930562 | 0.2 |
| 8700 <sup>(1)</sup> | Freshpet, Inc. |  | 591252 | 0.0 |
| 18300 <sup>(1)</sup> | Performance Food Group Co. |  | 1600701 | 0.2 |
| 132092 | Primo Brands Corp. - Class A |  | 3912565 | 0.4 |
| 29801 <sup>(1)</sup> | Sprouts Farmers Market, Inc. |  | 4906437 | 0.5 |
| 86861 <sup>(1)</sup> | US Foods Holding Corp. |  | 6689166 | 0.7 |
|  |  |  | **27564169** | **2.8** |
|  | **Energy: 4.0%** | **Energy: 4.0%** | **Energy: 4.0%** | **Energy: 4.0%** |
| 21100 | Cameco Corp. |  | 1566253 | 0.2 |
| 34600 | Cheniere Energy, Inc. |  | 8425792 | 0.8 |
| 7815 | Chesapeake Energy Corp. |  | 913886 | 0.1 |
| 33600 | Coterra Energy, Inc. |  | 852768 | 0.1 |
| 6874 | Diamondback Energy, Inc. |  | 944487 | 0.1 |
| 15871 | EQT Corp. |  | 925597 | 0.1 |
| 37900 | Magnolia Oil & Gas Corp. - Class A |  | 851992 | 0.1 |
| 15800 | Matador Resources Co. |  | 753976 | 0.1 |
| 20300 | Ovintiv, Inc. |  | 772415 | 0.1 |
| 135135 | Permian Resources Corp. |  | 1840539 | 0.2 |
| 80686 | Targa Resources Corp. |  | 14045819 | 1.4 |
| 73400 | TechnipFMC PLC |  | 2527896 | 0.2 |
| 134410 | Viper Energy, Inc. |  | 5125053 | 0.5 |
|  |  |  | **39546473** | **4.0** |
|  | **Financials: 10.1%** | **Financials: 10.1%** | **Financials: 10.1%** | **Financials: 10.1%** |
| 29302 <sup>(1)</sup> | Affirm Holdings, Inc. |  | 2025940 | 0.2 |
| 4768 | Allstate Corp. |  | 959846 | 0.1 |
| 28250 | Ameriprise Financial, Inc. |  | 15077872 | 1.5 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> T. Rowe Price Diversified PORTFOLIO OF INVESTMENTS <br> Mid Cap Growth Portfolio as of June 30, 2025 (Unaudited) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 10600 | Arch Capital Group Ltd. | $| 965130 | 0.1 |
| 60100<sup>(2)</sup> | Ares Management Corp. - Class A |  | 10409320 | 1.1 |
| 65807<sup>(1)</sup> | Block, Inc. |  | 4470270 | 0.4 |
| 178900 | Blue Owl Capital, Inc. |  | 3436669 | 0.3 |
| 33921 | Brown & Brown, Inc. |  | 3760821 | 0.4 |
| 13429<sup>(1)</sup> | Chime Financial, Inc. - Class A |  | 463435 | 0 |
| 11150 <sup>(1)</sup> | Coinbase Global, Inc. - Class A |  | 3907964 | 0.4 |
| 22778 <sup>(1)</sup> | Corpay, Inc. |  | 7558196 | 0.8 |
| 11604 | Hanover Insurance Group, Inc. |  | 1971171 | 0.2 |
| 7565 | Hartford Financial Services Group, Inc. |  | 959772 | 0.1 |
| 3957 | Kinsale Capital Group, Inc. |  | 1914792 | 0.2 |
| 28616 | LPL Financial Holdings, Inc. |  | 10730142 | 1.1 |
| 3000 | Morningstar, Inc. |  | 941790 | 0.1 |
| 14660 | MSCI, Inc. |  | 8455008 | 0.9 |
| 45451 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A |  | 4255577 | 0.4 |
| 27365 | Ryan Specialty Holdings, Inc. |  | 1860546 | 0.2 |
| 16000 <sup>(1)(2)</sup> | Shift4 Payments, Inc. - Class A |  | 1585760 | 0.2 |
| 17304 | StepStone Group, Inc. - Class A |  | 960372 | 0.1 |
| 9517 | Stifel Financial Corp. |  | 987674 | 0.1 |
| 134682 <sup>(1)</sup> | Toast, Inc. - Class A |  | 5965066 | 0.6 |
| 18378 | TPG, Inc. |  | 963926 | 0.1 |
| 32419 | Tradeweb Markets, Inc. - Class A |  | 4746142 | 0.5 |
|  |  |  | **99333201** | **10.1** |
|  | **Health Care: 14.0%** | **Health Care: 14.0%** | **Health Care: 14.0%** | **Health Care: 14.0%** |
| 30900 <sup>(1)</sup> | Alkermes PLC |  | 884049 | 0.1 |
| 38674 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. |  | 12611205 | 1.3 |
| 73216 | AmerisourceBergen Corp. |  | 21953818 | 2.2 |
| 3499 <sup>(1)</sup> | Argenx SE, ADR |  | 1928719 | 0.2 |
| 5346 <sup>(1)</sup> | Ascendis Pharma A/S, ADR |  | 922720 | 0.1 |
| 24900 <sup>(1)</sup> | Avidity Biosciences, Inc. |  | 707160 | 0.1 |
| 3591 <sup>(1)</sup> | BeiGene Ltd., ADR |  | 869273 | 0.1 |
| 2800 <sup>(1)</sup> | Bio-Rad Laboratories, Inc. - Class A |  | 675696 | 0.1 |
| 12774 | Bio-Techne Corp. |  | 657222 | 0 |
| 51400 | Cardinal Health, Inc. |  | 8635200 | 0.9 |
| 16238 <sup>(1)</sup> | Caris Life Sciences, Inc. |  | 433879 | 0 |
| 1713 | Chemed Corp. |  | 834111 | 0.1 |
| 12000 <sup>(1)</sup> | Corcept Therapeutics, Inc. |  | 880800 | 0.1 |
| 110600 <sup>(1)</sup> | Dexcom, Inc. |  | 9654274 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 36700 | Encompass Health Corp. | $| 4500521 | 0.4 |
| 18711 <sup>(1)</sup> | Exact Sciences Corp. |  | 994302 | 0.1 |
| 9800 <sup>(1)</sup> | Glaukos Corp. |  | 1012242 | 0.1 |
| 8300 <sup>(1)</sup> | HealthEquity, Inc. |  | 869508 | 0.1 |
| 22967<sup>(1)</sup> | IDEXX Laboratories, Inc. |  | 12318121 | 1.2 |
| 44400<sup>(1)</sup> | Insmed, Inc. |  | 4468416 | 0.4 |
| 5200 <sup>(1)</sup> | Inspire Medical Systems, Inc. |  | 674804 | 0.0 |
| 18475<sup>(1)</sup> | Insulet Corp. |  | 5804475 | 0.6 |
| 10100<sup>(1)</sup> | Lantheus Holdings, Inc. |  | 826786 | 0.1 |
| 3036 <sup>(1)</sup> | Medpace Holdings, Inc. |  | 952879 | 0.1 |
| 725 <sup>(1)</sup> | Mettler-Toledo International, Inc. |  | 851672 | 0.1 |
| 2850 <sup>(1)</sup> | Molina Healthcare, Inc. |  | 849015 | 0.1 |
| 50811 <sup>(1)</sup> | Natera, Inc. |  | 8584010 | 0.9 |
| 29182<sup>(1)</sup> | Neurocrine Biosciences, Inc. |  | 3667886 | 0.4 |
| 11900 <sup>(1)</sup> | Nuvalent, Inc. - Class A |  | 907970 | 0.1 |
| 29800<sup>(1)</sup> | Option Care Health, Inc. |  | 967904 | 0.1 |
| 15144<sup>(1)</sup> | Penumbra, Inc. |  | 3886405 | 0.4 |
| 8800 | Quest Diagnostics, Inc. |  | 1580744 | 0.1 |
| 5886 <sup>(1)</sup> | Repligen Corp. |  | 732101 | 0.1 |
| 14707 | ResMed, Inc. |  | 3794406 | 0.4 |
| 23600<sup>(1)</sup> | Revolution Medicines, Inc. |  | 868244 | 0.1 |
| 8000 | Revvity, Inc. |  | 773760 | 0.1 |
| 40300<sup>(1)(2)</sup> | Summit Therapeutics, Inc. |  | 857584 | 0.1 |
| 16600<sup>(1)</sup> | Tenet Healthcare Corp. |  | 2921600 | 0.3 |
| 13450<sup>(1)</sup> | Ultragenyx Pharmaceutical, Inc. |  | 489042 | 0.0 |
| 30994<sup>(1)</sup> | Vaxcyte, Inc. |  | 1007615 | 0.1 |
| 37078<sup>(1)</sup> | Veeva Systems, Inc. - Class A |  | 10677722 | 1.1 |
| 9853 <sup>(1)</sup> | Verona Pharma PLC, ADR |  | 931897 | 0.1 |
|  |  |  | **138419757** | **14.0** |
|  | **Industrials: 19.9%** | **Industrials: 19.9%** | **Industrials: 19.9%** | **Industrials: 19.9%** |
| 23500 | AAON, Inc. |  | 1733125 | 0.2 |
| 5162 | AMETEK, Inc. |  | 934116 | 0.1 |
| 18869<sup>(1)</sup> | API Group Corp. |  | 963262 | 0.1 |
| 22401<sup>(1)</sup> | Axon Enterprise, Inc. |  | 18546684 | 1.9 |
| 46164 | Booz Allen Hamilton Holding Corp. |  | 4807057 | 0.5 |
| 38633 | Broadridge Financial Solutions, Inc. |  | 9388978 | 0.9 |
| 6729 | BWX Technologies, Inc. |  | 969380 | 0.1 |
| 2115 <sup>(1)</sup> | CACI International, Inc. - Class A |  | 1008220 | 0.1 |
| 2300 | Carlisle Cos., Inc. |  | 858820 | 0.1 |
| 4100 <sup>(1)</sup> | Clean Harbors, Inc. |  | 947838 | 0.1 |
| 14700 | Comfort Systems USA, Inc. |  | 7882287 | 0.8 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> T. Rowe Price Diversified PORTFOLIO OF INVESTMENTS <br> Mid Cap Growth Portfolio as of June 30, 2025 (Unaudited) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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)** |
| 17069<sup>(1)</sup> | Copart, Inc. | $| 837576 | 0.1 |
| 47400<sup>(1)</sup> | Core & Main, Inc. - Class A |  | 2860590 | 0.3 |
| 6087 | Equifax, Inc. |  | 1578785 | 0.2 |
| 8082 | Esab Corp. |  | 974285 | 0.1 |
| 19100<sup>(1)</sup> | ExlService Holdings, Inc. |  | 836389 | 0.1 |
| 358200 | Fastenal Co. |  | 15044400 | 1.5 |
| 8977 | Ferguson Enterprises, Inc. |  | 1954742 | 0.2 |
| 19141 | GFL Environmental, Inc. |  | 965855 | 0.1 |
| 20400<sup>(1)</sup> | GXO Logistics, Inc. |  | 993480 | 0.1 |
| 35379 | HEICO Corp. |  | 11604312 | 1.2 |
| 127400 | Howmet Aerospace, Inc. |  | 23712962 | 2.4 |
| 4842 | Hubbell, Inc. |  | 1977521 | 0.2 |
| 39208<sup>(1)(2)</sup> | Karman Holdings, Inc. |  | 1974907 | 0.2 |
| 17000 | KBR, Inc. |  | 814980 | 0.1 |
| 9300 | Lennox International, Inc. |  | 5331132 | 0.5 |
| 22755<sup>(1)</sup> | Loar Holdings, Inc. |  | 1960798 | 0.2 |
| 60367<sup>(1)</sup> | Lyft, Inc. - Class A |  | 951384 | 0.1 |
| 17400 | Old Dominion Freight Line, Inc. |  | 2824020 | 0.3 |
| 14038<sup>(1)</sup> | Parsons Corp. |  | 1007507 | 0.1 |
| 37016 | Paychex, Inc. |  | 5384347 | 0.5 |
| 19400<sup>(1)</sup> | Paylocity Holding Corp. |  | 3515086 | 0.3 |
| 34550 | Quanta Services, Inc. |  | 13062664 | 1.3 |
| 5056 <sup>(1)</sup> | RBC Bearings, Inc. |  | 1945549 | 0.2 |
| 103000 <sup>(1)(2)</sup> | Rocket Lab Corp. |  | 3684310 | 0.4 |
| 5811 | Rockwell Automation, Inc. |  | 1930240 | 0.2 |
| 16654 | Rollins, Inc. |  | 939619 | 0.1 |
| 6700 <sup>(1)</sup> | SiteOne Landscape Supply, Inc. |  | 810298 | 0.1 |
| 63696<sup>(1)</sup> | Standardaero, Inc. |  | 2015978 | 0.2 |
| 29742<sup>(1)(2)</sup> | Symbotic, Inc. |  | 1155477 | 0.1 |
| 26800 | Tetra Tech, Inc. |  | 963728 | 0.1 |
| 16747<sup>(1)</sup> | Trex Co., Inc. |  | 910702 | 0.1 |
| 1250 | United Rentals, Inc. |  | 941750 | 0.1 |
| 29956 | Verisk Analytics, Inc. |  | 9331294 | 0.9 |
| 37100<sup>(1)</sup> | Verra Mobility Corp. |  | 941969 | 0.1 |
| 129809 | Vertiv Holdings Co. - Class A |  | 16668774 | 1.7 |
| 5150 | Waste Connections, Inc. |  | 961608 | 0.1 |
| 4700 | Westinghouse Air Brake Technologies Corp. |  | 983945 | 0.1 |
| 25100 | WillScot Mobile Mini Holdings Corp. |  | 687740 | 0.1 |
| 22459<sup>(1)</sup> | XPO, Inc. |  | 2836347 | 0.3 |
|  |  |  | **195916817** | **19.9** |
|  | **Information Technology: 18.6%** | **Information Technology: 18.6%** | **Information Technology: 18.6%** | **Information Technology: 18.6%** |
| 7200 <sup>(1)</sup> | Appfolio, Inc. - Class A |  | 1658016 | 0.2 |
| 3200 <sup>(1)</sup> | Autodesk, Inc. |  | 990624 | 0.1 |
| 3877 | Badger Meter, Inc. |  | 949671 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**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)** |
| 85900<sup>(1)</sup> | CCC Intelligent Solutions Holdings, Inc. | $808319 | 0.1 |
| 20926 | CDW Corp. | 3737174 | 0.4 |
| 24800<sup>(1)</sup> | Celestica, Inc. | 3871528 | 0.4 |
| 11741 <sup>(1)(2)</sup> | Circle Internet Group, Inc. | 2128526 | 0.2 |
| 31200<sup>(1)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 684216 | 0.1 |
| 98929<sup>(1)</sup> | Cloudflare, Inc. - Class A | 19373266 | 2 |
| 9100 <sup>(1)</sup> | Coherent Corp. | 811811 | 0.1 |
| 39881<sup>(1)</sup> | Confluent, Inc. - Class A | 994233 | 0.1 |
| 43400 | Corning, Inc. | 2282406 | 0.2 |
| 10900<sup>(1)</sup> | Credo Technology Group Holding Ltd. | 1009231 | 0.1 |
| 4769 <sup>(1)</sup> | CyberArk Software Ltd. | 1940411 | 0.2 |
| 57365<sup>(1)</sup> | Datadog, Inc. - Class A | 7705840 | 0.8 |
| 8200 <sup>(1)</sup> | Descartes Systems Group, Inc. | 833489 | 0.1 |
| 37084<sup>(1)</sup> | DocuSign, Inc. | 2888473 | 0.3 |
| 82737<sup>(1)</sup> | Dynatrace, Inc. | 4567910 | 0.4 |
| 35117 <sup>(1)</sup> | Elastic NV | 2961417 | 0.3 |
| 11600 | Entegris, Inc. | 935540 | 0.1 |
| 7296 <sup>(1)</sup> | Fair Isaac Corp. | 13336796 | 1.3 |
| 22950<sup>(1)</sup> | Gartner, Inc. | 9276849 | 0.9 |
| 53536<sup>(1)</sup> | GoDaddy, Inc. - Class A | 9639692 | 1 |
| 27600<sup>(1)</sup> | Guidewire Software, Inc. | 6498420 | 0.6 |
| 17321<sup>(1)</sup> | HubSpot, Inc. | 9641388 | 1 |
| 6500 <sup>(1)</sup> | Impinj, Inc. | 721955 | 0.1 |
| 8624 | InterDigital, Inc. | 1933759 | 0.2 |
| 11887 <sup>(1)</sup> | Keysight Technologies, Inc. | 1947804 | 0.2 |
| 33700<sup>(1)</sup> | Lattice Semiconductor Corp. | 1650963 | 0.2 |
| 6847 <sup>(1)</sup> | MACOM Technology Solutions Holdings, Inc. | 981107 | 0.1 |
| 24618<sup>(1)</sup> | Manhattan Associates, Inc. | 4861316 | 0.5 |
| 8200 | MKS Instruments, Inc. | 814752 | 0.1 |
| 5700 <sup>(1)</sup> | Monday.com Ltd. | 1792536 | 0.2 |
| 9368 <sup>(1)</sup> | MongoDB, Inc. | 1967186 | 0.2 |
| 14389 | Monolithic Power Systems, Inc. | 10523827 | 1.1 |
| 38079<sup>(1)</sup> | Nutanix, Inc. - Class A | 2910759 | 0.3 |
| 37000<sup>(1)</sup> | Okta, Inc. | 3698890 | 0.4 |
| 8100 <sup>(1)</sup> | Onto Innovation, Inc. | 817533 | 0.1 |
| 14017<sup>(1)</sup> | Procore Technologies, Inc. | 959043 | 0.1 |
| 22011 <sup>(1)</sup> | PTC, Inc. | 3793376 | 0.4 |
| 51688<sup>(1)</sup> | Pure Storage, Inc. - Class A | 2976195 | 0.3 |
| 30300<sup>(1)</sup> | Rambus, Inc. | 1939806 | 0.2 |
| 21284<sup>(1)</sup> | Rubrik, Inc. - Class A | 1906834 | 0.2 |
| 78026<sup>(1)(2)</sup> | SailPoint, Inc. | 1783674 | 0.2 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> T. Rowe Price Diversified PORTFOLIO OF INVESTMENTS <br> Mid Cap Growth Portfolio as of June 30, 2025 (Unaudited) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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)** |
| 93672<sup>(1)</sup> | Samsara, Inc. - Class A | $| 3726272 | 0.4 |
| 7028 | Seagate Technology Holdings PLC |  | 1014351 | 0.1 |
| 5194 <sup>(1)</sup> | ServiceTitan, Inc. - Class A |  | 556693 | 0.0 |
| 31626<sup>(3)(4)</sup> | Tanium, Inc. - Class B |  | 168567 | 0.0 |
| 5800 | TE Connectivity PLC |  | 978286 | 0.1 |
| 7871 <sup>(1)</sup> | Twilio, Inc. - Class A |  | 978838 | 0.1 |
| 12525<sup>(1)</sup> | Tyler Technologies, Inc. |  | 7425321 | 0.7 |
| 4911 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 1514356 | 0.1 |
| 30220<sup>(1)</sup> | Zscaler, Inc. |  | 9487267 | 0.9 |
|  |  |  | **183356512** | **18.6** |
|  | **Materials: 0.6%** | **Materials: 0.6%** | **Materials: 0.6%** | **Materials: 0.6%** |
| 10603 | Louisiana-Pacific Corp. |  | 911752 | 0.1 |
| 14904 | Steel Dynamics, Inc. |  | 1907861 | 0.2 |
| 10693 | Vulcan Materials Co. |  | 2788948 | 0.3 |
|  |  |  | **5608561** | **0.6** |
|  | **Real Estate: 1.4%** | **Real Estate: 1.4%** | **Real Estate: 1.4%** | **Real Estate: 1.4%** |
| 6723 <sup>(1)</sup> | CBRE Group, Inc. - Class A |  | 942027 | 0.1 |
| 11825 <sup>(1)</sup> | CoStar Group, Inc. |  | 950730 | 0.1 |
| 22221 | CubeSmart |  | 944392 | 0.1 |
| 14800 | Equity LifeStyle Properties, Inc. |  | 912716 | 0.1 |
| 9400 <sup>(2)</sup> | FirstService Corp. |  | 1641428 | 0.1 |
| 20950 | Iron Mountain, Inc. |  | 2148842 | 0.2 |
| 30743 | Lamar Advertising Co. - Class A |  | 3730970 | 0.4 |
| 17668 | Simon Property Group, Inc. |  | 2840308 | 0.3 |
|  |  |  | **14111413** | **1.4** |
|  | **Utilities: 3.2%** | **Utilities: 3.2%** | **Utilities: 3.2%** | **Utilities: 3.2%** |
| 35423 | NRG Energy, Inc. |  | 5688225 | 0.6 |
| 13185<sup>(1)</sup> | Talen Energy Corp. |  | 3833803 | 0.4 |
| 115200 | Vistra Corp. |  | 22326912 | 2.2 |
|  |  |  | **31848940** | **3.2** |
|  | Total Common Stock |  |  |  |
|  | (Cost $801,101,164) |  | **979729311** | **99.4** |
| **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** |
|  | **Consumer Discretionary: 0.1%** | **Consumer Discretionary: 0.1%** | **Consumer Discretionary: 0.1%** | **Consumer Discretionary: 0.1%** |
| 32438<sup>(3)(4)</sup> | Rappi, Inc. - Series E |  | 472622 | 0.1 |
|  | **Health Care: 0.1%** | **Health Care: 0.1%** | **Health Care: 0.1%** | **Health Care: 0.1%** |
| 53091<sup>(4)</sup> | Caris Life Sciences, Inc. Lock-Up Shares |  | 1418580 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** |
|  | **Information Technology: 0.2%** | **Information Technology: 0.2%** | **Information Technology: 0.2%** |
| 353970 <sup>(3)(4)</sup> | Tanium, Inc. - Series G | $1886660 | 0.2 |
|  | Total Preferred Stock |  |  |
|  | (Cost $4,698,667) | **3777862** | **0.4** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $805,799,831) | **983507173** | **99.8** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount†** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** |
|  | **Repurchase Agreements: 1.2%** | **Repurchase Agreements: 1.2%** | **Repurchase Agreements: 1.2%** |
| 257572 <sup>(5)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $257,603, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $262,723, due 07/10/25-05/15/42) | 257572 | 0.0 |
| 3071375 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $3,071,744, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $3,132,803, due 06/01/30-02/01/57) | 3071375 | 0.3 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> T. Rowe Price Diversified PORTFOLIO OF INVESTMENTS <br> Mid Cap Growth Portfolio as of June 30, 2025 (Unaudited) <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)** |
| 3071375 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $3,071,744, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $3,132,803, due 08/15/34-06/01/55) | 3071375 | 0.3 |
| 2034317 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,034,562, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $2,075,003, due 03/01/34-05/01/55) | 2034317 | 0.2 |
| 3267010 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $3,267,411, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,322,527, due 07/15/26-02/15/54) | 3267010 | 0.4 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $11,701,649) | **11701649** | **1.2** |
|  | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** |
| 290000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 | 290000 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
|  | **Time Deposits (continued)** |  |  |
| 280000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | $280000 | 0.0 |
| 290000 <sup>(5)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 290000 | 0.0 |
| 290000 <sup>(5)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 290000 | 0.1 |
|  | Total Time Deposits |  |  |
|  | (Cost $1,150,000) | **1150000** | **0.1** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 0.0%** | **Mutual Funds: 0.0%** | **Mutual Funds: 0.0%** |
| 100 <sup>(6)</sup> | T. Rowe Price Government Reserve Fund, 4.380% |  |  |
|  | (Cost $100) | $**100** | **0.0** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $12,851,749) | **12851749** | **1.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $818,651,580)** | $**996358922** | **101.1** |
|  | **Liabilities in Excess of Other Assets** | **(11059272)** | **(1.1)** |
|  | **Net Assets** | $**985299650** | **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> | 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 $3,946,429 or 0.4% 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

VY<sup>®</sup> T. Rowe Price Diversified PORTFOLIO OF INVESTMENTS <br> Mid Cap Growth Portfolio as of June 30, 2025 (Unaudited) <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 |  |  |  |  |
| &nbsp;&nbsp;Communication Services | $63194540 | $— | $— | $63194540 |
| &nbsp;&nbsp;Consumer Discretionary | 180828928 |  |  | 180828928 |
| &nbsp;&nbsp;Consumer Staples | 27564169 |  |  | 27564169 |
| &nbsp;&nbsp;Energy | 39546473 |  |  | 39546473 |
| &nbsp;&nbsp;Financials | 99333201 |  |  | 99333201 |
| &nbsp;&nbsp;Health Care | 138419757 |  |  | 138419757 |
| &nbsp;&nbsp;Industrials | 195916817 |  |  | 195916817 |
| &nbsp;&nbsp;Information Technology | 183187945 |  | 168567 | 183356512 |
| &nbsp;&nbsp;Materials | 5608561 |  |  | 5608561 |
| &nbsp;&nbsp;Real Estate | 14111413 |  |  | 14111413 |
| &nbsp;&nbsp;Utilities | 31848940 |  |  | 31848940 |
| Total Common Stock | 979560744 |  | 168567 | 979729311 |
| Preferred Stock |  | 1418580 | 2359282 | 3777862 |
| Short-Term Investments | 100 | 12851649 |  | 12851749 |
| Total Investments, at fair value | $979560844 | $14270229 | $2527849 | $996358922 |

---

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

At June 30, 2025, VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Caris Life Sciences, Inc. Lock-Up Shares | 5/11/2021 | $1003412 | $1418580 |
| Rappi, Inc. - Series E | 9/8/2020 | 1938042 | 472622 |
| Tanium, Inc. - Class B | 9/24/2020 | 360385 | 168567 |
| Tanium, Inc. - Series G | 8/26/2015 | 1757213 | 1886660 |
|  |  | $5059052 | $3946429 |

---

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 $820,799,738.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $206371319 |
| Gross Unrealized Depreciation | (30812135) |
| Net Unrealized Appreciation | $175559184 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Growth Equity Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.7%** | **COMMON STOCK: 98.7%** | **COMMON STOCK: 98.7%** | **COMMON STOCK: 98.7%** |
|  | **Communication Services: 12.9%** | **Communication Services: 12.9%** |  |
| 275673 | Alphabet, Inc. - Class A | $48581853 | 3.4 |
| 5269 <sup>(1)(2)</sup> | Epic Games, Inc. | 2724811 | 0.2 |
| 107801 | Meta Platforms, Inc. - Class A | 79566840 | 5.5 |
| 32350 <sup>(3)</sup> | Netflix, Inc. | 43320855 | 3.0 |
| 15252 <sup>(3)</sup> | Spotify Technology SA | 11703470 | 0.8 |
|  |  | **185897829** | **12.9** |
|  | **Consumer Discretionary: 13.9%** | **Consumer Discretionary: 13.9%** |  |
| 420281 <sup>(3)</sup> | Amazon.com, Inc. | 92205449 | 6.4 |
| 1586 | Booking Holdings, Inc. | 9181735 | 0.6 |
| 34264 <sup>(3)</sup> | Carvana Co. | 11545597 | 0.8 |
| 191089 <sup>(3)</sup> | Chipotle Mexican Grill, Inc. | 10729647 | 0.8 |
| 332546 <sup>(3)</sup> | Coupang, Inc. | 9963078 | 0.7 |
| 34333 <sup>(3)</sup> | DoorDash, Inc. - Class A | 8463428 | 0.6 |
| 11538 <sup>(3)</sup> | Duolingo, Inc. | 4730811 | 0.3 |
| 22749 | Ferrari NV | 11163844 | 0.8 |
| 40098 <sup>(3)</sup> | Floor & Decor Holdings, Inc. - Class A | 3045844 | 0.2 |
| 4481 <sup>(3)</sup> | MercadoLibre, Inc. | 11711676 | 0.8 |
| 74242 <sup>(3)</sup> | Tesla, Inc. | 23583714 | 1.6 |
| 11669 | Wingstop, Inc. | 3929419 | 0.3 |
|  |  | **200254242** | **13.9** |
|  | **Financials: 7.0%** |  |  |
| 3677 <sup>(3)(4)</sup> | Adyen NV | 6752967 | 0.5 |
| 29817 | Ares Management Corp. - Class A | 5164305 | 0.4 |
| 129833 | Charles Schwab Corp. | 11845963 | 0.8 |
| 26888 <sup>(3)</sup> | Fiserv, Inc. | 4635760 | 0.3 |
| 56045 | Mastercard, Inc. - Class A | 31493927 | 2.2 |
| 114163 | Visa, Inc. - Class A | 40533573 | 2.8 |
|  |  | **100426495** | **7.0** |
|  | **Health Care: 6.9%** |  |  |
| 16019 <sup>(3)</sup> | Argenx SE, ADR | 8829993 | 0.6 |
| 12354 | Cigna Group | 4083985 | 0.3 |
| 40261 | Danaher Corp. | 7953158 | 0.6 |
| 42478 | Eli Lilly & Co. | 33112875 | 2.3 |
| 40005 <sup>(3)</sup> | Intuitive Surgical, Inc. | 21739117 | 1.5 |
| 37735 <sup>(3)</sup> | Natera, Inc. | 6374951 | 0.4 |
| 21762 | Stryker Corp. | 8609700 | 0.6 |
| 2567 | Thermo Fisher Scientific, Inc. | 1040816 | 0.1 |
| 22845 | UnitedHealth Group, Inc. | 7126955 | 0.5 |
|  |  | **98871550** | **6.9** |
|  | **Industrials: 3.0%** |  |  |
| 59532 <sup>(3)</sup> | Boeing Co. | 12473740 | 0.9 |
| 70499 | GE Aerospace | 18145738 | 1.3 |
| 18111 | Rockwell Automation, Inc. | 6015931 | 0.4 |
| 4377 | TransDigm Group, Inc. | 6655841 | 0.4 |
|  |  | **43291250** | **3.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: 54.3%** | **Information Technology: 54.3%** |  |
| 137058 | Amphenol Corp. - Class A | $13534478 | 0.9 |
| 648175 | Apple, Inc. | 132986065 | 9.3 |
| 28580 <sup>(3)</sup> | AppLovin Corp. - Class A | 10005286 | 0.7 |
| 7137 | ASML Holding N.V. | 5719520 | 0.4 |
| 223516 | Broadcom, Inc. | 61612185 | 4.3 |
| 12595 <sup>(3)</sup> | Crowdstrike Holdings, Inc. - Class A | 6414759 | 0.4 |
| 13586 <sup>(3)</sup> | HubSpot, Inc. | 7562375 | 0.5 |
| 26435 | Intuit, Inc. | 20820999 | 1.5 |
| 25468 <sup>(3)</sup> | Keysight Technologies, Inc. | 4173186 | 0.3 |
| 7871 <sup>(1)(2)</sup> | Magic Leap, Inc. - Class A |  |  |
| 410799 | Microsoft Corp. | 204335531 | 14.2 |
| 2099 <sup>(3)</sup> | Monday.com Ltd. | 660094 | 0.0 |
| 1290103 | NVIDIA Corp. | 203823373 | 14.2 |
| 25660 | Oracle Corp. | 5610046 | 0.4 |
| 16840 | Roper Technologies, Inc. | 9545586 | 0.7 |
| 106500 <sup>(3)</sup> | Samsara, Inc. - Class A | 4236570 | 0.3 |
| 26271<sup>(3)</sup> | ServiceNow, Inc. | 27008690 | 1.9 |
| 108111 <sup>(3)</sup> | Shopify, Inc. - USD - Class A | 12470604 | 0.9 |
| 67211 <sup>(3)</sup> | Snowflake, Inc. - Class A | 15039805 | 1.1 |
| 51440 <sup>(1)(2)</sup> | Stripe, Inc. - Class B | 1826120 | 0.1 |
| 23838 <sup>(3)</sup> | Synopsys, Inc. | 12221266 | 0.9 |
| 71652 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 16228461 | 1.1 |
| 6562 <sup>(3)</sup> | Teledyne Technologies, Inc. | 3361778 | 0.2 |
|  |  | **779196777** | **54.3** |
|  | **Materials: 0.7%** |  |  |
| 19901 | Linde PLC US | **9337151** | **0.7** |
|  | Total Common Stock |  |  |
|  | (Cost $951,321,386) | **1417275294** | **98.7** |
| **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** |  |  |
|  | **Consumer Discretionary: 0.3%** | **Consumer Discretionary: 0.3%** |  |
| 38487 <sup>(1)(2)</sup> | Rappi, Inc. - Series E | 560756 | 0.0 |
| 37201 <sup>(1)(2)</sup> | Sila Nanotechnologies, Inc., - Series F | 727421 | 0.1 |
| 18931 <sup>(1)(2)</sup> | Waymo LLC., Series A-2 | 2005739 | 0.2 |
|  |  | **3293916** | **0.3** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Growth Equity Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Shares** | |<br>**Value** | **Assets** | **Assets** |
| **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** |  |  | |
|  | **Industrials: 0.1%** |  |  | |
| 132943 <sup>(1)(2)</sup> | Nuro, Inc. - Series C | $1701670 | 0.1 |  |
|  | Total Preferred Stock |  |  |  |
|  | (Cost $7,195,905) | **4995586** | **0.4** | |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $958,517,291) | **1422270880** | **99.1** | |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 1.1%** | **SHORT-TERM INVESTMENTS: 1.1%** |  |  |
|  | **Mutual Funds: 1.1%** |  |  |
| 15886910 <sup>(5)</sup> | T. Rowe Price Government Reserve Fund, 4.380% |  |  |
|  | (Cost $15,886,910) | $**15886910** | **1.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $15,886,910) | **15886910** | **1.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $974,404,201)** | $**1438157790** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(2163938)** | **(0.2)** |
|  | **Net Assets** | $**1435993852** | **100.0** |

---

ADR American Depositary Receipt

<sup>(1)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(2)</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 $9,546,517 or 0.7% of net assets. Please refer to the table below for additional details.

<sup>(3)</sup> Non-income producing security.

<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> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Growth Equity Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2024 (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)** |<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;&nbsp;Communication Services | $183173018 | $— | $2724811 | $185897829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 200254242 |  |  | 200254242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 93673528 | 6752967 |  | 100426495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 98871550 |  |  | 98871550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 43291250 |  |  | 43291250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 777370657 |  | 1826120 | 779196777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 9337151 |  |  | 9337151 |
| Total Common Stock | 1405971396 | 6752967 | 4550931 | 1417275294 |
| Preferred Stock |  |  | 4995586 | 4995586 |
| Short-Term Investments | 15886910 |  |  | 15886910 |
| Total Investments, at fair value | $1421858306 | $6752967 | $9546517 | $1438157790 |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

At June 30, 2025, VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Epic Games, Inc. | 6/18/2020 | $3029675 | $2724811 |
| Magic Leap, Inc. - Class A | 1/20/2016 | 3824971 |  |
| Nuro, Inc. - Series C | 10/30/2020 | 1735518 | 1701670 |
| Rappi, Inc. - Series E | 9/8/2020 | 2299446 | 560756 |
| Sila Nanotechnologies, Inc., - Series F | 1/7/2021 | 1535389 | 727421 |
| Stripe, Inc. - Class B | 12/17/2019 | 807094 | 1826120 |
| Waymo LLC., Series A-2 | 5/8/2020 | 1625552 | 2005739 |
|  |  | $14857645 | $9546517 |

---

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 $979,388,691.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $481172908 |
| Gross Unrealized Depreciation | (22403258) |
| Net Unrealized Appreciation | $458769650 |

---

See Accompanying Notes to Financial Statements

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **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-VPI (0625)**

![](tm2522622d7_sol01img001.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

Classes ADV, I, R6, S, and S2

**Voya Partners, Inc.**

**■** Voya Solution
 Aggressive Portfolio **■** Voya Solution
 2035 Portfolio

**■** Voya Solution Balanced
 Portfolio **■** Voya Solution 2040
 Portfolio

**■** Voya Solution Conservative
 Portfolio **■** Voya Solution 2045
 Portfolio

**■** Voya Solution Income
 Portfolio **■** Voya Solution 2050
 Portfolio

**■** Voya Solution Moderately
 Aggressive Portfolio **■** Voya Solution 2055
 Portfolio

**■** Voya Solution 2025
 Portfolio **■** Voya Solution 2060
 Portfolio

**■** Voya Solution 2030
 Portfolio **■** Voya Solution 2065
 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.

---

| | |
|:---|:---|
| ![](tm2522622d7_sol01img002.jpg) | &nbsp;&nbsp;E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com**  | ![](tm2522622d7_sol01img003.jpg) |
| ![](tm2522622d7_sol01img003.jpg) |  |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#sol_001) | [1](#sol_001) |
| [Statements of Operations](#sol_002) | [9](#sol_002) |
| [Statements of Changes in Net Assets](#sol_003) | [13](#sol_003) |
| [Financial Highlights](#sol_004) | [20](#sol_004) |
| [Notes to Financial Statements](#sol_005) | [30](#sol_005) |
| [Portfolios of Investments](#sol_006) | [47](#sol_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)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Aggressive**<br>**Portfolio** | **Voya Solution**<br>**Balanced**<br>**Portfolio** | **Voya Solution**<br>**Conservative**<br>**Portfolio** | **Voya Solution**<br>**Income**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $197920931 | $189866662 | $90300760 | $123486439 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> |  |  | 8233120 | 25795177 |
| Cash | 31880 | 23781 | 85717 | 241612 |
| Cash collateral for futures contracts |  |  |  | 56217 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold |  |  | 10652 | 16872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 119079 | 156441 | 58268 | 92618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 23 | 20 | 72 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  | 13406 |
| Prepaid expenses | 1646 | 1667 | 880 | 1328 |
| Reimbursement due from Investment Adviser | 79387 | 5789 | 5932 | 6087 |
| Other assets | 15457 | 17409 | 10587 | 26284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 198168403 | 190071769 | 98705988 | 149736207 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 117094 | 154489 | 45374 | 59545 |
| Payable for fund shares redeemed | 1982 | 1943 | 8667 | 23796 |
| Payable for investment management fees | 28499 | 27550 | 22204 | 34159 |
| Payable for distribution and shareholder service fees | 3130 | 7161 | 5097 | 42880 |
| Payable to directors under the deferred compensation plan (Note 6) | 15457 | 17409 | 10587 | 26284 |
| Payable for directors fees | 468 | 464 | 247 | 368 |
| Other accrued expenses and liabilities | 17721 | 63210 | 26191 | 38170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 184351 | 272226 | 118367 | 225202 |
| **NET ASSETS** | $197984052 | $189799543 | $98587621 | $149511005 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $157136474 | $165286796 | $98605107 | $153728185 |
| Total distributable earnings (loss) | 40847578 | 24512747 | (17486) | (4217180) |
| **NET ASSETS** | $197984052 | $189799543 | $98587621 | $149511005 |
| \* Cost of investments in affiliated underlying funds | $170875485 | $169905130 | $87277181 | $117315280 |
| \*\* Cost of investments in unaffiliated underlying funds | $— | $— | $8205445 | $24581543 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Aggressive**<br>**Portfolio** | **Voya Solution**<br>**Balanced**<br>**Portfolio** | **Voya Solution**<br>**Conservative**<br>**Portfolio** | **Voya Solution**<br>**Income**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4219467 | $9292732 | $5725903 | $75240011 |
| &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 | 273301 | 945860 | 542157 | 6984646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.44 | $9.82 | $10.56 | $10.77 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $154132430 | $138284676 | $64209514 | $14741333 |
| &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 | 9583967 | 13291148 | 5990093 | 1323234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.08 | $10.40 | $10.72 | $11.14 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $33553148 | $26000456 | $16498019 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2084225 | 2495772 | 1540011 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.10 | $10.42 | $10.71 | n/a |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4283858 | $14877789 | $9665090 | $57275811 |
| &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 | 270936 | 1485896 | 910292 | 5197043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.81 | $10.01 | $10.62 | $11.02 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1795149 | $1343890 | $2489095 | $2253850 |
| &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 | 117198 | 134721 | 237874 | 211421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.32 | $9.98 | $10.46 | $10.66 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** |<br>**Voya Solution**<br>**2025 Portfolio** |<br>**Voya Solution**<br>**2030 Portfolio** |<br>**Voya Solution**<br>**2035 Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $463226935 | $310593581 | $58294272 | $538856020 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> |  | 65986922 | 7751286 | 55827002 |
| Cash | 56967 | 684272 | 76012 | 673795 |
| Cash collateral for futures contracts |  | 137039 |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold | 819456 | 128903 |  | 29308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold |  | 716 |  | 18847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 53117 | 119584 | 151461 | 479093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 49 | 432 | 42 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | 32687 |  |  |
| Prepaid expenses | 4301 | 3583 | 575 | 5405 |
| Reimbursement due from Investment Adviser |  |  | 3229 | 21013 |
| Other assets | 40803 | 44013 | 1246 | 42540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 464201628 | 377731732 | 66278123 | 595953425 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased |  |  | 142330 |  |
| Payable for investments in unaffiliated underlying funds purchased |  |  | 2647 |  |
| Payable for fund shares redeemed | 872573 | 268175 | 44 | 509298 |
| Payable for investment management fees | 67140 | 72040 | 11892 | 127922 |
| Payable for distribution and shareholder service fees | 88117 | 98327 | 16374 | 142243 |
| Payable to directors under the deferred compensation plan (Note 6) | 40803 | 44013 | 1246 | 42540 |
| Payable for directors fees | 1126 | 928 | 152 | 1417 |
| Other accrued expenses and liabilities | 48049 | 116635 | 27377 | 116280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1117808 | 600118 | 202062 | 939700 |
| **NET ASSETS** | $463083820 | $377131614 | $66076061 | $595013725 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $381216587 | $363526688 | $60583052 | $508347865 |
| Total distributable earnings | 81867233 | 13604926 | 5493009 | 86665860 |
| **NET ASSETS** | $463083820 | $377131614 | $66076061 | $595013725 |
| \* Cost of investments in affiliated underlying funds | $408500972 | $293037799 | $53557396 | $474758248 |
| \*\* Cost of investments in unaffiliated underlying funds | $— | $63387820 | $7210086 | $47903317 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution<br> Moderately<br> Aggressive<br> Portfolio** | **Voya Solution<br> 2025 Portfolio** | **Voya Solution<br> 2030 Portfolio** | **Voya Solution<br> 2035 Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $23379617 | $129350334 | $24309783 | $155776323 |
| &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 | 1802682 | 12743085 | 1591390 | 14116985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.97 | $10.15 | $15.28 | $11.03 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $7972030 | $25522943 | $9763794 | $50931898 |
| &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 | 593955 | 2402940 | 609034 | 4397974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.42 | $10.62 | $16.03 | $11.58 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $42234229 | n/a | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | n/a | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3149860 | n/a | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.41 | n/a | n/a | n/a |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $387888450 | $215187498 | $30846471 | $377777721 |
| &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 | 29412231 | 20690138 | 1949296 | 33351437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.19 | $10.40 | $15.82 | $11.33 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1609494 | $7070839 | $1156013 | $10527783 |
| &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 | 122035 | 709982 | 74391 | 991592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.19 | $9.96 | $15.54 | $10.62 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**2040 Portfolio** | **Voya Solution**<br>**2045 Portfolio** | **Voya Solution**<br>**2050 Portfolio** | **Voya Solution**<br>**2055 Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $50987142 | $428144155 | $43509643 | $162455950 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 6450141 | 49128312 | 4393106 | 17533432 |
| Cash | 93263 | 665169 | 72689 | 277060 |
| Cash collateral for futures contracts | 14972 | 121626 | 11330 | 44914 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 130193 | 279174 | 69950 | 118328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 44 | 302 | 36 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1652 | 13357 | 1265 | 4955 |
| Prepaid expenses | 477 | 4251 | 406 | 1597 |
| Reimbursement due from Investment Adviser | 3521 | 38370 | 4403 | 10993 |
| Other assets | 980 | 30334 | 799 | 7169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 57682385 | 478425050 | 48063627 | 180454531 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 122448 | 224083 | 69250 | 26231 |
| Payable for investments in unaffiliated underlying funds purchased | 2680 | 1284 | 335 | 2010 |
| Payable for fund shares redeemed | 3945 | 50496 |  | 91822 |
| Payable for investment management fees | 10260 | 84481 | 9043 | 36335 |
| Payable for distribution and shareholder service fees | 14811 | 111942 | 11700 | 40260 |
| Payable to directors under the deferred compensation plan (Note 6) | 980 | 30334 | 799 | 7169 |
| Payable for directors fees | 129 | 1122 | 108 | 421 |
| Other accrued expenses and liabilities | 21916 | 130648 | 21037 | 51495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 177169 | 634390 | 112272 | 255743 |
| **NET ASSETS** | $57505216 | $477790660 | $47951355 | $180198788 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $50039627 | $391116365 | $39622206 | $144311280 |
| Total distributable earnings | 7465589 | 86674295 | 8329149 | 35887508 |
| **NET ASSETS** | $57505216 | $477790660 | $47951355 | $180198788 |
| \* Cost of investments in affiliated underlying funds | $45318385 | $362547154 | $38063591 | $137223850 |
| \*\* Cost of investments in unaffiliated underlying funds | $5505643 | $42705660 | $3663425 | $14349100 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**2040 Portfolio** | **Voya Solution**<br>**2045 Portfolio** | **Voya Solution**<br>**2050 Portfolio** | **Voya Solution**<br>**2055 Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $21881780 | $119091213 | $16612021 | $41416090 |
| &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 | 1305671 | 10665177 | 942323 | 3100988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.76 | $11.17 | $17.63 | $13.36 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $6607506 | $40925291 | $6485952 | $22673539 |
| &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 | 374912 | 3458158 | 347525 | 1610039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $17.62 | $11.83 | $18.66 | $14.08 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $26833216 | $312408943 | $23685348 | $111856912 |
| &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 | 1548055 | 27255261 | 1296916 | 8235884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $17.33 | $11.46 | $18.26 | $13.58 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2182714 | $5365213 | $1168034 | $4252247 |
| &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 | 129460 | 489381 | 65353 | 314982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.86 | $10.96 | $17.87 | $13.50 |

---

See Accompanying Notes to Financial Statements

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

---

| | | |
|:---|:---|:---|
|  | **Voya Solution**<br>**2060 Portfolio** | **Voya Solution**<br>**2065 Portfolio** |
| **ASSETS:** | | |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $33450901 | $22123737 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 3560702 | 2217371 |
| Cash | 58146 | 33967 |
| Cash collateral for futures contracts | 9064 | 10232 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 139237 | 59468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 27 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1012 | 1670 |
| Prepaid expenses | 329 | 202 |
| Reimbursement due from Investment Adviser | 5927 | 4663 |
| Other assets | 502 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 37225847 | 24451442 |
| **LIABILITIES:** |  |  |
| Payable for investments in affiliated underlying funds purchased | 123007 | 59171 |
| Payable for investments in unaffiliated underlying funds purchased | 335 | 112 |
| Payable for fund shares redeemed | 14988 |  |
| Payable for investment management fees | 6465 | 4233 |
| Payable for distribution and shareholder service fees | 8969 | 4916 |
| Payable to directors under the deferred compensation plan (Note 6) | 502 | 114 |
| Payable for directors fees | 86 | 55 |
| Other accrued expenses and liabilities | 22496 | 17561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 176848 | 86162 |
| **NET ASSETS** | $37048999 | $24365280 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $30681064 | $21592058 |
| Total distributable earnings | 6367935 | 2773222 |
| **NET ASSETS** | $37048999 | $24365280 |
| \* &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments in affiliated underlying funds | $29225784 | $19782785 |
| \*\* Cost of investments in unaffiliated underlying funds | $3003606 | $1840637 |

---

See Accompanying Notes to Financial Statements

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

---

| | | |
|:---|:---|:---|
|  | **Voya Solution**<br>**2060 Portfolio** | **Voya Solution**<br>**2065 Portfolio** |
| **Class ADV** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $12777928 | $4546740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 977275 | 370566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.08 | $12.27 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $5304266 | $4495415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 392727 | 379060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.51 | $11.86 |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $17985070 | $14944498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1366009 | 1224766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.17 | $12.20 |
| **Class S2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $981735 | $378627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 74831 | 30793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.12 | $12.30 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the Six Months Ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Aggressive**<br>**Portfolio** | **Voya Solution**<br>**Balanced**<br>**Portfolio** | **Voya Solution**<br>**Conservative**<br>**Portfolio** | **Voya Solution**<br>**Income**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $370670 | $1150898 | $1301812 | $1373876 |
| Dividends from unaffiliated underlying funds | 7353 | 7320 | 100065 | 332117 |
| Interest | 1963 | 698 | 1753 | 3386 |
| Other | 722 | 719 | 383 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 380708 | 1159635 | 1404013 | 1709954 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 168695 | 166809 | 97586 | 172829 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 9611 | 24542 | 13849 | 183638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 5544 | 18978 | 12805 | 69727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 3508 | 2605 | 4701 | 4424 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 3178 | 3195 | 2286 | 18400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 119653 | 43456 | 26525 | 3678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 109 | 73 | 40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 3686 | 4942 | 4226 | 13973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 1452 | 424 | 969 | 555 |
| Shareholder reporting expense | 3013 | 2172 | 752 | 3218 |
| Professional fees | 15851 | 15928 | 8619 | 13110 |
| Custody and accounting expense | 6820 | 5792 | 6946 | 5973 |
| Directors fees | 2342 | 2322 | 1235 | 1841 |
| Miscellaneous expense | 8878 | 3820 | 4047 | 6458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 352340 | 295058 | 184586 | 497824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (118738) | (5788) | (26504) | (41505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 233602 | 289270 | 158082 | 456319 |
| Net investment income | 147106 | 870365 | 1245931 | 1253635 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 3939242 | 3055026 | 561840 | (763095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (209656) | (212077) | (138098) | 59294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 1167559 | 974807 |  | 470298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (107927) | (105837) | (58176) | (125858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 4789218 | 3711919 | 365566 | (359361) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 8471153 | 5775336 | 2337730 | 5823716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 31421 |  | 242194 | 1309287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | 35918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 8502574 | 5775336 | 2579924 | 7168921 |
| Net realized and unrealized gain | 13291792 | 9487255 | 2945490 | 6809560 |
| **Increase in net assets resulting from operations** | $13438898 | $10357620 | $4191421 | $8063195 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the Six Months Ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** |<br>**Voya Solution**<br>**2025 Portfolio** |<br>**Voya Solution**<br>**2030 Portfolio** |<br>**Voya Solution**<br>**2035 Portfolio** |
| **INVESTMENT INCOME:** | | | | |
| Dividends from affiliated underlying funds | $1758247 | $3147069 | $351076 | $2480723 |
| Dividends from unaffiliated underlying funds | 17769 | 855728 | 88755 | 665652 |
| Interest | 4513 | 7838 | 945 | 7033 |
| Other | 1765 | 1454 | 228 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1782294 | 4012089 | 441004 | 3155598 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 405462 | 435146 | 67481 | 618655 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 56128 | 320436 | 58178 | 375509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 472268 | 260838 | 33361 | 441376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 3001 | 13445 | 2136 | 19474 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 774 | 27902 | 5829 | 35940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 262 | 5378 | 2366 | 11790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 17 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 13018 | 45423 | 6686 | 84476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 51 | 1463 | 267 | 2329 |
| Shareholder reporting expense | 2872 | 4976 | 253 | 6154 |
| Professional fees | 36474 | 31615 | 5619 | 44244 |
| Custody and accounting expense | 13032 | 11689 | 2848 | 15393 |
| Directors fees | 5632 | 4641 | 762 | 7086 |
| Miscellaneous expense | 13204 | 12709 | 3197 | 15228 |
| Interest expense | 153 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1022348 | 1175661 | 188983 | 1677654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  | (24427) | (19206) | (133134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1022348 | 1151234 | 169777 | 1544520 |
| Net investment income | 759946 | 2860855 | 271227 | 1611078 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 9150769 | 3911573 | 527625 | 2292418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (503748) | 1101175 | 207564 | 3097405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 2332065 | 1182053 | 262317 | 2388272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (248601) | (319691) | (36107) | (318379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 10730485 | 5875110 | 961399 | 7459716 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 17642503 | 10303347 | 2641308 | 30603581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 77706 | 2658344 | 370024 | 3285320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  | 87076 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 17720209 | 13048767 | 3011332 | 33888901 |
| Net realized and unrealized gain | 28450694 | 18923877 | 3972731 | 41348617 |
| **Increase in net assets resulting from operations** | $29210640 | $21784732 | $4243958 | $42959695 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the Six Months Ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**2040 Portfolio** | **Voya Solution**<br>**2045 Portfolio** | **Voya Solution**<br>**2050 Portfolio** | **Voya Solution**<br>**2055 Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $122711 | $655009 | $23822 | $54859 |
| Dividends from unaffiliated underlying funds | 74989 | 540992 | 46869 | 191081 |
| Interest | 864 | 7396 | 700 | 2720 |
| Other | 193 | 1731 | 164 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 198757 | 1205128 | 71555 | 249305 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 57349 | 490822 | 47139 | 183625 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 50143 | 282799 | 39181 | 99103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 29180 | 360176 | 24641 | 127066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 3908 | 11005 | 2057 | 7746 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 7622 | 41999 | 9071 | 19263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2293 | 14318 | 3805 | 10566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 8871 | 106948 | 11408 | 49396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 742 | 2045 | 595 | 1882 |
| Shareholder reporting expense | 366 | 5048 | 362 | 3077 |
| Professional fees | 5249 | 35387 | 4887 | 14846 |
| Custody and accounting expense | 2715 | 12702 | 2715 | 5800 |
| Directors fees | 648 | 5611 | 542 | 2103 |
| Miscellaneous expense | 3655 | 12861 | 3428 | 6243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 172741 | 1381721 | 149831 | 530716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (32402) | (233479) | (31894) | (78108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 140339 | 1148242 | 117937 | 452608 |
| Net investment income (loss) | 58418 | 56886 | (46382) | (203303) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 647050 | 4051179 | 761113 | 2093965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 46936 | 2587344 | 114464 | 291975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 279132 | 2355645 | 226728 | 876479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (2230) | (50855) | (5637) | (20626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 970888 | 8943313 | 1096668 | 3241793 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 2747529 | 27549003 | 2372508 | 9856654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 662914 | 3288781 | 474182 | 2086681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 13905 | 113174 | 10736 | 41919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3424348 | 30950958 | 2857426 | 11985254 |
| Net realized and unrealized gain | 4395236 | 39894271 | 3954094 | 15227047 |
| **Increase in net assets resulting from operations** | $4453654 | $39951157 | $3907712 | $15023744 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the Six Months Ended June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Voya Solution**<br>**2060 Portfolio** | **Voya Solution**<br>**2065 Portfolio** |
| **INVESTMENT INCOME:** |  |  |
| Dividends from affiliated underlying funds | $11248 | $4891 |
| Dividends from unaffiliated underlying funds | 39117 | 24250 |
| Interest | 609 | 208 |
| Other | 132 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 51106 | 29430 |
| **EXPENSES:** |  |  |
| Investment management fees | 37724 | 23898 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 29676 | 10302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 19440 | 15897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 1803 | 677 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 10193 | 4059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5150 | 4511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 13355 | 12527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 774 | 333 |
| Shareholder reporting expense | 362 | 543 |
| Professional fees | 4344 | 3258 |
| Custody and accounting expense | 2534 | 2007 |
| Directors fees | 432 | 274 |
| Miscellaneous expense | 3411 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 129198 | 81646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (35001) | (27084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 94197 | 54562 |
| Net investment loss | (43091) | (25132) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 740851 | 406327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 69435 | 23414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 176627 | 114505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (8012) | (7308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 978901 | 536938 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 1642352 | 1217641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 413914 | 286842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 8386 | 8398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2064652 | 1512881 |
| Net realized and unrealized gain | 3043553 | 2049819 |
| **Increase in net assets resulting from operations** | $3000462 | $2024687 |

