# EDGAR Filing Document

**Accession Number:** 0000837276
**File Stem:** 0001104659-25-087895
**Filing Date:** 2025-9
**Character Count:** 1912920
**Document Hash:** 74c0af76630ddf115dc5a8599fa8262e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-087895.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001104659-25-087895

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 155

**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 INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000837276

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05629
- **FILM NUMBER:** 251297463

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 800-366-0066

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING INVESTORS TRUST
- **DATE OF NAME CHANGE:** 20030501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GCG TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPECIALTY MANAGERS TRUST
- **DATE OF NAME CHANGE:** 19911209

## Series and Classes Contracts Data

### VY(R) JPMorgan Emerging Markets Equity Portfolio (Series ID: S000005623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015329 | Class ADV    | IJEAX           |
| C000015330 | Class I      | IJEMX           |
| C000015331 | Class S      | IJPIX           |
| C000015332 | Class S2     | IJPTX           |

### VY(R) JPMorgan Small Cap Core Equity Portfolio (Series ID: S000005624)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015333 | Class I      | IJSIX           |
| C000015334 | Class S      | IJSSX           |
| C000015335 | Class S2     | IJSTX           |
| C000028903 | Class ADV    | IJSAX           |
| C000168687 | Class R6     | VPRSX           |

### Voya Limited Maturity Bond Portfolio (Series ID: S000005629)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015349 | Class ADV    | IMBAX           |
| C000015350 | Class I      | ILBPX           |
| C000015351 | Class S      | ILMBX           |

### Voya Government Liquid Assets Portfolio (Series ID: S000005630)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015353 | Class I      | IPLXX           |
| C000015354 | Class S      | ISPXX           |
| C000015355 | Class S2     | ITLXX           |

### VY(R) CBRE Global Real Estate Portfolio (Series ID: S000005647)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015417 | Class ADV    | ICRNX           |
| C000015418 | Class I      | IRGIX           |
| C000015419 | Class S      | IRGTX           |
| C000015420 | Class S2     | IRGSX           |

### VY(R) Morgan Stanley Global Franchise Portfolio (Series ID: S000005745)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015776 | Class ADV    | IGFAX           |
| C000015778 | Class S      | IVGTX           |
| C000015779 | Class S2     | IGFSX           |
| C000168690 | Class R6     | VPRDX           |

### VY(R) Invesco Growth and Income Portfolio (Series ID: S000005746)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015780 | Class ADV    | IVGAX           |
| C000015781 | Class I      | IVGIX           |
| C000015782 | Class S      | IVGSX           |
| C000015783 | Class S2     | IVITX           |

### VY(R) CBRE Real Estate Portfolio (Series ID: S000005747)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015784 | Class ADV    | ICRPX           |
| C000015785 | Class I      | IVRIX           |
| C000015786 | Class S      | IVRSX           |
| C000015787 | Class S2     | IVRTX           |

### Voya Large Cap Growth Portfolio (Series ID: S000005752)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015798 | Class ADV    | IEOPX           |
| C000015799 | Class I      | IEOHX           |
| C000015800 | Class S      | IEOSX           |
| C000015801 | Class S2     | IEOTX           |
| C000163203 | Class R6     | VRLCX           |

### Voya U.S. Stock Index Portfolio (Series ID: S000005758)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015822 | Class I      | INGIX           |
| C000047554 | Class S      | ISJBX           |
| C000053098 | Class S2     | ISIPX           |
| C000075972 | Class ADV    | ISIVX           |

### VY(R) T. Rowe Price Capital Appreciation Portfolio (Series ID: S000005759)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015823 | Class ADV    | ITRAX           |
| C000015824 | Class I      | ITRIX           |
| C000015825 | Class S      | ITCSX           |
| C000015826 | Class S2     | ITCTX           |
| C000168694 | Class R6     | VPRAX           |

### VY(R) T. Rowe Price Equity Income Portfolio (Series ID: S000005760)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015827 | Class ADV    | ITEAX           |
| C000015828 | Class I      | ITEIX           |
| C000015829 | Class S      | IRPSX           |
| C000015830 | Class S2     | ITETX           |

### Voya High Yield Portfolio (Series ID: S000005794)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015921 | Class S2     | IPYSX           |
| C000015922 | Class ADV    | IPYAX           |
| C000015923 | Class I      | IPIMX           |
| C000015924 | Class S      | IPHYX           |

### Voya Balanced Income Portfolio (Series ID: S000010459)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028890 | Class ADV    | IIFAX           |
| C000028891 | Class I      | IIFIX           |
| C000028892 | Class S      | IIFSX           |
| C000028893 | Class S2     | IIFTX           |

### Voya Large Cap Value Portfolio (Series ID: S000012824)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000034673 | Class ADV    | IPEAX           |
| C000034674 | Class I      | IPEIX           |
| C000034675 | Class S      | IPESX           |
| C000034676 | Class S2     | IPETX           |
| C000163204 | Class R6     | VLCRX           |

### Voya Inflation Protected Bond Plus Portfolio (Series ID: S000017158)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047545 | Class ADV    | IBRAX           |
| C000047546 | Class I      | IBRIX           |
| C000047547 | Class S      | IBRSX           |

### Voya Retirement Conservative Portfolio (Series ID: S000026280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079016 | Class ADV    | IRCAX           |
| C000079017 | Class I      | IRCPX           |

### Voya Retirement Aggressive Portfolio (Series ID: S000026281)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079018 | Class ADV    | IRGPX           |
| C000079019 | Class I      | IIRGX           |

### Voya Retirement Moderately Aggressive Portfolio (Series ID: S000026282)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079020 | Class ADV    | IRMGX           |
| C000079021 | Class I      | IRGMX           |

### Voya Retirement Moderate Portfolio (Series ID: S000026283)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079022 | Class ADV    | IRMPX           |
| C000079023 | Class I      | IRMIX           |

### Voya Global Perspectives(R) Portfolio (Series ID: S000040623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125916 | Class ADV    | IPARX           |
| C000125917 | Class I      | IPIRX           |
| C000125918 | Class S      | IPSRX           |

### Voya VACS Index Series S Portfolio (Series ID: S000079415)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000240437 | Voya VACS Index Series S Portfolio | VVIPX           |

?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: **811-05629**

**Voya Investors Trust**

(Exact name of registrant as specified in charter)

---

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

---

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

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-366-0066**

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

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

**Item 1. Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Balanced Income Portfolio](#classname34ca764a-2a24-4a91-89aa-b25d9fb4a110)<br> **[Class ADV - IIFAX](#classname34ca764a-2a24-4a91-89aa-b25d9fb4a110)**  |
|  [Voya Balanced Income Portfolio](#classnamed6e91ceb-4997-4d70-980a-7743d9235ed8)<br> **[Class I - IIFIX](#classnamed6e91ceb-4997-4d70-980a-7743d9235ed8)**  |
|  [Voya Balanced Income Portfolio](#classnamea6cbb352-9820-462a-9708-012e214e2ea1)<br> **[Class S - IIFSX](#classnamea6cbb352-9820-462a-9708-012e214e2ea1)**  |
|  [Voya Balanced Income Portfolio](#classname757a3eee-e4ee-45b6-93d9-2903743e89bc)<br> **[Class S2 - IIFTX](#classname757a3eee-e4ee-45b6-93d9-2903743e89bc)**  |
|  [Voya Global Perspectives<sup>®</sup> Portfolio](#classname491b1543-52b8-40c5-b3fb-d46f5feb0aa1)<br> **[Class ADV - IPARX](#classname491b1543-52b8-40c5-b3fb-d46f5feb0aa1)**  |
|  [Voya Global Perspectives<sup>®</sup> Portfolio](#classnamef37bf9bb-6abb-411c-b340-17352596efa8)<br> **[Class I - IPIRX](#classnamef37bf9bb-6abb-411c-b340-17352596efa8)**  |
|  [Voya Global Perspectives<sup>®</sup> Portfolio](#classname97dc9b9f-97bc-40e9-8559-fbf8a4b8ad3f)<br> **[Class S - IPSRX](#classname97dc9b9f-97bc-40e9-8559-fbf8a4b8ad3f)**  |
|  [Voya Government Liquid Assets Portfolio](#classnamea6b0eb4d-e674-4b0f-90e8-f5cadcd1b12f)<br> **[Class I - IPLXX](#classnamea6b0eb4d-e674-4b0f-90e8-f5cadcd1b12f)**  |
|  [Voya Government Liquid Assets Portfolio](#classname71a6a114-c934-44bd-b808-9dafd02c8728)<br> **[Class S - ISPXX](#classname71a6a114-c934-44bd-b808-9dafd02c8728)**  |
|  [Voya Government Liquid Assets Portfolio](#classname21ec6d1c-84a9-4e53-aecd-97def2b19a0f)<br> **[Class S2 - ITLXX](#classname21ec6d1c-84a9-4e53-aecd-97def2b19a0f)**  |
|  [Voya High Yield Portfolio](#classname0780377b-e81c-4f82-b1da-c9a790caaeb0)<br> **[Class ADV - IPYAX](#classname0780377b-e81c-4f82-b1da-c9a790caaeb0)**  |
|  [Voya High Yield Portfolio](#classnamea6427175-547f-4c00-b2b9-af1241e9f591)<br> **[Class I - IPIMX](#classnamea6427175-547f-4c00-b2b9-af1241e9f591)**  |
|  [Voya High Yield Portfolio](#classname29a5ed92-3242-4963-9f5b-c60c26c2f941)<br> **[Class S - IPHYX](#classname29a5ed92-3242-4963-9f5b-c60c26c2f941)**  |
|  [Voya High Yield Portfolio](#classname85da024b-8c72-446c-aadb-d03a6fed599f)<br> **[Class S2 - IPYSX](#classname85da024b-8c72-446c-aadb-d03a6fed599f)**  |
|  [Voya Inflation Protected Bond Plus Portfolio](#classname39782bdb-7969-413a-bb4b-6eeb9457ec89)<br> **[Class ADV - IBRAX](#classname39782bdb-7969-413a-bb4b-6eeb9457ec89)**  |
|  [Voya Inflation Protected Bond Plus Portfolio](#classnamefd3c1a71-e17d-4c37-8696-9693f1435773)<br> **[Class I - IBRIX](#classnamefd3c1a71-e17d-4c37-8696-9693f1435773)**  |
|  [Voya Inflation Protected Bond Plus Portfolio](#classname7e06360c-4464-4240-acd2-ae525f768c96)<br> **[Class S - IBRSX](#classname7e06360c-4464-4240-acd2-ae525f768c96)**  |
|  [Voya Large Cap Growth Portfolio](#classname3aec9f4d-c038-482f-9ba6-9a49c4f6ddba)<br> **[Class ADV - IEOPX](#classname3aec9f4d-c038-482f-9ba6-9a49c4f6ddba)**  |
|  [Voya Large Cap Growth Portfolio](#classname3bec56a2-88c8-4a7e-ac41-dd1a168d3dd1)<br> **[Class I - IEOHX](#classname3bec56a2-88c8-4a7e-ac41-dd1a168d3dd1)**  |
|  [Voya Large Cap Growth Portfolio](#classname170216d1-294b-4586-bea1-3cab13720bef)<br> **[Class R6 - VRLCX](#classname170216d1-294b-4586-bea1-3cab13720bef)**  |
|  [Voya Large Cap Growth Portfolio](#classname6974f2ba-27b3-4d41-b63e-36595054d960)<br> **[Class S - IEOSX](#classname6974f2ba-27b3-4d41-b63e-36595054d960)**  |
|  [Voya Large Cap Growth Portfolio](#classname13ae71c5-f84e-4ccf-8b13-a311d18e0885)<br> **[Class S2 - IEOTX](#classname13ae71c5-f84e-4ccf-8b13-a311d18e0885)**  |
|  [Voya Large Cap Value Portfolio](#classnamee6a3c5ac-4e0e-4f0a-b40c-b8e12765a09a)<br> **[Class ADV - IPEAX](#classnamee6a3c5ac-4e0e-4f0a-b40c-b8e12765a09a)**  |
|  [Voya Large Cap Value Portfolio](#classnamed2a7fefb-6caf-4a88-8ae6-7af6b9d66eac)<br> **[Class I - IPEIX](#classnamed2a7fefb-6caf-4a88-8ae6-7af6b9d66eac)**  |
|  [Voya Large Cap Value Portfolio](#classnamed75a0161-9012-4940-a6a3-3008b6e54e6c)<br> **[Class R6 - VLCRX](#classnamed75a0161-9012-4940-a6a3-3008b6e54e6c)**  |
|  [Voya Large Cap Value Portfolio](#classname325222e4-3649-47d6-be0e-df24484ddc8a)<br> **[Class S - IPESX](#classname325222e4-3649-47d6-be0e-df24484ddc8a)**  |
|  [Voya Large Cap Value Portfolio](#classname9ce41f9a-436b-4e36-a082-ed62e7bbe297)<br> **[Class S2 - IPETX](#classname9ce41f9a-436b-4e36-a082-ed62e7bbe297)**  |
|  [Voya Limited Maturity Bond Portfolio](#classname75ea5bee-5100-442f-ac99-c42720cdd96a)<br> **[Class ADV - IMBAX](#classname75ea5bee-5100-442f-ac99-c42720cdd96a)**  |
|  [Voya Limited Maturity Bond Portfolio](#classnameaba0613c-0841-41b9-b618-6fcd691aca76)<br> **[Class I - ILBPX](#classnameaba0613c-0841-41b9-b618-6fcd691aca76)**  |
|  [Voya Limited Maturity Bond Portfolio](#classname79e2b664-3695-47d9-8eb1-8186664a4afb)<br> **[Class S - ILMBX](#classname79e2b664-3695-47d9-8eb1-8186664a4afb)**  |
|  [Voya Retirement Aggressive Portfolio](#classname747eeb7e-0f27-4109-8993-a2d0137b7fc8)<br> **[Class ADV - IRGPX](#classname747eeb7e-0f27-4109-8993-a2d0137b7fc8)**  |
|  [Voya Retirement Aggressive Portfolio](#classname0a8c73c5-42e2-4496-87c0-a4cc3c9fa5aa)<br> **[Class I - IIRGX](#classname0a8c73c5-42e2-4496-87c0-a4cc3c9fa5aa)**  |
|  [Voya Retirement Conservative Portfolio](#classname2d396bda-efb2-46f0-a141-1acce01e6912)<br> **[Class ADV - IRCAX](#classname2d396bda-efb2-46f0-a141-1acce01e6912)**  |
|  [Voya Retirement Conservative Portfolio](#classname1a88eb6c-e13b-4908-81e3-da68c7d227a7)<br> **[Class I - IRCPX](#classname1a88eb6c-e13b-4908-81e3-da68c7d227a7)**  |
|  [Voya Retirement Moderate Aggressive Portfolio](#classnamec055eb1a-c2c1-437f-9575-629c92991e99)<br> **[Class ADV - IRMGX](#classnamec055eb1a-c2c1-437f-9575-629c92991e99)**  |
|  [Voya Retirement Moderate Aggressive Portfolio](#classnamec1dd155c-ce69-4870-8992-ffca71f2066e)<br> **[Class I - IRGMX](#classnamec1dd155c-ce69-4870-8992-ffca71f2066e)**  |
|  [Voya Retirement Moderate Portfolio](#classnamee8a388b5-5bac-4a6c-89e8-2fe092ea2e76)<br> **[Class ADV - IRMPX](#classnamee8a388b5-5bac-4a6c-89e8-2fe092ea2e76)**  |
|  [Voya Retirement Moderate Portfolio](#classname7bdf02b7-7b8f-4879-aa57-7c0000878c48)<br> **[Class I - IRMIX](#classname7bdf02b7-7b8f-4879-aa57-7c0000878c48)**  |
|  [Voya U.S. Stock Index Portfolio](#classname3274cb1e-e307-4e4a-9602-72811074d022)<br> **[Class ADV - ISIVX](#classname3274cb1e-e307-4e4a-9602-72811074d022)**  |
|  [Voya U.S. Stock Index Portfolio](#classnamee0d30984-cdd8-409d-95ae-d664a8a8c86d)<br> **[Class I - INGIX](#classnamee0d30984-cdd8-409d-95ae-d664a8a8c86d)**  |
|  [Voya U.S. Stock Index Portfolio](#classname914a24a7-d9a5-4c9a-93f7-75d6c1972e61)<br> **[Class S - ISJBX](#classname914a24a7-d9a5-4c9a-93f7-75d6c1972e61)**  |
|  [Voya U.S. Stock Index Portfolio](#classname44bb0fa9-4755-4589-b537-54c58c11bdd0)<br> **[Class S2 - ISIPX](#classname44bb0fa9-4755-4589-b537-54c58c11bdd0)**  |
|  [Voya VACS Index Series S Portfolio](#classname3ad9e784-e5a1-41ae-9156-3a6815ede598)<br> **[Portfolio - VVIPX](#classname3ad9e784-e5a1-41ae-9156-3a6815ede598)**  |
|  [VY<sup>®</sup> CBRE Global Real Estate Portfolio](#classnamea65f4850-a4a2-46df-ba98-d8e8c86efaf4)<br> **[Class ADV - ICRNX](#classnamea65f4850-a4a2-46df-ba98-d8e8c86efaf4)**  |
|  [VY<sup>®</sup> CBRE Global Real Estate Portfolio](#classname41b75935-fa32-4701-b16e-537d4fbae46b)<br> **[Class I - IRGIX](#classname41b75935-fa32-4701-b16e-537d4fbae46b)**  |
|  [VY<sup>®</sup> CBRE Global Real Estate Portfolio](#classnamefd915168-d0be-49c6-a556-4b3d9dcd8eac)<br> **[Class S - IRGTX](#classnamefd915168-d0be-49c6-a556-4b3d9dcd8eac)**  |
|  [VY<sup>®</sup> CBRE Global Real Estate Portfolio](#classnameafbe58b5-a924-4a9b-9d44-4749e9c6eaa8)<br> **[Class S2 - IRGSX](#classnameafbe58b5-a924-4a9b-9d44-4749e9c6eaa8)**  |
|  [VY<sup>®</sup> CBRE Real Estate Portfolio](#classnamebdf4b4cd-fb21-49c0-9ec4-256c8f4d7c1d)<br> **[Class ADV - ICRPX](#classnamebdf4b4cd-fb21-49c0-9ec4-256c8f4d7c1d)**  |
|  [VY<sup>®</sup> CBRE Real Estate Portfolio](#classname97a9502e-9280-4b63-b10b-83c97b964810)<br> **[Class I - IVRIX](#classname97a9502e-9280-4b63-b10b-83c97b964810)**  |
|  [VY<sup>®</sup> CBRE Real Estate Portfolio](#classname16c5dabe-b22a-4190-a2a2-01c01ce1f12d)<br> **[Class S - IVRSX](#classname16c5dabe-b22a-4190-a2a2-01c01ce1f12d)**  |
|  [VY<sup>®</sup> CBRE Real Estate Portfolio](#classname675dd1bf-d96d-4c66-84f0-6860b425eb33)<br> **[Class S2 - IVRTX](#classname675dd1bf-d96d-4c66-84f0-6860b425eb33)**  |
|  [VY<sup>®</sup> Invesco Growth and Income Portfolio](#classnamea347820e-8224-4dce-91a6-9afba2b0b70c)<br> **[Class ADV - IVGAX](#classnamea347820e-8224-4dce-91a6-9afba2b0b70c)**  |
|  [VY<sup>®</sup> Invesco Growth and Income Portfolio](#classname046a8cd4-ecb1-4335-bbb2-f71a4a6ab76e)<br> **[Class I - IVGIX](#classname046a8cd4-ecb1-4335-bbb2-f71a4a6ab76e)**  |
|  [VY<sup>®</sup> Invesco Growth and Income Portfolio](#classnamee61f54cf-fd3d-4418-888a-5183db5dfbfb)<br> **[Class S - IVGSX](#classnamee61f54cf-fd3d-4418-888a-5183db5dfbfb)**  |
|  [VY<sup>®</sup> Invesco Growth and Income Portfolio](#classnamef89a4a15-358d-4091-8f23-62ab18dd86a2)<br> **[Class S2 - IVITX](#classnamef89a4a15-358d-4091-8f23-62ab18dd86a2)**  |
|  [VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio](#classnamefd1f6f57-9e9b-45bd-965a-bda5e3b1ab3a)<br> **[Class ADV - IJEAX](#classnamefd1f6f57-9e9b-45bd-965a-bda5e3b1ab3a)**  |
|  [VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio](#classname570361c8-7ac7-4f5c-84ab-90bb46bc9a70)<br> **[Class I - IJEMX](#classname570361c8-7ac7-4f5c-84ab-90bb46bc9a70)**  |
|  [VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio](#classname7f576d28-43ac-4817-8568-fa0a9104489f)<br> **[Class S - IJPIX](#classname7f576d28-43ac-4817-8568-fa0a9104489f)**  |
|  [VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio](#classnamec207dabf-3cab-4bce-9db8-fb458a8fd634)<br> **[Class S2 - IJPTX](#classnamec207dabf-3cab-4bce-9db8-fb458a8fd634)**  |
|  [VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio](#classnamed55be038-0bc3-4e75-be11-9119b044b9e4)<br> **[Class ADV - IJSAX](#classnamed55be038-0bc3-4e75-be11-9119b044b9e4)**  |
|  [VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio](#classname7400b7dd-3e50-48b0-8f1d-25d6cd29c17a)<br> **[Class I - IJSIX](#classname7400b7dd-3e50-48b0-8f1d-25d6cd29c17a)**  |
|  [VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio](#classname570c9810-2b2e-4404-9074-692a37244987)<br> **[Class R6 - VPRSX](#classname570c9810-2b2e-4404-9074-692a37244987)**  |
|  [VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio](#classnameae1fed13-4957-4994-a8f0-e907bf18883c)<br> **[Class S - IJSSX](#classnameae1fed13-4957-4994-a8f0-e907bf18883c)**  |
|  [VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio](#classnamefb30c129-17e4-453a-a663-16ac90f21802)<br> **[Class S2 - IJSTX](#classnamefb30c129-17e4-453a-a663-16ac90f21802)**  |
|  [VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio](#classname28435b22-d6d0-407b-934a-70a948a556c5)<br> **[Class ADV - IGFAX](#classname28435b22-d6d0-407b-934a-70a948a556c5)**  |
|  [VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio](#classnamed1dcbae9-6b2b-40ad-af6e-78f78a72bde5)<br> **[Class R6 - VPRDX](#classnamed1dcbae9-6b2b-40ad-af6e-78f78a72bde5)**  |
|  [VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio](#classnamedfb36bfe-a2b6-41c9-b4cf-b3a87e23487d)<br> **[Class S - IVGTX](#classnamedfb36bfe-a2b6-41c9-b4cf-b3a87e23487d)**  |
|  [VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio](#classnameb36f98ad-51fe-4444-94ce-ca00f46f5fd4)<br> **[Class S2 - IGFSX](#classnameb36f98ad-51fe-4444-94ce-ca00f46f5fd4)**  |
|  [VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio](#classnamefa026883-2dd5-4c37-8e31-b7df3402fcd6)<br> **[Class ADV - ITRAX](#classnamefa026883-2dd5-4c37-8e31-b7df3402fcd6)**  |
|  [VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio](#classnamee1acc158-4b8d-4703-afc4-f797fa1f3bff)<br> **[Class I - ITRIX](#classnamee1acc158-4b8d-4703-afc4-f797fa1f3bff)**  |
|  [VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio](#classnamed003449f-96ec-4299-b052-6487cc38e4e4)<br> **[Class R6 - VPRAX](#classnamed003449f-96ec-4299-b052-6487cc38e4e4)**  |
|  [VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio](#classnameb19553cc-50d1-430b-8510-4d50c2868cf5)<br> **[Class S - ITCSX](#classnameb19553cc-50d1-430b-8510-4d50c2868cf5)**  |
|  [VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio](#classnameb2a3d931-65f7-439b-b52b-ddec7ad17470)<br> **[Class S2 - ITCTX](#classnameb2a3d931-65f7-439b-b52b-ddec7ad17470)**  |
|  [VY<sup>®</sup> T. Rowe Price Equity Income Portfolio](#classnamec084c316-39dd-4c14-b8f2-99aecfa202aa)<br> **[Class ADV - ITEAX](#classnamec084c316-39dd-4c14-b8f2-99aecfa202aa)**  |
|  [VY<sup>®</sup> T. Rowe Price Equity Income Portfolio](#classname7f19854b-0056-44cd-8140-0124ec05a51c)<br> **[Class I - ITEIX](#classname7f19854b-0056-44cd-8140-0124ec05a51c)**  |
|  [VY<sup>®</sup> T. Rowe Price Equity Income Portfolio](#classnamede1e341d-0ed8-457d-94e3-58eeb75524f9)<br> **[Class S - IRPSX](#classnamede1e341d-0ed8-457d-94e3-58eeb75524f9)**  |
|  [VY<sup>®</sup> T. Rowe Price Equity Income Portfolio](#classnamef97e0fb0-3301-4b57-a711-ad81236b1bfc)<br> **[Class S2 - ITETX](#classnamef97e0fb0-3301-4b57-a711-ad81236b1bfc)**  |

---

# Class ADV: IIFAX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya Balanced 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 Balanced 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 | $61 | 1.20% |

---

## Fund Statistics
* Total Net Assets$528,680,128

* # of Portfolio Holdings828

* Portfolio Turnover Rate36%

## 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 | 7.4% |
| Voya VACS Series SC Fund | 6.3% |
| iShares Core S&P Mid-Cap ETF | 5.0% |
| NVIDIA Corp. | 2.2% |
| Microsoft Corp. | 2.1% |
| Voya VACS Series EMHCD Fund | 2.0% |
| Vanguard FTSE Emerging Markets ETF | 1.5% |
| Apple, Inc. | 1.2% |
| Vanguard Russell 1000 Growth ETF | 1.1% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.2% |
| Preferred Stock | 0.0% |
| U.S. Treasury Obligations | 0.3% |
| Corporate Bonds/Notes | 0.5% |
| Sovereign Bonds | 2.8% |
| Asset-Backed Securities | 8.0% |
| Exchange-Traded Funds | 8.0% |
| Commercial Mortgage-Backed Securities | 11.2% |
| Collateralized Mortgage Obligations | 14.8% |
| Mutual Funds | 15.7% |
| Common Stock | 34.5% |

---

## 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: IIFAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Balanced Income Portfolio
92914E705-SAR

# Class I: IIFIX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya Balanced 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 Balanced 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 | $31 | 0.60% |

---

## Fund Statistics
* Total Net Assets$528,680,128

* # of Portfolio Holdings828

* Portfolio Turnover Rate36%

## 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 | 7.4% |
| Voya VACS Series SC Fund | 6.3% |
| iShares Core S&P Mid-Cap ETF | 5.0% |
| NVIDIA Corp. | 2.2% |
| Microsoft Corp. | 2.1% |
| Voya VACS Series EMHCD Fund | 2.0% |
| Vanguard FTSE Emerging Markets ETF | 1.5% |
| Apple, Inc. | 1.2% |
| Vanguard Russell 1000 Growth ETF | 1.1% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.2% |
| Preferred Stock | 0.0% |
| U.S. Treasury Obligations | 0.3% |
| Corporate Bonds/Notes | 0.5% |
| Sovereign Bonds | 2.8% |
| Asset-Backed Securities | 8.0% |
| Exchange-Traded Funds | 8.0% |
| Commercial Mortgage-Backed Securities | 11.2% |
| Collateralized Mortgage Obligations | 14.8% |
| Mutual Funds | 15.7% |
| Common Stock | 34.5% |

---

## 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: IIFIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Balanced Income Portfolio
92914E606-SAR

# Class S: IIFSX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya Balanced 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 Balanced 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 | $43 | 0.85% |

---

## Fund Statistics
* Total Net Assets$528,680,128

* # of Portfolio Holdings828

* Portfolio Turnover Rate36%

## 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 | 7.4% |
| Voya VACS Series SC Fund | 6.3% |
| iShares Core S&P Mid-Cap ETF | 5.0% |
| NVIDIA Corp. | 2.2% |
| Microsoft Corp. | 2.1% |
| Voya VACS Series EMHCD Fund | 2.0% |
| Vanguard FTSE Emerging Markets ETF | 1.5% |
| Apple, Inc. | 1.2% |
| Vanguard Russell 1000 Growth ETF | 1.1% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg121.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.2% |
| Preferred Stock | 0.0% |
| U.S. Treasury Obligations | 0.3% |
| Corporate Bonds/Notes | 0.5% |
| Sovereign Bonds | 2.8% |
| Asset-Backed Securities | 8.0% |
| Exchange-Traded Funds | 8.0% |
| Commercial Mortgage-Backed Securities | 11.2% |
| Collateralized Mortgage Obligations | 14.8% |
| Mutual Funds | 15.7% |
| Common Stock | 34.5% |

---

## 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: IIFSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Balanced Income Portfolio
92914E507-SAR

# Class S2: IIFTX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya Balanced 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 Balanced 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 | $51 | 1.00% |

---

## Fund Statistics
* Total Net Assets$528,680,128

* # of Portfolio Holdings828

* Portfolio Turnover Rate36%

## 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 | 7.4% |
| Voya VACS Series SC Fund | 6.3% |
| iShares Core S&P Mid-Cap ETF | 5.0% |
| NVIDIA Corp. | 2.2% |
| Microsoft Corp. | 2.1% |
| Voya VACS Series EMHCD Fund | 2.0% |
| Vanguard FTSE Emerging Markets ETF | 1.5% |
| Apple, Inc. | 1.2% |
| Vanguard Russell 1000 Growth ETF | 1.1% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg112.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.2% |
| Preferred Stock | 0.0% |
| U.S. Treasury Obligations | 0.3% |
| Corporate Bonds/Notes | 0.5% |
| Sovereign Bonds | 2.8% |
| Asset-Backed Securities | 8.0% |
| Exchange-Traded Funds | 8.0% |
| Commercial Mortgage-Backed Securities | 11.2% |
| Collateralized Mortgage Obligations | 14.8% |
| Mutual Funds | 15.7% |
| Common Stock | 34.5% |

---

## 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: IIFTX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Balanced Income Portfolio
92914E408-SAR

# Class ADV: IPARX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Global Perspectives<sup>®</sup> 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 Perspectives<sup>®</sup> 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 | 0.52% |

---

## Fund Statistics
* Total Net Assets$59,199,096

* # of Portfolio Holdings10

* Portfolio Turnover Rate21%

## 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 MidCap Opportunities Portfolio - Class R6 | 11.4% |
| Voya Index Plus LargeCap Portfolio - Class I | 10.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 10.8% |
| Voya International Index Portfolio - Class I | 10.8% |
| Voya Small Company Portfolio - Class R6 | 10.2% |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class I | 9.8% |
| Voya High Yield Portfolio - Class I | 9.3% |
| Voya Global Bond Fund - Class R6 | 9.2% |
| Voya U.S. Bond Index Portfolio - Class I | 8.9% |
| Voya GNMA Income Fund - Class R6 | 8.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Fixed Income | 36.2% |
| Equity | 63.9% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 10.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 10.0% |
| International | 10.0% |
| Emerging Markets | 10.0% |
| Mortgage Backed | 10.0% |
| Global Real Estate | 10.0% |
| Core Fixed Income | 10.0% |
| High Yield | 10.0% |
| International Bonds | 10.0% |

---

## 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: IPARX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Global Perspectives<sup>®</sup> Portfolio
92914C303-SAR

# Class I: IPIRX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Global Perspectives<sup>®</sup> 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 Perspectives<sup>®</sup> 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$59,199,096

* # of Portfolio Holdings10

* Portfolio Turnover Rate21%

## 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 MidCap Opportunities Portfolio - Class R6 | 11.4% |
| Voya Index Plus LargeCap Portfolio - Class I | 10.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 10.8% |
| Voya International Index Portfolio - Class I | 10.8% |
| Voya Small Company Portfolio - Class R6 | 10.2% |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class I | 9.8% |
| Voya High Yield Portfolio - Class I | 9.3% |
| Voya Global Bond Fund - Class R6 | 9.2% |
| Voya U.S. Bond Index Portfolio - Class I | 8.9% |
| Voya GNMA Income Fund - Class R6 | 8.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Fixed Income | 36.2% |
| Equity | 63.9% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg126.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 10.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 10.0% |
| International | 10.0% |
| Emerging Markets | 10.0% |
| Mortgage Backed | 10.0% |
| Global Real Estate | 10.0% |
| Core Fixed Income | 10.0% |
| High Yield | 10.0% |
| International Bonds | 10.0% |

---

## 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: IPIRX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Global Perspectives<sup>®</sup> Portfolio
92914C204-SAR

# Class S: IPSRX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Global Perspectives<sup>®</sup> 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 Perspectives<sup>®</sup> 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$59,199,096

* # of Portfolio Holdings10

* Portfolio Turnover Rate21%

## 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 MidCap Opportunities Portfolio - Class R6 | 11.4% |
| Voya Index Plus LargeCap Portfolio - Class I | 10.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 10.8% |
| Voya International Index Portfolio - Class I | 10.8% |
| Voya Small Company Portfolio - Class R6 | 10.2% |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class I | 9.8% |
| Voya High Yield Portfolio - Class I | 9.3% |
| Voya Global Bond Fund - Class R6 | 9.2% |
| Voya U.S. Bond Index Portfolio - Class I | 8.9% |
| Voya GNMA Income Fund - Class R6 | 8.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Fixed Income | 36.2% |
| Equity | 63.9% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 10.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 10.0% |
| International | 10.0% |
| Emerging Markets | 10.0% |
| Mortgage Backed | 10.0% |
| Global Real Estate | 10.0% |
| Core Fixed Income | 10.0% |
| High Yield | 10.0% |
| International Bonds | 10.0% |

---

## 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: IPSRX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Global Perspectives<sup>®</sup> Portfolio
92914C105-SAR

# Class I: IPLXX
![Image](tm2522622d8_tsrimg119.jpg)

# Voya Government Liquid Assets 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 Government Liquid Assets 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 | 0.28% |

---

## Fund Statistics
* Total Net Assets$1,273,789,298

* # of Portfolio Holdings21

## What did the Fund invest in?
The table below reflects 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.

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg071.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.2% |
| Mutual Funds | 6.0% |
| U.S. Government Agency Debt | 17.8% |
| U.S. Treasury Repurchase Agreements | 24.4% |
| U.S. Treasury Debt | 49.6% |

---

## 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: IPLXX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Government Liquid Assets Portfolio
92914F835-SAR

# Class S: ISPXX
![Image](tm2522622d8_tsrimg119.jpg)

# Voya Government Liquid Assets 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 Government Liquid Assets 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 | 0.53% |

---

## Fund Statistics
* Total Net Assets$1,273,789,298

* # of Portfolio Holdings21

## What did the Fund invest in?
The table below reflects 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.

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.2% |
| Mutual Funds | 6.0% |
| U.S. Government Agency Debt | 17.8% |
| U.S. Treasury Repurchase Agreements | 24.4% |
| U.S. Treasury Debt | 49.6% |

---

## 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: ISPXX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Government Liquid Assets Portfolio
92914F843-SAR

# Class S2: ITLXX
![Image](tm2522622d8_tsrimg119.jpg)

# Voya Government Liquid Assets 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 Government Liquid Assets 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 | 0.68% |

---

## Fund Statistics
* Total Net Assets$1,273,789,298

* # of Portfolio Holdings21

## What did the Fund invest in?
The table below reflects 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.

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg052.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.2% |
| Mutual Funds | 6.0% |
| U.S. Government Agency Debt | 17.8% |
| U.S. Treasury Repurchase Agreements | 24.4% |
| U.S. Treasury Debt | 49.6% |

---

## 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: ITLXX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Government Liquid Assets Portfolio
92914F827-SAR

# Class ADV: IPYAX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya High Yield 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 High Yield 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 | $55 | 1.09% |

---

## Fund Statistics
* Total Net Assets$318,946,442

* # of Portfolio Holdings157

* Portfolio Turnover Rate97%

## 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

---

| | |
|:---|:---|
| OneMain Finance Corp., 7.125%, 09/15/32 | 2.0% |
| Iron Mountain, Inc., 6.250%, 01/15/33 | 1.9% |
| Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/30 | 1.5% |
| Caesars Entertainment, Inc., 6.000%, 10/15/32 | 1.5% |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.750%, 08/15/32 | 1.4% |
| Gen Digital, Inc., 6.250%, 04/01/33 | 1.5% |
| Panther Escrow Issuer LLC, 7.125%, 06/01/31 | 1.4% |
| Sirius XM Radio, Inc., 5.500%, 07/01/29 | 1.4% |
| NCL Corp. Ltd., 6.750%, 02/01/32 | 1.4% |
| Herc Holdings, Inc., 7.250%, 06/15/33 | 1.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.1% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| Warrants | 0.0% |
| Convertible Bonds/Notes | 0.7% |
| Corporate Bonds/Notes | 93.2% |

---

## 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: IPYAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya High Yield Portfolio
92914E101-SAR

# Class I: IPIMX
![Image](tm2522622d8_tsrimg104.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $25 | 0.49% |

---

## Fund Statistics
* Total Net Assets$318,946,442

* # of Portfolio Holdings157

* Portfolio Turnover Rate97%

## 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

---

| | |
|:---|:---|
| OneMain Finance Corp., 7.125%, 09/15/32 | 2.0% |
| Iron Mountain, Inc., 6.250%, 01/15/33 | 1.9% |
| Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/30 | 1.5% |
| Caesars Entertainment, Inc., 6.000%, 10/15/32 | 1.5% |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.750%, 08/15/32 | 1.4% |
| Gen Digital, Inc., 6.250%, 04/01/33 | 1.5% |
| Panther Escrow Issuer LLC, 7.125%, 06/01/31 | 1.4% |
| Sirius XM Radio, Inc., 5.500%, 07/01/29 | 1.4% |
| NCL Corp. Ltd., 6.750%, 02/01/32 | 1.4% |
| Herc Holdings, Inc., 7.250%, 06/15/33 | 1.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.1% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| Warrants | 0.0% |
| Convertible Bonds/Notes | 0.7% |
| Corporate Bonds/Notes | 93.2% |

---

## 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: IPIMX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya High Yield Portfolio
92914E309-SAR

# Class S: IPHYX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya High Yield 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 High Yield 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 | $37 | 0.74% |

---

## Fund Statistics
* Total Net Assets$318,946,442

* # of Portfolio Holdings157

* Portfolio Turnover Rate97%

## 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

---

| | |
|:---|:---|
| OneMain Finance Corp., 7.125%, 09/15/32 | 2.0% |
| Iron Mountain, Inc., 6.250%, 01/15/33 | 1.9% |
| Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/30 | 1.5% |
| Caesars Entertainment, Inc., 6.000%, 10/15/32 | 1.5% |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.750%, 08/15/32 | 1.4% |
| Gen Digital, Inc., 6.250%, 04/01/33 | 1.5% |
| Panther Escrow Issuer LLC, 7.125%, 06/01/31 | 1.4% |
| Sirius XM Radio, Inc., 5.500%, 07/01/29 | 1.4% |
| NCL Corp. Ltd., 6.750%, 02/01/32 | 1.4% |
| Herc Holdings, Inc., 7.250%, 06/15/33 | 1.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg097.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.1% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| Warrants | 0.0% |
| Convertible Bonds/Notes | 0.7% |
| Corporate Bonds/Notes | 93.2% |

---

## 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: IPHYX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya High Yield Portfolio
92914G759-SAR

# Class S2: IPYSX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya High Yield 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 High Yield 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 | $45 | 0.89% |

---

## Fund Statistics
* Total Net Assets$318,946,442

* # of Portfolio Holdings157

* Portfolio Turnover Rate97%

## 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

---

| | |
|:---|:---|
| OneMain Finance Corp., 7.125%, 09/15/32 | 2.0% |
| Iron Mountain, Inc., 6.250%, 01/15/33 | 1.9% |
| Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/30 | 1.5% |
| Caesars Entertainment, Inc., 6.000%, 10/15/32 | 1.5% |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.750%, 08/15/32 | 1.4% |
| Gen Digital, Inc., 6.250%, 04/01/33 | 1.5% |
| Panther Escrow Issuer LLC, 7.125%, 06/01/31 | 1.4% |
| Sirius XM Radio, Inc., 5.500%, 07/01/29 | 1.4% |
| NCL Corp. Ltd., 6.750%, 02/01/32 | 1.4% |
| Herc Holdings, Inc., 7.250%, 06/15/33 | 1.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg058.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.1% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| Warrants | 0.0% |
| Convertible Bonds/Notes | 0.7% |
| Corporate Bonds/Notes | 93.2% |

---

## 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: IPYSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya High Yield Portfolio
92914G742-SAR

# Class ADV: IBRAX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya Inflation Protected Bond Plus 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 Inflation Protected Bond Plus 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 | 1.19% |

---

## Fund Statistics
* Total Net Assets$209,822,684

* # of Portfolio Holdings518

* Portfolio Turnover Rate39%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Inflation Indexed Notes, 0.125%, 01/15/31 | 3.3% |
| Freddie Mac REMIC Trust - Class DF, 5.755%, 05/25/54 | 3.3% |
| Fannie Mae REMIC Trust - Class FH, 5.555%, 01/25/55 | 2.6% |
| Fannie Mae REMIC Trust - Class FD, 5.655%, 04/25/54 | 2.5% |
| United States Treasury Inflation Indexed Notes, 1.875%, 07/15/34 | 2.3% |
| United States Treasury Inflation Indexed Notes, 1.750%, 01/15/34 | 1.5% |
| United States Treasury Inflation Indexed Notes, 1.375%, 07/15/33 | 1.4% |
| United States Treasury Inflation Indexed Notes, 0.625%, 07/15/32 | 1.4% |
| United States Treasury Inflation Indexed Notes, 1.125%, 01/15/33 | 1.4% |
| United States Treasury Inflation Indexed Notes, 0.125%, 01/15/32 | 1.3% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg080.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.7% |
| Collateralized Mortgage Obligations | 12.6% |
| Asset-Backed Securities | 14.1% |
| Commercial Mortgage-Backed Securities | 19.5% |
| U.S. Treasury Obligations | 25.0% |
| Corporate Bonds/Notes | 26.1% |

---

## 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: IBRAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Inflation Protected Bond Plus Portfolio
92914C667-SAR

# Class I: IBRIX
![Image](tm2522622d8_tsrimg104.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $30 | 0.59% |

---

## Fund Statistics
* Total Net Assets$209,822,684

* # of Portfolio Holdings518

* Portfolio Turnover Rate39%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Inflation Indexed Notes, 0.125%, 01/15/31 | 3.3% |
| Freddie Mac REMIC Trust - Class DF, 5.755%, 05/25/54 | 3.3% |
| Fannie Mae REMIC Trust - Class FH, 5.555%, 01/25/55 | 2.6% |
| Fannie Mae REMIC Trust - Class FD, 5.655%, 04/25/54 | 2.5% |
| United States Treasury Inflation Indexed Notes, 1.875%, 07/15/34 | 2.3% |
| United States Treasury Inflation Indexed Notes, 1.750%, 01/15/34 | 1.5% |
| United States Treasury Inflation Indexed Notes, 1.375%, 07/15/33 | 1.4% |
| United States Treasury Inflation Indexed Notes, 0.625%, 07/15/32 | 1.4% |
| United States Treasury Inflation Indexed Notes, 1.125%, 01/15/33 | 1.4% |
| United States Treasury Inflation Indexed Notes, 0.125%, 01/15/32 | 1.3% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg063.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.7% |
| Collateralized Mortgage Obligations | 12.6% |
| Asset-Backed Securities | 14.1% |
| Commercial Mortgage-Backed Securities | 19.5% |
| U.S. Treasury Obligations | 25.0% |
| Corporate Bonds/Notes | 26.1% |

---

## 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: IBRIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Inflation Protected Bond Plus Portfolio
92914C675-SAR

# Class S: IBRSX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya Inflation Protected Bond Plus 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 Inflation Protected Bond Plus 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 | $43 | 0.84% |

---

## Fund Statistics
* Total Net Assets$209,822,684

* # of Portfolio Holdings518

* Portfolio Turnover Rate39%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Inflation Indexed Notes, 0.125%, 01/15/31 | 3.3% |
| Freddie Mac REMIC Trust - Class DF, 5.755%, 05/25/54 | 3.3% |
| Fannie Mae REMIC Trust - Class FH, 5.555%, 01/25/55 | 2.6% |
| Fannie Mae REMIC Trust - Class FD, 5.655%, 04/25/54 | 2.5% |
| United States Treasury Inflation Indexed Notes, 1.875%, 07/15/34 | 2.3% |
| United States Treasury Inflation Indexed Notes, 1.750%, 01/15/34 | 1.5% |
| United States Treasury Inflation Indexed Notes, 1.375%, 07/15/33 | 1.4% |
| United States Treasury Inflation Indexed Notes, 0.625%, 07/15/32 | 1.4% |
| United States Treasury Inflation Indexed Notes, 1.125%, 01/15/33 | 1.4% |
| United States Treasury Inflation Indexed Notes, 0.125%, 01/15/32 | 1.3% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.7% |
| Collateralized Mortgage Obligations | 12.6% |
| Asset-Backed Securities | 14.1% |
| Commercial Mortgage-Backed Securities | 19.5% |
| U.S. Treasury Obligations | 25.0% |
| Corporate Bonds/Notes | 26.1% |

---

## 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: IBRSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Inflation Protected Bond Plus Portfolio
92914C683-SAR

# Class ADV: IEOPX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya Large 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 Voya Large 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 | $64 | 1.27% |

---

## Fund Statistics
* Total Net Assets$2,311,969,580

* # of Portfolio Holdings54

* Portfolio Turnover Rate25%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9% |
| Microsoft Corp. | 13.2% |
| Apple, Inc. | 8.0% |
| Amazon.com, Inc. | 6.1% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.9% |
| Visa, Inc. - Class A | 3.1% |
| Netflix, Inc. | 2.9% |
| Eli Lilly & Co. | 2.6% |
| Alphabet, Inc. - Class A | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 49.7% |
| Communication Services | 13.5% |
| Consumer Discretionary | 11.2% |
| Health Care | 7.8% |
| Financials | 6.4% |
| Industrials | 5.8% |
| Consumer Staples | 2.6% |
| Materials | 1.1% |
| Real Estate | 0.7% |
| Energy | 0.5% |
| Short-Term Investments | 0.9% |
| 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: IEOPX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Large Cap Growth Portfolio
92914G783-SAR

# Class I: IEOHX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya Large 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 Voya Large 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 | $34 | 0.67% |

---

## Fund Statistics
* Total Net Assets$2,311,969,580

* # of Portfolio Holdings54

* Portfolio Turnover Rate25%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9% |
| Microsoft Corp. | 13.2% |
| Apple, Inc. | 8.0% |
| Amazon.com, Inc. | 6.1% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.9% |
| Visa, Inc. - Class A | 3.1% |
| Netflix, Inc. | 2.9% |
| Eli Lilly & Co. | 2.6% |
| Alphabet, Inc. - Class A | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 49.7% |
| Communication Services | 13.5% |
| Consumer Discretionary | 11.2% |
| Health Care | 7.8% |
| Financials | 6.4% |
| Industrials | 5.8% |
| Consumer Staples | 2.6% |
| Materials | 1.1% |
| Real Estate | 0.7% |
| Energy | 0.5% |
| Short-Term Investments | 0.9% |
| 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: IEOHX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Large Cap Growth Portfolio
92914G775-SAR

# Class R6: VRLCX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya Large 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 Voya Large 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 | $34 | 0.67% |

---

## Fund Statistics
* Total Net Assets$2,311,969,580

* # of Portfolio Holdings54

* Portfolio Turnover Rate25%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9% |
| Microsoft Corp. | 13.2% |
| Apple, Inc. | 8.0% |
| Amazon.com, Inc. | 6.1% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.9% |
| Visa, Inc. - Class A | 3.1% |
| Netflix, Inc. | 2.9% |
| Eli Lilly & Co. | 2.6% |
| Alphabet, Inc. - Class A | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 49.7% |
| Communication Services | 13.5% |
| Consumer Discretionary | 11.2% |
| Health Care | 7.8% |
| Financials | 6.4% |
| Industrials | 5.8% |
| Consumer Staples | 2.6% |
| Materials | 1.1% |
| Real Estate | 0.7% |
| Energy | 0.5% |
| Short-Term Investments | 0.9% |
| 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 R6: VRLCX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Large Cap Growth Portfolio
92914G460-SAR

# Class S: IEOSX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya Large 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 Voya Large 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 | $47 | 0.92% |

---

## Fund Statistics
* Total Net Assets$2,311,969,580

* # of Portfolio Holdings54

* Portfolio Turnover Rate25%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9% |
| Microsoft Corp. | 13.2% |
| Apple, Inc. | 8.0% |
| Amazon.com, Inc. | 6.1% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.9% |
| Visa, Inc. - Class A | 3.1% |
| Netflix, Inc. | 2.9% |
| Eli Lilly & Co. | 2.6% |
| Alphabet, Inc. - Class A | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg043.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 49.7% |
| Communication Services | 13.5% |
| Consumer Discretionary | 11.2% |
| Health Care | 7.8% |
| Financials | 6.4% |
| Industrials | 5.8% |
| Consumer Staples | 2.6% |
| Materials | 1.1% |
| Real Estate | 0.7% |
| Energy | 0.5% |
| Short-Term Investments | 0.9% |
| 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: IEOSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Large Cap Growth Portfolio
92914G817-SAR

# Class S2: IEOTX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya Large 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 Voya Large 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 | $54 | 1.07% |

---

## Fund Statistics
* Total Net Assets$2,311,969,580

* # of Portfolio Holdings54

* Portfolio Turnover Rate25%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9% |
| Microsoft Corp. | 13.2% |
| Apple, Inc. | 8.0% |
| Amazon.com, Inc. | 6.1% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.9% |
| Visa, Inc. - Class A | 3.1% |
| Netflix, Inc. | 2.9% |
| Eli Lilly & Co. | 2.6% |
| Alphabet, Inc. - Class A | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg028.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 49.7% |
| Communication Services | 13.5% |
| Consumer Discretionary | 11.2% |
| Health Care | 7.8% |
| Financials | 6.4% |
| Industrials | 5.8% |
| Consumer Staples | 2.6% |
| Materials | 1.1% |
| Real Estate | 0.7% |
| Energy | 0.5% |
| Short-Term Investments | 0.9% |
| 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: IEOTX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Large Cap Growth Portfolio
92914G767-SAR

# Class ADV: IPEAX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya Large 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 Voya Large 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 | $66 | 1.29% |

---

## Fund Statistics
* Total Net Assets$538,481,396

* # of Portfolio Holdings77

* 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.2% |
| Alphabet, Inc. - Class A | 3.1% |
| AT&T, Inc. | 3.0% |
| Amazon.com, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| Intercontinental Exchange, Inc. | 2.6% |
| Duke Energy Corp. | 2.6% |
| American International Group, Inc. | 2.5% |
| Arthur J Gallagher & Co. | 2.5% |
| Wells Fargo & Co. | 2.3% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg094.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Short-Term Investments | 0.4% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.5% |
| Health Care | 14.4% |
| Industrials | 10.9% |
| Information Technology | 10.7% |
| Communication Services | 8.3% |
| Consumer Staples | 7.7% |
| Energy | 6.8% |
| Consumer Discretionary | 6.3% |
| Utilities | 5.2% |
| Real Estate | 5.0% |
| Materials | 3.1% |
| Short-Term Investments | 0.4% |
| 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: IPEAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Large Cap Value Portfolio
92914C626-SAR

# Class I: IPEIX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya Large 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 Voya Large 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 | $35 | 0.69% |

---

## Fund Statistics
* Total Net Assets$538,481,396

* # of Portfolio Holdings77

* 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.2% |
| Alphabet, Inc. - Class A | 3.1% |
| AT&T, Inc. | 3.0% |
| Amazon.com, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| Intercontinental Exchange, Inc. | 2.6% |
| Duke Energy Corp. | 2.6% |
| American International Group, Inc. | 2.5% |
| Arthur J Gallagher & Co. | 2.5% |
| Wells Fargo & Co. | 2.3% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Short-Term Investments | 0.4% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.5% |
| Health Care | 14.4% |
| Industrials | 10.9% |
| Information Technology | 10.7% |
| Communication Services | 8.3% |
| Consumer Staples | 7.7% |
| Energy | 6.8% |
| Consumer Discretionary | 6.3% |
| Utilities | 5.2% |
| Real Estate | 5.0% |
| Materials | 3.1% |
| Short-Term Investments | 0.4% |
| 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: IPEIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Large Cap Value Portfolio
92914C634-SAR

# Class R6: VLCRX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya Large 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 Voya Large 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 R6 | $35 | 0.69% |

---

## Fund Statistics
* Total Net Assets$538,481,396

* # of Portfolio Holdings77

* 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.2% |
| Alphabet, Inc. - Class A | 3.1% |
| AT&T, Inc. | 3.0% |
| Amazon.com, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| Intercontinental Exchange, Inc. | 2.6% |
| Duke Energy Corp. | 2.6% |
| American International Group, Inc. | 2.5% |
| Arthur J Gallagher & Co. | 2.5% |
| Wells Fargo & Co. | 2.3% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Short-Term Investments | 0.4% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg095.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.5% |
| Health Care | 14.4% |
| Industrials | 10.9% |
| Information Technology | 10.7% |
| Communication Services | 8.3% |
| Consumer Staples | 7.7% |
| Energy | 6.8% |
| Consumer Discretionary | 6.3% |
| Utilities | 5.2% |
| Real Estate | 5.0% |
| Materials | 3.1% |
| Short-Term Investments | 0.4% |
| 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 R6: VLCRX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Large Cap Value Portfolio
92914C618-SAR

# Class S: IPESX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya Large 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 Voya Large 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 | $48 | 0.94% |

---

## Fund Statistics
* Total Net Assets$538,481,396

* # of Portfolio Holdings77

* 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.2% |
| Alphabet, Inc. - Class A | 3.1% |
| AT&T, Inc. | 3.0% |
| Amazon.com, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| Intercontinental Exchange, Inc. | 2.6% |
| Duke Energy Corp. | 2.6% |
| American International Group, Inc. | 2.5% |
| Arthur J Gallagher & Co. | 2.5% |
| Wells Fargo & Co. | 2.3% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg098.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Short-Term Investments | 0.4% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg134.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.5% |
| Health Care | 14.4% |
| Industrials | 10.9% |
| Information Technology | 10.7% |
| Communication Services | 8.3% |
| Consumer Staples | 7.7% |
| Energy | 6.8% |
| Consumer Discretionary | 6.3% |
| Utilities | 5.2% |
| Real Estate | 5.0% |
| Materials | 3.1% |
| Short-Term Investments | 0.4% |
| 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: IPESX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Large Cap Value Portfolio
92914C642-SAR

# Class S2: IPETX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya Large 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 Voya Large 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 | $56 | 1.09% |

---

## Fund Statistics
* Total Net Assets$538,481,396

* # of Portfolio Holdings77

* 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.2% |
| Alphabet, Inc. - Class A | 3.1% |
| AT&T, Inc. | 3.0% |
| Amazon.com, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| Intercontinental Exchange, Inc. | 2.6% |
| Duke Energy Corp. | 2.6% |
| American International Group, Inc. | 2.5% |
| Arthur J Gallagher & Co. | 2.5% |
| Wells Fargo & Co. | 2.3% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg037.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Short-Term Investments | 0.4% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg130.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.5% |
| Health Care | 14.4% |
| Industrials | 10.9% |
| Information Technology | 10.7% |
| Communication Services | 8.3% |
| Consumer Staples | 7.7% |
| Energy | 6.8% |
| Consumer Discretionary | 6.3% |
| Utilities | 5.2% |
| Real Estate | 5.0% |
| Materials | 3.1% |
| Short-Term Investments | 0.4% |
| 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 S2: IPETX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Large Cap Value Portfolio
92914C659-SAR

# Class ADV: IMBAX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya Limited Maturity 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 Limited Maturity 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 | $44 | 0.88% |

---

## Fund Statistics
* Total Net Assets$266,329,590

* # of Portfolio Holdings496

* Portfolio Turnover Rate126%

## 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 | 5.4% |
| United States Treasury Notes, 3.750%, 05/15/28 | 3.8% |
| Freddie Mac REMIC Trust - Class DF, 5.755%, 05/25/54 | 2.0% |
| Fannie Mae REMIC Trust - Class FH, 5.555%, 01/25/55 | 1.8% |
| United States Treasury Notes, 3.750%, 06/30/27 | 1.6% |
| Fannie Mae REMIC Trust - Class FD, 5.655%, 04/25/54 | 1.5% |
| Ginnie Mae - Class FC, 4.896%, 07/20/70 | 0.9% |
| ILPT Commercial Mortgage Trust - Class A, 6.557%, 10/15/39 | 0.8% |
| HGI CRE CLO Ltd. - Class D, 6.776%, 06/16/36 | 0.8% |
| United States Treasury Notes, 4.000%, 06/30/32 | 0.8% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg067.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| U.S. Government Agency Obligations | 0.0% |
| Collateralized Mortgage Obligations | 11.4% |
| U.S. Treasury Obligations | 13.0% |
| Commercial Mortgage-Backed Securities | 13.2% |
| Asset-Backed Securities | 18.7% |
| Corporate Bonds/Notes | 42.1% |

---

## 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: IMBAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Limited Maturity Bond Portfolio
92914E200-SAR

# Class I: ILBPX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya Limited Maturity 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 Limited Maturity 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 | $14 | 0.28% |

---

## Fund Statistics
* Total Net Assets$266,329,590

* # of Portfolio Holdings496

* Portfolio Turnover Rate126%

## 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 | 5.4% |
| United States Treasury Notes, 3.750%, 05/15/28 | 3.8% |
| Freddie Mac REMIC Trust - Class DF, 5.755%, 05/25/54 | 2.0% |
| Fannie Mae REMIC Trust - Class FH, 5.555%, 01/25/55 | 1.8% |
| United States Treasury Notes, 3.750%, 06/30/27 | 1.6% |
| Fannie Mae REMIC Trust - Class FD, 5.655%, 04/25/54 | 1.5% |
| Ginnie Mae - Class FC, 4.896%, 07/20/70 | 0.9% |
| ILPT Commercial Mortgage Trust - Class A, 6.557%, 10/15/39 | 0.8% |
| HGI CRE CLO Ltd. - Class D, 6.776%, 06/16/36 | 0.8% |
| United States Treasury Notes, 4.000%, 06/30/32 | 0.8% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg109.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| U.S. Government Agency Obligations | 0.0% |
| Collateralized Mortgage Obligations | 11.4% |
| U.S. Treasury Obligations | 13.0% |
| Commercial Mortgage-Backed Securities | 13.2% |
| Asset-Backed Securities | 18.7% |
| Corporate Bonds/Notes | 42.1% |

---

## 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: ILBPX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Limited Maturity Bond Portfolio
92914F793-SAR

# Class S: ILMBX
![Image](tm2522622d8_tsrimg104.jpg)

# Voya Limited Maturity 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 Limited Maturity 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 | $27 | 0.53% |

---

## Fund Statistics
* Total Net Assets$266,329,590

* # of Portfolio Holdings496

* Portfolio Turnover Rate126%

## 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 | 5.4% |
| United States Treasury Notes, 3.750%, 05/15/28 | 3.8% |
| Freddie Mac REMIC Trust - Class DF, 5.755%, 05/25/54 | 2.0% |
| Fannie Mae REMIC Trust - Class FH, 5.555%, 01/25/55 | 1.8% |
| United States Treasury Notes, 3.750%, 06/30/27 | 1.6% |
| Fannie Mae REMIC Trust - Class FD, 5.655%, 04/25/54 | 1.5% |
| Ginnie Mae - Class FC, 4.896%, 07/20/70 | 0.9% |
| ILPT Commercial Mortgage Trust - Class A, 6.557%, 10/15/39 | 0.8% |
| HGI CRE CLO Ltd. - Class D, 6.776%, 06/16/36 | 0.8% |
| United States Treasury Notes, 4.000%, 06/30/32 | 0.8% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| U.S. Government Agency Obligations | 0.0% |
| Collateralized Mortgage Obligations | 11.4% |
| U.S. Treasury Obligations | 13.0% |
| Commercial Mortgage-Backed Securities | 13.2% |
| Asset-Backed Securities | 18.7% |
| Corporate Bonds/Notes | 42.1% |

---

## 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: ILMBX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Limited Maturity Bond Portfolio
92914F819-SAR

# Class ADV: IRGPX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Retirement 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 Retirement 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 | $35 | 0.69% |

---

## Fund Statistics
* Total Net Assets$1,738,271,124

* # of Portfolio Holdings8

* Portfolio Turnover Rate18%

## 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 | 56.7% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 11.9% |
| Voya U.S. Bond Index Portfolio - Class I | 11.8% |
| Voya International Index Portfolio - Class I | 8.6% |
| Voya Short Duration Bond Fund - Class R6 | 4.9% |
| Vanguard FTSE Emerging Markets ETF | 2.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 2.0% |
| Voya High Yield Bond Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 18.7% |
| Equity | 81.2% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 56.5% |
| US Mid Cap Blend | 12.0% |
| US Small Cap | 2.0% |
| International | 8.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 12.0% |
| High Yield | 2.0% |
| Short Duration | 5.0% |

---

## 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: IRGPX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Retirement Aggressive Portfolio
92914C709-SAR

# Class I: IIRGX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Retirement 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 Retirement 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 | $13 | 0.26% |

---

## Fund Statistics
* Total Net Assets$1,738,271,124

* # of Portfolio Holdings8

* Portfolio Turnover Rate18%

## 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 | 56.7% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 11.9% |
| Voya U.S. Bond Index Portfolio - Class I | 11.8% |
| Voya International Index Portfolio - Class I | 8.6% |
| Voya Short Duration Bond Fund - Class R6 | 4.9% |
| Vanguard FTSE Emerging Markets ETF | 2.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 2.0% |
| Voya High Yield Bond Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 18.7% |
| Equity | 81.2% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 56.5% |
| US Mid Cap Blend | 12.0% |
| US Small Cap | 2.0% |
| International | 8.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 12.0% |
| High Yield | 2.0% |
| Short Duration | 5.0% |

---

## 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: IIRGX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Retirement Aggressive Portfolio
92914C600-SAR

# Class ADV: IRCAX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Retirement 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 Retirement 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 | $28 | 0.55% |

---

## Fund Statistics
* Total Net Assets$251,611,646

* # of Portfolio Holdings10

* Portfolio Turnover Rate10%

## 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. Bond Index Portfolio - Class I | 46.9% |
| Voya U.S. Stock Index Portfolio - Class I | 18.2% |
| Voya Short Duration Bond Fund - Class R6 | 13.9% |
| Vanguard Short-Term Bond ETF | 5.0% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya International Index Portfolio - Class I | 3.0% |
| Schwab U.S. TIPS ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 2.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 25.2% |
| Fixed Income | 74.8% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 18.0% |
| US Mid Cap Blend | 2.0% |
| International | 3.0% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 47.0% |
| High Yield | 4.0% |
| TIPS | 3.0% |
| Short Duration | 19.0% |
| 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: IRCAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Retirement Conservative Portfolio
92914C840-SAR

# Class I: IRCPX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Retirement 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 Retirement 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 | $15 | 0.29% |

---

## Fund Statistics
* Total Net Assets$251,611,646

* # of Portfolio Holdings10

* Portfolio Turnover Rate10%

## 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. Bond Index Portfolio - Class I | 46.9% |
| Voya U.S. Stock Index Portfolio - Class I | 18.2% |
| Voya Short Duration Bond Fund - Class R6 | 13.9% |
| Vanguard Short-Term Bond ETF | 5.0% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya International Index Portfolio - Class I | 3.0% |
| Schwab U.S. TIPS ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 2.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg064.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 25.2% |
| Fixed Income | 74.8% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 18.0% |
| US Mid Cap Blend | 2.0% |
| International | 3.0% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 47.0% |
| High Yield | 4.0% |
| TIPS | 3.0% |
| Short Duration | 19.0% |
| 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: IRCPX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Retirement Conservative Portfolio
92914C857-SAR

# Class ADV: IRMGX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Retirement Moderate 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 Retirement Moderate 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 | $34 | 0.66% |

---

## Fund Statistics
* Total Net Assets$1,175,301,174

* # of Portfolio Holdings7

* 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 | 52.8% |
| Voya U.S. Bond Index Portfolio - Class I | 24.7% |
| Voya Short Duration Bond Fund - Class R6 | 7.9% |
| Voya International Index Portfolio - Class I | 5.6% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.0% |
| Vanguard FTSE Emerging Markets ETF | 2.0% |
| Voya High Yield Bond Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg127.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 34.6% |
| Equity | 65.4% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg051.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 52.5% |
| US Mid Cap Blend | 5.0% |
| International | 5.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 25.0% |
| High Yield | 2.0% |
| Short Duration | 8.0% |

---

## 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: IRMGX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Retirement Moderate Aggressive Portfolio
92914C881-SAR

# Class I: IRGMX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Retirement Moderate 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 Retirement Moderate 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 | $14 | 0.27% |

---

## Fund Statistics
* Total Net Assets$1,175,301,174

* # of Portfolio Holdings7

* 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 | 52.8% |
| Voya U.S. Bond Index Portfolio - Class I | 24.7% |
| Voya Short Duration Bond Fund - Class R6 | 7.9% |
| Voya International Index Portfolio - Class I | 5.6% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 5.0% |
| Vanguard FTSE Emerging Markets ETF | 2.0% |
| Voya High Yield Bond Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 34.6% |
| Equity | 65.4% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg066.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 52.5% |
| US Mid Cap Blend | 5.0% |
| International | 5.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 25.0% |
| High Yield | 2.0% |
| Short Duration | 8.0% |

---

## 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: IRGMX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Retirement Moderate Aggressive Portfolio
92914C808-SAR

# Class ADV: IRMPX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Retirement Moderate 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 Retirement Moderate 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 | 0.61% |

---

## Fund Statistics
* Total Net Assets$633,055,604

* # of Portfolio Holdings8

* 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 U.S. Bond Index Portfolio - Class I | 37.8% |
| Voya U.S. Stock Index Portfolio - Class I | 33.3% |
| Voya Short Duration Bond Fund - Class R6 | 11.8% |
| Voya International Index Portfolio - Class I | 6.1% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.0% |
| Schwab U.S. TIPS ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 44.4% |
| Fixed Income | 55.6% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.0% |
| US Mid Cap Blend | 3.0% |
| International | 6.0% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 38.0% |
| High Yield | 4.0% |
| TIPS | 2.0% |
| Short Duration | 12.0% |

---

## 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: IRMPX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Retirement Moderate Portfolio
92914C865-SAR

# Class I: IRMIX
![Image](tm2522622d8_tsrimg045.jpg)

# Voya Retirement Moderate 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 Retirement Moderate 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$633,055,604

* # of Portfolio Holdings8

* 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 U.S. Bond Index Portfolio - Class I | 37.8% |
| Voya U.S. Stock Index Portfolio - Class I | 33.3% |
| Voya Short Duration Bond Fund - Class R6 | 11.8% |
| Voya International Index Portfolio - Class I | 6.1% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.0% |
| Schwab U.S. TIPS ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 44.4% |
| Fixed Income | 55.6% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm2522622d8_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.0% |
| US Mid Cap Blend | 3.0% |
| International | 6.0% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 38.0% |
| High Yield | 4.0% |
| TIPS | 2.0% |
| Short Duration | 12.0% |

---

## 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: IRMIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya Retirement Moderate Portfolio
92914C873-SAR

# Class ADV: ISIVX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya U.S. Stock Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

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

---

## Fund Statistics
* Total Net Assets$4,345,323,623

* # of Portfolio Holdings507

* Portfolio Turnover Rate6%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.2% |
| Microsoft Corp. | 6.9% |
| Apple, Inc. | 5.7% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc. - Class A | 3.0% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc. - Class A | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.7% |
| Tesla, Inc. | 1.7% |
| Alphabet, Inc. - Class C | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg047.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 1.8% |
| Common Stock | 98.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.5% |
| Financials | 13.8% |
| Consumer Discretionary | 10.2% |
| Communication Services | 9.6% |
| Health Care | 9.1% |
| Industrials | 8.4% |
| Consumer Staples | 5.4% |
| Energy | 2.9% |
| Utilities | 2.4% |
| Real Estate | 2.0% |
| Materials | 1.8% |
| Short-Term Investments | 1.8% |
| Assets in Excess of Other Liabilities | 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: ISIVX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya U.S. Stock Index Portfolio
92914G718-SAR

# Class I: INGIX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya U.S. Stock Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $14 | 0.27% |

---

## Fund Statistics
* Total Net Assets$4,345,323,623

* # of Portfolio Holdings507

* Portfolio Turnover Rate6%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.2% |
| Microsoft Corp. | 6.9% |
| Apple, Inc. | 5.7% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc. - Class A | 3.0% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc. - Class A | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.7% |
| Tesla, Inc. | 1.7% |
| Alphabet, Inc. - Class C | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 1.8% |
| Common Stock | 98.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.5% |
| Financials | 13.8% |
| Consumer Discretionary | 10.2% |
| Communication Services | 9.6% |
| Health Care | 9.1% |
| Industrials | 8.4% |
| Consumer Staples | 5.4% |
| Energy | 2.9% |
| Utilities | 2.4% |
| Real Estate | 2.0% |
| Materials | 1.8% |
| Short-Term Investments | 1.8% |
| Assets in Excess of Other Liabilities | 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: INGIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya U.S. Stock Index Portfolio
92914G734-SAR

# Class S: ISJBX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya U.S. Stock Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $26 | 0.51% |

---

## Fund Statistics
* Total Net Assets$4,345,323,623

* # of Portfolio Holdings507

* Portfolio Turnover Rate6%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.2% |
| Microsoft Corp. | 6.9% |
| Apple, Inc. | 5.7% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc. - Class A | 3.0% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc. - Class A | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.7% |
| Tesla, Inc. | 1.7% |
| Alphabet, Inc. - Class C | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 1.8% |
| Common Stock | 98.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg079.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.5% |
| Financials | 13.8% |
| Consumer Discretionary | 10.2% |
| Communication Services | 9.6% |
| Health Care | 9.1% |
| Industrials | 8.4% |
| Consumer Staples | 5.4% |
| Energy | 2.9% |
| Utilities | 2.4% |
| Real Estate | 2.0% |
| Materials | 1.8% |
| Short-Term Investments | 1.8% |
| Assets in Excess of Other Liabilities | 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: ISJBX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya U.S. Stock Index Portfolio
92914G726-SAR

# Class S2: ISIPX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya U.S. Stock Index Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $34 | 0.67% |

---

## Fund Statistics
* Total Net Assets$4,345,323,623

* # of Portfolio Holdings507

* Portfolio Turnover Rate6%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.2% |
| Microsoft Corp. | 6.9% |
| Apple, Inc. | 5.7% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc. - Class A | 3.0% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc. - Class A | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.7% |
| Tesla, Inc. | 1.7% |
| Alphabet, Inc. - Class C | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 1.8% |
| Common Stock | 98.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 32.5% |
| Financials | 13.8% |
| Consumer Discretionary | 10.2% |
| Communication Services | 9.6% |
| Health Care | 9.1% |
| Industrials | 8.4% |
| Consumer Staples | 5.4% |
| Energy | 2.9% |
| Utilities | 2.4% |
| Real Estate | 2.0% |
| Materials | 1.8% |
| Short-Term Investments | 1.8% |
| Assets in Excess of Other Liabilities | 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: ISIPX
![QR Code](tm2522622d8_tsrimg114.jpg)

# Voya U.S. Stock Index Portfolio
92914C766-SAR

# Portfolio: VVIPX
![Image](tm2522622d8_tsrimg133.jpg)

# Voya VACS Index Series S Portfolio

#### Semi-Annual Shareholder Report

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

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

---

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

---

## Fund Statistics
* Total Net Assets$4,170,308,204

* # of Portfolio Holdings506

* Portfolio Turnover Rate3%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Microsoft Corp. | 6.8% |
| Apple, Inc. | 5.6% |
| Amazon.com, Inc. | 3.8% |
| Meta Platforms, Inc. - Class A | 2.9% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc. - Class A | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.6% |
| Tesla, Inc. | 1.6% |
| Alphabet, Inc. - Class C | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg120.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.4% |
| Short-Term Investments | 3.6% |
| Common Stock | 96.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 31.8% |
| Financials | 13.5% |
| Consumer Discretionary | 10.0% |
| Communication Services | 9.4% |
| Health Care | 8.9% |
| Industrials | 8.2% |
| Consumer Staples | 5.3% |
| Energy | 2.8% |
| Utilities | 2.3% |
| Real Estate | 2.0% |
| Materials | 1.8% |
| Short-Term Investments | 3.6% |
| Assets in Excess of Other Liabilities | 0.4% |

---

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

# Portfolio: VVIPX
![QR Code](tm2522622d8_tsrimg128.jpg)

# Voya VACS Index Series S Portfolio
92914G296-SAR

# Class ADV: ICRNX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> CBRE Global Real Estate 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> CBRE Global Real Estate 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 | $76 | 1.51% |

---

## Fund Statistics
* Total Net Assets$143,861,764

* # of Portfolio Holdings90

* 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

---

| | |
|:---|:---|
| Welltower, Inc. | 7.1% |
| Simon Property Group, Inc. | 5.2% |
| Equinix, Inc. | 4.9% |
| Realty Income Corp. | 4.6% |
| Extra Space Storage, Inc. | 2.9% |
| VICI Properties, Inc. | 2.9% |
| Digital Realty Trust, Inc. | 2.9% |
| Public Storage | 2.9% |
| Goodman Group | 2.7% |
| Iron Mountain, Inc. | 2.2% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.0% |
| Countries-Other | 1.0% |
| Netherlands | 0.7% |
| Belgium | 1.0% |
| Canada | 1.6% |
| Germany | 1.8% |
| Singapore | 3.2% |
| Hong Kong | 3.4% |
| France | 4.2% |
| United Kingdom | 4.6% |
| Australia | 5.9% |
| Japan | 9.3% |
| United States | 62.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm2522622d8_tsrimg075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail REITs | 23.9% |
| Industrial REITs | 14.5% |
| Specialized REITs | 14.1% |
| Health Care REITs | 9.2% |
| Multi-Family Residential REITs | 6.7% |
| Real Estate Operating Companies | 5.0% |
| Diversified REITs | 4.9% |
| Diversified Real Estate Activities | 4.3% |
| Office REITs | 4.2% |
| Self-Storage REITs | 3.4% |
| Residential REITs | 2.6% |
| REITs-Other | 6.2% |
| Assets in Excess of Other Liabilities | 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: ICRNX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio
92914E796-SAR

# Class I: IRGIX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> CBRE Global Real Estate 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> CBRE Global Real Estate 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 | $46 | 0.91% |

---

## Fund Statistics
* Total Net Assets$143,861,764

* # of Portfolio Holdings90

* 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

---

| | |
|:---|:---|
| Welltower, Inc. | 7.1% |
| Simon Property Group, Inc. | 5.2% |
| Equinix, Inc. | 4.9% |
| Realty Income Corp. | 4.6% |
| Extra Space Storage, Inc. | 2.9% |
| VICI Properties, Inc. | 2.9% |
| Digital Realty Trust, Inc. | 2.9% |
| Public Storage | 2.9% |
| Goodman Group | 2.7% |
| Iron Mountain, Inc. | 2.2% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg033.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.0% |
| Countries-Other | 1.0% |
| Netherlands | 0.7% |
| Belgium | 1.0% |
| Canada | 1.6% |
| Germany | 1.8% |
| Singapore | 3.2% |
| Hong Kong | 3.4% |
| France | 4.2% |
| United Kingdom | 4.6% |
| Australia | 5.9% |
| Japan | 9.3% |
| United States | 62.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm2522622d8_tsrimg135.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail REITs | 23.9% |
| Industrial REITs | 14.5% |
| Specialized REITs | 14.1% |
| Health Care REITs | 9.2% |
| Multi-Family Residential REITs | 6.7% |
| Real Estate Operating Companies | 5.0% |
| Diversified REITs | 4.9% |
| Diversified Real Estate Activities | 4.3% |
| Office REITs | 4.2% |
| Self-Storage REITs | 3.4% |
| Residential REITs | 2.6% |
| REITs-Other | 6.2% |
| Assets in Excess of Other Liabilities | 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: IRGIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio
92914E812-SAR

# Class S: IRGTX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> CBRE Global Real Estate 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> CBRE Global Real Estate 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 | $59 | 1.16% |

---

## Fund Statistics
* Total Net Assets$143,861,764

* # of Portfolio Holdings90

* 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

---

| | |
|:---|:---|
| Welltower, Inc. | 7.1% |
| Simon Property Group, Inc. | 5.2% |
| Equinix, Inc. | 4.9% |
| Realty Income Corp. | 4.6% |
| Extra Space Storage, Inc. | 2.9% |
| VICI Properties, Inc. | 2.9% |
| Digital Realty Trust, Inc. | 2.9% |
| Public Storage | 2.9% |
| Goodman Group | 2.7% |
| Iron Mountain, Inc. | 2.2% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.0% |
| Countries-Other | 1.0% |
| Netherlands | 0.7% |
| Belgium | 1.0% |
| Canada | 1.6% |
| Germany | 1.8% |
| Singapore | 3.2% |
| Hong Kong | 3.4% |
| France | 4.2% |
| United Kingdom | 4.6% |
| Australia | 5.9% |
| Japan | 9.3% |
| United States | 62.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm2522622d8_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail REITs | 23.9% |
| Industrial REITs | 14.5% |
| Specialized REITs | 14.1% |
| Health Care REITs | 9.2% |
| Multi-Family Residential REITs | 6.7% |
| Real Estate Operating Companies | 5.0% |
| Diversified REITs | 4.9% |
| Diversified Real Estate Activities | 4.3% |
| Office REITs | 4.2% |
| Self-Storage REITs | 3.4% |
| Residential REITs | 2.6% |
| REITs-Other | 6.2% |
| Assets in Excess of Other Liabilities | 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: IRGTX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio
92914E838-SAR

# Class S2: IRGSX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> CBRE Global Real Estate 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> CBRE Global Real Estate 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 | $66 | 1.31% |

---

## Fund Statistics
* Total Net Assets$143,861,764

* # of Portfolio Holdings90

* 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

---

| | |
|:---|:---|
| Welltower, Inc. | 7.1% |
| Simon Property Group, Inc. | 5.2% |
| Equinix, Inc. | 4.9% |
| Realty Income Corp. | 4.6% |
| Extra Space Storage, Inc. | 2.9% |
| VICI Properties, Inc. | 2.9% |
| Digital Realty Trust, Inc. | 2.9% |
| Public Storage | 2.9% |
| Goodman Group | 2.7% |
| Iron Mountain, Inc. | 2.2% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.0% |
| Countries-Other | 1.0% |
| Netherlands | 0.7% |
| Belgium | 1.0% |
| Canada | 1.6% |
| Germany | 1.8% |
| Singapore | 3.2% |
| Hong Kong | 3.4% |
| France | 4.2% |
| United Kingdom | 4.6% |
| Australia | 5.9% |
| Japan | 9.3% |
| United States | 62.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm2522622d8_tsrimg113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail REITs | 23.9% |
| Industrial REITs | 14.5% |
| Specialized REITs | 14.1% |
| Health Care REITs | 9.2% |
| Multi-Family Residential REITs | 6.7% |
| Real Estate Operating Companies | 5.0% |
| Diversified REITs | 4.9% |
| Diversified Real Estate Activities | 4.3% |
| Office REITs | 4.2% |
| Self-Storage REITs | 3.4% |
| Residential REITs | 2.6% |
| REITs-Other | 6.2% |
| Assets in Excess of Other Liabilities | 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: IRGSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio
92914E820-SAR

# Class ADV: ICRPX
![Image](tm2522622d8_tsrimg117.jpg)

# VY<sup>®</sup> CBRE Real Estate 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> CBRE Real Estate 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 | $66 | 1.35% |

---

## Fund Statistics
* Total Net Assets$151,171,287

* # of Portfolio Holdings44

* Portfolio Turnover Rate47%

## 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

---

| | |
|:---|:---|
| Equinix, Inc. | 8.2% |
| Welltower, Inc. | 7.1% |
| Simon Property Group, Inc. | 5.8% |
| VICI Properties, Inc. | 4.9% |
| Digital Realty Trust, Inc. | 4.9% |
| Prologis, Inc. | 4.6% |
| Ventas, Inc. | 4.5% |
| Extra Space Storage, Inc. | 4.3% |
| Brixmor Property Group, Inc. | 3.5% |
| EastGroup Properties, Inc. | 3.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm2522622d8_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Specialized REITs | 23.8% |
| Health Care REITs | 16.1% |
| Retail REITs | 15.8% |
| Industrial REITs | 13.6% |
| Multi-Family Residential REITs | 7.4% |
| Residential REITs | 4.6% |
| Office REITs | 4.1% |
| Self-Storage REITs | 3.1% |
| Single-Family Residential REITs | 3.1% |
| Other Specialized REITs | 3.0% |
| Diversified REITs | 1.7% |
| REITs-Other | 2.2% |
| Assets in Excess of Other Liabilities | 1.5% |

---

## 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: ICRPX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio
92914E804-SAR

# Class I: IVRIX
![Image](tm2522622d8_tsrimg117.jpg)

# VY<sup>®</sup> CBRE Real Estate 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> CBRE Real Estate 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 | $37 | 0.75% |

---

## Fund Statistics
* Total Net Assets$151,171,287

* # of Portfolio Holdings44

* Portfolio Turnover Rate47%

## 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

---

| | |
|:---|:---|
| Equinix, Inc. | 8.2% |
| Welltower, Inc. | 7.1% |
| Simon Property Group, Inc. | 5.8% |
| VICI Properties, Inc. | 4.9% |
| Digital Realty Trust, Inc. | 4.9% |
| Prologis, Inc. | 4.6% |
| Ventas, Inc. | 4.5% |
| Extra Space Storage, Inc. | 4.3% |
| Brixmor Property Group, Inc. | 3.5% |
| EastGroup Properties, Inc. | 3.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm2522622d8_tsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Specialized REITs | 23.8% |
| Health Care REITs | 16.1% |
| Retail REITs | 15.8% |
| Industrial REITs | 13.6% |
| Multi-Family Residential REITs | 7.4% |
| Residential REITs | 4.6% |
| Office REITs | 4.1% |
| Self-Storage REITs | 3.1% |
| Single-Family Residential REITs | 3.1% |
| Other Specialized REITs | 3.0% |
| Diversified REITs | 1.7% |
| REITs-Other | 2.2% |
| Assets in Excess of Other Liabilities | 1.5% |

---

## 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: IVRIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio
92914G569-SAR

# Class S: IVRSX
![Image](tm2522622d8_tsrimg117.jpg)

# VY<sup>®</sup> CBRE Real Estate 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> CBRE Real Estate 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 | 1.00% |

---

## Fund Statistics
* Total Net Assets$151,171,287

* # of Portfolio Holdings44

* Portfolio Turnover Rate47%

## 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

---

| | |
|:---|:---|
| Equinix, Inc. | 8.2% |
| Welltower, Inc. | 7.1% |
| Simon Property Group, Inc. | 5.8% |
| VICI Properties, Inc. | 4.9% |
| Digital Realty Trust, Inc. | 4.9% |
| Prologis, Inc. | 4.6% |
| Ventas, Inc. | 4.5% |
| Extra Space Storage, Inc. | 4.3% |
| Brixmor Property Group, Inc. | 3.5% |
| EastGroup Properties, Inc. | 3.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm2522622d8_tsrimg122.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Specialized REITs | 23.8% |
| Health Care REITs | 16.1% |
| Retail REITs | 15.8% |
| Industrial REITs | 13.6% |
| Multi-Family Residential REITs | 7.4% |
| Residential REITs | 4.6% |
| Office REITs | 4.1% |
| Self-Storage REITs | 3.1% |
| Single-Family Residential REITs | 3.1% |
| Other Specialized REITs | 3.0% |
| Diversified REITs | 1.7% |
| REITs-Other | 2.2% |
| Assets in Excess of Other Liabilities | 1.5% |

---

## 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: IVRSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio
92914G577-SAR

# Class S2: IVRTX
![Image](tm2522622d8_tsrimg117.jpg)

# VY<sup>®</sup> CBRE Real Estate 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> CBRE Real Estate 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 | $57 | 1.15% |

---

## Fund Statistics
* Total Net Assets$151,171,287

* # of Portfolio Holdings44

* Portfolio Turnover Rate47%

## 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

---

| | |
|:---|:---|
| Equinix, Inc. | 8.2% |
| Welltower, Inc. | 7.1% |
| Simon Property Group, Inc. | 5.8% |
| VICI Properties, Inc. | 4.9% |
| Digital Realty Trust, Inc. | 4.9% |
| Prologis, Inc. | 4.6% |
| Ventas, Inc. | 4.5% |
| Extra Space Storage, Inc. | 4.3% |
| Brixmor Property Group, Inc. | 3.5% |
| EastGroup Properties, Inc. | 3.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm2522622d8_tsrimg100.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Specialized REITs | 23.8% |
| Health Care REITs | 16.1% |
| Retail REITs | 15.8% |
| Industrial REITs | 13.6% |
| Multi-Family Residential REITs | 7.4% |
| Residential REITs | 4.6% |
| Office REITs | 4.1% |
| Self-Storage REITs | 3.1% |
| Single-Family Residential REITs | 3.1% |
| Other Specialized REITs | 3.0% |
| Diversified REITs | 1.7% |
| REITs-Other | 2.2% |
| Assets in Excess of Other Liabilities | 1.5% |

---

## 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: IVRTX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio
92914G551-SAR

# Class ADV: IVGAX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class ADV | $63 | 1.24% |

---

## Fund Statistics
* Total Net Assets$153,541,809

* # of Portfolio Holdings72

* 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

---

| | |
|:---|:---|
| Wells Fargo & Co. | 3.6% |
| Bank of America Corp. | 3.4% |
| Amazon.com, Inc. | 2.6% |
| Microsoft Corp. | 2.6% |
| Microchip Technology, Inc. | 2.3% |
| Philip Morris International, Inc. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Charles Schwab Corp. | 2.0% |
| Walt Disney Co. | 2.0% |
| Johnson & Johnson | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 4.1% |
| Common Stock | 95.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.4% |
| Information Technology | 16.0% |
| Industrials | 13.3% |
| Health Care | 12.7% |
| Energy | 7.4% |
| Consumer Staples | 6.8% |
| Consumer Discretionary | 5.7% |
| Communication Services | 5.3% |
| Utilities | 3.2% |
| Materials | 2.5% |
| Real Estate | 1.5% |
| Short-Term Investments | 4.1% |
| Assets in Excess of Other Liabilities | 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: IVGAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio
92914G668-SAR

# Class I: IVGIX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $33 | 0.64% |

---

## Fund Statistics
* Total Net Assets$153,541,809

* # of Portfolio Holdings72

* 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

---

| | |
|:---|:---|
| Wells Fargo & Co. | 3.6% |
| Bank of America Corp. | 3.4% |
| Amazon.com, Inc. | 2.6% |
| Microsoft Corp. | 2.6% |
| Microchip Technology, Inc. | 2.3% |
| Philip Morris International, Inc. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Charles Schwab Corp. | 2.0% |
| Walt Disney Co. | 2.0% |
| Johnson & Johnson | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg087.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 4.1% |
| Common Stock | 95.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg131.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.4% |
| Information Technology | 16.0% |
| Industrials | 13.3% |
| Health Care | 12.7% |
| Energy | 7.4% |
| Consumer Staples | 6.8% |
| Consumer Discretionary | 5.7% |
| Communication Services | 5.3% |
| Utilities | 3.2% |
| Materials | 2.5% |
| Real Estate | 1.5% |
| Short-Term Investments | 4.1% |
| Assets in Excess of Other Liabilities | 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: IVGIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio
92914G536-SAR

# Class S: IVGSX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S | $45 | 0.89% |

---

## Fund Statistics
* Total Net Assets$153,541,809

* # of Portfolio Holdings72

* 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

---

| | |
|:---|:---|
| Wells Fargo & Co. | 3.6% |
| Bank of America Corp. | 3.4% |
| Amazon.com, Inc. | 2.6% |
| Microsoft Corp. | 2.6% |
| Microchip Technology, Inc. | 2.3% |
| Philip Morris International, Inc. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Charles Schwab Corp. | 2.0% |
| Walt Disney Co. | 2.0% |
| Johnson & Johnson | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 4.1% |
| Common Stock | 95.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg132.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.4% |
| Information Technology | 16.0% |
| Industrials | 13.3% |
| Health Care | 12.7% |
| Energy | 7.4% |
| Consumer Staples | 6.8% |
| Consumer Discretionary | 5.7% |
| Communication Services | 5.3% |
| Utilities | 3.2% |
| Materials | 2.5% |
| Real Estate | 1.5% |
| Short-Term Investments | 4.1% |
| Assets in Excess of Other Liabilities | 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: IVGSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio
92914G544-SAR

# Class S2: IVITX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio

#### Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $53 | 1.04% |

---

## Fund Statistics
* Total Net Assets$153,541,809

* # of Portfolio Holdings72

* 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

---

| | |
|:---|:---|
| Wells Fargo & Co. | 3.6% |
| Bank of America Corp. | 3.4% |
| Amazon.com, Inc. | 2.6% |
| Microsoft Corp. | 2.6% |
| Microchip Technology, Inc. | 2.3% |
| Philip Morris International, Inc. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Charles Schwab Corp. | 2.0% |
| Walt Disney Co. | 2.0% |
| Johnson & Johnson | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg050.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 4.1% |
| Common Stock | 95.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.4% |
| Information Technology | 16.0% |
| Industrials | 13.3% |
| Health Care | 12.7% |
| Energy | 7.4% |
| Consumer Staples | 6.8% |
| Consumer Discretionary | 5.7% |
| Communication Services | 5.3% |
| Utilities | 3.2% |
| Materials | 2.5% |
| Real Estate | 1.5% |
| Short-Term Investments | 4.1% |
| Assets in Excess of Other Liabilities | 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: IVITX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio
92914G510-SAR

# Class ADV: IJEAX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets 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> JPMorgan Emerging Markets 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 | $96 | 1.79% |

---

## Fund Statistics
* Total Net Assets$275,084,230

* # of Portfolio Holdings82

* 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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.3% |
| Tencent Holdings Ltd. | 6.1% |
| SK Hynix, Inc. | 4.8% |
| MercadoLibre, Inc. | 3.5% |
| Hanwha Aerospace Co. Ltd. | 2.6% |
| Coforge Ltd. | 2.4% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.1% |
| Alibaba Group Holding Ltd. | 1.9% |
| Grupo Financiero Banorte SAB de CV - Class O | 1.8% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg115.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.5% |
| Countries-Other | 8.2% |
| Singapore | 2.1% |
| South Africa | 2.1% |
| Spain | 2.2% |
| Hong Kong | 2.6% |
| Mexico | 3.1% |
| Turkey | 3.7% |
| South Korea | 9.6% |
| Brazil | 11.4% |
| India | 14.6% |
| Taiwan | 16.8% |
| China | 23.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.5% |
| Financials | 21.4% |
| Consumer Discretionary | 16.5% |
| Industrials | 13.9% |
| Communication Services | 10.4% |
| Consumer Staples | 3.9% |
| Energy | 2.7% |
| Health Care | 2.4% |
| Materials | 1.3% |
| Utilities | 0.9% |
| Real Estate | 0.6% |
| Short-Term Investments | 2.0% |
| Liabilities in Excess of Other Assets | (1.5)% |

---

## 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: IJEAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio
92914E861-SAR

# Class I: IJEMX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets 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> JPMorgan Emerging Markets 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 | $64 | 1.19% |

---

## Fund Statistics
* Total Net Assets$275,084,230

* # of Portfolio Holdings82

* 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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.3% |
| Tencent Holdings Ltd. | 6.1% |
| SK Hynix, Inc. | 4.8% |
| MercadoLibre, Inc. | 3.5% |
| Hanwha Aerospace Co. Ltd. | 2.6% |
| Coforge Ltd. | 2.4% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.1% |
| Alibaba Group Holding Ltd. | 1.9% |
| Grupo Financiero Banorte SAB de CV - Class O | 1.8% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg090.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.5% |
| Countries-Other | 8.2% |
| Singapore | 2.1% |
| South Africa | 2.1% |
| Spain | 2.2% |
| Hong Kong | 2.6% |
| Mexico | 3.1% |
| Turkey | 3.7% |
| South Korea | 9.6% |
| Brazil | 11.4% |
| India | 14.6% |
| Taiwan | 16.8% |
| China | 23.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.5% |
| Financials | 21.4% |
| Consumer Discretionary | 16.5% |
| Industrials | 13.9% |
| Communication Services | 10.4% |
| Consumer Staples | 3.9% |
| Energy | 2.7% |
| Health Care | 2.4% |
| Materials | 1.3% |
| Utilities | 0.9% |
| Real Estate | 0.6% |
| Short-Term Investments | 2.0% |
| Liabilities in Excess of Other Assets | (1.5)% |

---

## 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: IJEMX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio
92914F660-SAR

# Class S: IJPIX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets 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> JPMorgan Emerging Markets 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 | $78 | 1.44% |

---

## Fund Statistics
* Total Net Assets$275,084,230

* # of Portfolio Holdings82

* 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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.3% |
| Tencent Holdings Ltd. | 6.1% |
| SK Hynix, Inc. | 4.8% |
| MercadoLibre, Inc. | 3.5% |
| Hanwha Aerospace Co. Ltd. | 2.6% |
| Coforge Ltd. | 2.4% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.1% |
| Alibaba Group Holding Ltd. | 1.9% |
| Grupo Financiero Banorte SAB de CV - Class O | 1.8% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.5% |
| Countries-Other | 8.2% |
| Singapore | 2.1% |
| South Africa | 2.1% |
| Spain | 2.2% |
| Hong Kong | 2.6% |
| Mexico | 3.1% |
| Turkey | 3.7% |
| South Korea | 9.6% |
| Brazil | 11.4% |
| India | 14.6% |
| Taiwan | 16.8% |
| China | 23.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.5% |
| Financials | 21.4% |
| Consumer Discretionary | 16.5% |
| Industrials | 13.9% |
| Communication Services | 10.4% |
| Consumer Staples | 3.9% |
| Energy | 2.7% |
| Health Care | 2.4% |
| Materials | 1.3% |
| Utilities | 0.9% |
| Real Estate | 0.6% |
| Short-Term Investments | 2.0% |
| Liabilities in Excess of Other Assets | (1.5)% |

---

## 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: IJPIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio
92914F678-SAR

# Class S2: IJPTX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets 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> JPMorgan Emerging Markets 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 | $86 | 1.59% |

---

## Fund Statistics
* Total Net Assets$275,084,230

* # of Portfolio Holdings82

* 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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.3% |
| Tencent Holdings Ltd. | 6.1% |
| SK Hynix, Inc. | 4.8% |
| MercadoLibre, Inc. | 3.5% |
| Hanwha Aerospace Co. Ltd. | 2.6% |
| Coforge Ltd. | 2.4% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.1% |
| Alibaba Group Holding Ltd. | 1.9% |
| Grupo Financiero Banorte SAB de CV - Class O | 1.8% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg106.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.5% |
| Countries-Other | 8.2% |
| Singapore | 2.1% |
| South Africa | 2.1% |
| Spain | 2.2% |
| Hong Kong | 2.6% |
| Mexico | 3.1% |
| Turkey | 3.7% |
| South Korea | 9.6% |
| Brazil | 11.4% |
| India | 14.6% |
| Taiwan | 16.8% |
| China | 23.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg111.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.5% |
| Financials | 21.4% |
| Consumer Discretionary | 16.5% |
| Industrials | 13.9% |
| Communication Services | 10.4% |
| Consumer Staples | 3.9% |
| Energy | 2.7% |
| Health Care | 2.4% |
| Materials | 1.3% |
| Utilities | 0.9% |
| Real Estate | 0.6% |
| Short-Term Investments | 2.0% |
| Liabilities in Excess of Other Assets | (1.5)% |

---

## 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: IJPTX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio
92914F652-SAR

# Class ADV: IJSAX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core 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> JPMorgan Small Cap Core 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 | $73 | 1.49% |

---

## Fund Statistics
* Total Net Assets$317,285,466

* # of Portfolio Holdings616

* Portfolio Turnover Rate45%

## 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

---

| | |
|:---|:---|
| MSA Safety, Inc. | 1.0% |
| WillScot Mobile Mini Holdings Corp. | 0.9% |
| Ryman Hospitality Properties, Inc. | 0.9% |
| Performance Food Group Co. | 0.9% |
| Core & Main, Inc. - Class A | 0.9% |
| Encompass Health Corp. | 0.9% |
| Cushman & Wakefield PLC | 0.8% |
| Hayward Holdings, Inc. | 0.8% |
| Applied Industrial Technologies, Inc. | 0.8% |
| Wintrust Financial Corp. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg074.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (5.6)% |
| Short-Term Investments | 8.5% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.3% |
| Financials | 19.3% |
| Information Technology | 12.4% |
| Health Care | 12.1% |
| Consumer Discretionary | 10.1% |
| Materials | 5.5% |
| Real Estate | 5.4% |
| Energy | 4.0% |
| Consumer Staples | 3.7% |
| Utilities | 1.9% |
| Communication Services | 1.4% |
| Short-Term Investments | 8.5% |
| Liabilities in Excess of Other Assets | (5.6)% |

---

## 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: IJSAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio
92914G627-SAR

# Class I: IJSIX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core 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> JPMorgan Small Cap Core 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 | $44 | 0.89% |

---

## Fund Statistics
* Total Net Assets$317,285,466

* # of Portfolio Holdings616

* Portfolio Turnover Rate45%

## 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

---

| | |
|:---|:---|
| MSA Safety, Inc. | 1.0% |
| WillScot Mobile Mini Holdings Corp. | 0.9% |
| Ryman Hospitality Properties, Inc. | 0.9% |
| Performance Food Group Co. | 0.9% |
| Core & Main, Inc. - Class A | 0.9% |
| Encompass Health Corp. | 0.9% |
| Cushman & Wakefield PLC | 0.8% |
| Hayward Holdings, Inc. | 0.8% |
| Applied Industrial Technologies, Inc. | 0.8% |
| Wintrust Financial Corp. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg102.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (5.6)% |
| Short-Term Investments | 8.5% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg077.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.3% |
| Financials | 19.3% |
| Information Technology | 12.4% |
| Health Care | 12.1% |
| Consumer Discretionary | 10.1% |
| Materials | 5.5% |
| Real Estate | 5.4% |
| Energy | 4.0% |
| Consumer Staples | 3.7% |
| Utilities | 1.9% |
| Communication Services | 1.4% |
| Short-Term Investments | 8.5% |
| Liabilities in Excess of Other Assets | (5.6)% |

---

## 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: IJSIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio
92914F769-SAR

# Class R6: VPRSX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core 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> JPMorgan Small Cap Core 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 R6 | $44 | 0.89% |

---

## Fund Statistics
* Total Net Assets$317,285,466

* # of Portfolio Holdings616

* Portfolio Turnover Rate45%

## 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

---

| | |
|:---|:---|
| MSA Safety, Inc. | 1.0% |
| WillScot Mobile Mini Holdings Corp. | 0.9% |
| Ryman Hospitality Properties, Inc. | 0.9% |
| Performance Food Group Co. | 0.9% |
| Core & Main, Inc. - Class A | 0.9% |
| Encompass Health Corp. | 0.9% |
| Cushman & Wakefield PLC | 0.8% |
| Hayward Holdings, Inc. | 0.8% |
| Applied Industrial Technologies, Inc. | 0.8% |
| Wintrust Financial Corp. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg116.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (5.6)% |
| Short-Term Investments | 8.5% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.3% |
| Financials | 19.3% |
| Information Technology | 12.4% |
| Health Care | 12.1% |
| Consumer Discretionary | 10.1% |
| Materials | 5.5% |
| Real Estate | 5.4% |
| Energy | 4.0% |
| Consumer Staples | 3.7% |
| Utilities | 1.9% |
| Communication Services | 1.4% |
| Short-Term Investments | 8.5% |
| Liabilities in Excess of Other Assets | (5.6)% |

---

## 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 R6: VPRSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio
92914G387-SAR

# Class S: IJSSX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core 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> JPMorgan Small Cap Core 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 | $56 | 1.14% |

---

## Fund Statistics
* Total Net Assets$317,285,466

* # of Portfolio Holdings616

* Portfolio Turnover Rate45%

## 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

---

| | |
|:---|:---|
| MSA Safety, Inc. | 1.0% |
| WillScot Mobile Mini Holdings Corp. | 0.9% |
| Ryman Hospitality Properties, Inc. | 0.9% |
| Performance Food Group Co. | 0.9% |
| Core & Main, Inc. - Class A | 0.9% |
| Encompass Health Corp. | 0.9% |
| Cushman & Wakefield PLC | 0.8% |
| Hayward Holdings, Inc. | 0.8% |
| Applied Industrial Technologies, Inc. | 0.8% |
| Wintrust Financial Corp. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (5.6)% |
| Short-Term Investments | 8.5% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.3% |
| Financials | 19.3% |
| Information Technology | 12.4% |
| Health Care | 12.1% |
| Consumer Discretionary | 10.1% |
| Materials | 5.5% |
| Real Estate | 5.4% |
| Energy | 4.0% |
| Consumer Staples | 3.7% |
| Utilities | 1.9% |
| Communication Services | 1.4% |
| Short-Term Investments | 8.5% |
| Liabilities in Excess of Other Assets | (5.6)% |

---

## 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: IJSSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio
92914F777-SAR

# Class S2: IJSTX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core 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> JPMorgan Small Cap Core 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 | $63 | 1.29% |

---

## Fund Statistics
* Total Net Assets$317,285,466

* # of Portfolio Holdings616

* Portfolio Turnover Rate45%

## 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

---

| | |
|:---|:---|
| MSA Safety, Inc. | 1.0% |
| WillScot Mobile Mini Holdings Corp. | 0.9% |
| Ryman Hospitality Properties, Inc. | 0.9% |
| Performance Food Group Co. | 0.9% |
| Core & Main, Inc. - Class A | 0.9% |
| Encompass Health Corp. | 0.9% |
| Cushman & Wakefield PLC | 0.8% |
| Hayward Holdings, Inc. | 0.8% |
| Applied Industrial Technologies, Inc. | 0.8% |
| Wintrust Financial Corp. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg055.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (5.6)% |
| Short-Term Investments | 8.5% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.3% |
| Financials | 19.3% |
| Information Technology | 12.4% |
| Health Care | 12.1% |
| Consumer Discretionary | 10.1% |
| Materials | 5.5% |
| Real Estate | 5.4% |
| Energy | 4.0% |
| Consumer Staples | 3.7% |
| Utilities | 1.9% |
| Communication Services | 1.4% |
| Short-Term Investments | 8.5% |
| Liabilities in Excess of Other Assets | (5.6)% |

---

## 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: IJSTX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio
92914F751-SAR

# Class ADV: IGFAX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise 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> Morgan Stanley Global Franchise 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 | $80 | 1.57% |

---

## Fund Statistics
* Total Net Assets$279,414,285

* # of Portfolio Holdings35

* 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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| SAP SE | 7.9% |
| Visa, Inc. - Class A | 6.4% |
| L'Oreal SA | 4.7% |
| Aon PLC - Class A | 4.2% |
| Coca-Cola Co. | 3.7% |
| Booking Holdings, Inc. | 3.6% |
| Alphabet, Inc. - Class A | 3.6% |
| Accenture PLC - Class A | 3.5% |
| Roper Technologies, Inc. | 3.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg031.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.8% |
| United Kingdom | 3.5% |
| Ireland | 3.5% |
| France | 6.2% |
| Germany | 7.9% |
| United States | 77.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.6% |
| Financials | 24.6% |
| Consumer Staples | 12.7% |
| Industrials | 12.5% |
| Health Care | 11.6% |
| Consumer Discretionary | 6.6% |
| Communication Services | 3.6% |
| Short-Term Investments | 1.3% |
| 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: IGFAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio
92914E887-SAR

# Class R6: VPRDX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise 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> Morgan Stanley Global Franchise 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 | $50 | 0.97% |

---

## Fund Statistics
* Total Net Assets$279,414,285

* # of Portfolio Holdings35

* 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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| SAP SE | 7.9% |
| Visa, Inc. - Class A | 6.4% |
| L'Oreal SA | 4.7% |
| Aon PLC - Class A | 4.2% |
| Coca-Cola Co. | 3.7% |
| Booking Holdings, Inc. | 3.6% |
| Alphabet, Inc. - Class A | 3.6% |
| Accenture PLC - Class A | 3.5% |
| Roper Technologies, Inc. | 3.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg053.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.8% |
| United Kingdom | 3.5% |
| Ireland | 3.5% |
| France | 6.2% |
| Germany | 7.9% |
| United States | 77.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.6% |
| Financials | 24.6% |
| Consumer Staples | 12.7% |
| Industrials | 12.5% |
| Health Care | 11.6% |
| Consumer Discretionary | 6.6% |
| Communication Services | 3.6% |
| Short-Term Investments | 1.3% |
| 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 R6: VPRDX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio
92914G379-SAR

# Class S: IVGTX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise 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> Morgan Stanley Global Franchise 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 | $63 | 1.22% |

---

## Fund Statistics
* Total Net Assets$279,414,285

* # of Portfolio Holdings35

* 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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| SAP SE | 7.9% |
| Visa, Inc. - Class A | 6.4% |
| L'Oreal SA | 4.7% |
| Aon PLC - Class A | 4.2% |
| Coca-Cola Co. | 3.7% |
| Booking Holdings, Inc. | 3.6% |
| Alphabet, Inc. - Class A | 3.6% |
| Accenture PLC - Class A | 3.5% |
| Roper Technologies, Inc. | 3.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg083.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.8% |
| United Kingdom | 3.5% |
| Ireland | 3.5% |
| France | 6.2% |
| Germany | 7.9% |
| United States | 77.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.6% |
| Financials | 24.6% |
| Consumer Staples | 12.7% |
| Industrials | 12.5% |
| Health Care | 11.6% |
| Consumer Discretionary | 6.6% |
| Communication Services | 3.6% |
| Short-Term Investments | 1.3% |
| 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: IVGTX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio
92914G494-SAR

# Class S2: IGFSX
![Image](tm2522622d8_tsrimg045.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise 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> Morgan Stanley Global Franchise 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 | $70 | 1.37% |

---

## Fund Statistics
* Total Net Assets$279,414,285

* # of Portfolio Holdings35

* 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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| SAP SE | 7.9% |
| Visa, Inc. - Class A | 6.4% |
| L'Oreal SA | 4.7% |
| Aon PLC - Class A | 4.2% |
| Coca-Cola Co. | 3.7% |
| Booking Holdings, Inc. | 3.6% |
| Alphabet, Inc. - Class A | 3.6% |
| Accenture PLC - Class A | 3.5% |
| Roper Technologies, Inc. | 3.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2522622d8_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.8% |
| United Kingdom | 3.5% |
| Ireland | 3.5% |
| France | 6.2% |
| Germany | 7.9% |
| United States | 77.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.6% |
| Financials | 24.6% |
| Consumer Staples | 12.7% |
| Industrials | 12.5% |
| Health Care | 11.6% |
| Consumer Discretionary | 6.6% |
| Communication Services | 3.6% |
| Short-Term Investments | 1.3% |
| 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: IGFSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio
92914G486-SAR

# Class ADV: ITRAX
![Image](tm2522622d8_tsrimg104.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation 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 Capital Appreciation 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 | $64 | 1.25% |

---

## Fund Statistics
* Total Net Assets$6,823,145,971

* # of Portfolio Holdings248

* Portfolio Turnover Rate61%

## 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. | 6.6% |
| United States Treasury Notes, 4.000%, 02/28/30 | 4.3% |
| Amazon.com, Inc. | 4.2% |
| United States Treasury Notes, 4.000%, 05/31/30 | 3.6% |
| NVIDIA Corp. | 3.5% |
| United States Treasury Notes, 3.875%, 04/30/30 | 3.3% |
| Becton Dickinson and Co. | 2.7% |
| Roper Technologies, Inc. | 2.7% |
| United States Treasury Notes, 4.000%, 03/31/30 | 2.5% |
| PTC, Inc. | 2.3% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 8.7% |
| Asset-Backed Securities | 0.1% |
| Preferred Stock | 0.6% |
| Corporate Bonds/Notes | 7.2% |
| Bank Loans | 9.2% |
| U.S. Treasury Obligations | 14.1% |
| Common Stock | 60.1% |

---

## 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: ITRAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio
92914G619-SAR

# Class I: ITRIX
![Image](tm2522622d8_tsrimg104.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation 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 Capital Appreciation 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 | 0.65% |

---

## Fund Statistics
* Total Net Assets$6,823,145,971

* # of Portfolio Holdings248

* Portfolio Turnover Rate61%

## 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. | 6.6% |
| United States Treasury Notes, 4.000%, 02/28/30 | 4.3% |
| Amazon.com, Inc. | 4.2% |
| United States Treasury Notes, 4.000%, 05/31/30 | 3.6% |
| NVIDIA Corp. | 3.5% |
| United States Treasury Notes, 3.875%, 04/30/30 | 3.3% |
| Becton Dickinson and Co. | 2.7% |
| Roper Technologies, Inc. | 2.7% |
| United States Treasury Notes, 4.000%, 03/31/30 | 2.5% |
| PTC, Inc. | 2.3% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 8.7% |
| Asset-Backed Securities | 0.1% |
| Preferred Stock | 0.6% |
| Corporate Bonds/Notes | 7.2% |
| Bank Loans | 9.2% |
| U.S. Treasury Obligations | 14.1% |
| Common Stock | 60.1% |

---

## 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: ITRIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio
92914G791-SAR

# Class R6: VPRAX
![Image](tm2522622d8_tsrimg104.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation 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 Capital Appreciation 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 | $33 | 0.65% |

---

## Fund Statistics
* Total Net Assets$6,823,145,971

* # of Portfolio Holdings248

* Portfolio Turnover Rate61%

## 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. | 6.6% |
| United States Treasury Notes, 4.000%, 02/28/30 | 4.3% |
| Amazon.com, Inc. | 4.2% |
| United States Treasury Notes, 4.000%, 05/31/30 | 3.6% |
| NVIDIA Corp. | 3.5% |
| United States Treasury Notes, 3.875%, 04/30/30 | 3.3% |
| Becton Dickinson and Co. | 2.7% |
| Roper Technologies, Inc. | 2.7% |
| United States Treasury Notes, 4.000%, 03/31/30 | 2.5% |
| PTC, Inc. | 2.3% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 8.7% |
| Asset-Backed Securities | 0.1% |
| Preferred Stock | 0.6% |
| Corporate Bonds/Notes | 7.2% |
| Bank Loans | 9.2% |
| U.S. Treasury Obligations | 14.1% |
| Common Stock | 60.1% |

---

## 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: VPRAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio
92914G361-SAR

# Class S: ITCSX
![Image](tm2522622d8_tsrimg104.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation 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 Capital Appreciation 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 | $46 | 0.90% |

---

## Fund Statistics
* Total Net Assets$6,823,145,971

* # of Portfolio Holdings248

* Portfolio Turnover Rate61%

## 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. | 6.6% |
| United States Treasury Notes, 4.000%, 02/28/30 | 4.3% |
| Amazon.com, Inc. | 4.2% |
| United States Treasury Notes, 4.000%, 05/31/30 | 3.6% |
| NVIDIA Corp. | 3.5% |
| United States Treasury Notes, 3.875%, 04/30/30 | 3.3% |
| Becton Dickinson and Co. | 2.7% |
| Roper Technologies, Inc. | 2.7% |
| United States Treasury Notes, 4.000%, 03/31/30 | 2.5% |
| PTC, Inc. | 2.3% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 8.7% |
| Asset-Backed Securities | 0.1% |
| Preferred Stock | 0.6% |
| Corporate Bonds/Notes | 7.2% |
| Bank Loans | 9.2% |
| U.S. Treasury Obligations | 14.1% |
| Common Stock | 60.1% |

---

## 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: ITCSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio
92914G692-SAR

# Class S2: ITCTX
![Image](tm2522622d8_tsrimg104.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation 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 Capital Appreciation Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class S2 | $54 | 1.05% |

---

## Fund Statistics
* Total Net Assets$6,823,145,971

* # of Portfolio Holdings248

* Portfolio Turnover Rate61%

## 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. | 6.6% |
| United States Treasury Notes, 4.000%, 02/28/30 | 4.3% |
| Amazon.com, Inc. | 4.2% |
| United States Treasury Notes, 4.000%, 05/31/30 | 3.6% |
| NVIDIA Corp. | 3.5% |
| United States Treasury Notes, 3.875%, 04/30/30 | 3.3% |
| Becton Dickinson and Co. | 2.7% |
| Roper Technologies, Inc. | 2.7% |
| United States Treasury Notes, 4.000%, 03/31/30 | 2.5% |
| PTC, Inc. | 2.3% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg026.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 8.7% |
| Asset-Backed Securities | 0.1% |
| Preferred Stock | 0.6% |
| Corporate Bonds/Notes | 7.2% |
| Bank Loans | 9.2% |
| U.S. Treasury Obligations | 14.1% |
| Common Stock | 60.1% |

---

## 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: ITCTX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio
92914G858-SAR

# Class ADV: ITEAX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> T. Rowe Price Equity 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> T. Rowe Price Equity 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 | $63 | 1.23% |

---

## Fund Statistics
* Total Net Assets$284,918,897

* # of Portfolio Holdings123

* 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

---

| | |
|:---|:---|
| MetLife, Inc. | 2.2% |
| Southern Co. | 2.1% |
| Qualcomm, Inc. | 2.0% |
| JPMorgan Chase & Co. | 1.9% |
| Charles Schwab Corp. | 1.9% |
| Elevance Health, Inc. | 1.8% |
| Wells Fargo & Co. | 1.8% |
| L3Harris Technologies, Inc. | 1.7% |
| Citigroup, Inc. | 1.7% |
| Kimberly-Clark Corp. | 1.7% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg032.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.6% |
| Short-Term Investments | 1.0% |
| Preferred Stock | 1.1% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg082.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.8% |
| Industrials | 13.6% |
| Health Care | 12.8% |
| Information Technology | 9.1% |
| Consumer Staples | 8.8% |
| Energy | 8.5% |
| Utilities | 6.0% |
| Communication Services | 5.8% |
| Consumer Discretionary | 4.3% |
| Real Estate | 3.7% |
| Materials | 3.0% |
| Short-Term Investments | 1.0% |
| Assets in Excess of Other Liabilities | 0.6% |

---

## 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: ITEAX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio
92914G650-SAR

# Class I: ITEIX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> T. Rowe Price Equity 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> T. Rowe Price Equity 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 | $32 | 0.63% |

---

## Fund Statistics
* Total Net Assets$284,918,897

* # of Portfolio Holdings123

* 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

---

| | |
|:---|:---|
| MetLife, Inc. | 2.2% |
| Southern Co. | 2.1% |
| Qualcomm, Inc. | 2.0% |
| JPMorgan Chase & Co. | 1.9% |
| Charles Schwab Corp. | 1.9% |
| Elevance Health, Inc. | 1.8% |
| Wells Fargo & Co. | 1.8% |
| L3Harris Technologies, Inc. | 1.7% |
| Citigroup, Inc. | 1.7% |
| Kimberly-Clark Corp. | 1.7% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.6% |
| Short-Term Investments | 1.0% |
| Preferred Stock | 1.1% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.8% |
| Industrials | 13.6% |
| Health Care | 12.8% |
| Information Technology | 9.1% |
| Consumer Staples | 8.8% |
| Energy | 8.5% |
| Utilities | 6.0% |
| Communication Services | 5.8% |
| Consumer Discretionary | 4.3% |
| Real Estate | 3.7% |
| Materials | 3.0% |
| Short-Term Investments | 1.0% |
| Assets in Excess of Other Liabilities | 0.6% |

---

## 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: ITEIX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio
92914G528-SAR

# Class S: IRPSX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> T. Rowe Price Equity 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> T. Rowe Price Equity 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 | 0.88% |

---

## Fund Statistics
* Total Net Assets$284,918,897

* # of Portfolio Holdings123

* 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

---

| | |
|:---|:---|
| MetLife, Inc. | 2.2% |
| Southern Co. | 2.1% |
| Qualcomm, Inc. | 2.0% |
| JPMorgan Chase & Co. | 1.9% |
| Charles Schwab Corp. | 1.9% |
| Elevance Health, Inc. | 1.8% |
| Wells Fargo & Co. | 1.8% |
| L3Harris Technologies, Inc. | 1.7% |
| Citigroup, Inc. | 1.7% |
| Kimberly-Clark Corp. | 1.7% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg108.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.6% |
| Short-Term Investments | 1.0% |
| Preferred Stock | 1.1% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.8% |
| Industrials | 13.6% |
| Health Care | 12.8% |
| Information Technology | 9.1% |
| Consumer Staples | 8.8% |
| Energy | 8.5% |
| Utilities | 6.0% |
| Communication Services | 5.8% |
| Consumer Discretionary | 4.3% |
| Real Estate | 3.7% |
| Materials | 3.0% |
| Short-Term Investments | 1.0% |
| Assets in Excess of Other Liabilities | 0.6% |

---

## 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: IRPSX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio
92914G478-SAR

# Class S2: ITETX
![Image](tm2522622d8_tsrimg133.jpg)

# VY<sup>®</sup> T. Rowe Price Equity 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> T. Rowe Price Equity 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 | $53 | 1.03% |

---

## Fund Statistics
* Total Net Assets$284,918,897

* # of Portfolio Holdings123

* 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

---

| | |
|:---|:---|
| MetLife, Inc. | 2.2% |
| Southern Co. | 2.1% |
| Qualcomm, Inc. | 2.0% |
| JPMorgan Chase & Co. | 1.9% |
| Charles Schwab Corp. | 1.9% |
| Elevance Health, Inc. | 1.8% |
| Wells Fargo & Co. | 1.8% |
| L3Harris Technologies, Inc. | 1.7% |
| Citigroup, Inc. | 1.7% |
| Kimberly-Clark Corp. | 1.7% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2522622d8_tsrimg081.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.6% |
| Short-Term Investments | 1.0% |
| Preferred Stock | 1.1% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2522622d8_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.8% |
| Industrials | 13.6% |
| Health Care | 12.8% |
| Information Technology | 9.1% |
| Consumer Staples | 8.8% |
| Energy | 8.5% |
| Utilities | 6.0% |
| Communication Services | 5.8% |
| Consumer Discretionary | 4.3% |
| Real Estate | 3.7% |
| Materials | 3.0% |
| Short-Term Investments | 1.0% |
| Assets in Excess of Other Liabilities | 0.6% |

---

## 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: ITETX
![QR Code](tm2522622d8_tsrimg114.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio
92914G593-SAR

(b) Not applicable.

**Item 2. Code of Ethics.**

Not required for semi-annual filing.

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

Not required for semi-annual filing.

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

Not required for semi-annual filing.

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

Not required for semi-annual filing.

**Item 6. Investments.**

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

(b) Not applicable.

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

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

![](tm2522622d8_voyaimg001.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025** 

Classes ADV, I, R6, S and S2

**Voya Investors Trust**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya Government Liquid Assets Portfolio ■ VY <sup>®
</sup> Morgan Stanley Global Franchise Portfolio

■ VY <sup>®</sup> CBRE Global
 Real Estate Portfolio ■ VY <sup>®</sup> T. Rowe
 Price Capital Appreciation Portfolio

■ VY <sup>®</sup> Invesco
 Growth and Income Portfolio ■ VY <sup>®</sup> T. Rowe
 Price Equity Income Portfolio

■ VY <sup>®</sup> JPMorgan
 Emerging Markets 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.