---

See Accompanying Notes to Financial Statements

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution** | **Voya Solution** | **Voya Solution** | **Voya Solution** |
|  | **Aggressive Portfolio** | **Aggressive Portfolio** | **Balanced Portfolio** | **Balanced 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 | $147106 | $2332458 | $870365 | $3614342 |
| Net realized gain | 4789218 | 15812154 | 3711919 | 8459198 |
| Net change in unrealized appreciation (depreciation) | 8502574 | (6869984) | 5775336 | (1899501) |
| Increase in net assets resulting from operations | 13438898 | 11274628 | 10357620 | 10174039 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV |  | (11299) |  |  |
| &nbsp;&nbsp;Class I |  | (761722) |  | (704345) |
| &nbsp;&nbsp;Class R6 |  | (152380) |  | (130801) |
| &nbsp;&nbsp;Class S |  | (16206) |  | (45686) |
| &nbsp;&nbsp;Class S2 |  | (6134) |  | (2051) |
| Total distributions |  | (947741) |  | (882883) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 8552193 | 11390656 | 7529967 | 14433322 |
| Proceeds from shares issued in merger (Note 12) |  | 149184983 |  | 133873748 |
| Reinvestment of distributions |  | 947741 |  | 882883 |
|  | 8552193 | 161523380 | 7529967 | 149189953 |
| Cost of shares redeemed | (11933713) | (18593848) | (17933027) | (18913320) |
| Net increase (decrease) in net assets resulting from capital share transactions | (3381520) | 142929532 | (10403060) | 130276633 |
| Net increase (decrease) in net assets | 10057378 | 153256419 | (45440) | 139567789 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 187926674 | 34670255 | 189844983 | 50277194 |
| End of year or period | $197984052 | $187926674 | $189799543 | $189844983 |

---

See Accompanying Notes to Financial Statements

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution** | **Voya Solution** | **Voya Solution** | **Voya Solution** |
|  | **Conservative Portfolio** | **Conservative Portfolio** | **Income Portfolio** | **Income 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 | $1245931 | $2401657 | $1253635 | $4935889 |
| Net realized gain (loss) | 365566 | 909488 | (359361) | (1333106) |
| Net change in unrealized appreciation (depreciation) | 2579924 | (647003) | 7168921 | 7062414 |
| Increase in net assets resulting from operations | 4191421 | 2664142 | 8063195 | 10665197 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV |  | (12023) |  | (2344795) |
| &nbsp;&nbsp;Class I |  | (255062) |  | (462973) |
| &nbsp;&nbsp;Class R6 |  | (74930) |  |  |
| &nbsp;&nbsp;Class S |  | (45141) |  | (1650168) |
| &nbsp;&nbsp;Class S2 |  | (6882) |  | (75839) |
| Total distributions |  | (394038) |  | (4533775) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 6075835 | 14557945 | 4749608 | 7044378 |
| Proceeds from shares issued in merger (Note 12) |  | 90838128 |  |  |
| Reinvestment of distributions |  | 394038 |  | 4533775 |
|  | 6075835 | 105790111 | 4749608 | 11578153 |
| Cost of shares redeemed | (10964853) | (18927438) | (11612009) | (52757737) |
| Net increase (decrease) in net assets resulting from capital share transactions | (4889018) | 86862673 | (6862401) | (41179584) |
| Net increase (decrease) in net assets | (697597) | 89132777 | 1200794 | (35048162) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 99285218 | 10152441 | 148310211 | 183358373 |
| End of year or period | $98587621 | $99285218 | $149511005 | $148310211 |

---

See Accompanying Notes to Financial Statements

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution Moderately** | **Voya Solution Moderately** | | |
|  | **Aggressive Portfolio** | **Aggressive Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 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 | $759946 | $7380442 | $2860855 | $9933115 |
| Net realized gain | 10730485 | 23858800 | 5875110 | 7667111 |
| Net change in unrealized appreciation (depreciation) | 17720209 | 34588046 | 13048767 | 17960654 |
| Increase in net assets resulting from operations | 29210640 | 65827288 | 21784732 | 35560880 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV |  | (491509) |  | (3248567) |
| &nbsp;&nbsp;Class I |  | (187712) |  | (627365) |
| &nbsp;&nbsp;Class R6 |  | (843234) |  |  |
| &nbsp;&nbsp;Class S |  | (9295743) |  | (4962120) |
| &nbsp;&nbsp;Class S2 |  | (33119) |  | (149152) |
| Total distributions |  | (10851317) |  | (8987204) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 8437395 | 12937976 | 12004130 | 20698074 |
| Reinvestment of distributions |  | 10851317 |  | 8987204 |
|  | 8437395 | 23789293 | 12004130 | 29685278 |
| Cost of shares redeemed | (38710323) | (83302641) | (33682192) | (122920603) |
| Net decrease in net assets resulting from capital share transactions | (30272928) | (59513348) | (21678062) | (93235325) |
| Net increase (decrease) in net assets | (1062288) | (4537377) | 106670 | (66661649) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 464146108 | 468683485 | 377024944 | 443686593 |
| End of year or period | $463083820 | $464146108 | $377131614 | $377024944 |

---

See Accompanying Notes to Financial Statements

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 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 | $271227 | $1229276 | $1611078 | $11196461 |
| Net realized gain | 961399 | 3526213 | 7459716 | 17873695 |
| Net change in unrealized appreciation (depreciation) | 3011332 | 563119 | 33888901 | 36836469 |
| Increase in net assets resulting from operations | 4243958 | 5318608 | 42959695 | 65906625 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV |  | (376602) |  | (2703713) |
| &nbsp;&nbsp;Class I |  | (172550) |  | (890415) |
| &nbsp;&nbsp;Class S |  | (383674) |  | (5773495) |
| &nbsp;&nbsp;Class S2 |  | (19147) |  | (143445) |
| Total distributions |  | (951973) |  | (9511068) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 10342898 | 16326183 | 18826721 | 39499446 |
| Reinvestment of distributions |  | 951973 |  | 9511068 |
|  | 10342898 | 17278156 | 18826721 | 49010514 |
| Cost of shares redeemed | (6033236) | (17626423) | (32116737) | (120896252) |
| Net increase (decrease) in net assets resulting from capital share transactions | 4309662 | (348267) | (13290016) | (71885738) |
| Net increase (decrease) in net assets | 8553620 | 4018368 | 29669679 | (15490181) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 57522441 | 53504073 | 565344046 | 580834227 |
| End of year or period | $66076061 | $57522441 | $595013725 | $565344046 |

---

See Accompanying Notes to Financial Statements

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 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 | $58418 | $775544 | $56886 | $6436150 |
| Net realized gain | 970888 | 4011647 | 8943313 | 19511855 |
| Net change in unrealized appreciation (depreciation) | 3424348 | 488760 | 30950958 | 35968697 |
| Increase in net assets resulting from operations | 4453654 | 5275951 | 39951157 | 61916702 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV |  | (223408) |  | (1652649) |
| &nbsp;&nbsp;Class I |  | (84198) |  | (570115) |
| &nbsp;&nbsp;Class S |  | (262034) |  | (3937723) |
| &nbsp;&nbsp;Class S2 |  | (21367) |  | (74022) |
| Total distributions |  | (591007) |  | (6234509) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 7906315 | 13931455 | 14056610 | 30025523 |
| Reinvestment of distributions |  | 591007 |  | 6234509 |
|  | 7906315 | 14522462 | 14056610 | 36260032 |
| Cost of shares redeemed | (3734710) | (10067478) | (23834443) | (98995923) |
| Net increase (decrease) in net assets resulting from capital share transactions | 4171605 | 4454984 | (9777833) | (62735891) |
| Net increase (decrease) in net assets | 8625259 | 9139928 | 30173324 | (7053698) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 48879957 | 39740029 | 447617336 | 454671034 |
| End of year or period | $57505216 | $48879957 | $477790660 | $447617336 |

---

See Accompanying Notes to Financial Statements

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 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) | $(46382) | $534466 | $(203303) | $2045434 |
| Net realized gain | 1096668 | 4309728 | 3241793 | 12551465 |
| Net change in unrealized appreciation (depreciation) | 2857426 | 579550 | 11985254 | 9497221 |
| Increase in net assets resulting from operations | 3907712 | 5423744 | 15023744 | 24094120 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV |  | (160015) |  | (675917) |
| &nbsp;&nbsp;Class I |  | (81815) |  | (318089) |
| &nbsp;&nbsp;Class S |  | (203728) |  | (1340499) |
| &nbsp;&nbsp;Class S2 |  | (9575) |  | (45878) |
| Total distributions |  | (455133) |  | (2380383) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 6899456 | 11006672 | 9457415 | 20849516 |
| Reinvestment of distributions |  | 455133 |  | 2380383 |
|  | 6899456 | 11461805 | 9457415 | 23229899 |
| Cost of shares redeemed | (4420137) | (10755833) | (11280497) | (40706328) |
| Net increase (decrease) in net assets resulting from capital share transactions | 2479319 | 705972 | (1823082) | (17476429) |
| Net increase in net assets | 6387031 | 5674583 | 13200662 | 4237308 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 41564324 | 35889741 | 166998126 | 162760818 |
| End of year or period | $47951355 | $41564324 | $180198788 | $166998126 |

---

See Accompanying Notes to Financial Statements

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 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) | $(43091) | $419871 | $(25132) | $258311 |
| Net realized gain | 978901 | 3150186 | 536938 | 1843350 |
| Net change in unrealized appreciation (depreciation) | 2064652 | 720851 | 1512881 | 283004 |
| Increase in net assets resulting from operations | 3000462 | 4290908 | 2024687 | 2384665 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV |  | (182401) |  | (343925) |
| &nbsp;&nbsp;Class I |  | (111643) |  | (426411) |
| &nbsp;&nbsp;Class S |  | (221100) |  | (1031004) |
| &nbsp;&nbsp;Class S2 |  | (12228) |  | (26225) |
| Total distributions |  | (527372) |  | (1827565) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 4546454 | 9486417 | 4662823 | 8216563 |
| Reinvestment of distributions |  | 527372 |  | 1827565 |
|  | 4546454 | 10013789 | 4662823 | 10044128 |
| Cost of shares redeemed | (4539336) | (8237496) | (2698269) | (4277390) |
| Net increase in net assets resulting from capital share transactions | 7118 | 1776293 | 1964554 | 5766738 |
| Net increase in net assets | 3007580 | 5539829 | 3989241 | 6323838 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 34041419 | 28501590 | 20376039 | 14052201 |
| End of year or period | $37048999 | $34041419 | $24365280 | $20376039 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

------

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (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<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> 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<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)(5)</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 Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive 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> | 14.43 | (0.02) |)<sup>•</sup> | 1.03 | 1.01 |  |  |  |  |  | 15.44 | **7.00** | 0.89 | 0.73 | 0.73 | (0.32) | 4219 | 19 |
| 12-31-24 | 12.39 | 0.22 | <sup>•</sup> | 1.86 | 2.08 |  | 0.04 |  | 0.04 |  | 14.43 | **16.83** | 0.92 | 0.82 | 0.82 | 1.63 | 3840 | 31 |
| 12-31-23 | 10.95 | 0.10 | <sup>•</sup> | 2.12 | 2.22 | 0.25 | 0.53 |  | 0.78 |  | 12.39 | **20.63** | 1.00 | 0.87 | 0.87 | 0.85 | 3455 | 41 |
| 12-31-22 | 16.45 | 0.07 | <sup>•</sup> | (3.23) | (3.16) | 0.32 | 2.02 |  | 2.34 |  | 10.95 | **(20.13)** | 0.94 | 0.86 | 0.86 | 0.56 | 3524 | 93 |
| 12-31-21 | 13.91 | 0.06 | <sup>•</sup> | 2.62 | 2.68 | 0.14 |  |  | 0.14 |  | 16.45 | **19.31** | 0.93 | 0.81 | 0.81 | 0.37 | 4406 | 58 |
| 12-31-20 | 13.08 | 0.10 |  | 1.76 | 1.86 | 0.15 | 0.88 |  | 1.03 |  | 13.91 | **15.53** | 1.00 | 0.81 | 0.81 | 0.64 | 3744 | 85 |
| **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> | 14.99 | 0.01 | <sup>•</sup> | 1.08 | 1.09 |  |  |  |  |  | 16.08 | **7.27** | 0.39 | 0.23 | 0.23 | 0.18 | 154132 | 19 |
| 12-31-24 | 12.83 | 0.32 | <sup>•</sup> | 1.91 | 2.23 | 0.03 | 0.04 |  | 0.07 |  | 14.99 | **17.47** | 0.37 | 0.25 | 0.25 | 2.20 | 147459 | 31 |
| 12-31-23 | 11.33 | 0.16 | <sup>•</sup> | 2.19 | 2.35 | 0.32 | 0.53 |  | 0.85 |  | 12.83 | **21.21** | 0.50 | 0.37 | 0.37 | 1.35 | 1379 | 41 |
| 12-31-22 | 16.92 | 0.17 | <sup>•</sup> | (3.35) | (3.18) | 0.39 | 2.02 |  | 2.41 |  | 11.33 | **(19.67)** | 0.44 | 0.36 | 0.36 | 1.34 | 966 | 93 |
| 12-31-21 | 14.29 | 0.13 | <sup>•</sup> | 2.70 | 2.83 | 0.20 |  |  | 0.20 |  | 16.92 | **19.87** | 0.43 | 0.31 | 0.31 | 0.82 | 488 | 58 |
| 12-31-20 | 13.42 | 0.12 | <sup>•</sup> | 1.85 | 1.97 | 0.22 | 0.88 |  | 1.10 |  | 14.29 | **16.09** | 0.50 | 0.31 | 0.31 | 0.94 | 294 | 85 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06-30-25<sup>+</sup> | 15.00 | 0.01 | <sup>•</sup> | 1.09 | 1.10 |  |  |  |  |  | 16.10 | **7.33** | 0.22 | 0.22 | 0.22 | 0.19 | 33553 | 19 |
| 12-31-24 | 12.84 | 0.31 | <sup>•</sup> | 1.92 | 2.23 | 0.03 | 0.04 |  | 0.07 |  | 15.00 | **17.45** | 0.24 | 0.24 | 0.24 | 2.21 | 30362 | 31 |
| 12-31-23 | 11.33 | 0.17 | <sup>•</sup> | 2.20 | 2.37 | 0.33 | 0.53 |  | 0.86 |  | 12.84 | **21.32** | 0.30 | 0.30 | 0.30 | 1.42 | 26323 | 41 |
| 12-31-22 | 16.92 | 0.15 | <sup>•</sup> | (3.33) | (3.18) | 0.39 | 2.02 |  | 2.41 |  | 11.33 | **(19.67)** | 0.32 | 0.32 | 0.32 | 1.14 | 20169 | 93 |
| 12-31-21 | 14.29 | 0.15 | <sup>•</sup> | 2.68 | 2.83 | 0.20 |  |  | 0.20 |  | 16.92 | **19.86** | 0.33 | 0.31 | 0.31 | 0.94 | 21062 | 58 |
| 12-31-20 | 13.41 | 0.16 | <sup>•</sup> | 1.82 | 1.98 | 0.22 | 0.88 |  | 1.10 |  | 14.29 | **16.19** | 0.38 | 0.31 | 0.31 | 1.23 | 16188 | 85 |
| **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> | 14.75 | (0.01) |)<sup>•</sup> | 1.07 | 1.06 |  |  |  |  |  | 15.81 | **7.19** | 0.64 | 0.48 | 0.48 | (0.07) | 4284 | 19 |
| 12-31-24 | 12.65 | 0.27 | <sup>•</sup> | 1.88 | 2.15 | 0.01 | 0.04 |  | 0.05 |  | 14.75 | **17.07** | 0.65 | 0.54 | 0.54 | 1.91 | 4502 | 31 |
| 12-31-23 | 11.15 | 0.13 | <sup>•</sup> | 2.16 | 2.29 | 0.26 | 0.53 |  | 0.79 |  | 12.65 | **20.90** | 0.75 | 0.62 | 0.62 | 1.10 | 1658 | 41 |
| 12-31-22 | 16.69 | 0.08 | <sup>•</sup> | (3.25) | (3.17) | 0.35 | 2.02 |  | 2.37 |  | 11.15 | **(19.89)** | 0.69 | 0.61 | 0.61 | 0.57 | 2590 | 93 |
| 12-31-21 | 14.10 | 0.10 | <sup>•</sup> | 2.66 | 2.76 | 0.17 |  |  | 0.17 |  | 16.69 | **19.62** | 0.68 | 0.56 | 0.56 | 0.64 | 4426 | 58 |
| 12-31-20 | 13.25 | 0.10 | <sup>•</sup> | 1.82 | 1.92 | 0.19 | 0.88 |  | 1.07 |  | 14.10 | **15.83** | 0.75 | 0.56 | 0.56 | 0.80 | 3666 | 85 |
| **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> | 14.30 | (0.02) |)<sup>•</sup> | 1.04 | 1.02 |  |  |  |  |  | 15.32 | **7.13** | 0.79 | 0.63 | 0.63 | (0.22) | 1795 | 19 |
| 12-31-24 | 12.27 | 0.23 |  | 1.84 | 2.07 |  | 0.04 |  | 0.04 |  | 14.30 | **16.91** | 0.82 | 0.72 | 0.72 | 1.73 | 1765 | 31 |
| 12-31-23 | 10.88 | 0.11 | <sup>•</sup> | 2.09 | 2.20 | 0.28 | 0.53 |  | 0.81 |  | 12.27 | **20.64** | 0.90 | 0.77 | 0.77 | 0.95 | 1855 | 41 |
| 12-31-22 | 16.36 | 0.08 | <sup>•</sup> | (3.20) | (3.12) | 0.34 | 2.02 |  | 2.36 |  | 10.88 | **(20.00)** | 0.84 | 0.76 | 0.76 | 0.63 | 1354 | 93 |
| 12-31-21 | 13.81 | 0.06 | <sup>•</sup> | 2.62 | 2.68 | 0.13 |  |  | 0.13 |  | 16.36 | **19.42** | 0.83 | 0.71 | 0.71 | 0.37 | 1434 | 58 |
| 12-31-20 | 13.01 | 0.10 | <sup>•</sup> | 1.76 | 1.86 | 0.18 | 0.88 |  | 1.06 |  | 13.81 | **15.70** | 0.90 | 0.71 | 0.71 | 0.80 | 2038 | 85 |
| **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced 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> | 9.31 | 0.02 | <sup>•</sup> | 0.49 | 0.51 |  |  |  |  |  | 9.82 | **5.48** | 0.78 | 0.77 | 0.77 | 0.49 | 9293 | 15 |
| 12-31-24 | 8.31 | 0.23 | <sup>•</sup> | 0.77 | 1.00 |  |  |  |  |  | 9.31 | **12.03** | 0.80 | 0.80 | 0.80 | 2.62 | 10279 | 25 |
| 12-31-23 | 7.98 | 0.12 | <sup>•</sup> | 1.09 | 1.21 | 0.32 | 0.56 |  | 0.88 |  | 8.31 | **15.66** | 0.83 | 0.83 | 0.83 | 1.45 | 8830 | 37 |
| 12-31-22 | 11.48 | 0.08 | <sup>•</sup> | (2.05) | (1.97) | 0.35 | 1.18 |  | 1.53 |  | 7.98 | **(18.03)** | 0.84 | 0.84 | 0.84 | 0.83 | 8837 | 87 |
| 12-31-21 | 10.26 | 0.10 | <sup>•</sup> | 1.29 | 1.39 | 0.17 |  |  | 0.17 |  | 11.48 | **13.63** | 0.86 | 0.80 | 0.80 | 0.92 | 10713 | 50 |
| 12-31-20 | 9.74 | 0.11 | <sup>•</sup> | 1.06 | 1.17 | 0.17 | 0.48 |  | 0.65 |  | 10.26 | **12.75** | 0.89 | 0.81 | 0.81 | 1.22 | 9774 | 79 |
| **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> | 9.84 | 0.05 | <sup>•</sup> | 0.51 | 0.56 |  |  |  |  |  | 10.40 | **5.69** | 0.28 | 0.27 | 0.27 | 0.99 | 138285 | 15 |
| 12-31-24 | 8.78 | 0.31 | <sup>•</sup> | 0.80 | 1.11 | 0.05 |  |  | 0.05 |  | 9.84 | **12.66** | 0.26 | 0.26 | 0.26 | 3.15 | 137700 | 25 |
| 12-31-23 | 8.39 | 0.17 | <sup>•</sup> | 1.15 | 1.32 | 0.37 | 0.56 |  | 0.93 |  | 8.78 | **16.25** | 0.33 | 0.33 | 0.33 | 1.95 | 4154 | 37 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (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<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> 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<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)(5)</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 Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced 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)** | **Class I (continued)** |
| 12-31-22 | 11.98 | 0.14 | <sup>•</sup> | (2.15) | (2.01) | 0.40 | 1.18 |  | 1.58 |  | 8.39 | **(17.61)** | 0.34 | 0.34 | 0.34 | 1.43 | 3906 | 87 |
| 12-31-21 | 10.70 | 0.17 | <sup>•</sup> | 1.34 | 1.51 | 0.23 |  |  | 0.23 |  | 11.98 | **14.15** | 0.36 | 0.30 | 0.30 | 1.49 | 3831 | 50 |
| 12-31-20 | 10.14 | 0.18 | <sup>•</sup> | 1.09 | 1.27 | 0.23 | 0.48 |  | 0.71 |  | 10.70 | **13.30** | 0.39 | 0.31 | 0.31 | 1.88 | 3224 | 79 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06-30-25<sup>+</sup> | 9.85 | 0.05 | <sup>•</sup> | 0.52 | 0.57 |  |  |  |  |  | 10.42 | **5.79** | 0.21 | 0.21 | 0.21 | 1.04 | 26000 | 15 |
| 12-31-24 | 8.78 | 0.30 | <sup>•</sup> | 0.82 | 1.12 | 0.05 |  |  | 0.05 |  | 9.85 | **12.78** | 0.24 | 0.24 | 0.24 | 3.18 | 25058 | 25 |
| 12-31-23 | 8.39 | 0.17 | <sup>•</sup> | 1.15 | 1.32 | 0.37 | 0.56 |  | 0.93 |  | 8.78 | **16.30** | 0.27 | 0.27 | 0.27 | 2.01 | 21849 | 37 |
| 12-31-22 | 11.98 | 0.14 | <sup>•</sup> | (2.15) | (2.01) | 0.40 | 1.18 |  | 1.58 |  | 8.39 | **(17.61)** | 0.29 | 0.29 | 0.29 | 1.39 | 19887 | 87 |
| 12-31-21 | 10.70 | 0.16 | <sup>•</sup> | 1.35 | 1.51 | 0.23 |  |  | 0.23 |  | 11.98 | **14.15** | 0.30 | 0.30 | 0.30 | 1.42 | 24204 | 50 |
| 12-31-20 | 10.14 | 0.17 | <sup>•</sup> | 1.10 | 1.27 | 0.23 | 0.48 |  | 0.71 |  | 10.70 | **13.30** | 0.32 | 0.31 | 0.31 | 1.77 | 22189 | 79 |
| **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> | 9.48 | 0.03 | <sup>•</sup> | 0.50 | 0.53 |  |  |  |  |  | 10.01 | **5.59** | 0.53 | 0.52 | 0.52 | 0.74 | 14878 | 15 |
| 12-31-24 | 8.46 | 0.26 | <sup>•</sup> | 0.79 | 1.05 | 0.03 |  |  | 0.03 |  | 9.48 | **12.37** | 0.55 | 0.55 | 0.55 | 2.87 | 15479 | 25 |
| 12-31-23 | 8.10 | 0.14 | <sup>•</sup> | 1.12 | 1.26 | 0.34 | 0.56 |  | 0.90 |  | 8.46 | **16.07** | 0.58 | 0.58 | 0.58 | 1.70 | 14310 | 37 |
| 12-31-22 | 11.63 | 0.09 | <sup>•</sup> | (2.07) | (1.98) | 0.37 | 1.18 |  | 1.55 |  | 8.10 | **(17.90)** | 0.59 | 0.59 | 0.59 | 1.00 | 15078 | 87 |
| 12-31-21 | 10.39 | 0.13 | <sup>•</sup> | 1.31 | 1.44 | 0.20 |  |  | 0.20 |  | 11.63 | **13.96** | 0.61 | 0.55 | 0.55 | 1.18 | 24044 | 50 |
| 12-31-20 | 9.87 | 0.16 |  | 1.04 | 1.20 | 0.20 | 0.48 |  | 0.68 |  | 10.39 | **12.95** | 0.64 | 0.56 | 0.56 | 1.49 | 19713 | 79 |
| **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> | 9.45 | 0.03 | <sup>•</sup> | 0.50 | 0.53 |  |  |  |  |  | 9.98 | **5.61** | 0.68 | 0.67 | 0.67 | 0.59 | 1344 | 15 |
| 12-31-24 | 8.44 | 0.25 | <sup>•</sup> | 0.77 | 1.02 | 0.01 |  |  | 0.01 |  | 9.45 | **12.15** | 0.70 | 0.70 | 0.70 | 2.72 | 1328 | 25 |
| 12-31-23 | 8.09 | 0.13 | <sup>•</sup> | 1.11 | 1.24 | 0.33 | 0.56 |  | 0.89 |  | 8.44 | **15.84** | 0.73 | 0.73 | 0.73 | 1.55 | 1135 | 37 |
| 12-31-22 | 11.60 | 0.09 | <sup>•</sup> | (2.08) | (1.99) | 0.34 | 1.18 |  | 1.52 |  | 8.09 | **(17.99)** | 0.74 | 0.74 | 0.74 | 0.96 | 1091 | 87 |
| 12-31-21 | 10.34 | 0.11 | <sup>•</sup> | 1.31 | 1.42 | 0.16 |  |  | 0.16 |  | 11.60 | **13.80** | 0.76 | 0.70 | 0.70 | 1.00 | 1556 | 50 |
| 12-31-20 | 9.83 | 0.11 | <sup>•</sup> | 1.08 | 1.19 | 0.20 | 0.48 |  | 0.68 |  | 10.34 | **12.81** | 0.79 | 0.71 | 0.71 | 1.22 | 1621 | 79 |
| **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative 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> | 10.14 | 0.11 | <sup>•</sup> | 0.31 | 0.42 |  |  |  |  |  | 10.56 | **4.14** | 0.83 | 0.76 | *0.76* | 2.10 | 5726 | 20 |
| 12-31-24 | 9.58 | 0.41 | <sup>•</sup> | 0.17 | 0.58 | 0.02 |  |  | 0.02 |  | 10.14 | **6.08** | 0.83 | 0.76 | 0.76 | 4.11 | 5547 | 35 |
| 12-31-23 | 9.19 | 0.22 | <sup>•</sup> | 0.57 | 0.79 | 0.27 | 0.13 |  | 0.40 |  | 9.58 | **8.79** | 0.99 | 0.74 | 0.74 | 2.40 | 2751 | 58 |
| 12-31-22 | 11.96 | 0.13 | <sup>•</sup> | (1.72) | (1.59) | 0.35 | 0.83 |  | 1.18 |  | 9.19 | **(13.78)** | 0.97 | 0.74 | 0.74 | 1.31 | 3388 | 80 |
| 12-31-21 | 11.80 | 0.17 | <sup>•</sup> | 0.45 | 0.62 | 0.27 | 0.19 |  | 0.46 |  | 11.96 | **5.26** | 0.95 | 0.69 | 0.69 | 1.42 | 4030 | 54 |
| 12-31-20 | 11.24 | 0.21 | <sup>•</sup> | 0.84 | 1.05 | 0.28 | 0.21 |  | 0.49 |  | 11.80 | **9.59** | 0.95 | 0.70 | 0.70 | 1.90 | 4658 | 91 |
| **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> | 10.27 | 0.13 | <sup>•</sup> | 0.32 | 0.45 |  |  |  |  |  | 10.72 | **4.38** | 0.33 | 0.26 | 0.26 | 2.60 | 64210 | 20 |
| 12-31-24 | 9.67 | 0.47 | <sup>•</sup> | 0.17 | 0.64 | 0.04 |  |  | 0.04 |  | 10.27 | **6.62** | 0.33 | 0.26 | 0.26 | 4.60 | 65050 | 35 |
| 12-31-23 | 9.28 | 0.27 | <sup>•</sup> | 0.57 | 0.84 | 0.32 | 0.13 |  | 0.45 |  | 9.67 | **9.32** | 0.49 | 0.24 | 0.24 | 2.90 | 445 | 58 |
| 12-31-22 | 12.07 | 0.18 | <sup>•</sup> | (1.74) | (1.56) | 0.40 | 0.83 |  | 1.23 |  | 9.28 | **(13.36)** | 0.47 | 0.24 | 0.24 | 1.73 | 415 | 80 |
| 12-31-21 | 11.92 | 0.27 | <sup>•</sup> | 0.42 | 0.69 | 0.35 | 0.19 |  | 0.54 |  | 12.07 | **5.85** | 0.45 | 0.19 | 0.19 | 2.24 | 913 | 54 |
| 12-31-20 | 11.41 | 0.24 | <sup>•</sup> | 0.86 | 1.10 | 0.38 | 0.21 |  | 0.59 |  | 11.92 | **9.99** | 0.45 | 0.20 | 0.20 | 2.17 | 238 | 91 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06-30-25<sup>+</sup> | 10.26 | 0.13 | <sup>•</sup> | 0.32 | 0.45 |  |  |  |  |  | 10.71 | **4.39** | 0.24 | 0.24 | *0.24* | *2.62* | 16498 | 20 |
| 12-31-24 | 9.66 | 0.47 | <sup>•</sup> | 0.18 | 0.65 | 0.05 |  |  | 0.05 |  | 10.26 | **6.72** | 0.24 | 0.24 | 0.24 | 4.62 | 15292 | 35 |
| 12-31-23 | 9.28 | 0.27 | <sup>•</sup> | 0.56 | 0.83 | 0.32 | 0.13 |  | 0.45 |  | 9.66 | **9.26** | 0.41 | 0.24 | 0.24 | 2.90 | 4641 | 58 |
| 12-31-22 | 12.07 | 0.19 | <sup>•</sup> | (1.74) | (1.55) | 0.41 | 0.83 |  | 1.24 |  | 9.28 | **(13.34)** | 0.39 | 0.24 | 0.24 | 1.84 | 9008 | 80 |
| 12-31-21 | 11.93 | 0.24 | <sup>•</sup> | 0.44 | 0.68 | 0.35 | 0.19 |  | 0.54 |  | 12.07 | **5.77** | 0.37 | 0.19 | 0.19 | 1.95 | 9365 | 54 |
| 12-31-20 | 11.41 | 0.28 | <sup>•</sup> | 0.83 | 1.11 | 0.38 | 0.21 |  | 0.59 |  | 11.93 | **10.09** | 0.39 | 0.20 | 0.20 | 2.46 | 7547 | 91 |
| **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> | 10.18 | 0.12 | <sup>•</sup> | 0.32 | 0.44 |  |  |  |  |  | 10.62 | **4.32** | 0.58 | 0.51 | 0.51 | 2.35 | 9665 | 20 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (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<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> 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<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)(5)</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 Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative Portfolio (continued)** | **Voya Solution Conservative 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)** |
| 12-31-24 | 9.62 | 0.44 | <sup>•</sup> | 0.16 | 0.60 | 0.04 |  |  | 0.04 |  | 10.18 | **6.22** | 0.58 | 0.51 | 0.51 | 4.36 | 11105 | 35 |
| 12-31-23 | 9.23 | 0.25 | <sup>•</sup> | 0.57 | 0.82 | 0.30 | 0.13 |  | 0.43 |  | 9.62 | **9.12** | 0.74 | 0.49 | 0.49 | 2.65 | 1654 | 58 |
| 12-31-22 | 12.01 | 0.16 | <sup>•</sup> | (1.74) | (1.58) | 0.37 | 0.83 |  | 1.20 |  | 9.23 | **(13.60)** | 0.72 | 0.49 | 0.49 | 1.57 | 1782 | 80 |
| 12-31-21 | 11.87 | 0.20 | <sup>•</sup> | 0.45 | 0.65 | 0.32 | 0.19 |  | 0.51 |  | 12.01 | **5.52** | 0.70 | 0.44 | 0.44 | 1.67 | 2203 | 54 |
| 12-31-20 | 11.34 | 0.24 | <sup>•</sup> | 0.84 | 1.08 | 0.34 | 0.21 |  | 0.55 |  | 11.87 | **9.83** | 0.70 | 0.45 | 0.45 | 2.14 | 2215 | 91 |
| **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> | 10.04 | 0.11 | <sup>•</sup> | 0.31 | 0.42 |  |  |  |  |  | 10.46 | **4.18** | 0.73 | 0.66 | 0.66 | 2.20 | 2489 | 20 |
| 12-31-24 | 9.48 | 0.42 | <sup>•</sup> | 0.17 | 0.59 | 0.03 |  |  | 0.03 |  | 10.04 | **6.24** | 0.73 | 0.66 | 0.66 | 4.21 | 2291 | 35 |
| 12-31-23 | 9.09 | 0.23 | <sup>•</sup> | 0.55 | 0.78 | 0.26 | 0.13 |  | 0.39 |  | 9.48 | **8.88** | 0.89 | 0.64 | 0.64 | 2.50 | 662 | 58 |
| 12-31-22 | 11.85 | 0.15 | <sup>•</sup> | (1.72) | (1.57) | 0.36 | 0.83 |  | 1.19 |  | 9.09 | **(13.75)** | 0.87 | 0.64 | 0.64 | 1.47 | 1241 | 80 |
| 12-31-21 | 11.73 | 0.18 | <sup>•</sup> | 0.44 | 0.62 | 0.31 | 0.19 |  | 0.50 |  | 11.85 | **5.34** | 0.85 | 0.59 | 0.59 | 1.53 | 1237 | 54 |
| 12-31-20 | 11.25 | 0.24 | <sup>•</sup> | 0.82 | 1.06 | 0.37 | 0.21 |  | 0.58 |  | 11.73 | **9.69** | 0.85 | 0.60 | 0.60 | 2.19 | 1438 | 91 |
| **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution 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> | 10.20 | 0.08 | <sup>•</sup> | 0.49 | 0.57 |  |  |  |  |  | 10.77 | **5.59** | 0.83 | 0.77 | 0.77 | 1.57 | 75240 | 11 |
| 12-31-24 | 9.88 | 0.28 | <sup>•</sup> | 0.30 | 0.58 | 0.26 |  |  | 0.26 |  | 10.20 | **5.90** | 0.81 | 0.76 | 0.76 | 2.77 | 75150 | 35 |
| 12-31-23 | 9.29 | 0.21 | <sup>•</sup> | 0.74 | 0.95 | 0.27 | 0.09 |  | 0.36 |  | 9.88 | **10.47** | 0.80 | 0.75 | 0.75 | 2.19 | 96456 | 35 |
| 12-31-22 | 12.75 | 0.13 | <sup>•</sup> | (1.99) | (1.86) | 0.43 | 1.17 |  | 1.60 |  | 9.29 | **(15.32)** | 0.80 | 0.75 | 0.75 | 1.26 | 103030 | 47 |
| 12-31-21 | 12.81 | 0.17 | <sup>•</sup> | 0.62 | 0.79 | 0.36 | 0.49 |  | 0.85 |  | 12.75 | **6.16** | 0.81 | 0.72 | 0.72 | 1.29 | 144001 | 35 |
| 12-31-20 | 11.76 | 0.21 | <sup>•</sup> | 1.13 | 1.34 | 0.26 | 0.03 |  | 0.29 |  | 12.81 | **11.61** | 0.81 | 0.71 | 0.71 | 1.75 | 150215 | 50 |
| **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> | 10.52 | 0.11 | <sup>•</sup> | 0.51 | 0.62 |  |  |  |  |  | 11.14 | **5.89** | 0.33 | 0.27 | 0.27 | 2.07 | 14741 | 11 |
| 12-31-24 | 10.18 | 0.34 | <sup>•</sup> | 0.31 | 0.65 | 0.31 |  |  | 0.31 |  | 10.52 | **6.47** | 0.31 | 0.26 | 0.26 | 3.27 | 14861 | 35 |
| 12-31-23 | 9.58 | 0.27 | <sup>•</sup> | 0.75 | 1.02 | 0.33 | 0.09 |  | 0.42 |  | 10.18 | **10.91** | 0.30 | 0.25 | 0.25 | 2.69 | 19608 | 35 |
| 12-31-22 | 13.10 | 0.19 | <sup>•</sup> | (2.04) | (1.85) | 0.50 | 1.17 |  | 1.67 |  | 9.58 | **(14.82)** | 0.30 | 0.25 | 0.25 | 1.75 | 28449 | 47 |
| 12-31-21 | 13.13 | 0.23 | <sup>•</sup> | 0.64 | 0.87 | 0.41 | 0.49 |  | 0.90 |  | 13.10 | **6.69** | 0.31 | 0.22 | 0.22 | 1.77 | 40086 | 35 |
| 12-31-20 | 12.05 | 0.26 | <sup>•</sup> | 1.18 | 1.44 | 0.33 | 0.03 |  | 0.36 |  | 13.13 | **12.18** | 0.31 | 0.21 | 0.21 | 2.15 | 46389 | 50 |
| **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> | 10.42 | 0.10 | <sup>•</sup> | 0.50 | 0.60 |  |  |  |  |  | 11.02 | **5.76** | 0.58 | 0.52 | 0.52 | 1.82 | 57276 | 11 |
| 12-31-24 | 10.08 | 0.31 | <sup>•</sup> | 0.32 | 0.63 | 0.29 |  |  | 0.29 |  | 10.42 | **6.23** | 0.56 | 0.51 | 0.51 | 3.02 | 56011 | 35 |
| 12-31-23 | 9.49 | 0.24 | <sup>•</sup> | 0.74 | 0.98 | 0.30 | 0.09 |  | 0.39 |  | 10.08 | **10.57** | 0.55 | 0.50 | 0.50 | 2.44 | 64105 | 35 |
| 12-31-22 | 12.98 | 0.17 | <sup>•</sup> | (2.03) | (1.86) | 0.46 | 1.17 |  | 1.63 |  | 9.49 | **(15.01)** | 0.55 | 0.50 | 0.50 | 1.53 | 71665 | 47 |
| 12-31-21 | 13.03 | 0.20 | <sup>•</sup> | 0.63 | 0.83 | 0.39 | 0.49 |  | 0.88 |  | 12.98 | **6.37** | 0.56 | 0.47 | 0.47 | 1.52 | 93573 | 35 |
| 12-31-20 | 11.95 | 0.24 | <sup>•</sup> | 1.16 | 1.40 | 0.29 | 0.03 |  | 0.32 |  | 13.03 | **11.94** | 0.56 | 0.46 | 0.46 | 2.00 | 105135 | 50 |
| **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> | 10.09 | 0.08 | <sup>•</sup> | 0.49 | 0.57 |  |  |  |  |  | 10.66 | **5.65** | 0.73 | 0.67 | 0.67 | 1.67 | 2254 | 11 |
| 12-31-24 | 9.77 | 0.29 | <sup>•</sup> | 0.30 | 0.59 | 0.27 |  |  | 0.27 |  | 10.09 | **6.06** | 0.71 | 0.66 | 0.66 | 2.87 | 2288 | 35 |
| 12-31-23 | 9.20 | 0.22 | <sup>•</sup> | 0.72 | 0.94 | 0.28 | 0.09 |  | 0.37 |  | 9.77 | **10.47** | 0.70 | 0.65 | 0.65 | 2.29 | 3119 | 35 |
| 12-31-22 | 12.62 | 0.14 | <sup>•</sup> | (1.97) | (1.83) | 0.42 | 1.17 |  | 1.59 |  | 9.20 | **(15.17)** | 0.70 | 0.65 | 0.65 | 1.28 | 3259 | 47 |
| 12-31-21 | 12.70 | 0.18 | <sup>•</sup> | 0.61 | 0.79 | 0.38 | 0.49 |  | 0.87 |  | 12.62 | **6.25** | 0.71 | 0.62 | 0.62 | 1.43 | 5629 | 35 |
| 12-31-20 | 11.65 | 0.22 | <sup>•</sup> | 1.12 | 1.34 | 0.26 | 0.03 |  | 0.29 |  | 12.70 | **11.74** | 0.71 | 0.61 | 0.61 | 1.84 | 5194 | 50 |
| **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive 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> | 12.17 | 0.00 | <sup>\*•</sup> | 0.80 | 0.80 |  |  |  |  |  | 12.97 | **6.57** | 0.72 | 0.72 | 0.72 | 0.08 | 23380 | 16 |
| 12-31-24 | 10.86 | 0.15 | <sup>•</sup> | 1.42 | 1.57 | 0.14 | 0.12 |  | 0.26 |  | 12.17 | **14.54** | 0.74 | 0.74 | 0.74 | 1.30 | 23102 | 29 |
| 12-31-23 | 10.06 | 0.12 | <sup>•</sup> | 1.66 | 1.78 | 0.34 | 0.64 |  | 0.98 |  | 10.86 | **18.23** | 0.75 | 0.75 | 0.75 | 1.11 | 21532 | 26 |
| 12-31-22 | 14.96 | 0.09 | <sup>•</sup> | (2.80) | (2.71) | 0.41 | 1.78 |  | 2.19 |  | 10.06 | **(19.01)** | 0.77 | 0.77 | 0.77 | 0.74 | 20306 | 71 |
| 12-31-21 | 12.98 | 0.09 | <sup>•</sup> | 2.09 | 2.18 | 0.20 |  |  | 0.20 |  | 14.96 | **16.87** | 0.78 | 0.81 | 0.81 | 0.66 | 26263 | 41 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (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<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> 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<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)(5)</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 Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** |
| **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** |
| 12-31-20 | 12.54 | 0.14 |  | 1.40 | 1.54 | 0.21 | 0.89 |  | 1.10 |  | 12.98 | **13.59** | 0.77 | 0.81 | 0.81 | 1.03 | 24171 | 47 |
| **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> | 12.57 | 0.04 | <sup>•</sup> | 0.81 | 0.85 |  |  |  |  |  | 13.42 | **6.76** | 0.22 | 0.22 | 0.22 | 0.58 | 7972 | 16 |
| 12-31-24 | 11.20 | 0.22 | <sup>•</sup> | 1.46 | 1.68 | 0.19 | 0.12 |  | 0.31 |  | 12.57 | **15.14** | 0.24 | 0.24 | 0.24 | 1.79 | 7718 | 29 |
| 12-31-23 | 10.35 | 0.17 | <sup>•</sup> | 1.72 | 1.89 | 0.40 | 0.64 |  | 1.04 |  | 11.20 | **18.85** | 0.25 | 0.25 | 0.25 | 1.61 | 5819 | 26 |
| 12-31-22 | 15.33 | 0.17 | <sup>•</sup> | (2.89) | (2.72) | 0.48 | 1.78 |  | 2.26 |  | 10.35 | **(18.60)** | 0.27 | 0.27 | 0.27 | 1.37 | 4576 | 71 |
| 12-31-21 | 13.29 | 0.17 | <sup>•</sup> | 2.14 | 2.31 | 0.27 |  |  | 0.27 |  | 15.33 | **17.42** | 0.28 | 0.31 | 0.31 | 1.19 | 5090 | 41 |
| 12-31-20 | 12.81 | 0.18 | <sup>•</sup> | 1.46 | 1.64 | 0.27 | 0.89 |  | 1.16 |  | 13.29 | **14.23** | 0.27 | 0.31 | 0.31 | 1.54 | 4726 | 47 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06-30-25<sup>+</sup> | 12.55 | 0.04 | <sup>•</sup> | 0.82 | 0.86 |  |  |  |  |  | 13.41 | **6.85** | 0.21 | 0.21 | 0.21 | 0.58 | 42234 | 16 |
| 12-31-24 | 11.18 | 0.22 | <sup>•</sup> | 1.46 | 1.68 | 0.19 | 0.12 |  | 0.31 |  | 12.55 | **15.16** | 0.23 | 0.23 | 0.23 | 1.80 | 36538 | 29 |
| 12-31-23 | 10.34 | 0.17 | <sup>•</sup> | 1.71 | 1.88 | 0.40 | 0.64 |  | 1.04 |  | 11.18 | **18.77** | 0.24 | 0.24 | 0.24 | 1.62 | 32231 | 26 |
| 12-31-22 | 15.32 | 0.16 | <sup>•</sup> | (2.87) | (2.71) | 0.49 | 1.78 |  | 2.27 |  | 10.34 | **(18.61)** | 0.27 | 0.27 | 0.27 | 1.30 | 26694 | 71 |
| 12-31-21 | 13.28 | 0.18 | <sup>•</sup> | 2.13 | 2.31 | 0.27 |  |  | 0.27 |  | 15.32 | **17.44** | 0.27 | 0.30 | 0.30 | 1.25 | 30360 | 41 |
| 12-31-20 | 12.80 | 0.19 | <sup>•</sup> | 1.45 | 1.64 | 0.27 | 0.89 |  | 1.16 |  | 13.28 | **14.24** | 0.26 | 0.30 | 0.30 | 1.58 | 23965 | 47 |
| **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> | 12.36 | 0.02 | <sup>•</sup> | 0.81 | 0.83 |  |  |  |  |  | 13.19 | **6.72** | 0.47 | 0.47 | 0.47 | 0.33 | 387888 | 16 |
| 12-31-24 | 11.02 | 0.18 | <sup>•</sup> | 1.44 | 1.62 | 0.16 | 0.12 |  | 0.28 |  | 12.36 | **14.82** | 0.49 | 0.49 | 0.49 | 1.55 | 395276 | 29 |
| 12-31-23 | 10.19 | 0.14 | <sup>•</sup> | 1.70 | 1.84 | 0.37 | 0.64 |  | 1.01 |  | 11.02 | **18.61** | 0.50 | 0.50 | 0.50 | 1.36 | 407787 | 26 |
| 12-31-22 | 15.13 | 0.12 | <sup>•</sup> | (2.84) | (2.72) | 0.44 | 1.78 |  | 2.22 |  | 10.19 | **(18.87)** | 0.52 | 0.52 | 0.52 | 0.97 | 396000 | 71 |
| 12-31-21 | 13.12 | 0.13 | <sup>•</sup> | 2.11 | 2.24 | 0.23 |  |  | 0.23 |  | 15.13 | **17.16** | 0.53 | 0.56 | 0.56 | 0.89 | 562208 | 41 |
| 12-31-20 | 12.66 | 0.17 |  | 1.42 | 1.59 | 0.24 | 0.89 |  | 1.13 |  | 13.12 | **13.92** | 0.52 | 0.56 | 0.56 | 1.27 | 552268 | 47 |
| **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> | 12.37 | 0.01 | <sup>•</sup> | 0.81 | 0.82 |  |  |  |  |  | 13.19 | **6.63** | 0.62 | 0.62 | 0.62 | 0.18 | 1609 | 16 |
| 12-31-24 | 11.04 | 0.17 | <sup>•</sup> | 1.43 | 1.60 | 0.15 | 0.12 |  | 0.27 |  | 12.37 | **14.63** | 0.64 | 0.64 | 0.64 | 1.39 | 1512 | 29 |
| 12-31-23 | 10.21 | 0.13 | <sup>•</sup> | 1.69 | 1.82 | 0.35 | 0.64 |  | 0.99 |  | 11.04 | **18.42** | 0.65 | 0.65 | 0.65 | 1.21 | 1315 | 26 |
| 12-31-22 | 15.13 | 0.09 | <sup>•</sup> | (2.82) | (2.73) | 0.41 | 1.78 |  | 2.19 |  | 10.21 | **(18.98)** | 0.67 | 0.67 | 0.67 | 0.74 | 998 | 71 |
| 12-31-21 | 13.14 | 0.12 | <sup>•</sup> | 2.10 | 2.22 | 0.23 |  |  | 0.23 |  | 15.13 | **16.99** | 0.68 | 0.71 | 0.71 | 0.84 | 1851 | 41 |
| 12-31-20 | 12.69 | 0.16 | <sup>•</sup> | 1.41 | 1.57 | 0.23 | 0.89 |  | 1.12 |  | 13.14 | **13.70** | 0.67 | 0.71 | 0.71 | 1.32 | 1280 | 47 |
| **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 Portfolio** | **Voya Solution 2025 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> | 9.58 | 0.07 | <sup>•</sup> | 0.50 | 0.57 |  |  |  |  |  | 10.15 | **5.95** | 0.82 | 0.80 | 0.80 | 1.38 | 129350 | 15 |
| 12-31-24 | 9.02 | 0.21 | <sup>•</sup> | 0.54 | 0.75 | 0.19 |  |  | 0.19 |  | 9.58 | **8.38** | 0.81 | 0.79 | 0.79 | 2.20 | 134800 | 42 |
| 12-31-23 | 8.30 | 0.16 | <sup>•</sup> | 0.94 | 1.10 | 0.22 | 0.16 |  | 0.38 |  | 9.02 | **13.43** | 0.79 | 0.77 | 0.77 | 1.83 | 168233 | 33 |
| 12-31-22 | 12.44 | 0.11 | <sup>•</sup> | (2.18) | (2.07) | 0.44 | 1.63 |  | 2.07 |  | 8.30 | **(17.69)** | 0.80 | 0.74 | 0.74 | 1.16 | 170434 | 53 |
| 12-31-21 | 12.12 | 0.14 | <sup>•</sup> | 1.10 | 1.24 | 0.33 | 0.59 |  | 0.92 |  | 12.44 | **10.40** | 0.81 | 0.70 | 0.70 | 1.16 | 234207 | 36 |
| 12-31-20 | 11.37 | 0.15 | <sup>•</sup> | 1.29 | 1.44 | 0.21 | 0.48 |  | 0.69 |  | 12.12 | **13.30** | 0.80 | 0.71 | 0.71 | 1.38 | 246302 | 60 |
| **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> | 10.00 | 0.09 | <sup>•</sup> | 0.53 | 0.62 |  |  |  |  |  | 10.62 | **6.20** | 0.32 | 0.30 | 0.30 | 1.88 | 25523 | 15 |
| 12-31-24 | 9.41 | 0.27 | <sup>•</sup> | 0.56 | 0.83 | 0.24 |  |  | 0.24 |  | 10.00 | **8.88** | 0.31 | 0.29 | 0.29 | 2.70 | 25660 | 42 |
| 12-31-23 | 8.65 | 0.21 | <sup>•</sup> | 0.98 | 1.19 | 0.27 | 0.16 |  | 0.43 |  | 9.41 | **13.98** | 0.29 | 0.27 | 0.27 | 2.33 | 36195 | 33 |
| 12-31-22 | 12.88 | 0.17 | <sup>•</sup> | (2.26) | (2.09) | 0.51 | 1.63 |  | 2.14 |  | 8.65 | **(17.24)** | 0.30 | 0.24 | 0.24 | 1.68 | 50063 | 53 |
| 12-31-21 | 12.50 | 0.21 | <sup>•</sup> | 1.14 | 1.35 | 0.38 | 0.59 |  | 0.97 |  | 12.88 | **10.96** | 0.31 | 0.20 | 0.20 | 1.61 | 64534 | 36 |
| 12-31-20 | 11.71 | 0.20 | <sup>•</sup> | 1.34 | 1.54 | 0.27 | 0.48 |  | 0.75 |  | 12.50 | **13.85** | 0.30 | 0.21 | 0.21 | 1.71 | 77673 | 60 |
| **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> | 9.80 | 0.08 | <sup>•</sup> | 0.52 | 0.60 |  |  |  |  |  | 10.40 | **6.12** | 0.57 | 0.55 | 0.55 | 1.63 | 215187 | 15 |
| 12-31-24 | 9.23 | 0.24 | <sup>•</sup> | 0.55 | 0.79 | 0.22 |  |  | 0.22 |  | 9.80 | **8.57** | 0.56 | 0.54 | 0.54 | 2.45 | 210075 | 42 |
| 12-31-23 | 8.49 | 0.18 | <sup>•</sup> | 0.96 | 1.14 | 0.24 | 0.16 |  | 0.40 |  | 9.23 | **13.68** | 0.54 | 0.52 | 0.52 | 2.08 | 231648 | 33 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (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<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> 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<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)(5)</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 Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 Portfolio (continued)** | **Voya Solution 2025 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)** |
| 12-31-22 | 12.68 | 0.15 | <sup>•</sup> | (2.24) | (2.09) | 0.47 | 1.63 |  | 2.10 |  | 8.49 | **(17.46)** | 0.55 | 0.49 | 0.49 | 1.43 | 232558 | 53 |
| 12-31-21 | 12.34 | 0.18 | <sup>•</sup> | 1.12 | 1.30 | 0.37 | 0.59 |  | 0.96 |  | 12.68 | **10.67** | 0.56 | 0.45 | 0.45 | 1.43 | 303656 | 36 |
| 12-31-20 | 11.57 | 0.21 |  | 1.28 | 1.49 | 0.24 | 0.48 |  | 0.72 |  | 12.34 | **13.54** | 0.55 | 0.46 | 0.46 | 1.65 | 299333 | 60 |
| **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> | 9.39 | 0.07 | <sup>•</sup> | 0.50 | 0.57 |  |  |  |  |  | 9.96 | **6.07** | 0.72 | 0.70 | 0.70 | 1.48 | 7071 | 15 |
| 12-31-24 | 8.85 | 0.21 | <sup>•</sup> | 0.53 | 0.74 | 0.20 |  |  | 0.20 |  | 9.39 | **8.44** | 0.71 | 0.69 | 0.69 | 2.30 | 6490 | 42 |
| 12-31-23 | 8.15 | 0.16 | <sup>•</sup> | 0.93 | 1.09 | 0.23 | 0.16 |  | 0.39 |  | 8.85 | **13.52** | 0.69 | 0.67 | 0.67 | 1.93 | 7316 | 33 |
| 12-31-22 | 12.26 | 0.12 | <sup>•</sup> | (2.15) | (2.03) | 0.45 | 1.63 |  | 2.08 |  | 8.15 | **(17.59)** | 0.70 | 0.64 | 0.64 | 1.21 | 7321 | 53 |
| 12-31-21 | 11.97 | 0.16 | <sup>•</sup> | 1.08 | 1.24 | 0.36 | 0.59 |  | 0.95 |  | 12.26 | **10.49** | 0.71 | 0.60 | 0.60 | 1.33 | 11469 | 36 |
| 12-31-20 | 11.23 | 0.16 | <sup>•</sup> | 1.27 | 1.43 | 0.21 | 0.48 |  | 0.69 |  | 11.97 | **13.42** | 0.70 | 0.61 | 0.61 | 1.47 | 9493 | 60 |
| **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 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> | 14.29 | 0.05 | <sup>•</sup> | 0.94 | 0.99 |  |  |  |  |  | 15.28 | **6.93** | 0.82 | 0.75 | 0.75 | 0.71 | 24310 | 17 |
| 12-31-24 | 13.21 | 0.28 | <sup>•</sup> | 1.02 | 1.30 | 0.22 |  |  | 0.22 |  | 14.29 | **9.93** | 0.82 | 0.76 | 0.76 | 2.04 | 23327 | 48 |
| 12-31-23 | 11.95 | 0.22 | <sup>•</sup> | 1.59 | 1.81 | 0.33 | 0.22 |  | 0.55 |  | 13.21 | **15.36** | 0.82 | 0.74 | 0.74 | 1.76 | 23214 | 62 |
| 12-31-22 | 18.03 | 0.17 | <sup>•</sup> | (3.25) | (3.08) | 0.61 | 2.39 |  | 3.00 |  | 11.95 | **(18.09)** | 0.85 | 0.70 | 0.70 | 1.16 | 20852 | 83 |
| 12-31-21 | 16.46 | 0.20 | <sup>•</sup> | 1.81 | 2.01 | 0.27 | 0.17 |  | 0.44 |  | 18.03 | **12.26** | 0.90 | 0.67 | 0.67 | 1.15 | 25214 | 54 |
| 12-31-20 | 15.30 | 0.18 | <sup>•</sup> | 1.86 | 2.04 | 0.23 | 0.65 |  | 0.88 |  | 16.46 | **13.99** | 0.94 | 0.71 | 0.71 | 1.24 | 22015 | 90 |
| **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> | 14.96 | 0.09 | <sup>•</sup> | 0.98 | 1.07 |  |  |  |  |  | 16.03 | **7.15** | 0.32 | 0.25 | 0.25 | 1.21 | 9764 | 17 |
| 12-31-24 | 13.80 | 0.37 | <sup>•</sup> | 1.08 | 1.45 | 0.29 |  |  | 0.29 |  | 14.96 | **10.57** | 0.32 | 0.26 | 0.26 | 2.54 | 9145 | 48 |
| 12-31-23 | 12.47 | 0.30 | <sup>•</sup> | 1.65 | 1.95 | 0.40 | 0.22 |  | 0.62 |  | 13.80 | **15.89** | 0.32 | 0.24 | 0.24 | 2.26 | 10587 | 62 |
| 12-31-22 | 18.68 | 0.24 | <sup>•</sup> | (3.36) | (3.12) | 0.70 | 2.39 |  | 3.09 |  | 12.47 | **(17.69)** | 0.35 | 0.20 | 0.20 | 1.59 | 9992 | 83 |
| 12-31-21 | 17.02 | 0.28 | <sup>•</sup> | 1.88 | 2.16 | 0.33 | 0.17 |  | 0.50 |  | 18.68 | **12.80** | 0.40 | 0.17 | 0.17 | 1.57 | 12248 | 54 |
| 12-31-20 | 15.77 | 0.26 | <sup>•</sup> | 1.93 | 2.19 | 0.29 | 0.65 |  | 0.94 |  | 17.02 | **14.61** | 0.44 | 0.21 | 0.21 | 1.69 | 13812 | 90 |
| **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> | 14.78 | 0.07 | <sup>•</sup> | 0.97 | 1.04 |  |  |  |  |  | 15.82 | **7.04** | 0.57 | 0.50 | 0.50 | 0.96 | 30846 | 17 |
| 12-31-24 | 13.65 | 0.33 | <sup>•</sup> | 1.06 | 1.39 | 0.26 |  |  | 0.26 |  | 14.78 | **10.24** | 0.57 | 0.51 | 0.51 | 2.29 | 24034 | 48 |
| 12-31-23 | 12.34 | 0.26 | <sup>•</sup> | 1.63 | 1.89 | 0.36 | 0.22 |  | 0.58 |  | 13.65 | **15.56** | 0.57 | 0.49 | 0.49 | 2.01 | 18676 | 62 |
| 12-31-22 | 18.51 | 0.21 | <sup>•</sup> | (3.34) | (3.13) | 0.65 | 2.39 |  | 3.04 |  | 12.34 | **(17.87)** | 0.60 | 0.45 | 0.45 | 1.43 | 16853 | 83 |
| 12-31-21 | 16.89 | 0.24 | <sup>•</sup> | 1.86 | 2.10 | 0.31 | 0.17 |  | 0.48 |  | 18.51 | **12.49** | 0.65 | 0.42 | 0.42 | 1.35 | 18032 | 54 |
| 12-31-20 | 15.66 | 0.23 | <sup>•</sup> | 1.91 | 2.14 | 0.26 | 0.65 |  | 0.91 |  | 16.89 | **14.34** | 0.69 | 0.46 | 0.46 | 1.54 | 17584 | 90 |
| **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> | 14.53 | 0.06 | <sup>•</sup> | 0.95 | 1.01 |  |  |  |  |  | 15.54 | **6.95** | 0.72 | 0.65 | 0.65 | 0.81 | 1156 | 17 |
| 12-31-24 | 13.43 | 0.30 | <sup>•</sup> | 1.05 | 1.35 | 0.25 |  |  | 0.25 |  | 14.53 | **10.11** | 0.72 | 0.66 | 0.66 | 2.14 | 1017 | 48 |
| 12-31-23 | 12.14 | 0.24 | <sup>•</sup> | 1.61 | 1.85 | 0.34 | 0.22 |  | 0.56 |  | 13.43 | **15.42** | 0.72 | 0.64 | 0.64 | 1.86 | 1023 | 62 |
| 12-31-22 | 18.22 | 0.15 | <sup>•</sup> | (3.25) | (3.10) | 0.59 | 2.39 |  | 2.98 |  | 12.14 | **(18.01)** | 0.75 | 0.60 | 0.60 | 1.01 | 677 | 83 |
| 12-31-21 | 16.66 | 0.27 | <sup>•</sup> | 1.77 | 2.04 | 0.31 | 0.17 |  | 0.48 |  | 18.22 | **12.35** | 0.80 | 0.57 | 0.57 | 1.53 | 1596 | 54 |
| 12-31-20 | 15.46 | 0.22 | <sup>•</sup> | 1.87 | 2.09 | 0.24 | 0.65 |  | 0.89 |  | 16.66 | **14.17** | 0.84 | 0.61 | 0.61 | 1.47 | 642 | 90 |
| **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 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> | 10.25 | 0.02 | <sup>•</sup> | 0.76 | 0.78 |  |  |  |  |  | 11.03 | **7.61** | 0.80 | 0.75 | 0.75 | 0.37 | 155776 | 13 |
| 12-31-24 | 9.33 | 0.17 | <sup>•</sup> | 0.90 | 1.07 | 0.15 |  |  | 0.15 |  | 10.25 | **11.50** | 0.80 | 0.75 | 0.75 | 1.71 | 154855 | 32 |
| 12-31-23 | 8.49 | 0.14 | <sup>•</sup> | 1.31 | 1.45 | 0.30 | 0.31 |  | 0.61 |  | 9.33 | **17.38** | 0.80 | 0.72 | 0.72 | 1.52 | 175986 | 33 |
| 12-31-22 | 13.07 | 0.12 | <sup>•</sup> | (2.45) | (2.33) | 0.44 | 1.81 |  | 2.25 |  | 8.49 | **(18.84)** | 0.81 | 0.68 | 0.68 | 1.12 | 163697 | 69 |
| 12-31-21 | 12.20 | 0.14 | <sup>•</sup> | 1.53 | 1.67 | 0.26 | 0.54 |  | 0.80 |  | 13.07 | **13.81** | 0.83 | 0.65 | 0.65 | 1.05 | 219940 | 42 |
| 12-31-20 | 11.63 | 0.13 |  | 1.39 | 1.52 | 0.19 | 0.76 |  | 0.95 |  | 12.20 | **14.13** | 0.81 | 0.69 | 0.69 | 0.96 | 220485 | 65 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (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<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> 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<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)(5)</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 Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** |
| **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> | 10.73 | 0.34 | <sup>•</sup> | 0.51 | 0.85 |  |  |  |  |  | 11.58 | **7.92** | 0.30 | 0.25 | 0.25 | 6.31 | 50932 | 13 |
| 12-31-24 | 9.76 | 0.23 | <sup>•</sup> | 0.93 | 1.16 | 0.19 |  |  | 0.19 |  | 10.73 | **12.01** | 0.30 | 0.25 | 0.25 | 2.21 | 50131 | 32 |
| 12-31-23 | 8.86 | 0.19 | <sup>•</sup> | 1.37 | 1.56 | 0.35 | 0.31 |  | 0.66 |  | 9.76 | **17.98** | 0.30 | 0.22 | 0.22 | 2.02 | 55330 | 33 |
| 12-31-22 | 13.54 | 0.18 | <sup>•</sup> | (2.54) | (2.36) | 0.51 | 1.81 |  | 2.32 |  | 8.86 | **(18.39)** | 0.31 | 0.18 | 0.18 | 1.68 | 65455 | 69 |
| 12-31-21 | 12.59 | 0.20 | <sup>•</sup> | 1.59 | 1.79 | 0.30 | 0.54 |  | 0.84 |  | 13.54 | **14.35** | 0.33 | 0.15 | 0.15 | 1.48 | 78910 | 42 |
| 12-31-20 | 11.98 | 0.15 | <sup>•</sup> | 1.47 | 1.62 | 0.25 | 0.76 |  | 1.01 |  | 12.59 | **14.65** | 0.31 | 0.19 | 0.19 | 1.30 | 93880 | 65 |
| **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> | 10.51 | (0.01) |)<sup>•</sup> | 0.83 | 0.82 |  |  |  |  |  | 11.33 | **7.80** | 0.55 | 0.50 | 0.50 | (0.14) | 377778 | 13 |
| 12-31-24 | 9.56 | 0.20 | <sup>•</sup> | 0.92 | 1.12 | 0.17 |  |  | 0.17 |  | 10.51 | **11.79** | 0.55 | 0.50 | 0.50 | 1.96 | 350794 | 32 |
| 12-31-23 | 8.69 | 0.16 | <sup>•</sup> | 1.34 | 1.50 | 0.32 | 0.31 |  | 0.63 |  | 9.56 | **17.64** | 0.55 | 0.47 | 0.47 | 1.77 | 338635 | 33 |
| 12-31-22 | 13.33 | 0.15 | <sup>•</sup> | (2.51) | (2.36) | 0.47 | 1.81 |  | 2.28 |  | 8.69 | **(18.62)** | 0.56 | 0.43 | 0.43 | 1.41 | 297358 | 69 |
| 12-31-21 | 12.43 | 0.18 | <sup>•</sup> | 1.55 | 1.73 | 0.29 | 0.54 |  | 0.83 |  | 13.33 | **14.08** | 0.58 | 0.40 | 0.40 | 1.35 | 369502 | 42 |
| 12-31-20 | 11.83 | 0.15 |  | 1.43 | 1.58 | 0.22 | 0.76 |  | 0.98 |  | 12.43 | **14.46** | 0.56 | 0.44 | 0.44 | 1.24 | 341146 | 65 |
| **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> | 9.86 | 0.02 | <sup>•</sup> | 0.74 | 0.76 |  |  |  |  |  | 10.62 | **7.71** | 0.70 | 0.65 | 0.65 | 0.47 | 10528 | 13 |
| 12-31-24 | 8.97 | 0.17 | <sup>•</sup> | 0.87 | 1.04 | 0.15 |  |  | 0.15 |  | 9.86 | **11.68** | 0.70 | 0.65 | 0.65 | 1.81 | 9564 | 32 |
| 12-31-23 | 8.19 | 0.14 | <sup>•</sup> | 1.26 | 1.40 | 0.31 | 0.31 |  | 0.62 |  | 8.97 | **17.43** | 0.70 | 0.62 | 0.62 | 1.62 | 10884 | 33 |
| 12-31-22 | 12.70 | 0.12 | <sup>•</sup> | (2.37) | (2.25) | 0.45 | 1.81 |  | 2.26 |  | 8.19 | **(18.73)** | 0.71 | 0.58 | 0.58 | 1.20 | 9674 | 69 |
| 12-31-21 | 11.88 | 0.15 | <sup>•</sup> | 1.49 | 1.64 | 0.28 | 0.54 |  | 0.82 |  | 12.70 | **13.91** | 0.73 | 0.55 | 0.55 | 1.23 | 14062 | 42 |
| 12-31-20 | 11.34 | 0.11 | <sup>•</sup> | 1.38 | 1.49 | 0.19 | 0.76 |  | 0.95 |  | 11.88 | **14.30** | 0.71 | 0.59 | 0.59 | 1.01 | 12050 | 65 |
| **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 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> | 15.44 | 0.00 | <sup>\*•</sup> | 1.32 | 1.32 |  |  |  |  |  | 16.76 | **8.55** | 0.85 | 0.72 | 0.72 | 0.05 | 21882 | 15 |
| 12-31-24 | 13.84 | 0.24 | <sup>•</sup> | 1.54 | 1.78 | 0.18 |  |  | 0.18 |  | 15.44 | **12.94** | 0.87 | 0.72 | 0.72 | 1.58 | 19490 | 39 |
| 12-31-23 | 12.34 | 0.17 | <sup>•</sup> | 2.13 | 2.30 | 0.44 | 0.36 |  | 0.80 |  | 13.84 | **18.98** | 0.91 | 0.71 | 0.71 | 1.31 | 15845 | 57 |
| 12-31-22 | 19.65 | 0.17 | <sup>•</sup> | (3.78) | (3.61) | 0.58 | 3.12 |  | 3.70 |  | 12.34 | **(19.48)** | 0.90 | 0.67 | 0.67 | 1.14 | 14290 | 92 |
| 12-31-21 | 17.38 | 0.18 | <sup>•</sup> | 2.55 | 2.73 | 0.24 | 0.22 |  | 0.46 |  | 19.65 | **15.78** | 0.93 | 0.64 | 0.64 | 0.95 | 17364 | 63 |
| 12-31-20 | 16.09 | 0.15 | <sup>•</sup> | 2.25 | 2.40 | 0.24 | 0.87 |  | 1.11 |  | 17.38 | **15.98** | 0.96 | 0.70 | 0.70 | 0.95 | 15773 | 91 |
| **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> | 16.20 | 0.05 | <sup>•</sup> | 1.37 | 1.42 |  |  |  |  |  | 17.62 | **8.77** | 0.35 | 0.22 | 0.22 | 0.55 | 6608 | 15 |
| 12-31-24 | 14.50 | 0.33 | <sup>•</sup> | 1.62 | 1.95 | 0.25 |  |  | 0.25 |  | 16.20 | **13.55** | 0.37 | 0.22 | 0.22 | 2.08 | 5864 | 39 |
| 12-31-23 | 12.90 | 0.25 | <sup>•</sup> | 2.23 | 2.48 | 0.52 | 0.36 |  | 0.88 |  | 14.50 | **19.58** | 0.41 | 0.21 | 0.21 | 1.81 | 6338 | 57 |
| 12-31-22 | 20.38 | 0.25 | <sup>•</sup> | (3.93) | (3.68) | 0.68 | 3.12 |  | 3.80 |  | 12.90 | **(19.12)** | 0.40 | 0.17 | 0.17 | 1.61 | 10181 | 92 |
| 12-31-21 | 17.99 | 0.25 | <sup>•</sup> | 2.67 | 2.92 | 0.31 | 0.22 |  | 0.53 |  | 20.38 | **16.34** | 0.43 | 0.14 | 0.14 | 1.30 | 10092 | 63 |
| 12-31-20 | 16.60 | 0.26 |  | 2.31 | 2.57 | 0.31 | 0.87 |  | 1.18 |  | 17.99 | **16.55** | 0.46 | 0.20 | 0.20 | 1.48 | 12621 | 91 |
| **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> | 15.95 | 0.02 | <sup>•</sup> | 1.36 | 1.38 |  |  |  |  |  | 17.33 | **8.65** | 0.60 | 0.47 | 0.47 | 0.30 | 26833 | 15 |
| 12-31-24 | 14.28 | 0.28 | <sup>•</sup> | 1.60 | 1.88 | 0.21 |  |  | 0.21 |  | 15.95 | **13.26** | 0.62 | 0.47 | 0.47 | 1.83 | 21659 | 39 |
| 12-31-23 | 12.71 | 0.21 | <sup>•</sup> | 2.19 | 2.40 | 0.47 | 0.36 |  | 0.83 |  | 14.28 | **19.27** | 0.66 | 0.46 | 0.46 | 1.56 | 15920 | 57 |
| 12-31-22 | 20.14 | 0.22 | <sup>•</sup> | (3.89) | (3.67) | 0.64 | 3.12 |  | 3.76 |  | 12.71 | **(19.29)** | 0.65 | 0.42 | 0.42 | 1.44 | 13309 | 92 |
| 12-31-21 | 17.80 | 0.25 | <sup>•</sup> | 2.60 | 2.85 | 0.29 | 0.22 |  | 0.51 |  | 20.14 | **16.10** | 0.68 | 0.39 | 0.39 | 1.28 | 13325 | 63 |
| 12-31-20 | 16.44 | 0.20 | <sup>•</sup> | 2.29 | 2.49 | 0.26 | 0.87 |  | 1.13 |  | 17.80 | **16.23** | 0.71 | 0.45 | 0.45 | 1.26 | 10486 | 91 |
| **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> | 15.53 | 0.01 | <sup>•</sup> | 1.32 | 1.33 |  |  |  |  |  | 16.86 | **8.57** | 0.75 | 0.62 | 0.62 | 0.15 | 2183 | 15 |
| 12-31-24 | 13.90 | 0.25 | <sup>•</sup> | 1.56 | 1.81 | 0.18 |  |  | 0.18 |  | 15.53 | **13.12** | 0.77 | 0.62 | 0.62 | 1.68 | 1866 | 39 |
| 12-31-23 | 12.39 | 0.19 | <sup>•</sup> | 2.13 | 2.32 | 0.45 | 0.36 |  | 0.81 |  | 13.90 | **19.11** | 0.81 | 0.61 | 0.61 | 1.41 | 1632 | 57 |
| 12-31-22 | 19.74 | 0.18 | <sup>•</sup> | (3.79) | (3.61) | 0.62 | 3.12 |  | 3.74 |  | 12.39 | **(19.42)** | 0.80 | 0.57 | 0.57 | 1.19 | 1604 | 92 |
| 12-31-21 | 17.48 | 0.24 | <sup>•</sup> | 2.52 | 2.76 | 0.28 | 0.22 |  | 0.50 |  | 19.74 | **15.88** | 0.83 | 0.54 | 0.54 | 1.25 | 2051 | 63 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (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<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> 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<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)(5)</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 Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** | **Voya Solution 2040 Portfolio (continued)** |
| **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** |
| 12-31-20 | 16.17 | 0.17 | <sup>•</sup> | 2.26 | 2.43 | 0.25 | 0.87 |  | 1.12 |  | 17.48 | **16.07** | 0.86 | 0.60 | 0.60 | 1.07 | 1219 | 91 |
| **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 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+ | 10.25 | (0.01) |)<sup>•</sup> | 0.93 | 0.92 |  |  |  |  |  | 11.17 | **8.98** | 0.83 | 0.72 | 0.72 | (0.18) | 119091 | 13 |
| 12-31-24 | 9.09 | 0.12 | <sup>•</sup> | 1.16 | 1.28 | 0.12 |  |  | 0.12 |  | 10.25 | **14.15** | 0.82 | 0.73 | 0.73 | 1.20 | 116887 | 32 |
| 12-31-23 | 8.24 | 0.11 | <sup>•</sup> | 1.48 | 1.59 | 0.28 | 0.46 |  | 0.74 |  | 9.09 | **19.73** | 0.82 | 0.71 | 0.71 | 1.23 | 129358 | 33 |
| 12-31-22 | 13.12 | 0.10 | <sup>•</sup> | (2.55) | (2.45) | 0.43 | 2.00 |  | 2.43 |  | 8.24 | **(19.72)** | 0.83 | 0.67 | 0.67 | 1.01 | 121395 | 75 |
| 12-31-21 | 12.29 | 0.11 | <sup>•</sup> | 1.94 | 2.05 | 0.23 | 0.99 |  | 1.22 |  | 13.12 | **16.95** | 0.85 | 0.65 | 0.65 | 0.86 | 162480 | 42 |
| 12-31-20 | 11.47 | 0.09 |  | 1.61 | 1.70 | 0.16 | 0.72 |  | 0.88 |  | 12.29 | **16.07** | 0.83 | 0.70 | 0.70 | 0.71 | 155503 | 61 |
| **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+ | 10.83 | 0.02 | <sup>•</sup> | 0.98 | 1.00 |  |  |  |  |  | 11.83 | **9.23** | 0.33 | 0.22 | 0.22 | 0.32 | 40925 | 13 |
| 12-31-24 | 9.60 | 0.18 | <sup>•</sup> | 1.22 | 1.40 | 0.17 |  |  | 0.17 |  | 10.83 | **14.65** | 0.32 | 0.23 | 0.23 | 1.70 | 38133 | 32 |
| 12-31-23 | 8.67 | 0.16 | <sup>•</sup> | 1.56 | 1.72 | 0.33 | 0.46 |  | 0.79 |  | 9.60 | **20.32** | 0.32 | 0.21 | 0.21 | 1.73 | 43480 | 33 |
| 12-31-22 | 13.67 | 0.16 | <sup>•</sup> | (2.66) | (2.50) | 0.50 | 2.00 |  | 2.50 |  | 8.67 | **(19.28)** | 0.33 | 0.17 | 0.17 | 1.55 | 54349 | 75 |
| 12-31-21 | 12.72 | 0.17 | <sup>•</sup> | 2.02 | 2.19 | 0.25 | 0.99 |  | 1.24 |  | 13.67 | **17.51** | 0.35 | 0.15 | 0.15 | 1.24 | 65611 | 42 |
| 12-31-20 | 11.85 | 0.12 | <sup>•</sup> | 1.69 | 1.81 | 0.22 | 0.72 |  | 0.94 |  | 12.72 | **16.57** | 0.33 | 0.20 | 0.20 | 1.06 | 82473 | 61 |
| **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+ | 10.50 | 0.00 | <sup>\*•</sup> | 0.96 | 0.96 |  |  |  |  |  | 11.46 | **9.14** | 0.58 | 0.47 | 0.47 | 0.07 | 312409 | 13 |
| 12-31-24 | 9.32 | 0.15 | <sup>•</sup> | 1.17 | 1.32 | 0.14 |  |  | 0.14 |  | 10.50 | **14.27** | 0.57 | 0.48 | 0.48 | 1.45 | 286493 | 32 |
| 12-31-23 | 8.43 | 0.13 | <sup>•</sup> | 1.52 | 1.65 | 0.30 | 0.46 |  | 0.76 |  | 9.32 | **20.09** | 0.57 | 0.46 | 0.46 | 1.48 | 274907 | 33 |
| 12-31-22 | 13.37 | 0.13 | <sup>•</sup> | (2.60) | (2.47) | 0.47 | 2.00 |  | 2.47 |  | 8.43 | **(19.50)** | 0.58 | 0.42 | 0.42 | 1.31 | 237729 | 75 |
| 12-31-21 | 12.50 | 0.15 | <sup>•</sup> | 1.97 | 2.12 | 0.26 | 0.99 |  | 1.25 |  | 13.37 | **17.26** | 0.60 | 0.40 | 0.40 | 1.14 | 289193 | 42 |
| 12-31-20 | 11.66 | 0.11 |  | 1.64 | 1.75 | 0.19 | 0.72 |  | 0.91 |  | 12.50 | **16.29** | 0.58 | 0.45 | 0.45 | 0.95 | 254990 | 61 |
| **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+ | 10.05 | (0.00) |)<sup>\*•</sup> | 0.91 | 0.91 |  |  |  |  |  | 10.96 | **9.05** | 0.73 | 0.62 | 0.62 | (0.08) | 5365 | 13 |
| 12-31-24 | 8.92 | 0.13 | <sup>•</sup> | 1.12 | 1.25 | 0.12 |  |  | 0.12 |  | 10.05 | **14.13** | 0.72 | 0.63 | 0.63 | 1.30 | 6105 | 32 |
| 12-31-23 | 8.09 | 0.11 | <sup>•</sup> | 1.47 | 1.58 | 0.29 | 0.46 |  | 0.75 |  | 8.92 | **19.96** | 0.72 | 0.61 | 0.61 | 1.33 | 6857 | 33 |
| 12-31-22 | 12.93 | 0.10 | <sup>•</sup> | (2.51) | (2.41) | 0.43 | 2.00 |  | 2.43 |  | 8.09 | **(19.70)** | 0.73 | 0.57 | 0.57 | 0.96 | 5964 | 75 |
| 12-31-21 | 12.14 | 0.14 | <sup>•</sup> | 1.90 | 2.04 | 0.26 | 0.99 |  | 1.25 |  | 12.93 | **17.10** | 0.75 | 0.55 | 0.55 | 1.12 | 10947 | 42 |
| 12-31-20 | 11.34 | 0.09 | <sup>•</sup> | 1.60 | 1.69 | 0.17 | 0.72 |  | 0.89 |  | 12.14 | **16.13** | 0.73 | 0.60 | 0.60 | 0.82 | 6867 | 61 |
| **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 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+ | 16.17 | (0.03) |)<sup>•</sup> | 1.49 | 1.46 |  |  |  |  |  | 17.63 | **9.03** | 0.89 | 0.74 | 0.74 | (0.41) | 16612 | 17 |
| 12-31-24 | 14.25 | 0.18 | <sup>•</sup> | 1.90 | 2.08 | 0.16 |  |  | 0.16 |  | 16.17 | **14.64** | 0.91 | 0.74 | 0.74 | 1.16 | 15772 | 46 |
| 12-31-23 | 12.58 | 0.16 | <sup>•</sup> | 2.34 | 2.50 | 0.41 | 0.42 |  | 0.83 |  | 14.25 | **20.22** | 0.97 | 0.73 | 0.73 | 1.16 | 14397 | 57 |
| 12-31-22 | 20.45 | 0.16 | <sup>•</sup> | (3.98) | (3.82) | 0.62 | 3.43 |  | 4.05 |  | 12.58 | **(19.81)** | 0.96 | 0.68 | 0.68 | 1.06 | 12860 | 88 |
| 12-31-21 | 17.96 | 0.14 | <sup>•</sup> | 2.86 | 3.00 | 0.21 | 0.30 |  | 0.51 |  | 20.45 | **16.82** | 0.98 | 0.65 | 0.65 | 0.71 | 15352 | 60 |
| 12-31-20 | 16.63 | 0.13 | <sup>•</sup> | 2.32 | 2.45 | 0.23 | 0.89 |  | 1.12 |  | 17.96 | **15.79** | 1.03 | 0.71 | 0.71 | 0.81 | 15402 | 80 |
| **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+ | 17.07 | 0.01 | <sup>•</sup> | 1.58 | 1.59 |  |  |  |  |  | 18.66 | **9.31** | 0.39 | 0.24 | 0.24 | 0.09 | 6486 | 17 |
| 12-31-24 | 15.03 | 0.27 | <sup>•</sup> | 2.00 | 2.27 | 0.23 |  |  | 0.23 |  | 17.07 | **15.18** | 0.41 | 0.24 | 0.24 | 1.66 | 6710 | 46 |
| 12-31-23 | 13.23 | 0.23 | <sup>•</sup> | 2.48 | 2.71 | 0.49 | 0.42 |  | 0.91 |  | 15.03 | **20.88** | 0.47 | 0.23 | 0.23 | 1.66 | 6594 | 57 |
| 12-31-22 | 21.30 | 0.25 | <sup>•</sup> | (4.17) | (3.92) | 0.72 | 3.43 |  | 4.15 |  | 13.23 | **(19.46)** | 0.46 | 0.18 | 0.18 | 1.57 | 9196 | 88 |
| 12-31-21 | 18.66 | 0.22 | <sup>•</sup> | 3.01 | 3.23 | 0.29 | 0.30 |  | 0.59 |  | 21.30 | **17.42** | 0.48 | 0.15 | 0.15 | 1.09 | 9999 | 60 |
| 12-31-20 | 17.22 | 0.24 |  | 2.38 | 2.62 | 0.29 | 0.89 |  | 1.18 |  | 18.66 | **16.36** | 0.53 | 0.21 | 0.21 | 1.31 | 11647 | 80 |
| **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+ | 16.73 | (0.01) |)<sup>•</sup> | 1.54 | 1.53 |  |  |  |  |  | 18.26 | **9.15** | 0.64 | 0.49 | 0.49 | (0.16) | 23685 | 17 |
| 12-31-24 | 14.73 | 0.23 | <sup>•</sup> | 1.96 | 2.19 | 0.19 |  |  | 0.19 |  | 16.73 | **14.97** | 0.66 | 0.49 | 0.49 | 1.41 | 18077 | 46 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (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<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> 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<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)(5)</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 Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 Portfolio (continued)** | **Voya Solution 2050 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 | 12.98 | 0.20 | <sup>•</sup> | 2.41 | 2.61 | 0.44 | 0.42 |  | 0.86 |  | 14.73 | **20.50** | 0.72 | 0.48 | 0.48 | 1.41 | 13936 | 57 |
| 12-31-22 | 20.99 | 0.23 | <sup>•</sup> | (4.12) | (3.89) | 0.69 | 3.43 |  | 4.12 |  | 12.98 | **(19.64)** | 0.71 | 0.43 | 0.43 | 1.49 | 10577 | 88 |
| 12-31-21 | 18.42 | 0.20 | <sup>•</sup> | 2.93 | 3.13 | 0.26 | 0.30 |  | 0.56 |  | 20.99 | **17.10** | 0.73 | 0.40 | 0.40 | 0.97 | 9740 | 60 |
| 12-31-20 | 17.01 | 0.17 | <sup>•</sup> | 2.39 | 2.56 | 0.26 | 0.89 |  | 1.15 |  | 18.42 | **16.11** | 0.78 | 0.46 | 0.46 | 1.04 | 8339 | 80 |
| **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+ | 16.38 | (0.03) |)<sup>•</sup> | 1.52 | 1.49 |  |  |  |  |  | 17.87 | **9.10** | 0.79 | 0.64 | 0.64 | (0.31) | 1168 | 17 |
| 12-31-24 | 14.43 | 0.20 | <sup>•</sup> | 1.92 | 2.12 | 0.17 |  |  | 0.17 |  | 16.38 | **14.76** | 0.81 | 0.64 | 0.64 | 1.26 | 1004 | 46 |
| 12-31-23 | 12.73 | 0.17 | <sup>•</sup> | 2.37 | 2.54 | 0.42 | 0.42 |  | 0.84 |  | 14.43 | **20.36** | 0.87 | 0.63 | 0.63 | 1.26 | 958 | 57 |
| 12-31-22 | 20.63 | 0.15 | <sup>•</sup> | (4.00) | (3.85) | 0.62 | 3.43 |  | 4.05 |  | 12.73 | **(19.76)** | 0.86 | 0.58 | 0.58 | 0.95 | 601 | 88 |
| 12-31-21 | 18.16 | 0.20 | <sup>•</sup> | 2.85 | 3.05 | 0.28 | 0.30 |  | 0.58 |  | 20.63 | **16.91** | 0.88 | 0.55 | 0.55 | 0.99 | 1022 | 60 |
| 12-31-20 | 16.78 | 0.17 |  | 2.32 | 2.49 | 0.22 | 0.89 |  | 1.11 |  | 18.16 | **15.91** | 0.93 | 0.61 | 0.61 | 0.89 | 432 | 80 |
| **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 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+ | 12.24 | (0.03) |)<sup>•</sup> | 1.15 | 1.12 |  |  |  |  |  | 13.36 | **9.15** | 0.86 | 0.76 | 0.76 | (0.46) | 41416 | 14 |
| 12-31-24 | 10.80 | 0.12 | <sup>•</sup> | 1.47 | 1.59 | 0.12 | 0.03 |  | 0.15 |  | 12.24 | **14.77** | 0.88 | 0.76 | 0.76 | 0.99 | 41569 | 39 |
| 12-31-23 | 9.45 | 0.11 | <sup>•</sup> | 1.77 | 1.88 | 0.29 | 0.24 |  | 0.53 |  | 10.80 | **20.21** | 0.87 | 0.74 | 0.74 | 1.06 | 50945 | 37 |
| 12-31-22 | 15.14 | 0.12 | <sup>•</sup> | (2.98) | (2.86) | 0.48 | 2.35 |  | 2.83 |  | 9.45 | **(19.93)** | 0.88 | 0.69 | 0.69 | 1.00 | 45825 | 75 |
| 12-31-21 | 14.99 | 0.10 | <sup>•</sup> | 2.38 | 2.48 | 0.31 | 2.02 |  | 2.33 |  | 15.14 | **17.03** | 0.93 | 0.66 | 0.66 | 0.67 | 58046 | 51 |
| 12-31-20 | 13.85 | 0.08 |  | 1.95 | 2.03 | 0.15 | 0.74 |  | 0.89 |  | 14.99 | **15.75** | 0.96 | 0.69 | 0.69 | 0.63 | 54540 | 67 |
| **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+ | 12.88 | 0.00 | <sup>\*•</sup> | 1.20 | 1.20 |  |  |  |  |  | 14.08 | **9.32** | 0.36 | 0.26 | 0.26 | 0.04 | 22674 | 14 |
| 12-31-24 | 11.35 | 0.19 | <sup>•</sup> | 1.54 | 1.73 | 0.17 | 0.03 |  | 0.20 |  | 12.88 | **15.34** | 0.38 | 0.26 | 0.26 | 1.49 | 21906 | 39 |
| 12-31-23 | 9.90 | 0.17 | <sup>•</sup> | 1.87 | 2.04 | 0.35 | 0.24 |  | 0.59 |  | 11.35 | **20.90** | 0.37 | 0.24 | 0.24 | 1.56 | 20883 | 37 |
| 12-31-22 | 15.72 | 0.19 | <sup>•</sup> | (3.10) | (2.91) | 0.56 | 2.35 |  | 2.91 |  | 9.90 | **(19.53)** | 0.38 | 0.19 | 0.19 | 1.57 | 24944 | 75 |
| 12-31-21 | 15.37 | 0.18 | <sup>•</sup> | 2.45 | 2.63 | 0.26 | 2.02 |  | 2.28 |  | 15.72 | **17.53** | 0.43 | 0.16 | 0.16 | 1.10 | 27701 | 51 |
| 12-31-20 | 14.17 | 0.13 | <sup>•</sup> | 2.03 | 2.16 | 0.22 | 0.74 |  | 0.96 |  | 15.37 | **16.38** | 0.46 | 0.19 | 0.19 | 1.00 | 34329 | 67 |
| **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+ | 12.44 | (0.01) |)<sup>•</sup> | 1.15 | 1.14 |  |  |  |  |  | 13.58 | **9.16** | 0.61 | 0.51 | 0.51 | (0.21) | 111857 | 14 |
| 12-31-24 | 10.97 | 0.15 | <sup>•</sup> | 1.49 | 1.64 | 0.14 | 0.03 |  | 0.17 |  | 12.44 | **15.07** | 0.63 | 0.51 | 0.51 | 1.24 | 99675 | 39 |
| 12-31-23 | 9.58 | 0.13 | <sup>•</sup> | 1.82 | 1.95 | 0.32 | 0.24 |  | 0.56 |  | 10.97 | **20.66** | 0.62 | 0.49 | 0.49 | 1.31 | 87505 | 37 |
| 12-31-22 | 15.33 | 0.15 | <sup>•</sup> | (3.02) | (2.87) | 0.53 | 2.35 |  | 2.88 |  | 9.58 | **(19.80)** | 0.63 | 0.44 | 0.44 | 1.32 | 86020 | 75 |
| 12-31-21 | 15.15 | 0.15 | <sup>•</sup> | 2.40 | 2.55 | 0.35 | 2.02 |  | 2.37 |  | 15.33 | **17.32** | 0.68 | 0.41 | 0.41 | 0.96 | 86021 | 51 |
| 12-31-20 | 13.99 | 0.12 | <sup>•</sup> | 1.97 | 2.09 | 0.19 | 0.74 |  | 0.93 |  | 15.15 | **16.04** | 0.71 | 0.44 | 0.44 | 0.90 | 73361 | 67 |
| **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+ | 12.37 | (0.02) |)<sup>•</sup> | 1.15 | 1.13 |  |  |  |  |  | 13.50 | **9.14** | 0.76 | 0.66 | 0.66 | (0.36) | 4252 | 14 |
| 12-31-24 | 10.91 | 0.13 | <sup>•</sup> | 1.49 | 1.62 | 0.13 | 0.03 |  | 0.16 |  | 12.37 | **14.90** | 0.78 | 0.66 | 0.66 | 1.09 | 3848 | 39 |
| 12-31-23 | 9.53 | 0.12 | <sup>•</sup> | 1.80 | 1.92 | 0.30 | 0.24 |  | 0.54 |  | 10.91 | **20.41** | 0.77 | 0.64 | 0.64 | 1.16 | 3428 | 37 |
| 12-31-22 | 15.22 | 0.11 | <sup>•</sup> | (2.97) | (2.86) | 0.48 | 2.35 |  | 2.83 |  | 9.53 | **(19.84)** | 0.78 | 0.59 | 0.59 | 0.93 | 3070 | 75 |
| 12-31-21 | 15.09 | 0.15 | <sup>•</sup> | 2.36 | 2.51 | 0.36 | 2.02 |  | 2.38 |  | 15.22 | **17.09** | 0.83 | 0.56 | 0.56 | 0.97 | 5377 | 51 |
| 12-31-20 | 13.92 | 0.13 |  | 1.93 | 2.06 | 0.15 | 0.74 |  | 0.89 |  | 15.09 | **15.86** | 0.86 | 0.59 | 0.59 | 0.80 | 3036 | 67 |
| **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 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+ | 11.99 | (0.03) |)<sup>•</sup> | 1.12 | 1.09 |  |  |  |  |  | 13.08 | **9.09** | 0.96 | 0.75 | 0.75 | (0.45) | 12778 | 20 |
| 12-31-24 | 10.61 | 0.13 | <sup>•</sup> | 1.43 | 1.56 | 0.12 | 0.06 |  | 0.18 |  | 11.99 | **14.80** | 0.98 | 0.76 | 0.76 | 1.13 | 11876 | 43 |
| 12-31-23 | 9.27 | 0.12 | <sup>•</sup> | 1.73 | 1.85 | 0.28 | 0.23 |  | 0.51 |  | 10.61 | **20.29** | 1.08 | 0.74 | 0.74 | 1.17 | 10706 | 55 |
| 12-31-22 | 14.96 | 0.12 | <sup>•</sup> | (2.95) | (2.83) | 0.44 | 2.42 |  | 2.86 |  | 9.27 | **(19.99)** | 1.05 | 0.70 | 0.70 | 1.04 | 9384 | 85 |
| 12-31-21 | 13.16 | 0.10 | <sup>•</sup> | 2.11 | 2.21 | 0.16 | 0.25 |  | 0.41 |  | 14.96 | **16.63** | 1.08 | 0.68 | 0.68 | 0.73 | 10459 | 68 |
| 12-31-20 | 12.04 | 0.10 | <sup>•</sup> | 1.67 | 1.77 | 0.12 | 0.53 |  | 0.65 |  | 13.16 | **15.62** | 1.14 | 0.70 | 0.70 | 0.85 | 8999 | 74 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (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<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> 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<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)(5)</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 Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** | **Voya Solution 2060 Portfolio (continued)** |
| **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+ | 12.35 | 0.00 | <sup>\*•</sup> | 1.16 | 1.16 |  |  |  |  |  | 13.51 | **9.39** | 0.46 | 0.25 | 0.25 | 0.05 | 5304 | 20 |
| 12-31-24 | 10.92 | 0.19 | <sup>•</sup> | 1.47 | 1.66 | 0.17 | 0.06 |  | 0.23 |  | 12.35 | **15.34** | 0.48 | 0.26 | 0.26 | 1.63 | 6474 | 43 |
| 12-31-23 | 9.52 | 0.17 | <sup>•</sup> | 1.79 | 1.96 | 0.33 | 0.23 |  | 0.56 |  | 10.92 | **20.98** | 0.58 | 0.24 | 0.24 | 1.67 | 6336 | 55 |
| 12-31-22 | 15.29 | 0.19 | <sup>•</sup> | (3.03) | (2.84) | 0.51 | 2.42 |  | 2.93 |  | 9.52 | **(19.65)** | 0.55 | 0.20 | 0.20 | 1.64 | 6855 | 85 |
| 12-31-21 | 13.41 | 0.15 | <sup>•</sup> | 2.18 | 2.33 | 0.20 | 0.25 |  | 0.45 |  | 15.29 | **17.46** | 0.58 | 0.18 | 0.18 | 1.04 | 6685 | 68 |
| 12-31-20 | 12.25 | 0.17 | <sup>•</sup> | 1.69 | 1.86 | 0.17 | 0.53 |  | 0.70 |  | 13.41 | **16.14** | 0.64 | 0.20 | 0.20 | 1.42 | 7950 | 74 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 12.06 | (0.01) |)<sup>•</sup> | 1.12 | 1.11 |  |  |  |  |  | 13.17 | **9.20** | 0.71 | 0.50 | 0.50 | (0.20) | 17985 | 20 |
| 12-31-24 | 10.67 | 0.16 | <sup>•</sup> | 1.43 | 1.59 | 0.14 | 0.06 |  | 0.20 |  | 12.06 | **15.08** | 0.73 | 0.51 | 0.51 | 1.38 | 14782 | 43 |
| 12-31-23 | 9.32 | 0.14 | <sup>•</sup> | 1.74 | 1.88 | 0.30 | 0.23 |  | 0.53 |  | 10.67 | **20.59** | 0.83 | 0.49 | 0.49 | 1.42 | 10507 | 55 |
| 12-31-22 | 15.03 | 0.16 | <sup>•</sup> | (2.97) | (2.81) | 0.48 | 2.42 |  | 2.90 |  | 9.32 | **(19.78)** | 0.80 | 0.45 | 0.45 | 1.43 | 8466 | 85 |
| 12-31-21 | 13.21 | 0.13 | <sup>•</sup> | 2.12 | 2.25 | 0.18 | 0.25 |  | 0.43 |  | 15.03 | **17.15** | 0.83 | 0.43 | 0.43 | 0.93 | 8211 | 68 |
| 12-31-20 | 12.08 | 0.13 | <sup>•</sup> | 1.68 | 1.81 | 0.15 | 0.53 |  | 0.68 |  | 13.21 | **15.90** | 0.89 | 0.45 | 0.45 | 1.15 | 6886 | 74 |
| **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+ | 12.02 | (0.02) |)<sup>•</sup> | 1.12 | 1.10 |  |  |  |  |  | 13.12 | **9.15** | 0.86 | 0.65 | 0.65 | (0.35) | 982 | 20 |
| 12-31-24 | 10.63 | 0.14 | <sup>•</sup> | 1.43 | 1.57 | 0.12 | 0.06 |  | 0.18 |  | 12.02 | **14.90** | 0.88 | 0.66 | 0.66 | 1.23 | 909 | 43 |
| 12-31-23 | 9.28 | 0.13 | <sup>•</sup> | 1.73 | 1.86 | 0.28 | 0.23 |  | 0.51 |  | 10.63 | **20.45** | 0.98 | 0.64 | 0.64 | 1.27 | 947 | 55 |
| 12-31-22 | 14.96 | 0.11 | <sup>•</sup> | (2.93) | (2.82) | 0.44 | 2.42 |  | 2.86 |  | 9.28 | **(19.93)** | 0.95 | 0.60 | 0.60 | 0.91 | 729 | 85 |
| 12-31-21 | 13.19 | 0.16 | <sup>•</sup> | 2.06 | 2.22 | 0.20 | 0.25 |  | 0.45 |  | 14.96 | **16.93** | 0.98 | 0.58 | 0.58 | 1.08 | 1234 | 68 |
| 12-31-20 | 12.07 | 0.12 | <sup>•</sup> | 1.67 | 1.79 | 0.14 | 0.53 |  | 0.67 |  | 13.19 | **15.73** | 1.04 | 0.60 | 0.60 | 1.07 | 471 | 74 |
| **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 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+ | 11.24 | (0.03) |)<sup>•</sup> | 1.06 | 1.03 |  |  |  |  |  | 12.27 | **9.16** | 1.00 | 0.75 | 0.75 | (0.48) | 4547 | 19 |
| 12-31-24 | 10.69 | 0.14 | <sup>•</sup> | 1.46 | 1.60 | 0.18 | 0.87 |  | 1.05 |  | 11.24 | **14.92** | 1.02 | 0.75 | 0.75 | 1.20 | 3891 | 42 |
| 12-31-23 | 8.89 | 0.14 | <sup>•</sup> | 1.67 | 1.81 |  | 0.01 |  | 0.01 |  | 10.69 | **20.31** | 1.20 | 0.75 | 0.75 | 1.47 | 3614 | 33 |
| 12-31-22 | 11.94 | 0.11 | <sup>•</sup> | (2.48) | (2.37) | 0.24 | 0.44 |  | 0.68 |  | 8.89 | **(19.98)** | 1.30 | 0.70 | 0.70 | 1.16 | 1988 | 89 |
| 12-31-21 | 11.55 | 0.11 | <sup>•</sup> | 1.86 | 1.97 | 0.41 | 1.17 |  | 1.58 |  | 11.94 | **17.05** | 1.61 | 0.67 | 0.67 | 0.90 | 1583 | 53 |
| 07-29-20<sup>(6)</sup>- 12-31-20 | 10.00 | 0.12 | <sup>•</sup> | 1.62 | 1.74 | 0.14 | 0.05 |  | 0.19 |  | 11.55 | **17.42** | 1.97 | 0.72 | 0.72 | 2.64 | 1012 | 24 |
| **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+ | 10.84 | 0.00 | <sup>\*•</sup> | 1.02 | 1.02 |  |  |  |  |  | 11.86 | **9.41** | 0.50 | 0.25 | 0.25 | 0.02 | 4495 | 19 |
| 12-31-24 | 10.35 | 0.19 | <sup>•</sup> | 1.41 | 1.60 | 0.24 | 0.87 |  | 1.11 |  | 10.84 | **15.47** | 0.52 | 0.25 | 0.25 | 1.70 | 4518 | 42 |
| 12-31-23 | 8.92 | 0.19 | <sup>•</sup> | 1.69 | 1.88 | 0.44 | 0.01 |  | 0.45 |  | 10.35 | **20.99** | 0.70 | 0.25 | 0.25 | 1.97 | 3247 | 33 |
| 12-31-22 | 11.97 | 0.18 | <sup>•</sup> | (2.51) | (2.33) | 0.28 | 0.44 |  | 0.72 |  | 8.92 | **(19.60)** | 0.80 | 0.20 | 0.20 | 1.77 | 2336 | 89 |
| 12-31-21 | 11.56 | 0.18 | <sup>•</sup> | 1.86 | 2.04 | 0.46 | 1.17 |  | 1.63 |  | 11.97 | **17.64** | 1.11 | 0.17 | 0.17 | 1.38 | 1692 | 53 |
| 07-29-20<sup>(6)</sup>- 12-31-20 | 10.00 | 0.12 | <sup>•</sup> | 1.65 | 1.77 | 0.16 | 0.05 |  | 0.21 |  | 11.56 | **17.69** | 1.47 | 0.22 | 0.22 | 2.60 | 1045 | 24 |
| **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+ | 11.16 | (0.01) |)<sup>•</sup> | 1.05 | 1.04 |  |  |  |  |  | 12.20 | **9.32** | 0.75 | 0.50 | 0.50 | (0.23) | 14944 | 19 |
| 12-31-24 | 10.64 | 0.17 | <sup>•</sup> | 1.44 | 1.61 | 0.22 | 0.87 |  | 1.09 |  | 11.16 | **15.09** | 0.77 | 0.50 | 0.50 | 1.45 | 11665 | 42 |
| 12-31-23 | 8.90 | 0.17 | <sup>•</sup> | 1.68 | 1.85 | 0.10 | 0.01 |  | 0.11 |  | 10.64 | **20.74** | 0.95 | 0.50 | 0.50 | 1.72 | 6958 | 33 |
| 12-31-22 | 11.95 | 0.17 | <sup>•</sup> | (2.53) | (2.36) | 0.25 | 0.44 |  | 0.69 |  | 8.90 | **(19.81)** | 1.05 | 0.45 | 0.45 | 1.70 | 3700 | 89 |
| 12-31-21 | 11.56 | 0.18 | <sup>•</sup> | 1.82 | 2.00 | 0.44 | 1.17 |  | 1.61 |  | 11.95 | **17.30** | 1.36 | 0.42 | 0.42 | 1.41 | 2431 | 53 |
| 07-29-20<sup>(6)</sup>- 12-31-20 | 10.00 | 0.13 | <sup>•</sup> | 1.63 | 1.76 | 0.15 | 0.05 |  | 0.20 |  | 11.56 | **17.61** | 1.72 | 0.47 | 0.47 | 2.84 | 955 | 24 |
| **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+ | 11.26 | (0.02) |)<sup>•</sup> | 1.06 | 1.04 |  |  |  |  |  | 12.30 | **9.24** | 0.90 | 0.65 | 0.65 | (0.38) | 379 | 19 |
| 12-31-24 | 10.72 | 0.15 | <sup>•</sup> | 1.46 | 1.61 | 0.20 | 0.87 |  | 1.07 |  | 11.26 | **14.99** | 0.92 | 0.65 | 0.65 | 1.30 | 301 | 42 |

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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** | **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 or<br> period | Net<br> investment<br> income<br> (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<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> 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<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)(5)</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 Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** |
| **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** |
| 12-31-23 | 8.90 | 0.15 | <sup>•</sup> | 1.68 | 1.83 |  | 0.01 |  | 0.01 |  | 10.72 | **20.52** | 1.10 | 0.65 | 0.65 | 1.57 | 230 | 33 |
| 12-31-22 | 11.95 | 0.11 | <sup>•</sup> | (2.48) | (2.37) | 0.24 | 0.44 |  | 0.68 |  | 8.90 | **(19.89)** | 1.20 | 0.60 | 0.60 | 1.13 | 133 | 89 |
| 12-31-21 | 11.56 | 0.16 | <sup>•</sup> | 1.82 | 1.98 | 0.42 | 1.17 |  | 1.59 |  | 11.95 | **17.11** | 1.51 | 0.57 | 0.57 | 1.26 | 114 | 53 |
| 07-29-20<sup>(6)</sup>- 12-31-20 | 10.00 | 0.10 | <sup>•</sup> | 1.65 | 1.75 | 0.14 | 0.05 |  | 0.19 |  | 11.56 | **17.52** | 1.87 | 0.62 | 0.62 | 2.18 | 26 | 24 |

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| | |
|:---|:---|
| (1) | 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. |
| (2) | Annualized for periods less than one year. |
| (3) | 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. |
| (4) | Ratios do not include expenses of underlying funds and do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| (5) | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds ("ETFs"). Net investment income (loss) of any underlying mutual funds or ETFs is not included in a Portfolio net investment income (loss) ratio to average net assets. |
| (6) | Commencement of operations. |
| \* | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| + | 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 Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-eight active separate investment series. The fourteen series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Solution Aggressive Portfolio ("Solution Aggressive"), Voya Solution Balanced Portfolio ("Solution Balanced"), Voya Solution Conservative Portfolio ("Solution Conservative"), Voya Solution Income Portfolio ("Solution Income"), Voya Solution Moderately Aggressive Portfolio ("Solution Moderately Aggressive"), Voya Solution 2025 Portfolio ("Solution 2025"), Voya Solution 2030 Portfolio ("Solution 2030"), Voya Solution 2035 Portfolio ("Solution 2035"), Voya Solution 2040 Portfolio ("Solution 2040"), Voya Solution 2045 Portfolio ("Solution 2045"), Voya Solution 2050 Portfolio ("Solution 2050"), Voya Solution 2055 Portfolio ("Solution 2055"), Voya Solution 2060 Portfolio ("Solution 2060") and Voya Solution 2065 Portfolio ("Solution 2065"). Each Portfolio is a diversified series of the Company.

Solution 2025, Solution 2030, Solution 2035, Solution 2040, Solution 2045, Solution 2050, Solution 2055, Solution 2060 and Solution 2065 are structured and managed around a specific target retirement or financial goal date ("Target Date"). When these Portfolios reach their respective Target Date, they may be combined with Solution Income, without a vote of shareholders, if approved by the Portfolios' Board of Directors (the "Board").

The classes of shares included in this report are: Adviser ("Class ADV"), Initial ("Class I"), Class R6, Service ("Class S"), and Service 2 ("Class S2"); however, each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts ("Separate Accounts") of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies ("Variable Contracts") and to certain of the Portfolios' investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans ("Qualified Plans") outside the Separate Account context. 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.

Each Portfolio seeks to achieve its investment objective by investing in other investment companies ("Underlying Funds") and uses asset allocation strategies to determine how much to invest in the Underlying Funds. The investment objective of the Portfolios is described in the respective Portfolio's prospectus.

**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 is determined each Business Day as of the close of the regular trading session ("Market Close"), as

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

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

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. 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.

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

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

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

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. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. ***Distributions to Shareholders***. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio declares and pays dividends from net investment income and capital gain 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.

D. ***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.

E. ***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.

F. ***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.

***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.

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

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

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.

G. ***Futures Contracts.*** Certain Portfolios 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 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 following each Portfolio's Portfolio of Investments. Securities held in collateralized requirements on open futures 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 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, certain Portfolios used futures to enact tactical positions and to provide the Portfolios with greater liquidity. Certain Portfolios had purchased and sold futures contracts on various equity indices. 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, the Portfolios had average notional values on futures contracts purchased and sold as disclosed below.

Please refer to the Portfolio of Investments for open futures contracts for Solution Income, Solution 2025, Solution 2040, Solution 2045, Solution 2050, Solution 2055, Solution 2060 and Solution 2065. There were no open futures contracts for any other Portfolio at June 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| Solution Aggressive | $912195 | $1035859 |
| Solution Balanced | 912195 | 828687 |
| Solution Conservative | 506775 | 414344 |
| Solution Income | 1129055 | 1143157 |
| Solution Moderately Aggressive | 2128455 | 2278891 |
| Solution 2025 | 2818195 | 2782336 |
| Solution 2030 | 304065 | 414344 |
| Solution 2035 | 2736585 | 2900406 |
| Solution 2040 | 1458793 | 1423011 |
| Solution 2045 | 12410853 | 12414158 |
| Solution 2050 | 1187137 | 1303024 |
| Solution 2055 | 4639967 | 4732319 |
| Solution 2060 | 969980 | 1063136 |
| Solution 2065 | 599053 | 535838 |

---

H. ***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 IN UNDERLYING FUNDS** 

For the period ended June 30, 2025, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Solution Aggressive | $34982789 | $37169621 |
| Solution Balanced | 27328035 | 36041465 |
| Solution Conservative | 17077789 | 20740179 |
| Solution Income | 16362381 | 21668207 |
| Solution Moderately Aggressive | 74076179 | 101355334 |
| Solution 2025 | 54802790 | 72926853 |
| Solution 2030 | 15139565 | 10367580 |
| Solution 2035 | 72052178 | 82037910 |
| Solution 2040 | 12291219 | 7843562 |
| Solution 2045 | 60912889 | 68720351 |
| Solution 2050 | 10033729 | 7431304 |
| Solution 2055 | 22973453 | 24308482 |
| Solution 2060 | 6951562 | 6865052 |
| Solution 2065 | 6165156 | 4143276 |

---

**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: 0.20% of each Portfolio's average daily nets assets invested in affiliated Underlying Funds and 0.40% of each Portfolio's average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments for all Portfolios except Solution Aggressive, Solution Balanced, Solution Conservative and Solution Moderately Aggressive. For Solution Aggressive, Solution Balanced, Solution Conservative and Solution Moderately Aggressive, the component of the management fee attributable to affiliated Underlying Funds is 0.18% of each Portfolio's average daily net assets invested in affiliated Underlying Funds

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** 

Classes ADV and S2 of the respective Portfolios have a plan of distribution (each a "Plan" and collectively, the "Plans"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio's shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio's average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% of each Portfolio's average daily net assets attributable to its Class S2 shares.

The Company has a shareholder servicing plan ("Service Plan") for the Classes ADV, S, and S2 shares of each respective Portfolio. The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Classes ADV, S, and S2 shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25%

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

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

of each applicable Portfolio's average daily net assets attributable to its Classes ADV, S, and S2 shares.