---

| | | |
|:---|:---|:---|
| ![](tm2522622d8_voyaimg002.jpg) | E-Delivery Sign-up – details inside | ![](tm2522622d8_voyaimg003.jpg) |
|  |  | ![](tm2522622d8_voyaimg003.jpg) |
| **INVESTMENT MANAGEMENT** | **INVESTMENT MANAGEMENT** | ![](tm2522622d8_voyaimg003.jpg) |
|  |  | ![](tm2522622d8_voyaimg003.jpg) |
| **voyainvestments.com** | **voyainvestments.com** | ![](tm2522622d8_voyaimg003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#a001) | [1](#a001) |
| [Statements of Operations](#a002) | [5](#a002) |
| [Statements of Changes in Net Assets](#a003) | [7](#a003) |
| [Financial Highlights](#a004) | [11](#a004) |
| [Notes to Financial Statements](#a005) | [16](#a005) |
| [Portfolios of Investments](#a006) | [33](#a006) |

---

&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. Voya Government Liquid Assets Portfolio does not file on Form N-PORT.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Voya <br> Government <br> Liquid Assets <br> Portfolio** | **VY<sup>®</sup> <br> CBRE Global <br> Real Estate <br> Portfolio** | **VY<sup>®</sup> <br> Invesco <br> Growth and <br> Income <br> Portfolio** | **VY<sup>®</sup> <br> JPMorgan <br> Emerging <br> Markets Equity <br> Portfolio** |
| **ASSETS:** | **ASSETS:** | | | | |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $– | $142462691 | $147092933 | $273738075 |
| Short-term investments at fair value† | Short-term investments at fair value† |  | 5497123 | 6287136 | 5558056 |
| Short-term investments at amortized cost | Short-term investments at amortized cost | 934293785 |  |  |  |
| Repurchase agreements | Repurchase agreements | 311203000 |  |  |  |
| Cash | Cash | 49903226 |  |  |  |
| Foreign currencies at value‡ | Foreign currencies at value‡ |  | 87903 | 34005 | 1079991 |
| Receivables: | Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | 152545528 | 41060 | 804728 | 639837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 1007859 | 396975 | 78887 | 1510283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 2808 | 586077 | 180577 | 632099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1834045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 239986 | 40690 | 114724 |
| Unrealized appreciation on forward foreign currency contracts | Unrealized appreciation on forward foreign currency contracts |  |  | 6235 |  |
| Prepaid expenses | Prepaid expenses |  | 1596 |  |  |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser |  | 23800 |  | 17069 |
| Other assets | Other assets | 25545 | 15167 | 28259 | 30376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1450815796 | 149352378 | 154553450 | 283320510 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |  |
| Payable for investment securities and currencies purchased | Payable for investment securities and currencies purchased | 176318212 | 88015 | 243678 | 2033140 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 75885 | 13760 | 563772 | 1066701 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned |  | 5200959 |  | 4293235 |
| Unrealized depreciation on forward foreign currency contracts | Unrealized depreciation on forward foreign currency contracts |  |  | 72190 |  |
| Payable for unified fees | Payable for unified fees | 270897 |  | 79159 | 277639 |
| Payable for investment management fees | Payable for investment management fees |  | 106190 |  |  |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 332818 | 15392 | 24583 | 54783 |
| Payable to trustees under the deferred compensation plan (Note 6) | Payable to trustees under the deferred compensation plan (Note 6) | 25545 | 15167 | 28259 | 30376 |
| Payable for trustee fees | Payable for trustee fees | 3141 | 395 |  |  |
| Payable for foreign capital gains tax | Payable for foreign capital gains tax |  |  |  | 480406 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | – | 50736 | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 177026498 | 5490614 | 1011641 | 8236280 |
| **NET ASSETS** | **NET ASSETS** | $1273789298 | $143861764 | $153541809 | $275084230 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | Paid-in capital | $1273784630 | $120415933 | $84519127 | $207096861 |
| Total distributable earnings | Total distributable earnings | 4668 | 23445831 | 69022682 | 67987369 |
| **NET ASSETS** | **NET ASSETS** | $1273789298 | $143861764 | $153541809 | $275084230 |
| + | Including securities loaned at value | $— | $4940268 | $— | $4191880 |
| \* | Cost of investments in securities | $— | $120034822 | $115629184 | $199314568 |
| † | Cost of short-term investments | $— | $5497123 | $6287136 | $5558056 |
| ‡ | Cost of foreign currencies | $— | $87897 | $33805 | $1080198 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya <br> Government <br> Liquid Assets <br> Portfolio** | **VY<sup>®</sup> <br> CBRE Global <br> Real Estate <br> Portfolio** | **VY<sup>®</sup> <br> Invesco <br> Growth and <br> Income <br> Portfolio** | **VY<sup>®</sup> <br> JPMorgan <br> Emerging <br> Markets Equity <br> Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $9226829 | $13962576 | $36307511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 910598 | 606931 | 2734829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $10.13 | $23.01 | $13.28 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $169532803 | $82001277 | $52183958 | $58286446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 169525225 | 7829047 | 2226539 | 3902119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $1.00 | $10.47 | $23.44 | $14.94 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $244740535 | $52221057 | $85282989 | $175947352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 244729689 | 5010794 | 3571449 | 12010848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $1.00 | $10.42 | $23.88 | $14.65 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $859515960 | $412601 | $2112286 | $4542921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 859477442 | 39190 | 89937 | 318175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $1.00 | $10.53 | $23.49 | $14.28 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **VY<sup>®</sup> <br> Morgan Stanley <br> Global <br> Franchise <br> Portfolio** | **VY<sup>®</sup> <br> T. Rowe Price <br> Capital <br> Appreciation <br> Portfolio** | **VY<sup>®</sup> <br> T. Rowe Price <br> Equity <br> Income <br> Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $274380451 | $6229271014 | $280350819 |
| Short-term investments at fair value† | Short-term investments at fair value† | 3538051 | 833706836 | 2927058 |
| Cash | Cash |  | 14578409 | 2010658 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 1087958 | 3757417 |  |
| Receivables: | Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 1228744 | 2683321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 351573 | 3956920 | 238165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 213835 | 4142386 | 517019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 16119433 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 212256 | 659151 | 281156 |
| Other assets | Other assets | 21217 | 316332 | 49176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 279805341 | 7107736642 | 289058767 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased |  | 31376052 | 1339177 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 63771 | 506361 | 32732 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned |  | 231854646 | 2495662 |
| Payable for unified fees | Payable for unified fees | 220243 | 3543979 | 142157 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 85825 | 1432333 | 80966 |
| Payable to trustees under the deferred compensation plan (Note 6) | Payable to trustees under the deferred compensation plan (Note 6) | 21217 | 316332 | 49176 |
| Written options, at fair value^ | Written options, at fair value^ | – | 15560968 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 391056 | 284590671 | 4139870 |
| **NET ASSETS** | **NET ASSETS** | $279414285 | $6823145971 | $284918897 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | Paid-in capital | $148955828 | $4872753582 | $163319940 |
| Total distributable earnings | Total distributable earnings | 130458457 | 1950392389 | 121598957 |
| **NET ASSETS** | **NET ASSETS** | $279414285 | $6823145971 | $284918897 |
| + | Including securities loaned at value | $— | $225481543 | $2415707 |
| \* | Cost of investments in securities | $191924105 | $5577630871 | $227165016 |
| † | Cost of short-term investments | $3538051 | $833706836 | $2927058 |
| ‡ | Cost of foreign currencies | $1068060 | $3463931 | $— |
| ^ | Premiums received on written options | $— | $10696724 | $— |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
|  | **VY<sup>®</sup> <br> Morgan Stanley <br> Global <br> Franchise <br> Portfolio** | **VY<sup>®</sup> <br> T. Rowe Price <br> Capital <br> Appreciation <br> Portfolio** | **VY<sup>®</sup> <br> T. Rowe Price <br> Equity <br> Income <br> Portfolio** |
| **Class ADV** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $90123088 | $2105021909 | $57059551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 6158054 | 75246063 | 5336226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $14.63 | $27.98 | $10.69 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $1951861658 | $13610195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 65048450 | 1223676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $30.01 | $11.12 |
| **Class R6** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1296964 | $740780928 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 77984 | 24663792 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.63 | $30.04 | n/a |
| **Class S** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $161245148 | $2008790146 | $139109711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 9658732 | 66937951 | 12265805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.69 | $30.01 | $11.34 |
| **Class S2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $26749085 | $16691330 | $75139440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1629344 | 568857 | 6903256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.42 | $29.34 | $10.88 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Voya <br> Government <br> Liquid Assets <br> Portfolio** | **VY<sup>®</sup> <br> CBRE Global <br> Real Estate <br> Portfolio** | **VY<sup>®</sup> <br> Invesco <br> Growth and <br> Income <br> Portfolio** | **VY<sup>®</sup> <br> JPMorgan <br> Emerging <br> Markets Equity <br> Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | Dividends, net of foreign taxes withheld\* | $348252 | $3194039 | $1572020 | $3448783 |
| Interest | Interest | 26847222 | 1691 |  | 419 |
| Securities lending income, net | Securities lending income, net |  | 7590 | 582 | 3711 |
| Other | Other | 4608 | 641 | 589 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 27200082 | 3203961 | 1573191 | 3453925 |
| **EXPENSES:** | **EXPENSES:** |  |  |  |  |
| Investment management fees | Investment management fees |  | 704903 |  |  |
| Unified fees | Unified fees | 1701002 |  | 478600 | 1609766 |
| Distribution and shareholder service fees: | Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  | 27232 | 41597 | 101552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 304383 | 64795 | 103639 | 207057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 1640783 | 810 | 4266 | 8533 |
| Transfer agent fees: | Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  | 4851 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 50884 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S |  | 27698 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  | 216 |  |  |
| Shareholder reporting expense | Shareholder reporting expense |  | 10512 |  |  |
| Professional fees | Professional fees |  | 8346 |  |  |
| Custody and accounting expense | Custody and accounting expense |  | 27444 |  |  |
| Trustee fees and expenses | Trustee fees and expenses | 24191 | 1975 | 13919 | 16724 |
| Miscellaneous expense | Miscellaneous expense |  | 8180 |  |  |
| Interest expense | Interest expense |  | 3805 |  | 3166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3670359 | 941651 | 642021 | 1946798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  | (138871) | (14945) | (93954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  | (774) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3670359 | 802006 | 627076 | 1852844 |
| Net investment income | Net investment income | 23529723 | 2401955 | 946115 | 1601081 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | 356740 | 274930 | 5630246 | 5709512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  | 6391 | 249211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (11357) | (497190) | (147445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 356740 | 269964 | 5382267 | 5562067 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) |  | 4095615 | 2348740 | 34872511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  | 140 | (141983) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | 27620 | 4033 | 15874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  | 4123375 | 2210790 | 34888385 |
| Net realized and unrealized gain | Net realized and unrealized gain | 356740 | 4393339 | 7593057 | 40450452 |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $23886463 | $6795294 | $8539172 | $42051533 |
| \* | Foreign taxes withheld | $— | $141515 | $20071 | $417383 |
| ^ | Foreign capital gains taxes withheld | $— | $— | $— | $419532 |
| # | Change in foreign capital gains taxes accrued | $— | $— | $— | $179452 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
|  | **VY<sup>®</sup> <br> Morgan Stanley <br> Global <br> Franchise <br> Portfolio** | **VY<sup>®</sup> <br> T. Rowe Price <br> Capital <br> Appreciation <br> Portfolio** | **VY<sup>®</sup> <br> T. Rowe Price <br> Equity <br> Income <br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $2062770 | $28256370 | $3909372 |
| Interest, net of foreign taxes withheld\* | 535 | 58496422 | 34867 |
| Securities lending income, net | 403 | 159931 | 4431 |
| Other | 1105 | 25331 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2064813 | 86938054 | 3949880 |
| **EXPENSES:** |  |  |  |
| Unified fees | 1379866 | 21022279 | 931242 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 271075 | 6053471 | 173712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 201277 | 2416711 | 169935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 52914 | 31729 | 148896 |
| Trustee fees and expenses | 14594 | 365964 | 16651 |
| Interest expense |  |  | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1919726 | 29890154 | 1440529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (36280) |  | (43480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1883446 | 29890154 | 1397049 |
| Net investment income | 181367 | 57047900 | 2552831 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3422665 | 286213123 | 35690404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 99959 | 2861 | 11826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 13062129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 3522624 | 299278113 | 35702230 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 15248839 | 47399803 | (19103737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 63970 | 441034 | 7428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | (6940581) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 15312809 | 40900256 | (19096309) |
| Net realized and unrealized gain | 18835433 | 340178369 | 16605921 |
| **Increase in net assets resulting from operations** | $19016800 | $397226269 | $19158752 |
| \* Foreign taxes withheld | $74176 | $462357 | $94367 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Government <br> Liquid Assets Portfolio** | **Voya Government <br> Liquid Assets Portfolio** | **VY<sup>®</sup> CBRE Global <br> Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global <br> Real Estate Portfolio** |
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $23529723 | $49242172 | $2401955 | $4938771 |
| Net realized gain | 356740 | 593775 | 269964 | 4553041 |
| Net change in unrealized appreciation (depreciation) |  |  | 4123375 | (8682968) |
| Increase in net assets resulting from operations | 23886463 | 49835947 | 6795294 | 808844 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  |  |  | (251119) |
| &nbsp;&nbsp;&nbsp;Class I | (3775598) | (3921362) |  | (3405382) |
| &nbsp;&nbsp;&nbsp;Class S | (4745135) | (12451264) |  | (1628509) |
| &nbsp;&nbsp;&nbsp;Class S2 | (15371452) | (33275574) |  | (18458) |
| Total distributions | (23892185) | (49648200) |  | (5303468) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 362223121 | 248477126 | 4420923 | 16209791 |
| Reinvestment of distributions | 23892185 | 49648200 |  | 5303468 |
|  | 386115306 | 298125326 | 4420923 | 21513259 |
| Cost of shares redeemed | (221842150) | (243287123) | (35931659) | (30261508) |
| Net increase (decrease) in net assets resulting from capital share transactions | 164273156 | 54838203 | (31510736) | (8748249) |
| Net increase (decrease) in net assets | 164267434 | 55025950 | (24715442) | (13242873) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1109521864 | 1054495914 | 168577206 | 181820079 |
| End of year or period | $1273789298 | $1109521864 | $143861764 | $168577206 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup> <br> Invesco Growth and <br> Income Portfolio** | **VY<sup>®</sup> <br> Invesco Growth and <br> Income Portfolio** | **VY<sup>®</sup> <br> JPMorgan Emerging <br> Markets Equity Portfolio** | **VY<sup>®</sup> <br> JPMorgan Emerging <br> Markets Equity Portfolio** |
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $946115 | $4163053 | $1601081 | $2478411 |
| Net realized gain | 5382267 | 72654842 | 5562067 | 15465562 |
| Net change in unrealized appreciation (depreciation) | 2210790 | (32021120) | 34888385 | (11225415) |
| Increase in net assets resulting from operations | 8539172 | 44796775 | 42051533 | 6718558 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (1761980) |  | (196559) |
| &nbsp;&nbsp;&nbsp;Class I |  | (6092532) |  | (645875) |
| &nbsp;&nbsp;&nbsp;Class S |  | (34200462) |  | (1450582) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (2493192) |  | (30232) |
| Total distributions |  | (44548166) |  | (2323248) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 3572174 | 8937761 | 6826743 | 13931217 |
| Reinvestment of distributions |  | 44548166 |  | 2323248 |
|  | 3572174 | 53485927 | 6826743 | 16254465 |
| Cost of shares redeemed | (13088625) | (281316719) | (34517645) | (55481571) |
| Net decrease in net assets resulting from capital share transactions | (9516451) | (227830792) | (27690902) | (39227106) |
| Net increase (decrease) in net assets | (977279) | (227582183) | 14360631 | (34831796) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 154519088 | 382101271 | 260723599 | 295555395 |
| End of year or period | $153541809 | $154519088 | $275084230 | $260723599 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup> <br> Morgan Stanley Global <br> Franchise Portfolio** | **VY<sup>®</sup> <br> Morgan Stanley Global <br> Franchise Portfolio** | **VY<sup>®</sup> <br> T. Rowe Price Capital <br> Appreciation Portfolio** | **VY<sup>®</sup> <br> T. Rowe Price Capital <br> Appreciation Portfolio** |
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $181367 | $632262 | $57047900 | $158759043 |
| Net realized gain | 3522624 | 44591857 | 299278113 | 993912197 |
| Net change in unrealized appreciation (depreciation) | 15312809 | (19575355) | 40900256 | (248204625) |
| Increase in net assets resulting from operations | 19016800 | 25648764 | 397226269 | 904466615 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (10535284) |  | (53426721) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | (76780124) |
| &nbsp;&nbsp;&nbsp;Class R6 |  | (149091) |  | (28410634) |
| &nbsp;&nbsp;&nbsp;Class S |  | (16796477) |  | (105205665) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (2625784) |  | (1328094) |
| Total distributions |  | (30106636) |  | (265151238) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 3732084 | 4963013 | 145484639 | 321959059 |
| Reinvestment of distributions |  | 30106636 |  | 265151238 |
|  | 3732084 | 35069649 | 145484639 | 587110297 |
| Cost of shares redeemed | (28989476) | (63590037) | (316895799) | (2759658670) |
| Net decrease in net assets resulting from capital share transactions | (25257392) | (28520388) | (171411160) | (2172548373) |
| Net increase (decrease) in net assets | (6240592) | (32978260) | 225815109 | (1533232996) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 285654877 | 318633137 | 6597330862 | 8130563858 |
| End of year or period | $279414285 | $285654877 | $6823145971 | $6597330862 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **VY<sup>®</sup> <br> T. Rowe Price Equity <br> Income Portfolio** | **VY<sup>®</sup> <br> T. Rowe Price Equity <br> Income Portfolio** |
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $2552831 | $5590168 |
| Net realized gain | 35702230 | 31016004 |
| Net change in unrealized appreciation (depreciation) | (19096309) | 545837 |
| Increase in net assets resulting from operations | 19158752 | 37152009 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (3867250) |
| &nbsp;&nbsp;&nbsp;Class I |  | (4369681) |
| &nbsp;&nbsp;&nbsp;Class S |  | (9011238) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (4961261) |
| Total distributions |  | (22209430) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 3235633 | 10736878 |
| Reinvestment of distributions |  | 22209430 |
|  | 3235633 | 32946308 |
| Cost of shares redeemed | (75778488) | (42596783) |
| Net decrease in net assets resulting from capital share transactions | (72542855) | (9650475) |
| Net increase (decrease) in net assets | (53384103) | 5292104 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 338303000 | 333010896 |
| End of year or period | $284918897 | $338303000 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<sup>(<br> 2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<sup>(<br> 2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or<br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 06-30-25<sup>+</sup> | 1.00 | 0.02 | <sup>•</sup> |  | 0.02 | 0.02 | 0.00 \* |  | 0.02 |  | 1.00 | **2.08** | 0.28 | 0.28 | 0.28 | 4.09 | 169533 |  |
| 12-31-24 | 1.00 | 0.05 | <sup>•</sup> |  | 0.05 | 0.05 | 0.00 \* |  | 0.05 |  | 1.00 | **5.03** | 0.28 | 0.28 | 0.28 | 4.91 | 82795 |  |
| 12-31-23 | 1.00 | 0.05 | <sup>•</sup> | 0.00 \* | 0.05 | 0.05 |  |  | 0.05 |  | 1.00 | **4.93** | 0.28 | 0.28 | 0.28 | 4.82 | 75141 |  |
| 12-31-22 | 1.00 | 0.02 | <sup>•</sup> | 0.00 \* | 0.02 | 0.02 |  |  | 0.02 |  | 1.00 | **1.51** | 0.28 | 0.24 | 0.24 | 1.65 | 77571 |  |
| 12-31-21 | 1.00 |  | <sup>•</sup> | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.03** | 0.28 | 0.05 | 0.05 | 0.00 \* | 50337 |  |
| 12-31-20 | 1.00 | 0.00 | \* | 0.00 \* | 0.00 \* | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.30** | 0.28 | 0.17 | 0.17 | 0.23 | 64002 |  |
| **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> | 1.00 | 0.02 | <sup>•</sup> |  | 0.02 | 0.02 | 0.00 \* |  | 0.02 |  | 1.00 | **1.95** | 0.53 | 0.53 | 0.53 | 3.84 | 244741 |  |
| 12-31-24 | 1.00 | 0.05 | <sup>•</sup> |  | 0.05 | 0.05 | 0.00 \* |  | 0.05 |  | 1.00 | **4.77** | 0.53 | 0.53 | 0.53 | 4.66 | 251573 |  |
| 12-31-23 | 1.00 | 0.05 | <sup>•</sup> | 0.00 \* | 0.05 | 0.05 |  |  | 0.05 |  | 1.00 | **4.68** | 0.53 | 0.53 | 0.53 | 4.56 | 280488 |  |
| 12-31-22 | 1.00 | 0.01 | <sup>•</sup> | 0.00 \* | 0.01 | 0.01 |  |  | 0.01 |  | 1.00 | **1.34** | 0.53 | 0.40 | 0.40 | 1.34 | 322096 |  |
| 12-31-21 | 1.00 |  | <sup>•</sup> | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.03** | 0.53 | 0.05 | 0.05 | 0.00 \* | 320548 |  |
| 12-31-20 | 1.00 | 0.00 | \* | 0.00 \* | 0.00 \* | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.24** | 0.53 | 0.21 | 0.21 | 0.17 | 375267 |  |
| **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+ | 1.00 | 0.02 | <sup>•</sup> |  | 0.02 | 0.02 | 0.00 \* |  | 0.02 |  | 1.00 | **1.87** | 0.68 | 0.68 | 0.68 | 3.69 | 859516 |  |
| 12-31-24 | 1.00 | 0.05 | <sup>•</sup> |  | 0.05 | 0.05 | 0.00 \* |  | 0.05 |  | 1.00 | **4.61** | 0.68 | 0.68 | 0.68 | 4.50 | 775154 |  |
| 12-31-23 | 1.00 | 0.04 | <sup>•</sup> | 0.00 \* | 0.04 | 0.04 |  |  | 0.04 |  | 1.00 | **4.52** | 0.68 | 0.68 | 0.68 | 4.44 | 698867 |  |
| 12-31-22 | 1.00 | 0.01 | <sup>•</sup> | 0.00 \* | 0.01 | 0.01 |  |  | 0.01 |  | 1.00 | **1.24** | 0.68 | 0.52 | 0.52 | 1.37 | 609604 |  |
| 12-31-21 | 1.00 |  | <sup>•</sup> | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.03** | 0.68 | 0.05 | 0.05 | 0.00 \* | 437744 |  |
| 12-31-20 | 1.00 | 0.00 | \* | 0.00 \* | 0.00 \* | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.21** | 0.68 | 0.23 | 0.23 | 0.13 | 527457 |  |
| **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate 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> | 9.70 | 0.13 | <sup>•</sup> | 0.30 | 0.43 |  |  |  |  |  | 10.13 | **4.43** | 1.68 | 1.51 | 1.51 | 2.66 | 9227 | 57 |
| 12-31-24 | 9.98 | 0.23 | <sup>•</sup> | (0.25) | (0.02) | 0.26 |  |  | 0.26 |  | 9.70 | **(0.24)** | 1.66 | 1.49 | 1.49 | 2.30 | 9270 | 80 |
| 12-31-23 | 9.13 | 0.19 | <sup>•</sup> | 0.89 | 1.08 | 0.13 | 0.10 |  | 0.23 |  | 9.98 | **11.97** | 1.69 | 1.47 | 1.47 | 2.01 | 10511 | 95 |
| 12-31-22 | 13.38 | 0.17 | <sup>•</sup> | (3.54) | (3.37) | 0.29 | 0.59 |  | 0.88 |  | 9.13 | **(25.39)** | 1.68 | 1.47 | 1.47 | 1.55 | 10401 | 91 |
| 12-31-21 | 10.26 | 0.17 | <sup>•</sup> | 3.24 | 3.41 | 0.29 |  |  | 0.29 |  | 13.38 | **33.56** | 1.66 | 1.47 | 1.47 | 1.48 | 16348 | 74 |
| 12-31-20 | 12.77 | 0.15 | <sup>•</sup> | (1.11) | (0.96) | 0.60 | 0.95 |  | 1.55 |  | 10.26 | **(5.37)** | 1.68 | 1.47 | 1.47 | 1.47 | 14367 | 97 |
| **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 | 0.16 | <sup>•</sup> | 0.31 | 0.47 |  |  |  |  |  | 10.47 | **4.70** | 1.08 | 0.91 | 0.91 | 3.14 | 82001 | 57 |
| 12-31-24 | 10.28 | 0.30 | <sup>•</sup> | (0.26) | 0.04 | 0.32 |  |  | 0.32 |  | 10.00 | **0.38** | 1.06 | 0.89 | 0.89 | 2.91 | 105217 | 80 |
| 12-31-23 | 9.41 | 0.25 | <sup>•</sup> | 0.92 | 1.17 | 0.20 | 0.10 |  | 0.30 |  | 10.28 | **12.59** | 1.09 | 0.87 | 0.87 | 2.65 | 109276 | 95 |
| 12-31-22 | 13.79 | 0.24 | <sup>•</sup> | (3.65) | (3.41) | 0.38 | 0.59 |  | 0.97 |  | 9.41 | **(24.95)** | 1.08 | 0.87 | 0.87 | 2.19 | 92596 | 91 |
| 12-31-21 | 10.55 | 0.25 | <sup>•</sup> | 3.35 | 3.60 | 0.36 |  |  | 0.36 |  | 13.79 | **34.47** | 1.06 | 0.87 | 0.87 | 2.09 | 122954 | 74 |
| 12-31-20 | 13.11 | 0.28 |  | (1.21) | (0.93) | 0.68 | 0.95 |  | 1.63 |  | 10.55 | **(4.83)** | 1.08 | 0.87 | 0.87 | 2.09 | 96799 | 97 |
| **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> | 9.96 | 0.15 | <sup>•</sup> | 0.31 | 0.46 |  |  |  |  |  | 10.42 | **4.62** | 1.33 | 1.16 | 1.16 | 3.01 | 52221 | 57 |
| 12-31-24 | 10.24 | 0.27 | <sup>•</sup> | (0.26) | 0.01 | 0.29 |  |  | 0.29 |  | 9.96 | **0.12** | 1.31 | 1.14 | 1.14 | 2.65 | 53675 | 80 |
| 12-31-23 | 9.37 | 0.22 | <sup>•</sup> | 0.92 | 1.14 | 0.17 | 0.10 |  | 0.27 |  | 10.24 | **12.33** | 1.34 | 1.12 | 1.12 | 2.36 | 61362 | 95 |
| 12-31-22 | 13.72 | 0.21 | <sup>•</sup> | (3.63) | (3.42) | 0.34 | 0.59 |  | 0.93 |  | 9.37 | **(25.12)** | 1.33 | 1.12 | 1.12 | 1.90 | 61861 | 91 |
| 12-31-21 | 10.50 | 0.22 | <sup>•</sup> | 3.33 | 3.55 | 0.33 |  |  | 0.33 |  | 13.72 | **34.14** | 1.31 | 1.12 | 1.12 | 1.83 | 94359 | 74 |
| 12-31-20 | 13.04 | 0.22 |  | (1.16) | (0.94) | 0.65 | 0.95 |  | 1.60 |  | 10.50 | **(5.04)** | 1.33 | 1.12 | 1.12 | 1.85 | 81568 | 97 |
| **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> | 10.07 | 0.15 | <sup>•</sup> | 0.31 | 0.46 |  |  |  |  |  | 10.53 | **4.57** | 1.48 | 1.31 | 1.31 | 2.87 | 413 | 57 |
| 12-31-24 | 10.35 | 0.25 | <sup>•</sup> | (0.25) | 0.00 \* | 0.28 |  |  | 0.28 |  | 10.07 | **(0.02)** | 1.46 | 1.29 | 1.29 | 2.48 | 415 | 80 |
| 12-31-23 | 9.47 | 0.21 | <sup>•</sup> | 0.92 | 1.13 | 0.15 | 0.10 |  | 0.25 |  | 10.35 | **12.11** | 1.49 | 1.27 | 1.27 | 2.21 | 670 | 95 |
| 12-31-22 | 13.86 | 0.20 | <sup>•</sup> | (3.67) | (3.47) | 0.33 | 0.59 |  | 0.92 |  | 9.47 | **(25.25)** | 1.48 | 1.27 | 1.27 | 1.77 | 712 | 91 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<sup>(<br> 2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> CBRE Global Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Global Real Estate 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)** |  |  |  |  |  |  |  |  |  |
| 12-31-21 | 10.61 | 0.21 | 3.35 | 3.56 | 0.31 |  |  | 0.31 |  | 13.86 | **33.90** | 1.46 | 1.27 | 1.27 | 1.70 | 1016 | 74 |
| 12-31-20 | 13.15 | 0.20 | (1.17) | (0.97) | 0.62 | 0.95 |  | 1.57 |  | 10.61 | **(5.19)** | 1.48 | 1.27 | 1.27 | 1.76 | 796 | 97 |
| **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 21.77 | 0.09 | 1.15 | 1.24 |  |  |  |  |  | 23.01 | **5.70** | 1.26 | 1.24 | 1.24 | 0.87 | 13963 | 13 |
| 12-31-24 | 21.32 | 0.20 | 3.02 | 3.22 | 0.24 | 2.53 |  | 2.77 |  | 21.77 | **15.74** | 1.24 | 1.21 | 1.21 | 0.90 | 14585 | 22 |
| 12-31-23 | 20.75 | 0.21 | 2.16 | 2.37 | 0.31 | 1.49 |  | 1.80 |  | 21.32 | **11.93** | 1.24 | 1.21 | 1.21 | 1.04 | 14598 | 28 |
| 12-31-22 | 26.21 | 0.23 | (2.16) | (1.93) | 0.25 | 3.28 |  | 3.53 |  | 20.75 | **(6.16)** | 1.24 | 1.21 | 1.21 | 1.00 | 16239 | 18 |
| 12-31-21 | 20.62 | 0.18 | 5.67 | 5.85 | 0.26 |  |  | 0.26 |  | 26.21 | **28.50** | 1.24 | 1.21 | 1.21 | 0.75 | 18354 | 30 |
| 12-31-20 | 22.73 | 0.32 | (0.32) | 0.00 \* | 0.35 | 1.76 |  | 2.11 |  | 20.62 | **2.55** | 1.24 | 1.24 | 1.24 | 1.45 | 15543 | 32 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 22.11 | 0.16 | 1.17 | 1.33 |  |  |  |  |  | 23.44 | **6.01** | 0.66 | 0.64 | 0.64 | 1.48 | 52184 | 13 |
| 12-31-24 | 21.62 | 0.34 | 3.06 | 3.40 | 0.38 | 2.53 |  | 2.91 |  | 22.11 | **16.43** | 0.64 | 0.61 | 0.61 | 1.51 | 51797 | 22 |
| 12-31-23 | 21.04 | 0.34 | 2.19 | 2.53 | 0.46 | 1.49 |  | 1.95 |  | 21.62 | **12.62** | 0.64 | 0.61 | 0.61 | 1.64 | 46049 | 28 |
| 12-31-22 | 26.54 | 0.37 | (2.19) | (1.82) | 0.40 | 3.28 |  | 3.68 |  | 21.04 | **(5.59)** | 0.64 | 0.61 | 0.61 | 1.62 | 42132 | 18 |
| 12-31-21 | 20.86 | 0.33 | 5.73 | 6.06 | 0.38 |  |  | 0.38 |  | 26.54 | **29.21** | 0.64 | 0.61 | 0.61 | 1.35 | 41488 | 30 |
| 12-31-20 | 23.01 | 0.39 | (0.28) | 0.11 | 0.50 | 1.76 |  | 2.26 |  | 20.86 | **3.22** | 0.64 | 0.64 | 0.64 | 2.05 | 30672 | 32 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 22.56 | 0.14 | 1.18 | 1.32 |  |  |  |  |  | 23.88 | **5.85** | 0.91 | 0.89 | 0.89 | 1.22 | 85283 | 13 |
| 12-31-24 | 22.00 | 0.30 | 3.11 | 3.41 | 0.32 | 2.53 |  | 2.85 |  | 22.56 | **16.15** | 0.89 | 0.86 | 0.86 | 1.32 | 85922 | 22 |
| 12-31-23 | 21.37 | 0.29 | 2.23 | 2.52 | 0.40 | 1.49 |  | 1.89 |  | 22.00 | **12.34** | 0.89 | 0.86 | 0.86 | 1.39 | 301058 | 28 |
| 12-31-22 | 26.88 | 0.32 | (2.22) | (1.90) | 0.33 | 3.28 |  | 3.61 |  | 21.37 | **(5.84)** | 0.89 | 0.86 | 0.86 | 1.36 | 319719 | 18 |
| 12-31-21 | 21.12 | 0.27 | 5.82 | 6.09 | 0.33 |  |  | 0.33 |  | 26.88 | **28.97** | 0.89 | 0.86 | 0.86 | 1.10 | 367120 | 30 |
| 12-31-20 | 23.25 | 0.39 | (0.33) | 0.06 | 0.43 | 1.76 |  | 2.19 |  | 21.12 | **2.90** | 0.89 | 0.89 | 0.89 | 1.81 | 317890 | 32 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 22.20 | 0.12 | 1.17 | 1.29 |  |  |  |  |  | 23.49 | **5.81** | 1.06 | 1.04 | 1.04 | 1.06 | 2112 | 13 |
| 12-31-24 | 21.70 | 0.27 | 3.05 | 3.32 | 0.29 | 2.53 |  | 2.82 |  | 22.20 | **15.95** | 1.04 | 1.01 | 1.01 | 1.19 | 2216 | 22 |
| 12-31-23 | 21.10 | 0.26 | 2.19 | 2.45 | 0.36 | 1.49 |  | 1.85 |  | 21.70 | **12.17** | 1.04 | 1.01 | 1.01 | 1.24 | 20396 | 28 |
| 12-31-22 | 26.57 | 0.28 | (2.19) | (1.91) | 0.28 | 3.28 |  | 3.56 |  | 21.10 | **(5.99)** | 1.04 | 1.01 | 1.01 | 1.20 | 20482 | 18 |
| 12-31-21 | 20.88 | 0.23 | 5.76 | 5.99 | 0.30 |  |  | 0.30 |  | 26.57 | **28.78** | 1.04 | 1.01 | 1.01 | 0.95 | 24924 | 30 |
| 12-31-20 | 23.00 | 0.34 | (0.30) | 0.04 | 0.40 | 1.76 |  | 2.16 |  | 20.88 | **2.77** | 1.04 | 1.04 | 1.04 | 1.66 | 24035 | 32 |
| **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.33 | 0.05 | 1.90 | 1.95 |  |  |  |  |  | 13.28 | **17.21** | 1.87 | 1.79 | 1.79 | 0.89 | 36308 | 19 |
| 12-31-24 | 11.20 | 0.06 | 0.13 | 0.19 | 0.06 |  |  | 0.06 |  | 11.33 | **1.69** | 1.86 | 1.79 | 1.79 | 0.52 | 33344 | 35 |
| 12-31-23 | 10.72 | (0.01) | 0.66 | 0.65 | 0.17 |  |  | 0.17 |  | 11.20 | **6.02** | 1.85 | 1.81 | 1.81 | (0.06) | 36809 | 29 |
| 12-31-22 | 21.50 | (0.03) | (5.71) | (5.74) |  | 5.04 |  | 5.04 |  | 10.72 | **(26.35)** | 1.86 | 1.86 | 1.86 | (0.25) | 37190 | 18 |
| 12-31-21 | 25.92 | (0.25) | (2.19) | (2.44) |  | 1.98 |  | 1.98 |  | 21.50 | **(10.30)** | 1.86 | 1.86 | 1.86 | (1.01) | 54012 | 25 |
| 12-31-20 | 21.02 | (0.17) | 6.57 | 6.40 | 0.01 | 1.49 |  | 1.50 |  | 25.92 | **32.71** | 1.85 | 1.85 | 1.85 | (0.80) | 58266 | 22 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 12.71 | 0.10 | 2.13 | 2.23 |  |  |  |  |  | 14.94 | **17.55** | 1.27 | 1.19 | 1.19 | 1.50 | 58286 | 19 |
| 12-31-24 | 12.55 | 0.14 | 0.16 | 0.30 | 0.14 |  |  | 0.14 |  | 12.71 | **2.30** | 1.26 | 1.19 | 1.19 | 1.12 | 59050 | 35 |
| 12-31-23 | 11.99 | 0.06 | 0.74 | 0.80 | 0.24 |  |  | 0.24 |  | 12.55 | **6.64** | 1.25 | 1.21 | 1.21 | 0.49 | 62596 | 29 |
| 12-31-22 | 23.10 | 0.05 | (6.12) | (6.07) |  | 5.04 |  | 5.04 |  | 11.99 | **(25.89)** | 1.26 | 1.26 | 1.26 | 0.36 | 60063 | 18 |
| 12-31-21 | 27.55 | (0.11) | (2.36) | (2.47) |  | 1.98 |  | 1.98 |  | 23.10 | **(9.78)** | 1.26 | 1.26 | 1.26 | (0.40) | 80785 | 25 |
| 12-31-20 | 22.24 | (0.04) | 6.98 | 6.94 | 0.14 | 1.49 |  | 1.63 |  | 27.55 | **33.52** | 1.25 | 1.25 | 1.25 | (0.20) | 94067 | 22 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 12.48 | 0.08 | 2.09 | 2.17 |  |  |  |  |  | 14.65 | **17.39** | 1.52 | 1.44 | 1.44 | 1.24 | 175947 | 19 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or<br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity 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)** |  |  |  |  |  |  |  |  |  |
| 12-31-24 | 12.32 | 0.11 | <sup>•</sup> | 0.15 | 0.26 | 0.10 |  |  | 0.10 |  | 12.48 | **2.08** | 1.51 | 1.44 | 1.44 | 0.87 | 164116 | 35 |
| 12-31-23 | 11.77 | 0.04 | <sup>•</sup> | 0.72 | 0.76 | 0.21 |  |  | 0.21 |  | 12.32 | **6.38** | 1.50 | 1.46 | 1.46 | 0.31 | 191201 | 29 |
| 12-31-22 | 22.86 | 0.01 | <sup>•</sup> | (6.06) | (6.05) |  | 5.04 |  | 5.04 |  | 11.77 | **(26.11)** | 1.51 | 1.51 | 1.51 | 0.10 | 205544 | 18 |
| 12-31-21 | 27.35 | (0.17) |)<sup>•</sup> | (2.34) | (2.51) |  | 1.98 |  | 1.98 |  | 22.86 | **(10.00)** | 1.51 | 1.51 | 1.51 | (0.64) | 320977 | 25 |
| 12-31-20 | 22.08 | (0.10) |)<sup>•</sup> | 6.94 | 6.84 | 0.08 | 1.49 |  | 1.57 |  | 27.35 | **33.23** | 1.50 | 1.50 | 1.50 | (0.45) | 411371 | 22 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 12.18 | 0.07 | <sup>•</sup> | 2.03 | 2.10 |  |  |  |  |  | 14.28 | **17.24** | 1.67 | 1.59 | 1.59 | 1.08 | 4543 | 19 |
| 12-31-24 | 12.02 | 0.09 | <sup>•</sup> | 0.15 | 0.24 | 0.08 |  |  | 0.08 |  | 12.18 | **1.95** | 1.66 | 1.59 | 1.59 | 0.72 | 4214 | 35 |
| 12-31-23 | 11.48 | 0.03 | <sup>•</sup> | 0.69 | 0.72 | 0.18 |  |  | 0.18 |  | 12.02 | **6.25** | 1.65 | 1.61 | 1.61 | 0.23 | 4950 | 29 |
| 12-31-22 | 22.50 | (0.01) |)<sup>•</sup> | (5.97) | (5.98) |  | 5.04 |  | 5.04 |  | 11.48 | **(26.23)** | 1.66 | 1.66 | 1.66 | (0.06) | 6126 | 18 |
| 12-31-21 | 26.98 | (0.20) |)<sup>•</sup> | (2.30) | (2.50) |  | 1.98 |  | 1.98 |  | 22.50 | **(10.11)** | 1.66 | 1.66 | 1.66 | (0.79) | 10071 | 25 |
| 12-31-20 | 21.80 | (0.13) |)<sup>•</sup> | 6.85 | 6.72 | 0.05 | 1.49 |  | 1.54 |  | 26.98 | **33.03** | 1.65 | 1.65 | 1.65 | (0.60) | 13424 | 22 |
| **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise 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> | 13.70 | (0.01) |)<sup>•</sup> | 0.94 | 0.93 |  |  |  |  |  | 14.63 | **6.79** | 1.60 | 1.57 | 1.57 | (0.10) | 90123 | 14 |
| 12-31-24 | 14.14 | (0.00) |)\*<sup>•</sup> | 1.11 | 1.11 | 0.04 | 1.51 |  | 1.55 |  | 13.70 | **8.31** | 1.59 | 1.56 | 1.56 | (0.02) | 93354 | 32 |
| 12-31-23 | 13.36 | 0.03 | <sup>•</sup> | 2.01 | 2.04 | 0.03 | 1.23 |  | 1.26 |  | 14.14 | **15.52** | 1.58 | 1.56 | 1.56 | 0.20 | 104981 | 15 |
| 12-31-22 | 18.19 | 0.02 | <sup>•</sup> | (3.31) | (3.29) | 0.05 | 1.49 |  | 1.54 |  | 13.36 | **(17.90)** | 1.58 | 1.55 | 1.55 | 0.16 | 103692 | 14 |
| 12-31-21 | 16.52 | 0.03 | <sup>•</sup> | 3.34 | 3.37 | 0.09 | 1.61 |  | 1.70 |  | 18.19 | **21.26** | 1.57 | 1.54 | 1.54 | 0.18 | 138475 | 11 |
| 12-31-20 | 16.06 | 0.06 |  | 1.86 | 1.92 | 0.09 | 1.37 |  | 1.46 |  | 16.52 | **12.87** | 1.57 | 1.54 | 1.54 | 0.40 | 120606 | 16 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.52 | 0.04 | <sup>•</sup> | 1.07 | 1.11 |  |  |  |  |  | 16.63 | **7.15** | 1.00 | 0.97 | 0.97 | 0.52 | 1297 | 14 |
| 12-31-24 | 15.83 | 0.09 | <sup>•</sup> | 1.24 | 1.33 | 0.13 | 1.51 |  | 1.64 |  | 15.52 | **8.88** | 0.99 | 0.96 | 0.96 | 0.59 | 1207 | 32 |
| 12-31-23 | 14.81 | 0.12 | <sup>•</sup> | 2.26 | 2.38 | 0.13 | 1.23 |  | 1.36 |  | 15.83 | **16.30** | 0.98 | 0.96 | 0.96 | 0.80 | 1773 | 15 |
| 12-31-22 | 19.98 | 0.12 | <sup>•</sup> | (3.64) | (3.52) | 0.16 | 1.49 |  | 1.65 |  | 14.81 | **(17.43)** | 0.98 | 0.95 | 0.95 | 0.77 | 1673 | 14 |
| 12-31-21 | 17.97 | 0.15 | <sup>•</sup> | 3.65 | 3.80 | 0.18 | 1.61 |  | 1.79 |  | 19.98 | **22.01** | 0.97 | 0.94 | 0.94 | 0.79 | 1828 | 11 |
| 12-31-20 | 17.33 | 0.17 | <sup>•</sup> | 2.01 | 2.18 | 0.17 | 1.37 |  | 1.54 |  | 17.97 | **13.55** | 0.97 | 0.94 | 0.94 | 0.98 | 1301 | 16 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.60 | 0.02 | <sup>•</sup> | 1.07 | 1.09 |  |  |  |  |  | 16.69 | **6.99** | 1.25 | 1.22 | 1.22 | 0.26 | 161245 | 14 |
| 12-31-24 | 15.89 | 0.05 | <sup>•</sup> | 1.26 | 1.31 | 0.09 | 1.51 |  | 1.60 |  | 15.60 | **8.67** | 1.24 | 1.21 | 1.21 | 0.33 | 164470 | 32 |
| 12-31-23 | 14.87 | 0.08 | <sup>•</sup> | 2.25 | 2.33 | 0.08 | 1.23 |  | 1.31 |  | 15.89 | **15.91** | 1.23 | 1.21 | 1.21 | 0.55 | 183705 | 15 |
| 12-31-22 | 20.02 | 0.08 | <sup>•</sup> | (3.64) | (3.56) | 0.10 | 1.49 |  | 1.59 |  | 14.87 | **(17.58)** | 1.23 | 1.20 | 1.20 | 0.51 | 185295 | 14 |
| 12-31-21 | 18.01 | 0.10 | <sup>•</sup> | 3.65 | 3.75 | 0.13 | 1.61 |  | 1.74 |  | 20.02 | **21.66** | 1.22 | 1.19 | 1.19 | 0.52 | 260008 | 11 |
| 12-31-20 | 17.36 | 0.14 |  | 2.01 | 2.15 | 0.13 | 1.37 |  | 1.50 |  | 18.01 | **13.28** | 1.22 | 1.19 | 1.19 | 0.74 | 260901 | 16 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.35 | 0.01 | <sup>•</sup> | 1.06 | 1.07 |  |  |  |  |  | 16.42 | **6.97** | 1.40 | 1.37 | 1.37 | 0.11 | 26749 | 14 |
| 12-31-24 | 15.67 | 0.03 | <sup>•</sup> | 1.23 | 1.26 | 0.07 | 1.51 |  | 1.58 |  | 15.35 | **8.43** | 1.39 | 1.36 | 1.36 | 0.18 | 26623 | 32 |
| 12-31-23 | 14.67 | 0.06 | <sup>•</sup> | 2.22 | 2.28 | 0.05 | 1.23 |  | 1.28 |  | 15.67 | **15.80** | 1.38 | 1.36 | 1.36 | 0.39 | 28173 | 15 |
| 12-31-22 | 19.77 | 0.06 | <sup>•</sup> | (3.60) | (3.54) | 0.07 | 1.49 |  | 1.56 |  | 14.67 | **(17.72)** | 1.38 | 1.35 | 1.35 | 0.36 | 28024 | 14 |
| 12-31-21 | 17.80 | 0.07 | <sup>•</sup> | 3.61 | 3.68 | 0.10 | 1.61 |  | 1.71 |  | 19.77 | **21.53** | 1.37 | 1.34 | 1.34 | 0.37 | 40135 | 11 |
| 12-31-20 | 17.18 | 0.11 |  | 1.98 | 2.09 | 0.10 | 1.37 |  | 1.47 |  | 17.80 | **13.06** | 1.37 | 1.34 | 1.34 | 0.60 | 38585 | 16 |
| **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation 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> | 26.40 | 0.19 | <sup>•</sup> | 1.39 | 1.58 |  |  |  |  |  | 27.98 | **5.99** | 1.25 | 1.25 | 1.25 | 1.41 | 2105022 | 61 |
| 12-31-24 | 24.19 | 0.43 | <sup>•</sup> | 2.49 | 2.92 | 0.37 | 0.34 |  | 0.71 |  | 26.40 | **12.11** | 1.24 | 1.24 | 1.24 | 1.69 | 2029776 | 84 |
| 12-31-23 | 23.00 | 0.44 | <sup>•</sup> | 3.58 | 4.02 | 0.14 | 2.69 |  | 2.83 |  | 24.19 | **18.16** | 1.24 | 1.24 | 1.24 | 1.86 | 1826729 | 75 |
| 12-31-22 | 30.88 | 0.25 | <sup>•</sup> | (4.19) | (3.94) | 0.26 | 3.68 |  | 3.94 |  | 23.00 | **(12.47)** | 1.24 | 1.24 | 1.24 | 0.95 | 1586695 | 90 |
| 12-31-21 | 29.91 | 0.14 | <sup>•</sup> | 4.98 | 5.12 | 0.16 | 3.99 |  | 4.15 |  | 30.88 | **17.97** | 1.24 | 1.24 | 1.24 | 0.47 | 1891868 | 58 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or<br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation 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)** |  |  |  |  |  |  |  |  |  |
| 12-31-20 | 27.98 | 0.20 | <sup>•</sup> | 4.33 | 4.53 | 0.29 | 2.31 |  | 2.60 |  | 29.91 | **17.54** | 1.24 | 1.24 | 1.24 | 0.71 | 1555873 | 98 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 28.23 | 0.28 | <sup>•</sup> | 1.50 | 1.78 |  |  |  |  |  | 30.01 | **6.30** | 0.65 | 0.65 | 0.65 | 2.01 | 1951862 | 61 |
| 12-31-24 | 26.09 | 0.64 | <sup>•</sup> | 2.68 | 3.32 | 0.84 | 0.34 |  | 1.18 |  | 28.23 | **12.75** | 0.64 | 0.64 | 0.64 | 2.29 | 1896044 | 84 |
| 12-31-23 | 24.83 | 0.63 | <sup>•</sup> | 3.90 | 4.53 | 0.58 | 2.69 |  | 3.27 |  | 26.09 | **18.92** | 0.64 | 0.64 | 0.64 | 2.46 | 1712529 | 75 |
| 12-31-22 | 32.96 | 0.44 | <sup>•</sup> | (4.48) | (4.04) | 0.41 | 3.68 |  | 4.09 |  | 24.83 | **(11.96)** | 0.64 | 0.64 | 0.64 | 1.57 | 1447933 | 90 |
| 12-31-21 | 31.64 | 0.35 | <sup>•</sup> | 5.29 | 5.64 | 0.33 | 3.99 |  | 4.32 |  | 32.96 | **18.67** | 0.64 | 0.64 | 0.64 | 1.07 | 1553598 | 58 |
| 12-31-20 | 29.41 | 0.38 | <sup>•</sup> | 4.61 | 4.99 | 0.45 | 2.31 |  | 2.76 |  | 31.64 | **18.28** | 0.64 | 0.64 | 0.64 | 1.31 | 1280224 | 98 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 28.26 | 0.29 | <sup>•</sup> | 1.49 | 1.78 |  |  |  |  |  | 30.04 | **6.30** | 0.65 | 0.65 | 0.65 | 2.01 | 740781 | 61 |
| 12-31-24 | 26.11 | 0.64 | <sup>•</sup> | 2.69 | 3.33 | 0.84 | 0.34 |  | 1.18 |  | 28.26 | **12.78** | 0.64 | 0.64 | 0.64 | 2.29 | 693687 | 84 |
| 12-31-23 | 24.85 | 0.63 | <sup>•</sup> | 3.90 | 4.53 | 0.58 | 2.69 |  | 3.27 |  | 26.11 | **18.90** | 0.64 | 0.64 | 0.64 | 2.46 | 621535 | 75 |
| 12-31-22 | 32.98 | 0.44 | <sup>•</sup> | (4.48) | (4.04) | 0.41 | 3.68 |  | 4.09 |  | 24.85 | **(11.96)** | 0.64 | 0.64 | 0.64 | 1.55 | 525750 | 90 |
| 12-31-21 | 31.66 | 0.35 | <sup>•</sup> | 5.29 | 5.64 | 0.33 | 3.99 |  | 4.32 |  | 32.98 | **18.66** | 0.64 | 0.64 | 0.64 | 1.07 | 620373 | 58 |
| 12-31-20 | 29.43 | 0.38 | <sup>•</sup> | 4.61 | 4.99 | 0.45 | 2.31 |  | 2.76 |  | 31.66 | **18.27** | 0.64 | 0.64 | 0.64 | 1.30 | 542043 | 98 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 28.27 | 0.25 | <sup>•</sup> | 1.49 | 1.74 |  |  |  |  |  | 30.01 | **6.15** | 0.90 | 0.90 | 0.90 | 1.76 | 2008790 | 61 |
| 12-31-24 | 26.08 | 0.57 | <sup>•</sup> | 2.68 | 3.25 | 0.72 | 0.34 |  | 1.06 |  | 28.27 | **12.49** | 0.89 | 0.89 | 0.89 | 2.05 | 1962100 | 84 |
| 12-31-23 | 24.83 | 0.57 | <sup>•</sup> | 3.89 | 4.46 | 0.52 | 2.69 |  | 3.21 |  | 26.08 | **18.60** | 0.89 | 0.89 | 0.89 | 2.20 | 3912825 | 75 |
| 12-31-22 | 32.96 | 0.36 | <sup>•</sup> | (4.47) | (4.11) | 0.34 | 3.68 |  | 4.02 |  | 24.83 | **(12.18)** | 0.89 | 0.89 | 0.89 | 1.30 | 3757937 | 90 |
| 12-31-21 | 31.64 | 0.27 | <sup>•</sup> | 5.29 | 5.56 | 0.25 | 3.99 |  | 4.24 |  | 32.96 | **18.40** | 0.89 | 0.89 | 0.89 | 0.82 | 4700019 | 58 |
| 12-31-20 | 29.42 | 0.32 |  | 4.59 | 4.91 | 0.38 | 2.31 |  | 2.69 |  | 31.64 | **17.79** | 0.89 | 0.89 | 0.89 | 1.06 | 4426278 | 98 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 27.66 | 0.22 | <sup>•</sup> | 1.46 | 1.68 |  |  |  |  |  | 29.34 | **6.07** | 1.05 | 1.05 | 1.05 | 1.61 | 16691 | 61 |
| 12-31-24 | 25.64 | 0.51 | <sup>•</sup> | 2.63 | 3.14 | 0.78 | 0.34 |  | 1.12 |  | 27.66 | **12.29** | 1.04 | 1.04 | 1.04 | 1.91 | 15724 | 84 |
| 12-31-23 | 24.55 | 0.52 | <sup>•</sup> | 3.84 | 4.36 | 0.58 | 2.69 |  | 3.27 |  | 25.64 | **18.42** | 1.04 | 1.04 | 1.04 | 2.05 | 56946 | 75 |
| 12-31-22 | 32.63 | 0.32 | <sup>•</sup> | (4.43) | (4.11) | 0.29 | 3.68 |  | 3.97 |  | 24.55 | **(12.30)** | 1.04 | 1.04 | 1.04 | 1.14 | 53434 | 90 |
| 12-31-21 | 31.37 | 0.22 | <sup>•</sup> | 5.23 | 5.45 | 0.20 | 3.99 |  | 4.19 |  | 32.63 | **18.19** | 1.04 | 1.04 | 1.04 | 0.67 | 71364 | 58 |
| 12-31-20 | 29.19 | 0.28 |  | 4.54 | 4.82 | 0.33 | 2.31 |  | 2.64 |  | 31.37 | **17.82** | 1.04 | 1.04 | 1.04 | 0.91 | 70966 | 98 |
| **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** |  |  |  |  |  |  |  |  |  |
| **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> | 10.10 | 0.08 | <sup>•</sup> | 0.51 | 0.59 |  |  |  |  |  | 10.69 | **5.84** | 1.26 | 1.23 | 1.23 | 1.53 | 57060 | 15 |
| 12-31-24 | 9.70 | 0.14 | <sup>•</sup> | 0.94 | 1.08 | 0.16 | 0.52 |  | 0.68 |  | 10.10 | **11.13** | 1.24 | 1.21 | 1.21 | 1.31 | 59424 | 21 |
| 12-31-23 | 9.64 | 0.15 | <sup>•</sup> | 0.68 | 0.83 | 0.16 | 0.61 |  | 0.77 |  | 9.70 | **8.94** | 1.24 | 1.21 | 1.21 | 1.63 | 57865 | 16 |
| 12-31-22 | 11.48 | 0.16 | <sup>•</sup> | (0.67) | (0.51) | 0.17 | 1.16 |  | 1.33 |  | 9.64 | **(3.85)** | 1.24 | 1.21 | 1.21 | 1.57 | 60127 | 18 |
| 12-31-21 | 9.46 | 0.12 | <sup>•</sup> | 2.23 | 2.35 | 0.14 | 0.19 |  | 0.33 |  | 11.48 | **24.97** | 1.24 | 1.21 | 1.21 | 1.12 | 58287 | 19 |
| 12-31-20 | 9.97 | 0.17 |  | (0.19) | (0.02) | 0.37 | 0.12 |  | 0.49 |  | 9.46 | **0.64** | 1.24 | 1.21 | 1.21 | 1.87 | 47110 | 25 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.47 | 0.09 | <sup>•</sup> | 0.56 | 0.65 |  |  |  |  |  | 11.12 | **6.21** | 0.66 | 0.63 | 0.63 | 1.69 | 13610 | 15 |
| 12-31-24 | 10.03 | 0.20 | <sup>•</sup> | 0.97 | 1.17 | 0.21 | 0.52 |  | 0.73 |  | 10.47 | **11.75** | 0.64 | 0.61 | 0.61 | 1.91 | 64366 | 21 |
| 12-31-23 | 9.94 | 0.22 | <sup>•</sup> | 0.70 | 0.92 | 0.22 | 0.61 |  | 0.83 |  | 10.03 | **9.57** | 0.64 | 0.61 | 0.61 | 2.23 | 61929 | 16 |
| 12-31-22 | 11.78 | 0.23 | <sup>•</sup> | (0.69) | (0.46) | 0.22 | 1.16 |  | 1.38 |  | 9.94 | **(3.22)** | 0.64 | 0.61 | 0.61 | 2.14 | 67596 | 18 |
| 12-31-21 | 9.70 | 0.19 | <sup>•</sup> | 2.29 | 2.48 | 0.21 | 0.19 |  | 0.40 |  | 11.78 | **25.66** | 0.64 | 0.61 | 0.61 | 1.71 | 73572 | 19 |
| 12-31-20 | 10.27 | 0.23 |  | (0.20) | 0.03 | 0.48 | 0.12 |  | 0.60 |  | 9.70 | **1.27** | 0.64 | 0.61 | 0.61 | 2.47 | 77346 | 25 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.69 | 0.10 | <sup>•</sup> | 0.55 | 0.65 |  |  |  |  |  | 11.34 | **6.08** | 0.91 | 0.88 | 0.88 | 1.89 | 139110 | 15 |
| 12-31-24 | 10.23 | 0.18 | <sup>•</sup> | 0.99 | 1.17 | 0.19 | 0.52 |  | 0.71 |  | 10.69 | **11.45** | 0.89 | 0.86 | 0.86 | 1.66 | 138782 | 21 |
| 12-31-23 | 10.12 | 0.20 | <sup>•</sup> | 0.71 | 0.91 | 0.19 | 0.61 |  | 0.80 |  | 10.23 | **9.33** | 0.89 | 0.86 | 0.86 | 1.98 | 137827 | 16 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or<br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Equity Income 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)** |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.96 | 0.21 | <sup>•</sup> | (0.69) | (0.48) | 0.20 | 1.16 |  | 1.36 |  | 10.12 | **(3.41)** | 0.89 | 0.86 | 0.86 | 1.88 | 141080 | 18 |
| 12-31-21 | 9.85 | 0.17 | <sup>•</sup> | 2.31 | 2.48 | 0.18 | 0.19 |  | 0.37 |  | 11.96 | **25.27** | 0.89 | 0.86 | 0.86 | 1.47 | 158847 | 19 |
| 12-31-20 | 10.31 | 0.22 |  | (0.20) | 0.02 | 0.36 | 0.12 |  | 0.48 |  | 9.85 | **0.95** | 0.89 | 0.86 | 0.86 | 2.22 | 141486 | 25 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.27 | 0.09 | <sup>•</sup> | 0.52 | 0.61 |  |  |  |  |  | 10.88 | **5.94** | 1.06 | 1.03 | 1.03 | 1.74 | 75139 | 15 |
| 12-31-24 | 9.84 | 0.16 | <sup>•</sup> | 0.95 | 1.11 | 0.16 | 0.52 |  | 0.68 |  | 10.27 | **11.34** | 1.04 | 1.01 | 1.01 | 1.51 | 75731 | 21 |
| 12-31-23 | 9.76 | 0.18 | <sup>•</sup> | 0.68 | 0.86 | 0.17 | 0.61 |  | 0.78 |  | 9.84 | **9.12** | 1.04 | 1.01 | 1.01 | 1.83 | 75390 | 16 |
| 12-31-22 | 11.59 | 0.18 | <sup>•</sup> | (0.67) | (0.49) | 0.18 | 1.16 |  | 1.34 |  | 9.76 | **(3.57)** | 1.04 | 1.01 | 1.01 | 1.73 | 76937 | 18 |
| 12-31-21 | 9.55 | 0.14 | <sup>•</sup> | 2.26 | 2.40 | 0.17 | 0.19 |  | 0.36 |  | 11.59 | **25.15** | 1.04 | 1.01 | 1.01 | 1.32 | 88637 | 19 |
| 12-31-20 | 10.07 | 0.20 |  | (0.20) | 0.00 \* | 0.40 | 0.12 |  | 0.52 |  | 9.55 | **0.85** | 1.04 | 1.01 | 1.01 | 2.07 | 80591 | 25 |

---

---

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

---

See Accompanying Notes to Financial Statements

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

**NOTE 1** — **ORGANIZATION**

Voya Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act" or the "Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. The seven series (each a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Government Liquid Assets Portfolio ("Government Liquid Assets"), VY<sup>®</sup> CBRE Global Real Estate Portfolio ("CBRE Global Real Estate"), VY<sup>®</sup> Invesco Growth and Income Portfolio ("Invesco Growth and Income"), VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio ("JPMorgan Emerging Markets Equity"), VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio ("Morgan Stanley Global Franchise"), VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio ("T. Rowe Price Capital Appreciation"), and VY<sup>®</sup> T. Rowe Price Equity Income Portfolio ("T. Rowe Price Equity Income"). All of the Portfolios are diversified except for Morgan Stanley Global Franchise, which is a non-diversified Portfolio of the Trust. 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"), Institutional ("Class I"), Class R6, Service ("Class S") and Service 2 ("Class S2"); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to Government Liquid Assets. 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 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'

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

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

prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

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

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

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

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

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

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

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

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

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the sub-advisers' or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

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

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

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. CBRE Global Real Estate estimates components of distributions from real estate investment trusts ("REITs"). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If CBRE Global Real Estate no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

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

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

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

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on

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

D. ***Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by Government Liquid Assets. 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 T. Rowe Price Capital Appreciation and T. Rowe Price Equity Income. 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 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.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Risk Exposures and the Use of Derivative Instruments.*** The Portfolios' investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow 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.

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

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

***Risks of Investing in Derivatives.*** A Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

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

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC") with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are

subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio enters into master netting arrangements, established within each Portfolio's International Swap and Derivatives Association, Inc. ("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 Invesco Growth and Income would incur if its counterparties failed to perform would be $6,235 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of June 30, 2025. There was no cash collateral pledged by any counterparty at June 30, 2025 to any Portfolio.

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

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

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

As of June 30, 2025 Invesco Growth and Income and T. Rowe Price Capital Appreciation had a liability position of $72,190 and $15,560,968, respectively, on open forward foreign currency contracts and open OTC written options. If a contingent feature would have been triggered as of June 30, 2025, each Portfolio could have been required to pay these amounts in cash to its counterparties. There was no cash collateral pledged by any Portfolio as of June 30, 2025.

H. ***Forward Foreign Currency Transactions and Futures 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, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

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. The Portfolios used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the Portfolio of Investments for Invesco Growth and Income for open forward foreign currency contracts at June 30, 2025. There were no open forward foreign currency contracts for CBRE Global Real Estate at June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Buy** | **Sell** |
| Invesco Growth and Income | $3305929 | $7632038 |

---

Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. Futures contracts are purchased to provide immediate market exposure proportionate to the size of each Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The Portfolios did not enter into any futures contracts for the period ended June 30, 2025.

I. ***Options Contracts.*** Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure.

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

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

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. 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, T. Rowe Price Capital Appreciation had written equity options with an average notional value of $298,021,779 to generate income. Please refer to the tables within the Portfolio of Investments for open written equity options at June 30, 2025. T. Rowe Price Capital Appreciation had pledged securities fair valued at $6,884,017 for open written call options and these are footnoted within the Portfolio of Investments.

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

including accrued interest, is at least equal to the repurchase price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.

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

K. ***Securities Lending.*** Each Portfolio may temporarily loan up to 33<sup>1⁄3</sup>% (except for JPMorgan Emerging Markets Equity which may temporarily loan up to 30%) of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

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

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private

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

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

placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

M. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust'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** |
| CBRE Global Real Estate | $89848761 | $117829425 |
| Invesco Growth and Income | 18515473 | 30541498 |
| JPMorgan Emerging Markets Equity | 49895708 | 72126821 |
| Morgan Stanley Global Franchise | 39854972 | 64759796 |
| T. Rowe Price Capital Appreciation | 2404057663 | 2774947024 |
| T. Rowe Price Equity Income | 44873670 | 116498713 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| T. Rowe Price Capital Appreciation | $1407706135 | $1438163710 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

CBRE Global Real Estate has 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. The Management Agreement compensates the Investment Adviser with a management fee, computed

daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| CBRE Global Real Estate | 0.90% on the first $250 million; |
|  | 0.875% on the next $250 million; |
|  | 0.80% on the amount in excess of $500 million |

---

With the exception of CBRE Global Real Estate, the Investment Adviser provides the Portfolios with advisory and administrative services under a management agreement (the "Unified Agreement"). Under the Unified Agreement, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio's assets and the purchase and sale of portfolio securities and other investments. Pursuant to this Unified Agreement, the Investment Adviser is also responsible for providing or procuring, at the Investment Adviser's expense, the services reasonably necessary for the ordinary operation of each Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Trust pays the Investment Adviser a monthly fee (a "Unified Fee") based on the following annual rates of the average daily net assets of the Portfolios:

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Government Liquid Assets | 0.35% on the first $200 million; |
|  | 0.30% on the next $300 million; |
|  | 0.25% on the amount in excess of $500 million |
| JPMorgan Emerging Markets Equity | 1.25% |
| Morgan Stanley Global Franchise | 1.00% on the first $250 million; |
|  | 0.90% on the next $250 million; |
|  | 0.75% on the amount in excess of $500 million |
| Invesco Growth and Income | 0.75% first $750 million; |
| T. Rowe Price Capital | 0.70% on the next $1.25 billion; |
| Appreciation, and | 0.65% on the next $1.5 billion; |
| T. Rowe Price Equity Income | 0.60% on the amount in excess of $3.5 billion |

---

The assets of Government Liquid Assets are aggregated with those of Voya Limited Maturity Bond Portfolios, which is not included in this report, to determine the Unified Fee applicable to the Portfolio.

The Investment Adviser is contractually obligated to waive 0.026% and 0.030% of the Unified Fee for Morgan Stanley Global Franchise, and T. Rowe Price Equity Income,

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

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

respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board.

Effective May 1, 2025, the Board approved the expiration of the Unified Fee waiver for Invesco Growth and Income. Prior to May 1, 2025, the Investment Adviser was contractually obligated to waive 0.030% of the Unified Fee for Invesco Growth and Income. Any fees waived or reimbursed were not eligible for recoupment.

The assets of Invesco Growth and Income, T. Rowe Price Capital Appreciation and T. Rowe Price Equity Income are aggregated with those of VY<sup>®</sup> CBRE Real Estate Portfolio, which is not included in this report, to determine the Unified Fee applicable to the respective Portfolios.

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 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** |
| Government Liquid Assets | Voya Investment Management Co. LLC\* |
| CBRE Global Real Estate | CBRE Investment Management Listed Real Assets LLC |
| Invesco Growth and Income | Invesco Advisers, Inc. |
| JPMorgan Emerging Markets Equity | J.P. Morgan Investment Management Inc. |
| Morgan Stanley Global Franchise | Morgan Stanley Investment Management Inc. |
| T. Rowe Price Capital Appreciation | T. Rowe Price Associates, Inc. |
| T. Rowe Price Equity Income | T. Rowe Price Associates, Inc. |

---

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

The Trust has entered into a shareholder service plan (the "Plan") for each Portfolio that offers Class S and Class S2 shares. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S and Class S2 shares. Under the Plan, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S and Class S2 shares, respectively. Each Portfolio that offers Class S2 shares has entered into a distribution plan (the "Class S2 Plan") with the Distributor

on behalf of the Class S2 shares of the Portfolio. The Class S2 Plan provides that the Class S2 shares shall pay a distribution fee for distribution services, including payments to the Distributor at an annual rate of 0.15% of the average daily net assets attributable to Class S2 shares.

Each Portfolio that offers Class ADV shares has a shareholder service and distribution plan. Class ADV shares pay a service fee of 0.25% and a distribution fee of 0.35% of each Portfolio's average daily net assets attributable to Class ADV shares.

The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and Unified Fee, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Liquid Assets in maintaining a yield of not less than zero through May 1, 2026. There is no guarantee that the Portfolio will maintain such a yield. Unified Fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain restrictions. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the Portfolio on that day. Distribution and shareholder servicing fees waived are not subject to recoupment. For the period ended June 30, 2025, there were no amounts waived or reimbursed to assist the Portfolio in maintaining a yield of not less than zero.

Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any. As of June 30, 2025, Government Liquid Assets did not have any amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser.

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

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

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Portfolio** | **Percentage** |
| ReliaStar Life Insurance Company | Invesco Growth and Income | 14.24% |
| Voya Institutional Trust Company | Government Liquid Assets | 69.92 |
|  | CBRE Global Real Estate | 10.99 |
|  | Invesco Growth and Income | 12.95 |
|  | JPMorgan Emerging Markets Equity | 13.55 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | Morgan Stanley Global Franchise | 35.08 |
|  | T. Rowe Price Capital Appreciation | 47.49 |
|  | T. Rowe Price Equity Income | 46.14 |
| Voya Retirement Insurance and | CBRE Global Real Estate | 40.19 |
| &nbsp;&nbsp;&nbsp;Annuity Company | Invesco Growth and Income | 63.85 |
|  | JPMorgan Emerging Markets Equity | 19.39 |
|  | T. Rowe Price Capital Appreciation | 41.59 |
|  | T. Rowe Price Equity Income | 50.76 |

---

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 trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

CBRE Global Real Estate 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 the Portfolio were $83,569.

**NOTE 7 — OTHER TRANSACTIONS**

The Portfolios may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), common sub-adviser and/or common offices or trustees. For the period ended June 30, 2025, the Portfolios did not have any 17a-7 transactions and in-kind transactions.

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the below 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Class<br> ADV** | **Class I** | **Class<br> S** | **Class<br> S2** |
| CBRE Global Real Estate | 1.50% | 0.90% | 1.15% | 1.30% |

---

Pursuant to a side letter agreement through May 1, 2026, the Investment Adviser has lowered the expense limits to the levels listed below for JPMorgan Emerging Markets Equity. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Class<br> ADV** | **Class<br> I** | **Class<br> S** | **Class<br> S2** |
| JPMorgan Emerging Markets Equity | 1.79% | 1.19% | 1.44% | 1.59% |

---

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** |
| CBRE Global Real Estate | $223823 | $104573 | $92088 | $420484 |

---

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

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

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** |
| **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** |
| Class ADV | $6350 | $11343 | $10592 | $28285 |
| Class I | 59038 | 120668 | 115915 | 295621 |
| Class S | 37735 | 66108 | 61080 | 164923 |
| Class S2 | 433 | 727 | 537 | 1697 |

---

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 9 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of

**NOTE 10 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

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:

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| CBRE Global Real Estate | 4 | $6425000 | 5.33% |
| JPMorgan Emerging Markets Equity | 13 | 1644923 | 5.33 |
| T. Rowe Price Equity Income | 1 | 626000 | 5.33 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 179853218 |  | 3775600 | (96894108) |  | 86734710 | 179853218 |  | 3775600 | (96894108) |  | 86734710 |
| 12/31/2024 | 30035323 |  | 3921362 | (26315715) |  | 7640970 | 30035323 |  | 3921362 | (26315715) |  | 7640970 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 45800422 |  | 4745147 | (57374494) |  | (6828925) | 45800422 |  | 4745147 | (57374494) |  | (6828925) |
| 12/31/2024 | 71007378 |  | 12451264 | (112421469) |  | (28962827) | 71007378 |  | 12451264 | (112421469) |  | (28962827) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 136569481 |  | 15371438 | (67573548) |  | 84367371 | 136569481 |  | 15371438 | (67573548) |  | 84367371 |
| 12/31/2024 | 147434425 |  | 33275574 | (104549939) |  | 76160060 | 147434425 |  | 33275574 | (104549939) |  | 76160060 |
| **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |
| 6/30/2025 | 27936 |  |  | (73165) |  | (45229) | 273193 |  |  | (716493) |  | (443300) |
| 12/31/2024 | 47810 |  | 25756 | (171262) |  | (97696) | 473508 |  | 251119 | (1691808) |  | (967181) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 350959 |  |  | (3047821) |  | (2696862) | 3524775 |  |  | (30759782) |  | (27235007) |
| 12/31/2024 | 1206164 |  | 339858 | (1652964) |  | (106942) | 12192702 |  | 3405382 | (16862091) |  | (1264007) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 60796 |  |  | (440478) |  | (379682) | 621935 |  |  | (4433154) |  | (3811219) |
| 12/31/2024 | 340360 |  | 162851 | (1107087) |  | (603876) | 3453110 |  | 1628509 | (11335192) |  | (6253573) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 98 |  |  | (2180) |  | (2082) | 1020 |  |  | (22230) |  | (21210) |
| 12/31/2024 | 9069 |  | 1824 | (34388) |  | (23495) | 90471 |  | 18458 | (372417) |  | (263488) |

---

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |
| 6/30/2025 | 16905 |  |  | (80039) |  | (63134) | 363454 |  |  | (1714999) |  | (1351545) |
| 12/31/2024 | 27408 |  | 84956 | (126933) |  | (14569) | 615296 |  | 1761980 | (2801642) |  | (424366) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 97989 |  |  | (214352) |  | (116363) | 2159463 |  |  | (4687133) |  | (2527670) |
| 12/31/2024 | 157001 |  | 289982 | (233762) |  | 213221 | 3517247 |  | 6092532 | (5217938) |  | 4391841 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 42056 |  |  | (279775) |  | (237719) | 953189 |  |  | (6383744) |  | (5430555) |
| 12/31/2024 | 195870 |  | 1593684 | (11663071) |  | (9873517) | 4534578 |  | 34200462 | (252786253) |  | (214051213) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 4321 |  |  | (14193) |  | (9872) | 96068 |  |  | (302749) |  | (206681) |
| 12/31/2024 | 11815 |  | 117937 | (969806) |  | (840054) | 270640 |  | 2493192 | (20510886) |  | (17747054) |
| **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |
| 6/30/2025 | 76833 |  |  | (284324) |  | (207491) | 895930 |  |  | (3401417) |  | (2505487) |
| 12/31/2024 | 157374 |  | 16353 | (518912) |  | (345185) | 1795986 |  | 196559 | (5973176) |  | (3980631) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 261641 |  |  | (1003949) |  | (742308) | 3694367 |  |  | (13349837) |  | (9655470) |
| 12/31/2024 | 322957 |  | 48020 | (715185) |  | (344208) | 4150973 |  | 645875 | (9148251) |  | (4351403) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 159583 |  |  | (1295779) |  | (1136196) | 2139177 |  |  | (17302910) |  | (15163733) |
| 12/31/2024 | 621718 |  | 109726 | (3102906) |  | (2371462) | 7790977 |  | 1450582 | (39318234) |  | (30076675) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 7833 |  |  | (35763) |  | (27930) | 97269 |  |  | (463481) |  | (366212) |
| 12/31/2024 | 15816 |  | 2342 | (83967) |  | (65809) | 193281 |  | 30232 | (1041910) |  | (818397) |
| **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |
| 6/30/2025 | 52633 |  |  | (710197) |  | (657564) | 747090 |  |  | (10066240) |  | (9319150) |
| 12/31/2024 | 66968 |  | 798128 | (1471568) |  | (606472) | 948251 |  | 10535284 | (20815688) |  | (9332153) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 3944 |  |  | (3756) |  | 188 | 63340 |  |  | (60104) |  | 3236 |
| 12/31/2024 | 7421 |  | 9993 | (51680) |  | (34266) | 119584 |  | 149091 | (820682) |  | (552007) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 172207 |  |  | (1058257) |  | (886050) | 2781980 |  |  | (17045796) |  | (14263816) |
| 12/31/2024 | 188170 |  | 1119019 | (2321646) |  | (1014457) | 3004967 |  | 16796477 | (37224579) |  | (17423135) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 8726 |  |  | (113807) |  | (105081) | 139674 |  |  | (1817336) |  | (1677662) |
| 12/31/2024 | 56786 |  | 177658 | (298504) |  | (64060) | 890211 |  | 2625784 | (4729088) |  | (1213093) |
| **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |
| 6/30/2025 | 818058 |  |  | (2466811) |  | (1648753) | 21961566 |  |  | (65554917) |  | (43593351) |
| 12/31/2024 | 2332424 |  | 2046258 | (2990602) |  | 1388080 | 59974218 |  | 53426721 | (76851431) |  | 36549508 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1697123 |  |  | (3814871) |  | (2117748) | 48431657 |  |  | (109272980) |  | (60841323) |
| 12/31/2024 | 4096185 |  | 2709785 | (5288795) |  | 1517175 | 113052541 |  | 76780124 | (146178169) |  | 43654496 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1763333 |  |  | (1649272) |  | 114061 | 50858386 |  |  | (47152987) |  | 3705399 |
| 12/31/2024 | 4077690 |  | 1001908 | (4333965) |  | 745633 | 114106935 |  | 28410634 | (120686555) |  | 21831014 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 805957 |  |  | (3280181) |  | (2474224) | 23355250 |  |  | (94044904) |  | (70689654) |
| 12/31/2024 | 1205285 |  | 3735021 | (85559599) |  | (80619293) | 33359596 |  | 105205665 | (2368226518) |  | (2229661257) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 31314 |  |  | (30956) |  | 358 | 877780 |  |  | (870011) |  | 7769 |
| 12/31/2024 | 53871 |  | 48201 | (1754902) |  | (1652830) | 1465769 |  | 1328094 | (47715997) |  | (44922134) |
| **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |
| 6/30/2025 | 98542 |  |  | (646889) |  | (548347) | 1023370 |  |  | (6725877) |  | (5702507) |
| 12/31/2024 | 349248 |  | 381680 | (809377) |  | (78449) | 3612641 |  | 3867250 | (8282716) |  | (802825) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 63942 |  |  | (4986158) |  | (4922216) | 690662 |  |  | (54693309) |  | (54002647) |
| 12/31/2024 | 365262 |  | 414868 | (806210) |  | (26080) | 3913635 |  | 4369681 | (8610248) |  | (326932) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 123179 |  |  | (837736) |  | (714557) | 1356668 |  |  | (9243988) |  | (7887320) |

---

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **T. Rowe Price Equity Income (continued)** | **T. Rowe Price Equity Income (continued)** | **T. Rowe Price Equity Income (continued)** | **T. Rowe Price Equity Income (continued)** | **T. Rowe Price Equity Income (continued)** | **T. Rowe Price Equity Income (continued)** | **T. Rowe Price Equity Income (continued)** | **T. Rowe Price Equity Income (continued)** |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 237256 |  | 839391 | (1567917) |  | (491270) | 2603912 |  | 9011238 | (17070250) |  | (5455100) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 15666 |  |  | (486954) |  | (471288) | 164933 |  |  | (5115314) |  | (4950381) |
| 12/31/2024 | 58644 |  | 481557 | (824335) |  | (284134) | 606690 |  | 4961261 | (8633569) |  | (3065618) |

---

**NOTE 11 — 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 event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.

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

**CBRE Global Real Estate**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| BNP Paribas Financial Markets | $2109868 | $(2109868) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Citigroup Global Markets Limited | 1066881 | (1066881) |  |
| Goldman, Sachs & Co. LLC | 1174512 | (1174512) |  |
| HSBC Bank PLC | 583674 | (583674) |  |
| Scotia Capital (USA) INC | 5333 | (5333) |  |
| Total | $4940268 | $(4940268) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $5,200,959 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.

**JPMorgan Emerging Markets Equity**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| BNP Paribas Prime Brokerage Intl Ltd | $26664 | $(26664) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| BNP Paribas Securities Corp. | 1789155 | (1789155) |  |
| TD Prime Services LLC | 2376061 | (2376061) |  |
| Total | $4191880 | $(4191880) | $— |

---

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

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

<sup>(1)</sup> Cash collateral with a fair value of $4,293,235 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 Capital Appreciation**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $26097826 | $(26097826) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | 16034079 | (16034079) |  |
| Citadel Securities LLC | 963234 | (963234) |  |
| Citigroup Global Markets Inc. | 25190019 | (25190019) |  |
| HSBC Bank PLC | 631998 | (631998) |  |
| J.P. Morgan Securities LLC | 13543793 | (13543793) |  |
| Mizuho Securities USA LLC. | 2923237 | (2923237) |  |
| Morgan Stanley & Co. LLC | 19622647 | (19622647) |  |
| National Bank Financial Inc | 496994 | (496994) |  |
| National Bank of Canada Financial Inc | 73118 | (73118) |  |
| National Financial Services LLC | 27572376 | (27572376) |  |
| Natixis Securities America LLC | 17887468 | (17887468) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| State Street Bank and Trust Company | $50303105 | $(50303105) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| TD Prime Services LLC | 367070 | (367070) |  |
| Truist Securities INC | 121801 | (121801) |  |
| UBS AG | 414170 | (414170) |  |
| Wells Fargo Bank NA | 23238608 | (23238608) |  |
| Total | $225481543 | $(225481543) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $231,854,646 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 Equity Income**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| Barclays Capital Inc. | $1193845 | $(1193845) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | 1221862 | (1221862) |  |
| Total | $2415707 | $(2415707) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $2,495,662 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 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, income from passive foreign investment companies (PFICs) and wash sale deferrals.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, 2024** | **Year Ended <br> December 31, 2024** | **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** |
| Government Liquid Assets | $49648200 | $— | $45000362 | $— |
| CBRE Global Real Estate | 5303468 |  | 3380594 | 1867682 |
| Invesco Growth and Income | 5850178 | 38697988 | 6909981 | 25760808 |
| JPMorgan Emerging Markets Equity | 2323248 |  | 5215323 |  |
| Morgan Stanley Global Franchise | 1367795 | 28738841 | 1277279 | 25548938 |
| T. Rowe Price Capital Appreciation | 172204349 | 92946889 | 139288132 | 777167953 |
| T. Rowe Price Equity Income | 7233577 | 14975853 | 6888676 | 18931844 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2024, were:

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
|  | **Undistributed <br> Ordinary**<br>**Income** | **Undistributed <br> Long-term**<br>**Capital Gains** | **Unrealized <br> Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total <br> Distributable**<br>**Earnings/(Loss)** |
| Government Liquid Assets | $10390 | $— | $— | $— |  | $— | $10390 |
| CBRE Global Real Estate | 4065268 |  | 13359452 | (774183) | Short-term |  | 16650537 |
| Invesco Growth and Income | 4952636 | 26883060 | 28647814 |  |  |  | 60483510 |
| JPMorgan Emerging Markets Equity | 2079068 |  | 37088951 | (11571109) | Short-term | (300954) | 25935835 |
|  |  |  |  | (1360121) | Long-term |  |  |
|  |  |  |  | $(12931230) |  |  |  |
| Morgan Stanley Global Franchise | 2270816 | 42426091 | 66744750 |  |  |  | 111441657 |
| T. Rowe Price Capital Appreciation | 212833513 | 780410651 | 559921956 |  |  |  | 1553166120 |
| T. Rowe Price Equity Income | 760059 | 30086952 | 71593194 |  |  |  | 102440205 |

---

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

As of June 30, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — 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

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

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

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 14 — 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 Portfolios' performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 15 — SUBSEQUENT EVENTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Amounts** | | | |
|  | **Net Investment <br> Income** | **Short-term <br> Capital Gains** | **Long-term <br> Capital Gains** | <br>**Payable Date** | <br>**Record Date** |
| **Government Liquid Assets** |  |  |  |  |  |
| Class I | $- | $0.0001 | $- | July 31, 2025 | July 30, 2025 |
| Class S | $- | $0.0001 | $- | July 31, 2025 | July 30, 2025 |
| Class S2 | $- | $0.0001 | $- | July 31, 2025 | July 30, 2025 |
| Class I | $0.0035 | $- | $- | August 1, 2025 | Daily |
| Class S | $0.0033 | $- | $- | August 1, 2025 | Daily |
| Class S2 | $0.0032 | $- | $- | August 1, 2025 | Daily |
| **CBRE Global Real Estate** |  |  |  |  |  |
| Class ADV | $0.2443 | $- | $- | July 15, 2025 | July 14, 2025 |
| Class I | $0.3109 | $- | $- | July 15, 2025 | July 14, 2025 |
| Class S | $0.2811 | $- | $- | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.2514 | $- | $- | July 15, 2025 | July 14, 2025 |
| **Invesco Growth and Income** |  |  |  |  |  |
| Class ADV | $0.6551 | $0.0784 | $4.1631 | July 15, 2025 | July 14, 2025 |
| Class I | $0.8030 | $0.0784 | $4.1631 | July 15, 2025 | July 14, 2025 |
| Class S | $0.6383 | $0.0784 | $4.1631 | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.1157 | $0.0784 | $4.1631 | July 15, 2025 | July 14, 2025 |
| **JPMorgan Emerging Markets Equity** |  |  |  |  |  |
| Class ADV | $0.0666 | $- | $- | July 15, 2025 | July 14, 2025 |
| Class I | $0.1472 | $- | $- | July 15, 2025 | July 14, 2025 |
| Class S | $0.1085 | $- | $- | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.0866 | $- | $- | July 15, 2025 | July 14, 2025 |

---

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

**NOTE 15 — SUBSEQUENT EVENTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morgan Stanley Global Franchise** |  |  |  |  |  |
| Class ADV | $0.0027 | $0.0954 | $2.4404 | July 15, 2025 | July 14, 2025 |
| Class R6 | $0.1020 | $0.0954 | $2.4404 | July 15, 2025 | July 14, 2025 |
| Class S | $0.0559 | $0.0954 | $2.4404 | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.0338 | $0.0954 | $2.4404 | July 15, 2025 | July 14, 2025 |
| **T. Rowe Price Capital Appreciation** |  |  |  |  |  |
| Class ADV | $0.1560 | $0.7597 | $3.3577 | July 15, 2025 | July 14, 2025 |
| Class I | $0.1560 | $0.7597 | $3.3577 | July 15, 2025 | July 14, 2025 |
| Class R6 | $0.1560 | $0.7597 | $3.3577 | July 15, 2025 | July 14, 2025 |
| Class S | $0.1560 | $0.7597 | $3.3577 | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.1560 | $0.7597 | $3.3577 | July 15, 2025 | July 14, 2025 |
| **T. Rowe Price Equity Income** |  |  |  |  |  |
| Class ADV | $0.0016 | $0.0283 | $1.1771 | July 15, 2025 | July 14, 2025 |
| Class I | $0.0016 | $0.0283 | $1.1771 | July 15, 2025 | July 14, 2025 |
| Class S | $0.0016 | $0.0283 | $1.1771 | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.0016 | $0.0283 | $1.1771 | July 15, 2025 | July 14, 2025 |

---

Reorganization: On May 15, 2025, the Board approved a proposal to reorganize T. Rowe Price Equity Income (the "Merging Portfolio") with and into Voya Large Cap Value Fund (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 January 6, 2026. If the shareholder approval is obtained, the Reorganization will take place on or about close of business February 6, 2026.

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 Government Liquid Assets Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | **.** | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. TREASURY DEBT: 49.6%** | **U.S. TREASURY DEBT: 49.6%** | **U.S. TREASURY DEBT: 49.6%** | **U.S. TREASURY DEBT: 49.6%** |
| 24500000 <sup>(1)</sup> | United States Treasury Bill, 4.290%, 09/16/2025 | $24277550 | 1.9 |
| 162000000 <sup>(1)</sup> | United States Treasury Bill, 4.300%, 09/11/2025 | 160619335 | 12.6 |
| 13000000 <sup>(1)</sup> | United States Treasury Bill, 4.310%, 10/21/2025 | 12828718 | 1 |
| 336000000 <sup>(1)</sup> | United States Treasury Bill, 4.320%, 08/07/2025 | 334495400 | 26.3 |
| 90750000 <sup>(1)</sup> | United States Treasury Bill, 4.400%, 08/26/2025 | 90130984 | 7.1 |
| 9000000 <sup>(2)</sup> | United States Treasury Floating Rate Notes, 4.406%, (USBMMY3M + 0.125%), 07/31/2025 | 8999952 | 0.7 |
|  |  | **631351939** | **49.6** |
|  | Total U.S. Treasury Debt <br> (Cost $631,351,939) | **631351939** | **49.6** |
| **U.S. GOVERNMENT AGENCY DEBT: 17.8%** | **U.S. GOVERNMENT AGENCY DEBT: 17.8%** | **U.S. GOVERNMENT AGENCY DEBT: 17.8%** | **U.S. GOVERNMENT AGENCY DEBT: 17.8%** |
| 25000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 4.430%, (SOFRRATE + 0.040%), 04/10/2026 | 24996051 | 2 |
| 4700000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 4.740%, (SOFRRATE + 0.350%), 11/25/2025 | 4705324 | 0.4 |
| 76000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0001, 4.440%, (SOFRRATE + 0.050%), 01/28/2026 | 76000781 | 6 |
| 11750000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0001, 4.455%, (SOFRRATE + 0.065%), 09/05/2025 | 11750000 | 0.9 |
| 5500000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0002, 4.480%, (FEDL01 + 0.150%), 04/24/2026 | 5503688 | 0.4 |
| 11400000 <sup>(2)</sup> | Federal Home Loan Banks, 4.440%, (SOFRRATE + 0.050%), 08/21/2025 | 11400000 | 0.9 |
| 11750000 <sup>(2)</sup> | Federal Home Loan Banks, 4.455%, (SOFRRATE + 0.065%), 09/16/2025 | 11750000 | 0.9 |
| 1500000 | Federal Home Loan Banks, 4.500%, 12/12/2025 | 1501192 | 0.1 |
| 6000000 <sup>(2)</sup> | Federal Home Loan Banks, 4.500%, (SOFRRATE + 0.110%), 04/10/2026 | 6002233 | 0.5 |
| 19000000 <sup>(2)</sup> | Federal Home Loan Banks 0001, 4.550%, (SOFRRATE + 0.160%), 10/20/2025 | 19004969 | 1.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** |
| 47000000 <sup>(2)</sup> | Federal Home Loan Banks 0002, 4.395%, (SOFRRATE + 0.005%), 07/11/2025 | $46999979 | 3.7 |
| 6900000 | Federal Home Loan Mortgage Corp., 0.465%, 09/30/2025 | 6835629 | 0.5 |
|  |  | **226449846** | **17.8** |
|  | Total U.S. Government Agency Debt <br> (Cost $226,449,846) | **226449846** | **17.8** |
| **U.S. TREASURY REPURCHASE AGREEMENTS: 24.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 24.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 24.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 24.4%** |
| 311203000 | Deutsche Bank, Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 $311,240,863 to be received upon repurchase (Collateralized by $356,413,500, various U.S. Treasury Bonds, 1.125-5.375%, Market Value plus accrued interest $317,427,091 due 02/15/2031-8/15/2052) | 311203000 | 24.4 |
|  | Total U.S. Treasury Repurchase Agreements <br> (Cost $311,203,000) | **311203000** | **24.4** |
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **MUTUAL FUNDS: 6.0%** | **MUTUAL FUNDS: 6.0%** | **MUTUAL FUNDS: 6.0%** | **MUTUAL FUNDS: 6.0%** |
|  | **Mutual Funds: 6.0%** | **Mutual Funds: 6.0%** | **Mutual Funds: 6.0%** |
| 18392000 | BlackRock Liquidity Funds, FedFund - Institutional Class, 4.220%, 04/01/2022 | 18392000 | 1.4 |
| 58100000 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230%, 01/02/2024 | 58100000 | 4.6 |
|  |  | **76492000** | **6.0** |
|  | Total Mutual Funds <br> (Cost $76,492,000) | **76492000** | **6.0** |
|  | **Total Investments in Securities <br> (Cost $1,245,496,785)** | $**1245496785** | **97.8** |
|  | **Assets in Excess of Other Liabilities** | **28292513** | **2.2** |
|  | **Net Assets** | $**1273789298** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Government Liquid Assets Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

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

---

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

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

Reference Rate Abbreviations:

SOFRRATE 1-day Secured Overnight Financing Rate

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

See Accompanying Notes to Financial Statements

Voya Government Liquid Assets Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<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 | $76492000 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $76492000 |
| U.S. Government Agency Debt |  | 226449846 |  | 226449846 |
| U.S. Treasury Debt |  | 631351939 |  | 631351939 |
| U.S. Treasury Repurchase Agreements |  | 311203000 |  | 311203000 |
| Total Investments, at fair value | $76492000 | $1169004785 | $— | $1245496785 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **U.S. Treasury**<br>**Repurchase**<br>**Agreements,**<br>**at fair value** | **Fair Value of**<br>**Non-Cash Collateral**<br>**Received Including**<br>**Accrued Interest<sup>(1)</sup>** |<br><br>**Net Amount** |
| Deutsche Bank | $311203000 | $(311203000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Totals | $311203000 | $(311203000) | $— |

---

<sup>(1)</sup> Collateral with a fair value of $317,427,091 has been pledged by the counterparty and received in connection with the above treasury repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

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

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>CBRE Global Real Estate Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** |
|  | **Australia: 5.9%** |  |  |
| 114693 | Charter Hall Group | $1453403 | 1 |
| 170865 | Goodman Group | 3852088 | 2.7 |
| 531530 | Mirvac Group | 771228 | 0.6 |
| 383682 | Scentre Group | 901160 | 0.6 |
| 419688 | Stockland | 1483229 | 1 |
|  |  | **8461108** | **5.9** |
|  | **Belgium: 1.0%** |  |  |
| 6465 | Montea NV | 496941 | 0.3 |
| 9256 | Shurgard Self Storage Ltd. | 404363 | 0.3 |
| 22513 | Warehouses De Pauw CVA | 551507 | 0.4 |
|  |  | **1452811** | **1.0** |
|  | **Canada: 1.6%** |  |  |
| 15203 | Boardwalk Real Estate Investment Trust | 781390 | 0.5 |
| 88956 <sup>(1)</sup> | H&R Real Estate Investment Trust | 697669 | 0.5 |
| 34378 <sup>(1)</sup> | Killam Apartment Real Estate Investment Trust | 495063 | 0.3 |
| 32756 | Primaris Real Estate Investment Trust | 354080 | 0.3 |
|  |  | **2328202** | **1.6** |
|  | **France: 4.2%** |  |  |
| 27523 | Carmila SA | 541313 | 0.4 |
| 55551 <sup>(1)</sup> | Klepierre SA | 2196454 | 1.5 |
| 44589 | Mercialys SA | 560388 | 0.4 |
| 28745 | Unibail-Rodamco-Westfield | 2763196 | 1.9 |
|  |  | **6061351** | **4.2** |
|  | **Germany: 1.8%** |  |  |
| 35113 <sup>(2)</sup> | Grand City Properties SA | 460094 | 0.3 |
| 44004 | TAG Immobilien AG | 784734 | 0.6 |
| 37578 | Vonovia SE | 1332271 | 0.9 |
|  |  | **2577099** | **1.8** |
|  | **Hong Kong: 3.4%** |  |  |
| 206287 | Henderson Land Development Co. Ltd. | 724479 | 0.5 |
| 139200 | Hongkong Land Holdings Ltd. | 803184 | 0.6 |
| 236647 | Link REIT | 1267598 | 0.9 |
| 66269 | Sun Hung Kai Properties Ltd. | 763621 | 0.5 |
| 372253 | Swire Properties Ltd. | 930495 | 0.6 |
| 160445 | Wharf Real Estate Investment Co. Ltd. | 455438 | 0.3 |
|  |  | **4944815** | **3.4** |
|  | **Japan: 9.3%** |  |  |
| 553 | AEON REIT Investment Corp. | 486895 | 0.3 |
| 304 | Daiwa Office Investment Corp. | 674678 | 0.5 |
| 829 <sup>(1)</sup> | Frontier Real Estate Investment Corp. | 472831 | 0.3 |
| 2244 <sup>(1)</sup> | Invincible Investment Corp. | 966333 | 0.7 |
| 1594 | Japan Hotel REIT Investment Corp. | 842397 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 2283 | Japan Metropolitan Fund Invest | $1618115 | 1.1 |
| 587 | LaSalle Logiport REIT | 567349 | 0.4 |
| 292200 | Mitsui Fudosan Co. Ltd. | 2828812 | 2 |
| 2505 | Nippon Prologis REIT, Inc. | 1384751 | 1 |
| 702 | Orix JREIT, Inc. | 915791 | 0.6 |
| 39700 | Sumitomo Realty & Development Co. Ltd. | 1533189 | 1.1 |
| 150355 | Tokyu Fudosan Holdings Corp. | 1074471 | 0.7 |
|  |  | **13365612** | **9.3** |
|  | **Netherlands: 0.7%** |  |  |
| 25995 <sup>(3)</sup> | CTP NV | 547655 | 0.4 |
| 12466 | Eurocommercial Properties NV | 394237 | 0.3 |
|  |  | **941892** | **0.7** |
|  | **Singapore: 3.2%** |  |  |
| 882317 | CapitaLand Ascendas REIT | 1861826 | 1.3 |
| 894200 | CapitaLand Integrated Commercial Trust | 1526913 | 1.1 |
| 655100 | Keppel DC REIT | 1200844 | 0.8 |
|  |  | **4589583** | **3.2** |
|  | **Sweden: 0.4%** |  |  |
| 44851 <sup>(1)</sup> | Castellum AB | **590246** | **0.4** |
|  | **Switzerland: 0.6%** |  |  |
| 4861 | PSP Swiss Property AG, Reg | **897411** | **0.6** |
|  | **United Kingdom: 4.6%** |  |  |
| 58839 | Big Yellow Group PLC | 817953 | 0.6 |
| 152058 | Land Securities Group PLC | 1320744 | 0.9 |
| 615576 | LondonMetric Property PLC | 1718928 | 1.2 |
| 430935 | NewRiver REIT PLC | 436542 | 0.3 |
| 628238 | Tritax Big Box REIT PLC | 1279185 | 0.9 |
| 84083 | UNITE Group PLC | 979963 | 0.7 |
|  |  | **6553315** | **4.6** |
|  | **United States: 62.3%** |  |  |
| 3227 | American Tower Corp. | 713231 | 0.5 |
| 6850 | AvalonBay Communities, Inc. | 1393975 | 1 |
| 84718 | Brixmor Property Group, Inc. | 2206057 | 1.5 |
| 30395 | COPT Defense Properties | 838294 | 0.6 |
| 58622 | Cousins Properties, Inc. | 1760419 | 1.2 |
| 23715 | Digital Realty Trust, Inc. | 4134236 | 2.9 |
| 11922 | EastGroup Properties, Inc. | 1992405 | 1.4 |
| 50295 | Elme Communities | 799690 | 0.6 |
| 8814 | Equinix, Inc. | 7011273 | 4.9 |
| 39174 | Essential Properties Realty Trust, Inc. | 1250042 | 0.9 |
| 28810 | Extra Space Storage, Inc. | 4247746 | 2.9 |
| 44316 | First Industrial Realty Trust, Inc. | 2132929 | 1.5 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>CBRE Global Real Estate Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** |  |  |  |
| 17290 | Getty Realty Corp. | $| 477896 | 0.3 |
| 5136 | Hilton Worldwide Holdings, Inc. |  | 1367922 | 0.9 |
| 69375 | Independence Realty Trust, Inc. |  | 1227244 | 0.9 |
| 94171 | Invitation Homes, Inc. |  | 3088809 | 2.1 |
| 31177 | Iron Mountain, Inc. |  | 3197825 | 2.2 |
| 14391 | Mid-America Apartment Communities, Inc. |  | 2130012 | 1.5 |
| 26275 | Prologis, Inc. |  | 2762028 | 1.9 |
| 14069 | Public Storage |  | 4128126 | 2.9 |
| 115937 | Realty Income Corp. |  | 6679131 | 4.6 |
| 44360 | Regency Centers Corp. |  | 3159763 | 2.2 |
| 46853 | Simon Property Group, Inc. |  | 7532088 | 5.2 |
| 62674 | STAG Industrial, Inc. |  | 2273813 | 1.6 |
| 78177 | Sunstone Hotel Investors, Inc. |  | 678576 | 0.5 |
| 61983 | UDR, Inc. |  | 2530766 | 1.8 |
| 41007 | Urban Edge Properties |  | 765191 | 0.5 |
| 48646 | Ventas, Inc. |  | 3071995 | 2.1 |
| 128584 | VICI Properties, Inc. |  | 4191838 | 2.9 |
| 46128 | Vornado Realty Trust |  | 1763935 | 1.2 |
| 66298 | Welltower, Inc. |  | 10191991 | 7.1 |
|  |  |  | **89699246** | **62.3** |
|  | Total Common Stock<br> (Cost $120,034,822) |  | **142462691** | **99.0** |
|  | Total Long-Term Investments<br> (Cost $120,034,822) |  | **142462691** | **99.0** |
| **Principal Amount†** |  | **Value** | **Value** | **Percentage**<br> **of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 3.8%** | **SHORT-TERM INVESTMENTS: 3.8%** | **SHORT-TERM INVESTMENTS: 3.8%** | **SHORT-TERM INVESTMENTS: 3.8%** | **SHORT-TERM INVESTMENTS: 3.8%** |
|  | **Repurchase Agreements: 3.3%** |  |  |  |
| 1242940 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,243,089, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,267,799, due 06/01/30-02/01/57) |  | 1242940 | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†** | **RA** | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 1094286 <sup>(4)</sup> | CF Secured LLC, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,094,418, collateralized by various U.S. Government Agency Obligations, 3.000%-6.500%, Market Value plus accrued interest $1,116,423, due 05/23/28-12/01/63) | $1094286 | 0.7 |
| 1242940 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,243,089, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $1,267,799, due 08/15/34-06/01/55) | 1242940 | 0.9 |
| 1180793 <sup>(4)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $1,180,938, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,200,859, due 07/15/26-02/15/54) | 1180793 | 0.8 |
|  | Total Repurchase Agreements<br> (Cost $4,760,959) | **4760959** | **3.3** |
|  | **Time Deposits: 0.3%** |  |  |
| 110000 <sup>(4)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 | 110000 | 0.1 |
| 110000 <sup>(4)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | 110000 | 0.1 |
| 110000 <sup>(4)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 110000 | 0.1 |
| 110000 <sup>(4)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 110000 | 0.0 |
|  | Total Time Deposits<br> (Cost $440,000) | **440000** | **0.3** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>CBRE Global Real Estate Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 0.2%** |  |  |
| 296164 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220%<br> (Cost $296,164) | $**296164** | **0.2** |
|  | Total Short-Term Investments<br> (Cost $5,497,123) | $**5497123** | **3.8** |
|  | **Total Investments in Securities<br> (Cost $125,531,945)** | $**147959814** | **102.8** |
|  | **Liabilities in Excess of Other Assets** | **(4098050)** | **(2.8)** |
|  | **Net Assets** | $**143861764** | **100.0** |

---

---

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

---

<sup>(1)</sup> Security, or a portion of the security, is on loan.

<sup>(2)</sup> Non-income producing security.

<sup>(3)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(4)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(5)</sup> Rate shown is the 7-day yield as of June 30, 2025.

---

| | |
|:---|:---|
| **<u>REIT Diversification</u>** | **Percentage<br> of Net Assets** |
| Retail REITs | 23.9% |
| Industrial REITs | 14.5 |
| Specialized REITs | 14.1 |
| Health Care REITs | 9.2 |
| Multi-Family Residential REITs | 6.7 |
| Real Estate Operating Companies | 5 |
| Diversified REITs | 4.9 |
| Diversified Real Estate Activities | 4.3 |
| Office REITs | 4.2 |
| Self-Storage REITs | 3.4 |
| Residential REITs | 2.6 |
| Other Specialized REITs | 2.2 |
| Hotel & Resort REITs | 1.7 |
| Hotels, Resorts & Cruise Lines | 1 |
| Data Center REITs | 0.8 |
| Real Estate Development | 0.5 |
| Assets in Excess of Other Liabilities\* | 1 |
| **Net Assets** | **100.0%** |

---

\* Includes short-term investments.

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>CBRE Global Real Estate Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs#<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $8461108 | $— | $8461108 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 1452811 |  | 1452811 |
| &nbsp;&nbsp;&nbsp;Canada | 2328202 |  |  | 2328202 |
| &nbsp;&nbsp;&nbsp;France |  | 6061351 |  | 6061351 |
| &nbsp;&nbsp;&nbsp;Germany |  | 2577099 |  | 2577099 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 803184 | 4141631 |  | 4944815 |
| &nbsp;&nbsp;&nbsp;Japan |  | 13365612 |  | 13365612 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 941892 |  | 941892 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 4589583 |  | 4589583 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 590246 |  | 590246 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 897411 |  | 897411 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 436542 | 6116773 |  | 6553315 |
| &nbsp;&nbsp;&nbsp;United States | 89699246 |  |  | 89699246 |
| Total Common Stock | 93267174 | 49195517 |  | 142462691 |
| Short-Term Investments | 296164 | 5200959 |  | 5497123 |
| Total Investments, at fair value | $93563338 | $54396476 | $— | $147959814 |

---

<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. |

---

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 | $6391 |
| **Total** | $6391 |

---

**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 | $140 |
| **Total** | $140 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>CBRE Global Real Estate 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 $130,529,682. | Cost for U.S. federal income tax purposes was $130,529,682. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $21785601 |
| Gross Unrealized Depreciation | (4302774) |
| Net Unrealized Appreciation | $17482827 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>Invesco Growth and Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 95.8%** | **COMMON STOCK: 95.8%** | **COMMON STOCK: 95.8%** | **COMMON STOCK: 95.8%** |
|  | **Communication Services: 5.3%** |  |  |
| 11307 | Alphabet, Inc. - Class A | $1992633 | 1.3 |
| 1960 | Meta Platforms, Inc. - Class A | 1446656 | 0.9 |
| 6768 | T-Mobile US, Inc. | 1612544 | 1.1 |
| 24632 | Walt Disney Co. | 3054614 | 2 |
|  |  | **8106447** | **5.3** |
|  | **Consumer Discretionary: 5.7%** |  |  |
| 18012 <sup>(1)</sup> | Amazon.com, Inc. | 3951653 | 2.6 |
| 23125 | General Motors Co. | 1137981 | 0.7 |
| 26112 | NIKE, Inc. - Class B | 1854996 | 1.2 |
| 20406 | Starbucks Corp. | 1869802 | 1.2 |
|  |  | **8814432** | **5.7** |
|  | **Consumer Staples: 6.8%** |  |  |
| 18423 | Philip Morris International, Inc. | 3355381 | 2.2 |
| 11166 | Procter & Gamble Co. | 1778967 | 1.2 |
| 36047 | Sysco Corp. | 2730200 | 1.8 |
| 32905 <sup>(1)</sup> | US Foods Holding Corp. | 2534014 | 1.6 |
|  |  | **10398562** | **6.8** |
|  | **Energy: 7.4%** |  |  |
| 15590 | Chevron Corp. | 2232332 | 1.5 |
| 25069 | ConocoPhillips | 2249692 | 1.5 |
| 23871 | EQT Corp. | 1392157 | 0.9 |
| 20647 | Exxon Mobil Corp. | 2225747 | 1.4 |
| 57755 | Shell PLC | 2015040 | 1.3 |
| 34592 | Suncor Energy, Inc. | 1295787 | 0.8 |
|  |  | **11410755** | **7.4** |
|  | **Financials: 21.4%** |  |  |
| 5999 | Allstate Corp. | 1207659 | 0.8 |
| 23309 | American International Group, Inc. | 1995017 | 1.3 |
| 108793 | Bank of America Corp. | 5148085 | 3.4 |
| 33655 | Charles Schwab Corp. | 3070682 | 2 |
| 55650 | Citizens Financial Group, Inc. | 2490337 | 1.6 |
| 25320 | Fidelity National Information Services, Inc. | 2061301 | 1.3 |
| 13220 <sup>(1)</sup> | Fiserv, Inc. | 2279260 | 1.5 |
| 3004 | Goldman Sachs Group, Inc. | 2126081 | 1.4 |
| 15431 | KKR & Co., Inc. | 2052786 | 1.3 |
| 11407 | PNC Financial Services Group, Inc. | 2126493 | 1.4 |
| 68151 | Wells Fargo & Co. | 5460258 | 3.6 |
| 9111 | Willis Towers Watson PLC | 2792522 | 1.8 |
|  |  | **32810481** | **21.4** |
|  | **Health Care: 12.7%** |  |  |
| 32575 | Bristol-Myers Squibb Co. | 1507897 | 1 |
| 28029 <sup>(1)</sup> | Centene Corp. | 1521414 | 1 |
| 32371 | CVS Health Corp. | 2232952 | 1.5 |
| 2740 | Elevance Health, Inc. | 1065750 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 12433 | GE HealthCare Technologies, Inc. | $920912 | 0.6 |
| 3965 | Humana, Inc. | 969363 | 0.6 |
| 19627 | Johnson & Johnson | 2998024 | 2 |
| 30569 | Medtronic PLC | 2664700 | 1.7 |
| 14323 | Merck & Co., Inc. | 1133809 | 0.7 |
| 39487 | Pfizer, Inc. | 957165 | 0.6 |
| 20597 | Sanofi | 1994078 | 1.3 |
| 5059 | UnitedHealth Group, Inc. | 1578256 | 1 |
|  |  | **19544320** | **12.7** |
|  | **Industrials: 13.3%** |  |  |
| 17696 | Emerson Electric Co. | 2359408 | 1.5 |
| 7258 | FedEx Corp. | 1649816 | 1.1 |
| 9264 | Ferguson Enterprises, Inc. | 2017236 | 1.3 |
| 32997 | Fortive Corp. | 1720134 | 1.1 |
| 27081 | Johnson Controls International PLC | 2860295 | 1.9 |
| 7143 | Norfolk Southern Corp. | 1828394 | 1.2 |
| 4611 | Parker-Hannifin Corp. | 3220645 | 2.1 |
| 14929 | Raytheon Technologies Corp. | 2179932 | 1.4 |
| 15249 | Textron, Inc. | 1224342 | 0.8 |
| 10880 | Vertiv Holdings Co. - Class A | 1397101 | 0.9 |
|  |  | **20457303** | **13.3** |
|  | **Information Technology: 16.0%** |  |  |
| 31373 | Cisco Systems, Inc. | 2176659 | 1.4 |
| 21160 | Cognizant Technology Solutions Corp. - Class A | 1651115 | 1.1 |
| 19078 <sup>(1)</sup> | Coherent Corp. | 1701948 | 1.1 |
| 17330 | Lam Research Corp. | 1686902 | 1.1 |
| 49994 | Microchip Technology, Inc. | 3518078 | 2.3 |
| 7914 | Microsoft Corp. | 3936503 | 2.6 |
| 13114 | NVIDIA Corp. | 2071881 | 1.4 |
| 7759 | NXP Semiconductors NV | 1695264 | 1.1 |
| 9833 | Oracle Corp. | 2149789 | 1.4 |
| 15932 <sup>(1)</sup> | Ralliant Corp. | 772542 | 0.5 |
| 6400 | Salesforce, Inc. | 1745216 | 1.1 |
| 4549 <sup>(1)</sup> | Zebra Technologies Corp. - Class A | 1402730 | 0.9 |
|  |  | **24508627** | **16.0** |
|  | **Materials: 2.5%** |  |  |
| 22070 | Corteva, Inc. | 1644877 | 1.1 |
| 15644 | DuPont de Nemours, Inc. | 1073022 | 0.7 |
| 9609 | PPG Industries, Inc. | 1093024 | 0.7 |
|  |  | **3810923** | **2.5** |
|  | **Real Estate: 1.5%** |  |  |
| 16587 <sup>(1)</sup> | CBRE Group, Inc. - Class A | **2324170** | **1.5** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>Invesco Growth and Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: 3.2%** |  |  |
| 13908 | American Electric Power Co., Inc. | $1443094 | 0.9 |
| 28632 | FirstEnergy Corp. | 1152724 | 0.8 |
| 68194 | PPL Corp. | 2311095 | 1.5 |
|  |  | **4906913** | **3.2** |
|  | Total Common Stock<br> (Cost $115,629,184) | **147092933** | **95.8** |
| **Shares** |  | **Value** | **Percentage**<br> **of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** |
|  | **Mutual Funds: 4.1%** |  |  |
| 6287136 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% (Cost $6,287,136) | $**6287136** | **4.1** |
|  | Total Short-Term Investments<br> (Cost $6,287,136) | **6287136** | **4.1** |
|  | **Total Investments in Securities<br> (Cost $121,916,320)** | $**153380069** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **161740** | **0.1** |
|  | **Net Assets** | $**153541809** | **100.0** |

---

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

<sup>(2)</sup> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>Invesco Growth and Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs#<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $8106447 | $— | $— | $8106447 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 8814432 |  |  | 8814432 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 10398562 |  |  | 10398562 |
| &nbsp;&nbsp;&nbsp;Energy | 9395715 | 2015040 |  | 11410755 |
| &nbsp;&nbsp;&nbsp;Financials | 32810481 |  |  | 32810481 |
| &nbsp;&nbsp;&nbsp;Health Care | 17550242 | 1994078 |  | 19544320 |
| &nbsp;&nbsp;&nbsp;Industrials | 20457303 |  |  | 20457303 |
| &nbsp;&nbsp;&nbsp;Information Technology | 24508627 |  |  | 24508627 |
| &nbsp;&nbsp;&nbsp;Materials | 3810923 |  |  | 3810923 |
| &nbsp;&nbsp;&nbsp;Real Estate | 2324170 |  |  | 2324170 |
| &nbsp;&nbsp;&nbsp;Utilities | 4906913 |  |  | 4906913 |
| Total Common Stock | 143083815 | 4009118 |  | 147092933 |
| Short-Term Investments | 6287136 |  |  | 6287136 |
| Total Investments, at fair value | $149370951 | $4009118 | $— | $153380069 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 6235 |  | 6235 |
| Total Assets | $149370951 | $4015353 | $— | $153386304 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(72190) | $— | $(72190) |
| Total Liabilities | $— | $(72190) | $— | $(72190) |

---

<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 Growth and Income Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| EUR | 68743 | USD | 78850 | State Street Bank and Trust Co. | 07/09/25 | $2168 |
| EUR | 24871 | USD | 28355 | State Street Bank and Trust Co. | 07/09/25 | 957 |
| EUR | 28733 | USD | 33005 | State Street Bank and Trust Co. | 07/09/25 | 858 |
| EUR | 26725 | USD | 30829 | State Street Bank and Trust Co. | 07/09/25 | 668 |
| EUR | 26261 | USD | 30455 | State Street Bank and Trust Co. | 07/09/25 | 495 |
| CAD | 55780 | USD | 40676 | State Street Bank and Trust Co. | 07/09/25 | 302 |
| GBP | 49164 | USD | 67202 | State Street Bank and Trust Co. | 07/09/25 | 286 |
| USD | 49389 | CAD | 66936 | State Street Bank and Trust Co. | 07/09/25 | 215 |
| CAD | 24907 | USD | 18159 | State Street Bank and Trust Co. | 07/09/25 | 138 |
| CAD | 20754 | USD | 15153 | State Street Bank and Trust Co. | 07/09/25 | 94 |
| USD | 31311 | CAD | 42548 | State Street Bank and Trust Co. | 07/09/25 | 54 |
| USD | 23566 | CAD | 32171 | State Street Bank and Trust Co. | 07/09/25 | (68) |
| USD | 22359 | CAD | 30613 | State Street Bank and Trust Co. | 07/09/25 | (130) |
| USD | 20895 | GBP | 15377 | State Street Bank and Trust Co. | 07/09/25 | (212) |
| USD | 41103 | GBP | 30321 | State Street Bank and Trust Co. | 07/09/25 | (519) |
| USD | 21426 | EUR | 18692 | State Street Bank and Trust Co. | 07/09/25 | (604) |
| USD | 22818 | EUR | 19928 | State Street Bank and Trust Co. | 07/09/25 | (669) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>Invesco Growth and Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | 50150 | GBP | 37036 | State Street Bank and Trust Co. | 07/09/25 | $(689) |
| USD | 39053 | GBP | 29022 | State Street Bank and Trust Co. | 07/09/25 | (786) |
| USD | 1431945 | GBP | 1056917 | State Street Bank and Trust Co. | 07/09/25 | (18879) |
| USD | 929891 | CAD | 1272035 | The Bank of New York Mellon | 07/09/25 | (4597) |
| USD | 1629369 | EUR | 1420729 | The Bank of New York Mellon | 07/09/25 | (45037) |
|  |  |  |  |  |  | $(65955) |

---

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:

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $6235 |
| **Total Asset Derivatives** |  | $6235 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $72190 |
| **Total Liability Derivatives** |  | $72190 |

---

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 | $249211 |
| **Total** | $249211 |

---

**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 | $(141983) |
| **Total** | $(141983) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>Invesco Growth and Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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** | **Total** |
| **Assets:** |  |  |  |
| Forward foreign currency contracts | $6235 | $— | $6235 |
| **Total Assets** | $6235 | $— | $6235 |
| **Liabilities:** |  |  |  |
| Forward foreign currency contracts | $22556 | $49634 | $72190 |
| **Total Liabilities** | $22556 | $49634 | $72190 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(16321) | $(49634) | $(65955) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(16321) | $(49634) | $(65955) |

---

<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 $122,491,983. | Cost for U.S. federal income tax purposes was $122,491,983. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $34995615 |
| Gross Unrealized Depreciation | (4137012) |
| Net Unrealized Appreciation | $30858603 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>JPMorgan Emerging Markets Equity Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 99.5%** | **COMMON STOCK: 99.5%** | **COMMON STOCK: 99.5%** | **COMMON STOCK: 99.5%** |
|  | **Argentina: 1.5%** |  |  |
| 49753 <sup>(1)(2)</sup> | Vista Energy SAB de CV, ADR | $2378691 | 0.9 |
| 55031 <sup>(1)(2)</sup> | YPF SA, ADR | 1730725 | 0.6 |
|  |  | **4109416** | **1.5** |
|  | **Brazil: 11.4%** |  |  |
| 233709 | Banco BTG Pactual SA | 1817416 | 0.7 |
| 147016 | Banco do Brasil SA | 599905 | 0.2 |
| 48450 | Embraer SA, ADR | 2757290 | 1 |
| 474889 | Itau Unibanco Holding SA, ADR | 3224496 | 1.2 |
| 3692 <sup>(2)</sup> | MercadoLibre, Inc. | 9649522 | 3.5 |
| 425041 <sup>(2)</sup> | NU Holdings Ltd./Cayman Islands - Class A | 5831563 | 2.1 |
| 280953 | Petroleo Brasileiro SA, ADR | 3242198 | 1.2 |
| 350227 | Telefonica Brasil SA | 1997669 | 0.7 |
| 283654 | WEG SA | 2231391 | 0.8 |
|  |  | **31351450** | **11.4** |
|  | **China: 23.1%** |  |  |
| 56386 <sup>(2)</sup> | Advanced Micro-Fabrication Equipment, Inc. China - Class A | 1435954 | 0.5 |
| 45920 | Alibaba Group Holding Ltd., ADR | 5207787 | 1.9 |
| 54100 | BYD Co. Ltd. - Class A | 2507726 | 0.9 |
| 88600 | Contemporary Amperex Technology Co. Ltd. - Class A | 3123358 | 1.1 |
| 327291 | Full Truck Alliance Co. Ltd., ADR | 3865307 | 1.4 |
| 332569 | Fuyao Glass Industry Group Co. Ltd. - Class A | 2645507 | 1 |
| 67170 | H World Group Ltd., ADR | 2278406 | 0.8 |
| 89007 | KE Holdings, Inc., ADR | 1578984 | 0.6 |
| 230200 <sup>(2)(3)</sup> | Meituan - Class B | 3703007 | 1.4 |
| 444200 | Midea Group Co. Ltd. - Class A | 4477523 | 1.6 |
| 221068 | Montage Technology Co. Ltd. - Class A | 2531824 | 0.9 |
| 50121 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Class A | 1573074 | 0.6 |
| 261600 | Tencent Holdings Ltd. | 16856357 | 6.1 |
| 206630 | Tencent Music Entertainment Group, ADR | 4027219 | 1.5 |
| 60799 | Trip.com Group Ltd., ADR | 3565253 | 1.3 |
| 90418 | Yum China Holdings, Inc. | 4042589 | 1.5 |
|  |  | **63419875** | **23.1** |
|  | **Greece: 0.7%** |  |  |
| 148023 | National Bank of Greece SA | **1887410** | **0.7** |
|  | **Hong Kong: 2.6%** |  |  |
| 480400 | AIA Group Ltd. | 4351676 | 1.6 |
| 252500 | Techtronic Industries Co. Ltd. | 2786080 | 1 |
|  |  | **7137756** | **2.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **India: 14.6%** |  |  |
| 15894 | Apollo Hospitals Enterprise Ltd. | $1342682 | 0.5 |
| 485174 | Bharat Electronics Ltd. | 2386057 | 0.9 |
| 116318 | Bharti Airtel Ltd. | 2726967 | 1 |
| 606760 | Coforge Ltd. | 6626641 | 2.4 |
| 140618 | Dr Reddy's Laboratories Ltd. | 2106649 | 0.7 |
| 36945 <sup>(3)</sup> | HDFC Asset Management Co. Ltd. | 2237595 | 0.8 |
| 135362 | HDFC Bank Ltd. | 3160089 | 1.1 |
| 22167 | Hindustan Aeronautics Ltd. | 1259153 | 0.4 |
| 162621 | ICICI Bank Ltd. | 2748253 | 1 |
| 18486 | Kotak Mahindra Bank Ltd. | 466384 | 0.2 |
| 32793 <sup>(2)</sup> | MakeMyTrip Ltd. | 3214370 | 1.2 |
| 109325 | Max Healthcare Institute Ltd. | 1626617 | 0.6 |
| 628329 | NTPC Ltd. | 2453583 | 0.9 |
| 495175 | Shriram Finance Ltd. | 4083267 | 1.5 |
| 238982 | Tata Motors Ltd. | 1917237 | 0.7 |
| 13674 | UltraTech Cement Ltd. | 1928720 | 0.7 |
|  |  | **40284264** | **14.6** |
|  | **Indonesia: 1.2%** |  |  |
| 5969500 | Bank Central Asia Tbk PT | **3190982** | **1.2** |
|  | **Mexico: 3.1%** |  |  |
| 17631 | Fomento Economico Mexicano SAB de CV - Foreign, ADR | 1815640 | 0.7 |
| 551527 | Grupo Financiero Banorte SAB de CV - Class O | 5061016 | 1.8 |
| 292679 | Grupo Mexico SAB de CV | 1766415 | 0.6 |
|  |  | **8643071** | **3.1** |
|  | **Panama: 1.0%** |  |  |
| 24982 | Copa Holdings SA - Class A | **2747271** | **1.0** |
|  | **Portugal: 1.2%** |  |  |
| 128790 | Jeronimo Martins SGPS SA | **3260700** | **1.2** |
|  | **Saudi Arabia: 0.7%** |  |  |
| 71714 | Al Rajhi Bank | **1808832** | **0.7** |
|  | **Singapore: 2.1%** |  |  |
| 564268 <sup>(2)</sup> | Grab Holdings Ltd. - Class A | 2838268 | 1 |
| 19126 <sup>(2)</sup> | Sea Ltd., ADR | 3059012 | 1.1 |
|  |  | **5897280** | **2.1** |
|  | **South Africa: 2.1%** |  |  |
| 108821 | Bid Corp. Ltd. | 2873188 | 1 |
| 14723 | Capitec Bank Holdings Ltd. | 2943803 | 1.1 |
|  |  | **5816991** | **2.1** |
|  | **South Korea: 9.6%** |  |  |
| 11269 | Hanwha Aerospace Co. Ltd. | 7071605 | 2.6 |
| 14457 <sup>(2)</sup> | Hanwha Industrial Solutions Co. Ltd./ New | 536123 | 0.2 |
| 28518 | Kia Corp. | 2040589 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>JPMorgan Emerging Markets Equity Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **South Korea (continued)** |  |  |  |
| 79180 | Samsung Electronics Co. Ltd. | $| 3501468 | 1.3 |
| 62030 | SK Hynix, Inc. |  | 13366324 | 4.8 |
|  |  |  | **26516109** | **9.6** |
|  | **Spain: 2.2%** |  |  |  |
| 394708 | Banco Bilbao Vizcaya Argentaria SA |  | **6077837** | **2.2** |
|  | **Taiwan: 16.8%** |  |  |  |
| 343000 | ASE Technology Holding Co. Ltd. |  | 1720756 | 0.6 |
| 221000 | Delta Electronics, Inc. |  | 3127360 | 1.1 |
| 73000 | MediaTek, Inc. |  | 3127952 | 1.2 |
| 923223 | Taiwan Semiconductor Manufacturing Co. Ltd. |  | 33761669 | 12.3 |
| 51000 | Wiwynn Corp. |  | 4428582 | 1.6 |
|  |  |  | **46166319** | **16.8** |
|  | **Turkey: 3.7%** |  |  |  |
| 1237136 | Aselsan Elektronik Sanayi Ve Ticaret AS |  | 4684891 | 1.7 |
| 218618 | BIM Birlesik Magazalar AS |  | 2716408 | 1 |
| 500337 | Turkiye Garanti Bankasi AS |  | 1697968 | 0.6 |
| 1327651 <sup>(2)</sup> | Yapi ve Kredi Bankasi AS |  | 1057453 | 0.4 |
|  |  |  | **10156720** | **3.7** |
|  | **United States: 1.9%** |  |  |  |
| 44015 <sup>(2)</sup> | ExlService Holdings, Inc. |  | 1927417 | 0.7 |
| 13003 <sup>(2)</sup> | Globant SA |  | 1181193 | 0.4 |
| 2814 | Monolithic Power Systems, Inc. |  | 2058103 | 0.8 |
|  |  |  | **5166713** | **1.9** |
|  | Total Common Stock<br> (Cost $199,314,568) |  | **273638996** | **99.5** |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |
|  | **South Korea: 0.0%** |  |  |  |
| 815 <sup>(2)</sup> | Hanwha Aerospace Co. Ltd. |  | 99079 | 0 |
|  | Total Rights<br> (Cost $–) |  | **99079** | **0.0** |
|  | Total Long-Term Investments<br> (Cost $199,314,568) |  | **273738075** | **99.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** |
|  | **Repurchase Agreements: 1.6%** |  |  |
| 1025994 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,026,117, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,046,514, due 06/01/30-02/01/57) | $1025994 | 0.4 |
| 1025994 <sup>(4)</sup> | CF Secured LLC, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,026,117, collateralized by various U.S. Government Agency Obligations, 3.000%-6.500%, Market Value plus accrued interest $1,046,749, due 05/23/28-12/01/63) | 1025994 | 0.4 |
| 1025994 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,026,117, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $1,046,514, due 08/15/34-06/01/55) | 1025994 | 0.4 |
| 215253 <sup>(4)</sup> | Deutsche Bank Securities Inc., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $215,279, collateralized by various U.S. Government Securities, 1.875%-4.250%, Market Value plus accrued interest $219,558, due 11/15/40-02/15/51) | 215253 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>JPMorgan Emerging Markets Equity Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 1000000 <sup>(4)</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 | 0.3 |
|  | Total Repurchase Agreements<br> (Cost $4,293,235) | **4293235** | **1.6** |
| **Shares** |  | **Value** | **Percentage**<br> **of Net<br> Assets** |
|  | **Mutual Funds: 0.4%** |  |  |
| 1264821 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% (Cost $1,264,821) | $**1264821** | **0.4** |
|  | Total Short-Term Investments<br> (Cost $5,558,056) | **5558056** | **2.0** |
|  | **Total Investments in Securities<br> (Cost $204,872,624)** | $**279296131** | **101.5** |
|  | **Liabilities in Excess of Other Assets** | **(4211901)** | **(1.5)** |
|  | **Net Assets** | $**275084230** | **100.0** |

---

ADR American Depositary Receipt

---

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

---

<sup>(1)</sup> Security, or a portion of the security, is on loan.

<sup>(2)</sup> Non-income producing security.

<sup>(3)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(4)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(5)</sup> Rate shown is the 7-day yield as of June 30, 2025.

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage<br> of Net Assets** |
| Information Technology | 25.5% |
| Financials | 21.4 |
| Consumer Discretionary | 16.5 |
| Industrials | 13.9 |
| Communication Services | 10.4 |
| Consumer Staples | 3.9 |
| Energy | 2.7 |
| Health Care | 2.4 |
| Materials | 1.3 |
| Utilities | 0.9 |
| Real Estate | 0.6 |
| Short-Term Investments | 2.0 |
| Liabilities in Excess of Other Assets | (1.5) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>JPMorgan Emerging Markets Equity Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs#<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $4109416 | $— | $— | $4109416 |
| &nbsp;&nbsp;&nbsp;Brazil | 31351450 |  |  | 31351450 |
| &nbsp;&nbsp;&nbsp;China | 24565545 | 38854330 |  | 63419875 |
| &nbsp;&nbsp;&nbsp;Greece |  | 1887410 |  | 1887410 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 7137756 |  | 7137756 |
| &nbsp;&nbsp;&nbsp;India | 4840987 | 35443277 |  | 40284264 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 3190982 |  | 3190982 |
| &nbsp;&nbsp;&nbsp;Mexico | 8643071 |  |  | 8643071 |
| &nbsp;&nbsp;&nbsp;Panama | 2747271 |  |  | 2747271 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 3260700 |  | 3260700 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 1808832 |  | 1808832 |
| &nbsp;&nbsp;&nbsp;Singapore | 5897280 |  |  | 5897280 |
| &nbsp;&nbsp;&nbsp;South Africa | 2873188 | 2943803 |  | 5816991 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 26516109 |  | 26516109 |
| &nbsp;&nbsp;&nbsp;Spain |  | 6077837 |  | 6077837 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 46166319 |  | 46166319 |
| &nbsp;&nbsp;&nbsp;Turkey | 2716408 | 7440312 |  | 10156720 |
| &nbsp;&nbsp;&nbsp;United States | 5166713 |  |  | 5166713 |
| Total Common Stock | 92911329 | 180727667 |  | 273638996 |
| Rights |  | 99079 |  | 99079 |
| Short-Term Investments | 1264821 | 4293235 |  | 5558056 |
| Total Investments, at fair value | $94176150 | $185119981 | $— | $279296131 |

---

<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, 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 $208,229,523. | Cost for U.S. federal income tax purposes was $208,229,523. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $80579415 |
| Gross Unrealized Depreciation | (8422627) |
| Net Unrealized Appreciation | $72156788 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>Morgan Stanley Global Franchise Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** |
|  | **France: 6.2%** |  |  |
| 30504 | L'Oreal SA | $13066534 | 4.7 |
| 8265 | LVMH Moet Hennessy Louis Vuitton SE | 4325748 | 1.5 |
|  |  | **17392282** | **6.2** |
|  | **Germany: 7.9%** |  |  |
| 72003 | SAP SE | **22017103** | **7.9** |
|  | **Ireland: 3.5%** |  |  |
| 32308 | Accenture PLC - Class A | **9656538** | **3.5** |
|  | **United Kingdom: 3.5%** |  |  |
| 37746 | RELX PLC - EUR | 2039750 | 0.7 |
| 144113 | RELX PLC - GBP | 7810567 | 2.8 |
|  |  | **9850317** | **3.5** |
|  | **United States: 77.1%** |  |  |
| 46226 | Abbott Laboratories | 6287198 | 2.2 |
| 56949 | Alphabet, Inc. - Class A | 10036122 | 3.6 |
| 32695 | Aon PLC - Class A | 11664268 | 4.2 |
| 25780 | Arthur J Gallagher & Co. | 8252694 | 3.0 |
| 24755 | Automatic Data Processing, Inc. | 7634442 | 2.7 |
| 1068 <sup>(1)</sup> | AutoZone, Inc. | 3964662 | 1.4 |
| 1746 | Booking Holdings, Inc. | 10108013 | 3.6 |
| 17702 | Broadridge Financial Solutions, Inc. | 4302117 | 1.5 |
| 19575 | CDW Corp. | 3495899 | 1.2 |
| 24376 | CME Group, Inc. | 6718513 | 2.4 |
| 145464 | Coca-Cola Co. | 10291578 | 3.7 |
| 12074 | Equifax, Inc. | 3131633 | 1.1 |
| 84205 | Experian PLC | 4342124 | 1.6 |
| 8896 | FactSet Research Systems, Inc. | 3979003 | 1.4 |
| 1618379 | Haleon PLC | 8317847 | 3.0 |
| 47112 | Intercontinental Exchange, Inc. | 8643639 | 3.1 |
| 18230 | Jack Henry & Associates, Inc. | 3284499 | 1.2 |
| 53484 | Microsoft Corp. | 26603477 | 9.5 |
| 18230 | Oracle Corp. | 3985625 | 1.4 |
| 58316 | Otis Worldwide Corp. | 5774450 | 2.1 |
| 21956 | Philip Morris International, Inc. | 3998846 | 1.4 |
| 51671 | Procter & Gamble Co. | 8232224 | 2.9 |
| 15293 | Roper Technologies, Inc. | 8668684 | 3.1 |
| 15641 | S&P Global, Inc. | 8247343 | 3.0 |
| 16222 | STERIS PLC | 3896849 | 1.4 |
| 17583 | Thermo Fisher Scientific, Inc. | 7129203 | 2.6 |
| 50107 | Visa, Inc. - Class A | 17790490 | 6.4 |
| 42852 | Zoetis, Inc. | 6682769 | 2.4 |
|  |  | **215464211** | **77.1** |
|  | Total Common Stock<br> (Cost $191,924,105) | **274380451** | **98.2** |
|  | Total Long-Term Investments<br> (Cost $191,924,105) | **274380451** | **98.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** |
|  | **Mutual Funds: 1.3%** |  |  |
| 3538051 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220%<br> (Cost $3,538,051) | $**3538051** | **1.3** |
|  | Total Short-Term Investments<br> (Cost $3,538,051) | $**3538051** | **1.3** |
|  | **Total Investments in Securities<br> (Cost $195,462,156)** | $**277918502** | **99.5** |
|  | **Assets in Excess of Other Liabilities** | **1495783** | **0.5** |
|  | **Net Assets** | $**279414285** | **100.0** |

---

<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 | 26.6% |
| Financials | 24.6 |
| Consumer Staples | 12.7 |
| Industrials | 12.5 |
| Health Care | 11.6 |
| Consumer Discretionary | 6.6 |
| Communication Services | 3.6 |
| Short-Term Investments | 1.3 |
| Assets in Excess of Other Liabilities | 0.5 |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>Morgan Stanley Global Franchise Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs#<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;France | $— | $17392282 | $— | $17392282 |
| &nbsp;&nbsp;&nbsp;Germany |  | 22017103 |  | 22017103 |
| &nbsp;&nbsp;&nbsp;Ireland | 9656538 |  |  | 9656538 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 9850317 |  | 9850317 |
| &nbsp;&nbsp;&nbsp;United States | 202804240 | 12659971 |  | 215464211 |
| Total Common Stock | 212460778 | 61919673 |  | 274380451 |
| Short-Term Investments | 3538051 |  |  | 3538051 |
| Total Investments, at fair value | $215998829 | $61919673 | $— | $277918502 |

---

<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, 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 $196,960,541. | Cost for U.S. federal income tax purposes was $196,960,541. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $85380317 |
| Gross Unrealized Depreciation | (3322757) |
| Net Unrealized Appreciation | $82057560 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 60.1%** | **COMMON STOCK: 60.1%** | **COMMON STOCK: 60.1%** | **COMMON STOCK: 60.1%** |
|  | **Common Stock: 0.1%** |  |  |
| 155828 <sup>(1)</sup> | Ralliant Corp. | $7556099 | 0.1 |
|  | **Communication Services: 3.4%** |  |  |
| 572955 | Alphabet, Inc. - Class A | 100971860 | 1.5 |
| 171740 | Meta Platforms, Inc. - Class A | 126759576 | 1.9 |
|  |  | **227731436** | **3.4** |
|  | **Consumer Discretionary: 6.3%** |  |  |
| 1314498 <sup>(1)(2)</sup> | Amazon.com, Inc. | 288387716 | 4.2 |
| 147794 <sup>(2)</sup> | Hilton Worldwide Holdings, Inc. | 39363454 | 0.6 |
| 683983 <sup>(2)(3)</sup> | Starbucks Corp. | 62673362 | 0.9 |
| 276000 | Yum! Brands, Inc. | 40897680 | 0.6 |
|  |  | **431322212** | **6.3** |
|  | **Consumer Staples: 0.2%** |  |  |
| 175500 | Keurig Dr Pepper, Inc. | 5802030 | 0.1 |
| 77200 | PepsiCo, Inc. | 10193488 | 0.1 |
|  |  | **15995518** | **0.2** |
|  | **Energy: 1.5%** |  |  |
| 3150577 | Canadian Natural Resources Ltd. | 98928118 | 1.5 |
|  | **Financials: 1.4%** |  |  |
| 19700 | Aon PLC - Class A | 7028172 | 0.1 |
| 10500 | Cboe Global Markets, Inc. | 2448705 | 0.0 |
| 33700 | CME Group, Inc. | 9288394 | 0.1 |
| 39026 | Intercontinental Exchange, Inc. | 7160100 | 0.1 |
| 69206 | KKR & Co., Inc. | 9206474 | 0.1 |
| 20500 | Marsh & McLennan Cos., Inc. | 4482120 | 0.1 |
| 78436 | Morgan Stanley | 11048495 | 0.2 |
| 150513 | Willis Towers Watson PLC | 46132235 | 0.7 |
|  |  | **96794695** | **1.4** |
|  | **Health Care: 11.9%** |  |  |
| 530393 | Abbott Laboratories | 72138752 | 1.1 |
| 80600 | AbbVie, Inc. | 14960972 | 0.2 |
| 60426 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | 19704314 | 0.3 |
| 37400 | AmerisourceBergen Corp. | 11214390 | 0.2 |
| 29805 <sup>(1)</sup> | Ascendis Pharma A/S, ADR | 5144343 | 0.1 |
| 715883 <sup>(1)</sup> | Avantor, Inc. | 9635785 | 0.1 |
| 1071776 | Becton Dickinson and Co. | 184613416 | 2.7 |
| 13248 <sup>(1)(2)</sup> | Biogen, Inc. | 1663816 | 0.0 |
| 94403 <sup>(1)</sup> | BioNTech SE, ADR | 10051087 | 0.1 |
| 52822 | Cardinal Health, Inc. | 8874096 | 0.1 |
| 87900 | Cigna Group | 29057982 | 0.4 |
| 246522 <sup>(1)(3)</sup> | Cytokinetics, Inc. | 8145087 | 0.1 |
| 433985 | Danaher Corp. | 85729397 | 1.3 |
| 62602 | Eli Lilly & Co. | 48800137 | 0.7 |
| 73600 | GE Healthcare, Inc. | 5451552 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 334691 <sup>(1)</sup> | Hologic, Inc. | $21808466 | 0.3 |
| 42800 | Johnson & Johnson | 6537700 | 0.1 |
| 117605 | McKesson Corp. | 86178592 | 1.3 |
| 1453454 <sup>(3)</sup> | Revvity, Inc. | 140578071 | 2.1 |
| 139238 | UnitedHealth Group, Inc. | 43438079 | 0.6 |
|  |  | **813726034** | **11.9** |
|  | **Industrials: 4.0%** |  |  |
| 13247296 <sup>(1)(3)</sup> | Aurora Innovation, Inc. | 69415831 | 1 |
| 172361 | Ferguson Enterprises, Inc. | 37531608 | 0.6 |
| 478131 | Fortive Corp. | 24924969 | 0.4 |
| 439447 <sup>(3)</sup> | Ingersoll Rand, Inc. | 36553202 | 0.5 |
| 10600 | L3Harris Technologies, Inc. | 2658904 | 0 |
| 21100 | Lockheed Martin Corp. | 9772254 | 0.1 |
| 22500 | Northrop Grumman Corp. | 11249550 | 0.2 |
| 279644 | RTX Corp. | 40833617 | 0.6 |
| 296771 | Veralto Corp. | 29959032 | 0.4 |
| 45700 | Waste Management, Inc. | 10457074 | 0.2 |
|  |  | **273356041** | **4.0** |
|  | **Information Technology: 25.3%** |  |  |
| 839896 <sup>(1)(2)</sup> | Advanced Micro Devices, Inc. | 119181242 | 1.7 |
| 1048239 | Amphenol Corp. - Class A | 103513601 | 1.5 |
| 106900 | Analog Devices, Inc. | 25444338 | 0.4 |
| 2499 <sup>(1)</sup> | ANSYS, Inc. | 877699 | 0 |
| 443837 | Apple, Inc. | 91062037 | 1.3 |
| 21376 | ASML Holding NV | 17130513 | 0.3 |
| 219943 <sup>(1)</sup> | Autodesk, Inc. | 68087755 | 1 |
| 91874 | Intuit, Inc. | 72362719 | 1.1 |
| 48601 <sup>(2)</sup> | Mastercard, Inc. - Class A | 27310846 | 0.4 |
| 906768 | Microsoft Corp. | 451035471 | 6.6 |
| 1532751 | NVIDIA Corp. | 242159330 | 3.5 |
| 890602 <sup>(1)(2)</sup> | PTC, Inc. | 153486349 | 2.3 |
| 322247 | Roper Technologies, Inc. | 182662489 | 2.7 |
| 131374 | Salesforce, Inc. | 35824376 | 0.5 |
| 19479 <sup>(1)(2)</sup> | Teledyne Technologies, Inc. | 9979286 | 0.1 |
| 110721 <sup>(2)</sup> | Visa, Inc. - Class A | 39311491 | 0.6 |
| 357297 <sup>(1)(2)</sup> | Workday, Inc. - Class A | 85751280 | 1.3 |
|  |  | **1725180822** | **25.3** |
|  | **Materials: 0.5%** |  |  |
| 126200 | Vulcan Materials Co. | 32915484 | 0.5 |
|  | **Real Estate: 0.2%** |  |  |
| 35000 | American Tower Corp. | 7735700 | 0.1 |
| 20200 | SBA Communications Corp. | 4743768 | 0.1 |
|  |  | **12479468** | **0.2** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: 5.3%** |  |  |  |
| 33200 | Alliant Energy Corp. | $| 2007604 | 0.0 |
| 924702 | Ameren Corp. |  | 88808380 | 1.3 |
| 49000 | American Electric Power Co., Inc. |  | 5084240 | 0.1 |
| 3136521 <sup>(3)</sup> | CenterPoint Energy, Inc. |  | 115235782 | 1.7 |
| 230500 | DTE Energy Co. |  | 30532030 | 0.4 |
| 28400 | Duke Energy Corp. |  | 3351200 | 0.0 |
| 140300 | Exelon Corp. |  | 6091826 | 0.1 |
| 2648059 | NiSource, Inc. |  | 106822700 | 1.6 |
| 45600 | WEC Energy Group, Inc. |  | 4751520 | 0.1 |
|  |  |  | **362685282** | **5.3** |
|  | Total Common Stock <br> (Cost $3,480,785,842) |  | **4098671209** | **60.1** |
| **PREFERRED STOCK: 0.6%** | **PREFERRED STOCK: 0.6%** | **PREFERRED STOCK: 0.6%** | **PREFERRED STOCK: 0.6%** | **PREFERRED STOCK: 0.6%** |
|  | **Consumer Discretionary: 0.6%** |  |  |  |
| 413251 <sup>(4)(5)</sup> | Waymo LLC., Series A-2 |  | 43783943 | 0.6 |
|  | **Utilities: 0.0%** |  |  |  |
| 66060 <sup>(6)</sup> | CMS Energy Corp. 10/15/2078 |  | 1455302 | 0.0 |
|  | Total Preferred Stock <br> (Cost $37,136,206) |  | **45239245** | **0.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. TREASURY OBLIGATIONS: 14.1%** | **U.S. TREASURY OBLIGATIONS: 14.1%** | **U.S. TREASURY OBLIGATIONS: 14.1%** | **U.S. TREASURY OBLIGATIONS: 14.1%** |
|  | **United States Treasury Notes: 14.1%** |  |  |
| 222443000 | 3.875%, 04/30/2030 | 223364052 | 3.3 |
| 27830000 | 3.875%, 06/30/2030 | 27937624 | 0.4 |
| 289997000 | 4.000%, 02/28/2030 | 292885643 | 4.3 |
| 167301000 | 4.000%, 03/31/2030 | 168895588 | 2.5 |
| 245661000 | 4.000%, 05/31/2030 | 248079225 | 3.6 |
|  |  | **961162132** | **14.1** |
|  | Total U.S. Treasury Obligations <br> (Cost $951,889,320) | **961162132** | **14.1** |
| **BANK LOANS: 9.2%** | **BANK LOANS: 9.2%** | **BANK LOANS: 9.2%** | **BANK LOANS: 9.2%** |
|  | **Consumer, Cyclical: 0.8%** |  |  |
| 962033 | Four Seasons Holdings Inc., 2024-2 Repricing Term Loan (First Lien), 6.077%, (TSFR1M+1.750%), 11/30/2029 | 969549 | 0.0 |
| 21770713 | Hilton Worldwide, Series B-4 Term Loan, 6.069%, (TSFR1M+1.750%), 11/08/2030 | 21861866 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 9913016 | IRB Holding Corp., 2024 Second Replacement Term B Loan, 6.827%, (TSFR1M+3.500%), 12/15/2027 | $9924030 | 0.1 |
| 19834290 | Varsity Brands LLC, 2025 Replacement Term Loan, 7.830%, (TSFR3M+3.500%), 08/26/2031 | 19842561 | 0.3 |
| 3745459 | Wyndham Hotels & Resort, 2024 Term B Loan, 6.077%, (TSFR1M+1.750%), 05/24/2030 | 3765591 | 0.1 |
|  |  | **56363597** | **0.8** |
|  | **Consumer, Non-cyclical: 0.6%** |  |  |
| 972968 | ADMI Corp., Amendment No. 4 Refinancing Term Loan, 7.816%, (TSFR1M+3.375%), 12/23/2027 | 923103 | 0.0 |
| 4281138 | ADMI Corp., Amendment No. 5 Incremental Term Loan, 8.191%, (TSFR1M+3.750%), 12/23/2027 | 4101865 | 0.1 |
| 31353651 | Loire UK Midco 3 Limited, Facility B3 (USD), 8.327%, (TSFR1M+4.000%), 01/21/2030 | 31490824 | 0.5 |
| 3217453 | Mister Car Wash Holdings, Inc., 2024 Term Loan, 6.827%, (TSFR1M+2.500%), 03/27/2031 | 3228009 | 0.0 |
| 1499207 | Trans Union LLC, 2019 Replacement Term B-5 Loan, 6.177%, (TSFR1M+1.750%), 11/16/2026 | 1502392 | 0.0 |
|  |  | **41246193** | **0.6** |
|  | **Financial: 3.4%** |  |  |
| 45531689 | AmWINS Group, Inc., Initial Term Loan, 6.577%, (TSFR1M+2.250%), 01/30/2032 | 45602809 | 0.7 |
| 35618718 | Broadstreet Partners, Inc., 2024 Term B Loan, 0.073%, (TSFR1M+3.000%), 06/13/2031 | 35703312 | 0.5 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Financial: (continued)** |  |  |
| 16547000 | CPI Holdco B, LLC, First Amendment Incremental Term Loan, 6.577%, (TSFR1M+2.250%), 05/17/2031 | $16544419 | 0.2 |
| 87930459 | Hub International Limited, 2025 Incremental Term Loan, 6.769%, (TSFR3M+2.500%), 06/20/2030 | 88270223 | 1.3 |
| 4111228 | Mariner Wealth Advisers LLC, Initial Term Loan, 6.799%, (TSFR3M+2.500%), 08/18/2028 | 4116366 | 0.1 |
| 5730000 <sup>(7)</sup> | Mariner Wealth Advisers LLC, Term Loan B (First Lien), 12/22/2030 | 5755069 | 0.1 |
| 17007057 | USI, Inc., 2024-C Term Loan, 6.546%, (TSFR3M+2.250%), 09/29/2030 | 16984914 | 0.3 |
| 16936682 | USI, Inc., 2024-D Term Loan, 6.546%, (TSFR3M+2.250%), 11/21/2029 | 16924335 | 0.2 |
|  |  | **229901447** | **3.4** |
|  | **Health Care: 0.3%** |  |  |
| 60637 | Avantor Funding, Inc., Incremental B-6 Dollar Term Loan, 6.427%, (TSFR1M+2.000%), 11/08/2027 | 60864 | 0.0 |
| 16612565 | Icon Parent Inc, Initial Term Loan (First Lien), 7.308%, (TSFR3M+3.000%), 11/13/2031 | 16649943 | 0.2 |
| 5813100 | Icon Parent Inc, Initial Term Loan (Second Lien), 9.205%, (TSFR6M+5.000%), 11/12/2032 | 5880311 | 0.1 |
|  |  | **22591118** | **0.3** |
|  | **Industrial: 1.4%** |  |  |
| 34204344 | Filtration Group Corporation, 2025 Incremental Dollar Term Loan, 7.327%, (TSFR1M+3.000%), 10/21/2028 | 34378923 | 0.5 |
| 11350245 | Filtration Group Corporation, 2025 Incremental Euro Term Loan, 5.429%, (EUR001M+3.500%), 10/21/2028 | 13294853 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 14617948 | SBA Senior Finance II LLC, Initial Term Loan (2024), 6.080%, (TSFR1M+1.750%), 01/25/2031 | $14657110 | 0.2 |
| 10930036 | TransDigm Inc., Tranche I Term Loan, 7.046%, (TSFR3M+2.750%), 08/24/2028 | 10978161 | 0.2 |
| 18706610 | TransDigm Inc., Tranche K Term Loan, 7.046%, (TSFR3M+2.750%), 03/22/2030 | 18793465 | 0.3 |
|  |  | **92102512** | **1.4** |
|  | **Technology: 2.7%** |  |  |
| 11945002 | Applied Systems, Inc., Initial Term Loan (2024) (Second Lien), 8.796%, (TSFR3M+4.500%), 02/23/2032 | 12282819 | 0.2 |
| 66619074 | Applied Systems, Inc., Tranche B-1 Term Loan (First Lien), 6.796%, (TSFR3M+2.500%), 02/24/2031 | 67003399 | 1 |
| 5984000 <sup>(7)</sup> | Ascend Learning, LLC, Amendment No. 5 Incremental Term Loan, 12/11/2028 | 5990235 | 0.1 |
| 9679740 | athenahealth Group Inc., Initial Term Loan, 7.077%, (TSFR1M+2.750%), 02/15/2029 | 9666430 | 0.1 |
| 15735095 | Azalea TopCo, Inc., Initial Term Loan (First Lien), 7.577%, (TSFR1M+3.250%), 04/30/2031 | 15779342 | 0.2 |
| 5763135 | CCC Intelligent Solutions Inc., Initial Term Loan, 6.327%, (TSFR1M+2.000%), 01/23/2032 | 5774662 | 0.1 |
| 3445000 <sup>(7)</sup> | CPI Holdco B, LLC, Term Loan B (First Lien), 05/19/2031 | 3444463 | 0 |
| 14634661 | Epicor Software Corporation (fka Eagle Parent Inc.), Term E Loan, 7.077%, (TSFR1M+2.750%), 05/30/2031 | 14684463 | 0.2 |
| 6152960 | Informatica Corp., Term B Loan, 6.577%, (TSFR1M+2.250%), 10/27/2028 | 6181805 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Technology: (continued)** |  |  |  |
| 4907367 | Quartz AcquireCo, LLC, Term B-2 Loan, 6.546%, (TSFR3M+2.250%), 06/28/2030 | $| 4925769 | 0.1 |
| 10752053 | Sophia, L.P., Initial Term Loan (First Lien), 7.327%, (TSFR1M+3.000%), 10/09/2029 |  | 10797975 | 0.2 |
| 13700957 | Storable, Inc., Initial Term Loan (First Lien), 7.577%, (TSFR1M+3.250%), 04/16/2031 |  | 13709520 | 0.2 |
| 16844721 | UKG Inc., 2024 Refinancing Term Loan (First Lien), 7.311%, (TSFR3M+3.000%), 02/10/2031 |  | 16921920 | 0.2 |
|  |  |  | **187162802** | **2.7** |
|  | Total Bank Loans <br> (Cost $625,809,944) |  | **629367669** | **9.2** |
| **CORPORATE BONDS/NOTES: 7.2%** | **CORPORATE BONDS/NOTES: 7.2%** | **CORPORATE BONDS/NOTES: 7.2%** | **CORPORATE BONDS/NOTES: 7.2%** | **CORPORATE BONDS/NOTES: 7.2%** |
|  | **Communications: 0.6%** |  |  |  |
| 30844000 <sup>(8)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 |  | 30765904 | 0.5 |
| 2782000 <sup>(8)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 |  | 2782740 | 0.0 |
| 600000 | Lamar Media Corp., 3.625%, 01/15/2031 |  | 554880 | 0.0 |
| 3610000 | Lamar Media Corp., 3.750%, 02/15/2028 |  | 3501777 | 0.1 |
| 845000 | Lamar Media Corp., 4.875%, 01/15/2029 |  | 835986 | 0.0 |
|  |  |  | **38441287** | **0.6** |
|  | **Consumer, Cyclical: 2.4%** |  |  |  |
| 2889000 <sup>(3)</sup> | Cedar Fair L.P., 5.250%, 07/15/2029 |  | 2830986 | 0.1 |
| 8346000 | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 04/15/2027 |  | 8342238 | 0.1 |
| 8760000 | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.500%, 10/01/2028 |  | 8839357 | 0.1 |
| 7024000 <sup>(8)</sup> | Hilton Domestic Operating Co., Inc., 3.625%, 02/15/2032 |  | 6367134 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 8935000 <sup>(3)(8)</sup> | Hilton Domestic Operating Co., Inc., 3.750%, 05/01/2029 | $8570847 | 0.1 |
| 12275000 <sup>(8)</sup> | Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031 | 11548927 | 0.2 |
| 5260000 | Hilton Domestic Operating Co., Inc., 4.875%, 01/15/2030 | 5239739 | 0.1 |
| 15119000 <sup>(8)</sup> | Hilton Domestic Operating Co., Inc., 5.750%, 05/01/2028 | 15162588 | 0.2 |
| 6073000 <sup>(3)(8)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 04/01/2029 | 6206606 | 0.1 |
| 4842000 | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 04/01/2027 | 4839580 | 0.1 |
| 14359000 <sup>(8)</sup> | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.750%, 06/01/2027 | 14332987 | 0.2 |
| 1398000 <sup>(8)</sup> | Life Time, Inc., 6.000%, 11/15/2031 | 1421172 | 0.0 |
| 9848000 <sup>(8)</sup> | Six Flags Entertainment Corp., 5.500%, 04/15/2027 | 9832931 | 0.2 |
| 3047000 <sup>(3)(8)</sup> | Six Flags Theme Parks, Inc., 7.000%, 07/01/2025 | 3047000 | 0.0 |
| 2066000 <sup>(8)</sup> | Vail Resorts, Inc., 5.625%, 07/15/2030 | 2066000 | 0.0 |
| 5337000 <sup>(8)</sup> | Vail Resorts, Inc., 6.500%, 05/15/2032 | 5517839 | 0.1 |
| 8476000 | Yum! Brands, Inc., 3.625%, 03/15/2031 | 7833152 | 0.1 |
| 7544000 | Yum! Brands, Inc., 4.625%, 01/31/2032 | 7271075 | 0.1 |
| 7623000 <sup>(3)(8)</sup> | Yum! Brands, Inc., 4.750%, 01/15/2030 | 7559467 | 0.1 |
| 14016000 | Yum! Brands, Inc., 5.350%, 11/01/2043 | 13400299 | 0.2 |
| 9172000 <sup>(3)</sup> | Yum! Brands, Inc., 5.375%, 04/01/2032 | 9188620 | 0.1 |
| 5778000 | Yum! Brands, Inc., 6.875%, 11/15/2037 | 6219237 | 0.1 |
|  |  | **165637781** | **2.4** |
|  | **Consumer, Non-cyclical: 0.7%** |  |  |
| 9730000 <sup>(8)</sup> | Avantor Funding, Inc., 3.875%, 11/01/2029 | 9220016 | 0.1 |
| 12680000 <sup>(8)</sup> | Avantor Funding, Inc., 4.625%, 07/15/2028 | 12460371 | 0.2 |
| 2749000 <sup>(3)(8)</sup> | Hologic, Inc., 3.250%, 02/15/2029 | 2621698 | 0.0 |
| 3141000 <sup>(8)</sup> | IQVIA, Inc., 5.000%, 05/15/2027 | 3132434 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS 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)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** |  |  |
| 4109000 <sup>(8)</sup> | IQVIA, Inc., 6.500%, 05/15/2030 | $4239163 | 0.1 |
| 5481000 <sup>(8)</sup> | Korn Ferry, 4.625%, 12/15/2027 | 5459620 | 0.1 |
| 4105000 | Service Corp. International, 3.375%, 08/15/2030 | 3775990 | 0.1 |
| 760000 <sup>(3)</sup> | Service Corp. International, 4.625%, 12/15/2027 | 755870 | 0.0 |
| 3501000 | Service Corp. International, 5.750%, 10/15/2032 | 3541079 | 0.1 |
| 3246000 <sup>(8)</sup> | Surgery Center Holdings, Inc., 7.250%, 04/15/2032 | 3311771 | 0.0 |
|  |  | **48518012** | **0.7** |
|  | **Financial: 2.5%** |  |  |
| 5029000 <sup>(8)</sup> | AmWINS Group, Inc., 6.375%, 02/15/2029 | 5128881 | 0.1 |
| 2318000 <sup>(8)</sup> | AssuredPartners, Inc., 7.500%, 02/15/2032 | 2493769 | 0.0 |
| 7003000 <sup>(8)</sup> | BroadStreet Partners, Inc., 5.875%, 04/15/2029 | 6925158 | 0.1 |
| 4051000 | Crown Castle, Inc., 4.900%, 09/01/2029 | 4089459 | 0.1 |
| 4039000 <sup>(8)</sup> | HUB International Ltd., 5.625%, 12/01/2029 | 4042756 | 0.1 |
| 61659000 <sup>(8)</sup> | HUB International Ltd., 7.250%, 06/15/2030 | 64481132 | 0.9 |
| 33821000 <sup>(8)</sup> | HUB International Ltd., 7.375%, 01/31/2032 | 35409012 | 0.5 |
| 2001000 <sup>(8)</sup> | Ryan Specialty Group LLC, 4.375%, 02/01/2030 | 1937872 | 0.0 |
| 5240000 <sup>(8)</sup> | Ryan Specialty LLC, 5.875%, 08/01/2032 | 5284572 | 0.1 |
| 7851000 <sup>(3)</sup> | SBA Communications Corp., 3.125%, 02/01/2029 | 7421612 | 0.1 |
| 12332000 | SBA Communications Corp., 3.875%, 02/15/2027 | 12150734 | 0.2 |
| 411000 <sup>(8)</sup> | SBA Tower Trust, 6.599%, 11/15/2052 | 422518 | 0.0 |
| 11269000 <sup>(8)</sup> | USI, Inc., 7.500%, 01/15/2032 | 11904673 | 0.2 |
| 4094000 | VICI Properties L.P., 5.750%, 04/01/2034 | 4187545 | 0.1 |
|  |  | **165879693** | **2.5** |
|  | **Industrial: 0.6%** |  |  |
| 3558000 | Ball Corp., 6.000%, 06/15/2029 | 3652024 | 0.0 |
| 4153000 | TransDigm, Inc., 4.625%, 01/15/2029 | 4077885 | 0.1 |
| 15449000 <sup>(8)</sup> | TransDigm, Inc., 6.375%, 03/01/2029 | 15869081 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |  |
| 12151000 <sup>(8)</sup> | TransDigm, Inc., 6.625%, 03/01/2032 | $| 12596255 | 0.2 |
| 5979000 <sup>(8)</sup> | TransDigm, Inc., 7.125%, 12/01/2031 |  | 6271780 | 0.1 |
|  |  |  | **42467025** | **0.6** |
|  | **Technology: 0.4%** |  |  |  |
| 3295000 <sup>(3)(8)</sup> | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 |  | 3168083 | 0.1 |
| 4891000 | Booz Allen Hamilton, Inc., 5.950%, 08/04/2033 |  | 5026795 | 0.1 |
| 312000 <sup>(8)</sup> | Capstone Borrower, Inc., 8.000%, 06/15/2030 |  | 325785 | 0.0 |
| 2753000 <sup>(8)</sup> | Capstone Borrower, Inc. jun, 8.000%, 06/15/2030 |  | 2867289 | 0.0 |
| 918000 | Crowdstrike Holdings, Inc., 3.000%, 02/15/2029 |  | 869109 | 0.0 |
| 3574000 <sup>(8)</sup> | Ellucian Holdings, Inc., 6.500%, 12/01/2029 |  | 3664043 | 0.1 |
| 2689000 <sup>(8)</sup> | Fair Isaac Corp., 6.000%, 05/15/2033 |  | 2720369 | 0.0 |
| 4752000 <sup>(8)</sup> | PTC, Inc., 4.000%, 02/15/2028 |  | 4622454 | 0.1 |
| 2973000 | Workday, Inc., 3.800%, 04/01/2032 |  | 2794697 | 0.0 |
|  |  |  | **26058624** | **0.4** |
|  | Total Corporate Bonds/Notes <br> (Cost $474,012,377) |  | **487002422** | **7.2** |
| **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** |
|  | **Other Asset-Backed Securities: 0.1%** |  |  |  |
| 4483800 <sup>(8)</sup> | Domino's Pizza Master Issuer LLC 2017-1A A23, 4.118%, 07/25/2047 |  | 4427791 | 0.1 |
| 3561600 <sup>(8)</sup> | Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 |  | 3400546 | 0.0 |
|  |  |  | **7828337** | **0.1** |
|  | Total Asset-Backed Securities <br> (Cost $7,997,182) |  | **7828337** | **0.1** |
|  | Total Long-Term Investments <br> (Cost $5,577,630,871) |  | **6229271014** | **91.3** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 12.2%** | **SHORT-TERM INVESTMENTS: 12.2%** | **SHORT-TERM INVESTMENTS: 12.2%** | **SHORT-TERM INVESTMENTS: 12.2%** |
|  | **Commercial Paper: 0.5%** |  |  |
| 2100000 <sup>(9)</sup> | ANZ Banking Group Ltd., 4.480%, 08/27/2025 (Cost $2,100,119) | $2100119 | 0.0 |
| 1400000 <sup>(9)</sup> | Bank of Montreal, 4.510%, 09/05/2025 (Cost $1,400,395) | 1400395 | 0.0 |
| 1500000 <sup>(9)</sup> | Commonwealth Bank of Australia, 4.480%, 08/26/2025 (Cost $1,500,059) | 1500059 | 0.0 |
| 900000 <sup>(9)</sup> | Commonwealth Bank of Australia, 4.510%, 08/11/2025 (Cost $900,082) | 900082 | 0.0 |
| 900000 <sup>(9)</sup> | Credit Industriel et Commercial S.A., 4.420%, 07/14/2025 (Cost $898,490) | 898490 | 0.0 |
| 2450000 <sup>(9)</sup> | DBS Bank Ltd., 4.430%, 09/03/2025 (Cost $2,430,632) | 2430632 | 0.1 |
| 2250000 <sup>(9)</sup> | DNB Bank ASA, 4.540%, 12/09/2025 (Cost $2,251,453) | 2251453 | 0.0 |
| 2450000 <sup>(9)</sup> | John Deere Financial, 4.400%, 08/20/2025 (Cost $2,434,937) | 2434937 | 0.1 |
| 1300000 <sup>(9)</sup> | LLoyds Bank PLC, 4.570%, 12/17/2025 (Cost $1,299,818) | 1299818 | 0.0 |
| 1600000 <sup>(9)</sup> | Macquarie Bank Ltd., 4.550%, 09/18/2025 (Cost $1,600,137) | 1600137 | 0.0 |
| 1450000 <sup>(9)</sup> | National Australia Bank Ltd., 4.500%, 09/04/2025 (Cost $1,450,029) | 1450029 | 0.0 |
| 1000000 <sup>(9)</sup> | National Australia Bank Ltd., 4.530%, 08/27/2025 (Cost $1,000,069) | 1000069 | 0.0 |
| 2450000 <sup>(9)</sup> | Novartis Finance Corp., 4.370%, 07/14/2025 (Cost $2,445,874) | 2445874 | 0.1 |
| 1050000 <sup>(9)</sup> | Oversea-Chinese Banking Corporation Ltd., 4.530%, 09/15/2025 (Cost $1,050,067) | 1050067 | 0.0 |
| 2000000 <sup>(9)</sup> | Skandinaviska Enskilda Banken AB, 4.570%, 12/11/2025 (Cost $1,999,981) | 1999981 | 0.0 |
| 2350000 <sup>(9)</sup> | Societe Generale S.A., 4.650%, 10/24/2025 (Cost $2,352,445) | 2352445 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Commercial Paper (continued)** |  |  |
| 1350000 <sup>(9)</sup> | Svenska Handelsbanken AB, 4.500%, 09/10/2025 (Cost $1,350,033) | $1350033 | 0.0 |
| 500000 <sup>(9)</sup> | Svenska Handelsbanken AB, 4.510%, 11/21/2025 (Cost $500,391) | 500391 | 0.0 |
| 700000 <sup>(9)</sup> | Swedbank AB, 4.510%, 08/04/2025 (Cost $700,057) | 700057 | 0.0 |
| 800000 <sup>(9)</sup> | Swedbank AB, 4.510%, 08/14/2025 (Cost $800,076) | 800076 | 0.0 |
| 900000 <sup>(9)</sup> | Swedbank AB, 4.580%, 12/10/2025 (Cost $900,763) | 900763 | 0.0 |
| 900000 <sup>(9)</sup> | Toyota Motor Credit Corp., 4.360%, 08/11/2025 (Cost $895,447) | 895447 | 0.0 |
| 2050000 <sup>(9)</sup> | United Overseas Bank Ltd., 4.360%, 09/19/2025 (Cost $2,050,093) | 2050093 | 0.0 |
| 2450000 <sup>(9)</sup> | Walmart, Inc., 4.340%, 07/07/2025 (Cost $2,447,956) | 2447956 | 0.1 |
|  | Total Commercial Paper <br> (Cost $36,759,403) | **36759403** | **0.5** |
|  | **Certificates of Deposits: 0.5%** |  |  |
| 500000 <sup>(9)</sup> | Bank of America N.A., 4.510%, 08/07/2025 | 500131 | 0.0 |
| 900000 <sup>(9)</sup> | Bank of America N.A., 4.530%, 08/05/2025 | 900251 | 0.0 |
| 1050000 <sup>(9)</sup> | Bank of America N.A., 4.590%, 12/17/2025 | 1050039 | 0.0 |
| 1050000 <sup>(9)</sup> | Bank of Montreal, 4.510%, 11/19/2025 | 1050797 | 0.0 |
| 950000 <sup>(9)</sup> | Barclays Bank PLC, 4.478%, 08/19/2025 | 950075 | 0.0 |
| 1450000 <sup>(9)</sup> | Barclays Bank PLC, 4.635%, 10/21/2025 | 1450844 | 0.0 |
| 2050000 <sup>(9)</sup> | BNP Paribas S.A., 4.504%, 09/15/2025 | 2050216 | 0.1 |
| 2300000 <sup>(9)</sup> | Canadian Imperial Bank of Commerce, 4.490%, 11/12/2025 | 2301549 | 0.1 |
| 1800000 <sup>(9)</sup> | Citibank N.A., 4.577%, 10/23/2025 | 1801918 | 0.0 |
| 2200000 <sup>(9)(10)</sup> | Cooperatieve Rabobank U.A., 4.671%, (SOFRRATE + 0.360%), 08/11/2025 | 2200739 | 0.1 |
| 1100000 <sup>(9)</sup> | Credit Agricole Corporate and Investment Bank, 4.612%, 10/14/2025 | 1101040 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Certificates of Deposits (continued)** |  |  |
| 1450000 <sup>(9)</sup> | Credit Industriel et Commercial S.A., 4.510%, 08/22/2025 | $1450244 | 0.0 |
| 2000000 <sup>(9)</sup> | DZ Bank AG, 4.439%, 08/15/2025 | 2000461 | 0.1 |
| 1500000 <sup>(9)</sup> | Landesbank Baden-Wurttemberg, 4.477%, 09/03/2025 | 1500219 | 0.0 |
| 900000 <sup>(9)</sup> | Landesbank Baden-Wurttemberg, 4.540%, 11/17/2025 | 900146 | 0.0 |
| 900000 <sup>(9)(10)</sup> | Mitsubishi UFJ Trust & Banking Corp. YCd, 4.533%, (SOFRRATE + 0.230%), 08/08/2025 | 900121 | 0.0 |
| 1850000 <sup>(9)</sup> | Mizuho Bank Ltd., 4.511%, 08/08/2025 | 1850242 | 0.0 |
| 550000 <sup>(9)</sup> | Mizuho Bank Ltd., 4.590%, 12/02/2025 | 549980 | 0.0 |
| 700000 <sup>(9)</sup> | MUFG Bank Ltd., 4.493%, 08/27/2025 | 700063 | 0.0 |
| 800000 <sup>(9)(10)</sup> | MUFG Bank Ltd., 4.498%, (SOFRRATE + 0.190%), 09/10/2025 | 800062 | 0.0 |
| 900000 <sup>(9)</sup> | Natixis, 4.484%, 08/06/2025 | 900240 | 0.0 |
| 1500000 <sup>(9)(10)</sup> | Natixis, 4.587%, (SOFRRATE + 0.280%), 11/03/2025 | 1500575 | 0.0 |
| 1350000 <sup>(9)</sup> | Oversea-Chinese Banking Corporation Ltd., 4.530%, 11/14/2025 | 1351043 | 0.0 |
| 2250000 <sup>(9)</sup> | Sumitomo Mitsui Banking Corp., 4.468%, 08/20/2025 | 2250604 | 0.1 |
| 950000 <sup>(9)</sup> | Sumitomo Mitsui Banking Corp., 4.489%, 08/18/2025 | 950133 | 0.0 |
| 600000 <sup>(9)</sup> | Svenska Handelsbanken AB, 4.428%, 09/11/2025 | 600015 | 0.0 |
|  | Total Certificates of Deposits <br> (Cost $33,561,747) | **33561747** | **0.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements: 2.4%** |  |  |
| 8635773 <sup>(9)</sup> | Bethesda Securities, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $8,636,833, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-6.000%, Market Value plus accrued interest $8,808,488, due 10/01/27-02/01/57) | $8635773 | 0.1 |
| 6254141 <sup>(9)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $6,254,893, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $6,379,224, due 06/01/30-02/01/57) | 6254141 | 0.1 |
| 13429454 <sup>(9)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $13,431,069, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $13,698,044, due 08/15/34-06/01/55) | 13429454 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 3821901 <sup>(9)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $3,822,361, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $3,898,339, due 03/01/34-05/01/55) | $3821901 | 0.1 |
| 54280233 <sup>(9)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $54,286,895, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $55,365,838, due 12/01/29-06/20/55) | 54280233 | 0.8 |
| 20831761 <sup>(9)</sup> | Mirae Asset Securities (USA), Inc., Repurchase Agreement dated 06/30/2025, 4.470%, due 07/01/2025 (Repurchase Amount $20,834,312, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.318%, Market Value plus accrued interest $21,251,045, due 09/23/25-03/15/66) | 20831761 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 54280233 <sup>(9)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $54,286,895, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $55,202,634, due 07/15/26-02/15/54) | $54280233 | 0.8 |
|  | Total Repurchase Agreements <br> (Cost $161,533,496) | **161533496** | **2.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 8.8%** |  |  |
| 601852190 <sup>(11)</sup> | T. Rowe Price Government Reserve Investment Fund, 4.380% <br> (Cost $601,852,190) | $**601852190** | **8.8** |
|  | Total Short-Term Investments <br> (Cost $833,706,836) | **833706836** | **12.2** |
|  | **Total Investments in Securities <br> (Cost $6,411,337,707)** | $**7062977850** | **103.5** |
|  | **Liabilities in Excess of Other Assets** | **(239831879)** | **(3.5)** |
|  | **Net Assets** | $**6823145971** | **100.0** |