**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** |
| ReliaStar Life Insurance Company | Solution Aggressive | 6.01% |
|  | Solution Balanced | 7.10 |
| Voya Institutional Trust Company | Solution Income | 37.56 |
|  | Solution 2025 | 23.45 |
|  | Solution 2030 | 14.94 |
|  | Solution 2035 | 18.56 |
|  | Solution 2040 | 7.23 |
|  | Solution 2045 | 15.80 |
|  | Solution 2050 | 9.91 |
|  | Solution 2055 | 6.27 |
|  | Solution 2060 | 8.91 |
|  | Solution 2065 | 5.33 |
| Voya Investment Management Co. LLC | Solution 2065 | 13.93 |
| Voya Retirement Insurance and Annuity Company | Solution Aggressive | 89.14 |
|  | Solution Balanced | 87.00 |
|  | Solution Conservative | 91.73 |
|  | Solution Income | 55.75 |
|  | Solution Moderately Aggressive | 11.38 |
|  | Solution 2025 | 72.77 |
|  | Solution 2030 | 85.06 |
|  | Solution 2035 | 78.42 |
|  | Solution 2040 | 92.77 |
|  | Solution 2045 | 82.70 |
|  | Solution 2050 | 90.09 |
|  | Solution 2055 | 93.73 |
|  | Solution 2060 | 91.09 |
|  | Solution 2065 | 80.74 |

---

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** |
| Solution Aggressive | $127427 |
| Solution Balanced | 51539 |
| Solution Conservative | 33796 |
| Solution Income | 36534 |
| Solution Moderately Aggressive | 13918 |
| Solution 2025 | 80059 |
| Solution 2030 | 15118 |
| Solution 2035 | 134310 |
| Solution 2040 | 19271 |
| Solution 2045 | 165180 |
| Solution 2050 | 24718 |
| Solution 2055 | 80952 |
| Solution 2060 | 29173 |
| Solution 2065 | 21321 |

---

**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, and extraordinary expenses, to the levels listed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Class<br> ADV** | **Class<br> I** | **Class<br> R6** | **Class<br> S** | **Class<br> S2** |
| Solution Aggressive | 1.27% | 0.77% | 0.77% | 1.02% | 1.17% |
| Solution Balanced | 1.25% | 0.75% | 0.75% | 1.00% | 1.15% |
| Solution Conservative | 1.16% | 0.66% | 0.66% | 0.91% | 1.06% |
| Solution Income | 1.18% | 0.68% | N/A | 0.93% | 1.08% |
| Solution Moderately Aggressive | 1.38% | 0.88% | 0.88% | 1.13% | 1.28% |
| Solution 2025 | 1.28% | 0.78% | N/A | 1.03% | 1.18% |
| Solution 2030 | 1.29% | 0.79% | N/A | 1.04% | 1.19% |
| Solution 2035 | 1.33% | 0.83% | N/A | 1.08% | 1.23% |
| Solution 2040 | 1.33% | 0.83% | N/A | 1.08% | 1.23% |
| Solution 2045 | 1.36% | 0.86% | N/A | 1.11% | 1.26% |
| Solution 2050 | 1.36% | 0.86% | N/A | 1.11% | 1.26% |
| Solution 2055 | 1.36% | 0.86% | N/A | 1.11% | 1.26% |
| Solution 2060 | 1.37% | 0.87% | N/A | 1.12% | 1.27% |
| Solution 2065 | 1.37% | 0.87% | N/A | 1.12% | 1.27% |

---

Pursuant to a side letter agreement, through May 1, 2026, the Investment Adviser has further lowered the expense

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

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

limits for the following Portfolios. 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 this side letter agreements will continue. 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Class <br> ADV** | **Class<br> I** | **Class<br> S** | **Class <br> S2** |
| Solution 2025 | 1.22% | 0.72% | 0.97% | 1.12% |
| Solution 2030 | 1.22% | 0.72% | 0.97% | 1.12% |
| Solution 2035 | 1.23% | 0.73% | 0.98% | 1.13% |
| Solution 2040 | 1.23% | 0.73% | 0.98% | 1.13% |
| Solution 2045 | 1.25% | 0.75% | 1.00% | 1.15% |
| Solution 2050 | 1.26% | 0.76% | 1.01% | 1.16% |
| Solution 2055 | 1.28% | 0.78% | 1.03% | 1.18% |
| Solution 2060 | 1.28% | 0.78% | 1.03% | 1.18% |
| Solution 2065 | 1.28% | 0.78% | 1.03% | 1.18% |

---

The operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio will vary based on each Portfolio's allocation of assets to, and the net expenses of, a particular Underlying Fund.

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 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** |
| Solution Conservative | $21292 | $13514 | $— | $34806 |
| Solution Income | 52086 | 7481 | 4900 | 64467 |

---

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** |
| **Solution Aggressive** |  |  |  |  |
| Class ADV | $3445 | $4671 | $5291 | $13407 |
| Class I | 972 | 1805 | 195572 | 198349 |
| Class S | 2770 | 2494 | 6010 | 11274 |
| Class S2 | 1467 | 2461 | 2475 | 6403 |
| **Solution Balanced** |  |  |  |  |
| Class ADV | $— | $— | $360 | $360 |
| Class I |  |  | 4815 | 4815 |
| Class S |  |  | 566 | 566 |
| Class S2 |  |  | 47 | 47 |
| **Solution Conservative** |  |  |  |  |
| Class ADV | $2634 | $2367 | $3654 | $8655 |
| Class I | 269 | 397 | 42606 | 43272 |
| Class R6 |  | 175 |  | 175 |
| Class S | 1472 | 1438 | 7739 | 10649 |
| Class S2 | 834 | 584 | 1528 | 2946 |
| **Solution Income** |  |  |  |  |
| Class ADV | $23332 | $48222 | $31956 | $103510 |
| Class I | 5894 | 9109 | 6114 | 21117 |
| Class S | 16351 | 32271 | 23368 | 71990 |
| Class S2 | 741 | 1516 | 997 | 3254 |

---

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 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

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

**NOTE 8 — LINE OF CREDIT (continued)**

generally must be made within 60 days after the date of a revolving credit advance.

The below Portfolios utilized the line of credit during the period ended June 30, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| Solution Moderately Aggressive | 1 | $1034000 | 5.33% |

---

**NOTE 9 — 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** | **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>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Solution Aggressive** | **Solution Aggressive** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 40191 |  |  | (33082) |  | 7109 | 579914 |  |  | (481972) |  | 97942 |
| 12/31/2024 | 62273 |  | 843 | (75855) |  | (12739) | 848510 |  | 11299 | (1032736) |  | (172927) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 276859 |  |  | (535754) |  | (258895) | 4202889 |  |  | (7981964) |  | (3779075) |
| 12/31/2024 | 259958 | 10103742 | 54840 | (683171) |  | 9735369 | 3827696 | 146758117 | 761722 | (10068066) |  | 141279469 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 207888 |  |  | (147129) |  | 60759 | 3135492 |  |  | (2217259) |  | 918233 |
| 12/31/2024 | 406779 |  | 10955 | (444287) |  | (26553) | 5758535 |  | 152380 | (6198216) |  | (287301) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 36098 |  |  | (70285) |  | (34187) | 524388 |  |  | (1057636) |  | (533248) |
| 12/31/2024 | 49823 | 169694 | 1184 | (46668) |  | 174033 | 714556 | 2426866 | 16206 | (661451) |  | 2496177 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 7686 |  |  | (13873) |  | (6187) | 109510 |  |  | (194882) |  | (85372) |
| 12/31/2024 | 18117 |  | 462 | (46315) |  | (27736) | 241359 |  | 6134 | (633379) |  | (385886) |
| **Solution Balanced** | **Solution Balanced** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 50729 |  |  | (208980) |  | (158251) | 472046 |  |  | (1971830) |  | (1499784) |
| 12/31/2024 | 245134 |  |  | (203421) |  | 41713 | 2296815 |  |  | (1791436) |  | 505379 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 360433 |  |  | (1069749) |  | (709316) | 3544740 |  |  | (10580822) |  | (7036082) |
| 12/31/2024 | 523218 | 13800389 | 75090 | (871150) |  | 13527547 | 5043548 | 132484426 | 704345 | (8440718) |  | 129791601 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 230965 |  |  | (280365) |  | (49400) | 2302793 |  |  | (2713265) |  | (410472) |
| 12/31/2024 | 510393 |  | 13945 | (466559) |  | 57779 | 4743626 |  | 130801 | (4425231) |  | 449196 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 119591 |  |  | (267157) |  | (147566) | 1139206 |  |  | (2543346) |  | (1404140) |
| 12/31/2024 | 242252 | 150415 | 5054 | (454992) |  | (57271) | 2191771 | 1389322 | 45686 | (4150245) |  | (523466) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 7500 |  |  | (13364) |  | (5864) | 71182 |  |  | (123764) |  | (52582) |
| 12/31/2024 | 17661 |  | 227 | (11745) |  | 6143 | 157562 |  | 2051 | (105690) |  | 53923 |
| **Solution Conservative** | **Solution Conservative** | **Solution Conservative** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 21712 |  |  | (26569) |  | (4857) | 222138 |  |  | (271202) |  | (49064) |
| 12/31/2024 | 39598 | 354630 | 1202 | (135467) |  | 259963 | 393967 | 3531806 | 12023 | (1336838) |  | 2600958 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 289066 |  |  | (633388) |  | (344322) | 2987993 |  |  | (6579499) |  | (3591506) |
| 12/31/2024 | 1113754 | 5550268 | 25229 | (400847) |  | 6288404 | 11230547 | 55966712 | 255062 | (4092724) |  | 63359597 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 204747 |  |  | (155495) |  | 49252 | 2122311 |  |  | (1606434) |  | 515877 |
| 12/31/2024 | 171128 | 1130615 | 7419 | (298580) |  | 1010582 | 1727424 | 11391466 | 74930 | (3020993) |  | 10172827 |

---

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

**NOTE 9 — 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)** |
| **Year or** |  |  |  |  |  |  |  |  |  |  |  |  |
| **period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Solution Conservative (continued)** | **Solution Conservative (continued)** | **Solution Conservative (continued)** |  |  |  |  |  |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 44779 |  |  | (224819) |  | (180040) | 460382 |  |  | (2321163) |  | (1860781) |
| 12/31/2024 | 86643 | 1867293 | 4501 | (1039929) |  | 918508 | 867402 | 18698959 | 45141 | (10442943) |  | 9168559 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 28168 |  |  | (18478) |  | 9690 | 283011 |  |  | (186555) |  | 96456 |
| 12/31/2024 | 34498 | 126602 | 695 | (3406) |  | 158389 | 338605 | 1249185 | 6882 | (33940) |  | 1560732 |
| **Solution Income** | **Solution Income** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 187623 |  |  | (569051) |  | (381428) | 1943276 |  |  | (5859367) |  | (3916091) |
| 12/31/2024 | 227514 |  | 232388 | (2858059) |  | (2398157) | 2295790 |  | 2344795 | (29212088) |  | (24571503) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 43882 |  |  | (132663) |  | (88781) | 469235 |  |  | (1408568) |  | (939333) |
| 12/31/2024 | 109587 |  | 44560 | (667618) |  | (513471) | 1137595 |  | 462973 | (6894356) |  | (5293788) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 210316 |  |  | (386239) |  | (175923) | 2233272 |  |  | (4082620) |  | (1849348) |
| 12/31/2024 | 335548 |  | 160210 | (1479863) |  | (984105) | 3458932 |  | 1650168 | (15421742) |  | (10312642) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 10122 |  |  | (25429) |  | (15307) | 103825 |  |  | (261454) |  | (157629) |
| 12/31/2024 | 14968 |  | 7599 | (115042) |  | (92475) | 150145 |  | 75839 | (1156267) |  | (930283) |
| **Class T(1)** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 175 |  |  | (6681) |  | (6506) | 1916 |  |  | (73284) |  | (71368) |
| **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 40949 |  |  | (136015) |  | (95066) | 499285 |  |  | (1651330) |  | (1152045) |
| 12/31/2024 | 200761 |  | 42889 | (328432) |  | (84782) | 2318701 |  | 491509 | (3855492) |  | (1045282) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 13877 |  |  | (34043) |  | (20166) | 175581 |  |  | (431084) |  | (255503) |
| 12/31/2024 | 145592 |  | 15908 | (67086) |  | 94414 | 1689063 |  | 187712 | (809303) |  | 1067472 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 475112 |  |  | (235784) |  | 239328 | 6019345 |  |  | (3006148) |  | 3013197 |
| 12/31/2024 | 525253 |  | 71521 | (568131) |  | 28643 | 6327406 |  | 843234 | (6720273) |  | 450367 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 129052 |  |  | (2688435) |  | (2559383) | 1633304 |  |  | (33512482) |  | (31879178) |
| 12/31/2024 | 201196 |  | 799978 | (6035394) |  | (5034220) | 2421480 |  | 9295743 | (71736647) |  | (60019424) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 8829 |  |  | (8959) |  | (130) | 109880 |  |  | (109279) |  | 601 |
| 12/31/2024 | 15346 |  | 2845 | (15137) |  | 3054 | 181326 |  | 33119 | (180926) |  | 33519 |
| **Solution 2025** | **Solution 2025** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 212527 |  |  | (1542584) |  | (1330057) | 2071159 |  |  | (14937800) |  | (12866641) |
| 12/31/2024 | 844795 |  | 346699 | (5766593) |  | (4575099) | 7922751 |  | 3248567 | (54946239) |  | (43774921) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 255910 |  |  | (419346) |  | (163436) | 2628768 |  |  | (4247279) |  | (1618511) |
| 12/31/2024 | 507335 |  | 64213 | (1852267) |  | (1280719) | 4919488 |  | 627365 | (17743080) |  | (12196227) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 618852 |  |  | (1360399) |  | (741547) | 6148633 |  |  | (13522301) |  | (7373668) |
| 12/31/2024 | 738024 |  | 517967 | (4924205) |  | (3668214) | 7116310 |  | 4962120 | (47783151) |  | (35704721) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 120692 |  |  | (101587) |  | 19105 | 1155570 |  |  | (974812) |  | 180758 |
| 12/31/2024 | 80651 |  | 16230 | (232397) |  | (135516) | 739525 |  | 149152 | (2149092) |  | (1260415) |
| **Class T(1)** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (30078) |  | (30078) |  |  |  | (299041) |  | (299041) |
| **Solution 2030** | **Solution 2030** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 187631 |  |  | (228963) |  | (41332) | 2726234 |  |  | (3307611) |  | (581377) |
| 12/31/2024 | 230110 |  | 27231 | (382300) |  | (124959) | 3202480 |  | 376602 | (5315855) |  | (1736773) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 85120 |  |  | (87501) |  | (2381) | 1305292 |  |  | (1322400) |  | (17108) |
| 12/31/2024 | 265131 |  | 11941 | (432591) |  | (155519) | 3866075 |  | 172550 | (6139671) |  | (2101046) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 411979 |  |  | (88641) |  | 323338 | 6196166 |  |  | (1353002) |  | 4843164 |

---

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**<br>**sold** | **Shares<br> issued in**<br>**merger** | **Reinvestment<br> of**<br>**distributions** | **Shares**<br>**redeemed** | **Shares**<br>**converted** | **Net increase <br> (decrease) in <br> shares**<br>**outstanding** | **Shares**<br>**sold** | **Proceeds <br> from <br> shares <br> issued in**<br>**merger** | **Reinvestment<br> of**<br>**distributions** | **Shares**<br>**redeemed** | **Shares**<br>**converted** | **Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** | **Solution 2030 (continued)** |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 624188 |  | 26849 | (392791) |  | 258246 | 8969770 |  | 383674 | (5766657) |  | 3586787 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 7807 |  |  | (3423) |  | 4384 | 115206 |  |  | (50223) |  | 64983 |
| 12/31/2024 | 20313 |  | 1362 | (27819) |  | (6144) | 287858 |  | 19147 | (400060) |  | (93055) |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (302) |  | (302) |  |  |  | (4180) |  | (4180) |
| **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** | **Solution 2035** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 344571 |  |  | (1335733) |  | (991162) | 3553207 |  |  | (13814160) |  | (10260953) |
| 12/31/2024 | 1280272 |  | 274768 | (5303826) |  | (3748786) | 12643236 |  | 2703713 | (54025687) |  | (38678738) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 372793 |  |  | (646927) |  | (274134) | 4065796 |  |  | (6943230) |  | (2877434) |
| 12/31/2024 | 867142 |  | 86616 | (1951537) |  | (997779) | 8917712 |  | 890415 | (19580736) |  | (9772609) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 917914 |  |  | (948362) |  | (30448) | 9827661 |  |  | (10187491) |  | (359830) |
| 12/31/2024 | 1690799 |  | 572767 | (4296809) |  | (2033243) | 17189862 |  | 5773495 | (44174747) |  | (21211390) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 138430 |  |  | (117118) |  | 21312 | 1380057 |  |  | (1171856) |  | 208201 |
| 12/31/2024 | 78257 |  | 15163 | (335905) |  | (242485) | 748636 |  | 143445 | (3115082) |  | (2223001) |
| **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** | **Solution 2040** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 129622 |  |  | (85893) |  | 43729 | 2029462 |  |  | (1323139) |  | 706323 |
| 12/31/2024 | 303694 |  | 15208 | (201993) |  | 116909 | 4518584 |  | 223408 | (3021351) |  | 1720641 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 67194 |  |  | (54257) |  | 12937 | 1113786 |  |  | (879044) |  | 234742 |
| 12/31/2024 | 129731 |  | 5474 | (210318) |  | (75113) | 2008681 |  | 84198 | (3072835) |  | (979956) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 285709 |  |  | (95252) |  | 190457 | 4612012 |  |  | (1528911) |  | 3083101 |
| 12/31/2024 | 445267 |  | 17285 | (219656) |  | 242896 | 6893393 |  | 262034 | (3457000) |  | 3698427 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 9530 |  |  | (226) |  | 9304 | 151055 |  |  | (3616) |  | 147439 |
| 12/31/2024 | 34580 |  | 1447 | (33267) |  | 2760 | 510797 |  | 21367 | (511919) |  | 20245 |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (301) |  | (301) |  |  |  | (4373) |  | (4373) |
| **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** | **Solution 2045** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 303375 |  |  | (1045782) |  | (742407) | 3142761 |  |  | (10839565) |  | (7696804) |
| 12/31/2024 | 984610 |  | 170728 | (3972977) |  | (2817639) | 9635643 |  | 1652649 | (40299462) |  | (29011170) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 234164 |  |  | (296312) |  | (62148) | 2590866 |  |  | (3191233) |  | (600367) |
| 12/31/2024 | 665862 |  | 55839 | (1729926) |  | (1008225) | 6827438 |  | 570115 | (17270889) |  | (9873336) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 754938 |  |  | (772044) |  | (17106) | 8035565 |  |  | (8315779) |  | (280214) |
| 12/31/2024 | 1282085 |  | 397348 | (3910178) |  | (2230745) | 12945812 |  | 3937723 | (39182704) |  | (22299169) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 27878 |  |  | (145632) |  | (117754) | 287418 |  |  | (1487866) |  | (1200448) |
| 12/31/2024 | 63838 |  | 7800 | (233171) |  | (161533) | 616630 |  | 74022 | (2170911) |  | (1480259) |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (6980) |  | (6980) |  |  |  | (71957) |  | (71957) |
| **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** | **Solution 2050** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 111095 |  |  | (144381) |  | (33286) | 1819685 |  |  | (2308713) |  | (489028) |
| 12/31/2024 | 184731 |  | 10513 | (230229) |  | (34985) | 2844424 |  | 160015 | (3648154) |  | (643715) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 44024 |  |  | (89568) |  | (45544) | 761735 |  |  | (1504621) |  | (742886) |
| 12/31/2024 | 146747 |  | 5101 | (197603) |  | (45755) | 2386460 |  | 81815 | (3055084) |  | (586809) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 249189 |  |  | (32990) |  | 216199 | 4213878 |  |  | (571292) |  | 3642586 |
| 12/31/2024 | 334568 |  | 12952 | (212754) |  | 134766 | 5346913 |  | 203728 | (3513850) |  | 2036791 |

---

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**<br>**sold** | **Shares issued in**<br>**merger** | **Reinvestment<br> of**<br>**distributions** | **Shares**<br>**redeemed** | **Shares**<br>**converted** | **Net increase <br> (decrease) in <br> shares**<br>**outstanding** | **Shares**<br>**sold** | **Proceeds <br> from <br> shares <br> issued in**<br>**merger** | **Reinvestment<br> of**<br>**distributions** | **Shares**<br>**redeemed** | **Shares**<br>**converted** | **Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** | **Solution 2050 (continued)** |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 6191 |  |  | (2149) |  | 4042 | 104158 |  |  | (35511) |  | 68647 |
| 12/31/2024 | 27431 |  | 621 | (33141) |  | (5089) | 428875 |  | 9575 | (534147) |  | (95697) |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (302) |  | (302) |  |  |  | (4598) |  | (4598) |
| **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** | **Solution 2055** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 180780 |  |  | (474889) |  | (294109) | 2271853 |  |  | (5811071) |  | (3539218) |
| 12/31/2024 | 500117 |  | 58724 | (1879412) |  | (1320571) | 5814050 |  | 675917 | (22816537) |  | (16326570) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 137424 |  |  | (228476) |  | (91052) | 1811808 |  |  | (2891892) |  | (1080084) |
| 12/31/2024 | 403454 |  | 26310 | (568693) |  | (138929) | 4914917 |  | 318089 | (6647712) |  | (1414706) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 398317 |  |  | (177834) |  | 220483 | 5031242 |  |  | (2286535) |  | 2744707 |
| 12/31/2024 | 780331 |  | 114769 | (857437) |  | 37663 | 9302753 |  | 1340499 | (10336758) |  | 306494 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 27128 |  |  | (23262) |  | 3866 | 342512 |  |  | (290999) |  | 51513 |
| 12/31/2024 | 69219 |  | 3945 | (76183) |  | (3019) | 817796 |  | 45878 | (905321) |  | (41647) |
| **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** | **Solution 2060** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 86177 |  |  | (99634) |  | (13457) | 1047492 |  |  | (1184880) |  | (137388) |
| 12/31/2024 | 230050 |  | 16185 | (264421) |  | (18186) | 2640959 |  | 182401 | (3105843) |  | (282483) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 65812 |  |  | (197208) |  | (131396) | 828781 |  |  | (2394150) |  | (1565369) |
| 12/31/2024 | 170577 |  | 9633 | (236218) |  | (56008) | 2011799 |  | 111643 | (2638557) |  | (515115) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 205660 |  |  | (65834) |  | 139826 | 2515734 |  |  | (802063) |  | 1713671 |
| 12/31/2024 | 388244 |  | 19532 | (166426) |  | 241350 | 4488479 |  | 221100 | (1971637) |  | 2737942 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 12638 |  |  | (13401) |  | (763) | 154447 |  |  | (158243) |  | (3796) |
| 12/31/2024 | 30096 |  | 1082 | (44664) |  | (13486) | 345180 |  | 12228 | (515816) |  | (158408) |
| **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** | **Class T<sup>(1)</sup>** |
| 6/30/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (509) |  | (509) |  |  |  | (5643) |  | (5643) |
| **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** | **Solution 2065** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 61419 |  |  | (37130) |  | 24289 | 699042 |  |  | (429171) |  | 269871 |
| 12/31/2024 | 141094 |  | 30167 | (162923) |  | 8338 | 1627507 |  | 343925 | (1967517) |  | 3915 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 85180 |  |  | (123094) |  | (37914) | 937578 |  |  | (1314008) |  | (376430) |
| 12/31/2024 | 152032 |  | 38838 | (87618) |  | 103252 | 1725752 |  | 426411 | (978410) |  | 1173753 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 261929 |  |  | (82203) |  | 179726 | 2947722 |  |  | (922469) |  | 2025253 |
| 12/31/2024 | 406826 |  | 91249 | (107134) |  | 390941 | 4739191 |  | 1031004 | (1235437) |  | 4534758 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 6820 |  |  | (2769) |  | 4051 | 78481 |  |  | (32621) |  | 45860 |
| 12/31/2024 | 10496 |  | 2301 | (7470) |  | 5327 | 124113 |  | 26225 | (91896) |  | 58442 |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (369) |  | (369) |  |  |  | (4130) |  | (4130) |

---

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

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

**NOTE 10 — 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, straddle loss deferrals 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** |
| Solution Aggressive | $409816 | $537925 | $778810 | $1318253 |
| Solution Balanced | 882883 |  | 1917897 | 3009620 |
| Solution Conservative | 394037 |  | 448973 | 195232 |
| Solution Income | 4533775 |  | 5571811 | 1818555 |
| Solution Moderately Aggressive | 7456325 | 3394992 | 15229278 | 25858545 |
| Solution 2025 | 8987204 |  | 11598031 | 7645727 |
| Solution 2030 | 951973 |  | 1286006 | 785743 |
| Solution 2035 | 9511068 |  | 18417405 | 17517448 |
| Solution 2040 | 591007 |  | 1293092 | 971836 |
| Solution 2045 | 6234509 |  | 13848900 | 20996260 |
| Solution 2050 | 455133 |  | 996045 | 933824 |
| Solution 2055 | 1973920 | 406463 | 4495214 | 3430509 |
| Solution 2060 | 363764 | 163608 | 731268 | 575557 |
| Solution 2065 | 426969 | 1400596 | 185000 | 19098 |

---

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)** |
| Solution Aggressive | $4637866 | $11186227 | $11584588 | $— |  | $27408681 |
| Solution Balanced | 4735380 | 5102300 | 4317447 |  |  | 14155127 |
| Solution Conservative | 2524150 |  | (5034571) | (30519) | Short-term | (4208908) |
|  |  |  |  | (1667968) | Long-term |  |
|  |  |  |  | $(1698487) |  |  |
| Solution Income | 5218717 |  | (8398997) | (9100095) | Long-term | (12280375) |
| Solution Moderately Aggressive | 11707197 | 24284852 | 16664544 |  |  | 52656593 |
| Solution 2025 | 10951121 |  | (15122975) | (4007952) | Long-term | (8179806) |
| Solution 2030 | 1447060 | 1632028 | (1830038) |  |  | 1249050 |
| Solution 2035 | 22295297 | 11843618 | 9567250 |  |  | 43706165 |
| Solution 2040 | 1008529 | 2107837 | (104431) |  |  | 3011935 |
| Solution 2045 | 11401917 | 16895566 | 18425655 |  |  | 46723138 |
| Solution 2050 | 749143 | 3164475 | 507818 |  |  | 4421436 |
| Solution 2055 | 5848715 | 9680485 | 5334564 |  |  | 20863764 |
| Solution 2060 | 725470 | 2439175 | 202827 |  |  | 3367472 |
| Solution 2065 |  | 342776 | 405759 |  |  | 748535 |

---

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

**NOTE 10 — FEDERAL INCOME TAXES (continued)**

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 11 — 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 12 — REORGANIZATIONS**

On July 12, 2024, Solution Aggressive Portfolio ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of Voya Strategic Allocation Growth Portfolio ("Acquired Portfolio") an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2024, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2024, are as follows (Unaudited):

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

**NOTE 12 — REORGANIZATIONS (continued)**

---

| | |
|:---|:---|
| Net investment income | $2712635 |
| Net realized and unrealized gain on investments | $47881913 |
| Net increase in net assets resulting from operations | $50594548 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio's statement of operations since July 12, 2024. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Net**<br>**Assets of**<br>**Acquired**<br>**Portfolio**<br>**(000s)** | <br>**Total Net Assets of**<br>**Acquiring Portfolio**<br>**(000s)** | <br>**Acquired Portfolio's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** | <br>**Acquired Portfolio's**<br>**Unrealized**<br>**Appreciation (000s)** | <br>**Portfolio's**<br>**Conversion**<br>**Ratio** |
| $149185 | $38924 | $(2007) | $23705 | 0.9581 |

---

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $188,109,104.

On July 12, 2024, Solution Balanced Portfolio ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of Voya Strategic Allocation Moderate Portfolio ("Acquired Portfolio") an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2024, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2024, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $4459585 |
| Net realized and unrealized gain on investments | $32957846 |
| Net increase in net assets resulting from operations | $37417431 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio's statement of operations since July 12, 2024. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Net**<br>**Assets of**<br>**Acquired**<br>**Portfolio**<br>**(000s)** | <br>**Total Net Assets of**<br>**Acquiring Portfolio**<br>**(000s)** | <br>**Acquired Portfolio's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** | <br>**Acquired Portfolio's**<br>**Unrealized**<br>**Appreciation (000s)** | <br>**Portfolio's**<br>**Conversion**<br>**Ratio** |
| $133874 | $56646 | $(1590) | $15410 | 1.3812 |

---

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $190,519,808.

On July 12, 2024, Solution Conservative Portfolio ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of Voya Strategic Allocation Conservative Portfolio ("Acquired Portfolio 1") and Voya Solution Moderately Conservative Portfolio ("Acquired Portfolio 2"), open-end investment companies that are not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolios were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

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

**NOTE 12 — REORGANIZATIONS (continued)**

Assuming the acquisition had been completed on January 1, 2024, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2024, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $3415439 |
| Net realized and unrealized gain on investments | $4871222 |
| Net increase in net assets resulting from operations | $8286661 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolios that have been included in the Acquiring Portfolio's statement of operations since July 12, 2024. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Acquired**<br>**Portfolios** | **Total Net**<br>**Assets of**<br>**Acquired**<br>**Portfolios**<br>**(000s)** | <br>**Total Net Assets of**<br>**Acquiring Portfolios**<br>**(000s)** | <br>**Acquired Portfolio's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** | **Acquired Portfolio's**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)**<br>**(000s)** | <br>**Portfolios'**<br>**Conversion**<br>**Ratio** |
| **Acquired Portfolio 1** | $58839 | $9662 | $— | $1029 | 1.1132 |
| **Acquired Portfolio 2** | $31999 | $9662 | $(895) | $(168) | 0.9032 |

---

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $100,500,474.

**NOTE 13 — 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 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 Portfolio's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — SUBSEQUENT EVENTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per Share Amounts** | **Per Share Amounts** | **Per Share Amounts** | | |
|  | **Net Investment**<br>**Income** | **Short-term Capital**<br>**Gains** | **Long-term Capital**<br>**Gains** | <br>**Payable Date** | <br>**Record Date** |
| **Solution Aggressive** |  |  |  |  |  |
| Class ADV | $0.2334 | $0.0707 | $0.9120 | August 4, 2025 | August 1, 2025 |
| Class I | $0.3099 | $0.0707 | $0.9120 | August 4, 2025 | August 1, 2025 |
| Class R6 | $0.3137 | $0.0707 | $0.9120 | August 4, 2025 | August 1, 2025 |
| Class S | $0.2781 | $0.0707 | $0.9120 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2289 | $0.0707 | $0.9120 | August 4, 2025 | August 1, 2025 |

---

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

**NOTE 14 — SUBSEQUENT EVENTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Solution Balanced** |  |  |  |  |  |
| Class ADV | $0.1935 | $0.0163 | $0.2746 | August 4, 2025 | August 1, 2025 |
| Class I | $0.2433 | $0.0163 | $0.2746 | August 4, 2025 | August 1, 2025 |
| Class R6 | $0.2465 | $0.0163 | $0.2746 | August 4, 2025 | August 1, 2025 |
| Class S | $0.2135 | $0.0163 | $0.2746 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2017 | $0.0163 | $0.2746 | August 4, 2025 | August 1, 2025 |
| **Solution Conservative** |  |  |  |  |  |
| Class ADV | $0.2396 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.2772 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class R6 | $0.2813 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.2886 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2553 | $- | $- | August 4, 2025 | August 1, 2025 |
| **Solution Income** |  |  |  |  |  |
| Class ADV | $0.3675 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.4335 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.4037 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.3768 | $- | $- | August 4, 2025 | August 1, 2025 |
| **Solution Moderately Aggressive** |  |  |  |  |  |
| Class ADV | $0.2705 | $0.0365 | $0.7029 | August 4, 2025 | August 1, 2025 |
| Class I | $0.3355 | $0.0365 | $0.7029 | August 4, 2025 | August 1, 2025 |
| Class R6 | $0.3364 | $0.0365 | $0.7029 | August 4, 2025 | August 1, 2025 |
| Class S | $0.3002 | $0.0365 | $0.7029 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2862 | $0.0365 | $0.7029 | August 4, 2025 | August 1, 2025 |
| **Solution 2025** |  |  |  |  |  |
| Class ADV | $0.2807 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.3459 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.3184 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.3061 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class ADV | $0.1344 | $0.0446 | $0.5036 | August 7, 2025 | August 6, 2025 |
| Class I | $0.1650 | $0.0446 | $0.5036 | August 7, 2025 | August 6, 2025 |
| Class S | $0.1501 | $0.0446 | $0.5036 | August 7, 2025 | August 6, 2025 |
| Class S2 | $0.1428 | $0.0446 | $0.5036 | August 7, 2025 | August 6, 2025 |
| **Solution 2030** |  |  |  |  |  |
| Class ADV | $0.3041 | $0.0039 | $0.3782 | August 4, 2025 | August 1, 2025 |
| Class I | $0.3789 | $0.0039 | $0.3782 | August 4, 2025 | August 1, 2025 |
| Class S | $0.3502 | $0.0039 | $0.3782 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.3210 | $0.0039 | $0.3782 | August 4, 2025 | August 1, 2025 |
| **Solution 2035** |  |  |  |  |  |
| Class ADV | $0.2254 | $0.1672 | $0.2244 | August 4, 2025 | August 1, 2025 |
| Class I | $0.2886 | $0.1672 | $0.2244 | August 4, 2025 | August 1, 2025 |
| Class S | $0.2622 | $0.1672 | $0.2244 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2486 | $0.1672 | $0.2244 | August 4, 2025 | August 1, 2025 |
| **Solution 2040** |  |  |  |  |  |
| Class ADV | $0.2756 | $- | $0.6322 | August 4, 2025 | August 1, 2025 |
| Class I | $0.3468 | $- | $0.6322 | August 4, 2025 | August 1, 2025 |
| Class S | $0.3153 | $- | $0.6322 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2902 | $- | $0.6322 | August 4, 2025 | August 1, 2025 |
| **Solution 2045** |  |  |  |  |  |
| Class ADV | $0.1791 | $0.0661 | $0.4043 | August 4, 2025 | August 1, 2025 |
| Class I | $0.2416 | $0.0661 | $0.4043 | August 4, 2025 | August 1, 2025 |
| Class S | $0.2155 | $0.0661 | $0.4043 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.1913 | $0.0661 | $0.4043 | August 4, 2025 | August 1, 2025 |
| **Solution 2050** |  |  |  |  |  |
| Class ADV | $0.2431 | $- | $1.1816 | August 4, 2025 | August 1, 2025 |

---

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

**NOTE 14 — SUBSEQUENT EVENTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I | $0.3273 | $- | $1.1816 | August 4, 2025 | August 1, 2025 |
| Class S | $0.2937 | $- | $1.1816 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2628 | $- | $1.1816 | August 4, 2025 | August 1, 2025 |
| **Solution 2055** |  |  |  |  |  |
| Class ADV | $0.1751 | $0.2210 | $0.7316 | August 4, 2025 | August 1, 2025 |
| Class I | $0.2598 | $0.2210 | $0.7316 | August 4, 2025 | August 1, 2025 |
| Class S | $0.2308 | $0.2210 | $0.7316 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2129 | $0.2210 | $0.7316 | August 4, 2025 | August 1, 2025 |
| **Solution 2060** |  |  |  |  |  |
| Class ADV | $0.1846 | $0.0387 | $0.8800 | August 4, 2025 | August 1, 2025 |
| Class I | $0.2466 | $0.0387 | $0.8800 | August 4, 2025 | August 1, 2025 |
| Class S | $0.2210 | $0.0387 | $0.8800 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.1947 | $0.0387 | $0.8800 | August 4, 2025 | August 1, 2025 |
| **Solution 2065** |  |  |  |  |  |
| Class ADV | $0.0026 | $- | $0.0101 | August 4, 2025 | August 1, 2025 |
| Class I | $0.0026 | $- | $0.0101 | August 4, 2025 | August 1, 2025 |
| Class S | $0.0026 | $- | $0.0101 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.0026 | $- | $0.0101 | August 4, 2025 | August 1, 2025 |

---

*Reorganization:* On November 12, 2024, the Board approved the reorganization of Solution 2025 into Solution Income on or about August 8, 2025. Following the reorganization, shareholders of Solution 2025 hold shares of Solution Income.

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 Solution Aggressive Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **MUTUAL FUNDS: 100.0%** | **MUTUAL FUNDS: 100.0%** | **MUTUAL FUNDS: 100.0%** | **MUTUAL FUNDS: 100.0%** |
|  | **Affiliated Investment Companies: 100.0%** | **Affiliated Investment Companies: 100.0%** | **Affiliated Investment Companies: 100.0%** |
| 655596 | Voya Intermediate Bond Fund - Class R6 | $5762687 | 2.9 |
| 591062 | Voya International Index Portfolio - Class I | 7719263 | 3.9 |
| 1753427 | Voya Large Cap Value Portfolio - Class R6 | 11747962 | 5.9 |
| 128230 | Voya Large-Cap Growth Fund - Class R6 | 8182385 | 4.1 |
| 630396 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 7142384 | 3.6 |
| 1673391 | Voya Multi-Manager International Equity Fund - Class I | 20214561 | 10.2 |
| 1012619 | Voya Multi-Manager Mid Cap Value Fund - Class I | 9609757 | 4.9 |
| 158248 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 12180336 | 6.2 |
| 121680 | Voya Small Cap Growth Fund - Class R6 | 4997379 | 2.5 |
| 540709 | Voya Small Company Fund - Class R6 | 7861914 | 4.0 |
| 3346689 | Voya U.S. Stock Index Portfolio - Class I | 71920341 | 36.3 |
| 266771 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 5935648 | 3.0 |
| 486739 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 14621636 | 7.4 |
| 791839 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 10024678 | 5.1 |
|  | Total Mutual Funds <br> (Cost $170,875,485) | **197920931** | **100.0** |
|  | **Total Investments in Securities <br> (Cost $170,875,485)** | $**197920931** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **63121** | **0.0** |
|  | **Net Assets** | $**197984052** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution Aggressive 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)** |<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** |  |  |  |  |
| Mutual Funds | $197920931 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $197920931 |
| Total Investments, at fair value | $197920931 | $— | $— | $197920931 |

---

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

**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 Intermediate Bond Fund - Class R6 | $11565395 | $687119 | $(6673890) | $184063 | $5762687 | $167271 | $25322 | $— |
| Voya International Index Portfolio - Class I | 7596829 | 386875 | (1419166) | 1154725 | 7719263 | 182520 | 94898 |  |
| Voya Large Cap Value Portfolio - Class R6 | 9083915 | 2601487 | (418888) | 481448 | 11747962 |  | 128593 |  |
| Voya Large-Cap Growth Fund - Class R6 |  | 8036859 | (393915) | 539441 | 8182385 |  | (13457) |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3708140 | 2998684 | (634758) | 1070318 | 7142384 |  | 97162 |  |
| Voya Multi-Manager International Equity Fund - Class I | 14177085 | 5581565 | (2320098) | 2776009 | 20214561 |  | 191351 |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 11724142 | 641749 | (2573611) | (182523) | 9609757 |  | 188870 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 11875313 | 3576389 | (2450468) | (820898) | 12180336 | 20879 | 452069 | 1167559 |
| Voya Small Cap Growth Fund - Class R6 | 4394052 | 988241 | (203279) | (181635) | 4997379 |  | 27961 |  |
| Voya Small Company Fund - Class R6 | 7667506 | 816896 | (485519) | (136969) | 7861914 |  | 27619 |  |
| Voya U.S. Stock Index Portfolio - Class I | 65957636 | 5118045 | (2132906) | 2977566 | 71920341 |  | 1112633 |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 7297711 | 353256 | (2216438) | 501119 | 5935648 |  | 10707 |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 14263125 | 720351 | (1130850) | 769010 | 14621636 |  | 94044 |  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 11770866 | 448169 | (3091834) | 897477 | 10024678 |  | (18476) |  |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 5830810 | 70629 | (4343441) | (1557998) |  |  | 1519946 |  |
|  | $186912525 | $33026314 | $(30489061) | $8471153 | $197920931 | $370670 | $3939242 | $1167559 |

---

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

See Accompanying Notes to Financial Statements

Voya Solution Aggressive 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 | $(101678) |
| Interest rate contracts | (6249) |
| **Total** | $(107927) |

---

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 $177,833,769. | Cost for U.S. federal income tax purposes was $177,833,769. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $27076438 |
| Gross Unrealized Depreciation | (6989276) |
| Net Unrealized Appreciation | $20087162 |

---

See Accompanying Notes to Financial Statements

Voya Solution Balanced Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **MUTUAL FUNDS: 100.0%** | **MUTUAL FUNDS: 100.0%** |  |  |
|  | **Affiliated Investment Companies: 100.0%** | **Affiliated Investment Companies: 100.0%** | **Affiliated Investment Companies: 100.0%** |
| 3598482 | Voya Intermediate Bond Fund - Class R6 | $31630657 | 16.7 |
| 1415685 | Voya Large Cap Value Portfolio - Class R6 | 9485087 | 5.0 |
| 93212 | Voya Large-Cap Growth Fund - Class R6 | 5947848 | 3.1 |
| 925452 <sup>(1)</sup> | Voya MidCap Opportunities Portfolio - Class R6 | 5756314 | 3.0 |
| 349034 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3954551 | 2.1 |
| 849070 | Voya Multi-Manager International Equity Fund - Class I | 10256763 | 5.4 |
| 588636 | Voya Multi-Manager Mid Cap Value Fund - Class I | 5586156 | 2.9 |
| 127810 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 9837535 | 5.2 |
| 1755162 | Voya Short Duration Bond Fund - Class R6 | 16498524 | 8.7 |
| 35374 | Voya Small Cap Growth Fund - Class R6 | 1452801 | 0.8 |
| 163752 | Voya Small Company Fund - Class R6 | 2380955 | 1.3 |
| 2476871 | Voya U.S. Stock Index Portfolio - Class I | 53227958 | 28.0 |
| 1165465 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 11130188 | 5.9 |
| 172324 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3834208 | 2.0 |
| 628732 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 18887117 | 9.9 |
|  | Total Mutual Funds <br> (Cost $169,905,130) | **189866662** | **100.0** |
|  | **Total Investments in Securities <br> (Cost $169,905,130)** | $**189866662** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(67119)** | **0.0** |
|  | **Net Assets** | $**189799543** | **100.0** |

---

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

See Accompanying Notes to Financial Statements

Voya Solution Balanced 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)** |<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** |  |  |  |  |
| Mutual Funds | $189866662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $189866662 |
| Total Investments, at fair value | $189866662 | $— | $— | $189866662 |

---

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

**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 Intermediate Bond Fund - Class R6 | $35684715 | $2657854 | $(8330984) | $1619072 | $31630657 | $733879 | $(938766) | $— |
| Voya Large Cap Value Portfolio - Class R6 | 9093305 | 628610 | (629009) | 392181 | 9485087 |  | 187415 |  |
| Voya Large-Cap Growth Fund - Class R6 |  | 6107949 | (563046) | 402945 | 5947848 |  | (21237) |  |
| Voya MidCap Opportunities Portfolio - Class R6 | 5451964 | 1678067 | (1137323) | (236394) | 5756314 |  | 457130 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3718244 | 87934 | (500361) | 648734 | 3954551 |  | 82828 |  |
| Voya Multi-Manager International Equity Fund - Class I | 10402305 | 241819 | (1782350) | 1394989 | 10256763 |  | 359384 |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5417268 | 1599901 | (1281717) | (149296) | 5586156 |  | 89942 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 7917441 | 3319778 | (798188) | (601496) | 9837535 | 17432 | 337230 | 974807 |
| Voya Short Duration Bond Fund - Class R6 | 17502188 | 1234552 | (2343340) | 105124 | 16498524 | 399587 | 20756 |  |
| Voya Small Cap Growth Fund - Class R6 | 1759478 | 133544 | (325469) | (114752) | 1452801 |  | 47940 |  |
| Voya Small Company Fund - Class R6 | 3608676 | 229464 | (1333000) | (124185) | 2380955 |  | 102579 |  |
| Voya U.S. Stock Index Portfolio - Class I | 48427008 | 5864493 | (2681401) | 1617858 | 53227958 |  | 1396637 |  |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 12465188 | 731250 | (2877627) | 811377 | 11130188 |  | (421161) |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3652576 | 242611 | (322396) | 261417 | 3834208 |  | 10875 |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 19030099 | 578951 | (1986521) | 1264588 | 18887117 |  | (135518) |  |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 5831438 | 40481 | (4355093) | (1516826) |  |  | 1478992 |  |
|  | $189961893 | $25377258 | $(31247825) | $5775336 | $189866662 | $1150898 | $3055026 | $974807 |

---

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

See Accompanying Notes to Financial Statements

Voya Solution Balanced 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**

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(101169) |
| Interest rate contracts | (4668) |
| **Total** | $(105837) |

---

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 $179,773,879. | Cost for U.S. federal income tax purposes was $179,773,879. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $20033593 |
| Gross Unrealized Depreciation | (9940810) |
| Net Unrealized Appreciation | $10092783 |

---

See Accompanying Notes to Financial Statements

Voya Solution Conservative Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 8.3%** | **EXCHANGE-TRADED FUNDS: 8.3%** |  |  |
| 181160 | Schwab U.S. TIPS ETF | $4833349 | 4.9 |
| 17702 | Vanguard Long-Term Treasury ETF | 993436 | 1 |
| 48603 | Vanguard Total International Bond ETF | 2406335 | 2.4 |
|  | Total Exchange-Traded Funds <br> (Cost $8,205,445) | **8233120** | **8.3** |
| **MUTUAL FUNDS: 91.6%** | **MUTUAL FUNDS: 91.6%** |  |  |
|  | **Affiliated Investment Companies: 91.6%** | **Affiliated Investment Companies: 91.6%** | **Affiliated Investment Companies: 91.6%** |
| 839082 | Voya High Yield Bond Fund - Class R6 | 5881964 | 6 |
| 2963210 | Voya Intermediate Bond Fund - Class R6 | 26046620 | 26.4 |
| 448814 | Voya Large Cap Value Portfolio - Class R6 | 3007051 | 3.1 |
| 49270 | Voya Large-Cap Growth Fund - Class R6 | 3143897 | 3.2 |
| 326067 <sup>(1)</sup> | Voya MidCap Opportunities Portfolio - Class R6 | 2028134 | 2.1 |
| 203883 | Voya Multi-Manager International Equity Fund - Class I | 2462912 | 2.5 |
| 207340 | Voya Multi-Manager Mid Cap Value Fund - Class I | 1967661 | 2 |
| 2163162 | Voya Short Duration Bond Fund - Class R6 | 20333723 | 20.6 |
| 308600 | Voya U.S. Stock Index Portfolio - Class I | 6631807 | 6.7 |
| 923415 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8818609 | 8.9 |
| 332170 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9978382 | 10.1 |
|  | Total Mutual Funds <br> (Cost $87,277,181) | **90300760** | **91.6** |
|  | Total Long-Term Investments <br> (Cost $95,482,626) | **98533880** | **99.9** |
|  | **Total Investments in Securities <br> (Cost $95,482,626)** | $**98533880** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **53741** | **0.1** |
|  | **Net Assets** | $**98587621** | **100.0** |

---

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

See Accompanying Notes to Financial Statements

Voya Solution Conservative 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)** |<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** |  |  |  |  |
| Exchange-Traded Funds | $8233120 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $8233120 |
| Mutual Funds | 90300760 |  |  | 90300760 |
| Total Investments, at fair value | $98533880 | $— | $— | $98533880 |

---

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

**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 High Yield Bond Fund - Class R6 | $5988695 | $450006 | $(647531) | $90794 | $5881964 | $198666 | $(15605) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Voya Intermediate Bond Fund - Class R6 | 27373253 | 2328136 | (4719253) | 1064484 | 26046620 | 602018 | (553262) |  |
| Voya Large Cap Value Portfolio - Class R6 | 2820085 | 362994 | (277275) | 101247 | 3007051 |  | 83111 |  |
| Voya Large-Cap Growth Fund - Class R6 |  | 3329916 | (411251) | 225232 | 3143897 |  | (14133) |  |
| Voya MidCap Opportunities Portfolio - Class R6 | 1409331 | 1351256 | (629863) | (102590) | 2028134 |  | 173306 |  |
| Voya Multi-Manager International Equity Fund - Class I | 1950756 | 542591 | (324265) | 293830 | 2462912 |  | 93349 |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 1399979 | 1331897 | (656108) | (108107) | 1967661 |  | 66497 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 3071463 | 25179 | (2677404) | (419238) |  |  | 375786 |  |
| Voya Short Duration Bond Fund - Class R6 | 22119399 | 1499391 | (3412031) | 126964 | 20333723 | 501128 | 30139 |  |
| Voya U.S. Stock Index Portfolio - Class I | 5401899 | 2274406 | (989509) | (54989) | 6631807 |  | 529254 |  |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 9895681 | 624289 | (2226205) | 524844 | 8818609 |  | (215697) |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9839069 | 607725 | (1063671) | 595259 | 9978382 |  | 9095 |  |
|  | $91269610 | $14727786 | $(18034366) | $2337730 | $90300760 | $1301812 | $561840 | $— |

---

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

See Accompanying Notes to Financial Statements

Voya Solution Conservative 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**

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(55881) |
| Interest rate contracts | (2295) |
| **Total** | $(58176) |

---

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 $100,988,527.