---

ADR American Depositary Receipt

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security is pledged to cover open written call options at 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> | Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2025, the Portfolio held restricted securities with a fair value of $43,783,943 or 0.6% of net assets. Please refer to the table below for additional details. |
| <sup>(6)</sup> | Preferred Stock may be called prior to convertible date. |
| <sup>(7)</sup> | Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined. |
| <sup>(8)</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>(9)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(10)</sup> | Variable rate security. Rate shown is the rate in effect as of June 30, 2025. |
| <sup>(11)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

Currency Abbreviations: <br>EUR EU Euro

---

| | |
|:---|:---|
| Reference Rate Abbreviations: | Reference Rate Abbreviations: |
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
| TSFR6M | 6-month CME Term Secured Overnight Financing Rate |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements^** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other <br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Asset-Backed Securities | $— | $7828337 | $— | $7828337 |
| Bank Loans |  | 629367669 |  | 629367669 |
| Common Stock\* | 4098671209 |  |  | 4098671209 |
| Corporate Bonds/Notes |  | 487002422 |  | 487002422 |
| Preferred Stock | 1455302 |  | 43783943 | 45239245 |
| Short-Term Investments | 601852190 | 231854646 |  | 833706836 |
| U.S. Treasury Obligations |  | 961162132 |  | 961162132 |
| Total Investments, at fair value | $4701978701 | $2317215206 | $43783943 | $7062977850 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Written Options | $— | $(15560968) | $— | $(15560968) |
| Total Liabilities | $— | $(15560968) | $— | $(15560968) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>\*</sup> | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At June 30, 2025, VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Waymo LLC., Series A-2 | 5/8/2020 | $35484706 | $43783943 |
|  |  | $35484706 | $43783943 |

---

At June 30, 2025, the following OTC written equity options were outstanding for VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Exercise<br> Price** | **Number of <br> Contracts** | **Notional<br> Amount** | **Notional<br> Amount** | **Premiums <br> Received** | **Fair Value** |
| Abbott Laboratories | Bank of America N.A. Call | 01/16/26 | USD | 130.000 | 633 | USD | 8609433 | $350524 | $(866123) |
| Abbott Laboratories | Bank of America N.A. Call | 01/16/26 | USD | 145.000 | 313 | USD | 4257113 | 179577 | (178377) |
| AbbVie, Inc. | Bank of America N.A. Call | 01/16/26 | USD | 195.000 | 422 | USD | 7833164 | 300464 | (424910) |
| AbbVie, Inc. | Bank of America N.A. Call | 01/16/26 | USD | 210.000 | 384 | USD | 7127808 | 402048 | (196079) |
| Alliant Energy Corp. | UBS Securities LLC Call | 07/18/25 | USD | 67.500 | 332 | USD | 2007604 | 19588 | (58) |
| American Electric Power Co., Inc. | Goldman Sachs International Call | 01/16/26 | USD | 110.000 | 281 | USD | 2915656 | 65754 | (97345) |
| American Electric Power Co., Inc. | Goldman Sachs International Call | 01/16/26 | USD | 115.000 | 209 | USD | 2168584 | 55803 | (43751) |
| American Tower Corp. | Goldman Sachs International Call | 01/16/26 | USD | 210.000 | 211 | USD | 4663522 | 194542 | (482934) |
| American Tower Corp. | Goldman Sachs International Call | 01/16/26 | USD | 210.000 | 139 | USD | 3072178 | 147201 | (318142) |
| Aon PLC - Class A | Wells Fargo Securities LLC Call | 12/19/25 | USD | 390.000 | 91 | USD | 3246516 | 212667 | (94329) |
| Aon PLC - Class A | Wells Fargo Securities LLC Call | 12/19/25 | USD | 430.000 | 106 | USD | 3781656 | 136422 | (23720) |
| Becton Dickinson & Co. | Goldman Sachs International Call | 09/19/25 | USD | 255.000 | 146 | USD | 2514850 | 64019 | (60) |
| Cardinal Health, Inc. | Barclays Bank PLC Call | 01/16/26 | USD | 140.000 | 317 | USD | 5309433 | 255185 | (1062571) |
| Cardinal Health, Inc. | Barclays Bank PLC Call | 01/16/26 | USD | 140.000 | 211 | USD | 3534039 | 177240 | (707264) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Exercise<br> Price** | **Number of <br> Contracts** | **Notional<br> Amount** | **Notional<br> Amount** | **Premiums <br> Received** | **Fair Value** |
| Cboe Global Markets, Inc. | Barclays Bank PLC Call | 01/16/26 | USD | 230.000 | 105 | USD | 2448705 | $136500 | $(199797) |
| Cencora, Inc. | UBS Securities LLC Call | 01/16/26 | USD | 260.000 | 211 | USD | 6326835 | 341187 | (1073084) |
| Cencora, Inc. | UBS Securities LLC Call | 01/16/26 | USD | 270.000 | 163 | USD | 4887555 | 182071 | (700802) |
| CenterPoint Energy, Inc. | Bank of America N.A. Call | 12/19/25 | USD | 35.000 | 1055 | USD | 3876070 | 149282 | (357581) |
| CenterPoint Energy, Inc. | Bank of America N.A. Call | 12/19/25 | USD | 35.000 | 619 | USD | 2274206 | 82896 | (209804) |
| CME Group, Inc. | Barclays Bank PLC Call | 01/16/26 | USD | 250.000 | 141 | USD | 3886242 | 157920 | (511964) |
| CME Group, Inc. | Barclays Bank PLC Call | 01/16/26 | USD | 270.000 | 196 | USD | 5402152 | 190120 | (436323) |
| Danaher Corp. | UBS Securities LLC Call | 01/16/26 | USD | 330.000 | 300 | USD | 5926200 | 485289 | (3033) |
| DTE Energy Co. | Wells Fargo Securities LLC Call | 07/18/25 | USD | 135.000 | 267 | USD | 3536682 | 44488 | (20565) |
| DTE Energy Co. | Wells Fargo Securities LLC Call | 07/18/25 | USD | 135.000 | 281 | USD | 3722126 | 34597 | (21643) |
| Duke Energy Corp. | UBS Securities LLC Call | 01/16/26 | USD | 120.000 | 282 | USD | 3327600 | 89958 | (154490) |
| Exelon Corp. | UBS Securities LLC Call | 01/16/26 | USD | 45.000 | 1055 | USD | 4580810 | 87565 | (191619) |
| Exelon Corp. | UBS Securities LLC Call | 01/16/26 | USD | 47.000 | 348 | USD | 1511016 | 48024 | (37366) |
| GE HealthCare Technologies, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 97.500 | 384 | USD | 2844288 | 195206 | (51936) |
| GE HealthCare Technologies, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 100.000 | 352 | USD | 2607264 | 183329 | (38590) |
| Intercontinental Exchange, Inc. | Goldman Sachs International Call | 01/16/26 | USD | 165.000 | 211 | USD | 3871217 | 165002 | (541383) |
| Intercontinental Exchange, Inc. | Goldman Sachs International Call | 01/16/26 | USD | 185.000 | 174 | USD | 3192378 | 109968 | (205532) |
| Johnson & Johnson | Wells Fargo Securities LLC Call | 01/16/26 | USD | 170.000 | 428 | USD | 6537700 | 181900 | (82978) |
| Keurig Dr Pepper, Inc. | UBS Securities LLC Call | 01/16/26 | USD | 35.000 | 1407 | USD | 4651542 | 181616 | (178344) |
| Keurig Dr Pepper, Inc. | UBS Securities LLC Call | 01/16/26 | USD | 35.000 | 348 | USD | 1150488 | 49552 | (44111) |
| L3Harris Technologies, Inc. | Wells Fargo Securities LLC Call | 12/19/25 | USD | 230.000 | 106 | USD | 2658904 | 158682 | (322948) |
| Lockheed Martin Corp. | Bank of America N.A. Call | 01/16/26 | USD | 500.000 | 84 | USD | 3890376 | 164808 | (163961) |
| Lockheed Martin Corp. | Bank of America N.A. Call | 01/16/26 | USD | 520.000 | 127 | USD | 5881878 | 442849 | (175082) |
| Marsh & McLennan Cos., Inc. | Barclays Bank PLC Call | 12/19/25 | USD | 250.000 | 205 | USD | 4482120 | 177325 | (50344) |
| Mastercard, Inc. - Class A | Barclays Bank PLC Call | 01/16/26 | USD | 580.000 | 140 | USD | 7867160 | 379331 | (463946) |
| Mastercard, Inc. - Class A | Barclays Bank PLC Call | 01/16/26 | USD | 620.000 | 70 | USD | 3933580 | 199162 | (117045) |
| McKesson Corp. | Goldman Sachs International Call | 01/16/26 | USD | 660.000 | 53 | USD | 3883734 | 186862 | (581181) |
| McKesson Corp. | Goldman Sachs International Call | 01/16/26 | USD | 680.000 | 52 | USD | 3810456 | 215438 | (494434) |
| Northrop Grumman Corp. | Citigroup Global Markets Call | 01/16/26 | USD | 530.000 | 84 | USD | 4199832 | 176568 | (213418) |
| Northrop Grumman Corp. | Citigroup Global Markets Call | 01/16/26 | USD | 560.000 | 141 | USD | 7049718 | 340092 | (217811) |
| PepsiCo, Inc. | Citigroup Global Markets Call | 01/16/26 | USD | 160.000 | 350 | USD | 4621400 | 145950 | (67273) |
| PepsiCo, Inc. | Citigroup Global Markets Call | 01/16/26 | USD | 165.000 | 422 | USD | 5572088 | 211844 | (60406) |
| RTX Corp. | Goldman Sachs International Call | 01/16/26 | USD | 140.000 | 439 | USD | 6410278 | 350691 | (643274) |
| RTX Corp. | Goldman Sachs International Call | 01/16/26 | USD | 140.000 | 79 | USD | 1153558 | 47191 | (115760) |
| SBA Communications Corp. | JPMorgan Chase Bank N.A. Call | 12/19/25 | USD | 230.000 | 106 | USD | 2489304 | 95082 | (209959) |
| SBA Communications Corp. | JPMorgan Chase Bank N.A. Call | 12/19/25 | USD | 230.000 | 96 | USD | 2254464 | 93312 | (190151) |
| Starbucks Corp. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 125.000 | 301 | USD | 2758063 | 215817 | (27842) |
| Visa, Inc. - Class A | Goldman Sachs International Call | 01/16/26 | USD | 360.000 | 211 | USD | 7491555 | 296607 | (525950) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Exercise<br> Price** | **Number of <br> Contracts** | **Notional<br> Amount** | **Notional<br> Amount** | **Premiums <br> Received** | **Fair Value** |
| Visa, Inc. - Class A | Goldman Sachs International Call | 01/16/26 | USD | 390.000 | 228 | USD | 8095140 | $353585 | $(270148) |
| Waste Management, Inc. | JPMorgan Chase Bank N.A. Call | 01/16/26 | USD | 230.000 | 352 | USD | 8054464 | 350944 | (486838) |
| Waste Management, Inc. | JPMorgan Chase Bank N.A. Call | 01/16/26 | USD | 250.000 | 105 | USD | 2402610 | 92610 | (56941) |
| WEC Energy Group, Inc. | JPMorgan Chase Bank N.A. Call | 12/19/25 | USD | 110.000 | 281 | USD | 2928020 | 55357 | (90998) |
| WEC Energy Group, Inc. | JPMorgan Chase Bank N.A. Call | 12/19/25 | USD | 115.000 | 175 | USD | 1823500 | 34125 | (34393) |
| Willis Towers Watson PLC | UBS Securities LLC Call | 07/18/25 | USD | 360.000 | 125 | USD | 3831250 | 40409 | (9) |
| Yum! Brands, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 145.000 | 246 | USD | 3645228 | 65163 | (283023) |
| Yum! Brands, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 160.000 | 319 | USD | 4726942 | 149416 | (141225) |
|  |  |  |  |  |  |  |  | $10696724 | $(15560968) |

---

Currency Abbreviations: <br> <br> USD — United States Dollar

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

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

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **<u>Location on Statement<br> of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Liability Derivatives</u>** | **<u>Liability Derivatives</u>** | **<u>Liability Derivatives</u>** |
| Equity contracts | Written options, at fair value | $15560968 |
| **Total Liability Derivatives** |  | $15560968 |

---

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>** | **Written <br> options** |
| Equity contracts | $13062129 |
| **Total** | $13062129 |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Written <br> options** |
| Equity contracts | $(6940581) |
| **Total** | $(6940581) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Capital Appreciation Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bank of <br> America N.A.** | **Barclays Bank <br> PLC** | **Citigroup <br> Global <br> Markets** | **Goldman <br> Sachs <br> International** | **JPMorgan <br> Chase Bank <br> N.A.** | **UBS <br> Securities <br> LLC** | **Wells Fargo <br> Securities <br> LLC** | **Total** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Written options | $2571917 | $3549254 | $558908 | $4319894 | $1069280 | $2382916 | $1108799 | $15560968 |
| **Total Liabilities** | $2571917 | $3549254 | $558908 | $4319894 | $1069280 | $2382916 | $1108799 | $15560968 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(2571917) | $(3549254) | $(558908) | $(4319894) | $(1069280) | $(2382916) | $(1108799) | $(15560968) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $— | $— | $— | $— | $— | $– |
| **Net Exposure<sup>(1)</sup>** | $(2571917) | $(3549254) | $(558908) | $(4319894) | $(1069280) | $(2382916) | $(1108799) | $(15560968) |

---

<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 $6,450,360,947. | Cost for U.S. federal income tax purposes was $6,450,360,947. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $795908051 |
| Gross Unrealized Depreciation | (195085840) |
| Net Unrealized Appreciation | $600822211 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Equity Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** |
|  | **Communication Services: 5.8%** |  |  |
| 19554 | Alphabet, Inc. - Class A | $3446001 | 1.2 |
| 15174 | Alphabet, Inc. - Class C | 2691716 | 0.9 |
| 13535 | AT&T, Inc. | 391703 | 0.1 |
| 45860 | Comcast Corp. - Class A | 1636743 | 0.6 |
| 2194 | Meta Platforms, Inc. - Class A | 1619369 | 0.6 |
| 101747 | News Corp. - Class A | 3023921 | 1.1 |
| 16629 | Verizon Communications, Inc. | 719537 | 0.2 |
| 25367 | Walt Disney Co. | 3145762 | 1.1 |
|  |  | **16674752** | **5.8** |
|  | **Consumer Discretionary: 3.9%** |  |  |
| 21632 <sup>(1)</sup> | Amazon.com, Inc. | 4745845 | 1.7 |
| 6103 | Home Depot, Inc. | 2237604 | 0.8 |
| 69081 | Las Vegas Sands Corp. | 3005714 | 1 |
| 53884 <sup>(1)</sup> | Mattel, Inc. | 1062592 | 0.4 |
|  |  | **11051755** | **3.9** |
|  | **Consumer Staples: 8.8%** |  |  |
| 34865 | Colgate-Palmolive Co. | 3169229 | 1.1 |
| 42172 | Conagra Brands, Inc. | 863261 | 0.3 |
| 6988 | Dollar General Corp. | 799287 | 0.3 |
| 183600 | Kenvue, Inc. | 3842748 | 1.3 |
| 7408 | Keurig Dr Pepper, Inc. | 244908 | 0.1 |
| 37779 | Kimberly-Clark Corp. | 4870469 | 1.7 |
| 23887 | Philip Morris International, Inc. | 4350539 | 1.5 |
| 18995 | Procter & Gamble Co. | 3026283 | 1.1 |
| 38556 | Tyson Foods, Inc. - Class A | 2156823 | 0.8 |
| 16961 | Walmart, Inc. | 1658447 | 0.6 |
|  |  | **24981994** | **8.8** |
|  | **Energy: 8.5%** |  |  |
| 13258 | Chesapeake Energy Corp. | 1550391 | 0.5 |
| 4944 | Chevron Corp. | 707932 | 0.3 |
| 41291 | ConocoPhillips | 3705454 | 1.3 |
| 9018 | EOG Resources, Inc. | 1078643 | 0.4 |
| 28104 | EQT Corp. | 1639025 | 0.6 |
| 34516 | Exxon Mobil Corp. | 3720825 | 1.3 |
| 6694 | Hess Corp. | 927387 | 0.3 |
| 9900 | Phillips 66 | 1181070 | 0.4 |
| 54880 | Schlumberger NV | 1854944 | 0.7 |
| 47446 <sup>(2)</sup> | South Bow Corp. (CAD) | 1231662 | 0.4 |
| 24671 <sup>(2)</sup> | TC Energy Corp. | 1203698 | 0.4 |
| 60536 | TotalEnergies SE | 3700132 | 1.3 |
| 27690 | Williams Cos., Inc. | 1739209 | 0.6 |
|  |  | **24240372** | **8.5** |
|  | **Financials: 22.8%** |  |  |
| 8224 | Allstate Corp. | 1655573 | 0.6 |
| 39511 | American International Group, Inc. | 3381747 | 1.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 5270 | Apollo Global Management, Inc. | $747655 | 0.3 |
| 65195 | Bank of America Corp. | 3085027 | 1.1 |
| 58450 | Charles Schwab Corp. | 5332978 | 1.9 |
| 15113 | Chubb Ltd. | 4378538 | 1.5 |
| 57787 | Citigroup, Inc. | 4918829 | 1.7 |
| 34693 | Corebridge Financial, Inc. | 1231602 | 0.4 |
| 78523 | Equitable Holdings, Inc. | 4405140 | 1.5 |
| 68432 | Fifth Third Bancorp | 2814608 | 1 |
| 14358 <sup>(1)</sup> | Fiserv, Inc. | 2475463 | 0.9 |
| 4437 | Global Payments, Inc. | 355138 | 0.1 |
| 25056 | Hartford Financial Services Group, Inc. | 3178855 | 1.1 |
| 168738 | Huntington Bancshares, Inc. | 2828049 | 1 |
| 18520 | JPMorgan Chase & Co. | 5369133 | 1.9 |
| 30497 | Loews Corp. | 2795355 | 1 |
| 76462 | MetLife, Inc. | 6149074 | 2.2 |
| 4647 | Morgan Stanley | 654576 | 0.2 |
| 13433 | State Street Corp. | 1428465 | 0.5 |
| 56611 | US Bancorp | 2561648 | 0.9 |
| 64313 | Wells Fargo & Co. | 5152758 | 1.8 |
|  |  | **64900211** | **22.8** |
|  | **Health Care: 12.8%** |  |  |
| 24291 | AstraZeneca PLC, ADR | 1697455 | 0.6 |
| 22250 | Becton Dickinson and Co. | 3832562 | 1.3 |
| 5635 <sup>(1)</sup> | Biogen, Inc. | 707700 | 0.3 |
| 23551 | Bristol-Myers Squibb Co. | 1090176 | 0.4 |
| 1696 | Cardinal Health, Inc. | 284928 | 0.1 |
| 9295 | Cigna Group | 3072741 | 1.1 |
| 53913 | CVS Health Corp. | 3718919 | 1.3 |
| 13314 | Elevance Health, Inc. | 5178613 | 1.8 |
| 1435 | Humana, Inc. | 350829 | 0.1 |
| 8404 | Johnson & Johnson | 1283711 | 0.5 |
| 26300 | Medtronic PLC | 2292571 | 0.8 |
| 22086 | Merck & Co., Inc. | 1748328 | 0.6 |
| 17936 | Sanofi | 1736456 | 0.6 |
| 8250 | Sanofi, ADR | 398558 | 0.1 |
| 2820 | Thermo Fisher Scientific, Inc. | 1143397 | 0.4 |
| 7085 | UnitedHealth Group, Inc. | 2210307 | 0.8 |
| 217500 | Viatris, Inc. | 1942275 | 0.7 |
| 41857 | Zimmer Biomet Holdings, Inc. | 3817777 | 1.3 |
|  |  | **36507303** | **12.8** |
|  | **Industrials: 13.1%** |  |  |
| 4702 | 3M Co. | 715832 | 0.3 |
| 11949 | AGCO Corp. | 1232659 | 0.4 |
| 18592 <sup>(1)</sup> | Boeing Co. | 3895582 | 1.4 |
| 86201 | CSX Corp. | 2812739 | 1 |
| 5340 | Cummins, Inc. | 1748850 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Equity Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 2332 | Ferguson Enterprises, Inc. | $507793 | 0.2 |
| 35745 | Fortive Corp. | 1863387 | 0.7 |
| 14235 | GE Aerospace | 3663947 | 1.3 |
| 19810 | L3Harris Technologies, Inc. | 4969140 | 1.7 |
| 6855 | Norfolk Southern Corp. | 1754674 | 0.6 |
| 5685 | Rockwell Automation, Inc. | 1888386 | 0.7 |
| 14360 | Siemens AG, Reg | 3688494 | 1.3 |
| 91708 | Southwest Airlines Co. | 2975008 | 1 |
| 47193 | Stanley Black & Decker, Inc. | 3197326 | 1.1 |
| 22801 | United Parcel Service, Inc. - Class B | 2301533 | 0.8 |
|  |  | **37215350** | **13.1** |
|  | **Information Technology: 9.1%** |  |  |
| 7875 | Accenture PLC - Class A | 2353759 | 0.8 |
| 2078 <sup>(1)</sup> | Adobe, Inc. | 803937 | 0.3 |
| 9466 <sup>(1)</sup> | Advanced Micro Devices, Inc. | 1343225 | 0.5 |
| 10588 | Applied Materials, Inc. | 1938345 | 0.7 |
| 45935 | Intel Corp. | 1028944 | 0.3 |
| 6127 | Microsoft Corp. | 3047631 | 1.1 |
| 35276 | Qualcomm, Inc. | 5618056 | 2 |
| 11915 <sup>(1)</sup> | Ralliant Corp. | 577758 | 0.2 |
| 11496 | Salesforce, Inc. | 3134844 | 1.1 |
| 55942 | Samsung Electronics Co. Ltd. | 2473846 | 0.9 |
| 3831 | TE Connectivity PLC | 646175 | 0.2 |
| 14128 | Texas Instruments, Inc. | 2933255 | 1 |
|  |  | **25899775** | **9.1** |
|  | **Materials: 3.0%** |  |  |
| 42932 | CF Industries Holdings, Inc. | 3949744 | 1.4 |
| 80044 | International Paper Co. | 3748461 | 1.3 |
| 13504 | West Fraser Timber Co. Ltd. | 989843 | 0.3 |
|  |  | **8688048** | **3.0** |
|  | **Real Estate: 3.7%** |  |  |
| 62678 | Equity Residential | 4230138 | 1.5 |
| 63878 | Rayonier, Inc. | 1416814 | 0.5 |
| 41810 | Rexford Industrial Realty, Inc. | 1487182 | 0.5 |
| 3989 | Sun Communities, Inc. | 504569 | 0.2 |
| 111609 | Weyerhaeuser Co. | 2867235 | 1 |
|  |  | **10505938** | **3.7** |
|  | **Utilities: 5.8%** |  |  |
| 37140 | Ameren Corp. | 3566926 | 1.3 |
| 37320 | Dominion Energy, Inc. | 2109326 | 0.7 |
| 25732 | NextEra Energy, Inc. | 1786316 | 0.6 |
| 9511 | PG&E Corp. | 132583 | 0.1 |
| 30797 | Sempra Energy | 2333489 | 0.8 |
| 64028 | Southern Co. | 5879691 | 2.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** |  |  |  |
| 9154 | Xcel Energy, Inc. | $| 623387 | 0.2 |
|  |  |  | **16431718** | **5.8** |
|  | Total Common Stock <br> (Cost $223,893,579) |  | **277097216** | **97.3** |
| **PREFERRED STOCK: 1.1%** | **PREFERRED STOCK: 1.1%** | **PREFERRED STOCK: 1.1%** | **PREFERRED STOCK: 1.1%** | **PREFERRED STOCK: 1.1%** |
|  | **Consumer Discretionary: 0.4%** |  |  |  |
| 11693 | Volkswagen AG |  | 1236111 | 0.4 |
|  | **Industrials: 0.5%** |  |  |  |
| 21266 | Boeing Co. |  | 1452787 | 0.5 |
|  | **Utilities: 0.2%** |  |  |  |
| 14210 | NextEra Energy, Inc. |  | 564705 | 0.2 |
|  | Total Preferred Stock <br> (Cost $3,271,437) |  | **3253603** | **1.1** |
|  | Total Long-Term Investments <br> (Cost $227,165,016) |  | **280350819** | **98.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** |
|  | **Repurchase Agreements: 0.9%** |  |  |
| 1000000 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,000,120, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,020,000, due 06/01/30-02/01/57) | 1000000 | 0.3 |
| 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 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Equity Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 495662 <sup>(3)</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) | $495662 | 0.2 |
|  | Total Repurchase Agreements <br> (Cost $2,495,662) | **2495662** | **0.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 0.1%** |  |  |
| 431396 <sup>(4)</sup> | T. Rowe Price Government Reserve Fund, 4.380% <br> (Cost $431,396) | $**431396** | **0.1** |
|  | Total Short-Term Investments <br> (Cost $2,927,058) | **2927058** | **1.0** |
|  | **Total Investments in Securities <br> (Cost $230,092,074)** | $**283277877** | **99.4** |
|  | **Assets in Excess of Other Liabilities** | **1641020** | **0.6** |
|  | **Net Assets** | $**284918897** | **100.0** |

---

ADR American Depositary Receipt

---

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

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>T. Rowe Price Equity Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other <br> Observable <br> Inputs# <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $16674752 | $— | $— | $16674752 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 11051755 |  |  | 11051755 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 24981994 |  |  | 24981994 |
| &nbsp;&nbsp;&nbsp;Energy | 20540240 | 3700132 |  | 24240372 |
| &nbsp;&nbsp;&nbsp;Financials | 64900211 |  |  | 64900211 |
| &nbsp;&nbsp;&nbsp;Health Care | 34770847 | 1736456 |  | 36507303 |
| &nbsp;&nbsp;&nbsp;Industrials | 33526856 | 3688494 |  | 37215350 |
| &nbsp;&nbsp;&nbsp;Information Technology | 23425929 | 2473846 |  | 25899775 |
| &nbsp;&nbsp;&nbsp;Materials | 8688048 |  |  | 8688048 |
| &nbsp;&nbsp;&nbsp;Real Estate | 10505938 |  |  | 10505938 |
| &nbsp;&nbsp;&nbsp;Utilities | 16431718 |  |  | 16431718 |
| Total Common Stock | 265498288 | 11598928 |  | 277097216 |
| Preferred Stock |  | 3253603 |  | 3253603 |
| Short-Term Investments | 431396 | 2495662 |  | 2927058 |
| Total Investments, at fair value | $265929684 | $17348193 | $— | $283277877 |

---

---

| | |
|:---|:---|
| <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, 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 $230,787,690. | Cost for U.S. federal income tax purposes was $230,787,690. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $65756006 |
| Gross Unrealized Depreciation | (13259121) |
| Net Unrealized Appreciation | $52496885 |

---

See Accompanying Notes to Financial Statements

[This Page Intentionally Left Blank]

---

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

---

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

**VPSAR-VIT1AISS2** **(0625)**

![](tm2522622d8_voyaimg001.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025** 

Classes ADV, I, R6, S and S2

**Voya Investors Trust**

■ Voya Balanced Income Portfolio ■ Voya Limited Maturity Bond
 Portfolio

■ Voya High Yield Portfolio ■ Voya U.S. Stock Index Portfolio

■ Voya Large Cap Growth Portfolio ■ VY<sup>®</sup> CBRE Real Estate Portfolio

■ Voya Large Cap Value Portfolio ■ VY<sup>®</sup> JPMorgan Small Cap Core 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.

---

| | | |
|:---|:---|:---|
| ![](tm2522622d8_voyaimg002.jpg) | E-Delivery Sign-up – details inside | ![](tm2522622d8_voyaimg003.jpg) |
|  |  | ![](tm2522622d8_voyaimg003.jpg) |
| **INVESTMENT MANAGEMENT** | **INVESTMENT MANAGEMENT** | ![](tm2522622d8_voyaimg003.jpg) |
|  |  | ![](tm2522622d8_voyaimg003.jpg) |
| **voyainvestments.com** | **voyainvestments.com** | ![](tm2522622d8_voyaimg003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#b001) | [1](#b001) |
| [Statements of Operations](#b002) | [6](#b002) |
| [Statements of Changes in Net Assets](#b003) | [9](#b003) |
| [Financial Highlights](#b004) | [13](#b004) |
| [Notes to Financial Statements](#b005) | [19](#b005) |
| [Portfolios of Investments](#b006) | [40](#b006) |

---

&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 Balanced <br> Income Portfolio** | **Voya High Yield <br> Portfolio** | **Voya Large Cap <br> Growth Portfolio** | **Voya Large Cap <br> Value Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | $423560714 | $299412059 | $2295693719 | $532866851 |
| Investments in affiliates at fair value\*\* | 82959765 |  |  |  |
| Short-term investments at fair value† | 17605197 | 17513807 | 21384000 | 1885236 |
| Cash | 1768454 | 4509417 | 289504 | 179387 |
| Cash collateral for futures contracts | 1383301 |  |  |  |
| Cash pledged for centrally cleared swaps (Note 2) | 520000 |  |  |  |
| Cash pledged as collateral for OTC derivatives (Note 2) | 490000 |  |  |  |
| Foreign currencies at value‡ | 1664858 |  |  | 4284 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 1877205 | 22909706 |  | 6123941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 255517 | 450123 | 212442 | 218219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 642338 | 19270 | 319602 | 428284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1373054 | 5109714 | 93 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 193263 |  | 48299 | 37264 |
| Unrealized appreciation on forward foreign currency contracts | 107998 |  |  |  |
| Unrealized appreciation on forward premium swaptions | 518718 |  |  |  |
| Unrealized appreciation on OTC swap agreements | 500681 |  |  |  |
| Prepaid expenses | 4741 |  | 21984 | 5138 |
| Reimbursement due from Investment Adviser | 19593 |  | 121842 | 75466 |
| Other assets | 79325 | 36480 | 294709 | 75484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 535524722 | 349960576 | 2318386194 | 541899592 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investment securities purchased | 2393487 | 30791072 |  | 63777 |
| Payable for fund shares redeemed | 244034 | 30583 | 4251457 | 47823 |
| Payable upon receipt of securities loaned | 2005721 |  |  | 1885236 |
| Unrealized depreciation on forward foreign currency contracts | 998339 |  |  |  |
| Unrealized depreciation on forward premium swaptions | 324179 |  |  |  |
| Unrealized depreciation on OTC swap agreements | 13970 |  |  |  |
| Variation margin payable on centrally cleared swaps | 28280 |  |  |  |
| Variation margin payable on futures contracts | 22526 |  |  |  |
| Payable for unified fees |  | 122954 |  |  |
| Payable for investment management fees | 236855 |  | 1193102 | 324938 |
| Payable for distribution and shareholder service fees | 56285 | 33045 | 258162 | 23951 |
| Payable to trustees under the deferred compensation plan (Note 6) | 79325 | 36480 | 294709 | 75484 |
| Payable for trustee fees | 1302 |  | 5473 | 1336 |
| Payable for borrowings against line of credit (Note 9) |  |  |  | 863000 |
| Other accrued expenses and liabilities | 115160 |  | 413711 | 132651 |
| Written options, at fair value^ | 325131 | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6844594 | 31014134 | 6416614 | 3418196 |
| **NET ASSETS** | $528680128 | $318946442 | $2311969580 | $538481396 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Voya Balanced <br> Income Portfolio** | **Voya High Yield <br> Portfolio** | **Voya Large Cap <br> Growth Portfolio** | **Voya Large Cap <br> Value Portfolio** |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | Paid-in capital | $456049724 | $400858818 | $1200363298 | $372608963 |
| Total distributable earnings (loss) | Total distributable earnings (loss) | 72630404 | (81912376) | 1111606282 | 165872433 |
| **NET ASSETS** | **NET ASSETS** | $528680128 | $318946442 | $2311969580 | $538481396 |
| + | Including securities loaned at value | $1901426 | $— | $— | $1844311 |
| \* | Cost of investments in securities | $370792973 | $296462513 | $1536362000 | $477913161 |
| \*\* | Cost of investments in affiliates | $82331374 | $— | $— | $— |
| † | Cost of short-term investments | $17607370 | $17513940 | $21384000 | $1885236 |
| ‡ | Cost of foreign currencies | $1646770 | $— | $— | $4267 |
| ^ | Premiums received on written options | $607868 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced <br> Income Portfolio** | **Voya High Yield <br> Portfolio** | **Voya Large Cap <br> Growth Portfolio** | **Voya Large Cap <br> Value Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $45570834 | $56744048 | $389356283 | $44370938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 4488287 | 6433045 | 26220777 | 7295643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.15 | $8.82 | $14.85 | $6.08 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $316985840 | $236043232 | $1517350899 | $358545552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 29233975 | 26742899 | 78387238 | 53162224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.84 | $8.83 | $19.36 | $6.74 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | n/a | $68678256 | $123859336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | n/a | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | n/a | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | n/a | 3542181 | 18500024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | n/a | $19.39 | $6.70 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $163815331 | $24583054 | $293057765 | $11558145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 15211141 | 2787036 | 16453384 | 1829605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.77 | $8.82 | $17.81 | $6.32 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2308123 | $1576108 | $43526377 | $147425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 214826 | 178481 | 2518405 | 23297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.74 | $8.83 | $17.28 | $6.33 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Voya Limited <br> Maturity Bond <br> Portfolio** | **Voya U.S. Stock <br> Index Portfolio** | **VY<sup>®</sup> CBRE Real <br> Estate Portfolio** | **VY<sup>®</sup> JPMorgan <br> Small Cap Core <br> Equity Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $261994349 | $4262633693 | $148981202 | $308027334 |
| Short-term investments at fair value† | Short-term investments at fair value† | 3966975 | 76418396 | 3019212 | 27112438 |
| Cash | Cash | 245251 | 995293 |  |  |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 484951 | 5814865 |  | 782500 |
| Receivables: | Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 4310284 | 446059 |  | 1417103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 112675 | 1331742 | 1020054 | 401821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 91 | 2123526 | 560680 | 283159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1831853 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  |  | 1149 | 25492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | 403820 |  | 14396 |
| Prepaid expenses | Prepaid expenses |  |  | 1542 |  |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser |  |  | 35084 |  |
| Other assets | Other assets | 17681 | 241744 | 27070 | 31987 |
| &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 | 272964110 | 4350409138 | 153645993 | 338096230 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased | 3834856 |  | 150929 | 5050224 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 68712 | 2673229 | 390 | 57468 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 2611350 | 1186396 | 2095818 | 15380905 |
| Variation margin payable on futures contracts | Variation margin payable on futures contracts | 34998 |  |  |  |
| Payable for unified fees | Payable for unified fees | 59327 | 874021 |  | 227603 |
| Payable for investment management fees | Payable for investment management fees |  |  | 106662 |  |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 7596 | 110125 | 40762 | 62573 |
| Payable to custodian due to bank overdraft | Payable to custodian due to bank overdraft |  |  |  | 4 |
| Payable to trustees under the deferred | Payable to trustees under the deferred |  |  |  |  |
| compensation plan (Note 6) | compensation plan (Note 6) | 17681 | 241744 | 27070 | 31987 |
| Payable for trustee fees | Payable for trustee fees |  |  | 396 |  |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | – | – | 52679 | – |
| &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 | 6634520 | 5085515 | 2474706 | 20810764 |
| **NET ASSETS** | **NET ASSETS** | $266329590 | $4345323623 | $151171287 | $317285466 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | Paid-in capital | $289705898 | $1902957875 | $150948081 | $239652028 |
| Total distributable earnings (loss) | Total distributable earnings (loss) | (23376308) | 2442365748 | 223206 | 77633438 |
| **NET ASSETS** | **NET ASSETS** | $266329590 | $4345323623 | $151171287 | $317285466 |
| + | Including securities loaned at value | $2554890 | $1138444 | $2044260 | $15164803 |
| \* | Cost of investments in securities | $260531542 | $2391902161 | $146091834 | $290024687 |
| † | Cost of short-term investments | $3967169 | $76418396 | $3019212 | $27112438 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Limited <br> Maturity Bond <br> Portfolio** | **Voya U.S. Stock <br> Index Portfolio** | **VY<sup>®</sup> CBRE Real** **<br> Estate Portfolio** | **VY<sup>®</sup> JPMorgan** **<br> Small Cap Core <br> Equity Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $10518338 | $94614164 | $31835735 | $96911676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1122418 | 4698875 | 1234886 | 6982921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share | $9.37 | $20.14 | $25.78 | $13.88 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $244043546 | $4015558226 | $2337351 | $121775022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 25519779 | 186821946 | 83288 | 7592841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share | $9.56 | $21.49 | $28.06 | $16.04 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | n/a | n/a | $26754622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | n/a | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | n/a | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | n/a | n/a | 1670411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share | n/a | n/a | n/a | $16.02 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $11767706 | $44261665 | $111162347 | $70088612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1221707 | 2094997 | 3959423 | 4507989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share | $9.63 | $21.13 | $28.08 | $15.55 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $190889568 | $5835854 | $1755534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited | unlimited | unlimited |
| &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 | 9263858 | 209442 | 115607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share | n/a | $20.61 | $27.86 | $15.19 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced <br> Income Portfolio** | **Voya High Yield <br> Portfolio** | **Voya Large Cap <br> Growth Portfolio** | **Voya Large Cap <br> Value Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $2334781 | $21437 | $5860601 | $5639901 |
| Dividends from affiliated underlying funds | 2430740 |  |  |  |
| Interest, net of foreign taxes withheld\* | 6348045 | 10815264 | 1720 | 1376 |
| Securities lending income, net | 6074 | 72453 | 100 | 853 |
| Other | 2018 | 1214 | 8567 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 11121658 | 10910368 | 5870988 | 5644282 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 1420978 |  | 7058061 | 1978837 |
| Unified fees |  | 769044 |  |  |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 134090 | 167876 | 1103488 | 130328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 199967 | 31290 | 350626 | 17342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 4788 | 2963 | 81350 | 433 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 11623 |  | 101170 | 24992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 80529 |  | 390276 | 204982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  | 4 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 41603 |  | 77150 | 7981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 622 |  | 11187 | 125 |
| Shareholder reporting expense | 7046 |  | 36491 | 14814 |
| Professional fees | 18256 |  | 117612 | 22086 |
| Custody and accounting expense | 76919 |  | 126085 | 19910 |
| Trustee fees and expenses | 6512 | 11972 | 27365 | 6679 |
| Miscellaneous expense | 7664 |  | 111270 | 16070 |
| Interest expense | 3191 |  |  | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2013788 | 983145 | 9592135 | 2446103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (117160) | (23424) | (756563) | (462652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1896628 | 959721 | 8835572 | 1983451 |
| Net investment income (loss) | 9225030 | 9950647 | (2964584) | 3660831 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 10005924 | 740301 | 110785169 | 27614495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (114000) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 27569 |  |  | (1059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1625161 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (211956) | 277343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 222129 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 11554827 | 1017644 | 110785169 | 27613436 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 10726281 | 3381627 | 4284480 | 3471879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 1137911 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (1275706) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 37974 |  |  | 4316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 554554 |  |  |  |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced <br> Income Portfolio** | **Voya High Yield <br> Portfolio** | **Voya Large Cap <br> Growth Portfolio** | **Voya Large Cap <br> Value Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 572868 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 412813 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 12166695 | 3381627 | 4284480 | 3476195 |
| Net realized and unrealized gain | 23721522 | 4399271 | 115069649 | 31089631 |
| **Increase in net assets resulting from operations** | $32946552 | $14349918 | $112105065 | $34750462 |
| \* Foreign taxes withheld | $87321 | $— | $— | $9963 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Limited <br> Maturity Bond <br> Portfolio** | **Voya U.S. Stock <br> Index Portfolio** | **VY<sup>®</sup> CBRE Real** **<br> Estate Portfolio** | **VY<sup>®</sup> JPMorgan** **<br> Small Cap Core <br> Equity Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $192197 | $27334396 | $3027948 | $2172207 |
| Interest | 6086213 | 101486 |  | 8450 |
| Securities lending income, net | 5466 | 3492 | 989 | 35660 |
| Other | 1060 | 15512 | 635 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 6284936 | 27454886 | 3029572 | 2217762 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees |  |  | 666413 |  |
| Unified fees | 365677 | 5088521 |  | 1454884 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 30606 | 241378 | 97158 | 295109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 22893 | 54266 | 145191 | 88250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  | 366956 | 11752 | 3411 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  |  | 23258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | 1716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S |  |  | 83409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  |  | 4221 |  |
| Shareholder reporting expense |  |  | 4545 |  |
| Professional fees |  |  | 7811 |  |
| Custody and accounting expense |  |  | 7811 |  |
| Trustee fees and expenses | 3281 | 180618 | 1977 | 21603 |
| Miscellaneous expense |  |  | 4216 |  |
| Interest expense | 93 | 4661 | 215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 422550 | 5936400 | 1059693 | 1863257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  | (2171) | (216269) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  |  | (1894) | (24063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 422550 | 5934229 | 841530 | 1839194 |
| Net investment income | 5862386 | 21520657 | 2188042 | 378568 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 440686 | 106667420 | (3636634) | 21743830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 142949 | (543838) |  | (822886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 583635 | 106123582 | (3636634) | 20920944 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1627467 | 114589418 | (1340601) | (29551910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (297833) | 1766583 |  | 362393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1329634 | 116356001 | (1340541) | (29189517) |
| Net realized and unrealized gain (loss) | 1913269 | 222479583 | (4977175) | (8268573) |
| **Increase (decrease) in net assets resulting from operations** | $7775655 | $244000240 | $(2789133) | $(7890005) |
| \* Foreign taxes withheld | $— | $6219 | $— | $3456 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** |
|  | **Six Months** **<br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,<br> 2024** | **Six Months** **<br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $9225030 | $11857493 | $9950647 | $25455653 |
| Net realized gain (loss) | 11554827 | 6611055 | 1017644 | (8237473) |
| Net change in unrealized appreciation (depreciation) | 12166695 | 20753658 | 3381627 | 12622663 |
| Increase in net assets resulting from operations | 32946552 | 39222206 | 14349918 | 29840843 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (437682) | (1663553) | (3584436) |
| &nbsp;&nbsp;&nbsp;Class I |  | (4554640) | (7524641) | (13938626) |
| &nbsp;&nbsp;&nbsp;Class S |  | (2035861) | (788275) | (7942640) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (27184) | (45557) | (81429) |
| Total distributions |  | (7055367) | (10022026) | (25547131) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 8015742 | 7931067 | 14797135 | 106740301 |
| Proceeds from shares issued in merger (Note 14) |  | 313900290 |  |  |
| Reinvestment of distributions |  | 7055347 | 10022026 | 25362917 |
|  | 8015742 | 328886704 | 24819161 | 132103218 |
| Cost of shares redeemed | (37152609) | (64054294) | (28565794) | (219998822) |
| Net increase (decrease) in net assets resulting from capital share transactions | (29136867) | 264832410 | (3746633) | (87895604) |
| Net increase (decrease) in net assets | 3809685 | 296999249 | 581259 | (83601892) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 524870443 | 227871194 | 318365183 | 401967075 |
| End of year or period | $528680128 | $524870443 | $318946442 | $318365183 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** |
|  | **Six Months** **<br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,<br> 2024** | **Six Months** **<br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(2964584) | $(14264403) | $3660831 | $8611633 |
| Net realized gain | 110785169 | 1026093133 | 27613436 | 81906212 |
| Net change in unrealized appreciation (depreciation) | 4284480 | (47297067) | 3476195 | 511994 |
| Increase in net assets resulting from operations | 112105065 | 964531663 | 34750462 | 91029839 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  |  |  | (3147056) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | (26183574) |
| &nbsp;&nbsp;&nbsp;Class R6 |  |  |  | (7858342) |
| &nbsp;&nbsp;&nbsp;Class S |  |  |  | (1742353) |
| &nbsp;&nbsp;&nbsp;Class S2 |  |  |  | (16420) |
| Total distributions |  |  |  | (38947745) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 38601435 | 81274562 | 15836928 | 47304154 |
| Reinvestment of distributions |  |  |  | 38947745 |
|  | 38601435 | 81274562 | 15836928 | 86251899 |
| Cost of shares redeemed | (168042010) | (2804567561) | (92824999) | (94589424) |
| Net decrease in net assets resulting from capital share transactions | (129440575) | (2723292999) | (76988071) | (8337525) |
| Net increase (decrease) in net assets | (17335510) | (1758761336) | (42237609) | 43744569 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 2329305090 | 4088066426 | 580719005 | 536974436 |
| End of year or period | $2311969580 | $2329305090 | $538481396 | $580719005 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Limited** **<br> Maturity Bond Portfolio** | **Voya Limited** **<br> Maturity Bond Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** |
|  | **Six Months** **<br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,<br> 2024** | **Six Months** **<br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $5862386 | $14133791 | $21520657 | $47928639 |
| Net realized gain (loss) | 583635 | (3975283) | 106123582 | 557245680 |
| Net change in unrealized appreciation (depreciation) | 1329634 | 5272423 | 116356001 | 348502520 |
| Increase in net assets resulting from operations | 7775655 | 15430931 | 244000240 | 953676839 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (199347) | (460481) |  | (8431480) |
| &nbsp;&nbsp;&nbsp;Class I | (5224696) | (12455204) |  | (347586480) |
| &nbsp;&nbsp;&nbsp;Class S | (388787) | (2520284) |  | (22399357) |
| &nbsp;&nbsp;&nbsp;Class S2 |  |  |  | (17901080) |
| Total distributions | (5812830) | (15435969) |  | (396318397) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 25047505 | 59249183 | 463010349 | 405822366 |
| Reinvestment of distributions | 5688850 | 15414924 |  | 396318397 |
|  | 30736355 | 74664107 | 463010349 | 802140763 |
| Cost of shares redeemed | (63665213) | (120597819) | (462624442) | (1522297189) |
| Net increase (decrease) in net assets resulting from capital share transactions | (32928858) | (45933712) | 385907 | (720156426) |
| Net increase (decrease) in net assets | (30966033) | (45938750) | 244386147 | (162797984) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 297295623 | 343234373 | 4100937476 | 4263735460 |
| End of year or period | $266329590 | $297295623 | $4345323623 | $4100937476 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> JPMorgan** **<br> Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan** **<br> Small Cap Core Equity Portfolio** |
|  | **Six Months** **<br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,<br> 2024** | **Six Months** **<br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year Ended** **<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $2188042 | $4362407 | $378568 | $912907 |
| Net realized gain (loss) | (3636634) | 5286238 | 20920944 | 50314070 |
| Net change in unrealized appreciation (depreciation) | (1340541) | (2171974) | (29189517) | (5619123) |
| Increase (decrease) in net assets resulting from operations | (2789133) | 7476671 | (7890005) | 45607854 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (844777) |  | (53504) |
| &nbsp;&nbsp;&nbsp;Class I |  | (80434) |  | (1076249) |
| &nbsp;&nbsp;&nbsp;Class R6 |  |  |  | (161903) |
| &nbsp;&nbsp;&nbsp;Class S |  | (3261221) |  | (244489) |
| &nbsp;&nbsp;&nbsp;Class S2 |  | (162004) |  | (1142) |
| Total distributions |  | (4348436) |  | (1537287) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 2559305 | 6804194 | 9462271 | 25496384 |
| Reinvestment of distributions |  | 4348436 |  | 1537287 |
|  | 2559305 | 11152630 | 9462271 | 27033671 |
| Cost of shares redeemed | (15448653) | (35641312) | (111183572) | (81733652) |
| Net decrease in net assets resulting from capital share transactions | (12889348) | (24488682) | (101721301) | (54699981) |
| Net decrease in net assets | (15678481) | (21360447) | (109611306) | (10629414) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 166849768 | 188210215 | 426896772 | 437526186 |
| End of year or period | $151171287 | $166849768 | $317285466 | $426896772 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 Data** | **Supplemental 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<br> 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 <br> 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)<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 Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.56 | 0.15 | <sup>•</sup> | 0.44 | 0.59 |  |  |  |  |  | 10.15 | **6.17** | 1.25 | 1.20 | 1.20 | 3.10 | 45571 | 36 |
| 12-31-24 | 8.58 | 0.26 | <sup>•</sup> | 0.81 | 1.07 | 0.09 |  |  | 0.09 |  | 9.56 | **12.46** | 1.25 | 1.20 | 1.20 | 2.80 | 45533 | 80 |
| 12-31-23 | 7.93 | 0.24 | <sup>•</sup> | 0.62 | 0.86 | 0.21 |  |  | 0.21 |  | 8.58 | **11.02** | 1.24 | 1.20 | 1.20 | 2.95 | 46186 | 142 |
| 12-31-22 | 10.39 | 0.19 | <sup>•</sup> | (1.67) | (1.48) | 0.18 | 0.80 |  | 0.98 |  | 7.93 | **(14.30)** | 1.24 | 1.20 | 1.20 | 2.13 | 48684 | 104 |
| 12-31-21 | 9.77 | 0.17 | <sup>•</sup> | 0.67 | 0.84 | 0.22 |  |  | 0.22 |  | 10.39 | **8.65** | 1.22 | 1.20 | 1.20 | 1.69 | 65611 | 133 |
| 12-31-20 | 10.65 | 0.21 | <sup>•</sup> | (0.01) | 0.20 | 0.36 | 0.72 |  | 1.08 |  | 9.77 | **2.80** | 1.22 | 1.20 | 1.20 | 2.20 | 66515 | 69 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.17 | 0.19 | <sup>•</sup> | 0.48 | 0.67 |  |  |  |  |  | 10.84 | **6.59** | 0.65 | 0.60 | 0.60 | 3.70 | 316986 | 36 |
| 12-31-24 | 9.13 | 0.34 | <sup>•</sup> | 0.84 | 1.18 | 0.14 |  |  | 0.14 |  | 10.17 | **13.00** | 0.65 | 0.60 | 0.60 | 3.36 | 312128 | 80 |
| 12-31-23 | 8.43 | 0.31 | <sup>•</sup> | 0.66 | 0.97 | 0.27 |  |  | 0.27 |  | 9.13 | **11.68** | 0.64 | 0.60 | 0.60 | 3.56 | 6009 | 142 |
| 12-31-22 | 10.99 | 0.26 | <sup>•</sup> | (1.77) | (1.51) | 0.25 | 0.80 |  | 1.05 |  | 8.43 | **(13.78)** | 0.64 | 0.60 | 0.60 | 2.73 | 6024 | 104 |
| 12-31-21 | 10.31 | 0.25 | <sup>•</sup> | 0.71 | 0.96 | 0.28 |  |  | 0.28 |  | 10.99 | **9.42** | 0.62 | 0.60 | 0.60 | 2.29 | 7878 | 133 |
| 12-31-20 | 11.19 | 0.29 | <sup>•</sup> | (0.03) | 0.26 | 0.42 | 0.72 |  | 1.14 |  | 10.31 | **3.33** | 0.62 | 0.60 | 0.60 | 2.79 | 7943 | 69 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.12 | 0.18 | <sup>•</sup> | 0.47 | 0.65 |  |  |  |  |  | 10.77 | **6.42** | 0.90 | 0.85 | 0.85 | 3.45 | 163815 | 36 |
| 12-31-24 | 9.08 | 0.31 | <sup>•</sup> | 0.85 | 1.16 | 0.12 |  |  | 0.12 |  | 10.12 | **12.79** | 0.90 | 0.85 | 0.85 | 3.14 | 164601 | 80 |
| 12-31-23 | 8.38 | 0.29 | <sup>•</sup> | 0.66 | 0.95 | 0.25 |  |  | 0.25 |  | 9.08 | **11.42** | 0.89 | 0.85 | 0.85 | 3.30 | 173258 | 142 |
| 12-31-22 | 10.92 | 0.23 | <sup>•</sup> | (1.75) | (1.52) | 0.22 | 0.80 |  | 1.02 |  | 8.38 | **(13.97)** | 0.89 | 0.85 | 0.85 | 2.47 | 184513 | 104 |
| 12-31-21 | 10.25 | 0.22 | <sup>•</sup> | 0.70 | 0.92 | 0.25 |  |  | 0.25 |  | 10.92 | **9.09** | 0.87 | 0.85 | 0.85 | 2.04 | 256146 | 133 |
| 12-31-20 | 11.13 | 0.26 | <sup>•</sup> | (0.03) | 0.23 | 0.39 | 0.72 |  | 1.11 |  | 10.25 | **3.03** | 0.87 | 0.85 | 0.85 | 2.55 | 266536 | 69 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.10 | 0.17 | <sup>•</sup> | 0.47 | 0.64 |  |  |  |  |  | 10.74 | **6.34** | 1.05 | 1.00 | 1.00 | 3.29 | 2308 | 36 |
| 12-31-24 | 9.06 | 0.29 | <sup>•</sup> | 0.85 | 1.14 | 0.10 |  |  | 0.10 |  | 10.10 | **12.66** | 1.05 | 1.00 | 1.00 | 3.01 | 2609 | 80 |
| 12-31-23 | 8.36 | 0.27 | <sup>•</sup> | 0.66 | 0.93 | 0.23 |  |  | 0.23 |  | 9.06 | **11.20** | 1.04 | 1.00 | 1.00 | 3.15 | 2418 | 142 |
| 12-31-22 | 10.89 | 0.22 | <sup>•</sup> | (1.75) | (1.53) | 0.20 | 0.80 |  | 1.00 |  | 8.36 | **(14.14)** | 1.04 | 1.00 | 1.00 | 2.32 | 2698 | 104 |
| 12-31-21 | 10.22 | 0.20 | <sup>•</sup> | 0.70 | 0.90 | 0.23 |  |  | 0.23 |  | 10.89 | **8.88** | 1.02 | 1.00 | 1.00 | 1.89 | 4112 | 133 |
| 12-31-20 | 11.10 | 0.27 |  | (0.04) | 0.23 | 0.39 | 0.72 |  | 1.11 |  | 10.22 | **3.02** | 1.02 | 1.00 | 1.00 | 2.40 | 5189 | 69 |
| **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.70 | 0.25 | <sup>•</sup> | 0.13 | 0.38 | 0.26 |  |  | 0.26 |  | 8.82 | **4.40** | 1.10 | 1.09 | 1.09 | 5.90 | 56744 | 97 |
| 12-31-24 | 8.65 | 0.53 | <sup>•</sup> | 0.05 | 0.58 | 0.53 |  |  | 0.53 |  | 8.70 | **6.90** | 1.10 | 1.08 | 1.08 | 6.10 | 57509 | 88 |
| 12-31-23 | 8.23 | 0.50 | <sup>•</sup> | 0.43 | 0.93 | 0.51 |  |  | 0.51 |  | 8.65 | **11.63** | 1.09 | 1.08 | 1.08 | 5.91 | 61268 | 47 |
| 12-31-22 | 9.94 | 0.46 | <sup>•</sup> | (1.72) | (1.26) | 0.45 |  |  | 0.45 |  | 8.23 | **(12.83)** | 1.10 | 1.08 | 1.08 | 5.22 | 61172 | 21 |
| 12-31-21 | 9.96 | 0.45 | <sup>•</sup> | 0.01 | 0.46 | 0.46 |  | 0.02 | 0.48 |  | 9.94 | **4.65** | 1.10 | 1.08 | 1.08 | 4.52 | 79216 | 63 |
| 12-31-20 | 9.94 | 0.46 | <sup>•</sup> | 0.03 | 0.49 | 0.46 |  | 0.01 | 0.47 |  | 9.96 | **5.26** | 1.10 | 1.08 | 1.08 | 4.80 | 80017 | 90 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.70 | 0.28 | <sup>•</sup> | 0.13 | 0.41 | 0.28 |  |  | 0.28 |  | 8.83 | **4.82** | 0.50 | 0.49 | 0.49 | 6.50 | 236043 | 97 |
| 12-31-24 | 8.66 | 0.58 | <sup>•</sup> | 0.04 | 0.62 | 0.58 |  |  | 0.58 |  | 8.70 | **7.42** | 0.50 | 0.48 | 0.48 | 6.70 | 233489 | 88 |
| 12-31-23 | 8.24 | 0.55 | <sup>•</sup> | 0.43 | 0.98 | 0.56 |  |  | 0.56 |  | 8.66 | **12.28** | 0.49 | 0.48 | 0.48 | 6.51 | 165274 | 47 |
| 12-31-22 | 9.95 | 0.51 | <sup>•</sup> | (1.72) | (1.21) | 0.50 |  |  | 0.50 |  | 8.24 | **(12.28)** | 0.50 | 0.48 | 0.48 | 5.83 | 152175 | 21 |
| 12-31-21 | 9.97 | 0.51 | <sup>•</sup> | 0.01 | 0.52 | 0.52 |  | 0.02 | 0.54 |  | 9.95 | **5.28** | 0.50 | 0.48 | 0.48 | 5.12 | 189224 | 63 |
| 12-31-20 | 9.94 | 0.51 | <sup>•</sup> | 0.05 | 0.56 | 0.52 |  | 0.01 | 0.53 |  | 9.97 | **6.00** | 0.50 | 0.48 | 0.48 | 5.40 | 191358 | 90 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.70 | 0.27 | <sup>•</sup> | 0.12 | 0.39 | 0.27 |  |  | 0.27 |  | 8.82 | **4.58** | 0.75 | 0.74 | 0.74 | 6.26 | 24583 | 97 |
| 12-31-24 | 8.65 | 0.56 | <sup>•</sup> | 0.05 | 0.61 | 0.56 |  |  | 0.56 |  | 8.70 | **7.28** | 0.75 | 0.73 | 0.73 | 6.45 | 25957 | 88 |
| 12-31-23 | 8.23 | 0.52 | <sup>•</sup> | 0.44 | 0.96 | 0.54 |  |  | 0.54 |  | 8.65 | **12.01** | 0.74 | 0.73 | 0.73 | 6.26 | 174158 | 47 |
| 12-31-22 | 9.94 | 0.49 | <sup>•</sup> | (1.72) | (1.23) | 0.48 |  |  | 0.48 |  | 8.23 | **(12.52)** | 0.75 | 0.73 | 0.73 | 5.56 | 179355 | 21 |
| 12-31-21 | 9.96 | 0.48 | <sup>•</sup> | 0.01 | 0.49 | 0.49 |  | 0.02 | 0.51 |  | 9.94 | **5.01** | 0.75 | 0.73 | 0.73 | 4.87 | 244800 | 63 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental Data** | **Supplemental 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<br> 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 <br> 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)<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 High Yield Portfolio (continued)** | **Voya High Yield Portfolio (continued)** | **Voya High Yield Portfolio (continued)** | **Voya High Yield Portfolio (continued)** | **Voya High Yield Portfolio (continued)** | **Voya High Yield Portfolio (continued)** | **Voya High Yield Portfolio (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-20 | 9.94 | 0.49 | 0.04 | 0.53 | 0.50 |  | 0.01 | 0.51 |  | 9.96 | **5.63** | 0.75 | 0.73 | 0.73 | 5.15 | 266537 | 90 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.71 | 0.26 | 0.13 | 0.39 | 0.27 |  |  | 0.27 |  | 8.83 | **4.50** | 0.90 | 0.89 | 0.89 | 6.09 | 1576 | 97 |
| 12-31-24 | 8.66 | 0.55 | 0.05 | 0.60 | 0.55 |  |  | 0.55 |  | 8.71 | **7.12** | 0.90 | 0.88 | 0.88 | 6.29 | 1414 | 88 |
| 12-31-23 | 8.24 | 0.51 | 0.43 | 0.94 | 0.52 |  |  | 0.52 |  | 8.66 | **11.83** | 0.89 | 0.88 | 0.88 | 6.10 | 1267 | 47 |
| 12-31-22 | 9.95 | 0.48 | (1.72) | (1.24) | 0.47 |  |  | 0.47 |  | 8.24 | **(12.63)** | 0.90 | 0.88 | 0.88 | 5.34 | 1407 | 21 |
| 12-31-21 | 9.97 | 0.47 | 0.01 | 0.48 | 0.48 |  | 0.02 | 0.50 |  | 9.95 | **4.86** | 0.90 | 0.88 | 0.88 | 4.72 | 2688 | 63 |
| 12-31-20 | 9.95 | 0.48 | 0.03 | 0.51 | 0.48 |  | 0.01 | 0.49 |  | 9.97 | **5.48** | 0.90 | 0.88 | 0.88 | 4.99 | 3119 | 90 |
| **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 14.13 | (0.05) | 0.77 | 0.72 |  |  |  |  |  | 14.85 | **5.10** | 1.34 | 1.27 | 1.27 | (0.73) | 389356 | 25 |
| 12-31-24 | 10.54 | (0.09) | 3.68 | 3.59 |  |  |  |  |  | 14.13 | **34.06** | 1.31 | 1.27 | 1.27 | (0.73) | 395905 | 42 |
| 12-31-23 | 7.69 | (0.05) | 2.90 | 2.85 |  |  |  |  |  | 10.54 | **37.06** | 1.31 | 1.27 | 1.27 | (0.56) | 1497865 | 57 |
| 12-31-22 | 19.43 | (0.07) | (5.77) | (5.84) |  | 5.90 |  | 5.90 |  | 7.69 | **(30.97)** | 1.31 | 1.27 | 1.27 | (0.58) | 1263757 | 47 |
| 12-31-21 | 20.45 | (0.14) | 3.76 | 3.62 |  | 4.64 |  | 4.64 |  | 19.43 | **18.89** | 1.30 | 1.27 | 1.27 | (0.68) | 2085856 | 72 |
| 12-31-20 | 17.96 | (0.08) | 5.00 | 4.92 |  | 2.43 |  | 2.43 |  | 20.45 | **30.11** | 1.32 | 1.27 | 1.27 | (0.43) | 2073088 | 86 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 18.36 | (0.01) | 1.01 | 1.00 |  |  |  |  |  | 19.36 | **5.45** | 0.74 | 0.67 | 0.67 | (0.13) | 1517351 | 25 |
| 12-31-24 | 13.62 | (0.01) | 4.75 | 4.74 |  |  |  |  |  | 18.36 | **34.80** | 0.71 | 0.67 | 0.67 | (0.09) | 1518131 | 42 |
| 12-31-23 | 9.88 | 0.01 | 3.73 | 3.74 |  |  |  |  |  | 13.62 | **37.86** | 0.71 | 0.67 | 0.67 | 0.05 | 1260097 | 57 |
| 12-31-22 | 22.48 | 0.00 | (6.70) | (6.70) |  | 5.90 |  | 5.90 |  | 9.88 | **(30.50)** | 0.71 | 0.67 | 0.67 | 0.02 | 1251871 | 47 |
| 12-31-21 | 22.90 | (0.02) | 4.24 | 4.22 |  | 4.64 |  | 4.64 |  | 22.48 | **19.55** | 0.70 | 0.67 | 0.67 | (0.07) | 1937889 | 72 |
| 12-31-20 | 19.83 | 0.04 | 5.57 | 5.61 | 0.11 | 2.43 |  | 2.54 |  | 22.90 | **30.88** | 0.72 | 0.67 | 0.67 | 0.17 | 2436873 | 86 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 18.39 | (0.01) | 1.01 | 1.00 |  |  |  |  |  | 19.39 | **5.44** | 0.69 | 0.67 | 0.67 | (0.13) | 68678 | 25 |
| 12-31-24 | 13.64 | (0.01) | 4.76 | 4.75 |  |  |  |  |  | 18.39 | **34.82** | 0.68 | 0.67 | 0.67 | (0.09) | 67229 | 42 |
| 12-31-23 | 9.90 | 0.01 | 3.73 | 3.74 |  |  |  |  |  | 13.64 | **37.78** | 0.67 | 0.67 | 0.67 | 0.05 | 66206 | 57 |
| 12-31-22 | 22.50 | 0.00 | (6.70) | (6.70) |  | 5.90 |  | 5.90 |  | 9.90 | **(30.47)** | 0.68 | 0.67 | 0.67 | 0.02 | 53900 | 47 |
| 12-31-21 | 22.91 | (0.02) | 4.25 | 4.23 |  | 4.64 |  | 4.64 |  | 22.50 | **19.58** | 0.67 | 0.67 | 0.67 | (0.08) | 95588 | 72 |
| 12-31-20 | 19.84 | 0.03 | 5.58 | 5.61 | 0.11 | 2.43 |  | 2.54 |  | 22.91 | **30.86** | 0.67 | 0.67 | 0.67 | 0.16 | 88303 | 86 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.91 | (0.03) | 0.93 | 0.90 |  |  |  |  |  | 17.81 | **5.32** | 0.99 | 0.92 | 0.92 | (0.38) | 293058 | 25 |
| 12-31-24 | 12.57 | (0.06) | 4.40 | 4.34 |  |  |  |  |  | 16.91 | **34.53** | 0.96 | 0.92 | 0.92 | (0.38) | 304779 | 42 |
| 12-31-23 | 9.15 | (0.02) | 3.44 | 3.42 |  |  |  |  |  | 12.57 | **37.38** | 0.96 | 0.92 | 0.92 | (0.21) | 1219524 | 57 |
| 12-31-22 | 21.47 | (0.03) | (6.39) | (6.42) |  | 5.90 |  | 5.90 |  | 9.15 | **(30.66)** | 0.96 | 0.92 | 0.92 | (0.23) | 1066004 | 47 |
| 12-31-21 | 22.10 | (0.07) | 4.08 | 4.01 |  | 4.64 |  | 4.64 |  | 21.47 | **19.28** | 0.95 | 0.92 | 0.92 | (0.33) | 1787956 | 72 |
| 12-31-20 | 19.21 | (0.01) | 5.38 | 5.37 | 0.05 | 2.43 |  | 2.48 |  | 22.10 | **30.59** | 0.97 | 0.92 | 0.92 | (0.08) | 1867154 | 86 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.43 | (0.04) | 0.89 | 0.85 |  |  |  |  |  | 17.28 | **5.17** | 1.14 | 1.07 | 1.07 | (0.53) | 43526 | 25 |
| 12-31-24 | 12.23 | (0.07) | 4.27 | 4.20 |  |  |  |  |  | 16.43 | **34.34** | 1.11 | 1.07 | 1.07 | (0.50) | 43261 | 42 |
| 12-31-23 | 8.91 | (0.04) | 3.36 | 3.32 |  |  |  |  |  | 12.23 | **37.26** | 1.11 | 1.07 | 1.07 | (0.36) | 44374 | 57 |
| 12-31-22 | 21.16 | (0.05) | (6.30) | (6.35) |  | 5.90 |  | 5.90 |  | 8.91 | **(30.80)** | 1.11 | 1.07 | 1.07 | (0.38) | 36077 | 47 |
| 12-31-21 | 21.87 | (0.10) | 4.03 | 3.93 |  | 4.64 |  | 4.64 |  | 21.16 | **19.10** | 1.10 | 1.07 | 1.07 | (0.48) | 64403 | 72 |
| 12-31-20 | 19.03 | (0.04) | 5.33 | 5.29 | 0.02 | 2.43 |  | 2.45 |  | 21.87 | **30.43** | 1.12 | 1.07 | 1.07 | (0.22) | 65511 | 86 |
| **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 5.74 | 0.02 | 0.32 | 0.34 |  |  |  |  |  | 6.08 | **5.92** | 1.49 | 1.29 | 1.29 | 0.84 | 44371 | 57 |
| 12-31-24 | 5.30 | 0.05 | 0.81 | 0.86 | 0.10 | 0.32 |  | 0.42 |  | 5.74 | **16.39** | 1.47 | 1.28 | 1.28 | 0.93 | 43980 | 101 |

---

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 Data** | **Supplemental 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<br> 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 <br> 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)<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 Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value 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)** |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-23 | 4.83 | 0.06 | <sup>•</sup> | 0.57 | 0.63 | 0.09 | 0.07 |  | 0.16 |  | 5.30 | **13.03** | 1.48 | 1.24 | 1.24 | 1.18 | 44283 | 82 |
| 12-31-22 | 13.67 | 0.08 | <sup>•</sup> | (1.13) | (1.05) | 0.06 | 7.73 |  | 7.79 |  | 4.83 | **(3.88)** | 1.50 | 1.24 | 1.24 | 1.02 | 46054 | 74 |
| 12-31-21 | 11.16 | 0.08 | <sup>•</sup> | 2.83 | 2.91 | 0.22 | 0.18 |  | 0.40 |  | 13.67 | **26.24** | 1.42 | 1.24 | 1.24 | 0.66 | 52418 | 82 |
| 12-31-20 | 11.96 | 0.15 |  | 0.26 | 0.41 | 0.18 | 1.03 |  | 1.21 |  | 11.16 | **5.61** | 1.43 | 1.24 | 1.24 | 1.43 | 47671 | 130 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 6.35 | 0.05 | <sup>•</sup> | 0.34 | 0.39 |  |  |  |  |  | 6.74 | **6.14** | 0.89 | 0.69 | 0.69 | 1.44 | 358546 | 57 |
| 12-31-24 | 5.80 | 0.10 | <sup>•</sup> | 0.88 | 0.98 | 0.11 | 0.32 |  | 0.43 |  | 6.35 | **17.06** | 0.87 | 0.68 | 0.68 | 1.53 | 399147 | 101 |
| 12-31-23 | 5.23 | 0.10 | <sup>•</sup> | 0.62 | 0.72 | 0.08 | 0.07 |  | 0.15 |  | 5.80 | **13.73** | 0.88 | 0.64 | 0.64 | 1.78 | 375498 | 82 |
| 12-31-22 | 14.04 | 0.13 | <sup>•</sup> | (1.13) | (1.00) | 0.08 | 7.73 |  | 7.81 |  | 5.23 | **(3.21)** | 0.90 | 0.64 | 0.64 | 1.62 | 357384 | 74 |
| 12-31-21 | 11.45 | 0.17 | <sup>•</sup> | 2.90 | 3.07 | 0.30 | 0.18 |  | 0.48 |  | 14.04 | **26.99** | 0.82 | 0.64 | 0.64 | 1.26 | 386934 | 82 |
| 12-31-20 | 12.22 | 0.22 |  | 0.28 | 0.50 | 0.24 | 1.03 |  | 1.27 |  | 11.45 | **6.28** | 0.83 | 0.64 | 0.64 | 2.02 | 329385 | 130 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 6.30 | 0.05 | <sup>•</sup> | 0.35 | 0.40 |  |  |  |  |  | 6.70 | **6.35** | 0.78 | 0.69 | 0.69 | 1.44 | 123859 | 57 |
| 12-31-24 | 5.76 | 0.10 | <sup>•</sup> | 0.87 | 0.97 | 0.11 | 0.32 |  | 0.43 |  | 6.30 | **16.99** | 0.76 | 0.68 | 0.68 | 1.53 | 112519 | 101 |
| 12-31-23 | 5.21 | 0.10 | <sup>•</sup> | 0.62 | 0.72 | 0.10 | 0.07 |  | 0.17 |  | 5.76 | **13.80** | 0.77 | 0.64 | 0.64 | 1.77 | 92856 | 82 |
| 12-31-22 | 14.03 | 0.12 | <sup>•</sup> | (1.12) | (1.00) | 0.09 | 7.73 |  | 7.82 |  | 5.21 | **(3.26)** | 0.78 | 0.64 | 0.64 | 1.71 | 72042 | 74 |
| 12-31-21 | 11.44 | 0.19 | <sup>•</sup> | 2.88 | 3.07 | 0.30 | 0.18 |  | 0.48 |  | 14.03 | **27.02** | 0.76 | 0.64 | 0.64 | 1.41 | 12976 | 82 |
| 12-31-20 | 12.21 | 0.21 | <sup>•</sup> | 0.29 | 0.50 | 0.24 | 1.03 |  | 1.27 |  | 11.44 | **6.27** | 0.77 | 0.64 | 0.64 | 2.01 | 230 | 130 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 5.95 | 0.04 | <sup>•</sup> | 0.33 | 0.37 |  |  |  |  |  | 6.32 | **6.22** | 1.14 | 0.94 | 0.94 | 1.17 | 11558 | 57 |
| 12-31-24 | 5.46 | 0.08 | <sup>•</sup> | 0.83 | 0.91 | 0.10 | 0.32 |  | 0.42 |  | 5.95 | **16.89** | 1.12 | 0.93 | 0.93 | 1.28 | 24820 | 101 |
| 12-31-23 | 4.96 | 0.08 | <sup>•</sup> | 0.58 | 0.66 | 0.09 | 0.07 |  | 0.16 |  | 5.46 | **13.28** | 1.13 | 0.89 | 0.89 | 1.53 | 24122 | 82 |
| 12-31-22 | 13.78 | 0.10 | <sup>•</sup> | (1.11) | (1.01) | 0.08 | 7.73 |  | 7.81 |  | 4.96 | **(3.47)** | 1.15 | 0.89 | 0.89 | 1.36 | 25128 | 74 |
| 12-31-21 | 11.25 | 0.13 | <sup>•</sup> | 2.85 | 2.98 | 0.27 | 0.18 |  | 0.45 |  | 13.78 | **26.67** | 1.07 | 0.89 | 0.89 | 0.99 | 30661 | 82 |
| 12-31-20 | 12.04 | 0.19 |  | 0.27 | 0.46 | 0.22 | 1.03 |  | 1.25 |  | 11.25 | **5.97** | 1.08 | 0.89 | 0.89 | 1.78 | 611514 | 130 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 5.97 | 0.03 | <sup>•</sup> | 0.33 | 0.36 |  |  |  |  |  | 6.33 | **6.03** | 1.29 | 1.09 | 1.09 | 1.06 | 147 | 57 |
| 12-31-24 | 5.48 | 0.07 | <sup>•</sup> | 0.84 | 0.91 | 0.10 | 0.32 |  | 0.42 |  | 5.97 | **16.73** | 1.27 | 1.08 | 1.08 | 1.13 | 252 | 101 |
| 12-31-23 | 4.97 | 0.07 | <sup>•</sup> | 0.59 | 0.66 | 0.08 | 0.07 |  | 0.15 |  | 5.48 | **13.24** | 1.28 | 1.04 | 1.04 | 1.38 | 215 | 164 |
| 12-31-22 | 13.80 | 0.09 | <sup>•</sup> | (1.12) | (1.03) | 0.07 | 7.73 |  | 7.80 |  | 4.97 | **(3.69)** | 1.28 | 1.04 | 1.04 | 1.23 | 189 | 74 |
| 12-31-21 | 11.27 | 0.11 | <sup>•</sup> | 2.85 | 2.96 | 0.25 | 0.18 |  | 0.43 |  | 13.80 | **26.43** | 1.22 | 1.04 | 1.04 | 0.87 | 196 | 82 |
| 12-31-20 | 12.06 | 0.17 | <sup>•</sup> | 0.27 | 0.44 | 0.20 | 1.03 |  | 1.23 |  | 11.27 | **5.86** | 1.23 | 1.04 | 1.04 | 1.63 | 154 | 130 |
| **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.30 | 0.18 | <sup>•</sup> | 0.07 | 0.25 | 0.18 |  |  | 0.18 |  | 9.37 | **2.72** | 0.88 | 0.88 | 0.88 | 3.94 | 10518 | 126 |
| 12-31-24 | 9.29 | 0.36 | <sup>•</sup> | 0.05 | 0.41 | 0.40 |  |  | 0.40 |  | 9.30 | **4.52** | 0.88 | 0.88 | 0.88 | 3.91 | 10033 | 298 |
| 12-31-23 | 9.23 | 0.31 | <sup>•</sup> | 0.07 | 0.38 | 0.32 |  |  | 0.32 |  | 9.29 | **4.17** | 0.88 | 0.88 | 0.88 | 3.38 | 11268 | 281 |
| 12-31-22 | 9.87 | 0.14 | <sup>•</sup> | (0.66) | (0.52) | 0.12 |  |  | 0.12 |  | 9.23 | **(5.26)** | 0.88 | 0.88 | 0.88 | 1.53 | 13671 | 306 |
| 12-31-21 | 10.03 | 0.05 | <sup>•</sup> | (0.10) | (0.05) | 0.11 |  |  | 0.11 |  | 9.87 | **(0.55)** | 0.88 | 0.88 | 0.88 | 0.47 | 14958 | 253 |
| 12-31-20 | 9.91 | 0.12 |  | 0.16 | 0.28 | 0.16 |  |  | 0.16 |  | 10.03 | **2.87** | 0.88 | 0.88 | 0.88 | 1.15 | 15016 | 263 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.49 | 0.21 | <sup>•</sup> | 0.07 | 0.28 | 0.21 |  |  | 0.21 |  | 9.56 | **3.01** | 0.28 | 0.28 | 0.28 | 4.54 | 244044 | 126 |
| 12-31-24 | 9.48 | 0.43 | <sup>•</sup> | 0.05 | 0.48 | 0.47 |  |  | 0.47 |  | 9.49 | **5.14** | 0.28 | 0.28 | 0.28 | 4.51 | 235923 | 298 |
| 12-31-23 | 9.42 | 0.38 | <sup>•</sup> | 0.06 | 0.44 | 0.38 |  |  | 0.38 |  | 9.48 | **4.79** | 0.28 | 0.28 | 0.28 | 3.99 | 273180 | 281 |
| 12-31-22 | 10.07 | 0.21 | <sup>•</sup> | (0.68) | (0.47) | 0.18 |  |  | 0.18 |  | 9.42 | **(4.66)** | 0.28 | 0.28 | 0.28 | 2.16 | 301980 | 306 |
| 12-31-21 | 10.23 | 0.11 | <sup>•</sup> | (0.10) | 0.01 | 0.17 |  |  | 0.17 |  | 10.07 | **0.08** | 0.28 | 0.28 | 0.28 | 1.06 | 329913 | 253 |
| 12-31-20 | 10.11 | 0.17 | <sup>•</sup> | 0.18 | 0.35 | 0.23 |  |  | 0.23 |  | 10.23 | **3.46** | 0.28 | 0.28 | 0.28 | 1.70 | 332196 | 263 |

---

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 Data** | **Supplemental 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<br> 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 <br> 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)<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 Limited Maturity Bond Portfolio (continued)** | **Voya Limited Maturity Bond Portfolio (continued)** | **Voya Limited Maturity Bond Portfolio (continued)** | **Voya Limited Maturity Bond Portfolio (continued)** | **Voya Limited Maturity Bond Portfolio (continued)** | **Voya Limited Maturity Bond Portfolio (continued)** | **Voya Limited Maturity Bond Portfolio (continued)** | **Voya Limited Maturity Bond Portfolio (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.56 | 0.20 | <sup>•</sup> | 0.07 | 0.27 | 0.20 |  |  | 0.20 |  | 9.63 | **2.88** | 0.53 | 0.53 | 0.53 | 4.30 | 11768 | 126 |
| 12-31-24 | 9.55 | 0.41 | <sup>•</sup> | 0.05 | 0.46 | 0.45 |  |  | 0.45 |  | 9.56 | **4.88** | 0.53 | 0.53 | 0.53 | 4.26 | 51340 | 298 |
| 12-31-23 | 9.49 | 0.36 | <sup>•</sup> | 0.06 | 0.42 | 0.36 |  |  | 0.36 |  | 9.55 | **4.52** | 0.53 | 0.53 | 0.53 | 3.75 | 58787 | 281 |
| 12-31-22 | 10.15 | 0.18 | <sup>•</sup> | (0.68) | (0.50) | 0.16 |  |  | 0.16 |  | 9.49 | **(4.94)** | 0.53 | 0.53 | 0.53 | 1.87 | 57412 | 306 |
| 12-31-21 | 10.31 | 0.08 | <sup>•</sup> | (0.10) | (0.02) | 0.14 |  |  | 0.14 |  | 10.15 | **(0.16)** | 0.53 | 0.53 | 0.53 | 0.82 | 71037 | 253 |
| 12-31-20 | 10.19 | 0.16 |  | 0.16 | 0.32 | 0.20 |  |  | 0.20 |  | 10.31 | **3.19** | 0.53 | 0.53 | 0.53 | 1.50 | 71911 | 263 |
| **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 19.04 | 0.06 | <sup>•</sup> | 1.04 | 1.10 |  |  |  |  |  | 20.14 | **5.78** | 0.80 | 0.80 | 0.80 | 0.60 | 94614 | 6 |
| 12-31-24 | 16.82 | 0.11 | <sup>•</sup> | 3.87 | 3.98 | 0.16 | 1.60 |  | 1.76 |  | 19.04 | **24.06** | 0.80 | 0.80 | 0.80 | 0.61 | 93832 | 2 |
| 12-31-23 | 15.01 | 0.14 | <sup>•</sup> | 3.54 | 3.68 | 0.17 | 1.70 |  | 1.87 |  | 16.82 | **25.25** | 0.80 | 0.80 | 0.80 | 0.89 | 83268 | 6 |
| 12-31-22 | 20.92 | 0.14 | <sup>•</sup> | (4.09) | (3.95) | 0.14 | 1.82 |  | 1.96 |  | 15.01 | **(18.78)** | 0.80 | 0.80 | 0.80 | 0.82 | 73855 | 8 |
| 12-31-21 | 18.21 | 0.12 | <sup>•</sup> | 4.72 | 4.84 | 0.11 | 2.02 |  | 2.13 |  | 20.92 | **27.66** | 0.80 | 0.80 | 0.80 | 0.61 | 99373 | 3 |
| 12-31-20 | 16.38 | 0.18 |  | 2.55 | 2.73 | 0.24 | 0.66 |  | 0.90 |  | 18.21 | **17.48** | 0.79 | 0.79 | 0.79 | 1.03 | 100049 | 9 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 20.27 | 0.11 | <sup>•</sup> | 1.11 | 1.22 |  |  |  |  |  | 21.49 | **6.02** | 0.27 | 0.27 | 0.27 | 1.13 | 4015558 | 6 |
| 12-31-24 | 17.80 | 0.22 | <sup>•</sup> | 4.10 | 4.32 | 0.25 | 1.60 |  | 1.85 |  | 20.27 | **24.68** | 0.27 | 0.27 | 0.27 | 1.14 | 3761609 | 2 |
| 12-31-23 | 15.78 | 0.24 | <sup>•</sup> | 3.74 | 3.98 | 0.26 | 1.70 |  | 1.96 |  | 17.80 | **25.93** | 0.27 | 0.27 | 0.27 | 1.42 | 3746966 | 6 |
| 12-31-22 | 21.87 | 0.24 | <sup>•</sup> | (4.28) | (4.04) | 0.23 | 1.82 |  | 2.05 |  | 15.78 | **(18.35)** | 0.27 | 0.27 | 0.27 | 1.35 | 3602730 | 8 |
| 12-31-21 | 18.94 | 0.23 | <sup>•</sup> | 4.95 | 5.18 | 0.23 | 2.02 |  | 2.25 |  | 21.87 | **28.37** | 0.27 | 0.27 | 0.27 | 1.14 | 4525779 | 3 |
| 12-31-20 | 16.99 | 0.28 |  | 2.66 | 2.94 | 0.33 | 0.66 |  | 0.99 |  | 18.94 | **18.11** | 0.26 | 0.26 | 0.26 | 1.55 | 4258517 | 9 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 19.95 | 0.09 | <sup>•</sup> | 1.09 | 1.18 |  |  |  |  |  | 21.13 | **5.91** | 0.52 | 0.51 | 0.51 | 0.89 | 44262 | 6 |
| 12-31-24 | 17.54 | 0.17 | <sup>•</sup> | 4.04 | 4.21 | 0.20 | 1.60 |  | 1.80 |  | 19.95 | **24.43** | 0.52 | 0.51 | 0.51 | 0.91 | 49386 | 2 |
| 12-31-23 | 15.57 | 0.20 | <sup>•</sup> | 3.67 | 3.87 | 0.20 | 1.70 |  | 1.90 |  | 17.54 | **25.56** | 0.52 | 0.51 | 0.51 | 1.18 | 260411 | 6 |
| 12-31-22 | 21.60 | 0.20 | <sup>•</sup> | (4.22) | (4.02) | 0.19 | 1.82 |  | 2.01 |  | 15.57 | **(18.50)** | 0.52 | 0.51 | 0.51 | 1.11 | 224160 | 8 |
| 12-31-21 | 18.74 | 0.18 | <sup>•</sup> | 4.88 | 5.06 | 0.18 | 2.02 |  | 2.20 |  | 21.60 | **28.02** | 0.52 | 0.51 | 0.51 | 0.90 | 303248 | 3 |
| 12-31-20 | 16.82 | 0.24 |  | 2.63 | 2.87 | 0.29 | 0.66 |  | 0.95 |  | 18.74 | **17.87** | 0.51 | 0.50 | 0.50 | 1.32 | 280432 | 9 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 19.47 | 0.07 | <sup>•</sup> | 1.07 | 1.14 |  |  |  |  |  | 20.61 | **5.86** | 0.67 | 0.67 | 0.67 | 0.73 | 190890 | 6 |
| 12-31-24 | 17.17 | 0.14 | <sup>•</sup> | 3.94 | 4.08 | 0.18 | 1.60 |  | 1.78 |  | 19.47 | **24.18** | 0.67 | 0.67 | 0.67 | 0.74 | 196110 | 2 |
| 12-31-23 | 15.31 | 0.17 | <sup>•</sup> | 3.61 | 3.78 | 0.22 | 1.70 |  | 1.92 |  | 17.17 | **25.38** | 0.67 | 0.67 | 0.67 | 1.02 | 173092 | 6 |
| 12-31-22 | 21.28 | 0.17 | <sup>•</sup> | (4.16) | (3.99) | 0.16 | 1.82 |  | 1.98 |  | 15.31 | **(18.63)** | 0.67 | 0.67 | 0.67 | 0.95 | 142580 | 8 |
| 12-31-21 | 18.49 | 0.15 | <sup>•</sup> | 4.81 | 4.96 | 0.15 | 2.02 |  | 2.17 |  | 21.28 | **27.85** | 0.67 | 0.67 | 0.67 | 0.74 | 181812 | 3 |
| 12-31-20 | 16.62 | 0.20 |  | 2.59 | 2.79 | 0.26 | 0.66 |  | 0.92 |  | 18.49 | **17.62** | 0.66 | 0.66 | 0.66 | 1.16 | 151642 | 9 |
| **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 26.27 | 0.32 | <sup>•</sup> | (0.81) | (0.49) |  |  |  |  |  | 25.78 | **(1.87)** | 1.63 | 1.35 | 1.35 | 2.52 | 31836 | 47 |
| 12-31-24 | 25.88 | 0.57 | <sup>•</sup> | 0.44 | 1.01 | 0.62 |  |  | 0.62 |  | 26.27 | **3.95** | 1.61 | 1.33 | 1.33 | 2.19 | 34072 | 82 |
| 12-31-23 | 24.94 | 0.51 | <sup>•</sup> | 2.79 | 3.30 | 0.59 | 1.77 |  | 2.36 |  | 25.88 | **13.62** | 1.63 | 1.28 | 1.28 | 2.07 | 38058 | 73 |
| 12-31-22 | 43.39 | 0.46 | <sup>•</sup> | (11.98) | (11.52) | 0.46 | 6.47 |  | 6.93 |  | 24.94 | **(27.40)** | 1.61 | 1.28 | 1.28 | 1.44 | 38305 | 62 |
| 12-31-21 | 29.09 | 0.37 | <sup>•</sup> | 14.50 | 14.87 | 0.57 |  |  | 0.57 |  | 43.39 | **51.46** | 1.62 | 1.28 | 1.28 | 1.02 | 63318 | 67 |
| 12-31-20 | 36.39 | 0.41 | <sup>•</sup> | (3.54) | (3.13) | 0.66 | 3.51 |  | 4.17 |  | 29.09 | **(6.89)** | 1.63 | 1.28 | 1.28 | 1.38 | 48781 | 103 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 28.51 | 0.44 | <sup>•</sup> | (0.89) | (0.45) |  |  |  |  |  | 28.06 | **(1.58)** | 1.03 | 0.75 | 0.75 | 3.13 | 2337 | 47 |
| 12-31-24 | 28.05 | 0.79 | <sup>•</sup> | 0.48 | 1.27 | 0.81 |  |  | 0.81 |  | 28.51 | **4.58** | 1.01 | 0.73 | 0.73 | 2.78 | 2504 | 82 |
| 12-31-23 | 26.92 | 0.56 | <sup>•</sup> | 3.18 | 3.74 | 0.84 | 1.77 |  | 2.61 |  | 28.05 | **14.31** | 1.03 | 0.68 | 0.68 | 2.07 | 3281 | 73 |
| 12-31-22 | 46.19 | 0.72 | <sup>•</sup> | (12.81) | (12.09) | 0.71 | 6.47 |  | 7.18 |  | 26.92 | **(26.97)** | 1.01 | 0.68 | 0.68 | 2.10 | 8128 | 62 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental Data** | **Supplemental 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<br> 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 <br> 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)<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> CBRE Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Real Estate Portfolio (continued)** | **VY<sup>®</sup> CBRE Real Estate Portfolio (continued)** |  |  |  |  |  |  |  |  |  |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |  |  |  |  |  |  |  |  |  |
| 12-31-21 | 30.88 | 0.62 | 15.41 | 16.03 | 0.72 |  |  | 0.72 |  | 46.19 | **52.34** | 1.02 | 0.68 | 0.68 | 1.65 | 11745 | 67 |
| 12-31-20 | 38.38 | 0.55 | (3.64) | (3.09) | 0.90 | 3.51 |  | 4.41 |  | 30.88 | **(6.32)** | 1.03 | 0.68 | 0.68 | 1.76 | 14403 | 103 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 28.56 | 0.40 | (0.88) | (0.48) |  |  |  |  |  | 28.08 | **(1.68)** | 1.28 | 1.00 | 1.00 | 2.86 | 111162 | 47 |
| 12-31-24 | 28.08 | 0.72 | 0.47 | 1.19 | 0.71 |  |  | 0.71 |  | 28.56 | **4.30** | 1.26 | 0.98 | 0.98 | 2.54 | 124125 | 82 |
| 12-31-23 | 26.88 | 0.64 | 3.03 | 3.67 | 0.70 | 1.77 |  | 2.47 |  | 28.08 | **14.04** | 1.28 | 0.93 | 0.93 | 2.41 | 139768 | 73 |
| 12-31-22 | 46.11 | 0.62 | (12.77) | (12.15) | 0.61 | 6.47 |  | 7.08 |  | 26.88 | **(27.14)** | 1.26 | 0.93 | 0.93 | 1.80 | 143264 | 62 |
| 12-31-21 | 30.87 | 0.52 | 15.39 | 15.91 | 0.67 |  |  | 0.67 |  | 46.11 | **51.96** | 1.27 | 0.93 | 0.93 | 1.37 | 227726 | 67 |
| 12-31-20 | 38.32 | 0.53 | (3.68) | (3.15) | 0.79 | 3.51 |  | 4.30 |  | 30.87 | **(6.53)** | 1.28 | 0.93 | 0.93 | 1.71 | 173126 | 103 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 28.36 | 0.38 | (0.88) | (0.50) |  |  |  |  |  | 27.86 | **(1.76)** | 1.43 | 1.15 | 1.15 | 2.72 | 5836 | 47 |
| 12-31-24 | 27.89 | 0.67 | 0.47 | 1.14 | 0.67 |  |  | 0.67 |  | 28.36 | **4.14** | 1.41 | 1.13 | 1.13 | 2.38 | 6150 | 82 |
| 12-31-23 | 26.70 | 0.59 | 3.01 | 3.60 | 0.64 | 1.77 |  | 2.41 |  | 27.89 | **13.86** | 1.43 | 1.08 | 1.08 | 2.24 | 7103 | 73 |
| 12-31-22 | 45.78 | 0.54 | (12.65) | (12.11) | 0.50 | 6.47 |  | 6.97 |  | 26.70 | **(27.25)** | 1.41 | 1.08 | 1.08 | 1.58 | 7597 | 62 |
| 12-31-21 | 30.64 | 0.46 | 15.28 | 15.74 | 0.60 |  |  | 0.60 |  | 45.78 | **51.74** | 1.42 | 1.08 | 1.08 | 1.21 | 13826 | 67 |
| 12-31-20 | 38.07 | 0.46 | (3.64) | (3.18) | 0.74 | 3.51 |  | 4.25 |  | 30.64 | **(6.69)** | 1.43 | 1.08 | 1.08 | 1.49 | 11420 | 103 |
| **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 14.31 | (0.01) | (0.42) | (0.43) |  |  |  |  |  | 13.88 | **(3.01)** | 1.49 | 1.49 | 1.48 | (0.13) | 96912 | 45 |
| 12-31-24 | 12.97 | (0.03) | 1.38 | 1.35 | 0.01 |  |  | 0.01 |  | 14.31 | **10.38** | 1.48 | 1.48 | 1.47 | (0.20) | 106939 | 55 |
| 12-31-23 | 12.47 | (0.01) | 1.46 | 1.45 |  | 0.95 |  | 0.95 |  | 12.97 | **11.88** | 1.48 | 1.48 | 1.46 | (0.07) | 109167 | 46 |
| 12-31-22 | 19.30 | (0.03) | (3.59) | (3.62) |  | 3.21 |  | 3.21 |  | 12.47 | **(18.08)** | 1.47 | 1.47 | 1.47 | (0.18) | 105703 | 46 |
| 12-31-21 | 17.26 | (0.08) | 3.14 | 3.06 |  | 1.02 |  | 1.02 |  | 19.30 | **17.94** | 1.46 | 1.46 | 1.45 | (0.44) | 140945 | 52 |
| 12-31-20 | 14.90 | (0.01) | 2.37 | 2.36 |  |  |  |  |  | 17.26 | **15.84** | 1.47 | 1.47 | 1.46 | (0.03) | 128295 | 71 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.49 | 0.03 | (0.48) | (0.45) |  |  |  |  |  | 16.04 | **(2.73)** | 0.89 | 0.89 | 0.88 | 0.42 | 121775 | 45 |
| 12-31-24 | 14.92 | 0.06 | 1.59 | 1.65 | 0.08 |  |  | 0.08 |  | 16.49 | **11.09** | 0.88 | 0.88 | 0.87 | 0.41 | 209997 | 55 |
| 12-31-23 | 14.19 | 0.07 | 1.66 | 1.73 | 0.05 | 0.95 |  | 1.00 |  | 14.92 | **12.46** | 0.88 | 0.88 | 0.86 | 0.52 | 203320 | 46 |
| 12-31-22 | 21.28 | 0.07 | (3.95) | (3.88) |  | 3.21 |  | 3.21 |  | 14.19 | **(17.57)** | 0.87 | 0.87 | 0.87 | 0.43 | 229935 | 46 |
| 12-31-21 | 18.89 | 0.04 | 3.45 | 3.49 | 0.08 | 1.02 |  | 1.10 |  | 21.28 | **18.71** | 0.86 | 0.86 | 0.85 | 0.18 | 282032 | 52 |
| 12-31-20 | 16.21 | 0.10 | 2.58 | 2.68 |  |  |  |  |  | 18.89 | **16.53** | 0.87 | 0.87 | 0.86 | 0.57 | 211266 | 71 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.47 | 0.04 | (0.49) | (0.45) |  |  |  |  |  | 16.02 | **(2.73)** | 0.89 | 0.89 | 0.88 | 0.46 | 26755 | 45 |
| 12-31-24 | 14.90 | 0.06 | 1.59 | 1.65 | 0.08 |  |  | 0.08 |  | 16.47 | **11.11** | 0.88 | 0.88 | 0.87 | 0.40 | 30642 | 55 |
| 12-31-23 | 14.17 | 0.08 | 1.65 | 1.73 | 0.05 | 0.95 |  | 1.00 |  | 14.90 | **12.48** | 0.88 | 0.88 | 0.86 | 0.53 | 32760 | 46 |
| 12-31-22 | 21.25 | 0.05 | (3.92) | (3.87) |  | 3.21 |  | 3.21 |  | 14.17 | **(17.55)** | 0.87 | 0.87 | 0.87 | 0.30 | 31036 | 46 |
| 12-31-21 | 18.87 | 0.03 | 3.45 | 3.48 | 0.08 | 1.02 |  | 1.10 |  | 21.25 | **18.67** | 0.86 | 0.86 | 0.85 | 0.16 | 129718 | 52 |
| 12-31-20 | 16.20 | 0.11 | 2.56 | 2.67 |  |  |  |  |  | 18.87 | **16.48** | 0.87 | 0.87 | 0.86 | 0.70 | 118342 | 71 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 16.00 | 0.02 | (0.47) | (0.45) |  |  |  |  |  | 15.55 | **(2.81)** | 1.14 | 1.14 | 1.13 | 0.22 | 70089 | 45 |
| 12-31-24 | 14.49 | 0.02 | 1.53 | 1.55 | 0.04 |  |  | 0.04 |  | 16.00 | **10.74** | 1.13 | 1.13 | 1.12 | 0.15 | 77527 | 55 |
| 12-31-23 | 13.80 | 0.04 | 1.62 | 1.66 | 0.02 | 0.95 |  | 0.97 |  | 14.49 | **12.26** | 1.13 | 1.13 | 1.11 | 0.28 | 86418 | 46 |
| 12-31-22 | 20.85 | 0.03 | (3.87) | (3.84) |  | 3.21 |  | 3.21 |  | 13.80 | **(17.76)** | 1.12 | 1.12 | 1.12 | 0.16 | 86656 | 46 |
| 12-31-21 | 18.55 | (0.02) | 3.38 | 3.36 | 0.04 | 1.02 |  | 1.06 |  | 20.85 | **18.32** | 1.11 | 1.11 | 1.10 | (0.09) | 124185 | 52 |
| 12-31-20 | 15.95 | 0.05 | 2.55 | 2.60 |  |  |  |  |  | 18.55 | **16.30** | 1.12 | 1.12 | 1.11 | 0.31 | 122575 | 71 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 15.64 | 0.01 | (0.46) | (0.45) |  |  |  |  |  | 15.19 | **(2.88)** | 1.29 | 1.29 | 1.28 | 0.07 | 1756 | 45 |
| 12-31-24 | 14.15 | (0.00) | 1.50 | 1.50 | 0.01 |  |  | 0.01 |  | 15.64 | **10.60** | 1.28 | 1.28 | 1.27 | (0.03) | 1791 | 55 |

---

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 Data** | **Supplemental 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<br> 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 <br> 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)<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 Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity 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)** |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-23 | 13.51 | 0.02 | <sup>•</sup> | 1.57 | 1.59 |  | 0.95 |  | 0.95 |  | 14.15 | **12.00** | 1.28 | 1.28 | 1.26 | 0.13 | 5862 | 46 |
| 12-31-22 | 20.52 | 0.00 | \* | (3.80) | (3.80) |  | 3.21 |  | 3.21 |  | 13.51 | **(17.86)** | 1.27 | 1.27 | 1.27 | 0.01 | 6076 | 46 |
| 12-31-21 | 18.27 | (0.05) |)<sup>•</sup> | 3.33 | 3.28 | 0.01 | 1.02 |  | 1.03 |  | 20.52 | **18.17** | 1.26 | 1.26 | 1.25 | (0.24) | 8692 | 52 |
| 12-31-20 | 15.74 | 0.03 |  | 2.50 | 2.53 |  |  |  |  |  | 18.27 | **16.07** | 1.27 | 1.27 | 1.26 | 0.16 | 8312 | 71 |

---

---

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

---

See Accompanying Notes to Financial Statements

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

**NOTE 1 — ORGANIZATION**

Voya Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act" or the "Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. The eight series (each a "Portfolio" and collectively the "Portfolios") included in this report are: Voya Balanced Income Portfolio ("Balanced Income"), Voya High Yield Portfolio ("High Yield"), Voya Large Cap Growth Portfolio ("Large Cap Growth"), Voya Large Cap Value Portfolio ("Large Cap Value"), Voya Limited Maturity Bond Portfolio ("Limited Maturity Bond"), Voya U.S. Stock Index Portfolio ("U.S. Stock Index"), VY<sup>®</sup> CBRE Real Estate Portfolio ("CBRE Real Estate"), and VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio ("JPMorgan Small Cap Core Equity"). All of the Portfolios are diversified except for Large Cap Growth, which is a non-diversified Portfolio of the Trust. In seeking to track the performance of the index, U.S. Stock Index may become non-diversified as a result of a change in relative market capitalizations or index weightings of one or more components of the index. As a result, whether U.S. Stock Index will be considered diversified or non-diversified at any time will depend largely on the make-up of the index at the time. The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

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

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

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to Balanced Income, High Yield, Large Cap Growth, Large Cap Value, Limited Maturity Bond, and U.S. Stock Index. 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 does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

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

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

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

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

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

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

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

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments

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

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

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

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

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

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

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

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. CBRE Real Estate estimates components of distributions from real estate investment trusts ("REITs"). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If CBRE Real Estate no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

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 High Yield and Limited Maturity 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 Large Cap Value and U.S. Stock Index. 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 the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

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

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

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

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 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.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio 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 Balanced Income would incur if its counterparties failed to perform would be $1,157,854 which represents the gross payments to be received on open forward foreign currency contracts, forward premium swaptions, OTC purchased options, total returns swaps and volatility swaps were they to be unwound as of June 30, 2025. There was no cash collateral pledged by any counterparty as of June 30, 2025.

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

As of June 30, 2025, Balanced Income had a liability position of $1,661,619 on open forward foreign currency contracts, forward premium swaptions, volatility swaps and OTC written options. If a contingent feature would have been triggered as of June 30, 2025, the Portfolio could have been required to pay these amounts in cash to its counterparties. At June 30, 2025, Balanced Income pledged $490,000 in cash collateral for open OTC derivatives.

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

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

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 Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

During the period ended June 30, 2025, Balanced Income had average contract amounts on forward foreign currency contracts purchased and sold of $6,036,114 and $15,308,016, respectively. The Portfolio used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at June 30, 2025.

I. ***Futures Contracts.*** Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolio's assets are valued.

Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on

futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio's Statement of Operations. Realized gains (losses) are reported in each Portfolio's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2025, U.S. Stock Index and JPMorgan Small Cap Core Equity have purchased futures contracts on various equity indexes to "equitize" cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. In addition, Balanced Income and Limited Maturity Bond had purchased and sold futures contracts on treasury futures to manage the duration and yield curve of the Portfolios. 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 Portfolio's securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against counterparty default.

During the period ended June 30, 2025, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| Balanced Income | $256726283 | $47273260 |
| Limited Maturity Bond | 116628912 | 34852453 |
| U.S. Stock Index | 95743625 |  |
| JPMorgan Small Cap Core Equity | 4353608 |  |

---

J. ***Repurchase Agreements.*** Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest

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

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

rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreement, plus accrued interest, being invested by a Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest, is at least equal to the repurchase price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements ("MRA") which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. There were no open repurchase agreements for any Portfolio at June 30, 2025.

K. ***Securities Lending.*** Each Portfolio may loan up to 33<sup>1∕3</sup>% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

L. ***Restricted Securities.*** The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are

fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

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

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

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 it owns or in which it may invest. 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. 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

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

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

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, Balanced Income had purchased and written foreign currency options with a notional value of $226,000 and $5,609,333, respectively, to gain exposure to foreign currencies and to generate income. Please refer to the tables following the Portfolios of Investments for open purchased and written foreign currency options at June 30, 2025.

During the period ended June 30, 2025, Balanced Income had purchased and written interest rate swaptions with an average notional value of $7,749,756 and $12,047,789, respectively, to gain exposure to interest rates and to generate income. Please refer to the tables following the Portfolios of Investments for open purchased and written interest rate swaptions at June 30, 2025.

During the period ended June 30, 2025, Balanced Income had purchased and written forward premium swaptions with an average notional value of $28,821,615 and $54,882,358, respectively, to manage duration and yield curve exposures. Please refer to the tables following the Portfolios of Investments for open purchased and written forward premium swaptions at June 30, 2025.

During the period ended June 30, 2025, Balanced Income had written credit default swaptions with an average notional value of $12,685,750 to generate income. Please refer to the tables following the Portfolios of Investments for open written credit default swaptions 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 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

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

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

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.

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

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

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

For the period ended June 30, 2025, Balanced Income had an average notional amount of $9,500,000 on credit default swaps to buy protection. Please refer to the tables within the respective Portfolio of Investments for open credit default swaps to buy protection at June 30, 2025.

For the period ended June 30, 2025, Balanced Income and High Yield had average notional amount of $7,661,000 and

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

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

$12,500,000, respectively, on credit default swaps to sell protection. There were no open credit default swaps to sell protection for any Portfolio 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, Balanced Income had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate ("interest rate swap") in order to decrease exposure to interest rate risk. Average notional amounts on interest rate swaps was $3,806,578.

For the period ended June 30, 2025, Balanced Income 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 $19,188,257.

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

At June 30, 2025, Balanced Income had pledged $520,000 in cash collateral for open centrally cleared swaps.

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

any net positive total return, and would receive payments in the event of a net negative total return. A Portfolio's use of a total return swap exposes the Portfolio to credit loss in the 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, Balanced Income had an average notional amount of $12,410,000 on receiver total return swaps. Please refer to the tables within the Portfolio of Investments for open receiver total return swaps at June 30, 2025.

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

During the period ended June 30, 2025, Balanced Income had an average notional amount of $5,364,000 and $5,122,333 on receiver and payer foreign currency volatility swaps, respectively. Please refer to the tables within the Portfolio of Investments for open receiver and payer foreign currency volatility swaps at June 30, 2025.

***Cross-Currency Swaps.*** Certain Portfolios 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 open cross-currency swaps for any Portfolio at June 30, 2025.

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

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

P. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust'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** |
| Balanced Income | $163448877 | $188181651 |
| High Yield | 290086369 | 303974136 |
| Large Cap Growth | 550119272 | 694312170 |
| Large Cap Value | 305728415 | 380668289 |
| Limited Maturity Bond | 68974359 | 81970015 |
| U.S. Stock Index | 220691260 | 225534337 |
| CBRE Real Estate | 73920951 | 84551617 |
| JPMorgan Small Cap Core Equity | 149220340 | 251697351 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Balanced Income | $17592843 | $19628882 |
| Limited Maturity Bond | 254927305 | 277734012 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

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

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Balanced Income | 0.55% on all assets |
| Large Cap Growth | 0.65% on the first $5.5 billion; |
|  | 0.62% on the next $1.5 billion; |
|  | 0.60% on the next $3 billion; and |
|  | 0.59% on the amount in excess of $10 billion |
| Large Cap Value | 0.75% on the first $500 million; |
|  | 0.70% on the next $1.5 billion; and |
|  | 0.65% on the amount in excess of $2 billion |
| CBRE Real | 0.85% on the first $200 million; |
| Estate | 0.80% on the next $550 million; and |
|  | 0.75% on the amount in excess of $750 million |

---

With the exception of the Portfolios in the table above, the Investment Adviser provides the below Portfolios with advisory and administrative services under a management agreement (the "Unified Agreement"). Under the Unified Agreement, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio's assets and the purchase and sale of portfolio securities and other investments. Pursuant to the Unified Agreement, the Investment Adviser also is responsible for providing or procuring, at the Investment Adviser's expense, the services reasonably necessary for the ordinary operation of a Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services, licensing fees and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Trust pays the Investment Adviser a monthly fee (a "Unified Fee") based on the following annual rates of the average daily net assets of each Portfolio:

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| High Yield | 0.490% on the first $1 billion; |
|  | 0.480% on the next $1 billion; |
|  | 0.470% on the amount in excess of $2 billion |
| Limited Maturity Bond | 0.350% on the first $200 million; |
|  | 0.300% on the next $300 million; |
|  | 0.250% on the amount in excess of $500 million |
| U.S. Stock Index | 0.260% |
| JPMorgan Small Cap Core Equity | 0.900% on the first $200 million;<br> 0.850% on the next $300 million; |
|  | 0.800% on the next $250 million; |
|  | 0.750% on the amount in excess of $750 million |

---

The Investment Adviser is contractually obligated to waive 0.015% of the Unified Fee for High Yield. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

The assets of Limited Maturity Bond are aggregated with those of Voya Government Liquid Assets Portfolio, which

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

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

is not included in this report, to determine the Unified Fee applicable to the Portfolio.

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** |
| Balanced Income | Voya Investment Management Co. LLC\* |
| High Yield | Voya Investment Management Co. LLC\* |
| Large Cap Growth | Voya Investment Management Co. LLC\* |
| Large Cap Value | Voya Investment Management Co. LLC\* |
| Limited Maturity Bond | Voya Investment Management Co. LLC\* |
| U.S. Stock Index | Voya Investment Management Co. LLC\* |
| CBRE Real Estate | CBRE Investment Management Listed |
|  | Real Assets LLC |
| JPMorgan Small Cap |  |
| Core Equity | J.P. Morgan Investment Management Inc. |

---

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

The Trust has entered into a shareholder service plan (the "Plan") for each Portfolio that offers Class S and Class S2 shares. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S and Class S2 shares. Under the Plan, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S and Class S2 shares, respectively. Each Portfolio that offers Class S2 shares has entered into a distribution plan (the "Class S2 Plan") with the Distributor on behalf of the Class S2 shares of the Portfolio. The Class S2 Plan provides that the Class S2 shares shall pay a distribution fee for distribution services including payments to the Distributor at an annual rate of 0.15% of the average daily net assets. The Distributor has contractually agreed to waive 0.01% of the shareholder service fee for Class S shares of U.S. Stock Index. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Class ADV shares of the Portfolios have a shareholder service and distribution plan. The respective Portfolios pay the Distributor a service fee of 0.25% and a distribution fee of 0.35% of each Portfolio's average daily net assets

attributable to Class ADV shares, except for U.S. Stock Index, which pays a distribution fee of 0.28%.

**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** | <br>**Portfolio** |<br>**Percentage** |
| ReliaStar Life Insurance Company | Large Cap Growth | 10.74% |
|  | JPMorgan Small Cap |  |
|  | Core Equity | 5.22 |
| Voya Institutional Trust Company | Balanced Income | 9.11 |
|  | High Yield | 18.34 |
|  | Large Cap Growth | 20.46 |
|  | Large Cap Value | 9.69 |
|  | U.S. Stock Index | 5.87 |
|  | CBRE Real Estate | 21.88 |
|  | JPMorgan Small Cap |  |
|  | Core Equity | 46.04 |
| Voya Retirement Growth Portfolio | U.S. Stock Index | 22.63 |
| Voya Retirement Insurance and Annuity Company | Balanced Income | 51.22 |
|  | High Yield | 44.71 |
|  | Large Cap Growth | 61.60 |
|  | Large Cap Value | 67.03 |
|  | U.S. Stock Index | 12.40 |
|  | CBRE Real Estate | 37.11 |
|  | JPMorgan Small Cap |  |
|  | Core Equity | 44.12 |
| Voya Retirement Moderate Growth Portfolio | U.S. Stock Index | 14.24 |

---

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 trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities.

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

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

Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

Balanced Income, Large Cap Growth, Large Cap Value and CBRE Real Estate 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** |
| Balanced Income | $134351 |
| Large Cap Growth | 579669 |
| Large Cap Value | 237959 |
| CBRE Real Estate | 112523 |

---

**NOTE 7 —OTHER TRANSACTIONS**

The Portfolios may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), common sub-adviser and/or common offices or trustees. For the period ended June 30, 2025, the Portfolios did not have any 17a-7 transactions and in-kind transactions.

**NOTE 8 —EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into written expense limitation agreements ("Expense Limitation Agreements") 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** | **Class**<br>**I** | **Class**<br>**R6** | **Class**<br>**S** | **Class**<br>**S2** |
| Balanced Income | 1.20% | 0.60% | N/A | 0.85% | 1.00% |
| Large Cap Growth | 1.27% | 0.67% | 0.67% | 0.92% | 1.07% |
| Large Cap Value | 1.29% | 0.69% | 0.69% | 0.94% | 1.09% |
| CBRE Real Estate | 1.35% | 0.75% | N/A | 1.00% | 1.15% |

---

For Large Cap Growth, any fees waived pursuant to the Expense Limit Agreement shall not be eligible for recoupment.

Unless otherwise specified above and with the exception of the non-recoupable management fee waiver for High Yield Bond, 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** |
| Balanced Income | $73796 | $3431 | $— | $77227 |
| Large Cap Value |  | 68745 | 434423 | 503168 |
| CBRE Real Estate | 439550 | 222704 | 211594 | 873848 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Balanced Income** |  |  |  |  |
| Class ADV | $5964 | $12659 | $23813 | $42436 |
| Class I | 751 | 1658 | 130612 | 133021 |
| Class S | 22601 | 47265 | 86125 | 155991 |
| Class S2 | 322 | 685 | 1307 | 2314 |
| **Large Cap Value** |  |  |  |  |
| Class ADV | $— | $8499 | $48700 | $57199 |
| Class I |  | 75400 | 418097 | 493497 |
| Class R6 |  | 12 | 70 | 82 |
| Class S |  | 4674 | 21422 | 26096 |
| Class S2 |  | 45 | 257 | 302 |
| **CBRE Real Estate** |  |  |  |  |
| Class ADV | $28510 | $48194 | $48196 | $124900 |
| Class I | 3934 | 3967 | 3651 | 11552 |
| Class S | 104356 | 175314 | 174356 | 454026 |
| Class S2 | 5359 | 8963 | 8767 | 23089 |

---

The Expense Limitation Agreements are 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 9 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be

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

**NOTE 9 — LINE OF CREDIT (continued)**

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** |
| Balanced Income | 5 | $4310800 | &nbsp;&nbsp;&nbsp;&nbsp;5.33% |
| Large Cap Value | 3 | 3355333<sup>(1)</sup> | 5.33 |
| Limited Maturity Bond | 1 | 630000 | 5.33 |
| U.S. Stock Index | 3 | 10494000 | 5.33 |
| CBRE Real Estate | 1 | 1452000 | 5.33 |

---

<sup>(1)</sup> As of June 30, 2025, Large Cap Value had an outstanding balance of $863,000.

**NOTE 10 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in <br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in <br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Balanced Income** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 44623 |  |  | (321657) |  | (277034) | 435175 |  |  | (3133768) |  | (2698593) |
| 12/31/2024 | 86935 |  | 46499 | (750040) |  | (616606) | 778757 |  | 437682 | (6885469) |  | (5669030) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 451499 |  |  | (1898775) |  | (1447276) | 4710151 |  |  | (19763692) |  | (15053541) |
| 12/31/2024 | 174862 | 31440264 | 458168 | (2050346) |  | 30022948 | 1757641 | 312092858 | 4554623 | (20643240) |  | 297761882 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 277421 |  |  | (1338868) |  | (1061447) | 2852302 |  |  | (13791849) |  | (10939547) |
| 12/31/2024 | 397761 | 183305 | 205299 | (3597504) |  | (2811139) | 3964224 | 1807432 | 2035858 | (34980355) |  | (27172841) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1802 |  |  | (45350) |  | (43548) | 18114 |  |  | (463300) |  | (445186) |
| 12/31/2024 | 151722 |  | 2740 | (162808) |  | (8346) | 1430445 |  | 27184 | (1545230) |  | (87601) |
| **High Yield** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 255703 |  | 190581 | (624539) |  | (178255) | 2232864 |  | 1663553 | (5415289) |  | (1518872) |
| 12/31/2024 | 396015 |  | 414136 | (1282586) |  | (472435) | 3420209 |  | 3584436 | (11085691) |  | (4081046) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1082377 |  | 861214 | (2025692) |  | (82101) | 9434679 |  | 7524641 | (17631428) |  | (672108) |
| 12/31/2024 | 10792610 |  | 1607427 | (4670478) |  | 7729559 | 92222682 |  | 13938626 | (40453642) |  | 65707666 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 334858 |  | 90338 | (622078) |  | (196882) | 2919631 |  | 788275 | (5403278) |  | (1695372) |
| 12/31/2024 | 1255212 |  | 900615 | (19308104) |  | (17152277) | 10846304 |  | 7758426 | (168267715) |  | (149662985) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 24079 |  | 5214 | (13227) |  | 16066 | 209961 |  | 45557 | (115799) |  | 139719 |
| 12/31/2024 | 28847 |  | 9393 | (22127) |  | 16113 | 251106 |  | 81429 | (191774) |  | 140761 |
| **Large Cap Growth** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 928579 |  |  | (2733043) |  | (1804464) | 12660751 |  |  | (37143914) |  | (24483163) |
| 12/31/2024 | 1037020 |  |  | (115141536) |  | (114104516) | 12912571 |  |  | (1396933076) |  | (1384020505) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 694393 |  |  | (4994887) |  | (4300494) | 12185760 |  |  | (88035112) |  | (75849352) |
| 12/31/2024 | 2522430 |  |  | (12381609) |  | (9859179) | 39780031 |  |  | (197916633) |  | (158136602) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 217512 |  |  | (331188) |  | (113676) | 3947831 |  |  | (5687657) |  | (1739826) |
| 12/31/2024 | 558955 |  |  | (1757718) |  | (1198763) | 9054661 |  |  | (30021050) |  | (20966389) |

---

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in <br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Large Cap Growth (continued)** | **Large Cap Growth (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 447194 |  |  | (2012614) |  | (1565420) | 7292541 |  |  | (32899769) |  | (25607228) |
| 12/31/2024 | 981545 |  |  | (79944131) |  | (78962586) | 14394538 |  |  | (1160380469) |  | (1145985931) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 158461 |  |  | (273780) |  | (115319) | 2514552 |  |  | (4275558) |  | (1761006) |
| 12/31/2024 | 357928 |  |  | (1352437) |  | (994509) | 5132761 |  |  | (19316333) |  | (14183572) |
| **Large Cap Value** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 92219 |  |  | (462244) |  | (370025) | 550081 |  |  | (2705030) |  | (2154949) |
| 12/31/2024 | 203550 |  | 561671 | (1454797) |  | (689576) | 1166113 |  | 3147056 | (8294816) |  | (3981647) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 205534 |  |  | (9940782) |  | (9735248) | 1338957 |  |  | (65515685) |  | (64176728) |
| 12/31/2024 | 398625 |  | 4232211 | (6528428) |  | (1897592) | 2507144 |  | 26183574 | (40881669) |  | (12190951) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1958786 |  |  | (1332318) |  | 626468 | 12592631 |  |  | (8568562) |  | 4024069 |
| 12/31/2024 | 6803618 |  | 1279667 | (6344366) |  | 1738919 | 41442342 |  | 7858342 | (40039322) |  | 9261362 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 222959 |  |  | (2566087) |  | (2343128) | 1351477 |  |  | (15921279) |  | (14569802) |
| 12/31/2024 | 369662 |  | 300531 | (912489) |  | (242296) | 2186564 |  | 1742353 | (5372661) |  | (1443744) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 602 |  |  | (19529) |  | (18927) | 3782 |  |  | (114443) |  | (110661) |
| 12/31/2024 | 337 |  | 2822 | (155) |  | 3004 | 1991 |  | 16420 | (956) |  | 17455 |
| **Limited Maturity Bond** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 121489 |  | 21322 | (99362) |  | 43449 | 1134931 |  | 199331 | (926084) |  | 408178 |
| 12/31/2024 | 61170 |  | 49624 | (244439) |  | (133645) | 564202 |  | 460481 | (2266721) |  | (1242038) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 2477721 |  | 546890 | (2366736) |  | 657875 | 23642822 |  | 5216264 | (22500464) |  | 6358622 |
| 12/31/2024 | 5809941 |  | 1313156 | (11071532) |  | (3948435) | 55177240 |  | 12434159 | (104823878) |  | (37212479) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 28135 |  | 28449 | (4205287) |  | (4148703) | 269752 |  | 273255 | (40238665) |  | (39695658) |
| 12/31/2024 | 369146 |  | 264205 | (1416722) |  | (783371) | 3507741 |  | 2520284 | (13507220) |  | (7479195) |
| **U.S. Stock Index** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 314843 |  |  | (545194) |  | (230351) | 5980006 |  |  | (10290268) |  | (4310262) |
| 12/31/2024 | 610369 |  | 458117 | (1088916) |  | (20430) | 11336576 |  | 8431480 | (20114186) |  | (346131) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 22220666 |  |  | (21000550) |  | 1220116 | 449845802 |  |  | (421911819) |  | 27933983 |
| 12/31/2024 | 18936426 |  | 17662508 | (61518946) |  | (24920012) | 368407970 |  | 347586480 | (1207094664) |  | (491100213) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 114478 |  |  | (495573) |  | (381095) | 2233707 |  |  | (10008514) |  | (7774807) |
| 12/31/2024 | 418805 |  | 1165148 | (13951231) |  | (12367278) | 8070771 |  | 22399357 | (258651452) |  | (228181324) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 260379 |  |  | (1069971) |  | (809592) | 4950834 |  |  | (20413841) |  | (15463007) |
| 12/31/2024 | 968155 |  | 949758 | (1926145) |  | (8232) | 18007049 |  | 17901080 | (36436887) |  | (528758) |
| **CBRE Real Estate** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 41555 |  |  | (103852) |  | (62297) | 1082191 |  |  | (2692401) |  | (1610210) |
| 12/31/2024 | 72011 |  | 32781 | (278154) |  | (173362) | 1877743 |  | 844777 | (7292834) |  | (4570314) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 2010 |  |  | (6536) |  | (4526) | 57716 |  |  | (184140) |  | (126424) |
| 12/31/2024 | 22242 |  | 2883 | (54258) |  | (29133) | 611657 |  | 80434 | (1521228) |  | (829137) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 42640 |  |  | (429957) |  | (387317) | 1197039 |  |  | (12141081) |  | (10944042) |
| 12/31/2024 | 133001 |  | 116597 | (880848) |  | (631250) | 3768112 |  | 3261221 | (25022216) |  | (17992883) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 8014 |  |  | (15408) |  | (7394) | 222359 |  |  | (431031) |  | (208672) |
| 12/31/2024 | 19817 |  | 5827 | (63499) |  | (37855) | 546682 |  | 162004 | (1805034) |  | (1096348) |
| **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 192857 |  |  | (682495) |  | (489638) | 2596275 |  |  | (9275504) |  | (6679229) |
| 12/31/2024 | 355521 |  | 3794 | (1305205) |  | (945890) | 4828521 |  | 53504 | (18259637) |  | (13377612) |

---

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in <br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **JPMorgan Small Cap Core Equity (continued)** | **JPMorgan Small Cap Core Equity (continued)** | **JPMorgan Small Cap Core Equity (continued)** | **JPMorgan Small Cap Core Equity (continued)** |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 255374 |  |  | (5397298) |  | (5141924) | 3922477 |  |  | (90879715) |  | (86957238) |
| 12/31/2024 | 828108 |  | 66435 | (1784997) |  | (890454) | 13216703 |  | 1076249 | (28171673) |  | (13878721) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 84613 |  |  | (275076) |  | (190463) | 1325781 |  |  | (4299692) |  | (2973911) |
| 12/31/2024 | 210363 |  | 10006 | (557969) |  | (337600) | 3364514 |  | 161903 | (8784246) |  | (5257829) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 99611 |  |  | (435864) |  | (336253) | 1503205 |  |  | (6634037) |  | (5130832) |
| 12/31/2024 | 245178 |  | 15533 | (1382284) |  | (1121573) | 3798082 |  | 244489 | (21768497) |  | (17725926) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 7469 |  |  | (6351) |  | 1118 | 114533 |  |  | (94624) |  | 19909 |
| 12/31/2024 | 19306 |  | 74 | (319101) |  | (299721) | 288564 |  | 1142 | (4749599) |  | (4459893) |

---

**NOTE 11 — 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 event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.

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

**Balanced Income**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| Barclays Capital Inc. | $31865 | $(31865) | $— |
| Barclays Capital Securities Ltd. | 79181 | (79181) |  |
| BNP Paribas Financial Markets | 260478 | (260478) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 214727 | (214727) |  |
| HSBC Bank PLC | 153172 | (153172) |  |
| Jefferies LLC | 11407 | (11407) |  |
| JP Morgan Securities Plc. | 362670 | (362670) |  |
| Morgan Stanley & Co. LLC | 163651 | (163651) |  |
| State Street Bank and Trust Company | 389316 | (389316) |  |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| Wells Fargo Securities LLC | $234959 | $(234959) | $— |
| Total | $1901426 | $(1901426) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $2,005,721 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.

---

| | | | |
|:---|:---|:---|:---|
| **Large Cap Value**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $1844311 | $(1844311) | $— |
| Total | $1844311 | $(1844311) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $1,885,236 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.

---

| | | | |
|:---|:---|:---|:---|
| **Limited Maturity Bond**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| Citigroup Global Markets Inc. | $147015 | $(147015) | $— |
| Daiwa Capital Markets America Inc. | 372771 | (372771) |  |
| Goldman, Sachs & Co. LLC | 204705 | (204705) |  |
| Jefferies LLC | 476971 | (476971) |  |
| Morgan Stanley & Co. LLC | 262225 | (262225) |  |
| NatWest Markets Securities Inc. | 210461 | (210461) |  |
| TD Securities (USA) Inc. | 444039 | (444039) |  |
| Truist Securities INC | 59396 | (59396) |  |
| US Bancorp Investments | 377307 | (377307) |  |
| Total | $2554890 | $(2554890) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $2,611,350 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Stock Index**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Bank PLC | $575327 | $(575327) | $— |
| National Financial Services LLC | 563117 | (563117) |  |
| Total | $1138444 | $(1138444) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $1,186,396 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.

---

| | | | |
|:---|:---|:---|:---|
| **CBRE Real Estate**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| Mizuho Securities USA LLC. | $902160 | $(902160) | $— |
| UBS AG | 1142100 | (1142100) |  |
| Total | $2044260 | $(2044260) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $2,095,818 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.

**JPMorgan Small Cap Core Equity**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| Barclays Capital Inc. | $1466575 | $(1466575) | $— |
| BMO Capital Markets Corp | 1916052 | (1916052) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 2063968 | (2063968) |  |
| BNP Paribas Securities Corp. | 872515 | (872515) |  |
| BofA Securities Inc | 1024227 | (1024227) |  |
| Citadel Clearing LLC | 260799 | (260799) |  |
| Citigroup Global Markets Inc. | 205080 | (205080) |  |
| Deutsche Bank Securities Inc. | 1002071 | (1002071) |  |
| HSBC Bank PLC | 58012 | (58012) |  |
| Janney Montgomery Scott LLC | 52306 | (52306) |  |
| Jefferies LLC | 728641 | (728641) |  |
| Mizuho Securities USA LLC. | 123292 | (123292) |  |
| Morgan Stanley & Co. LLC | 341616 | (341616) |  |
| National Bank of Canada Financial Inc | 145224 | (145224) |  |
| National Financial Services LLC | 2572161 | (2572161) |  |
| Natixis Securities America LLC | 93558 | (93558) |  |
| Scotia Capital (USA) INC | 281798 | (281798) |  |
| SG Americas Securities, LLC | 199 | (199) |  |
| TD Prime Services LLC | 902214 | (902214) |  |
| UBS AG | 691001 | (691001) |  |
| Wells Fargo Securities LLC | 363494 | (363494) |  |
| Total | $15164803 | $(15164803) | $— |

---

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

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

<sup>(1)</sup> Cash collateral with a fair value of $15,380,905 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 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydowns, 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** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| Balanced Income | $7055367 | $— | $6530655 | $— |
| High Yield | 25547131 |  | 25239809 |  |
| Large Cap Value | 18367680 | 20580065 | 7772284 | 6165504 |
| Limited Maturity Bond | 15435969 |  | 14203580 |  |
| U.S. Stock Index | 53035579 | 343282818 | 60305099 | 400838070 |
| CBRE Real Estate | 4348436 |  | 4517138 | 11849210 |
| JPMorgan Small Cap Core Equity | 1537287 |  | 1086470 | 31177272 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of December 31, 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)** |
| Balanced Income | $12486986 | $— | $37498056 | $(4714038) | Short-term | $39683853 |
|  |  |  |  | (5587151) | Long-term |  |
|  |  |  |  | $(10301189) |  |  |
| High Yield |  |  | (859296) | (1393128) | Short-term | (86240268) |
|  |  |  |  | (83987844) | Long-term |  |
|  |  |  |  | $(85380972) |  |  |
| Large Cap Growth |  | 265247904 | 734253313 |  |  | 999501217 |
| Large Cap Value | 20305730 | 61366500 | 49449741 |  |  | 131121971 |
| Limited Maturity Bond | 81178 |  | (245427) | (3699961) | Short-term | (25339133) |
|  |  |  |  | (21474923) | Long-term |  |
|  |  |  |  | $(25174884) |  |  |
| U.S. Stock Index | 6953138 | 445602714 | 1745809656 |  |  | 2198365508 |
| CBRE Real Estate | 4019275 |  | 1753046 | (2759982) | Long-term | 3012339 |
| JPMorgan Small Cap Core Equity | 8807237 | 32798543 | 43917663 |  |  | 85523443 |

---

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

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

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

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 13 — 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 14 — REORGANIZATIONS**

On July 14, 2024, Balanced Income Portfolio ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of Voya Balanced 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 period ended June 30, 2025, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $14834681 |
| Net realized and unrealized gain on investments | $73359527 |
| Net increase in net assets resulting from operations | $88194208 |

---

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

**NOTE 14 — REORGANIZATIONS (continued)**

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 14, 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** |
| $313900 | $226719 | $— | $18358 | 1.4257 |

---

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $540,618,962.

**NOTE 15 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Portfolio's financial position or operating results.

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

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

**NOTE 16 — SUBSEQUENT EVENTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE AMOUNTS** | **PER SHARE AMOUNTS** | **PER SHARE AMOUNTS** | | |
|  | **Net Investment**<br>**Income** | **Short-term**<br>**Capital Gains** | **Long-term**<br>**Capital Gains** | <br>**Payable Date** | <br>**Record Date** |
| **Balanced Income** |  |  |  |  |  |
| Class ADV | $0.2069 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | July 15, 2025 | July 14, 2025 |
| Class I | $0.2697 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | July 15, 2025 | July 14, 2025 |
| Class S | $0.2414 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.2210 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | July 15, 2025 | July 14, 2025 |
| **High Yield** |  |  |  |  |  |
| Class ADV | $0.0462 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | August 1, 2025 | Daily |
| Class I | $0.0507 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | August 1, 2025 | Daily |
| Class S | $0.0489 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | August 1, 2025 | Daily |
| Class S2 | $0.0478 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | August 1, 2025 | Daily |
| **Large Cap Growth** |  |  |  |  |  |
| Class ADV | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | $2.0929 | July 15, 2025 | July 14, 2025 |
| Class I | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | $2.0929 | July 15, 2025 | July 14, 2025 |
| Class R6 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | $2.0929 | July 15, 2025 | July 14, 2025 |
| Class S | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | $2.0929 | July 15, 2025 | July 14, 2025 |

---

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

**NOTE 16 — SUBSEQUENT EVENTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S2 | $- | $&nbsp;&nbsp;&nbsp;- | $2.0929 | July 15, 2025 | July 14, 2025 |
| **Large Cap Value** |  |  |  |  |  |
| Class ADV | $0.0026 | $0.2497 | $0.7625 | July 15, 2025 | July 14, 2025 |
| Class I | $0.0026 | $0.2497 | $0.7625 | July 15, 2025 | July 14, 2025 |
| Class R6 | $0.0026 | $0.2497 | $0.7625 | July 15, 2025 | July 14, 2025 |
| Class S | $0.0026 | $0.2497 | $0.7625 | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.0026 | $0.2497 | $0.7625 | July 15, 2025 | July 14, 2025 |
| **Limited Maturity Bond** |  |  |  |  |  |
| Class ADV | $0.0307 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | August 1, 2025 | Daily |
| Class I | $0.0363 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | August 1, 2025 | Daily |
| Class S | $0.0345 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | August 1, 2025 | Daily |
| **U.S. Stock Index** |  |  |  |  |  |
| Class ADV | $0.0109 | $0.0236 | $2.2107 | July 15, 2025 | July 14, 2025 |
| Class I | $0.0109 | $0.0236 | $2.2107 | July 15, 2025 | July 14, 2025 |
| Class S | $0.0109 | $0.0236 | $2.2107 | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.0109 | $0.0236 | $2.2107 | July 15, 2025 | July 14, 2025 |
| **CBRE Real Estate** |  |  |  |  |  |
| Class ADV | $0.6638 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | July 15, 2025 | July 14, 2025 |
| Class I | $0.8459 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | July 15, 2025 | July 14, 2025 |
| Class S | $0.7612 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.7155 | $&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;- | July 15, 2025 | July 14, 2025 |
| **JPMorgan Small Cap Core Equity** |  |  |  |  |  |
| Class ADV | $0.0048 | $&nbsp;&nbsp;0.3904 | $&nbsp;&nbsp;1.6591 | July 15, 2025 | July 14, 2025 |
| Class I | $0.0999 | $&nbsp;&nbsp;0.3904 | $&nbsp;&nbsp;1.6591 | July 15, 2025 | July 14, 2025 |
| Class R6 | $0.0999 | $&nbsp;&nbsp;0.3904 | $&nbsp;&nbsp;1.6591 | July 15, 2025 | July 14, 2025 |
| Class S | $0.0528 | $&nbsp;&nbsp;0.3904 | $&nbsp;&nbsp;1.6591 | July 15, 2025 | July 14, 2025 |
| Class S2 | $0.0079 | $&nbsp;&nbsp;0.3904 | $&nbsp;&nbsp;1.6591 | July 15, 2025 | July 14, 2025 |

---

*Reorganization:* On May 15, 2025, the Board approved a proposal to reorganize Large Cap Value (the "Merging Portfolio") with and into Voya Large Cap Value Fund (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 January 6, 2026. If the shareholder approval is obtained, the Reorganization will take place on or about close of business February 6, 2026.

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 Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.8%** |
| 780872 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-1 B4, 3.627%, 01/25/2045 | $619660 | 0.1 |
| 29593 <sup>(2)</sup> | Alternative Loan Trust 2004-J7 M1, 5.042%, (TSFR1M + 1.134%), 10/25/2034 | 29451 | 0.0 |
| 31411 | Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035 | 21592 | 0.0 |
| 60415 <sup>(2)</sup> | Alternative Loan Trust 2005-J2 1A12, 4.834%, (TSFR1M + 0.514%), 04/25/2035 | 46492 | 0.0 |
| 14003 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 | 6311 | 0.0 |
| 69447 <sup>(2)</sup> | Alternative Loan Trust 2006-19CB A12, 4.834%, (TSFR1M + 0.514%), 08/25/2036 | 30207 | 0.0 |
| 21783 <sup>(2)</sup> | Alternative Loan Trust 2007-23CB A3, 4.934%, (TSFR1M + 0.614%), 09/25/2037 | 7799 | 0.0 |
| 92632 <sup>(2)</sup> | Alternative Loan Trust 2007-2CB 2A1, 5.034%, (TSFR1M + 0.714%), 03/25/2037 | 37147 | 0.0 |
| 600000 <sup>(1)</sup> | Arroyo Mortgage Trust 2022-1 A3, 3.650%, 12/25/2056 | 483814 | 0.1 |
| 16199 <sup>(2)</sup> | Bear Stearns ALT-A Trust 2005-7 21A1, 5.964%, 09/25/2035 | 12802 | 0.0 |
| 500000 <sup>(1)(2)</sup> | Bellemeade Re Ltd. 2022-1 M1C, 8.005%, (SOFR30A + 3.700%), 01/26/2032 | 514969 | 0.1 |
| 2942620 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-4 B2, 6.175%, 03/25/2055 | 2925672 | 0.6 |
| 169183 <sup>(1)(2)</sup> | Chase Mortgage Finance Corp. 2016-SH1 M2, 3.750%, 04/25/2045 | 155977 | 0.0 |
| 118503 <sup>(1)(2)</sup> | CIM Trust 2019-INV2 A3, 4.000%, 05/25/2049 | 112000 | 0.0 |
| 383870 <sup>(1)(2)</sup> | CIM Trust 2019-J1 B2, 3.922%, 08/25/2049 | 361584 | 0.1 |
| 89598 <sup>(1)(2)</sup> | CIM Trust 2019-J2 A13, 3.500%, 10/25/2049 | 80797 | 0.0 |
| 41672 <sup>(2)</sup> | Citigroup Mortgage Loan Trust 2006-AR2 1A1, 5.803%, 03/25/2036 | 31525 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 20120 <sup>(2)</sup> | Citigroup Mortgage Loan Trust 2007-10 22AA, 4.783%, 09/25/2037 | $18568 | 0.0 |
| 1974304 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2024-1 B3, 6.740%, 07/25/2054 | 2003024 | 0.4 |
| 100000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 7.420%, (SOFR30A + 3.114%), 01/25/2040 | 102388 | 0.0 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R06 1M2, 8.155%, (SOFR30A + 3.850%), 05/25/2042 | 523272 | 0.1 |
| 800000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R07 1M2, 8.956%, (SOFR30A + 4.650%), 06/25/2042 | 853548 | 0.2 |
| 700000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R08 1M2, 7.905%, (SOFR30A + 3.600%), 07/25/2042 | 730935 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R04 1B1, 9.656%, (SOFR30A + 5.350%), 05/25/2043 | 2189436 | 0.4 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R01 1M2, 6.105%, (SOFR30A + 1.800%), 01/25/2044 | 506035 | 0.1 |
| 700000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2M2, 6.256%, (SOFR30A + 1.950%), 03/25/2044 | 706784 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R06 1B1, 6.355%, (SOFR30A + 2.050%), 09/25/2044 | 1007328 | 0.2 |
| 2229784 <sup>(3)</sup> | Fannie Mae Interest Strip 367 2, 5.500%, 01/25/2036 | 399543 | 0.1 |
| 2799182 <sup>(3)</sup> | Fannie Mae Interest Strip 407 C8, 5.500%, 01/25/2039 | 584543 | 0.1 |
| 3422563 <sup>(2)(3)</sup> | Fannie Mae Interest Strip 427 C100, 2.670%, 01/25/2052 | 468205 | 0.1 |
| 2942476 <sup>(3)</sup> | Fannie Mae Interest Strip 441 C2, 3.000%, 04/25/2039 | 286576 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 473632 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2005-66 LS, 2.210%, (-1.000\*SOFR30A + 6.516%), 07/25/2035 | $42199 | 0.0 |
| 492948 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2008-36 YI, 2.780%, (-1.000\*SOFR30A + 7.086%), 07/25/2036 | 37300 | 0.0 |
| 305873 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2010-59 NS, 1.350%, (-1.000\*SOFR30A + 5.656%), 06/25/2040 | 21324 | 0.0 |
| 702415 <sup>(3)</sup> | Fannie Mae REMIC Trust 2012-121 ID, 3.000%, 11/25/2027 | 16816 | 0.0 |
| 2338589 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2012-144 SC, 1.680%, (-1.000\*SOFR30A + 5.986%), 01/25/2043 | 258320 | 0.0 |
| 826289 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2012-151 WS, 1.780%, (-1.000\*SOFR30A + 6.086%), 03/25/2042 | 48213 | 0.0 |
| 5198303 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2012-30 SA, 1.530%, (-1.000\*SOFR30A + 5.836%), 04/25/2042 | 520236 | 0.1 |
| 1379741 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2012-35 LS, 2.180%, (-1.000\*SOFR30A + 6.486%), 04/25/2041 | 64307 | 0.0 |
| 3258922 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2013-130 SB, 1.630%, (-1.000\*SOFR30A + 5.936%), 01/25/2044 | 337307 | 0.1 |
| 554529 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2013-20 SK, 1.780%, (-1.000\*SOFR30A + 6.086%), 05/25/2041 | 7989 | 0.0 |
| 1853547 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-67 IL, 6.500%, 07/25/2043 | 254968 | 0.0 |
| 853067 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-71 AI, 3.000%, 07/25/2028 | 24437 | 0.0 |
| 4518908 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2014-38 S, 1.680%, (-1.000\*SOFR30A + 5.986%), 07/25/2044 | 493668 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 4863565 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2016-29 SB, 1.630%, (-1.000\*SOFR30A + 5.936%), 05/25/2046 | $553926 | 0.1 |
| 112197 <sup>(2)(3)</sup> | Fannie Mae REMIC Trust 2018-86 DS, 1.680%, (-1.000\*SOFR30A + 5.986%), 12/25/2048 | 9730 | 0.0 |
| 1114253 <sup>(3)</sup> | Fannie Mae REMIC Trust 2019-13 IB, 6.000%, 09/25/2039 | 225112 | 0.0 |
| 2959151 <sup>(3)</sup> | Fannie Mae REMIC Trust 2020-14 AI, 3.500%, 03/25/2050 | 539394 | 0.1 |
| 7755879 <sup>(3)</sup> | Fannie Mae REMIC Trust 2021-56 QI, 4.500%, 09/25/2051 | 2082628 | 0.4 |
| 12376962 <sup>(3)</sup> | Fannie Mae REMIC Trust 2021-8 DI, 3.500%, 03/25/2051 | 2737643 | 0.5 |
| 165196 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2017-1 1A7, 3.500%, 03/25/2047 | 152399 | 0.0 |
| 683373 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2017-1 B3, 3.636%, 03/25/2047 | 632297 | 0.1 |
| 76188 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-1 B3, 3.932%, 03/25/2048 | 70350 | 0.0 |
| 298021 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048 | 278667 | 0.1 |
| 751208 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2021-2 A4, 2.500%, 04/25/2051 | 609148 | 0.1 |
| 525886 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2021-2 B3, 2.781%, 04/25/2051 | 443240 | 0.1 |
| 256702 <sup>(2)(3)</sup> | Freddie Mac REMIC Trust 3318 KS, 1.992%, (-1.000\*SOFR30A + 6.296%), 05/15/2037 | 24894 | 0.0 |
| 4311764 <sup>(3)</sup> | Freddie Mac REMIC Trust 3788 IO, 6.000%, 01/15/2041 | 900373 | 0.2 |
| 316821 <sup>(2)(3)</sup> | Freddie Mac REMIC Trust 3879 SL, 2.182%, (-1.000\*SOFR30A + 6.486%), 01/15/2041 | 14319 | 0.0 |
| 7109069 <sup>(2)(3)</sup> | Freddie Mac REMIC Trust 3990 SG, 2.132%, (-1.000\*SOFR30A + 6.436%), 01/15/2042 | 779217 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1492434 <sup>(2)(3)</sup> | Freddie Mac REMIC Trust 3998 SA, 2.032%, (-1.000\*SOFR30A + 6.336%), 02/15/2042 | $178201 | 0 |
| 5463098 <sup>(2)(3)</sup> | Freddie Mac REMIC Trust 4094 SP, 1.632%, (-1.000\*SOFR30A + 5.936%), 08/15/2042 | 571009 | 0.1 |
| 1538600 <sup>(2)(3)</sup> | Freddie Mac REMIC Trust 4120 CS, 1.782%, (-1.000\*SOFR30A + 6.086%), 10/15/2032 | 94529 | 0 |
| 1298791 <sup>(2)(3)</sup> | Freddie Mac REMIC Trust 4120 JS, 1.782%, (-1.000\*SOFR30A + 6.086%), 10/15/2032 | 75585 | 0 |
| 2983300 <sup>(2)(3)</sup> | Freddie Mac REMIC Trust 4143 MS, 2.282%, (-1.000\*SOFR30A + 6.586%), 12/15/2042 | 392213 | 0.1 |
| 521888 <sup>(3)</sup> | Freddie Mac REMIC Trust 4153 IB, 2.500%, 01/15/2028 | 10531 | 0 |
| 1538260 <sup>(2)(3)</sup> | Freddie Mac REMIC Trust 4517 KI, 10.280%, (-1.000\*SOFR30A + 1.030%), 04/15/2043 | 12404 | 0 |
| 1896907 <sup>(3)</sup> | Freddie Mac REMIC Trust 4596 DI, 3.500%, 06/15/2046 | 346215 | 0.1 |
| 1462429 <sup>(2)(3)</sup> | Freddie Mac REMIC Trust 4619 KS, 3.760%, (-1.000\*SOFR30A + 4.136%), 06/15/2039 | 77128 | 0 |
| 4867402 <sup>(3)</sup> | Freddie Mac REMIC Trust 4906 DI, 4.500%, 09/25/2049 | 1016266 | 0.2 |
| 1043982 <sup>(3)</sup> | Freddie Mac REMIC Trust 5013 IP, 2.000%, 09/25/2050 | 129461 | 0 |
| 2015956 <sup>(3)</sup> | Freddie Mac REMIC Trust 5037 IO, 3.000%, 11/25/2050 | 330475 | 0.1 |
| 6333694 <sup>(3)</sup> | Freddie Mac REMIC Trust 5095 BI, 3.500%, 04/25/2041 | 787018 | 0.2 |
| 84252 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA5 M2, 5.955%, (SOFR30A + 1.650%), 01/25/2034 | 84642 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 600000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.055%, (SOFR30A + 3.750%), 12/25/2041 | $618092 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 6.655%, (SOFR30A + 2.350%), 12/25/2041 | 1012036 | 0.2 |
| 400000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA4 M1B, 7.655%, (SOFR30A + 3.350%), 05/25/2042 | 415968 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA5 M1B, 8.805%, (SOFR30A + 4.500%), 06/25/2042 | 1063661 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2024-HQA2 M2, 6.105%, (SOFR30A + 1.800%), 08/25/2044 | 1004163 | 0.2 |
| 129350 <sup>(2)(3)</sup> | Freddie Mac Strips 239 S30, 3.282%, (-1.000\*SOFR30A + 7.586%), 08/15/2036 | 17419 | 0.0 |
| 13537662 <sup>(2)(3)</sup> | Freddie Mac Strips 353 S1, 1.582%, (-1.000\*SOFR30A + 5.886%), 12/15/2046 | 1511919 | 0.3 |
| 1802708 <sup>(3)</sup> | Freddie Mac Strips 365 C57, 3.500%, 11/15/2048 | 291523 | 0.1 |
| 1653960 <sup>(3)</sup> | Freddie Mac Strips 365 C9, 3.500%, 05/15/2049 | 281675 | 0.1 |
| 24999405 <sup>(3)</sup> | Freddie Mac Strips 389 C32, 2.500%, 07/15/2037 | 1464345 | 0.3 |
| 3462455 <sup>(3)</sup> | Freddie Mac Strips 389 C6, 3.500%, 10/15/2037 | 330302 | 0.1 |
| 1405254 <sup>(1)(2)</sup> | GCAT Trust 2024-INV3 A13, 6.000%, 09/25/2054 | 1411249 | 0.3 |
| 600733 <sup>(2)(3)</sup> | Ginnie Mae 2013-148 DS, 1.254%, (-1.000\*TSFR1M + 5.566%), 10/16/2043 | 46347 | 0.0 |
| 2275701 <sup>(3)</sup> | Ginnie Mae 2015-20 CI, 3.500%, 02/20/2030 | 117514 | 0.0 |
| 146958 <sup>(3)</sup> | Ginnie Mae 2015-42 IY, 5.500%, 08/20/2039 | 6593 | 0.0 |
| 4962275 <sup>(3)</sup> | Ginnie Mae 2015-60 PI, 4.000%, 04/20/2045 | 986668 | 0.2 |
| 2746345 <sup>(2)(3)</sup> | Ginnie Mae 2019-23 MT, 0.600%, (-1.000\*TSFR1M + 6.586%), 03/20/2042 | 42941 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 2092507 <sup>(3)</sup> | Ginnie Mae 2019-78 IC, 4.500%, 06/20/2049 | $471482 | 0.1 |
| 6869266 <sup>(3)</sup> | Ginnie Mae 2020-146 IM, 2.500%, 10/20/2050 | 1026839 | 0.2 |
| 12513998 <sup>(3)</sup> | Ginnie Mae 2020-146 IO, 3.500%, 10/20/2050 | 2417079 | 0.5 |
| 2836032 <sup>(3)</sup> | Ginnie Mae 2020-79 IO, 3.500%, 06/20/2050 | 524782 | 0.1 |
| 8420040 <sup>(3)</sup> | Ginnie Mae 2020-97 UI, 4.500%, 07/20/2050 | 1870711 | 0.4 |
| 6877936 <sup>(3)</sup> | Ginnie Mae 2022-10 GI, 4.500%, 01/20/2052 | 1576016 | 0.3 |
| 28053 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 26507 | 0.0 |
| 123330 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2020-NQM1 A2, 1.791%, 09/27/2060 | 116272 | 0.0 |
| 604812 <sup>(1)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ9 A3, 5.000%, 02/25/2055 | 590590 | 0.1 |
| 10490 <sup>(2)</sup> | HomeBanc Mortgage Trust 2004-1 2A, 5.294%, (TSFR1M + 0.974%), 08/25/2029 | 10257 | 0.0 |
| 704241 <sup>(1)</sup> | Hundred Acre Wood Trust 2021-INV1 A27, 2.500%, 07/25/2051 | 571063 | 0.1 |
| 22951 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 A15, 4.000%, 08/25/2049 | 21798 | 0.0 |
| 836284 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-5 A9, 2.800%, 09/25/2052 | 699102 | 0.1 |
| 330194 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2016-4 A13, 3.500%, 10/25/2046 | 299532 | 0.1 |
| 606791 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-5 B2, 4.921%, 10/26/2048 | 601667 | 0.1 |
| 939424 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B2, 3.701%, 09/25/2048 | 853150 | 0.2 |
| 617529 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B2, 3.715%, 10/25/2048 | 566014 | 0.1 |
| 784692 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-5 A13, 3.500%, 10/25/2048 | 710042 | 0.1 |
| 96430 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-8 A13, 4.000%, 01/25/2049 | 90103 | 0.0 |
| 37669 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 | 35346 | 0.0 |
| 30484 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-5 A3, 4.000%, 11/25/2049 | 28820 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 13580 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 | $12304 | 0.0 |
| 854061 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV1 B2, 4.905%, 09/25/2049 | 831220 | 0.2 |
| 423267 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.680%, 12/25/2049 | 409014 | 0.1 |
| 8814 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 A5, 3.493%, 03/25/2050 | 8726 | 0.0 |
| 135741 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-3 A15, 3.500%, 08/25/2050 | 122096 | 0.0 |
| 120364 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050 | 101747 | 0.0 |
| 1000000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-3 A5, 2.500%, 07/25/2051 | 686505 | 0.1 |
| 1162820 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-9 A9A, 5.500%, 02/25/2055 | 1149673 | 0.2 |
| 704103 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-CCM1 A3, 5.500%, 04/25/2055 | 700285 | 0.1 |
| 2468447 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-6 B3, 6.924%, 12/25/2054 | 2544966 | 0.5 |
| 728498 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-8 A9, 6.000%, 01/25/2055 | 731606 | 0.1 |
| 418763 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2018-MTG2 B1, 4.313%, 10/25/2048 | 401031 | 0.1 |
| 200000 <sup>(1)(2)</sup> | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | 194281 | 0.0 |
| 2095533 <sup>(1)(2)</sup> | Mill City Mortgage Loan Trust 2018-3 M1, 3.250%, 08/25/2058 | 2010093 | 0.4 |
| 1024555 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-3 A7, 6.000%, 07/25/2054 | 1032716 | 0.2 |
| 84277 <sup>(1)(2)</sup> | OBX Trust 2019-INV2 A25, 4.000%, 05/27/2049 | 79054 | 0.0 |
| 1319057 <sup>(1)(2)</sup> | Oceanview Mortgage Trust 2022-1 AF, 5.000%, (SOFR30A + 0.850%), 12/25/2051 | 1224150 | 0.2 |
| 5528 | Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037 | 4939 | 0.0 |
| 400000 <sup>(1)(2)</sup> | Provident Funding Mortgage Trust 2021-J1 A10, 2.000%, 10/25/2051 | 243610 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 410374 <sup>(1)(2)</sup> | RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051 | $332769 | 0.1 |
| 438967 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2021-1 B3, 2.715%, 03/25/2051 | 366278 | 0.1 |
| 591554 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2021-4 A21, 2.500%, 09/25/2051 | 479686 | 0.1 |
| 943457 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-2 B2, 4.247%, 06/25/2049 | 908928 | 0.2 |
| 944846 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-2 B3, 4.247%, 06/25/2049 | 883394 | 0.2 |
| 71279 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049 | 64539 | 0 |
| 311182 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-5 A7, 3.500%, 12/25/2049 | 280397 | 0.1 |
| 3160 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049 | 3142 | 0 |
| 625246 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2021-3 B3, 2.651%, 05/25/2051 | 510018 | 0.1 |
| 791922 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-2 A1, 5.000%, 03/25/2053 | 771144 | 0.1 |
| 212612 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-3 A19, 6.000%, 04/25/2054 | 213319 | 0 |
| 1866011 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-8 A20, 5.500%, 09/25/2054 | 1844889 | 0.4 |
| 1406498 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-9 A20, 5.500%, 10/25/2054 | 1390595 | 0.3 |
| 642740 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-2 A19, 6.000%, 03/25/2055 | 644879 | 0.1 |
| 99044 <sup>(1)(2)</sup> | Triangle Re Ltd. 2021-3 M1B, 7.205%, (SOFR30A + 2.900%), 02/25/2034 | 99530 | 0 |
| 496337 <sup>(1)(2)</sup> | Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066 | 436399 | 0.1 |
| 25950 <sup>(2)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR11 A1C3, 5.454%, (TSFR1M + 1.134%), 08/25/2045 | 25790 | 0 |
| 12374 <sup>(2)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 2A3, 4.037%, 10/25/2036 | 11309 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 85812 <sup>(2)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 4.252%, 12/25/2036 | $| 78000 | 0 |
| 12688 <sup>(2)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR13 A1C3, 5.414%, (TSFR1M + 1.094%), 10/25/2045 |  | 12589 | 0 |
| 112787 <sup>(2)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR6 2A, 5.359%, (12MTA + 0.960%), 08/25/2046 |  | 64566 | 0 |
| 8033 <sup>(2)</sup> | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 4.864%, (TSFR1M + 0.544%), 06/25/2037 |  | 7017 | 0 |
| 480331 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.646%, 07/25/2047 |  | 432082 | 0.1 |
| 6252 <sup>(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 6.140%, 04/25/2036 |  | 6202 | 0 |
| 9431 <sup>(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2007-AR7 A1, 6.684%, 12/28/2037 |  | 8587 | 0 |
|  | Total Collateralized Mortgage Obligations<br> (Cost $80,229,272) |  | **78237733** | **14.8** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 11.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 11.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 11.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 11.2%** |  |
| 1000000 <sup>(1)(2)</sup> | 1345T 2025-AOA A, 5.900%, (TSFR1M + 1.600%), 06/15/2030 |  | 1003223 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF2 E, 2.000%, 06/15/2054 |  | 384077 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | ARDN Mortgage Trust 2025-ARCP A, 6.050%, (TSFR1M + 1.750%), 06/15/2035 |  | 1002323 | 0.2 |
| 500000 <sup>(1)</sup> | ARZ Trust 2024-BILT C, 6.361%, 06/11/2029 |  | 513100 | 0.1 |
| 500000 <sup>(1)</sup> | BANK 2017-BNK4 D, 3.357%, 05/15/2050 |  | 385114 | 0.1 |
| 3000000 <sup>(2)(3)</sup> | BANK 2017-BNK8 XB, 0.228%, 11/15/2050 |  | 12448 | 0 |
| 897353 <sup>(2)(3)</sup> | BANK 2019-BN16 XA, 1.091%, 02/15/2052 |  | 22889 | 0 |
| 3469255 <sup>(2)(3)</sup> | BANK 2019-BN21 XA, 0.947%, 10/17/2052 |  | 97061 | 0 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1234000 <sup>(2)</sup> | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3 B, 3.879%, 02/15/2050 | $1197965 | 0.2 |
| 1000000 <sup>(2)</sup> | BANK5 2024-5YR10 C, 5.743%, 10/15/2057 | 992804 | 0.2 |
| 2180000 <sup>(1)(2)(3)</sup> | BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033 | 1564 | 0.0 |
| 4621448 <sup>(2)(3)</sup> | BBCMS Mortgage Trust 2022-C17 XA, 1.324%, 09/15/2055 | 306476 | 0.1 |
| 750000 | BBCMS Mortgage Trust 2024-5C29 B, 5.858%, 09/15/2057 | 764110 | 0.1 |
| 1000000 <sup>(2)</sup> | BBCMS Mortgage Trust 2024-5C31 C, 5.756%, 12/15/2057 | 1002151 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | BDS LLC 2024-FL13 A, 5.894%, (TSFR1M + 1.576%), 09/19/2039 | 2004557 | 0.4 |
| 482440 <sup>(1)(2)</sup> | BDS Ltd. 2021-FL10 A, 5.779%, (TSFR1M + 1.464%), 12/16/2036 | 482570 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Benchmark Mortgage Trust 2018-B3 D, 3.198%, 04/10/2051 | 679512 | 0.1 |
| 10144895 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2019-B10 XA, 1.382%, 03/15/2062 | 371858 | 0.1 |
| 921029 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2019-B9 XA, 1.177%, 03/15/2052 | 27440 | 0.0 |
| 2954396 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B18 XA, 1.923%, 07/15/2053 | 147282 | 0.0 |
| 2078196 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2021-B24 XA, 1.252%, 03/15/2054 | 87275 | 0.0 |
| 474414 <sup>(1)(2)</sup> | BLP Commercial Mortgage Trust 2024-IND2 B, 6.003%, (TSFR1M + 1.692%), 03/15/2041 | 475664 | 0.1 |
| 204000 <sup>(1)(4)</sup> | BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052 | 172928 | 0.0 |
| 472500 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-21M E, 6.597%, (TSFR1M + 2.285%), 10/15/2036 | 470806 | 0.1 |
| 322664 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-IRON E, 6.776%, (TSFR1M + 2.464%), 02/15/2038 | 311055 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1937656 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-VOLT D, 6.076%, (TSFR1M + 1.764%), 09/15/2036 | $1929772 | 0.4 |
| 307300 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-XL2 B, 5.424%, (TSFR1M + 1.112%), 10/15/2038 | 307297 | 0.1 |
| 350000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-XL2 D, 5.823%, (TSFR1M + 1.511%), 10/15/2038 | 350070 | 0.1 |
| 2206114 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-AIR2 A, 5.804%, (TSFR1M + 1.492%), 10/15/2041 | 2213310 | 0.4 |
| 2062779 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-AIRC A, 6.003%, (TSFR1M + 1.691%), 08/15/2039 | 2073556 | 0.4 |
| 825000 <sup>(1)(2)</sup> | BX Trust 2021-ARIA C, 6.072%, (TSFR1M + 1.760%), 10/15/2036 | 824280 | 0.2 |
| 250000 <sup>(1)(2)</sup> | BX Trust 2021-LBA EJV, 6.426%, (TSFR1M + 2.114%), 02/15/2036 | 248673 | 0.1 |
| 197702 <sup>(1)(2)</sup> | BX Trust 2021-LBA EV, 6.426%, (TSFR1M + 2.114%), 02/15/2036 | 196653 | 0.0 |
| 659344 <sup>(1)(2)</sup> | BX Trust 2021-SDMF D, 5.813%, (TSFR1M + 1.501%), 09/15/2034 | 653232 | 0.1 |
| 490000 <sup>(1)(2)</sup> | BX Trust 2022-FOX2 C, 5.621%, (TSFR1M + 1.309%), 04/15/2039 | 487881 | 0.1 |
| 700000 <sup>(1)(2)</sup> | BX Trust 2022-LBA6 C, 5.912%, (TSFR1M + 1.600%), 01/15/2039 | 700021 | 0.1 |
| 500000 <sup>(1)(2)</sup> | BX Trust 2023-DELC A, 7.002%, (TSFR1M + 2.690%), 05/15/2038 | 504203 | 0.1 |
| 503546 <sup>(1)(2)</sup> | BX Trust 2024-CNYN C, 6.253%, (TSFR1M + 1.941%), 04/15/2041 | 505146 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | BX Trust 2025-LUNR A, 5.812%, (TSFR1M + 1.500%), 06/15/2040 | 1002816 | 0.2 |
| 621862 <sup>(2)(3)</sup> | CD Mortgage Trust 2017-CD4 XA, 1.371%, 05/10/2050 | 9551 | 0.0 |
| 725000 <sup>(2)</sup> | Citigroup Commercial Mortgage Trust 2016-P4 C, 4.092%, 07/10/2049 | 671088 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 838477 <sup>(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2016-P4 XA, 2.044%, 07/10/2049 | $9031 | 0 |
| 200000 <sup>(2)</sup> | Citigroup Commercial Mortgage Trust 2016-P5 B, 3.698%, 10/10/2049 | 182111 | 0 |
| 919621 <sup>(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.001%, 09/15/2050 | 12611 | 0 |
| 1141755 <sup>(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.824%, 06/10/2051 | 19879 | 0 |
| 14616218 <sup>(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2019-C7 XA, 0.945%, 12/15/2072 | 466281 | 0.1 |
| 1023914 <sup>(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.160%, 08/10/2056 | 31061 | 0 |
| 150000 | Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052 | 138801 | 0 |
| 500000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2023-SMRT C, 6.048%, 10/12/2040 | 506893 | 0.1 |
| 34666 <sup>(2)</sup> | Comm Mortgage Trust 2013-CR13 C, 5.109%, 11/10/2046 | 32556 | 0 |
| 2380000 <sup>(1)(2)(3)</sup> | COMM Mortgage Trust 2012-CR4 XB, 0.509%, 10/15/2045 | 26887 | 0 |
| 1016377 <sup>(2)(3)</sup> | COMM Mortgage Trust 2016-CR28 XA, 0.746%, 02/10/2049 | 2820 | 0 |
| 663790 <sup>(2)(3)</sup> | COMM Mortgage Trust 2017-COR2 XA, 1.303%, 09/10/2050 | 11786 | 0 |
| 1000000 <sup>(1)(2)</sup> | CONE Trust 2024-DFW1 A, 5.953%, (TSFR1M + 1.642%), 08/15/2041 | 997838 | 0.2 |
| 1130000 <sup>(1)(2)</sup> | DBWF Mortgage Trust 2015-LCM D, 3.535%, 06/10/2034 | 1012109 | 0.2 |
| 1025000 <sup>(1)</sup> | DC Commercial Mortgage Trust 2023-DC A, 6.314%, 09/12/2040 | 1070281 | 0.2 |
| 500000 <sup>(1)(2)</sup> | DC Trust 2024-HLTN A, 5.933%, 04/13/2040 | 505898 | 0.1 |
| 350000 <sup>(1)(2)</sup> | DTP Commercial Mortgage Trust 2023-STE2 A, 6.038%, 01/15/2041 | 358973 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 450000 <sup>(1)</sup> | ELM Trust 2024-ELM C15, 6.396%, 06/10/2039 | $452099 | 0.1 |
| 257318 <sup>(1)(2)</sup> | Extended Stay America Trust 2021-ESH E, 7.276%, (TSFR1M + 2.964%), 07/15/2038 | 258299 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU D, 6.912%, (TSFR1M + 2.600%), 12/15/2039 | 1000023 | 0.2 |
| 1060790 <sup>(2)(3)</sup> | Freddie Mac Multiclass Certificates Series 2021-P011 X1, 1.759%, 09/25/2045 | 115421 | 0 |
| 1426903 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K109 X1, 1.688%, 04/25/2030 | 87439 | 0 |
| 1618527 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.962%, 11/25/2030 | 61069 | 0 |
| 4236701 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1516 X1, 1.626%, 05/25/2035 | 459306 | 0.1 |
| 780719 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.435%, 07/25/2035 | 72994 | 0 |
| 1264398 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.949%, 10/25/2035 | 76500 | 0 |
| 1679104 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 1.093%, 08/25/2036 | 126987 | 0 |
| 840120 <sup>(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.464%, 12/25/2029 | 35000 | 0 |
| 1119480 <sup>(1)(4)</sup> | FREMF Mortgage Trust 2016-K57 D, 0.000%, 08/25/2049 | 1008905 | 0.2 |
| 11005093 <sup>(1)(3)</sup> | FREMF Mortgage Trust 2016-K57 X2A, 0.100%, 08/25/2049 | 6809 | 0 |
| 2837168 <sup>(1)(3)</sup> | FREMF Mortgage Trust 2016-K57 X2B, 0.100%, 08/25/2049 | 2741 | 0 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1000000 <sup>(1)(2)</sup> | FS Rialto Issuer LLC 2025-FL10 A, 5.703%, (TSFR1M + 1.385%), 08/19/2042 | $998137 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | FS Trust 2024-HULA A, 6.123%, (TSFR1M + 1.811%), 08/15/2039 | 2009274 | 0.4 |
| 125000 <sup>(1)</sup> | GAM RE-REMIC Trust 2021-FRR2 CK49, 0.810%, 09/27/2051 | 124002 | 0.0 |
| 56298 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2021-FRR2 D730, 0.000%, 09/27/2051 | 55870 | 0.0 |
| 125000 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2021-FRR2 DK49, 0.000%, 09/27/2051 | 123072 | 0.0 |
| 95000 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 94384 | 0.0 |
| 95000 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 94226 | 0.0 |
| 500000 <sup>(1)(2)</sup> | Great Wolf Trust 2024-WOLF A, 5.854%, (TSFR1M + 1.542%), 03/15/2039 | 501411 | 0.1 |
| 600000 <sup>(1)(2)</sup> | GS Mortgage Securities Corp. II 2023-SHIP C, 5.689%, 09/10/2038 | 600740 | 0.1 |
| 193907 <sup>(2)(3)</sup> | GS Mortgage Securities Trust 2014-GC22 XA, 0.744%, 06/10/2047 | 926 | 0.0 |
| 187163 | GS Mortgage Securities Trust 2015-GC32 A4, 3.764%, 07/10/2048 | 186937 | 0.0 |
| 1212788 <sup>(2)(3)</sup> | GS Mortgage Securities Trust 2016-GS4 XA, 0.681%, 11/10/2049 | 5100 | 0.0 |
| 1000000 <sup>(2)</sup> | GS Mortgage Securities Trust 2018-GS9 A4, 3.992%, 03/10/2051 | 984228 | 0.2 |
| 1039157 <sup>(2)(3)</sup> | GS Mortgage Securities Trust 2019-GC38 XA, 1.169%, 02/10/2052 | 31437 | 0.0 |
| 1896786 <sup>(2)(3)</sup> | GS Mortgage Securities Trust 2019-GC42 XA, 0.929%, 09/10/2052 | 51981 | 0.0 |
| 90000 | GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052 | 84955 | 0.0 |
| 1292311 <sup>(2)(3)</sup> | GS Mortgage Securities Trust 2020-GC47 XA, 1.237%, 05/12/2053 | 54229 | 0.0 |
| 1000000 <sup>(1)(2)</sup> | GSAT Trust 2025-BMF B, 6.270%, (TSFR1M + 1.950%), 07/15/2030 | 1002065 | 0.2 |
| 175000 <sup>(1)(2)</sup> | GSMS Trustair 2024-FAIR A, 6.072%, 07/15/2029 | 180424 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 800000 <sup>(1)(2)</sup> | HTL Commercial Mortgage Trust 2024-T53 A, 6.071%, 05/10/2039 | $808747 | 0.2 |
| 750000 <sup>(1)</sup> | ICNQ Mortgage Trust 2024-MF A, 5.778%, 12/10/2034 | 772581 | 0.2 |
| 1000000 <sup>(1)</sup> | ILPT Commercial Mortgage Trust 2025-LPF2 A, 5.292%, 07/15/2042 | 1014739 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | INTOWN Mortgage Trust 2025-STAY C, 6.562%, (TSFR1M + 2.250%), 03/15/2042 | 998553 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | IRV Trust 2025-200P B, 5.621%, 03/14/2047 | 1002394 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI A, 5.990%, 10/05/2039 | 1020864 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI C, 5.990%, 10/05/2039 | 1004492 | 0.2 |
| 1060202 <sup>(2)(3)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.701%, 12/15/2049 | 5586 | 0.0 |
| 770000 <sup>(1)(2)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC E, 7.126%, (TSFR1M + 2.814%), 04/15/2038 | 771357 | 0.1 |
| 18382183 <sup>(2)(3)</sup> | JPMDB Commercial Mortgage Securities Trust 2018-C8 XA, 0.747%, 06/15/2051 | 255694 | 0.1 |
| 500000 <sup>(1)(2)</sup> | KIND Commercial Mortgage Trust 2024-1 A, 6.202%, (TSFR1M + 1.890%), 08/15/2041 | 501478 | 0.1 |
| 750000 <sup>(1)(2)</sup> | LBA Trust 2024-BOLT A, 5.903%, (TSFR1M + 1.591%), 06/15/2039 | 751519 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | MED Commercial Mortgage Trust 2024-MOB A, 5.903%, (TSFR1M + 1.592%), 05/15/2041 | 997485 | 0.2 |
| 182000 <sup>(1)(2)</sup> | MF1 Multifamily Housing Mortgage Loan Trust 2021-FL5 D, 6.928%, (TSFR1M + 2.614%), 07/15/2036 | 179767 | 0.0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 62000 | Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052 | $59651 | 0 |
| 10176703 <sup>(2)(3)</sup> | Morgan Stanley Capital I Trust 2019-L3 XA, 0.726%, 11/15/2052 | 234261 | 0 |
| 996603 <sup>(3)</sup> | Morgan Stanley Capital I Trust 2021-L5 XA, 1.400%, 05/15/2054 | 48998 | 0 |
| 355000 <sup>(1)(2)</sup> | MTN Commercial Mortgage Trust 2022- LPFL A, 5.717%, (TSFR1M + 1.397%), 03/15/2039 | 354984 | 0.1 |
| 475819 <sup>(1)(2)</sup> | PFP Ltd. 2023-10 A, 6.679%, (TSFR1M + 2.365%), 09/16/2038 | 476697 | 0.1 |
| 1000000 <sup>(1)</sup> | PRM Trust 2025-PRM6 A, 4.480%, 07/05/2033 | 992778 | 0.2 |
| 70000 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.347%, 11/08/2049 | 66044 | 0 |
| 30000 <sup>(1)(4)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | 26480 | 0 |
| 1000000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025- DATA C, 6.404%, (TSFR1M + 2.092%), 02/15/2042 | 991700 | 0.2 |
| 441831 <sup>(1)</sup> | THPT Mortgage Trust 2023-THL A, 7.227%, 12/10/2034 | 449694 | 0.1 |
| 1812989 <sup>(2)(3)</sup> | UBS Commercial Mortgage Trust 2018- C9 XA, 1.074%, 03/15/2051 | 30479 | 0 |
| 60000 | UBS Commercial Mortgage Trust 2019- C17 A4, 2.921%, 10/15/2052 | 56007 | 0 |
| 700000 <sup>(1)(2)</sup> | WCORE Commercial Mortgage Trust 2024- CORE C, 6.553%, (TSFR1M + 2.241%), 11/15/2041 | 701709 | 0.1 |
| 231546 | Wells Fargo Commercial Mortgage Trust 2015-SG1 A4, 3.789%, 09/15/2048 | 230891 | 0 |
| 400000 | Wells Fargo Commercial Mortgage Trust 2016-LC25 A4, 3.640%, 12/15/2059 | 393590 | 0.1 |
| 400000 <sup>(1)</sup> | Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051 | 344525 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 1180000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2025-VTT C, 6.029%, 03/15/2038 | $| 1190237 | 0.2 |
| 500000 <sup>(1)</sup> | WSTN Trust 2023- MAUI A, 6.518%, 07/05/2037 |  | 507549 | 0.1 |
|  | Total Commercial Mortgage-Backed Securities (Cost $58,829,175) |  | **59168137** | **11.2** |
| **ASSET-BACKED SECURITIES: 8.0%** | **ASSET-BACKED SECURITIES: 8.0%** |  |  |  |
|  | **Automobile Asset-Backed Securities: 0.5%** | **Automobile Asset-Backed Securities: 0.5%** | **Automobile Asset-Backed Securities: 0.5%** | **Automobile Asset-Backed Securities: 0.5%** |
| 150000 <sup>(1)</sup> | Bayview Opportunity Master Fund VII Trust 2024-SN1 A3, 5.660%, 03/15/2028 |  | 150578 | 0.0 |
| 400000 | Exeter Automobile Receivables Trust 2024-1A B, 5.290%, 08/15/2028 |  | 400896 | 0.1 |
| 100000 <sup>(1)</sup> | Ford Credit Auto Owner Trust 2022-1 C, 4.670%, 11/15/2034 |  | 100046 | 0.0 |
| 700000 | Honda Auto Receivables Owner Trust 2024-1 A4, 5.170%, 05/15/2030 |  | 711161 | 0.1 |
| 1600000 | Santander Drive Auto Receivables Trust 2024-4 B, 4.930%, 09/17/2029 |  | 1611950 | 0.3 |
|  |  |  | **2974631** | **0.5** |
|  | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** |
| 390393 <sup>(1)(2)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 |  | 316825 | 0.1 |
| 23782 <sup>(2)</sup> | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.640%, 11/25/2035 |  | 23745 | 0.0 |
|  |  |  | **340570** | **0.1** |
|  | **Other Asset-Backed Securities: 6.6%** | **Other Asset-Backed Securities: 6.6%** | **Other Asset-Backed Securities: 6.6%** | **Other Asset-Backed Securities: 6.6%** |
| 650000 <sup>(1)(2)</sup> | AB BSL CLO 4 Ltd. 2023-4A BR, 6.129%, (TSFR3M + 1.900%), 04/20/2038 |  | 653860 | 0.1 |
| 250000 <sup>(1)(2)</sup> | AMMC CLO 25 Ltd. 2022-25A A1R, 5.606%, (TSFR3M + 1.350%), 04/15/2035 |  | 250100 | 0.1 |
| 248788 <sup>(1)(2)</sup> | Apidos CLO XXXII 2019-32A A1R, 5.369%, (TSFR3M + 1.100%), 01/20/2033 |  | 248841 | 0.1 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | | |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 8897 <sup>(1)</sup> | Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046 | $8335 | 0.0 |
| 1243905 <sup>(1)(2)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 5.776%, (TSFR1M + 1.464%), 11/15/2036 | 1244069 | 0.2 |
| 550000 <sup>(1)(2)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D, 7.326%, (TSFR1M + 3.014%), 11/15/2036 | 549770 | 0.1 |
| 400000 <sup>(1)(2)</sup> | ARES XLIV CLO Ltd. 2017-44A A2R, 5.818%, (TSFR3M + 1.562%), 04/15/2034 | 400196 | 0.1 |
| 300000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2022-4A CR, 6.311%, (TSFR3M + 2.050%), 10/16/2037 | 301563 | 0.1 |
| 1500000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2022-6A CR, 6.272%, (TSFR3M + 2.000%), 01/22/2038 | 1508092 | 0.3 |
| 750000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2024-4A C, 6.179%, (TSFR3M + 1.900%), 10/23/2037 | 753370 | 0.1 |
| 1250000 <sup>(1)(2)</sup> | Ballyrock CLO 20 Ltd. 2022-20A BR2, 6.206%, (TSFR3M + 1.950%), 10/15/2036 | 1251504 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Ballyrock Clo 29 Ltd. 2025-29A B, 6.262%, (TSFR3M + 1.950%), 07/25/2038 | 500625 | 0.1 |
| 400000 <sup>(1)(2)</sup> | Benefit Street Partners CLO XXIII Ltd. 2021- 23A C, 6.743%, (TSFR3M + 2.462%), 04/25/2034 | 400020 | 0.1 |
| 300000 <sup>(1)(2)</sup> | Birch Grove Clo 9 Ltd. 2024-9A C, 6.272%, (TSFR3M + 2.000%), 10/22/2037 | 301284 | 0.1 |
| 500000 <sup>(1)(2)</sup> | BlueMountain CLO Ltd. 2014-2A A2R2, 5.931%, (TSFR3M + 1.662%), 10/20/2030 | 500338 | 0.1 |
| 119420 <sup>(1)(2)</sup> | BlueMountain CLO Ltd. 2016-3A A1R2, 5.526%, (TSFR3M + 1.200%), 11/15/2030 | 119452 | 0.0 |
| 500000 <sup>(1)(2)</sup> | BlueMountain CLO XXVIII Ltd. 2021-28A C, 6.518%, (TSFR3M + 2.262%), 04/15/2034 | 500505 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | | |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 455000 <sup>(1)(2)</sup> | BlueMountain CLO XXX Ltd. 2020-30A CR, 6.406%, (TSFR3M + 2.150%), 04/15/2035 | $455498 | 0.1 |
| 50000 <sup>(1)</sup> | Bojangles Issuer LLC 2024-1A A2, 6.584%, 11/20/2054 | 51084 | 0.0 |
| <sub>57617 </sub><sup>(1)(2)</sup> | Carlyle Global Market Strategies CLO Ltd. 2014-1A A1R2, 5.511%, (TSFR3M + 1.232%), 04/17/2031 | 57681 | 0.0 |
| 173838 <sup>(1)(2)</sup> | Carlyle Global Market Strategies CLO Ltd. 2015-4A A1RR, 5.489%, (TSFR3M + 1.220%), 07/20/2032 | 173931 | 0.0 |
| 550000 <sup>(1)(2)</sup> | CBAM Ltd. 2017-1A CR2, 6.369%, (TSFR3M + 2.100%), 01/20/2038 | 552763 | 0.1 |
| 500000 <sup>(1)(2)</sup> | Cedar Funding VIII Clo Ltd. 2017-8A CRR, 6.130%, (TSFR3M + 1.850%), 01/17/2038 | 500616 | 0.1 |
| 11181 <sup>(2)</sup> | Chase Funding Trust Series 2003-5 2A2, 5.034%, (TSFR1M + 0.714%), 07/25/2033 | 11239 | 0.0 |
| 51940 <sup>(1)</sup> | CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045 | 48316 | 0.0 |
| 103790 <sup>(1)(2)</sup> | Crestline Denali CLO XVII Ltd. 2018- 1A ARR, 5.386%, (TSFR3M + 1.130%), 10/15/2031 | 103824 | 0.0 |
| 243125 <sup>(1)</sup> | Domino's Pizza Master Issuer LLC 2021- 1A A2I, 2.662%, 04/25/2051 | 227244 | 0.1 |
| 91475 <sup>(1)</sup> | Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049 | 91167 | 0.0 |
| 1000000 <sup>(1)(2)</sup> | Dryden 113 CLO Ltd. 2022-113A CR2, 6.156%, (TSFR3M + 1.900%), 10/15/2037 | 1001852 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Dryden 87 CLO Ltd. 2021-87A C, 6.484%, (TSFR3M + 2.162%), 05/20/2034 | 1001549 | 0.2 |
| 250000 <sup>(1)(2)</sup> | Eaton Vance Clo Ltd. 2015-1A A2R, 5.781%, (TSFR3M + 1.512%), 01/20/2030 | 250077 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Flatiron CLO 23 LLC 2023-1A CR, 6.111%, (TSFR3M + 1.800%), 04/17/2036 | 1001248 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | | |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 87031 <sup>(1)(2)</sup> | Galaxy XXVI CLO Ltd. 2018-26A AR, 5.496%, (TSFR3M + 1.170%), 11/22/2031 | $87192 | 0.0 |
| 8951 <sup>(1)</sup> | HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040 | 8481 | 0.0 |
| 886458 <sup>(1)</sup> | J.G. Wentworth XLI LLC 2018-1A A, 3.740%, 10/17/2072 | 791545 | 0.2 |
| 349125 <sup>(1)</sup> | Jersey Mike's Funding LLC 2024-1A A2, 5.636%, 02/15/2055 | 355660 | 0.1 |
| 750000 <sup>(1)(2)</sup> | LCM XV L.P. 15A CR, 6.931%, (TSFR3M + 2.662%), 07/20/2030 | 753672 | 0.1 |
| 192067 <sup>(1)(2)</sup> | LCM XXII Ltd. 22A BR, 6.531%, (TSFR3M + 2.262%), 10/20/2028 | 192235 | 0.0 |
| 53893 <sup>(1)</sup> | Loanpal Solar Loan Ltd. 2020-2GF A, 2.750%, 07/20/2047 | 45631 | 0.0 |
| 53351 <sup>(1)</sup> | Loanpal Solar Loan Ltd. 2021-1GS A, 2.290%, 01/20/2048 | 44598 | 0.0 |
| 91271 <sup>(1)</sup> | Loanpal Solar Loan Ltd. 2021-2GS A, 2.220%, 03/20/2048 | 74107 | 0.0 |
| 250000 <sup>(1)(2)</sup> | Madison Park Funding XLVIII Ltd. 2021-48A C, 6.531%, (TSFR3M + 2.262%), 04/19/2033 | 250443 | 0.1 |
| 73219 <sup>(1)(2)</sup> | Magnetite XII Ltd. 2015-12A AR4, 5.406%, (TSFR3M + 1.150%), 10/15/2031 | 73238 | 0.0 |
| 1000000 <sup>(1)(2)</sup> | Magnetite XLVII Ltd. 2024-47A C, 6.322%, (TSFR3M + 1.850%), 01/25/2038 | 1006413 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Magnetite XXVI Ltd. 2020-26A CR2, 6.016%, (TSFR3M + 1.750%), 01/25/2038 | 1003940 | 0.2 |
| 340000 <sup>(1)(2)</sup> | Magnetite XXXI Ltd. 2021-31A A1, 5.618%, (TSFR3M + 1.362%), 07/15/2034 | 340205 | 0.1 |
| 234208 <sup>(1)</sup> | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | 206456 | 0.0 |
| 24213 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 22688 | 0.0 |
| 18623 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044 | 16651 | 0.0 |
| 39439 <sup>(1)</sup> | Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046 | 33523 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | | |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 46400 <sup>(1)</sup> | Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046 | $37017 | 0.0 |
| 624538 <sup>(1)</sup> | Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043 | 586139 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Mountain View CLO XVIII Ltd. 2024-1A C, 6.461%, (TSFR3M + 2.200%), 10/16/2037 | 1005352 | 0.2 |
| 620000 <sup>(1)(2)</sup> | Neuberger Berman CLO XVII Ltd. 2014- 17A CR3, 6.422%, (TSFR3M + 2.150%), 07/22/2038 | 624159 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Neuberger Berman Loan Advisers CLO 25 Ltd. 2017-25A CR2, 6.369%, (TSFR3M + 2.100%), 07/18/2038 | 1007176 | 0.2 |
| 750000 <sup>(1)(2)</sup> | Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A CR2, 6.261%, (TSFR3M + 2.000%), 04/16/2039 | 754822 | 0.1 |
| 500000 <sup>(1)(2)</sup> | NYACK Park CLO Ltd. 2021-1A C, 6.481%, (TSFR3M + 2.212%), 10/20/2034 | 500876 | 0.1 |
| 350000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2022-3A CR, 6.356%, (TSFR3M + 2.100%), 10/15/2037 | 351474 | 0.1 |
| 500000 <sup>(1)(2)</sup> | OCP CLO Ltd. 2020- 8RA CR, 6.180%, (TSFR3M + 1.900%), 10/17/2036 | 500549 | 0.1 |
| 500000 <sup>(1)(2)</sup> | OCP CLO Ltd. 2023- 27A CR, 6.461%, (TSFR3M + 2.200%), 07/16/2035 | 500741 | 0.1 |
| 650000 <sup>(1)(2)</sup> | Octagon Investment Partners 43 Ltd. 2019-1A CR, 6.732%, (TSFR3M + 2.450%), 10/25/2032 | 651360 | 0.1 |
| 250000 <sup>(1)(2)</sup> | Octagon Loan Funding Ltd. 2014-1A CRR, 6.786%, (TSFR3M + 2.462%), 11/18/2031 | 250585 | 0.1 |
| 250000 <sup>(1)(2)</sup> | Palmer Square CLO Ltd. 2021-1A BR, 6.069%, (TSFR3M + 1.800%), 04/20/2038 | 251255 | 0.1 |
| 250000 <sup>(1)(2)</sup> | Rockland Park CLO Ltd. 2021-1A C, 6.431%, (TSFR3M + 2.162%), 04/20/2034 | 250623 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | | |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 98750 <sup>(1)</sup> | Servpro Master Issuer LLC 2024-1A A2, 6.174%, 01/25/2054 | $101899 | 0.0 |
| 550000 <sup>(1)(2)</sup> | Shackleton CLO Ltd. 2019-15A CR, 6.668%, (TSFR3M + 2.412%), 01/15/2032 | 550748 | 0.1 |
| 253405 <sup>(1)(2)</sup> | Sound Point CLO XXVIII Ltd. 2020-3A A1R, 5.562%, (TSFR3M + 1.280%), 01/25/2032 | 253490 | 0.1 |
| 1250000 <sup>(1)(2)</sup> | Storm King Park CLO Ltd. 2022-1A CR, 6.256%, (TSFR3M + 2.000%), 10/15/2037 | 1255912 | 0.2 |
| 345120 <sup>(1)</sup> | Sunnova Helios IX Issuer LLC 2022-B A, 5.000%, 08/20/2049 | 301460 | 0.1 |
| 353359 <sup>(1)</sup> | Sunnova Helios XI Issuer LLC 2023-A A, 5.300%, 05/20/2050 | 326312 | 0.1 |
| 173929 <sup>(1)</sup> | Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055 | 141610 | 0.0 |
| 77457 <sup>(1)</sup> | Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056 | 63953 | 0.0 |
| 599348 <sup>(1)</sup> | Sunrun Bacchus Issuer LLC 2025-1A A2A, 6.410%, 04/30/2060 | 595320 | 0.1 |
| 219846 <sup>(1)</sup> | Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054 | 204032 | 0.0 |
| 170745 <sup>(1)(2)</sup> | Symphony CLO XVI Ltd. 2015-16A ARR, 5.456%, (TSFR3M + 1.200%), 10/15/2031 | 171001 | 0.0 |
| 199504 <sup>(1)(2)</sup> | Symphony CLO XX Ltd. 2018-20A AR2, 5.361%, (TSFR3M + 1.100%), 01/16/2032 | 199556 | 0.0 |
| 187500 <sup>(1)</sup> | Taco Bell Funding LLC 2016-1A A23, 4.970%, 05/25/2046 | 187591 | 0.0 |
| 27550 <sup>(1)(2)</sup> | THL Credit Wind River CLO Ltd. 2015- 1A A1R3, 5.469%, (TSFR3M + 1.200%), 10/20/2030 | 27585 | 0.0 |
| 600000 <sup>(1)(2)</sup> | THL Credit Wind River CLO Ltd. 2017-3A CR, 7.018%, (TSFR3M + 2.762%), 04/15/2035 | 601200 | 0.1 |
| 134923 <sup>(1)(2)</sup> | TIAA CLO I Ltd. 2016-1A ARR, 5.519%, (TSFR3M + 1.250%), 07/20/2031 | 134988 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | | | |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 219347 <sup>(1)(2)</sup> | Venture 37 CLO Ltd. 2019-37A A1RR, 5.506%, (TSFR3M + 1.250%), 07/15/2032 | $| 219544 | 0.0 |
| 1202222 <sup>(1)</sup> | Wendy's Funding LLC 2018-1A A2II, 3.884%, 03/15/2048 |  | 1174502 | 0.2 |
| 221222 <sup>(1)</sup> | Wendy's Funding LLC 2019-1A A2I, 3.783%, 06/15/2049 |  | 218370 | 0.0 |
| 350000 <sup>(1)</sup> | Wingstop Funding LLC 2024-1A A2, 5.858%, 12/05/2054 |  | 357286 | 0.1 |
| 192500 <sup>(1)</sup> | Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051 |  | 178212 | 0.0 |
|  |  |  | **34863390** | **6.6** |
|  | **Student Loan Asset-Backed Securities: 0.8%** | **Student Loan Asset-Backed Securities: 0.8%** | **Student Loan Asset-Backed Securities: 0.8%** | **Student Loan Asset-Backed Securities: 0.8%** |
| 23655 <sup>(1)</sup> | Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045 |  | 20626 | 0.0 |
| 16513 <sup>(1)</sup> | Commonbond Student Loan Trust-GS 2017- BGS A1, 2.680%, 09/25/2042 |  | 15466 | 0.0 |
| 22093 <sup>(1)</sup> | Commonbond Student Loan Trust-GS 2020- AGS A, 1.980%, 08/25/2050 |  | 19747 | 0.0 |
| 6902 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043 |  | 6843 | 0.0 |
| 458628 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 |  | 441787 | 0.1 |
| 90074 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2019-GA A, 2.400%, 10/15/2068 |  | 86924 | 0.0 |
| 286193 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2020-BA A2, 2.120%, 01/15/2069 |  | 272337 | 0.1 |
| 248142 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069 |  | 235193 | 0.1 |
| 606576 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2020-HA A, 1.310%, 01/15/2069 |  | 570342 | 0.1 |
| 144082 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069 |  | 131430 | 0.0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | | |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |  |
| 278768 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-BA A, 0.940%, 07/15/2069 | $253675 | 0.1 |
| 158375 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-c 2021-CA A, 1.060%, 10/15/2069 | 142648 | 0 |
| 100000 <sup>(1)</sup> | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 | 98513 | 0 |
| 113483 <sup>(1)</sup> | SMB Private Education Loan Trust 2019- B A2A, 2.840%, 06/15/2037 | 110796 | 0 |
| 844150 <sup>(1)</sup> | SMB Private Education Loan Trust 2024- D A1A, 5.380%, 07/15/2053 | 862031 | 0.2 |
| 228156 <sup>(1)</sup> | SMB Private Education Loan Trust 2024- F A1A, 5.060%, 03/16/2054 | 230832 | 0 |
| 135087 <sup>(1)</sup> | SMB Private Education Loan Trust-A 2020- PTA A2A, 1.600%, 09/15/2054 | 127166 | 0 |
| 600000 <sup>(1)</sup> | Sofi Professional Loan Program LLC 2019- C BFX, 3.050%, 11/16/2048 | 529899 | 0.1 |
| 10155 <sup>(1)</sup> | Sofi Professional Loan Program Trust 2018- D A2FX, 3.600%, 02/25/2048 | 10043 | 0 |
| 161349 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-C AFX, 1.950%, 02/15/2046 | 151126 | 0 |
|  |  | **4317424** | **0.8** |
|  | Total Asset-Backed Securities<br> (Cost $42,670,326) | **42496015** | **8.0** |
| **SOVEREIGN BONDS: 2.8%** | **SOVEREIGN BONDS: 2.8%** |  |  |
| <sup>BRL</sup>31364 <sup>(5)</sup> | Brazil Letras do Tesouro Nacional LTN, 15.084%, 01/01/2026 | 5375164 | 1 |
| <sup>BRL</sup>1900000 | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 05/15/2035 | 1461637 | 0.3 |
| <sup>BRL</sup>1035000 | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 08/15/2050 | 780926 | 0.2 |
| 246125 | Chile Government International Bond, 4.950%, 01/05/2036 | 242039 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
| 200000 | Colombia Government International Bond, 3.125%, 04/15/2031 | $165000 | 0.0 |
| 225000 | Colombia Government International Bond, 8.500%, 04/25/2035 | 234506 | 0.0 |
| 250000 <sup>(1)</sup> | Guatemala Government Bond, 6.050%, 08/06/2031 | 254625 | 0.1 |
| 200000 <sup>(1)</sup> | Guatemala Government Bond, 6.550%, 02/06/2037 | 202000 | 0.0 |
| <sup>MXN</sup>56570 | Mexican Udibonos S, 2.750%, 11/27/2031 | 2282975 | 0.4 |
| <sup>PEN</sup>13087000 <sup>(1)</sup> | Peru Government Bond, 6.850%, 08/12/2035 | 3813194 | 0.7 |
| 9191 <sup>(1)(6)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2030 | 4442 | 0.0 |
| 34346 <sup>(1)(6)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2034 | 13326 | 0.0 |
| 29024 <sup>(1)(6)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2035 | 13786 | 0.0 |
| 24187 <sup>(1)(6)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2036 | 11428 | 0.0 |
| 33652 <sup>(1)(6)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2029 | 20864 | 0.0 |
| 58890 <sup>(1)(6)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2034 | 30623 | 0.0 |
| 67303 <sup>(1)(6)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2035 | 34527 | 0.0 |
| 8413 <sup>(1)(6)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2036 | 4207 | 0.0 |
|  | Total Sovereign Bonds<br> (Cost $13,778,957) | **14945269** | **2.8** |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | <br> **Percentage**<br> **of Net**<br> **Assets** |
| **CORPORATE BONDS/NOTES: 0.5%** | **CORPORATE BONDS/NOTES: 0.5%** |  |  |
|  | **Basic Materials: 0.1%** | **Basic Materials: 0.1%** | **Basic Materials: 0.1%** |
| 200000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034 | $204400 | 0.0 |
| 200000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.440%, 01/26/2036 | 209450 | 0.1 |
| 200000 <sup>(1)</sup> | OCP SA, 6.750%, 05/02/2034 | 207408 | 0.0 |
|  |  | **621258** | **0.1** |
|  | **Communications: 0.0%** | **Communications: 0.0%** | **Communications: 0.0%** |
| 147000 <sup>(2)</sup> | Paramount Global, 6.375%, 03/30/2062 | 144557 | 0.0 |
|  | **Consumer, Cyclical: 0.1%** | **Consumer, Cyclical: 0.1%** | **Consumer, Cyclical: 0.1%** |
| 185000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 4.250%, 07/01/2026 | 184185 | 0.1 |
| 70000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027 | 70458 | 0.0 |
|  |  | **254643** | **0.1** |
|  | **Energy: 0.2%** | **Energy: 0.2%** | **Energy: 0.2%** |
| 450000 <sup>(2)</sup> | Energy Transfer L.P. G, 7.125%, 12/31/2199 | 459524 | 0.1 |
| 225000 | Petroleos del Peru SA, 4.750%, 06/19/2032 | 174866 | 0.0 |
| 200000 <sup>(1)</sup> | Petroleos del Peru SA, 4.750%, 06/19/2032 | 155437 | 0.0 |
| 200000 | Petroleos Mexicanos, 6.500%, 03/13/2027 | 199100 | 0.1 |
|  |  | **988927** | **0.2** |
|  | **Technology: 0.0%** | **Technology: 0.0%** | **Technology: 0.0%** |
| 25000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | 25249 | 0.0 |
| 70000 <sup>(1)</sup> | UKG, Inc., 6.875%, 02/01/2031 | 72674 | 0.0 |
|  |  | **97923** | **0.0** |
|  | **Utilities: 0.1%** | **Utilities: 0.1%** | **Utilities: 0.1%** |
| 350000 <sup>(1)</sup> | Comision Federal de Electricidad, 6.450%, 01/24/2035 | 345310 | 0.1 |
|  | Total Corporate Bonds/ Notes<br> (Cost $2,508,066) | **2452618** | **0.5** |
| **U.S. TREASURY OBLIGATIONS: 0.3%** | **U.S. TREASURY OBLIGATIONS: 0.3%** |  |  |
|  | **United States Treasury Notes: 0.3%** | **United States Treasury Notes: 0.3%** | **United States Treasury Notes: 0.3%** |
| 172900 | 3.750%, 06/30/2027 | 173015 | 0.0 |
| 325800 | 3.875%, 06/30/2030 | 327060 | 0.1 |
| 498100 | 4.000%, 06/30/2032 | 498528 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **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)** | **United States Treasury Notes (continued)** |
| 578600 | 4.250%, 11/15/2034 | $| 580679 | 0.1 |
|  |  |  | **1579282** | **0.3** |
|  | Total U.S. Treasury Obligations<br> (Cost $1,568,502) |  | **1579282** | **0.3** |
| **Shares** |  | **Value** | **Value** | **Percentage**<br> **of Net**<br> **Assets** |
| **COMMON STOCK: 34.5%** | **COMMON STOCK: 34.5%** |  |  |  |
|  | **Communication Services: 3.6%** | **Communication Services: 3.6%** | **Communication Services: 3.6%** | **Communication Services: 3.6%** |
| 24224 | Alphabet, Inc. — Class A |  | 4268996 | 0.8 |
| 23810 | AT&T, Inc. |  | 689061 | 0.1 |
| 16811 | Comcast Corp. — Class A |  | 599985 | 0.1 |
| 9595 | Deutsche Telekom AG, Reg |  | 351213 | 0.1 |
| 96000 <sup>(7)</sup> | HKT Trust & HKT Ltd. — Stapled Security |  | 143527 | 0 |
| 7860 | Iridium Communications, Inc. |  | 237136 | 0.1 |
| 1700 | KDDI Corp. |  | 29190 | 0 |
| 42660 | Koninklijke KPN NV |  | 208104 | 0 |
| 6806 | Meta Platforms, Inc. — Class A |  | 5023441 | 1 |
| 8810 | Millicom International Cellular SA |  | **330111** | **0.1** |
| 1741 <sup>(8)</sup> | Netflix, Inc. |  | 2331425 | 0.4 |
| 2671 | New York Times Co. — Class A |  | 149523 | 0 |
| 15205 | Orange SA |  | 231545 | 0.1 |
| 5510 <sup>(8)</sup> | ROBLOX Corp. — Class A |  | 579652 | 0.1 |
| 1203 <sup>(1)</sup> | Scout24 SE |  | 166073 | 0 |
| 162800 | SoftBank Corp. |  | 252169 | 0.1 |
| 1325 <sup>(8)</sup> | Spotify Technology SA |  | 1016725 | 0.2 |
| 37 | Swisscom AG, Reg |  | 26273 | 0 |
| 2418 <sup>(8)</sup> | Take-Two Interactive Software, Inc. |  | 587211 | 0.1 |
| 10764 | Telenor ASA |  | 167619 | 0 |
| 56163 | Telstra Group Ltd. |  | 179083 | 0 |
| 3033 | T-Mobile US, Inc. |  | 722643 | 0.1 |
| 21985 | Verizon Communications, Inc. |  | 951291 | 0.2 |
|  |  |  | **19241996** | **3.6** |
|  | **Consumer Discretionary: 2.7%** | **Consumer Discretionary: 2.7%** | **Consumer Discretionary: 2.7%** | **Consumer Discretionary: 2.7%** |
| 45748 | ADT, Inc. |  | 387486 | 0.1 |
| 22929 <sup>(8)</sup> | Amazon.com, Inc. |  | 5030393 | 1 |
| 252 | Booking Holdings, Inc. |  | 1458888 | 0.3 |
| 4800 <sup>(7)</sup> | Bridgestone Corp. |  | 196283 | 0 |
| 1751 <sup>(8)</sup> | Burlington Stores, Inc. |  | 407353 | 0.1 |
| 4198 | Cie Generale des Etablissements Michelin SCA |  | 156142 | 0 |
| 3578 | Columbia Sportswear Co. |  | 218544 | 0 |
| 569 | Expedia Group, Inc. |  | 95979 | 0 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | | |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |  |
| 31498 | Ford Motor Co. | $| 341753 | 0.1 |
| 8697 | General Motors Co. |  | 427979 | 0.1 |
| 7040 | H&R Block, Inc. |  | 386426 | 0.1 |
| 11800 | Isuzu Motors Ltd. |  | 149482 | 0.0 |
| 2741 <sup>(1)</sup> | La Francaise des Jeux SAEM |  | 107558 | 0.0 |
| 3450 | Lowe's Cos., Inc. |  | 765451 | 0.1 |
| 9717 | Pearson PLC |  | 143141 | 0.0 |
| 1035 | Ralph Lauren Corp. |  | 283880 | 0.1 |
| 3324 | Ross Stores, Inc. |  | 424076 | 0.1 |
| 5508 | Starbucks Corp. |  | 504698 | 0.1 |
| 4481 <sup>(8)</sup> | Tesla, Inc. |  | 1423434 | 0.3 |
| 4682 | TJX Cos., Inc. |  | 578180 | 0.1 |
| 6096 | Travel + Leisure Co. |  | 314615 | 0.1 |
| 18763 <sup>(7)</sup> | Wendy's Co. |  | 214273 | 0.0 |
|  |  |  | **14016014** | **2.7** |
|  | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** |  |
| 12329 | Altria Group, Inc. |  | 722849 | 0.1 |
| 8598 | British American Tobacco PLC |  | 408802 | 0.1 |
| 1565 | Carrefour SA |  | 22076 | 0.0 |
| 2303 | Coca-Cola Co. |  | 162937 | 0.0 |
| 1498 | Coca-Cola European Partners PLC - USD |  | 138895 | 0.0 |
| 5755 | Colgate-Palmolive Co. |  | 523129 | 0.1 |
| 2516 | Danone SA |  | 205868 | 0.0 |
| 311 | Heineken Holding NV |  | 23207 | 0.0 |
| 5644 | Imperial Brands PLC |  | 222995 | 0.1 |
| 3381 | Ingredion, Inc. |  | 458531 | 0.1 |
| 7700 <sup>(7)</sup> | Japan Tobacco, Inc. |  | 226838 | 0.1 |
| 1200 <sup>(7)</sup> | Kao Corp. |  | 53767 | 0.0 |
| 17417 | Kenvue, Inc. |  | 364538 | 0.1 |
| 14715 | Keurig Dr Pepper, Inc. |  | 486478 | 0.1 |
| 11100 <sup>(7)</sup> | Kirin Holdings Co. Ltd. |  | 155551 | 0.0 |
| 6093 | Koninklijke Ahold Delhaize NV |  | 254484 | 0.1 |
| 16057 | Kraft Heinz Co. |  | 414592 | 0.1 |
| 1602 | Kroger Co. |  | 114911 | 0.0 |
| 6035 | McCormick & Co., Inc. |  | 457574 | 0.1 |
| 6900 | MEIJI Holdings Co. Ltd. |  | 152585 | 0.0 |
| 5518 | Mowi ASA |  | 106571 | 0.0 |
| 6431 | PepsiCo, Inc. |  | 849149 | 0.2 |
| 9690 | Philip Morris International, Inc. |  | 1764840 | 0.3 |
| 9021 | Procter & Gamble Co. |  | 1437226 | 0.3 |
| 3972 | Reckitt Benckiser Group PLC |  | 270600 | 0.1 |
| 1541 | Smithfield Foods, Inc. |  | 36260 | 0.0 |
| 1800 | Suntory Beverage & Food Ltd. |  | 57563 | 0.0 |
| 1452 | Sysco Corp. |  | 109974 | 0.0 |
| 7657 | Tyson Foods, Inc. — Class A |  | 428333 | 0.1 |
| 7487 | Walmart, Inc. |  | 732079 | 0.1 |
|  |  |  | **11363202** | **2.2** |
|  | **Energy: 1.2%** |  |  |  |
| 7360 | Aker BP ASA |  | 188080 | 0.0 |
| 57157 | BP PLC |  | 284772 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 5931 | Chesapeake Energy Corp. | $693571 | 0.1 |
| 8274 | ConocoPhillips | 742509 | 0.2 |
| 2158 | Coterra Energy, Inc. | 54770 | 0.0 |
| 4329 | DT Midstream, Inc. | 475800 | 0.1 |
| 14660 <sup>(7)</sup> | Eni SpA | 236820 | 0.1 |
| 5117 | EOG Resources, Inc. | 612044 | 0.1 |
| 7538 | Equinor ASA | 190365 | 0.1 |
| 1843 | HF Sinclair Corp. | 75711 | 0.0 |
| 20622 | Kinder Morgan, Inc. | 606287 | 0.1 |
| 3180 | OMV AG | **172933** | **0.0** |
| 6213 | ONEOK, Inc. | 507167 | 0.1 |
| 15454 | Shell PLC | 539182 | 0.1 |
| 1399 | TotalEnergies SE | 85511 | 0.0 |
| 195 | Valero Energy Corp. | 26212 | 0.0 |
| 9579 | Williams Cos., Inc. | 601657 | 0.1 |
|  |  | **6093391** | **1.2** |
|  | **Financials: 5.8%** |  |  |
| 4991 <sup>(1)</sup> | ABN AMRO Bank NV | 136284 | 0.0 |
| 3066 | Admiral Group PLC | 137683 | 0.0 |
| 2675 | Ageas SA | **180958** | **0.0** |
| 26216 | AIB Group PLC | 216357 | 0.1 |
| 1296 | Allianz SE | 525962 | 0.1 |
| 1746 | Allstate Corp. | 351487 | 0.1 |
| 792 | Ameriprise Financial, Inc. | 422714 | 0.1 |
| 14470 | ANZ Group Holdings Ltd. | 277488 | 0.1 |
| 2582 | ASR Nederland NV | 171563 | 0.0 |
| 2110 | Assurant, Inc. | 416704 | 0.1 |
| 16035 | Aviva PLC | 136325 | 0.0 |
| 5479 | AXA SA | 269047 | 0.1 |
| 4375 | Axis Capital Holdings Ltd. | 454213 | 0.1 |
| 14269 | Banco de Sabadell SA | 45426 | 0.0 |
| 3231 | Bank Hapoalim BM | 62061 | 0.0 |
| 12090 | Bank Leumi Le-Israel BM | 224941 | 0.1 |
| 13704 | Bank of Ireland Group PLC | 195284 | 0.0 |
| 6377 | Bank of New York Mellon Corp. | 581009 | 0.1 |
| 2948 | Bankinter SA | 38485 | 0.0 |
| 662 <sup>(7)</sup> | Banque Cantonale Vaudoise | 76350 | 0.0 |
| 17217 | Blue Owl Capital, Inc. | 330739 | 0.1 |
| 4382 | BNP Paribas SA | 393074 | 0.1 |
| 43500 | BOC Hong Kong Holdings Ltd. | **189366** | **0.0** |
| 859 | Capital One Financial Corp. | 182761 | 0.0 |
| 2119 | Cboe Global Markets, Inc. | 494172 | 0.1 |
| 7839 | Charles Schwab Corp. | 715230 | 0.1 |
| 219 | Chubb Ltd. | 63449 | 0.0 |
| 6119 | Citigroup, Inc. | 520849 | 0.1 |
| 2627 | CME Group, Inc. | 724054 | 0.1 |
| 729 | CNA Financial Corp. | 33920 | 0.0 |
| 10539 | Credit Agricole SA | 199381 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 5993 | Danske Bank A/S | $244777 | 0.1 |
| 3990 | DBS Group Holdings Ltd. | 140855 | 0.0 |
| 8453 | DNB Bank ASA | 233764 | 0.1 |
| 6134 | Equitable Holdings, Inc. | 344117 | 0.1 |
| 3272 | Gjensidige Forsikring ASA | 82945 | 0.0 |
| 3394 | Globe Life, Inc. | 421840 | 0.1 |
| 1274 | Goldman Sachs Group, Inc. | 901674 | 0.2 |
| 4681 | Hancock Whitney Corp. | 268689 | 0.1 |
| 12000 | Hang Seng Bank Ltd. | 180074 | 0.0 |
| 2583 | Hanover Insurance Group, Inc. | 438774 | 0.1 |
| 4405 | Hartford Financial Services Group, Inc. | 558862 | 0.1 |
| 60883 | HSBC Holdings PLC | 736450 | 0.1 |
| 15801 | ING Groep NV | 346323 | 0.1 |
| 27864 <sup>(7)</sup> | Insurance Australia Group Ltd. | 165652 | 0.0 |
| 68536 | Intesa Sanpaolo SpA | 394797 | 0.1 |
| 408 | Jack Henry & Associates, Inc. | 73509 | 0.0 |
| 2288 | JPMorgan Chase & Co. | 663314 | 0.1 |
| 3697 | Kemper Corp. | 238604 | 0.1 |
| 5778 | Loews Corp. | 529612 | 0.1 |
| 269 | LPL Financial Holdings, Inc. | 100867 | 0.0 |
| 52634 | M&G PLC | 186046 | 0.0 |
| 3105 | Marsh & McLennan Cos., Inc. | 678877 | 0.1 |
| 54552 | Medibank Pvt Ltd. | 181162 | 0.0 |
| 7132 | MetLife, Inc. | 573556 | 0.1 |
| 13105 | MGIC Investment Corp. | 364843 | 0.1 |
| 18800 | Mitsubishi HC Capital, Inc. | 138419 | 0.0 |
| 2028 | MSCI, Inc. | 1169629 | 0.2 |
| 7554 <sup>(7)</sup> | National Australia Bank Ltd. | 195783 | 0.0 |
| 26057 | NatWest Group PLC | 182997 | 0.0 |
| 3240 | NN Group NV | 215587 | 0.1 |
| 11321 | Old Republic International Corp. | 435179 | 0.1 |
| 3138 | OneMain Holdings, Inc. | 178866 | 0.0 |
| 5700 | Oversea-Chinese Banking Corp. Ltd. | 73093 | 0.0 |
| 2781 | Popular, Inc. | 306494 | 0.1 |
| <sub>8356 </sub>(1)(7) | Poste Italiane SpA | 179536 | 0.0 |
| 2128 | Prosperity Bancshares, Inc. | 149471 | 0.0 |
| 12736 | QBE Insurance Group Ltd. | 196123 | 0.0 |
| 31585 | Rithm Capital Corp. | 356595 | 0.1 |
| 6104 | Ryan Specialty Holdings, Inc. | 415011 | 0.1 |
| 16913 | Sampo Oyj — Class A | 182027 | 0.0 |
| 1500 | State Street Corp. | 159510 | 0.0 |
| 6600 | Sumitomo Mitsui Trust Holdings, Inc. | 175543 | 0.0 |
| 1665 | Swiss Re AG | 288024 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 4018 | Synchrony Financial | $268161 | 0.1 |
| 9068 | Tradeweb Markets, Inc. — Class A | 1327555 | 0.3 |
| 2300 | Travelers Cos., Inc. | 615342 | 0.1 |
| 5856 | Tryg A/S | 151385 | 0.0 |
| 2960 | UniCredit SpA | 198568 | 0.0 |
| 6020 | Unum Group | 486175 | 0.1 |
| 13201 | US Bancorp | 597345 | 0.1 |
| 8234 | Visa, Inc. — Class A | 2923482 | 0.6 |
| 11225 | Wells Fargo & Co. | 899347 | 0.2 |
| 605 | Zurich Insurance Group AG | 423333 | 0.1 |
|  |  | **30705899** | **5.8** |
|  | **Health Care: 3.5%** |  |  |
| 2200 | AbbVie, Inc. | 408364 | 0.1 |
| 1384 | AmerisourceBergen Corp. | 414992 | 0.1 |
| 19200 | Astellas Pharma, Inc. | 187986 | 0.0 |
| 6317 <sup>(8)</sup> | Boston Scientific Corp. | 678509 | 0.1 |
| 13310 | Bristol-Myers Squibb Co. | 616120 | 0.1 |
| 2806 | Cardinal Health, Inc. | 471408 | 0.1 |
| 1923 | Cigna Group | 635705 | 0.1 |
| 357 | CVS Health Corp. | 24626 | 0.0 |
| 1889 | Danaher Corp. | 373153 | 0.1 |
| 1720 | Elevance Health, Inc. | 669011 | 0.1 |
| 2729 | Eli Lilly & Co. | 2127337 | 0.4 |
| 4077 | Fisher & Paykel Healthcare Corp. Ltd. | **89550** | **0.0** |
| 4055 | Fresenius SE & Co. KGaA | 204060 | 0.0 |
| 6266 | Gilead Sciences, Inc. | 694711 | 0.1 |
| 5107 | GSK PLC | 97372 | 0.0 |
| 10667 | Haleon PLC | 54824 | 0.0 |
| 3809 | Hikma Pharmaceuticals PLC | 103944 | 0.0 |
| 1164 | Humana, Inc. | 284575 | 0.1 |
| 1872 <sup>(8)</sup> | Intuitive Surgical, Inc. | 1017264 | 0.2 |
| 9704 | Johnson & Johnson | 1482286 | 0.3 |
| 1692 | McKesson Corp. | 1239864 | 0.2 |
| 8624 | Medtronic PLC | 751754 | 0.2 |
| 4741 | Merck & Co., Inc. | 375298 | 0.1 |
| 299 <sup>(8)</sup> | Mettler-Toledo International, Inc. | 351241 | 0.1 |
| 3875 | Novartis AG, Reg | 470336 | 0.1 |
| 12400 | Ono Pharmaceutical Co. Ltd. | 134388 | 0.0 |
| 33652 | Pfizer, Inc. | 815725 | 0.2 |
| 1185 <sup>(7)</sup> | Recordati Industria Chimica e Farmaceutica SpA | 74483 | 0.0 |
| 1666 | Roche Holding AG | 543816 | 0.1 |
| 2855 | Smith & Nephew PLC | 43722 | 0.0 |
| 9428 | Sonic Healthcare Ltd. | 166416 | 0.0 |
| 1735 | Stryker Corp. | 686418 | 0.1 |
| 6900 | Takeda Pharmaceutical Co. Ltd. | 213024 | 0.1 |
| 2204 <sup>(8)</sup> | Vertex Pharmaceuticals, Inc. | 981221 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 52613 | Viatris, Inc. | $469834 | 0.1 |
| 2770 | Zoetis, Inc. | 431982 | 0.1 |
|  |  | **18385319** | **3.5** |
|  | **Industrials: 3.7%** |  |  |
| 4007 | 3M Co. | 610026 | 0.1 |
| 2082 | ACS Actividades de Construccion y Servicios SA | 144715 | 0.0 |
| 1694 | AECOM | 191185 | 0.1 |
| 5540 <sup>(1)</sup> | Aena SME SA | 147884 | 0.0 |
| 5200 <sup>(7)</sup> | AGC, Inc. | 152546 | 0.0 |
| 2722 | AMERCO | 147995 | 0.0 |
| 2960 | AMETEK, Inc. | 535641 | 0.1 |
| 2800 <sup>(7)</sup> | ANA Holdings, Inc. | 54824 | 0.0 |
| 182 | Applied Industrial Technologies, Inc. | 42306 | 0.0 |
| 1437 | Automatic Data Processing, Inc. | 443171 | 0.1 |
| 1048 <sup>(8)</sup> | Axon Enterprise, Inc. | 867681 | 0.2 |
| 6336 | BAE Systems PLC | 164437 | 0.0 |
| 8981 | Brambles Ltd. | 138701 | 0.0 |
| 531 | Broadridge Financial Solutions, Inc. | 129049 | 0.0 |
| 2264 <sup>(8)</sup> | Builders FirstSource, Inc. | 264186 | 0.1 |
| 8300 | Central Japan Railway Co. | 185543 | 0.1 |
| 2109 | Cintas Corp. | 470033 | 0.1 |
| 1401 | Comfort Systems USA, Inc. | 751230 | 0.2 |
| 5465 | Computershare Ltd. | 143369 | 0.0 |
| 1378 | Concentrix Corp. | 72834 | 0.0 |
| 17017 | CSX Corp. | 555265 | 0.1 |
| 903 | Delta Air Lines, Inc. | 44409 | 0.0 |
| 2687 | Donaldson Co., Inc. | 186343 | 0.1 |
| 8300 | East Japan Railway Co. | 178541 | 0.0 |
| 996 | Eiffage SA | 139952 | 0.0 |
| 4397 | Emerson Electric Co. | 586252 | 0.1 |
| 2354 | FedEx Corp. | 535088 | 0.1 |
| 333 | Flowserve Corp. | 17432 | 0.0 |
| 5775 | Fortive Corp. | 301051 | 0.1 |
| 756 | General Dynamics Corp. | 220495 | 0.1 |
| 10163 | Genpact Ltd. | 447274 | 0.1 |
| 5301 | Getlink SE | 102331 | 0.0 |
| 1613 | Hexcel Corp. | 91118 | 0.0 |
| 4588 | Howmet Aerospace, Inc. | 853964 | 0.2 |
| 1154 | Ingersoll Rand, Inc. | 95990 | 0.0 |
| 7900 <sup>(7)</sup> | Japan Airlines Co. Ltd. | 161128 | 0.0 |
| 600 | Jardine Matheson Holdings Ltd. | 28838 | 0.0 |
| 10819 | Johnson Controls International PLC | 1142703 | 0.2 |
| 6500 | Kajima Corp. | 169531 | 0.0 |
| 599 | Kone Oyj — Class B | 39463 | 0.0 |
| 3052 | Leidos Holdings, Inc. | 481483 | 0.1 |
| 860 | Lockheed Martin Corp. | 398300 | 0.1 |
| 3500 | Obayashi Corp. | 53031 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Industrials: (continued)** |  |  |  |
| 566 | Parker-Hannifin Corp. | $| 395334 | 0.1 |
| 3507 | Paychex, Inc. |  | 510128 | 0.1 |
| 1886 | Paycom Software, Inc. |  | 436420 | 0.1 |
| 6503 | Raytheon Technologies Corp. |  | 949568 | 0.2 |
| 1333 | RELX PLC - GBP |  | 72245 | 0.0 |
| 1964 | Republic Services, Inc. |  | 484342 | 0.1 |
| 4700 | Secom Co. Ltd. |  | 168847 | 0.0 |
| 8800 | Sekisui Chemical Co. Ltd. |  | 159374 | 0.0 |
| 1551 | SGS SA |  | 157482 | 0.0 |
| 5620 | Smiths Group PLC |  | 173345 | 0.0 |
| 1320 | Snap-on, Inc. |  | 410758 | 0.1 |
| 6421 | SS&C Technologies Holdings, Inc. |  | 531659 | 0.1 |
| 7400 | Sumitomo Corp. |  | 190970 | 0.1 |
| 6500 <sup>(7)</sup> | Swire Pacific Ltd. — Class A |  | 55719 | 0.0 |
| 11700 | Tokyu Corp. |  | 139185 | 0.0 |
| 14125 | Transurban Group |  | 129964 | 0.0 |
| 6796 <sup>(8)</sup> | Uber Technologies, Inc. |  | 634067 | 0.1 |
| 2732 | Union Pacific Corp. |  | 628578 | 0.1 |
| 1148 | Watts Water Technologies, Inc. — Class A |  | 282282 | 0.1 |
| 7500 | West Japan Railway Co. |  | 171458 | 0.0 |
| 1391 | Westinghouse Air Brake Technologies Corp. |  | 291206 | 0.1 |
| 823 | Wolters Kluwer NV |  | 137637 | 0.0 |
|  |  |  | **19597906** | **3.7** |
|  | **Information Technology: 9.0%** | **Information Technology: 9.0%** | **Information Technology: 9.0%** |  |
| 247 | Amdocs Ltd. |  | 22536 | 0.0 |
| 31827 | Apple, Inc. |  | 6529946 | 1.2 |
| 1081 <sup>(8)</sup> | AppLovin Corp. — Class A |  | 378436 | 0.1 |
| 3152 <sup>(8)</sup> | Atlassian Corp. — Class A |  | 640140 | 0.1 |
| 3958 | Avnet, Inc. |  | 210091 | 0.0 |
| 15518 | Broadcom, Inc. |  | 4277537 | 0.8 |
| 16715 | Cisco Systems, Inc. |  | 1159687 | 0.2 |
| 6635 | Cognizant Technology Solutions Corp. — Class A |  | 517729 | 0.1 |
| 2265 <sup>(8)</sup> | Crowdstrike Holdings, Inc. — Class A |  | 1153587 | 0.2 |
| 16565 | Hewlett Packard Enterprise Co. |  | 338754 | 0.1 |
| 532 | Intuit, Inc. |  | 419019 | 0.1 |
| 893 | Juniper Networks, Inc. |  | 35657 | 0.0 |
| 3847 | Micron Technology, Inc. |  | 474143 | 0.1 |
| 22412 | Microsoft Corp. |  | 11147953 | 2.1 |
| 1241 <sup>(8)</sup> | Monday.com Ltd. |  | 390270 | 0.1 |
| 1256 | Motorola Solutions, Inc. |  | 528098 | 0.1 |
| 4666 | NetApp, Inc. |  | 497162 | 0.1 |
| 72184 | NVIDIA Corp. |  | 11404350 | 2.2 |
| 4940 | Oracle Corp. |  | 1080032 | 0.2 |
| 5974 <sup>(8)</sup> | Palantir Technologies, Inc. — Class A |  | 814376 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 4907 <sup>(8)</sup> | Palo Alto Networks, Inc. | $1004168 | 0.2 |
| 4882 | Qualcomm, Inc. | 777507 | 0.1 |
| 1925 <sup>(8)</sup> | Ralliant Corp. | 93343 | 0.0 |
| 5671 | Sage Group PLC | 97387 | 0.0 |
| 3758 | Salesforce, Inc. | 1024769 | 0.2 |
| 1453 <sup>(8)</sup> | ServiceNow, Inc. | 1493800 | 0.3 |
| 28 | Skyworks Solutions, Inc. | 2086 | 0.0 |
| 2967 <sup>(8)</sup> | Snowflake, Inc. — Class A | 663926 | 0.1 |
| 4400 | TIS, Inc. | 147443 | 0.0 |
| 1669 | VeriSign, Inc. | 482007 | 0.1 |
|  |  | **47805939** | **9.0** |
|  | **Materials: 0.8%** |  |  |
| 2641 | AptarGroup, Inc. | 413132 | 0.1 |
| 22500 | Asahi Kasei Corp. | 160172 | 0.0 |
| 303 | DSM-Firmenich AG | 32235 | 0.0 |
| 3450 | DuPont de Nemours, Inc. | 236635 | 0.1 |
| 2805 | Eastman Chemical Co. | 209421 | 0.1 |
| 1726 | Ecolab, Inc. | 465053 | 0.1 |
| 6714 | Evonik Industries AG | 138702 | 0.0 |
| 20 | Givaudan SA, Reg | 96991 | 0.0 |
| 9900 | JFE Holdings, Inc. | 115163 | 0.0 |
| 31500 | Mitsubishi Chemical Group Corp. | 165565 | 0.0 |
| 9600 | Nippon Steel Corp. | 181555 | 0.0 |
| 1859 | Royal Gold, Inc. | 330605 | 0.1 |
| 3197 | RPM International, Inc. | 351158 | 0.1 |
| 1613 | Sherwin-Williams Co. | 553840 | 0.1 |
| 6581 <sup>(7)</sup> | SIG Group AG | 121729 | 0.0 |
| 1164 | Symrise AG | 122062 | 0.0 |
| 5718 | UPM-Kymmene Oyj | 156148 | 0.0 |
| 1450 | Vulcan Materials Co. | 378189 | 0.1 |
|  |  | **4228355** | **0.8** |
|  | **Real Estate: 0.9%** |  |  |
| 891 | American Tower Corp. | 196929 | 0.1 |
| 16702 | Brixmor Property Group, Inc. | 434920 | 0.1 |
| 3307 | COPT Defense Properties | 91207 | 0.0 |
| 1400 | Daito Trust Construction Co. Ltd. | 152486 | 0.0 |
| 5600 | Daiwa House Industry Co. Ltd. | 192432 | 0.0 |
| 854 | Digital Realty Trust, Inc. | 148878 | 0.0 |
| 2887 | Equity Residential | 194844 | 0.0 |
| 2924 | First Industrial Realty Trust, Inc. | 140732 | 0.0 |
| 9569 | Gaming and Leisure Properties, Inc. | 446681 | 0.1 |
| 2729 <sup>(7)</sup> | Klepierre SA | 107903 | 0.0 |
| 11800 | Link REIT | 63207 | 0.0 |
| 1513 | Mid-America Apartment Communities, Inc. | 223939 | 0.1 |
| 10444 | National Retail Properties, Inc. | 450972 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | |
|  | **Real Estate: (continued)** |  |  |
| 173 <sup>(7)</sup> | Nippon Building Fund, Inc. | $159744 | 0.0 |
| 5915 | Regency Centers Corp. | 421325 | 0.1 |
| 22241 | Sabra Health Care REIT, Inc. | 410124 | 0.1 |
| 16902 | Scentre Group | 39698 | 0.0 |
| 3330 | Simon Property Group, Inc. | 535331 | 0.1 |
| 230 | Swiss Prime Site AG | 34528 | 0.0 |
| 3564 | Welltower, Inc. | 547894 | 0.1 |
|  |  | **4993774** | **0.9** |
|  | **Utilities: 1.1%** |  |  |
| 384 | BKW AG | 84192 | 0.0 |
| 3540 | Black Hills Corp. | 198594 | 0.0 |
| 22916 | Centrica PLC | 50845 | 0.0 |
| 12900 | Chubu Electric Power Co., Inc. | 159630 | 0.0 |
| 16500 | CLP Holdings Ltd. | 139355 | 0.0 |
| 5935 | Duke Energy Corp. | 700330 | 0.1 |
| 7422 | Edison International | 382975 | 0.1 |
| 3113 | Enel SpA | 29545 | 0.0 |
| 11961 | Engie SA | 281118 | 0.1 |
| 4146 | Entergy Corp. | 344616 | 0.1 |
| 6045 | Eversource Energy | 384583 | 0.1 |
| 12532 | Exelon Corp. | 544139 | 0.1 |
| 14839 | Iberdrola SA | 285474 | 0.1 |
| 2801 | National Fuel Gas Co. | 237273 | 0.1 |
| 11711 | NiSource, Inc. | 472422 | 0.1 |
| 6430 | NorthWestern Corp. | 329859 | 0.1 |
| 6784 | OGE Energy Corp. | 301074 | 0.1 |
| 25054 | Origin Energy Ltd. | 178082 | 0.0 |
| 2100 | Osaka Gas Co. Ltd. | 53865 | 0.0 |
| 15929 | PG&E Corp. | 222050 | 0.0 |
| 26000 | Power Assets Holdings Ltd. | 167169 | 0.0 |
| 4462 | SSE PLC | 112353 | 0.0 |
| 10966 | United Utilities Group PLC | 172196 | 0.0 |
|  |  | **5831739** | **1.1** |
|  | Total Common Stock |  |  |
|  | (Cost $130,335,319) | **182263534** | **34.5** |
| **EXCHANGE-TRADED FUNDS: 8.0%** | **EXCHANGE-TRADED FUNDS: 8.0%** |  |  |
| 430467 | iShares Core S&P Mid- Cap ETF | 26697563 | 5.0 |
| 6419 | iShares MSCI EAFE Value ETF | 407478 | 0.1 |
| 7419 | iShares Russell 1000 Value ETF | 1440992 | 0.3 |
| 160985 | Vanguard FTSE Emerging Markets ETF | 7962318 | 1.5 |
| 51012 | Vanguard Russell 1000 Growth ETF | **5570511** | **1.1** |
|  |  | **42078862** | **8.0** |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $40,526,919) | **42078862** | **8.0** |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **MUTUAL FUNDS: 15.7%** | **MUTUAL FUNDS: 15.7%** | | |
|  | **Affiliated Investment Companies: 15.7%** | **Affiliated Investment Companies: 15.7%** |  |
| 1036891 | Voya VACS Series EMHCD Fund | $10659235 | 2.0 |
| 3785438 | Voya VACS Series HYB Fund | 39254987 | 7.4 |
| 3108706 | Voya VACS Series SC Fund | 33045543 | 6.3 |
|  |  | **82959765** | **15.7** |
|  | Total Mutual Funds |  |  |
|  | (Cost $82,331,374) | **82959765** | **15.7** |
| **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** |  |  |
|  | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |  |
| 1091 | Volkswagen AG | 115334 | 0.0 |
|  | **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** |  |
| 2462 | Henkel AG & Co. KGaA | 193473 | 0.0 |
|  | Total Preferred Stock |  |  |
|  | (Cost $294,711) | **308807** | **0.0** |
| **PURCHASED OPTIONS<sup>(9)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(9)</sup>: 0.0%** |  |  |
|  | Total Purchased Options |  |  |
|  | (Cost $51,726) | 30457 | 0.0 |
|  | Total Long-Term Investments |  |  |
|  | (Cost $453,124,347) | **506520479** | **95.8** |
| **Principal**<br> **Amount†** |  | **Value** | **Percentage**<br> **of Net**<br> **Assets**  |
| **SHORT-TERM INVESTMENTS: 3.3%** | **SHORT-TERM INVESTMENTS: 3.3%** |  |  |
|  | **Repurchase Agreements: 0.4%** |  |  |
| 1000000 <sup>(10)</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 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount†** | | **Value** | **Percentage**<br> **of Net**<br> **Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** |  |  |
| 1000000 <sup>(10)</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 |
| 5721 <sup>(10)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 06/30/2025, 4.400%, due 07/01/2025 (Repurchase Amount $5,722, collateralized by various U.S. Government Securities, 4.750%, Market Value plus accrued interest $5,835, due 05/15/55) | 5721 | 0.0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $2,005,721) | **2005721** | **0.4** |
|  | **Commercial Paper: 2.8%** |  |  |
| 2100000 | American Honda Finance Corp., 4.660%, 07/09/2025 | 2097591 | 0.4 |
| 1200000 | Concord Minutemen Capital Co. LLC, 4.410%, 07/03/2025 | 1199565 | 0.2 |
| 2000000 | Consolidated Edison Co. of New York, Inc., 4.680%, 07/15/2025 | 1996160 | 0.4 |
| 2000000 | Duke Energy Corp., 4.640%, 07/17/2025 | 1995689 | 0.4 |
| 1000000 | eBay, Inc., 4.720%, 09/10/2025 | 990772 | 0.2 |
| 2500000 | Fiserv, Inc., 4.660%, 07/02/2025 | 2499362 | 0.4 |
| 3925000 | Oracle Corp., 4.530%, 07/01/2025 | 3924512 | 0.7 |
| 565000 | Virginia Electric and Power Co., 4.550%, 07/31/2025 | 562825 | 0.1 |
|  | Total Commercial Paper |  |  |
|  | (Cost $15,268,649) | **15266476** | **2.8** |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | |
|  | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** | |
| 333000 <sup>(11)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% |  |  |
|  | (Cost $333,000) | $**333000** | **0.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $17,607,370) | $**17605197** | **3.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $470,731,717)** | $**524125676** | **99.1** |
|  | **Assets in Excess of Other Liabilities** | **4554452** | **0.9** |
|  | **Net Assets** | $**528680128** | **100.0** |

---

---

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

---

<sup>(1)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

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

<sup>(3)</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>(4)</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>(5)</sup> Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2025.

<sup>(6)</sup> Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of June 30, 2025.

<sup>(7)</sup> Security, or a portion of the security, is on loan. <br> <sup>(8)</sup> Non-income producing security.

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

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

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

Currency Abbreviations:

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| EUR | EU Euro |
| MXN | Mexican Peso |
| PEN | Peruvian Nuevo Sol |

---

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| 12MTA | 12-month Treasury Average |
| SOFR30A | 30-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br>in Active Markets <br>for Identical <br>Investments <br>(Level 1)** | **Significant Other <br>Observable <br>Inputs# <br> (Level 2)** | **Significant <br>Unobservable <br>Inputs <br> (Level 3)** | **Fair Value <br>at <br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $17487200 | $1754796 | $— | $19241996 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 13263408 | 752606 |  | 14016014 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 9202295 | 2160907 |  | 11363202 |
| &nbsp;&nbsp;&nbsp;Energy | 4395728 | 1697663 |  | 6093391 |
| &nbsp;&nbsp;&nbsp;Financials | 21736601 | 8969298 |  | 30705899 |
| &nbsp;&nbsp;&nbsp;Health Care | 16001398 | 2383921 |  | 18385319 |
| &nbsp;&nbsp;&nbsp;Industrials | 16036846 | 3561060 |  | 19597906 |
| &nbsp;&nbsp;&nbsp;Information Technology | 47561109 | 244830 |  | 47805939 |
| &nbsp;&nbsp;&nbsp;Materials | 2938033 | 1290322 |  | 4228355 |
| &nbsp;&nbsp;&nbsp;Real Estate | 4243776 | 749998 |  | 4993774 |
| &nbsp;&nbsp;&nbsp;Utilities | 4117915 | 1713824 |  | 5831739 |
| Total Common Stock | 156984309 | 25279225 |  | 182263534 |
| Mutual Funds | 82959765 |  |  | 82959765 |
| Collateralized Mortgage Obligations |  | 78237733 |  | 78237733 |
| Commercial Mortgage-Backed Securities |  | 59168137 |  | 59168137 |
| Asset-Backed Securities |  | 42496015 |  | 42496015 |
| Exchange-Traded Funds | 42078862 |  |  | 42078862 |
| Sovereign Bonds |  | 14945269 |  | 14945269 |
| Corporate Bonds/Notes |  | 2452618 |  | 2452618 |
| U.S. Treasury Obligations |  | 1579282 |  | 1579282 |
| Preferred Stock |  | 308807 |  | 308807 |
| Purchased Options |  | 30457 |  | 30457 |
| Short-Term Investments | 333000 | 17272197 |  | 17605197 |
| Total Investments, at fair value | $282355936 | $241769740 | $— | $524125676 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Interest Rate Swaps |  | 98596 |  | 98596 |
| Forward Foreign Currency Contracts |  | 107998 |  | 107998 |
| Forward Premium Swaptions |  | 518718 |  | 518718 |
| Futures | 1807979 |  |  | 1807979 |
| OTC Total Return Swaps |  | 445280 |  | 445280 |
| OTC volatility swaps |  | 55401 |  | 55401 |
| Total Assets | $284163915 | $242995733 | $— | $527159648 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Credit Default Swaps | $— | $(97011) | $— | $(97011) |
| Centrally Cleared Interest Rate Swaps |  | (7915) |  | (7915) |
| Forward Foreign Currency Contracts |  | (998339) |  | (998339) |
| Forward Premium Swaptions |  | (324179) |  | (324179) |
| Futures | (1028510) |  |  | (1028510) |
| OTC volatility swaps |  | (13970) |  | (13970) |
| Written Options |  | (325131) |  | (325131) |
| Total Liabilities | $(1028510) | $(1766545) | $— | $(2795055) |

---

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

---

| | |
|:---|:---|
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair<br> Value at<br> 6/30/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net**<br> **Capital**<br> **Gain**<br> **Distributions** |
| Voya VACS Series EMHCD Fund | $10095521 | $348996 | $— | $214718 | $10659235 | $348997 | $— | $— |
| Voya VACS Series HYB Fund | 29428063 | 9360306 |  | 466618 | 39254987 | 1107882 |  |  |
| Voya VACS Series SC Fund | 31615106 | 973862 |  | 456575 | 33045543 | 973861 |  |  |
|  | $71138690 | $10683164 | $— | $1137911 | $82959765 | $2430740 | $— | $— |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| EUR | 24752 | USD | 28155 | Barclays Bank PLC | 07/18/25 | $1035 |
| USD | 9737 | EUR | 8556 | Barclays Bank PLC | 07/18/25 | (354) |
| USD | 3007612 | MXN | 59574400 | BNP Paribas | 07/11/25 | (163976) |
| CLP | 6552082 | USD | 6877 | Citibank N.A. | 07/11/25 | 156 |
| USD | 1138 | EUR | 1012 | Citibank N.A. | 07/18/25 | (55) |
| USD | 657811 | TRY | 31022355 | Deutsche Bank AG | 11/10/25 | (36729) |
| PEN | 4132998 | USD | 1155340 | Goldman Sachs International | 07/11/25 | 11078 |
| USD | 1130000 | PEN | 4090487 | Goldman Sachs International | 07/11/25 | (24421) |
| USD | 608287 | MXN | 12008508 | Goldman Sachs International | 07/11/25 | (31015) |
| USD | 1995000 | PEN | 7228484 | Goldman Sachs International | 07/11/25 | (45029) |
| USD | 600111 | BRL | 3513278 | Goldman Sachs International | 07/11/25 | (45034) |
| USD | 871378 | MXN | 17214515 | Goldman Sachs International | 07/11/25 | (45078) |
| USD | 1405908 | BRL | 8087765 | Goldman Sachs International | 07/11/25 | (79252) |
| EGP | 39318109 | USD | 757574 | Goldman Sachs International | 09/30/25 | 8189 |
| TRY | 30982886 | USD | 657811 | Goldman Sachs International | 11/10/25 | 35845 |
| USD | 5038798 | BRL | 31364000 | Goldman Sachs International | 01/05/26 | (469788) |
| USD | 1765872 | PEN | 6382747 | Morgan Stanley Capital Services LLC | 07/11/25 | (35471) |
| CNY | 10757174 | USD | 1499174 | Nomura Global Financial Products, Inc. | 07/11/25 | 3902 |
| MXN | 17391556 | USD | 879218 | State Street Bank and Trust Co. | 07/11/25 | 46664 |
| USD | 7134 | ZAR | 133534 | State Street Bank and Trust Co. | 07/11/25 | (403) |
| USD | 472197 | CNY | 3416734 | State Street Bank and Trust Co. | 07/11/25 | (5216) |
| USD | 1018117 | CNY | 7402813 | State Street Bank and Trust Co. | 07/11/25 | (16262) |
| CAD | 62528 | USD | 44830 | Wells Fargo Bank N.A. | 07/18/25 | 1129 |
| USD | 1 | JPY | 150 | Wells Fargo Bank N.A. | 07/18/25 |  |
| JPY | 148 | USD | 1 | Wells Fargo Bank N.A. | 07/18/25 |  |
| USD | 33698 | JPY | 4879959 | Wells Fargo Bank N.A. | 07/18/25 | (256) |
|  |  |  |  |  |  | $(890341) |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

At June 30, 2025, the following futures contracts were outstanding for Voya Balanced Income Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts**  | **Expiration<br> Date**  | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 470 | 09/30/25 | $97771016 | $373653 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 1187 | 09/30/25 | 129383000 | 1425830 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 2 | 09/19/25 | 238250 | 8496 |
|  |  |  | $227392266 | $1807979 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (188) | 09/19/25 | (21079500) | (377857) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | (75) | 09/19/25 | (8660156) | (311188) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (134) | 09/19/25 | (15311594) | (339465) |
|  |  |  | $(45051250) | $(1028510) |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/Obligation** | **Buy/Sell<br> Protection**  | **(Pay)/<br> Receive<br> Financing<br> Rate (%)<sup>(2)</sup>**  | **Termination<br> Date**  | | **Notional<br> Amount<sup>(3)</sup>**  | **Fair<br> Value<sup>(4)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| CDX Emerging Markets Index Series 43, Version 1 | Buy | (1.000) | 06/20/30 | USD | 9500000 | $235489 | $(97011) |
|  |  |  |  |  |  | $235489 | $(97011) |

---

<sup>(1)</sup> If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

<sup>(3)</sup> The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

<sup>(4)</sup> The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation's credit soundness and a greater likelihood or risk of default or other credit event occurring.

At June 30, 2025, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Income Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br> Floating Rate**  | **Floating Rate Index**  | **Floating<br> Rate Index<br> Payment<br> Frequency**  | **Fixed<br> Rate**  | **Fixed Rate<br> Payment<br> Frequency**  | **Maturity<br> Date**  | | **Notional<br> Amount**  | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.933% | Annual | 05/05/45 | USD | 1422528 | $(6511) | $(6511) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.857 | Annual | 05/05/55 | USD | 561108 | 5538 | 5538 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.699 | Annual | 05/05/35 | USD | 1183464 | (1404) | (1404) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.837 | Annual | 08/16/44 | USD | 1334800 | 42102 | 42102 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.855 | Annual | 11/29/44 | USD | 1687000 | 50956 | 50956 |
|  |  |  |  |  |  |  |  | $90681 | $90681 |

---

At June 30, 2025, the following OTC total return swaps were outstanding for Voya Balanced Income Portfolio:

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br> Total Return<sup>(1)</sup>**  | **Reference Entity** | **Reference<br> Entity<br> Payment<br> Frequency**  | **(Pay)/<br> Receive<br> Financing<br> Rate**  | **Floating<br> Rate<br> Payment<br> Frequency**  | **Counterparty** | **Termination<br> Date**  | | **Notional<br> Amount**  | **Fair<br> Value** | **Upfront<br> Payments<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Receive | iShares iBoxx $ High Yield Corporate Bond ETF | Monthly | Secured Overnight Financing Rate + 0.00% | Monthly | Morgan Stanley Capital Services LLC | 12/20/25 | USD | 8820000 | $211680 | $— | $211680 |
| Receive | iShares iBoxx $ High Yield Corporate Bond ETF | Monthly | Secured Overnight Financing Rate + 0.00% | Monthly | Morgan Stanley Capital Services LLC | 12/20/25 | USD | 8000000 | 233600 |  | 233600 |
|  |  |  |  |  |  |  |  |  | $445280 | $— | $445280 |

---

<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 Balanced Income Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/<br> Receive<br> Volatility<sup>(1)</sup>**  | **Reference Entity** | **Volatility<br> Strike<br> Rate**  | **Counterparty** | **Maturity<br> Date**  | **Currency** | **Notional<br> Amount**  | **Fair Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Pay | USD vs. BRL Spot Exchange Rate | 18.300% | Goldman Sachs International | 06/24/26 | USD | 4576000 | $(13970) | $(13970) |
| Pay | EUR vs. USD Spot Exchange Rate | 8.400% | Morgan Stanley Capital Services LLC | 02/10/26 | USD | 5364000 | 20512 | 20512 |
| Receive | USD vs. INR Spot Exchange Rate | 4.325% | BNP Paribas | 02/10/26 | USD | 5364000 | 34889 | 34889 |
|  |  |  |  |  |  |  | $41431 | $41431 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Reference Entity** | **Exercise<br> Rate (%)**  | **(Pay)/<br> Receive<br> Exercise<br> Rate**  | **Strike<br> Price**  | **Expiration<br> Date**  | | **Notional<br> Amount** | **Premiums<br> Received** | **Fair<br> Value** |
| Put on 5-Year |  | CDX North American |  |  |  |  |  |  |  |  |
| Credit Default Swap | Goldman Sachs International | High Yield, Series 44, Version 1 | 5.000 | Pay | 105.000% | 07/16/25 | USD | $5894000 | $(43763) | $(3685) |
| Put on 5-Year |  | CDX North American |  |  |  |  |  |  |  |  |
| Credit Default Swap | Goldman Sachs International | High Yield, Series 44, Version 1 | 5.000 | Pay | 104.500% | 08/20/25 | USD | 2842000 | (19894) | (6566) |
| Put on 5-Year |  | CDX North American |  |  |  |  |  |  |  |  |
| Credit Default Swap | Barclays Bank PLC | High Yield, Series 44, Version 1 | 5.000 | Pay | 105.000% | 08/20/25 | USD | 5894000 | (64834) | (16052) |
| Put on 5-Year |  | CDX North American |  |  |  |  |  |  |  |  |
| Credit Default Swap | JPMorgan Chase Bank N.A. | High Yield, Series 44, Version 1 | 5.000 | Pay | 104.500% | 08/20/25 | USD | 3080500 | (24829) | (7116) |
|  |  |  |  |  |  |  |  |  | $(153320) | $(33419) |

---

At June 30, 2025, the following OTC purchased foreign currency options were outstanding for Voya Balanced Income Portfolio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br> Date**  | **Exercise<br> Price**  | **Notional Amount** | **Notional Amount** | **Cost**  | **Fair Value** |
| Call USD vs. Put JPY | Goldman Sachs International | 10/13/25 | 125.000 | USD | 87000 | $7351 | $2125 |
| Put USD vs. Call JPY | Morgan Stanley Capital Services LLC | 10/13/25 | 125.000 | USD | 87000 | 7636 | 2125 |
|  |  |  |  |  |  | $14987 | $4250 |

---

At June 30, 2025, the following OTC written foreign currency options were outstanding for Voya Balanced Income Portfolio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br> Date**  | **Exercise<br> Price**  | **Notional Amount** | **Notional Amount** | **Premiums<br> Received**  | **Fair Value** |
| Call INR vs. Put USD | Goldman Sachs International | 05/12/27 | 89.420 | USD | 2200000 | $61600 | $(56195) |
| Call USD vs. Put BRL | BNP Paribas | 06/10/26 | 6.300 | USD | 3080000 | 124648 | (97025) |
| Call USD vs. Put INR | Goldman Sachs International | 05/12/27 | 89.420 | USD | 2200000 | 61600 | (60025) |
| Call USD vs. Put TRY | Deutsche Bank AG | 11/07/25 | 47.000 | USD | 1842000 | 165964 | (60843) |
|  |  |  |  |  |  | $413812 | $(274088) |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/<br> Receive<br> Exercise<br> Rate**  | **Exercise<br> Rate**  | **Floating Rate<br> Index**  | **Expiration<br> Date**  | | **Notional<br> Amount**  | **Cost** | **Fair Value** |
| Call on 5-Year Interest Rate Swap<sup>(1)</sup> | Morgan Stanley Capital Services LLC | Receive | 2.500% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 6579000 | $36739 | $26207 |
|  |  |  |  |  |  |  |  | $36739 | $26207 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/<br> Receive<br> Exercise<br> Rate**  | **Exercise<br> Rate**  | **Floating Rate<br> Index**  | **Expiration<br> Date**  | | **Notional<br> Amount**  | **Premiums<br> Received** | **Fair Value** |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Morgan Stanley Capital Services LLC | Pay | 2.300% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 3289000 | $27086 | $(16846) |
| Put on 2-Year Interest Rate Swap<sup>(1)</sup> | BNP Paribas | Receive | 3.950% | 1-day Secured Overnight Financing Rate | 08/19/25 | USD | 8173500 | 13650 | (778) |
|  |  |  |  |  |  |  |  | $40736 | $(17624) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br> Rate<sup>(3)</sup>** | **Pay/<br> Receive<br> Exercise<br> Rate** | **Floating Rate<br> Index** | **Expiration<br> Date** | **Notional<br> Amount** | **Notional<br> Amount** | **Premium<br> receivable/<br> (payable)<br> at expiration<sup>(4)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Call on 10-Year Interest Rate Swap | Barclays Bank PLC | 2.355% | Receive | 1-day Secured Overnight Financing Rate | 11/27/34 | USD | 3515000 | $— | $58298 |
| Call on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 2.375% | Receive | 1-day Secured Overnight Financing Rate | 08/14/34 | USD | 3336910 | (140150) | (39331) |
| Call on 30-Year Interest Rate Swap | Barclays Bank PLC | 17.500% | Receive | 1-day Secured Overnight Financing Rate | 06/14/27 | USD | 2115500 | (293300) | 75246 |
| Call on 30-Year Interest Rate Swap | Barclays Bank PLC | 17.700% | Receive | 1-day Secured Overnight Financing Rate | 05/28/27 | USD | 740000 | (13980) | 25213 |
| Put on 10-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 3.000% | Pay | 6-month EUR-EURIBOR | 12/15/25 | EUR | 3277000 | (69483) | (46993) |
| Put on 10-Year Interest Rate Swap | UBS AG | 3.000% | Pay | 6-month EUR-EURIBOR | 12/15/25 | EUR | 2458000 | (52117) | (35248) |
| Put on 1-Year Interest Rate Swap | UBS AG | 3.665% | Pay | 1-day Secured Overnight Financing Rate | 02/02/26 | USD | 19757300 | (40503) | (15514) |
| Put on 30-Year Interest Rate Swap | Barclays Bank PLC | 18.000% | Pay | 1-day Secured Overnight Financing Rate | 05/25/27 | USD | 5914400 | (898092) | 185279 |
| Put on 30-Year Interest Rate Swap | UBS AG | 4.548% | Pay | 1-day Secured Overnight Financing Rate | 11/28/25 | USD | 3269400 | (58849) | (32010) |
|  |  |  |  |  |  |  |  | $(1566474) | $174940 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br> Rate<sup>(3)</sup>** | **Pay/ <br> Receive<br> Exercise<br> Rate** | **Floating Rate<br> Index** | **Expiration<br> Date** | **Notional <br> Amount** | **Notional <br> Amount** | **Premium<br> receivable/<br> (payable)<br> at expiration<sup>(4)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Call on 10-Year Interest Rate Swap | UBS AG | 4.630% | Pay | 1-day Secured Overnight Financing Rate | 05/22/35 | USD | 1623500 | $148144 | $(11251) |
| Put on 10-Year Interest Rate Swap | Barclays Bank PLC | 5.355% | Receive | 1-day Secured Overnight Financing Rate | 11/27/34 | USD | 3515000 | 63621 | (107116) |
| Put on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 5.540% | Receive | 1-day Secured Overnight Financing Rate | 08/14/34 | USD | 3336910 | 140150 | (36716) |
| Put on 10-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 3277000 | 28951 | 24399 |
| Put on 10-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 3277000 | 42462 | 32369 |
| Put on 10-Year Interest Rate Swap | UBS AG | 4.630% | Receive | 1-day Secured Overnight Financing Rate | 05/22/35 | USD | 1623500 | 148145 | 11121 |
| Put on 10-Year Interest Rate Swap | UBS AG | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 2458000 | 28954 | 21410 |
| Put on 10-Year Interest Rate Swap | UBS AG | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 2458000 | 25190 | 21744 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br> Rate<sup>(3)</sup>** | **Pay/ <br> Receive<br> Exercise<br> Rate** | **Floating Rate<br> Index** | **Expiration<br> Date** | | **Notional<br> Amount** | **Premium<br> receivable/<br> (payable)<br> at expiration<sup>(4)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Put on 1-Year Interest Rate Swap | UBS AG | 4.185% | Receive | 1-day Secured Overnight Financing Rate | 02/02/26 | USD | 19757300 | $15806 | $9963 |
| Put on 1-Year Interest Rate Swap | UBS AG | 3.965% | Receive | 1-day Secured Overnight Financing Rate | 02/02/26 | USD | 19757300 | 24697 | 13541 |
| Put on 2-Year Interest Rate Swap | UBS AG | 4.000% | Receive | 1-day Secured Overnight Financing Rate | 11/28/25 | USD | 29424600 | 58849 | 40135 |
|  |  |  |  |  |  |  |  | $724969 | $19599 |

---

<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: | Currency Abbreviations: | Currency Abbreviations: | EUR | &nbsp;&nbsp;&nbsp;— | EU Euro |
| | | | JPY | &nbsp;&nbsp;&nbsp;— | Japanese Yen |
| BRL | &nbsp;&nbsp;&nbsp;— | Brazilian Real | MXN | &nbsp;&nbsp;&nbsp;— | Mexican Peso |
| CAD | &nbsp;&nbsp;&nbsp;— | Canadian Dollar | PEN | &nbsp;&nbsp;&nbsp;— | Peruvian Nuevo Sol |
| CLP | &nbsp;&nbsp;&nbsp;— | Chilean Peso | TRY | &nbsp;&nbsp;&nbsp;— | Turkish Lira |
| CNY | &nbsp;&nbsp;&nbsp;— | Chinese Yuan | USD | &nbsp;&nbsp;&nbsp;— | United States Dollar |
| EGP | &nbsp;&nbsp;&nbsp;— | Egyptian Pound | ZAR | &nbsp;&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:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> <u>of Assets and Liabilities</u>**<br>| **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Investments in securities at value<sup>\*</sup> | $4250 |
| Interest rate contracts | Investments in securities at value<sup>\*</sup> | 26207 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 107998 |
| Interest rate contracts | Unrealized appreciation on forward premium swaptions | 518718 |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*\*</sup> | 1807979 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps<sup>\*\*</sup> | 98596 |
| Foreign exchange contracts | Unrealized appreciation on OTC swap agreements | 55401 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 445280 |
| **Total Asset Derivatives** |  | $3064429 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $998339 |
| Interest rate contracts | Unrealized depreciation on forward premium swaptions | 324179 |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*\*</sup> | 1028510 |
| Credit contracts | Variation margin payable on centrally cleared swaps<sup>\*\*</sup> | 97011 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps<sup>\*\*</sup> | 7915 |
| Foreign exchange contracts | Unrealized depreciation on OTC swap agreements | 13970 |
| Credit contracts | Written options, at fair value | 33419 |
| Foreign exchange contracts | Written options, at fair value | 274088 |
| Interest rate contracts | Written options, at fair value | 17624 |
| **Total Liability Derivatives** |  | $2795055 |

---

\* Includes purchased options.