---

| | |
|:---|:---|
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $3133050 |
| Gross Unrealized Depreciation | (5587697) |
| Net Unrealized Depreciation | $(2454647) |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 17.2%** | **EXCHANGE-TRADED FUNDS: 17.2%** | **EXCHANGE-TRADED FUNDS: 17.2%** | **EXCHANGE-TRADED FUNDS: 17.2%** |
| 546922 | Schwab U.S. TIPS ETF | $14591879 | 9.8 |
| 79284 | Vanguard FTSE Developed Markets ETF | 4519981 | 3 |
| 30425 | Vanguard FTSE Emerging Markets ETF | 1504821 | 1 |
| 53442 | Vanguard Long-Term Treasury ETF | 2999165 | 2 |
| 44018 | Vanguard Total International Bond ETF | 2179331 | 1.4 |
|  | Total Exchange-Traded Funds <br> (Cost $24,581,543) | **25795177** | **17.2** |
| **MUTUAL FUNDS: 82.6%** | **MUTUAL FUNDS: 82.6%** |  |  |
|  | **Affiliated Investment Companies: 82.6%** | **Affiliated Investment Companies: 82.6%** | **Affiliated Investment Companies: 82.6%** |
| 844230 | Voya High Yield Bond Fund - Class R6 | 5918053 | 4 |
| 4472204 | Voya Intermediate Bond Fund - Class R6 | 39310674 | 26.3 |
| 903065 | Voya Large Cap Value Portfolio - Class R6 | 6050534 | 4 |
| 277117 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3139736 | 2.1 |
| 672507 | Voya Multi-Manager International Equity Fund - Class I | 8123887 | 5.4 |
| 156455 | Voya Multi-Manager Mid Cap Value Fund - Class I | 1484762 | 1 |
| 61158 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 4707347 | 3.2 |
| 1243752 | Voya Short Duration Bond Fund - Class R6 | 11691269 | 7.8 |
| 537581 | Voya U.S. Stock Index Portfolio - Class I | 11552620 | 7.7 |
| 1393736 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 13310180 | 8.9 |
| 501300 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 15059053 | 10.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 30012 | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $3138324 | 2.1 |
|  | Total Mutual Funds <br> (Cost $117,315,280) | **123486439** | **82.6** |
|  | Total Long-Term Investments <br> (Cost $141,896,823) | **149281616** | **99.8** |
|  | **Total Investments in Securities <br> (Cost $141,896,823)** | $**149281616** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **229389** | **0.2** |
|  | **Net Assets** | $**149511005** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution Income Portfolio PORTFOLIO OF INVESTMENTS <br> 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** |  |  |  |  |
| Exchange-Traded Funds | $25795177 | $— | $— | $25795177 |
| Mutual Funds | 123486439 |  |  | 123486439 |
| Total Investments, at fair value | $149281616 | $— | $— | $149281616 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 62350 |  |  | 62350 |
| Total Assets | $149343966 | $— | $— | $149343966 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(26432) | $— | $— | $(26432) |
| Total Liabilities | $(26432) | $— | $— | $(26432) |

---

^ 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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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 High Yield Bond Fund - Class R6 | $5993106 | $325756 | $(460753) | $59944 | $5918053 | $197589 | $13702 | $— |
| Voya Intermediate Bond Fund - Class R6 | 39321582 | 3105760 | (4477094) | 1360426 | 39310674 | 876250 | (600477) |  |
| Voya Large Cap Value Portfolio - Class R6 | 5642510 | 593567 | (517294) | 331751 | 6050534 |  | 30007 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2849063 | 198619 | (444820) | 536874 | 3139736 |  | 38073 |  |
| Voya Multi-Manager International Equity Fund - Class I | 6497223 | 1453818 | (846914) | 1019760 | 8123887 |  | 118714 |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2100716 | 305948 | (985670) | 63768 | 1484762 |  | (110726) |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 3075129 | 2179718 | (354830) | (192670) | 4707347 | 8410 | 146606 | 470298 |
| Voya Short Duration Bond Fund - Class R6 | 13583386 | 645615 | (2703964) | 166232 | 11691269 | 291627 | (73734) |  |
| Voya U.S. Stock Index Portfolio - Class I | 8107116 | 3504734 | (668495) | 609265 | 11552620 |  | 20751 |  |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 14747528 | 678936 | (3104878) | 988594 | 13310180 |  | (527387) |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 14769032 | 560207 | (1147028) | 876842 | 15059053 |  | 17651 |  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2108893 | 306021 | (2338756) | (76158) |  |  | 72296 |  |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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** |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $3019435 | $312560 | $(272759) | $79088 | $3138324 | $— | $91429 | $— |
|  | $121814719 | $14171259 | $(18323255) | $5823716 | $123486439 | $1373876 | $(763095) | $470298 |

---

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 Solution Income Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 13 | 09/19/25 | $1548625 | $62350 |
|  |  |  | $1548625 | $62350 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (13) | 09/19/25 | (1457625) | (26432) |
|  |  |  | $(1457625) | $(26432) |

---

**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** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $62350 |
| **Total Asset Derivatives** |  | $62350 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $26432 |
| **Total Liability Derivatives** |  | $26432 |

---

\* 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 | $(78398) |
| Interest rate contracts | (47460) |
| **Total** | $(125858) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $35918 |
| **Total** | $35918 |

---

See Accompanying Notes to Financial Statements

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

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 $150,547,609. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $8029623 |
| Gross Unrealized Depreciation | (9259698) |
| Net Unrealized Depreciation | $(1230075) |

---

See Accompanying Notes to Financial Statements

Voya Solution Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **MUTUAL FUNDS: 100.0%** | **MUTUAL FUNDS: 100.0%** |  | |
|  | **Affiliated Investment Companies: 100.0%** | **Affiliated Investment Companies: 100.0%** | **Affiliated Investment Companies: 100.0%** |
| 4111396 | Voya Intermediate Bond Fund - Class R6 | $36139174 | 7.8 |
| 1390058 | Voya International Index Portfolio - Class I | 18154153 | 3.9 |
| 3436969 | Voya Large Cap Value Portfolio - Class R6 | 23027692 | 5.0 |
| 301734 | Voya Large-Cap Growth Fund - Class R6 | 19253615 | 4.2 |
| 1059314 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 12002024 | 2.6 |
| 2810953 | Voya Multi-Manager International Equity Fund - Class I | 33956312 | 7.3 |
| 2619786 | Voya Multi-Manager Mid Cap Value Fund - Class I | 24861772 | 5.4 |
| 310289 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 23882913 | 5.2 |
| 1893911 | Voya Short Duration Bond Fund - Class R6 | 17802761 | 3.8 |
| 200382 | Voya Small Cap Growth Fund - Class R6 | 8229705 | 1.8 |
| 874524 | Voya Small Company Fund - Class R6 | 12715576 | 2.7 |
| 6232125 | Voya U.S. Stock Index Portfolio - Class I | 133928357 | 28.9 |
| 1414853 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 13511850 | 2.9 |
| 627545 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 13962870 | 3.0 |
| 1526454 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 45854687 | 9.9 |
| 2049248 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 25943474 | 5.6 |
|  | Total Mutual Funds <br> (Cost $408,500,972) | **463226935** | **100.0** |
|  | **Total Investments in Securities<br> (Cost $408,500,972)** | $**463226935** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(143115)** | **0.0** |
|  | **Net Assets** | $**463083820** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS <br> 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** |  |  |  |  |
| Mutual Funds | $463226935 | $— | $— | $463226935 |
| Total Investments, at fair value | $463226935 | $— | $— | $463226935 |

---

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

**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 Intermediate Bond Fund - Class R6 | $42671033 | $2773410 | $(11313394) | $2008125 | $36139174 | $848043 | $(1198623) | $— |
| Voya International Index Portfolio |  |  |  |  |  |  |  |  |
| - Class I | 18683172 | 578517 | (3830747) | 2723211 | 18154153 | 437430 | 278404 |  |
| Voya Large Cap Value Portfolio - |  |  |  |  |  |  |  |  |
| Class R6 | 22337343 | 1005661 | (1326028) | 1010716 | 23027692 |  | 408603 |  |
| Voya Large-Cap Growth Fund - |  |  |  |  |  |  |  |  |
| Class R6 |  | 19431213 | (1450790) | 1273192 | 19253615 |  | (43292) |  |
| Voya Multi-Manager Emerging |  |  |  |  |  |  |  |  |
| Markets Equity Fund - Class I | 9105114 | 2384955 | (1393462) | 1905417 | 12002024 |  | 201495 |  |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 25568928 | 8417328 | (5151847) | 5121903 | 33956312 |  | 1030 |  |
| Voya Multi-Manager Mid Cap Value |  |  |  |  |  |  |  |  |
| Fund - Class I | 22176770 | 6824093 | (5077680) | 938589 | 24861772 |  | (1075425) |  |
| Voya Russell<sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |  |
| Index - Class I | 24342454 | 7572076 | (4466549) | (3565068) | 23882913 | 41703 | 2879750 | 2332065 |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 19118422 | 1206871 | (2642130) | 119598 | 17802761 | 431071 | 17322 |  |
| Voya Small Cap Growth Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 8643430 | 567601 | (583828) | (397498) | 8229705 |  | 83236 |  |
| Voya Small Company Fund - Class |  |  |  |  |  |  |  |  |
| R6 | 12205353 | 1709112 | (954116) | (244773) | 12715576 |  | 43626 |  |
| Voya U.S. Stock Index Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 141212478 | 8027523 | (18598482) | 3286838 | 133928357 |  | 4547984 |  |
| VY<sup>®</sup> BrandywineGLOBAL - Bond |  |  |  |  |  |  |  |  |
| Portfolio - Class I | 18854035 | 788956 | (7795684) | 1664543 | 13511850 |  | (1131013) |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 13458847 | 546721 | (1029766) | 987068 | 13962870 |  | 11013 |  |
| VY<sup>®</sup> T. Rowe Price Capital |  |  |  |  |  |  |  |  |
| Appreciation Portfolio - Class R6 | 46772794 | 1110277 | (4771034) | 2742650 | 45854687 |  | 3613 |  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid |  |  |  |  |  |  |  |  |
| Cap Growth Portfolio - Class R6 | 22264872 | 6403284 | (4965339) | 2240657 | 25943474 |  | 40580 |  |
| VY<sup>®</sup> T. Rowe Price Growth Equity |  |  |  |  |  |  |  |  |
| Portfolio - Class I | 14342003 | 16371 | (10185709) | (4172665) |  |  | 4082466 |  |
|  | $461757048 | $69363969 | $(85536585) | $17642503 | $463226935 | $1758247 | $9150769 | $2332065 |

---

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

See Accompanying Notes to Financial Statements

Voya Solution Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

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 | $(235663) |
| Interest rate contracts | (12938) |
| **Total** | $(248601) |

---

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 $428,842,183. | Cost for U.S. federal income tax purposes was $428,842,183. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $55179557 |
| Gross Unrealized Depreciation | (20794804) |
| Net Unrealized Appreciation | $34384753 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 17.5%** | **EXCHANGE-TRADED FUNDS: 17.5%** |  |  |  |
| 1346010 | Schwab U.S. TIPS ETF | $| 35911547 | 9.5 |
| 232052 | Vanguard FTSE Developed Markets ETF |  | 13229284 | 3.5 |
| 76448 | Vanguard FTSE Emerging Markets ETF |  | 3781118 | 1 |
| 134827 | Vanguard Long-Term Treasury ETF |  | 7566491 | 2 |
| 111058 | Vanguard Total International Bond ETF |  | 5498482 | 1.5 |
|  | Total Exchange-Traded Funds (Cost $63,387,820) |  | **65986922** | **17.5** |
| **MUTUAL FUNDS: 82.4%** | **MUTUAL FUNDS: 82.4%** |  |  |  |
|  | **Affiliated Investment Companies: 82.4%** | **Affiliated Investment Companies: 82.4%** | **Affiliated Investment Companies: 82.4%** | **Affiliated Investment Companies: 82.4%** |
| 1994875 | Voya High Yield Bond Fund - Class R6 |  | 13984072 | 3.7 |
| 11272737 | Voya Intermediate Bond Fund - Class R6 |  | 99087356 | 26.3 |
| 2276130 | Voya Large Cap Value Portfolio - Class R6 |  | 15250070 | 4 |
| 699452 | Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 7924793 | 2.1 |
| 1929931 | Voya Multi-Manager International Equity Fund - Class I |  | 23313568 | 6.2 |
| 492951 | Voya Multi-Manager Mid Cap Value Fund - Class I |  | 4678107 | 1.2 |
| 154140 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I |  | 11864141 | 3.2 |
| 2744855 | Voya Short Duration Bond Fund - Class R6 |  | 25801633 | 6.8 |
| 1448910 | Voya U.S. Stock Index Portfolio - Class I |  | 31137071 | 8.3 |
| 3317974 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I |  | 31686648 | 8.4 |
| 1263530 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 |  | 37956429 | 10.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | | |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 75640 | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $7909693 | 2.1 |
|  | Total Mutual Funds<br> (Cost $293,037,799) | **310593581** | **82.4** |
|  | Total Long-Term Investments<br> (Cost $356,425,619) | **376580503** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $356,425,619)** | $**376580503** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **551111** | **0.1** |
|  | **Net Assets** | $**377131614** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2025 Portfolio PORTFOLIO OF INVESTMENTS <br> 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** |  |  |  |  |
| Exchange-Traded Funds | $65986922 | $— | $— | $65986922 |
| Mutual Funds | 310593581 |  |  | 310593581 |
| Total Investments, at fair value | $376580503 | $— | $— | $376580503 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 154172 |  |  | 154172 |
| Total Assets | $376734675 | $— | $— | $376734675 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(67096) | $— | $— | $(67096) |
| Total Liabilities | $(67096) | $— | $— | $(67096) |

---

<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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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 High Yield Bond Fund - Class R6 | $12410992 | $2389236 | $(946771) | $130615 | $13984072 | $416664 | $40286 | $— |
| Voya Intermediate Bond Fund - Class R6 | 98414388 | 9419511 | (11972444) | 3225901 | 99087356 | 2195394 | (1344777) |  |
| Voya Large Cap Value Portfolio - Class R6 | 14379951 | 1388414 | (1356902) | 838607 | 15250070 |  | 81627 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 7272496 | 460849 | (1120641) | 1312089 | 7924793 |  | 139235 |  |
| Voya Multi-Manager International Equity Fund - Class I | 26862448 | 1639241 | (8448108) | 3259987 | 23313568 |  | 898694 |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 6256126 | 840452 | (2503697) | 85226 | 4678107 |  | (196108) |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 7836054 | 5454320 | (913332) | (512901) | 11864141 | 21138 | 400289 | 1182053 |
| Voya Short Duration Bond Fund - Class R6 | 19225807 | 8160558 | (1743098) | 158366 | 25801633 | 513873 | 9750 |  |
| Voya Small Company Fund - Class R6 | 2676000 | 2163 | (2489990) | (188173) |  |  | 221925 |  |
| Voya U.S. Stock Index Portfolio - Class I | 41283781 | 3367115 | (12275095) | (1238730) | 31137071 |  | 3236952 |  |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 27314391 | 6132711 | (2943901) | 1183447 | 31686648 |  | (225444) |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 37638308 | 1147526 | (2998204) | 2168799 | 37956429 |  | 98477 |  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 6270476 | 404881 | (6363822) | (311535) |  |  | 310293 |  |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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** |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $7694574 | $737478 | $(714008) | $191649 | $7909693 | $— | $240374 | $— |
|  | $315535792 | $41544455 | $(56790013) | $10303347 | $310593581 | $3147069 | $3911573 | $1182053 |

---

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 Solution 2025 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 32 | 09/19/25 | $3812000 | $154172 |
|  |  |  | $3812000 | $154172 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (33) | 09/19/25 | (3700125) | (67096) |
|  |  |  | $(3700125) | $(67096) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $154172 |
| **Total Asset Derivatives** |  | $154172 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $67096 |
| **Total Liability Derivatives** |  | $67096 |

---

\* 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 | $(202552) |
| Interest rate contracts | (117139) |
| **Total** | $**(319691)** |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $87076 |
| **Total** | $87076 |

---

See Accompanying Notes to Financial Statements

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

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 $378,741,787. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $21415511 |
| Gross Unrealized Depreciation | (23489719) |
| Net Unrealized Depreciation | $(2074208) |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya Solution 2030 Portfolio <br> as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 11.8%** | **EXCHANGE-TRADED FUNDS: 11.8%** | **EXCHANGE-TRADED FUNDS: 11.8%** | **EXCHANGE-TRADED FUNDS: 11.8%** |
| 71774 | Schwab U.S. TIPS ETF | $1914930 | 2.9 |
| 50914 | Vanguard FTSE Developed Markets ETF | 2902607 | 4.4 |
| 19538 | Vanguard FTSE Emerging Markets ETF | 966350 | 1.5 |
| 35057 | Vanguard Long-Term Treasury ETF | 1967399 | 3.0 |
|  | Total Exchange-Traded Funds<br> (Cost $7,210,086) | **7751286** | **11.8** |
| **MUTUAL FUNDS: 88.2%** | **MUTUAL FUNDS: 88.2%** |  |  |
|  | **Affiliated Investment Companies: 88.2%** | **Affiliated Investment Companies: 88.2%** | **Affiliated Investment Companies: 88.2%** |
| 184923 | Voya High Yield Bond Fund - Class R6 | 1296310 | 2.0 |
| 1441762 | Voya Intermediate Bond Fund - Class R6 | 12673092 | 19.2 |
| 296626 | Voya Large Cap Value Portfolio - Class R6 | 1987392 | 3.0 |
| 123174 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1395558 | 2.1 |
| 569621 | Voya Multi-Manager International Equity Fund - Class I | 6881019 | 10.4 |
| 154182 | Voya Multi-Manager Mid Cap Value Fund - Class I | 1463187 | 2.2 |
| 35694 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 2747386 | 4.1 |
| 136250 | Voya Short Duration Bond Fund - Class R6 | 1280751 | 1.9 |
| 12349 | Voya Small Cap Growth Fund - Class R6 | 507188 | 0.8 |
| 57167 | Voya Small Company Fund - Class R6 | 831203 | 1.3 |
| 613051 | Voya U.S. Stock Index Portfolio - Class I | 13174471 | 19.9 |
| 407121 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 3888005 | 5.9 |
| 60172 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1338828 | 2.0 |
| 219575 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 6596040 | 10.0 |
| 67944 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 860175 | 1.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 13136 | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $1373667 | 2.1 |
|  | Total Mutual Funds<br> (Cost $53,557,396) | **58294272** | **88.2** |
|  | Total Long-Term Investments<br> (Cost $60,767,482) | **66045558** | **100.0** |
|  | **Total Investments in Securities<br> (Cost $60,767,482)** | $**66045558** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **30503** | **0.0** |
|  | **Net Assets** | $**66076061** | **100.0** |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya Solution 2030 Portfolio <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** |  |  |  |  |
| Exchange-Traded Funds | $7751286 | $— | $— | $7751286 |
| Mutual Funds | 58294272 |  |  | 58294272 |
| Total Investments, at fair value | $66045558 | $— | $— | $66045558 |

---

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

**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 High Yield Bond Fund - Class R6 | $1170126 | $227441 | $(112518) | $11261 | $1296310 | $40963 | $4810 | $— |
| Voya Intermediate Bond Fund - Class R6 | 11686415 | 2781454 | (2043542) | 248765 | 12673092 | 274283 | (12293) |  |
| Voya Large Cap Value Portfolio - Class R6 | 1653567 | 372276 | (144757) | 106306 | 1987392 |  | 10478 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1123972 | 304120 | (253970) | 221436 | 1395558 |  | 26783 |  |
| Voya Multi-Manager International Equity Fund - Class I | 6009783 | 1212541 | (1243040) | 901735 | 6881019 |  | 197599 |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 1368245 | 520576 | (410096) | (15538) | 1463187 |  | (752) |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 1799887 | 1244783 | (176436) | (120848) | 2747386 | 4691 | 81056 | 262317 |
| Voya Short Duration Bond Fund - Class R6 | 1466455 | 236275 | (430359) | 8380 | 1280751 | 31139 | 1892 |  |
| Voya Small Cap Growth Fund - Class R6 | 401982 | 157879 | (35942) | (16731) | 507188 |  | 4147 |  |
| Voya Small Company Fund - Class R6 | 959125 | 197753 | (282544) | (43131) | 831203 |  | 36552 |  |
| Voya U.S. Stock Index Portfolio - Class I | 10363009 | 2874159 | (686169) | 623472 | 13174471 |  | 137007 |  |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 3485274 | 720216 | (450762) | 133277 | 3888005 |  | (9173) |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1106927 | 241880 | (102655) | 92676 | 1338828 |  | (2317) |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 5767491 | 913841 | (527057) | 441765 | 6596040 |  | (60349) |  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 1373120 | 495510 | (1026143) | 17688 | 860175 |  | 64708 |  |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 1178490 | 251373 | (86991) | 30795 | 1373667 |  | 47477 |  |
|  | $50913868 | $12752077 | $(8012981) | $2641308 | $58294272 | $351076 | $527625 | $262317 |

---

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

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya Solution 2030 Portfolio <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**

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(33429) |
| Interest rate contracts | (2678) |
| **Total** | $(36107) |

---

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 $64,864,263. | Cost for U.S. federal income tax purposes was $64,864,263. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $5353814 |
| Gross Unrealized Depreciation | (4172519) |
| Net Unrealized Appreciation | $1181295 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya Solution 2035 Portfolio <br> as of June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 9.4%** | **EXCHANGE-TRADED FUNDS: 9.4%** |  |  |  |
| 514874 | Vanguard FTSE Developed Markets ETF | $| 29352967 | 4.9 |
| 177825 | Vanguard FTSE Emerging Markets ETF |  | 8795225 | 1.5 |
| 315018 | Vanguard Long-Term Treasury ETF |  | 17678810 | 3.0 |
|  | Total Exchange-Traded Funds<br> (Cost $47,903,317) |  | **55827002** | **9.4** |
| **MUTUAL FUNDS: 90.5%** | **MUTUAL FUNDS: 90.5%** |  |  |  |
|  | **Affiliated Investment Companies: 90.5%** | **Affiliated Investment Companies: 90.5%** | **Affiliated Investment Companies: 90.5%** | **Affiliated Investment Companies: 90.5%** |
| 1657654 | Voya High Yield Bond Fund - Class R6 |  | 11620157 | 2.0 |
| 10272712 | Voya Intermediate Bond Fund - Class R6 |  | 90297140 | 15.2 |
| 2659232 | Voya Large Cap Value Portfolio - Class R6 |  | 17816856 | 3.0 |
| 1638601 | Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 18565344 | 3.1 |
| 6277732 | Voya Multi-Manager International Equity Fund - Class I |  | 75834997 | 12.7 |
| 1382147 | Voya Multi-Manager Mid Cap Value Fund - Class I |  | 13116576 | 2.2 |
| 320069 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I |  | 24635687 | 4.1 |
| 110734 | Voya Small Cap Growth Fund - Class R6 |  | 4547858 | 0.8 |
| 512591 | Voya Small Company Fund - Class R6 |  | 7453071 | 1.2 |
| 7471743 | Voya U.S. Stock Index Portfolio - Class I |  | 160567747 | 27.0 |
| 2432829 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I |  | 23233517 | 3.9 |
| 539471 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I |  | 12003219 | 2.0 |
| 1968434 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 |  | 59131758 | 9.9 |
| 609296 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 |  | 7713685 | 1.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 117801 | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $12318408 | 2.1 |
|  | Total Mutual Funds<br> (Cost $474,758,248) | **538856020** | **90.5** |
|  | Total Long-Term Investments<br> (Cost $522,661,565) | **594683022** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $522,661,565)** | $**594683022** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **330703** | **0.1** |
|  | **Net Assets** | $**595013725** | **100.0** |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya Solution 2035 Portfolio <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** |  |  |  |  |
| Exchange-Traded Funds | $55827002 | $— | $— | $55827002 |
| Mutual Funds | 538856020 |  |  | 538856020 |
| Total Investments, at fair value | $594683022 | $— | $— | $594683022 |

---

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

**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 High Yield Bond Fund - Class R6 | $11522989 | $862279 | $(874187) | $109076 | $11620157 | $381099 | $36925 | $— |
| Voya Intermediate Bond Fund - Class R6 | 91991315 | 10107099 | (14158767) | 2357493 | 90297140 | 2037347 | (630678) |  |
| Voya Large Cap Value Portfolio - Class R6 | 16276038 | 1321170 | (653682) | 873330 | 17816856 |  | 194836 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 16513386 | 752608 | (1778179) | 3077529 | 18565344 |  | 290522 |  |
| Voya Multi-Manager International Equity Fund - Class I | 67174600 | 6321702 | (9462800) | 11801495 | 75834997 |  | (85139) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 13466067 | 3141857 | (3773719) | 282371 | 13116576 |  | (447018) |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 17733344 | 9161548 | (1171289) | (1087916) | 24635687 | 42708 | 656730 | 2388272 |
| Voya Short Duration Bond Fund - Class R6 | 2828936 | 19678 | (2845584) | (3030) |  | 19569 | 12082 |  |
| Voya Small Cap Growth Fund - Class R6 | 5248950 | 413012 | (802849) | (311255) | 4547858 |  | 122335 |  |
| Voya Small Company Fund - Class R6 | 9440644 | 754660 | (2476699) | (265534) | 7453071 |  | 192378 |  |
| Voya U.S. Stock Index Portfolio - Class I | 140321760 | 17821440 | (5713216) | 8137763 | 160567747 |  | 1069676 |  |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 22851995 | 1682919 | (2375322) | 1073925 | 23233517 |  | (310205) |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 10895551 | 856407 | (550054) | 801315 | 12003219 |  | 35944 |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 56795154 | 2115081 | (3334417) | 3555940 | 59131758 |  | (60416) |  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 13517832 | 3022339 | (8588992) | (237494) | 7713685 |  | 977586 |  |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 11609362 | 963513 | (693040) | 438573 | 12318408 |  | 236860 |  |
|  | $508187923 | $59317312 | $(59252796) | $30603581 | $538856020 | $2480723 | $2292418 | $2388272 |

---

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

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya Solution 2035 Portfolio <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 | $(301613) |
| Interest rate contracts | (16766) |
| **Total** | $(318379) |

---

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 $551,226,870. | Cost for U.S. federal income tax purposes was $551,226,870. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $72426849 |
| Gross Unrealized Depreciation | (28970697) |
| Net Unrealized Appreciation | $43456152 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya Solution 2040 Portfolio <br> as of June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 11.2%** | **EXCHANGE-TRADED FUNDS: 11.2%** |  |  |  |
| 68654 | Vanguard FTSE Developed Markets ETF | $| 3913965 | 6.8 |
| 16937 | Vanguard FTSE Emerging Markets ETF |  | 837704 | 1.5 |
| 30265 | Vanguard Long-Term Treasury ETF |  | 1698472 | 2.9 |
|  | Total Exchange-Traded Funds (Cost $5,505,643) |  | **6450141** | **11.2** |
| **MUTUAL FUNDS: 88.7%** | **MUTUAL FUNDS: 88.7%** |  |  |  |
|  | **Affiliated Investment Companies: 88.7%** | **Affiliated Investment Companies: 88.7%** | **Affiliated Investment Companies: 88.7%** | **Affiliated Investment Companies: 88.7%** |
| 159610 | Voya High Yield Bond Fund - Class R6 |  | 1118869 | 1.9 |
| 414812 | Voya Intermediate Bond Fund - Class R6 |  | 3646194 | 6.3 |
| 341360 | Voya Large Cap Value Portfolio - Class R6 |  | 2287114 | 4.0 |
| 211168 | Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 2392529 | 4.2 |
| 701148 | Voya Multi-Manager International Equity Fund - Class I |  | 8469862 | 14.7 |
| 162656 | Voya Multi-Manager Mid Cap Value Fund - Class I |  | 1543601 | 2.7 |
| 38506 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I |  | 2963792 | 5.2 |
| 10660 | Voya Small Cap Growth Fund - Class R6 |  | 437797 | 0.8 |
| 49344 | Voya Small Company Fund - Class R6 |  | 717466 | 1.3 |
| 787132 | Voya U.S. Stock Index Portfolio - Class I |  | 16915457 | 29.4 |
| 175708 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I |  | 1678009 | 2.9 |
| 77899 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I |  | 1733245 | 3.0 |
| 142138 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 |  | 4269818 | 7.4 |
| 81758 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 |  | 1035051 | 1.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 17006 | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $1778338 | 3.1 |
|  | Total Mutual Funds<br> (Cost $45,318,385) | **50987142** | **88.7** |
|  | Total Long-Term Investments<br> (Cost $50,824,028) | **57437283** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $50,824,028)** | $**57437283** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **67933** | **0.1** |
|  | **Net Assets** | $**57505216** | **100.0** |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya Solution 2040 Portfolio <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)** |<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** |  |  |  |  |
| Exchange-Traded Funds | $6450141 | $— | $— | $6450141 |
| Mutual Funds | 50987142 |  |  | 50987142 |
| Total Investments, at fair value | $57437283 | $— | $— | $57437283 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 15717 |  |  | 15717 |
| Total Assets | $57453000 | $— | $— | $57453000 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(1812) | $— | $— | $(1812) |
| Total Liabilities | $(1812) | $— | $— | $(1812) |

---

<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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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 High Yield Bond Fund - Class R6 | $999115 | $203601 | $(94080) | $10233 | $1118869 | $34862 | $3803 | $— |
| Voya Intermediate Bond Fund - Class R6 | 3503474 | 1008035 | (922261) | 56946 | 3646194 | 81133 | 10032 |  |
| Voya Large Cap Value Portfolio - Class R6 | 1882791 | 387746 | (89239) | 105816 | 2287114 |  | 25096 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1934090 | 379358 | (302279) | 381360 | 2392529 |  | 39074 |  |
| Voya Multi-Manager International Equity Fund - Class I | 6899323 | 1842632 | (1336162) | 1064069 | 8469862 |  | 194765 |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 1402139 | 484664 | (320741) | (22461) | 1543601 |  | 9881 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 2049193 | 1187555 | (140152) | (132804) | 2963792 | 4992 | 76417 | 279132 |
| Voya Short Duration Bond Fund - Class R6 | 244736 | 9787 | (254260) | (263) |  | 1724 | 1067 |  |
| Voya Small Cap Growth Fund - Class R6 | 571005 | 88642 | (168860) | (52990) | 437797 |  | 32322 |  |
| Voya Small Company Fund - Class R6 | 1052612 | 157494 | (431258) | (61382) | 717466 |  | 58312 |  |
| Voya U.S. Stock Index Portfolio - Class I | 13519798 | 3235702 | (694391) | 854348 | 16915457 |  | 123870 |  |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 1492000 | 311459 | (184543) | 59093 | 1678009 |  | (5396) |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1417988 | 284631 | (89109) | 119735 | 1733245 |  | (3357) |  |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya Solution 2040 Portfolio <br> as of June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Change In** | **Ending** |  | |  | **Net** |
|  | **Beginning** |  |  | **Unrealized** | **Fair** |  | **** | **Realized** | **Capital** |
|  | **Fair Value** | **Purchases** | **Sales** | **Appreciation/** | **Value at** | **Investment** | **** | **Gains/** | **Gain** |
| **Issuer** | **at 12/31/2024** | **at Cost** | **at Cost** | **(Depreciation)** | **6/30/2025** | **Income** | **** | **(Losses)** | **Distributions** |
| VY<sup><sup>®</sup></sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | $3693724 | $608048 | $(320355) | $288401 | $4269818 | $— | | $(42520) | $— |
| VY<sup><sup>®</sup></sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 1407173 | 455311 | (848607) | 21174 | 1035051 |  | | 78520 |  |
| VY<sup><sup>®</sup></sup> T. Rowe Price Growth Equity Portfolio - Class I | 1509336 | 298697 | (85949) | 56254 | 1778338 |  | | 45164 |  |
|  | $43578497 | $10943362 | $(6282246) | $2747529 | $50987142 | $122711 | | $647050 | $279132 |

---

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 Solution 2040 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 13 | 09/30/25 | $1417000 | $15717 |
|  |  |  | $1417000 | $15717 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (6) | 12/16/25 | (1439850) | (1812) |
|  |  |  | $(1439850) | $(1812) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $15717 |
| **Total Asset Derivatives** |  | $15717 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $1812 |
| **Total Liability Derivatives** |  | $1812 |

---

\* 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 | $(21981) |
| Interest rate contracts | 19751 |
| **Total** | $(2230) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $13905 |
| **Total** | $13905 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> Voya Solution 2040 Portfolio <br> 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 $54,131,271. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $6715711 |
| Gross Unrealized Depreciation | (3395794) |
| Net Unrealized Appreciation | $3319917 |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution 2045 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 10.3%** | **EXCHANGE-TRADED FUNDS: 10.3%** | **EXCHANGE-TRADED FUNDS: 10.3%** | **EXCHANGE-TRADED FUNDS: 10.3%** |
| 574059 | Vanguard FTSE Developed Markets ETF | $32727103 | 6.8 |
| 141619 | Vanguard FTSE Emerging Markets ETF | 7004476 | 1.5 |
| 167440 | Vanguard Long-Term Treasury ETF | 9396733 | 2.0 |
|  | Total Exchange-Traded Funds<br> (Cost $42,705,660) | **49128312** | **10.3** |
| **MUTUAL FUNDS: 89.6%** | **MUTUAL FUNDS: 89.6%** | **MUTUAL FUNDS: 89.6%** | **MUTUAL FUNDS: 89.6%** |
|  | **Affiliated Investment Companies: 89.6%** | **Affiliated Investment Companies: 89.6%** | **Affiliated Investment Companies: 89.6%** |
| 1322205 | Voya High Yield Bond Fund - Class R6 | 9268659 | 1.9 |
| 1321626 | Voya Intermediate Bond Fund - Class R6 | 11617096 | 2.4 |
| 2827839 | Voya Large Cap Value Portfolio - Class R6 | 18946520 | 4.0 |
| 2179432 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 24692965 | 5.2 |
| 6171679 | Voya Multi-Manager International Equity Fund - Class I | 74553881 | 15.6 |
| 1469774 | Voya Multi-Manager Mid Cap Value Fund - Class I | 13948151 | 2.9 |
| 319035 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 24556128 | 5.1 |
| 88311 | Voya Small Cap Growth Fund - Class R6 | 3626936 | 0.8 |
| 408775 | Voya Small Company Fund - Class R6 | 5943594 | 1.2 |
| 7758798 | Voya U.S. Stock Index Portfolio - Class I | 166736560 | 34.9 |
| 645359 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 14359241 | 3.0 |
| 1177490 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 35371814 | 7.4 |
| 773165 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 9788275 | 2.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 140904 | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $14734335 | 3.1 |
|  | Total Mutual Funds <br> (Cost $362,547,154) | **428144155** | **89.6** |
|  | Total Long-Term Investments<br> (Cost $405,252,814) | **477272467** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $405,252,814)** | $**477272467** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **518193** | **0.1** |
|  | **Net Assets** | $**477790660** | **100.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution 2045 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)** | <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** |  |  |  |  |
| Exchange-Traded Funds | $49128312 | $— | $— | $49128312 |
| Mutual Funds | 428144155 |  |  | 428144155 |
| Total Investments, at fair value | $477272467 | $— | $— | $477272467 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 127366 |  |  | 127366 |
| Total Assets | $477399833 | $— | $— | $477399833 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(14192) | $— | $— | $(14192) |
| Total Liabilities | $(14192) | $— | $— | $(14192) |

---

___________

^ 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** | <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 High Yield Bond Fund - Class R6 | $9160542 | $785162 | $(761080) | $84035 | $9268659 | $302039 | $32816 | $— |
| Voya Intermediate Bond Fund - Class R6 | 13685476 | 3470964 | (5701818) | 162474 | 11617096 | 295356 | 36281 |  |
| Voya Large Cap Value Portfolio - Class R6 | 17254940 | 1345412 | (608338) | 954506 | 18946520 |  | 184854 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 21990849 | 644084 | (2574420) | 4632452 | 24692965 |  | (169256) |  |
| Voya Multi-Manager International Equity Fund - Class I | 71480587 | 1977386 | (11308258) | 12404166 | 74553881 |  | (113634) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 12848639 | 3942854 | (2872922) | 29580 | 13948151 |  | (160890) |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 18796815 | 7875139 | (985615) | (1130211) | 24556128 | 42124 | 566600 | 2355645 |
| Voya Short Duration Bond Fund - Class R6 | 2240864 | 14993 | (2253456) | (2401) |  | 15490 | 9553 |  |
| Voya Small Cap Growth Fund - Class R6 | 6260812 | 309761 | (2327406) | (616231) | 3626936 |  | 375546 |  |
| Voya Small Company Fund - Class R6 | 9647052 | 585828 | (3937464) | (351822) | 5943594 |  | 322737 |  |
| Voya U.S. Stock Index Portfolio - Class I | 145368445 | 18521693 | (5121822) | 7968244 | 166736560 |  | 1555673 |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 12994947 | 958250 | (590912) | 996956 | 14359241 |  | 3982 |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 33864702 | 1632006 | (2137251) | 2012357 | 35371814 |  | 71396 |  |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution 2045 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| VY<sup>®</sup> T. Rowe Price Diversified Mid |  |  |  |  |  |  |  |  |
| Cap Growth Portfolio - Class R6 | $12898679 | $3640251 | $(6582552) | $(168103) | $9788275 | $— | $1105735 | $— |
| VY<sup>®</sup> T. Rowe Price Growth Equity |  |  |  |  |  |  |  |  |
| Portfolio - Class I | 13844034 | 1005575 | (688275) | 573001 | 14734335 |  | 229786 |  |
|  | $402337383 | $46709358 | $(48451589) | $27549003 | $428144155 | $655009 | $4051179 | $2355645 |

---

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 Solution 2045 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | <br> **Number**<br> **of Contracts** | <br>**Expiration**<br> **Date** | <br>**Notional**<br> **Amount** | <br>**Unrealized<br> Appreciation/**<br> **(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 105 | 09/30/25 | $11445000 | $127366 |
|  |  |  | $11445000 | $127366 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (47) | 12/16/25 | (11278825) | (14192) |
|  |  |  | $(11278825) | $(14192) |

---

**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** |
| **Asset Derivatives** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $127366 |
| **Total Asset Derivatives** |  | $127366 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts\* | $14192 |
| **Total Liability Derivatives** |  | $14192 |

---

__________

\* 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 | $(233408) |
| Interest rate contracts | 182553 |
| **Total** | $(50855) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $113174 |
| **Total** | $113174 |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution 2045 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

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 $428,009,028. | Cost for U.S. federal income tax purposes was $428,009,028. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $72451001 |
| Gross Unrealized Depreciation | (23074388) |
| Net Unrealized Appreciation | $49376613 |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution 2050 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 9.2%**  | **EXCHANGE-TRADED FUNDS: 9.2%**  |  |  |  |
| 56672 | Vanguard FTSE Developed Markets ETF | $| 3230871 | 6.7 |
| 13981 | Vanguard FTSE Emerging Markets ETF |  | 691500 | 1.5 |
| 8388 | Vanguard Long-Term Treasury ETF |  | 470735 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $3,663,425) |  | **4393106** | **9.2** |
| **MUTUAL FUNDS: 90.7%**  | **MUTUAL FUNDS: 90.7%**  |  |  |  |
|  | **Affiliated Investment Companies: 90.7%**  | **Affiliated Investment Companies: 90.7%**  | **Affiliated Investment Companies: 90.7%**  | **Affiliated Investment Companies: 90.7%**  |
| 53008 | Voya Intermediate Bond Fund - Class R6 |  | 465942 | 1 |
| 283510 | Voya Large Cap Value Portfolio - Class R6 |  | 1899518 | 3.9 |
| 219468 | Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 2486567 | 5.2 |
| 661448 | Voya Multi-Manager International Equity Fund - Class I |  | 7990289 | 16.7 |
| 147373 | Voya Multi-Manager Mid Cap Value Fund - Class I |  | 1398568 | 2.9 |
| 31976 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I |  | 2461213 | 5.1 |
| 11804 | Voya Small Cap Growth Fund - Class R6 |  | 484774 | 1 |
| 65563 | Voya Small Company Fund - Class R6 |  | 953289 | 2 |
| 834152 | Voya U.S. Stock Index Portfolio - Class I |  | 17925932 | 37.4 |
| 64694 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I |  | 1439433 | 3 |
| 118055 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 |  | 3546360 | 7.4 |
| 77485 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 |  | 980958 | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **MUTUAL FUNDS: (continued)**  | **MUTUAL FUNDS: (continued)**  |  |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 14123 | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I  | $1476800 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
|  | Total Mutual Funds<br> (Cost $38,063,591)  | **43509643** | **90.7** |
|  | Total Long-Term Investments<br> (Cost $41,727,016)<br>| **47902749** | **99.9** |
|  | **Total Investments in Securities <br> (Cost $41,727,016)**<br>| $**47902749** | **99.9** |
|  | **Assets in Excess of Other Liabilities**  | **48606** | **0.1** |
|  | **Net Assets**  | $**47951355** | **100.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution 2050 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)** | <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** |  |  |  |  |
| Exchange-Traded Funds | $4393106 | $— | $— | $4393106 |
| Mutual Funds | 43509643 |  |  | 43509643 |
| Total Investments, at fair value | $47902749 | $— | $— | $47902749 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Futures  | 12246 |  |  | 12246 |
| Total Assets  | $47914995 | $— | $— | $47914995 |
| **Liabilities Table <br>Other Financial Instruments+**  | **Liabilities Table <br>Other Financial Instruments+**  | **Liabilities Table <br>Other Financial Instruments+**  | **Liabilities Table <br>Other Financial Instruments+**  | **Liabilities Table <br>Other Financial Instruments+**  |
| Futures  | $(1510) | $— | $— | $(1510) |
| Total Liabilities  | $(1510) | $— | $— | $(1510) |

---

____________

^ 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** | <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 Intermediate Bond Fund - Class R6 | $1276152 | $136280 | $(959113) | $12623 | $465942 | $18303 | $4123 | $— |
| Voya Large Cap Value Portfolio - |  |  |  |  |  |  |  |  |
| Class R6 | 1603244 | 316048 | (106945) | 87171 | 1899518 |  | 22502 |  |
| Voya Multi-Manager Emerging |  |  |  |  |  |  |  |  |
| Markets Equity Fund - Class I | 2037771 | 360701 | (302141) | 390236 | 2486567 |  | 44026 |  |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 6613932 | 1623128 | (1231743) | 984972 | 7990289 |  | 205200 |  |
| Voya Multi-Manager Mid Cap Value |  |  |  |  |  |  |  |  |
| Fund - Class I | 1392645 | 322753 | (301975) | (14855) | 1398568 |  | 5383 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |  |
| Index - Class I | 1748271 | 968299 | (133686) | (121671) | 2461213 | 4054 | 73304 | 226728 |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 208182 | 7434 | (215393) | (223) |  | 1465 | 908 |  |
| Voya Small Cap Growth Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 581716 | 91342 | (140965) | (47319) | 484774 |  | 26088 |  |
| Voya Small Company Fund - Class |  |  |  |  |  |  |  |  |
| R6 | 896543 | 185459 | (103897) | (24816) | 953289 |  | 13266 |  |
| Voya U.S. Stock Index Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 14351354 | 3748382 | (972115) | 798311 | 17925932 |  | 203828 |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 1207384 | 233101 | (97448) | 96396 | 1439433 |  | (363) |  |
| VY<sup>®</sup> T. Rowe Price Capital |  |  |  |  |  |  |  |  |
| Appreciation Portfolio - Class R6 | 3147451 | 517733 | (287389) | 168565 | 3546360 |  | 33963 |  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid |  |  |  |  |  |  |  |  |
| Cap Growth Portfolio - Class R6 | 1398574 | 283173 | (705327) | 4538 | 980958 |  | 87173 |  |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution 2050 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| VY<sup>®</sup> T. Rowe Price Growth Equity |  |  |  |  |  |  |  |  |
| Portfolio - Class I | $1287378 | $233943 | $(83101) | $38580 | $1476800 | $— | $41712 | $— |
|  | $37750597 | $9027776 | $(5641238) | $2372508 | $43509643 | $23822 | $761113 | $226728 |

---

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 Solution 2050 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | <br>**Number**<br> **of Contracts** | <br>**Expiration**<br> **Date** | <br>**Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 10 | 09/30/25 | $1090000 | $12246 |
|  |  |  | $1090000 | $12246 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (5) | 12/16/25 | (1199875) | (1510) |
|  |  |  | $(1199875) | $(1510) |

---

**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** |
| **Asset Derivatives** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $12246 |
| **Total Asset Derivatives** |  | $12246 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts\* | $1510 |
| **Total Liability Derivatives** |  | $1510 |

---

___________

\* 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 | $(21931) |
| Interest rate contracts | 16294 |
| **Total** | $(5637) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $10736 |
| **Total** | $10736 |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution 2050 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of June 30, 2025 (Unaudited) (continued)</u>

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 $44,548,240. | Cost for U.S. federal income tax purposes was $44,548,240. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $6224121 |
| Gross Unrealized Depreciation | (2858877) |
| Net Unrealized Appreciation | $3365244 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 9.7%** | **EXCHANGE-TRADED FUNDS: 9.7%** | **EXCHANGE-TRADED FUNDS: 9.7%** | **EXCHANGE-TRADED FUNDS: 9.7%** |
| 230461 | Vanguard FTSE Developed Markets ETF | $13138582 | 7.3 |
| 53064 | Vanguard FTSE Emerging Markets ETF | 2624545 | 1.4 |
| 31545 | Vanguard Long-Term Treasury ETF | 1770305 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $14,349,100) | **17533432** | **9.7** |
| **MUTUAL FUNDS: 90.2%** | **MUTUAL FUNDS: 90.2%** | **MUTUAL FUNDS: 90.2%** | **MUTUAL FUNDS: 90.2%** |
|  | **Affiliated Investment Companies: 90.2%** | **Affiliated Investment Companies: 90.2%** | **Affiliated Investment Companies: 90.2%** |
| 1065093 | Voya Large Cap Value Portfolio - Class R6 | 7136122 | 4 |
| 822161 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 9315084 | 5.2 |
| 2474350 | Voya Multi-Manager International Equity Fund - Class I | 29890151 | 16.6 |
| 599735 | Voya Multi-Manager Mid Cap Value Fund - Class I | 5691483 | 3.1 |
| 120149 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 9247882 | 5.1 |
| 44346 | Voya Small Cap Growth Fund - Class R6 | 1821305 | 1 |
| 246318 | Voya Small Company Fund - Class R6 | 3581458 | 2 |
| 3134013 | Voya U.S. Stock Index Portfolio - Class I | 67349939 | 37.4 |
| 243062 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 5408121 | 3 |
| 443499 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 13322724 | 7.4 |
| 327237 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 4142816 | 2.3 |
| 53064 | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 5548865 | 3.1 |
|  | Total Mutual Funds<br> (Cost $137,223,850) | **162455950** | **90.2** |
|  | Total Long-Term Investments<br> (Cost $151,572,950) | $**179989382** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $151,572,950)** | **179989382** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **209406** | **0.1** |
|  | **Net Assets** | $**180198788** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS 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** |  |  |  |  |
| Exchange-Traded Funds | $17533432 | $— | $— | $17533432 |
| Mutual Funds | 162455950 |  |  | 162455950 |
| Total Investments, at fair value | $179989382 | $— | $— | $179989382 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 47354 |  |  | 47354 |
| Total Assets | $180036736 | $— | $— | $180036736 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(5435) | $— | $— | $(5435) |
| Total Liabilities | $(5435) | $— | $— | $(5435) |

---

^ 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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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 Intermediate Bond Fund - Class R6 | $3417584 | $79916 | $(3535862) | $38362 | $— | $33389 | $(8511) | $— |
| Voya Large Cap Value Portfolio - Class R6 | 6443781 | 625382 | (273473) | 340432 | 7136122 |  | 77994 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 8230862 | 418244 | (903586) | 1569564 | 9315084 |  | 98255 |  |
| Voya Multi-Manager International Equity Fund - Class I | 26785558 | 3040900 | (3856143) | 3919836 | 29890151 |  | 704586 |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5598116 | 1224940 | (1133833) | 2260 | 5691483 |  | (46563) |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 7017178 | 3065507 | (395669) | (439134) | 9247882 | 15673 | 225072 | 876479 |
| Voya Short Duration Bond Fund - Class R6 | 836041 | 11341 | (846487) | (895) |  | 5797 | 3585 |  |
| Voya Small Cap Growth Fund - Class R6 | 2338152 | 186722 | (532557) | (171012) | 1821305 |  | 83163 |  |
| Voya Small Company Fund - Class R6 | 3602433 | 409473 | (361544) | (68904) | 3581458 |  | 19826 |  |
| Voya U.S. Stock Index Portfolio - Class I | 59326741 | 7444138 | (2722945) | 3302005 | 67349939 |  | 474838 |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 4852938 | 448762 | (250160) | 356581 | 5408121 |  | 13441 |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 12644348 | 875634 | (1086964) | 889706 | 13322724 |  | (116424) |  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5619691 | 1084169 | (2474579) | (86465) | 4142816 |  | 475007 |  |

---

See Accompanying Notes to Financial Statements

Voya Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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** |
| VY<sup>®</sup> T. Rowe Price Growth Equity |  |  |  |  |  |  |  |  |
| Portfolio - Class I | $5168360 | $456885 | $(280698) | $204318 | $5548865 | $— | $89696 | $— |
|  | $151881783 | $19372013 | $(18654500) | $9856654 | $162455950 | $54859 | $2093965 | $876479 |

---

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 Solution 2055 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 39 | 09/30/25 | $4251000 | $47354 |
|  |  |  | $4251000 | $47354 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (18) | 12/16/25 | (4319550) | (5435) |
|  |  |  | $(4319550) | $(5435) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $47354 |
| **Total Asset Derivatives** |  | $47354 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $5435 |
| **Total Liability Derivatives** |  | $5435 |

---

\* 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 | $(89656) |
| Interest rate contracts | 69030 |
| **Total** | $(20626) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $41919 |
| **Total** | $41919 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

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 $162,711,483.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $28521829 |
| Gross Unrealized Depreciation | (11202011) |
| Net Unrealized Appreciation | $17319818 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 9.6%** | **EXCHANGE-TRADED FUNDS: 9.6%** |  |  |
| 46751 | Vanguard FTSE Developed Markets ETF | $2665275 | 7.2 |
| 10764 | Vanguard FTSE Emerging Markets ETF | 532387 | 1.4 |
| 6469 | Vanguard Long-Term Treasury ETF | 363040 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $3,003,606) | **3560702** | **9.6** |
| **MUTUAL FUNDS: 90.3%** | **MUTUAL FUNDS: 90.3%** |  |  |
|  | **Affiliated Investment Companies: 90.3%** | **Affiliated Investment Companies: 90.3%** |  |
| 219034 | Voya Large Cap Value Portfolio - Class R6 | 1467525 | 4 |
| 169704 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1922747 | 5.2 |
| 512001 | Voya Multi-Manager International Equity Fund - Class I | 6184973 | 16.7 |
| 123352 | Voya Multi-Manager Mid Cap Value Fund - Class I | 1170613 | 3.1 |
| 24701 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 1901268 | 5.1 |
| 9118 | Voya Small Cap Growth Fund – Class R6 | 374494 | 1 |
| 50652 | Voya Small Company Fund - Class R6 | 736481 | 2 |
| 644408 | Voya U.S. Stock Index Portfolio - Class I | 13848326 | 37.4 |
| 49982 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1112092 | 3 |
| 91209 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 2739912 | 7.4 |
| 67274 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 851685 | 2.3 |
| 10909 | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 1140785 | 3.1 |
|  | Total Mutual Funds <br> (Cost $29,225,784) | **33450901** | **90.3** |
|  | Total Long-Term Investments<br> (Cost $32,229,390) | **37011603** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $32,229,390)** | $**37011603** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **37396** | **0.1** |
|  | **Net Assets** | **$37048999** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS 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** |  |  |  |  |
| Exchange-Traded Funds | $3560702 | $— | $— | $3560702 |
| Mutual Funds | 33450901 |  |  | 33450901 |
| Total Investments, at fair value | $37011603 | $— | $— | $37011603 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 9594 |  |  | 9594 |
| Total Assets | $37021197 | $— | $— | $37021197 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(1208) | $— | $— | $(1208) |
| Total Liabilities | $(1208) | $— | $— | $(1208) |

---

^ 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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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 Intermediate Bond Fund - Class R6 | $696997 | $33354 | $(737874) | $7523 | $— | $6895 | $(1427) | $— |
| Voya Large Cap Value Portfolio - Class R6 | 1314087 | 216280 | (123052) | 60210 | 1467525 |  | 22433 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1679104 | 235283 | (295040) | 303400 | 1922747 |  | 35934 |  |
| Voya Multi-Manager International Equity Fund - Class I | 5465366 | 1118222 | (1136921) | 738306 | 6184973 |  | 208176 |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 1141581 | 328315 | (280878) | (18405) | 1170613 |  | 6935 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 1431326 | 732702 | (140498) | (122262) | 1901268 | 3158 | 75991 | 176627 |
| Voya Short Duration Bond Fund - Class R6 | 170564 | 4832 | (175213) | (183) |  | 1195 | 739 |  |
| Voya Small Cap Growth Fund - Class R6 | 476841 | 62986 | (124172) | (41161) | 374494 |  | 21652 |  |
| Voya Small Company Fund - Class R6 | 734707 | 129494 | (104177) | (23543) | 736481 |  | 11213 |  |
| Voya U.S. Stock Index Portfolio - Class I | 12099614 | 2349160 | (1128320) | 527872 | 13848326 |  | 209867 |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 989629 | 158412 | (108353) | 72404 | 1112092 |  | 761 |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 2578681 | 343629 | (300818) | 118420 | 2739912 |  | 36623 |  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 1146073 | 296019 | (595701) | 5294 | 851685 |  | 70024 |  |

---

See Accompanying Notes to Financial Statements

Voya Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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** |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $1054133 | $160231 | $(88056) | $14477 | $1140785 | $— | $41930 | $— |
|  | $30978703 | $6168919 | $(5339073) | $1642352 | $33450901 | $11248 | $740851 | $176627 |

---

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 Solution 2060 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 8 | 09/30/25 | $872000 | $9594 |
|  |  |  | $872000 | $9594 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (4) | 12/16/25 | (959900) | (1208) |
|  |  |  | $(959900) | $(1208) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $9594 |
| **Total Asset Derivatives** |  | $9594 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $1208 |
| **Total Liability Derivatives** |  | $1208 |

---

\* 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 | $(21971) |
| Interest rate contracts | 13959 |
| **Total** | $(8012) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $8386 |
| **Total** | $8386 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

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 $34,752,511. | Cost for U.S. federal income tax purposes was $34,752,511. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $4826988 |
| Gross Unrealized Depreciation | (2559510) |
| Net Unrealized Appreciation | $2267478 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 9.1%** | **EXCHANGE-TRADED FUNDS: 9.1%** |  |  |
| 30673 | Vanguard FTSE Developed Markets ETF | $1748668 | 7.2 |
| 7063 | Vanguard FTSE Emerging Markets ETF | 349336 | 1.4 |
| 2127 | Vanguard Long-Term Treasury ETF | 119367 | 0.5 |
|  | Total Exchange-Traded Funds<br> (Cost $1,840,637) | **2217371** | **9.1** |
| **MUTUAL FUNDS: 90.8%** | **MUTUAL FUNDS: 90.8%** |  |  |
|  | **Affiliated Investment Companies: 90.8%** | **Affiliated Investment Companies: 90.8%** | **Affiliated Investment Companies: 90.8%** |
| 144052 | Voya Large Cap Value Portfolio - Class R6 | 965147 | 4 |
| 111700 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1265556 | 5.2 |
| 346902 | Voya Multi-Manager International Equity Fund - Class I | 4190576 | 17.2 |
| 81124 | Voya Multi-Manager Mid Cap Value Fund - Class I | 769867 | 3.1 |
| 16246 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 1250440 | 5.1 |
| 5997 | Voya Small Cap Growth Fund - Class R6 | 246302 | 1 |
| 33312 | Voya Small Company Fund - Class R6 | 484351 | 2 |
| 423812 | Voya U.S. Stock Index Portfolio - Class I | 9107724 | 37.4 |
| 32871 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 731389 | 3 |
| 59986 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 1801992 | 7.4 |
| 44242 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 560109 | 2.3 |
| 7175 | VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 750284 | 3.1 |
|  | Total Mutual Funds<br> (Cost $19,782,785) | **22123737** | **90.8** |
|  | Total Long-Term Investments<br> (Cost $21,623,422) | **24341108** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $21,623,422)** | $**24341108** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **24172** | **0.1** |
|  | **Net Assets** | $**24365280** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

**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>**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** |  |  |  |  |
| Exchange-Traded Funds | $2217371 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $2217371 |
| Mutual Funds | 22123737 |  |  | 22123737 |
| Total Investments, at fair value | $24341108 | $— | $— | $24341108 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 11035 |  |  | 11035 |
| Total Assets | $24352143 | $— | $— | $24352143 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(2637) | $— | $— | $(2637) |
| Total Liabilities | $(2637) | $— | $— | $(2637) |

---

^ 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. |

---

**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 Intermediate Bond Fund - Class R6 | $208609 | $19860 | $(231719) | $3250 | $— | $2117 | $(1496) | $— |
| Voya Large Cap Value Portfolio - Class R6 | 786796 | 213222 | (76101) | 41230 | 965147 |  | 12498 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1007824 | 265073 | (211685) | 204344 | 1265556 |  | 17704 |  |
| Voya Multi-Manager International Equity Fund - Class I | 3387776 | 1196099 | (915086) | 521787 | 4190576 |  | 108878 |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 683515 | 272022 | (178066) | (7604) | 769867 |  | 2719 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 856735 | 550287 | (90676) | (65906) | 1250440 | 2048 | 43595 | 114505 |
| Voya Short Duration Bond Fund - Class R6 | 102087 | 5368 | (107345) | (110) |  | 726 | 451 |  |
| Voya Small Cap Growth Fund - Class R6 | 285535 | 60747 | (76453) | (23527) | 246302 |  | 12939 |  |
| Voya Small Company Fund - Class R6 | 439903 | 120610 | (66423) | (9739) | 484351 |  | 3755 |  |
| Voya U.S. Stock Index Portfolio - Class I | 7243440 | 2165402 | (685958) | 384840 | 9107724 |  | 129749 |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 592527 | 157581 | (66968) | 48249 | 731389 |  | (519) |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 1543678 | 361516 | (182340) | 79138 | 1801992 |  | 22954 |  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 686166 | 248447 | (399048) | 24544 | 560109 |  | 28526 |  |

---

See Accompanying Notes to Financial Statements

Voya Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <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** |
| VY<sup>®</sup> T. Rowe Price Growth Equity | $630957 | $155722 | $(53540) | $17145 | $750284 | $— | $24574 | $— |
| Portfolio - Class I | $18455548 | $5791956 | $(3341408) | $1217641 | $22123737 | $4891 | $406327 | $114505 |

---

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 Solution 2065 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 5 | 09/30/25 | $545000 | $6123 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 1 | 09/19/25 | 119125 | 4912 |
|  |  |  | $664125 | $11035 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (2) | 12/16/25 | (479950) | (604) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (1) | 09/19/25 | (112125) | (2033) |
|  |  |  | $(592075) | $(2637) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $11035 |
| **Total Asset Derivatives** |  | $11035 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $2637 |
| **Total Liability Derivatives** |  | $2637 |

---

\* 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 | $(10693) |
| Interest rate contracts | 3385 |
| **Total** | $(7308) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $8398 |
| **Total** | $8398 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

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 $22,430,867. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $2760932 |
| Gross Unrealized Depreciation | (842293) |
| Net Unrealized Appreciation | $1918639 |

---

See Accompanying Notes to Financial Statements

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| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **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-VSOL (0625)**

![](tm2522622d7_indslpfn01img01.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

Classes ADV, I, S, S2 and Z

**Voya Partners, Inc.**

■ Voya
 Index Solution Income Portfolio ■ Voya
 Index Solution 2045 Portfolio

■ Voya Index
 Solution 2025 Portfolio ■ Voya
 Index Solution 2050 Portfolio

■ Voya Index
 Solution 2030 Portfolio ■ Voya
 Index Solution 2055 Portfolio

■ Voya Index
 Solution 2035 Portfolio ■ Voya
 Index Solution 2060 Portfolio

■ Voya Index
 Solution 2040 Portfolio ■ Voya
 Index Solution 2065 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.