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

\*\* 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**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Investments<sup>\*</sup>** | **Forward<br> foreign<br> currency<br> contracts** | **Futures** | **Swaps** | **Written<br> options** | **Total** |
| Credit contracts | $— | $— | $— | $30181 | $— | $30181 |
| Equity contracts |  |  | (267693) |  |  | (267693) |
| Foreign exchange contracts | 51146 | (114000) |  | 22981 | 49372 | 9499 |
| Interest rate contracts | 38374 |  | 1892854 | (265118) | 172757 | 1838867 |
| **Total** | $89520 | $(114000) | $1625161 | $(211956) | $222129 | $1610854 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Investments<sup>\*</sup>** | **Forward<br> foreign<br> currency<br> contracts** | **Futures** | **Swaps** | **Written<br> options** | **Total** |
| Credit contracts | $— | $— | $— | $(97010) | $119901 | $22890 |
| Foreign exchange contracts | (12438) | (1275706) |  | 50866 | 113528 | (1123748) |
| Interest rate contracts | (84486) |  | 554554 | 619012 | 179384 | 1268464 |
| **Total** | $(96924) | $(1275706) | $554554 | $572868 | $412813 | $167606 |

---

<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:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays Bank PLC** | **BNP Paribas** | **Citibank N.A.** | **Deutsche Bank AG** | **Goldman Sachs International** | **JPMorgan Chase Bank N.A.** | **Morgan Stanley Capital Services LLC** | **Nomura Global Financial Products, Inc.** | **State Street Bank and Trust Co.** | **UBS AG** | **Wells Fargo Bank N.A.** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Purchased options | $— | $— | $— | $— | $2125 | $— | $28332 | $— | $— | $— | $— |
| Forward foreign currency contracts | 1035 |  | 156 |  | 55112 |  |  | 3902 | 46664 |  | 1129 |
| Forward premium swaptions | 344036 |  |  |  |  |  | 56768 |  |  | 117914 |  |
| OTC total return swaps |  |  |  |  |  |  | 445280 |  |  |  |  |
| OTC volatility swaps |  | 34889 |  |  |  |  | 20512 |  |  |  |  |
| **Total Assets** | $345071 | $34889 | $156 | $— | $57237 | $— | $550892 | $3902 | $46664 | $117914 | $1129 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward foreign currency contracts | $354 | $163976 | $55 | $36729 | $739617 | $— | $35471 | $— | $21881 | $— | $256 |
| Forward premium swaptions | 107116 |  |  |  |  | 76047 | 46993 |  |  | 94023 |  |
| OTC volatility swaps |  |  |  |  | 13970 |  |  |  |  |  |  |
| Written options | 16052 | 97803 |  | 60843 | 126471 | 7116 | 16846 |  |  |  |  |
| **Total Liabilities** | $123522 | $261779 | $55 | $97572 | $880058 | $83163 | $99310 | $— | $21881 | $94023 | $256 |
| **Net OTC derivative instruments by counterparty, at fair value** | $221549 | $(226890) | $101 | $(97572) | $(822821) | $(83163) | $451582 | $3902 | $24783 | $23891 | $873 |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $— | $— | $490000 | $— | $— | $— | $— | $— | $— |
| **Net Exposure<sup>(1)(2)</sup>** | $221549 | $(226890) | $101 | $(97572) | $(332821) | $(83163) | $451582 | $3902 | $24783 | $23891 | $873 |

---

See Accompanying Notes to Financial Statements

Voya Balanced Income Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
|  | **Total** |
| **Assets:** | |
| Purchased options | $30457 |
| Forward foreign currency contracts | 107998 |
| Forward premium swaptions | 518718 |
| OTC total return swaps | 445280 |
| OTC volatility swaps | 55401 |
| **Total Assets** | $1157854 |
| **Liabilities:** |  |
| Forward foreign currency contracts | $998339 |
| Forward premium swaptions | 324179 |
| OTC volatility swaps | 13970 |
| Written options | 325131 |
| **Total Liabilities** | $1661619 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(503765) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $490000 |
| **Net Exposure<sup>(1)(2)</sup>** | $(13765) |

---

<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 $490,000 in cash collateral to Goldman Sachs International. 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 $476,185,496. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $62554644 |
| Gross Unrealized Depreciation | (12701898) |
| Net Unrealized Appreciation | $49852746 |

---

See Accompanying Notes to Financial Statements

Voya High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: 93.2%** | **CORPORATE BONDS/NOTES: 93.2%** | **CORPORATE BONDS/NOTES: 93.2%** | **CORPORATE BONDS/NOTES: 93.2%** |
|  | **Basic Materials: 6.2%** | **Basic Materials: 6.2%** | **Basic Materials: 6.2%** |
| 2885000 <sup>(1)</sup> | Arsenal AIC Parent LLC, 8.000%, 10/01/2030 | $3082449 | 1 |
| 3735000 <sup>(1)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 3826821 | 1.2 |
| 2295000 | Celanese US Holdings LLC, 6.750%, 04/15/2033 | 2320695 | 0.7 |
| 3265000 <sup>(1)</sup> | Chemours Co., 8.000%, 01/15/2033 | 3059822 | 0.9 |
| 2625000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 7.000%, 03/15/2032 | 2477767 | 0.8 |
| 5000 <sup>(1)</sup> | Constellium SE, 6.375%, 08/15/2032 | 5087 | 0 |
| 1125000 <sup>(1)</sup> | New Gold, Inc., 6.875%, 04/01/2032 | 1160147 | 0.3 |
| 1480000 <sup>(1)</sup> | NOVA Chemicals Corp., 7.000%, 12/01/2031 | 1551643 | 0.5 |
| 290000 <sup>(1)</sup> | Novelis Corp., 3.250%, 11/15/2026 | 285549 | 0.1 |
| 720000 <sup>(1)</sup> | Novelis Corp., 3.875%, 08/15/2031 | 647532 | 0.2 |
| 275000 <sup>(1)</sup> | Novelis Corp., 4.750%, 01/30/2030 | 263863 | 0.1 |
| 1405000 <sup>(1)</sup> | Tronox, Inc., 4.625%, 03/15/2029 | 1213595 | 0.4 |
|  |  | **19894970** | **6.2** |
|  | **Communications: 9.4%** | **Communications: 9.4%** | **Communications: 9.4%** |
| 1740000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 1621450 | 0.5 |
| 3110000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 09/01/2029 | 3174552 | 1 |
| 4475000 <sup>(1)</sup> | Gen Digital, Inc., 6.250%, 04/01/2033 | 4606305 | 1.5 |
| 3110000 <sup>(1)</sup> | Gray Television, Inc., 7.000%, 05/15/2027 | 3111142 | 1 |
| 1100000 | Northwestern Bell Telephone, 7.750%, 05/01/2030 | 1010444 | 0.3 |
| 4600000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.500%, 07/01/2029 | 4572679 | 1.4 |
| 3725000 <sup>(1)</sup> | Snap, Inc., 6.875%, 03/01/2033 | 3824647 | 1.2 |
| 2470000 | TEGNA, Inc., 5.000%, 09/15/2029 | 2361107 | 0.7 |
| 2400000 <sup>(1)</sup> | Virgin Media Secured Finance PLC, 5.500%, 05/15/2029 | 2362098 | 0.7 |
| 2150000 <sup>(1)</sup> | Vmed O2 UK Financing I PLC, 7.750%, 04/15/2032 | 2236854 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 1105000 <sup>(1)</sup> | Windstream Escrow LLC / Windstream Escrow Finance Corp., 8.250%, 10/01/2031 | $| 1158196 | 0.4 |
|  |  |  | **30039474** | **9.4** |
|  | **Consumer, Cyclical: 16.7%** | **Consumer, Cyclical: 16.7%** | **Consumer, Cyclical: 16.7%** | **Consumer, Cyclical: 16.7%** |
| 1050000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030 |  | 979565 | 0.3 |
| 1230000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/2029 |  | 1262606 | 0.4 |
| 2975000 <sup>(1)</sup> | Adient Global Holdings Ltd., 7.500%, 02/15/2033 |  | 3044886 | 1 |
| 995000 <sup>(1)</sup> | Allison Transmission, Inc., 5.875%, 06/01/2029 |  | 1005897 | 0.3 |
| 2865000 <sup>(1)</sup> | Amer Sports Co., 6.750%, 02/16/2031 |  | 2987994 | 0.9 |
| 2275000 | American Axle & Manufacturing, Inc., 6.875%, 07/01/2028 |  | 2277682 | 0.7 |
| 4750000 <sup>(1)</sup> | Caesars Entertainment, Inc., 6.000%, 10/15/2032 |  | 4661350 | 1.5 |
| 1815000 <sup>(1)</sup> | Carnival Corp., 6.000%, 05/01/2029 |  | 1835087 | 0.6 |
| 2315000 <sup>(1)</sup> | Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.750%, 05/31/2032 |  | 2412334 | 0.8 |
| 3075000 | Goodyear Tire & Rubber Co., 6.625%, 07/15/2030 |  | 3138932 | 1 |
| 2235000 <sup>(1)</sup> | Group 1 Automotive, Inc., 6.375%, 01/15/2030 |  | 2299229 | 0.7 |
| 400000 <sup>(1)</sup> | International Game Technology PLC, 4.125%, 04/15/2026 |  | 400029 | 0.1 |
| 1270000 <sup>(1)</sup> | International Game Technology PLC, 5.250%, 01/15/2029 |  | 1259407 | 0.4 |
| 975000 <sup>(1)</sup> | Lithia Motors, Inc., 4.375%, 01/15/2031 |  | 927766 | 0.3 |
| 430000 | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 |  | 343898 | 0.1 |
| 1140000 <sup>(1)</sup> | Macy's Retail Holdings LLC, 6.125%, 03/15/2032 |  | 1088323 | 0.3 |
| 615000 | MGM Resorts International, 4.625%, 09/01/2026 |  | 614590 | 0.2 |
| 525000 | MGM Resorts International, 4.750%, 10/15/2028 |  | 519031 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 300000 | MGM Resorts International, 6.500%, 04/15/2032 | $| 305082 | 0.1 |
| 59000 <sup>(1)</sup> | NCL Corp. Ltd., 5.875%, 03/15/2026 |  | 59308 | 0 |
| 4325000 <sup>(1)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 |  | 4421246 | 1.4 |
| 1280000 | Newell Brands, Inc., 6.375%, 09/15/2027 |  | 1301187 | 0.4 |
| 3110000 <sup>(1)</sup> | Newell Brands, Inc., 8.500%, 06/01/2028 |  | 3273931 | 1 |
| 2410000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027 |  | 2425752 | 0.8 |
| 575000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 5.625%, 09/30/2031 |  | 578872 | 0.2 |
| 2385000 <sup>(1)</sup> | SeaWorld Parks & Entertainment, Inc., 5.250%, 08/15/2029 |  | 2332559 | 0.7 |
| 1250000 <sup>(1)</sup> | Station Casinos LLC, 4.500%, 02/15/2028 |  | 1226536 | 0.4 |
| 1535000 <sup>(1)</sup> | Tenneco, Inc., 8.000%, 11/17/2028 |  | 1519600 | 0.5 |
| 1990000 <sup>(1)</sup> | Viking Cruises Ltd., 5.875%, 09/15/2027 |  | 1992356 | 0.6 |
| 275000 <sup>(1)</sup> | Viking Cruises Ltd., 7.000%, 02/15/2029 |  | 277584 | 0.1 |
| 1130000 <sup>(1)</sup> | William Carter Co., 5.625%, 03/15/2027 |  | 1123914 | 0.3 |
| 1235000 <sup>(1)</sup> | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027 |  | 1236764 | 0.4 |
|  |  |  | **53133297** | **16.7** |
|  | **Consumer, Non-cyclical: 17.9%** | **Consumer, Non-cyclical: 17.9%** | **Consumer, Non-cyclical: 17.9%** | **Consumer, Non-cyclical: 17.9%** |
| 3625000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.000%, 02/15/2031 |  | 3757748 | 1.2 |
| 1045000 <sup>(1)</sup> | Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 |  | 1092025 | 0.3 |
| 2940000 <sup>(1)</sup> | Concentra Escrow Issuer Corp., 6.875%, 07/15/2032 |  | 3047644 | 1 |
| 2260000 <sup>(1)</sup> | DaVita, Inc., 6.750%, 07/15/2033 |  | 2335082 | 0.7 |
| 3640000 <sup>(1)</sup> | EquipmentShare. com, Inc., 8.625%, 05/15/2032 |  | 3872741 | 1.2 |
| 3765000 <sup>(1)</sup> | Herc Holdings, Inc., 7.250%, 06/15/2033 |  | 3947419 | 1.2 |
| 3000000 <sup>(1)</sup> | Insulet Corp., 6.500%, 04/01/2033 |  | 3129873 | 1 |
| 890000 <sup>(1)</sup> | Medline Borrower L.P., 3.875%, 04/01/2029 |  | 854343 | 0.3 |
| 3915000 <sup>(1)</sup> | Medline Borrower L.P., 5.250%, 10/01/2029 |  | 3887340 | 1.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 305000 <sup>(1)</sup> | Medline Borrower L.P./ Medline Co-Issuer, Inc., 6.250%, 04/01/2029 | $| 313703 | 0.1 |
| 675000 | New Albertsons L.P., 7.450%, 08/01/2029 |  | 721932 | 0.2 |
| 3110000 <sup>(1)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 7.875%, 05/15/2034 |  | 2812368 | 0.9 |
| 3755000 <sup>(1)</sup> | Performance Food Group, Inc., 6.125%, 09/15/2032 |  | 3845811 | 1.2 |
| 1300000 | Perrigo Finance Unlimited Co. USD, 6.125%, 09/30/2032 |  | 1313339 | 0.4 |
| 890000 <sup>(1)</sup> | Post Holdings, Inc., 4.625%, 04/15/2030 |  | 856415 | 0.3 |
| 690000 <sup>(1)</sup> | Post Holdings, Inc., 6.250%, 10/15/2034 |  | 695644 | 0.2 |
| 3800000 <sup>(1)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 |  | 3844145 | 1.2 |
| 1305000 <sup>(1)</sup> | Select Medical Corp., 6.250%, 12/01/2032 |  | 1313653 | 0.4 |
| 1925000 | Service Corp. International, 5.750%, 10/15/2032 |  | 1947037 | 0.6 |
| 4440000 <sup>(1)</sup> | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.750%, 08/15/2032 |  | 4614021 | 1.4 |
| 1075000 | Tenet Healthcare Corp., 5.125%, 11/01/2027 |  | 1073979 | 0.3 |
| 1400000 | Tenet Healthcare Corp., 6.125%, 06/15/2030 |  | 1426088 | 0.5 |
| 855000 | United Rentals North America, Inc., 4.875%, 01/15/2028 |  | 852167 | 0.3 |
| 225000 | United Rentals North America, Inc., 5.500%, 05/15/2027 |  | 225218 | 0.1 |
| 1120000 <sup>(1)</sup> | United Rentals North America, Inc., 6.125%, 03/15/2034 |  | 1155026 | 0.4 |
| 1075000 <sup>(1)</sup> | US Foods, Inc., 5.750%, 04/15/2033 |  | 1076559 | 0.3 |
| 2960000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 |  | 3077130 | 1 |
|  |  |  | **57088450** | **17.9** |
|  | **Energy: 8.7%** | **Energy: 8.7%** | **Energy: 8.7%** | **Energy: 8.7%** |
| 1150000 <sup>(1)</sup> | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029 |  | 1152674 | 0.4 |
| 2250000 <sup>(1)</sup> | Civitas Resources, Inc., 8.750%, 07/01/2031 |  | 2277808 | 0.7 |
| 2870000 <sup>(1)</sup> | CNX Resources Corp., 7.375%, 01/15/2031 |  | 2995895 | 0.9 |

---

See Accompanying Notes to Financial Statements

Voya High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 908000 <sup>(1)</sup> | Earthstone Energy Holdings LLC, 8.000%, 04/15/2027 | $| 928997 | 0.3 |
| 2280000 <sup>(1)</sup> | Northern Oil and Gas, Inc., 8.750%, 06/15/2031 |  | 2352379 | 0.7 |
| 1225000 <sup>(1)</sup> | Northriver Midstream Finance L.P., 6.750%, 07/15/2032 |  | 1269557 | 0.4 |
| 750000 <sup>(1)</sup> | Permian Resources Operating LLC, 5.875%, 07/01/2029 |  | 753405 | 0.2 |
| 480000 <sup>(1)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 |  | 484764 | 0.1 |
| 1555000 <sup>(1)</sup> | SM Energy Co., 7.000%, 08/01/2032 |  | 1533895 | 0.5 |
| 1120000 <sup>(1)</sup> | Summit Midstream Holdings LLC, 8.625%, 10/31/2029 |  | 1146708 | 0.4 |
| 3000000 <sup>(1)</sup> | Sunoco L.P., 6.250%, 07/01/2033 |  | 3051971 | 1 |
| 1393333 <sup>(1)</sup> | Transocean Titan Financing Ltd., 8.375%, 02/01/2028 |  | 1416333 | 0.4 |
| 1175000 <sup>(1)</sup> | Venture Global LNG, Inc., 7.000%, 01/15/2030 |  | 1188851 | 0.4 |
| 1200000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.125%, 06/01/2028 |  | 1241003 | 0.4 |
| 1100000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.375%, 06/01/2031 |  | 1143286 | 0.4 |
| 2595000 <sup>(1)</sup> | Venture Global Plaquemines LNG LLC, 6.750%, 01/15/2036 |  | 2595000 | 0.8 |
| 2290000 <sup>(1)</sup> | Weatherford International Ltd., 8.625%, 04/30/2030 |  | 2361877 | 0.7 |
|  |  |  | **27894403** | **8.7** |
|  | **Financial: 11.9%** | **Financial: 11.9%** | **Financial: 11.9%** | **Financial: 11.9%** |
| 1255000 <sup>(1)</sup> | HUB International Ltd., 7.375%, 01/31/2032 |  | 1313927 | 0.4 |
| 5955000 <sup>(1)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 |  | 6127135 | 1.9 |
| 1150000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030 |  | 1169641 | 0.4 |
| 3530000 | Navient Corp., 7.875%, 06/15/2032 |  | 3675608 | 1.2 |
| 6055000 | OneMain Finance Corp., 7.125%, 09/15/2032 |  | 6276123 | 2 |
| 4420000 <sup>(1)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 |  | 4594175 | 1.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 2980000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 6.875%, 02/15/2033 | $| 3058225 | 1 |
| 750000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 7.875%, 12/15/2029 |  | 796952 | 0.2 |
| 825000 <sup>(1)</sup> | PRA Group, Inc., 5.000%, 10/01/2029 |  | 761117 | 0.2 |
| 2980000 <sup>(1)</sup> | PRA Group, Inc., 8.375%, 02/01/2028 |  | 3060088 | 1 |
| 750000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 6.500%, 06/15/2033 |  | 772028 | 0.2 |
| 1150000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028 |  | 1191161 | 0.4 |
| 3830000 <sup>(1)</sup> | Rocket Cos., Inc., 6.375%, 08/01/2033 |  | 3923645 | 1.2 |
| 1325000 <sup>(1)</sup> | Ryan Specialty LLC, 5.875%, 08/01/2032 |  | 1336270 | 0.4 |
|  |  |  | **38056095** | **11.9** |
|  | **Industrial: 17.1%** | **Industrial: 17.1%** | **Industrial: 17.1%** | **Industrial: 17.1%** |
| 1190000 <sup>(1)</sup> | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 |  | 1234016 | 0.4 |
| 2985000 <sup>(1)</sup> | Axon Enterprise, Inc., 6.250%, 03/15/2033 |  | 3081002 | 1 |
| 3640000 <sup>(1)</sup> | Bombardier, Inc., 7.500%, 02/01/2029 |  | 3824615 | 1.2 |
| 3815000 <sup>(1)</sup> | Builders FirstSource, Inc., 6.375%, 06/15/2032 |  | 3923625 | 1.2 |
| 3725000 <sup>(1)</sup> | Chart Industries, Inc., 7.500%, 01/01/2030 |  | 3904456 | 1.2 |
| 639000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.875%, 04/15/2033 |  | 631479 | 0.2 |
| 4425000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/2030 |  | 4698279 | 1.5 |
| 910000 <sup>(1)</sup> | Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028 |  | 910000 | 0.3 |
| 3720000 <sup>(1)</sup> | Mauser Packaging Solutions Holding Co., 7.875%, 04/15/2027 |  | 3785628 | 1.2 |
| 2050000 <sup>(1)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 |  | 2103427 | 0.7 |
| 1600000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 |  | 1646312 | 0.5 |
| 2985000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.750%, 03/01/2033 |  | 3081866 | 1 |

---

See Accompanying Notes to Financial Statements

Voya High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 1160000 <sup>(1)</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | $| 1217103 | 0.4 |
| 2230000 <sup>(1)</sup> | Stonepeak Nile Parent LLC, 7.250%, 03/15/2032 |  | 2365374 | 0.7 |
| 3120000 <sup>(1)</sup> | TransDigm, Inc., 6.375%, 05/31/2033 |  | 3130628 | 1 |
| 795000 <sup>(1)</sup> | TransDigm, Inc., 6.625%, 03/01/2032 |  | 824132 | 0.2 |
| 3220000 <sup>(1)</sup> | TransDigm, Inc., 7.125%, 12/01/2031 |  | 3377677 | 1 |
| 3680000 <sup>(1)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 |  | 3829474 | 1.2 |
| 3000000 <sup>(1)</sup> | WESCO Distribution, Inc., 6.375%, 03/15/2033 |  | 3102876 | 1 |
| 3595000 <sup>(1)</sup> | XPO, Inc., 7.125%, 06/01/2031 |  | 3772248 | 1.2 |
|  |  |  | **54444217** | **17.1** |
|  | **Technology: 3.6%** | **Technology: 3.6%** | **Technology: 3.6%** | **Technology: 3.6%** |
| 1100000 <sup>(1)</sup> | CACI International, Inc., 6.375%, 06/15/2033 |  | 1136518 | 0.4 |
| 3070000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 |  | 3100571 | 1 |
| 1100000 <sup>(1)</sup> | CoreWeave, Inc., 9.250%, 06/01/2030 |  | 1125501 | 0.3 |
| 3230000 <sup>(1)</sup> | McAfee Corp., 7.375%, 02/15/2030 |  | 3053525 | 1 |
| 2930000 <sup>(1)</sup> | UKG, Inc., 6.875%, 02/01/2031 |  | 3041926 | 0.9 |
|  |  |  | **11458041** | **3.6** |
|  | **Utilities: 1.7%** | **Utilities: 1.7%** | **Utilities: 1.7%** | **Utilities: 1.7%** |
| 1100000 <sup>(1)</sup> | Lightning Power LLC, 7.250%, 08/15/2032 |  | 1158411 | 0.4 |
| 710000 <sup>(1)</sup> | NRG Energy, Inc., 6.000%, 02/01/2033 |  | 717520 | 0.2 |
| 770000 <sup>(1)</sup> | NRG Energy, Inc., 6.250%, 11/01/2034 |  | 784994 | 0.2 |
| 550000 <sup>(1)</sup> | Vistra Operations Co. LLC, 4.375%, 05/01/2029 |  | 536414 | 0.2 |
| 1025000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.500%, 09/01/2026 |  | 1026618 | 0.3 |
| 475000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.625%, 02/15/2027 |  | 475622 | 0.2 |
| 600000 <sup>(1)</sup> | Vistra Operations Co. LLC, 7.750%, 10/15/2031 |  | 638132 | 0.2 |
|  |  |  | **5337711** | **1.7** |
|  | Total Corporate Bonds/Notes<br> (Cost $294,000,457) |  | **297346658** | **93.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net Assets** |
| **CONVERTIBLE BONDS/NOTES: 0.7%** | **CONVERTIBLE BONDS/NOTES: 0.7%** | **CONVERTIBLE BONDS/NOTES: 0.7%** | **CONVERTIBLE BONDS/NOTES: 0.7%** |
|  | **Energy: 0.7%** | **Energy: 0.7%** | **Energy: 0.7%** |
| 2000000 <sup>(1)</sup> | Golar LNG Ltd., 2.750%, 12/15/2030 | $2057500 | 0.7 |
|  | **Financial: 0.0%** | **Financial: 0.0%** | **Financial: 0.0%** |
| 499200 <sup>(1)</sup> | Lehman Brothers Holdings, Inc. SD, 8.160%, 05/30/2009 | 1331 | 0.0 |
|  | Total Convertible Bonds/Notes<br> (Cost $2,451,666) | **2058831** | **0.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 0.0%** | **COMMON STOCK: 0.0%** | **COMMON STOCK: 0.0%** | **COMMON STOCK: 0.0%** |
|  | **Consumer Discretionary: —%** | **Consumer Discretionary: —%** | **Consumer Discretionary: —%** |
| 1476 <sup>(1)(2)</sup> | Perseus Holding Corp. |  |  |
|  | **Energy: 0.0%** | **Energy: 0.0%** | **Energy: 0.0%** |
| 2 <sup>(3)</sup> | Amplify Energy Corp. | 7 | 0.0 |
| 424441 <sup>(2)</sup> | Ascent Resources - Utica LLC - Class A | 5093 | 0.0 |
| 2000 <sup>(2)(4)</sup> | Green Field Energy Services, Inc. |  |  |
|  |  | **5100** | **0.0** |
|  | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 26 <sup>(3)</sup> | Option Care Health, Inc. | 844 | 0.0 |
|  | Total Common Stock<br> (Cost $10,390) | **5944** | **0.0** |
| **PREFERRED STOCK: —%** | **PREFERRED STOCK: —%** | **PREFERRED STOCK: —%** | **PREFERRED STOCK: —%** |
|  | **Consumer Discretionary: —%** | **Consumer Discretionary: —%** | **Consumer Discretionary: —%** |
| 775 <sup>(1)(2)</sup> | Perseus Holding Corp. |  |  |
|  | Total Preferred Stock<br> (Cost $–) | **—** | **—** |
| **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** |
|  | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 126 | Option Care Health, Inc. - Class A | 372 | 0.0 |
| 126 | Option Care Health, Inc. - Class B | 254 | 0.0 |
|  |  | **626** | **0.0** |
|  | Total Warrants<br> (Cost $–) | **626** | **0.0** |
|  | Total Long-Term Investments<br> (Cost $296,462,513) | **299412059** | **93.9** |

---

See Accompanying Notes to Financial Statements

Voya High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 5.5%** | **SHORT-TERM INVESTMENTS: 5.5%** | **SHORT-TERM INVESTMENTS: 5.5%** | **SHORT-TERM INVESTMENTS: 5.5%** |
|  | **Commercial Paper: 0.6%** | **Commercial Paper: 0.6%** | **Commercial Paper: 0.6%** |
| 1800000 | American Honda Finance Corp., 4.680%, 07/21/2025 | $1795167 | 0.6 |
|  | Total Commercial Paper<br> (Cost $1,795,300) | **1795167** | **0.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 4.9%** | **Mutual Funds: 4.9%** | **Mutual Funds: 4.9%** |
| 15718640 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220%<br> (Cost $15,718,640) | $**15718640** | **4.9** |
|  | Total Short-Term Investments<br> (Cost $17,513,940) | **17513807** | **5.5** |
|  | **Total Investments in Securities<br> (Cost $313,976,453)**  | $**316925866** | **99.4** |
|  | **Assets in Excess of Other Liabilities** | **2020576** | **0.6** |
|  | **Net Assets** | $**318946442** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(2)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(3)</sup> | Non-income producing security. |
| <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

Voya High Yield Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<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;Consumer Discretionary | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Energy | 7 |  | 5093 | 5100 |
| &nbsp;&nbsp;&nbsp;Health Care | 844 |  |  | 844 |
| Total Common Stock | 851 |  | 5093 | 5944 |
| Corporate Bonds/Notes |  | 297346658 |  | 297346658 |
| Convertible Bonds/Notes |  | 2058831 |  | 2058831 |
| Warrants |  | 626 |  | 626 |
| Preferred Stock |  |  |  |  |
| Short-Term Investments | 15718640 | 1795167 |  | 17513807 |
| Total Investments, at fair value | $15719491 | $301201282 | $5093 | $316925866 |

---

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

At June 30, 2025, Voya High Yield Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Green Field Energy Services, Inc. | 8/25/2019 | $— | $— |
|  |  | $— | $— |

---

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** | **Swaps** |
| Credit contracts | $277343 |
| **Total** | $277343 |

---

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 $314,403,536. | Cost for U.S. federal income tax purposes was $314,403,536. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $3475347 |
| Gross Unrealized Depreciation | (953017) |
| Net Unrealized Appreciation | $2522330 |

---

See Accompanying Notes to Financial Statements

Voya Large Cap Growth Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net<br> Assets** |
| **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** |
|  | **Communication Services: 13.5%** | **Communication Services: 13.5%** | **Communication Services: 13.5%** |
| 335306 | Alphabet, Inc. - Class A | $59090976 | 2.6 |
| 167697 | Meta Platforms, Inc. - Class A | 123775479 | 5.4 |
| 49397 <sup>(1)</sup> | Netflix, Inc. | 66149005 | 2.9 |
| 155762 <sup>(1)</sup> | ROBLOX Corp. - Class A | 16386162 | 0.7 |
| 37736 <sup>(1)</sup> | Spotify Technology SA | 28956342 | 1.2 |
| 68507 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 16636925 | 0.7 |
|  |  | **310994889** | **13.5** |
|  | **Consumer Discretionary: 11.2%** | **Consumer Discretionary: 11.2%** | **Consumer Discretionary: 11.2%** |
| 644808 <sup>(1)</sup> | Amazon.com, Inc. | 141464427 | 6.1 |
| 5042 | Booking Holdings, Inc. | 29189348 | 1.3 |
| 49643 <sup>(1)</sup> | Burlington Stores, Inc. | 11548948 | 0.5 |
| 98234 | Lowe's Cos., Inc. | 21795178 | 0.9 |
| 155637 | Starbucks Corp. | 14261018 | 0.6 |
| 127247 <sup>(1)</sup> | Tesla, Inc. | 40421282 | 1.8 |
|  |  | **258680201** | **11.2** |
|  | **Consumer Staples: 2.6%** | **Consumer Staples: 2.6%** | **Consumer Staples: 2.6%** |
| 492820 | Kenvue, Inc. | 10314723 | 0.5 |
| 152248 | McCormick & Co., Inc. | 11543443 | 0.5 |
| 89935 | Philip Morris International, Inc. | 16379862 | 0.7 |
| 212198 | Walmart, Inc. | 20748720 | 0.9 |
|  |  | **58986748** | **2.6** |
|  | **Energy: 0.5%** | **Energy: 0.5%** | **Energy: 0.5%** |
| 103275 | Chesapeake Energy Corp. | **12076978** | **0.5** |
|  | **Financials: 6.4%** | **Financials: 6.4%** | **Financials: 6.4%** |
| 488201 | Blue Owl Capital, Inc. | 9378341 | 0.4 |
| 36011 | Goldman Sachs Group, Inc. | 25486785 | 1.1 |
| 34407 | MSCI, Inc. | 19843893 | 0.8 |
| 159451 | Tradeweb Markets, Inc. - Class A | 23343627 | 1 |
| 199604 | Visa, Inc. - Class A | 70869400 | 3.1 |
|  |  | **148922046** | **6.4** |
|  | **Health Care: 7.8%** | **Health Care: 7.8%** | **Health Care: 7.8%** |
| 179881 <sup>(1)</sup> | Boston Scientific Corp. | 19321018 | 0.8 |
| 55971 | Danaher Corp. | 11056511 | 0.5 |
| 77543 | Eli Lilly & Co. | 60447095 | 2.6 |
| 52796 <sup>(1)</sup> | Intuitive Surgical, Inc. | 28689874 | 1.3 |
| 30964 | McKesson Corp. | 22689800 | 1 |
| 8470 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 9949879 | 0.4 |
| 62294 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 27733289 | 1.2 |
|  |  | **179887466** | **7.8** |
|  | **Industrials: 5.8%** | **Industrials: 5.8%** | **Industrials: 5.8%** |
| 113582 | 3M Co. | 17291724 | 0.8 |
| 28428 <sup>(1)</sup> | Axon Enterprise, Inc. | 23536678 | 1 |
| 62431 <sup>(1)</sup> | Builders FirstSource, Inc. | 7285074 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 39835 | Comfort Systems USA, Inc. | $| 21359925 | 0.9 |
| 129461 | Howmet Aerospace, Inc. |  | 24096576 | 1 |
| 214026 | Johnson Controls International PLC |  | 22605426 | 1 |
| 191776 <sup>(1)</sup> | Uber Technologies, Inc. |  | 17892701 | 0.8 |
|  |  |  | **134068104** | **5.8** |
|  | **Information Technology: 49.7%** | **Information Technology: 49.7%** | **Information Technology: 49.7%** | **Information Technology: 49.7%** |
| 902250 | Apple, Inc. |  | 185114632 | 8 |
| 30553 <sup>(1)</sup> | AppLovin Corp. - Class A |  | 10695994 | 0.5 |
| 86141 <sup>(1)</sup> | Atlassian Corp. - Class A |  | 17494376 | 0.7 |
| 408559 | Broadcom, Inc. |  | 112619288 | 4.9 |
| 60306 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A |  | 30714449 | 1.3 |
| 110352 | Micron Technology, Inc. |  | 13600884 | 0.6 |
| 613555 | Microsoft Corp. |  | 305188393 | 13.2 |
| 34882 <sup>(1)</sup> | Monday.com Ltd. |  | 10969691 | 0.5 |
| 2028550 | NVIDIA Corp. |  | 320490614 | 13.9 |
| 139585 | Oracle Corp. |  | 30517469 | 1.3 |
| 168978 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A |  | 23035081 | 1 |
| 138614 <sup>(1)</sup> | Palo Alto Networks, Inc. |  | 28365969 | 1.2 |
| 41292 <sup>(1)</sup> | ServiceNow, Inc. |  | 42451479 | 1.8 |
| 84171 <sup>(1)</sup> | Snowflake, Inc. - Class A |  | 18834945 | 0.8 |
|  |  |  | **1150093264** | **49.7** |
|  | **Materials: 1.1%** | **Materials: 1.1%** | **Materials: 1.1%** | **Materials: 1.1%** |
| 45863 | Sherwin-Williams Co. |  | 15747520 | 0.7 |
| 41214 | Vulcan Materials Co. |  | 10749435 | 0.4 |
|  |  |  | **26496955** | **1.1** |
|  | **Real Estate: 0.7%** | **Real Estate: 0.7%** | **Real Estate: 0.7%** | **Real Estate: 0.7%** |
| 100742 | Welltower, Inc. |  | **15487068** | **0.7** |
|  | Total Common Stock<br> (Cost $1,536,362,000) |  | **2295693719** | **99.3** |

---

See Accompanying Notes to Financial Statements

Voya Large Cap Growth Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** |
|  | **Mutual Funds: 0.9%** | **Mutual Funds: 0.9%** | **Mutual Funds: 0.9%** |
| 21384000 <sup>(2)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230%<br> (Cost $21,384,000) | $**21384000** | **0.9** |
|  | Total Short-Term Investments<br> (Cost $21,384,000) | $**21384000** | **0.9** |
|  | **Total Investments in Securities<br> (Cost $1,557,746,000)**  | $**2317077719** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(5108139)** | **(0.2)** |
|  | **Net Assets** | $**2311969580** | **100.0** |

---

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

<sup>(2)</sup> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

Voya Large Cap Growth Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<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\* | $2295693719 | $— | $— | $2295693719 |
| Short-Term Investments | 21384000 |  |  | 21384000 |
| Total Investments, at fair value | $2317077719 | $— | $— | $2317077719 |

---

<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, 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 $1,578,539,926. | Cost for U.S. federal income tax purposes was $1,578,539,926. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $778926554 |
| Gross Unrealized Depreciation | (40388761) |
| Net Unrealized Appreciation | $738537793 |

---

See Accompanying Notes to Financial Statements

Voya Large Cap Value Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.9%** | **COMMON STOCK: 98.9%** | | |
|  | **Communication Services: 8.3%** | **Communication Services: 8.3%** | **Communication Services: 8.3%** |
| 93286 | Alphabet, Inc. - Class A | $16439792 | 3.1 |
| 561169 | AT&T, Inc. | 16240231 | 3 |
| 113941 <sup>(1)</sup> | Pinterest, Inc. - Class A | 4085924 | 0.8 |
| 15474 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 3757861 | 0.7 |
| 351117 <sup>(1)</sup> | Warner Bros Discovery, Inc. | 4023801 | 0.7 |
|  |  | **44547609** | **8.3** |
|  | **Consumer Discretionary: 6.3%** | **Consumer Discretionary: 6.3%** | **Consumer Discretionary: 6.3%** |
| 66764 <sup>(1)</sup> | Amazon.com, Inc. | 14647354 | 2.7 |
| 605 | Booking Holdings, Inc. | 3502490 | 0.7 |
| 24870 | Lowe's Cos., Inc. | 5517907 | 1 |
| 37177 <sup>(1)</sup> | O'Reilly Automotive, Inc. | 3350763 | 0.6 |
| 37430 | Tapestry, Inc. | 3286728 | 0.6 |
| 21563 | Williams-Sonoma, Inc. | 3522748 | 0.7 |
|  |  | **33827990** | **6.3** |
|  | **Consumer Staples: 7.7%** |  |  |
| 515706 | Albertsons Cos., Inc. - Class A | 11092836 | 2.1 |
| 576414 | Kenvue, Inc. | 12064345 | 2.2 |
| 111520 | McCormick & Co., Inc. | 8455447 | 1.6 |
| 54879 | Philip Morris International, Inc. | 9995112 | 1.8 |
|  |  | **41607740** | **7.7** |
|  | **Energy: 6.8%** |  |  |
| 60185 | Chesapeake Energy Corp. | 7038034 | 1.3 |
| 99234 | Chevron Corp. | 14209316 | 2.6 |
| 42597 | EOG Resources, Inc. | 5095027 | 1 |
| 249911 | HF Sinclair Corp. | 10266344 | 1.9 |
|  |  | **36608721** | **6.8** |
|  | **Financials: 20.5%** |  |  |
| 156669 | American International Group, Inc. | 13409300 | 2.5 |
| 41401 | Arthur J Gallagher & Co. | 13253288 | 2.5 |
| 369602 | Bank of America Corp. | 17489567 | 3.2 |
| 9855 | Goldman Sachs Group, Inc. | 6974876 | 1.3 |
| 76874 | Intercontinental Exchange, Inc. | 14104073 | 2.6 |
| 112279 | Lazard, Inc. | 5387146 | 1 |
| 52496 | PNC Financial Services Group, Inc. | 9786304 | 1.8 |
| 99548 | SLM Corp. | 3264179 | 0.6 |
| 80836 | State Street Corp. | 8596100 | 1.6 |
| 87599 | Synchrony Financial | 5846357 | 1.1 |
| 151990 | Wells Fargo & Co. | 12177439 | 2.3 |
|  |  | **110288629** | **20.5** |
|  | **Health Care: 14.4%** |  |  |
| 83907 | Abbott Laboratories | 11412191 | 2.1 |
| 41238 | AbbVie, Inc. | 7654598 | 1.4 |
| 36440 | Alcon, Inc. | 3216923 | 0.6 |
| 123356 <sup>(1)</sup> | Centene Corp. | 6695764 | 1.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Health Care: (continued)** |  |  |  |
| 37721 | Danaher Corp. | $| 7451406 | 1.4 |
| 24479 | Humana, Inc. |  | 5984626 | 1.1 |
| 6082 | McKesson Corp. |  | 4456768 | 0.8 |
| 4167 <sup>(1)</sup> | Mettler-Toledo International, Inc. |  | 4895058 | 0.9 |
| 294643 | Pfizer, Inc. |  | 7142146 | 1.3 |
| 30408 | Quest Diagnostics, Inc. |  | 5462189 | 1 |
| 12874 | Stryker Corp. |  | 5093341 | 1 |
| 18785 | Universal Health Services, Inc. - Class B |  | 3402903 | 0.6 |
| 10739 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. |  | 4781003 | 0.9 |
|  |  |  | **77648916** | **14.4** |
|  | **Industrials: 10.9%** |  |  |  |
| 64040 | 3M Co. |  | 9749450 | 1.8 |
| 53798 <sup>(1)</sup> | Boeing Co. |  | 11272295 | 2.1 |
| 20887 | Deere & Co. |  | 10620831 | 2 |
| 43057 | Johnson Controls International PLC |  | 4547680 | 0.9 |
| 72359 | Leonardo DRS, Inc. |  | 3363246 | 0.6 |
| 9254 | Parker-Hannifin Corp. |  | 6463641 | 1.2 |
| 14615 <sup>(1)</sup> | Saia, Inc. |  | 4004364 | 0.7 |
| 5715 | TransDigm Group, Inc. |  | 8690458 | 1.6 |
|  |  |  | **58711965** | **10.9** |
|  | **Information Technology: 10.7%** | **Information Technology: 10.7%** | **Information Technology: 10.7%** | **Information Technology: 10.7%** |
| 24539 | Accenture PLC - Class A |  | 7334462 | 1.3 |
| 8246 <sup>(1)</sup> | Adobe, Inc. |  | 3190213 | 0.6 |
| 43176 <sup>(1)</sup> | Advanced Micro Devices, Inc. |  | 6126674 | 1.1 |
| 13285 | Broadcom, Inc. |  | 3662010 | 0.7 |
| 135363 | Cisco Systems, Inc. |  | 9391485 | 1.7 |
| 1607 | Constellation Software, Inc. |  | 5892471 | 1.1 |
| 27930 <sup>(1)</sup> | Globant SA |  | 2537161 | 0.5 |
| 46606 | Micron Technology, Inc. |  | 5744190 | 1.1 |
| 27357 | Salesforce, Inc. |  | 7459980 | 1.4 |
| 14170 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 3209363 | 0.6 |
| 13381 <sup>(1)</sup> | Workday, Inc. - Class A |  | 3211440 | 0.6 |
|  |  |  | **57759449** | **10.7** |
|  | **Materials: 3.1%** |  |  |  |
| 137874 | Alcoa Corp. |  | 4068661 | 0.8 |
| 47252 | CF Industries Holdings, Inc. |  | 4347184 | 0.8 |
| 38411 | Crown Holdings, Inc. |  | 3955565 | 0.7 |
| 34835 | Nucor Corp. |  | 4512526 | 0.8 |
|  |  |  | **16883936** | **3.1** |
|  | **Real Estate: 5.0%** |  |  |  |
| 120239 <sup>(2)</sup> | Boston Properties, Inc. |  | 8112525 | 1.5 |
| 58480 | Extra Space Storage, Inc. |  | 8622291 | 1.6 |

---

Voya Large Cap Value Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Real Estate: (continued)** | | |
| 67906 | Welltower, Inc. | $10439190 | 1.9 |
|  |  | **27174006** | **5.0** |
|  | **Utilities: 5.2%** |  |  |
| 58729 | DTE Energy Co. | 7779243 | 1.4 |
| 117415 | Duke Energy Corp. | 13854970 | 2.6 |
| 440822 <sup>(3)</sup> | Prime AET&D Holdings No 1 |  |  |
| 73339 | Public Service Enterprise Group, Inc. | 6173677 | 1.2 |
|  |  | **27807890** | **5.2** |
|  | Total Common Stock |  |  |
|  | (Cost $477,094,411) | **532866851** | **98.9** |
| **CORPORATE BONDS/NOTES: —%** | **CORPORATE BONDS/NOTES: —%** |  |  |
|  | **Financial: —%** |  |  |
| 1216000 <sup>(3)(4)</sup> | Tropicana Entertainment LLC / Tropicana Finance Corp., 9.625%, 12/15/2014 |  |  |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $787,908) | **—** |  |
| **OTHER: 0.0%** | **OTHER: 0.0%** |  |  |
|  | **Energy: 0.0%** |  |  |
| 1685000 <sup>(3)(5)(6)</sup> | Samson Investment Co. | **—** | **0.0** |
|  | Total Other |  |  |
|  | (Cost $30,842) | **—** | 0.0 |
| **WARRANTS: —%** | **WARRANTS: —%** |  |  |
|  | **Information Technology: —%** |  |  |
| 1823 <sup>(3)</sup> | Constellation Software, Inc. |  |  |
|  | Total Warrants |  |  |
|  | (Cost $—) | **—** |  |
|  | Total Long-Term Investments |  |  |
|  | (Cost $477,913,161) | **532866851** | **98.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount†** | | **Value** | **Percentage**<br> &nbsp;&nbsp;&nbsp;&nbsp;**of Net**<br> **Assets** |
| **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** |  |  |
|  | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** | **Repurchase Agreements: 0.4%** |
| 1000000 <sup>(7)</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 |
| 885236 <sup>(7)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 06/30/2025, 4.400%, due 07/01/2025 (Repurchase Amount $885,343, collateralized by various U.S. Government Securities, 4.750%, Market Value plus accrued interest $902,941, due 05/15/55) | 885236 | 0.2 |
|  | Total Repurchase Agreements | **1885236** | **0.4** |
|  | (Cost $1,885,236) |  |  |
|  | Total Short-Term Investments |  |  |
|  | (Cost $1,885,236) | **1885236** | **0.4** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $479,798,397)** | $**534752087** | **99.3** |
|  | **Assets in Excess of Other Liabilities** | **3729309** | **0.7** |
|  | **Net Assets** | $**538481396** | **100.0** |

---

Voya Large Cap Value Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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> Defaulted security.

<sup>(5)</sup> Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing.

<sup>(6)</sup> Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2025, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details.

<sup>(7)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

Voya Large Cap Value Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $44547609 | $— | $— | $44547609 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 33827990 |  |  | 33827990 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 41607740 |  |  | 41607740 |
| &nbsp;&nbsp;&nbsp;Energy | 36608721 |  |  | 36608721 |
| &nbsp;&nbsp;&nbsp;Financials | 110288629 |  |  | 110288629 |
| &nbsp;&nbsp;&nbsp;Health Care | 77648916 |  |  | 77648916 |
| &nbsp;&nbsp;&nbsp;Industrials | 58711965 |  |  | 58711965 |
| &nbsp;&nbsp;&nbsp;Information Technology | 57759449 |  |  | 57759449 |
| &nbsp;&nbsp;&nbsp;Materials | 16883936 |  |  | 16883936 |
| &nbsp;&nbsp;&nbsp;Real Estate | 27174006 |  |  | 27174006 |
| &nbsp;&nbsp;&nbsp;Utilities | 27807890 |  |  | 27807890 |
| Total Common Stock | 532866851 |  |  | 532866851 |
| Warrants |  |  |  |  |
| Short-Term Investments |  | 1885236 |  | 1885236 |
| Total Investments, at fair value | $532866851 | $1885236 | $— | $534752087 |

---

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

At June 30, 2025, Voya Large Cap Value Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Samson Investment Co. | 6/28/2017 | $30842 | $— |
|  |  | $30842 | $— |

---

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 $481,827,131. | Cost for U.S. federal income tax purposes was $481,827,131. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $65982102 |
| Gross Unrealized Depreciation | (13056166) |
| Net Unrealized Appreciation | $52925936 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: 42.1%** | **CORPORATE BONDS/NOTES: 42.1%** |  |  |
|  | **Basic Materials: 1.5%** |  |  |
| 528000 | Air Products and Chemicals, Inc., 4.300%, 06/11/2028 | $530826 | 0.2 |
| 533000 <sup>(1)</sup> | Albemarle Corp., 4.650%, 06/01/2027 | 531354 | 0.2 |
| 173000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2026 | 175051 | 0.1 |
| 289000 | Eastman Chemical Co., 5.000%, 08/01/2029 | 293181 | 0.1 |
| 449000 | Ecolab, Inc., 4.300%, 06/15/2028 | 452247 | 0.2 |
| 501000 | EIDP, Inc., 4.500%, 05/15/2026 | 501385 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Georgia-Pacific LLC, 1.750%, 09/30/2025 | 496611 | 0.2 |
| 326000 | Nucor Corp., 4.650%, 06/01/2030 | 328706 | 0.1 |
| 54000 | Nutrien Ltd., 4.900%, 03/27/2028 | 54787 | 0.0 |
| 327000 | Nutrien Ltd., 5.200%, 06/21/2027 | 332164 | 0.1 |
| 235000 | Rio Tinto Finance USA PLC, 4.500%, 03/14/2028 | 236914 | 0.1 |
| 74000 | Rio Tinto Finance USA PLC, 4.875%, 03/14/2030 | 75450 | 0.0 |
|  |  | **4008676** | **1.5** |
|  | **Communications: 1.8%** |  |  |
| 220000 | Alphabet, Inc., 1.100%, 08/15/2030 | 190106 | 0.1 |
| 646000 | AT&T, Inc., 1.700%, 03/25/2026 | 633156 | 0.2 |
| 440000 | Cisco Systems, Inc., 4.550%, 02/24/2028 | 445941 | 0.2 |
| 215000 | Cisco Systems, Inc., 4.750%, 02/24/2030 | 219875 | 0.1 |
| 308000 | Comcast Corp., 4.550%, 01/15/2029 | 311484 | 0.1 |
| 425000 <sup>(1)</sup> | Meta Platforms, Inc., 4.300%, 08/15/2029 | 428969 | 0.2 |
| 216000 <sup>(2)</sup> | NBN Co. Ltd., 5.750%, 10/06/2028 | 225949 | 0.1 |
| 420000 | Rogers Communications, Inc., 5.000%, 02/15/2029 | 426048 | 0.1 |
| 835000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 896611 | 0.3 |
| 391000 | T-Mobile USA, Inc., 2.050%, 02/15/2028 | 369644 | 0.1 |
| 194000 | T-Mobile USA, Inc., 2.250%, 02/15/2026 | 191117 | 0.1 |
| 135000 | T-Mobile USA, Inc., 3.375%, 04/15/2029 | 129990 | 0.0 |
| 181000 | T-Mobile USA, Inc., 4.950%, 03/15/2028 | 184094 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 235000 | Uber Technologies, Inc., 4.300%, 01/15/2030 | $234115 | 0.1 |
|  |  | **4887099** | **1.8** |
|  | **Consumer, Cyclical: 3.9%** |  |  |
| 240000 | American Honda Finance Corp., GMTN, 4.450%, 10/22/2027 | 240782 | 0.1 |
| 140000 | American Honda Finance Corp., MTN, 1.300%, 09/09/2026 | 135082 | 0.1 |
| 428000 <sup>(2)</sup> | BMW US Capital LLC, 1.250%, 08/12/2026 | 413935 | 0.2 |
| 195000 | BorgWarner, Inc., 4.950%, 08/15/2029 | 197938 | 0.1 |
| 210000 <sup>(2)</sup> | Denso Corp., 4.420%, 09/11/2029 | 210068 | 0.1 |
| 425000 | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | 415554 | 0.2 |
| 200000 | Ford Motor Credit Co. LLC, 5.800%, 03/08/2029 | 200489 | 0.1 |
| 314000 | General Motors Financial Co., Inc., 4.350%, 01/17/2027 | 312727 | 0.1 |
| 226000 | General Motors Financial Co., Inc., 5.050%, 04/04/2028 | 227769 | 0.1 |
| 651000 | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | 652248 | 0.2 |
| 268000 | General Motors Financial Co., Inc., 5.400%, 04/06/2026 | 269266 | 0.1 |
| 637000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 650943 | 0.2 |
| 767000 | Home Depot, Inc., 4.875%, 06/25/2027 | 779478 | 0.3 |
| 389000 | Honda Motor Co. Ltd., 2.534%, 03/10/2027 | 377562 | 0.1 |
| 397000 | Honda Motor Co. Ltd., 4.436%, 07/08/2028 | 397548 | 0.1 |
| 164000 | Hyatt Hotels Corp., 5.050%, 03/30/2028 | 165824 | 0.1 |
| 462000 <sup>(1)(2)</sup> | Hyundai Capital America, 1.300%, 01/08/2026 | 454033 | 0.2 |
| 307000 <sup>(2)</sup> | Hyundai Capital America, 5.650%, 06/26/2026 | 310147 | 0.1 |
| 159000 <sup>(2)</sup> | Hyundai Capital America, 5.950%, 09/21/2026 | 161530 | 0.1 |
| 507000 <sup>(2)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 527214 | 0.2 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 299000 <sup>(2)</sup> | Hyundai Capital America, 6.250%, 11/03/2025 | $300219 | 0.1 |
| 857000 | Lowe's Cos., Inc., 3.350%, 04/01/2027 | 844611 | 0.3 |
| 135000 | PACCAR Financial Corp., 4.000%, 09/26/2029 | 134349 | 0.1 |
| 658000 | Toll Brothers Finance Corp., 4.350%, 02/15/2028 | 654749 | 0.2 |
| 506000 | Toyota Motor Credit Corp., 5.400%, 11/20/2026 | 514291 | 0.2 |
| 125000 | Toyota Motor Credit Corp., MTN, 4.350%, 10/08/2027 | 125557 | 0.0 |
| 424000 | Toyota Motor Credit Corp. B, 5.000%, 03/19/2027 | 430421 | 0.2 |
| 39352 | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | 40190 | 0.0 |
| 130000 | Walmart, Inc., 4.350%, 04/28/2030 | 131526 | 0.0 |
| 134000 | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | 125050 | 0.0 |
|  |  | **10401100** | **3.9** |
|  | **Consumer, Non-cyclical: 5.8%** |  |  |
| 170000 | AbbVie, Inc., 3.200%, 11/21/2029 | 162657 | 0.0 |
| 192000 | AbbVie, Inc., 4.800%, 03/15/2029 | 195812 | 0.1 |
| 821000 | Amgen, Inc., 5.150%, 03/02/2028 | 839119 | 0.3 |
| 700000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | 707035 | 0.3 |
| 587000 | Bunge Ltd. Finance Corp., 1.630%, 08/17/2025 | 584596 | 0.2 |
| 201000 | Cardinal Health, Inc., 4.700%, 11/15/2026 | 202114 | 0.1 |
| 165000 | Cardinal Health, Inc., 5.000%, 11/15/2029 | 168246 | 0.1 |
| 160000 | Cardinal Health, Inc., 5.125%, 02/15/2029 | 164130 | 0.1 |
| 195000 <sup>(2)</sup> | Cargill, Inc., 3.625%, 04/22/2027 | 193535 | 0.1 |
| 114000 | Cigna Group, 1.250%, 03/15/2026 | 111588 | 0.0 |
| 315000 | Cigna Group, 5.000%, 05/15/2029 | 322196 | 0.1 |
| 233000 <sup>(2)</sup> | CSL Finance PLC, 3.850%, 04/27/2027 | 231432 | 0.1 |
| 595000 | CVS Health Corp., 5.400%, 06/01/2029 | 612484 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Non-cyclical: (continued)** |  |  |
| 242000 <sup>(2)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | $245856 | 0.1 |
| 516000 | Eli Lilly & Co., 4.550%, 02/12/2028 | 522927 | 0.2 |
| 112000 | Eli Lilly & Co., 4.750%, 02/12/2030 | 114864 | 0.0 |
| 296000 <sup>(2)</sup> | ERAC USA Finance LLC, 5.000%, 02/15/2029 | 303121 | 0.1 |
| 316000 <sup>(1)</sup> | GE HealthCare Technologies, Inc., 5.600%, 11/15/2025 | 316689 | 0.1 |
| 192000 | Gilead Sciences, Inc., 4.800%, 11/15/2029 | 196045 | 0.1 |
| 149000 | GlaxoSmithKline Capital, Inc., 4.500%, 04/15/2030 | 150222 | 0.0 |
| 163000 | Global Payments, Inc., 1.200%, 03/01/2026 | 159198 | 0.0 |
| 275000 | HCA, Inc., 5.875%, 02/01/2029 | 285469 | 0.1 |
| 215000 | Hershey Co., 4.750%, 02/24/2030 | 219377 | 0.1 |
| 420000 | Humana, Inc., 5.750%, 03/01/2028 | 433612 | 0.2 |
| 200000 <sup>(2)</sup> | Imperial Brands Finance PLC, 4.500%, 06/30/2028 | 200011 | 0.1 |
| 515000 | Johnson & Johnson, 4.550%, 03/01/2028 | 523841 | 0.2 |
| 170000 | Laboratory Corp. of America Holdings, 4.350%, 04/01/2030 | 168908 | 0.1 |
| 426000 <sup>(2)</sup> | Mars, Inc., 4.600%, 03/01/2028 | 429552 | 0.2 |
| 121000 <sup>(2)</sup> | Mars, Inc., 4.800%, 03/01/2030 | 122641 | 0.0 |
| 108000 | McKesson Corp., 4.250%, 09/15/2029 | 107888 | 0.0 |
| 82000 | Mondelez International, Inc., 2.750%, 04/13/2030 | 76177 | 0.0 |
| 215000 | Novartis Capital Corp., 3.800%, 09/18/2029 | 213229 | 0.1 |
| 505000 | Philip Morris International, Inc., 4.125%, 04/28/2028 | 504124 | 0.2 |
| 162000 | Philip Morris International, Inc., 4.875%, 02/13/2029 | 164913 | 0.1 |
| 195000 | Quanta Services, Inc., 4.750%, 08/09/2027 | 196712 | 0.1 |
| 474000 | Quest Diagnostics, Inc., 4.600%, 12/15/2027 | 478434 | 0.2 |
| 192000 | RELX Capital, Inc., 4.750%, 03/27/2030 | 194611 | 0.1 |
| 448000 <sup>(2)</sup> | Roche Holdings, Inc., 5.338%, 11/13/2028 | 465089 | 0.2 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Non-cyclical: (continued)** |  |  |
| 352000 | S&P Global, Inc., 2.700%, 03/01/2029 | $333723 | 0.1 |
| 519000 | Smith & Nephew PLC, 5.150%, 03/20/2027 | 525412 | 0.2 |
| 515000 | Solventum Corp., 5.450%, 02/25/2027 | 523616 | 0.2 |
| 320000 | Stryker Corp., 3.650%, 03/07/2028 | 315937 | 0.1 |
| 516000 | Stryker Corp., 4.700%, 02/10/2028 | 523129 | 0.2 |
| 95000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 97977 | 0.0 |
| 544000 | UnitedHealth Group, Inc., 2.950%, 10/15/2027 | 529371 | 0.2 |
| 180000 | UnitedHealth Group, Inc., 4.800%, 01/15/2030 | 182823 | 0.1 |
| 780000 | Zimmer Biomet Holdings, Inc., 4.700%, 02/19/2027 | 784542 | 0.3 |
| 316000 | Zoetis, Inc., 5.400%, 11/14/2025 | 316695 | 0.1 |
|  |  | **15421679** | **5.8** |
|  | **Energy: 1.8%** |  |  |
| 580000 | Canadian Natural Resources Ltd., 2.050%, 07/15/2025 | 579335 | 0.2 |
| 218000 | Chevron USA, Inc., 4.687%, 04/15/2030 | 222424 | 0.1 |
| 295000 | Diamondback Energy, Inc., 5.150%, 01/30/2030 | 301833 | 0.1 |
| 520000 | Diamondback Energy, Inc., 5.200%, 04/18/2027 | 527340 | 0.2 |
| 660000 | Enbridge, Inc., 4.600%, 06/20/2028 | 665118 | 0.3 |
| 662000 | Enterprise Products Operating LLC, 4.300%, 06/20/2028 | 665135 | 0.3 |
| 825000 | Kinder Morgan, Inc., 1.750%, 11/15/2026 | 797077 | 0.3 |
| 118000 | Occidental Petroleum Corp., 6.625%, 09/01/2030 | 124850 | 0.0 |
| 306000 | Ovintiv Exploration, Inc., 5.375%, 01/01/2026 | 306293 | 0.1 |
| 495000 | Pioneer Natural Resources Co., 1.125%, 01/15/2026 | 486461 | 0.2 |
|  |  | **4675866** | **1.8** |
|  | **Financial: 14.8%** |  |  |
| 200000 | Aflac, Inc., 1.125%, 03/15/2026 | 195401 | 0.1 |
| 136000 <sup>(3)</sup> | American Express Co., 5.098%, 02/16/2028 | 137593 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 507000 <sup>(3)</sup> | American Express Co., 5.282%, 07/27/2029 | $521403 | 0.2 |
| 515000 <sup>(3)</sup> | American Express Co., 5.389%, 07/28/2027 | 520229 | 0.2 |
| 651000 <sup>(3)</sup> | American Express Co., 5.645%, 04/23/2027 | 657148 | 0.2 |
| 533000 | American Tower Corp., 3.650%, 03/15/2027 | 526669 | 0.2 |
| 152000 | American Tower Corp., 5.250%, 07/15/2028 | 155882 | 0.1 |
| 259000 | Aon North America, Inc., 5.125%, 03/01/2027 | 262172 | 0.1 |
| 96000 | Aon North America, Inc., 5.150%, 03/01/2029 | 98346 | 0.0 |
| 238000 | Arthur J Gallagher & Co., 4.850%, 12/15/2029 | 241640 | 0.1 |
| 420000 <sup>(2)</sup> | Athene Global Funding, 5.684%, 02/23/2026 | 422959 | 0.2 |
| 367000 <sup>(2)</sup> | Aviation Capital Group LLC, 5.125%, 04/10/2030 | 370656 | 0.1 |
| 559000 <sup>(2)</sup> | Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 | 532285 | 0.2 |
| 679000 <sup>(3)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 660113 | 0.3 |
| 481000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 470263 | 0.2 |
| 268000 <sup>(3)</sup> | Bank of America Corp., 3.705%, 04/24/2028 | 264913 | 0.1 |
| 94000 <sup>(3)</sup> | Bank of America Corp., 4.376%, 04/27/2028 | 94015 | 0.0 |
| 182000 <sup>(3)</sup> | Bank of America Corp., MTN, 1.197%, 10/24/2026 | 180114 | 0.1 |
| 127000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.087%, 06/14/2029 | 119061 | 0.0 |
| 271000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.551%, 02/04/2028 | 263468 | 0.1 |
| 48000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.194%, 07/23/2030 | 45699 | 0.0 |
| 97000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.970%, 03/05/2029 | 95940 | 0.0 |
| 642000 | Bank of Montreal, 5.300%, 06/05/2026 | 647662 | 0.2 |
| 60000 <sup>(1)(3)</sup> | Bank of New York Mellon, 4.729%, 04/20/2029 | 60857 | 0.0 |
| 179000 <sup>(3)</sup> | Bank of New York Mellon Corp., 4.414%, 07/24/2026 | 178925 | 0.1 |
| 264000 <sup>(1)(3)</sup> | Bank of New York Mellon Corp., 4.441%, 06/09/2028 | 265493 | 0.1 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 786000 <sup>(3)</sup> | Bank of New York Mellon Corp., 4.947%, 04/26/2027 | $789785 | 0.3 |
| 1000 <sup>(3)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 | 1021 | 0.0 |
| 248000 <sup>(2)</sup> | Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028 | 228567 | 0.1 |
| 104000 <sup>(2)</sup> | Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030 | 95514 | 0.0 |
| 580000 | Brown & Brown, Inc., 4.700%, 06/23/2028 | 585068 | 0.2 |
| 291000 <sup>(2)(3)</sup> | CaixaBank SA, 4.634%, 07/03/2029 | 291789 | 0.1 |
| 143000 <sup>(3)</sup> | Canadian Imperial Bank of Commerce, 4.857%, 03/30/2029 | 144566 | 0.1 |
| 412000 <sup>(3)</sup> | Capital One Financial Corp., 1.878%, 11/02/2027 | 398076 | 0.2 |
| 335000 <sup>(3)</sup> | Capital One Financial Corp., 5.468%, 02/01/2029 | 343110 | 0.1 |
| 335000 <sup>(3)</sup> | Capital One Financial Corp., 5.700%, 02/01/2030 | 346603 | 0.1 |
| 332000 | Charles Schwab Corp., 5.875%, 08/24/2026 | 337653 | 0.1 |
| 124000 <sup>(3)</sup> | Charles Schwab Corp., 6.196%, 11/17/2029 | 131611 | 0.1 |
| 328000 <sup>(3)</sup> | Citigroup, Inc., 4.786%, 03/04/2029 | 330398 | 0.1 |
| 177000 | CME Group, Inc., 4.400%, 03/15/2030 | 178295 | 0.1 |
| 435000 | Cooperatieve Rabobank UA, 4.800%, 01/09/2029 | 443993 | 0.2 |
| 668000 | Corebridge Financial, Inc., 3.650%, 04/05/2027 | 659426 | 0.3 |
| 525000 <sup>(2)</sup> | Corebridge Global Funding, 0.900%, 09/22/2025 | 520524 | 0.2 |
| 507000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 523518 | 0.2 |
| 475000 <sup>(1)</sup> | Equinix, Inc., 1.250%, 07/15/2025 | 474391 | 0.2 |
| 126000 <sup>(3)</sup> | Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027 | 126637 | 0.0 |
| 64000 <sup>(3)</sup> | Goldman Sachs Bank USA/New York NY, 5.414%, 05/21/2027 | 64539 | 0.0 |
| 906000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 1.431%, 03/09/2027 | 886560 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 278000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 2.640%, 02/24/2028 | $270085 | 0.1 |
| 196000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.049%, 07/23/2030 | 199300 | 0.1 |
| 617000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 642400 | 0.2 |
| 80000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 84874 | 0.0 |
| 257000 | Hanover Insurance Group, Inc., 4.500%, 04/15/2026 | 256314 | 0.1 |
| 334000 <sup>(3)</sup> | HSBC Holdings PLC, 4.899%, 03/03/2029 | 336873 | 0.1 |
| 388000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | 374429 | 0.1 |
| 518000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 506079 | 0.2 |
| 378000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 354606 | 0.1 |
| 444000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 433999 | 0.2 |
| 538000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | 527073 | 0.2 |
| 183000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.960%, 01/29/2027 | 182540 | 0.1 |
| 658000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.505%, 10/22/2028 | 660095 | 0.3 |
| 95000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 95343 | 0.0 |
| 115000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 117126 | 0.0 |
| 443000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | 451257 | 0.2 |
| 246000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.040%, 01/23/2028 | 248412 | 0.1 |
| 913000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 932095 | 0.4 |
| 155000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 160975 | 0.1 |
| 515000 <sup>(3)</sup> | JPMorgan Chase & Co., 6.070%, 10/22/2027 | 526330 | 0.2 |
| 532000 | KeyBank NA/ Cleveland OH, 4.390%, 12/14/2027 | 532728 | 0.2 |
| 416000 <sup>(3)</sup> | Lloyds Banking Group PLC, 5.985%, 08/07/2027 | 422395 | 0.2 |
| 214000 <sup>(2)</sup> | LPL Holdings, Inc., 4.625%, 11/15/2027 | 213651 | 0.1 |
| 787000 | Marsh & McLennan Cos., Inc., 4.550%, 11/08/2027 | 793112 | 0.3 |
| 327000 | Mastercard, Inc., 4.550%, 03/15/2028 | 331564 | 0.1 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 256000 <sup>(3)</sup> | Mizuho Financial Group, Inc., 5.376%, 05/26/2030 | $263409 | 0.1 |
| 483000 <sup>(3)</sup> | Morgan Stanley, 0.985%, 12/10/2026 | 475351 | 0.2 |
| 646000 <sup>(3)</sup> | Morgan Stanley, 1.593%, 05/04/2027 | 630498 | 0.2 |
| 371000 <sup>(3)</sup> | Morgan Stanley, 2.475%, 01/21/2028 | 360227 | 0.1 |
| 190000 <sup>(3)</sup> | Morgan Stanley, 4.994%, 04/12/2029 | 192790 | 0.1 |
| 79000 <sup>(3)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 80359 | 0.0 |
| 67000 <sup>(3)</sup> | Morgan Stanley, 5.123%, 02/01/2029 | 68185 | 0.0 |
| 248000 <sup>(3)</sup> | Morgan Stanley, 5.192%, 04/17/2031 | 254293 | 0.1 |
| 233000 <sup>(3)</sup> | Morgan Stanley, 5.230%, 01/15/2031 | 238584 | 0.1 |
| 26000 <sup>(3)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 26952 | 0.0 |
| 266000 <sup>(3)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 277150 | 0.1 |
| 545000 <sup>(3)</sup> | Morgan Stanley, GMTN, 1.512%, 07/20/2027 | 528798 | 0.2 |
| 424000 | Morgan Stanley, MTN, 3.125%, 07/27/2026 | 418809 | 0.2 |
| 222000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 226391 | 0.1 |
| 250000 <sup>(2)</sup> | National Securities Clearing Corp., 4.700%, 05/20/2030 | 254278 | 0.1 |
| 240000 <sup>(2)</sup> | NatWest Markets PLC, 5.410%, 05/17/2029 | 247998 | 0.1 |
| 296000 <sup>(2)</sup> | Principal Life Global Funding II, 5.100%, 01/25/2029 | 302803 | 0.1 |
| 214000 | Prologis L.P., 4.875%, 06/15/2028 | 218398 | 0.1 |
| 90000 <sup>(2)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 92498 | 0.0 |
| 544000 | Royal Bank of Canada, GMTN, 1.150%, 07/14/2026 | 527469 | 0.2 |
| 579000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.522%, 10/18/2028 | 581561 | 0.2 |
| 313000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.715%, 03/27/2028 | 315015 | 0.1 |
| 202000 <sup>(1)</sup> | Royal Bank of Canada, GMTN, 4.950%, 02/01/2029 | 206697 | 0.1 |
| 95000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.969%, 08/02/2030 | 96351 | 0.0 |
| 434000 | Royal Bank of Canada, GMTN, 5.200%, 07/20/2026 | 438362 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 439000 <sup>(3)</sup> | Santander UK Group Holdings PLC, 6.833%, 11/21/2026 | $442626 | 0.2 |
| 205000 <sup>(2)</sup> | Skandinaviska Enskilda Banken AB, 4.375%, 06/02/2028 | 206660 | 0.1 |
| 231000 <sup>(3)</sup> | State Street Corp., 3.031%, 11/01/2034 | 213470 | 0.1 |
| 340000 <sup>(3)</sup> | State Street Corp., 4.530%, 02/20/2029 | 342835 | 0.1 |
| 372000 | State Street Corp., 4.536%, 02/28/2028 | 376285 | 0.1 |
| 83000 <sup>(3)</sup> | State Street Corp., 4.543%, 04/24/2028 | 83559 | 0.0 |
| 65000 | State Street Corp., 4.729%, 02/28/2030 | 66001 | 0.0 |
| 572000 | Toronto-Dominion Bank, GMTN, 4.980%, 04/05/2027 | 579300 | 0.2 |
| 691000 | Toronto-Dominion Bank, MTN, 5.532%, 07/17/2026 | 699686 | 0.3 |
| 260000 <sup>(3)</sup> | Truist Financial Corp., MTN, 1.267%, 03/02/2027 | 254234 | 0.1 |
| 316000 <sup>(3)</sup> | Truist Financial Corp., MTN, 1.887%, 06/07/2029 | 294113 | 0.1 |
| 521000 <sup>(3)</sup> | Truist Financial Corp., MTN, 4.260%, 07/28/2026 | 520798 | 0.2 |
| 256000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.435%, 01/24/2030 | 263725 | 0.1 |
| 155000 <sup>(3)</sup> | US Bancorp, 5.046%, 02/12/2031 | 157834 | 0.1 |
| 165000 <sup>(2)</sup> | USAA Capital Corp., 4.375%, 06/01/2028 | 166161 | 0.1 |
| 64000 <sup>(3)</sup> | Wells Fargo & Co., 4.970%, 04/23/2029 | 64904 | 0.0 |
| 365000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 2.879%, 10/30/2030 | 341114 | 0.1 |
| 353000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.526%, 03/24/2028 | 348148 | 0.1 |
| 377000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.584%, 05/22/2028 | 371342 | 0.1 |
| 391000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 4.540%, 08/15/2026 | 390926 | 0.1 |
| 416000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.574%, 07/25/2029 | 429605 | 0.2 |
|  |  | **39480757** | **14.8** |
|  | **Industrial: 3.8%** |  |  |
| 219000 | 3M Co., 4.800%, 03/15/2030 | 222711 | 0.1 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 311000 | AGCO Corp., 5.450%, 03/21/2027 | $314958 | 0.1 |
| 127000 <sup>(2)</sup> | Amcor Flexibles North America, Inc., 4.800%, 03/17/2028 | 127945 | 0.0 |
| 127000 <sup>(2)</sup> | Amcor Flexibles North America, Inc., 5.100%, 03/17/2030 | 129222 | 0.1 |
| 527000 | Amphenol Corp., 4.375%, 06/12/2028 | 530751 | 0.2 |
| 603000 | Avnet, Inc., 6.250%, 03/15/2028 | 626935 | 0.2 |
| 364000 | Caterpillar Financial Services Corp., 4.400%, 03/03/2028 | 366775 | 0.1 |
| 207000 | Caterpillar Financial Services Corp., 4.800%, 01/08/2030 | 212097 | 0.1 |
| 190000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 194006 | 0.1 |
| 250000 | FedEx Corp., 3.250%, 04/01/2026 | 247633 | 0.1 |
| 517000 | GATX Corp., 5.400%, 03/15/2027 | 524350 | 0.2 |
| 221000 | HEICO Corp., 5.250%, 08/01/2028 | 226806 | 0.1 |
| 523000 | Ingersoll Rand, Inc., 5.197%, 06/15/2027 | 531840 | 0.2 |
| 235000 | JB Hunt Transport Services, Inc., 4.900%, 03/15/2030 | 238584 | 0.1 |
| 380000 | John Deere Capital Corp., MTN, 2.350%, 03/08/2027 | 369796 | 0.1 |
| 659000 | John Deere Capital Corp. I, 4.250%, 06/05/2028 | 663043 | 0.3 |
| 318000 | L3Harris Technologies, Inc., 4.400%, 06/15/2028 | 318909 | 0.1 |
| 118000 <sup>(2)</sup> | Molex Electronic Technologies LLC, 4.750%, 04/30/2028 | 118762 | 0.0 |
| 96000 | Northrop Grumman Corp., 4.650%, 07/15/2030 | 96871 | 0.0 |
| 245000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 01/12/2027 | 247853 | 0.1 |
| 564000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | 578596 | 0.2 |
| 447000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.050%, 08/01/2028 | 465853 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 165000 | Ryder System, Inc., GMTN, 4.950%, 09/01/2029 | $167982 | 0.1 |
| 518000 | Ryder System, Inc., MTN, 5.250%, 06/01/2028 | 531699 | 0.2 |
| 171000 | Ryder System, Inc., MTN, 5.375%, 03/15/2029 | 175763 | 0.1 |
| 61000 | Ryder System, Inc., MTN, 5.500%, 06/01/2029 | 63177 | 0.0 |
| 504000 | Stanley Black & Decker, Inc., 6.000%, 03/06/2028 | 524911 | 0.2 |
| 646000 | Veralto Corp., 5.500%, 09/18/2026 | 653870 | 0.2 |
| 766000 | Waste Management, Inc., 4.950%, 07/03/2027 | 779346 | 0.3 |
|  |  | **10251044** | **3.8** |
|  | **Technology: 3.4%** |  |  |
| 264000 | Accenture Capital, Inc., 3.900%, 10/04/2027 | 263269 | 0.1 |
| 120000 | Accenture Capital, Inc., 4.050%, 10/04/2029 | 119256 | 0.0 |
| 261000 | Advanced Micro Devices, Inc., 4.319%, 03/24/2028 | 262966 | 0.1 |
| 792000 | Analog Devices, Inc., 4.250%, 06/15/2028 | 795800 | 0.3 |
| 103000 | AppLovin Corp., 5.125%, 12/01/2029 | 104371 | 0.0 |
| 47000 <sup>(2)</sup> | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 | 45190 | 0.0 |
| 444000 <sup>(1)</sup> | Broadcom, Inc., 3.459%, 09/15/2026 | 439977 | 0.2 |
| 657000 | Broadcom, Inc., 4.150%, 02/15/2028 | 655212 | 0.2 |
| 650000 | Broadcom, Inc., 4.800%, 04/15/2028 | 659552 | 0.3 |
| 578000 | Cadence Design Systems, Inc., 4.200%, 09/10/2027 | 578966 | 0.2 |
| 121000 | Dell International LLC / EMC Corp., 5.000%, 04/01/2030 | 122977 | 0.0 |
| 311000 | Fiserv, Inc., 5.150%, 03/15/2027 | 315200 | 0.1 |
| 444000 | Fiserv, Inc., 5.450%, 03/02/2028 | 456412 | 0.2 |
| 395000 | Hewlett Packard Enterprise Co., 4.550%, 10/15/2029 | 393116 | 0.1 |
| 445000 | IBM International Capital Pte Ltd., 4.600%, 02/05/2029 | 449703 | 0.2 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 781000 | Oracle Corp., 1.650%, 03/25/2026 | $765154 | 0.3 |
| 720000 | Oracle Corp., 2.650%, 07/15/2026 | 707193 | 0.3 |
| 188000 | Oracle Corp., 4.800%, 08/03/2028 | 191139 | 0.1 |
| 416000 | Synopsys, Inc., 4.650%, 04/01/2028 | 420319 | 0.2 |
| 61000 | Synopsys, Inc., 4.850%, 04/01/2030 | 61866 | 0.0 |
| 530000 | VMware LLC, 3.900%, 08/21/2027 | 525545 | 0.2 |
| 408000 | VMware, Inc., 1.400%, 08/15/2026 | 394717 | 0.2 |
| 215000 | Workday, Inc., 3.500%, 04/01/2027 | 212318 | 0.1 |
|  |  | **8940218** | **3.4** |
|  | **Utilities: 5.3%** |  |  |
| 527000 <sup>(2)</sup> | AEP Texas, Inc., 3.850%, 10/01/2025 | 525461 | 0.2 |
| 519000 | AES Corp., 5.450%, 06/01/2028 | 530496 | 0.2 |
| 529000 | Alabama Power Co., 3.750%, 09/01/2027 | 526649 | 0.2 |
| 305000 | Ameren Corp., 5.700%, 12/01/2026 | 309979 | 0.1 |
| 534000 | Ameren Illinois Co., 3.800%, 05/15/2028 | 530114 | 0.2 |
| 393000 | American Electric Power Co., Inc., 5.200%, 01/15/2029 | 403182 | 0.1 |
| 471000 <sup>(2)</sup> | Capital Power US Holdings, Inc., 5.257%, 06/01/2028 | 477475 | 0.2 |
| 218000 | CenterPoint Energy Houston Electric LLC, 4.800%, 03/15/2030 | 221971 | 0.1 |
| 218000 | Connecticut Light and Power Co., 4.650%, 01/01/2029 | 220782 | 0.1 |
| 149000 | Consumers Energy Co., 4.500%, 01/15/2031 | 149634 | 0.1 |
| 188000 | Consumers Energy Co., 4.900%, 02/15/2029 | 192038 | 0.1 |
| 69000 | DTE Electric Co., 4.250%, 05/14/2027 | 69125 | 0.0 |
| 323000 | DTE Energy Co., 5.100%, 03/01/2029 | 329481 | 0.1 |
| 533000 | Entergy Corp., 0.900%, 09/15/2025 | 529023 | 0.2 |
| 459000 | Eversource Energy, 2.900%, 03/01/2027 | 447976 | 0.2 |
| 711000 | Eversource Energy, 4.750%, 05/15/2026 | 712281 | 0.3 |
| 86000 | Exelon Corp., 5.150%, 03/15/2029 | 88269 | 0.0 |
| 567000 | Georgia Power Co., 5.004%, 02/23/2027 | 575247 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 195000 <sup>(1)(2)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 | $200700 | 0.1 |
| 527000 | National Rural Utilities Cooperative Finance Corp., 4.120%, 09/16/2027 | 526720 | 0.2 |
| 188000 | National Rural Utilities Cooperative Finance Corp., 5.150%, 06/15/2029 | 193590 | 0.1 |
| 259000 | National Rural Utilities Cooperative Finance Corp., MTN, 5.600%, 11/13/2026 | 263511 | 0.1 |
| 231000 <sup>(2)</sup> | New York State Electric & Gas Corp., 5.650%, 08/15/2028 | 239534 | 0.1 |
| 683000 | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | 658915 | 0.2 |
| 287000 | NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028 | 268263 | 0.1 |
| 492000 | NextEra Energy Capital Holdings, Inc., 4.625%, 07/15/2027 | 495274 | 0.2 |
| 165000 | NextEra Energy Capital Holdings, Inc., 4.900%, 02/28/2028 | 167295 | 0.1 |
| 355000 | NextEra Energy Capital Holdings, Inc., 5.050%, 03/15/2030 | 363417 | 0.1 |
| 324000 <sup>(2)</sup> | Niagara Mohawk Power Corp., 1.960%, 06/27/2030 | 286199 | 0.1 |
| 450000 | NiSource, Inc., 0.950%, 08/15/2025 | 447932 | 0.2 |
| 389000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 398602 | 0.1 |
| 545894 | PG&E Wildfire Recovery Funding LLC A-1, 3.594%, 06/01/2032 | 536650 | 0.2 |
| 129000 | Pinnacle West Capital Corp., 5.150%, 05/15/2030 | 132107 | 0.0 |
| 562000 | Public Service Enterprise Group, Inc., 5.850%, 11/15/2027 | 581869 | 0.2 |
| 155000 | Sempra Energy, 5.400%, 08/01/2026 | 156542 | 0.1 |
| 144000 | Southern Co., 5.500%, 03/15/2029 | 149964 | 0.1 |
| 384000 <sup>(1)</sup> | Southern Co. Gas Capital Corp., 3.250%, 06/15/2026 | 379819 | 0.1 |
| 315000 <sup>(2)</sup> | Vistra Operations Co. LLC, 5.050%, 12/30/2026 | 316737 | 0.1 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 171000 | WEC Energy Group, Inc., 2.200%, 12/15/2028 | $| 159099 | 0.1 |
| 194000 | WEC Energy Group, Inc., 4.750%, 01/09/2026 |  | 194070 | 0.1 |
| 43000 | WEC Energy Group, Inc., 5.000%, 09/27/2025 |  | 42998 | 0.0 |
| 61000 | WEC Energy Group, Inc., 5.150%, 10/01/2027 |  | 62171 | 0.0 |
|  |  |  | **14061161** | **5.3** |
|  | Total Corporate Bonds/Notes<br> (Cost $111,097,741) |  | **112127600** | **42.1** |
| **ASSET-BACKED SECURITIES: 18.7%** | **ASSET-BACKED SECURITIES: 18.7%** | **ASSET-BACKED SECURITIES: 18.7%** | **ASSET-BACKED SECURITIES: 18.7%** | **ASSET-BACKED SECURITIES: 18.7%** |
|  | **Automobile Asset-Backed Securities: 6.0%** | **Automobile Asset-Backed Securities: 6.0%** | **Automobile Asset-Backed Securities: 6.0%** | **Automobile Asset-Backed Securities: 6.0%** |
| 77487 | AmeriCredit Automobile Receivables Trust 2021-3 B, 1.170%, 08/18/2027 |  | 77340 | 0.0 |
| 1000000 | Bridgecrest Lending Auto Securitization Trust 2025-2 A2, 4.840%, 01/18/2028 |  | 1000063 | 0.4 |
| 550000 | Carmax Auto Owner Trust 2025-2 A4, 4.650%, 11/15/2030 |  | 559791 | 0.2 |
| 750000 | CarMax Auto Owner Trust 2022-1 B, 1.950%, 09/15/2027 |  | 734697 | 0.3 |
| 1050000 <sup>(2)</sup> | Chase Auto Owner Trust 2023-AA A3, 5.680%, 01/25/2029 |  | 1062105 | 0.4 |
| 500000 | Drive Auto Receivables Trust 2024-2 A3, 4.500%, 09/15/2028 |  | 499886 | 0.2 |
| 1200000 | Drive Auto Receivables Trust 2025-1 A2, 4.870%, 08/15/2028 |  | 1201906 | 0.4 |
| 750000 | Exeter Automobile Receivables Trust 2025-3A A2, 4.830%, 01/18/2028 |  | 750557 | 0.3 |
| 600000 | GM Financial Consumer Automobile Receivables Trust 2022-4 B, 5.500%, 08/16/2028 |  | 607223 | 0.2 |
| 1000000 | Harley-Davidson Motorcycle Trust 2025-A A2A, 4.710%, 07/17/2028 |  | 1003628 | 0.4 |
| 750000 <sup>(2)</sup> | Hyundai Auto Lease Securitization Trust 2025-B A3, 4.530%, 04/17/2028 |  | 755571 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** |
| 1200000 | Nissan Auto Receivables Owner Trust 2025-A A2A, 4.500%, 02/15/2028 | $| 1203415 | 0.4 |
| 950000 <sup>(2)</sup> | Porsche Financial Auto Securitization Trust 2023-1A A4, 4.720%, 06/23/2031 |  | 955286 | 0.4 |
| 650000 <sup>(2)</sup> | Porsche Innovative Lease Owner Trust 2024-1A A4, 4.660%, 02/20/2030 |  | 653651 | 0.2 |
| 1000000 <sup>(2)</sup> | Porsche Innovative Lease Owner Trust 2025-1A A2A, 4.600%, 12/20/2027 |  | 1002404 | 0.4 |
| 950000 | Santander Drive Auto Receivables Trust 2024-4 A3, 4.850%, 01/16/2029 |  | 952935 | 0.4 |
| 550000 <sup>(2)</sup> | Tesla Auto Lease Trust 2024-B A3, 4.820%, 10/20/2027 |  | 552696 | 0.2 |
| 800000 | Toyota Auto Receivables Owner Trust 2023-A A4, 4.420%, 08/15/2028 |  | 802426 | 0.3 |
| 550000 <sup>(2)</sup> | Toyota Lease Owner Trust 2025-A A3, 4.750%, 02/22/2028 |  | 554963 | 0.2 |
| 1000000 <sup>(2)</sup> | Westlake Automobile Receivables Trust 2023-3A B, 5.920%, 09/15/2028 |  | 1005691 | 0.4 |
|  |  |  | **15936234** | **6.0** |
|  | **Other Asset-Backed Securities: 11.4%** | **Other Asset-Backed Securities: 11.4%** | **Other Asset-Backed Securities: 11.4%** | **Other Asset-Backed Securities: 11.4%** |
| 1200000 <sup>(2)(3)</sup> | 720 East CLO Ltd. 2023-IA A1R, 5.650%, (TSFR3M + 1.370%), 04/15/2038 |  | 1203600 | 0.5 |
| 900000 <sup>(2)(3)</sup> | AB BSL CLO 6 Ltd. 2025-6A A, 5.702%, (TSFR3M + 1.430%), 07/20/2037 |  | 900783 | 0.3 |
| 800000 <sup>(2)(3)</sup> | AGL CLO 13 Ltd. 2021-13A A1, 5.691%, (TSFR3M + 1.422%), 10/20/2034 |  | 801206 | 0.3 |
| 100000 <sup>(2)(3)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 C, 6.276%, (TSFR1M + 1.964%), 08/15/2034 |  | 99521 | 0.0 |
| 750000 <sup>(2)(3)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D, 7.326%, (TSFR1M + 3.014%), 11/15/2036 |  | 749686 | 0.3 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 227923 <sup>(2)(3)</sup> | Bain Capital Credit CLO 2018-2A A1R, 5.349%, (TSFR3M + 1.080%), 07/19/2031 | $227981 | 0.1 |
| 1000000 <sup>(2)(3)</sup> | Benefit Street Partners CLO XXI Ltd. 2020-21A A1R, 5.688%, (TSFR3M + 1.432%), 10/15/2034 | 1001489 | 0.4 |
| 500000 <sup>(2)(3)</sup> | BlueMountain CLO XXXI Ltd. 2021-31A A2, 5.931%, (TSFR3M + 1.662%), 04/19/2034 | 500336 | 0.2 |
| 95370 <sup>(2)(3)</sup> | Carbone Clo Ltd. 2017-1A A1, 5.671%, (TSFR3M + 1.402%), 01/20/2031 | 95459 | 0 |
| 350000 <sup>(2)(3)</sup> | Carlyle US CLO Ltd. 2017-3A A1R2, 5.669%, (TSFR3M + 1.400%), 10/21/2037 | 351575 | 0.1 |
| 850000 <sup>(2)(3)</sup> | Carlyle US CLO Ltd. 2020-2A A1R, 5.683%, (TSFR3M + 1.402%), 01/25/2035 | 852550 | 0.3 |
| 1550000 <sup>(2)(3)</sup> | Carlyle US CLO Ltd. 2021-4A A2, 5.931%, (TSFR3M + 1.662%), 04/20/2034 | 1551190 | 0.6 |
| 800000 <sup>(2)(3)</sup> | CBAM Ltd. 2017-1A AR2, 5.659%, (TSFR3M + 1.390%), 01/20/2038 | 802118 | 0.3 |
| 58854 | CNH Equipment Trust 2021-C A3, 0.810%, 12/15/2026 | 58610 | 0 |
| 340432 <sup>(2)(3)</sup> | Crestline Denali CLO XVII Ltd. 2018- 1A ARR, 5.386%, (TSFR3M + 1.130%), 10/15/2031 | 340543 | 0.1 |
| 300000 <sup>(2)(3)</sup> | Eaton Vance Clo Ltd. 2015-1A A2R, 5.781%, (TSFR3M + 1.512%), 01/20/2030 | 300093 | 0.1 |
| 750000 <sup>(2)(3)</sup> | Empower CLO Ltd. 2022-1A A1R, 5.659%, (TSFR3M + 1.390%), 10/20/2037 | 751530 | 0.3 |
| 850000 <sup>(2)(3)</sup> | Empower CLO Ltd. 2025-1A A, 5.637%, (TSFR3M + 1.310%), 07/20/2038 | 852094 | 0.3 |
| 1360000 <sup>(2)(3)</sup> | HGI CRE CLO Ltd. 2021-FL1 B, 6.026%, (TSFR1M + 1.714%), 06/16/2036 | 1356436 | 0.5 |
| 2100000 <sup>(2)(3)</sup> | HGI CRE CLO Ltd. 2021-FL1 D, 6.776%, (TSFR1M + 2.464%), 06/16/2036 | 2093380 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 181264 <sup>(2)(3)</sup> | HGI CRE CLO Ltd. 2022-FL3 A, 6.004%, (SOFR30A + 1.700%), 04/20/2037 | $181391 | 0.1 |
| 1150000 <sup>(2)(3)</sup> | HPS Loan Management Ltd. 2025-25A A, 5.619%, (TSFR3M + 1.430%), 07/26/2038 | 1152502 | 0.4 |
| 275106 <sup>(2)</sup> | JGWPT XXXIII LLC 2014-3A A, 3.500%, 06/15/2077 | 246858 | 0.1 |
| 400000 | John Deere Owner Trust 2022 2022-A A4, 2.490%, 01/16/2029 | 398217 | 0.1 |
| 400000 | John Deere Owner Trust 2025 2025-A A4, 4.420%, 02/17/2032 | 402188 | 0.2 |
| 300000 <sup>(2)</sup> | Kubota Credit Owner Trust 2025-2A A4, 4.570%, 11/15/2030 | 302831 | 0.1 |
| 600000 <sup>(2)(3)</sup> | LCM 26 Ltd. 26A A2, 5.781%, (TSFR3M + 1.512%), 01/20/2031 | 600154 | 0.2 |
| 500000 <sup>(2)(3)</sup> | Madison Park Funding XXX Ltd. 2018-30A A1R, 5.621%, (TSFR3M + 1.360%), 07/16/2037 | 501121 | 0.2 |
| 500000 <sup>(2)(3)</sup> | Market Street CLO Ltd. I 2025-1A A1, 5.929%, (TSFR3M + 1.600%), 07/20/2038 | 500911 | 0.2 |
| 1080000 <sup>(2)(3)</sup> | Neuberger Berman Loan Advisers CLO 26 Ltd. 2017-26A AR2, 5.629%, (TSFR3M + 1.360%), 10/18/2038 | 1084303 | 0.4 |
| 1000000 <sup>(2)(3)</sup> | Octagon Investment Partners 48 Ltd. 2020- 3A A1R2, 5.616%, (TSFR3M + 1.360%), 01/15/2038 | 1002202 | 0.4 |
| 400000 <sup>(2)(3)</sup> | Octagon Investment Partners XV Ltd. 2013-1A A2R, 5.881%, (TSFR3M + 1.612%), 07/19/2030 | 400245 | 0.2 |
| 1600000 <sup>(2)(3)</sup> | OHA Loan Funding Ltd. 2015-1A AR3, 5.681%, (TSFR3M + 1.412%), 01/19/2037 | 1601386 | 0.6 |
| 650000 <sup>(2)</sup> | PFS Financing Corp. 2022-D A, 4.270%, 08/15/2027 | 649690 | 0.2 |
| 600000 <sup>(2)</sup> | PFS Financing Corp. 2023-C A, 5.520%, 10/15/2028 | 609158 | 0.2 |
| 1300000 <sup>(2)(3)</sup> | Rad CLO 6 Ltd. 2019- 6A A1R, 5.659%, (TSFR3M + 1.390%), 10/20/2037 | 1303416 | 0.5 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 800000 <sup>(2)</sup> | SoFi Consumer Loan Program Trust 2025-1 B, 5.120%, 02/27/2034 | $| 808575 | 0.3 |
| 345511 <sup>(2)(3)</sup> | Sound Point CLO XVIII Ltd. 2017-4A A1, 5.651%, (TSFR3M + 1.382%), 01/21/2031 |  | 345818 | 0.1 |
| 800000 <sup>(2)(3)</sup> | Sound Point CLO XXIII 2019-2A AR, 5.688%, (TSFR3M + 1.432%), 07/15/2034 |  | 800597 | 0.3 |
| 187837 <sup>(2)(3)</sup> | TCI-Symphony CLO Ltd. 2017-1A AR, 5.448%, (TSFR3M + 1.192%), 07/15/2030 |  | 188051 | 0.1 |
| 508886 <sup>(2)(3)</sup> | Venture 37 CLO Ltd. 2019-37A A1RR, 5.506%, (TSFR3M + 1.250%), 07/15/2032 |  | 509342 | 0.2 |
| 300000 <sup>(2)</sup> | Volvo Financial Equipment LLC Series 2024-1A A3, 4.290%, 10/16/2028 |  | 300712 | 0.1 |
| 300000 <sup>(2)</sup> | Volvo Financial Equipment LLC Series 2024-1A A4, 4.290%, 07/15/2031 |  | 301498 | 0.1 |
| 400000 <sup>(2)</sup> | Volvo Financial Equipment LLC Series 2025-1A A3, 4.460%, 05/15/2029 |  | 402972 | 0.2 |
| 500000 <sup>(2)(3)</sup> | Wellman Park CLO Ltd. 2021-1A AR, 5.606%, (TSFR3M + 1.350%), 07/15/2037 |  | 501735 | 0.2 |
| 400000 <sup>(2)(3)</sup> | Wind River CLO Ltd. 2024-1A A, 5.869%, (TSFR3M + 1.600%), 04/20/2037 |  | 401281 | 0.2 |
|  |  |  | **30387334** | **11.4** |
|  | **Student Loan Asset-Backed Securities: 1.3%** | **Student Loan Asset-Backed Securities: 1.3%** | **Student Loan Asset-Backed Securities: 1.3%** | **Student Loan Asset-Backed Securities: 1.3%** |
| 181318 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 |  | 174660 | 0.1 |
| 203020 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069 |  | 189165 | 0.1 |
| 104787 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069 |  | 95585 | 0.0 |
| 182969 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-FA A, 1.110%, 02/18/2070 |  | 162220 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |
| 809082 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2022-BA A, 4.160%, 10/15/2070 | $| 787460 | 0.3 |
| 1136022 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2023-A A, 5.510%, 10/15/2071 |  | 1162490 | 0.4 |
| 691086 <sup>(2)</sup> | SMB Private Education Loan Trust 2025- A A1A, 5.130%, 04/15/2054 |  | 699816 | 0.3 |
| 35328 <sup>(2)</sup> | Sofi Professional Loan Program LLC 2018-A A2B, 2.950%, 02/25/2042 |  | 35211 | 0.0 |
| 244695 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2021-B AFX, 1.140%, 02/15/2047 |  | 213328 | 0.1 |
|  |  |  | **3519935** | **1.3** |
|  | Total Asset-Backed Securities<br> (Cost $49,775,436) |  | **49843503** | **18.7** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.2%** |
| 1000000 <sup>(2)(3)</sup> | AREIT Ltd. 2025- CRE10 A, 5.702%, (TSFR1M + 1.388%), 12/17/2029 |  | 998580 | 0.4 |
| 1000000 <sup>(2)(3)</sup> | ARES1 2024-IND2 A, 5.755%, (TSFR1M + 1.443%), 10/15/2034 |  | 1002300 | 0.4 |
| 1000000 <sup>(3)</sup> | BANK5 2024-5YR10 B, 6.140%, 10/15/2057 |  | 1030825 | 0.4 |
| 834297 <sup>(2)(3)</sup> | BFLD Mortgage Trust 2024-WRHS A, 5.804%, (TSFR1M + 1.492%), 08/15/2026 |  | 835450 | 0.3 |
| 2000000 <sup>(2)(3)</sup> | BHMS 2018-ATLS D, 6.859%, (TSFR1M + 2.547%), 07/15/2035 |  | 1999152 | 0.7 |
| 1897655 <sup>(2)(3)</sup> | BLP Commercial Mortgage Trust 2024- IND2 B, 6.003%, (TSFR1M + 1.692%), 03/15/2041 |  | 1902658 | 0.7 |
| 1250000 <sup>(3)</sup> | BMO Mortgage Trust 2024-5C6 B, 6.086%, 09/15/2057 |  | 1281871 | 0.5 |
| 865385 <sup>(2)(3)</sup> | BX 2024-PALM A, 5.853%, (TSFR1M + 1.541%), 06/15/2037 |  | 866573 | 0.3 |
| 1028758 <sup>(2)(3)</sup> | BX Commercial Mortgage Trust 2021- ACNT B, 5.676%, (TSFR1M + 1.364%), 11/15/2038 |  | 1027977 | 0.4 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1198975 <sup>(2)(3)</sup> | BX Commercial Mortgage Trust 2024- AIR2 B, 6.104%, (TSFR1M + 1.792%), 10/15/2041 | $1203215 | 0.4 |
| 800000 <sup>(2)(3)</sup> | BX Trust 2021-ARIA C, 6.072%, (TSFR1M + 1.760%), 10/15/2036 | 799302 | 0.3 |
| 168072 <sup>(2)(3)</sup> | BX Trust 2022-PSB A, 6.763%, (TSFR1M + 2.451%), 08/15/2039 | 168230 | 0.1 |
| 1000000 <sup>(2)(3)</sup> | BX Trust 2025-LUNR B, 6.162%, (TSFR1M + 1.850%), 06/15/2040 | 1003171 | 0.4 |
| 1800000 <sup>(2)(3)</sup> | BXSC Commercial Mortgage Trust 2022- WSS B, 6.404%, (TSFR1M + 2.092%), 03/15/2035 | 1802057 | 0.7 |
| 340000 <sup>(2)(3)</sup> | BXSC Commercial Mortgage Trust 2022- WSS C, 6.703%, (TSFR1M + 2.391%), 03/15/2035 | 340530 | 0.1 |
| 1500000 <sup>(2)(3)</sup> | CSTL Commercial Mortgage Trust 2024- GATE B, 5.221%, 11/10/2041 | 1493366 | 0.5 |
| 1500000 <sup>(2)</sup> | ELM Trust 2024- ELM B15, 6.195%, 06/10/2039 | 1509423 | 0.6 |
| 1115046 <sup>(2)(3)</sup> | Extended Stay America Trust 2021-ESH C, 6.126%, (TSFR1M + 1.814%), 07/15/2038 | 1116693 | 0.4 |
| 9711 | Ginnie Mae 2017-51 AB, 2.350%, 04/16/2057 | 9640 | 0.0 |
| 679 | Ginnie Mae 2017-70 A, 2.500%, 10/16/2057 | 677 | 0.0 |
| 36976 | Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051 | 36279 | 0.0 |
| 99562 <sup>(3)</sup> | GS Mortgage Securities Trust 2015-GC30 AS, 3.777%, 05/10/2050 | 97627 | 0.0 |
| 500000 <sup>(2)</sup> | ICNQ Mortgage Trust 2024-MF A, 5.778%, 12/10/2034 | 515054 | 0.2 |
| 2225000 <sup>(2)(3)</sup> | ILPT Commercial Mortgage Trust 2022- LPF2 A, 6.557%, (TSFR1M + 2.245%), 10/15/2039 | 2225959 | 0.8 |
| 1500000 <sup>(2)</sup> | ILPT Commercial Mortgage Trust 2025- LPF2 A, 5.292%, 07/15/2042 | 1522109 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1300000 <sup>(2)(3)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2021- NYAH B, 5.766%, (TSFR1M + 1.454%), 06/15/2038 | $| 1237306 | 0.5 |
| 1000000 <sup>(2)(3)</sup> | LBA Trust 2024-BOLT A, 5.903%, (TSFR1M + 1.591%), 06/15/2039 |  | 1002026 | 0.4 |
| 1600000 <sup>(2)(3)</sup> | MHP 2022-MHIL B, 5.426%, (TSFR1M + 1.114%), 01/15/2039 |  | 1599194 | 0.6 |
| 1810000 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 AS, 3.561%, 04/15/2048 |  | 1766030 | 0.7 |
| 500000 <sup>(2)(3)</sup> | MTN Commercial Mortgage Trust 2022- LPFL A, 5.717%, (TSFR1M + 1.397%), 03/15/2039 |  | 499978 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | NXPT Commercial Mortgage Trust 2024- STOR A, 4.455%, 11/05/2041 |  | 983756 | 0.4 |
| 1200000 <sup>(2)(3)</sup> | ONNI Commerical Mortgage Trust 2024- APT A, 5.753%, 07/15/2039 |  | 1227809 | 0.5 |
| 1000000 <sup>(2)</sup> | PRM Trust 2025-PRM6 A, 4.480%, 07/05/2033 |  | 992778 | 0.4 |
| 618564 <sup>(2)</sup> | THPT Mortgage Trust 2023-THL A, 7.227%, 12/10/2034 |  | 629571 | 0.2 |
| 250000 <sup>(2)(3)</sup> | WMRK Commercial Mortgage Trust 2022- WMRK A, 7.101%, (TSFR1M + 2.789%), 11/15/2027 |  | 250538 | 0.1 |
|  | Total Commercial Mortgage-Backed Securities<br> (Cost $34,650,275) |  | **34977704** | **13.2** |
| **U.S. TREASURY OBLIGATIONS: 13.0%** | **U.S. TREASURY OBLIGATIONS: 13.0%** | **U.S. TREASURY OBLIGATIONS: 13.0%** | **U.S. TREASURY OBLIGATIONS: 13.0%** | **U.S. TREASURY OBLIGATIONS: 13.0%** |
|  | **United States Treasury Notes: 13.0%** | **United States Treasury Notes: 13.0%** | **United States Treasury Notes: 13.0%** | **United States Treasury Notes: 13.0%** |
| 189400 | 1.250%, 11/30/2026 |  | 182660 | 0.1 |
| 128900 | 1.500%, 11/30/2028 |  | 119827 | 0.0 |
| 1295800 | 3.375%, 09/15/2027 |  | 1287043 | 0.5 |
| 4145500 | 3.750%, 06/30/2027 |  | 4148253 | 1.6 |
| 10000000 | 3.750%, 05/15/2028 |  | 10016406 | 3.8 |
| 14314400 | 3.875%, 06/15/2028 |  | 14391004 | 5.4 |
| 1072300 | 3.875%, 06/30/2030 |  | 1076447 | 0.4 |
| 107900 | 4.000%, 02/28/2030 |  | 104094 | 0.0 |
| 2021600 | 4.000%, 06/30/2032 |  | 2023337 | 0.8 |
| 398400 | 4.125%, 06/15/2026 |  | 398927 | 0.1 |
| 7900 | 4.250%, 05/15/2035 |  | 7913 | 0.0 |
| 69000 | 4.375%, 12/15/2026 |  | 69526 | 0.0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **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)** | **U.S. TREASURY OBLIGATIONS: (continued)** |
|  | **United States Treasury Notes (continued)** | **United States Treasury Notes (continued)** | **United States Treasury Notes (continued)** | **United States Treasury Notes (continued)** |
| 802000 | 4.625%, 03/15/2026 | $| 804883 | 0.3 |
|  |  |  | **34630320** | **13.0** |
|  | Total U.S. Treasury Obligations<br> (Cost $34,471,219) |  | **34630320** | **13.0** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 11.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 11.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 11.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 11.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 11.4%** |
| 621558 <sup>(3)</sup> | Fannie Mae REMIC Trust 2006-43 FJ, 4.830%, (SOFR30A + 0.524%), 06/25/2036 |  | 617088 | 0.2 |
| 240729 <sup>(3)</sup> | Fannie Mae REMIC Trust 2007-14 PF, 4.610%, (SOFR30A + 0.304%), 03/25/2037 |  | 236709 | 0.1 |
| 816848 <sup>(3)</sup> | Fannie Mae REMIC Trust 2007-75 AF, 4.690%, (SOFR30A + 0.384%), 08/25/2037 |  | 806794 | 0.3 |
| 138793 <sup>(3)</sup> | Fannie Mae REMIC Trust 2010-123 FL, 4.850%, (SOFR30A + 0.544%), 11/25/2040 |  | 137754 | 0.1 |
| 334266 <sup>(3)</sup> | Fannie Mae REMIC Trust 2010-136 FG, 4.920%, (SOFR30A + 0.614%), 12/25/2030 |  | 334958 | 0.1 |
| 747981 <sup>(3)</sup> | Fannie Mae REMIC Trust 2011-51 FM, 5.070%, (SOFR30A + 0.764%), 06/25/2041 |  | 745384 | 0.3 |
| 49249 <sup>(3)</sup> | Fannie Mae REMIC Trust 2011-68 F, 4.690%, (SOFR30A + 0.384%), 07/25/2031 |  | 49224 | 0.0 |
| 52233 <sup>(3)</sup> | Fannie Mae REMIC Trust 2011-96 FN, 4.920%, (SOFR30A + 0.614%), 10/25/2041 |  | 51945 | 0.0 |
| 230440 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-34 PF, 4.770%, (SOFR30A + 0.464%), 08/25/2042 |  | 228774 | 0.1 |
| 4685124 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-103 FH, 5.555%, (SOFR30A + 1.250%), 01/25/2055 |  | 4680636 | 1.8 |
| 3951568 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-15 FD, 5.655%, (SOFR30A + 1.350%), 04/25/2054 |  | 3962136 | 1.5 |
| 12866 <sup>(2)(3)</sup> | Flagstar Mortgage Trust 2017-2 A3, 3.500%, 10/25/2047 |  | 11710 | 0.0 |
| 218491 <sup>(2)(3)</sup> | Flagstar Mortgage Trust 2020-2 A2, 3.000%, 08/25/2050 |  | 188587 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1435011 <sup>(3)</sup> | Freddie Mac REMIC Trust 3119 PF, 4.718%, (SOFR30A + 0.414%), 02/15/2036 | $1421035 | 0.5 |
| 880973 <sup>(3)</sup> | Freddie Mac REMIC Trust 3153 UF, 4.848%, (SOFR30A + 0.544%), 05/15/2036 | 877077 | 0.3 |
| 332188 <sup>(3)</sup> | Freddie Mac REMIC Trust 3626 FA, 5.068%, (SOFR30A + 0.764%), 05/15/2036 | 331506 | 0.1 |
| 195863 <sup>(3)</sup> | Freddie Mac REMIC Trust 4508 CF, 4.818%, (SOFR30A + 0.514%), 09/15/2045 | 194024 | 0.1 |
| 222683 <sup>(3)</sup> | Freddie Mac REMIC Trust 4879 DF, 4.818%, (SOFR30A + 0.514%), 08/15/2034 | 221182 | 0.1 |
| 5371000 <sup>(3)</sup> | Freddie Mac REMIC Trust 5410 DF, 5.755%, (SOFR30A + 1.450%), 05/25/2054 | 5393481 | 2 |
| 354518 <sup>(3)</sup> | Ginnie Mae 2012-H11 FA, 5.146%, (TSFR1M + 0.814%), 02/20/2062 | 356584 | 0.1 |
| 61947 <sup>(3)</sup> | Ginnie Mae 2014-H05 FB, 5.046%, (TSFR1M + 0.714%), 12/20/2063 | 62193 | 0 |
| 907647 <sup>(3)</sup> | Ginnie Mae 2015-H30 FE, 5.046%, (TSFR1M + 0.714%), 11/20/2065 | 910270 | 0.3 |
| 634780 <sup>(3)</sup> | Ginnie Mae 2016-H06 FD, 5.366%, (TSFR1M + 1.034%), 07/20/2065 | 637544 | 0.2 |
| 530275 <sup>(3)</sup> | Ginnie Mae 2016-H16 FE, 6.297%, (TSFR12M + 1.095%), 06/20/2066 | 535086 | 0.2 |
| 172717 <sup>(3)</sup> | Ginnie Mae 2017-H09 FG, 4.916%, (TSFR1M + 0.584%), 03/20/2067 | 173037 | 0.1 |
| 1025720 <sup>(3)</sup> | Ginnie Mae 2020-H09 NF, 5.696%, (TSFR1M + 1.364%), 04/20/2070 | 1042856 | 0.4 |
| 2372531 <sup>(3)</sup> | Ginnie Mae 2020-H13 FC, 4.896%, (TSFR1M + 0.564%), 07/20/2070 | 2342940 | 0.9 |
| 751719 | Ginnie Mae 2023- 86 DA, 5.500%, 08/20/2050 | 756307 | 0.3 |
| 5646 <sup>(2)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050 | 5338 | 0 |
| 146385 <sup>(2)(3)</sup> | JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050 | 132165 | 0.1 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 266534 <sup>(2)(3)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051 | $| 216373 | 0.1 |
| 1488323 <sup>(2)(3)</sup> | OBX Trust 2023-J1 A3, 4.500%, 01/25/2053 |  | 1435380 | 0.5 |
| 492449 <sup>(2)(3)</sup> | RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051 |  | 399323 | 0.2 |
| 580371 | Seasoned Credit Risk Transfer Trust Series 2018-2 MA, 3.500%, 11/25/2057 |  | 562995 | 0.2 |
| 123702 <sup>(2)(3)</sup> | Sequoia Mortgage Trust 2014-4 B3, 3.896%, 11/25/2044 |  | 120117 | 0.0 |
| 30927 <sup>(2)(3)</sup> | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 |  | 29056 | 0.0 |
| 66789 <sup>(3)</sup> | WaMu Mortgage Pass- Through Certificates Series Trust 2004-AR4 A6, 5.489%, 06/25/2034 |  | 65476 | 0.0 |
| 155680 <sup>(2)(3)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-1 A17, 3.000%, 12/25/2049 |  | 134850 | 0.1 |
|  | Total Collateralized Mortgage Obligations (Cost $30,529,737) |  | **30407894** | **11.4** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** |
|  | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** |
| 3240 | 6.500%, 10/01/2032 |  | 3347 | 0.0 |
| 3775 | 7.000%, 10/01/2032 |  | 3981 | 0.0 |
|  |  |  | **7328** | **0.0** |
|  | Total U.S. Government Agency Obligations<br> (Cost $7,134) |  | **7328** | **0.0** |
|  | Total Long-Term Investments<br> (Cost $260,531,542) |  | **261994349** | **98.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** |
|  | **Commercial Paper: 0.5%** | **Commercial Paper: 0.5%** | **Commercial Paper: 0.5%** |
| 750000 | Agilent Technologies, Inc., 4.710%, 07/24/2025 | 747686 | 0.3 |
| 500000 | Concord Minutemen Capital Co. LLC, 4.340%, 07/01/2025 | 499939 | 0.2 |
|  | Total Commercial Paper<br> (Cost $1,247,819) | **1247625** | **0.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** |
| 611350 <sup>(4)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $611,423, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $623,577, due 07/10/25-05/15/42) | $611350 | 0.2 |
| 1000000 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,000,120, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $1,020,000, due 06/01/30-02/01/57) | 1000000 | 0.4 |
| 1000000 <sup>(4)</sup> | Daiwa Capital Markets America Inc., 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, 1.500%- 7.500%, Market Value plus accrued interest $1,020,000, due 08/15/34-06/01/55) | 1000000 | 0.4 |
|  | Total Repurchase Agreements<br> (Cost $2,611,350) | **2611350** | **1.0** |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 0.0%** | **Mutual Funds: 0.0%** | **Mutual Funds: 0.0%** |
| 108000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230%<br> (Cost $108,000) | $**108000** | **0.0** |
|  | Total Short-Term Investments<br> (Cost $3,967,169) | $**3966975** | **1.5** |
|  | **Total Investments in Securities<br> (Cost $264,498,711)**  | $**265961324** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **368266** | **0.1** |
|  | **Net Assets** | $**266329590** | **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> | Variable rate security. Rate shown is the rate in effect as of June 30, 2025. |
| <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. |

---

---

| | |
|:---|:---|
| Reference Rate Abbreviations: | 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 |
| TSFR12M | 12-month CME Term Secured Overnight Financing Rate |

---

See Accompanying Notes to Financial Statements

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other <br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Corporate Bonds/Notes | $— | $112127600 | $— | $112127600 |
| Asset-Backed Securities |  | 49843503 |  | 49843503 |
| Commercial Mortgage-Backed Securities |  | 34977704 |  | 34977704 |
| U.S. Treasury Obligations |  | 34630320 |  | 34630320 |
| Collateralized Mortgage Obligations |  | 30407894 |  | 30407894 |
| U.S. Government Agency Obligations |  | 7328 |  | 7328 |
| Short-Term Investments | 108000 | 3858975 |  | 3966975 |
| Total Investments, at fair value | $108000 | $265853324 | $— | $265961324 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Futures | 335630 |  |  | 335630 |
| Total Assets | $443630 | $265853324 | $— | $266296954 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Futures | $(398822) | $— | $— | $(398822) |
| Total Liabilities | $(398822) | $— | $— | $(398822) |

---

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

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At June 30, 2025, the following futures contracts were outstanding for Voya Limited Maturity 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;U.S. Treasury 2-Year Note | 494 | 09/30/25 | $102763578 | $335630 |
|  |  |  | $102763578 | $335630 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (214) | 09/30/25 | (23326000) | (257880) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (13) | 09/19/25 | (1457625) | (26128) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | (6) | 09/19/25 | (692812) | (24895) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (38) | 09/19/25 | (4342094) | (79790) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | (2) | 09/19/25 | (238250) | (10129) |
|  |  |  | $(30056781) | $(398822) |

---

**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> | $335630 |
| **Total Asset Derivatives** |  | $335630 |

---

See Accompanying Notes to Financial Statements

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $398822 |
| **Total Liability Derivatives** |  | $398822 |

---

\* 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** |
| Interest rate contracts | $142949 |
| **Total** | $142949 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(297833) |
| **Total** | $(297833) |

---

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 $264,516,092. | Cost for U.S. federal income tax purposes was $264,516,092. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $2115929 |
| Gross Unrealized Depreciation | (733889) |
| Net Unrealized Appreciation | $1382040 |

---

See Accompanying Notes to Financial Statements

<u> Voya U.S. Stock Index Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** |
|  | **Communication Services: 9.6%** | **Communication Services: 9.6%** | **Communication Services: 9.6%** |
| 472588 | Alphabet, Inc. - Class A | $83284183 | 1.9 |
| 381216 | Alphabet, Inc. - Class C | 67623906 | 1.6 |
| 584287 | AT&T, Inc. | 16909266 | 0.4 |
| 7750 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 3168278 | 0.1 |
| 302412 | Comcast Corp. - Class A | 10793084 | 0.3 |
| 18530 | Electronic Arts, Inc. | 2959241 | 0.1 |
| 17380 | Fox Corp. - Class A | 973975 | 0.0 |
| 10712 | Fox Corp. - Class B | 553061 | 0.0 |
| 30023 | Interpublic Group of Cos., Inc. | 734963 | 0.0 |
| 12798 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 1936081 | 0.0 |
| 19912 | Match Group, Inc. | 615082 | 0.0 |
| 176299 | Meta Platforms, Inc. - Class A | 130124529 | 3.0 |
| 34557 <sup>(1)</sup> | Netflix, Inc. | 46276315 | 1.1 |
| 30629 | News Corp. - Class A | 910294 | 0.0 |
| 9050 | News Corp. - Class B | 310506 | 0.0 |
| 15843 | Omnicom Group, Inc. | 1139745 | 0.0 |
| 48865 <sup>(2)</sup> | Paramount Global - Class B | 630359 | 0.0 |
| 13757 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 3340888 | 0.1 |
| 5443 | TKO Group Holdings, Inc. | 990354 | 0.0 |
| 38724 | T-Mobile US, Inc. | 9226380 | 0.2 |
| 342342 | Verizon Communications, Inc. | 14813138 | 0.3 |
| 145978 | Walt Disney Co. | 18102732 | 0.4 |
| 182816 <sup>(1)</sup> | Warner Bros Discovery, Inc. | 2095071 | 0.1 |
|  |  | **417511431** | **9.6** |
|  | **Consumer Discretionary: 10.2%** | **Consumer Discretionary: 10.2%** | **Consumer Discretionary: 10.2%** |
| 35046 <sup>(1)</sup> | Airbnb, Inc. - Class A | 4637988 | 0.1 |
| 767229 <sup>(1)</sup> | Amazon.com, Inc. | 168322370 | 3.9 |
| 17680 <sup>(1)</sup> | Aptiv PLC | 1206130 | 0.0 |
| 1358 <sup>(1)</sup> | AutoZone, Inc. | 5041208 | 0.1 |
| 15642 | Best Buy Co., Inc. | 1050047 | 0.0 |
| 2642 | Booking Holdings, Inc. | 15295172 | 0.4 |
| 16887 <sup>(1)</sup> | Caesars Entertainment, Inc. | 479422 | 0.0 |
| 12370 <sup>(1)</sup> | CarMax, Inc. | 831388 | 0.0 |
| 85256 <sup>(1)</sup> | Carnival Corp. | 2397399 | 0.1 |
| 109407 <sup>(1)</sup> | Chipotle Mexican Grill, Inc. | 6143203 | 0.1 |
| 22449 | D.R. Horton, Inc. | 2894125 | 0.1 |
| 9503 | Darden Restaurants, Inc. | 2071369 | 0.1 |
| 12324 <sup>(1)</sup> | Deckers Outdoor Corp. | 1270235 | 0.0 |
| 2780 | Domino's Pizza, Inc. | 1252668 | 0.0 |
| 27841 <sup>(1)</sup> | DoorDash, Inc. - Class A | 6863085 | 0.2 |
| 37433 | eBay, Inc. | 2787261 | 0.1 |
| 9874 | Expedia Group, Inc. | 1665546 | 0.0 |
| 317145 | Ford Motor Co. | 3441023 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 12508 | Garmin Ltd. | $| 2610670 | 0.1 |
| 78069 | General Motors Co. |  | 3841775 | 0.1 |
| 11270 | Genuine Parts Co. |  | 1367164 | 0.0 |
| 10696 | Hasbro, Inc. |  | 789579 | 0.0 |
| 19301 | Hilton Worldwide Holdings, Inc. |  | 5140628 | 0.1 |
| 80708 | Home Depot, Inc. |  | 29590781 | 0.7 |
| 27541 | Las Vegas Sands Corp. |  | 1198309 | 0.0 |
| 18853 | Lennar Corp. - Class A |  | 2085330 | 0.1 |
| 20962 | LKQ Corp. |  | 775804 | 0.0 |
| 45448 | Lowe's Cos., Inc. |  | 10083548 | 0.2 |
| 8976 <sup>(1)</sup> | Lululemon Athletica, Inc. |  | 2132518 | 0.1 |
| 18460 | Marriott International, Inc. - Class A |  | 5043457 | 0.1 |
| 58061 | McDonald's Corp. |  | 16963682 | 0.4 |
| 16795 <sup>(1)</sup> | MGM Resorts International |  | 577580 | 0.0 |
| 4214 <sup>(1)</sup> | Mohawk Industries, Inc. |  | 441796 | 0.0 |
| 95663 | NIKE, Inc. - Class B |  | 6795900 | 0.2 |
| 36281 <sup>(1)</sup> | Norwegian Cruise Line Holdings Ltd. |  | 735779 | 0.0 |
| 237 <sup>(1)</sup> | NVR, Inc. |  | 1750401 | 0.0 |
| 69413 <sup>(1)</sup> | O'Reilly Automotive, Inc. |  | 6256194 | 0.1 |
| 3053 | Pool Corp. |  | 889888 | 0.0 |
| 16275 | PulteGroup, Inc. |  | 1716361 | 0.0 |
| 3239 | Ralph Lauren Corp. |  | 888393 | 0.0 |
| 26702 | Ross Stores, Inc. |  | 3406641 | 0.1 |
| 20287 | Royal Caribbean Cruises Ltd. |  | 6352671 | 0.2 |
| 92276 | Starbucks Corp. |  | 8455250 | 0.2 |
| 16865 | Tapestry, Inc. |  | 1480916 | 0.0 |
| 227543 <sup>(1)</sup> | Tesla, Inc. |  | 72281309 | 1.7 |
| 90660 | TJX Cos., Inc. |  | 11195603 | 0.3 |
| 43053 | Tractor Supply Co. |  | 2271907 | 0.1 |
| 3666 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 1715028 | 0.0 |
| 9983 | Williams-Sonoma, Inc. |  | 1630923 | 0.0 |
| 7146 | Wynn Resorts Ltd. |  | 669366 | 0.0 |
| 22571 | Yum! Brands, Inc. |  | 3344571 | 0.1 |
|  |  |  | **442129361** | **10.2** |
|  | **Consumer Staples: 5.4%** | **Consumer Staples: 5.4%** | **Consumer Staples: 5.4%** | **Consumer Staples: 5.4%** |
| 136779 | Altria Group, Inc. |  | 8019353 | 0.2 |
| 39013 | Archer-Daniels- Midland Co. |  | 2059106 | 0.1 |
| 14789 | Brown-Forman Corp. - Class B |  | 397972 | 0.0 |
| 10914 | Bunge Global SA |  | 876176 | 0.0 |
| 15980 | Campbell Soup Co. |  | 489787 | 0.0 |
| 19998 | Church & Dwight Co., Inc. |  | 1922008 | 0.1 |
| 10008 | Clorox Co. |  | 1201661 | 0.0 |
| 314539 | Coca-Cola Co. |  | 22253634 | 0.5 |
| 65807 | Colgate-Palmolive Co. |  | 5981856 | 0.1 |
| 38762 | Conagra Brands, Inc. |  | 793458 | 0.0 |
| 12430 | Constellation Brands, Inc. - Class A |  | 2022112 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u> Voya U.S. Stock Index Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 36027 | Costco Wholesale Corp. | $| 35664568 | 0.8 |
| 17860 | Dollar General Corp. |  | 2042827 | 0.1 |
| 16040 <sup>(1)</sup> | Dollar Tree, Inc. |  | 1588602 | 0.0 |
| 19018 | Estee Lauder Cos., Inc. - Class A |  | 1536654 | 0.0 |
| 44466 | General Mills, Inc. |  | 2303783 | 0.1 |
| 12017 | Hershey Co. |  | 1994221 | 0.1 |
| 23666 | Hormel Foods Corp. |  | 715897 | 0.0 |
| 8641 | JM Smucker Co. |  | 848546 | 0.0 |
| 21832 | Kellogg Co. |  | 1736299 | 0.0 |
| 155898 | Kenvue, Inc. |  | 3262945 | 0.1 |
| 110286 | Keurig Dr Pepper, Inc. |  | 3646055 | 0.1 |
| 26944 | Kimberly-Clark Corp. |  | 3473621 | 0.1 |
| 70156 | Kraft Heinz Co. |  | 1811428 | 0.0 |
| 49742 | Kroger Co. |  | 3567994 | 0.1 |
| 11459 | Lamb Weston Holdings, Inc. |  | 594149 | 0.0 |
| 20518 | McCormick & Co., Inc. |  | 1555675 | 0.0 |
| 13912 | Molson Coors Beverage Co. - Class B |  | 669028 | 0.0 |
| 105140 | Mondelez International, Inc. - Class A |  | 7090642 | 0.2 |
| 57017 <sup>(1)</sup> | Monster Beverage Corp. |  | 3571545 | 0.1 |
| 111333 | PepsiCo, Inc. |  | 14700409 | 0.3 |
| 126390 | Philip Morris International, Inc. |  | 23019411 | 0.5 |
| 190378 | Procter & Gamble Co. |  | 30331023 | 0.7 |
| 39362 | Sysco Corp. |  | 2981278 | 0.1 |
| 36894 | Target Corp. |  | 3639593 | 0.1 |
| 23242 | Tyson Foods, Inc. - Class A |  | 1300158 | 0.0 |
| 58280 | Walgreens Boots Alliance, Inc. |  | 669054 | 0.0 |
| 350826 | Walmart, Inc. |  | 34303766 | 0.8 |
|  |  |  | **234636294** | **5.4** |
|  | **Energy: 2.9%** | **Energy: 2.9%** | **Energy: 2.9%** | **Energy: 2.9%** |
| 29301 | APA Corp. |  | 535915 | 0.0 |
| 80450 | Baker Hughes Co. |  | 3084453 | 0.1 |
| 17585 | Chesapeake Energy Corp. |  | 2056390 | 0.0 |
| 131882 | Chevron Corp. |  | 18884184 | 0.4 |
| 102508 | ConocoPhillips |  | 9199068 | 0.2 |
| 61977 | Coterra Energy, Inc. |  | 1572976 | 0.0 |
| 52139 | Devon Energy Corp. |  | 1658542 | 0.0 |
| 15184 | Diamondback Energy, Inc. |  | 2086282 | 0.1 |
| 44318 | EOG Resources, Inc. |  | 5300876 | 0.1 |
| 48609 | EQT Corp. |  | 2834877 | 0.1 |
| 349975 | Exxon Mobil Corp. |  | 37727305 | 0.9 |
| 69809 | Halliburton Co. |  | 1422707 | 0.0 |
| 22512 | Hess Corp. |  | 3118813 | 0.1 |
| 156976 | Kinder Morgan, Inc. |  | 4615094 | 0.1 |
| 24946 | Marathon Petroleum Corp. |  | 4143780 | 0.1 |
| 57537 | Occidental Petroleum Corp. |  | 2417129 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 50721 | ONEOK, Inc. | $| 4140355 | 0.1 |
| 33084 | Phillips 66 |  | 3946921 | 0.1 |
| 110446 | Schlumberger NV |  | 3733075 | 0.1 |
| 17615 | Targa Resources Corp. |  | 3066419 | 0.1 |
| 1531 | Texas Pacific Land Corp. |  | 1617333 | 0.0 |
| 25433 | Valero Energy Corp. |  | 3418704 | 0.1 |
| 99146 | Williams Cos., Inc. |  | 6227360 | 0.1 |
|  |  |  | **126808558** | **2.9** |
|  | **Financials: 13.8%** | **Financials: 13.8%** | **Financials: 13.8%** | **Financials: 13.8%** |
| 39511 | Aflac, Inc. |  | 4166830 | 0.1 |
| 21503 | Allstate Corp. |  | 4328769 | 0.1 |
| 44942 | American Express Co. |  | 14335599 | 0.3 |
| 46798 | American International Group, Inc. |  | 4005441 | 0.1 |
| 7732 | Ameriprise Financial, Inc. |  | 4126800 | 0.1 |
| 17534 | Aon PLC - Class A |  | 6255430 | 0.1 |
| 36660 | Apollo Global Management, Inc. |  | 5200954 | 0.1 |
| 30306 | Arch Capital Group Ltd. |  | 2759361 | 0.1 |
| 20795 | Arthur J Gallagher & Co. |  | 6656895 | 0.2 |
| 4117 | Assurant, Inc. |  | 813066 | 0.0 |
| 532086 | Bank of America Corp. |  | 25178310 | 0.6 |
| 58094 | Bank of New York Mellon Corp. |  | 5292944 | 0.1 |
| 148900 <sup>(1)</sup> | Berkshire Hathaway, Inc. - Class B |  | 72331153 | 1.7 |
| 11825 | Blackrock, Inc. |  | 12407381 | 0.3 |
| 59248 | Blackstone, Inc. |  | 8862316 | 0.2 |
| 22754 | Brown & Brown, Inc. |  | 2522736 | 0.1 |
| 51938 | Capital One Financial Corp. |  | 11050329 | 0.3 |
| 8503 | Cboe Global Markets, Inc. |  | 1982985 | 0.1 |
| 138687 | Charles Schwab Corp. |  | 12653802 | 0.3 |
| 30261 | Chubb Ltd. |  | 8767217 | 0.2 |
| 12692 | Cincinnati Financial Corp. |  | 1890093 | 0.0 |
| 151661 | Citigroup, Inc. |  | 12909384 | 0.3 |
| 35213 | Citizens Financial Group, Inc. |  | 1575782 | 0.0 |
| 29261 | CME Group, Inc. |  | 8064917 | 0.2 |
| 17166 <sup>(1)</sup> | Coinbase Global, Inc. - Class A |  | 6016511 | 0.1 |
| 5724 <sup>(1)</sup> | Corpay, Inc. |  | 1899338 | 0.0 |
| 2025 | Erie Indemnity Co. - Class A |  | 702250 | 0.0 |
| 3454 | Everest Re Group Ltd. |  | 1173842 | 0.0 |
| 3081 | FactSet Research Systems, Inc. |  | 1378070 | 0.0 |
| 42662 | Fidelity National Information Services, Inc. |  | 3473113 | 0.1 |
| 54201 | Fifth Third Bancorp |  | 2229287 | 0.1 |
| 45020 <sup>(1)</sup> | Fiserv, Inc. |  | 7761898 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u> Voya U.S. Stock Index Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 25177 | Franklin Resources, Inc. | $600472 | 0.0 |
| 19803 | Global Payments, Inc. | 1585032 | 0.0 |
| 6703 | Globe Life, Inc. | 833116 | 0.0 |
| 24916 | Goldman Sachs Group, Inc. | 17634299 | 0.4 |
| 23069 | Hartford Financial Services Group, Inc. | 2926764 | 0.1 |
| 118294 | Huntington Bancshares, Inc. | 1982607 | 0.1 |
| 46579 | Intercontinental Exchange, Inc. | 8545849 | 0.2 |
| 36342 | Invesco Ltd. | 573113 | 0.0 |
| 5913 | Jack Henry & Associates, Inc. | 1065345 | 0.0 |
| 225664 | JPMorgan Chase & Co. | 65422250 | 1.5 |
| 80092 | KeyCorp | 1395203 | 0.0 |
| 54964 | KKR & Co., Inc. | 7311861 | 0.2 |
| 14133 | Loews Corp. | 1295431 | 0.0 |
| 13034 | M&T Bank Corp. | 2528466 | 0.1 |
| 3045 | MarketAxess Holdings, Inc. | 680070 | 0.0 |
| 40010 | Marsh & McLennan Cos., Inc. | 8747786 | 0.2 |
| 65865 | Mastercard, Inc. - Class A | 37012178 | 0.9 |
| 45788 | MetLife, Inc. | 3682271 | 0.1 |
| 12563 | Moody's Corp. | 6301475 | 0.1 |
| 100309 | Morgan Stanley | 14129526 | 0.3 |
| 6283 | MSCI, Inc. | 3623657 | 0.1 |
| 33566 | Nasdaq, Inc. | 3001472 | 0.1 |
| 15797 | Northern Trust Corp. | 2002902 | 0.1 |
| 78970 <sup>(1)</sup> | PayPal Holdings, Inc. | 5869050 | 0.1 |
| 32120 | PNC Financial Services Group, Inc. | 5987810 | 0.1 |
| 16748 | Principal Financial Group, Inc. | 1330294 | 0.0 |
| 47602 | Progressive Corp. | 12703070 | 0.3 |
| 28745 | Prudential Financial, Inc. | 3088363 | 0.1 |
| 14744 | Raymond James Financial, Inc. | 2261287 | 0.1 |
| 72994 | Regions Financial Corp. | 1716819 | 0.0 |
| 25489 | S&P Global, Inc. | 13440095 | 0.3 |
| 23157 | State Street Corp. | 2462515 | 0.1 |
| 30910 | Synchrony Financial | 2062933 | 0.1 |
| 17890 | T. Rowe Price Group, Inc. | 1726385 | 0.0 |
| 18398 | Travelers Cos., Inc. | 4922201 | 0.1 |
| 106335 | Truist Financial Corp. | 4571342 | 0.1 |
| 126513 | US Bancorp | 5724713 | 0.1 |
| 138933 | Visa, Inc. - Class A | 49328162 | 1.1 |
| 24335 | W.R. Berkley Corp. | 1787893 | 0.0 |
| 264242 | Wells Fargo & Co. | 21171069 | 0.5 |
| 8051 | Willis Towers Watson PLC | 2467632 | 0.1 |
|  |  | **598275581** | **13.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: 9.1%** | **Health Care: 9.1%** | **Health Care: 9.1%** |
| 141276 | Abbott Laboratories | $19214949 | 0.4 |
| 143433 | AbbVie, Inc. | 26624033 | 0.6 |
| 23151 | Agilent Technologies, Inc. | 2732050 | 0.1 |
| 5533 <sup>(1)</sup> | Align Technology, Inc. | 1047563 | 0.0 |
| 14007 | AmerisourceBergen Corp. | 4199999 | 0.1 |
| 43662 | Amgen, Inc. | 12190867 | 0.3 |
| 41670 | Baxter International, Inc. | 1261768 | 0.0 |
| 23273 | Becton Dickinson and Co. | 4008774 | 0.1 |
| 11898 <sup>(1)</sup> | Biogen, Inc. | 1494270 | 0.0 |
| 12730 | Bio-Techne Corp. | 654958 | 0.0 |
| 120132 <sup>(1)</sup> | Boston Scientific Corp. | 12903378 | 0.3 |
| 165250 | Bristol-Myers Squibb Co. | 7649423 | 0.2 |
| 19381 | Cardinal Health, Inc. | 3256008 | 0.1 |
| 40406 <sup>(1)</sup> | Centene Corp. | 2193238 | 0.1 |
| 3988 <sup>(1)</sup> | Charles River Laboratories International, Inc. | 605099 | 0.0 |
| 21692 | Cigna Group | 7170941 | 0.2 |
| 16239 <sup>(1)</sup> | Cooper Cos., Inc. | 1155567 | 0.0 |
| 102720 | CVS Health Corp. | 7085626 | 0.2 |
| 51720 | Danaher Corp. | 10216769 | 0.2 |
| 3372 <sup>(1)</sup> | DaVita, Inc. | 480341 | 0.0 |
| 31839 <sup>(1)</sup> | Dexcom, Inc. | 2779226 | 0.1 |
| 47632 <sup>(1)</sup> | Edwards Lifesciences Corp. | 3725299 | 0.1 |
| 18346 | Elevance Health, Inc. | 7135860 | 0.2 |
| 63874 | Eli Lilly & Co. | 49791699 | 1.2 |
| 37181 | GE HealthCare Technologies, Inc. | 2753997 | 0.1 |
| 101008 | Gilead Sciences, Inc. | 11198757 | 0.3 |
| 14065 | HCA Healthcare, Inc. | 5388301 | 0.1 |
| 9884 <sup>(1)</sup> | Henry Schein, Inc. | 722026 | 0.0 |
| 18095 <sup>(1)</sup> | Hologic, Inc. | 1179070 | 0.0 |
| 9800 | Humana, Inc. | 2395904 | 0.1 |
| 6530 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 3502300 | 0.1 |
| 13046 <sup>(1)</sup> | Incyte Corp. | 888433 | 0.0 |
| 5714 <sup>(1)</sup> | Insulet Corp. | 1795225 | 0.0 |
| 29104 <sup>(1)</sup> | Intuitive Surgical, Inc. | 15815405 | 0.4 |
| 13345 <sup>(1)</sup> | IQVIA Holdings, Inc. | 2103039 | 0.1 |
| 195375 | Johnson & Johnson | 29843531 | 0.7 |
| 6796 | Labcorp Holdings, Inc. | 1784018 | 0.0 |
| 10159 | McKesson Corp. | 7444312 | 0.2 |
| 104143 | Medtronic PLC | 9078145 | 0.2 |
| 203897 | Merck & Co., Inc. | 16140487 | 0.4 |
| 1688 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 1982927 | 0.0 |
| 27635 <sup>(1)</sup> | Moderna, Inc. | 762450 | 0.0 |
| 4401 <sup>(1)</sup> | Molina Healthcare, Inc. | 1311058 | 0.0 |
| 461655 | Pfizer, Inc. | 11190517 | 0.3 |
| 9065 | Quest Diagnostics, Inc. | 1628346 | 0.0 |
| 8433 | Regeneron Pharmaceuticals, Inc. | 4427325 | 0.1 |
| 11906 | ResMed, Inc. | 3071748 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u> Voya U.S. Stock Index Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 9571 | Revvity, Inc. | $| 925707 | 0.0 |
| 11239 <sup>(1)</sup> | Solventum Corp. |  | 852366 | 0.0 |
| 7978 | STERIS PLC |  | 1916475 | 0.0 |
| 27929 | Stryker Corp. |  | 11049550 | 0.3 |
| 30653 | Thermo Fisher Scientific, Inc. |  | 12428565 | 0.3 |
| 73660 | UnitedHealth Group, Inc. |  | 22979710 | 0.5 |
| 4644 | Universal Health Services, Inc. - Class B |  | 841261 | 0.0 |
| 20852 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. |  | 9283310 | 0.2 |
| 95304 | Viatris, Inc. |  | 851065 | 0.0 |
| 4832 <sup>(1)</sup> | Waters Corp. |  | 1686561 | 0.0 |
| 5834 | West Pharmaceutical Services, Inc. |  | 1276479 | 0.0 |
| 16065 | Zimmer Biomet Holdings, Inc. |  | 1465289 | 0.0 |
| 36151 | Zoetis, Inc. |  | 5637748 | 0.1 |
|  |  |  | **397179112** | **9.1** |
|  | **Industrials: 8.4%** | **Industrials: 8.4%** | **Industrials: 8.4%** | **Industrials: 8.4%** |
| 43701 | 3M Co. |  | 6653040 | 0.2 |
| 9439 | A.O. Smith Corp. |  | 618915 | 0.0 |
| 6987 | Allegion PLC |  | 1006966 | 0.0 |
| 18748 | AMETEK, Inc. |  | 3392638 | 0.1 |
| 32961 | Automatic Data Processing, Inc. |  | 10165172 | 0.2 |
| 6005 <sup>(1)</sup> | Axon Enterprise, Inc. |  | 4971780 | 0.1 |
| 61226 <sup>(1)</sup> | Boeing Co. |  | 12828684 | 0.3 |
| 9538 | Broadridge Financial Solutions, Inc. |  | 2318020 | 0.1 |
| 8974 <sup>(1)</sup> | Builders FirstSource, Inc. |  | 1047176 | 0.0 |
| 64741 | Carrier Global Corp. |  | 4738394 | 0.1 |
| 38190 | Caterpillar, Inc. |  | 14825740 | 0.3 |
| 12982 <sup>(1)</sup> | Ceridian HCM Holding, Inc. |  | 719073 | 0.0 |
| 9641 | CH Robinson Worldwide, Inc. |  | 925054 | 0.0 |
| 27870 | Cintas Corp. |  | 6211387 | 0.1 |
| 71387 <sup>(1)</sup> | Copart, Inc. |  | 3502960 | 0.1 |
| 152539 | CSX Corp. |  | 4977348 | 0.1 |
| 11186 | Cummins, Inc. |  | 3663415 | 0.1 |
| 20496 | Deere & Co. |  | 10422011 | 0.2 |
| 53020 | Delta Air Lines, Inc. |  | 2607524 | 0.1 |
| 11133 | Dover Corp. |  | 2039900 | 0.1 |
| 31774 | Eaton Corp. PLC |  | 11343000 | 0.3 |
| 45675 | Emerson Electric Co. |  | 6089848 | 0.1 |
| 10085 | Equifax, Inc. |  | 2615746 | 0.1 |
| 11120 | Expeditors International of Washington, Inc. |  | 1270460 | 0.0 |
| 93157 | Fastenal Co. |  | 3912594 | 0.1 |
| 17899 | FedEx Corp. |  | 4068622 | 0.1 |
| 27599 | Fortive Corp. |  | 1438736 | 0.0 |
| 86591 | GE Aerospace |  | 22287657 | 0.5 |
| 22162 | GE Vernova, Inc. |  | 11727022 | 0.3 |
| 4797 <sup>(1)</sup> | Generac Holdings, Inc. |  | 686978 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 20455 | General Dynamics Corp. | $5965905 | 0.1 |
| 52186 | Honeywell International, Inc. | 12153076 | 0.3 |
| 32779 | Howmet Aerospace, Inc. | 6101155 | 0.1 |
| 4334 | Hubbell, Inc. | 1770049 | 0.0 |
| 3186 | Huntington Ingalls Industries, Inc. | 769292 | 0.0 |
| 6134 | IDEX Corp. | 1076946 | 0.0 |
| 21651 | Illinois Tool Works, Inc. | 5353210 | 0.1 |
| 32761 | Ingersoll Rand, Inc. | 2725060 | 0.1 |
| 9757 | Jacobs Solutions, Inc. | 1282558 | 0.0 |
| 6363 | JB Hunt Transport Services, Inc. | 913727 | 0.0 |
| 53434 | Johnson Controls International PLC | 5643699 | 0.1 |
| 15180 | L3Harris Technologies, Inc. | 3807751 | 0.1 |
| 10452 | Leidos Holdings, Inc. | 1648908 | 0.0 |
| 2593 | Lennox International, Inc. | 1486411 | 0.0 |
| 16932 | Lockheed Martin Corp. | 7841886 | 0.2 |
| 17129 | Masco Corp. | 1102422 | 0.0 |
| 4390 | Nordson Corp. | 941084 | 0.0 |
| 18306 | Norfolk Southern Corp. | 4685787 | 0.1 |
| 10986 | Northrop Grumman Corp. | 5492780 | 0.1 |
| 15101 | Old Dominion Freight Line, Inc. | 2450892 | 0.1 |
| 32048 | Otis Worldwide Corp. | 3173393 | 0.1 |
| 42627 | PACCAR, Inc. | 4052123 | 0.1 |
| 10376 | Parker-Hannifin Corp. | 7247325 | 0.2 |
| 26030 | Paychex, Inc. | 3786324 | 0.1 |
| 3957 | Paycom Software, Inc. | 915650 | 0.0 |
| 13360 | Pentair PLC | 1371538 | 0.0 |
| 12034 | Quanta Services, Inc. | 4549815 | 0.1 |
| 108480 | Raytheon Technologies Corp. | 15840250 | 0.4 |
| 16494 | Republic Services, Inc. | 4067585 | 0.1 |
| 9153 | Rockwell Automation, Inc. | 3040352 | 0.1 |
| 22825 | Rollins, Inc. | 1287786 | 0.0 |
| 4246 | Snap-on, Inc. | 1321270 | 0.0 |
| 46273 | Southwest Airlines Co. | 1501096 | 0.0 |
| 12563 | Stanley Black & Decker, Inc. | 851143 | 0.0 |
| 14660 | Textron, Inc. | 1177051 | 0.0 |
| 18109 | Trane Technologies PLC | 7921058 | 0.2 |
| 4561 | TransDigm Group, Inc. | 6935639 | 0.2 |
| 169804 <sup>(1)</sup> | Uber Technologies, Inc. | 15842713 | 0.4 |
| 48515 | Union Pacific Corp. | 11162331 | 0.3 |
| 26520 <sup>(1)</sup> | United Airlines Holdings, Inc. | 2111788 | 0.1 |
| 59579 | United Parcel Service, Inc. - Class B | 6013904 | 0.1 |
| 5278 | United Rentals, Inc. | 3976445 | 0.1 |
| 20126 | Veralto Corp. | 2031720 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u> Voya U.S. Stock Index Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 11359 | Verisk Analytics, Inc. | $| 3538329 | 0.1 |
| 29735 | Waste Management, Inc. |  | 6803963 | 0.2 |
| 13896 | Westinghouse Air Brake Technologies Corp. |  | 2909128 | 0.1 |
| 3550 | WW Grainger, Inc. |  | 3692852 | 0.1 |
| 19760 | Xylem, Inc. |  | 2556154 | 0.1 |
|  |  |  | **365967183** | **8.4** |
|  | **Information Technology: 32.5%** | **Information Technology: 32.5%** | **Information Technology: 32.5%** | **Information Technology: 32.5%** |
| 50834 | Accenture PLC - Class A |  | 15193774 | 0.4 |
| 34608 <sup>(1)</sup> | Adobe, Inc. |  | 13389143 | 0.3 |
| 131659 <sup>(1)</sup> | Advanced Micro Devices, Inc. |  | 18682412 | 0.4 |
| 11872 <sup>(1)</sup> | Akamai Technologies, Inc. |  | 946911 | 0.0 |
| 98220 | Amphenol Corp. - Class A |  | 9699225 | 0.2 |
| 40274 | Analog Devices, Inc. |  | 9586017 | 0.2 |
| 7139 <sup>(1)</sup> | ANSYS, Inc. |  | 2507360 | 0.1 |
| 1212799 | Apple, Inc. |  | 248829971 | 5.7 |
| 65971 | Applied Materials, Inc. |  | 12077311 | 0.3 |
| 83625 <sup>(1)</sup> | Arista Networks, Inc. |  | 8555674 | 0.2 |
| 17372 <sup>(1)</sup> | Autodesk, Inc. |  | 5377850 | 0.1 |
| 381801 | Broadcom, Inc. |  | 105243446 | 2.4 |
| 22171 <sup>(1)</sup> | Cadence Design Systems, Inc. |  | 6831994 | 0.2 |
| 10693 | CDW Corp. |  | 1909663 | 0.1 |
| 323040 | Cisco Systems, Inc. |  | 22412515 | 0.5 |
| 40027 | Cognizant Technology Solutions Corp. - Class A |  | 3123307 | 0.1 |
| 62591 | Corning, Inc. |  | 3291661 | 0.1 |
| 20225 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A |  | 10300795 | 0.2 |
| 24326 | Dell Technologies, Inc. - Class C |  | 2982368 | 0.1 |
| 10654 <sup>(1)</sup> | Enphase Energy, Inc. |  | 422431 | 0.0 |
| 4600 <sup>(1)</sup> | EPAM Systems, Inc. |  | 813372 | 0.0 |
| 4664 <sup>(1)</sup> | F5, Inc. |  | 1372708 | 0.0 |
| 1977 <sup>(1)</sup> | Fair Isaac Corp. |  | 3613877 | 0.1 |
| 8708 <sup>(1)</sup> | First Solar, Inc. |  | 1441522 | 0.0 |
| 51586 <sup>(1)</sup> | Fortinet, Inc. |  | 5453672 | 0.1 |
| 6250 <sup>(1)</sup> | Gartner, Inc. |  | 2526375 | 0.1 |
| 44320 | Gen Digital, Inc. |  | 1303008 | 0.0 |
| 11570 <sup>(1)</sup> | GoDaddy, Inc. - Class A |  | 2083294 | 0.1 |
| 106663 | Hewlett Packard Enterprise Co. |  | 2181258 | 0.1 |
| 76548 | HP, Inc. |  | 1872364 | 0.0 |
| 354197 | Intel Corp. |  | 7934013 | 0.2 |
| 75468 | International Business Machines Corp. |  | 22246457 | 0.5 |
| 22701 | Intuit, Inc. |  | 17879989 | 0.4 |
| 8716 | Jabil, Inc. |  | 1900960 | 0.0 |
| 26885 | Juniper Networks, Inc. |  | 1073518 | 0.0 |
| 14032 <sup>(1)</sup> | Keysight Technologies, Inc. |  | 2299283 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 10738 | KLA Corp. | $| 9618456 | 0.2 |
| 103865 | Lam Research Corp. |  | 10110219 | 0.2 |
| 43671 | Microchip Technology, Inc. |  | 3073128 | 0.1 |
| 90748 | Micron Technology, Inc. |  | 11184691 | 0.3 |
| 603527 | Microsoft Corp. |  | 300200365 | 6.9 |
| 3888 | Monolithic Power Systems, Inc. |  | 2843605 | 0.1 |
| 13554 | Motorola Solutions, Inc. |  | 5698915 | 0.1 |
| 16517 | NetApp, Inc. |  | 1759886 | 0.0 |
| 1980285 | NVIDIA Corp. |  | 312865227 | 7.2 |
| 20514 | NXP Semiconductors NV |  | 4482104 | 0.1 |
| 33933 <sup>(1)</sup> | ON Semiconductor Corp. |  | 1778428 | 0.0 |
| 132069 | Oracle Corp. |  | 28874245 | 0.7 |
| 172724 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A |  | 23545736 | 0.5 |
| 53763 <sup>(1)</sup> | Palo Alto Networks, Inc. |  | 11002060 | 0.3 |
| 9740 <sup>(1)</sup> | PTC, Inc. |  | 1678592 | 0.0 |
| 89093 | Qualcomm, Inc. |  | 14188951 | 0.3 |
| 1 <sup>(1)</sup> | Ralliant Corp. |  | 32 | 0.0 |
| 8730 | Roper Technologies, Inc. |  | 4948513 | 0.1 |
| 77910 | Salesforce, Inc. |  | 21245278 | 0.5 |
| 17232 | Seagate Technology Holdings PLC |  | 2487095 | 0.1 |
| 16809 <sup>(1)</sup> | ServiceNow, Inc. |  | 17280997 | 0.4 |
| 12191 | Skyworks Solutions, Inc. |  | 908473 | 0.0 |
| 41677 <sup>(1)</sup> | Super Micro Computer, Inc. |  | 2042590 | 0.1 |
| 12555 <sup>(1)</sup> | Synopsys, Inc. |  | 6436697 | 0.2 |
| 24080 | TE Connectivity PLC |  | 4061574 | 0.1 |
| 3805 <sup>(1)</sup> | Teledyne Technologies, Inc. |  | 1949340 | 0.1 |
| 13026 | Teradyne, Inc. |  | 1171298 | 0.0 |
| 73769 | Texas Instruments, Inc. |  | 15315920 | 0.4 |
| 19373 <sup>(1)</sup> | Trimble, Inc. |  | 1471960 | 0.0 |
| 3502 <sup>(1)</sup> | Tyler Technologies, Inc. |  | 2076126 | 0.1 |
| 6557 | VeriSign, Inc. |  | 1893662 | 0.0 |
| 28329 | Western Digital Corp. |  | 1812773 | 0.0 |
| 17591 <sup>(1)</sup> | Workday, Inc. - Class A |  | 4221840 | 0.1 |
| 4129 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 1273218 | 0.0 |
|  |  |  | **1410861492** | **32.5** |
|  | **Materials: 1.8%** | **Materials: 1.8%** | **Materials: 1.8%** | **Materials: 1.8%** |
| 18071 | Air Products and Chemicals, Inc. |  | 5097106 | 0.1 |
| 9554 <sup>(2)</sup> | Albemarle Corp. |  | 598749 | 0.0 |
| 186065 | Amcor PLC |  | 1709937 | 0.0 |
| 6348 | Avery Dennison Corp. |  | 1113884 | 0.0 |
| 22527 | Ball Corp. |  | 1263539 | 0.0 |
| 13155 | CF Industries Holdings, Inc. |  | 1210260 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u> Voya U.S. Stock Index Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** |  |  |
| 55393 | Corteva, Inc. | $4128440 | 0.1 |
| 57398 | Dow, Inc. | 1519899 | 0.0 |
| 33982 | DuPont de Nemours, Inc. | 2330825 | 0.1 |
| 9375 | Eastman Chemical Co. | 699938 | 0.0 |
| 20489 | Ecolab, Inc. | 5520556 | 0.1 |
| 116620 | Freeport-McMoRan, Inc. | 5055477 | 0.1 |
| 20770 | International Flavors & Fragrances, Inc. | 1527634 | 0.0 |
| 42866 | International Paper Co. | 2007415 | 0.1 |
| 38223 | Linde PLC US | 17933467 | 0.4 |
| 20878 | LyondellBasell Industries NV - Class A | 1208001 | 0.0 |
| 4895 | Martin Marietta Materials, Inc. | 2687159 | 0.1 |
| 25759 | Mosaic Co. | 939688 | 0.0 |
| 90376 | Newmont Corp. | 5265306 | 0.1 |
| 18737 | Nucor Corp. | 2427191 | 0.1 |
| 7255 | Packaging Corp. of America | 1367205 | 0.0 |
| 18433 | PPG Industries, Inc. | 2096754 | 0.1 |
| 18721 | Sherwin-Williams Co. | 6428043 | 0.2 |
| 40268 | Smurfit WestRock PLC | 1737564 | 0.1 |
| 11211 | Steel Dynamics, Inc. | 1435120 | 0.0 |
| 10727 | Vulcan Materials Co. | 2797816 | 0.1 |
|  |  | **80106973** | **1.8** |
|  | **Real Estate: 2.0%** |  |  |
| 12502 | Alexandria Real Estate Equities, Inc. | 908020 | 0.0 |
| 38013 | American Tower Corp. | 8401633 | 0.2 |
| 11546 | AvalonBay Communities, Inc. | 2349611 | 0.1 |
| 11828 | Boston Properties, Inc. | 798035 | 0.0 |
| 8675 | Camden Property Trust | 977586 | 0.0 |
| 23844 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 3341021 | 0.1 |
| 34257 <sup>(1)</sup> | CoStar Group, Inc. | 2754263 | 0.1 |
| 35360 | Crown Castle, Inc. | 3632533 | 0.1 |
| 25707 | Digital Realty Trust, Inc. | 4481501 | 0.1 |
| 7943 | Equinix, Inc. | 6318418 | 0.1 |
| 27767 | Equity Residential | 1873995 | 0.0 |
| 5228 | Essex Property Trust, Inc. | 1481615 | 0.0 |
| 17232 | Extra Space Storage, Inc. | 2540686 | 0.1 |
| 6304 | Federal Realty Investment Trust | 598817 | 0.0 |
| 56413 | Healthpeak Properties, Inc. | 987792 | 0.0 |
| 56330 | Host Hotels & Resorts, Inc. | 865229 | 0.0 |
| 46288 | Invitation Homes, Inc. | 1518246 | 0.0 |
| 23958 | Iron Mountain, Inc. | 2457372 | 0.1 |
| 54932 | Kimco Realty Corp. | 1154671 | 0.0 |
| 9505 | Mid-America Apartment Communities, Inc. | 1406835 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 75348 | Prologis, Inc. | $| 7920582 | 0.2 |
| 12821 | Public Storage |  | 3761938 | 0.1 |
| 73331 | Realty Income Corp. |  | 4224599 | 0.1 |
| 13266 | Regency Centers Corp. |  | 944937 | 0.0 |
| 8725 | SBA Communications Corp. |  | 2048979 | 0.1 |
| 24915 | Simon Property Group, Inc. |  | 4005336 | 0.1 |
| 24480 | UDR, Inc. |  | 999518 | 0.0 |
| 36646 | Ventas, Inc. |  | 2314195 | 0.1 |
| 85805 | VICI Properties, Inc. |  | 2797243 | 0.1 |
| 50446 | Welltower, Inc. |  | 7755064 | 0.2 |
| 58893 | Weyerhaeuser Co. |  | 1512961 | 0.0 |
|  |  |  | **87133231** | **2.0** |
|  | **Utilities: 2.4%** | **Utilities: 2.4%** | **Utilities: 2.4%** | **Utilities: 2.4%** |
| 57807 | AES Corp. |  | 608130 | 0.0 |
| 20858 | Alliant Energy Corp. |  | 1261283 | 0.0 |
| 21947 | Ameren Corp. |  | 2107790 | 0.1 |
| 43377 | American Electric Power Co., Inc. |  | 4500797 | 0.1 |
| 15835 | American Water Works Co., Inc. |  | 2202807 | 0.1 |
| 12898 | Atmos Energy Corp. |  | 1987711 | 0.0 |
| 53002 | CenterPoint Energy, Inc. |  | 1947293 | 0.0 |
| 24289 | CMS Energy Corp. |  | 1682742 | 0.0 |
| 29256 | Consolidated Edison, Inc. |  | 2935840 | 0.1 |
| 25450 | Constellation Energy Corp. |  | 8214242 | 0.2 |
| 69247 | Dominion Energy, Inc. |  | 3913840 | 0.1 |
| 16850 | DTE Energy Co. |  | 2231951 | 0.1 |
| 63114 | Duke Energy Corp. |  | 7447452 | 0.2 |
| 31243 | Edison International |  | 1612139 | 0.0 |
| 36243 | Entergy Corp. |  | 3012518 | 0.1 |
| 18684 | Evergy, Inc. |  | 1287888 | 0.0 |
| 29832 | Eversource Energy |  | 1897912 | 0.0 |
| 81975 | Exelon Corp. |  | 3559354 | 0.1 |
| 41710 | FirstEnergy Corp. |  | 1679245 | 0.0 |
| 167162 | NextEra Energy, Inc. |  | 11604386 | 0.3 |
| 38221 | NiSource, Inc. |  | 1541835 | 0.0 |
| 15876 | NRG Energy, Inc. |  | 2549368 | 0.1 |
| 178453 | PG&E Corp. |  | 2487635 | 0.1 |
| 9695 | Pinnacle West Capital Corp. |  | 867412 | 0.0 |
| 60029 | PPL Corp. |  | 2034383 | 0.0 |
| 40519 | Public Service Enterprise Group, Inc. |  | 3410889 | 0.1 |
| 52957 | Sempra Energy |  | 4012552 | 0.1 |
| 89244 | Southern Co. |  | 8195276 | 0.2 |
| 27554 | Vistra Corp. |  | 5340241 | 0.1 |
| 25914 | WEC Energy Group, Inc. |  | 2700239 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u> Voya U.S. Stock Index Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 46833 | Xcel Energy, Inc. | $3189327 | 0.1 |
|  |  | **102024477** | **2.4** |
|  | Total Common Stock <br> (Cost $2,391,902,161) | **4262633693** | **98.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.8%** | **SHORT-TERM INVESTMENTS: 1.8%** | **SHORT-TERM INVESTMENTS: 1.8%** | **SHORT-TERM INVESTMENTS: 1.8%** |
|  | **Repurchase Agreements: 0.0%** | **Repurchase Agreements: 0.0%** | **Repurchase Agreements: 0.0%** |
| 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 | 0.0 |
| 186396 <sup>(3)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 06/30/2025, 4.400%, due 07/01/2025 (Repurchase Amount $186,418, collateralized by various U.S. Government Securities, 4.750%, Market Value plus accrued interest $190,124, due 05/15/55) | 186396 | 0.0 |
|  | Total Repurchase Agreements <br> (Cost $1,186,396) | **1186396** | **0.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 1.8%** | **Mutual Funds: 1.8%** | **Mutual Funds: 1.8%** |
| 75232000 <sup>(4)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% <br> (Cost $75,232,000) | $**75232000** | **1.8** |
|  | Total Short-Term Investments <br> (Cost $76,418,396) | $**76418396** | **1.8** |
|  | **Total Investments in Securities <br> (Cost $2,468,320,557)** | $**4339052089** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **6271534** | **0.1** |
|  | **Net Assets** | $**4345323623** | **100.0** |