---

| | |
|:---|:---|
| ![](tm2522622d7_indslpfn01img02.jpg) | &nbsp;&nbsp;E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com**  | ![](tm2522622d7_indslpfn01img03.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#SP01-1) | [1](#SP01-1) |
| [Statements of Operations](#sp3_001) | [7](#sp3_001) |
| [Statements of Changes in Net Assets](#sp3_002) | [10](#sp3_002) |
| [Financial Highlights](#finsp5_001) | [15](#finsp5_001) |
| [Notes to Financial Statements](#sp3_003) | [23](#sp3_003) |
| [Portfolios of Investments](#poi_1) | [36](#poi_1) |

---

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

**PROXY VOTING INFORMATION**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution Income**<br>**Portfolio** | **Voya Index**<br>**Solution 2025**<br>**Portfolio** | **Voya Index**<br>**Solution 2030**<br>**Portfolio** | **Voya Index**<br>**Solution 2035**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $471985720 | $784318327 | $892042432 | $1568421939 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 94941374 | 152907347 | 75883500 | 81049073 |
| Short-term investments at fair value† | 1080768 |  |  |  |
| Cash |  | 1932745 | 2967239 | 3852302 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold |  | 237721 | 49312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold | 22178 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 103238 | 215268 | 101780 | 604391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 41 | 140 | 1580 | 2135 |
| Prepaid expenses | 5428 | 9086 | 8876 | 14982 |
| Reimbursement due from Investment Adviser | 117504 | 192617 | 183818 | 302923 |
| Other assets | 29262 | 36267 | 16947 | 36819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 568285513 | 939849518 | 971255484 | 1654284564 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 83830 |  | 2460520 | 3454410 |
| Payable for investments in unaffiliated underlying funds purchased |  | 26940 | 30822 | 57640 |
| Payable for fund shares redeemed | 2267 | 499964 | 155380 | 103328 |
| Payable for investment management fees | 107692 | 177105 | 169054 | 279029 |
| Payable for distribution and shareholder service fees | 28671 | 55314 | 17635 | 70639 |
| Payable to directors under the deferred compensation plan (Note 6) | 29262 | 36267 | 16947 | 36819 |
| Payable for directors fees | 1407 | 2341 | 2332 | 3941 |
| Other accrued expenses and liabilities | 49314 | 83764 | 47004 | 73434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 302443 | 881695 | 2899694 | 4079240 |
| **NET ASSETS** | $567983070 | $938967823 | $968355790 | $1650205324 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $553376552 | $816962461 | $814386487 | $1337319431 |
| Total distributable earnings | 14606518 | 122005362 | 153969303 | 312885893 |
| **NET ASSETS** | $567983070 | $938967823 | $968355790 | $1650205324 |
| \* Cost of investments in affiliated underlying funds | $431655031 | $706380422 | $763543343 | $1298508502 |
| \*\* Cost of investments in unaffiliated underlying funds | $93829223 | $149745733 | $73883202 | $78558229 |
| † Cost of short-term investments | $1080768 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution Income**<br>**Portfolio** | **Voya Index**<br>**Solution 2025**<br>**Portfolio** | **Voya Index**<br>**Solution 2030**<br>**Portfolio** | **Voya Index**<br>**Solution 2035**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $28127805 | $84462559 | $31474127 | $107596042 |
| &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 | 2765855 | 7442477 | 1846388 | 8479267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.17 | $11.35 | $17.05 | $12.69 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $10696319 | $39480833 | $16349683 | $62657329 |
| &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 | 1017256 | 3364870 | 918497 | 4747884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.51 | $11.73 | $17.80 | $13.20 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $80954898 | $79283602 | $17294412 | $88930324 |
| &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 | 7798792 | 6858155 | 982059 | 6860743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.38 | $11.56 | $17.61 | $12.96 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2506025 | $14756043 | $4459579 | $27767129 |
| &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 | 249508 | 1313053 | 260020 | 2201363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.04 | $11.24 | $17.15 | $12.61 |
| **Class Z** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $445698023 | $720984786 | $898777989 | $1363254500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 300000000 | 300000000 | 100000000 | 300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 41640600 | 60290631 | 49602003 | 101090290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.70 | $11.96 | $18.12 | $13.49 |

---

See Accompanying Notes to Financial Statements

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2040**<br>**Portfolio** | **Voya Index**<br>**Solution 2045**<br>**Portfolio** | **Voya Index**<br>**Solution 2050**<br>**Portfolio** | **Voya Index**<br>**Solution 2055**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $1023451313 | $1336980574 | $923722020 | $927648182 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 52790271 | 54328048 | 9176798 | 9216251 |
| Cash | 2168977 | 2121816 | 1175090 | 1107798 |
| Cash collateral for futures contracts | 275461 | 355334 | 237347 | 237347 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 294274 | 280968 | 523269 | 251319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1214 | 1266 | 721 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 30271 | 39048 | 26076 | 26076 |
| Prepaid expenses | 9647 | 12333 | 8252 | 8209 |
| Reimbursement due from Investment Adviser | 202317 | 258272 | 174397 | 168154 |
| Other assets | 14159 | 26185 | 10415 | 12402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1079237904 | 1394403844 | 935054385 | 938676431 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 279016 | 161167 | 516313 | 237439 |
| Payable for investments in unaffiliated underlying funds purchased | 38223 | 26128 | 7592 | 7927 |
| Payable for fund shares redeemed |  | 113044 | 1710 | 11454 |
| Payable for investment management fees | 182036 | 232194 | 150730 | 151411 |
| Payable for distribution and shareholder service fees | 18587 | 60530 | 15515 | 38146 |
| Payable to directors under the deferred compensation plan (Note 6) | 14159 | 26185 | 10415 | 12402 |
| Payable for directors fees | 2551 | 3268 | 2190 | 2184 |
| Other accrued expenses and liabilities | 45387 | 78024 | 36295 | 56763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 579959 | 700540 | 740760 | 517726 |
| **NET ASSETS** | $1078657945 | $1393703304 | $934313625 | $938158705 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $841907898 | $1053715331 | $705570695 | $701276159 |
| Total distributable earnings | 236750047 | 339987973 | 228742930 | 236882546 |
| **NET ASSETS** | $1078657945 | $1393703304 | $934313625 | $938158705 |
| \* Cost of investments in affiliated underlying funds | $819454691 | $1048931200 | $725035714 | $727697809 |
| \*\* Cost of investments in unaffiliated underlying funds | $51352778 | $52845441 | $9078591 | $9117645 |

---

See Accompanying Notes to Financial Statements

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2040**<br>**Portfolio** | **Voya Index**<br>**Solution 2045**<br>**Portfolio** | **Voya Index**<br>**Solution 2050**<br>**Portfolio** | **Voya Index**<br>**Solution 2055**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $31004758 | $98541215 | $26068871 | $58376312 |
| &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 | 1563034 | 6963037 | 1227588 | 2994496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $19.84 | $14.15 | $21.24 | $19.49 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $18571915 | $59898064 | $24737774 | $62846591 |
| &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 | 897718 | 4022003 | 1121497 | 3097073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $20.69 | $14.89 | $22.06 | $20.29 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $17873901 | $64659135 | $12889647 | $44099847 |
| &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 | 867801 | 4439847 | 587267 | 2213117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $20.60 | $14.56 | $21.95 | $19.93 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $8250444 | $24922369 | $8053984 | $18917955 |
| &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 | 410468 | 1766092 | 376399 | 967453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $20.10 | $14.11 | $21.40 | $19.55 |
| **Class Z** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1002956927 | $1145682521 | $862563349 | $753918000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 300000000 | 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 | 47614182 | 75317179 | 38473702 | 36420605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $21.06 | $15.21 | $22.42 | $20.70 |

---

See Accompanying Notes to Financial Statements

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

------

---

| | | |
|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2060**<br>**Portfolio** | **Voya Index**<br>**Solution 2065**<br>**Portfolio** |
| **ASSETS:** |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $603970679 | $180775034 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 5996478 | 1791855 |
| Cash | 715568 | 205789 |
| Cash collateral for futures contracts | 153835 | 44914 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 628486 | 512902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 450 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 16914 | 4955 |
| Prepaid expenses | 5214 | 1429 |
| Reimbursement due from Investment Adviser | 112067 | 34397 |
| Other assets | 4851 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 611604542 | 183372113 |
| **LIABILITIES:** |  |  |
| Payable for investments in affiliated underlying funds purchased | 573410 | 470726 |
| Payable for investments in unaffiliated underlying funds purchased | 2400 | 3852 |
| Payable for fund shares redeemed | 49263 | 37417 |
| Payable for investment management fees | 98504 | 29254 |
| Payable for distribution and shareholder service fees | 12076 | 4026 |
| Payable to directors under the deferred compensation plan (Note 6) | 4851 | 709 |
| Payable for directors fees | 1402 | 397 |
| Other accrued expenses and liabilities | 23252 | 11045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 765158 | 557426 |
| **NET ASSETS** | $610839384 | $182814687 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $469791400 | $145641236 |
| Total distributable earnings | 141047984 | 37173451 |
| **NET ASSETS** | $610839384 | $182814687 |
| \* Cost of investments in affiliated underlying funds | $480076742 | $151498871 |
| \*\* Cost of investments in unaffiliated underlying funds | $5932125 | $1772329 |

---

See Accompanying Notes to Financial Statements

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

------

---

| | | |
|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2060**<br>**Portfolio** | **Voya Index**<br>**Solution 2065**<br>**Portfolio** |
| **Class ADV** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $21766214 | $6263569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1267962 | 426502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $17.17 | $14.69 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $47282790 | $23451618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2666980 | 1571858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $17.73 | $14.92 |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $9618079 | $4342321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 550402 | 293502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $17.47 | $14.79 |
| **Class S2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4742013 | $2008061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 274140 | 136461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $17.30 | $14.72 |
| **Class Z** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $527430288 | $146749118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 29258750 | 9772749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $18.03 | $15.02 |

---

See Accompanying Notes to Financial Statements

Statements Of Operations for the six months ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index <br> Solution Income**<br> **Portfolio** | **Voya Index <br> Solution 2025**<br> **Portfolio** | **Voya Index <br> Solution 2030**<br> **Portfolio** | **Voya Index <br> Solution 2035**<br> **Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $8491988 | $13986291 | $12934465 | $20257621 |
| Dividends from unaffiliated underlying funds | 1584699 | 2361761 | 1284184 | 1566902 |
| Interest | 999 | 2298 | 30515 | 40271 |
| Other | 2207 | 3681 | 3591 | 6050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 10079893 | 16354031 | 14252755 | 21870844 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 653774 | 1072673 | 999981 | 1642004 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 72394 | 217065 | 75699 | 267939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 99037 | 96529 | 20719 | 106148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 5073 | 28335 | 8523 | 51383 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 5216 | 17295 | 9845 | 24125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1917 | 7952 | 4742 | 13398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 14273 | 15378 | 5389 | 19115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 457 | 2821 | 1385 | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 64 | 104 | 126 | 117 |
| Shareholder reporting expense | 2671 | 3544 | 3210 | 4304 |
| Professional fees | 24274 | 38231 | 34912 | 57335 |
| Custody and accounting expense | 17702 | 27050 | 24044 | 38350 |
| Directors fees | 7033 | 11704 | 11662 | 19703 |
| Miscellaneous expense | 16022 | 27046 | 24186 | 37205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 919907 | 1565727 | 1224423 | 2286908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (716990) | (1169900) | (1088489) | (1783130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 202917 | 395827 | 135934 | 503778 |
| Net investment income | 9876976 | 15958204 | 14116821 | 21367066 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 4010177 | 24436081 | 15298657 | 29859255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (920179) | (1451971) | (1285147) | (1945232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 897892 | 1550000 | 4223504 | 7103637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (317816) | (538775) | (519120) | (885059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 3670074 | 23995335 | 17717894 | 34132601 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 15854670 | 12667825 | 32865749 | 66582518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 2927789 | 4360324 | 1962961 | 1517854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 18782459 | 17028149 | 34828710 | 68100372 |
| Net realized and unrealized gain | 22452533 | 41023484 | 52546604 | 102232973 |
| **Increase in net assets resulting from operations** | $32329509 | $56981688 | $66663425 | $123600039 |

---

See Accompanying Notes to Financial Statements

Statements Of Operations for the six months ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2040**<br>**Portfolio** | **Voya Index**<br>**Solution 2045**<br>**Portfolio** | **Voya Index**<br>**Solution 2050**<br>**Portfolio** | **Voya Index**<br>**Solution 2055**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $12036110 | $14000028 | $9623205 | $9605651 |
| Dividends from unaffiliated underlying funds | 1016149 | 1062546 | 98859 | 98776 |
| Interest | 28961 | 35074 | 20456 | 19286 |
| Other | 3919 | 4996 | 3350 | 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 13085139 | 15102644 | 9745870 | 9727049 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 1063520 | 1348966 | 878174 | 875611 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 71013 | 231675 | 60061 | 134757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 20901 | 78065 | 15920 | 52886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 14334 | 44958 | 14456 | 33196 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 12039 | 27691 | 9616 | 21036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 6759 | 16338 | 8748 | 22091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 7087 | 18663 | 5098 | 16511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 3038 | 6716 | 2893 | 6477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 138 | 97 | 205 | 178 |
| Shareholder reporting expense | 2160 | 3918 | 1810 | 3946 |
| Professional fees | 37003 | 46475 | 34656 | 32820 |
| Custody and accounting expense | 24595 | 31304 | 22995 | 20935 |
| Directors fees | 12757 | 16338 | 10952 | 10920 |
| Miscellaneous expense | 27605 | 36407 | 29438 | 36039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1302949 | 1907611 | 1095022 | 1267403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (1157937) | (1470885) | (965086) | (962809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 145012 | 436726 | 129936 | 304594 |
| Net investment income | 12940127 | 14665918 | 9615934 | 9422455 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 20861116 | 28251400 | 18261955 | 16850370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (1240439) | (1450387) | (1002981) | (999827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 4845177 | 6383948 | 5238253 | 5355327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (150053) | (182378) | (116273) | (108653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 24315801 | 33002583 | 22380954 | 21097217 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 50007623 | 70831270 | 48632298 | 50730838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 984758 | 907408 | 98207 | 98606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 257321 | 331240 | 221235 | 221438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 51249702 | 72069918 | 48951740 | 51050882 |
| Net realized and unrealized gain | 75565503 | 105072501 | 71332694 | 72148099 |
| **Increase in net assets resulting from operations** | $88505630 | $119738419 | $80948628 | $81570554 |

---

See Accompanying Notes to Financial Statements

Statements Of Operations for the six months ended June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2060**<br>**Portfolio** | **Voya Index**<br>**Solution 2065**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |
| Dividends from affiliated underlying funds | $6200292 | $1795424 |
| Dividends from unaffiliated underlying funds | 63602 | 18236 |
| Interest | 12161 | 1419 |
| Other | 2119 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 6278174 | 1815657 |
| **EXPENSES:** |  |  |
| Investment management fees | 562292 | 159324 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 49509 | 13318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 11628 | 5941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 8330 | 3311 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 7237 | 2669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 15430 | 9861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 3399 | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 1522 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 220 | 127 |
| Shareholder reporting expense | 217 | 1086 |
| Professional fees | 20533 | 6580 |
| Custody and accounting expense | 13204 | 5176 |
| Directors fees | 7011 | 1985 |
| Miscellaneous expense | 25271 | 9117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 725803 | 221706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (616521) | (179794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 109282 | 41912 |
| Net investment income | 6168892 | 1773745 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 9850068 | 2666889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (641082) | (181551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 3459797 | 1005938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (84639) | (17782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 12584144 | 3473494 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 33945368 | 10436743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 64353 | 19527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 143335 | 41715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 34153056 | 10497985 |
| Net realized and unrealized gain | 46737200 | 13971479 |
| **Increase in net assets resulting from operations** | $52906092 | $15745224 |

---

See Accompanying Notes to Financial Statements

Statements Of Changes In Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index** | **Voya Index** | **Voya Index** | **Voya Index** |
|  | **Solution Income Portfolio** | **Solution Income Portfolio** | **Solution 2025 Portfolio** | **Solution 2025 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 | $9876976 | $22083350 | $15958204 | $31421971 |
| Net realized gain | 3670074 | 25282275 | 23995335 | 69750637 |
| Net change in unrealized appreciation (depreciation) | 18782459 | (3415550) | 17028149 | (8235231) |
| Increase in net assets resulting from operations | 32329509 | 43950075 | 56981688 | 92937377 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (1477410) |  | (1778912) |
| &nbsp;&nbsp;&nbsp;Class I |  | (357946) |  | (843633) |
| &nbsp;&nbsp;&nbsp;Class S |  | (2347383) |  | (1478555) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (590384) |  | (648729) |
| &nbsp;&nbsp;&nbsp;Class Z |  | (13758043) |  | (15252465) |
| Total distributions |  | (18531166) |  | (20002294) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 12808956 | 27652427 | 21460745 | 57652373 |
| Reinvestment of distributions |  | 18531166 |  | 20002294 |
|  | 12808956 | 46183593 | 21460745 | 77654667 |
| Cost of shares redeemed | (53564602) | (178616214) | (107940197) | (276958492) |
| Net decrease in net assets resulting from capital share transactions | (40755646) | (132432621) | (86479452) | (199303825) |
| Net decrease in net assets | (8426137) | (107013712) | (29497764) | (126368742) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 576409207 | 683422919 | 968465587 | 1094834329 |
| End of year or period | $567983070 | $576409207 | $938967823 | $968465587 |

---

See Accompanying Notes to Financial Statements

Statements Of Changes In Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index** | **Voya Index** | **Voya Index** | **Voya Index** |
|  | **Solution 2030 Portfolio** | **Solution 2030 Portfolio** | **Solution 2035 Portfolio** | **Solution 2035 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 | $14116821 | $25754074 | $21367066 | $37863660 |
| Net realized gain | 17717894 | 43769068 | 34132601 | 73812011 |
| Net change in unrealized appreciation (depreciation) | 34828710 | 24792634 | 68100372 | 66617451 |
| Increase in net assets resulting from operations | 66663425 | 94315776 | 123600039 | 178293122 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (400420) |  | (773280) |
| &nbsp;&nbsp;&nbsp;Class I |  | (173276) |  | (612456) |
| &nbsp;&nbsp;&nbsp;Class S |  | (183318) |  | (764825) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (274214) |  | (423046) |
| &nbsp;&nbsp;&nbsp;Class Z |  | (12626860) |  | (13388484) |
| Total distributions |  | (13658088) |  | (15962091) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 34825367 | 75354103 | 61907097 | 118541463 |
| Reinvestment of distributions |  | 13658088 |  | 15962091 |
|  | 34825367 | 89012191 | 61907097 | 134503554 |
| Cost of shares redeemed | (66306519) | (150989030) | (104611000) | (229055781) |
| Net decrease in net assets resulting from capital share transactions | (31481152) | (61976839) | (42703903) | (94552227) |
| Net increase in net assets | 35182273 | 18680849 | 80896136 | 67778804 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 933173517 | 914492668 | 1569309188 | 1501530384 |
| End of year or period | $968355790 | $933173517 | $1650205324 | $1569309188 |

---

See Accompanying Notes to Financial Statements

Statements Of Changes In Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index** | **Voya Index** | **Voya Index** | **Voya Index** |
|  | **Solution 2040 Portfolio** | **Solution 2040 Portfolio** | **Solution 2045 Portfolio** | **Solution 2045 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 | $12940127 | $21331183 | $14665918 | $24560366 |
| Net realized gain | 24315801 | 43736653 | 33002583 | 65515477 |
| Net change in unrealized appreciation (depreciation) | 51249702 | 59368972 | 72069918 | 84027784 |
| Increase in net assets resulting from operations | 88505630 | 124436808 | 119738419 | 174103627 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (55147) |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (86724) |  | (221823) |
| &nbsp;&nbsp;&nbsp;Class S |  | (66659) |  | (126638) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (20331) |  | (49664) |
| &nbsp;&nbsp;&nbsp;Class Z |  | (6261149) |  | (4621941) |
| Total distributions |  | (6490010) |  | (5020066) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 48367226 | 85508929 | 52467690 | 107239813 |
| Reinvestment of distributions |  | 6490010 |  | 5020066 |
|  | 48367226 | 91998939 | 52467690 | 112259879 |
| Cost of shares redeemed | (72883186) | (117000219) | (69287626) | (183684499) |
| Net decrease in net assets resulting from capital share transactions | (24515960) | (25001280) | (16819936) | (71424620) |
| Net increase in net assets | 63989670 | 92945518 | 102918483 | 97658941 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1014668275 | 921722757 | 1290784821 | 1193125880 |
| End of year or period | $1078657945 | $1014668275 | $1393703304 | $1290784821 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index** | **Voya Index** | **Voya Index** | **Voya Index** |
|  | **Solution 2050 Portfolio** | **Solution 2050 Portfolio** | **Solution 2055 Portfolio** | **Solution 2055 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 | $9615934 | $15053605 | $9422455 | $14686340 |
| Net realized gain | 22380954 | 34878253 | 21097217 | 42243172 |
| Net change in unrealized appreciation (depreciation) | 48951740 | 65030232 | 51050882 | 61537740 |
| Increase in net assets resulting from operations | 80948628 | 114962090 | 81570554 | 118467252 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (42367) |  | (96105) |
| &nbsp;&nbsp;&nbsp;Class S |  | (1522) |  |  |
| &nbsp;&nbsp;&nbsp;Class S2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class Z |  | (2318693) |  | (1711525) |
| Total distributions |  | (2362582) |  | (1807630) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 42140596 | 82690445 | 49034191 | 92567917 |
| Reinvestment of distributions |  | 2362582 |  | 1807630 |
|  | 42140596 | 85053027 | 49034191 | 94375547 |
| Cost of shares redeemed | (56864589) | (76281225) | (53986145) | (116869243) |
| Net increase (decrease) in net assets resulting from capital share transactions | (14723993) | 8771802 | (4951954) | (22493696) |
| Net increase in net assets | 66224635 | 121371310 | 76618600 | 94165926 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 868088990 | 746717680 | 861540105 | 767374179 |
| End of year or period | $934313625 | $868088990 | $938158705 | $861540105 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index** | **Voya Index** | **Voya Index** | **Voya Index** |
|  | **Solution 2060 Portfolio** | **Solution 2060 Portfolio** | **Solution 2065 Portfolio** | **Solution 2065 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 | $6168892 | $8973950 | $1773745 | $2066209 |
| Net realized gain | 12584144 | 21215219 | 3473494 | 4895058 |
| Net change in unrealized appreciation (depreciation) | 34153056 | 40252379 | 10497985 | 9326871 |
| Increase in net assets resulting from operations | 52906092 | 70441548 | 15745224 | 16288138 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  |  |  | (6233) |
| &nbsp;&nbsp;&nbsp;Class I |  | (58312) |  | (19848) |
| &nbsp;&nbsp;&nbsp;Class S |  |  |  | (5386) |
| &nbsp;&nbsp;&nbsp;Class S2 |  |  |  | (3462) |
| &nbsp;&nbsp;&nbsp;Class Z |  | (1050563) |  | (145545) |
| Total distributions |  | (1108875) |  | (180474) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 42734822 | 81224827 | 29192211 | 51601169 |
| Reinvestment of distributions |  | 1108875 |  | 180474 |
|  | 42734822 | 82333702 | 29192211 | 51781643 |
| Cost of shares redeemed | (30174046) | (47815269) | (7346217) | (12887709) |
| Net increase in net assets resulting from capital share transactions | 12560776 | 34518433 | 21845994 | 38893934 |
| Net increase in net assets | 65466868 | 103851106 | 37591218 | 55001598 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 545372516 | 441521410 | 145223469 | 90221871 |
| End of year or period | $610839384 | $545372516 | $182814687 | $145223469 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(5)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution 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> | 9.62 | 0.15 | • | 0.40 | 0.55 |  |  |  |  |  | 10.17 | **5.72** | 0.79 | 0.53 | 0.53 | 3.08 | 28128 | 13 |
| 12-31-24 | 9.28 | 0.29 | • | 0.29 | 0.58 | 0.24 |  |  | 0.24 |  | 9.62 | **6.34** | 0.80 | 0.54 | 0.54 | 3.00 | 30362 | 28 |
| 12-31-23 | 8.72 | 0.20 | • | 0.70 | 0.90 | 0.19 | 0.15 |  | 0.34 |  | 9.28 | **10.46** | 0.80 | 0.54 | 0.54 | 2.28 | 62868 | 128 |
| 12-31-22 | 11.45 | 0.16 | • | (1.77) | (1.61) | 0.26 | 0.86 |  | 1.12 |  | 8.72 | **(14.57)** | 0.78 | 0.71 | 0.71 | 1.67 | 69320 | 51 |
| 12-31-21 | 11.27 | 0.16 | • | 0.47 | 0.63 | 0.16 | 0.29 |  | 0.45 |  | 11.45 | **5.62** | 0.80 | 0.74 | 0.74 | 1.40 | 96649 | 30 |
| 12-31-20 | 10.54 | 0.20 | • | 0.91 | 1.11 | 0.17 | 0.21 |  | 0.38 |  | 11.27 | **10.74** | 0.79 | 0.74 | 0.74 | 1.85 | 104557 | 45 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.93 | 0.18 | • | 0.40 | 0.58 |  |  |  |  |  | 10.51 | **5.84** | 0.29 | 0.03 | 0.03 | 3.58 | 10696 | 13 |
| 12-31-24 | 9.57 | 0.34 | • | 0.32 | 0.66 | 0.30 |  |  | 0.30 |  | 9.93 | **6.91** | 0.30 | 0.04 | 0.04 | 3.50 | 10828 | 28 |
| 12-31-23 | 8.99 | 0.26 | • | 0.71 | 0.97 | 0.24 | 0.15 |  | 0.39 |  | 9.57 | **11.04** | 0.30 | 0.04 | 0.04 | 2.78 | 13348 | 128 |
| 12-31-22 | 11.78 | 0.22 | • | (1.82) | (1.60) | 0.33 | 0.86 |  | 1.19 |  | 8.99 | **(14.13)** | 0.28 | 0.21 | 0.21 | 2.17 | 11434 | 51 |
| 12-31-21 | 11.58 | 0.22 | • | 0.48 | 0.70 | 0.21 | 0.29 |  | 0.50 |  | 11.78 | **6.09** | 0.30 | 0.24 | 0.24 | 1.87 | 15867 | 30 |
| 12-31-20 | 10.82 | 0.25 | • | 0.95 | 1.20 | 0.23 | 0.21 |  | 0.44 |  | 11.58 | **11.32** | 0.29 | 0.24 | 0.24 | 2.31 | 20513 | 45 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.81 | 0.16 | • | 0.41 | 0.57 |  |  |  |  |  | 10.38 | **5.81** | 0.54 | 0.28 | 0.28 | 3.33 | 80955 | 13 |
| 12-31-24 | 9.46 | 0.32 | • | 0.30 | 0.62 | 0.27 |  |  | 0.27 |  | 9.81 | **6.62** | 0.55 | 0.29 | 0.29 | 3.25 | 81091 | 28 |
| 12-31-23 | 8.89 | 0.23 | • | 0.70 | 0.93 | 0.21 | 0.15 |  | 0.36 |  | 9.46 | **10.72** | 0.55 | 0.29 | 0.29 | 2.53 | 89413 | 128 |
| 12-31-22 | 11.65 | 0.19 | • | (1.80) | (1.61) | 0.29 | 0.86 |  | 1.15 |  | 8.89 | **(14.32)** | 0.53 | 0.46 | 0.46 | 1.92 | 94618 | 51 |
| 12-31-21 | 11.46 | 0.19 | • | 0.47 | 0.66 | 0.18 | 0.29 |  | 0.47 |  | 11.65 | **5.81** | 0.55 | 0.49 | 0.49 | 1.65 | 131694 | 30 |
| 12-31-20 | 10.71 | 0.23 |  | 0.93 | 1.16 | 0.20 | 0.21 |  | 0.41 |  | 11.46 | **11.05** | 0.54 | 0.49 | 0.49 | 2.10 | 147405 | 45 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.50 | 0.15 | • | 0.39 | 0.54 |  |  |  |  |  | 10.04 | **5.68** | 0.69 | 0.43 | 0.43 | 3.18 | 2506 | 13 |
| 12-31-24 | 9.17 | 0.29 | • | 0.30 | 0.59 | 0.26 |  |  | 0.26 |  | 9.50 | **6.49** | 0.70 | 0.44 | 0.44 | 3.10 | 2618 | 28 |
| 12-31-23 | 8.63 | 0.21 | • | 0.69 | 0.90 | 0.21 | 0.15 |  | 0.36 |  | 9.17 | **10.59** | 0.70 | 0.44 | 0.44 | 2.38 | 18715 | 128 |
| 12-31-22 | 11.36 | 0.18 | • | (1.76) | (1.58) | 0.29 | 0.86 |  | 1.15 |  | 8.63 | **(14.47)** | 0.68 | 0.61 | 0.61 | 1.81 | 16493 | 51 |
| 12-31-21 | 11.20 | 0.17 | • | 0.47 | 0.64 | 0.19 | 0.29 |  | 0.48 |  | 11.36 | **5.69** | 0.70 | 0.64 | 0.64 | 1.50 | 18519 | 30 |
| 12-31-20 | 10.48 | 0.21 | • | 0.90 | 1.11 | 0.18 | 0.21 |  | 0.39 |  | 11.20 | **10.79** | 0.69 | 0.64 | 0.64 | 1.99 | 16526 | 45 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.10 | 0.18 | • | 0.42 | 0.60 |  |  |  |  |  | 10.70 | **5.94** | 0.26 | 0.00 \* | 0.00 \* | 3.61 | 445698 | 13 |
| 12-31-24 | 9.73 | 0.35 | • | 0.32 | 0.67 | 0.30 |  |  | 0.30 |  | 10.10 | **6.97** | 0.26 | 0.00 \* | 0.00 \* | 3.54 | 451511 | 28 |
| 12-31-23 | 9.16 | 0.27 | • | 0.71 | 0.98 | 0.26 | 0.15 |  | 0.41 |  | 9.73 | **10.98** | 0.26 | 0.00 \* | 0.00 \* | 2.82 | 499079 | 128 |
| 12-31-22 | 11.96 | 0.24 | • | (1.85) | (1.61) | 0.33 | 0.86 |  | 1.19 |  | 9.16 | **(13.94)** | 0.24 | 0.00 \* | 0.00 \* | 2.38 | 499006 | 51 |
| 12-31-21 | 11.72 | 0.25 | • | 0.50 | 0.75 | 0.22 | 0.29 |  | 0.51 |  | 11.96 | **6.41** | 0.26 | 0.00 \* | 0.00 \* | 2.14 | 669150 | 30 |
| 12-31-20 | 10.93 | 0.30 | • | 0.93 | 1.23 | 0.23 | 0.21 |  | 0.44 |  | 11.72 | **11.48** | 0.25 | 0.00 \* | 0.00 \* | 2.66 | 705082 | 45 |
| **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** | **Voya Index Solution 2025 Portfolio** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.70 | 0.16 | • | 0.49 | 0.65 |  |  |  |  |  | 11.35 | **6.08** | 0.79 | 0.54 | 0.54 | 2.98 | 84463 | 16 |
| 12-31-24 | 10.01 | 0.27 | • | 0.58 | 0.85 | 0.16 |  |  | 0.16 |  | 10.70 | **8.57** | 0.79 | 0.54 | 0.54 | 2.56 | 93049 | 34 |
| 12-31-23 | 9.31 | 0.14 | • | 1.08 | 1.22 | 0.18 | 0.34 |  | 0.52 |  | 10.01 | **13.35** | 0.79 | 0.54 | 0.54 | 1.45 | 121090 | 127 |
| 12-31-22 | 12.53 | 0.16 | • | (2.13) | (1.97) | 0.20 | 1.05 |  | 1.25 |  | 9.31 | **(16.26)** | 0.77 | 0.70 | 0.70 | 1.48 | 123760 | 50 |
| 12-31-21 | 12.08 | 0.13 | • | 1.09 | 1.22 | 0.22 | 0.55 |  | 0.77 |  | 12.53 | **10.20** | 0.79 | 0.74 | 0.74 | 1.07 | 176976 | 40 |
| 12-31-20 | 11.22 | 0.19 | • | 1.17 | 1.36 | 0.17 | 0.33 |  | 0.50 |  | 12.08 | **12.50** | 0.79 | 0.74 | 0.74 | 1.70 | 186131 | 50 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.03 | 0.19 | • | 0.51 | 0.70 |  |  |  |  |  | 11.73 | **6.35** | 0.29 | 0.04 | 0.04 | 3.48 | 39481 | 16 |
| 12-31-24 | 10.32 | 0.33 | • | 0.60 | 0.93 | 0.22 |  |  | 0.22 |  | 11.03 | **9.07** | 0.29 | 0.04 | 0.04 | 3.06 | 40402 | 34 |
| 12-31-23 | 9.59 | 0.19 | • | 1.11 | 1.30 | 0.23 | 0.34 |  | 0.57 |  | 10.32 | **13.92** | 0.29 | 0.04 | 0.04 | 1.95 | 46876 | 127 |

---

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** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period |  | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(5)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) |  | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
|  |  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** | **Voya Index Solution 2025 Portfolio (continued)** |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.88 |  | 0.22 | <sup>•</sup> | (2.18) | (1.96) | 0.28 | 1.05 |  | 1.33 |  | 9.59 | **(15.81)** | 0.27 | 0.20 | 0.20 | 2.00 | 41957 | 50 |
| 12-31-21 | 12.40 |  | 0.20 | <sup>•</sup> | 1.11 | 1.31 | 0.28 | 0.55 |  | 0.83 |  | 12.88 | **10.70** | 0.29 | 0.24 | 0.24 | 1.56 | 53067 | 40 |
| 12-31-20 | 11.51 |  | 0.24 | <sup>•</sup> | 1.21 | 1.45 | 0.23 | 0.33 |  | 0.56 |  | 12.40 | **13.05** | 0.29 | 0.24 | 0.24 | 2.13 | 52341 | 50 |
| **Class S** |  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.89 |  | 0.18 | <sup>•</sup> | 0.49 | 0.67 |  |  |  |  |  | 11.56 | **6.15** | 0.54 | 0.29 | 0.29 | 3.23 | 79284 | 16 |
| 12-31-24 | 10.18 |  | 0.30 | <sup>•</sup> | 0.60 | 0.90 | 0.19 |  |  | 0.19 |  | 10.89 | **8.90** | 0.54 | 0.29 | 0.29 | 2.81 | 79115 | 34 |
| 12-31-23 | 9.46 |  | 0.17 | <sup>•</sup> | 1.10 | 1.27 | 0.21 | 0.34 |  | 0.55 |  | 10.18 | **13.69** | 0.54 | 0.29 | 0.29 | 1.70 | 95814 | 127 |
| 12-31-22 | 12.72 |  | 0.19 | <sup>•</sup> | (2.17) | (1.98) | 0.23 | 1.05 |  | 1.28 |  | 9.46 | **(16.09)** | 0.52 | 0.45 | 0.45 | 1.74 | 93780 | 50 |
| 12-31-21 | 12.26 |  | 0.17 | <sup>•</sup> | 1.09 | 1.26 | 0.25 | 0.55 |  | 0.80 |  | 12.72 | **10.42** | 0.54 | 0.49 | 0.49 | 1.33 | 134629 | 40 |
| 12-31-20 | 11.38 |  | 0.24 | <sup>•</sup> | 1.17 | 1.41 | 0.20 | 0.33 |  | 0.53 |  | 12.26 | **12.83** | 0.54 | 0.49 | 0.49 | 1.97 | 135558 | 50 |
| **Class S2** |  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.59 |  | 0.16 | <sup>•</sup> | 0.49 | 0.65 |  |  |  |  |  | 11.24 | **6.14** | 0.69 | 0.44 | 0.44 | 3.08 | 14756 | 16 |
| 12-31-24 | 9.91 |  | 0.28 | <sup>•</sup> | 0.58 | 0.86 | 0.18 |  |  | 0.18 |  | 10.59 | **8.71** | 0.69 | 0.44 | 0.44 | 2.66 | 14060 | 34 |
| 12-31-23 | 9.23 |  | 0.15 | <sup>•</sup> | 1.07 | 1.22 | 0.20 | 0.34 |  | 0.54 |  | 9.91 | **13.47** | 0.69 | 0.44 | 0.44 | 1.55 | 36241 | 127 |
| 12-31-22 | 12.45 |  | 0.17 | <sup>•</sup> | (2.12) | (1.95) | 0.22 | 1.05 |  | 1.27 |  | 9.23 | **(16.21)** | 0.67 | 0.60 | 0.60 | 1.63 | 31566 | 50 |
| 12-31-21 | 12.02 |  | 0.14 | <sup>•</sup> | 1.07 | 1.21 | 0.23 | 0.55 |  | 0.78 |  | 12.45 | **10.24** | 0.69 | 0.64 | 0.64 | 1.17 | 36074 | 40 |
| 12-31-20 | 11.17 |  | 0.20 | <sup>•</sup> | 1.18 | 1.38 | 0.20 | 0.33 |  | 0.53 |  | 12.02 | **12.71** | 0.69 | 0.64 | 0.64 | 1.85 | 36080 | 50 |
| **Class Z** |  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.24 |  | 0.20 | <sup>•</sup> | 0.52 | 0.72 |  |  |  |  |  | 11.96 | **6.41** | 0.25 | 0.00 \* | 0.00 \* | 3.52 | 720985 | 16 |
| 12-31-24 | 10.51 |  | 0.34 | <sup>•</sup> | 0.61 | 0.95 | 0.22 |  |  | 0.22 |  | 11.24 | **9.13** | 0.25 | 0.00 \* | 0.00 \* | 3.10 | 741840 | 34 |
| 12-31-23 | 9.77 |  | 0.20 | <sup>•</sup> | 1.14 | 1.34 | 0.26 | 0.34 |  | 0.60 |  | 10.51 | **14.00** | 0.25 | 0.00 \* | 0.00 \* | 1.99 | 794813 | 127 |
| 12-31-22 | 13.09 |  | 0.24 | <sup>•</sup> | (2.23) | (1.99) | 0.28 | 1.05 |  | 1.33 |  | 9.77 | **(15.74)** | 0.24 | 0.00 \* | 0.00 \* | 2.21 | 754094 | 50 |
| 12-31-21 | 12.56 |  | 0.24 | <sup>•</sup> | 1.12 | 1.36 | 0.28 | 0.55 |  | 0.83 |  | 13.09 | **11.03** | 0.25 | 0.00 \* | 0.00 \* | 1.83 | 933768 | 40 |
| 12-31-20 | 11.62 |  | 0.29 | <sup>•</sup> | 1.21 | 1.50 | 0.23 | 0.33 |  | 0.56 |  | 12.56 | **13.36** | 0.24 | 0.00 \* | 0.00 \* | 2.49 | 827543 | 50 |
| **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** | **Voya Index Solution 2030 Portfolio** |
| **Class ADV** |  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.92 |  | 0.20 | <sup>•</sup> | 0.93 | 1.13 |  |  |  |  |  | 17.05 | **7.10** | 0.80 | 0.56 | 0.56 | 2.52 | 31474 | 14 |
| 12-31-24 | 14.64 |  | 0.34 | <sup>•</sup> | 1.10 | 1.44 | 0.16 |  |  | 0.16 |  | 15.92 | **9.87** | 0.80 | 0.56 | 0.56 | 2.21 | 30508 | 27 |
| 12-31-23 | 13.69 |  | 0.16 | <sup>•</sup> | 1.82 | 1.98 | 0.27 | 0.76 |  | 1.03 |  | 14.64 | **14.90** | 0.80 | 0.56 | 0.56 | 1.10 | 39018 | 131 |
| 12-31-22 | 18.37 |  | 0.22 | <sup>•</sup> | (3.23) | (3.01) | 0.26 | 1.41 |  | 1.67 |  | 13.69 | **(16.89)** | 0.79 | 0.70 | 0.70 | 1.46 | 38122 | 52 |
| 12-31-21 | 17.23 |  | 0.18 | <sup>•</sup> | 1.84 | 2.02 | 0.29 | 0.59 |  | 0.88 |  | 18.37 | **11.80** | 0.81 | 0.74 | 0.74 | 1.00 | 46915 | 41 |
| 12-31-20 | 15.89 |  | 0.26 | <sup>•</sup> | 1.77 | 2.03 | 0.23 | 0.46 |  | 0.69 |  | 17.23 | **13.22** | 0.83 | 0.74 | 0.74 | 1.69 | 42311 | 45 |
| **Class I** |  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.59 |  | 0.25 | <sup>•</sup> | 0.96 | 1.21 |  |  |  |  |  | 17.80 | **7.29** | 0.30 | 0.06 | 0.06 | 3.02 | 16350 | 14 |
| 12-31-24 | 15.24 |  | 0.44 | <sup>•</sup> | 1.15 | 1.59 | 0.24 |  |  | 0.24 |  | 16.59 | **10.46** | 0.30 | 0.06 | 0.06 | 2.71 | 12909 | 27 |
| 12-31-23 | 14.21 |  | 0.23 | <sup>•</sup> | 1.91 | 2.14 | 0.35 | 0.76 |  | 1.11 |  | 15.24 | **15.52** | 0.30 | 0.06 | 0.06 | 1.59 | 12731 | 131 |
| 12-31-22 | 19.02 |  | 0.31 | <sup>•</sup> | (3.36) | (3.05) | 0.35 | 1.41 |  | 1.76 |  | 14.21 | **(16.51)** | 0.29 | 0.20 | 0.20 | 1.97 | 8703 | 52 |
| 12-31-21 | 17.78 |  | 0.28 | <sup>•</sup> | 1.90 | 2.18 | 0.35 | 0.59 |  | 0.94 |  | 19.02 | **12.40** | 0.31 | 0.24 | 0.24 | 1.51 | 10579 | 41 |
| 12-31-20 | 16.37 |  | 0.34 | <sup>•</sup> | 1.82 | 2.16 | 0.29 | 0.46 |  | 0.75 |  | 17.78 | **13.72** | 0.33 | 0.24 | 0.24 | 2.13 | 9372 | 45 |
| **Class S** |  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.43 |  | 0.23 | <sup>•</sup> | 0.95 | 1.18 |  |  |  |  |  | 17.61 | **7.18** | 0.55 | 0.31 | 0.31 | 2.77 | 17294 | 14 |
| 12-31-24 | 15.10 |  | 0.39 | <sup>•</sup> | 1.14 | 1.53 | 0.20 |  |  | 0.20 |  | 16.43 | **10.17** | 0.55 | 0.31 | 0.31 | 2.46 | 16313 | 27 |
| 12-31-23 | 14.10 |  | 0.20 | <sup>•</sup> | 1.88 | 2.08 | 0.32 | 0.76 |  | 1.08 |  | 15.10 | **15.17** | 0.55 | 0.31 | 0.31 | 1.35 | 15761 | 131 |
| 12-31-22 | 18.85 |  | 0.27 | <sup>•</sup> | (3.33) | (3.06) | 0.28 | 1.41 |  | 1.69 |  | 14.10 | **(16.70)** | 0.54 | 0.45 | 0.45 | 1.68 | 12262 | 52 |
| 12-31-21 | 17.63 |  | 0.23 | <sup>•</sup> | 1.90 | 2.13 | 0.32 | 0.59 |  | 0.91 |  | 18.85 | **12.18** | 0.56 | 0.49 | 0.49 | 1.24 | 20843 | 41 |
| 12-31-20 | 16.24 |  | 0.31 | <sup>•</sup> | 1.79 | 2.10 | 0.25 | 0.46 |  | 0.71 |  | 17.63 | **13.45** | 0.58 | 0.49 | 0.49 | 1.96 | 17414 | 45 |
| **Class S2** |  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.01 |  | 0.21 | <sup>•</sup> | 0.93 | 1.14 |  |  |  |  |  | 17.15 | **7.12** | 0.70 | 0.46 | 0.46 | 2.62 | 4460 | 14 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(5)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
|  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** |
| **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** |
| 12-31-24 | 14.73 | 0.36 | <sup>•</sup> | 1.11 | 1.47 | 0.19 |  |  | 0.19 |  | 16.01 | **10.00** | 0.70 | 0.46 | 0.46 | 2.31 | 4479 | 27 |
| 12-31-23 | 13.78 | 0.17 | <sup>•</sup> | 1.84 | 2.01 | 0.30 | 0.76 |  | 1.06 |  | 14.73 | **15.03** | 0.70 | 0.46 | 0.46 | 1.19 | 19520 | 131 |
| 12-31-22 | 18.51 | 0.24 | <sup>•</sup> | (3.27) | (3.03) | 0.29 | 1.41 |  | 1.70 |  | 13.78 | **(16.87)** | 0.69 | 0.60 | 0.60 | 1.57 | 13090 | 52 |
| 12-31-21 | 17.35 | 0.20 | <sup>•</sup> | 1.87 | 2.07 | 0.32 | 0.59 |  | 0.91 |  | 18.51 | **12.01** | 0.71 | 0.64 | 0.64 | 1.12 | 14118 | 41 |
| 12-31-20 | 16.02 | 0.31 | <sup>•</sup> | 1.73 | 2.04 | 0.25 | 0.46 |  | 0.71 |  | 17.35 | **13.26** | 0.73 | 0.64 | 0.64 | 1.96 | 10670 | 45 |
| **Class Z** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.88 | 0.26 | <sup>•</sup> | 0.98 | 1.24 |  |  |  |  |  | 18.12 | **7.35** | 0.24 | 0.00 \* | 0.00 \* | 3.08 | 898778 | 14 |
| 12-31-24 | 15.50 | 0.45 | <sup>•</sup> | 1.17 | 1.62 | 0.24 |  |  | 0.24 |  | 16.88 | **10.54** | 0.24 | 0.00 \* | 0.00 \* | 2.77 | 868965 | 27 |
| 12-31-23 | 14.43 | 0.25 | <sup>•</sup> | 1.93 | 2.18 | 0.35 | 0.76 |  | 1.11 |  | 15.50 | **15.52** | 0.24 | 0.00 \* | 0.00 \* | 1.65 | 827463 | 131 |
| 12-31-22 | 19.25 | 0.35 | <sup>•</sup> | (3.40) | (3.05) | 0.36 | 1.41 |  | 1.77 |  | 14.43 | **(16.31)** | 0.23 | 0.00 \* | 0.00 \* | 2.16 | 725202 | 52 |
| 12-31-21 | 17.96 | 0.33 | <sup>•</sup> | 1.92 | 2.25 | 0.37 | 0.59 |  | 0.96 |  | 19.25 | **12.64** | 0.25 | 0.00 \* | 0.00 \* | 1.76 | 850871 | 41 |
| 12-31-20 | 16.48 | 0.40 | <sup>•</sup> | 1.83 | 2.23 | 0.29 | 0.46 |  | 0.75 |  | 17.96 | **14.06** | 0.24 | 0.00 \* | 0.00 \* | 2.45 | 699789 | 45 |
| **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 Portfolio** | **Voya Index Solution 2035 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> | 11.77 | 0.13 | <sup>•</sup> | 0.79 | 0.92 |  |  |  |  |  | 12.69 | **7.82** | 0.78 | 0.55 | 0.55 | 2.25 | 107596 | 14 |
| 12-31-24 | 10.62 | 0.22 | <sup>•</sup> | 1.00 | 1.22 | 0.07 |  |  | 0.07 |  | 11.77 | **11.52** | 0.78 | 0.55 | 0.55 | 1.94 | 109095 | 23 |
| 12-31-23 | 9.86 | 0.07 | <sup>•</sup> | 1.53 | 1.60 | 0.16 | 0.68 |  | 0.84 |  | 10.62 | **16.70** | 0.78 | 0.55 | 0.55 | 0.70 | 128914 | 128 |
| 12-31-22 | 13.59 | 0.15 | <sup>•</sup> | (2.54) | (2.39) | 0.16 | 1.18 |  | 1.34 |  | 9.86 | **(18.14)** | 0.77 | 0.70 | 0.70 | 1.37 | 125263 | 41 |
| 12-31-21 | 12.69 | 0.12 | <sup>•</sup> | 1.58 | 1.70 | 0.19 | 0.61 |  | 0.80 |  | 13.59 | **13.56** | 0.80 | 0.74 | 0.74 | 0.89 | 169629 | 38 |
| 12-31-20 | 11.72 | 0.18 | <sup>•</sup> | 1.37 | 1.55 | 0.16 | 0.42 |  | 0.58 |  | 12.69 | **13.85** | 0.80 | 0.74 | 0.74 | 1.58 | 172517 | 45 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 12.21 | 0.17 | <sup>•</sup> | 0.82 | 0.99 |  |  |  |  |  | 13.20 | **8.11** | 0.28 | 0.05 | 0.05 | 2.75 | 62657 | 14 |
| 12-31-24 | 11.01 | 0.29 | <sup>•</sup> | 1.04 | 1.33 | 0.13 |  |  | 0.13 |  | 12.21 | **12.12** | 0.28 | 0.05 | 0.05 | 2.44 | 59776 | 23 |
| 12-31-23 | 10.20 | 0.13 | <sup>•</sup> | 1.58 | 1.71 | 0.22 | 0.68 |  | 0.90 |  | 11.01 | **17.26** | 0.28 | 0.05 | 0.05 | 1.20 | 64960 | 128 |
| 12-31-22 | 14.03 | 0.22 | <sup>•</sup> | (2.64) | (2.42) | 0.23 | 1.18 |  | 1.41 |  | 10.20 | **(17.76)** | 0.27 | 0.20 | 0.20 | 1.89 | 50433 | 41 |
| 12-31-21 | 13.07 | 0.19 | <sup>•</sup> | 1.64 | 1.83 | 0.26 | 0.61 |  | 0.87 |  | 14.03 | **14.17** | 0.30 | 0.24 | 0.24 | 1.40 | 60969 | 38 |
| 12-31-20 | 12.06 | 0.23 | <sup>•</sup> | 1.43 | 1.66 | 0.23 | 0.42 |  | 0.65 |  | 13.07 | **14.41** | 0.30 | 0.24 | 0.24 | 2.01 | 54401 | 45 |
| **Class S** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 12.01 | 0.15 | <sup>•</sup> | 0.80 | 0.95 |  |  |  |  |  | 12.96 | **7.91** | 0.53 | 0.30 | 0.30 | 2.50 | 88930 | 14 |
| 12-31-24 | 10.83 | 0.25 | <sup>•</sup> | 1.03 | 1.28 | 0.10 |  |  | 0.10 |  | 12.01 | **11.85** | 0.53 | 0.30 | 0.30 | 2.19 | 90844 | 23 |
| 12-31-23 | 10.05 | 0.10 | <sup>•</sup> | 1.55 | 1.65 | 0.19 | 0.68 |  | 0.87 |  | 10.83 | **16.92** | 0.53 | 0.30 | 0.30 | 0.95 | 94815 | 128 |
| 12-31-22 | 13.83 | 0.18 | <sup>•</sup> | (2.59) | (2.41) | 0.19 | 1.18 |  | 1.37 |  | 10.05 | **(17.95)** | 0.52 | 0.45 | 0.45 | 1.59 | 82072 | 41 |
| 12-31-21 | 12.90 | 0.16 | <sup>•</sup> | 1.61 | 1.77 | 0.23 | 0.61 |  | 0.84 |  | 13.83 | **13.87** | 0.55 | 0.49 | 0.49 | 1.16 | 114671 | 38 |
| 12-31-20 | 11.91 | 0.23 | | 1.37 | 1.60 | 0.19 | 0.42 |  | 0.61 |  | 12.90 | **14.12** | 0.55 | 0.49 | 0.49 | 1.86 | 112188 | 45 |
| **Class S2** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.70 | 0.14 | <sup>•</sup> | 0.77 | 0.91 |  |  |  |  |  | 12.61 | **7.78** | 0.68 | 0.45 | 0.45 | 2.35 | 27767 | 14 |
| 12-31-24 | 10.55 | 0.23 | <sup>•</sup> | 1.01 | 1.24 | 0.09 |  |  | 0.09 |  | 11.70 | **11.77** | 0.68 | 0.45 | 0.45 | 2.04 | 25215 | 23 |
| 12-31-23 | 9.81 | 0.08 | <sup>•</sup> | 1.52 | 1.60 | 0.18 | 0.68 |  | 0.86 |  | 10.55 | **16.82** | 0.68 | 0.45 | 0.45 | 0.80 | 47748 | 128 |
| 12-31-22 | 13.54 | 0.17 | <sup>•</sup> | (2.55) | (2.38) | 0.17 | 1.18 |  | 1.35 |  | 9.81 | **(18.10)** | 0.67 | 0.60 | 0.60 | 1.54 | 36931 | 41 |
| 12-31-21 | 12.66 | 0.13 | <sup>•</sup> | 1.58 | 1.71 | 0.22 | 0.61 |  | 0.83 |  | 13.54 | **13.65** | 0.70 | 0.64 | 0.64 | 0.96 | 40801 | 38 |
| 12-31-20 | 11.71 | 0.20 | <sup>•</sup> | 1.36 | 1.56 | 0.19 | 0.42 |  | 0.61 |  | 12.66 | **13.93** | 0.70 | 0.64 | 0.64 | 1.79 | 41739 | 45 |
| **Class Z** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 12.48 | 0.18 | <sup>•</sup> | 0.83 | 1.01 |  |  |  |  |  | 13.49 | **8.09** | 0.23 | 0.00 \* | 0.00 \* | 2.80 | 1363255 | 14 |
| 12-31-24 | 11.25 | 0.30 | <sup>•</sup> | 1.06 | 1.36 | 0.13 |  |  | 0.13 |  | 12.48 | **12.15** | 0.23 | 0.00 \* | 0.00 \* | 2.49 | 1284380 | 23 |
| 12-31-23 | 10.41 | 0.14 | <sup>•</sup> | 1.62 | 1.76 | 0.24 | 0.68 |  | 0.92 |  | 11.25 | **17.41** | 0.23 | 0.00 \* | 0.00 \* | 1.26 | 1165093 | 128 |
| 12-31-22 | 14.27 | 0.25 | <sup>•</sup> | (2.69) | (2.44) | 0.24 | 1.18 |  | 1.42 |  | 10.41 | **(17.62)** | 0.23 | 0.00 \* | 0.00 \* | 2.11 | 954048 | 41 |
| 12-31-21 | 13.26 | 0.23 | <sup>•</sup> | 1.66 | 1.89 | 0.27 | 0.61 |  | 0.88 |  | 14.27 | **14.41** | 0.24 | 0.00 \* | 0.00 \* | 1.67 | 1084762 | 38 |
| 12-31-20 | 12.20 | 0.28 | <sup>•</sup> | 1.43 | 1.71 | 0.23 | 0.42 |  | 0.65 |  | 13.26 | **14.66** | 0.24 | 0.00 \* | 0.00 \* | 2.40 | 876349 | 45 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(5)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** | **Voya Index Solution 2040 Portfolio** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 18.26 | 0.18 | • | 1.40 | 1.58 |  |  |  |  |  | 19.84 | **8.65** | 0.82 | 0.59 | 0.59 | 2.00 | 31005 | 14 |
| 12-31-24 | 16.19 | 0.28 | • | 1.82 | 2.10 | 0.03 |  |  | 0.03 |  | 18.26 | **13.01** | 0.81 | 0.58 | 0.58 | 1.60 | 27535 | 22 |
| 12-31-23 | 14.86 | 0.04 | • | 2.60 | 2.64 | 0.24 | 1.07 |  | 1.31 |  | 16.19 | **18.24** | 0.81 | 0.58 | 0.58 | 0.25 | 28769 | 126 |
| 12-31-22 | 20.52 | 0.23 | • | (3.91) | (3.68) | 0.21 | 1.77 |  | 1.98 |  | 14.86 | **(18.48)** | 0.81 | 0.70 | 0.70 | 1.36 | 25195 | 40 |
| 12-31-21 | 18.49 | 0.16 | • | 2.76 | 2.92 | 0.25 | 0.64 |  | 0.89 |  | 20.52 | **15.95** | 0.84 | 0.74 | 0.74 | 0.83 | 28989 | 35 |
| 12-31-20 | 16.81 | 0.27 |  | 2.16 | 2.43 | 0.22 | 0.53 |  | 0.75 |  | 18.49 | **15.08** | 0.86 | 0.74 | 0.74 | 1.62 | 26276 | 32 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 19.00 | 0.24 | • | 1.45 | 1.69 |  |  |  |  |  | 20.69 | **8.90** | 0.32 | 0.09 | 0.09 | 2.50 | 18572 | 14 |
| 12-31-24 | 16.84 | 0.38 | • | 1.90 | 2.28 | 0.12 |  |  | 0.12 |  | 19.00 | **13.56** | 0.31 | 0.08 | 0.08 | 2.10 | 14695 | 22 |
| 12-31-23 | 15.40 | 0.12 | • | 2.70 | 2.82 | 0.31 | 1.07 |  | 1.38 |  | 16.84 | **18.87** | 0.31 | 0.08 | 0.08 | 0.75 | 14792 | 126 |
| 12-31-22 | 21.19 | 0.32 | • | (4.04) | (3.72) | 0.30 | 1.77 |  | 2.07 |  | 15.40 | **(18.08)** | 0.31 | 0.20 | 0.20 | 1.87 | 9800 | 40 |
| 12-31-21 | 19.04 | 0.28 | • | 2.85 | 3.13 | 0.34 | 0.64 |  | 0.98 |  | 21.19 | **16.58** | 0.34 | 0.24 | 0.24 | 1.35 | 9660 | 35 |
| 12-31-20 | 17.28 | 0.37 | • | 2.21 | 2.58 | 0.29 | 0.53 |  | 0.82 |  | 19.04 | **15.62** | 0.36 | 0.24 | 0.24 | 2.20 | 7830 | 32 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 18.94 | 0.22 | • | 1.44 | 1.66 |  |  |  |  |  | 20.60 | **8.76** | 0.57 | 0.34 | 0.34 | 2.25 | 17874 | 14 |
| 12-31-24 | 16.79 | 0.34 | • | 1.89 | 2.23 | 0.08 |  |  | 0.08 |  | 18.94 | **13.29** | 0.56 | 0.33 | 0.33 | 1.85 | 16932 | 22 |
| 12-31-23 | 15.36 | 0.08 | • | 2.69 | 2.77 | 0.27 | 1.07 |  | 1.34 |  | 16.79 | **18.56** | 0.56 | 0.33 | 0.33 | 0.50 | 14682 | 126 |
| 12-31-22 | 21.12 | 0.26 | • | (4.01) | (3.75) | 0.24 | 1.77 |  | 2.01 |  | 15.36 | **(18.30)** | 0.56 | 0.45 | 0.45 | 1.51 | 11600 | 40 |
| 12-31-21 | 18.99 | 0.23 | • | 2.84 | 3.07 | 0.30 | 0.64 |  | 0.94 |  | 21.12 | **16.30** | 0.59 | 0.49 | 0.49 | 1.12 | 16775 | 35 |
| 12-31-20 | 17.24 | 0.32 | • | 2.21 | 2.53 | 0.25 | 0.53 |  | 0.78 |  | 18.99 | **15.34** | 0.61 | 0.49 | 0.49 | 1.94 | 13728 | 32 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 18.50 | 0.20 | • | 1.40 | 1.60 |  |  |  |  |  | 20.10 | **8.65** | 0.72 | 0.49 | 0.49 | 2.10 | 8250 | 14 |
| 12-31-24 | 16.41 | 0.30 | • | 1.85 | 2.15 | 0.06 |  |  | 0.06 |  | 18.50 | **13.11** | 0.71 | 0.48 | 0.48 | 1.70 | 6629 | 22 |
| 12-31-23 | 15.04 | 0.05 | • | 2.65 | 2.70 | 0.26 | 1.07 |  | 1.33 |  | 16.41 | **18.47** | 0.71 | 0.48 | 0.48 | 0.35 | 5657 | 126 |
| 12-31-22 | 20.73 | 0.25 | • | (3.96) | (3.71) | 0.21 | 1.77 |  | 1.98 |  | 15.04 | **(18.43)** | 0.71 | 0.60 | 0.60 | 1.49 | 4152 | 40 |
| 12-31-21 | 18.68 | 0.18 | • | 2.80 | 2.98 | 0.29 | 0.64 |  | 0.93 |  | 20.73 | **16.09** | 0.74 | 0.64 | 0.64 | 0.89 | 4354 | 35 |
| 12-31-20 | 16.98 | 0.31 | • | 2.16 | 2.47 | 0.24 | 0.53 |  | 0.77 |  | 18.68 | **15.17** | 0.76 | 0.64 | 0.64 | 1.89 | 4557 | 32 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 19.34 | 0.25 | • | 1.47 | 1.72 |  |  |  |  |  | 21.06 | **8.89** | 0.23 | 0.00 \* | 0.00 \* | 2.58 | 1002957 | 14 |
| 12-31-24 | 17.13 | 0.41 | • | 1.93 | 2.34 | 0.13 |  |  | 0.13 |  | 19.34 | **13.68** | 0.23 | 0.00 \* | 0.00 \* | 2.19 | 948878 | 22 |
| 12-31-23 | 15.66 | 0.14 | • | 2.75 | 2.89 | 0.35 | 1.07 |  | 1.42 |  | 17.13 | **18.96** | 0.23 | 0.00 \* | 0.00 \* | 0.82 | 857824 | 126 |
| 12-31-22 | 21.49 | 0.36 | • | (4.10) | (3.74) | 0.32 | 1.77 |  | 2.09 |  | 15.66 | **(17.93)** | 0.23 | 0.00 \* | 0.00 \* | 2.06 | 679923 | 40 |
| 12-31-21 | 19.27 | 0.33 | • | 2.89 | 3.22 | 0.36 | 0.64 |  | 1.00 |  | 21.49 | **16.86** | 0.24 | 0.00 \* | 0.00 \* | 1.60 | 760148 | 35 |
| 12-31-20 | 17.43 | 0.41 | • | 2.25 | 2.66 | 0.29 | 0.53 |  | 0.82 |  | 19.27 | **15.96** | 0.23 | 0.00 \* | 0.00 \* | 2.41 | 577969 | 32 |
| **Voya Index Solution 2045 Portfolio** | **Voya Index Solution 2045 Portfolio** | **Voya Index Solution 2045 Portfolio** | **Voya Index Solution 2045 Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 12.97 | 0.12 | • | 1.06 | 1.18 |  |  |  |  |  | 14.15 | **9.10** | 0.79 | 0.56 | 0.56 | 1.77 | 98541 | 15 |
| 12-31-24 | 11.36 | 0.18 | • | 1.43 | 1.61 |  |  |  |  |  | 12.97 | **14.17** | 0.79 | 0.56 | 0.56 | 1.44 | 92650 | 22 |
| 12-31-23 | 10.46 | (0.00) |)\*• | 1.95 | 1.95 | 0.16 | 0.89 |  | 1.05 |  | 11.36 | **19.21** | 0.80 | 0.57 | 0.57 | (0.01) | 102369 | 127 |
| 12-31-22 | 14.77 | 0.15 | • | (2.81) | (2.66) | 0.13 | 1.52 |  | 1.65 |  | 10.46 | **(18.60)** | 0.79 | 0.70 | 0.70 | 1.26 | 93516 | 39 |
| 12-31-21 | 13.31 | 0.11 | • | 2.16 | 2.27 | 0.19 | 0.62 |  | 0.81 |  | 14.77 | **17.25** | 0.81 | 0.74 | 0.74 | 0.73 | 132543 | 38 |
| 12-31-20 | 12.17 | 0.18 | • | 1.58 | 1.76 | 0.15 | 0.47 |  | 0.62 |  | 13.31 | **15.23** | 0.81 | 0.74 | 0.74 | 1.54 | 129548 | 34 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 13.62 | 0.16 | • | 1.11 | 1.27 |  |  |  |  |  | 14.89 | **9.32** | 0.29 | 0.06 | 0.06 | 2.27 | 59898 | 15 |
| 12-31-24 | 11.92 | 0.25 | • | 1.51 | 1.76 | 0.06 |  |  | 0.06 |  | 13.62 | **14.78** | 0.29 | 0.06 | 0.06 | 1.94 | 52822 | 22 |
| 12-31-23 | 10.93 | 0.06 | • | 2.04 | 2.10 | 0.22 | 0.89 |  | 1.11 |  | 11.92 | **19.83** | 0.30 | 0.07 | 0.07 | 0.49 | 60301 | 127 |
| 12-31-22 | 15.37 | 0.23 | • | (2.94) | (2.71) | 0.21 | 1.52 |  | 1.73 |  | 10.93 | **(18.19)** | 0.29 | 0.20 | 0.20 | 1.81 | 47575 | 39 |
| 12-31-21 | 13.81 | 0.19 | • | 2.24 | 2.43 | 0.25 | 0.62 |  | 0.87 |  | 15.37 | **17.86** | 0.31 | 0.24 | 0.24 | 1.25 | 54110 | 38 |

---

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** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period |  | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(5)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) |  | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-20 | 12.61 |  | 0.23 | • | 1.66 | 1.89 | 0.22 | 0.47 |  | 0.69 |  | 13.81 | **15.78** | 0.31 | 0.24 | 0.24 | 1.92 | 46883 | 34 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 13.33 |  | 0.14 | • | 1.09 | 1.23 |  |  |  |  |  | 14.56 | **9.23** | 0.54 | 0.31 | 0.31 | 2.02 | 64659 | 15 |
| 12-31-24 | 11.67 |  | 0.22 | • | 1.47 | 1.69 | 0.03 |  |  | 0.03 |  | 13.33 | **14.45** | 0.54 | 0.31 | 0.31 | 1.69 | 65529 | 22 |
| 12-31-23 | 10.72 |  | 0.03 | • | 2.00 | 2.03 | 0.19 | 0.89 |  | 1.08 |  | 11.67 | **19.54** | 0.55 | 0.32 | 0.32 | 0.24 | 64053 | 127 |
| 12-31-22 | 15.09 |  | 0.18 | • | (2.87) | (2.69) | 0.16 | 1.52 |  | 1.68 |  | 10.72 | **(18.40)** | 0.54 | 0.45 | 0.45 | 1.46 | 54086 | 39 |
| 12-31-21 | 13.58 |  | 0.15 | • | 2.20 | 2.35 | 0.22 | 0.62 |  | 0.84 |  | 15.09 | **17.56** | 0.56 | 0.49 | 0.49 | 1.02 | 84023 | 38 |
| 12-31-20 | 12.41 |  | 0.23 |  | 1.60 | 1.83 | 0.19 | 0.47 |  | 0.66 |  | 13.58 | **15.49** | 0.56 | 0.49 | 0.49 | 1.80 | 77113 | 34 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 12.93 |  | 0.12 | • | 1.06 | 1.18 |  |  |  |  |  | 14.11 | **9.13** | 0.69 | 0.46 | 0.46 | 1.87 | 24922 | 15 |
| 12-31-24 | 11.32 |  | 0.19 | • | 1.43 | 1.62 | 0.01 |  |  | 0.01 |  | 12.93 | **14.35** | 0.69 | 0.46 | 0.46 | 1.54 | 21929 | 22 |
| 12-31-23 | 10.44 |  | 0.01 | • | 1.94 | 1.95 | 0.18 | 0.89 |  | 1.07 |  | 11.32 | **19.29** | 0.70 | 0.47 | 0.47 | 0.09 | 37431 | 127 |
| 12-31-22 | 14.76 |  | 0.17 | • | (2.81) | (2.64) | 0.16 | 1.52 |  | 1.68 |  | 10.44 | **(18.49)** | 0.69 | 0.60 | 0.60 | 1.45 | 28510 | 39 |
| 12-31-21 | 13.32 |  | 0.12 | • | 2.15 | 2.27 | 0.21 | 0.62 |  | 0.83 |  | 14.76 | **17.28** | 0.71 | 0.64 | 0.64 | 0.85 | 29628 | 38 |
| 12-31-20 | 12.19 |  | 0.20 | • | 1.58 | 1.78 | 0.18 | 0.47 |  | 0.65 |  | 13.32 | **15.35** | 0.71 | 0.64 | 0.64 | 1.72 | 25318 | 34 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 13.90 |  | 0.16 | • | 1.15 | 1.31 |  |  |  |  |  | 15.21 | **9.42** | 0.23 | 0.00 \* | 0.00 \* | 2.33 | 1145683 | 15 |
| 12-31-24 | 12.16 |  | 0.27 | • | 1.53 | 1.80 | 0.06 |  |  | 0.06 |  | 13.90 | **14.84** | 0.23 | 0.00 \* | 0.00 \* | 2.00 | 1057855 | 22 |
| 12-31-23 | 11.14 |  | 0.07 | • | 2.08 | 2.15 | 0.24 | 0.89 |  | 1.13 |  | 12.16 | **19.93** | 0.23 | 0.00 \* | 0.00 \* | 0.56 | 928971 | 127 |
| 12-31-22 | 15.62 |  | 0.25 | • | (2.99) | (2.74) | 0.22 | 1.52 |  | 1.74 |  | 11.14 | **(18.10)** | 0.23 | 0.00 \* | 0.00 \* | 2.01 | 733611 | 39 |
| 12-31-21 | 14.00 |  | 0.23 | • | 2.27 | 2.50 | 0.26 | 0.62 |  | 0.88 |  | 15.62 | **18.14** | 0.24 | 0.00 \* | 0.00 \* | 1.52 | 827504 | 38 |
| 12-31-20 | 12.74 |  | 0.29 | • | 1.66 | 1.95 | 0.22 | 0.47 |  | 0.69 |  | 14.00 | **16.09** | 0.23 | 0.00 \* | 0.00 \* | 2.36 | 650098 | 34 |
| **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 19.45 |  | 0.16 | • | 1.63 | 1.79 |  |  |  |  |  | 21.24 | **9.20** | 0.81 | 0.58 | 0.58 | 1.66 | 26069 | 15 |
| 12-31-24 | 16.96 |  | 0.24 | • | 2.25 | 2.49 |  |  |  |  |  | 19.45 | **14.68** | 0.81 | 0.59 | 0.59 | 1.27 | 23714 | 22 |
| 12-31-23 | 15.39 |  | (0.04) |)• | 2.99 | 2.95 | 0.21 | 1.17 |  | 1.38 |  | 16.96 | **19.68** | 0.84 | 0.62 | 0.62 | (0.22) | 21757 | 122 |
| 12-31-22 | 21.29 |  | 0.22 | • | (4.10) | (3.88) | 0.16 | 1.86 |  | 2.02 |  | 15.39 | **(18.70)** | 0.85 | 0.72 | 0.72 | 1.25 | 17963 | 34 |
| 12-31-21 | 18.85 |  | 0.15 | • | 3.06 | 3.21 | 0.23 | 0.54 |  | 0.77 |  | 21.29 | **17.22** | 0.87 | 0.74 | 0.74 | 0.72 | 23791 | 38 |
| 12-31-20 | 17.18 |  | 0.25 | • | 2.15 | 2.40 | 0.20 | 0.53 |  | 0.73 |  | 18.85 | **14.66** | 0.91 | 0.74 | 0.74 | 1.53 | 19574 | 29 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 20.15 |  | 0.22 | • | 1.69 | 1.91 |  |  |  |  |  | 22.06 | **9.48** | 0.31 | 0.08 | 0.08 | 2.16 | 24738 | 15 |
| 12-31-24 | 17.52 |  | 0.34 | • | 2.33 | 2.67 | 0.04 |  |  | 0.04 |  | 20.15 | **15.27** | 0.31 | 0.09 | 0.09 | 1.77 | 20968 | 22 |
| 12-31-23 | 15.86 |  | 0.05 | • | 3.08 | 3.13 | 0.30 | 1.17 |  | 1.47 |  | 17.52 | **20.23** | 0.34 | 0.12 | 0.12 | 0.28 | 18482 | 122 |
| 12-31-22 | 21.88 |  | 0.32 | • | (4.22) | (3.90) | 0.26 | 1.86 |  | 2.12 |  | 15.86 | **(18.29)** | 0.35 | 0.22 | 0.22 | 1.80 | 11849 | 34 |
| 12-31-21 | 19.33 |  | 0.26 | • | 3.15 | 3.41 | 0.32 | 0.54 |  | 0.86 |  | 21.88 | **17.81** | 0.37 | 0.24 | 0.24 | 1.23 | 11548 | 38 |
| 12-31-20 | 17.58 |  | 0.35 | • | 2.20 | 2.55 | 0.27 | 0.53 |  | 0.80 |  | 19.33 | **15.25** | 0.41 | 0.24 | 0.24 | 2.07 | 8770 | 29 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 20.08 |  | 0.19 | • | 1.68 | 1.87 |  |  |  |  |  | 21.95 | **9.31** | 0.56 | 0.33 | 0.33 | 1.91 | 12890 | 15 |
| 12-31-24 | 17.46 |  | 0.29 | • | 2.33 | 2.62 | 0.00 \* |  |  | 0.00 \* |  | 20.08 | **15.02** | 0.56 | 0.34 | 0.34 | 1.52 | 12997 | 22 |
| 12-31-23 | 15.81 |  | 0.00 | \*• | 3.07 | 3.07 | 0.25 | 1.17 |  | 1.42 |  | 17.46 | **19.94** | 0.59 | 0.37 | 0.37 | 0.03 | 12363 | 122 |
| 12-31-22 | 21.78 |  | 0.25 | • | (4.18) | (3.93) | 0.18 | 1.86 |  | 2.04 |  | 15.81 | **(18.52)** | 0.60 | 0.47 | 0.47 | 1.40 | 9814 | 34 |
| 12-31-21 | 19.26 |  | 0.20 | • | 3.14 | 3.34 | 0.28 | 0.54 |  | 0.82 |  | 21.78 | **17.50** | 0.62 | 0.49 | 0.49 | 0.96 | 15698 | 38 |
| 12-31-20 | 17.53 |  | 0.30 | • | 2.20 | 2.50 | 0.24 | 0.53 |  | 0.77 |  | 19.26 | **14.94** | 0.66 | 0.49 | 0.49 | 1.80 | 12575 | 29 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 19.59 |  | 0.17 | • | 1.64 | 1.81 |  |  |  |  |  | 21.40 | **9.24** | 0.71 | 0.48 | 0.48 | 1.76 | 8054 | 15 |
| 12-31-24 | 17.06 |  | 0.26 | • | 2.27 | 2.53 |  |  |  |  |  | 19.59 | **14.83** | 0.71 | 0.49 | 0.49 | 1.37 | 6957 | 22 |
| 12-31-23 | 15.48 |  | (0.02) |)• | 3.01 | 2.99 | 0.24 | 1.17 |  | 1.41 |  | 17.06 | **19.78** | 0.74 | 0.52 | 0.52 | (0.12) | 4841 | 122 |

---

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** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period |  | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(5)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) |  | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** | **Voya Index Solution 2050 Portfolio (continued)** |
| **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.41 |  | 0.25 | • | (4.13) | (3.88) | 0.19 | 1.86 |  | 2.05 |  | 15.48 | **(18.62)** | 0.75 | 0.62 | 0.62 | 1.44 | 4018 | 34 |
| 12-31-21 | 18.95 |  | 0.19 | • | 3.06 | 3.25 | 0.25 | 0.54 |  | 0.79 |  | 21.41 | **17.33** | 0.77 | 0.64 | 0.64 | 0.93 | 3918 | 38 |
| 12-31-20 | 17.26 |  | 0.29 | • | 2.14 | 2.43 | 0.21 | 0.53 |  | 0.74 |  | 18.95 | **14.77** | 0.81 | 0.64 | 0.64 | 1.77 | 3563 | 29 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 20.47 |  | 0.23 | • | 1.72 | 1.95 |  |  |  |  |  | 22.42 | **9.53** | 0.23 | 0.00 \* | 0.00 \* | 2.24 | 862563 | 15 |
| 12-31-24 | 17.80 |  | 0.36 | • | 2.37 | 2.73 | 0.06 |  |  | 0.06 |  | 20.47 | **15.36** | 0.22 | 0.00 \* | 0.00 \* | 1.85 | 803453 | 22 |
| 12-31-23 | 16.10 |  | 0.07 | • | 3.13 | 3.20 | 0.33 | 1.17 |  | 1.50 |  | 17.80 | **20.38** | 0.22 | 0.00 \* | 0.00 \* | 0.40 | 689274 | 122 |
| 12-31-22 | 22.16 |  | 0.36 | • | (4.27) | (3.91) | 0.29 | 1.86 |  | 2.15 |  | 16.10 | **(18.14)** | 0.23 | 0.00 \* | 0.00 \* | 2.01 | 512919 | 34 |
| 12-31-21 | 19.54 |  | 0.32 | • | 3.18 | 3.50 | 0.34 | 0.54 |  | 0.88 |  | 22.16 | **18.12** | 0.24 | 0.00 \* | 0.00 \* | 1.48 | 539936 | 38 |
| 12-31-20 | 17.73 |  | 0.40 | • | 2.21 | 2.61 | 0.27 | 0.53 |  | 0.80 |  | 19.54 | **15.46** | 0.23 | 0.00 \* | 0.00 \* | 2.32 | 398859 | 29 |
| **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 17.84 |  | 0.15 | • | 1.50 | 1.65 |  |  |  |  |  | 19.49 | **9.25** | 0.81 | 0.58 | 0.58 | 1.66 | 58376 | 14 |
| 12-31-24 | 15.54 |  | 0.21 | • | 2.09 | 2.30 |  |  |  |  |  | 17.84 | **14.80** | 0.81 | 0.59 | 0.59 | 1.24 | 53751 | 25 |
| 12-31-23 | 14.08 |  | (0.04) |)• | 2.74 | 2.70 | 0.22 | 1.02 |  | 1.24 |  | 15.54 | **19.66** | 0.85 | 0.62 | 0.62 | (0.26) | 53819 | 120 |
| 12-31-22 | 19.61 |  | 0.20 | • | (3.77) | (3.57) | 0.14 | 1.82 |  | 1.96 |  | 14.08 | **(18.76)** | 0.84 | 0.72 | 0.72 | 1.22 | 45187 | 34 |
| 12-31-21 | 17.47 |  | 0.13 | • | 2.87 | 3.00 | 0.21 | 0.65 |  | 0.86 |  | 19.61 | **17.32** | 0.85 | 0.74 | 0.74 | 0.69 | 63321 | 38 |
| 12-31-20 | 15.91 |  | 0.24 |  | 2.03 | 2.27 | 0.18 | 0.53 |  | 0.71 |  | 17.47 | **14.90** | 0.89 | 0.74 | 0.74 | 1.49 | 58091 | 29 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 18.53 |  | 0.20 | • | 1.56 | 1.76 |  |  |  |  |  | 20.29 | **9.50** | 0.31 | 0.08 | 0.08 | 2.16 | 62847 | 14 |
| 12-31-24 | 16.09 |  | 0.31 | • | 2.16 | 2.47 | 0.03 |  |  | 0.03 |  | 18.53 | **15.38** | 0.31 | 0.09 | 0.09 | 1.74 | 55341 | 25 |
| 12-31-23 | 14.53 |  | 0.04 | • | 2.84 | 2.88 | 0.30 | 1.02 |  | 1.32 |  | 16.09 | **20.33** | 0.35 | 0.12 | 0.12 | 0.24 | 52451 | 120 |
| 12-31-22 | 20.20 |  | 0.29 | • | (3.90) | (3.61) | 0.24 | 1.82 |  | 2.06 |  | 14.53 | **(18.38)** | 0.34 | 0.22 | 0.22 | 1.78 | 37659 | 34 |
| 12-31-21 | 17.95 |  | 0.24 | • | 2.95 | 3.19 | 0.29 | 0.65 |  | 0.94 |  | 20.20 | **17.95** | 0.35 | 0.24 | 0.24 | 1.22 | 42496 | 38 |
| 12-31-20 | 16.33 |  | 0.31 | • | 2.09 | 2.40 | 0.25 | 0.53 |  | 0.78 |  | 17.95 | **15.43** | 0.39 | 0.24 | 0.24 | 1.95 | 35009 | 29 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 18.22 |  | 0.18 | • | 1.53 | 1.71 |  |  |  |  |  | 19.93 | **9.39** | 0.56 | 0.33 | 0.33 | 1.91 | 44100 | 14 |
| 12-31-24 | 15.83 |  | 0.26 | • | 2.13 | 2.39 |  |  |  |  |  | 18.22 | **15.10** | 0.56 | 0.34 | 0.34 | 1.49 | 44077 | 25 |
| 12-31-23 | 14.32 |  | (0.00) |)\*• | 2.79 | 2.79 | 0.26 | 1.02 |  | 1.28 |  | 15.83 | **20.00** | 0.60 | 0.37 | 0.37 | (0.01) | 38902 | 120 |
| 12-31-22 | 19.90 |  | 0.23 | • | (3.82) | (3.59) | 0.17 | 1.82 |  | 1.99 |  | 14.32 | **(18.56)** | 0.59 | 0.47 | 0.47 | 1.43 | 29007 | 34 |
| 12-31-21 | 17.71 |  | 0.18 | • | 2.91 | 3.09 | 0.25 | 0.65 |  | 0.90 |  | 19.90 | **17.64** | 0.60 | 0.49 | 0.49 | 0.93 | 43919 | 38 |
| 12-31-20 | 16.13 |  | 0.27 | • | 2.06 | 2.33 | 0.22 | 0.53 |  | 0.75 |  | 17.71 | **15.11** | 0.64 | 0.49 | 0.49 | 1.76 | 40587 | 29 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 17.89 |  | 0.16 | • | 1.50 | 1.66 |  |  |  |  |  | 19.55 | **9.28** | 0.71 | 0.48 | 0.48 | 1.76 | 18918 | 14 |
| 12-31-24 | 15.57 |  | 0.23 | • | 2.09 | 2.32 |  |  |  |  |  | 17.89 | **14.90** | 0.71 | 0.49 | 0.49 | 1.34 | 15987 | 25 |
| 12-31-23 | 14.11 |  | (0.02) |)• | 2.75 | 2.73 | 0.25 | 1.02 |  | 1.27 |  | 15.57 | **19.84** | 0.75 | 0.52 | 0.52 | (0.16) | 27217 | 120 |
| 12-31-22 | 19.67 |  | 0.23 | • | (3.80) | (3.57) | 0.17 | 1.82 |  | 1.99 |  | 14.11 | **(18.69)** | 0.74 | 0.62 | 0.62 | 1.41 | 19070 | 34 |
| 12-31-21 | 17.54 |  | 0.15 | • | 2.88 | 3.03 | 0.25 | 0.65 |  | 0.90 |  | 19.67 | **17.43** | 0.75 | 0.64 | 0.64 | 0.78 | 20878 | 38 |
| 12-31-20 | 15.99 |  | 0.27 | • | 2.01 | 2.28 | 0.20 | 0.53 |  | 0.73 |  | 17.54 | **14.97** | 0.79 | 0.64 | 0.64 | 1.73 | 17208 | 29 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 18.89 |  | 0.21 | • | 1.60 | 1.81 |  |  |  |  |  | 20.70 | **9.58** | 0.23 | 0.00 \* | 0.00 \* | 2.24 | 753918 | 14 |
| 12-31-24 | 16.40 |  | 0.33 | • | 2.21 | 2.54 | 0.05 |  |  | 0.05 |  | 18.89 | **15.49** | 0.22 | 0.00 \* | 0.00 \* | 1.83 | 692386 | 25 |
| 12-31-23 | 14.80 |  | 0.06 | • | 2.89 | 2.95 | 0.33 | 1.02 |  | 1.35 |  | 16.40 | **20.44** | 0.23 | 0.00 \* | 0.00 \* | 0.36 | 594985 | 120 |
| 12-31-22 | 20.51 |  | 0.33 | • | (3.96) | (3.63) | 0.26 | 1.82 |  | 2.08 |  | 14.80 | **(18.20)** | 0.23 | 0.00 \* | 0.00 \* | 2.00 | 439069 | 34 |
| 12-31-21 | 18.20 |  | 0.29 | • | 2.99 | 3.28 | 0.32 | 0.65 |  | 0.97 |  | 20.51 | **18.19** | 0.24 | 0.00 \* | 0.00 \* | 1.49 | 450163 | 38 |
| 12-31-20 | 16.51 |  | 0.37 | • | 2.10 | 2.47 | 0.25 | 0.53 |  | 0.78 |  | 18.20 | **15.69** | 0.23 | 0.00 \* | 0.00 \* | 2.32 | 324254 | 29 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(5)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** | **Voya Index Solution 2060 Portfolio** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 15.71 | 0.13 | • | 1.33 | 1.46 |  |  |  |  |  | 17.17 | **9.29** | 0.80 | 0.57 | 0.57 | 1.68 | 21766 | 13 |
| 12-31-24 | 13.68 | 0.19 | • | 1.84 | 2.03 |  |  |  |  |  | 15.71 | **14.84** | 0.79 | 0.57 | 0.57 | 1.25 | 19038 | 22 |
| 12-31-23 | 12.27 | (0.04) |)• | 2.40 | 2.36 | 0.15 | 0.80 |  | 0.95 |  | 13.68 | **19.67** | 0.85 | 0.62 | 0.62 | (0.27) | 16902 | 117 |
| 12-31-22 | 16.89 | 0.17 | • | (3.27) | (3.10) | 0.11 | 1.41 |  | 1.52 |  | 12.27 | **(18.84)** | 0.88 | 0.72 | 0.72 | 1.25 | 12814 | 34 |
| 12-31-21 | 14.80 | 0.12 | • | 2.47 | 2.59 | 0.13 | 0.37 |  | 0.50 |  | 16.89 | **17.65** | 0.91 | 0.74 | 0.74 | 0.72 | 15085 | 37 |
| 12-31-20 | 13.31 | 0.18 | • | 1.76 | 1.94 | 0.12 | 0.33 |  | 0.45 |  | 14.80 | **15.11** | 0.92 | 0.74 | 0.74 | 1.42 | 11253 | 34 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 16.19 | 0.18 | • | 1.36 | 1.54 |  |  |  |  |  | 17.73 | **9.51** | 0.30 | 0.07 | 0.07 | 2.18 | 47283 | 13 |
| 12-31-24 | 14.05 | 0.27 | • | 1.89 | 2.16 | 0.02 |  |  | 0.02 |  | 16.19 | **15.41** | 0.29 | 0.07 | 0.07 | 1.75 | 40482 | 22 |
| 12-31-23 | 12.56 | 0.03 | • | 2.47 | 2.50 | 0.21 | 0.80 |  | 1.01 |  | 14.05 | **20.37** | 0.35 | 0.12 | 0.12 | 0.23 | 31714 | 117 |
| 12-31-22 | 17.25 | 0.25 | • | (3.35) | (3.10) | 0.18 | 1.41 |  | 1.59 |  | 12.56 | **(18.44)** | 0.38 | 0.22 | 0.22 | 1.80 | 20763 | 34 |
| 12-31-21 | 15.10 | 0.21 | • | 2.51 | 2.72 | 0.20 | 0.37 |  | 0.57 |  | 17.25 | **18.18** | 0.41 | 0.24 | 0.24 | 1.26 | 20267 | 37 |
| 12-31-20 | 13.55 | 0.28 | • | 1.77 | 2.05 | 0.17 | 0.33 |  | 0.50 |  | 15.10 | **15.69** | 0.43 | 0.24 | 0.24 | 2.11 | 13765 | 34 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 15.98 | 0.16 | • | 1.33 | 1.49 |  |  |  |  |  | 17.47 | **9.32** | 0.55 | 0.32 | 0.32 | 1.93 | 9618 | 13 |
| 12-31-24 | 13.88 | 0.23 | • | 1.87 | 2.10 |  |  |  |  |  | 15.98 | **15.13** | 0.54 | 0.32 | 0.32 | 1.50 | 9758 | 22 |
| 12-31-23 | 12.42 | (0.00) |)\*• | 2.44 | 2.44 | 0.18 | 0.80 |  | 0.98 |  | 13.88 | **20.08** | 0.60 | 0.37 | 0.37 | (0.02) | 8533 | 117 |
| 12-31-22 | 17.04 | 0.20 | • | (3.30) | (3.10) | 0.11 | 1.41 |  | 1.52 |  | 12.42 | **(18.65)** | 0.63 | 0.47 | 0.47 | 1.39 | 6050 | 34 |
| 12-31-21 | 14.92 | 0.15 | • | 2.51 | 2.66 | 0.17 | 0.37 |  | 0.54 |  | 17.04 | **17.96** | 0.66 | 0.49 | 0.49 | 0.95 | 9659 | 37 |
| 12-31-20 | 13.41 | 0.24 | • | 1.75 | 1.99 | 0.15 | 0.33 |  | 0.48 |  | 14.92 | **15.37** | 0.68 | 0.49 | 0.49 | 1.83 | 8248 | 34 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 15.83 | 0.14 | • | 1.33 | 1.47 |  |  |  |  |  | 17.30 | **9.29** | 0.70 | 0.47 | 0.47 | 1.78 | 4742 | 13 |
| 12-31-24 | 13.77 | 0.20 | • | 1.86 | 2.06 |  |  |  |  |  | 15.83 | **14.96** | 0.69 | 0.47 | 0.47 | 1.35 | 4090 | 22 |
| 12-31-23 | 12.34 | (0.02) |)• | 2.42 | 2.40 | 0.17 | 0.80 |  | 0.97 |  | 13.77 | **19.86** | 0.75 | 0.52 | 0.52 | (0.17) | 3219 | 117 |
| 12-31-22 | 16.97 | 0.20 | • | (3.31) | (3.11) | 0.11 | 1.41 |  | 1.52 |  | 12.34 | **(18.77)** | 0.78 | 0.62 | 0.62 | 1.42 | 2381 | 34 |
| 12-31-21 | 14.87 | 0.13 | • | 2.49 | 2.62 | 0.15 | 0.37 |  | 0.52 |  | 16.97 | **17.78** | 0.81 | 0.64 | 0.64 | 0.80 | 2296 | 37 |
| 12-31-20 | 13.37 | 0.22 | • | 1.74 | 1.96 | 0.13 | 0.33 |  | 0.46 |  | 14.87 | **15.17** | 0.83 | 0.64 | 0.64 | 1.74 | 2098 | 34 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 16.45 | 0.19 | • | 1.39 | 1.58 |  |  |  |  |  | 18.03 | **9.60** | 0.23 | 0.00 \* | 0.00 \* | 2.25 | 527430 | 13 |
| 12-31-24 | 14.28 | 0.28 | • | 1.93 | 2.21 | 0.04 |  |  | 0.04 |  | 16.45 | **15.48** | 0.23 | 0.00 \* | 0.00 \* | 1.81 | 472004 | 22 |
| 12-31-23 | 12.76 | 0.05 | • | 2.50 | 2.55 | 0.23 | 0.80 |  | 1.03 |  | 14.28 | **20.46** | 0.23 | 0.00 \* | 0.00 \* | 0.34 | 381153 | 117 |
| 12-31-22 | 17.48 | 0.29 | • | (3.40) | (3.11) | 0.20 | 1.41 |  | 1.61 |  | 12.76 | **(18.25)** | 0.24 | 0.00 \* | 0.00 \* | 2.02 | 260763 | 34 |
| 12-31-21 | 15.27 | 0.25 | • | 2.55 | 2.80 | 0.22 | 0.37 |  | 0.59 |  | 17.48 | **18.50** | 0.24 | 0.00 \* | 0.00 \* | 1.49 | 243777 | 37 |
| 12-31-20 | 13.67 | 0.31 | • | 1.79 | 2.10 | 0.17 | 0.33 |  | 0.50 |  | 15.27 | **15.92** | 0.25 | 0.00 \* | 0.00 \* | 2.35 | 159536 | 34 |
| **Voya Index Solution 2065 Portfolio** | **Voya Index Solution 2065 Portfolio** | **Voya Index Solution 2065 Portfolio** | **Voya Index Solution 2065 Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 13.43 | 0.12 | • | 1.14 | 1.26 |  |  |  |  |  | 14.69 | **9.38** | 0.83 | 0.60 | 0.60 | 1.70 | 6264 | 12 |
| 12-31-24 | 11.70 | 0.15 | • | 1.60 | 1.75 | 0.02 |  |  | 0.02 |  | 13.43 | **14.96** | 0.82 | 0.58 | 0.58 | 1.17 | 4834 | 21 |
| 12-31-23 | 9.76 | (0.03) |)• | 1.97 | 1.94 |  |  |  |  |  | 11.70 | **19.88** | 0.92 | 0.66 | 0.66 | (0.31) | 3585 | 108 |
| 12-31-22 | 12.79 | 0.12 | • | (2.52) | (2.40) | 0.12 | 0.51 |  | 0.63 |  | 9.76 | **(18.86)** | 1.00 | 0.73 | 0.73 | 1.16 | 3367 | 51 |
| 12-31-21 | 11.58 | 0.12 | • | 1.93 | 2.05 | 0.08 | 0.76 |  | 0.84 |  | 12.79 | **17.74** | 1.12 | 0.74 | 0.74 | 0.92 | 1684 | 42 |
| 07-29-20(6)- 12-31-20 | 10.00 | 0.08 | • | 1.58 | 1.66 | 0.07 | 0.01 |  | 0.08 |  | 11.58 | **16.62** | 2.09 | 0.74 | 0.74 | 1.87 | 382 | 17 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 13.61 | 0.15 | • | 1.16 | 1.31 |  |  |  |  |  | 14.92 | **9.63** | 0.33 | 0.10 | 0.10 | 2.20 | 23452 | 12 |
| 12-31-24 | 11.80 | 0.22 | • | 1.61 | 1.83 | 0.02 |  |  | 0.02 |  | 13.61 | **15.51** | 0.32 | 0.08 | 0.08 | 1.68 | 17347 | 21 |
| 12-31-23 | 9.80 | 0.02 | • | 1.98 | 2.00 |  |  |  |  |  | 11.80 | **20.41** | 0.42 | 0.16 | 0.16 | 0.19 | 9140 | 108 |
| 12-31-22 | 12.82 | 0.21 | • | (2.57) | (2.36) | 0.15 | 0.51 |  | 0.66 |  | 9.80 | **(18.45)** | 0.50 | 0.23 | 0.23 | 1.97 | 3337 | 51 |

---

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** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period |  | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(5)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) |  | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** | **Voya Index Solution 2065 Portfolio (continued)** |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-21 | 11.58 |  | 0.20 | • | 1.93 | 2.13 | 0.13 | 0.76 |  | 0.89 |  | 12.82 | **18.45** | 0.62 | 0.24 | 0.24 | 1.51 | 1419 | 42 |
| 07-29-20<sup>(6)</sup>- 12-31-20 | 10.00 |  | 0.13 | • | 1.55 | 1.68 | 0.09 | 0.01 |  | 0.10 |  | 11.58 | **16.79** | 1.59 | 0.24 | 0.24 | 2.76 | 341 | 17 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 13.51 |  | 0.13 | • | 1.15 | 1.28 |  |  |  |  |  | 14.79 | **9.47** | 0.58 | 0.35 | 0.35 | 1.95 | 4342 | 12 |
| 12-31-24 | 11.75 |  | 0.18 | • | 1.60 | 1.78 | 0.02 |  |  | 0.02 |  | 13.51 | **15.15** | 0.57 | 0.33 | 0.33 | 1.43 | 4623 | 21 |
| 12-31-23 | 9.77 |  | (0.01) |)• | 1.99 | 1.98 |  |  |  |  |  | 11.75 | **20.27** | 0.67 | 0.41 | 0.41 | (0.06) | 3649 | 108 |
| 12-31-22 | 12.80 |  | 0.17 | • | (2.56) | (2.39) | 0.13 | 0.51 |  | 0.64 |  | 9.77 | **(18.71)** | 0.75 | 0.48 | 0.48 | 1.55 | 2156 | 51 |
| 12-31-21 | 11.58 |  | 0.16 | • | 1.93 | 2.09 | 0.11 | 0.76 |  | 0.87 |  | 12.80 | **18.08** | 0.87 | 0.49 | 0.49 | 1.21 | 1626 | 42 |
| 07-29-20<sup>(6)</sup>- 12-31-20 | 10.00 |  | 0.11 | • | 1.56 | 1.67 | 0.08 | 0.01 |  | 0.09 |  | 11.58 | **16.72** | 1.84 | 0.49 | 0.49 | 2.50 | 382 | 17 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25+ | 13.45 |  | 0.12 | • | 1.15 | 1.27 |  |  |  |  |  | 14.72 | **9.44** | 0.73 | 0.50 | 0.50 | 1.80 | 2008 | 12 |
| 12-31-24 | 11.71 |  | 0.16 | • | 1.60 | 1.76 | 0.02 |  |  | 0.02 |  | 13.45 | **15.03** | 0.72 | 0.48 | 0.48 | 1.28 | 1506 | 21 |
| 12-31-23 | 9.76 |  | (0.02) |)• | 1.97 | 1.95 |  |  |  |  |  | 11.71 | **19.98** | 0.82 | 0.56 | 0.56 | (0.21) | 1337 | 108 |
| 12-31-22 | 12.78 |  | 0.16 | • | (2.55) | (2.39) | 0.12 | 0.51 |  | 0.63 |  | 9.76 | **(18.74)** | 0.90 | 0.63 | 0.63 | 1.45 | 611 | 51 |
| 12-31-21 | 11.57 |  | 0.09 | • | 1.97 | 2.06 | 0.09 | 0.76 |  | 0.85 |  | 12.78 | **17.87** | 1.02 | 0.64 | 0.64 | 0.70 | 428 | 42 |
| 07-29-20<sup>(6)</sup>- 12-31-20 | 10.00 |  | 0.13 | • | 1.53 | 1.66 | 0.08 | 0.01 |  | 0.09 |  | 11.57 | **16.59** | 1.99 | 0.64 | 0.64 | 2.80 | 175 | 17 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 13.69 |  | 0.16 | • | 1.17 | 1.33 |  |  |  |  |  | 15.02 | **9.72** | 0.23 | 0.00 \* | 0.00 \* | 2.30 | 146749 | 12 |
| 12-31-24 | 11.86 |  | 0.23 | • | 1.62 | 1.85 | 0.02 |  |  | 0.02 |  | 13.69 | **15.60** | 0.24 | 0.00 \* | 0.00 \* | 1.76 | 116913 | 21 |
| 12-31-23 | 9.83 |  | 0.04 | • | 1.99 | 2.03 |  |  |  |  |  | 11.86 | **20.65** | 0.26 | 0.00 \* | 0.00 \* | 0.35 | 72511 | 108 |
| 12-31-22 | 12.85 |  | 0.23 | • | (2.57) | (2.34) | 0.17 | 0.51 |  | 0.68 |  | 9.83 | **(18.27)** | 0.30 | 0.00 \* | 0.00 \* | 2.13 | 34267 | 51 |
| 12-31-21 | 11.59 |  | 0.22 | • | 1.94 | 2.16 | 0.14 | 0.76 |  | 0.90 |  | 12.85 | **18.69** | 0.48 | 0.00 \* | 0.00 \* | 1.72 | 16030 | 42 |
| 07-29-20<sup>(6)</sup>- 12-31-20 | 10.00 |  | 0.12 | • | 1.57 | 1.69 | 0.09 | 0.01 |  | 0.10 |  | 11.59 | **16.89** | 1.57 | 0.00 \* | 0.00 \* | 2.74 | 3190 | 17 |

---

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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 expenses of underlying funds and do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| <sup>(5)</sup> | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds ("ETFs"). Net investment income (loss) of any underlying mutual funds or ETFs is not included in a Portfolio net investment income (loss) ratio to average net assets. |
| <sup>(6)</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 Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-eight active separate investment series. The ten series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Index Solution Income Portfolio ("Index Solution Income"), Voya Index Solution 2025 Portfolio ("Index Solution 2025"), Voya Index Solution 2030 Portfolio ("Index Solution 2030"), Voya Index Solution 2035 Portfolio ("Index Solution 2035"), Voya Index Solution 2040 Portfolio ("Index Solution 2040"), Voya Index Solution 2045 Portfolio ("Index Solution 2045"), Voya Index Solution 2050 Portfolio ("Index Solution 2050"), Voya Index Solution 2055 Portfolio ("Index Solution 2055"), Voya Index Solution 2060 Portfolio ("Index Solution 2060") and Voya Index Solution 2065 Portfolio ("Index Solution 2065"), each a diversified series of the Company.

Index Solution 2025, Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, Index Solution 2050, Index Solution 2055, Index Solution 2060 and Index Solution 2065 are structured and managed around a specific target retirement or financial goal date ("Target Date"). When these Portfolios reach their respective Target Date, they may be combined with Index Solution Income, without a vote of shareholders, if approved by the Board of Directors (the "Board").

The classes of shares included in this report are: Adviser ("Class ADV"), Initial ("Class I"), Service ("Class S"), Service 2 ("Class S2") and Class Z. Shares of the Portfolios may be offered to separate accounts ("Separate Accounts") of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies ("Variable Contracts") and to certain of the Portfolios' investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans ("Qualified Plans") outside the Separate Account context. 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.

Each Portfolio seeks to achieve its investment objective by investing in other investment companies ("Underlying Funds") and uses asset allocation strategies to determine how much to invest in the Underlying Funds. The investment objective of each of the Portfolios is described in the respective Portfolio's prospectus.

**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 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

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

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

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. 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.

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

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

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

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.*** Security transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. ***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.

D. ***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.

E. ***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.

F. ***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.

***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

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

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

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.

G. ***Futures Contracts.*** Certain Portfolios 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 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 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, certain Portfolios used futures to enact tactical positions and to provide the Portfolios with greater liquidity. Certain Portfolios had purchased and sold futures contracts on various equity indices. 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, the Portfolios had average notional values on futures contracts purchased and sold as disclosed below. Please refer to the Portfolio of Investments for open futures contracts for Index Solution 2040, Index Solution 2045, Index Solution 2050, Index Solution 2055, Index Solution 2060 and Index Solution 2065. There were no open futures contracts for any other Portfolio at June 30, 2025.

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

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

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| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| Index Solution Income | $458313 | $4819969 |
| Index Solution 2025 | 7495525 | 7810343 |
| Index Solution 2030 | 7041483 | 7369990 |
| Index Solution 2035 | 11876958 | 12296685 |
| Index Solution 2040 | 22295641 | 22361230 |
| Index Solution 2045 | 28582606 | 28716757 |
| Index Solution 2050 | 19100585 | 19098989 |
| Index Solution 2055 | 19091973 | 19114811 |
| Index Solution 2060 | 12204246 | 12261703 |
| Index Solution 2065 | 3444957 | 3484293 |

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H. ***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 — INVESTMENTS IN UNDERLYING FUNDS**

For the period ended June 30, 2025, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Index Solution Income | $75997600 | $106953628 |
| Index Solution 2025 | 152889910 | 223606725 |
| Index Solution 2030 | 127650269 | 141223185 |
| Index Solution 2035 | 220883668 | 236050262 |
| Index Solution 2040 | 143328173 | 150336330 |
| Index Solution 2045 | 200886088 | 196944814 |
| Index Solution 2050 | 130594303 | 130660187 |
| Index Solution 2055 | 131379397 | 121752532 |
| Index Solution 2060 | 95440073 | 73426670 |
| Index Solution 2065 | 43734292 | 19181093 |

---

**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: 0.20% of each Portfolio's average daily nets assets invested in affiliated Underlying Funds and/or Funding Agreements and 0.40% of each Portfolio's average daily net assets

invested in unaffiliated Underlying Funds and/or other direct investments.

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**

Classes ADV and S2 of the Portfolios have a plan of distribution (the "Plans"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each respective Portfolio's shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio's average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% of each Portfolio's average daily net assets attributable to its Class S2 shares.

The Company has a shareholder servicing plan ("Service Plan") for the Classes ADV, S and S2 shares of each respective Portfolio. The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Classes ADV, S and S2 shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of each Portfolio's average daily net assets attributable to its Classes ADV, S and S2 shares.

**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 | Index Solution Income | 33.39% |
|  | Index Solution 2025 | 17.89 |
|  | Index Solution 2030 | 15.14 |
|  | Index Solution 2035 | 15.81 |
|  | Index Solution 2040 | 16.62 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | Index Solution 2045 | 18.44 |
|  | Index Solution 2050 | 16.05 |
|  | Index Solution 2055 | 16.08 |
|  | Index Solution 2060 | 19.47 |
|  | Index Solution 2065 | 11.96 |
| Voya Retirement Insurance and Annuity Company | Index Solution Income | 66.59 |
|  | Index Solution 2025 | 82.11 |
|  | Index Solution 2030 | 84.81 |
|  | Index Solution 2035 | 84.18 |
|  | Index Solution 2040 | 83.3 |
|  | Index Solution 2045 | 81.56 |
|  | Index Solution 2050 | 83.93 |
|  | Index Solution 2055 | 83.92 |
|  | Index Solution 2060 | 80.53 |
|  | Index Solution 2065 | 88.04 |

---

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' 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** |
| Index Solution Income | $21845 |
| Index Solution 2025 | 43415 |
| Index Solution 2030 | 21353 |
| Index Solution 2035 | 62396 |
| Index Solution 2040 | 28914 |
| Index Solution 2045 | 69387 |
| Index Solution 2050 | 26338 |
| Index Solution 2055 | 66072 |
| Index Solution 2060 | 27554 |
| Index Solution 2065 | 15709 |

---

**NOTE 7 —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** | **Class**<br>**S2** | **Class**<br>**Z** |
| Index Solution Income | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2025 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2030 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2035 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2040 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2045 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2050 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2050 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2060 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2065 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |

---

Any fees waived pursuant to the Expense Limitation Agreement shall not be eligible for recoupment.

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 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.