---

---

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

---

See Accompanying Notes to Financial Statements

<u> Voya U.S. Stock Index Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| |
|:---|
| **Fair Value Measurements^** |
| The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the assets and liabilities: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical <br> Investments <br> (Level 1)** | **Significant Other<br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $4262633693 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $4262633693 |
| Short-Term Investments | 75232000 | 1186396 |  | 76418396 |
| Total Investments, at fair value | $4337865693 | $1186396 | $— | $4339052089 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Futures | 1754532 |  |  | 1754532 |
| Total Assets | $4339620225 | $1186396 | $— | $4340806621 |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| \* | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At June 30, 2025, the following futures contracts were outstanding for Voya U.S. Stock Index Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number <br> of Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Unrealized <br> Appreciation** |
| <u>Long Contracts:</u> | <u>Long Contracts:</u> | <u>Long Contracts:</u> | <u>Long Contracts:</u> | <u>Long Contracts:</u> |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 268 | 09/19/25 | $83800250 | $1754532 |
|  |  |  | $83800250 | $1754532 |

---

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

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

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Location on Statement <br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** | **<u>Asset Derivatives</u>** | **<u>Asset Derivatives</u>** |
| Equity contracts | Variation margin receivable on futures contracts\* | $1754532 |
| **Total Asset Derivatives** |  | $1754532 |

---

\* 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 | $(543838) |
| **Total** | $(543838) |

---

See Accompanying Notes to Financial Statements

<u> Voya U.S. Stock Index Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $1766583 |
| **Total** | $1766583 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $2,478,640,965. | Cost for U.S. federal income tax purposes was $2,478,640,965. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $1971897824 |
| Gross Unrealized Depreciation | (109732168) |
| Net Unrealized Appreciation | $1862165656 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> CBRE Real Estate Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** |
|  | **Diversified REITs: 1.7%** | **Diversified REITs: 1.7%** | **Diversified REITs: 1.7%** |
| 81782 | Essential Properties Realty Trust, Inc. | $**2609664** | **1.7** |
|  | **Health Care REITs: 16.1%** | **Health Care REITs: 16.1%** | **Health Care REITs: 16.1%** |
| 68614 | American Healthcare REIT, Inc. | 2520878 | 1.7 |
| 244836 | Healthpeak Properties, Inc. | 4287078 | 2.8 |
| 109034 | Ventas, Inc. | 6885497 | 4.5 |
| 69775 | Welltower, Inc. | 10726511 | 7.1 |
|  |  | **24419964** | **16.1** |
|  | **Hotel & Resort REITs: 1.4%** | **Hotel & Resort REITs: 1.4%** | **Hotel & Resort REITs: 1.4%** |
| 87515 | DiamondRock Hospitality Co. | 670365 | 0.4 |
| 164707 | Sunstone Hotel Investors, Inc. | 1429657 | 1 |
|  |  | **2100022** | **1.4** |
|  | **Hotels, Resorts & Cruise Lines: 0.8%** | **Hotels, Resorts & Cruise Lines: 0.8%** | **Hotels, Resorts & Cruise Lines: 0.8%** |
| 4696 | Hilton Worldwide Holdings, Inc. | **1250733** | **0.8** |
|  | **Industrial REITs: 13.6%** | **Industrial REITs: 13.6%** | **Industrial REITs: 13.6%** |
| 37445 | Americold Realty Trust, Inc. | 622710 | 0.4 |
| 29532 | EastGroup Properties, Inc. | 4935388 | 3.3 |
| 89607 | First Industrial Realty Trust, Inc. | 4312785 | 2.9 |
| 66004 | Prologis, Inc. | 6938341 | 4.6 |
| 101655 | STAG Industrial, Inc. | 3688043 | 2.4 |
|  |  | **20497267** | **13.6** |
|  | **Multi-Family Residential REITs: 7.4%** | **Multi-Family Residential REITs: 7.4%** | **Multi-Family Residential REITs: 7.4%** |
| 29891 | Camden Property Trust | 3368417 | 2.2 |
| 13746 | Centerspace | 827372 | 0.6 |
| 82166 | Elme Communities | 1306439 | 0.9 |
| 144770 | Invitation Homes, Inc. | 4748456 | 3.1 |
| 65117 | Veris Residential, Inc. | 969592 | 0.6 |
|  |  | **11220276** | **7.4** |
|  | **Office REITs: 4.1%** | **Office REITs: 4.1%** | **Office REITs: 4.1%** |
| 52080 | COPT Defense Properties | 1436366 | 1 |
| 75057 | Cousins Properties, Inc. | 2253962 | 1.5 |
| 64829 | Vornado Realty Trust | 2479061 | 1.6 |
|  |  | **6169389** | **4.1** |
|  | **Other Specialized REITs: 3.0%** | **Other Specialized REITs: 3.0%** | **Other Specialized REITs: 3.0%** |
| 43946 | Iron Mountain, Inc. | **4507541** | **3.0** |
|  | **Residential REITs: 4.6%** | **Residential REITs: 4.6%** | **Residential REITs: 4.6%** |
| 115795 | Independence Realty Trust, Inc. | 2048414 | 1.4 |
| 119810 | UDR, Inc. | 4891842 | 3.2 |
|  |  | **6940256** | **4.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Retail REITs: 15.8%** | **Retail REITs: 15.8%** | **Retail REITs: 15.8%** |
| 204414 | Brixmor Property Group, Inc. | $5322941 | 3.5 |
| 44357 | Getty Realty Corp. | 1226027 | 0.8 |
| 54275 <sup>(1)</sup> | NetSTREIT Corp. | 918876 | 0.6 |
| 84939 | Realty Income Corp. | 4893336 | 3.2 |
| 41147 | Regency Centers Corp. | 2930901 | 1.9 |
| 53969 | Simon Property Group, Inc. | 8676056 | 5.8 |
|  |  | **23968137** | **15.8** |
|  | **Self-Storage REITs: 3.1%** | **Self-Storage REITs: 3.1%** | **Self-Storage REITs: 3.1%** |
| 82229 | CubeSmart | 3494733 | 2.3 |
| 32002 <sup>(1)</sup> | Smartstop Self Storage REIT, Inc. | 1159432 | 0.8 |
|  |  | **4654165** | **3.1** |
|  | **Single-Family Residential REITs: 3.1%** | **Single-Family Residential REITs: 3.1%** | **Single-Family Residential REITs: 3.1%** |
| 64507 | American Homes 4 Rent - Class A | 2326767 | 1.6 |
| 37498 | Equity LifeStyle Properties, Inc. | 2312502 | 1.5 |
|  |  | **4639269** | **3.1** |
|  | **Specialized REITs: 23.8%** | **Specialized REITs: 23.8%** | **Specialized REITs: 23.8%** |
| 3380 | American Tower Corp. | 747048 | 0.5 |
| 42538 | Digital Realty Trust, Inc. | 7415649 | 4.9 |
| 15557 | Equinix, Inc. | 12375127 | 8.2 |
| 43960 | Extra Space Storage, Inc. | 6481462 | 4.3 |
| 229526 | VICI Properties, Inc. | 7482548 | 4.9 |
| 58493 | Weyerhaeuser Co. | 1502685 | 1 |
|  |  | **36004519** | **23.8** |
|  | Total Common Stock<br> (Cost $146,091,834) | **148981202** | **98.5** |
| **Principal<br> Amount†** |  | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** |
|  | **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** |
| 1000000 <sup>(2)</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 | 0.6 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> CBRE Real Estate Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1000000 <sup>(2)</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 | 0.7 |
| 95818 <sup>(2)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 06/30/2025, 4.400%, due 07/01/2025 (Repurchase Amount $95,830, collateralized by various U.S. Government Securities, 4.750%, Market Value plus accrued interest $97,734, due 05/15/55) | 95818 | 0.1 |
|  | Total Repurchase Agreements<br> (Cost $2,095,818) | **2095818** | **1.4** |
| **Shares** |  | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 0.6%** | **Mutual Funds: 0.6%** | **Mutual Funds: 0.6%** |
| 923394 <sup>(3)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220%<br> (Cost $923,394) | $**923394** | **0.6** |
|  | Total Short-Term Investments<br> (Cost $3,019,212) | **3019212** | **2.0** |
|  | **Total Investments in Securities<br> (Cost $149,111,046)** | $**152000414** | **100.5** |
|  | **Liabilities in Excess of Other Assets** | **(829127)** | **(0.5)** |
|  | **Net Assets** | $**151171287** | **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> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(3)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> CBRE Real Estate Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $148981202 | $— | $— | $148981202 |
| Short-Term Investments | 923394 | 2095818 |  | 3019212 |
| Total Investments, at fair value | $149904596 | $2095818 | $— | $152000414 |

---

^ 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 $151,587,891. | Cost for U.S. federal income tax purposes was $151,587,891. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $8404506 |
| Gross Unrealized Depreciation | (7992001) |
| Net Unrealized Appreciation | $412505 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 97.1%** | **COMMON STOCK: 97.1%** | **COMMON STOCK: 97.1%** | **COMMON STOCK: 97.1%** |
|  | **Communication Services: 1.4%** | **Communication Services: 1.4%** | **Communication Services: 1.4%** |
| 44704 <sup>(1)(2)</sup> | AMC Entertainment Holdings, Inc. - Class A | $138582 | 0.1 |
| 2009 <sup>(2)</sup> | AMC Networks, Inc. - Class A | 12596 | 0.0 |
| 12750 <sup>(2)</sup> | Cargurus, Inc. | 426743 | 0.1 |
| 3854 | Cinemark Holdings, Inc. | 116314 | 0.0 |
| 2691 <sup>(1)(2)</sup> | Globalstar, Inc. | 63373 | 0.0 |
| 4885 <sup>(1)(2)</sup> | Gogo, Inc. | 71712 | 0.0 |
| 7234 | Gray Television, Inc. | 32770 | 0.0 |
| 2638 <sup>(2)</sup> | IMAX Corp. | 73759 | 0.0 |
| 2145 | Iridium Communications, Inc. | 64715 | 0.0 |
| 6291 | John Wiley & Sons, Inc. - Class A | 280767 | 0.1 |
| 12007 <sup>(2)</sup> | Lionsgate Studios Corp. | 69761 | 0.0 |
| 109797 <sup>(2)</sup> | Lumen Technologies, Inc. | 480911 | 0.2 |
| 30602 <sup>(2)</sup> | Magnite, Inc. | 738120 | 0.2 |
| 24687 <sup>(2)</sup> | PubMatic, Inc. - Class A | 307106 | 0.1 |
| 5936 <sup>(2)</sup> | QuinStreet, Inc. | 95570 | 0.0 |
| 6350 | Scholastic Corp. | 133223 | 0.1 |
| 2963 | Shutterstock, Inc. | 56178 | 0.0 |
| 6082 | Spok Holdings, Inc. | 107530 | 0.0 |
| 35190 <sup>(2)</sup> | Stagwell, Inc. | 158355 | 0.1 |
| 800 <sup>(2)</sup> | Starz Entertainment Corp. | 12856 | 0.0 |
| 11694 <sup>(2)</sup> | TechTarget, Inc. | 90862 | 0.0 |
| 6038 | Telephone and Data Systems, Inc. | 214832 | 0.1 |
| 10353 <sup>(2)</sup> | Thryv Holdings, Inc. | 125892 | 0.1 |
| 15427 <sup>(2)</sup> | Yelp, Inc. | 528683 | 0.2 |
|  |  | **4401210** | **1.4** |
|  | **Consumer Discretionary: 10.1%** | **Consumer Discretionary: 10.1%** | **Consumer Discretionary: 10.1%** |
| 4968 <sup>(2)</sup> | Abercrombie & Fitch Co. - Class A | 411599 | 0.1 |
| 14249 <sup>(2)</sup> | Accel Entertainment, Inc. | 167711 | 0.1 |
| 21200 <sup>(1)</sup> | Acushnet Holdings Corp. | 1543784 | 0.5 |
| 19595 <sup>(2)</sup> | Adient PLC | 381319 | 0.1 |
| 4020 <sup>(2)</sup> | Adtalem Global Education, Inc. | 511465 | 0.2 |
| 2584 | Advance Auto Parts, Inc. | 120130 | 0.0 |
| 21049 <sup>(1)</sup> | American Eagle Outfitters, Inc. | 202491 | 0.1 |
| 15183 | Arko Corp. | 64224 | 0.0 |
| 1658 <sup>(2)</sup> | Asbury Automotive Group, Inc. | 395499 | 0.1 |
| 919 <sup>(1)(2)</sup> | Biglari Holdings, Inc. - Class B | 268541 | 0.1 |
| 4039 <sup>(2)</sup> | BJ's Restaurants, Inc. | 180139 | 0.1 |
| 2455 <sup>(2)</sup> | Boot Barn Holdings, Inc. | 373160 | 0.1 |
| 18202 <sup>(2)</sup> | Bright Horizons Family Solutions, Inc. | 2249585 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 2768 <sup>(2)</sup> | Brinker International, Inc. | $499153 | 0.2 |
| 29917 | Brunswick Corp. | 1652615 | 0.5 |
| 23403 <sup>(2)</sup> | Capri Holdings Ltd. | 414233 | 0.1 |
| 336 <sup>(2)</sup> | Cavco Industries, Inc. | 145968 | 0.0 |
| 2139 | Century Communities, Inc. | 120468 | 0.0 |
| 46580 <sup>(2)</sup> | Coursera, Inc. | 408041 | 0.1 |
| 30129 | Dana, Inc. | 516712 | 0.2 |
| 40585 <sup>(1)(2)</sup> | EVgo, Inc. | 148135 | 0.0 |
| 5792 <sup>(2)</sup> | Five Below, Inc. | 759795 | 0.2 |
| 33894 <sup>(2)</sup> | Funko, Inc. - Class A | 161335 | 0.1 |
| 30952 | Garrett Motion, Inc. | 325306 | 0.1 |
| 49322 | Gentex Corp. | 1084591 | 0.3 |
| 8596 <sup>(1)(2)</sup> | GigaCloud Technology, Inc. - Class A | 170029 | 0.1 |
| 4803 <sup>(2)</sup> | G-III Apparel Group Ltd. | 107587 | 0.0 |
| 37185 <sup>(2)</sup> | Goodyear Tire & Rubber Co. | 385608 | 0.1 |
| 3361 <sup>(2)</sup> | Green Brick Partners, Inc. | 211340 | 0.1 |
| 425 | Group 1 Automotive, Inc. | 185602 | 0.1 |
| 3316 <sup>(2)</sup> | Hilton Grand Vacations, Inc. | 137714 | 0.0 |
| 14760 | International Game Technology PLC | 233356 | 0.1 |
| 12555 <sup>(1)</sup> | Jack in the Box, Inc. | 219210 | 0.1 |
| 3819 | KB Home | 202292 | 0.1 |
| 35337 <sup>(2)</sup> | KinderCare Learning Cos., Inc. | 356904 | 0.1 |
| 3026 <sup>(1)(2)</sup> | Kura Sushi USA, Inc. - Class A | 260478 | 0.1 |
| 20778 <sup>(2)</sup> | Laureate Education, Inc. | 485790 | 0.2 |
| 15201 <sup>(2)</sup> | Life Time Group Holdings, Inc. | 461046 | 0.1 |
| 1608 <sup>(2)</sup> | M/I Homes, Inc. | 180289 | 0.1 |
| 3375 | Meritage Homes Corp. | 226024 | 0.1 |
| 27333 <sup>(2)</sup> | Mister Car Wash, Inc. | 164271 | 0.1 |
| 9474 <sup>(2)</sup> | Modine Manufacturing Co. | 933189 | 0.3 |
| 21459 | Monarch Casino & Resort, Inc. | 1854916 | 0.6 |
| 18082 | OneSpaWorld Holdings Ltd. | 368692 | 0.1 |
| 1471 | Papa John's International, Inc. | 71991 | 0.0 |
| 55726 <sup>(1)(2)</sup> | Peloton Interactive, Inc. - Class A | 386738 | 0.1 |
| 7292 | Phinia, Inc. | 324421 | 0.1 |
| 20449 <sup>(2)</sup> | Planet Fitness, Inc. - Class A | 2229963 | 0.7 |
| 18186 <sup>(1)(2)</sup> | Portillo's, Inc. - Class A | 212231 | 0.1 |
| 33116 <sup>(1)(2)</sup> | RealReal, Inc. | 158626 | 0.0 |
| 42112 <sup>(2)</sup> | Sabre Corp. | 133074 | 0.0 |
| 7172 <sup>(2)</sup> | SeaWorld Entertainment, Inc. | 338160 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 9285 <sup>(2)</sup> | Shake Shack, Inc. - Class A | $| 1305471 | 0.4 |
| 1595 <sup>(2)</sup> | Skyline Champion Corp. |  | 99863 | 0.0 |
| 3146 | Sonic Automotive, Inc. - Class A |  | 251460 | 0.1 |
| 3305 | Strategic Education, Inc. |  | 281355 | 0.1 |
| 3908 <sup>(2)</sup> | Stride, Inc. |  | 567403 | 0.2 |
| 4040 <sup>(2)</sup> | Taylor Morrison Home Corp. |  | 248137 | 0.1 |
| 17674 <sup>(2)</sup> | Tri Pointe Homes, Inc. |  | 564684 | 0.2 |
| 32877 <sup>(2)</sup> | Udemy, Inc. |  | 231125 | 0.1 |
| 10512 <sup>(2)</sup> | Urban Outfitters, Inc. |  | 762541 | 0.2 |
| 6502 <sup>(1)</sup> | Vail Resorts, Inc. |  | 1021659 | 0.3 |
| 7011 <sup>(2)</sup> | Victoria's Secret & Co. |  | 129844 | 0.0 |
| 54065 | Wendy's Co. |  | 617422 | 0.2 |
| 19582 | Wolverine World Wide, Inc. |  | 354043 | 0.1 |
| 20562 | Wyndham Hotels & Resorts, Inc. |  | 1669840 | 0.5 |
|  |  |  | **32210387** | **10.1** |
|  | **Consumer Staples: 3.7%** | **Consumer Staples: 3.7%** | **Consumer Staples: 3.7%** | **Consumer Staples: 3.7%** |
| 2127 | Andersons, Inc. |  | 78167 | 0.0 |
| 1267 <sup>(2)</sup> | BellRing Brands, Inc. |  | 73397 | 0.0 |
| 4065 <sup>(2)</sup> | BJ's Wholesale Club Holdings, Inc. |  | 438329 | 0.1 |
| 3574 | Cal-Maine Foods, Inc. |  | 356078 | 0.1 |
| 678 | Casey's General Stores, Inc. |  | 345963 | 0.1 |
| 6349 <sup>(2)</sup> | Central Garden & Pet Co. - Class A |  | 198660 | 0.1 |
| 5073 <sup>(2)</sup> | Chefs' Warehouse, Inc. |  | 323708 | 0.1 |
| 17172 | Dole PLC |  | 240236 | 0.1 |
| 4432 | Fresh Del Monte Produce, Inc. |  | 143685 | 0.1 |
| 15337 <sup>(2)</sup> | Freshpet, Inc. |  | 1042303 | 0.3 |
| 1200 | Lancaster Colony Corp. |  | 207324 | 0.1 |
| 5717 <sup>(2)</sup> | Nature's Sunshine Products, Inc. |  | 84554 | 0.0 |
| 4746 <sup>(2)</sup> | Oddity Tech Ltd. - Class A |  | 358181 | 0.1 |
| 32183 <sup>(2)</sup> | Performance Food Group Co. |  | 2815047 | 0.9 |
| 64796 | Primo Brands Corp. - Class A |  | 1919258 | 0.6 |
| 11690 <sup>(2)</sup> | Simply Good Foods Co. |  | 369287 | 0.1 |
| 2330 | SpartanNash Co. |  | 61722 | 0.0 |
| 2050 <sup>(2)</sup> | Sprouts Farmers Market, Inc. |  | 337512 | 0.1 |
| 24851 <sup>(2)</sup> | SunOpta, Inc. |  | 144136 | 0.1 |
| 131824 | Utz Brands, Inc. |  | 1654391 | 0.5 |
| 6807 <sup>(2)</sup> | Vita Coco Co., Inc. |  | 245733 | 0.1 |
| 6566 <sup>(1)(2)</sup> | Vital Farms, Inc. |  | 252922 | 0.1 |
|  |  |  | **11690593** | **3.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: 4.0%** | **Energy: 4.0%** | **Energy: 4.0%** |
| 2488 <sup>(2)</sup> | Bristow Group, Inc. | $82029 | 0.0 |
| 37516 | Cactus, Inc. - Class A | 1640199 | 0.5 |
| 24037 | ChampionX Corp. | 597079 | 0.2 |
| 1518 | Chord Energy Corp. | 147018 | 0.0 |
| 4783 <sup>(2)</sup> | CNX Resources Corp. | 161091 | 0.1 |
| 1155 | Core Natural Resources, Inc. | 80550 | 0.0 |
| 4082 <sup>(1)</sup> | CVR Energy, Inc. | 109602 | 0.0 |
| 3174 | Delek US Holdings, Inc. | 67225 | 0.0 |
| 13413 | DT Midstream, Inc. | 1474223 | 0.5 |
| 7233 | Excelerate Energy, Inc. - Class A | 212072 | 0.1 |
| 1728 <sup>(2)</sup> | Expro Group Holdings NV | 14844 | 0.0 |
| 48818 | Flowco Holdings, Inc. - Class A | 869449 | 0.3 |
| 2884 <sup>(2)</sup> | Forum Energy Technologies, Inc. | 56151 | 0.0 |
| 2177 <sup>(2)</sup> | Gulfport Energy Corp. | 437947 | 0.1 |
| 2494 | International Seaways, Inc. | 90981 | 0.0 |
| 37028 | Liberty Energy, Inc. | 425081 | 0.1 |
| 7453 | Matador Resources Co. | 355657 | 0.1 |
| 10778 | Murphy Oil Corp. | 242505 | 0.1 |
| 5924 | Noble Corp. PLC | 157282 | 0.1 |
| 12823 <sup>(2)</sup> | Oceaneering International, Inc. | 265693 | 0.1 |
| 38749 <sup>(2)</sup> | Oil States International, Inc. | 207695 | 0.1 |
| 7366 | Ovintiv, Inc. | 280276 | 0.1 |
| 2908 <sup>(2)</sup> | Par Pacific Holdings, Inc. | 77149 | 0.0 |
| 29278 | Patterson-UTI Energy, Inc. | 173619 | 0.1 |
| 22409 | Peabody Energy Corp. | 300729 | 0.1 |
| 26543 | Permian Resources Corp. | 361516 | 0.1 |
| 12882 <sup>(2)</sup> | ProPetro Holding Corp. | 76906 | 0.0 |
| 14349 | Ranger Energy Services, Inc. - Class A | 171327 | 0.1 |
| 488 | Scorpio Tankers, Inc. | 19095 | 0.0 |
| 20547 | Select Water Solutions, Inc. | 177526 | 0.1 |
| 74238 | SM Energy Co. | 1834421 | 0.6 |
| 44488 <sup>(1)</sup> | Teekay Corp. Ltd. | 367026 | 0.1 |
| 10197 | Teekay Tankers Ltd. - Class A | 425419 | 0.1 |
| 45505 <sup>(1)(2)</sup> | Uranium Energy Corp. | 309434 | 0.1 |
| 2753 | Weatherford International PLC | 138503 | 0.0 |
| 10365 | World Fuel Services Corp. | 293848 | 0.1 |
|  |  | **12701167** | **4.0** |
|  | **Financials: 19.3%** | **Financials: 19.3%** | **Financials: 19.3%** |
| 2748 | Amalgamated Financial Corp. | 85738 | 0.0 |
| 1378 | Amerant Bancorp, Inc. | 25121 | 0.0 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 9862 | Ameris Bancorp | $638071 | 0.2 |
| 3008 | Associated Banc-Corp. | 73365 | 0.0 |
| 1906 | Atlantic Union Bankshares Corp. | 59620 | 0.0 |
| 253 <sup>(2)</sup> | Atlanticus Holdings Corp. | 13852 | 0.0 |
| 5245 <sup>(2)</sup> | Axos Financial, Inc. | 398830 | 0.1 |
| 21506 | Banc of California, Inc. | 302159 | 0.1 |
| 7090 | Banco Latinoamericano de Comercio Exterior SA - Class E | 285727 | 0.1 |
| 2598 <sup>(2)</sup> | Bancorp, Inc. | 148008 | 0.1 |
| 21773 | Bank of NT Butterfield & Son Ltd. | 964108 | 0.3 |
| 54531 | BankUnited, Inc. | 1940758 | 0.6 |
| 608 | BayCom Corp. | 16848 | 0.0 |
| 53885 | BGC Group, Inc. - Class A | 551244 | 0.2 |
| 2841 | Bread Financial Holdings, Inc. | 162278 | 0.1 |
| 942 <sup>(2)</sup> | Bridgewater Bancshares, Inc. | 14987 | 0.0 |
| 4100 | Brightsphere Investment Group, Inc. | 144484 | 0.1 |
| 31082 | BrightSpire Capital, Inc. | 156964 | 0.1 |
| 5086 | Brookline Bancorp, Inc. | 53657 | 0.0 |
| 33436 <sup>(2)</sup> | BRP Group, Inc. - Class A | 1431395 | 0.5 |
| 37320 | Burford Capital Ltd. | 532183 | 0.2 |
| 749 | Burke & Herbert Financial Services Corp. | 44738 | 0.0 |
| 7415 | Business First Bancshares, Inc. | 182780 | 0.1 |
| 10460 | Byline Bancorp, Inc. | 279596 | 0.1 |
| 3412 | Cadence Bank | 109116 | 0.0 |
| 900 | Capital City Bank Group, Inc. | 35415 | 0.0 |
| 5506 | Capitol Federal Financial, Inc. | 33587 | 0.0 |
| 2378 | Central Pacific Financial Corp. | 66655 | 0.0 |
| 1575 | ChoiceOne Financial Services, Inc. | 45202 | 0.0 |
| 4652 <sup>(1)</sup> | CNB Financial Corp. | 106345 | 0.0 |
| 11157 | CNO Financial Group, Inc. | 430437 | 0.1 |
| 1633 | Cohen & Steers, Inc. | 123047 | 0.0 |
| 27711 | Commerce Bancshares, Inc. | 1722793 | 0.6 |
| 3836 | Compass Diversified Holdings | 24090 | 0.0 |
| 15873 | ConnectOne Bancorp, Inc. | 367619 | 0.1 |
| 15016 | Cullen/Frost Bankers, Inc. | 1930157 | 0.6 |
| 11568 <sup>(2)</sup> | Customers Bancorp, Inc. | 679504 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 10798 | DigitalBridge Group, Inc. | $111759 | 0.0 |
| 1957 | Dime Community Bancshares, Inc. | 52722 | 0.0 |
| 6412 <sup>(2)</sup> | Donnelley Financial Solutions, Inc. | 395300 | 0.1 |
| 32507 | Eastern Bankshares, Inc. | 496382 | 0.2 |
| 11565 | Enact Holdings, Inc. | 429640 | 0.1 |
| 8086 <sup>(2)</sup> | Enova International, Inc. | 901751 | 0.3 |
| 9322 | Enterprise Financial Services Corp. | 513642 | 0.2 |
| 10146 | Equity Bancshares, Inc. - Class A | 413957 | 0.1 |
| 7352 | Essent Group Ltd. | 446487 | 0.1 |
| 7873 | Evercore, Inc. - Class A | 2125867 | 0.7 |
| 11820 | EVERTEC, Inc. | 426111 | 0.1 |
| 1814 | FB Financial Corp. | 82174 | 0.0 |
| 15368 | Fidelis Insurance Holdings Ltd. | 254801 | 0.1 |
| 10516 | Financial Institutions, Inc. | 270051 | 0.1 |
| 20704 | First BanCorp/Puerto Rico | 431264 | 0.1 |
| 67591 | First Financial Bancorp | 1639758 | 0.5 |
| 3502 | First Financial Corp. | 189773 | 0.1 |
| 69300 | First Hawaiian, Inc. | 1729728 | 0.6 |
| 38223 | First Horizon Corp. | 810328 | 0.3 |
| 57818 | First Interstate BancSystem, Inc. - Class A | 1666315 | 0.5 |
| 8787 | First Merchants Corp. | 336542 | 0.1 |
| 5642 | First Mid Bancshares, Inc. | 211519 | 0.1 |
| 1178 | FirstCash Holdings, Inc. | 159195 | 0.1 |
| 4138 <sup>(2)</sup> | Hamilton Insurance Group Ltd. - Class B | 89464 | 0.0 |
| 544 | Hamilton Lane, Inc. - Class A | 77313 | 0.0 |
| 4479 | Hancock Whitney Corp. | 257095 | 0.1 |
| 11615 | Hanmi Financial Corp. | 286658 | 0.1 |
| 13697 <sup>(1)</sup> | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 367901 | 0.1 |
| 685 | HBT Financial, Inc. | 17269 | 0.0 |
| 32215 | Heritage Commerce Corp. | 319895 | 0.1 |
| 1735 <sup>(2)</sup> | Heritage Insurance Holdings, Inc. | 43271 | 0.0 |
| 6716 | Hilltop Holdings, Inc. | 203831 | 0.1 |
| 947 | HomeTrust Bancshares, Inc. | 35427 | 0.0 |
| 2204 | Independent Bank Corp. | 138599 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 6931 | Jackson Financial, Inc. - Class A | $615403 | 0.2 |
| 3280 | Kinsale Capital Group, Inc. | 1587192 | 0.5 |
| 61022 | Ladder Capital Corp. | 655986 | 0.2 |
| 3038 <sup>(2)</sup> | Lemonade, Inc. | 133095 | 0.1 |
| 7269 <sup>(2)</sup> | LendingClub Corp. | 87446 | 0.0 |
| 8207 | MarketAxess Holdings, Inc. | 1832951 | 0.6 |
| 4681 | Mercantile Bank Corp. | 217245 | 0.1 |
| 7326 | Merchants Bancorp | 242271 | 0.1 |
| 3122 <sup>(2)</sup> | Metropolitan Bank Holding Corp. | 218540 | 0.1 |
| 5849 | MFA Financial, Inc. | 55332 | 0.0 |
| 596 | Mid Penn Bancorp, Inc. | 16807 | 0.0 |
| 3609 | MidWestOne Financial Group, Inc. | 103831 | 0.0 |
| 13700 | Moelis & Co. - Class A | 853784 | 0.3 |
| 4648 | Morningstar, Inc. | 1459147 | 0.5 |
| 2498 <sup>(2)</sup> | Mr Cooper Group, Inc. | 372727 | 0.1 |
| 4130 | Navient Corp. | 58233 | 0.0 |
| 757 | Nelnet, Inc. - Class A | 91688 | 0.0 |
| 16744 | New York Mortgage Trust, Inc. | 112185 | 0.0 |
| 10632 <sup>(2)</sup> | NMI Holdings, Inc. - Class A | 448564 | 0.2 |
| 1174 | Northrim BanCorp, Inc. | 109487 | 0.0 |
| 22912 | OceanFirst Financial Corp. | 403480 | 0.1 |
| 8133 | OFG Bancorp | 348092 | 0.1 |
| 29899 | Old National Bancorp | 638045 | 0.2 |
| 17869 | Old Second Bancorp, Inc. | 316996 | 0.1 |
| 3623 | Origin Bancorp, Inc. | 129486 | 0.0 |
| 76044 <sup>(2)</sup> | Oscar Health, Inc. - Class A | 1630383 | 0.5 |
| 522 <sup>(2)</sup> | Palomar Holdings, Inc. | 80518 | 0.0 |
| 10418 | Pathward Financial, Inc. | 824272 | 0.3 |
| 1972 | Peapack-Gladstone Financial Corp. | 55709 | 0.0 |
| 3541 | PennyMac Financial Services, Inc. | 352825 | 0.1 |
| 540 | Pinnacle Financial Partners, Inc. | 59621 | 0.0 |
| 1074 | Piper Sandler Cos. | 298508 | 0.1 |
| 6158 | QCR Holdings, Inc. | 418128 | 0.1 |
| 4445 | Radian Group, Inc. | 160109 | 0.1 |
| 7487 | Redwood Trust, Inc. | 44248 | 0.0 |
| 6633 | Renasant Corp. | 238324 | 0.1 |
| 23420 | RLI Corp. | 1691392 | 0.5 |
| 2668 | Safety Insurance Group, Inc. | 211812 | 0.1 |
| 7501 | Seacoast Banking Corp. of Florida | 207178 | 0.1 |
| 2154 | Selective Insurance Group, Inc. | 186644 | 0.1 |
| 17562 | ServisFirst Bancshares, Inc. | 1361231 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 2637 <sup>(1)(2)</sup> | Sezzle, Inc. | $| 472682 | 0.2 |
| 1194 <sup>(2)</sup> | Skyward Specialty Insurance Group, Inc. |  | 69001 | 0.0 |
| 1018 | SmartFinancial, Inc. |  | 34388 | 0.0 |
| 11524 | South Plains Financial, Inc. |  | 415325 | 0.1 |
| 1233 | Southern Missouri Bancorp, Inc. |  | 67544 | 0.0 |
| 3358 | Southside Bancshares, Inc. |  | 98826 | 0.0 |
| 1179 | SouthState Corp. |  | 108503 | 0.0 |
| 36418 | StepStone Group, Inc. - Class A |  | 2021199 | 0.6 |
| 6876 <sup>(2)</sup> | StoneX Group, Inc. |  | 626679 | 0.2 |
| 2588 <sup>(2)</sup> | Texas Capital Bancshares, Inc. |  | 205487 | 0.1 |
| 5937 | Towne Bank/ Portsmouth VA |  | 202927 | 0.1 |
| 11926 | TPG RE Finance Trust, Inc. |  | 92069 | 0.0 |
| 3316 | TriCo Bancshares |  | 134265 | 0.1 |
| 1241 | Trustmark Corp. |  | 45247 | 0.0 |
| 3287 | UMB Financial Corp. |  | 345661 | 0.1 |
| 2622 | United Bankshares, Inc. |  | 95519 | 0.0 |
| 2160 | United Community Banks, Inc. |  | 64346 | 0.0 |
| 2133 | Unity Bancorp, Inc. |  | 100422 | 0.0 |
| 4258 | Univest Financial Corp. |  | 127910 | 0.0 |
| 6537 <sup>(1)(2)</sup> | Upstart Holdings, Inc. |  | 422813 | 0.1 |
| 12244 | Veritex Holdings, Inc. |  | 319568 | 0.1 |
| 2986 | Victory Capital Holdings, Inc. - Class A |  | 190119 | 0.1 |
| 1333 | Virtus Investment Partners, Inc. |  | 241806 | 0.1 |
| 4192 | WesBanco, Inc. |  | 132593 | 0.1 |
| 9069 <sup>(2)</sup> | WEX, Inc. |  | 1332145 | 0.4 |
| 19707 | Wintrust Financial Corp. |  | 2443274 | 0.8 |
| 30196 | WSFS Financial Corp. |  | 1660780 | 0.5 |
|  |  |  | **61112280** | **19.3** |
|  | **Health Care: 12.1%** | **Health Care: 12.1%** | **Health Care: 12.1%** | **Health Care: 12.1%** |
| 13779 <sup>(2)</sup> | ACADIA Pharmaceuticals, Inc. |  | 297213 | 0.1 |
| 49328 <sup>(2)</sup> | Adaptive Biotechnologies Corp. |  | 574671 | 0.2 |
| 805 <sup>(2)</sup> | Addus HomeCare Corp. |  | 92728 | 0.0 |
| 13344 <sup>(2)</sup> | Akero Therapeutics, Inc. |  | 712036 | 0.2 |
| 19708 <sup>(2)</sup> | Alkermes PLC |  | 563846 | 0.2 |
| 42231 <sup>(2)</sup> | Amicus Therapeutics, Inc. |  | 241984 | 0.1 |
| 3559 <sup>(2)</sup> | ANI Pharmaceuticals, Inc. |  | 232225 | 0.1 |
| 30880 <sup>(2)</sup> | Arcutis Biotherapeutics, Inc. |  | 432938 | 0.1 |
| 18087 <sup>(2)</sup> | Atea Pharmaceuticals, Inc. |  | 65113 | 0.0 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 11325 <sup>(2)</sup> | AtriCure, Inc. | $371120 | 0.1 |
| 14308 <sup>(2)</sup> | Avidity Biosciences, Inc. | 406347 | 0.1 |
| 14409 <sup>(2)</sup> | Axogen, Inc. | 156338 | 0.1 |
| 31200 <sup>(2)</sup> | BioCryst Pharmaceuticals, Inc. | 279552 | 0.1 |
| 2480 <sup>(2)</sup> | Bridgebio Pharma, Inc. | 107086 | 0.0 |
| 37520 <sup>(2)</sup> | Brookdale Senior Living, Inc. | 261139 | 0.1 |
| 16498 <sup>(2)</sup> | Catalyst Pharmaceuticals, Inc. | 358007 | 0.1 |
| 3973 <sup>(2)</sup> | Celldex Therapeutics, Inc. | 80851 | 0.0 |
| 19754 <sup>(1)(2)</sup> | Ceribell, Inc. | 369992 | 0.1 |
| 3460 | Chemed Corp. | 1684778 | 0.5 |
| 70262 | Concentra Group Holdings Parent, Inc. | 1445289 | 0.5 |
| 6292 <sup>(2)</sup> | Corcept Therapeutics, Inc. | 461833 | 0.1 |
| 2019 <sup>(2)</sup> | CorVel Corp. | 207513 | 0.1 |
| 11493 <sup>(2)</sup> | Crinetics Pharmaceuticals, Inc. | 330539 | 0.1 |
| 15000 <sup>(2)</sup> | CryoPort, Inc. | 111900 | 0.0 |
| 22323 <sup>(2)</sup> | Dynavax Technologies Corp. | 221444 | 0.1 |
| 22013 | Encompass Health Corp. | 2699454 | 0.9 |
| 34463 <sup>(2)</sup> | Enhabit, Inc. | 332223 | 0.1 |
| 4441 | Ensign Group, Inc. | 685069 | 0.2 |
| 102340 <sup>(2)</sup> | Envista Holdings Corp. | 1999724 | 0.6 |
| 44613 <sup>(2)</sup> | Evolus, Inc. | 410886 | 0.1 |
| 5218 <sup>(2)</sup> | Glaukos Corp. | 538967 | 0.2 |
| 16095 <sup>(2)</sup> | Halozyme Therapeutics, Inc. | 837262 | 0.3 |
| 41808 <sup>(2)</sup> | Health Catalyst, Inc. | 157616 | 0.1 |
| 14880 <sup>(2)</sup> | HealthEquity, Inc. | 1558829 | 0.5 |
| 14505 | HealthStream, Inc. | 401353 | 0.1 |
| 17807 <sup>(1)(2)</sup> | Hims & Hers Health, Inc. | 887679 | 0.3 |
| 11109 <sup>(2)</sup> | Hinge Health, Inc. - Class A | 574891 | 0.2 |
| 12731 <sup>(2)</sup> | ICU Medical, Inc. | 1682402 | 0.5 |
| 37694 <sup>(2)</sup> | Immunome, Inc. | 350554 | 0.1 |
| 23608 <sup>(2)</sup> | Inogen, Inc. | 165964 | 0.1 |
| 9532 <sup>(2)</sup> | Insmed, Inc. | 959300 | 0.3 |
| 13643 <sup>(2)</sup> | Integra LifeSciences Holdings Corp. | 167400 | 0.1 |
| 9883 <sup>(2)</sup> | iRhythm Technologies, Inc. | 1521587 | 0.5 |
| 10637 <sup>(2)</sup> | Janux Therapeutics, Inc. | 245715 | 0.1 |
| 11324 <sup>(2)</sup> | Kymera Therapeutics, Inc. | 494179 | 0.2 |
| 4314 <sup>(2)</sup> | Lantheus Holdings, Inc. | 353144 | 0.1 |
| 1996 <sup>(2)</sup> | Madrigal Pharmaceuticals, Inc. | 604069 | 0.2 |
| 3360 <sup>(2)</sup> | Medpace Holdings, Inc. | 1054570 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 12404 <sup>(2)</sup> | Mirum Pharmaceuticals, Inc. | $| 631240 | 0.2 |
| 1290 | National HealthCare Corp. |  | 138043 | 0.0 |
| 7131 <sup>(2)</sup> | NeoGenomics, Inc. |  | 52128 | 0.0 |
| 14482 <sup>(2)</sup> | Option Care Health, Inc. |  | 470375 | 0.1 |
| 86128 <sup>(2)</sup> | OraSure Technologies, Inc. |  | 258384 | 0.1 |
| 50503 <sup>(2)</sup> | ORIC Pharmaceuticals, Inc. |  | 512605 | 0.2 |
| 8998 <sup>(2)</sup> | PROCEPT BioRobotics Corp. |  | 518285 | 0.2 |
| 21013 <sup>(2)</sup> | Progyny, Inc. |  | 462286 | 0.1 |
| 17272 <sup>(2)</sup> | Protagonist Therapeutics, Inc. |  | 954623 | 0.3 |
| 4323 <sup>(2)</sup> | PTC Therapeutics, Inc. |  | 211135 | 0.1 |
| 33853 <sup>(2)</sup> | Pulmonx Corp. |  | 87679 | 0.0 |
| 24099 <sup>(2)</sup> | QuidelOrtho Corp. |  | 694533 | 0.2 |
| 15470 <sup>(2)</sup> | Revolution Medicines, Inc. |  | 569141 | 0.2 |
| 13781 <sup>(2)</sup> | Scholar Rock Holding Corp. |  | 488123 | 0.2 |
| 7329 <sup>(2)</sup> | SI-BONE, Inc. |  | 137932 | 0.0 |
| 2852 <sup>(2)</sup> | Sight Sciences, Inc. |  | 11779 | 0.0 |
| 2753 <sup>(2)</sup> | Surgery Partners, Inc. |  | 61199 | 0.0 |
| 6383 <sup>(1)(2)</sup> | TransMedics Group, Inc. |  | 855386 | 0.3 |
| 16070 <sup>(2)</sup> | Travere Therapeutics, Inc. |  | 237836 | 0.1 |
| 97423 <sup>(2)</sup> | Treace Medical Concepts, Inc. |  | 572847 | 0.2 |
| 1225 <sup>(2)</sup> | Twist Bioscience Corp. |  | 45068 | 0.0 |
| 4639 <sup>(1)(2)</sup> | Tyra Biosciences, Inc. |  | 44395 | 0.0 |
| 15781 <sup>(2)</sup> | Vera Therapeutics, Inc. |  | 371800 | 0.1 |
| 59117 <sup>(2)</sup> | Verve Therapeutics, Inc. |  | 663884 | 0.2 |
| 14659 <sup>(1)(2)</sup> | Viking Therapeutics, Inc. |  | 388463 | 0.1 |
| 10112 <sup>(2)</sup> | WaVe Life Sciences Ltd. |  | 65728 | 0.0 |
|  |  |  | **38254216** | **12.1** |
|  | **Industrials: 21.3%** | **Industrials: 21.3%** | **Industrials: 21.3%** | **Industrials: 21.3%** |
| 18347 | AAON, Inc. |  | 1353091 | 0.4 |
| 20786 | ABM Industries, Inc. |  | 981307 | 0.3 |
| 31847 <sup>(2)</sup> | ACV Auctions, Inc. - Class A |  | 516558 | 0.2 |
| 21393 <sup>(2)</sup> | API Group Corp. |  | 1092113 | 0.3 |
| 2100 | Apogee Enterprises, Inc. |  | 85260 | 0.0 |
| 10739 | Applied Industrial Technologies, Inc. |  | 2496281 | 0.8 |
| 2348 | ArcBest Corp. |  | 180819 | 0.1 |
| 17337 <sup>(2)</sup> | Archer Aviation, Inc. - Class A |  | 188106 | 0.1 |
| 6467 | Arcosa, Inc. |  | 560754 | 0.2 |
| 5641 | Atkore, Inc. |  | 397973 | 0.1 |
| 8404 | Barrett Business Services, Inc. |  | 350363 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 12892 <sup>(2)</sup> | BlackSky Technology, Inc. | $265317 | 0.1 |
| 4694 <sup>(2)</sup> | Bloom Energy Corp. - Class A | 112280 | 0.0 |
| 5007 <sup>(2)</sup> | Blue Bird Corp. | 216102 | 0.1 |
| 1137 <sup>(2)</sup> | BlueLinx Holdings, Inc. | 84570 | 0.0 |
| 3196 | Boise Cascade Co. | 277477 | 0.1 |
| 3373 | Brink's Co. | 301175 | 0.1 |
| 19601 <sup>(2)</sup> | Casella Waste Systems, Inc. - Class A | 2261563 | 0.7 |
| 4623 <sup>(2)</sup> | CBIZ, Inc. | 331515 | 0.1 |
| 1027 <sup>(2)</sup> | Construction Partners, Inc. - Class A | 109150 | 0.0 |
| 45203 <sup>(2)</sup> | Core & Main, Inc. - Class A | 2728001 | 0.9 |
| 25995 | Costamare, Inc. | 236814 | 0.1 |
| 85438 <sup>(2)</sup> | Driven Brands Holdings, Inc. | 1500291 | 0.5 |
| 1074 <sup>(2)</sup> | DXP Enterprises, Inc. | 94136 | 0.0 |
| 4584 <sup>(2)</sup> | Dycom Industries, Inc. | 1120284 | 0.4 |
| 8472 | EnerSys | 726643 | 0.2 |
| 5481 <sup>(2)</sup> | ExlService Holdings, Inc. | 240013 | 0.1 |
| 76685 <sup>(2)</sup> | First Advantage Corp. | 1273738 | 0.4 |
| 7593 <sup>(1)(2)</sup> | Fluence Energy, Inc. | 50949 | 0.0 |
| 14475 <sup>(2)</sup> | Fluor Corp. | 742133 | 0.2 |
| 13173 | Fortune Brands Innovations, Inc. | 678146 | 0.2 |
| 1143 | GATX Corp. | 175519 | 0.1 |
| 4178 <sup>(2)</sup> | GEO Group, Inc. | 100063 | 0.0 |
| 2168 <sup>(1)</sup> | Granite Construction, Inc. | 202730 | 0.1 |
| 452 | Greenbrier Cos., Inc. | 20815 | 0.0 |
| 11517 | Griffon Corp. | 833485 | 0.3 |
| 184262 <sup>(2)</sup> | Hayward Holdings, Inc. | 2542816 | 0.8 |
| 5903 | Heidrick & Struggles International, Inc. | 270121 | 0.1 |
| 3728 | Herc Holdings, Inc. | 490940 | 0.2 |
| 6829 <sup>(1)(2)</sup> | Hertz Global Holdings, Inc. | 46642 | 0.0 |
| 199609 <sup>(2)</sup> | Hillman Solutions Corp. | 1425208 | 0.4 |
| 1630 <sup>(2)</sup> | Hudson Technologies, Inc. | 13236 | 0.0 |
| 11948 <sup>(2)</sup> | IBEX Holdings Ltd. | 347687 | 0.1 |
| 1368 <sup>(2)</sup> | IES Holdings, Inc. | 405243 | 0.1 |
| 4147 | Insperity, Inc. | 249318 | 0.1 |
| 187075 <sup>(2)</sup> | Janus International Group, Inc. | 1522791 | 0.5 |
| 22958 <sup>(1)(2)</sup> | Joby Aviation, Inc. | 242207 | 0.1 |
| 9963 <sup>(1)(2)</sup> | Karman Holdings, Inc. | 501836 | 0.2 |
| 5753 | KBR, Inc. | 275799 | 0.1 |
| 8352 | Kennametal, Inc. | 191762 | 0.1 |
| 23459 | Knight-Swift Transportation Holdings, Inc. | 1037592 | 0.3 |
| 12067 | Landstar System, Inc. | 1677554 | 0.5 |
| 16855 <sup>(2)</sup> | Legalzoom.com, Inc. | 150178 | 0.0 |
| 7044 | Lincoln Electric Holdings, Inc. | 1460362 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 7377 <sup>(2)</sup> | Loar Holdings, Inc. | $635676 | 0.2 |
| 10213 <sup>(2)</sup> | Matrix Service Co. | 137978 | 0 |
| 3259 | Matson, Inc. | 362890 | 0.1 |
| 1241 | McGrath RentCorp | 143906 | 0 |
| 13804 | MillerKnoll, Inc. | 268074 | 0.1 |
| 1935 | Moog, Inc. - Class A | 350177 | 0.1 |
| 19938 <sup>(2)</sup> | MRC Global, Inc. | 273350 | 0.1 |
| 18973 | MSA Safety, Inc. | 3178547 | 1 |
| 10841 | Mueller Industries, Inc. | 861534 | 0.3 |
| 5662 <sup>(2)</sup> | MYR Group, Inc. | 1027370 | 0.3 |
| 3463 <sup>(2)</sup> | Nextracker, Inc. - Class A | 188283 | 0.1 |
| 1505 <sup>(2)</sup> | Northwest Pipe Co. | 61720 | 0 |
| 30903 <sup>(2)</sup> | NOW, Inc. | 458291 | 0.1 |
| 3812 <sup>(1)(2)</sup> | NuScale Power Corp. | 150803 | 0 |
| 14628 <sup>(2)</sup> | Orion Group Holdings, Inc. | 132676 | 0 |
| 3395 | Park Aerospace Corp. | 50144 | 0 |
| 8593 <sup>(2)</sup> | Paylocity Holding Corp. | 1556966 | 0.5 |
| 10754 <sup>(2)</sup> | Planet Labs PBC | 65599 | 0 |
| 5799 | Primoris Services Corp. | 451974 | 0.1 |
| 15658 <sup>(2)</sup> | Radiant Logistics, Inc. | 95201 | 0 |
| 5681 <sup>(2)</sup> | RBC Bearings, Inc. | 2186049 | 0.7 |
| 15992 <sup>(2)</sup> | Resideo Technologies, Inc. | 352784 | 0.1 |
| 11635 <sup>(1)(2)</sup> | Rocket Lab Corp. | 416184 | 0.1 |
| 11659 | Rush Enterprises, Inc. - Class A | 600555 | 0.2 |
| 13303 | Safe Bulkers, Inc. | 48024 | 0 |
| 3847 <sup>(2)</sup> | Saia, Inc. | 1054040 | 0.3 |
| 14324 | Simpson Manufacturing Co., Inc. | 2224660 | 0.7 |
| 2884 <sup>(2)</sup> | SkyWest, Inc. | 296965 | 0.1 |
| 5914 <sup>(2)</sup> | Standardaero, Inc. | 187178 | 0.1 |
| 24268 | Steelcase, Inc. - Class A | 253115 | 0.1 |
| 3941 <sup>(2)</sup> | Sterling Infrastructure, Inc. | 909307 | 0.3 |
| 11655 <sup>(1)(2)</sup> | Sunrun, Inc. | 95338 | 0 |
| 9118 | Terex Corp. | 425719 | 0.1 |
| 13942 | Tetra Tech, Inc. | 501354 | 0.2 |
| 9041 <sup>(2)</sup> | Thermon Group Holdings, Inc. | 253871 | 0.1 |
| 18536 <sup>(2)</sup> | Titan International, Inc. | 190365 | 0.1 |
| 18230 | Toro Co. | 1288496 | 0.4 |
| 5786 <sup>(2)</sup> | Tutor Perini Corp. | 270669 | 0.1 |
| 5632 | UFP Industries, Inc. | 559596 | 0.2 |
| 2786 | UniFirst Corp. | 524381 | 0.2 |
| 6228 <sup>(2)</sup> | Upwork, Inc. | 83704 | 0 |
| 10580 <sup>(2)</sup> | V2X, Inc. | 513659 | 0.2 |
| 65852 <sup>(2)</sup> | Verra Mobility Corp. | 1671982 | 0.5 |
| 3678 | Watts Water Technologies, Inc. - Class A | 904383 | 0.3 |
| 2053 | WESCO International, Inc. | 380216 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 108769 | WillScot Mobile Mini Holdings Corp. | $| 2980271 | 0.9 |
| 7933 <sup>(2)</sup> | WNS Holdings Ltd. |  | 501683 | 0.2 |
| 7261 | Woodward, Inc. |  | 1779599 | 0.6 |
|  |  |  | **67642132** | **21.3** |
|  | **Information Technology: 12.4%** | **Information Technology: 12.4%** | **Information Technology: 12.4%** | **Information Technology: 12.4%** |
| 3822 | A10 Networks, Inc. |  | 73956 | 0.0 |
| 23200 <sup>(2)</sup> | ADTRAN Holdings, Inc. |  | 208104 | 0.1 |
| 2394 <sup>(2)</sup> | Agilysys, Inc. |  | 274448 | 0.1 |
| 43739 <sup>(2)</sup> | Allegro MicroSystems, Inc. |  | 1495436 | 0.5 |
| 2784 <sup>(2)</sup> | Alpha & Omega Semiconductor Ltd. |  | 71437 | 0.0 |
| 2612 <sup>(2)</sup> | Ambarella, Inc. |  | 172562 | 0.0 |
| 6827 <sup>(2)</sup> | Appian Corp. - Class A |  | 203854 | 0.1 |
| 47557 <sup>(2)</sup> | Arlo Technologies, Inc. |  | 806567 | 0.2 |
| 15259 <sup>(2)</sup> | Asana, Inc. - Class A |  | 205997 | 0.1 |
| 7171 <sup>(2)</sup> | ASGN, Inc. |  | 358048 | 0.1 |
| 10762 <sup>(1)(2)</sup> | Aurora Innovation, Inc. |  | 56393 | 0.0 |
| 888 <sup>(2)</sup> | Axcelis Technologies, Inc. |  | 61885 | 0.0 |
| 5996 | Badger Meter, Inc. |  | 1468720 | 0.5 |
| 81131 <sup>(1)(2)</sup> | BigBear.ai Holdings, Inc. |  | 550880 | 0.2 |
| 4694 <sup>(2)</sup> | Blackline, Inc. |  | 265774 | 0.1 |
| 18519 <sup>(2)</sup> | Box, Inc. - Class A |  | 632794 | 0.2 |
| 5103 <sup>(2)</sup> | Braze, Inc. - Class A |  | 143394 | 0.0 |
| 127628 <sup>(2)</sup> | CCC Intelligent Solutions Holdings, Inc. |  | 1200979 | 0.4 |
| 137652 <sup>(1)(2)</sup> | Cipher Mining, Inc. |  | 657977 | 0.2 |
| 4281 <sup>(1)(2)</sup> | Cleanspark, Inc. |  | 47219 | 0.0 |
| 13706 <sup>(2)</sup> | Clearfield, Inc. |  | 594977 | 0.2 |
| 85778 <sup>(2)</sup> | Clearwater Analytics Holdings, Inc. - Class A |  | 1881112 | 0.6 |
| 22632 <sup>(2)</sup> | CommScope Holding Co., Inc. |  | 187393 | 0.1 |
| 2319 <sup>(2)</sup> | CommVault Systems, Inc. |  | 404271 | 0.1 |
| 13352 <sup>(2)</sup> | Consensus Cloud Solutions, Inc. |  | 307897 | 0.1 |
| 42074 <sup>(1)(2)</sup> | Core Scientific, Inc. |  | 718203 | 0.2 |
| 14708 <sup>(2)</sup> | Credo Technology Group Holding Ltd. |  | 1361814 | 0.4 |
| 23104 <sup>(2)</sup> | Digital Turbine, Inc. |  | 136314 | 0.0 |
| 17080 <sup>(1)(2)</sup> | D-Wave Quantum, Inc. |  | 250051 | 0.1 |
| 9155 <sup>(2)</sup> | Extreme Networks, Inc. |  | 164332 | 0.0 |
| 5182 <sup>(2)</sup> | Fabrinet |  | 1527032 | 0.5 |
| 10347 <sup>(2)</sup> | FormFactor, Inc. |  | 356040 | 0.1 |
| 31618 <sup>(2)</sup> | Freshworks, Inc. - Class A |  | 471424 | 0.1 |
| 4101 <sup>(1)(2)</sup> | Hut 8 Corp. |  | 76279 | 0.0 |
| 3608 | InterDigital, Inc. |  | 809022 | 0.3 |
| 26640 <sup>(1)(2)</sup> | IonQ, Inc. |  | 1144721 | 0.4 |
| 19027 <sup>(2)</sup> | Knowles Corp. |  | 335256 | 0.1 |
| 9033 <sup>(2)</sup> | LiveRamp Holdings, Inc. |  | 298450 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 16385 <sup>(2)</sup> | MACOM Technology Solutions Holdings, Inc. | $| 2347807 | 0.7 |
| 33327 <sup>(1)(2)</sup> | Marathon Digital Holdings, Inc. |  | 522567 | 0.2 |
| 4379 <sup>(2)</sup> | MaxLinear, Inc. |  | 62226 | 0.0 |
| 16798 <sup>(2)</sup> | Mirion Technologies, Inc. |  | 361661 | 0.1 |
| 42876 <sup>(1)(2)</sup> | Navitas Semiconductor Corp. |  | 280838 | 0.1 |
| 30969 <sup>(1)(2)</sup> | nCino, Inc. |  | 866203 | 0.3 |
| 7385 <sup>(2)</sup> | NETGEAR, Inc. |  | 214682 | 0.1 |
| 16392 <sup>(2)</sup> | Novanta, Inc. |  | 2113421 | 0.7 |
| 3501 | NVE Corp. |  | 257709 | 0.1 |
| 63769 <sup>(2)</sup> | ON24, Inc. |  | 346266 | 0.1 |
| 1960 <sup>(2)</sup> | Onestream, Inc. |  | 55468 | 0.0 |
| 1870 <sup>(2)</sup> | Onto Innovation, Inc. |  | 188739 | 0.1 |
| 21118 <sup>(2)</sup> | Ooma, Inc. |  | 272422 | 0.1 |
| 14849 <sup>(2)</sup> | Pagaya Technologies Ltd. - Class A |  | 316581 | 0.1 |
| 4620 <sup>(2)</sup> | Plexus Corp. |  | 625132 | 0.2 |
| 12772 <sup>(2)</sup> | Porch Group, Inc. |  | 150582 | 0.0 |
| 34726 | Power Integrations, Inc. |  | 1941183 | 0.6 |
| 10992 <sup>(2)</sup> | Qualys, Inc. |  | 1570427 | 0.5 |
| 18420 <sup>(2)</sup> | Rambus, Inc. |  | 1179248 | 0.4 |
| 27000 <sup>(1)(2)</sup> | Rigetti Computing, Inc. |  | 320220 | 0.1 |
| 18435 <sup>(1)(2)</sup> | Riot Platforms, Inc. |  | 208316 | 0.1 |
| 13718 <sup>(2)</sup> | Sanmina Corp. |  | 1342032 | 0.4 |
| 7249 | Sapiens International Corp. NV |  | 212033 | 0.1 |
| 5136 <sup>(2)</sup> | ScanSource, Inc. |  | 214736 | 0.1 |
| 3787 <sup>(2)</sup> | Semtech Corp. |  | 170945 | 0.0 |
| 10961 <sup>(2)</sup> | SMART Global Holdings, Inc. |  | 217137 | 0.1 |
| 11801 <sup>(2)</sup> | SPS Commerce, Inc. |  | 1605998 | 0.5 |
| 10281 <sup>(2)</sup> | Tenable Holdings, Inc. |  | 347292 | 0.1 |
| 2672 <sup>(2)</sup> | Ultra Clean Holdings, Inc. |  | 60307 | 0.0 |
| 62133 <sup>(2)</sup> | Unisys Corp. |  | 281463 | 0.1 |
| 49220 <sup>(2)</sup> | Xperi, Inc. |  | 389330 | 0.1 |
| 11290 <sup>(2)</sup> | Zeta Global Holdings Corp. - Class A |  | 174882 | 0.1 |
|  |  |  | **39198865** | **12.4** |
|  | **Materials: 5.5%** | **Materials: 5.5%** | **Materials: 5.5%** | **Materials: 5.5%** |
| 1113 <sup>(2)</sup> | Alpha Metallurgical Resources, Inc. |  | 125190 | 0.0 |
| 9244 | AptarGroup, Inc. |  | 1446039 | 0.5 |
| 6777 | Avient Corp. |  | 218965 | 0.1 |
| 57460 <sup>(2)</sup> | Axalta Coating Systems Ltd. |  | 1705987 | 0.5 |
| 12924 | Balchem Corp. |  | 2057501 | 0.6 |
| 3367 | Cabot Corp. |  | 252525 | 0.1 |
| 54616 <sup>(2)</sup> | Coeur Mining, Inc. |  | 483898 | 0.2 |
| 13110 | Commercial Metals Co. |  | 641210 | 0.2 |
| 49146 <sup>(2)</sup> | Constellium SE |  | 653642 | 0.2 |
| 9463 | Eagle Materials, Inc. |  | 1912567 | 0.6 |
| 2935 <sup>(2)</sup> | Ecovyst, Inc. |  | 24155 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 85186 | Element Solutions, Inc. | $| 1929463 | 0.6 |
| 5468 | Greif, Inc. - Class A |  | 355365 | 0.1 |
| 1695 | Hawkins, Inc. |  | 240859 | 0.1 |
| 8861 | HB Fuller Co. |  | 532989 | 0.2 |
| 36244 | Hecla Mining Co. |  | 217102 | 0.1 |
| 3040 | Innospec, Inc. |  | 255634 | 0.1 |
| 19617 <sup>(2)</sup> | O-I Glass, Inc. |  | 289155 | 0.1 |
| 1437 | Olympic Steel, Inc. |  | 46832 | 0.0 |
| 15654 | Orion SA |  | 164210 | 0.0 |
| 139480 <sup>(2)</sup> | Perimeter Solutions, Inc. |  | 1941562 | 0.6 |
| 15291 | Quaker Chemical Corp. |  | 1711674 | 0.5 |
| 13024 <sup>(2)</sup> | SSR Mining, Inc. |  | 165926 | 0.0 |
| 7597 | Tronox Holdings PLC |  | 38517 | 0.0 |
| 4421 | Warrior Met Coal, Inc. |  | 202614 | 0.1 |
|  |  |  | **17613581** | **5.5** |
|  | **Real Estate: 5.4%** | **Real Estate: 5.4%** | **Real Estate: 5.4%** | **Real Estate: 5.4%** |
| 25601 | Alexander & Baldwin, Inc. |  | 456466 | 0.1 |
| 1493 | American Healthcare REIT, Inc. |  | 54853 | 0.0 |
| 2384 | Armada Hoffler Properties, Inc. |  | 16378 | 0.0 |
| 21350 | Broadstone Net Lease, Inc. |  | 342668 | 0.1 |
| 16212 | CareTrust REIT, Inc. |  | 496087 | 0.2 |
| 37802 | Chatham Lodging Trust |  | 263480 | 0.1 |
| 5452 | City Office REIT, Inc. |  | 29114 | 0.0 |
| 2498 | Community Healthcare Trust, Inc. |  | 41542 | 0.0 |
| 24386 | COPT Defense Properties |  | 672566 | 0.2 |
| 38912 | CubeSmart |  | 1653760 | 0.5 |
| 8437 | Curbline Properties Corp. |  | 192617 | 0.1 |
| 237049 <sup>(2)</sup> | Cushman & Wakefield PLC |  | 2624132 | 0.8 |
| 29311 | DiamondRock Hospitality Co. |  | 224522 | 0.1 |
| 8059 | EastGroup Properties, Inc. |  | 1346820 | 0.4 |
| 18361 | Empire State Realty Trust, Inc. - Class A |  | 148540 | 0.0 |
| 14016 | Essential Properties Realty Trust, Inc. |  | 447251 | 0.1 |
| 14651 | Independence Realty Trust, Inc. |  | 259176 | 0.1 |
| 9622 | InvenTrust Properties Corp. |  | 263643 | 0.1 |
| 11586 | Kite Realty Group Trust |  | 262423 | 0.1 |
| 33125 | L.P. Industrial Trust |  | 273612 | 0.1 |
| 22725 | National Retail Properties, Inc. |  | 981266 | 0.3 |
| 21079 | Newmark Group, Inc. - Class A |  | 256110 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 17134 | Phillips Edison & Co., Inc. | $| 600204 | 0.2 |
| 26564 | Piedmont Office Realty Trust, Inc. - Class A |  | 193652 | 0.1 |
| 10991 | Plymouth Industrial REIT, Inc. |  | 176515 | 0.1 |
| 21060 | PotlatchDeltic Corp. |  | 808072 | 0.3 |
| 36972 <sup>(2)</sup> | Real Brokerage, Inc. |  | 166744 | 0.0 |
| 29232 | Ryman Hospitality Properties, Inc. |  | 2884321 | 0.9 |
| 14067 | Sabra Health Care REIT, Inc. |  | 259395 | 0.1 |
| 3963 | SL Green Realty Corp. |  | 245310 | 0.1 |
| 2986 | UMH Properties, Inc. |  | 50135 | 0.0 |
| 3611 | Veris Residential, Inc. |  | 53768 | 0.0 |
| 31046 | Xenia Hotels & Resorts, Inc. |  | 390248 | 0.1 |
|  |  |  | **17135390** | **5.4** |
|  | **Utilities: 1.9%** | **Utilities: 1.9%** | **Utilities: 1.9%** | **Utilities: 1.9%** |
| 1632 | American States Water Co. |  | 125109 | 0.0 |
| 1278 | Avista Corp. |  | 48500 | 0.0 |
| 1716 | Black Hills Corp. |  | 96268 | 0.0 |
| 3218 | Chesapeake Utilities Corp. |  | 386868 | 0.1 |
| 2697 | Clearway Energy, Inc. - Class A |  | 81611 | 0.0 |
| 7012 | Clearway Energy, Inc. - Class C |  | 224384 | 0.1 |
| 16884 | Consolidated Water Co. Ltd. |  | 506858 | 0.2 |
| 3913 | Genie Energy Ltd. - Class B |  | 105182 | 0.0 |
| 4809 | IDACORP, Inc. |  | 555199 | 0.2 |
| 4266 | New Jersey Resources Corp. |  | 191202 | 0.1 |
| 7949 | ONE Gas, Inc. |  | 571215 | 0.2 |
| 47667 | Portland General Electric Co. |  | 1936710 | 0.6 |
| 8594 | Southwest Gas Holdings, Inc. |  | 639308 | 0.2 |
| 11488 | Unitil Corp. |  | 599099 | 0.2 |
|  |  |  | **6067513** | **1.9** |
|  | Total Common Stock <br> (Cost $290,024,687) |  | **308027334** | **97.1** |
| **RIGHTS: —%** |  |  |  |  |
|  | **Health Care: —%** | **Health Care: —%** | **Health Care: —%** | **Health Care: —%** |
| 28260 <sup>(3)(4)</sup> | Aduro Biotech - CVR |  |  |  |
|  | Total Rights <br> (Cost $—) |  | **—** | **—** |
|  | Total Long-Term Investments <br> (Cost $290,024,687) |  | **308027334** | **97.1** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†**  | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 8.5%** | **SHORT-TERM INVESTMENTS: 8.5%** |  |  |
|  | **Time Deposits: 0.4%** | **Time Deposits: 0.4%** | **Time Deposits: 0.4%** |
| 370000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 | $370000 | 0.1 |
| 350000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | 350000 | 0.1 |
| 370000 <sup>(5)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 370000 | 0.1 |
| 370000 <sup>(5)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 370000 | 0.1 |
|  | Total Time Deposits <br> (Cost $1,460,000) | **1460000** | **0.4** |
|  | **Repurchase Agreements: 4.4%** | **Repurchase Agreements: 4.4%** | **Repurchase Agreements: 4.4%** |
| 511793 <sup>(5)</sup> | BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $511,854, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $522,029, due 07/10/25-05/15/42) | 511793 | 0.2 |
| 3675741 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $3,676,183, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $3,749,256, due 06/01/30-02/01/57) | 3675741 | 1.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†**  | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | | |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 3675741 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $3,676,183, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $3,749,256, due 08/15/34-06/01/55) | $3675741 | 1.2 |
| 2558999 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,559,307, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $2,610,179, due 03/01/34-05/01/55) | 2558999 | 0.8 |
| 3498631 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $3,499,060, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $3,558,084, due 07/15/26-02/15/54) | 3498631 | 1.1 |
|  | Total Repurchase Agreements <br> (Cost $13,920,905) | **13920905** | **4.4** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Mutual Funds: 3.7%** | **Mutual Funds: 3.7%** | **Mutual Funds: 3.7%** |
| 11731533 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220% <br> (Cost $11,731,533) | $**11731533** | **3.7** |
|  | Total Short-Term Investments <br> (Cost $27,112,438) | $**27112438** | **8.5** |
|  | **Total Investments in Securities <br> (Cost $317,137,125)** | $**335139772** | **105.6** |
|  | **Liabilities in Excess of Other Assets** | **(17854306)** | **(5.6)** |
|  | **Net Assets** | $**317285466** | **100.0** |

---

---

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

---

<sup>(1)</sup> Security, or a portion of the security, is on loan.

<sup>(2)</sup> Non-income producing security.

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

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

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

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

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>JPMorgan Small Cap Core Equity 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 Investments<br> (Level 1)** | **Significant Other Observable<br> Inputs<br> (Level 2)** | **Significant Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $308027334 | $— | $— | $308027334 |
| Short-Term Investments | 11731533 | 15380905 |  | 27112438 |
| Total Investments, at fair value | $319758867 | $15380905 | $— | $335139772 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 118869 |  |  | 118869 |
| Total Assets | $319877736 | $15380905 | $— | $335258641 |

---

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

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

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At June 30, 2025, VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Aduro Biotech - CVR | 10/6/2020 | $— | $— |
|  |  | $— | $— |

---

At June 30, 2025, the following futures contracts were outstanding for VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts**  | **Expiration<br> Date**  | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E-mini Russell 2000 Index | 40 | 09/19/25 | $4383400 | $118869 |
|  |  |  | $4383400 | $118869 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<br> of Assets and Liabilities**  | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $118869 |
| **Total Asset Derivatives** |  | $118869 |

---

\* 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

<u>VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio</u> <u>PORTFOLIO OF INVESTMENTS 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** | **Futures** |
| Equity contracts | $(822886) |
| **Total** | $(822886) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $362393 |
| **Total** | $362393 |

---

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 $320,530,495. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $41966542 |
| Gross Unrealized Depreciation | (27238396) |
| Net Unrealized Appreciation | $14728146 |

---

See Accompanying Notes to Financial Statements

[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-VIT2AISS2 (0625)**

![](tm2522622d8_voyaimg001.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

**Voya Investors Trust**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
 Inflation Protected Bond Plus Portfolio

Classes ADV, I and S

**Voya Variable Insurance Trust**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ VY<sup>®
</sup>BrandywineGLOBAL – Bond Portfolio

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

---

| | |
|:---|:---|
| ![](tm2522622d8_voyaimg002.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2522622d8_voyaimg003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#c001) | [1](#c001) |
| [Statements of Operations](#c002) | [3](#c002) |
| [Statements of Changes in Net Assets](#c003) | [5](#c003) |
| [Financial Highlights](#c004) | [6](#c004) |
| [Notes to Financial Statements](#c005) | [7](#c005) |
| [Portfolios of Investments](#c006) | [22](#c006) |

---

**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**<br> **Inflation**<br> **Protected Bond**<br> **Plus**<br> **Portfolio** | **VY<sup>®</sup>** <br> **Brandywine**<br> **GLOBAL —**<br> **Bond**<br> **Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $204165126 | $221048946 |
| Short-term investments at fair value† | Short-term investments at fair value† | 1622034 | 6412565 |
| Cash | Cash | 267964 | 200 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 377920 | 4986022 |
| Cash pledged for centrally cleared swaps (Note 2) | Cash pledged for centrally cleared swaps (Note 2) | 2350000 |  |
| Receivables: | Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 112389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 1127065 | 50891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 367 | 21225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1304299 | 1601259 |
| Unrealized appreciation on OTC swap agreements | Unrealized appreciation on OTC swap agreements | 605549 |  |
| Prepaid expenses | Prepaid expenses | 1788 | 1854 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 2635 |  |
| Other assets | Other assets | 22416 | 8839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 211959552 | 234131801 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |
| Income distribution payable | Income distribution payable | 821239 |  |
| Payable for investment securities purchased | Payable for investment securities purchased | 710201 |  |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 19334 | 66024 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 113199 |  |
| Unrealized depreciation on OTC swap agreements | Unrealized depreciation on OTC swap agreements | 67471 |  |
| Variation margin payable on centrally cleared swaps | Variation margin payable on centrally cleared swaps | 3753 |  |
| Variation margin payable on futures contracts | Variation margin payable on futures contracts | 73656 |  |
| Payable for investment management fees | Payable for investment management fees | 138092 | 95998 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 34572 |  |
| Payable to trustees under the deferred compensation plan (Note 6) | Payable to trustees under the deferred compensation plan (Note 6) | 22416 | 8839 |
| Payable for trustee fees | Payable for trustee fees | 509 | 537 |
| Payable for shareholder notification costs (Note 6) | Payable for shareholder notification costs (Note 6) | 40920 |  |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 91506 | 68220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2136868 | 239618 |
| **NET ASSETS** | **NET ASSETS** | $209822684 | $233892183 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | Paid-in capital | $295829231 | $259413538 |
| Total distributable loss | Total distributable loss | (86006547) | (25521355) |
| **NET ASSETS** | **NET ASSETS** | $209822684 | $233892183 |
| + | Including securities loaned at value | $110186 | $— |
| \* | Cost of investments in securities | $205909889 | $220028651 |
| † | Cost of short-term investments | $1622199 | $6412565 |

---

See Accompanying Notes to Financial Statements

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

---

| | | |
|:---|:---|:---|
|  | **Voya**<br> **Inflation**<br> **Protected Bond**<br> **Plus**<br> **Portfolio** | **VY<sup>®</sup>** <br> **Brandywine**<br> **GLOBAL —**<br> **Bond**<br> **Portfolio** |
| **Class ADV** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $31737843 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3583542 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $8.86 | n/a |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $83819991 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 9054143 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.26 | n/a |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $94264850 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 10269894 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.18 | n/a |
| **Portfolio<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $233892183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 24490411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $9.55 |

---

<sup>(1)</sup> Portfolio does not have a share class designation.

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Voya**<br> **Inflation**<br> **Protected Bond**<br> **Plus**<br> **Portfolio** | **VY<sup>®</sup>** <br> **Brandywine**<br> **GLOBAL —**<br> **Bond**<br> **Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |
| Dividends | Dividends | $18934 | $95024 |
| Dividends from affiliated underlying funds | Dividends from affiliated underlying funds | 101348 |  |
| Interest, net of foreign taxes withheld\* | Interest, net of foreign taxes withheld\* | 5152689<sup>(1)</sup> | 5234390 |
| Securities lending income, net | Securities lending income, net | 1810 |  |
| Other | Other | 787 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 5275568 | 5330229 |
| **EXPENSES:** | **EXPENSES:** |  |  |
| Investment management fees | Investment management fees | 554034 | 532984 |
| Distribution and shareholder service fees | Distribution and shareholder service fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 94696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 118518 |  |
| Transfer agent fees | Transfer agent fees |  | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 4293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 10257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 12895 |  |
| Shareholder reporting expense | Shareholder reporting expense | 3982 | 1629 |
| Professional fees | Professional fees | 22458 | 67720 |
| Custody and accounting expense | Custody and accounting expense | 78001 | 10860 |
| Shareholder notification costs (Note 6) | Shareholder notification costs (Note 6) | 78400 |  |
| Trustee fees | Trustee fees | 2543 | 2687 |
| Miscellaneous expense | Miscellaneous expense | 5897 | 6746 |
| Interest expense | Interest expense | 181 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 986155 | 623094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (175987) | (2266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 810168 | 620828 |
| Net investment income | Net investment income | 4465400 | 4709401 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2185948) | (3186206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 4674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 18407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 754680 | (1419487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 631459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 11876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (764682) | (4605693) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5379585 | 4352940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 46054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (18407) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (326) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (1246681) | 2819112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 1551414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 5711639 | 7172052 |
| Net realized and unrealized gain | Net realized and unrealized gain | 4946957 | 2566359 |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $9412357 | $7275760 |
| \* | Foreign taxes withheld | $5555 | $— |

---

See Accompanying Notes to Financial Statements

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

<sup>(1)</sup> Includes net inflationary and deflationary adjustments. See Note 2 of the Notes to Financial Statements.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya**<br> **Inflation Protected Bond**<br> **Plus Portfolio** | **Voya**<br> **Inflation Protected Bond**<br> **Plus Portfolio** | **VY<sup>®</sup>** <br> **BrandywineGLOBAL —**<br> **Bond Portfolio** | **VY<sup>®</sup>** <br> **BrandywineGLOBAL —**<br> **Bond Portfolio** |
|  | **Six Months**<br> **Ended**<br> **June 30, 2025 (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months**<br> **Ended**<br> **June 30, 2025 (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $4465400 | $7845138 | $4709401 | $9038325 |
| Net realized gain (loss) | (764682) | (10727451) | (4605693) | 134161 |
| Net change in unrealized appreciation (depreciation) | 5711639 | 6786055 | 7172052 | (8461996) |
| Increase in net assets resulting from operations | 9412357 | 3903742 | 7275760 | 710490 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  | (9403998) |
| &nbsp;&nbsp;&nbsp;Class ADV | (646883) | (1206252) |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (1744824) | (2708682) |  |  |
| &nbsp;&nbsp;&nbsp;Class S | (2020415) | (3758175) |  |  |
| Total distributions | (4412122) | (7673109) |  | (9403998) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 21411395 | 30374554 | 42110272 | 63361253 |
| Reinvestment of distributions | 4412122 | 7673109 |  | 9403998 |
|  | 25823517 | 38047663 | 42110272 | 72765251 |
| Cost of shares redeemed | (24907644) | (49834524) | (29329557) | (78707288) |
| Net increase (decrease) in net assets resulting from capital share transactions | 915873 | (11786861) | 12780715 | (5942037) |
| Net increase (decrease) in net assets | 5916108 | (15556228) | 20056475 | (14635545) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 203906576 | 219462804 | 213835708 | 228471253 |
| End of year or period | $209822684 | $203906576 | $233892183 | $213835708 |

---

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 operations** | **Income (loss) <br> from investment operations** | **Income (loss) <br> from investment 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 Data** | **Supplemental Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net realized<br> and<br> unrealized<br> gain (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses<br> net of<br> fee waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)(4)</sup> | Expenses<br> net of<br> all <br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or period  | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.65 | 0.18 | <sup>•</sup> | 0.21 | 0.39 | 0.18 |  |  | 0.18 |  | 8.86 | **4.53** | 1.37 | 1.19 | 1.19 | 4.04 | 31738 | 39 |
| 12-31-24 | 8.82 | 0.30 | <sup>•</sup> | (0.17) | 0.13 | 0.30 |  |  | 0.30 |  | 8.65 | **1.46** | 1.29 | 1.23 | 1.23 | 3.42 | 31885 | 279 |
| 12-31-23 | 8.76 | 0.27 | <sup>•</sup> | 0.06 | 0.33 | 0.27 |  |  | 0.27 |  | 8.82 | **3.83** | 1.27 | 1.22 | 1.22 | 3.09 | 38745 | 297 |
| 12-31-22 | 10.51 | 0.35 | <sup>•</sup> | (1.73) | (1.38) | 0.32 |  | 0.05 | 0.37 |  | 8.76 | **(13.34)** | 1.23 | 1.18 | 1.18 | 3.70 | 43212 | 231 |
| 12-31-21 | 10.28 | 0.22 | <sup>•</sup> | 0.24 | 0.46 | 0.23 |  |  | 0.23 |  | 10.51 | **4.54** | 1.22 | 1.18 | 1.18 | 2.14 | 56857 | 156 |
| 12-31-20 | 9.42 | 0.05 |  | 0.95 | 1.00 | 0.08 |  | 0.06 | 0.14 |  | 10.28 | **10.65** | 1.26 | 1.22 | 1.22 | 0.52 | 47352 | 87 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.03 | 0.21 | <sup>•</sup> | 0.23 | 0.44 | 0.21 |  |  | 0.21 |  | 9.26 | **4.86** | 0.77 | 0.59 | 0.59 | 4.65 | 83820 | 39 |
| 12-31-24 | 9.19 | 0.36 | <sup>•</sup> | (0.17) | 0.19 | 0.35 |  |  | 0.35 |  | 9.03 | **2.09** | 0.69 | 0.63 | 0.63 | 3.92 | 73236 | 279 |
| 12-31-23 | 9.13 | 0.34 | <sup>•</sup> | 0.05 | 0.39 | 0.33 |  |  | 0.33 |  | 9.19 | **4.30** | 0.67 | 0.62 | 0.62 | 3.70 | 69071 | 297 |
| 12-31-22 | 10.94 | 0.42 | <sup>•</sup> | (1.79) | (1.37) | 0.39 |  | 0.05 | 0.44 |  | 9.13 | **(12.74)** | 0.63 | 0.58 | 0.58 | 4.27 | 77275 | 231 |
| 12-31-21 | 10.68 | 0.30 | <sup>•</sup> | 0.25 | 0.55 | 0.29 |  |  | 0.29 |  | 10.94 | **5.25** | 0.62 | 0.58 | 0.58 | 2.75 | 94962 | 156 |
| 12-31-20 | 9.78 | 0.12 |  | 0.97 | 1.09 | 0.13 |  | 0.06 | 0.19 |  | 10.68 | **11.15** | 0.66 | 0.62 | 0.62 | 1.11 | 92767 | 87 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.96 | 0.20 | <sup>•</sup> | 0.21 | 0.41 | 0.19 |  |  | 0.19 |  | 9.18 | **4.65** | 1.02 | 0.84 | 0.84 | 4.38 | 94265 | 39 |
| 12-31-24 | 9.12 | 0.33 | <sup>•</sup> | (0.16) | 0.17 | 0.33 |  |  | 0.33 |  | 8.96 | **1.86** | 0.94 | 0.88 | 0.88 | 3.64 | 98787 | 279 |
| 12-31-23 | 9.05 | 0.31 | <sup>•</sup> | 0.06 | 0.37 | 0.30 |  |  | 0.30 |  | 9.12 | **4.17** | 0.92 | 0.87 | 0.87 | 3.43 | 111647 | 297 |
| 12-31-22 | 10.85 | 0.40 | <sup>•</sup> | (1.79) | (1.39) | 0.36 |  | 0.05 | 0.41 |  | 9.05 | **(13.03)** | 0.88 | 0.83 | 0.83 | 4.06 | 133729 | 231 |
| 12-31-21 | 10.60 | 0.26 | <sup>•</sup> | 0.26 | 0.52 | 0.27 |  |  | 0.27 |  | 10.85 | **4.94** | 0.87 | 0.83 | 0.83 | 2.48 | 172822 | 156 |
| 12-31-20 | 9.70 | 0.09 |  | 0.97 | 1.06 | 0.10 |  | 0.06 | 0.16 |  | 10.60 | **10.95** | 0.91 | 0.87 | 0.87 | 0.86 | 159383 | 87 |
| **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.24 | 0.20 | <sup>••</sup> | 0.11 | 0.31 |  |  |  |  |  | 9.55 | **3.36** | 0.58 | 0.58 | 0.58 | 4.42 | 233892 | 91 |
| 12-31-24 | 9.59 | 0.39 | <sup>•</sup> | (0.32) | 0.07 | 0.42 |  |  | 0.42 |  | 9.24 | **0.81** | 0.58 | 0.58 | 0.58 | 4.14 | 213836 | 127 |
| 12-31-23 | 9.29 | 0.38 | <sup>•</sup> | 0.13 | 0.51 | 0.21 |  |  | 0.21 |  | 9.59 | **5.53** | 0.55 | 0.55 | 0.55 | 4.01 | 228471 | 126 |
| 12-31-22 | 11.22 | 0.16 | <sup>•</sup> | (1.45) | (1.29) | 0.11 | 0.53 |  | 0.64 |  | 9.29 | **(11.89)** | 0.55 | 0.56 | 0.56 | 1.60 | 266314 | 184 |
| 12-31-21 | 12.03 | 0.10 | <sup>•</sup> | 0.04 | 0.14 | 0.19 | 0.76 |  | 0.95 |  | 11.22 | **1.15** | 0.54 | 0.58 | 0.58 | 0.84 | 343329 | 57 |
| 12-31-20 | 10.51 | 0.22 | <sup>•</sup> | 1.59 | 1.81 | 0.21 | 0.08 |  | 0.29 |  | 12.03 | **17.47** | 0.56 | 0.58 | 0.58 | 1.92 | 318665 | 134 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

+ Unaudited.

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

See Accompanying Notes to Financial Statements

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

**NOTE 1 — ORGANIZATION**

Voya Investors Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and was organized as a Massachusetts business trust on August 3, 1988. Voya Investors Trust currently consists of twenty-two active separate investment series. The one series included in this report is: Voya Inflation Protected Bond Plus Portfolio ("Inflation Protected Bond Plus"), a diversified series of Voya Investors Trust. Prior to December 6, 2024, Voya Inflation Protected Bond Plus Portfolio was known as VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio.

Voya Variable Insurance Trust is registered under the 1940 Act as an open-end management investment company and was organized as a Delaware statutory trust on July 15, 1999. Voya Variable Insurance Trust consists of one active investment series which is included in this report: VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio ("Bond Portfolio"), a diversified series of Voya Variable Insurance Trust.

Voya Investors Trust and Voya Variable Insurance Trust are collectively referred to as the "Trusts." Inflation Protected Bond Plus and Bond Portfolio are each, a "Portfolio" and together, the "Portfolios." The investment objective of the Portfolios is described in each Portfolio's Prospectus.

The classes of shares included in this report for Inflation Protected Bond Plus are: Adviser ("Class ADV"), Institutional ("Class I"), and Service ("Class S"). With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between

the separate classes, if any. Bond Portfolio does not have a share class designation.

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

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

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

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-advisers' or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

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

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the

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

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

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 their 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 the Portfolios' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid, and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Distributions to Shareholders.*** Net investment income dividends and net capital gain distributions, if any, for Bond Portfolio are declared and paid annually. For Inflation Protected Bond Plus, dividends from net investment income, if any, are declared and paid monthly and distributions of net capital gains, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

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

G. ***Risk Exposures and the Use of Derivative Instruments.*** 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:

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

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

***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 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.

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

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

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC") with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that 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.

At June 30, 2025, the maximum amount of loss that Inflation Protected Bond Plus would incur if the counterparties to its derivative transactions failed to perform would be $605,549 which represents the gross payments to be received by the Portfolio on OTC total return swaps were they to be unwound as of June 30, 2025. At June 30, 2025, Inflation Protected Bond Plus did not receive any cash collateral for its open OTC derivative transactions.

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

At June 30, 2025, Inflation Protected Bond Plus had a liability position of $67,471 on OTC total return swaps with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2025, the Portfolio could have been required to pay this amount in cash to its counterparties. At June 30, 2025, Inflation Protected Bond Plus did not pledge any cash collateral for its open OTC derivative transactions.

H. ***Forward Foreign Currency Contracts.*** A Portfolio may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms

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

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

of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented within the Portfolio of Investments.

For the period ended June 30, 2025, Inflation Protected Bond Plus had entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolio uses forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return.

During the period ended June 30, 2025, Inflation Protected Bond Plus had average contract amounts of $479,453 and $497,860 on forward foreign currency contracts purchased and sold, respectively. At June 30, 2025, there were no open forward foreign currency contracts for Inflation Protected Bond Plus.

I. ***Futures Contracts.*** Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when a 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 included within Cash collateral for futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table within the 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. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio's securities. With futures, there is minimal counterparty credit risk to a Portfolio 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, Inflation Protected Bond Plus and Bond Portfolio had purchased and sold futures contracts on various bonds and notes as part of their duration strategy. During the period ended June 30, 2025, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| Inflation Protected Bond Plus | $10996510 | $22993263 |
| Bond Portfolio | 77614643 |  |

---

Please refer to the tables within Portfolio of Investments for open futures contracts for Inflation Protected Bond Plus and Bond Portfolio at June 30, 2025.

J. ***Options Contracts.*** The Portfolios may purchase put and call options and may write (sell) put options and covered call options. 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 premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. 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 a Portfolio gives 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 a Portfolio may incur a loss if the market price of the security decreases and the option is exercised.

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

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

The risk in buying an option is that a Portfolio pays 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, Inflation Protected Bond Plus had written interest rate swap options ("swaptions") to generate income. Inflation Protected Bond Plus had an average notional value of $1,963,000 on written interest rate swaptions. There were no open written interest rate swaptions at June 30, 2025.

K. ***Swap Agreements.*** The Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps").

The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. The Portfolios may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on the Statements of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.

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

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

***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

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

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy,

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

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

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 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, Inflation Protected Bond Plus sold credit protection on credit default swap indices ("CDX") with an average notional amount of $4,030,000 to gain additional 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.

The Portfolios enter into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. For the period ended June 30, 2025, there were no interest rate swaps entered into by Inflation Protected Bond Plus.

***Inflation-linked Swap Contracts.*** In an inflation-linked swap, one party pays a fixed interest rate on a notional amount while the other party pays a floating rate linked to an inflation index on that same notional amount. The party paying the floating rate pays the inflation adjusted rate multiplied by the notional amount.

For the period ended June 30, 2025, Inflation Protected Bond Plus had entered into inflation-linked swaps in which it pays a fixed interest rate and receives a floating rate linked to an inflation index ("short inflation-linked swap"). Average notional amount on short inflation linked-bonds was $92,666,667.

Inflation Protected Bond Plus used inflation-linked swaps as part of their inflation strategy. Please refer to the tables within the Portfolio of Investments for Inflation Protected Bond Plus for open inflation-linked swaps at June 30, 2025.

At June 30, 2025, Inflation Protected Bond Plus pledged $2,350,000 in cash collateral for open centrally cleared swaps.

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

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

***Total Return Swap Agreements.*** Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Portfolio's use of a total return swap exposes the Portfolio to credit loss in the 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, Inflation Protected Bond Plus had an average notional amount of $74,833,333 on receiver total return swaps. Please refer to the tables within the Portfolio of Investments for open total returns swaps at June 30, 2025.

L. ***Inflation-Indexed Bonds.*** Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included in interest income in the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of US Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

M. ***Securities Lending.*** Each Portfolio may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

N. ***Sales Commitments.*** Sales commitments involve commitments to sell fixed income securities where the unit price and the estimated principal amount are established upon entering into the contract, with the actual principal amount being within a specified range of the estimate. A Portfolio will enter into sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of sale commitments are not received until the contractual settlement date. During the time a sale commitment is outstanding, except for delayed delivery transactions, the Portfolio will maintain, in a segregated account, cash or marketable securities in an amount sufficient to meet the purchase price. Unsettled sale commitments are valued at current market value of the underlying securities. If the sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss on the commitment without regard to any unrealized gain or loss on the underlying security. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or loss from the sale of the securities, based upon the unit price established at the date the commitment was entered into. There were no open sales commitments held by Inflation Protected Bond Plus at June 30, 2025.

O. ***Indemnifications.*** In the normal course of business, the Portfolios may enter into contracts that provide certain indemnifications. The Trusts' 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:

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

**NOTE 3 — INVESTMENT TRANSACTIONS (continued)**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Inflation Protected Bond Plus | $90203842 | $21042670 |
| Bond Portfolio | 12830924 | 5085068 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Inflation Protected Bond Plus | $13408739 | $54431760 |
| Bond Portfolio | 184238738 | 176721989 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Portfolios have entered into investment management agreements ("Management Agreements") 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. Each Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Inflation Protected | 0.55% on the first $200 million; |
| Bond Plus | 0.50% on the next $800 million; and 0.40% thereafter |
| Bond Portfolio | 0.50% on the first $750 million; and 0.48% thereafter |

---

Effective December 6, 2024, the management fee waiver of 0.05% for Inflation Protected Bond Plus was eliminated in connection with a sub-adviser change. Prior to December 6, 2024, the Investment Adviser was contractually obligated to waive 0.05% of the management fee. Any fees waived or reimbursed were not eligible for recoupment. Termination of this obligation required approval by the Board.

The Investment Adviser has entered into sub-advisory agreements with each sub-adviser. These sub-advisers provide investment advice for the Portfolios and are paid by the Investment Adviser based on the average daily net assets of each Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each Portfolio's assets in accordance with that Portfolio's investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (\*denotes an affiliated sub-adviser):

---

| | |
|:---|:---|
| **Portfolio** | **Sub-Adviser** |
| Inflation Protected Bond Plus | Voya Investment Management Co. LLC\* |
| Bond Portfolio | Brandywine Global Investment Management, LLC |

---

Prior to December 6, 2024, the sub-adviser for Inflation Protected Bond Plus was BlackRock Financial Management, Inc.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Voya Investors Trust has entered into a shareholder service plan (the "Plan") for the Class S shares of Inflation Protected Bond Plus. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S shares. Under the Plan, the Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S shares.

Class ADV shares of Inflation Protected Bond Plus have a shareholder service and distribution plan. The Portfolio pays the Distributor a shareholder service fee of 0.25% and a distribution fee of 0.35% of the Portfolio's average daily net assets attributable to Class ADV 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. or affiliated investment companies owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated Investment<br> Company** | **Portfolio** | **Percentage** |
| Voya Institutional Trust Company | Inflation Protected |  |
|  | Bond Plus | 16.75% |
| Voya Solution 2025 Portfolio | Bond Portfolio | 13.55 |
| Voya Solution 2035 Portfolio | Bond Portfolio | 9.93 |
| Voya Solution Income Portfolio | Bond Portfolio | 5.69 |
| Voya Solution Moderately Aggressive Portfolio | Bond Portfolio | 5.79 |

---

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

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

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

on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect a Portfolio's 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** |
| Inflation Protected Bond Plus | $27241 |

---

During the period ended June 30, 2025, Inflation Protected Bond Plus incurred $78,400 of Information statement costs associated with a sub-adviser change. The Investment Adviser reimbursed Inflation Protected Bond Plus for these costs.

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

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

---

| | |
|:---|:---|
| **Portfolio** | **Maximum Operating Expense Limit** <br> **(as a percentage of net assets)** |
| Inflation Protected Bond Plus | Class ADV: 1.19% |
|  | Class I: 0.59% |
|  | Class S: 0.84% |
| Bond Portfolio | 0.58% |

---

Prior to December 6, 2024, the expense limits for Inflation Protected Bond Plus were 1.23%, 0.63% and 0.88% for Class ADV, Class I and Class S, respectively.

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** |
| Inflation Protected Bond Plus | $— | $— | $193801 | $193801 |
| Bond Portfolio |  |  | 2266 | 2266 |

---

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** |
| **Inflation Protected Bond Plus** |  |  |  |  |
| Class ADV | $— | $91 | $4635 | $4726 |
| Class I |  | 27 | 8952 | 8979 |
| Class S |  | 221 | 11327 | 11548 |

---

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

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

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

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

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

**NOTE 8 — LINE OF CREDIT (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| Inflation Protected Bond Plus | 1 | $1223000 | 5.33% |
| Bond Portfolio | 1 | 1738000 | 5.33 |

---

**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** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Inflation Protected **Bond Plus** | **Inflation Protected **Bond Plus** | **Inflation Protected **Bond Plus** | **Inflation Protected **Bond Plus** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 168052 |  | 73038 | (345209) |  | (104119) | 1476065 |  | 646883 | (3033653) |  | (910705) |
| 12/31/2024 | 103013 |  | 138123 | (947529) |  | (706393) | 903830 |  | 1206252 | (8321044) |  | (6210962) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1464518 |  | 188623 | (711466) |  | 941675 | 13545932 |  | 1744824 | (6531934) |  | 8758822 |
| 12/31/2024 | 1800866 |  | 296958 | (1499236) |  | 598588 | 16538164 |  | 2708682 | (13769399) |  | 5477447 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 706627 |  | 220281 | (1688293) |  | (761385) | 6389398 |  | 2020415 | (15342057) |  | (6932244) |
| 12/31/2024 | 1400799 |  | 415542 | (3029668) |  | (1213327) | 12932560 |  | 3758175 | (27744081) |  | (11053346) |
| **Bond Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 4470907 |  |  | (3126377) |  | 1344530 | 42110272 |  |  | (29329557) |  | 12780715 |
| 12/31/2024 | 6740911 |  | 1032272 | (8438963) |  | (665780) | 63361253 |  | 9403998 | (78707288) |  | (5942037) |

---

**NOTE 10 — SECURITIES LENDING**

Under an agreement with BNY, the Portfolios can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of a Portfolio 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 a Portfolio on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the "Agreement"). 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, a Portfolio has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have

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

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

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

The following table represents 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:

**Inflation Protected Bond Plus**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| BofA Securities Inc | $8103 | $(8103) | $— |
| Truist Securities INC | 102083 | (102083) |  |
| Total | $110186 | $(110186) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $113,199 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, paydowns, straddle loss deferrals, swaps and wash sale deferrals.

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

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31,<br> 2024** | **Year Ended <br> December 31,<br> 2023** |
|  | **Ordinary <br> Income** | **Ordinary <br> Income** |
| Inflation Protected Bond Plus | $7673109 | $7891731 |
| Bond Portfolio | 9403998 | 5046842 |

---

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** | **Unrealized <br> Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total <br> Distributable**<br>**Earnings/(Loss)** |
| Inflation Protected Bond Plus | $— | $(11503259) | $(11598355) | Short-term | $(91006782) |
|  |  |  | (67905168) | Long-term |  |
|  |  |  | $(79503523) |  |  |
| Bond Portfolio | 9049543 | (4328172) | (27816393) | Short-term | (32797115) |
|  |  |  | (9702093) | Long-term |  |
|  |  |  | $(37518486) |  |  |

---

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

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

The Portfolios' major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state (Inflation Protected Bond Plus).

As of June 30, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases,

failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 13 — SEGMENT REPORTING**

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

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

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

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 from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share <br> Amount** | **Payable Date** | **Record<br> Date** |
| **Inflation Protected Bond Plus** | **Inflation Protected Bond Plus** | **Inflation Protected Bond Plus** |  |
| Class ADV | $0.0308 | July 31, 2025 | July 30, 2025 |
| Class I | $0.0353 | July 31, 2025 | July 30, 2025 |
| Class S | $0.0334 | July 31, 2025 | July 30, 2025 |
| **Bond Portfolio** |  |  |  |
|  | $0.3704 | July 15, 2025 | July 14, 2025 |