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

**NOTE 8 — LINE OF CREDIT (continued)**<br>The Portfolios did not utilize the line of credit during the period ended June 30, 2025.<br>**NOTE 9 — CAPITAL SHARES**<br>Transactions in capital shares and dollars were as follows:<br>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**<br>**sold** | **Shares <br> issued in**<br>**merger** | **Reinvestment<br> of**<br>**distributions** | **Shares**<br>**redeemed** | **Shares**<br>**converted** | **Net increase<br> (decrease) in<br> shares**<br>**outstanding** | **Shares**<br>**sold** | **Proceeds<br> from<br> shares<br> issued in**<br>**merger** | **Reinvestment <br> of**<br>**distributions** | **Shares**<br>**redeemed** | **Shares**<br>**converted** | **Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Index Solution **Income** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 130828 |  |  | (519468) |  | (388640) | 1269881 |  |  | (5107498) |  | (3837617) |
| 12/31/2024 | 285315 |  | 155681 | (4062604) |  | (3621608) | 2702015 |  | 1477410 | (39383516) |  | (35204091) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 41396 |  |  | (114923) |  | (73527) | 418085 |  |  | (1164820) |  | (746735) |
| 12/31/2024 | 203460 |  | 36637 | (544511) |  | (304414) | 2006908 |  | 357946 | (5345298) |  | (2980444) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 103668 |  |  | (569428) |  | (465760) | 1037807 |  |  | (5674227) |  | (4636420) |
| 12/31/2024 | 174798 |  | 243000 | (1605335) |  | (1187537) | 1717714 |  | 2347383 | (15623283) |  | (11558186) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 16467 |  |  | (42478) |  | (26011) | 159222 |  |  | (407560) |  | (248338) |
| 12/31/2024 | 514338 |  | 63075 | (2342795) |  | (1765382) | 4820614 |  | 590384 | (22524594) |  | (17113596) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 967697 |  |  | (4018422) |  | (3050725) | 9923961 |  |  | (41210497) |  | (31286536) |
| 12/31/2024 | 1640368 |  | 1384109 | (9604217) |  | (6579740) | 16405176 |  | 13758043 | (95739523) |  | (65576304) |
| **Index Solution 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 208672 |  |  | (1463038) |  | (1254366) | 2272926 |  |  | (15944461) |  | (13671535) |
| 12/31/2024 | 711053 |  | 170231 | (4286434) |  | (3405150) | 7459153 |  | 1778912 | (45587019) |  | (36348954) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 121582 |  |  | (418125) |  | (296543) | 1360608 |  |  | (4743828) |  | (3383220) |
| 12/31/2024 | 517280 |  | 78405 | (1478223) |  | (882538) | 5600708 |  | 843633 | (15878022) |  | (9433681) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 236497 |  |  | (646241) |  | (409744) | 2635898 |  |  | (7176246) |  | (4540348) |
| 12/31/2024 | 489749 |  | 139224 | (2774985) |  | (2146012) | 5235353 |  | 1478555 | (29563030) |  | (22849122) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 60584 |  |  | (75227) |  | (14643) | 653144 |  |  | (806500) |  | (153356) |
| 12/31/2024 | 426305 |  | 62740 | (2818672) |  | (2329627) | 4357335 |  | 648729 | (30025487) |  | (25019423) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1271028 |  |  | (6956103) |  | (5685075) | 14538169 |  |  | (79269162) |  | (64730993) |
| 12/31/2024 | 3166607 |  | 1391648 | (14221854) |  | (9663599) | 34999824 |  | 15252465 | (155904934) |  | (105652645) |
| **Index Solution 2030** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 119371 |  |  | (188819) |  | (69448) | 1926132 |  |  | (3077280) |  | (1151148) |
| 12/31/2024 | 379242 |  | 26001 | (1155223) |  | (749980) | 5925560 |  | 400420 | (18246741) |  | (11920761) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 219699 |  |  | (79411) |  | 140288 | 3695600 |  |  | (1349738) |  | 2345862 |
| 12/31/2024 | 235433 |  | 10823 | (303620) |  | (57364) | 3724958 |  | 173276 | (4837062) |  | (938828) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 171096 |  |  | (181876) |  | (10780) | 2832527 |  |  | (3078442) |  | (245915) |
| 12/31/2024 | 297552 |  | 11551 | (360321) |  | (51218) | 4786191 |  | 183318 | (5704738) |  | (735229) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 56588 |  |  | (76298) |  | (19710) | 924997 |  |  | (1244691) |  | (319694) |
| 12/31/2024 | 337608 |  | 17714 | (1400925) |  | (1045603) | 5179446 |  | 274214 | (22547062) |  | (17093402) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1479988 |  |  | (3358309) |  | (1878321) | 25446111 |  |  | (57556368) |  | (32110257) |
| 12/31/2024 | 3407488 |  | 775606 | (6091549) |  | (1908455) | 55737948 |  | 12626861 | (99653428) |  | (31288619) |
| **Index Solution 2035** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 435893 |  |  | (1224618) |  | (788725) | 5207428 |  |  | (14851224) |  | (9643796) |
| 12/31/2024 | 880445 |  | 68432 | (3819992) |  | (2871115) | 10081306 |  | 773280 | (44219925) |  | (33365339) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 321836 |  |  | (468815) |  | (146979) | 3996424 |  |  | (5839662) |  | (1843238) |
| 12/31/2024 | 558807 |  | 52391 | (1614463) |  | (1003265) | 6586626 |  | 612456 | (18784497) |  | (11585415) |

---

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**<br>**sold** | **Shares issued in**<br>**merger** | **Reinvestment of**<br>**distributions** | **Shares**<br>**redeemed** | **Shares**<br>**converted** | **Net increase (decrease) in shares**<br>**outstanding** | **Shares**<br>**sold** | **Proceeds from shares issued in**<br>**merger** | **Reinvestment of**<br>**distributions** | **Shares**<br>**redeemed** | **Shares**<br>**converted** | **Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Index Solution 2035 (continued)** | **Index Solution 2035 (continued)** | **Index Solution 2035 (continued)** |  |  |  |  |  |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 306053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (1009682) |  | (703629) | 3758085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (12475304) |  | (8717219) |
| 12/31/2024 | 471652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 66449 | (1726136) |  | (1188035) | 5452247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 764825 | (19935324) |  | (13718252) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 126633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (81256) |  | 45377 | 1508030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (955725) |  | 552305 |
| 12/31/2024 | 795712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 37738 | (3201395) |  | (2367945) | 8778108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 423046 | (37468320) |  | (28267166) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 3711793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (5568200) |  | (1856407) | 47437130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (70489085) |  | (23051955) |
| 12/31/2024 | 7298980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1120375 | (9063238) |  | (643883) | 87643176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 13388484 | (108647715) |  | (7616055) |
| **Index Solution 2040** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 258091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (202695) |  | 55396 | 4789350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (3781981) |  | 1007369 |
| 12/31/2024 | 308861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3173 | (580847) |  | (268813) | 5379020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 55147 | (10373584) |  | (4939417) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 160414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (36107) |  | 124307 | 3132233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (709082) |  | 2423151 |
| 12/31/2024 | 193905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 4805 | (303718) |  | (105008) | 3505808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 86724 | (5442315) |  | (1849783) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 85966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (112179) |  | (26213) | 1650808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (2193514) |  | (542706) |
| 12/31/2024 | 181961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3701 | (166002) |  | 19660 | 3320691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 66659 | (2988304) |  | 399046 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 76560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (24495) |  | 52065 | 1433848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (457340) |  | 976508 |
| 12/31/2024 | 79045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1155 | (66589) |  | 13611 | 1395619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 20331 | (1182502) |  | 233448 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1903628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (3358628) |  | (1455000) | 37360987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (65741269) |  | (28380282) |
| 12/31/2024 | 3899031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 341021 | (5244623) |  | (1004571) | 71907791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6261149 | (97013514) |  | (18844574) |
| **Index Solution 2045** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 263280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (442702) |  | (179422) | 3483147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (5830527) |  | (2347380) |
| 12/31/2024 | 591250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (2460795) |  | (1869545) | 7286325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (31445231) |  | (24158906) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 281299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (138579) |  | 142720 | 3897675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (1963684) |  | 1933991 |
| 12/31/2024 | 555179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 17276 | (1753440) |  | (1180985) | 7125561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 221823 | (22011444) |  | (14664060) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 165947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (641202) |  | (475255) | 2258701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (8832953) |  | (6574252) |
| 12/31/2024 | 419379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 10059 | (1003821) |  | (574383) | 5359667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 126638 | (12768267) |  | (7281962) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 123472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (53613) |  | 69859 | 1627439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (701691) |  | 925748 |
| 12/31/2024 | 541683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 4064 | (2155278) |  | (1609531) | 6540923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 49664 | (27878136) |  | (21287549) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 2904472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (3669891) |  | (765419) | 41200728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (51958771) |  | (10758043) |
| 12/31/2024 | 6102975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 352551 | (6752754) |  | (297228) | 80927337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 4621941 | (89581421) |  | (4032143) |
| **Index Solution 2050** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 124847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (116664) |  | 8183 | 2455964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (2353511) |  | 102453 |
| 12/31/2024 | 209523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (273225) |  | (63702) | 3854392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (5093721) |  | (1239329) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 108335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (27433) |  | 80902 | 2203620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (564166) |  | 1639454 |
| 12/31/2024 | 252551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2236 | (269077) |  | (14290) | 4758237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 42367 | (5072598) |  | (271994) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 60627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (120760) |  | (60133) | 1230679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (2512385) |  | (1281706) |
| 12/31/2024 | 173156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 81 | (233837) |  | (60600) | 3226902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1522 | (4404254) |  | (1175830) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 43278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (22107) |  | 21171 | 862348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (434625) |  | 427723 |
| 12/31/2024 | 99555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (28120) |  | 71435 | 1862776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (523671) |  | 1339105 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1686785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (2458872) |  | (772087) | 35387985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (50999902) |  | (15611917) |
| 12/31/2024 | 3556023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 120452 | (3152528) |  | 523947 | 68988138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2318693 | (61186981) |  | 10119850 |
| **Index Solution 2055** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 177472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (195131) |  | (17659) | 3205896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (3556709) |  | (350813) |
| 12/31/2024 | 388433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (839251) |  | (450818) | 6586799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (14394583) |  | (7807784) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 233558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (123215) |  | 110343 | 4402909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (2344873) |  | 2058036 |

---

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**<br>**sold** | **Shares issued in**<br>**merger** | **Reinvestment of**<br>**distributions** | **Shares**<br>**redeemed** | **Shares**<br>**converted** | **Net increase (decrease) in shares**<br>**outstanding** | **Shares**<br>**sold** | **Proceeds from shares issued in**<br>**merger** | **Reinvestment of**<br>**distributions** | **Shares**<br>**redeemed** | **Shares**<br>**converted** | **Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Index Solution 2055 (continued)** | **Index Solution 2055 (continued)** | **Index Solution 2055 (continued)** |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 464627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5520 | (743858) |  | (273711) | 8114629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 96105 | (12730004) |  | (4519270) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 157931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (364285) |  | (206354) | 2921692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (6881572) |  | (3959880) |
| 12/31/2024 | 292382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (331024) |  | (38642) | 5026608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (5707088) |  | (680480) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 111049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (37194) |  | 73855 | 2043252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (661508) |  | 1381744 |
| 12/31/2024 | 399474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (1254269) |  | (854795) | 6688515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (22492441) |  | (15803926) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1892738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (2117842) |  | (225104) | 36460442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (40541483) |  | (4081041) |
| 12/31/2024 | 3699155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 96424 | (3424895) |  | 370684 | 66151366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1711525 | (61545127) |  | 6317764 |
| **Index Solution 2060** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 135945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (79534) |  | 56411 | 2168119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (1294143) |  | 873976 |
| 12/31/2024 | 238072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (261803) |  | (23731) | 3575375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (3910373) |  | (334998) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 284783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (118519) |  | 166264 | 4684579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (1902887) |  | 2781692 |
| 12/31/2024 | 605555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3834 | (366192) |  | 243197 | 9193221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 58312 | (5634453) |  | 3617080 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 73845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (134221) |  | (60376) | 1203893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (2218696) |  | (1014803) |
| 12/31/2024 | 152691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (156779) |  | (4088) | 2314097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (2334781) |  | (20684) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 43135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (27446) |  | 15689 | 688605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (432413) |  | 256192 |
| 12/31/2024 | 71451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (46849) |  | 24602 | 1068758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (723942) |  | 344816 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 2027914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (1455924) |  | 571990 | 33989626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (24325907) |  | 9663719 |
| 12/31/2024 | 4178746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 67998 | (2249771) |  | 1996973 | 65073376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1050563 | (35211720) |  | 30912219 |
| **Index Solution 2065** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 107854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (41291) |  | 66563 | 1459315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (571045) |  | 888270 |
| 12/31/2024 | 172917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 493 | (119848) |  | 53562 | 2214457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6233 | (1537332) |  | 683358 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 369049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (71773) |  | 297276 | 5105510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (994930) |  | 4110580 |
| 12/31/2024 | 677723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1552 | (179210) |  | 500065 | 8767238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 19848 | (2332415) |  | 6454671 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 85471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (134128) |  | (48657) | 1179764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (1907569) |  | (727805) |
| 12/31/2024 | 141393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 424 | (110347) |  | 31470 | 1834000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5386 | (1391558) |  | 447828 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 34176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (9706) |  | 24470 | 469337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (123771) |  | 345566 |
| 12/31/2024 | 123623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 273 | (126115) |  | (2219) | 1571784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3462 | (1691889) |  | (116643) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1502664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (269468) |  | 1233196 | 20978285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (3748902) |  | 17229383 |
| 12/31/2024 | 2871420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11318 | (456633) |  | 2426105 | 37213690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 145545 | (5934515) |  | 31424720 |

---

**NOTE 10 — 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, 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:

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

**NOTE 10 — FEDERAL INCOME TAXES (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Year Ended** | **Year Ended** |
|  | **Year Ended**<br>**December 31,**<br>**2024** | **December 31, 2023** | **December 31, 2023** |
|  | **Ordinary**<br>**Income** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| Index Solution Income | $18531166 | $17724066 | $10745357 |
| Index Solution 2025 | 20002294 | 24745512 | 35116825 |
| Index Solution 2030 | 13658088 | 18950866 | 41890820 |
| Index Solution 2035 | 15962091 | 27884363 | 84352997 |
| Index Solution 2040 | 6490010 | 16385623 | 51816311 |
| Index Solution 2045 | 5020066 | 20534661 | 79771884 |
| Index Solution 2050 | 2362582 | 11946994 | 43592148 |
| Index Solution 2055 | 1807630 | 13078303 | 42669924 |
| Index Solution 2060 | 1108875 | 6103505 | 21592009 |
| Index Solution 2065 | 180474 |  |  |

---

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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Capital Loss**<br>**Amount** |<br>**Carryforwards**<br>**Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Index Solution Income | $22560904 | $— | $21927084 | $(62210979) | Long-term | $(17722991) |
| Index Solution 2025 | 32693312 |  | 62758874 | (30428512) | Long-term | 65023674 |
| Index Solution 2030 | 27245205 |  | 94382175 | (34321502) | Long-term | 87305878 |
| Index Solution 2035 | 40686288 |  | 202159893 | (53560327) | Long-term | 189285854 |
| Index Solution 2040 | 23364176 |  | 153490182 | (477648) | Short-term | 148244416 |
|  |  |  |  | (28132294) | Long-term |  |
|  |  |  |  | $(28609942) |  |  |
| Index Solution 2045 | 27365324 |  | 217073931 | (24189702) | Long-term | 220249553 |
| Index Solution 2050 | 16927719 |  | 149735889 | (18869305) | Long-term | 147794303 |
| Index Solution 2055 | 16633171 |  | 148977321 | (10298499) | Long-term | 155311993 |
| Index Solution 2060 | 10136329 |  | 89830236 | (1822597) | Short-term | 88141893 |
|  |  |  |  | (10002075) | Long-term |  |
|  |  |  |  | $(11824672) |  |  |
| Index Solution 2065 | 2376333 | 282598 | 18769295 |  |  | 21428226 |

---

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 11 — 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

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

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

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 12 — 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.

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

**NOTE 13 — SUBSEQUENT EVENTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per Share Amounts** | **Per Share Amounts** | **Per Share Amounts** | | |
|  | **Net Investment**<br>**Income** | **Short-term Capital**<br>**Gains** | **Long-term Capital**<br>**Gains** | <br>**Payable Date** | <br>**Record Date** |
| **Index Solution Income** |  |  |  |  |  |
| Class ADV | $0.3522 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.4345 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.4055 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2869 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class Z | $0.4388 | $- | $- | August 4, 2025 | August 1, 2025 |
| **Index Solution 2025** |  |  |  |  |  |
| Class ADV | $0.3529 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.4260 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.3931 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.3510 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class Z | $0.4307 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class ADV | $0.2406 | $0.0062 | $0.1888 | August 7, 2025 | August 6, 2025 |
| Class I | $0.2761 | $0.0062 | $0.1888 | August 7, 2025 | August 6, 2025 |
| Class S | $0.2582 | $0.0062 | $0.1888 | August 7, 2025 | August 6, 2025 |
| Class S2 | $0.2487 | $0.0062 | $0.1888 | August 7, 2025 | August 6, 2025 |
| Class Z | $0.2784 | $0.0062 | $0.1888 | August 7, 2025 | August 6, 2025 |
| **Index Solution 2030** |  |  |  |  |  |
| Class ADV | $0.4048 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.4959 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.4603 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.3189 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class Z | $0.5130 | $- | $- | August 4, 2025 | August 1, 2025 |
| **Index Solution 2035** |  |  |  |  |  |
| Class ADV | $0.2642 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.3346 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.3018 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2669 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class Z | $0.3395 | $- | $- | August 4, 2025 | August 1, 2025 |
| **Index Solution 2040** |  |  |  |  |  |
| Class ADV | $0.3477 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.4392 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.3971 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.3783 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class Z | $0.4608 | $- | $- | August 4, 2025 | August 1, 2025 |
| **Index Solution 2045** |  |  |  |  |  |
| Class ADV | $0.2246 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.2976 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.2629 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2263 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class Z | $0.3065 | $- | $- | August 4, 2025 | August 1, 2025 |
| **Index Solution 2050** |  |  |  |  |  |
| Class ADV | $0.2973 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.3917 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.3425 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.3265 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class Z | $0.4112 | $- | $- | August 4, 2025 | August 1, 2025 |
| **Index Solution 2055** |  |  |  |  |  |

---

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

**NOTE 13 — SUBSEQUENT EVENTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class ADV | $0.2700 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.3613 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.3161 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2611 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class Z | $0.3780 | $- | $- | August 4, 2025 | August 1, 2025 |
| **Index Solution 2060** |  |  |  |  |  |
| Class ADV | $0.2183 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class I | $0.2903 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S | $0.2533 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.2349 | $- | $- | August 4, 2025 | August 1, 2025 |
| Class Z | $0.3017 | $- | $- | August 4, 2025 | August 1, 2025 |
| **Index Solution 2065** |  |  |  |  |  |
| Class ADV | $0.1340 | $0.0046 | $0.0204 | August 4, 2025 | August 1, 2025 |
| Class I | $0.1801 | $0.0046 | $0.0204 | August 4, 2025 | August 1, 2025 |
| Class S | $0.1579 | $0.0046 | $0.0204 | August 4, 2025 | August 1, 2025 |
| Class S2 | $0.1350 | $0.0046 | $0.0204 | August 4, 2025 | August 1, 2025 |
| Class Z | $0.1901 | $0.0046 | $0.0204 | August 4, 2025 | August 1, 2025 |

---

*Reorganization:* On November 12, 2024, the Board approved the reorganization of Index Solution 2025 into Index Solution Income on or about August 8, 2025. Following the reorganization, shareholders of Index Solution 2025 hold shares of Index Solution Income.

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date ("subsequent events"), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya Index Solution Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 52.5%** | **EXCHANGE-TRADED FUNDS: 52.5%** |  |  |
| 2079240 | Schwab U.S. TIPS ETF | $55474123 | 9.8 |
| 304755 | Vanguard Long-Term Treasury ETF | 17102850 | 3 |
| 4178692 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 203376940 | 35.8 |
| 605753 | Xtrackers USD High Yield Corporate Bond ETF | 22364401 | 3.9 |
|  | Total Exchange-Traded Funds <br>(Cost $302,066,535) | **298318314** | **52.5** |
| **MUTUAL FUNDS: 47.3%** | **MUTUAL FUNDS: 47.3%** |  |  |
|  | **Affiliated Investment Companies: 47.3%** | **Affiliated Investment Companies: 47.3%** |  |
| 77474 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 5963207 | 1.1 |
| 4727019 | Voya Short Duration Bond Fund - Class R6 | 44433975 | 7.8 |
| 2286048 | Voya U.S. Bond Index Portfolio - Class I | 20825893 | 3.7 |
| 1343117 | Voya VACS Index Series EM Portfolio | 17272485 | 3 |
| 3746371 | Voya VACS Index Series I Portfolio | 48103403 | 8.5 |
| 473280 | Voya VACS Index Series MC Portfolio | 5878132 | 1 |
| 8153309 | Voya VACS Index Series S Portfolio | 126131685 | 22.2 |
|  | Total Mutual Funds<br> (Cost $223,417,719) | **268608780** | **47.3** |
|  | Total Long-Term Investments<br> (Cost $525,484,254) | **566927094** | **99.8** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 0.2%** | **SHORT-TERM INVESTMENTS: 0.2%** |  |  |
|  | **Mutual Funds: 0.2%** |  |  |
| 1080768 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% | 1080768 | 0.2 |
|  | Total Short-Term Investments<br> (Cost $1,080,768) | **1080768** | **0.2** |
|  | **Total Investments in Securities<br> (Cost $526,565,022)** | $**568007862** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(24792)** | **0.0** |
|  | **Net Assets** | $**567983070** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

<u>Voya Index Solution Income 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)** |<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** |  |  |  |  |
| Exchange-Traded Funds | $298318314 | $— | $— | $298318314 |
| Mutual Funds | 268608780 |  |  | 268608780 |
| Short-Term Investments | 1080768 |  |  | 1080768 |
| Total Investments, at fair value | $568007862 | $— | $— | $568007862 |

---

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

**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 Russell <sup>TM</sup> Large Cap Growth Index - Class I | $— | $6029801 | $(486752) | $420158 | $5963207 | $10664 | $6401 | $596364 |
| Voya Short Duration Bond Fund - Class R6 | 52767903 | 2056543 | (10632503) | 242032 | 44433975 | 1113275 | 110808 |  |
| Voya U.S. Bond Index Portfolio - Class I | 26662001 | 23890389 | (30454172) | 727675 | 20825893 | 449782 | (436843) |  |
| Voya VACS Index Series EM Portfolio | 17090876 | 714993 | (2399725) | 1866341 | 17272485 | 305944 | 338486 | 2525 |
| Voya VACS Index Series I Portfolio | 42968463 | 5813334 | (6312135) | 5633741 | 48103403 | 1275196 | 1244095 |  |
| Voya VACS Index Series MC Portfolio | 16337341 | 2695265 | (12230367) | (924107) | 5878132 | 180636 | 328084 | 299003 |
| Voya VACS Index Series S Portfolio | 111660769 | 16816316 | (6754519) | 4409119 | 126131685 |  | 2989131 |  |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 215552128 | 3728601 | (19383500) | 3479711 | 203376940 | 5156491 | (569985) |  |
|  | $483039481 | $61745242 | $(88653673) | $15854670 | $471985720 | $8491988 | $4010177 | $897892 |

---

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

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 | $(301432) |
| Interest rate contracts | (16384) |
| **Total** | $(317816) |

---

See Accompanying Notes to Financial Statements

<u>Voya Index Solution Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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 $527,298,319. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $47389674 |
| Gross Unrealized Depreciation | (6680131) |
| Net Unrealized Appreciation | $40709543 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 51.4%** | **EXCHANGE-TRADED FUNDS: 51.4%** |  |  |
| 3371953 | Schwab U.S. TIPS ETF | $89963706 | 9.6 |
| 503742 | Vanguard Long-Term Treasury ETF | 28270001 | 3.0 |
| 6779484 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 329957486 | 35.1 |
| 939156 | Xtrackers USD High Yield Corporate Bond ETF | 34673640 | 3.7 |
|  | Total Exchange-Traded Funds <br>(Cost $485,942,192) | **482864833** | **51.4** |
| **MUTUAL FUNDS: 48.4%** | **MUTUAL FUNDS: 48.4%** |  |  |
|  | **Affiliated Investment Companies: 48.4%** | **Affiliated Investment Companies: 48.4%** |  |
| 128021 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 9853741 | 1.1 |
| 6841884 | Voya Short Duration Bond Fund - Class R6 | 64313708 | 6.9 |
| 3842380 | Voya U.S. Bond Index Portfolio - Class I | 35004083 | 3.7 |
| 2219096 | Voya VACS Index Series EM Portfolio | 28537578 | 3.0 |
| 7097424 | Voya VACS Index Series I Portfolio | 91130926 | 9.7 |
| 973874 | Voya VACS Index Series MC Portfolio | 12095518 | 1.3 |
| 13796075 | Voya VACS Index Series S Portfolio | 213425287 | 22.7 |
|  | Total Mutual Funds<br> (Cost $370,183,963) | **454360841** | **48.4** |
|  | Total Long-Term Investments<br> (Cost $856,126,155) | **937225674** | **99.8** |
|  | **Total Investments in Securities <br> (Cost $856,126,155)** | $**937225674** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **1742149** | **0.2** |
|  | **Net Assets** | $**938967823** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2025 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)** |<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** |  |  |  |  |
| Exchange-Traded Funds | $482864833 | $— | $— | $482864833 |
| Mutual Funds | 454360841 |  |  | 454360841 |
| Total Investments, at fair value | $937225674 | $— | $— | $937225674 |

---

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

**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 Russell <sup>TM</sup> Large Cap Growth Index - Class I | $— | $9992193 | $(832884) | $694432 | $9853741 | $17673 | $10550 | $988341 |
| Voya Short Duration Bond Fund - Class R6 | 49356119 | 20639488 | (6063546) | 381647 | 64313708 | 1294442 | 38745 |  |
| Voya U.S. Bond Index Portfolio - Class I | 55830535 | 36652631 | (59254006) | 1774923 | 35004083 | 895449 | (1245853) |  |
| Voya VACS Index Series EM Portfolio | 28782898 | 1133894 | (4426478) | 3047264 | 28537578 | 507033 | 594151 | 4185 |
| Voya VACS Index Series I Portfolio | 98853882 | 13499796 | (30166270) | 8943518 | 91130926 | 2960455 | 6373231 |  |
| Voya VACS Index Series MC Portfolio | 32124746 | 2857930 | (20700590) | (2186568) | 12095518 | 336785 | 1224014 | 557474 |
| Voya VACS Index Series S Portfolio | 241000868 | 12986576 | (36564617) | (3997540) | 213425287 |  | 17159019 |  |
| Voya VACS Index Series SC Portfolio | 6614097 | 12459 | (5713636) | (912920) |  |  | 758674 |  |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 320993148 | 19846570 | (15805301) | 4923069 | 329957486 | 7974454 | (476450) |  |
|  | $833556293 | $117621537 | $(179527328) | $12667825 | $784318327 | $13986291 | $24436081 | $1550000 |

---

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

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 | $(511725) |
| Interest rate contracts | (27050) |
| **Total** | $(538775) |

---

See Accompanying Notes to Financial Statements

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

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 $857,438,651. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $88088320 |
| Gross Unrealized Depreciation | (8301297) |
| Net Unrealized Appreciation | $79787023 |

---

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2030 Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 33.0%** | **EXCHANGE-TRADED FUNDS: 33.0%** |  |  |
| 1053564 | Schwab U.S. TIPS ETF | $28109087 | 2.9 |
| 514744 | Vanguard Long-Term Treasury ETF | 28887433 | 3.0 |
| 4992962 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 243007461 | 25.1 |
| 511565 | Xtrackers USD High Yield Corporate Bond ETF | 18886980 | 2.0 |
|  | Total Exchange-Traded Funds<br> (Cost $320,961,366) | **318890961** | **33.0** |
| **MUTUAL FUNDS: 67.0%** | **MUTUAL FUNDS: 67.0%** |  |  |
|  | **Affiliated Investment Companies: 67.0%** | **Affiliated Investment Companies: 67.0%** |  |
| 130783 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 10066356 | 1.1 |
| 1995368 | Voya Short Duration Bond Fund - Class R6 | 18756455 | 1.9 |
| 4061090 | Voya U.S. Bond Index Portfolio - Class I | 36996533 | 3.8 |
| 2646169 | Voya VACS Index Series EM Portfolio | 34029731 | 3.5 |
| 11169506 | Voya VACS Index Series I Portfolio | 143416454 | 14.8 |
| 2758802 | Voya VACS Index Series MC Portfolio | 34264322 | 3.5 |
| 22736074 | Voya VACS Index Series S Portfolio | 351727060 | 36.3 |
| 1967966 | Voya VACS Index Series SC Portfolio | 19778060 | 2.1 |
|  | Total Mutual Funds<br> (Cost $516,465,179) | **649034971** | **67.0** |
|  | Total Long-Term Investments<br> (Cost $837,426,545) | **967925932** | **100.0** |
|  | **Total Investments in Securities<br> (Cost $837,426,545)** | $**967925932** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **429858** | **0.0** |
|  | **Net Assets** | $**968355790** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

Voya Index Solution 2030 Portfolio PORTFOLIO OF INVESTMENTS 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)** | **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** |  |  |  |  |
| Exchange-Traded Funds | $318890961 | $— | $— | $318890961 |
| Mutual Funds | 649034971 |  |  | 649034971 |
| Total Investments, at fair value | $967925932 | $— | $— | $967925932 |

---

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

**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 Russell <sup>TM</sup> Large Cap Growth Index - Class I | $— | $9940002 | $(581324) | $707678 | $10066356 | $17748 | $4780 | $992473 |
| Voya Short Duration Bond Fund - Class R6 | 23757170 | 1358422 | (6577617) | 218480 | 18756455 | 477726 | (62727) |  |
| Voya U.S. Bond Index Portfolio - Class I | 46160916 | 17844662 | (27978865) | 969820 | 36996533 | 813741 | (268352) |  |
| Voya VACS Index Series EM Portfolio | 32461074 | 1498751 | (3683925) | 3753831 | 34029731 | 593990 | 527222 | 4902 |
| Voya VACS Index Series I Portfolio | 144588652 | 13554996 | (30898568) | 16171374 | 143416454 | 3961620 | 6120770 |  |
| Voya VACS Index Series MC Portfolio | 45681063 | 11217184 | (18686449) | (3947476) | 34264322 | 676430 | 3034415 | 1119681 |
| Voya VACS Index Series S Portfolio | 317043829 | 32550276 | (12825882) | 14958837 | 351727060 |  | 5704148 |  |
| Voya VACS Index Series SC Portfolio | 22846931 | 4445704 | (4064096) | (3450479) | 19778060 | 487646 | 502076 | 2106448 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 234882147 | 12414030 | (7772400) | 3483684 | 243007461 | 5905564 | (263675) |  |
|  | $867421782 | $104824027 | $(113069126) | $32865749 | $892042432 | $12934465 | $15298657 | $4223504 |

---

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

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 | $(491687) |
| Interest rate contracts | (27433) |
| **Total** | $(519120) |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2030 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

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 $838,715,048. Net | Cost for U.S. federal income tax purposes was $838,715,048. Net |
| unrealized appreciation consisted of: | unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $134816002 |
| Gross Unrealized Depreciation | (5605117) |
| Net Unrealized Appreciation | $129210885 |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2035 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 22.0%** | **EXCHANGE-TRADED FUNDS: 22.0%** |  |  |
| 873258 | Vanguard Long-Term Treasury ETF | $49007239 | 3.0 |
| 5799395 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 282256555 | 17.1 |
| 867872 | Xtrackers USD High Yield Corporate Bond ETF | 32041834 | 1.9 |
|  | Total Exchange-Traded Funds<br> (Cost $365,579,491) | **363305628** | **22.0** |
| **MUTUAL FUNDS: 78.0%** | **MUTUAL FUNDS: 78.0%** |  |  |
|  | **Affiliated Investment Companies: 78.0%** | **Affiliated Investment Companies: 78.0%** | **Affiliated Investment Companies: 78.0%** |
| 221905 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 17080029 | 1.1 |
| 10502743 | Voya U.S. Bond Index Portfolio - Class I | 95679988 | 5.8 |
| 5773842 | Voya VACS Index Series EM Portfolio | 74251614 | 4.5 |
| 22810657 | Voya VACS Index Series I Portfolio | 292888840 | 17.8 |
| 4681112 | Voya VACS Index Series MC Portfolio | 58139406 | 3.5 |
| 46190501 | Voya VACS Index Series S Portfolio | 714567050 | 43.3 |
| 3339150 | Voya VACS Index Series SC Portfolio | 33558457 | 2.0 |
|  | Total Mutual Funds<br> (Cost $1,011,487,240) | **1286165384** | 78.0 |
|  | Total Long-Term Investments<br> (Cost $1,377,066,731) | **1649471012** | **100.0** |
|  | **Total Investments in Securities<br> (Cost $1,377,066,731)** | $**1649471012** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **734312** | **0.0** |
|  | **Net Assets** | $**1650205324** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

Voya Index Solution 2035 Portfolio PORTFOLIO OF INVESTMENTS 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)** | **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** |  |  |  |  |
| Exchange-Traded Funds | $363305628 | $— | $— | $363305628 |
| Mutual Funds | 1286165384 |  |  | 1286165384 |
| Total Investments, at fair value | $1649471012 | $— | $— | $1649471012 |

---

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

**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 Russell <sup>TM</sup> Large Cap Growth Index - Class I | $— | $16728758 | $(846782) | $1198053 | $17080029 | $29840 | $8773 | $1668708 |
| Voya Short Duration Bond Fund - Class R6 | 7845276 | 100627 | (7937493) | (8410) |  | 54331 | 33541 |  |
| Voya U.S. Bond Index Portfolio - Class I | 111405848 | 20996114 | (38519486) | 1797512 | 95679988 | 2019229 | 90448 |  |
| Voya VACS Index Series EM Portfolio | 70299826 | 3166704 | (7452140) | 8237224 | 74251614 | 1284116 | 1072265 | 10598 |
| Voya VACS Index Series I Portfolio | 290659471 | 27502105 | (58758818) | 33486082 | 292888840 | 8088587 | 11749655 |  |
| Voya VACS Index Series MC Portfolio | 76043202 | 19564353 | (30744363) | (6723786) | 58139406 | 1137348 | 5172713 | 1882629 |
| Voya VACS Index Series S Portfolio | 640021132 | 67739006 | (24095797) | 30902709 | 714567050 |  | 10780331 |  |
| Voya VACS Index Series SC Portfolio | 41663323 | 7632516 | (9387308) | (6350074) | 33558457 | 819909 | 1301806 | 3541702 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 268344020 | 20205577 | (10336250) | 4043208 | 282256555 | 6824261 | (350277) |  |
|  | $1506282098 | $183635760 | $(188078437) | $66582518 | $1568421939 | $20257621 | $29859255 | $7103637 |

---

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

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 | $(839998) |
| Interest rate contracts | (45061) |
| **Total** | $(885059) |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2035 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued) <br>    

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 $1,379,210,747. | Cost for U.S. federal income tax purposes was $1,379,210,747. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $277484063 |
| Gross Unrealized Depreciation | (7223797) |
| Net Unrealized Appreciation | $270260266 |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage**<br> **of Net**<br> **Assets** |
| **EXCHANGE-TRADED FUNDS: 14.6%** | **EXCHANGE-TRADED FUNDS: 14.6%** | **EXCHANGE-TRADED FUNDS: 14.6%** | **EXCHANGE-TRADED FUNDS: 14.6%** |
| 568775 | Vanguard Long-Term Treasury ETF | $31919653 | 3 |
| 2139178 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 104113793 | 9.7 |
| 565293 | Xtrackers USD High Yield Corporate Bond ETF | 20870618 | 1.9 |
|  | Total Exchange-Traded Funds<br> (Cost $156,616,773) | **156904064** | **14.6** |
| **MUTUAL FUNDS: 85.2%** | **MUTUAL FUNDS: 85.2%** | **MUTUAL FUNDS: 85.2%** | **MUTUAL FUNDS: 85.2%** |
|  | **Affiliated Investment Companies: 85.2%** | **Affiliated Investment Companies: 85.2%** | **Affiliated Investment Companies: 85.2%** |
| 144499 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 11122111 | 1 |
| 2851921 | Voya U.S. Bond Index Portfolio - Class I | 25981001 | 2.4 |
| 4596430 | Voya VACS Index Series EM Portfolio | 59110092 | 5.5 |
| 18110601 | Voya VACS Index Series I Portfolio | 232540113 | 21.6 |
| 3914823 | Voya VACS Index Series MC Portfolio | 48622107 | 4.5 |
| 33620454 | Voya VACS Index Series S Portfolio | 520108420 | 48.2 |
| 2174495 | Voya VACS Index Series SC Portfolio | 21853676 | 2 |
|  | Total Mutual Funds<br> (Cost $714,190,696) | **919337520** | **85.2** |
|  | Total Long-Term Investments<br> (Cost $870,807,469) | **1076241584** | **99.8** |
|  | **Total Investments in Securities<br> (Cost $870,807,469)** | $**1076241584** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **2416361** | **0.2** |
|  | **Net Assets** | $**1078657945** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

Voya Index Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS <br> 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** |  |  |  |  |
| Exchange-Traded Funds | $156904064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $156904064 |
| Mutual Funds | 919337520 |  |  | 919337520 |
| Total Investments, at fair value | $1076241584 | $— | $— | $1076241584 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 289630 |  |  | 289630 |
| Total Assets | $1076531214 | $— | $— | $1076531214 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(32309) | $— | $— | $(32309) |
| Total Liabilities | $(32309) | $— | $— | $(32309) |

---

^ 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 Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |  |
| Index - Class I | $— | $10810030 | $(467129) | $779210 | $11122111 | $19214 | $7407 | $1074526 |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 5072280 | 53814 | (5120660) | (5434) |  | 35009 | 21569 |  |
| Voya U.S. Bond Index Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 35205315 | 9460748 | (19101463) | 416401 | 25981001 | 605421 | 109372 |  |
| Voya VACS Index Series EM |  |  |  |  |  |  |  |  |
| Portfolio | 55674090 | 2478949 | (5634300) | 6591353 | 59110092 | 1010710 | 786343 | 8341 |
| Voya VACS Index Series I Portfolio | 218885280 | 20432458 | (34759939) | 27982314 | 232540113 | 6434314 | 6946849 |  |
| Voya VACS Index Series MC |  |  |  |  |  |  |  |  |
| Portfolio | 58072235 | 15095937 | (19866939) | (4679126) | 48622107 | 895146 | 3721283 | 1481717 |
| Voya VACS Index Series S |  |  |  |  |  |  |  |  |
| Portfolio | 468129189 | 46533764 | (17284718) | 22730185 | 520108420 |  | 7555713 |  |
| Voya VACS Index Series SC |  |  |  |  |  |  |  |  |
| Portfolio | 33584056 | 5687604 | (12150014) | (5267970) | 21853676 | 527960 | 1829424 | 2280593 |
| WisdomTree Voya Yield Enhanced |  |  |  |  |  |  |  |  |
| USD Universal Bond Fund | 97357813 | 8743540 | (3448250) | 1460690 | 104113793 | 2508336 | (116844) |  |
|  | $971980258 | $119296844 | $(117833412) | $50007623 | $1023451313 | $12036110 | $20861116 | $4845177 |

---

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

See Accompanying Notes to Financial Statements

Voya Index Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

At June 30, 2025, the following futures contracts were outstanding for Voya Index Solution 2040 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 238 | 09/30/25 | $25942000 | $289630 |
|  |  |  | $25942000 | $289630 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (107) | 12/16/25 | (25677325) | (32309) |
|  |  |  | $(25677325) | $(32309) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $289630 |
| **Total Asset Derivatives** |  | $289630 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $32309 |
| **Total Liability Derivatives** |  | $32309 |

---

\* 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 | $(557628) |
| Interest rate contracts | 407575 |
| **Total** | $(150053) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $257321 |
| **Total** | $257321 |

---

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 $871,759,021.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $207440096 |
| Gross Unrealized Depreciation | (2700212) |
| Net Unrealized Appreciation | $204739884 |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 8.2%** | **EXCHANGE-TRADED FUNDS: 8.2%** |  |  |
| 488729 | Vanguard Long-Term Treasury ETF | $27427471 | 2 |
| 1240986 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 60398789 | 4.3 |
| 728618 | Xtrackers USD High Yield Corporate Bond ETF | 26900577 | 1.9 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $113,726,181) | **114726837** | **8.2** |
| **MUTUAL FUNDS: 91.6%** | **MUTUAL FUNDS: 91.6%** |  |  |
|  | **Affiliated Investment Companies: 91.6%** | **Affiliated Investment Companies: 91.6%** |  |
| 186193 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 14331284 | 1 |
| 1466026 | Voya U.S. Bond Index Portfolio - Class I | 13355499 | 1 |
| 7000061 | Voya VACS Index Series EM Portfolio | 90020778 | 6.5 |
| 24400437 | Voya VACS Index Series I Portfolio | 313301614 | 22.5 |
| 5602613 | Voya VACS Index Series MC Portfolio | 69584452 | 5 |
| 48340652 | Voya VACS Index Series S Portfolio | 747829880 | 53.6 |
| 2801819 | Voya VACS Index Series SC Portfolio | 28158278 | 2 |
|  | Total Mutual Funds |  |  |
|  | (Cost $988,050,460) | **1276581785** | **91.6** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $1,101,776,641) | **1391308622** | **99.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $1,101,776,641)** | $**1391308622** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **2394682** | **0.2** |
|  | **Net Assets** | $**1393703304** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

Voya Index Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS <br> 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** |  |  |  |  |
| Exchange-Traded Funds | $114726837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $114726837 |
| Mutual Funds | 1276581785 |  |  | 1276581785 |
| Total Investments, at fair value | $1391308622 | $— | $— | $1391308622 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 372909 |  |  | 372909 |
| Total Assets | $1391681531 | $— | $— | $1391681531 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(41669) | $— | $— | $(41669) |
| Total Liabilities | $(41669) | $— | $— | $(41669) |

---

^ 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 Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |  |
| Index - Class I | $— | $13808381 | $(480805) | $1003708 | $14331284 | $24625 | $6307 | $1377060 |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 6452860 | 85497 | (6531447) | (6910) |  | 44843 | 27673 |  |
| Voya U.S. Bond Index Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 13125409 | 4536231 | (4554327) | 248186 | 13355499 | 253621 | 12003 |  |
| Voya VACS Index Series EM |  |  |  |  |  |  |  |  |
| Portfolio | 83780053 | 3982701 | (7831947) | 10089971 | 90020778 | 1530671 | 1107498 | 12633 |
| Voya VACS Index Series I Portfolio | 304606880 | 29175392 | (57019570) | 36538912 | 313301614 | 8638442 | 11504929 |  |
| Voya VACS Index Series MC |  |  |  |  |  |  |  |  |
| Portfolio | 73950302 | 26274278 | (24824484) | (5815644) | 69584452 | 1251460 | 4599005 | 2071516 |
| Voya VACS Index Series S |  |  |  |  |  |  |  |  |
| Portfolio | 657601622 | 76051158 | (20295488) | 34472588 | 747829880 |  | 9040986 |  |
| Voya VACS Index Series SC |  |  |  |  |  |  |  |  |
| Portfolio | 45766576 | 6256162 | (16847324) | (7017136) | 28158278 | 676618 | 2581456 | 2922739 |
| WisdomTree Voya Yield Enhanced |  |  |  |  |  |  |  |  |
| USD Universal Bond Fund | 64847265 | 10335698 | (16101769) | 1317595 | 60398789 | 1579748 | (628457) |  |
|  | $1250130967 | $170505498 | $(154487161) | $70831270 | $1336980574 | $14000028 | $28251400 | $6383948 |

---

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

See Accompanying Notes to Financial Statements

Voya Index Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

At June 30, 2025, the following futures contracts were outstanding for Voya Index Solution 2045 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 307 | 09/30/25 | $33463000 | $372909 |
|  |  |  | $33463000 | $372909 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (138) | 12/16/25 | (33116550) | (41669) |
|  |  |  | $(33116550) | $(41669) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $372909 |
| **Total Asset Derivatives** |  | $372909 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $41669 |
| **Total Liability Derivatives** |  | $41669 |

---

\* 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 | $(704155) |
| Interest rate contracts | 521777 |
| **Total** | $(182378) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $331240 |
| **Total** | $331240 |

---

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 $1,102,496,013.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $291264043 |
| Gross Unrealized Depreciation | (2120193) |
| Net Unrealized Appreciation | $289143850 |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 3.8%** | **EXCHANGE-TRADED FUNDS: 3.8%** |  |  |
| 163521 | Vanguard Long-Term Treasury ETF | $9176798 | 1 |
| 551928 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 26862336 | 2.8 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $36,019,379) | **36039134** | **3.8** |
| **MUTUAL FUNDS: 96.0%** | **MUTUAL FUNDS: 96.0%** |  |  |
|  | **Affiliated Investment Companies: 96.0%** | **Affiliated Investment Companies: 96.0%** |  |
| 124629 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 9592669 | 1 |
| 996339 | Voya U.S. Bond Index Portfolio - Class I | 9076652 | 1 |
| 4686071 | Voya VACS Index Series EM Portfolio | 60262868 | 6.5 |
| 17045698 | Voya VACS Index Series I Portfolio | 218866766 | 23.4 |
| 3750466 | Voya VACS Index Series MC Portfolio | 46580789 | 5 |
| 33885402 | Voya VACS Index Series S Portfolio | 524207166 | 56.1 |
| 2813211 | Voya VACS Index Series SC Portfolio | 28272774 | 3 |
|  | Total Mutual Funds |  |  |
|  | (Cost $698,094,926) | **896859684** | **96.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $734,114,305) | **932898818** | **99.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $734,114,305)** | $**932898818** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **1414807** | **0.2** |
|  | **Net Assets** | $**934313625** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

Voya Index Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS <br> 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** |  |  |  |  |
| Exchange-Traded Funds | $36039134 | $— | $— | $36039134 |
| Mutual Funds | 896859684 |  |  | 896859684 |
| Total Investments, at fair value | $932898818 | $— | $— | $932898818 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 249014 |  |  | 249014 |
| Total Assets | $933147832 | $— | $— | $933147832 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(27779) | $— | $— | $(27779) |
| Total Liabilities | $(27779) | $— | $— | $(27779) |

---

^ 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 Russell <sup>TM</sup> Large Cap Growth | Voya Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |
| Index - Class I | $— | $9271940 | $(348882) | $669611 | $9592669 | $16441 | $3492 | $919453 |
| Voya Short Duration Bond Fund - Class R6 | 4339527 | 56196 | (4391071) | (4652) |  | 30131 | 18582 |  |
| Voya U.S. Bond Index Portfolio - Class I | 8955026 | 2338733 | (2393482) | 176375 | 9076652 | 171528 | (2084) |  |
| Voya VACS Index Series EM Portfolio | 56380771 | 2941669 | (5746464) | 6686892 | 60262868 | 1022090 | 804527 | 8435 |
| Voya VACS Index Series I Portfolio | 204975525 | 21389509 | (33506974) | 26008706 | 218866766 | 6030242 | 6838743 |  |
| Voya VACS Index Series MC Portfolio | 58054479 | 9427257 | (17144854) | (3756093) | 46580789 | 835602 | 3020033 | 1383154 |
| Voya VACS Index Series S Portfolio | 459961335 | 59143848 | (17407475) | 22509458 | 524207166 |  | 7554142 |  |
| Voya VACS Index Series SC Portfolio | 30794904 | 6427382 | (4291627) | (4657885) | 28272774 | 677654 | 567723 | 2927211 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 43513659 | 1191216 | (18842425) | 999886 | 26862336 | 839517 | (543203) |  |
|  | $866975226 | $112187750 | $(104073254) | $48632298 | $923722020 | $9623205 | $18261955 | $5238253 |

---

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

See Accompanying Notes to Financial Statements

Voya Index Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

At June 30, 2025, the following futures contracts were outstanding for Voya Index Solution 2050 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 205 | 09/30/25 | $22345000 | $249014 |
|  |  |  | $22345000 | $249014 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (92) | 12/16/25 | (22077700) | (27779) |
|  |  |  | $(22077700) | $(27779) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $249014 |
| **Total Asset Derivatives** |  | $249014 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $27779 |
| **Total Liability Derivatives** |  | $27779 |

---

\* 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 | $(470661) |
| Interest rate contracts | 354388 |
| **Total** | $(116273) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $221235 |
| **Total** | $221235 |

---

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 $734,432,424.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $199324238 |
| Gross Unrealized Depreciation | (636609) |
| Net Unrealized Appreciation | $198687629 |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) <br>                  

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 2.9%** | **EXCHANGE-TRADED FUNDS: 2.9%** |  |  |
| 164224 | Vanguard Long-Term Treasury ETF | $9216251 | 1 |
| 368491 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17934457 | 1.9 |
|  | Total Exchange-Traded Funds<br> (Cost $27,104,320) | **27150708** | **2.9** |
| **MUTUAL FUNDS: 97.0%** | **MUTUAL FUNDS: 97.0%** |  |  |
|  | **Affiliated Investment Companies: 97.0%** | **Affiliated Investment Companies: 97.0%** | **Affiliated Investment Companies: 97.0%** |
| 125123 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 9630686 | 1 |
| 1004816 | Voya U.S. Bond Index Portfolio - Class I | 9153877 | 1 |
| 4705081 | Voya VACS Index Series EM Portfolio | 60507342 | 6.5 |
| 17470636 | Voya VACS Index Series I Portfolio | 224322962 | 23.9 |
| 4140479 | Voya VACS Index Series MC Portfolio | 51424743 | 5.5 |
| 34019996 | Voya VACS Index Series S Portfolio | 526289339 | 56.1 |
| 2824356 | Voya VACS Index Series SC Portfolio | 28384776 | 3 |
|  | Total Mutual Funds<br> (Cost $709,711,134) | **909713725** | **97.0** |
|  | Total Long-Term Investments<br> (Cost $736,815,454) | **936864433** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $736,815,454)** | $**936864433** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **1294272** | **0.1** |
|  | **Net Assets** | $**938158705** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

Voya Index Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS <br> 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** |  |  |  |  |
| Exchange-Traded Funds | $27150708 | $— | $— | $27150708 |
| Mutual Funds | 909713725 |  |  | 909713725 |
| Total Investments, at fair value | $936864433 | $— | $— | $936864433 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 249217 |  |  | 249217 |
| Total Assets | $937113650 | $— | $— | $937113650 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(27779) | $— | $— | $(27779) |
| Total Liabilities | $(27779) | $— | $— | $(27779) |

---

^ 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 Russell <sup>TM</sup> Large Cap Growth | Voya Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |
| Index - Class I | $— | $9258894 | $(300763) | $672555 | $9630686 | $16448 | $4402 | $919760 |
| Voya Short Duration Bond Fund - Class R6 | 4307011 | 64350 | (4366745) | (4616) |  | 29923 | 18448 |  |
| Voya U.S. Bond Index Portfolio - Class I | 8813153 | 2186027 | (2020355) | 175052 | 9153877 | 171512 | (231) |  |
| Voya VACS Index Series EM Portfolio | 55963564 | 3288695 | (5475100) | 6730183 | 60507342 | 1022433 | 762426 | 8438 |
| Voya VACS Index Series I Portfolio | 203461645 | 22990767 | (29234747) | 27105297 | 224322962 | 6163411 | 5958806 |  |
| Voya VACS Index Series MC Portfolio | 57627596 | 14596873 | (16975121) | (3824605) | 51424743 | 905542 | 3102506 | 1498926 |
| Voya VACS Index Series S Portfolio | 465213079 | 53166555 | (15746784) | 23656489 | 526289339 |  | 6950127 |  |
| Voya VACS Index Series SC Portfolio | 30569713 | 6615674 | (4162076) | (4638535) | 28384776 | 677883 | 577844 | 2928203 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 34601819 | 809953 | (18336333) | 859018 | 17934457 | 618499 | (523958) |  |
|  | $860557580 | $112977788 | $(96618024) | $50730838 | $927648182 | $9605651 | $16850370 | $5355327 |

---

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

See Accompanying Notes to Financial Statements

Voya Index Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) (continued) <br>    

At June 30, 2025, the following futures contracts were outstanding for Voya Index Solution 2055 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 205 | 09/30/25 | $22345000 | $249217 |
|  |  |  | $22345000 | $249217 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (92) | 12/16/25 | (22077700) | (27779) |
|  |  |  | $(22077700) | $(27779) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $249217 |
| **Total Asset Derivatives** |  | $249217 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $27779 |
| **Total Liability Derivatives** |  | $27779 |

---

\* 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 | $(457852) |
| Interest rate contracts | 349199 |
| **Total** | $(108653) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $221438 |
| **Total** | $221438 |

---

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 $737,057,668.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $200609558 |
| Gross Unrealized Depreciation | (581355) |
| Net Unrealized Appreciation | $200028203 |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS <br> as of June 30, 2025 (Unaudited) <br>                  

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 2.9%** | **EXCHANGE-TRADED FUNDS: 2.9%** |  |  |
| 106851 | Vanguard Long-Term Treasury ETF | $5996478 | 1 |
| 238994 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 11631838 | 1.9 |
|  | Total Exchange-Traded Funds<br> (Cost $17,610,151) | **17628316** | **2.9** |
| **MUTUAL FUNDS: 97.0%** | **MUTUAL FUNDS: 97.0%** |  |  |
|  | **Affiliated Investment Companies: 97.0%** | **Affiliated Investment Companies: 97.0%** | **Affiliated Investment Companies: 97.0%** |
| 81460 | Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 6269995 | 1 |
| 659328 | Voya U.S. Bond Index Portfolio - Class I | 6006481 | 1 |
| 3063559 | Voya VACS Index Series EM Portfolio | 39397372 | 6.5 |
| 11375164 | Voya VACS Index Series I Portfolio | 146057103 | 23.9 |
| 2695745 | Voya VACS Index Series MC Portfolio | 33481154 | 5.5 |
| 22149097 | Voya VACS Index Series S Portfolio | 342646524 | 56.1 |
| 1838827 | Voya VACS Index Series SC Portfolio | 18480212 | 3 |
|  | Total Mutual Funds<br> (Cost $468,398,716) | **592338841** | **97.0** |
|  | Total Long-Term Investments<br> (Cost $486,008,867) | **609967157** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $486,008,867)** | $**609967157** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **872227** | **0.1** |
|  | **Net Assets** | $**610839384** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

Voya Index Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS 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)** | **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** |  |  |  |  |
| Exchange-Traded Funds | $17628316 | $— | $— | $17628316 |
| Mutual Funds | 592338841 |  |  | 592338841 |
| Total Investments, at fair value | $609967157 | $— | $— | $609967157 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 161452 |  |  | 161452 |
| Total Assets | $610128609 | $— | $— | $610128609 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(18117) | $— | $— | $(18117) |
| Total Liabilities | $(18117) | $— | $— | $(18117) |

---

---

| | |
|:---|:---|
| ^ | 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/ (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 Russell <sup>TM</sup> Large Cap Growth Index - Class I | $— | $5998695 | $(165686) | $436986 | $6269995 | $10625 | $2289 | $594210 |
| Voya Short Duration Bond Fund - Class R6 | 2726356 | 56723 | (2780156) | (2923) |  | 19044 | 11771 |  |
| Voya U.S. Bond Index Portfolio - Class I | 5736169 | 1748558 | (1596174) | 117928 | 6006481 | 112139 | 1789 |  |
| Voya VACS Index Series EM Portfolio | 35423731 | 2846935 | (3255161) | 4381867 | 39397372 | 660507 | 447232 | 5451 |
| Voya VACS Index Series I Portfolio | 128787950 | 17499076 | (17807041) | 17577118 | 146057103 | 3981746 | 3634024 |  |
| Voya VACS Index Series MC Portfolio | 36484991 | 10078349 | (10652745) | (2429441) | 33481154 | 585016 | 1984433 | 968365 |
| Voya VACS Index Series S Portfolio | 294473099 | 40162478 | (8353487) | 16364434 | 342646524 |  | 3655268 |  |
| Voya VACS Index Series SC Portfolio | 19355068 | 4569224 | (2493663) | (2950417) | 18480212 | 437948 | 352092 | 1891771 |
| WisdomTree Voya Yield Enhanced |  |  |  |  |  |  |  |  |
| USD Universal Bond Fund | 21747682 | 599374 | (11165034) | 449816 | 11631838 | 393267 | (238830) |  |
|  | $544735046 | $83559412 | $(58269147) | $33945368 | $603970679 | $6200292 | $9850068 | $3459797 |

---

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

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2060 Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

At June 30, 2025, the following futures contracts were outstanding for Voya Index Solution 2060 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 133 | 09/30/25 | $14497000 | $161452 |
|  |  |  | $14497000 | $161452 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (60) | 12/16/25 | (14398500) | (18117) |
|  |  |  | $(14398500) | $(18117) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $161452 |
| **Total Asset Derivatives** |  | $161452 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $18117 |
| **Total Liability Derivatives** |  | $18117 |

---

\* 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 | $(305287) |
| Interest rate contracts | 220648 |
| **Total** | $(84639) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $143335 |
| **Total** | $143335 |

---

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 $486,127,199. | Cost for U.S. federal income tax purposes was $486,127,199. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $124427921 |
| Gross Unrealized Depreciation | (444629) |
| Net Unrealized Appreciation | $123983292 |

---

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2065 Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 2.4%** | **EXCHANGE-TRADED FUNDS: 2.4%** |  |  |
| 31929 | Vanguard Long-Term Treasury ETF | $1791855 | 1 |
| 52698 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2564812 | 1.4 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $4,353,069) | **4356667** | **2.4** |
| **MUTUAL FUNDS: 97.5%** | **MUTUAL FUNDS: 97.5%** |  |  |
|  | Affiliated Investment Companies: 97.5% | Affiliated Investment Companies: 97.5% | Affiliated Investment Companies: 97.5% |
| 24373 | Voya Russell <sup>TM</sup> Large |  |  |
|  | Cap Growth Index - Class I | 1875962 | 1 |
| 201921 | Voya U.S. Bond Index Portfolio - Class I | 1839500 | 1 |
| 917016 | Voya VACS Index Series EM Portfolio | 11792821 | 6.5 |
| 3474979 | Voya VACS Index Series I Portfolio | 44618736 | 24.4 |
| 806737 | Voya VACS Index Series MC Portfolio | 10019676 | 5.5 |
| 6627925 | Voya VACS Index Series S Portfolio | 102534006 | 56.1 |
| 550201 | Voya VACS Index Series SC Portfolio | 5529521 | 3 |
|  | Total Mutual Funds<br> (Cost $148,918,131) | **178210222** | **97.5** |
|  | Total Long-Term Investments<br> (Cost $153,271,200) | **182566889** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $153,271,200)** | $**182566889** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **247798** | **0.1** |
|  | **Net Assets** | $**182814687** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2065 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** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $4356667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $4356667 |
| Mutual Funds | 178210222 |  |  | 178210222 |
| Total Investments, at fair value | $182566889 | $— | $— | $182566889 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 47150 |  |  | 47150 |
| Total Assets | $182614039 | $— | $— | $182614039 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(5435) | $— | $— | $(5435) |
| Total Liabilities | $(5435) | $— | $— | $(5435) |

---

---

| | |
|:---|:---|
| ^ | 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 Russell TM Large Cap Growth Index - Class I | $— | $1794006 | $(47593) | $129549 | $1875962 | $3090 | $706 | $172766 |
| Voya Short Duration Bond Fund - Class R6 | 726051 | 35828 | (761096) | (783) |  | 5174 | 3219 |  |
| Voya U.S. Bond Index Portfolio - Class I | 1600905 | 927409 | (717200) | 28386 | 1839500 | 33078 | 9484 |  |
| Voya VACS Index Series EM Portfolio | 9434548 | 1882413 | (804529) | 1280389 | 11792821 | 192034 | 116603 | 1585 |
| Voya VACS Index Series I Portfolio | 35755773 | 9149659 | (5362051) | 5075355 | 44618736 | 1182319 | 1114448 |  |
| Voya VACS Index Series MC Portfolio | 9721436 | 3919834 | (2945735) | (675859) | 10019676 | 170092 | 578607 | 281550 |
| Voya VACS Index Series S Portfolio | 78416319 | 20454216 | (1701482) | 5364953 | 102534006 |  | 767244 |  |
| Voya VACS Index Series SC Portfolio | 5157340 | 1882516 | (662604) | (847731) | 5529521 | 127334 | 123586 | 550037 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4259710 | 198217 | (1975599) | 82484 | 2564812 | 82303 | (47008) |  |
|  | $145072082 | $40244098 | $(14977889) | $10436743 | $180775034 | $1795424 | $2666889 | $1005938 |

---

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

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2065 Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

At June 30, 2025, the following futures contracts were outstanding for Voya Index Solution 2065 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 39 | 09/30/25 | $4251000 | $47150 |
|  |  |  | $4251000 | $47150 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-Month SOFR | (18) | 12/16/25 | (4319550) | (5435) |
|  |  |  | $(4319550) | $(5435) |

---

**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>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $47150 |
| **Total Asset Derivatives** |  | $47150 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $5435 |
| **Total Liability Derivatives** |  | $5435 |

---

\* 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 | $(78162) |
| Interest rate contracts | 60380 |
| **Total** | $(17782) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $41715 |
| **Total** | $41715 |

---

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 $153,341,325. | Cost for U.S. federal income tax purposes was $153,341,325. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $29630223 |
| Gross Unrealized Depreciation | (362944) |
| Net Unrealized Appreciation | $29267279 |

---

See Accompanying Notes to Financial Statements

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |

---

---

| | |
|:---|:---|
| **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-VINDSOL (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 $230,839 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)](tm2522622d7_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.](tm2522622d7_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2522622d7_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2522622d7_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 Partners, Inc. | (Registrant): Voya Partners, 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 | 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 Partners, 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 Partners, 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 Partners, Inc.

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 Partners, Inc. and will be retained by Voya Partners, 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 Partners, Inc.

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 Partners, Inc. and will be retained by Voya Partners, 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 |

---