---

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events"), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya Inflation Protected Bond Plus Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: 26.1%** | **CORPORATE BONDS/NOTES: 26.1%** | **CORPORATE BONDS/NOTES: 26.1%** | **CORPORATE BONDS/NOTES: 26.1%** |
|  | **Basic Materials: 0.6%** | **Basic Materials: 0.6%** | **Basic Materials: 0.6%** |
| 400000 | Cleveland-Cliffs, Inc., 5.875%, 06/01/2027 | $399928 | 0.2 |
| 65000 <sup>(1)</sup> | Glencore Funding LLC, 3.875%, 10/27/2027 | 64167 | 0.0 |
| 271000 <sup>(1)</sup> | Glencore Funding LLC, 5.371%, 04/04/2029 | 277951 | 0.2 |
| 43000 <sup>(1)</sup> | Glencore Funding LLC, 6.125%, 10/06/2028 | 45019 | 0.0 |
| 63000 <sup>(1)</sup> | Glencore Funding LLC, 6.375%, 10/06/2030 | 67651 | 0.0 |
| 400000 <sup>(1)</sup> | NOVA Chemicals Corp., 5.250%, 06/01/2027 | 398168 | 0.2 |
|  |  | **1252884** | **0.6** |
|  | **Communications: 2.3%** | **Communications: 2.3%** | **Communications: 2.3%** |
| 25000 | Amazon.com, Inc., 2.500%, 06/03/2050 | 15040 | 0.0 |
| 220000 | Amazon.com, Inc., 4.100%, 04/13/2062 | 172662 | 0.1 |
| 90000 | AT&T, Inc., 3.500%, 09/15/2053 | 60965 | 0.0 |
| 345000 | AT&T, Inc., 3.650%, 09/15/2059 | 231648 | 0.1 |
| 4000 | AT&T, Inc., 3.800%, 12/01/2057 | 2801 | 0.0 |
| 57000 | AT&T, Inc., 3.850%, 06/01/2060 | 39890 | 0.0 |
| 175000 | AT&T, Inc., 4.500%, 03/09/2048 | 145778 | 0.1 |
| 198000 | AT&T, Inc., 5.700%, 03/01/2057 | 191148 | 0.1 |
| 43000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061 | 27573 | 0.0 |
| 129000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052 | 88608 | 0.1 |
| 76000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.950%, 06/30/2062 | 49007 | 0.0 |
| 137000 | Comcast Corp., 2.937%, 11/01/2056 | 80511 | 0.0 |
| 153000 | Comcast Corp., 2.987%, 11/01/2063 | 86108 | 0.1 |
| 55000 | Comcast Corp., 5.650%, 06/01/2054 | 53484 | 0.0 |
| 400000 <sup>(1)</sup> | Match Group Holdings II LLC, 5.000%, 12/15/2027 | 398094 | 0.2 |
| 160000 | Meta Platforms, Inc., 5.550%, 08/15/2064 | 156493 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 231000 | Meta Platforms, Inc., 5.750%, 05/15/2063 | $| 233704 | 0.1 |
| 400000 <sup>(1)</sup> | Nexstar Media, Inc., 5.625%, 07/15/2027 |  | 399322 | 0.2 |
| 400000 <sup>(1)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 5.000%, 08/15/2027 |  | 398251 | 0.2 |
| 16000 | Paramount Global, 4.950%, 05/19/2050 |  | 12250 | 0.0 |
| 21000 | Paramount Global, 5.250%, 04/01/2044 |  | 16729 | 0.0 |
| 82000 | Rogers Communications, Inc., 5.300%, 02/15/2034 |  | 82118 | 0.1 |
| 400000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.000%, 08/01/2027 |  | 396856 | 0.2 |
| 258000 | T-Mobile USA, Inc., 3.750%, 04/15/2027 |  | 255424 | 0.1 |
| 206000 | T-Mobile USA, Inc., 4.800%, 07/15/2028 |  | 208807 | 0.1 |
| 279000 | T-Mobile USA, Inc., 5.050%, 07/15/2033 |  | 281007 | 0.1 |
| 45000 | Uber Technologies, Inc., 4.800%, 09/15/2034 |  | 44230 | 0.0 |
| 15000 | Uber Technologies, Inc., 5.350%, 09/15/2054 |  | 14001 | 0.0 |
| 75000 | Verizon Communications, Inc., 1.750%, 01/20/2031 |  | 64646 | 0.0 |
| 98000 | Verizon Communications, Inc., 4.272%, 01/15/2036 |  | 90639 | 0.1 |
| 214000 | Verizon Communications, Inc., 4.780%, 02/15/2035 |  | 208578 | 0.1 |
| 270000 | Verizon Communications, Inc., 5.050%, 05/09/2033 |  | 273886 | 0.1 |
| 28000 <sup>(1)</sup> | Verizon Communications, Inc., 5.401%, 07/02/2037 |  | 28182 | 0.0 |
|  |  |  | **4808440** | **2.3** |
|  | **Consumer, Cyclical: 1.1%** | **Consumer, Cyclical: 1.1%** | **Consumer, Cyclical: 1.1%** | **Consumer, Cyclical: 1.1%** |
| 525000 | Lowe's Cos., Inc., 1.700%, 09/15/2028 |  | 485759 | 0.2 |
| 91000 | Lowe's Cos., Inc., 1.700%, 10/15/2030 |  | 79242 | 0.0 |
| 37235 <sup>(1)</sup> | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027 |  | 37307 | 0.0 |
| 400000 | Newell Brands, Inc., 6.375%, 09/15/2027 |  | 406621 | 0.2 |
| 154000 | NIKE, Inc., 3.375%, 03/27/2050 |  | 109234 | 0.1 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 80000 | Toyota Motor Credit Corp., 4.550%, 08/09/2029 | $| 80666 | 0.0 |
| 400000 <sup>(1)</sup> | United Airlines, Inc., 4.375%, 04/15/2026 |  | 397606 | 0.2 |
| 400000 <sup>(1)</sup> | VOC Escrow Ltd., 5.000%, 02/15/2028 |  | 398229 | 0.2 |
| 400000 <sup>(1)</sup> | William Carter Co., 5.625%, 03/15/2027 |  | 397845 | 0.2 |
|  |  |  | **2392509** | **1.1** |
|  | **Consumer, Non-cyclical: 3.6%** | **Consumer, Non-cyclical: 3.6%** | **Consumer, Non-cyclical: 3.6%** | **Consumer, Non-cyclical: 3.6%** |
| 313000 | AbbVie, Inc., 4.500%, 05/14/2035 |  | 302546 | 0.2 |
| 109000 | AbbVie, Inc., 5.050%, 03/15/2034 |  | 111021 | 0.1 |
| 400000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.625%, 01/15/2027 |  | 397853 | 0.2 |
| 209000 | Altria Group, Inc., 3.700%, 02/04/2051 |  | 144762 | 0.1 |
| 110000 | Altria Group, Inc., 4.800%, 02/14/2029 |  | 111250 | 0.1 |
| 160000 | Altria Group, Inc., 6.200%, 11/01/2028 |  | 168955 | 0.1 |
| 76000 | Altria Group, Inc., 6.875%, 11/01/2033 |  | 84920 | 0.0 |
| 97000 | Amgen, Inc., 2.770%, 09/01/2053 |  | 57572 | 0.0 |
| 82000 | Amgen, Inc., 4.200%, 02/22/2052 |  | 64249 | 0.0 |
| 453000 | Amgen, Inc., 5.150%, 03/02/2028 |  | 462997 | 0.2 |
| 154000 | Amgen, Inc., 5.750%, 03/02/2063 |  | 149832 | 0.1 |
| 343000 | BAT Capital Corp., 3.984%, 09/25/2050 |  | 244201 | 0.1 |
| 181000 | BAT Capital Corp., 4.540%, 08/15/2047 |  | 146339 | 0.1 |
| 33000 | BAT Capital Corp., 4.758%, 09/06/2049 |  | 27228 | 0.0 |
| 60000 | BAT Capital Corp., 5.650%, 03/16/2052 |  | 55952 | 0.0 |
| 463000 | BAT International Finance PLC, 4.448%, 03/16/2028 |  | 463847 | 0.2 |
| 84000 | Becton Dickinson & Co., 4.693%, 02/13/2028 |  | 84844 | 0.0 |
| 150000 | BHSH System Obligated Group 19A, 3.487%, 07/15/2049 |  | 107091 | 0.1 |
| 26000 | Bristol-Myers Squibb Co., 5.100%, 02/22/2031 |  | 26936 | 0.0 |
| 48000 | Coca-Cola Co., 5.400%, 05/13/2064 |  | 46872 | 0.0 |
| 225000 | CommonSpirit Health, 2.782%, 10/01/2030 |  | 206122 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 150000 | CommonSpirit Health, 3.817%, 10/01/2049 | $109654 | 0.1 |
| 212000 | CVS Health Corp., 5.000%, 01/30/2029 | 215276 | 0.1 |
| 71000 | Elevance Health, Inc., 6.100%, 10/15/2052 | 72419 | 0.0 |
| 10000 | Eli Lilly & Co., 5.200%, 08/14/2064 | 9476 | 0.0 |
| 300000 | Franciscan Missionaries of Our Lady Health System, Inc. B, 3.914%, 07/01/2049 | 226074 | 0.1 |
| 343000 | Gilead Sciences, Inc., 1.650%, 10/01/2030 | 299945 | 0.1 |
| 20000 | Global Payments, Inc., 2.900%, 05/15/2030 | 18395 | 0.0 |
| 59000 | Global Payments, Inc., 4.950%, 08/15/2027 | 59710 | 0.0 |
| 97000 | HCA, Inc., 3.500%, 09/01/2030 | 91756 | 0.1 |
| 625000 | HCA, Inc., 5.200%, 06/01/2028 | 638678 | 0.3 |
| 139000 | HCA, Inc., 5.450%, 04/01/2031 | 143373 | 0.1 |
| 146000 | Humana, Inc., 1.350%, 02/03/2027 | 139709 | 0.1 |
| 19000 | Humana, Inc., 3.950%, 03/15/2027 | 18938 | 0.0 |
| 400000 <sup>(1)</sup> | IQVIA, Inc., 5.000%, 10/15/2026 | 399856 | 0.2 |
| 150000 | Kaiser Foundation Hospitals 2021, 3.002%, 06/01/2051 | 97286 | 0.1 |
| 40000 | Moody's Corp., 4.250%, 02/01/2029 | 40004 | 0.0 |
| 175000 | Mount Nittany Medical Center Obligated Group 2022, 3.799%, 11/15/2052 | 130085 | 0.1 |
| 64000 | Pfizer, Inc., 2.700%, 05/28/2050 | 39770 | 0.0 |
| 400000 <sup>(1)</sup> | Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 08/31/2027 | 387786 | 0.2 |
| 5000 | Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026 | 4937 | 0.0 |
| 157000 | Solventum Corp., 5.450%, 02/25/2027 | 159627 | 0.1 |
| 64000 | Solventum Corp., 6.000%, 05/15/2064 | 63500 | 0.0 |
| 400000 | Tenet Healthcare Corp., 5.125%, 11/01/2027 | 399620 | 0.2 |
| 38000 <sup>(2)</sup> | Thermo Fisher Scientific, Inc., 5.086%, 08/10/2033 | 38910 | 0.0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 96000 | UnitedHealth Group, Inc., 4.750%, 05/15/2052 | $| 81844 | 0.0 |
| 65000 | UnitedHealth Group, Inc., 5.050%, 04/15/2053 |  | 58066 | 0.0 |
| 84000 | UnitedHealth Group, Inc., 5.500%, 04/15/2064 |  | 78462 | 0.0 |
| 77000 | UnitedHealth Group, Inc., 5.750%, 07/15/2064 |  | 74959 | 0.0 |
|  |  |  | **7563504** | **3.6** |
|  | **Energy: 4.6%** | **Energy: 4.6%** | **Energy: 4.6%** | **Energy: 4.6%** |
| 400000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027 |  | 399761 | 0.2 |
| 82000 <sup>(1)</sup> | APA Corp., 4.250%, 01/15/2030 |  | 78536 | 0.0 |
| 6000 | BP Capital Markets America, Inc., 4.989%, 04/10/2034 |  | 6040 | 0.0 |
| 288000 <sup>(1)</sup> | Cameron LNG LLC, 3.402%, 01/15/2038 |  | 246105 | 0.1 |
| 893000 | Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027 |  | 901732 | 0.4 |
| 115000 | Cheniere Energy Partners L.P., 4.000%, 03/01/2031 |  | 109487 | 0.1 |
| 108000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 |  | 106881 | 0.1 |
| 162000 | Cheniere Energy Partners L.P., 5.950%, 06/30/2033 |  | 169174 | 0.1 |
| 261000 | Cheniere Energy, Inc., 5.650%, 04/15/2034 |  | 267437 | 0.1 |
| 20000 | Chevron Corp., 3.078%, 05/11/2050 |  | 13483 | 0.0 |
| 64000 | Devon Energy Corp., 4.500%, 01/15/2030 |  | 63374 | 0.0 |
| 24000 | Devon Energy Corp., 5.250%, 10/15/2027 |  | 24055 | 0.0 |
| 1143000 | Diamondback Energy, Inc., 3.125%, 03/24/2031 |  | 1047561 | 0.5 |
| 615000 | Diamondback Energy, Inc., 3.250%, 12/01/2026 |  | 606126 | 0.3 |
| 1397000 | Diamondback Energy, Inc., 3.500%, 12/01/2029 |  | 1336767 | 0.6 |
| 152000 | Diamondback Energy, Inc., 5.900%, 04/18/2064 |  | 140842 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 20000 | Eastern Energy Gas Holdings LLC, 5.650%, 10/15/2054 | $19141 | 0.0 |
| 37000 | Energy Transfer L.P., 4.950%, 05/15/2028 | 37532 | 0.0 |
| 101000 | Energy Transfer L.P., 5.000%, 05/15/2050 | 84503 | 0.1 |
| 265000 | Energy Transfer L.P., 5.500%, 06/01/2027 | 269851 | 0.1 |
| 124000 | Energy Transfer L.P., 6.050%, 09/01/2054 | 119289 | 0.1 |
| 106000 | Energy Transfer L.P., 6.250%, 04/15/2049 | 104673 | 0.1 |
| 194000 <sup>(1)</sup> | EQT Corp., 3.625%, 05/15/2031 | 179981 | 0.1 |
| 809000 | EQT Corp., 3.900%, 10/01/2027 | 798518 | 0.4 |
| 235000 | EQT Corp., 5.700%, 04/01/2028 | 241797 | 0.1 |
| 18000 | EQT Corp., 7.000%, 02/01/2030 | 19522 | 0.0 |
| 156000 | Exxon Mobil Corp., 3.452%, 04/15/2051 | 110704 | 0.1 |
| 7000 | Kinder Morgan, Inc., 3.600%, 02/15/2051 | 4827 | 0.0 |
| 154000 | Kinder Morgan, Inc., 5.000%, 02/01/2029 | 156450 | 0.1 |
| 106000 <sup>(1)</sup> | NGPL PipeCo LLC, 3.250%, 07/15/2031 | 94563 | 0.1 |
| 32000 | Northwest Pipeline LLC, 4.000%, 04/01/2027 | 31807 | 0.0 |
| 35000 | ONEOK, Inc., 5.650%, 09/01/2034 | 35462 | 0.0 |
| 908000 | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | 903407 | 0.4 |
| 73000 | Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027 | 73462 | 0.0 |
| 60000 <sup>(1)</sup> | South Bow USA Infrastructure Holdings LLC, 4.911%, 09/01/2027 | 60402 | 0.0 |
| 35000 <sup>(1)</sup> | South Bow USA Infrastructure Holdings LLC, 5.026%, 10/01/2029 | 35124 | 0.0 |
| 24000 | Targa Resources Corp., 4.950%, 04/15/2052 | 20046 | 0.0 |
| 209000 | Targa Resources Corp., 5.200%, 07/01/2027 | 211897 | 0.1 |
| 33000 | Targa Resources Corp., 6.500%, 02/15/2053 | 33907 | 0.0 |
| 29000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.000%, 01/15/2032 | 27043 | 0.0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 153000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | $| 151855 | 0.1 |
| 222000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.000%, 01/15/2028 |  | 222187 | 0.1 |
| 34000 <sup>(1)</sup> | Texas Eastern Transmission L.P., 3.500%, 01/15/2028 |  | 33355 | 0.0 |
| 24000 | Transcontinental Gas Pipe Line Co. LLC, 4.000%, 03/15/2028 |  | 23785 | 0.0 |
|  |  |  | **9622451** | **4.6** |
|  | **Financial: 7.9%** | **Financial: 7.9%** | **Financial: 7.9%** | **Financial: 7.9%** |
| 400000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 4.250%, 10/15/2027 |  | 392906 | 0.2 |
| 60000 <sup>(3)</sup> | American Express Co., 5.043%, 07/26/2028 |  | 60832 | 0.0 |
| 33000 | American Tower Corp., 2.300%, 09/15/2031 |  | 28648 | 0.0 |
| 268000 | American Tower Corp., 3.550%, 07/15/2027 |  | 264219 | 0.1 |
| 219000 | American Tower Corp., 3.800%, 08/15/2029 |  | 213001 | 0.1 |
| 23000 | American Tower Corp., 4.050%, 03/15/2032 |  | 22010 | 0.0 |
| 110000 | American Tower Corp., 5.200%, 02/15/2029 |  | 112605 | 0.1 |
| 18000 | American Tower Corp., 5.800%, 11/15/2028 |  | 18790 | 0.0 |
| 90000 <sup>(3)</sup> | Associated Banc-Corp., 6.455%, 08/29/2030 |  | 92526 | 0.1 |
| 29000 <sup>(3)</sup> | Bank of America Corp., 2.972%, 07/21/2052 |  | 18762 | 0.0 |
| 97000 <sup>(3)</sup> | Bank of America Corp., 3.705%, 04/24/2028 |  | 95883 | 0.1 |
| 2000 <sup>(3)</sup> | Bank of America Corp., 5.511%, 01/24/2036 |  | 2057 | 0.0 |
| 109000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.831%, 10/24/2051 |  | 68306 | 0.0 |
| 185000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.972%, 02/04/2033 |  | 165714 | 0.1 |
| 29000 <sup>(3)</sup> | Bank of America Corp., MTN, 4.083%, 03/20/2051 |  | 23049 | 0.0 |
| 25000 <sup>(3)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 |  | 25530 | 0.0 |
| 36000 <sup>(3)</sup> | Citigroup, Inc., 2.520%, 11/03/2032 |  | 31486 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 64000 <sup>(3)</sup> | Citigroup, Inc., 2.561%, 05/01/2032 | $56716 | 0.0 |
| 120000 <sup>(3)</sup> | Citigroup, Inc., 3.980%, 03/20/2030 | 117643 | 0.1 |
| 145000 <sup>(3)</sup> | Citigroup, Inc., 5.449%, 06/11/2035 | 148167 | 0.1 |
| 181000 <sup>(3)</sup> | Citigroup, Inc. VAR, 3.070%, 02/24/2028 | 177047 | 0.1 |
| 29000 | Crown Castle, Inc., 2.100%, 04/01/2031 | 24896 | 0.0 |
| 112000 | Crown Castle, Inc., 2.250%, 01/15/2031 | 97480 | 0.1 |
| 37000 | Crown Castle, Inc., 2.500%, 07/15/2031 | 32306 | 0.0 |
| 91000 | Crown Castle, Inc., 3.650%, 09/01/2027 | 89463 | 0.0 |
| 10000 | Equinix Europe 2 Financing Corp. LLC, 5.500%, 06/15/2034 | 10246 | 0.0 |
| 221000 | Equinix, Inc., 2.000%, 05/15/2028 | 206868 | 0.1 |
| 100000 | Equinix, Inc., 2.150%, 07/15/2030 | 89030 | 0.0 |
| 36000 | Equinix, Inc., 2.500%, 05/15/2031 | 31912 | 0.0 |
| 72000 | Equinix, Inc., 3.200%, 11/18/2029 | 68349 | 0.0 |
| 160000 | Equinix, Inc., 3.900%, 04/15/2032 | 151621 | 0.1 |
| 400000 <sup>(1)</sup> | Freedom Mortgage Corp., 6.625%, 01/15/2027 | 400994 | 0.2 |
| 394000 | GLP Capital L.P. / GLP Financing II, Inc., 3.250%, 01/15/2032 | 347072 | 0.2 |
| 459000 | GLP Capital L.P. / GLP Financing II, Inc., 5.300%, 01/15/2029 | 464404 | 0.2 |
| 135000 <sup>(2)</sup> | GLP Capital L.P. / GLP Financing II, Inc., 6.250%, 09/15/2054 | 131892 | 0.1 |
| 338000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 1.948%, 10/21/2027 | 327359 | 0.2 |
| 450000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 2.650%, 10/21/2032 | 397758 | 0.2 |
| 6000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 2.908%, 07/21/2042 | 4299 | 0.0 |
| 29000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 3.210%, 04/22/2042 | 21705 | 0.0 |
| 27000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 4.411%, 04/23/2039 | 24357 | 0.0 |
| 65000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 4.692%, 10/23/2030 | 65210 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> <u> PORTFOLIO OF INVESTMENTS 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)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 443000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.049%, 07/23/2030 | $450459 | 0.2 |
| 104000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 104949 | 0.1 |
| 17000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.536%, 01/28/2036 | 17440 | 0.0 |
| 403000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 419591 | 0.2 |
| 169000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.851%, 04/25/2035 | 177307 | 0.1 |
| 91000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 96544 | 0.1 |
| 400000 <sup>(1)</sup> | Iron Mountain, Inc., 4.875%, 09/15/2027 | 398006 | 0.2 |
| 397000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.953%, 02/04/2032 | 344390 | 0.2 |
| 51000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.522%, 04/22/2031 | 46641 | 0.0 |
| 214000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.328%, 04/22/2052 | 150072 | 0.1 |
| 15000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.964%, 11/15/2048 | 12005 | 0.0 |
| 90000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.505%, 10/22/2028 | 90287 | 0.0 |
| 115000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.979%, 07/22/2028 | 116499 | 0.1 |
| 769000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 783214 | 0.4 |
| 171000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | 174187 | 0.1 |
| 164000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 167430 | 0.1 |
| 69000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 71660 | 0.0 |
| 150000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 157650 | 0.1 |
| 294000 <sup>(3)</sup> | JPMorgan Chase & Co., 6.087%, 10/23/2029 | 309061 | 0.2 |
| 57000 | Marsh & McLennan Cos., Inc., 5.450%, 03/15/2054 | 55025 | 0.0 |
| 32000 | Mastercard, Inc., 3.850%, 03/26/2050 | 25288 | 0.0 |
| 714000 <sup>(3)</sup> | Morgan Stanley, 2.943%, 01/21/2033 | 637432 | 0.3 |
| 687000 <sup>(3)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 698818 | 0.3 |
| 70000 <sup>(3)</sup> | Morgan Stanley, 5.173%, 01/16/2030 | 71480 | 0.0 |
| 266000 <sup>(3)</sup> | Morgan Stanley, 5.449%, 07/20/2029 | 273612 | 0.1 |
| 175000 <sup>(3)</sup> | Morgan Stanley, 5.587%, 01/18/2036 | 179710 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 197000 <sup>(3)</sup> | Morgan Stanley, 5.656%, 04/18/2030 | $204664 | 0.1 |
| 467000 <sup>(3)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 484109 | 0.2 |
| 60000 <sup>(3)</sup> | Morgan Stanley, GMTN, 2.239%, 07/21/2032 | 51973 | 0.0 |
| 123000 <sup>(3)</sup> | Morgan Stanley, GMTN, 2.699%, 01/22/2031 | 113448 | 0.1 |
| 55000 <sup>(3)</sup> | Morgan Stanley, MTN, 1.794%, 02/13/2032 | 47069 | 0.0 |
| 52000 <sup>(3)</sup> | Morgan Stanley, MTN, 2.511%, 10/20/2032 | 45550 | 0.0 |
| 245000 <sup>(3)</sup> | Morgan Stanley, MTN, 3.622%, 04/01/2031 | 235003 | 0.1 |
| 693000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 706706 | 0.3 |
| 66000 | National Retail Properties, Inc., 3.000%, 04/15/2052 | 40627 | 0.0 |
| 10000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 01/15/2035 | 10052 | 0.0 |
| 400000 <sup>(1)</sup> | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026 | 390376 | 0.2 |
| 400000 <sup>(1)</sup> | Starwood Property Trust, Inc., 4.375%, 01/15/2027 | 396547 | 0.2 |
| 1212000 | VICI Properties L.P., 4.750%, 02/15/2028 | 1219155 | 0.6 |
| 65000 | VICI Properties L.P., 6.125%, 04/01/2054 | 63972 | 0.0 |
| 206000 <sup>(1)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 3.750%, 02/15/2027 | 202918 | 0.1 |
| 194000 <sup>(1)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 3.875%, 02/15/2029 | 187788 | 0.1 |
| 180000 <sup>(1)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 4.125%, 08/15/2030 | 172844 | 0.1 |
| 190000 <sup>(1)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 4.250%, 12/01/2026 | 188908 | 0.1 |
| 181000 <sup>(1)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 4.625%, 12/01/2029 | 177897 | 0.1 |
| 47000 | Visa, Inc., 2.000%, 08/15/2050 | 25529 | 0.0 |
| 50000 <sup>(3)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 | 51296 | 0.0 |
| 36000 <sup>(3)</sup> | Wells Fargo & Co., 5.605%, 04/23/2036 | 37174 | 0.0 |
| 24000 <sup>(3)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 | 26242 | 0.0 |
| 95000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 4.611%, 04/25/2053 | 81018 | 0.0 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 45000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.013%, 04/04/2051 | $| 41006 | 0.0 |
| 197000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.574%, 07/25/2029 |  | 203443 | 0.1 |
|  |  |  | **16557189** | **7.9** |
|  | **Industrial: 2.1%** | **Industrial: 2.1%** | **Industrial: 2.1%** | **Industrial: 2.1%** |
| 652000 <sup>(1)</sup> | BAE Systems Holdings, Inc., 3.850%, 12/15/2025 |  | 649919 | 0.3 |
| 13000 | Berry Global, Inc., 5.500%, 04/15/2028 |  | 13349 | 0.0 |
| 9000 | Boeing Co., 5.930%, 05/01/2060 |  | 8563 | 0.0 |
| 42000 | Boeing Co., 6.858%, 05/01/2054 |  | 46019 | 0.0 |
| 176000 | Burlington Northern Santa Fe LLC, 3.300%, 09/15/2051 |  | 122154 | 0.1 |
| 9000 | Burlington Northern Santa Fe LLC, 5.500%, 03/15/2055 |  | 8922 | 0.0 |
| 57000 | Caterpillar, Inc., 3.250%, 09/19/2049 |  | 39926 | 0.0 |
| 20000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 |  | 20422 | 0.0 |
| 87000 | CSX Corp., 4.900%, 03/15/2055 |  | 78120 | 0.0 |
| 8000 | GATX Corp., 6.050%, 06/05/2054 |  | 8016 | 0.0 |
| 28000 | Honeywell International, Inc., 5.350%, 03/01/2064 |  | 26574 | 0.0 |
| 244000 | L3Harris Technologies, Inc., 3.850%, 12/15/2026 |  | 242646 | 0.1 |
| 276000 | L3Harris Technologies, Inc., 5.050%, 06/01/2029 |  | 282511 | 0.1 |
| 9000 | L3Harris Technologies, Inc., 5.250%, 06/01/2031 |  | 9289 | 0.0 |
| 302000 | L3Harris Technologies, Inc., 5.400%, 01/15/2027 |  | 307126 | 0.2 |
| 52000 | L3Harris Technologies, Inc., 5.600%, 07/31/2053 |  | 50942 | 0.0 |
| 7000 | Lockheed Martin Corp., 4.450%, 05/15/2028 |  | 7083 | 0.0 |
| 9000 | Norfolk Southern Corp., 3.050%, 05/15/2050 |  | 5926 | 0.0 |
| 156000 | Norfolk Southern Corp., 3.155%, 05/15/2055 |  | 100145 | 0.1 |
| 114000 | Northrop Grumman Corp., 4.700%, 03/15/2033 |  | 113699 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 117000 | Northrop Grumman Corp., 5.200%, 06/01/2054 | $| 109129 | 0.1 |
| 400000 <sup>(1)</sup> | Owens-Brockway Glass Container, Inc., 6.625%, 05/13/2027 |  | 400489 | 0.2 |
| 21000 | Raytheon Technologies Corp., 2.820%, 09/01/2051 |  | 12987 | 0.0 |
| 37000 | Raytheon Technologies Corp., 3.125%, 07/01/2050 |  | 24554 | 0.0 |
| 32000 | RTX Corp., 5.400%, 05/01/2035 |  | 32888 | 0.0 |
| 212000 | RTX Corp., 5.750%, 01/15/2029 |  | 222134 | 0.1 |
| 361000 | RTX Corp., 6.100%, 03/15/2034 |  | 390452 | 0.2 |
| 400000 <sup>(1)</sup> | Standard Industries, Inc., 5.000%, 02/15/2027 |  | 399375 | 0.2 |
| 400000 <sup>(1)</sup> | TK Elevator US Newco, Inc., 5.250%, 07/15/2027 |  | 399986 | 0.2 |
| 28000 | Union Pacific Corp., 2.950%, 03/10/2052 |  | 17884 | 0.0 |
| 9000 | Union Pacific Corp., 3.500%, 02/14/2053 |  | 6379 | 0.0 |
| 168000 | Union Pacific Corp., 4.500%, 01/20/2033 |  | 167108 | 0.1 |
|  |  |  | **4324716** | **2.1** |
|  | **Technology: 1.2%** | **Technology: 1.2%** | **Technology: 1.2%** | **Technology: 1.2%** |
| 75000 | Advanced Micro Devices, Inc., 4.393%, 06/01/2052 |  | 63009 | 0.0 |
| 224000 | Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.500%, 01/15/2028 |  | 219821 | 0.1 |
| 59000 <sup>(1)</sup> | Broadcom, Inc., 3.137%, 11/15/2035 |  | 49787 | 0.0 |
| 41000 | Broadcom, Inc., 4.150%, 11/15/2030 |  | 40356 | 0.0 |
| 90000 | Broadcom, Inc., 5.050%, 07/12/2029 |  | 92196 | 0.1 |
| 65000 | Broadcom, Inc., 5.150%, 11/15/2031 |  | 66896 | 0.1 |
| 27000 | Dell International LLC / EMC Corp., 3.450%, 12/15/2051 |  | 18522 | 0.0 |
| 200000 <sup>(1)</sup> | Foundry JV Holdco LLC, 6.150%, 01/25/2032 |  | 210615 | 0.1 |
| 101000 <sup>(1)</sup> | Gartner, Inc., 3.625%, 06/15/2029 |  | 96102 | 0.1 |
| 576000 <sup>(1)</sup> | Gartner, Inc., 4.500%, 07/01/2028 |  | 570413 | 0.3 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 9000 | Hewlett Packard Enterprise Co., 5.250%, 07/01/2028 | $| 9228 | 0.0 |
| 105000 | Intel Corp., 3.100%, 02/15/2060 |  | 58764 | 0.0 |
| 20000 | KLA Corp., 4.650%, 07/15/2032 |  | 20139 | 0.0 |
| 67000 | KLA Corp., 5.250%, 07/15/2062 |  | 63052 | 0.0 |
| 30000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 2.500%, 05/11/2031 |  | 26393 | 0.0 |
| 138000 | Oracle Corp., 3.850%, 07/15/2036 |  | 121579 | 0.1 |
| 36000 | Oracle Corp., 3.850%, 04/01/2060 |  | 24830 | 0.0 |
| 27000 | Oracle Corp., 4.100%, 03/25/2061 |  | 19538 | 0.0 |
| 339000 | Oracle Corp., 4.375%, 05/15/2055 |  | 265606 | 0.1 |
| 66000 | Oracle Corp., 5.500%, 09/27/2064 |  | 60161 | 0.0 |
| 400000 <sup>(1)</sup> | SS&C Technologies, Inc., 5.500%, 09/30/2027 |  | 400629 | 0.2 |
| 13000 | Texas Instruments, Inc., 4.100%, 08/16/2052 |  | 10318 | 0.0 |
| 21000 | Texas Instruments, Inc., 5.050%, 05/18/2063 |  | 19275 | 0.0 |
| 5000 | Texas Instruments, Inc., 5.150%, 02/08/2054 |  | 4717 | 0.0 |
|  |  |  | **2531946** | **1.2** |
|  | **Utilities: 2.7%** | **Utilities: 2.7%** | **Utilities: 2.7%** | **Utilities: 2.7%** |
| 17000 | AEP Texas, Inc., 3.450%, 05/15/2051 |  | 11458 | 0.0 |
| 82000 | AEP Texas, Inc., 5.250%, 05/15/2052 |  | 74133 | 0.0 |
| 59000 | AEP Texas, Inc., 5.700%, 05/15/2034 |  | 60319 | 0.0 |
| 97000 | AEP Transmission Co. LLC, 5.150%, 04/01/2034 |  | 98299 | 0.1 |
| 49000 | AEP Transmission Co. LLC, 5.400%, 03/15/2053 |  | 47272 | 0.0 |
| 318000 | AEP Transmission Co. LLC N, 2.750%, 08/15/2051 |  | 195158 | 0.1 |
| 48000 | Alabama Power Co., 3.000%, 03/15/2052 |  | 31094 | 0.0 |
| 146000 | Alabama Power Co., 3.125%, 07/15/2051 |  | 97776 | 0.1 |
| 136000 | Baltimore Gas and Electric Co., 4.550%, 06/01/2052 |  | 114352 | 0.1 |
| 7000 | Baltimore Gas and Electric Co., 5.650%, 06/01/2054 |  | 6948 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 13000 | CenterPoint Energy Resources Corp., 1.750%, 10/01/2030 | $11325 | 0.0 |
| 73000 | CenterPoint Energy Resources Corp., 5.250%, 03/01/2028 | 74794 | 0.1 |
| 20000 | Dominion Energy South Carolina, Inc., 6.250%, 10/15/2053 | 21635 | 0.0 |
| 64000 | Duke Energy Carolinas LLC, 2.450%, 02/01/2030 | 59164 | 0.0 |
| 45000 | Duke Energy Carolinas LLC, 3.200%, 08/15/2049 | 30448 | 0.0 |
| 71000 | Duke Energy Carolinas LLC, 3.450%, 04/15/2051 | 50353 | 0.0 |
| 36000 | Duke Energy Carolinas LLC, 3.550%, 03/15/2052 | 25990 | 0.0 |
| 117000 | Duke Energy Carolinas LLC, 4.950%, 01/15/2033 | 119106 | 0.1 |
| 62000 | Duke Energy Carolinas LLC, 5.350%, 01/15/2053 | 59573 | 0.0 |
| 31000 | Duke Energy Carolinas LLC, 5.400%, 01/15/2054 | 29850 | 0.0 |
| 44000 | Duke Energy Corp., 3.950%, 08/15/2047 | 33132 | 0.0 |
| 40000 | Duke Energy Corp., 5.000%, 08/15/2052 | 35121 | 0.0 |
| 164000 | Duke Energy Florida LLC, 1.750%, 06/15/2030 | 144742 | 0.1 |
| 14000 | Duke Energy Florida LLC, 3.400%, 10/01/2046 | 10075 | 0.0 |
| 188000 | Duke Energy Florida LLC, 3.800%, 07/15/2028 | 186478 | 0.1 |
| 82000 | Duke Energy Florida LLC, 6.200%, 11/15/2053 | 87389 | 0.1 |
| 38000 | Duke Energy Ohio, Inc., 3.650%, 02/01/2029 | 37288 | 0.0 |
| 9000 | Duke Energy Ohio, Inc., 5.550%, 03/15/2054 | 8805 | 0.0 |
| 191000 | Duke Energy Progress LLC, 2.900%, 08/15/2051 | 118890 | 0.1 |
| 60000 | Duke Energy Progress LLC, 5.250%, 03/15/2033 | 61980 | 0.0 |
| 90000 | Duke Energy Progress LLC, 5.350%, 03/15/2053 | 85708 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> <u> PORTFOLIO OF INVESTMENTS 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)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 605000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | $598408 | 0.3 |
| 232000 | FirstEnergy Corp. C, 3.400%, 03/01/2050 | 157427 | 0.1 |
| 290000 <sup>(1)</sup> | FirstEnergy Transmission LLC, 4.550%, 04/01/2049 | 246167 | 0.1 |
| 50000 | FirstEnergy Transmission LLC, 5.000%, 01/15/2035 | 49499 | 0.0 |
| 224000 | Florida Power & Light Co., 2.875%, 12/04/2051 | 141415 | 0.1 |
| 35000 | Florida Power & Light Co., 3.150%, 10/01/2049 | 23677 | 0.0 |
| 30000 | Florida Power & Light Co., 3.950%, 03/01/2048 | 23988 | 0.0 |
| 37000 | Georgia Power Co., 4.950%, 05/17/2033 | 37303 | 0.0 |
| 154000 | Georgia Power Co., 5.250%, 03/15/2034 | 157141 | 0.1 |
| 10000 | Interstate Power and Light Co., 5.450%, 09/30/2054 | 9631 | 0.0 |
| 71555 | Johnsonville Aeroderivative Combustion Turbine Generation LLC, 5.078%, 10/01/2054 | 68065 | 0.0 |
| 138000 | MidAmerican Energy Co., 5.300%, 02/01/2055 | 131466 | 0.1 |
| 15000 | MidAmerican Energy Co., 5.850%, 09/15/2054 | 15457 | 0.0 |
| 75000 | NiSource, Inc., 1.700%, 02/15/2031 | 64257 | 0.0 |
| 65000 | NiSource, Inc., 5.200%, 07/01/2029 | 66757 | 0.0 |
| 48000 | Northern States Power Co., 5.400%, 03/15/2054 | 46375 | 0.0 |
| 68000 <sup>(1)</sup> | NRG Energy, Inc., 4.450%, 06/15/2029 | 66931 | 0.0 |
| 81000 <sup>(1)</sup> | NRG Energy, Inc., 7.000%, 03/15/2033 | 88986 | 0.1 |
| 63000 | Ohio Power Co., 5.000%, 06/01/2033 | 62756 | 0.0 |
| 66000 | Ohio Power Co., 5.650%, 06/01/2034 | 67918 | 0.0 |
| 63000 | Ohio Power Co. R, 2.900%, 10/01/2051 | 38526 | 0.0 |
| 32000 | ONE Gas, Inc., 2.000%, 05/15/2030 | 28691 | 0.0 |
| 100000 | Pacific Gas and Electric Co., 3.950%, 12/01/2047 | 70643 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 192000 | PECO Energy Co., 2.850%, 09/15/2051 | $| 121101 | 0.1 |
| 9000 | PECO Energy Co., 4.375%, 08/15/2052 |  | 7467 | 0.0 |
| 20000 | PECO Energy Co., 5.250%, 09/15/2054 |  | 18982 | 0.0 |
| 65000 | Piedmont Natural Gas Co., Inc., 3.500%, 06/01/2029 |  | 63046 | 0.0 |
| 21000 | PPL Capital Funding, Inc., 5.250%, 09/01/2034 |  | 21183 | 0.0 |
| 63000 | Public Service Electric and Gas Co., MTN, 2.050%, 08/01/2050 |  | 33537 | 0.0 |
| 15000 | Public Service Electric and Gas Co., MTN, 5.450%, 03/01/2054 |  | 14706 | 0.0 |
| 63000 | San Diego Gas & Electric Co. UUU, 3.320%, 04/15/2050 |  | 42432 | 0.0 |
| 24000 | Southern California Edison Co., 5.750%, 04/15/2054 |  | 21528 | 0.0 |
| 87000 | Southern California Edison Co., 5.875%, 12/01/2053 |  | 79523 | 0.1 |
| 170000 <sup>(2)</sup> | Southern Co., 4.850%, 03/15/2035 |  | 166309 | 0.1 |
| 8000 | Spire Missouri, Inc., 4.800%, 02/15/2033 |  | 7995 | 0.0 |
| 35000 | Virginia Electric and Power Co., 5.550%, 08/15/2054 |  | 33928 | 0.0 |
| 400000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.625%, 02/15/2027 |  | 400524 | 0.2 |
| 385000 <sup>(1)</sup> | Vistra Operations Co. LLC, 6.000%, 04/15/2034 |  | 400144 | 0.2 |
| 25000 <sup>(2)</sup> | Wisconsin Electric Power Co., 5.050%, 10/01/2054 |  | 22613 | 0.0 |
|  |  |  | **5745157** | **2.7** |
|  | Total Corporate Bonds/ Notes <br> (Cost $54,869,357) |  | **54798796** | **26.1** |
| **U.S. TREASURY OBLIGATIONS: 25.0%** | **U.S. TREASURY OBLIGATIONS: 25.0%** | **U.S. TREASURY OBLIGATIONS: 25.0%** | **U.S. TREASURY OBLIGATIONS: 25.0%** | **U.S. TREASURY OBLIGATIONS: 25.0%** |
|  | **United States Treasury Bonds: 0.1%** | **United States Treasury Bonds: 0.1%** | **United States Treasury Bonds: 0.1%** | **United States Treasury Bonds: 0.1%** |
| 130600 | 4.625%, 02/15/2055 |  | 127172 | 0.1 |
|  | **United States Treasury Inflation Indexed Bonds: 7.1%** | **United States Treasury Inflation Indexed Bonds: 7.1%** | **United States Treasury Inflation Indexed Bonds: 7.1%** | **United States Treasury Inflation Indexed Bonds: 7.1%** |
| 1002978 | 0.125%, 02/15/2051 |  | 546895 | 0.3 |
| 1117809 | 0.125%, 02/15/2052 |  | 597459 | 0.3 |
| 985738 | 0.250%, 02/15/2050 |  | 573154 | 0.3 |
| 1004616 | 0.625%, 02/15/2043 |  | 747335 | 0.4 |
| 1291492 | 0.750%, 02/15/2042 |  | 1003751 | 0.5 |
| 1484896 | 0.750%, 02/15/2045 |  | 1085065 | 0.5 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<sup>†</sup>** | | **Value** | **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)** | **U.S. TREASURY OBLIGATIONS: (continued)** |
|  | **United States Treasury Inflation Indexed Bonds (continued)** | **United States Treasury Inflation Indexed Bonds (continued)** | **United States Treasury Inflation Indexed Bonds (continued)** | **United States Treasury Inflation Indexed Bonds (continued)** |
| 1003350 | 0.875%, 02/15/2047 | $| 727623 | 0.3 |
| 744634 | 1.000%, 02/15/2046 |  | 564730 | 0.3 |
| 656949 | 1.000%, 02/15/2048 |  | 483626 | 0.2 |
| 2913009 | 1.000%, 02/15/2049 |  | 2115620 | 1 |
| 700613 | 1.375%, 02/15/2044 |  | 588780 | 0.3 |
| 1099155 | 1.500%, 02/15/2053 |  | 871407 | 0.4 |
| 543662 | 2.125%, 02/15/2040 |  | 537068 | 0.2 |
| 776386 | 2.125%, 02/15/2041 |  | 760489 | 0.4 |
| 560259 | 2.125%, 02/15/2054 |  | 513165 | 0.2 |
| 700761 | 2.500%, 01/15/2029 |  | 729289 | 0.3 |
| 417486 | 3.375%, 04/15/2032 |  | 464903 | 0.2 |
| 769559 | 3.625%, 04/15/2028 |  | 818464 | 0.4 |
| 1129855 | 3.875%, 04/15/2029 |  | 1233780 | 0.6 |
|  |  |  | **14962603** | **7.1** |
|  | **United States Treasury Inflation Indexed Notes: 17.4%** | **United States Treasury Inflation Indexed Notes: 17.4%** | **United States Treasury Inflation Indexed Notes: 17.4%** | **United States Treasury Inflation Indexed Notes: 17.4%** |
| 2317894 | 0.125%, 01/15/2030 |  | 2188128 | 1 |
| 2496124 | 0.125%, 07/15/2030 |  | 2345586 | 1.1 |
| 7430950 | 0.125%, 01/15/2031 |  | 6887500 | 3.3 |
| 2722948 | 0.125%, 07/15/2031 |  | 2506743 | 1.2 |
| 2938283 | 0.125%, 01/15/2032 |  | 2664287 | 1.3 |
| 3097001 | 0.625%, 07/15/2032 |  | 2890032 | 1.4 |
| 116296 | 0.750%, 07/15/2028 |  | 114901 | 0 |
| 241387 | 0.875%, 01/15/2029 |  | 237694 | 0.1 |
| 3010047 | 1.125%, 01/15/2033 |  | 2877653 | 1.4 |
| 367908 | 1.250%, 04/15/2028 |  | 367288 | 0.2 |
| 3002419 | 1.375%, 07/15/2033 |  | 2917142 | 1.4 |
| 1576162 | 1.625%, 10/15/2029 |  | 1596002 | 0.8 |
| 3163182 | 1.750%, 01/15/2034 |  | 3137222 | 1.5 |
| 4810157 | 1.875%, 07/15/2034 |  | 4816637 | 2.3 |
| 907498 | 2.125%, 04/15/2029 |  | 932129 | 0.4 |
|  |  |  | **36478944** | **17.4** |
|  | **United States Treasury Notes: 0.4%** | **United States Treasury Notes: 0.4%** | **United States Treasury Notes: 0.4%** | **United States Treasury Notes: 0.4%** |
| 129800 | 3.875%, 06/15/2028 |  | 130494 | 0.1 |
| 85800 | 3.875%, 06/30/2030 |  | 86132 | 0 |
| 131200 | 4.000%, 06/30/2032 |  | 131313 | 0.1 |
| 427900 | 4.250%, 05/15/2035 |  | 428602 | 0.2 |
|  |  |  | **776541** | **0.4** |
|  | Total U.S. Treasury Obligations<br> (Cost $54,044,578) |  | **52345260** | **25.0** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 19.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 19.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 19.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 19.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 19.5%** |
| 241223 <sup>(1)(3)</sup> | AREIT Ltd. 2024-CRE9 A, 5.998%, (TSFR1M + 1.686%), 05/17/2041 |  | 242009 | 0.1 |
| 1500000 <sup>(1)(3)</sup> | AREIT Ltd. 2025- CRE10 A, 5.702%, (TSFR1M + 1.388%), 12/17/2029 |  | 1497870 | 0.7 |
| 90000 <sup>(1)(3)</sup> | BAMLL Trust 2024- BHP A, 6.662%, (TSFR1M + 2.350%), 08/15/2039 |  | 90630 | 0 |
| 1500000 <sup>(1)(3)</sup> | BAMLL Trust 2025- ASHF A, 6.162%, (TSFR1M + 1.850%), 02/15/2042 |  | 1502875 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 366000 | BANK 2019-BN23 A3, 2.920%, 12/15/2052 | $340939 | 0.2 |
| 280000 <sup>(3)</sup> | BANK 2022-BNK42 A5, 4.493%, 06/15/2055 | 272751 | 0.1 |
| 300000 | Barclays Commercial Mortgage Trust 2019-C3 B, 4.096%, 05/15/2052 | 283673 | 0.1 |
| 280000 | Barclays Commercial Mortgage Trust 2019-C4 B, 3.322%, 08/15/2052 | 248841 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | BAY Mortgage Trust 2025-LIVN A, 6.112%, (TSFR1M + 1.800%), 05/15/2035 | 1002708 | 0.5 |
| 1000000 <sup>(3)</sup> | BBCMS Mortgage Trust 2024-5C31 B, 6.002%, 12/15/2057 | 1025816 | 0.5 |
| 1000000 <sup>(3)</sup> | Benchmark Mortgage Trust 2025-V14 B, 6.603%, 04/15/2057 | 1049911 | 0.5 |
| 968828 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2021- VOLT C, 5.526%, (TSFR1M + 1.214%), 09/15/2036 | 964738 | 0.5 |
| 101926 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024- AIRC A, 6.003%, (TSFR1M + 1.691%), 08/15/2039 | 102458 | 0.0 |
| 700774 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024- KING A, 5.853%, (TSFR1M + 1.541%), 05/15/2034 | 701718 | 0.3 |
| 174896 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024- MDHS A, 5.953%, (TSFR1M + 1.641%), 05/15/2041 | 175360 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024- SLCT A, 5.635%, (TSFR1M + 1.323%), 01/15/2042 | 996153 | 0.5 |
| 1500000 <sup>(1)(3)</sup> | BX Trust 2025-DIME A, 5.462%, (TSFR1M + 1.150%), 02/15/2035 | 1496842 | 0.7 |
| 600000 <sup>(1)(3)</sup> | BX Trust 2025-GW A, 5.900%, (TSFR1M + 1.600%), 07/15/2042 | 602521 | 0.3 |
| 1000000 <sup>(1)(3)</sup> | BX Trust 2025-LUNR A, 5.812%, (TSFR1M + 1.500%), 06/15/2040 | 1002816 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | BX Trust 2025-ROIC B, 5.705%, (TSFR1M + 1.393%), 03/15/2030 | 994091 | 0.5 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1250000 <sup>(1)(3)</sup> | BX Trust 2025-VLT6 B, 6.204%, (TSFR1M + 1.893%), 03/15/2042 | $1251023 | 0.6 |
| 500000 | CD Mortgage Trust 2017-CD6 A5, 3.456%, 11/13/2050 | 486385 | 0.2 |
| 30000 <sup>(1)(3)</sup> | CONE Trust 2024-DFW1 A, 5.953%, (TSFR1M + 1.642%), 08/15/2041 | 29935 | 0.0 |
| 64233 | CSAIL Commercial Mortgage Trust 2015-C3 A4, 3.718%, 08/15/2048 | 63983 | 0.0 |
| 1450000 <sup>(1)</sup> | ELM Trust 2024-ELM A15, 5.994%, 06/10/2039 | 1462096 | 0.7 |
| 549361 <sup>(1)(3)</sup> | ELP Commercial Mortgage Trust 2021- ELP A, 5.127%, (TSFR1M + 0.815%), 11/15/2038 | 548842 | 0.3 |
| 1500000 <sup>(1)(3)</sup> | FS Rialto Issuer LLC 2025-FL10 A, 5.703%, (TSFR1M + 1.385%), 08/19/2042 | 1497205 | 0.7 |
| 100000 <sup>(1)(3)</sup> | GWT 2024-WLF2 A, 6.003%, (TSFR1M + 1.691%), 05/15/2041 | 100394 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | Hawaii Hotel Trust 2025-MAUI A, 5.705%, (TSFR1M + 1.393%), 03/15/2042 | 1001940 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | INTOWN Mortgage Trust 2025-STAY C, 6.562%, (TSFR1M + 2.250%), 03/15/2042 | 998553 | 0.5 |
| 801718 <sup>(1)</sup> | Key Commercial Mortgage Securities Trust 2018-S1 A3, 4.498%, 10/15/2053 | 792606 | 0.4 |
| 1200000 <sup>(1)(3)</sup> | KRE Commercial Mortgage Trust 2025- AIP4 B, 5.912%, (TSFR1M + 1.600%), 03/15/2042 | 1201996 | 0.6 |
| 140000 <sup>(1)(3)</sup> | LBA Trust 2024-BOLT A, 5.903%, (TSFR1M + 1.591%), 06/15/2039 | 140284 | 0.1 |
| 1500000 <sup>(1)(3)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 A, 5.699%, (TSFR1M + 1.385%), 08/17/2042 | 1496659 | 0.7 |
| 730506 <sup>(1)(3)</sup> | LoanCore Issuer Ltd. 2021-CRE5 A, 5.726%, (TSFR1M + 1.414%), 07/15/2036 | 730297 | 0.3 |
| 1500000 <sup>(1)(3)</sup> | MF1 LLC 2025-FL17 A, 5.635%, (TSFR1M + 1.320%), 02/18/2040 | 1498074 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 716702 <sup>(1)(3)</sup> | MF1 Ltd. 2021-FL7 A, 5.509%, (TSFR1M + 1.194%), 10/16/2036 | $715939 | 0.3 |
| 1000000 <sup>(3)</sup> | Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 B, 6.513%, 03/15/2058 | 1042827 | 0.5 |
| 215000 <sup>(1)(3)</sup> | MTN Commercial Mortgage Trust 2022- LPFL A, 5.717%, (TSFR1M + 1.397%), 03/15/2039 | 214991 | 0.1 |
| 800000 <sup>(1)</sup> | PRM Trust 2025-PRM6 A, 4.480%, 07/05/2033 | 794223 | 0.4 |
| 1500000 <sup>(1)(3)</sup> | PRM5 Trust 2025-PRM5 A, 4.620%, 03/10/2033 | 1494870 | 0.7 |
| 1000000 <sup>(1)(3)</sup> | SCG Commercial Mortgage Trust 2025- DLFN B, 5.812%, (TSFR1M + 1.500%), 03/15/2035 | 994248 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | SDAL Trust 2025-DAL A, 6.753%, (TSFR1M + 2.441%), 04/15/2042 | 1004193 | 0.5 |
| 750000 <sup>(1)(3)</sup> | SREIT Trust 2021- MFP2 B, 5.598%, (TSFR1M + 1.286%), 11/15/2036 | 749860 | 0.4 |
| 1500000 <sup>(1)(3)</sup> | SWCH Commercial Mortgage Trust 2025-DATA A, 5.755%, (TSFR1M + 1.443%), 02/15/2042 | 1491380 | 0.7 |
| 650000 | UBS Commercial Mortgage Trust 2017- C4 A4, 3.563%, 10/15/2050 | 632945 | 0.3 |
| 700000 | Wells Fargo Commercial Mortgage Trust 2017-C39 A5, 3.418%, 09/15/2050 | 679453 | 0.3 |
| 1000000 | Wells Fargo Commercial Mortgage Trust 2025-5C4 A3, 5.673%, 05/15/2058 | 1042921 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2025-DWHP A, 6.653%, (TSFR1M + 2.341%), 04/15/2038 | 1000310 | 0.5 |
| 1200000 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2025-VTT B, 5.675%, 03/15/2038 | 1208771 | 0.6 |
|  | Total Commercial Mortgage-Backed Securities (Cost $40,946,498) | **40961923** | **19.5** |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: 14.1%** | **ASSET-BACKED SECURITIES: 14.1%** | **ASSET-BACKED SECURITIES: 14.1%** | **ASSET-BACKED SECURITIES: 14.1%** |
|  | **Automobile Asset-Backed Securities: 1.7%** | **Automobile Asset-Backed Securities: 1.7%** | **Automobile Asset-Backed Securities: 1.7%** |
| 300000 | CarMax Select Receivables Trust 2025-A B, 5.010%, 09/16/2030 | $303183 | 0.1 |
| 550000 | Exeter Automobile Receivables Trust 2025-1A B, 4.910%, 08/15/2029 | 553709 | 0.3 |
| 1000000 | Exeter Select Automobile Receivables Trust 2025-1 A3, 4.690%, 04/15/2030 | 1004798 | 0.5 |
| 500000 <sup>(1)</sup> | GLS Auto Receivables Issuer Trust 2025-1A C, 5.070%, 11/15/2030 | 504717 | 0.2 |
| 600000 | Santander Drive Auto Receivables Trust 2025-1 A3, 4.740%, 01/16/2029 | 602533 | 0.3 |
| 300000 | Santander Drive Auto Receivables Trust 2025-2 B, 4.870%, 05/15/2031 | 303452 | 0.2 |
| 200000 | World Omni Auto Receivables Trust 2025-A B, 5.080%, 11/15/2030 | 204368 | 0.1 |
|  |  | **3476760** | **1.7** |
|  | **Other Asset-Backed Securities: 10.4%** | **Other Asset-Backed Securities: 10.4%** | **Other Asset-Backed Securities: 10.4%** |
| 1000000 <sup>(1)(3)</sup> | AB BSL CLO 3 Ltd. 2021-3A C2R, 6.269%, (TSFR3M + 2.000%), 04/20/2038 | 1002379 | 0.5 |
| 570000 <sup>(1)(3)</sup> | AMMC CLO 27 Ltd. 2022-27A A1R, 5.349%, (TSFR3M + 1.080%), 01/20/2037 | 567881 | 0.3 |
| 500000 <sup>(1)(3)</sup> | AMMC CLO 31 Ltd. 2025-31A C, 6.188%, (TSFR3M + 1.900%), 02/20/2038 | 501955 | 0.2 |
| 550000 <sup>(1)(4)</sup> | Applebee's Funding LLC / IHOP Funding LLC 2025-1A A2, 6.720%, 06/07/2055 | 546865 | 0.3 |
| 1473395 <sup>(1)</sup> | Aqua Finance Issuer Trust 2025-A A, 5.250%, 12/19/2050 | 1483763 | 0.7 |
| 700000 <sup>(1)(3)</sup> | CBAMR LLC 2021-15A BR, 5.874%, (TSFR3M + 1.570%), 01/20/2038 | 702455 | 0.3 |
| 500000 <sup>(1)(3)</sup> | Cedar Funding VIII Clo Ltd. 2017-8A CRR, 6.130%, (TSFR3M + 1.850%), 01/17/2038 | 500616 | 0.2 |
| 1592643 <sup>(1)</sup> | CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046 | 1462179 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 700000 <sup>(1)(3)</sup> | Dryden 95 CLO Ltd. 2021-95A CR, 6.322%, (TSFR3M + 2.000%), 08/20/2034 | $701459 | 0.3 |
| 1000000 <sup>(1)(3)</sup> | Elevation Clo Ltd. 2021-13A C1R, 6.256%, (TSFR3M + 2.000%), 07/15/2034 | 989025 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | Fort Greene Park CLO LLC 2025-2A CR, 5.922%, (TSFR3M + 1.650%), 04/22/2034 | 995756 | 0.5 |
| 900000 <sup>(1)(3)</sup> | HPS Loan Management Ltd. 2025-25A A, 5.619%, (TSFR3M + 1.430%), 07/26/2038 | 901958 | 0.4 |
| 573161 <sup>(1)</sup> | JGWPT XXIX LLC 2013-2A A, 4.210%, 03/15/2062 | 537274 | 0.3 |
| 350000 <sup>(1)(3)</sup> | LCM 36 Ltd. 36A A1R, 5.326%, (TSFR3M + 1.070%), 01/15/2034 | 348250 | 0.2 |
| 360080 <sup>(1)</sup> | Mosaic Solar Loan Trust 2025-1A A, 6.120%, 08/22/2050 | 357733 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | Ocean Trails Clo XI 2021-11A C1R, 6.119%, (TSFR3M + 1.850%), 07/20/2034 | 987638 | 0.5 |
| 1500000 <sup>(1)(3)</sup> | Octagon 75 Ltd. 2025-1A A1, 5.485%, (TSFR3M + 1.200%), 01/22/2038 | 1502817 | 0.7 |
| 199983 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2025-1 B, 5.628%, 07/15/2032 | 201143 | 0.1 |
| 1500000 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2025-3 A2, 5.365%, 12/15/2032 | 1502655 | 0.7 |
| 1550000 <sup>(1)</sup> | Pagaya AI Debt Trust 2025-4 B, 5.688%, 01/17/2033 | 1555732 | 0.7 |
| 1050000 <sup>(1)(3)</sup> | PPM CLO 8 Ltd. 2025-8A A1, 5.581%, (TSFR3M + 1.270%), 04/20/2038 | 1050405 | 0.5 |
| 525000 <sup>(1)</sup> | Progress Residential Trust 2022-SFR7 D, 5.500%, 10/27/2039 | 523435 | 0.2 |
| 179319 <sup>(1)</sup> | Reach ABS Trust 2025-1A A, 4.960%, 08/16/2032 | 179362 | 0.1 |
| 500000 <sup>(1)</sup> | SoFi Consumer Loan Program Trust 2025-1 C, 5.420%, 02/27/2034 | 507451 | 0.2 |
| 571000 <sup>(1)</sup> | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 | 559266 | 0.3 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 449511 <sup>(1)</sup> | Sunrun Bacchus Issuer LLC 2025-1A A2A, 6.410%, 04/30/2060 | $| 446490 | 0.2 |
| 276000 <sup>(1)</sup> | Textainer Marine Containers VII Ltd. 2024-1A A, 5.250%, 08/20/2049 |  | 276815 | 0.1 |
| 1050000 <sup>(1)(3)</sup> | Wind River CLO Ltd. 2016-1KRA A2R3, 5.556%, (TSFR3M + 1.300%), 10/15/2034 |  | 1040340 | 0.5 |
|  |  |  | **21933097** | **10.4** |
|  | **Student Loan Asset-Backed Securities: 2.0%** | **Student Loan Asset-Backed Securities: 2.0%** | **Student Loan Asset-Backed Securities: 2.0%** | **Student Loan Asset-Backed Securities: 2.0%** |
| 97231 <sup>(1)</sup> | College Ave Student Loans LLC 2021-B A2, 1.760%, 06/25/2052 |  | 87801 | 0.1 |
| 149529 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-DA C, 3.480%, 04/15/2060 |  | 139798 | 0.1 |
| 70953 <sup>(1)</sup> | Navient Student Loan Trust 2019-BA A2A, 3.390%, 12/15/2059 |  | 69414 | 0.0 |
| 238202 <sup>(1)</sup> | SMB Private Education Loan Trust 2021-D A1A, 1.340%, 03/17/2053 |  | 222576 | 0.1 |
| 700000 <sup>(1)</sup> | SMB Private Education Loan Trust 2023-A B, 5.880%, 01/15/2053 |  | 717007 | 0.3 |
| 252802 <sup>(1)</sup> | SMB Private Education Loan Trust 2023-B A1A, 4.990%, 10/16/2056 |  | 254219 | 0.1 |
| 1628989 <sup>(1)</sup> | SMB Private Education Loan Trust 2025-A A1A, 5.130%, 04/15/2054 |  | 1649566 | 0.8 |
| 1199005 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2021-B AFX, 1.140%, 02/15/2047 |  | 1045305 | 0.5 |
|  |  |  | **4185686** | **2.0** |
|  | Total Asset-Backed Securities<br> (Cost $29,506,036) |  | **29595543** | **14.1** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.6%** |
| 224959 <sup>(1)(3)</sup> | BRAVO Residential Funding Trust 2023-NQM3 A1, 4.850%, 09/25/2062 |  | 223771 | 0.1 |
| 223635 <sup>(1)(3)</sup> | CSMC Trust 2022-NQM4 A1A, 4.819%, 06/25/2067 |  | 224403 | 0.1 |
| 430390 <sup>(1)(3)</sup> | CSMC Trust 2022-NQM5 A1, 5.169%, 05/25/2067 |  | 429103 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 286635 <sup>(1)(3)</sup> | Ellington Financial Mortgage Trust 2021-3 A1, 1.241%, 09/25/2066 | $238386 | 0.1 |
| 500000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2M2, 6.256%, (SOFR30A + 1.950%), 03/25/2044 | 504846 | 0.2 |
| 500000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1M2, 5.955%, (SOFR30A + 1.650%), 05/25/2044 | 503293 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 6.256%, (SOFR30A + 1.950%), 02/25/2045 | 1001133 | 0.5 |
| 5416748 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-103 FH, 5.555%, (SOFR30A + 1.250%), 01/25/2055 | 5411560 | 2.6 |
| 5119372 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-15 FD, 5.655%, (SOFR30A + 1.350%), 04/25/2054 | 5133063 | 2.5 |
| 822506 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-88 DF, 5.555%, (SOFR30A + 1.250%), 12/25/2054 | 824236 | 0.4 |
| 6829542 <sup>(3)</sup> | Freddie Mac REMIC Trust 5410 DF, 5.755%, (SOFR30A + 1.450%), 05/25/2054 | 6858128 | 3.3 |
| 1000000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA3 M2, 8.655%, (SOFR30A + 4.350%), 04/25/2042 | 1053492 | 0.5 |
| 700000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2024-HQA2 M2, 6.105%, (SOFR30A + 1.800%), 08/25/2044 | 702914 | 0.3 |
| 500000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2025- HQA1 M2, 5.955%, (SOFR30A + 1.650%), 02/25/2045 | 500171 | 0.2 |
| 759452 <sup>(1)(3)</sup> | J.P. Morgan Mortgage Trust 2022-INV3 A3B, 3.000%, 09/25/2052 | 646980 | 0.3 |
| 124242 <sup>(1)(3)</sup> | J.P. Morgan Mortgage Trust 2023-DSC1 A1, 4.625%, 07/25/2063 | 121047 | 0.1 |
| 480032 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2025-CCM1 A2, 5.500%, 06/25/2055 | 477405 | 0.2 |
| 904530 <sup>(1)(3)</sup> | Mello Mortgage Capital Acceptance 2022-INV2 A3, 3.000%, 04/25/2052 | 768856 | 0.4 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 71517 <sup>(1)(3)</sup> | PRKCM Trust 2022-AFC2 A1, 5.335%, 08/25/2057 | $71321 | 0.0 |
| 338098 <sup>(1)(3)</sup> | SG Residential Mortgage Trust 2021-1 A1, 1.160%, 07/25/2061 | 280451 | 0.1 |
| 109989 <sup>(1)(3)</sup> | SG Residential Mortgage Trust 2022-2 A1, 5.353%, 08/25/2062 | 109849 | 0.1 |
| 298091 <sup>(1)(3)</sup> | Verus Securitization Trust 2022-7 A1, 5.152%, 07/25/2067 | 300286 | 0.2 |
| 78885 <sup>(1)(3)</sup> | Verus Securitization Trust 2022-INV2 A1, 6.790%, 10/25/2067 | 78910 | 0.0 |
|  | Total Collateralized Mortgage Obligations<br> (Cost $26,543,420) | **26463604** | **12.6** |
|  | Total Long-Term Investments<br> (Cost $205,909,889) | **204165126** | **97.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** |
|  | **Commercial Paper: 0.6%** | **Commercial Paper: 0.6%** | **Commercial Paper: 0.6%** |
| 1300000 | The Cigna Group, 4.640%, 07/01/2025 | 1299835 | 0.6 |
|  | Total Commercial Paper<br> (Cost $1,300,000) | **1299835** | **0.6** |
|  | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** |
| 113199 <sup>(5)</sup> | Bank of America Securities Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $113,213, collateralized by various U.S. Government Securities, 0.000%-4.875%, Market Value plus accrued interest $115,463, due 04/30/26-06/30/30) | 113199 | 0.1 |
|  | Total Repurchase Agreements<br> (Cost $113,199) | **113199** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** |
| 209000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $209,000) | $**209000** | **0.1** |
|  | Total Short-Term Investments<br> (Cost $1,622,199) | $**1622034** | **0.8** |
|  | **Total Investments in Securities<br> (Cost $207,532,088)**  | $**205787160** | **98.1** |
|  | **Assets in Excess of Other Liabilities** | **4035524** | **1.9** |
|  | **Net Assets** | $**209822684** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | Variable rate security. Rate shown is the rate in effect as of June 30, 2025. |
| <sup>(4)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

---

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

---

See Accompanying Notes to Financial Statements

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<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** |  |  |  |  |
| Corporate Bonds/Notes | $— | $54798796 | $— | $54798796 |
| U.S. Treasury Obligations |  | 52345260 |  | 52345260 |
| Commercial Mortgage-Backed Securities |  | 40961923 |  | 40961923 |
| Asset-Backed Securities |  | 29048678 | 546865 | 29595543 |
| Collateralized Mortgage Obligations |  | 26463604 |  | 26463604 |
| Short-Term Investments | 209000 | 1413034 |  | 1622034 |
| Total Investments, at fair value | $209000 | $205031295 | $546865 | $205787160 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Inflation-Linked Swaps |  | 441635 |  | 441635 |
| Futures | 4146 |  |  | 4146 |
| OTC Total Return Swaps |  | 605549 |  | 605549 |
| Total Assets | $213146 | $206078479 | $546865 | $206838490 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(366397) | $— | $— | $(366397) |
| OTC Total Return Swaps |  | (67471) |  | (67471) |
| Total Liabilities | $(366397) | $(67471) | $— | $(433868) |

---

^ 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 VACS Series HYB Fund | $4107946 | $35301 | $(4171301) | $28054 | $— | $48241 | $75 | $— |
| Voya VACS Series SC Fund | 4716000 | 44520 | (4778520) | 18000 |  | 53107 | 4599 |  |
|  | $8823946 | $79821 | $(8949821) | $46054 | $— | $101348 | $4674 | $— |

---

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 Inflation Protected Bond Plus 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 Long Bond | 1 | 09/19/25 | $115469 | $4146 |
|  |  |  | $115469 | $4146 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | (20) | 09/30/25 | (4160469) | (15827) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (64) | 09/30/25 | (6976000) | (77123) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (5) | 09/19/25 | (560625) | (10049) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (34) | 09/19/25 | (3885031) | (86133) |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | (35) | 09/19/25 | $(4169375) | $(177265) |
|  |  |  | $(19751500) | $(366397) |

---

At June 30, 2025, the following centrally cleared inflation-linked swaps were outstanding for Voya Inflation Protected Bond Plus Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br> Floating<br> Rate** | **Floating Rate<br> Index** | **Floating Rate<br> Index Payment<br> Frequency** | **Fixed<br> Rate** | **Fixed Rate<br> Payment<br> Frequency** | **Maturity<br> Date** | **Notional Amount** | **Notional Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.583% | At Termination Date | 12/18/26 | USD | (22000000) | $115243 | $115243 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.555 | At Termination Date | 12/19/26 | USD | (11000000) | 61845 | 61845 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.767 | At Termination Date | 02/19/27 | USD | (16000000) | 8853 | 8853 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.508 | At Termination Date | 12/18/27 | USD | (33000000) | 166252 | 166252 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.490 | At Termination Date | 12/19/27 | USD | (16000000) | 89442 | 89442 |
|  |  |  |  |  |  |  |  | $441635 | $441635 |

---

At June 30, 2025, the following OTC total return swaps were outstanding for Voya Inflation Protected Bond Plus Portfolio:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br> Total<br> Return<sup>(1)</sup>** | **Reference Entity** | **Reference<br> Entity<br> Payment<br> Frequency** | **(Pay)/<br> Receive<br> Financing<br> Rate** | **Floating<br> Rate<br> Payment<br> Frequency** | **Counterparty** | **Termination<br> Date** | **Notional<br> Amount** | **Notional<br> Amount** | **Fair<br> Value** | **Upfront<br> Payments<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Receive | Bloomberg U.S. Treasury Inflation- Linked Bond Index (Series L) | At Termination Date | (1-day SOFR+ 25.6 basis points) | At Termination Date | BNP Paribas | 07/29/25 | USD | 8600000 | $(15299) | $— | $(15299) |
| Receive | Bloomberg U.S. Treasury Inflation- Linked Bond Index (Series L) | At Termination Date | (1-day SOFR+ 20.95 basis points) | At Termination Date | BNP Paribas | 09/18/25 | USD | 49500000 | 394822 |  | 394822 |
| Receive | Bloomberg U.S. Treasury Inflation- Linked Bond Index (Series L) | At Termination Date | (1-day SOFR+ 24 basis points) | At Termination Date | Goldman Sachs International | 07/30/25 | USD | 16500000 | (52172) |  | (52172) |
| Receive | Bloomberg U.S. Treasury Inflation- Linked Bond Index (Series L) | At Termination Date | (1-day SOFR+ 21 basis points) | At Termination Date | Goldman Sachs International | 08/15/25 | USD | 16500000 | 194570 |  | 194570 |
| Receive | Bloomberg U.S. Treasury Inflation- Linked Bond Index (Series L) | At Termination Date | (1-day SOFR+ 21 basis points) | At Termination Date | Goldman Sachs International | 08/29/25 | USD | 1400000 | 16157 |  | 16157 |
|  |  |  |  |  |  |  |  |  | $538078 | $— | $538078 |

---

<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.

Currency Abbreviations:

USD — United States Dollar

See Accompanying Notes to Financial Statements

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **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> | $4146 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps<sup>\*</sup> | 441635 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 605549 |
| **Total Asset Derivatives** |  | $1051330 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $366397 |
| Interest rate contracts | Unrealized depreciation on OTC swap agreements | 67471 |
| **Total Liability Derivatives** |  | $433868 |

---

\* 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** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br>**Written**<br>**options** |<br><br>**Total** |
| Credit contracts | $— | $— | $56274 | $— | $56274 |
| Foreign exchange contracts | 18407 |  |  |  | 18407 |
| Interest rate contracts |  | 754680 | 575185 | 11876 | 1341741 |
| **Total** | $18407 | $754680 | $631459 | $11876 | $1416422 |

---

**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** | **Futures** | **Swaps** | **Total** |
| Foreign exchange contracts | $(18407) | $— | $— | $(18407) |
| Interest rate contracts |  | (1246681) | 1551414 | 304733 |
| **Total** | $(18407) | $(1246681) | $1551414 | $286326 |

---

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:

---

| | | | |
|:---|:---|:---|:---|
|  | **BNP Paribas** | **Goldman<br> Sachs <br> International** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| OTC total return swaps | $394822 | $210727 | $605549 |
| **Total Assets** | $394822 | $210727 | $605549 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| OTC total return swaps | $15299 | $52172 | $67471 |
| **Total Liabilities** | $15299 | $52172 | $67471 |
| **Net OTC derivative instruments by counterparty, at fair value** | $379523 | $158555 | $538078 |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $– |
| **Net Exposure<sup>(1)</sup>** | $379523 | $158555 | $538078 |

---

See Accompanying Notes to Financial Statements

Voya Inflation Protected Bond Plus Portfolio PORTFOLIO OF INVESTMENTS 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 $212,196,242. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $1732389 |
| Gross Unrealized Depreciation | (7524009) |
| Net Unrealized Depreciation | $(5791620) |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>BrandywineGLOBAL - Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 49.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 49.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 49.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 49.1%** |
|  | **Federal Home Loan Banks: 4.5%** | **Federal Home Loan Banks: 4.5%** | **Federal Home Loan Banks: 4.5%** |
| 10590000 | 3.625%, 09/04/2026 | $10548196 | 4.5 |
|  | **Government National Mortgage Association: 30.1%** | **Government National Mortgage Association: 30.1%** | **Government National Mortgage Association: 30.1%** |
| 4595976 | 6.000%, 10/20/2053 | 4690857 | 2.0 |
| 6771159 | 6.000%, 11/20/2053 | 6909389 | 3.0 |
| 4403977 | 6.000%, 12/20/2053 | 4493883 | 1.9 |
| 1861079 | 6.000%, 04/20/2054 | 1895385 | 0.8 |
| 5743572 | 6.000%, 05/20/2054 | 5849505 | 2.5 |
| 2814743 | 6.000%, 06/20/2054 | 2865866 | 1.2 |
| 7316114 | 6.000%, 07/20/2054 | 7443343 | 3.2 |
| 7253506 | 6.000%, 08/20/2054 | 7374757 | 3.2 |
| 6919308 | 6.000%, 09/20/2054 | 7030648 | 3.0 |
| 5633055 | 6.000%, 10/20/2054 | 5723282 | 2.4 |
| 6031618 | 6.000%, 11/20/2054 | 6126452 | 2.6 |
| 1804531 | 6.000%, 12/20/2054 | 1832857 | 0.8 |
| 5524960 | 6.000%, 02/20/2055 | 5611860 | 2.4 |
| 2478173 | 6.000%, 03/20/2055 | 2517073 | 1.1 |
|  |  | **70365157** | **30.1** |
|  | **Uniform Mortgage-Backed Securities: 14.5%<sup>(1)</sup>** | **Uniform Mortgage-Backed Securities: 14.5%<sup>(1)</sup>** | **Uniform Mortgage-Backed Securities: 14.5%<sup>(1)</sup>** |
| 8400000 | 0.375%, 07/21/2025 | 8381713 | 3.6 |
| 12358000 | 0.500%, 11/07/2025 | 12195323 | 5.2 |
| 5000000 <sup>(2)</sup> | 4.390%, 12/11/2025 | 4903276 | 2.1 |
| 3089661 | 6.000%, 08/01/2054 | 3143134 | 1.4 |
| 4460736 | 6.000%, 09/01/2054 | 4536513 | 1.9 |
| 642714 | 6.000%, 10/01/2054 | 653632 | 0.3 |
|  |  | **33813591** | **14.5** |
|  | Total U.S. Government Agency Obligations<br> (Cost $114,117,924) | **114726944** | **49.1** |
| **U.S. TREASURY OBLIGATIONS: 35.5%** | **U.S. TREASURY OBLIGATIONS: 35.5%** | **U.S. TREASURY OBLIGATIONS: 35.5%** | **U.S. TREASURY OBLIGATIONS: 35.5%** |
|  | **United States Treasury Bonds: 10.0%** | **United States Treasury Bonds: 10.0%** | **United States Treasury Bonds: 10.0%** |
| 23490000 | 4.750%, 05/15/2055 | 23361539 | 10.0 |
|  | **United States Treasury Floating Rate Notes: 11.1%** | **United States Treasury Floating Rate Notes: 11.1%** | **United States Treasury Floating Rate Notes: 11.1%** |
| 22720000 <sup>(3)</sup> | 4.441%, 04/30/2027 | 22722455 | 9.7 |
| 3260000 <sup>(3)</sup> | 4.486%, 10/31/2026 | 3264135 | 1.4 |
|  |  | **25986590** | **11.1** |
|  | **United States Treasury Inflation Indexed Bonds: 4.9%** | **United States Treasury Inflation Indexed Bonds: 4.9%** | **United States Treasury Inflation Indexed Bonds: 4.9%** |
| 11721629 | 2.375%, 02/15/2055 | 11342517 | 4.9 |
|  | **United States Treasury Notes: 9.5%** | **United States Treasury Notes: 9.5%** | **United States Treasury Notes: 9.5%** |
| 22740000 | 3.875%, 08/15/2034 | 22209696 | 9.5 |
|  | Total U.S. Treasury Obligations<br> (Cost $81,691,998) | **82900342** | **35.5** |
| **CORPORATE BONDS/NOTES: 10.0%** | **CORPORATE BONDS/NOTES: 10.0%** | **CORPORATE BONDS/NOTES: 10.0%** | **CORPORATE BONDS/NOTES: 10.0%** |
|  | **Basic Materials: 0.1%** | **Basic Materials: 0.1%** | **Basic Materials: 0.1%** |
| 200000 <sup>(4)</sup> | Anglo American Capital PLC, 2.625%, 09/10/2030 | 180991 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount<sup>†</sup>** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: 0.5%** | **Communications: 0.5%** | **Communications: 0.5%** |
| 310000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.200%, 03/15/2028 | $307345 | 0.1 |
| 780000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | 816840 | 0.4 |
|  |  | **1124185** | **0.5** |
|  | **Consumer, Cyclical: 1.8%** | **Consumer, Cyclical: 1.8%** | **Consumer, Cyclical: 1.8%** |
| 540000 | Ford Motor Credit Co. LLC, 5.303%, 09/06/2029 | 530468 | 0.2 |
| 3740000 | Toyota Motor Credit Corp., 4.450%, 05/18/2026 | 3747252 | 1.6 |
|  |  | **4277720** | **1.8** |
|  | **Consumer, Non-cyclical: 0.1%** | **Consumer, Non-cyclical: 0.1%** | **Consumer, Non-cyclical: 0.1%** |
| 310000 | BAT Capital Corp., 3.462%, 09/06/2029 | 298347 | 0.1 |
|  | **Energy: 1.0%** | **Energy: 1.0%** | **Energy: 1.0%** |
| 360000 | Devon Energy Corp., 7.875%, 09/30/2031 | 414695 | 0.2 |
| 1642200 <sup>(4)</sup> | NFE Financing LLC, 12.000%, 11/15/2029 | 746914 | 0.3 |
| 430000 | Occidental Petroleum Corp., 5.200%, 08/01/2029 | 431699 | 0.2 |
| 620000 | Occidental Petroleum Corp., 6.625%, 09/01/2030 | 655991 | 0.3 |
|  |  | **2249299** | **1.0** |
|  | **Financial: 6.0%** | **Financial: 6.0%** | **Financial: 6.0%** |
| 310000 <sup>(3)</sup> | American Express Co., 3.550%, 12/31/2199 | 303535 | 0.1 |
| 630000 | Ares Capital Corp., 2.875%, 06/15/2028 | 593846 | 0.2 |
| 230000 | Ares Capital Corp., 7.000%, 01/15/2027 | 237391 | 0.1 |
| 620000 <sup>(3)</sup> | Barclays PLC, 5.674%, 03/12/2028 | 631966 | 0.3 |
| 580000 <sup>(3)</sup> | Barclays PLC, 5.690%, 03/12/2030 | 600268 | 0.3 |
| 700000 | Blue Owl Capital Corp., 2.875%, 06/11/2028 | 652308 | 0.3 |
| 1780000 <sup>(3)</sup> | Charles Schwab Corp. I, 4.000%, 12/31/2199 | 1755493 | 0.7 |
| 340000 <sup>(3)</sup> | Citigroup, Inc. W, 4.000%, 12/31/2199 | 338454 | 0.1 |
| 520000 <sup>(3)</sup> | Citizens Bank NA/ Providence RI, 4.575%, 08/09/2028 | 521192 | 0.2 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>BrandywineGLOBAL - Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<sup>†</sup>** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 550000 <sup>(3)</sup> | Citizens Financial Group, Inc., 5.841%, 01/23/2030 | $| 569778 | 0.2 |
| 1765000 | Golub Capital BDC, Inc., 2.500%, 08/24/2026 |  | 1718091 | 0.7 |
| 1060000 <sup>(3)</sup> | NatWest Group PLC, 8.000%, 12/31/2199 |  | 1066656 | 0.5 |
| 815000 <sup>(3)(4)</sup> | Societe Generale SA, 6.221%, 06/15/2033 |  | 842009 | 0.4 |
| 1360000 <sup>(3)(4)</sup> | UBS Group AG, 3.875%, 12/31/2199 |  | 1329899 | 0.6 |
| 2030000 <sup>(3)</sup> | UBS Group AG, 5.125%, 12/31/2199 |  | 2018510 | 0.9 |
| 980000 <sup>(3)</sup> | Wells Fargo & Co. BB, 3.900%, 12/31/2199 |  | 970568 | 0.4 |
|  |  |  | **14149964** | **6.0** |
|  | **Industrial: 0.5%** | **Industrial: 0.5%** | **Industrial: 0.5%** | **Industrial: 0.5%** |
| 685000 | Boeing Co., 3.200%, 03/01/2029 |  | 652244 | 0.3 |
| 480000 | Boeing Co., 5.150%, 05/01/2030 |  | 488910 | 0.2 |
|  |  |  | **1141154** | **0.5** |
|  | Total Corporate Bonds/ Notes<br> (Cost $24,218,729) |  | **23421660** | **10.0** |
|  | Total Long-Term Investments<br> (Cost $220,028,651) |  | **221048946** | **94.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **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%** |
|  | **Mutual Funds: 2.7%** | **Mutual Funds: 2.7%** | **Mutual Funds: 2.7%** |
| 6412565 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.220%<br> (Cost $6,412,565) | $**6412565** | **2.7** |
|  | Total Short-Term Investments<br> (Cost $6,412,565) | **6412565** | **2.7** |
|  | **Total Investments in Securities<br> (Cost $226,441,216)**  | $**227461511** | **97.3** |
|  | **Assets in Excess of Other Liabilities** | **6430672** | **2.7** |
|  | **Net Assets** | $**233892183** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</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>(2)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2025. |
| <sup>(3)</sup> | Variable rate security. Rate shown is the rate in effect as of June 30, 2025. |
| <sup>(4)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

Reference Rate Abbreviations: <br> <br> USBMMY3M U.S. Treasury 3-month Bill Money Market Yield

See Accompanying Notes to Financial Statements

VY<sup>®</sup>BrandywineGLOBAL - Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<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** |  |  |  |  |
| U.S. Government Agency Obligations | $— | $114726944 | $— | $114726944 |
| U.S. Treasury Obligations |  | 82900342 |  | 82900342 |
| Corporate Bonds/Notes |  | 23421660 |  | 23421660 |
| Short-Term Investments | 6412565 |  |  | 6412565 |
| Total Investments, at fair value | $6412565 | $221048946 | $— | $227461511 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 2118843 |  |  | 2118843 |
| Total Assets | $8531408 | $221048946 | $— | $229580354 |

---

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

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At June 30, 2025, the following futures contracts were outstanding for VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 527 | 09/30/25 | $57443000 | $610767 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 298 | 09/19/25 | 35499250 | 1508076 |
|  |  |  | $92942250 | $2118843 |

---

**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> | $2118843 |
| **Total Asset Derivatives** |  | $2118843 |

---

\* 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** |
| Interest rate contracts | $(1419487) |
| **Total** | $(1419487) |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>BrandywineGLOBAL - Bond Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $2819112 |
| **Total** | $2819112 |

---

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 $226,736,475. | Cost for U.S. federal income tax purposes was $226,736,475. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $4164807 |
| Gross Unrealized Depreciation | (1320928) |
| Net Unrealized Appreciation | $2843879 |

---

See Accompanying Notes to Financial Statements

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

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

---

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

**VPSAR-VIT3AIS (0625)**

![](tm2522622d8_voyaimg001.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

Classes ADV, I and S

**Voya Investors Trust**

■&nbsp;&nbsp;&nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> 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.

---

| | | |
|:---|:---|:---|
| ![](tm2522622d8_voyaimg002.jpg) | E-Delivery Sign-up – details inside | ![](tm2522622d8_voyaimg003.jpg) |
|  |  | ![](tm2522622d8_voyaimg003.jpg) |
| **INVESTMENT MANAGEMENT** | **INVESTMENT MANAGEMENT** | ![](tm2522622d8_voyaimg003.jpg) |
|  |  | ![](tm2522622d8_voyaimg003.jpg) |
| **voyainvestments.com** | **voyainvestments.com** | ![](tm2522622d8_voyaimg003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statement of Assets and Liabilities](#d001) | [1](#d001) |
| [Statement of Operations](#d002) | [2](#d002) |
| [Statements of Changes in Net Assets](#d003) | [3](#d003) |
| [Financial Highlights](#d004) | [4](#d004) |
| [Notes to Financial Statements](#d005) | [5](#d005) |
| [Portfolios of Investments](#d006) | [12](#d006) |

---

&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 Portfolio uses 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 Portfolio voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolio's website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolio's Forms NPORT-P are available on the SEC's website at www.sec.gov. The Portfolio's complete schedule of portfolio holdings as filed on Form NPORT-P 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.

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

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $59243491 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold | 64890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 4 |
| Prepaid expenses | 554 |
| Reimbursement due from Investment Adviser | 4813 |
| Other assets | 13080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 59329893 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 67951 |
| Payable for investment management fees | 9445 |
| Payable for distribution and shareholder service fees | 12565 |
| Payable to custodian due to bank overdraft | 2042 |
| Payable to trustees under the deferred compensation plan (Note 6) | 13080 |
| Payable for trustee fees | 146 |
| Other accrued expenses and liabilities | 25568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 130797 |
| **NET ASSETS** | $59199096 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $62414409 |
| Total distributable loss | (3215313) |
| **NET ASSETS** | $59199096 |
| \*&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments in affiliated underlying funds | $54919654 |

---

---

| | |
|:---|:---|
| **Class ADV** |  |
| Net assets | $51241996 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 5438745 |
| Net asset value and redemption price per share | $9.42 |
| **Class I** |  |
| Net assets | $7901527 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 829860 |
| Net asset value and redemption price per share | $9.52 |
| **Class S** |  |
| Net assets | $55573 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 5908 |
| Net asset value and redemption price per share | $9.41 |

---

See Accompanying Notes to Financial Statements

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividends from affiliated underlying funds | $946007 |
| Interest | 214 |
| Other | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 946449 |
| **EXPENSES:** |  |
| Investment management fees | 57574 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 151478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 65 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 5395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 6 |
| Shareholder reporting expense | 4269 |
| Professional fees | 13937 |
| Custody and accounting expense | 3226 |
| Trustee fees | 728 |
| Miscellaneous expense | 3369 |
| Interest expense | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 245377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (106650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 138727 |
| Net investment income | 807722 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 1513420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 1498594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 3012014 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 500847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 500847 |
| Net realized and unrealized gain | 3512861 |
| **Increase in net assets resulting from operations** | $4320583 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**December 31, 2024** |
| **FROM OPERATIONS:** | |  |
| Net investment income | $807722 | $1776739 |
| Net realized gain | 3012014 | 1327255 |
| Net change in unrealized appreciation (depreciation) | 500847 | 1167383 |
| Increase in net assets resulting from operations | 4320583 | 4271377 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;Class ADV |  | (1640185) |
| &nbsp;&nbsp;Class I |  | (228800) |
| &nbsp;&nbsp;Class S |  | (1994) |
| Total distributions |  | (1870979) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 683688 | 1266939 |
| Reinvestment of distributions |  | 1870979 |
|  | 683688 | 3137918 |
| Cost of shares redeemed | (5413134) | (11911630) |
| Net decrease in net assets resulting from capital share transactions | (4729446) | (8773712) |
| Net decrease in net assets | (408863) | (6373314) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 59607959 | 65981273 |
| End of year or period | $59199096 | $59607959 |

---

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 Data** | **Supplemental 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<br> 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 <br> 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)<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) | (%) |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.75 | 0.12 | <sup>•</sup> | 0.55 | 0.67 |  |  |  |  |  | 9.42 | **7.66** | 0.93 | 0.52 | 0.52 | 2.76 | 51242 | 21 |
| 12-31-24 | 8.43 | 0.24 | <sup>•</sup> | 0.34 | 0.58 | 0.26 |  |  | 0.26 |  | 8.75 | **6.90** | 0.91 | 0.50 | 0.50 | 2.79 | 52475 | 40 |
| 12-31-23 | 8.78 | 0.24 | <sup>•</sup> | 0.62 | 0.86 | 0.58 | 0.63 |  | 1.21 |  | 8.43 | **10.19** | 0.89 | 0.52 | 0.52 | 2.77 | 58570 | 96 |
| 12-31-22 | 12.08 | 0.15 | <sup>•</sup> | (2.29) | (2.14) | 0.31 | 0.85 |  | 1.16 |  | 8.78 | **(17.69)** | 0.88 | 0.50 | 0.50 | 1.55 | 62243 | 22 |
| 12-31-21 | 12.13 | 0.15 | <sup>•</sup> | 0.54 | 0.69 | 0.41 | 0.33 |  | 0.74 |  | 12.08 | **5.74** | 0.87 | 0.52 | 0.52 | 1.27 | 88974 | 40 |
| 12-31-20 | 11.17 | 0.34 | <sup>•</sup> | 1.34 | 1.68 | 0.35 | 0.37 |  | 0.72 |  | 12.13 | **15.80** | 0.88 | 0.51 | 0.51 | 3.01 | 97298 | 107 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.83 | 0.14 | <sup>•</sup> | 0.55 | 0.69 |  |  |  |  |  | 9.52 | **7.81** | 0.33 | 0.22 | 0.22 | 3.07 | 7902 | 21 |
| 12-31-24 | 8.50 | 0.27 | <sup>•</sup> | 0.35 | 0.62 | 0.29 |  |  | 0.29 |  | 8.83 | **7.31** | 0.31 | 0.20 | 0.20 | 3.09 | 7082 | 40 |
| 12-31-23 | 8.85 | 0.26 | <sup>•</sup> | 0.63 | 0.89 | 0.61 | 0.63 |  | 1.24 |  | 8.50 | **10.50** | 0.29 | 0.22 | 0.22 | 3.06 | 7348 | 96 |
| 12-31-22 | 12.19 | 0.18 | <sup>•</sup> | (2.32) | (2.14) | 0.35 | 0.85 |  | 1.20 |  | 8.85 | **(17.51)** | 0.28 | 0.20 | 0.20 | 1.85 | 7219 | 22 |
| 12-31-21 | 12.23 | 0.19 | <sup>•</sup> | 0.55 | 0.74 | 0.45 | 0.33 |  | 0.78 |  | 12.19 | **6.09** | 0.27 | 0.22 | 0.22 | 1.54 | 8866 | 40 |
| 12-31-20 | 11.26 | 0.38 | <sup>•</sup> | 1.35 | 1.73 | 0.39 | 0.37 |  | 0.76 |  | 12.23 | **16.13** | 0.28 | 0.21 | 0.21 | 3.31 | 9437 | 107 |
| **Class S** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.73 | 0.13 | <sup>•</sup> | 0.55 | 0.68 |  |  |  |  |  | 9.41 | **7.79** | 0.58 | 0.47 | 0.47 | 2.83 | 56 | 21 |
| 12-31-24 | 8.42 | 0.25 | <sup>•</sup> | 0.33 | 0.58 | 0.27 |  |  | 0.27 |  | 8.73 | **6.88** | 0.56 | 0.45 | 0.45 | 2.84 | 52 | 40 |
| 12-31-23 | 8.77 | 0.23 | <sup>•</sup> | 0.63 | 0.86 | 0.58 | 0.63 |  | 1.21 |  | 8.42 | **10.28** | 0.54 | 0.47 | 0.47 | 2.73 | 62 | 96 |
| 12-31-22 | 12.08 | 0.16 | <sup>•</sup> | (2.30) | (2.14) | 0.32 | 0.85 |  | 1.17 |  | 8.77 | **(17.66)** | 0.53 | 0.45 | 0.45 | 1.59 | 68 | 22 |
| 12-31-21 | 12.13 | 0.16 | <sup>•</sup> | 0.54 | 0.70 | 0.42 | 0.33 |  | 0.75 |  | 12.08 | **5.84** | 0.52 | 0.47 | 0.47 | 1.29 | 85 | 40 |
| 12-31-20 | 11.18 | 0.34 | <sup>•</sup> | 1.34 | 1.68 | 0.36 | 0.37 |  | 0.73 |  | 12.13 | **15.79** | 0.53 | 0.46 | 0.46 | 3.04 | 77 | 107 |

---

<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>+</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 Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. The series included in this report is Voya Global Perspectives<sup>®</sup> Portfolio ("Global Perspectives" or the "Portfolio"), a diversified series of the Trust. The investment objective of the Portfolio is described in the Portfolio's Prospectus.

The classes of shares included in this report are: Adviser ("Class ADV"), Institutional ("Class I") and Service ("Class S"). With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

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

The Portfolio seeks to achieve its investment objective by investing in affiliated investment companies that, in turn, invest directly in a wide range of portfolio securities (i.e., stocks and bonds). The investment companies in which

the Portfolio invests are collectively referred to as the "Underlying Funds."

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolio is an investment company and accordingly follows 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 Portfolio in the preparation of its financial statements. The 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***. The 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 the 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 the 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 the Portfolio is closed for business, Portfolio shares will not be priced and the Portfolio does not transact purchase and redemption orders. To the extent the Portfolio's assets are traded in other markets on days when the Portfolio does not price its shares, the value of the Portfolio's assets will likely change and you will not be able to purchase or redeem shares of the 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 the 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

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

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

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 the Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the 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 the 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 the Portfolio.

The Portfolio's 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 the Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Portfolio 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 Portfolio classifies each of its 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 the 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 the 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 Statement of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statement of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

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

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

C. ***Foreign Currency Translation***. The books and records of the Portfolio 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 exchange rates
 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 Portfolio does 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 Statement 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 the 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 Portfolio records distributions to its shareholders on the ex-dividend date. The Portfolio declares and pays dividends and capital gain distributions, if any, annually. The Portfolio may make distributions on a more frequent basis to comply with the

distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of the Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no U.S. federal income tax provision is required. Management has considered the sustainability of the Portfolio's tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.

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

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

G. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio 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 the sales of the Underlying Funds were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $12496517 | $14895473 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Portfolio has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolio. The Investment Adviser oversees all investment management and portfolio management services for the Portfolio and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolio, including custodial, transfer agency, dividend disbursing,

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

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

accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on 0.20% of average daily net assets invested in affiliated Underlying Funds and 0.40% of the 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. Voya IM provides investment advice for the Portfolio and is paid by the Investment Adviser based on the average daily net assets of the Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolio's assets in accordance with the Portfolio's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

The Trust has entered into a shareholder service plan (the "Agreement") for the Class S shares of the Portfolio. The Agreement compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S. Under the Agreement, the Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S shares.

Class ADV shares have a shareholder service and distribution plan. Class ADV shares pay a shareholder service fee of 0.25% and a distribution fee of 0.35% of the Portfolio's average daily net assets attributable to Class ADV shares. The Distributor has contractually agreed to waive 0.30% of the distribution fee for Class ADV shares of the Portfolio, so the actual fee paid by Class ADV shares is an annual rate of 0.05%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

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

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

---

| | |
|:---|:---|
| **Subsidiary** | **Percentage** |
| Voya Retirement Insurance and Annuity Company | 9.98% |

---

The Portfolio has adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to

receive from the Portfolio. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Portfolio purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statement of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolio's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolio 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 the Portfolio were $6,061.

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the Portfolio 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:

---

| | | |
|:---|:---|:---|
| **Class**<br>**ADV** | <br>**Class I** | <br>**Class S** |
| 1.55% | 0.95% | 1.20% |

---

These 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 the Portfolio will vary based on the Portfolio's allocation of assets to and the net expenses of a particular Underlying Fund.

Pursuant to a side letter through May 1, 2026, the total expense limits including the operating expenses incurred at the Underlying Fund level are 1.09%, 0.83% and 1.08% for Class ADV, Class I and Class S, respectively. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser may at a later date recoup from the Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations.

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

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

Amounts payable by the Investment Adviser are reflected on the accompanying Statement 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** |
| $51900 | $36267 | $56026 | $144193 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class ADV | $4452 | $11485 | $11914 | $27851 |
| Class I | 530 | 1400 | 1608 | 3538 |
| Class S | 4 | 12 | 14 | 30 |

---

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 Portfolio, 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 Portfolio utilized the line of credit during the six months ended June 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
| <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** |
| 5 | $6164400 | 5.33% |

---

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br><br>**Shares**<br>**sold** |<br>**Shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** |<br><br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br><br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** |<br>**#** |<br>**#** |<br>**#** |<br>**#** |<br>**#** |<br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 3369 |  |  | (561633) |  | (558264) | 30782 |  |  | (5027008) |  | (4996226) |
| 12/31/2024 | 60456 |  | 189836 | (1199872) |  | (949580) | 521817 |  | 1640185 | (10392662) |  | (8230660) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 71060 |  |  | (43309) |  | 27751 | 652906 |  |  | (386109) |  | 266797 |
| 12/31/2024 | 85697 |  | 26299 | (174004) |  | (62008) | 744133 |  | 228800 | (1502524) |  | (529591) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 |  |  |  | (2) |  | (2) |  |  |  | (17) |  | (17) |
| 12/31/2024 | 115 |  | 231 | (1844) |  | (1498) | 989 |  | 1994 | (16444) |  | (13461) |

---

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 and wash sale deferrals.

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
| **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| $1870979 | $— | $4194986 | $4543349 |

---

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** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $1977477 | $2393493 | $(28245) | Short-term | $(7535896) |
|  |  | (11878621) | Long-term |  |
|  |  | $(11906866) |  |  |

---

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

As of June 30, 2025, no provision for income tax is required in the Portfolio's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolio's 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**

The 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

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

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

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 the Portfolio's investments. Any of these occurrences could disrupt the operations of the Portfolio and of the 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 the 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. The 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 the 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 the 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 the Portfolio's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 13 — SUBSEQUENT EVENTS**

*Dividends.* Subsequent to June 30, 2025, the Portfolio paid dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | <br>**Payable Date** | <br>**Record Date** |
| Class ADV | $0.3133 | July 15, 2025 | July 14, 2025 |
| Class I | $0.3428 | July 15, 2025 | July 14, 2025 |
| Class S | $0.3178 | July 15, 2025 | July 14, 2025 |

---

The Portfolio has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya Global Perspectives<sup>®</sup> Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **MUTUAL FUNDS: 100.1%** | **MUTUAL FUNDS: 100.1%** | **MUTUAL FUNDS: 100.1%** | **MUTUAL FUNDS: 100.1%** |
|  | **Affiliated Investment Companies: 100.1%** | **Affiliated Investment Companies: 100.1%** | **Affiliated Investment Companies: 100.1%** |
| 728743 | Voya Global Bond Fund - Class R6 | $5436423 | 9.2 |
| 701904 | Voya GNMA Income Fund - Class R6 | 5243222 | 8.8 |
| 625225 | Voya High Yield Portfolio - Class I | 5520733 | 9.3 |
| 229761 | Voya Index Plus LargeCap Portfolio - Class I | 6431023 | 10.9 |
| 488297 | Voya International Index Portfolio - Class I | 6377162 | 10.8 |
| 1082181 <sup>(1)</sup> | Voya MidCap Opportunities Portfolio - Class R6 | 6731164 | 11.4 |
| 563417 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 6383518 | 10.8 |
| 456774 | Voya Small Company Portfolio - Class R6 | 6070531 | 10.2 |
| 575904 | Voya U.S. Bond Index Portfolio - Class I | 5246482 | 8.9 |
| 554273 | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class I | 5803233 | 9.8 |
|  | Total Mutual Funds (Cost $54,919,654) | **59243491** | **100.1** |
|  | **Total Investments in Securities <br> (Cost $54,919,654)** | $**59243491** | **100.1** |
|  | **Liabilities in Excess of Other Assets** | **(44395)** | **(0.1)** |
|  | **Net Assets** | $**59199096** | **100.0** |

---

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

See Accompanying Notes to Financial Statements

Voya Global Perspectives<sup>®</sup> Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<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 | $59243491 | $— | $— | $59243491 |
| Total Investments, at fair value | $59243491 | $— | $— | $59243491 |

---

^ 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 at<br> 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 Emerging Markets Index Portfolio - Class I | $5438034 | $666674 | $(5933582) | $(171126) | $— | $144597 | $728264 | $— |
| Voya Global Bond Fund - Class R6 | 5836459 | 320643 | (1008879) | 288200 | 5436423 | 130892 | 36097 |  |
| Voya GNMA Income Fund - Class R6 | 5959178 | 186714 | (986409) | 83739 | 5243222 | 103435 | 48605 |  |
| Voya High Yield Portfolio - Class I | 6095035 | 199052 | (812720) | 39366 | 5520733 | 184766 | 35419 |  |
| Voya Index Plus LargeCap Portfolio - Class I | 6331198 | 1336363 | (746134) | (490404) | 6431023 | 47171 | 187237 | 644185 |
| Voya International Index Portfolio - Class I | 5630620 | 482715 | (622745) | 886572 | 6377162 | 152690 | 75664 |  |
| Voya MidCap Opportunities Portfolio - Class R6 | 6562350 | 909520 | (1043420) | 302714 | 6731164 |  | 267520 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 6187768 | (63065) | 258815 | 6383518 |  | 1049 |  |
| Voya Small Company Portfolio - Class R6 | 6237885 | 1551716 | (692874) | (1026196) | 6070531 | 72080 | 84772 | 854409 |
| Voya U.S. Bond Index Portfolio - Class I | 5932568 | 217217 | (981464) | 78161 | 5246482 | 110376 | 29371 |  |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class I | 5604864 | 438123 | (490760) | 251006 | 5803233 |  | 19422 |  |
|  | $59628191 | $12496505 | $(13382052) | $500847 | $59243491 | $946007 | $1513420 | $1498594 |

---

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

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 $56,349,151. | Cost for U.S. federal income tax purposes was $56,349,151. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $3197013 |
| Gross Unrealized Depreciation | (302673) |
| Net Unrealized Appreciation | $2894340 |

---

See Accompanying Notes to Financial Statements

---

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

---

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

**VPSAR-VITFOFAIS (0625)**

![](tm2522622d8_voyaimg001.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

Classes ADV and I

**Voya Investors Trust**

■ Voya
 Retirement Aggressive Portfolio (formerly, Voya Retirement Growth Portfolio) ■ Voya Retirement Moderate Portfolio

■ Voya
 Retirement Conservative Portfolio ■ Voya Retirement Moderately Aggressive Portfolio (formerly, Voya
Retirement Moderate Growth 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.

---

| | | |
|:---|:---|:---|
| ![](tm2522622d8_voyaimg002.jpg) | E-Delivery Sign-up – details inside | ![](tm2522622d8_voyaimg003.jpg) |
|  |  | ![](tm2522622d8_voyaimg003.jpg) |
| **INVESTMENT MANAGEMENT** | **INVESTMENT MANAGEMENT** | ![](tm2522622d8_voyaimg003.jpg) |
|  |  | ![](tm2522622d8_voyaimg003.jpg) |
| **voyainvestments.com** | **voyainvestments.com** | ![](tm2522622d8_voyaimg003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#e001) | [1](#e001) |
| [Statements of Operations](#e002) | [3](#e002) |
| [Statements of Changes in Net Assets](#e003) | [4](#e003) |
| [Financial Highlights](#e004) | [6](#e004) |
| [Notes to Financial Statements](#e005) | [8](#e005) |
| [Portfolios of Investments](#e006) | [15](#e006) |

---

&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)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Retirement**<br>**Aggressive**<br>**Portfolio** |<br>**Voya**<br>**Retirement**<br>**Conservative**<br>**Portfolio** |<br>**Voya**<br>**Retirement**<br>**Moderate**<br>**Portfolio** | **Voya**<br>**Retirement**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** |
| **ASSETS:** | | | | |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $1702300473 | $221525259 | $607729045 | $1151312313 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 35033656 | 30063280 | 25346176 | 23728781 |
| Cash | 1895635 | 116474 | 303348 | 891296 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold | 1703370 |  | 213681 | 510209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold | 20993 | 7466 | 6527 | 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 37064 | 261556 | 2607 | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 138 | 98 | 234 |
| Prepaid expenses | 16416 | 2407 | 6029 | 11188 |
| Other assets | 176807 | 21253 | 70626 | 121583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1741184414 | 251997833 | 633678137 | 1176583315 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased |  | 216472 |  |  |
| Payable for fund shares redeemed | 1775197 | 15623 | 225191 | 523109 |
| Payable for investment management fees | 338687 | 50862 | 124938 | 229091 |
| Payable for distribution and shareholder service fees | 578353 | 51447 | 170041 | 363105 |
| Payable to trustees under the deferred |  |  |  |  |
| compensation plan (Note 6) | 176807 | 21253 | 70626 | 121583 |
| Payable for trustee fees | 4270 | 626 | 1575 | 2909 |
| Other accrued expenses and liabilities | 39976 | 29904 | 30162 | 42344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2913290 | 386187 | 622533 | 1282141 |
| **NET ASSETS** | $1738271124 | $251611646 | $633055604 | $1175301174 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $1386089773 | $221176189 | $604509980 | $1004435028 |
| Total distributable earnings | 352181351 | 30435457 | 28545624 | 170866146 |
| **NET ASSETS** | $1738271124 | $251611646 | $633055604 | $1175301174 |
| \* &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments in affiliated underlying funds | $1547553876 | $197564832 | $596321833 | $1064262689 |
| \*\*&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments in unaffiliated underlying funds | $34609155 | $29891534 | $25713584 | $23440571 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Retirement**<br>**Aggressive**<br>**Portfolio** |<br>**Voya**<br>**Retirement**<br>**Conservative**<br>**Portfolio** |<br>**Voya**<br>**Retirement**<br>**Moderate**<br>**Portfolio** | **Voya**<br>**Retirement**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1684897663 | $251100152 | $613187844 | $1152499576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 131642353 | 30471159 | 58666332 | 99917696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.80 | $8.24 | $10.45 | $11.53 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $53373461 | $511494 | $19867760 | $22801598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 4136090 | 60738 | 1867761 | 2005637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.90 | $8.42 | $10.64 | $11.37 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Retirement**<br>**Aggressive**<br>**Portfolio** |<br>**Voya**<br>**Retirement**<br>**Conservative**<br>**Portfolio** |<br>**Voya**<br>**Retirement**<br>**Moderate**<br>**Portfolio** | **Voya**<br>**Retirement**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $16451776 | $3829068 | $9330113 | $12535374 |
| Dividends from unaffiliated underlying funds | 146096 | 292710 | 195700 | 66099 |
| Interest | 2456 | 3709 | 6201 | 1676 |
| Other | 6711 | 982 | 2474 | 4566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 16607039 | 4126469 | 9534488 | 12607715 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 2034810 | 308460 | 756954 | 1385761 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 4108670 | 619807 | 1512952 | 2830481 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 13197 | 22338 | 16997 | 23845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 409 | 44 | 555 | 462 |
| Shareholder reporting expense | 5792 | 3258 | 4525 | 5430 |
| Professional fees | 58825 | 10136 | 23168 | 40725 |
| Custody and accounting expense | 45250 | 8688 | 18100 | 31675 |
| Trustee fees | 21352 | 3131 | 7876 | 14544 |
| Miscellaneous expense | 43251 | 8060 | 8071 | 12739 |
| Interest expense |  |  | 9169 | 17091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 6331556 | 983922 | 2358367 | 4362753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (617114) | (307424) | (480207) | (626096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 5714442 | 676498 | 1878160 | 3736657 |
| Net investment income | 10892597 | 3449971 | 7656328 | 8871058 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 21035613 | 634372 | (8817598) | 2206716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 38363 | (23242) | (82030) | (213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 28871590 | 593089 | 2219832 | 9187960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 49945566 | 1204219 | (6679796) | 11394463 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 49968491 | 5912424 | 32266061 | 47687013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 424500 | 596684 | 663266 | 288210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 50392991 | 6509108 | 32929327 | 47975223 |
| Net realized and unrealized gain | 100338557 | 7713327 | 26249531 | 59369686 |
| **Increase in net assets resulting from operations** | $111231154 | $11163298 | $33905859 | $68240744 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Retirement** | **Voya Retirement** | **Voya Retirement** | **Voya Retirement** |
|  | **Aggressive Portfolio** | **Aggressive Portfolio** | **Conservative Portfolio** | **Conservative 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 | $10892597 | $28515845 | $3449971 | $8415159 |
| Net realized gain | 49945566 | 135848876 | 1204219 | 1844937 |
| Net change in unrealized appreciation (depreciation) | 50392991 | 85195728 | 6509108 | 5250537 |
| Increase in net assets resulting from operations | 111231154 | 249560449 | 11163298 | 15510633 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (139753115) |  | (12975461) |
| &nbsp;&nbsp;&nbsp;Class I |  | (4208165) |  | (38805) |
| Total distributions |  | (143961280) |  | (13014266) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 5254379 | 7444851 | 4211690 | 12620834 |
| Reinvestment of distributions |  | 143961280 |  | 13014225 |
|  | 5254379 | 151406131 | 4211690 | 25635059 |
| Cost of shares redeemed | (145996221) | (345372835) | (20845799) | (69527091) |
| Net decrease in net assets resulting from capital share transactions | (140741842) | (193966704) | (16634109) | (43892032) |
| Net decrease in net assets | (29510688) | (88367535) | (5470811) | (41395665) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1767781812 | 1856149347 | 257082457 | 298478122 |
| End of year or period | $1738271124 | $1767781812 | $251611646 | $257082457 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Voya** | **Voya** |
|  | **Voya Retirement** | **Voya Retirement** | **Retirement Moderately** | **Retirement Moderately** |
|  | **Moderate Portfolio** | **Moderate Portfolio** | **Aggressive Portfolio** | **Aggressive 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 | $7656328 | $18363561 | $8871058 | $24029057 |
| Net realized gain (loss) | (6679796) | 14215905 | 11394463 | 60065661 |
| Net change in unrealized appreciation (depreciation) | 32929327 | 19208191 | 47975223 | 62037940 |
| Increase in net assets resulting from operations | 33905859 | 51787657 | 68240744 | 146132658 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  | (36148559) |  | (86262217) |
| &nbsp;&nbsp;&nbsp;Class I |  | (1205019) |  | (1818964) |
| Total distributions |  | (37353578) |  | (88081181) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 4871717 | 11589764 | 6166089 | 11340143 |
| Reinvestment of distributions |  | 37353578 |  | 88081181 |
|  | 4871717 | 48943342 | 6166089 | 99421324 |
| Cost of shares redeemed | (55777755) | (121505701) | (103562375) | (225985327) |
| Net decrease in net assets resulting from capital share transactions | (50906038) | (72562359) | (97396286) | (126564003) |
| Net decrease in net assets | (17000179) | (58128280) | (29155542) | (68512526) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 650055783 | 708184063 | 1204456716 | 1272969242 |
| End of year or period | $633055604 | $650055783 | $1175301174 | $1204456716 |

---

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 Data** | **Supplemental 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<br> 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 <br> 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)<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 Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 11.99 | 0.08 | <sup>•</sup> | 0.73 | 0.81 |  |  |  |  |  | 12.80 | **6.76** | 0.76 | 0.69 | 0.69 | 1.27 | 1684898 | 18 |
| 12-31-24 | 11.34 | 0.18 | <sup>•</sup> | 1.45 | 1.63 | 0.25 | 0.73 |  | 0.98 |  | 11.99 | **14.55** | 0.76 | 0.69 | 0.69 | 1.54 | 1715676 | 18 |
| 12-31-23 | 10.61 | 0.22 | <sup>•</sup> | 1.63 | 1.85 | 0.17 | 0.95 |  | 1.12 |  | 11.34 | **17.82** | 0.76 | 0.69 | 0.69 | 1.97 | 1807320 | 21 |
| 12-31-22 | 15.03 | 0.13 | <sup>•</sup> | (2.68) | (2.55) | 0.14 | 1.73 |  | 1.87 |  | 10.61 | **(16.71)** | 0.76 | 0.68 | 0.68 | 1.08 | 1791695 | 19 |
| 12-31-21 | 13.80 | 0.10 | <sup>•</sup> | 2.00 | 2.10 | 0.25 | 0.62 |  | 0.87 |  | 15.03 | **15.52** | 0.77 | 0.69 | 0.69 | 0.66 | 2483104 | 21 |
| 12-31-20 | 13.00 | 0.20 | <sup>•</sup> | 1.44 | 1.64 | 0.30 | 0.54 |  | 0.84 |  | 13.80 | **13.64** | 0.76 | 0.68 | 0.68 | 1.62 | 2499847 | 27 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 12.06 | 0.10 | <sup>•</sup> | 0.74 | 0.84 |  |  |  |  |  | 12.90 | **6.97** | 0.26 | 0.26 | 0.26 | 1.71 | 53373 | 18 |
| 12-31-24 | 11.41 | 0.24 | <sup>•</sup> | 1.44 | 1.68 | 0.30 | 0.73 |  | 1.03 |  | 12.06 | **14.96** | 0.26 | 0.26 | 0.26 | 1.97 | 52106 | 18 |
| 12-31-23 | 10.67 | 0.27 | <sup>•</sup> | 1.64 | 1.91 | 0.22 | 0.95 |  | 1.17 |  | 11.41 | **18.38** | 0.26 | 0.26 | 0.26 | 2.41 | 48830 | 21 |
| 12-31-22 | 15.12 | 0.19 | <sup>•</sup> | (2.70) | (2.51) | 0.21 | 1.73 |  | 1.94 |  | 10.67 | **(16.32)** | 0.26 | 0.26 | 0.26 | 1.55 | 44053 | 19 |
| 12-31-21 | 13.88 | 0.16 | <sup>•</sup> | 2.01 | 2.17 | 0.31 | 0.62 |  | 0.93 |  | 15.12 | **15.96** | 0.27 | 0.27 | 0.27 | 1.12 | 53917 | 21 |
| 12-31-20 | 13.08 | 0.27 |  | 1.43 | 1.70 | 0.36 | 0.54 |  | 0.90 |  | 13.88 | **14.11** | 0.26 | 0.26 | 0.26 | 2.07 | 51526 | 27 |
| **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 7.88 | 0.11 | <sup>•</sup> | 0.25 | 0.36 |  |  |  |  |  | 8.24 | **4.57** | 0.79 | 0.55 | 0.55 | 2.77 | 251100 | 10 |
| 12-31-24 | 7.82 | 0.24 | <sup>•</sup> | 0.20 | 0.44 | 0.25 | 0.13 |  | 0.38 |  | 7.88 | **5.67** | 0.79 | 0.54 | 0.54 | 3.03 | 256412 | 21 |
| 12-31-23 | 7.47 | 0.22 | <sup>•</sup> | 0.43 | 0.65 | 0.15 | 0.15 |  | 0.30 |  | 7.82 | **8.79** | 0.79 | 0.54 | 0.54 | 2.83 | 297835 | 22 |
| 12-31-22 | 9.87 | 0.13 | <sup>•</sup> | (1.49) | (1.36) | 0.19 | 0.85 |  | 1.04 |  | 7.47 | **(13.99)** | 0.78 | 0.53 | 0.53 | 1.61 | 316601 | 22 |
| 12-31-21 | 9.84 | 0.12 | <sup>•</sup> | 0.33 | 0.45 | 0.21 | 0.21 |  | 0.42 |  | 9.87 | **4.69** | 0.79 | 0.54 | 0.54 | 1.22 | 420230 | 26 |
| 12-31-20 | 9.31 | 0.18 |  | 0.75 | 0.93 | 0.17 | 0.23 |  | 0.40 |  | 9.84 | **10.33** | 0.77 | 0.52 | 0.52 | 1.90 | 444944 | 27 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 8.04 | 0.25 | <sup>•</sup> | 0.13 | 0.38 |  |  |  |  |  | 8.42 | **4.73** | 0.29 | 0.29 | 0.29 | 6.28 | 511 | 10 |
| 12-31-24 | 7.98 | 0.26 | <sup>•</sup> | 0.20 | 0.46 | 0.27 | 0.13 |  | 0.40 |  | 8.04 | **5.85** | 0.29 | 0.29 | 0.29 | 3.28 | 671 | 21 |
| 12-31-23 | 7.62 | 0.23 | <sup>•</sup> | 0.45 | 0.68 | 0.17 | 0.15 |  | 0.32 |  | 7.98 | **9.06** | 0.29 | 0.29 | 0.29 | 3.02 | 643 | 22 |
| 12-31-22 | 10.04 | 0.16 | <sup>•</sup> | (1.51) | (1.35) | 0.22 | 0.85 |  | 1.07 |  | 7.62 | **(13.68)** | 0.28 | 0.28 | 0.28 | 1.84 | 844 | 22 |
| 12-31-21 | 10.01 | 0.15 | <sup>•</sup> | 0.33 | 0.48 | 0.24 | 0.21 |  | 0.45 |  | 10.04 | **4.87** | 0.29 | 0.29 | 0.29 | 1.46 | 1390 | 26 |
| 12-31-20 | 9.45 | 0.24 | <sup>•</sup> | 0.75 | 0.99 | 0.20 | 0.23 |  | 0.43 |  | 10.01 | **10.77** | 0.27 | 0.27 | 0.27 | 2.47 | 1276 | 27 |
| **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 9.90 | 0.12 | <sup>•</sup> | 0.43 | 0.55 |  |  |  |  |  | 10.45 | **5.56** | 0.77 | 0.61 | 0.61 | 2.44 | 613188 | 11 |
| 12-31-24 | 9.71 | 0.27 | <sup>•</sup> | 0.49 | 0.76 | 0.29 | 0.28 |  | 0.57 |  | 9.90 | **7.81** | 0.77 | 0.62 | 0.62 | 2.68 | 629375 | 16 |
| 12-31-23 | 9.29 | 0.25 | <sup>•</sup> | 0.77 | 1.02 | 0.16 | 0.44 |  | 0.60 |  | 9.71 | **11.24** | 0.77 | 0.61 | 0.61 | 2.65 | 686476 | 19 |
| 12-31-22 | 12.63 | 0.14 | <sup>•</sup> | (2.04) | (1.90) | 0.19 | 1.25 |  | 1.44 |  | 9.29 | **(15.17)** | 0.77 | 0.61 | 0.61 | 1.33 | 710975 | 19 |
| 12-31-21 | 12.24 | 0.12 | <sup>•</sup> | 1.03 | 1.15 | 0.24 | 0.52 |  | 0.76 |  | 12.63 | **9.64** | 0.78 | 0.62 | 0.62 | 0.94 | 962098 | 26 |
| 12-31-20 | 11.55 | 0.20 | <sup>•</sup> | 1.14 | 1.34 | 0.25 | 0.40 |  | 0.65 |  | 12.24 | **12.17** | 0.77 | 0.61 | 0.61 | 1.73 | 988153 | 28 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.06 | 0.14 | <sup>•</sup> | 0.44 | 0.58 |  | 0.00 \* |  | 0.00 \* |  | 10.64 | **5.77** | 0.27 | 0.27 | 0.27 | 2.78 | 19868 | 11 |
| 12-31-24 | 9.86 | 0.30 | <sup>•</sup> | 0.50 | 0.80 | 0.32 | 0.28 |  | 0.60 |  | 10.06 | **8.19** | 0.27 | 0.27 | 0.27 | 3.02 | 20681 | 16 |
| 12-31-23 | 9.43 | 0.29 | <sup>•</sup> | 0.78 | 1.07 | 0.20 | 0.44 |  | 0.64 |  | 9.86 | **11.61** | 0.27 | 0.27 | 0.27 | 3.00 | 21708 | 19 |
| 12-31-22 | 12.81 | 0.18 | <sup>•</sup> | (2.07) | (1.89) | 0.24 | 1.25 |  | 1.49 |  | 9.43 | **(14.87)** | 0.27 | 0.27 | 0.27 | 1.70 | 21276 | 19 |
| 12-31-21 | 12.40 | 0.17 | <sup>•</sup> | 1.05 | 1.22 | 0.29 | 0.52 |  | 0.81 |  | 12.81 | **10.05** | 0.28 | 0.28 | 0.28 | 1.31 | 26121 | 26 |
| 12-31-20 | 11.70 | 0.24 |  | 1.15 | 1.39 | 0.29 | 0.40 |  | 0.69 |  | 12.40 | **12.51** | 0.27 | 0.27 | 0.27 | 2.06 | 22906 | 28 |
| **Voya Retirement Moderate Aggressive Portfolio** | **Voya Retirement Moderate Aggressive Portfolio** | **Voya Retirement Moderate Aggressive Portfolio** | **Voya Retirement Moderate Aggressive Portfolio** | **Voya Retirement Moderate Aggressive Portfolio** | **Voya Retirement Moderate Aggressive Portfolio** | **Voya Retirement Moderate Aggressive Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.87 | 0.08 | <sup>•</sup> | 0.58 | 0.66 |  |  |  |  |  | 11.53 | **6.07** | 0.77 | 0.66 | 0.66 | 1.53 | 1152500 | 13 |

---

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 Data** | **Supplemental 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<br> 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 <br> 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)<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 Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate Aggressive Portfolio (continued)** | **Voya Retirement Moderate 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)** |  |  |  |  |  |  |  |  |  |
| 12-31-24 | 10.40 | 0.21 | <sup>•</sup> | 1.06 | 1.27 | 0.25 | 0.55 |  | 0.80 |  | 10.87 | **12.32** | 0.76 | 0.65 | 0.65 | 1.92 | 1181894 | 16 |
| 12-31-23 | 9.87 | 0.22 | <sup>•</sup> | 1.26 | 1.48 | 0.15 | 0.80 |  | 0.95 |  | 10.40 | **15.37** | 0.77 | 0.66 | 0.66 | 2.15 | 1247175 | 17 |
| 12-31-22 | 13.71 | 0.13 | <sup>•</sup> | (2.37) | (2.24) | 0.16 | 1.44 |  | 1.60 |  | 9.87 | **(16.30)** | 0.76 | 0.65 | 0.65 | 1.13 | 1243439 | 18 |
| 12-31-21 | 12.79 | 0.10 | <sup>•</sup> | 1.64 | 1.74 | 0.24 | 0.58 |  | 0.82 |  | 13.71 | **13.92** | 0.77 | 0.66 | 0.66 | 0.77 | 1720105 | 20 |
| 12-31-20 | 12.10 | 0.20 | <sup>•</sup> | 1.29 | 1.49 | 0.27 | 0.53 |  | 0.80 |  | 12.79 | **13.15** | 0.76 | 0.65 | 0.65 | 1.66 | 1736505 | 28 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-30-25<sup>+</sup> | 10.70 | 0.10 | <sup>•</sup> | 0.57 | 0.67 |  |  |  |  |  | 11.37 | **6.26** | 0.27 | 0.27 | 0.27 | 1.92 | 22802 | 13 |
| 12-31-24 | 10.24 | 0.25 | <sup>•</sup> | 1.05 | 1.30 | 0.29 | 0.55 |  | 0.84 |  | 10.70 | **12.88** | 0.26 | 0.26 | 0.26 | 2.31 | 22563 | 16 |
| 12-31-23 | 9.74 | 0.26 | <sup>•</sup> | 1.24 | 1.50 | 0.20 | 0.80 |  | 1.00 |  | 10.24 | **15.79** | 0.27 | 0.27 | 0.27 | 2.58 | 25794 | 17 |
| 12-31-22 | 13.58 | 0.18 | <sup>•</sup> | (2.36) | (2.18) | 0.22 | 1.44 |  | 1.66 |  | 9.74 | **(16.01)** | 0.26 | 0.26 | 0.26 | 1.59 | 23397 | 18 |
| 12-31-21 | 12.67 | 0.16 | <sup>•</sup> | 1.62 | 1.78 | 0.29 | 0.58 |  | 0.87 |  | 13.58 | **14.41** | 0.27 | 0.27 | 0.27 | 1.20 | 28228 | 20 |
| 12-31-20 | 12.00 | 0.25 |  | 1.27 | 1.52 | 0.32 | 0.53 |  | 0.85 |  | 12.67 | **13.59** | 0.26 | 0.26 | 0.26 | 2.10 | 24726 | 28 |

---

<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>\*</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)

**Fresh NOTE 1** — **ORGANIZATION**

Voya Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust currently consists of twenty-two active separate investment series. The four series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Retirement Aggressive Portfolio ("Aggressive"), Voya Retirement Conservative Portfolio ("Conservative"), Voya Retirement Moderate Portfolio ("Moderate") and Voya Retirement Moderate Aggressive Portfolio ("Moderate Aggressive"), each a diversified series of the Trust. Prior to May 1, 2025, Aggressive was known as Voya Retirement Growth Portfolio and Moderate Aggressive was known as Voya Retirement Moderate Growth Portfolio.

The classes of shares included in this report are: Adviser ("Class ADV") and Institutional ("Class I"). 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 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

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

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

trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

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

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

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

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

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

Observable inputs are developed using market data, such as publicly available information about actual events or

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

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments 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

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

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

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 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. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust'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 the sales of the Underlying Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Aggressive | $302253012 | $405256071 |
| Conservative | 25290278 | 37844916 |
| Moderate | 72667233 | 113660355 |
| Moderately Aggressive | 156406093 | 255095269 |

---

**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: 0.24% of each Portfolio's average daily net assets invested in affiliated Underlying Funds and 0.34% 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**

The Trust has entered into a shareholder service and distribution plan (the "Agreement") for the Class ADV shares of each Portfolio. The Agreement compensates the Distributor for the provision of shareholder services and/or account maintenance services and the distribution of shares to direct or indirect beneficial owners of Class ADV shares. Under the Agreement, each Portfolio makes payments to the Distributor a shareholder service fee of 0.25% and a distribution fee of 0.25% of each Portfolio's average daily net assets attributable to Class ADV shares. The Distributor has contractually agreed to waive 0.0751%, 0.2480%, 0.1587% and 0.1106% of the distribution fee for the Class ADV shares of Aggressive, Conservative, Moderate and Moderate Aggressive, respectively. The actual distribution fee to be paid by Aggressive, Conservative, Moderate and Moderate Aggressive is at an annual rate of 0.1749%, 0.002%, 0.0913% and 0.1394%, respectively. Any fees waived are not subject to recoupment. Termination or

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

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

modification of this obligation requires approval by the Board.

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

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

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Portfolio** | **Percentage** |
| Voya Institutional Trust Company | Conservative | 30.35% |
|  | Moderate | 14.89 |
|  | Moderate Aggressive | 8.18 |

---

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

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

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
| Aggressive | $13544 |
| Conservative | 22359 |
| Moderate | 17495 |
| Moderately Aggressive | 24243 |

---

**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 and extraordinary expenses to the levels listed below:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Class <br> ADV** | **Class <br> I** |
| Aggressive | 1.07% | 0.82% |
| Conservative | 0.92% | 0.67% |
| Moderate | 1.00% | 0.75% |
| Moderately Aggressive | 1.04% | 0.79% |

---

These 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.

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 Portfolios did not have any amount of waived and/or reimbursed fees that would be subject to possible 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

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

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Days <br> Utilized** | **Approximate <br> Average <br> Daily Balance <br> For Days <br> Utilized** | **Approximate <br> Weighted <br> Average <br> Interest Rate <br> For Days <br> Utilized** |
| Moderate | 5 | $12386400 | 5.33% |
| Moderately Aggressive | 7 | 16491000 | 5.33 |

---

**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** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Aggressive** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 358950 |  |  | (11856578) |  | (11497628) | 4314277 |  |  | (142844746) |  | (138530469) |
| 12/31/2024 | 546010 |  | 11954929 | (28681681) |  | (16180742) | 6512133 |  | 139753115 | (340619561) |  | (194354313) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 77761 |  |  | (262512) |  | (184751) | 940102 |  |  | (3151475) |  | (2211373) |
| 12/31/2024 | 78197 |  | 358447 | (395940) |  | 40704 | 932718 |  | 4208165 | (4753274) |  | 387609 |
| **Conservative** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 514089 |  |  | (2578776) |  | (2064687) | 4099193 |  |  | (20549735) |  | (16450542) |
| 12/31/2024 | 1577954 |  | 1669944 | (8793631) |  | (5545733) | 12406540 |  | 12975461 | (69294799) |  | (43912798) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 13519 |  |  | (36180) |  | (22661) | 112497 |  |  | (296064) |  | (183567) |
| 12/31/2024 | 26681 |  | 4894 | (28765) |  | 2810 | 214294 |  | 38764 | (232292) |  | 20766 |
| **Moderate** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 462348 |  |  | (5345520) |  | (4883172) | 4624999 |  |  | (53621884) |  | (48996885) |
| 12/31/2024 | 1086517 |  | 3703746 | (11913555) |  | (7123292) | 10752092 |  | 36148559 | (117989299) |  | (71088648) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 23892 |  |  | (211476) |  | (187584) | 246718 |  |  | (2155871) |  | (1909153) |
| 12/31/2024 | 83437 |  | 121719 | (350952) |  | (145796) | 837672 |  | 1205019 | (3516402) |  | (1473711) |
| **Moderately Aggressive** | **Moderately Aggressive** | **Moderately Aggressive** | **Moderately Aggressive** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 547128 |  |  | (9324963) |  | (8777835) | 5935450 |  |  | (102206533) |  | (96271083) |
| 12/31/2024 | 979460 |  | 8122619 | (20315795) |  | (11213716) | 10602320 |  | 86262217 | (219022596) |  | (122158059) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 21025 |  |  | (124720) |  | (103695) | 230639 |  |  | (1355842) |  | (1125203) |
| 12/31/2024 | 69400 |  | 174397 | (652294) |  | (408497) | 737823 |  | 1818964 | (6962731) |  | (4405944) |

---

**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 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.

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

**NOTE 10 — FEDERAL INCOME TAXES (continued)**

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** |
| Aggressive | $39914748 | $104046532 | $26802230 | $151324740 |
| Conservative | 9558362 | 3455904 | 5971247 | 5795272 |
| Moderate | 19980478 | 17373100 | 11736639 | 32507925 |
| Moderately Aggressive | 28906972 | 59174209 | 18142774 | 94916293 |

---

The tax-basis components of distributable earnings as of December 31, 2024 were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Aggressive | $31287510 | $142246896 | $67415791 | $240950197 |
| Conservative | 8702099 | 4912858 | 5657202 | 19272159 |
| Moderate | 18999933 | 21696247 | (46056415) | (5360235) |
| Moderately Aggressive | 24740112 | 72478809 | 5406481 | 102625402 |

---

At December 31, 2024, the Portfolios did not have any capital loss carryovers for U.S. federal income tax purposes.

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

As of June 30, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 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 traded 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

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

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

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 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 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**<br>**Investment**<br>**Income** | <br>**Short-term**<br>**Capital Gains** | <br>**Long-term**<br>**Capital Gains** | <br>**Payable Date** | <br>**Record Date** |
| **Aggressive** |  |  |  |  |  |
| Class ADV | $0.2221 | $0.0077 | $1.0529 | July 15, 2025 | July 14, 2025 |
| Class I | $0.2800 | $0.0077 | $1.0529 | July 15, 2025 | July 14, 2025 |
| **Conservative** |  |  |  |  |  |
| Class ADV | $0.2810 | $0.0051 | $0.1615 | July 15, 2025 | July 14, 2025 |
| Class I | $0.3037 | $0.0051 | $0.1615 | July 15, 2025 | July 14, 2025 |
| **Moderate** |  |  |  |  |  |
| Class ADV | $0.3100 | $0.0042 | $0.3601 | July 15, 2025 | July 14, 2025 |
| Class I | $0.3486 | $0.0042 | $0.3601 | July 15, 2025 | July 14, 2025 |
| **Moderately Aggressive** |  |  |  |  |  |
| Class ADV | $0.2411 | $0.0023 | $0.7155 | July 15, 2025 | July 14, 2025 |
| Class I | $0.2891 | $0.0023 | $0.7155 | July 15, 2025 | July 14, 2025 |

---

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya Retirement Aggressive Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 2.0%** | **EXCHANGE-TRADED FUNDS: 2.0%** |  |  |
| 708323 | Vanguard FTSE Emerging Markets ETF | $**35033656** | **2.0** |
|  | Total Exchange-Traded Funds <br> (Cost $34,609,155) | **35033656** | **2.0** |
| **MUTUAL FUNDS: 97.9%** | **MUTUAL FUNDS: 97.9%** |  |  |
|  | **Affiliated Investment Companies: 97.9%** | **Affiliated Investment Companies: 97.9%** | **Affiliated Investment Companies: 97.9%** |
| 4894837 | Voya High Yield Bond Fund - Class R6 | 34312806 | 2.0 |
| 11409548 | Voya International Index Portfolio - Class I | 149008700 | 8.6 |
| 19784307 | Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 207141693 | 11.9 |
| 2875983 | Voya Russell <sup>TM</sup> Small Cap Index Portfolio - Class I | 34655596 | 2.0 |
| 9078097 | Voya Short Duration Bond Fund - Class R6 | 85334114 | 4.9 |
| 22614484 | Voya U.S. Bond Index Portfolio - Class I | 206017946 | 11.8 |
| 45873877 | Voya U.S. Stock Index Portfolio - Class I | 985829618 | 56.7 |
|  | Total Mutual Funds <br> (Cost $1,547,553,876) | **1702300473** | **97.9** |
|  | Total Long-Term Investments <br> (Cost $1,582,163,031) | **1737334129** | **99.9** |
|  | **Total Investments in Securities <br> (Cost $1,582,163,031)** | $**1737334129** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **936995** | **0.1** |
|  | **Net Assets** | $**1738271124** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Retirement Aggressive Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<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 | $35033656 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $35033656 |
| Mutual Funds | 1702300473 |  |  | 1702300473 |
| Total Investments, at fair value | $1737334129 | $— | $— | $1737334129 |

---

^ 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 Emerging Markets Index Portfolio - Class I | $53242462 | $1298845 | $(56239692) | $1698385 | $— | $1243648 | $3297551 | $— |
| Voya High Yield Bond Fund - Class R6 | 36165426 | 2619740 | (4738583) | 266223 | 34312806 | 1154985 | 159933 |  |
| Voya International Index Portfolio - Class I | 194843788 | 4764032 | (59368836) | 8769716 | 149008700 | 4561649 | 21816550 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 52205900 | 9902635 | (57774687) | (4333848) |  | 94887 | 324163 | 5306199 |
| Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 175212748 | 62414404 | (20436673) | (10048786) | 207141693 | 2072591 | (3725773) | 19682885 |
| Voya Russell <sup>TM</sup> Small Cap Index Portfolio - Class I | 34589281 | 8652186 | (2870604) | (5715267) | 34655596 | 556358 | 757641 | 3882506 |
| Voya Short Duration Bond Fund - Class R6 | 90902834 | 6882417 | (12936496) | 485359 | 85334114 | 2049429 | 160075 |  |
| Voya U.S. Bond Index Portfolio - Class I | 251835028 | 16536909 | (83241855) | 20887864 | 206017946 | 4718229 | (16346865) |  |
| Voya U.S. Stock Index Portfolio - Class I | 879872753 | 137497416 | (69499396) | 37958845 | 985829618 |  | 14592338 |  |
|  | $1768870220 | $250568584 | $(367106822) | $49968491 | $1702300473 | $16451776 | $21035613 | $28871590 |

---

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

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 $1,619,525,347. | Cost for U.S. federal income tax purposes was $1,619,525,347. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $181922708 |
| Gross Unrealized Depreciation | (64113926) |
| Net Unrealized Appreciation | $117808782 |

---

See Accompanying Notes to Financial Statements

Voya Retirement Conservative Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 12.0%** | **EXCHANGE-TRADED FUNDS: 12.0%** |  |  |
| 280358 | Schwab U.S. TIPS ETF | $7479951 | 3.0 |
| 103375 | Vanguard FTSE Emerging Markets ETF | 5112928 | 2.0 |
| 89650 | Vanguard Long-Term Treasury ETF | 5031158 | 2.0 |
| 158059 | Vanguard Short-Term Bond ETF | 12439243 | 5.0 |
|  | Total Exchange-Traded Funds <br> (Cost $29,891,534) | **30063280** | **12.0** |
| **MUTUAL FUNDS: 88.0%** | **MUTUAL FUNDS: 88.0%** |  |  |
|  | **Affiliated Investment Companies: 88.0%** | **Affiliated Investment Companies: 88.0%** | **Affiliated Investment Companies: 88.0%** |
| 1431739 | Voya High Yield Bond Fund - Class R6 | 10036492 | 4.0 |
| 586826 | Voya International Index Portfolio - Class I | 7663943 | 3.0 |
| 483193 | Voya Russell TM Mid Cap Index Portfolio - Class I | 5059028 | 2.0 |
| 3717400 | Voya Short Duration Bond Fund - Class R6 | 34943561 | 13.9 |
| 12944224 | Voya U.S. Bond Index Portfolio - Class I | 117921882 | 46.9 |
| 2135894 | Voya U.S. Stock Index Portfolio - Class I | 45900353 | 18.2 |
|  | Total Mutual Funds <br> (Cost $197,564,832) | **221525259** | **88.0** |
|  | Total Long-Term Investments <br> (Cost $227,456,366) | **251588539** | **100.0** |
|  | **Total Investments in Securities <br> (Cost $227,456,366)** | $**251588539** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **23107** | **0.0** |
|  | **Net Assets** | $**251611646** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Retirement Conservative Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<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 | $30063280 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $30063280 |
| Mutual Funds | 221525259 |  |  | 221525259 |
| Total Investments, at fair value | $251588539 | $— | $— | $251588539 |

---

^ 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 High Yield Bond Fund - Class R6 | $10373172 | $477335 | $(924684) | $110669 | $10036492 | $335974 | $17131 | $— |
| Voya International Index Portfolio - Class I | 7618091 | 372158 | (1323232) | 996926 | 7663943 | 187422 | 247611 |  |
| Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 5022604 | 1125786 | (685311) | (404051) | 5059028 | 62452 | (10897) | 593089 |
| Voya Short Duration Bond Fund - Class R6 | 36418699 | 2320639 | (4300070) | 504293 | 34943561 | 830513 | (246419) |  |
| Voya U.S. Bond Index Portfolio - Class I | 126348884 | 5945344 | (19210679) | 4838333 | 117921882 | 2412707 | (2534349) |  |
| Voya U.S. Stock Index Portfolio - Class I | 50448688 | 4617593 | (9032182) | (133746) | 45900353 |  | 3161295 |  |
|  | $236230138 | $14858855 | $(35476158) | $5912424 | $221525259 | $3829068 | $634372 | $593089 |

---

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

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 $239,422,228. | Cost for U.S. federal income tax purposes was $239,422,228. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $32338166 |
| Gross Unrealized Depreciation | (20171855) |
| Net Unrealized Appreciation | $12166311 |

---

See Accompanying Notes to Financial Statements

Voya Retirement Moderate Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **RA** | **Value** | **Percentage <br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 4.0%** | **EXCHANGE-TRADED FUNDS: 4.0%** |  |  |
| 469060 | Schwab U.S. TIPS ETF | $12514521 | 2.0 |
| 259435 | Vanguard FTSE Emerging Markets ETF | 12831655 | 2.0 |
|  | Total Exchange-Traded Funds <br> (Cost $25,713,584) | **25346176** | **4.0** |
| **MUTUAL FUNDS: 96.0%** | **MUTUAL FUNDS: 96.0%** |  |  |
|  | **Affiliated Investment Companies: 96.0%** | **Affiliated Investment Companies: 96.0%** | **Affiliated Investment Companies: 96.0%** |
| 3588280 | Voya High Yield Bond Fund - Class R6 | 25153842 | 4.0 |
| 2941489 | Voya International Index Portfolio - Class I | 38415850 | 6.1 |
| 1816489 | Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 19018645 | 3.0 |
| 7985779 | Voya Short Duration Bond Fund - Class R6 | 75066320 | 11.8 |
| 26238963 | Voya U.S. Bond Index Portfolio - Class I | 239036953 | 37.8 |
| 9820262 | Voya U.S. Stock Index Portfolio - Class I | 211037435 | 33.3 |
|  | Total Mutual Funds <br> (Cost $596,321,833) | **607729045** | **96.0** |
|  | Total Long-Term Investments <br> (Cost $622,035,417) | **633075221** | **100.0** |
|  | **Total Investments in Securities <br> (Cost $622,035,417)** | $**633075221** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(19617)** | **0.0** |
|  | **Net Assets** | $**633055604** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Retirement Moderate Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<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 | $25346176 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $25346176 |
| Mutual Funds | 607729045 |  |  | 607729045 |
| Total Investments, at fair value | $633075221 | $— | $— | $633075221 |

---

^ 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 Emerging Markets Index Portfolio - Class I | $12915411 | $486872 | $(14740809) | $1338526 | $— | $311699 | $(113914) | $— |
| Voya High Yield Bond Fund - Class R6 | 26323117 | 1212754 | (2610314) | 228285 | 25153842 | 846987 | 91925 |  |
| Voya International Index Portfolio - Class I | 38666722 | 1642588 | (5510507) | 3617047 | 38415850 | 935327 | 2647173 |  |
| Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 19120807 | 3914446 | (2944748) | (1071860) | 19018645 | 233746 | (487652) | 2219832 |
| Voya Short Duration Bond Fund - Class R6 | 79396515 | 3952385 | (9437640) | 1155060 | 75066320 | 1803894 | (590787) |  |
| Voya U.S. Bond Index Portfolio - Class I | 274869400 | 12743207 | (67248190) | 18672536 | 239036953 | 5198460 | (13720941) |  |
| Voya U.S. Stock Index Portfolio - Class I | 185649932 | 35408493 | (18347457) | 8326467 | 211037435 |  | 3356598 |  |
|  | $636941904 | $59360745 | $(120839665) | $32266061 | $607729045 | $9330113 | $(8817598) | $2219832 |

---

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

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 $646,202,309. | Cost for U.S. federal income tax purposes was $646,202,309. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $36669293 |
| Gross Unrealized Depreciation | (49796381) |
| Net Unrealized Depreciation | $(13127088) |

---

See Accompanying Notes to Financial Statements

Voya Retirement Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **RA** | **Value** | **Percentage <br> of Net <br> Assets** |
| **EXCHANGE-TRADED FUNDS: 2.0%** | **EXCHANGE-TRADED FUNDS: 2.0%** |  |  |
| 479757 | Vanguard FTSE Emerging Markets ETF | $**23728781** | **2.0** |
|  | Total Exchange-Traded Funds <br> (Cost $23,440,571) | **23728781** | **2.0** |
| **MUTUAL FUNDS: 98.0%** | **MUTUAL FUNDS: 98.0%** |  |  |
|  | **Affiliated Investment Companies: 98.0%** | **Affiliated Investment Companies: 98.0%** | **Affiliated Investment Companies: 98.0%** |
| 3317262 | Voya High Yield Bond Fund - Class R6 | 23254007 | 2.0 |
| 5001986 | Voya International Index Portfolio - Class I | 65325942 | 5.6 |
| 5597555 | Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 58606396 | 5.0 |
| 9843620 | Voya Short Duration Bond Fund - Class R6 | 92530026 | 7.9 |
| 31912714 | Voya U.S. Bond Index Portfolio - Class I | 290724828 | 24.7 |
| 28891164 | Voya U.S. Stock Index Portfolio - Class I | 620871114 | 52.8 |
|  | Total Mutual Funds <br> (Cost $1,064,262,689) | **1151312313** | **98.0** |
|  | Total Long-Term Investments <br> (Cost $1,087,703,260) | **1175041094** | **100.0** |
|  | **Total Investments in Securities <br> (Cost $1,087,703,260)** | $**1175041094** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **260080** | **0.0** |
|  | **Net Assets** | $**1175301174** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Retirement Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<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 | $23728781 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $23728781 |
| Mutual Funds | 1151312313 |  |  | 1151312313 |
| Total Investments, at fair value | $1175041094 | $— | $— | $1175041094 |

---

^ 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 Emerging Markets Index Portfolio - Class I | $24083241 | $688867 | $(26662813) | $1890705 | $— | $569373 | $379214 | $— |
| Voya High Yield Bond Fund - Class R6 | 24538547 | 1567754 | (3039489) | 187195 | 23254007 | 785161 | 105383 |  |
| Voya International Index Portfolio - Class I | 84126456 | 2226940 | (24636421) | 3608967 | 65325942 | 1993482 | 9666919 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index - Class I | 23613357 | 4814601 | (26459673) | (1968285) |  | 43444 | 157862 | 2429425 |
| Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 59438154 | 10718624 | (8625281) | (2925101) | 58606396 | 711667 | (1873966) | 6758535 |
| Voya Short Duration Bond Fund - Class R6 | 98684931 | 6642020 | (14393537) | 1596612 | 92530026 | 2230495 | (893927) |  |
| Voya U.S. Bond Index Portfolio - Class I | 329537015 | 19531787 | (80521406) | 22177432 | 290724828 | 6201752 | (16151472) |  |
| Voya U.S. Stock Index Portfolio - Class I | 561150921 | 86595554 | (49994849) | 23119488 | 620871114 |  | 10816703 |  |
|  | $1205172622 | $132786147 | $(234333469) | $47687013 | $1151312313 | $12535374 | $2206716 | $9187960 |

---

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

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 $1,121,659,390. | Cost for U.S. federal income tax purposes was $1,121,659,390. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $111920092 |
| Gross Unrealized Depreciation | (58538388) |
| Net Unrealized Appreciation | $53381704 |

---

See Accompanying Notes to Financial Statements

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

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

---

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

**VPSAR-RETADVI (0625)**![](tm2522622d6_voyaimg001.jpg)

Semi-Annual Financial Statements and Other Information

**June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;■ Voya VACS Index Series EM Portfolio

■ Voya VACS Index Series
 I Portfolio

■ Voya VACS Index Series
 MC Portfolio

■ Voya VACS Index Series
 S Portfolio

■ Voya VACS Index Series
 SC Portfolio

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

---

| | | |
|:---|:---|:---|
| ![](tm2522622d6_voyaimg002.jpg) | E-Delivery Sign-up – details inside | ![](tm2522622d6_voyaimg003.jpg) |
|  |  | ![](tm2522622d6_voyaimg003.jpg) |
| **INVESTMENT MANAGEMENT** | **INVESTMENT MANAGEMENT** | ![](tm2522622d6_voyaimg003.jpg) |
|  |  | ![](tm2522622d6_voyaimg003.jpg) |
| **voyainvestments.com** | **voyainvestments.com** | ![](tm2522622d6_voyaimg003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#a001-0) | [1](#a001-0) |
| [Statements of Operations](#a002-0) | [3](#a002-0) |
| [Statements of Changes in Net Assets](#a003-0) | [5](#a003-0) |
| [Financial Highlights](#a004-0) | [8](#a004-0) |
| [Notes to Financial Statements](#a005-0) | [9](#a005-0) |
| [Portfolios of Investments](#a006-0) | [21](#a006-0) |

---

&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 and upon request, by calling 1-800-992-0180, or by accessing on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Voya <br> VACS Index <br> Series EM <br> Portfolio** | **Voya <br> VACS Index <br> Series I <br> Portfolio** | **Voya <br> VACS Index <br> Series MC <br> Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $472042797 | $1716627368 | $368907434 |
| Investments in affiliates at fair value<sup>\*\*</sup> | Investments in affiliates at fair value<sup>\*\*</sup> |  |  | 205048 |
| Short-term investments at fair value† | Short-term investments at fair value† | 7202840 | 80346907 | 1234552 |
| Cash | Cash | 13105 | 348 | 690059 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 238716 | 1253113 | 71459 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 946480 | 3171518 |  |
| Receivables: | Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 24064 | 912212 | 501138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 170698 | 1436106 | 137442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1861387 | 3066355 | 320171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 27 | 7 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 84004 | 6420106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 12344 | 19168 |  |
| Other assets | Other assets | 2075 | 8376 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 482598537 | 1813261584 | 372069652 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased | 24068 | 738340 | 686940 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 10417 | 35798 | 5435 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 4314840 | 57377907 | 1234552 |
| Unrealized depreciation on forward foreign currency contracts | Unrealized depreciation on forward foreign currency contracts | 13 |  |  |
| Variation margin payable on futures contracts | Variation margin payable on futures contracts |  |  | 241 |
| Payable for unified fees | Payable for unified fees | 73842 | 213012 | 44572 |
| Payable to directors under the deferred compensation plan (Note 5) | Payable to directors under the deferred compensation plan (Note 5) | 2075 | 8376 | 2294 |
| Payable for foreign capital gains tax | Payable for foreign capital gains tax | 2914641 | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7339896 | 58373433 | 1974034 |
| **NET ASSETS** | **NET ASSETS** | $475258641 | $1754888151 | $370095618 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | Paid-in capital | $390524049 | $1348190240 | $290224623 |
| Total distributable earnings | Total distributable earnings | 84734592 | 406697911 | 79870995 |
| **NET ASSETS** | **NET ASSETS** | $475258641 | $1754888151 | $370095618 |
| + | Including securities loaned at value | $4079796 | $53489489 | $1196604 |
| \* | Cost of investments in securities | $390065676 | $1331134247 | $297486290 |
| \*\* | Cost of investments in affiliates | $— | $— | $200442 |
| † | Cost of short-term investments | $7202840 | $80346907 | $1234552 |
| ‡ | Cost of foreign currencies | $944097 | $3129059 | $— |
| Net assets | Net assets | $475258641 | $1754888151 | $370095618 |
| Shares authorized | Shares authorized | 20000000 | 200000000 | 100000000 |
| Par value | Par value | $0.001 | $0.001 | $0.001 |
| Shares outstanding | Shares outstanding | 36950442 | 136701473 | 29797931 |
| Net asset value and redemption price per share | Net asset value and redemption price per share | $12.86 | $12.84 | $12.42 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Voya<br> VACS Index<br> Series S<br> Portfolio** | **Voya<br> VACS Index<br> Series SC<br> Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $4003810676 | $179101699 |
| Short-term investments at fair value† | Short-term investments at fair value† | 149638929 | 11443751 |
| Cash | Cash | 961179 | 349986 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 12295209 | 468282 |
| Receivables: | Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 419342 | 132719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 1471156 | 73739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 2089762 | 175378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 281 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 783769 | 6685 |
| Other assets | Other assets | 19887 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 4171490190 | 191757248 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased |  | 367107 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 81661 | 1071 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 581929 | 7317751 |
| Payable for unified fees | Payable for unified fees | 498509 | 22111 |
| Payable to directors/ trustees under the deferred compensation plan (Note 5) | Payable to directors/ trustees under the deferred compensation plan (Note 5) | 19887 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1181986 | 7709504 |
| **NET ASSETS** | **NET ASSETS** | $4170308204 | $184047744 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | Paid-in capital | $2573709621 | $151042789 |
| Total distributable earnings | Total distributable earnings | 1596598583 | 33004955 |
| **NET ASSETS** | **NET ASSETS** | $4170308204 | $184047744 |
| + | Including securities loaned at value | $560091 | $7104413 |
| \* | Cost of investments in securities | $2673716645 | $153972483 |
| † | Cost of short-term investments | $149638929 | $11443751 |
| Net assets | Net assets | $4170308204 | $184047744 |
| Shares authorized | Shares authorized | unlimited | 100000000 |
| Par value | Par value | $0.001 | $0.001 |
| Shares outstanding | Shares outstanding | 269519484 | 18310025 |
| Net asset value and redemption price per share | Net asset value and redemption price per share | $15.47 | $10.05 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Voya <br> VACS Index <br> Series EM <br> Portfolio** | **Voya <br> VACS Index <br> Series I <br> Portfolio** | **Voya <br> VACS Index <br> Series MC <br> Portfolio** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | Dividends, net of foreign taxes withheld\* | $6986478 | $32232325 | $3803819 |
| Dividends from affiliates | Dividends from affiliates |  |  | 3344 |
| Interest | Interest | 11548 | 21273 | 3106 |
| Securities lending income, net | Securities lending income, net | 15223 | 127810 | 6843 |
| Other | Other | 1650 | 6377 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 7014899 | 32387785 | 3818949 |
| **EXPENSES:** | **EXPENSES:** |  |  |  |
| Unified fees | Unified fees | 335261 | 1243441 | 335579 |
| Directors fees | Directors fees | 17297 | 68247 | 20980 |
| Miscellaneous expense | Miscellaneous expense |  |  |  |
| Interest expense | Interest expense |  | 23620 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 352558 | 1335308 | 357057 |
| Net investment income | Net investment income | 6662341 | 31052477 | 3461892 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | 1543848 | 5738194 | 7920237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in affiliates |  |  | (12975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 2877 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 35952 | (63314) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 355032 | 3858606 | (160013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 1937709 | 9533486 | 7747249 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | 58481045 | 270653342 | (1143876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates |  |  | 8968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 35986 | 794694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 498246 | 1679317 | 110580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 59015264 | 273127353 | (1024328) |
| Net realized and unrealized gain | Net realized and unrealized gain | 60952973 | 282660839 | 6722921 |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $67615314 | $313713316 | $10184813 |
| \* | Foreign taxes withheld | $702251 | $3538613 | $2059 |
| ^ | Foreign capital gains taxes withheld | $116561 | $— | $— |
| # | Change in foreign capital gains taxes accrued | $616482 | $— | $— |

---

See Accompanying Notes to Financial Statements

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

---

| | | |
|:---|:---|:---|
|  | **Voya<br> VACS Index<br> Series S<br> Portfolio** | **Voya<br> VACS Index<br> Series SC<br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $26115565 | $1404740 |
| Interest | 108789 | 12724 |
| Securities lending income, net | 1890 | 42876 |
| Other | 14576 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 26240820 | 1461190 |
| **EXPENSES:** |  |  |
| Unified fees | 2815761 | 141856 |
| Director/ Trustee fees and expenses | 172653 | 9199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2988414 | 151055 |
| Net investment income | 23252406 | 1310135 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 26219006 | 9574002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1519790 | (788113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 27738796 | 8785889 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 186520586 | (14507137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 6088865 | 451054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 192609451 | (14056083) |
| Net realized and unrealized gain (loss) | 220348247 | (5270194) |
| **Increase (decrease) in net assets resulting from operations** | $243600653 | $(3960059) |
| \* Foreign taxes withheld | $5763 | $3092 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Index**<br> **Series EM Portfolio** | **Voya VACS Index**<br> **Series EM Portfolio** | **Voya VACS Index**<br> **Series I Portfolio** | **Voya VACS Index**<br> **Series I Portfolio** |
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months**<br> **Ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $6662341 | $8256188 | $31052477 | $45633003 |
| Net realized gain (loss) | 1937709 | (309060) | 9533486 | (8880323) |
| Net change in unrealized appreciation (depreciation) | 59015264 | 4583858 | 273127353 | 17467268 |
| Increase in net assets resulting from operations | 67615314 | 12530986 | 313713316 | 54219948 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital) | (8196622) | (11592380) | (48716331) | (40327673) |
| Total distributions | (8196622) | (11592380) | (48716331) | (40327673) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 15739082 | 184214420 | 132290760 | 280501176 |
| Reinvestment of distributions | 8196622 | 11592380 | 48716331 | 40327673 |
|  | 23935704 | 195806800 | 181007091 | 320828849 |
| Cost of shares redeemed | (53266521) | (154379659) | (365311662) | (225711965) |
| Net increase (decrease) in net assets resulting from capital share transactions | (29330817) | 41427141 | (184304571) | 95116884 |
| Net increase in net assets | 30087875 | 42365747 | 80692414 | 109009159 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 445170766 | 402805019 | 1674195737 | 1565186578 |
| End of year or period | $475258641 | $445170766 | $1754888151 | $1674195737 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Index<br> Series MC Portfolio** | **Voya VACS Index<br> Series MC Portfolio** | **Voya VACS Index<br> Series S Portfolio** | **Voya VACS Index<br> Series S Portfolio** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $3461892 | $6828761 | $23252406 | $48672279 |
| Net realized gain | 7747249 | 9515556 | 27738796 | 163616602 |
| Net change in unrealized appreciation (depreciation) | (1024328) | 46632191 | 192609451 | 630877613 |
| Increase in net assets resulting from operations | 10184813 | 62976508 | 243600653 | 843166494 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital) | (18518071) | (6315232) |  | (66236266) |
| Total distributions | (18518071) | (6315232) |  | (66236266) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 97209191 | 221351678 | 425604192 | 577006751 |
| Reinvestment of distributions | 18518071 | 6315232 |  | 66236266 |
|  | 115727262 | 227666910 | 425604192 | 643243017 |
| Cost of shares redeemed | (201536742) | (197023868) | (233186359) | (1174487050) |
| Net increase (decrease) in net assets resulting from capital share transactions | (85809480) | 30643042 | 192417833 | (531244033) |
| Net increase (decrease) in net assets | (94142738) | 87304318 | 436018486 | 245686195 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 464238356 | 376934038 | 3734289718 | 3488603523 |
| End of year or period | $370095618 | $464238356 | $4170308204 | $3734289718 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Voya VACS Index<br> Series SC Portfolio** | **Voya VACS Index<br> Series SC Portfolio** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $1310135 | $3311504 |
| Net realized gain | 8785889 | 19239001 |
| Net change in unrealized appreciation (depreciation) | (14056083) | 5144073 |
| Increase (decrease) in net assets resulting from operations | (3960059) | 27694578 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital) | (23581657) | (8073821) |
| Total distributions | (23581657) | (8073821) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 19947584 | 43077563 |
| Reinvestment of distributions | 23581657 | 8073821 |
|  | 43529241 | 51151384 |
| Cost of shares redeemed | (68367029) | (250972455) |
| Net decrease in net assets resulting from capital share transactions | (24837788) | (199821071) |
| Net decrease in net assets | (52379504) | (180200314) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 236427248 | 416627562 |
| End of year or period | $184047744 | $236427248 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and unrealized <br> gain (loss) | <br>Total from investment operations | From net<br> investment<br> income | From net realized gains | From<br> return<br> of capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net asset<br> value, end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** |
| 06-30-25+ | 11.30 | 0.17<sup>•</sup> | 1.61 | 1.78 | 0.22 | 0.00 \* |  | 0.22 |  | 12.86 | **15.92** | 0.16 | 0.16 | 0.16 | 2.98 | 475259 | 2 |
| 12-31-24 | 11.00 | 0.27<sup>•</sup> | 0.45 | 0.72 | 0.42 |  |  | 0.42 |  | 11.30 | **6.54** | 0.17 | 0.17 | 0.17 | 2.37 | 445171 | 37 |
| 03-15-23<sup>(5)</sup>- 12-31-23 | 10.00 | 0.27<sup>•</sup> | 0.73 | 1.00 |  |  |  |  |  | 11.00 | **10.00** | 0.16 | 0.16 | 0.16 | 3.15 | 402805 | 56 |
| **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** |
| 06-30-25+ | 10.99 | 0.22<sup>•</sup> | 2.01 | 2.23 | 0.38 |  |  | 0.38 |  | 12.84 | **20.52** | 0.16 | 0.16 | 0.16 | 3.75 | 1754888 | 7 |
| 12-31-24 | 10.90 | 0.31<sup>•</sup> | 0.06 | 0.37 | 0.28 |  |  | 0.28 |  | 10.99 | **3.34** | 0.16 | 0.16 | 0.16 | 2.77 | 1674196 | 6 |
| 02-03-23<sup>(5)</sup>- 12-31-23 | 10.00 | 0.28<sup>•</sup> | 0.62 | 0.90 |  |  |  |  |  | 10.90 | **9.00** | 0.15 | 0.15 | 0.15 | 3.09 | 1565187 | 3 |
| **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** |
| 06-30-25+ | 12.38 | 0.09<sup>•</sup> | 0.46 | 0.55 | 0.19 | 0.32 |  | 0.51 |  | 12.42 | **4.73** | 0.16 | 0.16 | 0.16 | 1.55 | 370096 | 28 |
| 12-31-24 | 10.88 | 0.17<sup>•</sup> | 1.46 | 1.63 | 0.10 | 0.03 |  | 0.13 |  | 12.38 | **15.09** | 0.16 | 0.16 | 0.16 | 1.42 | 464238 | 53 |
| 01-27-23<sup>(5)</sup>- 12-31-23 | 10.00 | 0.15<sup>•</sup> | 0.73 | 0.88 |  |  |  |  |  | 10.88 | **8.80** | 0.16 | 0.16 | 0.16 | 1.63 | 376934 | 22 |
| **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** |
| 06-30-25+ | 14.58 | 0.09<sup>•</sup> | 0.80 | 0.89 |  |  |  |  |  | 15.47 | **6.10** | 0.16 | 0.16 | 0.16 | 1.24 | 4170308 | 3 |
| 12-31-24 | 11.88 | 0.17<sup>•</sup> | 2.76 | 2.93 | 0.17 | 0.06 |  | 0.23 |  | 14.58 | **24.78** | 0.16 | 0.16 | 0.16 | 1.28 | 3734290 | 6 |
| 01-27-23<sup>(5)</sup>- 12-31-23 | 10.00 | 0.16<sup>•</sup> | 1.72 | 1.88 |  |  |  |  |  | 11.88 | **18.80** | 0.15 | 0.15 | 0.15 | 1.62 | 3488604 | 9 |
| **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** |
| 06-30-25+ | 11.87 | 0.07<sup>•</sup> | (0.40) | (0.33) | 0.28 | 1.21 |  | 1.49 |  | 10.05 | **(1.85)** | 0.16 | 0.16 | 0.16 | 1.39 | 184048 | 15 |
| 12-31-24 | 11.01 | 0.13<sup>•</sup> | 1.07 | 1.20 | 0.22 | 0.12 |  | 0.34 |  | 11.87 | **11.18** | 0.16 | 0.16 | 0.16 | 1.18 | 236 | 17 |
| 01-20-23<sup>(5)</sup>- 12-31-23 | 10.00 | 0.14<sup>•</sup> | 0.87 | 1.01 |  |  |  |  |  | 11.01 | **10.10** | 0.16 | 0.16 | 0.16 | 1.54 | 417 | 20 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| <sup>(4)</sup> | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| <sup>(5)</sup> | Commencement of operations. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <sup>+</sup> | Unaudited. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

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

**NOTE 1 — ORGANIZATION**

Voya Variable Portfolios, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended ("1940 Act" or "Act"), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are seventeen active separate investment series that comprise the Company. The four series (each a "Portfolio" and collectively the "Portfolios") included in this report are: Voya VACS Index Series EM Portfolio ("Series EM"), Voya VACS Index Series I Portfolio ("Series I"), Voya VACS Index Series MC Portfolio ("Series MC"), and Voya VACS Index Series SC Portfolio ("Series SC"), each a diversified series of the Company.

Voya Investors Trust (the "Trust") is registered under the 1940 Act, as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. This report is for Voya VACS Index Series S Portfolio ("Series S"), a diversified series of the Trust.

Each of the series is referred to as a "Portfolio" and collectively, the "Portfolios." The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

The Portfolios' shares are not registered under the Securities Act of 1933 (the "1933 Act") because the shares are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act.

The Portfolios do not have a share class designation. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio. Expenses that are specific to a portfolio are charged directly to that portfolio. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets.

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

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board

("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

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

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

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of

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

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

restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

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

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

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

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input

levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the sub-advisers' or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

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

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

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

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

(2) Purchases
 and sales of investment securities, income

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

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

and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

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

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

D. ***Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all

of its net investment income and any net realized capital gains to its shareholders. Therefore, no U.S. federal income tax or excise tax provision is required. Management has considered the sustainability of the Portfolios' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

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

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

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

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

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

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

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

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

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

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

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

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

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

***Risks of Investing in Derivatives.*** Each Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

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

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

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

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

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

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio enters into master netting arrangements, established within each Portfolio's International Swap and Derivatives Association, Inc. Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

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

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

established within each Portfolio's Master Agreements.

As of June 30, 2025, the maximum amount of loss that VACS Index Series EM Portfolio would incur if its counterparties failed to perform would be $11 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of June 30, 2025. There was no collateral pledged by any counterparty at June 30, 2025 to any Portfolio.

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

During the period ended June 30, 2025, the following Portfolio had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

---

| | | |
|:---|:---|:---|
|  | **Buy** | **Sell** |
| &nbsp;&nbsp;&nbsp;Series EM | $13115 | $— |

---

The above Portfolio entered into forward foreign currency contracts to protect any non-U.S. dollar-denominated holdings from adverse currency movements. For the period ended June 30, 2025, no other Portfolio entered into forward foreign currency contracts.

Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio's assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an

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

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. Futures contracts are purchased to provide immediate market exposure proportionate to the size of each Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2025, the Portfolios had average notional values on futures contracts purchased as disclosed below.

---

| | |
|:---|:---|
|  | **Purchased** |
| Series EM | $8157070 |
| Series I | 36103805 |
| Series MC | 1424720 |
| Series S | 99782754 |
| Series SC | 5973445 |

---

Please refer to the tables within each respective Portfolio of Investments for open futures contracts as of June 30, 2025.

I. ***Securities Lending***. Each Portfolio may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

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

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

K. ***Indemnifications.*** In the normal course of business, the Trust and the Company may enter into contracts that provide certain indemnifications. The Trust's and the Company's, as applicable, maximum exposure under these

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

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

arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Series EM | $8983527 | $34682502 |
| Series I | 108189164 | 302250217 |
| Series MC | 127582861 | 228385517 |
| Series S | 215850641 | 115529791 |
| Series SC | 27788891 | 72459942 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Investment Adviser provides the Portfolios with advisory and administrative services under a management agreement (the "Unified Agreement"). Under the Unified Agreements, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio's assets and the purchase and sale of portfolio securities and other investments. Pursuant to this Unified Agreement, the Investment Adviser is also responsible for providing or procuring, at the Investment Adviser's expense, the services reasonably necessary for the ordinary operation of each Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Company/Trust pays the Investment Adviser a monthly fee (a "Unified Fee") of 0.15% based on the annual rates of the average daily net assets of the Portfolios.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios' assets in accordance with the Portfolios' investment objectives, policies, and limitations.

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At June 30, 2025, the following affiliated investment companies owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Affiliated Investment Company** | **Portfolio** | **Percentage** |
| Voya Index Solution 2025 Portfolio | Series EM | 6.01% |
|  | Series I | 5.20 |
|  | Series S | 5.12 |
| Voya Index Solution 2030 Portfolio | Series EM | 7.16 |
|  | Series I | 8.17 |
|  | Series MC | 9.26 |
|  | Series S | 8.44 |
|  | Series SC | 10.75 |
| Voya Index Solution 2035 Portfolio | Series EM | 15.63 |
|  | Series I | 16.69 |
|  | Series MC | 15.71 |
|  | Series S | 17.14 |
|  | Series SC | 18.24 |
| Voya Index Solution 2040 Portfolio | Series EM | 12.44 |
|  | Series I | 13.25 |
|  | Series MC | 13.14 |
|  | Series S | 12.48 |
|  | Series SC | 11.88 |
| Voya Index Solution 2045 Portfolio | Series EM | 18.95 |
|  | Series I | 17.85 |
|  | Series MC | 18.81 |
|  | Series S | 17.94 |
|  | Series SC | 15.31 |
| Voya Index Solution 2050 Portfolio | Series EM | 12.68 |
|  | Series I | 12.47 |
|  | Series MC | 12.58 |
|  | Series S | 12.57 |
|  | Series SC | 15.36 |
| Voya Index Solution 2055 Portfolio | Series EM | 12.73 |
|  | Series I | 12.78 |
|  | Series MC | 13.90 |
|  | Series S | 12.62 |
|  | Series SC | 15.43 |
| Voya Index Solution 2060 Portfolio | Series EM | 8.29 |
|  | Series I | 8.32 |
|  | Series MC | 9.04 |
|  | Series S | 8.21 |
|  | Series SC | 10.04 |

---

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors'/ trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director/ trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors'/ trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets

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

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

and Liabilities. Deferral of directors'/ trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolios may engage in purchase and sale transactions with fund's that have a common investment adviser (or affiliated investment adviser), a common sub-adviser and/ or common officers or trustees. For the period ended June 30, 2025, the Portfolios did not have any 17a-7 transactions and in-kind transactions.

**NOTE 6 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption

of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Days<br> Utilized** | **Approximate<br> Average<br> Daily Balance<br> For Days<br> Utilized** | **Approximate<br> Weighted<br> Average<br> Interest Rate<br> For Days<br> Utilized** |
| Series I | 3 | $53178667 | 5.33% |
| Series MC | 4 | 840750 | 5.33 |

---

**NOTE 7 — CAPITAL SHARES**

Transactions in capital shares and dollars are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Series EM** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1326322 |  | 691698 | (4473900) |  | (2455880) | 15739082 |  | 8196622 | (53266521) |  | (29330817) |
| 12/31/2024 | 15740229 |  | 1025874 | (13974422) |  | 2791681 | 184214420 |  | 11592380 | (154379659) |  | 41427141 |
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 10763564 |  | 4049570 | (30390416) |  | (15577282) | 132290760 |  | 48716331 | (365311662) |  | (184304571) |
| 12/31/2024 | 24902054 |  | 3559371 | (19797973) |  | 8663452 | 280501176 |  | 40327673 | (225711965) |  | 95116884 |
| **Series MC** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 7859346 |  | 1586810 | (17135898) |  | (7689742) | 97209191 |  | 18518071 | (201536742) |  | (85809480) |
| 12/31/2024 | 19026580 |  | 553482 | (16732588) |  | 2847474 | 221351678 |  | 6315232 | (197023868) |  | 30643042 |
| **Series S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 29551093 |  |  | (16103025) |  | 13448068 | 425604192 |  |  | (233186359) |  | 192417833 |
| 12/31/2024 | 44097221 |  | 4768630 | (86381455) |  | (37515604) | 577006751 |  | 66236266 | (1174487050) |  | (531244033) |
| **Series SC** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | 1839597 |  | 2524803 | (5966086) |  | (1601686) | 19947584 |  | 23581657 | (68367029) |  | (24837788) |
| 12/31/2024 | 3782499 |  | 741398 | (22467427) |  | (17943530) | 43077563 |  | 8073821 | (250972455) |  | (199821071) |

---

**NOTE 8 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined

at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios

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

**NOTE 8 — SECURITIES LENDING (continued)**

indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

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

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.

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

---

| | | | |
|:---|:---|:---|:---|
| **Series EM**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $65910 | $(65910) | $— |
| Citigroup Global Markets Limited | 917859 | (917859) |  |
| Jefferies International Ltd | 801827 | (801827) |  |
| JP Morgan Securities Plc. | 61344 | (61344) |  |
| Merrill Lynch International | 1587493 | (1587493) |  |
| Mizuho Securities USA LLC. | 170221 | (170221) |  |
| State Street Bank and Trust Company | 475142 | (475142) |  |
| Total | $4079796 | $(4079796) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $4,314,840 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Series I**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $41632 | $(41632) | $— |
| Citigroup Global Markets Limited | 9543646 | (9543646) |  |
| Goldman, Sachs & Co. LLC | 198530 | (198530) |  |
| Jefferies International Ltd | 1225561 | (1225561) |  |
| Jefferies LLC | 1100802 | (1100802) |  |
| JP Morgan Securities Plc. | 10442223 | (10442223) |  |
| Merrill Lynch International | 5007237 | (5007237) |  |
| State Street Bank and Trust Company | 25929858 | (25929858) |  |
| Total | $53489489 | $(53489489) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $57,377,907 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Series MC**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $434169 | $(434169) | $— |
| Goldman, Sachs & Co. LLC | 133445 | (133445) |  |
| J.P. Morgan Securities LLC | 212523 | (212523) |  |
| Janney Montgomery Scott LLC | 220672 | (220672) |  |
| Jefferies LLC | 32133 | (32133) |  |
| Mizuho Securities USA LLC. | 29172 | (29172) |  |
| State Street Bank and Trust Company | 134490 | (134490) |  |
| Total | $1196604 | $(1196604) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $1,234,552 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Series S** | **Series S** | **Series S** | **Series S** |
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| BofA Securities Inc | $560091 | $(560091) | $— |
| Total | $560091 | $(560091) | $— |

---

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

**NOTE 8 — SECURITIES LENDING (continued)**

<sup>(1)</sup> Cash collateral with a fair value of $581,929 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Series SC**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $2465264 | $(2465264) | $— |
| Citadel Clearing LLC | 156594 | (156594) |  |
| Citadel Securities LLC | 9236 | (9236) |  |
| J.P. Morgan Securities LLC | 2335104 | (2335104) |  |
| Janney Montgomery Scott LLC | 110447 | (110447) |  |
| Jefferies LLC | 827808 | (827808) |  |
| Mizuho Securities USA LLC. | 161596 | (161596) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net Amount** |
| State Street Bank and Trust Company | $615981 | $(615981) | $— |
| Wells Fargo Securities LLC | 422383 | (422383) |  |
| Total | $7104413 | $(7104413) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $7,317,751 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 9 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), and wash sale deferrals.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, 2024** | **Year Ended <br> December 31, 2024** | **Period Ended <br> December 31, <br> 2023** |
|  | **Ordinary <br> Income** | **Long-term <br> Capital Gains** | **Ordinary <br> Income** |
| Series EM | $11592380 | $— | $— |
| Series I | 40327673 |  |  |
| Series MC | 5971381 | 343851 |  |
| Series S | 60331482 | 5904784 |  |
| Series SC | 7731770 | 342051 |  |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2024, were:

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

**NOTE 9 — FEDERAL INCOME TAXES (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
|  | **Undistributed <br> Ordinary**<br>**Income** | **Undistributed Long-term**<br>**Capital Gains** | **Unrealized Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total <br> Distributable**<br>**Earnings/(Loss)** |
| Series EM | $8127019 | $66303 | $19420737 | $— |  | $(2298159) | $25315900 |
| Series I | 48714284 |  | 106251723 | (3064049) | Short-term |  | 141700926 |
|  |  |  |  | (10201032) | Long-term |  |  |
|  |  |  |  | $(13265081) |  |  |  |
| Series MC | 11513911 | 7147835 | 69542507 |  |  |  | 88204253 |
| Series S | 68473491 | 143362996 | 1141161443 |  |  |  | 1352997930 |
| Series SC | 9354035 | 14292702 | 36899934 |  |  |  | 60546671 |

---

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

As of June 30, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 10 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

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

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

**NOTE 11 — SEGMENT REPORTING**

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

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

**NOTE 11 — SEGMENT REPORTING (continued)**

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

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

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

**NOTE 12 — SUBSEQUENT EVENTS**

Dividends: Subsequent to June 30, 2025, the following Portfolio declared dividends and distributions of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Amounts** | | | |
|  | **Net Investment**<br>**Income** | **Short-term**<br>**Capital Gains** | **Long-term**<br>**Capital Gains** | <br>**Payable Date** | <br>**Record Date** |
| **Series S** | $0.1785 | $0.0759 | $0.5326 | July 15, 2025 | July 14, 2025 |

---

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** |
|  | **Brazil: 3.2%** | **Brazil: 3.2%** | **Brazil: 3.2%** |
| 252108 | Ambev SA | $616686 | 0.1 |
| 285374 | B3 SA - Brasil Bolsa Balcao | 763715 | 0.2 |
| 76336 | Banco Bradesco SA | 203306 | 0.0 |
| 63771 | Banco BTG Pactual SA | 495909 | 0.1 |
| 91104 | Banco do Brasil SA | 371754 | 0.1 |
| 35928 | BB Seguridade Participacoes SA | 237201 | 0.1 |
| 27200 | BRF SA | 101028 | 0.0 |
| 29200 | Caixa Seguridade Participacoes S/A | 78897 | 0.0 |
| 63768 | Centrais Eletricas Brasileiras SA | 472882 | 0.1 |
| 25846 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 569001 | 0.1 |
| 12902 | CPFL Energia SA | 96650 | 0.0 |
| 38000 | Embraer SA | 539810 | 0.1 |
| 15058 | Energisa S/A | 134447 | 0.0 |
| 14500 <sup>(1)</sup> | Eneva SA | 36723 | 0.0 |
| 2500 | Engie Brasil Energia SA | 20936 | 0.0 |
| 65370 | Equatorial Energia SA | 436875 | 0.1 |
| 44687 | Klabin SA | 152491 | 0.0 |
| 49780 | Localiza Rent a Car SA | 373733 | 0.1 |
| 56977 | Motiva Infraestrutura de Mobilidade SA | 145245 | 0.0 |
| 49267 <sup>(1)</sup> | Natura & Co. Holding SA | 100201 | 0.0 |
| 172119 <sup>(1)</sup> | NU Holdings Ltd./Cayman Islands - Class A | 2361473 | 0.5 |
| 202985 | Petroleo Brasileiro SA | 1270267 | 0.3 |
| 45334 <sup>(1)</sup> | PRIO SA/Brazil | 353120 | 0.1 |
| 69761 | Raia Drogasil SA | 194526 | 0.0 |
| 43360 <sup>(2)</sup> | Rede D'Or Sao Luiz SA | 282437 | 0.1 |
| 68594 | Rumo SA | 234198 | 0.1 |
| 38064 | Suzano SA | 359125 | 0.1 |
| 44340 | Telefonica Brasil SA | 252912 | 0.1 |
| 47263 | TIM SA/Brazil | 190423 | 0.0 |
| 31148 | Totvs SA | 242563 | 0.1 |
| 41520 | Ultrapar Participacoes SA | 134194 | 0.0 |
| 195933 | Vale SA - Foreign | 1900511 | 0.4 |
| 55052 | Vibra Energia SA | 220285 | 0.0 |
| 92803 | WEG SA | 730044 | 0.2 |
| 20815 | XP, Inc. - Class A | 420463 | 0.1 |
|  |  | **15094031** | **3.2** |
|  | **Chile: 0.4%** | **Chile: 0.4%** | **Chile: 0.4%** |
| 2461437 | Banco de Chile | 372270 | 0.1 |
| 4754 | Banco de Credito e Inversiones SA | 200749 | 0.1 |
| 3563986 | Banco Santander Chile | 223833 | 0.1 |
| 68287 | Cencosud SA | 232357 | 0.1 |
| 62767 | Empresas CMPC SA | 95940 | 0.0 |
| 21255 | Empresas Copec SA | 144738 | 0.0 |
| 1102410 | Enel Americas SA | 107386 | 0.0 |
| 1587605 | Enel Chile SA | 117551 | 0.0 |
| 26447 | Falabella SA | 140521 | 0.0 |
| 8669340 | Latam Airlines Group SA | 175504 | 0.0 |
|  |  | **1810849** | **0.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China: 28.2%** | **China: 28.2%** | **China: 28.2%** |
| 44000 | AAC Technologies Holdings, Inc. | $228925 | 0.1 |
| 2718 <sup>(1)</sup> | Advanced Micro-Fabrication Equipment, Inc. China - Class A | 69218 | 0.0 |
| 14000 | AECC Aviation Power Co. Ltd. - Class A | 75346 | 0.0 |
| 326600 | Agricultural Bank of China Ltd. - Class A | 268060 | 0.1 |
| 1450000 | Agricultural Bank of China Ltd. - Class H | 1036196 | 0.2 |
| 40191 | Aier Eye Hospital Group Co. Ltd. - Class A | 70040 | 0.0 |
| 8000 | Airtac International Group | 238185 | 0.1 |
| 34000 <sup>(1)(2)</sup> | Akeso, Inc. | 400115 | 0.1 |
| 922000 | Alibaba Group Holding Ltd. | 13051785 | 2.8 |
| 318000 <sup>(1)(3)</sup> | Alibaba Health Information Technology Ltd. | 193000 | 0.1 |
| 86500 | Aluminum Corp. of China Ltd. - Class A | 85167 | 0.0 |
| 184000 | Aluminum Corp. of China Ltd. - Class H | 124401 | 0.0 |
| 25400 | Anhui Conch Cement Co. Ltd. - Class A | 76139 | 0.0 |
| 61500 | Anhui Conch Cement Co. Ltd. - Class H | 156672 | 0.0 |
| 7443 | Anhui Gujing Distillery Co. Ltd. - Class B | 99611 | 0.0 |
| 9600 | Anhui Jianghuai Automobile Group Corp. Ltd. - Class A | 53675 | 0.0 |
| 70600 | ANTA Sports Products Ltd. | 854245 | 0.2 |
| 3784 | Autohome, Inc., ADR | 97589 | 0.0 |
| 156000 | AviChina Industry & Technology Co. Ltd. - Class H | 88263 | 0.0 |
| 123150 <sup>(1)</sup> | Baidu, Inc. - Class A | 1319790 | 0.3 |
| 94700 | Bank of Beijing Co. Ltd. - Class A | 90284 | 0.0 |
| 157700 | Bank of China Ltd. - Class A | 123717 | 0.0 |
| 3792000 | Bank of China Ltd. - Class H | 2207558 | 0.5 |
| 171800 | Bank of Communications Co. Ltd. - Class A | 191857 | 0.1 |
| 437000 | Bank of Communications Co. Ltd. - Class H | 407218 | 0.1 |
| 29600 | Bank of Hangzhou Co. Ltd. - Class A | 69496 | 0.0 |
| 76300 | Bank of Jiangsu Co. Ltd. - Class A | 127165 | 0.0 |
| 49600 | Bank of Nanjing Co. Ltd. - Class A | 80443 | 0.0 |
| 27900 | Bank of Ningbo Co. Ltd. - Class A | 106567 | 0.0 |
| 67700 | Bank of Shanghai Co. Ltd. - Class A | 100254 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 96000 | Baoshan Iron & Steel Co. Ltd. - Class A | $88298 | 0.0 |
| 29500 | Beijing Enterprises Holdings Ltd. | 121635 | 0.0 |
| 226000 | Beijing Enterprises Water Group Ltd. | 68253 | 0.0 |
| 1811 | Beijing Kingsoft Office Software, Inc. - Class A | 70816 | 0.0 |
| 178800 | Beijing-Shanghai High Speed Railway Co. Ltd. - Class A | 143572 | 0.0 |
| 45100 <sup>(1)</sup> | BeOne Medicines Ltd. | 853159 | 0.2 |
| 12860 <sup>(1)(3)</sup> | Bilibili, Inc. - Class Z | 276030 | 0.1 |
| 11100 <sup>(2)</sup> | BOC Aviation Ltd. | 92035 | 0.0 |
| 201600 | BOE Technology Group Co. Ltd. - Class A | 112308 | 0.0 |
| 222000 | Bosideng International Holdings Ltd. | 131572 | 0.0 |
| 7300 | BYD Co. Ltd. - Class A | 338381 | 0.1 |
| 195000 | BYD Co. Ltd. - Class H | 3036156 | 0.7 |
| 44500 | BYD Electronic International Co. Ltd. | 181125 | 0.1 |
| 39000 | C&D International Investment Group Ltd. | 79251 | 0.0 |
| 1469 <sup>(1)</sup> | Cambricon Technologies Corp. Ltd. - Class A | 123411 | 0.0 |
| 662000 <sup>(2)</sup> | CGN Power Co. Ltd. - Class H | 225688 | 0.1 |
| 13100 | Chaozhou Three-Circle Group Co. Ltd. - Class A | 61131 | 0.0 |
| 481000 | China CITIC Bank Corp. Ltd. - Class H | 458576 | 0.1 |
| 116000 <sup>(3)</sup> | China Coal Energy Co. Ltd. - Class H | 134294 | 0.0 |
| 140000 | China Communications Services Corp. Ltd. - Class H | 75999 | 0.0 |
| 62200 | China Construction Bank Corp. - Class A | 81970 | 0.0 |
| 5136000 | China Construction Bank Corp. - Class H | 5197358 | 1.1 |
| 19600 | China CSSC Holdings Ltd. - Class A | 89023 | 0.0 |
| 107400 <sup>(1)</sup> | China Eastern Airlines Corp. Ltd. - Class A | 60428 | 0.0 |
| 200900 | China Energy Engineering Corp. Ltd. - Class A | 62544 | 0.0 |
| 269400 | China Everbright Bank Co. Ltd. - Class A | 156086 | 0.0 |
| 39000 <sup>(3)</sup> | China Everbright Bank Co. Ltd. - Class H | 19475 | 0.0 |
| 201000 <sup>(2)</sup> | China Feihe Ltd. | 146618 | 0.0 |
| 39900 | China Galaxy Securities Co. Ltd. - Class A | 95562 | 0.0 |
| 176000 | China Galaxy Securities Co. Ltd. - Class H | 198850 | 0.1 |
| 152400 | China Gas Holdings Ltd. | 142538 | 0.0 |
| 158000 <sup>(3)</sup> | China Hongqiao Group Ltd. | 363811 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 93600 <sup>(2)</sup> | China International Capital Corp. Ltd. - Class H | $212218 | 0.1 |
| 14100 | China Life Insurance Co. Ltd. - Class A | 81070 | 0.0 |
| 392000 | China Life Insurance Co. Ltd. - Class H | 945883 | 0.2 |
| 23800 <sup>(1)(2)</sup> | China Literature Ltd. | 90874 | 0.0 |
| 177000 | China Longyuan Power Group Corp. Ltd. - Class H | 159717 | 0.0 |
| 175000 | China Mengniu Dairy Co. Ltd. | 360714 | 0.1 |
| 75400 | China Merchants Bank Co. Ltd. - Class A | 483761 | 0.1 |
| 204000 | China Merchants Bank Co. Ltd. - Class H | 1431052 | 0.3 |
| 68810 | China Merchants Port Holdings Co. Ltd. | 125349 | 0.0 |
| 36500 | China Merchants Securities Co. Ltd. - Class A | 89624 | 0.0 |
| 41100 | China Merchants Shekou Industrial Zone Holdings Co. Ltd. - Class A | 50321 | 0.0 |
| 163612 | China Minsheng Banking Corp. Ltd. - Class A | 108489 | 0.0 |
| 322500 | China Minsheng Banking Corp. Ltd. - Class H | 182942 | 0.1 |
| 194000 | China National Building Material Co. Ltd. - Class H | 92857 | 0.0 |
| 76200 | China National Nuclear Power Co. Ltd. - Class A | 99170 | 0.0 |
| 21800 | China Northern Rare Earth Group High-Tech Co. Ltd. - Class A | 75795 | 0.0 |
| 108000 | China Oilfield Services Ltd. - Class H | 88725 | 0.0 |
| 212500 <sup>(3)</sup> | China Overseas Land & Investment Ltd. | 370429 | 0.1 |
| 31600 | China Pacific Insurance Group Co. Ltd. - Class A | 165527 | 0.0 |
| 137800 | China Pacific Insurance Group Co. Ltd. - Class H | 474083 | 0.1 |
| 148600 | China Petroleum & Chemical Corp. - Class A | 117002 | 0.0 |
| 1284000 | China Petroleum & Chemical Corp. - Class H | 673610 | 0.2 |
| 249000 <sup>(3)</sup> | China Power International Development Ltd. | 94903 | 0.0 |
| 103400 | China Railway Group Ltd. - Class A | 80987 | 0.0 |
| 202000 | China Railway Group Ltd. - Class H | 96975 | 0.0 |
| 90000 | China Resources Beer Holdings Co. Ltd. | 287890 | 0.1 |
| 50500 | China Resources Gas Group Ltd. | 129279 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 175000 | China Resources Land Ltd. | $595838 | 0.1 |
| 8800 | China Resources Microelectronics Ltd. - Class A | 57942 | 0.0 |
| 38600 <sup>(2)</sup> | China Resources Mixc Lifestyle Services Ltd. | 187536 | 0.1 |
| 110000 <sup>(2)</sup> | China Resources Pharmaceutical Group Ltd. | 71811 | 0.0 |
| 108000 <sup>(3)</sup> | China Resources Power Holdings Co. Ltd. | 260952 | 0.1 |
| 356000 <sup>(1)(3)</sup> | China Ruyi Holdings Ltd. | 114737 | 0.0 |
| 28300 | China Shenhua Energy Co. Ltd. - Class A | 160175 | 0.0 |
| 179000 | China Shenhua Energy Co. Ltd. - Class H | 695578 | 0.2 |
| 68700 <sup>(1)</sup> | China Southern Airlines Co. Ltd. - Class A | 56586 | 0.0 |
| 157700 | China State Construction Engineering Corp. Ltd. - Class A | 127045 | 0.0 |
| 110000 | China State Construction International Holdings Ltd. | 166025 | 0.0 |
| 79400 | China Taiping Insurance Holdings Co. Ltd. | 155390 | 0.0 |
| 141300 | China Three Gorges Renewables Group Co. Ltd. - Class A | 84026 | 0.0 |
| 8800 | China Tourism Group Duty Free Corp. Ltd. - Class A | 74932 | 0.0 |
| 252800 <sup>(2)</sup> | China Tower Corp. Ltd. - Class H | 362435 | 0.1 |
| 135100 | China United Network Communications Ltd. - Class A | 100745 | 0.0 |
| 61800 <sup>(1)</sup> | China Vanke Co. Ltd. - Class A | 55393 | 0.0 |
| 104600 <sup>(1)(3)</sup> | China Vanke Co. Ltd. - Class H | 65253 | 0.0 |
| 83800 | China Yangtze Power Co. Ltd. - Class A | 352514 | 0.1 |
| 39500 <sup>(1)</sup> | Chongqing Changan Automobile Co. Ltd. - Class A | 70363 | 0.0 |
| 115000 | Chongqing Rural Commercial Bank Co. Ltd. - Class H | 97204 | 0.0 |
| 116000 <sup>(3)</sup> | Chow Tai Fook Jewellery Group Ltd. | 198902 | 0.1 |
| 165000 | CITIC Ltd. | 227182 | 0.1 |
| 52000 | CITIC Securities Co. Ltd. - Class A | 200530 | 0.1 |
| 80500 | CITIC Securities Co. Ltd. - Class H | 244172 | 0.1 |
| 102500 | CMOC Group Ltd. - Class A | 120581 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 174000 | CMOC Group Ltd. - Class H | $177580 | 0.1 |
| 15080 | Contemporary Amperex Technology Co. Ltd. - Class A | 531605 | 0.1 |
| 4100 <sup>(1)(3)</sup> | Contemporary Amperex Technology Co. Ltd. - Class H | 171940 | 0.0 |
| 66000 | COSCO SHIPPING Holdings Co. Ltd. - Class A | 138633 | 0.0 |
| 138500 | COSCO SHIPPING Holdings Co. Ltd. - Class H | 241117 | 0.1 |
| 117800 | CRRC Corp. Ltd. - Class A | 115817 | 0.0 |
| 201000 | CRRC Corp. Ltd. - Class H | 121465 | 0.0 |
| 19900 | CSC Financial Co. Ltd. - Class A | 66819 | 0.0 |
| 466000 | CSPC Pharmaceutical Group Ltd. | 458386 | 0.1 |
| 80400 | Daqin Railway Co. Ltd. - Class A | 74097 | 0.0 |
| 57040 | East Money Information Co. Ltd. - Class A | 184310 | 0.1 |
| 2450 | Eastroc Beverage Group Co. Ltd. - Class A | 107396 | 0.0 |
| 43700 | ENN Energy Holdings Ltd. | 350824 | 0.1 |
| 2800 | Eoptolink Technology, Inc. Ltd. - Class A | 49936 | 0.0 |
| 1260 | Eoptolink Technology, Inc. Ltd. - Class A | 22471 | 0.0 |
| 10000 | Eve Energy Co. Ltd. - Class A | 63978 | 0.0 |
| 24100 | Everbright Securities Co. Ltd. - Class A | 60506 | 0.0 |
| 114000 | Far East Horizon Ltd. | 99043 | 0.0 |
| 71400 | Focus Media Information Technology Co. Ltd. - Class A | 72778 | 0.0 |
| 18420 | Foshan Haitian Flavouring & Food Co. Ltd. - Class A | 100102 | 0.0 |
| 143000 | Fosun International Ltd. | 85201 | 0.0 |
| 49700 | Founder Securities Co. Ltd. - Class A | 54899 | 0.0 |
| 47500 | Foxconn Industrial Internet Co. Ltd. - Class A | 142435 | 0.0 |
| 12100 | Fuyao Glass Industry Group Co. Ltd. - Class A | 96253 | 0.0 |
| 30000 <sup>(2)</sup> | Fuyao Glass Industry Group Co. Ltd. - Class H | 214362 | 0.1 |
| 1248000 <sup>(1)(3)</sup> | GCL Technology Holdings Ltd. | 159403 | 0.0 |
| 85500 | GD Power Development Co. Ltd. - Class A | 57784 | 0.0 |
| 334000 | Geely Automobile Holdings Ltd. | 681762 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 66000 <sup>(1)</sup> | Genscript Biotech Corp. | $124882 | 0.0 |
| 17400 <sup>(2)</sup> | Giant Biogene Holding Co. Ltd. | 128401 | 0.0 |
| 4300 <sup>(1)</sup> | GigaDevice Semiconductor, Inc. - Class A | 75992 | 0.0 |
| 18600 | GoerTek, Inc. - Class A | 60600 | 0.0 |
| 139500 <sup>(1)</sup> | Great Wall Motor Co. Ltd. - Class H | 215396 | 0.1 |
| 12600 | Gree Electric Appliances, Inc. of Zhuhai - Class A | 79023 | 0.0 |
| 8400 | Guangdong Haid Group Co. Ltd. - Class A | 68687 | 0.0 |
| 166000 <sup>(3)</sup> | Guangdong Investment Ltd. | 139097 | 0.0 |
| 38200 | Guosen Securities Co. Ltd. - Class A | 61437 | 0.0 |
| 72578 | Guotai Junan Securities Co. Ltd. - Class A | 194247 | 0.1 |
| 81592 <sup>(2)</sup> | Guotai Junan Securities Co. Ltd. - Class H | 131233 | 0.0 |
| 11257 | H World Group Ltd., ADR | 381837 | 0.1 |
| 93000 <sup>(2)</sup> | Haidilao International Holding Ltd. | 177311 | 0.1 |
| 29800 | Haier Smart Home Co. Ltd. - Class A | 103121 | 0.0 |
| 126200 | Haier Smart Home Co. Ltd. - Class H | 362648 | 0.1 |
| 36000 | Haitian International Holdings Ltd. | 93753 | 0.0 |
| 66000 <sup>(2)</sup> | Hansoh Pharmaceutical Group Co. Ltd. | 250820 | 0.1 |
| 18000 | Henan Shuanghui Investment & Development Co. Ltd. - Class A | 61332 | 0.0 |
| 36500 | Hengan International Group Co. Ltd. | 105054 | 0.0 |
| 37200 | Hengli Petrochemical Co. Ltd. - Class A | 74043 | 0.0 |
| 23000 <sup>(3)</sup> | Hisense Home Appliances Group Co. Ltd. - Class H | 62831 | 0.0 |
| 2100 | Hithink RoyalFlush Information Network Co. Ltd. - Class A | 80076 | 0.0 |
| 37000 <sup>(2)(3)</sup> | Hua Hong Semiconductor Ltd. | 164395 | 0.0 |
| 10400 | Huadong Medicine Co. Ltd. - Class A | 58592 | 0.0 |
| 278000 | Huaneng Power International, Inc. - Class H | 179304 | 0.1 |
| 44700 | Huatai Securities Co. Ltd. - Class A | 111199 | 0.0 |
| 64400 <sup>(2)</sup> | Huatai Securities Co. Ltd. - Class H | 130969 | 0.0 |
| 63400 | Huaxia Bank Co. Ltd. - Class A | 70002 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 8355 | Hygon Information Technology Co. Ltd. - Class A | $164976 | 0.0 |
| 7800 | IEIT Systems Co. Ltd. - Class A | 55526 | 0.0 |
| 11300 | Iflytek Co. Ltd. - Class A | 75544 | 0.0 |
| 245300 | Industrial & Commercial Bank of China Ltd. - Class A | 259902 | 0.1 |
| 3469000 | Industrial & Commercial Bank of China Ltd. - Class H | 2754579 | 0.6 |
| 76300 | Industrial Bank Co. Ltd. - Class A | 248610 | 0.1 |
| 285800 | Inner Mongolia BaoTou Steel Union Co. Ltd. - Class A | 71426 | 0.0 |
| 26800 | Inner Mongolia Yili Industrial Group Co. Ltd. - Class A | 104341 | 0.0 |
| 67100 | Inner Mongolia Yitai Coal Co. Ltd. - Class B | 132975 | 0.0 |
| 68000 <sup>(1)(2)</sup> | Innovent Biologics, Inc. | 681678 | 0.2 |
| 11900 | JCET Group Co. Ltd. - Class A | 55983 | 0.0 |
| 63100 <sup>(1)(2)</sup> | JD Health International, Inc. | 347544 | 0.1 |
| 107500 <sup>(1)(2)</sup> | JD Logistics, Inc. | 180726 | 0.1 |
| 131600 | JD.com, Inc. - Class A | 2149332 | 0.5 |
| 72000 | Jiangsu Expressway Co. Ltd. - Class H | 101719 | 0.0 |
| 6800 | Jiangsu Hengli Hydraulic Co. Ltd. - Class A | 68393 | 0.0 |
| 24500 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 177478 | 0.1 |
| 7000 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A | 63084 | 0.0 |
| 77000 | Jiangxi Copper Co. Ltd. - Class H | 149891 | 0.0 |
| 14909 <sup>(1)</sup> | Kanzhun Ltd., ADR | 265977 | 0.1 |
| 111900 | KE Holdings, Inc. - Class A | 667810 | 0.2 |
| 169000 <sup>(1)</sup> | Kingdee International Software Group Co. Ltd. | 334025 | 0.1 |
| 52800 | Kingsoft Corp. Ltd. | 275962 | 0.1 |
| 145900 <sup>(1)(2)</sup> | Kuaishou Technology | 1184356 | 0.3 |
| 11600 | Kuang-Chi Technologies Co. Ltd. - Class A | 64714 | 0.0 |
| 212000 | Kunlun Energy Co. Ltd. | 206062 | 0.1 |
| 4200 | Kweichow Moutai Co. Ltd. - Class A | 826761 | 0.2 |
| 448000 | Lenovo Group Ltd. | 541271 | 0.1 |
| 26000 | Lens Technology Co. Ltd. - Class A | 81029 | 0.0 |
| 67000 <sup>(1)</sup> | Li Auto, Inc. - Class A | 914483 | 0.2 |
| 129500 | Li Ning Co. Ltd. | 280648 | 0.1 |
| 112500 <sup>(2)(3)</sup> | Longfor Group Holdings Ltd. | 133310 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 41000 | LONGi Green Energy Technology Co. Ltd. - Class A | $85987 | 0.0 |
| 28000 | Luxshare Precision Industry Co. Ltd. - Class A | 135668 | 0.0 |
| 5943 | Luzhou Laojiao Co. Ltd. - Class A | 94123 | 0.0 |
| 264600 <sup>(1)(2)</sup> | Meituan - Class B | 4256367 | 0.9 |
| 13600 | Midea Group Co. Ltd. - Class A | 137088 | 0.0 |
| 16000 | Midea Group Co. Ltd. - Class H | 152119 | 0.0 |
| 22200 | MINISO Group Holding Ltd. | 101153 | 0.0 |
| 233600 <sup>(1)(3)</sup> | MMG Ltd. | 114442 | 0.0 |
| 5843 | Montage Technology Co. Ltd. - Class A | 66918 | 0.0 |
| 21100 | Muyuan Foods Co. Ltd. - Class A | 123776 | 0.0 |
| 33500 | NARI Technology Co. Ltd. - Class A | 104828 | 0.0 |
| 2200 | NAURA Technology Group Co. Ltd. - Class A | 135877 | 0.0 |
| 94700 | NetEase, Inc. | 2552105 | 0.6 |
| 13000 | New China Life Insurance Co. Ltd. - Class A | 106257 | 0.0 |
| 45900 | New China Life Insurance Co. Ltd. - Class H | 251337 | 0.1 |
| 72000 | New Oriental Education & Technology Group, Inc. | 388818 | 0.1 |
| 7845 | Ningbo Tuopu Group Co. Ltd. - Class A | 51655 | 0.0 |
| 34900 | Ningxia Baofeng Energy Group Co. Ltd. - Class A | 78608 | 0.0 |
| 84740 <sup>(1)</sup> | NIO, Inc. - Class A | 290006 | 0.1 |
| 111800 <sup>(2)</sup> | Nongfu Spring Co. Ltd. - Class H | 573511 | 0.1 |
| 52400 | Orient Securities Co. Ltd./ China - Class A | 70834 | 0.0 |
| 37457 <sup>(1)</sup> | PDD Holdings, Inc., ADR | 3920250 | 0.8 |
| 520000 | People's Insurance Co. Group of China Ltd. - Class H | 396916 | 0.1 |
| 104500 | PetroChina Co. Ltd. - Class A | 124711 | 0.0 |
| 1126000 | PetroChina Co. Ltd. - Class H | 970361 | 0.2 |
| 382000 | PICC Property & Casualty Co. Ltd. - Class H | 742293 | 0.2 |
| 80300 | Ping An Bank Co. Ltd. - Class A | 135301 | 0.0 |
| 44300 | Ping An Insurance Group Co. of China Ltd. - Class A | 343289 | 0.1 |
| 349500 | Ping An Insurance Group Co. of China Ltd. - Class H | 2230970 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 52700 | Poly Developments and Holdings Group Co. Ltd. - Class A | $59578 | 0.0 |
| 29200 <sup>(2)</sup> | Pop Mart International Group Ltd. | 994820 | 0.2 |
| 142300 | Postal Savings Bank of China Co. Ltd. - Class A | 108671 | 0.0 |
| 403000 <sup>(2)</sup> | Postal Savings Bank of China Co. Ltd. - Class H | 281787 | 0.1 |
| 91600 | Power Construction Corp. of China Ltd. - Class A | 62285 | 0.0 |
| 6188 | Qifu Technology, Inc., ADR | 268312 | 0.1 |
| 35000 <sup>(1)</sup> | Qinghai Salt Lake Industry Co. Ltd. - Class A | 83392 | 0.0 |
| 56300 | Rongsheng Petrochemical Co. Ltd. - Class A | 65059 | 0.0 |
| 34700 | SAIC Motor Corp. Ltd. - Class A | 77708 | 0.0 |
| 38200 | Sanan Optoelectronics Co. Ltd. - Class A | 66247 | 0.0 |
| 37700 | Sany Heavy Industry Co. Ltd. - Class A | 94488 | 0.0 |
| 33400 | SDIC Power Holdings Co. Ltd. - Class A | 68641 | 0.0 |
| 5600 | Seres Group Co. Ltd. - Class A | 104972 | 0.0 |
| 19700 | SF Holding Co. Ltd. - Class A | 134149 | 0.0 |
| 37700 | Shaanxi Coal Industry Co. Ltd. - Class A | 101270 | 0.0 |
| 23200 | Shandong Gold Mining Co. Ltd. - Class A | 104201 | 0.0 |
| 33750 <sup>(2)(3)</sup> | Shandong Gold Mining Co. Ltd. - Class H | 118417 | 0.0 |
| 146400 | Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | 114089 | 0.0 |
| 75025 | Shanghai Baosight Software Co. Ltd. - Class B | 101690 | 0.0 |
| 54500 <sup>(1)</sup> | Shanghai Electric Group Co. Ltd. - Class A | 56277 | 0.0 |
| 15600 | Shanghai Fosun Pharmaceutical Group Co. Ltd. - Class A | 54628 | 0.0 |
| 109600 | Shanghai Pudong Development Bank Co. Ltd. - Class A | 212412 | 0.1 |
| 3624 | Shanghai United Imaging Healthcare Co. Ltd. - Class A | 64618 | 0.0 |
| 4600 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - Class A | 113322 | 0.0 |
| 900 | Shennan Circuits Co. Ltd. - Class A | 13569 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 131900 | Shenwan Hongyuan Group Co. Ltd. - Class A | $92449 | 0.0 |
| 6800 | Shenzhen Inovance Technology Co. Ltd. - Class A | 61309 | 0.0 |
| 4500 | Shenzhen Mindray Bio- Medical Electronics Co. Ltd. - Class A | 141235 | 0.0 |
| 45600 | Shenzhou International Group Holdings Ltd. | 325955 | 0.1 |
| 24300 | Sichuan Chuantou Energy Co. Ltd. - Class A | 54385 | 0.0 |
| 18000 | Silergy Corp. | 219262 | 0.1 |
| 74800 | Sinopharm Group Co. Ltd. - Class H | 175590 | 0.1 |
| 38000 | Sinotruk Hong Kong Ltd. | 111002 | 0.0 |
| 103000 <sup>(2)(3)</sup> | Smoore International Holdings Ltd. | 239709 | 0.1 |
| 9100 | Sungrow Power Supply Co. Ltd. - Class A | 86116 | 0.0 |
| 40200 | Sunny Optical Technology Group Co. Ltd. | 357036 | 0.1 |
| 22880 <sup>(1)</sup> | TAL Education Group, ADR | 233834 | 0.1 |
| 36030 | TBEA Co. Ltd. - Class A | 60008 | 0.0 |
| 112840 | TCL Technology Group Corp. - Class A | 68200 | 0.0 |
| 346800 | Tencent Holdings Ltd. | 22346271 | 4.7 |
| 41049 | Tencent Music Entertainment Group, ADR | 800045 | 0.2 |
| 108000 | Tingyi Cayman Islands Holding Corp. | 158546 | 0.0 |
| 72000 | Tongcheng Travel Holdings Ltd. | 180068 | 0.1 |
| 23700 <sup>(1)</sup> | Tongwei Co. Ltd. - Class A | 55429 | 0.0 |
| 56000 | TravelSky Technology Ltd. - Class H | 75060 | 0.0 |
| 33600 | Trip.com Group Ltd. | 1967768 | 0.4 |
| 36000 | Tsingtao Brewery Co. Ltd. - Class H | 235514 | 0.1 |
| 17400 | Unisplendour Corp. Ltd. - Class A | 58310 | 0.0 |
| 18943 | Vipshop Holdings Ltd., ADR | 285092 | 0.1 |
| 13400 | Wanhua Chemical Group Co. Ltd. - Class A | 101522 | 0.0 |
| 258000 | Want Want China Holdings Ltd. | 180446 | 0.1 |
| 48500 | Weichai Power Co. Ltd. - Class A | 104183 | 0.0 |
| 92000 | Weichai Power Co. Ltd. - Class H | 187314 | 0.1 |
| 32800 | Wens Foodstuffs Group Co. Ltd. - Class A | 78222 | 0.0 |
| 5900 | Will Semiconductor Co. Ltd. Shanghai - Class A | 105235 | 0.0 |
| 13500 | Wuliangye Yibin Co. Ltd. - Class A | 224120 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** | **China (continued)** |
| 10000 | WuXi AppTec Co. Ltd. - Class A | $| 97132 | 0.0 |
| 15800 <sup>(2)(3)</sup> | WuXi AppTec Co. Ltd. - Class H |  | 158954 | 0.0 |
| 190500 <sup>(1)(2)</sup> | Wuxi Biologics Cayman, Inc. |  | 625965 | 0.1 |
| 55800 | XCMG Construction Machinery Co. Ltd. - Class A |  | 60533 | 0.0 |
| 919000 <sup>(1)(2)</sup> | Xiaomi Corp. - Class B |  | 7074220 | 1.5 |
| 272000 <sup>(3)</sup> | Xinyi Solar Holdings Ltd. |  | 86587 | 0.0 |
| 67400 <sup>(1)</sup> | XPeng, Inc. - Class A |  | 603340 | 0.1 |
| 70000 <sup>(2)</sup> | Yadea Group Holdings Ltd. |  | 112320 | 0.0 |
| 203200 | Yankuang Energy Group Co. Ltd. - Class H |  | 202260 | 0.1 |
| 20515 | Yum China Holdings, Inc. |  | 917226 | 0.2 |
| 10200 | Yunnan Baiyao Group Co. Ltd. - Class A |  | 79441 | 0.0 |
| 2900 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - Class A |  | 80964 | 0.0 |
| 95500 <sup>(3)</sup> | Zhaojin Mining Industry Co. Ltd. - Class H |  | 251029 | 0.1 |
| 98600 | Zhejiang Expressway Co. Ltd. - Class H |  | 90808 | 0.0 |
| 14200 | Zhejiang Juhua Co. Ltd. - Class A |  | 56909 | 0.0 |
| 28600 <sup>(1)(2)</sup> | Zhejiang Leapmotor Technology Co. Ltd. |  | 199804 | 0.1 |
| 19200 | Zhejiang NHU Co. Ltd. - Class A |  | 57006 | 0.0 |
| 4620 | Zhongji Innolight Co. Ltd. - Class A |  | 94628 | 0.0 |
| 27800 | Zhongjin Gold Corp. Ltd. - Class A |  | 57223 | 0.0 |
| 46000 | Zhongsheng Group Holdings Ltd. |  | 71148 | 0.0 |
| 31000 | Zhuzhou CRRC Times Electric Co. Ltd. - Class H |  | 125003 | 0.0 |
| 88000 | Zijin Mining Group Co. Ltd. - Class A |  | 240769 | 0.1 |
| 298000 | Zijin Mining Group Co. Ltd. - Class H |  | 766400 | 0.2 |
| 22700 | ZTE Corp. - Class A |  | 103149 | 0.0 |
| 35800 <sup>(3)</sup> | ZTE Corp. - Class H |  | 111318 | 0.0 |
| 23250 | ZTO Express Cayman, Inc. |  | 411644 | 0.1 |
|  |  |  | **133882511** | **28.2** |
|  | **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** |
| 13173 | Grupo Cibest SA |  | 164451 | 0.1 |
| 23247 | Interconexion Electrica SA ESP |  | 112557 | 0.0 |
|  |  |  | **277008** | **0.1** |
|  | **Czechia: 0.2%** | **Czechia: 0.2%** | **Czechia: 0.2%** | **Czechia: 0.2%** |
| 8383 | CEZ AS |  | 492429 | 0.1 |
| 4196 | Komercni Banka AS |  | 203057 | 0.1 |
| 17998 <sup>(2)</sup> | Moneta Money Bank AS |  | 124136 | 0.0 |
|  |  |  | **819622** | **0.2** |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Egypt: 0.0%** | **Egypt: 0.0%** | **Egypt: 0.0%** |
| 120902 | Commercial International Bank Egypt SAE | $**205476** | **0.0** |
|  | **Greece: 0.6%** | **Greece: 0.6%** | **Greece: 0.6%** |
| 124291 | Alpha Bank SA | 437763 | 0.1 |
| 140299 | Eurobank Ergasias Services and Holdings SA | 483231 | 0.1 |
| 9370 | Hellenic Telecommunications Organization SA | 178144 | 0.0 |
| 6402 | Jumbo SA | 220959 | 0.1 |
| 5817 | Mytilineos SA | 315342 | 0.1 |
| 48021 | National Bank of Greece SA | 612305 | 0.1 |
| 9096 | OPAP SA | 206257 | 0.0 |
| 58958 | Piraeus Financial Holdings SA | 408449 | 0.1 |
| 11296 | Public Power Corp. SA | 184606 | 0.0 |
|  |  | **3047056** | **0.6** |
|  | **Hong Kong: 0.1%** | **Hong Kong: 0.1%** | **Hong Kong: 0.1%** |
| 109800 <sup>(1)</sup> | J&T Global Express Ltd. | 95090 | 0.0 |
| 6500 | Orient Overseas International Ltd. | 110623 | 0.0 |
| 584000 | Sino Biopharmaceutical Ltd. | 392882 | 0.1 |
|  |  | **598595** | **0.1** |
|  | **Hungary: 0.3%** | **Hungary: 0.3%** | **Hungary: 0.3%** |
| 21828 | MOL Hungarian Oil & Gas PLC | 190161 | 0.0 |
| 12064 | OTP Bank Nyrt | 964277 | 0.2 |
| 7320 | Richter Gedeon Nyrt | 215767 | 0.1 |
|  |  | **1370205** | **0.3** |
|  | **India: 18.0%** | **India: 18.0%** | **India: 18.0%** |
| 2916 | ABB India Ltd. | 206841 | 0.0 |
| 8304 | Adani Enterprises Ltd. | 253753 | 0.1 |
| 29463 | Adani Ports & Special Economic Zone Ltd. | 498335 | 0.1 |
| 30902 <sup>(1)</sup> | Adani Power Ltd. | 210789 | 0.1 |
| 2017 | Alkem Laboratories Ltd. | 116178 | 0.0 |
| 33843 | Ambuja Cements Ltd. | 227947 | 0.1 |
| 9990 | APL Apollo Tubes Ltd. | 202603 | 0.0 |
| 5491 | Apollo Hospitals Enterprise Ltd. | 463865 | 0.1 |
| 80681 | Ashok Leyland Ltd. | 236170 | 0.1 |
| 20785 | Asian Paints Ltd. | 567621 | 0.1 |
| 7393 | Astral Ltd. | 129920 | 0.0 |
| 20266 <sup>(2)</sup> | AU Small Finance Bank Ltd. | 193241 | 0.0 |
| 14346 <sup>(1)</sup> | Aurobindo Pharma Ltd. | 189938 | 0.0 |
| 8885 <sup>(1)(2)</sup> | Avenue Supermarts Ltd. | 453205 | 0.1 |
| 122044 | Axis Bank Ltd. | 1706915 | 0.4 |
| 3616 | Bajaj Auto Ltd. | 353195 | 0.1 |
| 20783 | Bajaj Finserv Ltd. | 498246 | 0.1 |
| 1469 | Bajaj Holdings & Investment Ltd. | 246491 | 0.1 |
| 4285 | Balkrishna Industries Ltd. | 122226 | 0.0 |
| 56812 | Bank of Baroda | 164849 | 0.0 |
| 199162 | Bharat Electronics Ltd. | 979467 | 0.2 |
| 14074 | Bharat Forge Ltd. | 214851 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **India (continued)** | **India (continued)** | **India (continued)** |
| 58759 | Bharat Heavy Electricals Ltd. | $182540 | 0 |
| 83835 | Bharat Petroleum Corp. Ltd. | 324638 | 0.1 |
| 138228 | Bharti Airtel Ltd. | 3240627 | 0.7 |
| 385 | Bosch Ltd. | 146788 | 0 |
| 5840 | Britannia Industries Ltd. | 398446 | 0.1 |
| 10791 | BSE Ltd. | 349106 | 0.1 |
| 99304 | Canara Bank | 132266 | 0 |
| 33944 | CG Power & Industrial Solutions Ltd. | 270090 | 0.1 |
| 22697 | Cholamandalam Investment and Finance Co. Ltd. | 431215 | 0.1 |
| 29019 | Cipla Ltd./India | 509790 | 0.1 |
| 102092 | Coal India Ltd. | 466851 | 0.1 |
| 148670 | Coforge Ltd. | 1623678 | 0.3 |
| 7271 | Colgate-Palmolive India Ltd. | 204134 | 0 |
| 12967 | Container Corp. Of India Ltd. | 114888 | 0 |
| 4237 | Coromandel International Ltd. | 123844 | 0 |
| 7634 | Cummins India Ltd. | 302769 | 0.1 |
| 28241 | Dabur India Ltd. | 159807 | 0 |
| 6551 | Divi's Laboratories Ltd. | 520469 | 0.1 |
| 1900 | Dixon Technologies India Ltd. | 332123 | 0.1 |
| 40484 | DLF Ltd. | 395768 | 0.1 |
| 32292 | Dr Reddy's Laboratories Ltd. | 483778 | 0.1 |
| 7444 | Eicher Motors Ltd. | 491111 | 0.1 |
| 39807 <sup>(1)</sup> | FSN E-Commerce Ventures Ltd. | 96774 | 0 |
| 123460 | GAIL India Ltd. | 274851 | 0.1 |
| 140295 <sup>(1)</sup> | GMR Airports Infrastructure Ltd. | 139471 | 0 |
| 22342 | Godrej Consumer Products Ltd. | 307035 | 0.1 |
| 8140 <sup>(1)</sup> | Godrej Properties Ltd. | 222578 | 0.1 |
| 14332 | Grasim Industries Ltd. | 475474 | 0.1 |
| 13895 | Havells India Ltd. | 251292 | 0.1 |
| 50764 | HCL Technologies Ltd. | 1023503 | 0.2 |
| 5298 <sup>(2)</sup> | HDFC Asset Management Co. Ltd. | 320876 | 0.1 |
| 304186 | HDFC Bank Ltd. | 7101363 | 1.5 |
| 52860 <sup>(2)</sup> | HDFC Life Insurance Co. Ltd. | 501662 | 0.1 |
| 6534 | Hero MotoCorp Ltd. | 322826 | 0.1 |
| 71299 | Hindalco Industries Ltd. | 576840 | 0.1 |
| 10961 | Hindustan Aeronautics Ltd. | 622618 | 0.1 |
| 52978 | Hindustan Petroleum Corp. Ltd. | 270732 | 0.1 |
| 43808 | Hindustan Unilever Ltd. | 1172505 | 0.3 |
| 7933 <sup>(1)</sup> | Hyundai Motor India Ltd. | 205327 | 0 |
| 283442 | ICICI Bank Ltd. | 4790097 | 1 |
| 13230 <sup>(2)</sup> | ICICI Lombard General Insurance Co. Ltd. | 314761 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **India (continued)** | **India (continued)** | **India (continued)** |
| 19209 <sup>(2)</sup> | ICICI Prudential Life Insurance Co. Ltd. | $147261 | 0 |
| 208360 <sup>(1)</sup> | IDFC First Bank Ltd. | 176985 | 0 |
| 46328 | Indian Hotels Co. Ltd. | 410845 | 0.1 |
| 154803 | Indian Oil Corp. Ltd. | 265393 | 0.1 |
| 13418 | Indian Railway Catering & Tourism Corp. Ltd. | 122343 | 0 |
| 65930 <sup>(1)</sup> | Indus Towers Ltd. | 323369 | 0.1 |
| 29591 | IndusInd Bank Ltd. | 300941 | 0.1 |
| 19355 | Info Edge India Ltd. | 336034 | 0.1 |
| 177020 | Infosys Ltd. | 3307208 | 0.7 |
| 10390 <sup>(1)(2)</sup> | InterGlobe Aviation Ltd. | 724641 | 0.2 |
| 162029 | ITC Ltd. | 786887 | 0.2 |
| 18097 | Jindal Stainless Ltd. | 148893 | 0 |
| 22412 | Jindal Steel & Power Ltd. | 246312 | 0.1 |
| 23101 | JSW Energy Ltd. | 140724 | 0 |
| 33115 | JSW Steel Ltd. | 394435 | 0.1 |
| 19622 | Jubilant Foodworks Ltd. | 160599 | 0 |
| 22086 | Kalyan Jewellers India Ltd. | 143192 | 0 |
| 58274 | Kotak Mahindra Bank Ltd. | 1470198 | 0.3 |
| 35875 | Larsen & Toubro Ltd. | 1535493 | 0.3 |
| 4042 <sup>(2)</sup> | LTIMindtree Ltd. | 250709 | 0.1 |
| 12557 | Lupin Ltd. | 283978 | 0.1 |
| 16491 <sup>(2)</sup> | Macrotech Developers Ltd. | 266621 | 0.1 |
| 50117 | Mahindra & Mahindra Ltd. | 1860205 | 0.4 |
| 6386 <sup>(1)</sup> | Mankind Pharma Ltd. | 172801 | 0 |
| 27941 | Marico Ltd. | 235378 | 0.1 |
| 6822 | Maruti Suzuki India Ltd. | 986813 | 0.2 |
| 42601 | Max Healthcare Institute Ltd. | 633849 | 0.1 |
| 5756 | Mphasis Ltd. | 191094 | 0 |
| 126 | MRF Ltd. | 209188 | 0 |
| 6375 | Muthoot Finance Ltd. | 195216 | 0 |
| 17874 | Nestle India Ltd. | 513898 | 0.1 |
| 164771 | NHPC Ltd. | 164782 | 0 |
| 171125 | NMDC Ltd. | 139779 | 0 |
| 238507 | NTPC Ltd. | 931354 | 0.2 |
| 6034 | Oberoi Realty Ltd. | 134161 | 0 |
| 172748 | Oil & Natural Gas Corp. Ltd. | 492009 | 0.1 |
| 26702 | Oil India Ltd. | 135233 | 0 |
| 332 | Page Industries Ltd. | 191290 | 0 |
| 18231 <sup>(1)</sup> | PB Fintech Ltd. | 387530 | 0.1 |
| 6000 | Persistent Systems Ltd. | 422908 | 0.1 |
| 42249 | Petronet LNG Ltd. | 148764 | 0 |
| 10869 | Phoenix Mills Ltd. | 198017 | 0 |
| 4167 | PI Industries Ltd. | 199402 | 0 |
| 8243 | Pidilite Industries Ltd. | 293766 | 0.1 |
| 2931 | Polycab India Ltd. | 223953 | 0.1 |
| 77426 | Power Finance Corp. Ltd. | 386287 | 0.1 |
| 248717 | Power Grid Corp. of India Ltd. | 869303 | 0.2 |
| 9405 | Prestige Estates Projects Ltd. | 181945 | 0 |
| 126172 | Punjab National Bank | 162608 | 0 |
| 28611 | Rail Vikas Nigam Ltd. | 132744 | 0 |
| 68984 | REC Ltd. | 324125 | 0.1 |
| 324450 | Reliance Industries Ltd. | 5678920 | 1.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **India (continued)** | **India (continued)** | **India (continued)** | **India (continued)** |
| 157174 <sup>(1)</sup> | Reliance Strategic Investments Ltd. | $| 599543 | 0.1 |
| 170382 | Samvardhana Motherson International Ltd. |  | 307582 | 0.1 |
| 15817 | SBI Cards & Payment Services Ltd. |  | 175783 | 0.0 |
| 24602 <sup>(2)</sup> | SBI Life Insurance Co. Ltd. |  | 527383 | 0.1 |
| 505 | Shree Cement Ltd. |  | 182762 | 0.0 |
| 76044 | Shriram Finance Ltd. |  | 627067 | 0.1 |
| 4735 | Siemens Ltd. |  | 179553 | 0.0 |
| 1491 | Solar Industries India Ltd. |  | 306003 | 0.1 |
| 23902 <sup>(2)</sup> | Sona Blw Precision Forgings Ltd. |  | 134170 | 0.0 |
| 7598 | SRF Ltd. |  | 287327 | 0.1 |
| 94126 | State Bank of India |  | 900384 | 0.2 |
| 52322 | Sun Pharmaceutical Industries Ltd. |  | 1022796 | 0.2 |
| 3634 | Sundaram Finance Ltd. |  | 219441 | 0.1 |
| 3508 | Supreme Industries Ltd. |  | 179672 | 0.0 |
| 525072 <sup>(1)</sup> | Suzlon Energy Ltd. |  | 414840 | 0.1 |
| 6230 | Tata Communications Ltd. |  | 122834 | 0.0 |
| 48514 | Tata Consultancy Services Ltd. |  | 1959019 | 0.4 |
| 32487 | Tata Consumer Products Ltd. |  | 416405 | 0.1 |
| 1909 | Tata Elxsi Ltd. |  | 140472 | 0.0 |
| 108901 | Tata Motors Ltd. |  | 873660 | 0.2 |
| 87053 | Tata Power Co. Ltd. |  | 411728 | 0.1 |
| 399053 | Tata Steel Ltd. |  | 744269 | 0.2 |
| 29532 | Tech Mahindra Ltd. |  | 581153 | 0.1 |
| 2239 | Thermax Ltd. |  | 89292 | 0.0 |
| 19049 | Titan Co. Ltd. |  | 819831 | 0.2 |
| 5737 | Torrent Pharmaceuticals Ltd. |  | 228061 | 0.1 |
| 9189 | Torrent Power Ltd. |  | 157242 | 0.0 |
| 9939 | Trent Ltd. |  | 720542 | 0.2 |
| 5870 | Tube Investments of India Ltd. |  | 212861 | 0.1 |
| 12885 | TVS Motor Co. Ltd. |  | 438452 | 0.1 |
| 6338 | UltraTech Cement Ltd. |  | 893976 | 0.2 |
| 84433 | Union Bank of India Ltd. |  | 151253 | 0.0 |
| 15482 | United Spirits Ltd. |  | 257839 | 0.1 |
| 25586 | UPL Ltd. |  | 197363 | 0.0 |
| 70439 | Varun Beverages Ltd. |  | 375866 | 0.1 |
| 74492 | Vedanta Ltd. |  | 401106 | 0.1 |
| 1380913 <sup>(1)</sup> | Vodafone Idea Ltd. |  | 119577 | 0.0 |
| 12244 | Voltas Ltd. |  | 187663 | 0.0 |
| 142318 | Wipro Ltd. |  | 441583 | 0.1 |
| 784708 <sup>(1)</sup> | Yes Bank Ltd. |  | 186146 | 0.0 |
| 260431 <sup>(1)</sup> | Zomato Ltd. |  | 802075 | 0.2 |
| 13503 | Zydus Lifesciences Ltd. |  | 155966 | 0.0 |
|  |  |  | **85322880** | **18.0** |
|  | **Indonesia: 1.2%** | **Indonesia: 1.2%** | **Indonesia: 1.2%** | **Indonesia: 1.2%** |
| 728100 | Adaro Energy Indonesia Tbk PT |  | 82198 | 0.0 |
| 351100 <sup>(1)</sup> | Amman Mineral Internasional PT |  | 183071 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| 1096100 | Astra International Tbk PT | $| 303965 | 0.1 |
| 2999200 | Bank Central Asia Tbk PT |  | 1603215 | 0.4 |
| 2002100 | Bank Mandiri Persero Tbk PT |  | 601400 | 0.1 |
| 814800 | Bank Negara Indonesia Persero Tbk PT |  | 206799 | 0.1 |
| 3664500 | Bank Rakyat Indonesia Persero Tbk PT |  | 844889 | 0.2 |
| 1332449 | Barito Pacific Tbk PT |  | 136358 | 0.0 |
| 426700 | Chandra Asri Pacific Tbk PT |  | 259701 | 0.1 |
| 381700 | Charoen Pokphand Indonesia Tbk PT |  | 110510 | 0.0 |
| 49378900 <sup>(1)</sup> | GoTo Gojek Tokopedia Tbk PT |  | 176408 | 0.0 |
| 117000 | Indofood CBP Sukses Makmur Tbk PT |  | 75705 | 0.0 |
| 223600 | Indofood Sukses Makmur Tbk PT |  | 111963 | 0.0 |
| 1142300 | Kalbe Farma Tbk PT |  | 107440 | 0.0 |
| 1010200 | Sumber Alfaria Trijaya Tbk PT |  | 148786 | 0.0 |
| 2700400 | Telkom Indonesia Persero Tbk PT |  | 461989 | 0.1 |
| 79500 | United Tractors Tbk PT |  | 105026 | 0.0 |
|  |  |  | **5519423** | **1.2** |
|  | **Kuwait: 0.7%** | **Kuwait: 0.7%** | **Kuwait: 0.7%** | **Kuwait: 0.7%** |
| 94666 | Boubyan Bank KSCP |  | 223037 | 0.1 |
| 127841 | Gulf Bank KSCP |  | 150185 | 0.0 |
| 566043 | Kuwait Finance House KSCP |  | 1485478 | 0.3 |
| 43993 | Mabanee Co. KPSC |  | 125838 | 0.0 |
| 108906 | Mobile Telecommunications Co. KSCP |  | 172258 | 0.0 |
| 426709 | National Bank of Kuwait SAKP |  | 1394772 | 0.3 |
|  |  |  | **3551568** | **0.7** |
|  | **Luxembourg: 0.0%** | **Luxembourg: 0.0%** | **Luxembourg: 0.0%** | **Luxembourg: 0.0%** |
| 7468 | Reinet Investments SCA |  | **243038** | **0.0** |
|  | **Malaysia: 1.3%** | **Malaysia: 1.3%** | **Malaysia: 1.3%** | **Malaysia: 1.3%** |
| 138200 | AMMB Holdings Bhd |  | 167444 | 0.1 |
| 157600 | Axiata Group Bhd |  | 86491 | 0.0 |
| 192000 | CelcomDIGI Bhd |  | 179340 | 0.1 |
| 420000 | CIMB Group Holdings Bhd |  | 677399 | 0.2 |
| 226300 | Gamuda Bhd |  | 257590 | 0.1 |
| 110600 | Genting Bhd |  | 80133 | 0.0 |
| 34100 | Hong Leong Bank Bhd |  | 158751 | 0.1 |
| 112300 | IHH Healthcare Bhd |  | 181899 | 0.1 |
| 130700 | IOI Corp. Bhd |  | 116150 | 0.0 |
| 26200 | Kuala Lumpur Kepong Bhd |  | 128807 | 0.0 |
| 298800 | Malayan Banking Bhd |  | 688353 | 0.2 |
| 130400 | Maxis Bhd |  | 111871 | 0.0 |
| 66600 | MISC Bhd |  | 120096 | 0.0 |
| 171300 <sup>(2)</sup> | MR DIY Group M Bhd |  | 66729 | 0.0 |
| 3600 | Nestle Malaysia Bhd |  | 65615 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| 153500 | Petronas Chemicals Group Bhd | $| 127345 | 0.0 |
| 18400 | Petronas Dagangan Bhd |  | 94075 | 0.0 |
| 37500 | Petronas Gas Bhd |  | 156929 | 0.0 |
| 34000 | PPB Group Bhd |  | 83062 | 0.0 |
| 209700 | Press Metal Aluminium Holdings Bhd |  | 258235 | 0.1 |
| 816300 | Public Bank Bhd |  | 835628 | 0.2 |
| 88200 | QL Resources Bhd |  | 96395 | 0.0 |
| 85500 | RHB Bank Bhd |  | 127918 | 0.0 |
| 159200 | Sime Darby Bhd |  | 62393 | 0.0 |
| 109800 | Sime Darby Plantation Bhd |  | 121072 | 0.0 |
| 124000 | Sunway Bhd |  | 138473 | 0.0 |
| 66800 | Telekom Malaysia Bhd |  | 103984 | 0.0 |
| 159600 | Tenaga Nasional Bhd |  | 545423 | 0.1 |
| 175700 | YTL Corp. Bhd |  | 96899 | 0.0 |
| 159720 | YTL Power International Bhd |  | 150951 | 0.0 |
|  |  |  | **6085450** | **1.3** |
|  | **Mexico: 2.1%** | **Mexico: 2.1%** | **Mexico: 2.1%** | **Mexico: 2.1%** |
| 198678 <sup>(3)</sup> | Alfa SAB de CV - Class A |  | 146643 | 0.0 |
| 996107 | America Movil SAB de CV |  | 891822 | 0.2 |
| 27641 | Arca Continental SAB de CV |  | 292842 | 0.1 |
| 836894 | Cemex SAB de CV |  | 579352 | 0.1 |
| 28508 | Coca-Cola Femsa SAB de CV |  | 276154 | 0.1 |
| 154340 | Fibra Uno Administracion SA de CV |  | 213359 | 0.0 |
| 92540 | Fomento Economico Mexicano SAB de CV |  | 952006 | 0.2 |
| 9838 | Gruma SAB de CV - Class B |  | 169675 | 0.0 |
| 15725 | Grupo Aeroportuario del Centro Norte SAB de CV |  | 206823 | 0.0 |
| 20989 | Grupo Aeroportuario del Pacifico SAB de CV - Class B |  | 480484 | 0.1 |
| 9769 | Grupo Aeroportuario del Sureste SAB de CV - Class B |  | 311846 | 0.1 |
| 70171 | Grupo Bimbo SAB de CV |  | 195729 | 0.0 |
| 30641 | Grupo Carso SAB de CV |  | 218420 | 0.1 |
| 15000 | Grupo Comercial Chedraui SA de CV |  | 118780 | 0.0 |
| 134169 | Grupo Financiero Banorte SAB de CV - Class O |  | 1231185 | 0.3 |
| 100312 | Grupo Financiero Inbursa SAB de CV - Class O |  | 259220 | 0.1 |
| 169598 | Grupo Mexico SAB de CV |  | 1023580 | 0.2 |
| 11082 <sup>(1)</sup> | Industrias Penoles SAB de CV |  | 309844 | 0.1 |
| 80149 | Kimberly-Clark de Mexico SAB de CV - Class A |  | 146933 | 0.0 |
| 57508 | Prologis Property Mexico SA de CV |  | 216829 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| 10635 | Promotora y Operadora de Infraestructura SAB de CV | $| 119950 | 0.0 |
| 7500 | Qualitas Controladora SAB de CV |  | 77096 | 0.0 |
| 4827 | Southern Copper Corp. |  | 488348 | 0.1 |
| 285579 | Wal-Mart de Mexico SAB de CV |  | 944802 | 0.2 |
|  |  |  | **9871722** | **2.1** |
|  | **Peru: 0.2%** | **Peru: 0.2%** | **Peru: 0.2%** | **Peru: 0.2%** |
| 9496 | Cia de Minas Buenaventura SAA, ADR |  | 155924 | 0.0 |
| 3750 | Credicorp Ltd. |  | 838200 | 0.2 |
|  |  |  | **994124** | **0.2** |
|  | **Philippines: 0.5%** | **Philippines: 0.5%** | **Philippines: 0.5%** | **Philippines: 0.5%** |
| 13100 | Ayala Corp. |  | 132528 | 0.0 |
| 358600 | Ayala Land, Inc. |  | 172075 | 0.0 |
| 104535 | Bank of the Philippine Islands |  | 241249 | 0.1 |
| 134276 | BDO Unibank, Inc. |  | 364233 | 0.1 |
| 56090 | International Container Terminal Services, Inc. |  | 408916 | 0.1 |
| 23750 | Jollibee Foods Corp. |  | 91098 | 0.0 |
| 15160 | Manila Electric Co. |  | 144926 | 0.0 |
| 100030 | Metropolitan Bank & Trust Co. |  | 128745 | 0.0 |
| 4130 | PLDT, Inc. |  | 89297 | 0.0 |
| 11530 | SM Investments Corp. |  | 178487 | 0.1 |
| 554800 | SM Prime Holdings, Inc. |  | 230961 | 0.1 |
|  |  |  | **2182515** | **0.5** |
|  | **Poland: 1.1%** | **Poland: 1.1%** | **Poland: 1.1%** | **Poland: 1.1%** |
| 37424 <sup>(1)(2)</sup> | Allegro.eu SA |  | 360304 | 0.1 |
| 21884 <sup>(1)</sup> | Bank Millennium SA |  | 86948 | 0.0 |
| 9968 | Bank Polska Kasa Opieki SA |  | 513396 | 0.1 |
| 478 <sup>(3)</sup> | Budimex SA |  | 74082 | 0.0 |
| 2634 <sup>(1)(3)</sup> | CCC SA |  | 149935 | 0.0 |
| 3418 <sup>(3)</sup> | CD Projekt SA |  | 266746 | 0.1 |
| 2678 <sup>(1)(2)</sup> | Dino Polska SA |  | 391343 | 0.1 |
| 7526 <sup>(1)</sup> | KGHM Polska Miedz SA |  | 269368 | 0.1 |
| 59 <sup>(3)</sup> | L.P. SA |  | 240461 | 0.1 |
| 821 <sup>(1)</sup> | mBank SA |  | 181739 | 0.0 |
| 50038 <sup>(1)</sup> | PGE Polska Grupa Energetyczna SA |  | 158402 | 0.0 |
| 31124 | Polski Koncern Naftowy ORLEN SA |  | 709362 | 0.1 |
| 47368 | Powszechna Kasa Oszczednosci Bank Polski SA |  | 989746 | 0.2 |
| 31994 | Powszechny Zaklad Ubezpieczen SA |  | 559482 | 0.1 |
| 2176 | Santander Bank Polska SA |  | 299029 | 0.1 |
| 10856 <sup>(1)(3)</sup> | Zabka Group SA |  | 65249 | 0.0 |
|  |  |  | **5315592** | **1.1** |
|  | **Qatar: 0.7%** | **Qatar: 0.7%** | **Qatar: 0.7%** | **Qatar: 0.7%** |
| 120640 | Barwa Real Estate Co. |  | 91996 | 0.0 |
| 177796 | Commercial Bank PSQC |  | 222132 | 0.1 |
| 110273 | Dukhan Bank |  | 110182 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Qatar (continued)** | **Qatar (continued)** | **Qatar (continued)** | **Qatar (continued)** |
| 79219 | Industries Qatar QSC | $| 268705 | 0.1 |
| 326777 | Masraf Al Rayan QSC |  | 208912 | 0.1 |
| 314737 | Mesaieed Petrochemical Holding Co. |  | 116394 | 0.0 |
| 44766 | Ooredoo QPSC |  | 157335 | 0.0 |
| 25070 | Qatar Electricity & Water Co. QSC |  | 111545 | 0.0 |
| 33706 | Qatar Fuel QSC |  | 138675 | 0.0 |
| 152721 | Qatar Gas Transport Co. Ltd. |  | 208046 | 0.0 |
| 55556 | Qatar International Islamic Bank QSC |  | 166136 | 0.0 |
| 97962 | Qatar Islamic Bank SAQ |  | 595951 | 0.1 |
| 247575 | Qatar National Bank QPSC |  | 1179619 | 0.3 |
|  |  |  | **3575628** | **0.7** |
|  | **Romania: 0.0%** | **Romania: 0.0%** | **Romania: 0.0%** | **Romania: 0.0%** |
| 30525 | NEPI Rockcastle NV |  | **232682** | **0.0** |
|  | **Saudi Arabia: 3.4%** | **Saudi Arabia: 3.4%** | **Saudi Arabia: 3.4%** | **Saudi Arabia: 3.4%** |
| 8066 <sup>(1)</sup> | ACWA Power Co. |  | 549781 | 0.1 |
| 18321 | Ades Holding Co. |  | 66914 | 0.0 |
| 105978 | Al Rajhi Bank |  | 2673068 | 0.6 |
| 2099 <sup>(1)</sup> | Al Rajhi Co for Co-operative Insurance |  | 71995 | 0.0 |
| 67710 | Alinma Bank |  | 484050 | 0.1 |
| 23217 | Almarai Co. JSC |  | 313797 | 0.1 |
| 49218 | Arab National Bank |  | 285013 | 0.1 |
| 1385 | Arabian Internet & Communications Services Co. |  | 98353 | 0.0 |
| 40082 | Bank AlBilad |  | 281185 | 0.1 |
| 35662 <sup>(1)</sup> | Bank Al-Jazira |  | 122174 | 0.0 |
| 66255 | Banque Saudi Fransi |  | 315460 | 0.1 |
| 4569 | Bupa Arabia for Cooperative Insurance Co. |  | 216968 | 0.1 |
| 4096 | Co. for Cooperative Insurance |  | 172562 | 0.1 |
| 1888 | Dallah Healthcare Co. |  | 65736 | 0.0 |
| 29467 <sup>(1)</sup> | Dar Al Arkan Real Estate Development Co. |  | 150939 | 0.0 |
| 4704 | Dr Sulaiman Al Habib Medical Services Group Co. |  | 340080 | 0.1 |
| 1312 | Elm Co. |  | 350315 | 0.1 |
| 20854 | Etihad Etisalat Co. |  | 329727 | 0.1 |
| 29091 <sup>(1)</sup> | Jabal Omar Development Co. |  | 156400 | 0.0 |
| 31975 | Jarir Marketing Co. |  | 106890 | 0.0 |
| 4877 | Makkah Construction & Development Co. |  | 119894 | 0.0 |
| 5268 | Mouwasat Medical Services Co. |  | 105996 | 0.0 |
| 80960 | Riyad Bank |  | 620200 | 0.1 |
| 12873 | SABIC Agri-Nutrients Co. |  | 368078 | 0.1 |
| 19381 | Sahara International Petrochemical Co. |  | 102451 | 0.0 |
| 1176 | SAL Saudi Logistics Services |  | 58871 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series EM Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| 72046 <sup>(1)</sup> | Saudi Arabian Mining Co. | $| 1028860 | 0.2 |
| 312099 <sup>(2)</sup> | Saudi Arabian Oil Co. |  | 2023625 | 0.4 |
| 3073 | Saudi Aramco Base Oil Co. |  | 83752 | 0.0 |
| 55343 | Saudi Awwal Bank |  | 497135 | 0.1 |
| 49670 | Saudi Basic Industries Corp. |  | 723761 | 0.2 |
| 40959 | Saudi Electricity Co. |  | 160446 | 0.0 |
| 20024 | Saudi Industrial Investment Group |  | 89587 | 0.0 |
| 34091 | Saudi Investment Bank |  | 131979 | 0.0 |
| 161036 | Saudi National Bank |  | 1550546 | 0.3 |
| 1885 <sup>(1)</sup> | Saudi Research & Media Group |  | 97158 | 0.0 |
| 2641 | Saudi Tadawul Group Holding Co. |  | 124263 | 0.0 |
| 110019 | Saudi Telecom Co. |  | 1247997 | 0.3 |
| 15032 | Yanbu National Petrochemical Co. |  | 121112 | 0.0 |
|  |  |  | **16407118** | **3.4** |
|  | **South Africa: 2.8%** | **South Africa: 2.8%** | **South Africa: 2.8%** | **South Africa: 2.8%** |
| 44386 | Absa Group Ltd. |  | 441792 | 0.1 |
| 11395 <sup>(1)</sup> | Anglo American Platinum Ltd. |  | 507386 | 0.1 |
| 20718 | Aspen Pharmacare Holdings Ltd. |  | 139834 | 0.0 |
| 18367 | Bid Corp. Ltd. |  | 484942 | 0.1 |
| 18433 | Bidvest Group Ltd. |  | 243139 | 0.0 |
| 4680 | Capitec Bank Holdings Ltd. |  | 935747 | 0.2 |
| 12624 | Clicks Group Ltd. |  | 264549 | 0.1 |
| 28787 | Discovery Ltd. |  | 349947 | 0.1 |
| 269972 | FirstRand Ltd. |  | 1154087 | 0.2 |
| 48346 | Gold Fields Ltd. |  | 1144819 | 0.2 |
| 31180 | Harmony Gold Mining Co. Ltd. |  | 433837 | 0.1 |
| 48508 <sup>(1)</sup> | Impala Platinum Holdings Ltd. |  | 435857 | 0.1 |
| 93038 | MTN Group Ltd. |  | 740604 | 0.2 |
| 8825 | Naspers Ltd. - Class N |  | 2753520 | 0.6 |
| 25127 | Nedbank Group Ltd. |  | 344962 | 0.1 |
| 224435 | Old Mutual Ltd. |  | 153015 | 0.0 |
| 44464 | OUTsurance Group Ltd. |  | 196730 | 0.0 |
| 128748 <sup>(2)</sup> | Pepkor Holdings Ltd. |  | 198204 | 0.0 |
| 27774 | Remgro Ltd. |  | 248562 | 0.1 |
| 96128 | Sanlam Ltd. |  | 481461 | 0.1 |
| 32303 <sup>(1)</sup> | Sasol Ltd. |  | 143839 | 0.0 |
| 27167 | Shoprite Holdings Ltd. |  | 424989 | 0.1 |
| 69891 | Standard Bank Group Ltd. |  | 897374 | 0.2 |
| 33535 | Vodacom Group Ltd. |  | 258941 | 0.1 |
| 50617 | Woolworths Holdings Ltd./South Africa |  | 147988 | 0.0 |
|  |  |  | **13526125** | **2.8** |
|  | **South Korea: 10.2%** | **South Korea: 10.2%** | **South Korea: 10.2%** | **South Korea: 10.2%** |
| 2186 <sup>(1)</sup> | Alteogen, Inc. |  | 602303 | 0.1 |
| 1591 | Amorepacific Corp. |  | 160906 | 0.0 |
| 8958 | Celltrion, Inc. |  | 1057043 | 0.2 |
| 439 | CJ CheilJedang Corp. |  | 80771 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| 3003 | Coway Co. Ltd. | $214590 | 0.1 |
| 2493 | DB Insurance Co. Ltd. | 227493 | 0.1 |
| 3056 | Doosan Bobcat, Inc. | 131357 | 0.0 |
| 24546 <sup>(1)</sup> | Doosan Enerbility Co. Ltd. | 1243576 | 0.3 |
| 2667 <sup>(1)</sup> | Ecopro BM Co. Ltd. | 198042 | 0.0 |
| 5509 | Ecopro Co. Ltd. | 183586 | 0.0 |
| 15213 | Hana Financial Group, Inc. | 969038 | 0.2 |
| 1225 | Hanjin Kal Corp. | 106544 | 0.0 |
| 4014 | Hankook Tire & Technology Co. Ltd. | 117928 | 0.0 |
| 2407 | Hanmi Semiconductor Co. Ltd. | 180766 | 0.0 |
| 1822 | Hanwha Aerospace Co. Ltd. | 1143355 | 0.2 |
| 5595 <sup>(1)</sup> | Hanwha Ocean Co. Ltd. | 327733 | 0.1 |
| 3855 | Hanwha Systems Co. Ltd. | 165371 | 0.0 |
| 2345 | HD Hyundai Co. Ltd. | 224695 | 0.1 |
| 1280 | HD Hyundai Electric Co. Ltd. | 479855 | 0.1 |
| 1201 | HD Hyundai Heavy Industries Co. Ltd. | 379078 | 0.1 |
| 2323 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 627305 | 0.1 |
| 6394 <sup>(1)</sup> | HLB, Inc. | 231698 | 0.1 |
| 13853 | HMM Co. Ltd. | 230974 | 0.1 |
| 1253 | HYBE Co. Ltd. | 286480 | 0.1 |
| 1954 | Hyundai Glovis Co. Ltd. | 194542 | 0.0 |
| 3299 | Hyundai Mobis Co. Ltd. | 699877 | 0.2 |
| 7443 | Hyundai Motor Co. | 1117622 | 0.2 |
| 3909 | Hyundai Rotem Co. Ltd. | 567257 | 0.1 |
| 13472 | Industrial Bank of Korea | 181953 | 0.0 |
| 17022 | Kakao Corp. | 755066 | 0.2 |
| 8946 | KakaoBank Corp. | 198247 | 0.0 |
| 20010 | KB Financial Group, Inc. | 1644347 | 0.4 |
| 12836 | Kia Corp. | 918472 | 0.2 |
| 4026 | Korea Aerospace Industries Ltd. | 267359 | 0.1 |
| 13763 | Korea Electric Power Corp. | 397712 | 0.1 |
| 2204 | Korea Investment Holdings Co. Ltd. | 227438 | 0.1 |
| 230 | Korea Zinc Co. Ltd. | 139141 | 0.0 |
| 9519 | Korean Air Lines Co. Ltd. | 160805 | 0.0 |
| 1561 <sup>(1)</sup> | Krafton, Inc. | 419112 | 0.1 |
| 4868 | KT&G Corp. | 459474 | 0.1 |
| 2698 | LG Chem Ltd. | 421374 | 0.1 |
| 5017 | LG Corp. | 295183 | 0.1 |
| 16568 <sup>(1)</sup> | LG Display Co. Ltd. | 109888 | 0.0 |
| 5815 | LG Electronics, Inc. | 317122 | 0.1 |
| 2575 <sup>(1)</sup> | LG Energy Solution Ltd. | 565324 | 0.1 |
| 489 | LG H&H Co. Ltd. | 115525 | 0.0 |
| 795 | LG Innotek Co. Ltd. | 86560 | 0.0 |
| 11223 | LG Uplus Corp. | 118818 | 0.0 |
| 803 | LS Electric Co. Ltd. | 177499 | 0.0 |
| 4405 | Meritz Financial Group, Inc. | 366445 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **South Korea (continued)** |  |  |
| 12894 | Mirae Asset Securities Co. Ltd. | $204366 | 0.0 |
| 7748 | NAVER Corp. | 1504545 | 0.3 |
| 7253 | NH Investment & Securities Co. Ltd. | 107257 | 0.0 |
| 1298 | Orion Corp./Republic of Korea | 104442 | 0.0 |
| 1680 <sup>(1)</sup> | POSCO Future M Co. Ltd. | 156799 | 0.0 |
| 3852 | POSCO Holdings, Inc. | 742072 | 0.2 |
| 2788 | Posco International Corp. | 102349 | 0.0 |
| 976 <sup>(1)(2)</sup> | Samsung Biologics Co. Ltd. | 716206 | 0.2 |
| 4600 | Samsung C&T Corp. | 548242 | 0.1 |
| 3137 | Samsung Electro- Mechanics Co. Ltd. | 311679 | 0.1 |
| 254577 | Samsung Electronics Co. Ltd. | 11257808 | 2.4 |
| 1683 | Samsung Fire & Marine Insurance Co. Ltd. | 539633 | 0.1 |
| 36326 <sup>(1)</sup> | Samsung Heavy Industries Co. Ltd. | 449205 | 0.1 |
| 4344 | Samsung Life Insurance Co. Ltd. | 409055 | 0.1 |
| 3437 | Samsung SDI Co. Ltd. | 438839 | 0.1 |
| 2305 | Samsung SDS Co. Ltd. | 288920 | 0.1 |
| 207 | Samyang Foods Co. Ltd. | 213712 | 0.1 |
| 22915 | Shinhan Financial Group Co. Ltd. | 1038894 | 0.2 |
| 1705 <sup>(1)</sup> | SK Biopharmaceuticals Co. Ltd. | 116110 | 0.0 |
| 29415 | SK Hynix, Inc. | 6338392 | 1.3 |
| 3509 | SK Innovation Co. Ltd. | 318074 | 0.1 |
| 5022 <sup>(1)</sup> | SK Square Co. Ltd. | 675002 | 0.1 |
| 2755 | SK Telecom Co. Ltd. | 115913 | 0.0 |
| 1928 | SK, Inc. | 291218 | 0.1 |
| 1027 <sup>(1)</sup> | SKC Co. Ltd. | 83563 | 0.0 |
| 2461 | S-Oil Corp. | 109121 | 0.0 |
| 34015 | Woori Financial Group, Inc. | 565984 | 0.1 |
| 3098 | Yuhan Corp. | 238609 | 0.1 |
|  |  | **48478658** | **10.2** |
|  | **Taiwan: 18.7%** |  |  |
| 28000 | Accton Technology Corp. | 699825 | 0.1 |
| 162000 | Acer, Inc. | 167873 | 0.0 |
| 24595 | Advantech Co. Ltd. | 285330 | 0.1 |
| 4000 | Alchip Technologies Ltd. | 424128 | 0.1 |
| 180000 | ASE Technology Holding Co. Ltd. | 903020 | 0.2 |
| 125000 | Asia Cement Corp. | 182477 | 0.0 |
| 18000 | Asia Vital Components Co. Ltd. | 459764 | 0.1 |
| 38000 | Asustek Computer, Inc. | 840080 | 0.2 |
| 368000 | AUO Corp. | 155542 | 0.0 |
| 34000 | Catcher Technology Co. Ltd. | 246883 | 0.1 |
| 504000 | Cathay Financial Holding Co. Ltd. | 1084882 | 0.2 |
| 79179 | Chailease Holding Co. Ltd. | 342941 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Taiwan (continued)** |  |  |
| 321464 | Chang Hwa Commercial Bank Ltd. | $205782 | 0.0 |
| 98000 | Cheng Shin Rubber Industry Co. Ltd. | 126766 | 0.0 |
| 162000 | China Airlines Ltd. | 119703 | 0.0 |
| 869000 | China Development Financial Holding Corp. | 445744 | 0.1 |
| 642000 | China Steel Corp. | 412913 | 0.1 |
| 204000 | Chunghwa Telecom Co. Ltd. | 943611 | 0.2 |
| 232000 | Compal Electronics, Inc. | 230758 | 0.1 |
| 893000 | CTBC Financial Holding Co. Ltd. | 1336492 | 0.3 |
| 105000 | Delta Electronics, Inc. | 1485850 | 0.3 |
| 46000 | E Ink Holdings, Inc. | 348167 | 0.1 |
| 765516 | E.Sun Financial Holding Co. Ltd. | 860497 | 0.2 |
| 11000 <sup>(1)</sup> | Eclat Textile Co. Ltd. | 154550 | 0.0 |
| 16000 | Elite Material Co. Ltd. | 483819 | 0.1 |
| 4000 | eMemory Technology, Inc. | 323826 | 0.1 |
| 147000 | Eva Airways Corp. | 200646 | 0.0 |
| 56000 | Evergreen Marine Corp. Taiwan Ltd. | 381342 | 0.1 |
| 156000 | Far Eastern New Century Corp. | 175708 | 0.0 |
| 95000 | Far EasTone Telecommunications Co. Ltd. | 291219 | 0.1 |
| 26720 | Feng TAY Enterprise Co. Ltd. | 112187 | 0.0 |
| 603306 | First Financial Holding Co. Ltd. | 599918 | 0.1 |
| 190000 | Formosa Chemicals & Fibre Corp. | 149064 | 0.0 |
| 215000 | Formosa Plastics Corp. | 256556 | 0.1 |
| 8500 | Fortune Electric Co. Ltd. | 163794 | 0.0 |
| 439620 | Fubon Financial Holding Co. Ltd. | 1316509 | 0.3 |
| 29000 | Gigabyte Technology Co. Ltd. | 281799 | 0.1 |
| 5000 | Global Unichip Corp. | 223644 | 0.0 |
| 13000 | Globalwafers Co. Ltd. | 134171 | 0.0 |
| 675000 | Hon Hai Precision Industry Co. Ltd. | 3724202 | 0.8 |
| 16420 | Hotai Motor Co. Ltd. | 316418 | 0.1 |
| 475710 | Hua Nan Financial Holdings Co. Ltd. | 442608 | 0.1 |
| 405544 | Innolux Corp. | 162439 | 0.0 |
| 13000 | International Games System Co. Ltd. | 381625 | 0.1 |
| 149000 | Inventec Corp. | 215938 | 0.0 |
| 5000 | Jentech Precision Industrial Co. Ltd. | 258745 | 0.1 |
| 5000 | Largan Precision Co. Ltd. | 408352 | 0.1 |
| 116000 | Lite-On Technology Corp. | 439736 | 0.1 |
| 4000 | Lotes Co. Ltd. | 185214 | 0.0 |
| 82000 | MediaTek, Inc. | 3513590 | 0.7 |
| 629756 | Mega Financial Holding Co. Ltd. | 884410 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Taiwan (continued)** |  |  |
| 281000 | Nan Ya Plastics Corp. | $262536 | 0.1 |
| 9000 | Nien Made Enterprise Co. Ltd. | 125470 | 0 |
| 31000 | Novatek Microelectronics Corp. | 578177 | 0.1 |
| 108000 | Pegatron Corp. | 284510 | 0.1 |
| 13000 <sup>(1)</sup> | PharmaEssentia Corp. | 243854 | 0.1 |
| 118000 | Pou Chen Corp. | 125124 | 0 |
| 29000 | President Chain Store Corp. | 254331 | 0.1 |
| 146000 | Quanta Computer, Inc. | 1373331 | 0.3 |
| 27000 | Realtek Semiconductor Corp. | 524367 | 0.1 |
| 74300 | Ruentex Development Co. Ltd. | 75750 | 0 |
| 214000 | Shanghai Commercial & Savings Bank Ltd. | 339726 | 0.1 |
| 799800 <sup>(1)</sup> | Shin Kong Financial Holding Co. Ltd. | 309393 | 0.1 |
| 581714 | SinoPac Financial Holdings Co. Ltd. | 481799 | 0.1 |
| 70000 | Synnex Technology International Corp. | 154271 | 0 |
| 615245 | Taishin Financial Holding Co. Ltd. | 331868 | 0.1 |
| 375008 | Taiwan Business Bank | 197061 | 0 |
| 360000 | Taiwan Cement Corp. | 314237 | 0.1 |
| 563430 | Taiwan Cooperative Financial Holding Co. Ltd. | 477077 | 0.1 |
| 88000 | Taiwan High Speed Rail Corp. | 85083 | 0 |
| 98000 | Taiwan Mobile Co. Ltd. | 385635 | 0.1 |
| 1323000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 48381255 | 10.2 |
| 72000 | Unimicron Technology Corp. | 281009 | 0.1 |
| 259000 | Uni-President Enterprises Corp. | 717923 | 0.2 |
| 611000 | United Microelectronics Corp. | 921569 | 0.2 |
| 54477 | Vanguard International Semiconductor Corp. | 187598 | 0 |
| 4000 | Voltronic Power Technology Corp. | 172542 | 0 |
| 38000 | Wan Hai Lines Ltd. | 115562 | 0 |
| 151000 | Wistron Corp. | 635296 | 0.1 |
| 6000 | Wiwynn Corp. | 521010 | 0.1 |
| 89000 | WPG Holdings Ltd. | 213920 | 0 |
| 22727 | Yageo Corp. | 377129 | 0.1 |
| 94000 | Yang Ming Marine Transport Corp. | 228508 | 0.1 |
| 552620 | Yuanta Financial Holding Co. Ltd. | 646744 | 0.1 |
| 38000 | Zhen Ding Technology Holding Ltd. | 130772 | 0 |
|  |  | **88945494** | **18.7** |
|  | **Thailand: 1.0%** |  |  |
| 56000 | Advanced Info Service PCL | 479984 | 0.1 |
| 231800 | Airports of Thailand PCL | 216039 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Thailand (continued)** |  |  |
| 612800 | Bangkok Dusit Medical Services PCL - Class F | $392159 | 0.1 |
| 33300 | Bumrungrad Hospital PCL | 143035 | 0.0 |
| 108500 | Central Pattana PCL | 154317 | 0.0 |
| 200200 | Charoen Pokphand Foods PCL | 141776 | 0.0 |
| 297000 | CP ALL PCL - Foreign | 402275 | 0.1 |
| 115702 | CP AXTRA PCL | 63819 | 0.0 |
| 170956 | Delta Electronics Thailand PCL | 507474 | 0.1 |
| 250811 <sup>(1)</sup> | Gulf Development PCL | 298963 | 0.1 |
| 348500 | Home Product Center PCL | 69802 | 0.0 |
| 32500 | Kasikornbank PCL | 153517 | 0.0 |
| 194800 | Krung Thai Bank PCL | 127782 | 0.0 |
| 184400 | Minor International PCL | 131906 | 0.0 |
| 77900 | PTT Exploration & Production PCL | 262549 | 0.1 |
| 547300 | PTT PCL - Foreign | 505391 | 0.1 |
| 43900 | SCB X PCL | 158755 | 0.0 |
| 41800 | Siam Cement PCL - Foreign | 216499 | 0.1 |
| 1409300 | TMBThanachart Bank PCL | 82003 | 0.0 |
| 569000 <sup>(1)</sup> | True Corp. PCL | 194604 | 0.1 |
|  |  | **4702649** | **1.0** |
|  | **Turkey: 0.5%** |  |  |
| 170901 | Akbank TAS | 292878 | 0.1 |
| 74637 | Aselsan Elektronik Sanayi Ve Ticaret AS | 282642 | 0.1 |
| 24907 | BIM Birlesik Magazalar AS | 309479 | 0.1 |
| 40395 | Coca-Cola Icecek AS | 49949 | 0.0 |
| 164474 <sup>(1)</sup> | Eregli Demir ve Celik Fabrikalari TAS | 110237 | 0.0 |
| 35599 | Ford Otomotiv Sanayi AS | 79869 | 0.0 |
| 56313 | Haci Omer Sabanci Holding AS | 126842 | 0.0 |
| 40302 | KOC Holding AS | 155971 | 0.0 |
| 12825 <sup>(1)</sup> | Pegasus Hava Tasimaciligi AS | 82808 | 0.0 |
| 580921 <sup>(1)</sup> | Sasa Polyester Sanayi AS | 44667 | 0.0 |
| 29957 | Turk Hava Yollari AO | 213420 | 0.1 |
| 65260 | Turkcell Iletisim Hizmetleri AS | 157855 | 0.0 |
| 469871 | Turkiye Is Bankasi AS - Class C | 157694 | 0.0 |
| 52258 | Turkiye Petrol Rafinerileri AS | 183766 | 0.1 |
| 74145 | Turkiye Sise ve Cam Fabrikalari AS | 67129 | 0.0 |
| 183187 <sup>(1)</sup> | Yapi ve Kredi Bankasi AS | 145906 | 0.0 |
|  |  | **2461112** | **0.5** |
|  | **United Arab Emirates: 1.6%** |  |  |
| 160903 | Abu Dhabi Commercial Bank PJSC | 590599 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **RA** | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United Arab Emirates (continued)** |  |  |  |
| 80201 | Abu Dhabi Islamic Bank PJSC | $| 469559 | 0.1 |
| 166582 | Abu Dhabi National Oil Co. for Distribution PJSC |  | 166464 | 0.0 |
| 176201 | ADNOC Drilling Co. PJSC |  | 273470 | 0.1 |
| 298471 | Adnoc Gas PLC |  | 277925 | 0.1 |
| 210729 | Aldar Properties PJSC |  | 512071 | 0.1 |
| 158897 | Americana Restaurants International PLC |  | 97347 | 0.0 |
| 262490 | Dubai Electricity & Water Authority PJSC |  | 201575 | 0.1 |
| 158516 | Dubai Islamic Bank PJSC |  | 391401 | 0.1 |
| 46162 | Emaar Development PJSC |  | 169950 | 0.1 |
| 356216 | Emaar Properties PJSC |  | 1321433 | 0.3 |
| 103756 | Emirates NBD Bank PJSC |  | 644131 | 0.1 |
| 194258 | Emirates Telecommunications Group Co. PJSC |  | 930932 | 0.2 |
| 239705 | First Abu Dhabi Bank PJSC |  | 1083306 | 0.2 |
| 191798 <sup>(1)</sup> | Multiply Group PJSC |  | 126027 | 0.0 |
| 91167 | Salik Co. PJSC |  | 150159 | 0.0 |
|  |  |  | **7406349** | **1.6** |
|  | **United Kingdom: 0.3%** |  |  |  |
| 27175 | Anglogold Ashanti PLC |  | **1241394** | **0.3** |
|  | **United States: 0.2%** |  |  |  |
| 20847 <sup>(1)</sup> | JBS NV |  | 303656 | 0.1 |
| 4137 <sup>(1)</sup> | Legend Biotech Corp., ADR |  | 146822 | 0.0 |
| 40000 <sup>(2)</sup> | Micro-Star International Co. Ltd. |  | 196661 | 0.1 |
| 1149 | Oracle Financial Services Software Ltd. - Class 1 |  | 120435 | 0.0 |
|  |  |  | **767574** | **0.2** |
|  | Total Common Stock<br> (Cost $382,484,922) |  | **463936448** | **97.6** |
| **PREFERRED STOCK: 1.7%** | **PREFERRED STOCK: 1.7%** | **PREFERRED STOCK: 1.7%** | **PREFERRED STOCK: 1.7%** | **PREFERRED STOCK: 1.7%** |
|  | **Brazil: 1.2%** |  |  |  |
| 298321 | Banco Bradesco SA - Preference Shares |  | 923005 | 0.2 |
| 14349 | Centrais Eletricas Brasileiras SA |  | 117790 | 0.0 |
| 96823 | Cia Energetica de Minas Gerais |  | 193357 | 0.1 |
| 61900 | Cia Paranaense de Energia |  | 141958 | 0.0 |
| 75704 | Gerdau SA |  | 222942 | 0.1 |
| 289421 | Itau Unibanco Holding SA |  | 1964063 | 0.4 |
| 307114 | Itausa SA |  | 618965 | 0.1 |
| 242099 | Petroleo Brasileiro SA |  | 1397848 | 0.3 |
|  |  |  | **5579928** | **1.2** |
|  | **Chile: 0.1%** |  |  |  |
| 8084 | Sociedad Quimica y Minera de Chile SA |  | **288087** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** |
| | **Colombia: 0.0%** | **Colombia: 0.0%** | **Colombia: 0.0%** |
| 24234 | Grupo Cibest SA | $**273824** | **0.0** |
|  | **South Korea: 0.4%** |  |  |
| 1023 | Hyundai Motor Co. | 116821 | 0.0 |
| 1858 | Hyundai Motor Co. - Second Preference Shares | 218192 | 0.1 |
| 43625 | Samsung Electronics Co. Ltd. | 1600379 | 0.3 |
|  |  | **1935392** | **0.4** |
|  | Total Preferred Stock<br> (Cost $7,580,754) | **8077231** | **1.7** |
| **RIGHT: 0.0%** | **RIGHT: 0.0%** | **RIGHT: 0.0%** | **RIGHT: 0.0%** |
|  | **South Korea: 0.0%** |  |  |
| 199 <sup>(1)</sup> | POSCO Future M Co. Ltd. | **4536** | **0.0** |
|  | Total Right<br> (Cost $–) | **4536** | **0.0** |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |
|  | **South Korea: 0.0%** |  |  |
| 126 <sup>(1)</sup> | Hanwha Aerospace Co. Ltd. | 15318 | 0.0 |
|  | Total Rights<br> (Cost $–) | **15318** | **0.0** |
| **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** |
|  | **Malaysia: 0.0%** |  |  |
| 35140 | YTL Corp. BHD | 9264 | 0.0 |
|  | Total Warrants<br> (Cost $–) | **9264** | **0.0** |
|  | Total Long-Term Investments<br> (Cost $390,065,676) | **472042797** | **99.3** |
| **Principal**<br> **Amount†** |  | **Value** | **Percentage**<br> **of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** |
|  | **Repurchase Agreements: 0.9%** |  |  |
| 1031246 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,031,370, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $1,051,871, due 06/01/30-02/01/57) | 1031246 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 1031246 <sup>(4)</sup> | CF Secured LLC, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,031,370, collateralized by various U.S. Government Agency Obligations, 3.000%- 6.500%, Market Value plus accrued interest $1,052,108, due 05/23/28-12/01/63) | $1031246 | 0.2 |
| 1031246 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,031,370, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 7.500%, Market Value plus accrued interest $1,051,871, due 08/15/34-06/01/55) | 1031246 | 0.2 |
| 189856 <sup>(4)</sup> | Deutsche Bank Securities Inc., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $189,879, collateralized by various U.S. Government Securities, 1.875%-4.250%, Market Value plus accrued interest $193,653, due 11/15/40-02/15/51) | 189856 | 0.1 |
| 1031246 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,031,370, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $1,051,871, due 03/01/34-05/01/55) | 1031246 | 0.2 |
|  | Total Repurchase Agreements<br> (Cost $4,314,840) | **4314840** | **0.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 0.6%** |  |  |
| 2888000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230%<br> (Cost $2,888,000) | $**2888000** | **0.6** |
|  | Total Short-Term Investments<br> (Cost $7,202,840) | $**7202840** | **1.5** |
|  | **Total Investments in Securities<br> (Cost $397,268,516)** | $**479245637** | **100.8** |
|  | **Liabilities in Excess of Other Assets** | **(3986996)** | **(0.8)** |
|  | **Net Assets** | $**475258641** | **100.0** |

---

ADR American Depositary Receipt

† Unless
 otherwise indicated, principal amount is shown in USD.

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

<sup>(2)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(3)</sup> Security, or a portion of the security, is on loan.

<sup>(4)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(5)</sup> Rate shown is the 7-day yield as of June 30, 2025.

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage<br> of Net Assets** |
| Financials | 24.4% |
| Information Technology | 23.8 |
| Consumer Discretionary | 12.7 |
| Communication Services | 9.8 |
| Industrials | 6.8 |
| Materials | 5.7 |
| Consumer Staples | 4.4 |
| Energy | 4.2 |
| Health Care | 3.2 |
| Utilities | 2.6 |
| Real Estate | 1.6 |
| Consumer, Non-cyclical | 0.1 |
| Short-Term Investments | 1.5 |
| Liabilities in Excess of Other Assets | (0.8) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs#<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $15094031 | $— | $— | $15094031 |
| &nbsp;&nbsp;&nbsp;Chile | 1810849 |  |  | 1810849 |
| &nbsp;&nbsp;&nbsp;China | 7700706 | 126181805 |  | 133882511 |
| &nbsp;&nbsp;&nbsp;Colombia | 277008 |  |  | 277008 |
| &nbsp;&nbsp;&nbsp;Czechia | 492429 | 327193 |  | 819622 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 205476 |  | 205476 |
| &nbsp;&nbsp;&nbsp;Greece | 1043123 | 2003933 |  | 3047056 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 598595 |  | 598595 |
| &nbsp;&nbsp;&nbsp;Hungary | 215767 | 1154438 |  | 1370205 |
| &nbsp;&nbsp;&nbsp;India | 1014959 | 84307921 |  | 85322880 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 5519423 |  | 5519423 |
| &nbsp;&nbsp;&nbsp;Kuwait | 125838 | 3425730 |  | 3551568 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 243038 |  |  | 243038 |
| &nbsp;&nbsp;&nbsp;Malaysia | 467635 | 5617815 |  | 6085450 |
| &nbsp;&nbsp;&nbsp;Mexico | 9871722 |  |  | 9871722 |
| &nbsp;&nbsp;&nbsp;Peru | 994124 |  |  | 994124 |
| &nbsp;&nbsp;&nbsp;Philippines | 795623 | 1386892 |  | 2182515 |
| &nbsp;&nbsp;&nbsp;Poland |  | 5315592 |  | 5315592 |
| &nbsp;&nbsp;&nbsp;Qatar | 1433104 | 2142524 |  | 3575628 |
| &nbsp;&nbsp;&nbsp;Romania | 232682 |  |  | 232682 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 1270456 | 15136662 |  | 16407118 |
| &nbsp;&nbsp;&nbsp;South Africa | 3140550 | 10385575 |  | 13526125 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 48478658 |  | 48478658 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 88945494 |  | 88945494 |
| &nbsp;&nbsp;&nbsp;Thailand | 298963 | 4403686 |  | 4702649 |
| &nbsp;&nbsp;&nbsp;Turkey | 309479 | 2151633 |  | 2461112 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 2112344 | 5294005 |  | 7406349 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 1241394 |  | 1241394 |
| &nbsp;&nbsp;&nbsp;United States | 450478 | 317096 |  | 767574 |
| Total Common Stock | 49394908 | 414541540 |  | 463936448 |
| Preferred Stock | 6141839 | 1935392 |  | 8077231 |
| Right |  | 4536 |  | 4536 |
| Rights |  | 15318 |  | 15318 |
| Warrants |  | 9264 |  | 9264 |
| Short-Term Investments | 2888000 | 4314840 |  | 7202840 |
| Total Investments, at fair value | $58424747 | $420820890 | $— | $479245637 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 135671 |  |  | 135671 |
| Total Assets | $58560418 | $420820890 | $— | $479381308 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(13) | $— | $(13) |
| Total Liabilities | $— | $(13) | $— | $(13) |

---

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

---

| | |
|:---|:---|
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

At June 30, 2025, the following forward foreign currency contracts were outstanding for Voya VACS Index Series EM Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | 72 | CNY | 514 | The Bank of New York Mellon | 07/02/25 | $— |
| USD | 170 | CNY | 1222 | The Bank of New York Mellon | 07/02/25 |  |
| USD | 598 | CNY | 4284 | The Bank of New York Mellon | 07/02/25 |  |
| USD | 657 | CNY | 4716 | The Bank of New York Mellon | 07/02/25 | (1) |
| USD | 1160 | CNY | 8316 | The Bank of New York Mellon | 07/02/25 | (1) |
| USD | 2036 | CNY | 14597 | The Bank of New York Mellon | 07/02/25 | (1) |
| USD | 1053 | CNY | 7551 | The Bank of New York Mellon | 07/02/25 | (1) |
| USD | 1828 | CNY | 13115 | The Bank of New York Mellon | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| USD | 2262 | CNY | 16231 | The Bank of New York Mellon | 07/02/25 | (3) |
| USD | 3279 | CNY | 23524 | The Bank of New York Mellon | 07/02/25 | (4) |
|  |  |  |  |  |  | $(13) |

---

At June 30, 2025, the following futures contracts were outstanding for Voya VACS Index Series EM Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 102 | 09/19/25 | $6290850 | $135671 |
|  |  |  | $6290850 | $135671 |

---

Currency Abbreviations:

CNY — Chinese Yuan <br> USD — United States Dollar

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

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

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\* | $135671 |
| **Total Asset Derivatives** |  | $135671 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $13 |
| **Total Liability Derivatives** |  | $13 |

---

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

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

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio </u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Forward<br> foreign<br> currency<br> contracts** | **Futures** | **Total** |
| Equity contracts | $— | $355032 | $355032 |
| Foreign exchange contracts | 2877 |  | 2877 |
| **Total** | $2877 | $355032 | $357909 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Forward<br> foreign<br> currency<br> contracts** | **Futures** | **Total** |
| Equity contracts | $— | $498246 | $498246 |
| Foreign exchange contracts | (13) |  | (13) |
| **Total** | $(13) | $498246 | $498233 |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **The Bank<br> of New York<br> Mellon** | **Total** |
| **Liabilities:** | | |
| Forward foreign currency contracts | $13 | $13 |
| **Total Liabilities** | $13 | $13 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(13) | $13 |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(13) | $13 |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $401,293,051. | Cost for U.S. federal income tax purposes was $401,293,051. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $102633375 |
| Gross Unrealized Depreciation | (23580894) |
| Net Unrealized Appreciation | $79052481 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.5%** | **COMMON STOCK: 97.5%** | **COMMON STOCK: 97.5%** | **COMMON STOCK: 97.5%** |
|  | **Australia: 6.8%** | **Australia: 6.8%** | **Australia: 6.8%** |
| 270497 <sup>(1)</sup> | ANZ Group Holdings Ltd. | $5187265 | 0.3 |
| 118237 | APA Group | 635733 | 0.0 |
| 51247 | Aristocrat Leisure Ltd. | 2195668 | 0.1 |
| 17703 | ASX Ltd. | 812842 | 0.1 |
| 462090 | BHP Group Ltd. - Class DI | 11116778 | 0.6 |
| 40048 | BlueScope Steel Ltd. | 610273 | 0.0 |
| 124967 | Brambles Ltd. | 1929965 | 0.1 |
| 34486 | CAR Group Ltd. | 849297 | 0.1 |
| 5974 <sup>(1)</sup> | Cochlear Ltd. | 1181514 | 0.1 |
| 122377 <sup>(1)</sup> | Coles Group Ltd. | 1678049 | 0.1 |
| 152343 | Commonwealth Bank of Australia | 18541410 | 1.1 |
| 48135 | Computershare Ltd. | 1262778 | 0.1 |
| 182285 | Evolution Mining Ltd. | 949030 | 0.1 |
| 154621 | Fortescue Metals Group Ltd. | 1554287 | 0.1 |
| 933424 | Glencore PLC | 3637209 | 0.2 |
| 184905 | Goodman Group | 4168615 | 0.2 |
| 215966 | Insurance Australia Group Ltd. | 1283923 | 0.1 |
| 203227 <sup>(1)</sup> | Lottery Corp. Ltd. | 712926 | 0.0 |
| 32962 <sup>(1)</sup> | Macquarie Group Ltd. | 4957673 | 0.3 |
| 251458 | Medibank Pvt Ltd. | 835067 | 0.1 |
| 278795 <sup>(1)</sup> | National Australia Bank Ltd. | 7225753 | 0.4 |
| 124014 | Northern Star Resources Ltd. | 1531838 | 0.1 |
| 157298 | Origin Energy Ltd. | 1118064 | 0.1 |
| 5248 | Pro Medicus Ltd. | 982083 | 0.1 |
| 67701 | Qantas Airways Ltd. | 478279 | 0.0 |
| 137453 | QBE Insurance Group Ltd. | 2116657 | 0.1 |
| 4825 | REA Group Ltd. | 764082 | 0.0 |
| 19730 | Reece Ltd. | 186432 | 0.0 |
| 33793 | Rio Tinto Ltd. | 2392216 | 0.1 |
| 102739 | Rio Tinto PLC | 5979815 | 0.3 |
| 296543 | Santos Ltd. | 1495131 | 0.1 |
| 474953 | Scentre Group | 1115530 | 0.1 |
| 18581 | SGH Ltd. | 661746 | 0.0 |
| 420350 | Sigma Healthcare Ltd. | 827374 | 0.1 |
| 41671 | Sonic Healthcare Ltd. | 735543 | 0.0 |
| 412469 | South32 Ltd. - Class DI | 788186 | 0.0 |
| 217964 | Stockland | 770311 | 0.0 |
| 98873 | Suncorp Group Ltd. | 1409103 | 0.1 |
| 366493 | Telstra Group Ltd. | 1168608 | 0.1 |
| 283418 | Transurban Group | 2607719 | 0.2 |
| 353304 | Vicinity Ltd. | 576757 | 0.0 |
| 21825 <sup>(1)</sup> | Washington H Soul Pattinson & Co. Ltd. | 603364 | 0.0 |
| 103304 <sup>(1)</sup> | Wesfarmers Ltd. | 5765125 | 0.3 |
| 311629 | Westpac Banking Corp. | 6945131 | 0.4 |
| 18274 | WiseTech Global Ltd. | 1310536 | 0.1 |
| 172852 <sup>(1)</sup> | Woodside Energy Group Ltd. (WDS) | 2670030 | 0.2 |
| 111207 | Woolworths Group Ltd. | 2277944 | 0.1 |
|  |  | **118603659** | **6.8** |
|  | **Austria: 0.2%** | **Austria: 0.2%** | **Austria: 0.2%** |
| 28028 | Erste Group Bank AG | 2385899 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Austria (continued)** | **Austria (continued)** | **Austria (continued)** | **Austria (continued)** |
| 40304 | Mondi PLC QX | $| 658586 | 0 |
| 13447 | OMV AG |  | 731265 | 0.1 |
| 6217 | Verbund AG |  | 477632 | 0 |
|  |  |  | **4253382** | **0.2** |
|  | **Belgium: 0.8%** | **Belgium: 0.8%** | **Belgium: 0.8%** | **Belgium: 0.8%** |
| 13623 | Ageas SA |  | 921566 | 0.1 |
| 89984 | Anheuser-Busch InBev SA |  | 6190951 | 0.4 |
| 1962 <sup>(1)</sup> | D'ieteren Group |  | 422517 | 0 |
| 4468 <sup>(1)</sup> | Elia Group SA |  | 516030 | 0 |
| 7582 | Groupe Bruxelles Lambert NV |  | 647208 | 0.1 |
| 20968 | KBC Group NV |  | 2164106 | 0.1 |
| 36 | Lotus Bakeries NV |  | 346894 | 0 |
| 1407 <sup>(1)</sup> | Sofina SA |  | 465365 | 0 |
| 6725 | Syensqo SA |  | 520949 | 0 |
| 11544 | UCB SA |  | 2271379 | 0.1 |
|  |  |  | **14466965** | **0.8** |
|  | **Brazil: 0.0%** | **Brazil: 0.0%** | **Brazil: 0.0%** | **Brazil: 0.0%** |
| 15118 | Yara International ASA |  | **557895** | **0.0** |
|  | **Chile: 0.1%** | **Chile: 0.1%** | **Chile: 0.1%** | **Chile: 0.1%** |
| 36006 | Antofagasta PLC |  | **895210** | **0.1** |
|  | **China: 0.6%** | **China: 0.6%** | **China: 0.6%** | **China: 0.6%** |
| 338000 | BOC Hong Kong Holdings Ltd. |  | 1471396 | 0.1 |
| 119111 | Prosus NV |  | 6682921 | 0.4 |
| 123000 | SITC International Holdings Co. Ltd. |  | 394073 | 0 |
| 93000 | Wharf Holdings Ltd. |  | 283148 | 0 |
| 175400 <sup>(1)</sup> | Wilmar International Ltd. |  | 395927 | 0 |
| 235900 <sup>(1)</sup> | Yangzijiang Shipbuilding Holdings Ltd. |  | 411669 | 0.1 |
|  |  |  | **9639134** | **0.6** |
|  | **Denmark: 2.2%** | **Denmark: 2.2%** | **Denmark: 2.2%** | **Denmark: 2.2%** |
| 267 | AP Moller - Maersk A/S - Class A |  | 492605 | 0 |
| 387 <sup>(1)</sup> | AP Moller - Maersk A/S - Class B |  | 719703 | 0 |
| 8702 | Carlsberg AS - Class B |  | 1232929 | 0.1 |
| 11488 | Coloplast A/S - Class B |  | 1093692 | 0.1 |
| 62830 | Danske Bank A/S |  | 2566217 | 0.1 |
| 7790 <sup>(2)</sup> | Demant A/S |  | 325478 | 0 |
| 18617 | DSV A/S |  | 4465368 | 0.3 |
| 5841 <sup>(2)</sup> | Genmab A/S |  | 1212991 | 0.1 |
| 293369 | Novo Nordisk A/S - Class B |  | 20328726 | 1.2 |
| 32098 | Novozymes A/S - Class B |  | 2304536 | 0.1 |
| 15353 <sup>(1)(2)(3)</sup> | Orsted AS |  | 661386 | 0 |
| 7469 | Pandora A/S |  | 1316003 | 0.1 |
| 8586 | ROCKWOOL A/S - Class B |  | 402446 | 0 |
| 30881 | Tryg A/S |  | 798311 | 0 |
| 91990 <sup>(1)</sup> | Vestas Wind Systems A/S |  | 1381779 | 0.1 |
|  |  |  | **39302170** | **2.2** |
|  | **Finland: 1.0%** | **Finland: 1.0%** | **Finland: 1.0%** | **Finland: 1.0%** |
| 12987 | Elisa Oyj |  | 721839 | 0 |
| 40963 | Fortum Oyj |  | 768132 | 0.1 |
| 24939 <sup>(1)</sup> | Kesko Oyj - Class B |  | 615102 | 0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Finland (continued)** | **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| 31034 | Kone Oyj - Class B | $| 2044548 | 0.1 |
| 56768 <sup>(1)</sup> | Metso Oyj |  | 735706 | 0.0 |
| 38629 | Neste Oyj |  | 523508 | 0.0 |
| 484809 | Nokia Oyj |  | 2515501 | 0.2 |
| 14686 | Nordea Bank Abp - EUR |  | 217907 | 0.0 |
| 271326 | Nordea Bank Abp - SEK |  | 4030825 | 0.2 |
| 9896 | Orion Oyj - Class B |  | 744513 | 0.1 |
| 220414 | Sampo Oyj - Class A |  | 2372213 | 0.1 |
| 53168 <sup>(1)</sup> | Stora Enso Oyj - Class R |  | 578022 | 0.0 |
| 48734 | UPM-Kymmene Oyj |  | 1330833 | 0.1 |
| 45924 | Wartsila Oyj Abp |  | 1085388 | 0.1 |
|  |  |  | **18284037** | **1.0** |
|  | **France: 9.3%** | **France: 9.3%** | **France: 9.3%** | **France: 9.3%** |
| 17799 | Accor SA |  | 932821 | 0.1 |
| 3163 | Aeroports de Paris |  | 396554 | 0.0 |
| 52655 | Air Liquide SA |  | 10857552 | 0.6 |
| 54094 | Airbus SE |  | 11316538 | 0.7 |
| 31604 <sup>(2)</sup> | Alstom SA |  | 737669 | 0.0 |
| 5627 <sup>(3)</sup> | Amundi SA |  | 456102 | 0.0 |
| 5209 | Arkema SA |  | 384652 | 0.0 |
| 161298 | AXA SA |  | 7920568 | 0.5 |
| 3782 <sup>(1)</sup> | BioMerieux |  | 523115 | 0.0 |
| 92648 | BNP Paribas SA |  | 8310708 | 0.5 |
| 65105 | Bollore SE |  | 409212 | 0.0 |
| 17301 | Bouygues SA |  | 782435 | 0.1 |
| 29009 | Bureau Veritas SA |  | 990146 | 0.1 |
| 14819 | Capgemini SE |  | 2537560 | 0.2 |
| 49522 | Carrefour SA |  | 698571 | 0.0 |
| 40888 | Cie de Saint-Gobain |  | 4803342 | 0.3 |
| 61035 | Cie Generale des Etablissements Michelin SCA |  | 2270156 | 0.1 |
| 5096 | Covivio SA/France |  | 323108 | 0.0 |
| 96412 | Credit Agricole SA |  | 1823955 | 0.1 |
| 58770 | Danone SA |  | 4808771 | 0.3 |
| 1794 | Dassault Aviation SA |  | 634310 | 0.0 |
| 61104 | Dassault Systemes SE |  | 2214515 | 0.1 |
| 22094 | Edenred |  | 686253 | 0.0 |
| 6264 | Eiffage SA |  | 880178 | 0.1 |
| 166271 | Engie SA |  | 3907846 | 0.2 |
| 27072 | EssilorLuxottica SA |  | 7433791 | 0.4 |
| 3652 | Eurazeo SE |  | 261092 | 0.0 |
| 27620 | Getlink SE |  | 533179 | 0.0 |
| 2883 | Hermes International |  | 7815449 | 0.5 |
| 3444 | Ipsen SA |  | 410243 | 0.0 |
| 6797 | Kering SA |  | 1480769 | 0.1 |
| 19644 | Klepierre SA |  | 776712 | 0.1 |
| 10120 <sup>(3)</sup> | La Francaise des Jeux SAEM |  | 397113 | 0.0 |
| 23873 | Legrand SA |  | 3199673 | 0.2 |
| 21888 | L'Oreal SA |  | 9375829 | 0.5 |
| 25042 | LVMH Moet Hennessy Louis Vuitton SE |  | 13106520 | 0.8 |
| 169510 | Orange SA |  | 2581338 | 0.2 |
| 18427 | Pernod Ricard SA |  | 1838123 | 0.1 |
| 20836 | Publicis Groupe SA |  | 2353324 | 0.1 |
| 17551 | Renault SA |  | 809893 | 0.1 |
| 20423 | Rexel SA |  | 629902 | 0.0 |
| 32780 | Safran SA |  | 10690383 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| 2666 | Sartorius Stedim Biotech | $| 637876 | 0.0 |
| 65571 | Societe Generale SA |  | 3750948 | 0.2 |
| 8078 | Sodexo SA |  | 497174 | 0.0 |
| 4920 | Teleperformance |  | 477868 | 0.0 |
| 8437 | Thales SA |  | 2491239 | 0.1 |
| 185988 | TotalEnergies SE |  | 11368114 | 0.7 |
| 11069 | Unibail-Rodamco- Westfield |  | 1064040 | 0.1 |
| 57311 | Veolia Environnement SA |  | 2046116 | 0.1 |
| 45067 | Vinci SA |  | 6646067 | 0.4 |
|  |  |  | **162279412** | **9.3** |
|  | **Germany: 9.8%** | **Germany: 9.8%** | **Germany: 9.8%** | **Germany: 9.8%** |
| 15567 | Adidas AG |  | 3633814 | 0.2 |
| 35154 | Allianz SE |  | 14266714 | 0.8 |
| 81250 | BASF SE |  | 4018598 | 0.2 |
| 89434 | Bayer AG |  | 2694412 | 0.2 |
| 26391 | Bayerische Motoren Werke AG |  | 2350372 | 0.1 |
| 9058 | Beiersdorf AG |  | 1138576 | 0.1 |
| 11206 | Brenntag SE |  | 742399 | 0.0 |
| 80884 | Commerzbank AG |  | 2548907 | 0.2 |
| 10044 | Continental AG |  | 876620 | 0.1 |
| 16394 <sup>(2)</sup> | Covestro AG |  | 1166407 | 0.1 |
| 5698 | CTS Eventim AG & Co. KGaA |  | 708552 | 0.0 |
| 43382 | Daimler Truck Holding AG |  | 2058220 | 0.1 |
| 168490 | Deutsche Bank AG |  | 4994973 | 0.3 |
| 17142 | Deutsche Boerse AG |  | 5600129 | 0.3 |
| 54785 | Deutsche Lufthansa AG |  | 465106 | 0.0 |
| 87393 | Deutsche Post AG, Reg |  | 4048043 | 0.2 |
| 317758 | Deutsche Telekom AG, Reg |  | 11631121 | 0.7 |
| 204383 | E.ON SE |  | 3765898 | 0.2 |
| 23402 | Evonik Industries AG |  | 483454 | 0.0 |
| 20033 | Fresenius Medical Care AG & Co. KGaA |  | 1151003 | 0.1 |
| 38570 | Fresenius SE & Co. KGaA |  | 1940956 | 0.1 |
| 13335 | GEA Group AG |  | 934788 | 0.1 |
| 5506 | Hannover Rueck SE |  | 1735019 | 0.1 |
| 12183 | Heidelberg Materials AG |  | 2869066 | 0.2 |
| 9488 | Henkel AG & Co. KGaA |  | 688122 | 0.0 |
| 118884 | Infineon Technologies AG |  | 5073038 | 0.3 |
| 6623 | Knorr-Bremse AG |  | 642413 | 0.0 |
| 6800 | LEG Immobilien SE |  | 605280 | 0.0 |
| 65743 | Mercedes-Benz Group AG |  | 3830209 | 0.2 |
| 11801 | Merck KGaA |  | 1530103 | 0.1 |
| 4915 | MTU Aero Engines AG |  | 2183512 | 0.1 |
| 12177 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  | 7906969 | 0.5 |
| 5273 | Nemetschek SE |  | 764549 | 0.1 |
| 467 | Rational AG |  | 392420 | 0.0 |
| 4070 | Rheinmetall AG |  | 8619059 | 0.5 |
| 57730 | RWE AG |  | 2412439 | 0.1 |
| 95061 | SAP SE |  | 29067786 | 1.7 |
| 6848 <sup>(3)</sup> | Scout24 SE |  | 945361 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| 69186 | Siemens AG, Reg | $| 17771043 | 1 |
| 61850 <sup>(2)</sup> | Siemens Energy AG |  | 7229106 | 0.4 |
| 30806 <sup>(3)</sup> | Siemens Healthineers AG |  | 1710180 | 0.1 |
| 12124 | Symrise AG |  | 1271380 | 0.1 |
| 5894 | Talanx AG |  | 764111 | 0 |
| 67417 | Vonovia SE |  | 2390168 | 0.1 |
| 20484 <sup>(2)(3)</sup> | Zalando SE |  | 675919 | 0 |
|  |  |  | **172296314** | **9.8** |
|  | **Hong Kong: 1.8%** | **Hong Kong: 1.8%** | **Hong Kong: 1.8%** | **Hong Kong: 1.8%** |
| 973600 | AIA Group Ltd. |  | 8819301 | 0.5 |
| 176000 | CK Asset Holdings Ltd. |  | 777713 | 0.1 |
| 54500 <sup>(1)</sup> | CK Infrastructure Holdings Ltd. |  | 360913 | 0 |
| 3000 | CK Infrastructure Holdings Ltd. |  | 19867 | 0 |
| 150000 | CLP Holdings Ltd. |  | 1266864 | 0.1 |
| 5609 | Futu Holdings Ltd., ADR |  | 693216 | 0 |
| 68700 | Hang Seng Bank Ltd. |  | 1030924 | 0.1 |
| 133000 | Henderson Land Development Co. Ltd. |  | 467096 | 0 |
| 346000 | HKT Trust & HKT Ltd. - Stapled Security |  | 517295 | 0 |
| 1022000 | Hong Kong & China Gas Co. Ltd. |  | 859288 | 0.1 |
| 109600 | Hong Kong Exchanges & Clearing Ltd. |  | 5895008 | 0.3 |
| 100700 | Hongkong Land Holdings Ltd. |  | 581039 | 0 |
| 14600 | Jardine Matheson Holdings Ltd. |  | 701822 | 0 |
| 237400 | Link REIT |  | 1271631 | 0.1 |
| 142000 | MTR Corp. Ltd. |  | 510617 | 0 |
| 126500 | Power Assets Holdings Ltd. |  | 813340 | 0.1 |
| 237532 | Prudential PLC |  | 2973001 | 0.2 |
| 328000 | Sino Land Co. Ltd. |  | 349364 | 0 |
| 132500 | Sun Hung Kai Properties Ltd. |  | 1526804 | 0.1 |
| 32500 <sup>(1)</sup> | Swire Pacific Ltd. - Class A |  | 278594 | 0 |
| 133500 | Techtronic Industries Co. Ltd. |  | 1473036 | 0.1 |
| 761500 <sup>(3)</sup> | WH Group Ltd. |  | 733928 | 0 |
| 152000 <sup>(1)</sup> | Wharf Real Estate Investment Co. Ltd. |  | 431466 | 0 |
|  |  |  | **32352127** | **1.8** |
|  | **Ireland: 0.4%** | **Ireland: 0.4%** | **Ireland: 0.4%** | **Ireland: 0.4%** |
| 16758 | AerCap Holdings NV |  | 1960686 | 0.1 |
| 191341 | AIB Group PLC |  | 1579113 | 0.1 |
| 89680 | Bank of Ireland Group PLC |  | 1277955 | 0.1 |
| 15025 | Kerry Group PLC - Class A |  | 1660063 | 0.1 |
| 14115 | Kingspan Group PLC |  | 1202734 | 0 |
|  |  |  | **7680551** | **0.4** |
|  | **Israel: 0.8%** | **Israel: 0.8%** | **Israel: 0.8%** | **Israel: 0.8%** |
| 3703 | Azrieli Group Ltd. |  | 341005 | 0 |
| 114267 | Bank Hapoalim BM |  | 2194849 | 0.1 |
| 136561 | Bank Leumi Le-Israel BM |  | 2540792 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Israel (continued)** | **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| 7892 <sup>(2)</sup> | Check Point Software Technologies Ltd. | $| 1746105 | 0.1 |
| 2441 | Elbit Systems Ltd. |  | 1087304 | 0.1 |
| 70692 | ICL Group Ltd. |  | 485320 | 0.0 |
| 111959 | Israel Discount Bank Ltd. - Class A |  | 1116761 | 0.1 |
| 14163 | Mizrahi Tefahot Bank Ltd. |  | 923878 | 0.1 |
| 5740 <sup>(2)</sup> | Nice Ltd. |  | 973006 | 0.1 |
| 104413 <sup>(2)</sup> | Teva Pharmaceutical Industries Ltd., ADR |  | 1749962 | 0.1 |
| 4827 <sup>(2)</sup> | Wix.com Ltd. |  | 764886 | 0.0 |
|  |  |  | **13923868** | **0.8** |
|  | **Italy: 3.1%** | **Italy: 3.1%** | **Italy: 3.1%** | **Italy: 3.1%** |
| 78579 <sup>(1)</sup> | Assicurazioni Generali SpA |  | 2795183 | 0.2 |
| 20356 | Banca Mediolanum SpA |  | 350800 | 0.0 |
| 103450 | Banco BPM SpA |  | 1207526 | 0.1 |
| 90862 | BPER Banca |  | 824691 | 0.0 |
| 19842 | Coca-Cola HBC AG - Class DI |  | 1036595 | 0.1 |
| 56211 <sup>(1)</sup> | Davide Campari-Milano NV |  | 378434 | 0.0 |
| 1953 | DiaSorin SpA |  | 209030 | 0.0 |
| 740415 | Enel SpA |  | 7027081 | 0.4 |
| 200525 | Eni SpA |  | 3239315 | 0.2 |
| 11475 | Ferrari NV |  | 5621744 | 0.3 |
| 55788 | FinecoBank Banca Fineco SpA |  | 1237579 | 0.1 |
| 25450 <sup>(1)(3)</sup> | Infrastrutture Wireless Italiane SpA |  | 311203 | 0.0 |
| 1377636 | Intesa Sanpaolo SpA |  | 7935771 | 0.5 |
| 36842 | Leonardo SpA |  | 2078885 | 0.1 |
| 45650 <sup>(1)</sup> | Mediobanca Banca di Credito Finanziario SpA |  | 1062322 | 0.1 |
| 21328 | Moncler SpA |  | 1216585 | 0.1 |
| 42941 <sup>(1)(3)</sup> | Nexi SpA |  | 256458 | 0.0 |
| 41740 <sup>(1)(3)</sup> | Poste Italiane SpA |  | 896823 | 0.0 |
| 25657 | Prysmian SpA |  | 1816501 | 0.1 |
| 10502 | Recordati Industria Chimica e Farmaceutica SpA |  | 660105 | 0.0 |
| 77398 | Ryanair Holdings PLC |  | 2195454 | 0.1 |
| 184121 | Snam SpA |  | 1114615 | 0.1 |
| 976857 <sup>(1)(2)</sup> | Telecom Italia SpA/Milano |  | 482682 | 0.0 |
| 128468 <sup>(1)</sup> | Terna - Rete Elettrica Nazionale |  | 1320779 | 0.1 |
| 127489 | UniCredit SpA |  | 8552418 | 0.5 |
| 32755 | Unipol Gruppo SpA |  | 648707 | 0.0 |
|  |  |  | **54477286** | **3.1** |
|  | **Japan: 21.2%** | **Japan: 21.2%** | **Japan: 21.2%** | **Japan: 21.2%** |
| 69700 | Advantest Corp. |  | 5166934 | 0.3 |
| 67600 | Aeon Co. Ltd. |  | 2072129 | 0.1 |
| 17900 <sup>(1)</sup> | AGC, Inc. |  | 525109 | 0.0 |
| 48000 | Aisin Corp. |  | 614035 | 0.0 |
| 82400 | Ajinomoto Co., Inc. |  | 2234949 | 0.1 |
| 14600 | ANA Holdings, Inc. |  | 285869 | 0.0 |
| 131900 <sup>(1)</sup> | Asahi Group Holdings Ltd. |  | 1763126 | 0.1 |
| 111900 | Asahi Kasei Corp. |  | 796590 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 60200 | Asics Corp. | $1535123 | 0.1 |
| 165200 | Astellas Pharma, Inc. | 1617466 | 0.1 |
| 54200 | Bandai Namco Holdings, Inc. | 1942485 | 0.1 |
| 52100 <sup>(1)</sup> | Bridgestone Corp. | 2130483 | 0.1 |
| 85200 <sup>(1)</sup> | Canon, Inc. | 2471118 | 0.1 |
| 31600 | Capcom Co. Ltd. | 1079187 | 0.1 |
| 70500 | Central Japan Railway Co. | 1575998 | 0.1 |
| 51300 <sup>(1)</sup> | Chiba Bank Ltd. | 474101 | 0.0 |
| 58800 | Chubu Electric Power Co., Inc. | 727617 | 0.0 |
| 61100 | Chugai Pharmaceutical Co. Ltd. | 3190509 | 0.2 |
| 93800 | Concordia Financial Group Ltd. | 608741 | 0.0 |
| 35400 | Dai Nippon Printing Co. Ltd. | 537366 | 0.0 |
| 29500 <sup>(1)</sup> | Daifuku Co. Ltd. | 758915 | 0.1 |
| 320000 | Dai-ichi Life Holdings, Inc. | 2432834 | 0.1 |
| 156400 | Daiichi Sankyo Co. Ltd. | 3623492 | 0.2 |
| 24000 | Daikin Industries Ltd. | 2817210 | 0.2 |
| 5300 | Daito Trust Construction Co. Ltd. | 577268 | 0.0 |
| 51000 | Daiwa House Industry Co. Ltd. | 1752503 | 0.1 |
| 121800 | Daiwa Securities Group, Inc. | 865027 | 0.1 |
| 172200 | Denso Corp. | 2323889 | 0.1 |
| 18200 <sup>(1)</sup> | Dentsu Group, Inc. | 403275 | 0.0 |
| 8400 | Disco Corp. | 2488445 | 0.1 |
| 82900 | East Japan Railway Co. | 1783256 | 0.1 |
| 24000 | Eisai Co. Ltd. | 689290 | 0.0 |
| 249200 | ENEOS Holdings, Inc. | 1235243 | 0.1 |
| 86300 | FANUC Corp. | 2342811 | 0.1 |
| 17400 | Fast Retailing Co. Ltd. | 5965836 | 0.3 |
| 12300 | Fuji Electric Co. Ltd. | 566439 | 0.0 |
| 101900 | FUJIFILM Holdings Corp. | 2206704 | 0.1 |
| 23000 | Fujikura Ltd. | 1209925 | 0.1 |
| 160300 | Fujitsu Ltd. | 3888779 | 0.2 |
| 20800 | Hankyu Hanshin Holdings, Inc. | 565420 | 0.0 |
| 1600 | Hikari Tsushin, Inc. | 472426 | 0.0 |
| 417000 | Hitachi Ltd. | 12119836 | 0.7 |
| 384500 | Honda Motor Co. Ltd. | 3707678 | 0.2 |
| 9900 | Hoshizaki Corp. | 341135 | 0.0 |
| 31500 | Hoya Corp. | 3741006 | 0.2 |
| 42100 <sup>(1)</sup> | Hulic Co. Ltd. | 424654 | 0.0 |
| 74200 | Idemitsu Kosan Co. Ltd. | 449977 | 0.0 |
| 13400 | IHI Corp. | 1449394 | 0.1 |
| 80500 <sup>(1)</sup> | Inpex Corp. | 1129992 | 0.1 |
| 48700 | Isuzu Motors Ltd. | 616929 | 0.0 |
| 108200 | ITOCHU Corp. | 5665895 | 0.3 |
| 12600 <sup>(1)</sup> | Japan Airlines Co. Ltd. | 256988 | 0.0 |
| 90600 | Japan Exchange Group, Inc. | 917780 | 0.1 |
| 164100 | Japan Post Bank Co. Ltd. | 1769085 | 0.1 |
| 162400 | Japan Post Holdings Co. Ltd. | 1504184 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 17500 | Japan Post Insurance Co. Ltd. | $396205 | 0.0 |
| 109200 | Japan Tobacco, Inc. | 3216969 | 0.2 |
| 52500 | JFE Holdings, Inc. | 610715 | 0.0 |
| 38500 | Kajima Corp. | 1004146 | 0.1 |
| 86500 | Kansai Electric Power Co., Inc. | 1025875 | 0.1 |
| 42500 | Kao Corp. | 1904238 | 0.1 |
| 32000 <sup>(1)</sup> | Kawasaki Kisen Kaisha Ltd. | 453186 | 0.0 |
| 279300 | KDDI Corp. | 4795745 | 0.3 |
| 17700 | Keyence Corp. | 7076961 | 0.4 |
| 62000 | Kikkoman Corp. | 575102 | 0.0 |
| 70900 <sup>(1)</sup> | Kirin Holdings Co. Ltd. | 993566 | 0.1 |
| 13700 | Kobe Bussan Co. Ltd. | 425462 | 0.0 |
| 82200 | Komatsu Ltd. | 2712069 | 0.2 |
| 9100 | Konami Group Corp. | 1438726 | 0.1 |
| 89300 <sup>(1)</sup> | Kubota Corp. | 1007027 | 0.1 |
| 117200 | Kyocera Corp. | 1407614 | 0.1 |
| 21600 <sup>(1)</sup> | Kyowa Kirin Co. Ltd. | 369733 | 0.0 |
| 7300 <sup>(1)</sup> | Lasertec Corp. | 978643 | 0.1 |
| 40300 | M3, Inc. | 553589 | 0.0 |
| 21700 | Makita Corp. | 668316 | 0.0 |
| 128500 | Marubeni Corp. | 2590335 | 0.2 |
| 30400 | MatsukiyoCocokara & Co. | 625344 | 0.0 |
| 21900 | MEIJI Holdings Co. Ltd. | 484292 | 0.0 |
| 33100 | MINEBEA MITSUMI, Inc. | 484046 | 0.0 |
| 123800 | Mitsubishi Chemical Group Corp. | 650696 | 0.0 |
| 311200 | Mitsubishi Corp. | 6218362 | 0.4 |
| 173100 | Mitsubishi Electric Corp. | 3723204 | 0.2 |
| 97100 | Mitsubishi Estate Co. Ltd. | 1820345 | 0.1 |
| 80400 | Mitsubishi HC Capital, Inc. | 591963 | 0.0 |
| 291800 | Mitsubishi Heavy Industries Ltd. | 7302116 | 0.4 |
| 1043600 | Mitsubishi UFJ Financial Group, Inc. | 14228017 | 0.8 |
| 224800 | Mitsui & Co. Ltd. | 4581419 | 0.3 |
| 240600 | Mitsui Fudosan Co. Ltd. | 2329268 | 0.1 |
| 31400 <sup>(1)</sup> | Mitsui OSK Lines Ltd. | 1048752 | 0.1 |
| 217400 | Mizuho Financial Group, Inc. | 6035008 | 0.4 |
| 22900 | MonotaRO Co. Ltd. | 450806 | 0.0 |
| 117100 | MS&AD Insurance Group Holdings, Inc. | 2617842 | 0.2 |
| 152300 | Murata Manufacturing Co. Ltd. | 2251099 | 0.1 |
| 111800 | NEC Corp. | 3261771 | 0.2 |
| 30000 <sup>(1)</sup> | Nexon Co. Ltd. | 604248 | 0.0 |
| 76200 | NIDEC Corp. | 1480802 | 0.1 |
| 100500 | Nintendo Co. Ltd. | 9650999 | 0.6 |
| 699 <sup>(1)</sup> | Nippon Building Fund, Inc. | 645442 | 0.0 |
| 86600 | Nippon Paint Holdings Co. Ltd. | 696460 | 0.0 |
| 15800 | Nippon Sanso Holdings Corp. | 597896 | 0.0 |
| 88300 | Nippon Steel Corp. | 1669924 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 2720300 | Nippon Telegraph & Telephone Corp. | $2908301 | 0.2 |
| 40000 <sup>(1)</sup> | Nippon Yusen KK | 1438999 | 0.1 |
| 203500 <sup>(1)(2)</sup> | Nissan Motor Co. Ltd. | 492384 | 0.0 |
| 18000 <sup>(1)</sup> | Nissin Foods Holdings Co. Ltd. | 373953 | 0.0 |
| 7300 | Nitori Holdings Co. Ltd. | 702627 | 0.0 |
| 64500 | Nitto Denko Corp. | 1245590 | 0.1 |
| 274400 | Nomura Holdings, Inc. | 1808214 | 0.1 |
| 34500 | Nomura Research Institute Ltd. | 1379911 | 0.1 |
| 59300 | Obayashi Corp. | 898503 | 0.1 |
| 29600 | Obic Co. Ltd. | 1150998 | 0.1 |
| 103700 | Olympus Corp. | 1231782 | 0.1 |
| 16000 <sup>(1)</sup> | Omron Corp. | 431303 | 0.0 |
| 34200 | Ono Pharmaceutical Co. Ltd. | 370652 | 0.0 |
| 3500 <sup>(1)</sup> | Oracle Corp. Japan | 417167 | 0.0 |
| 98600 | Oriental Land Co. Ltd./ Japan | 2270933 | 0.1 |
| 105400 | ORIX Corp. | 2378528 | 0.1 |
| 33200 | Osaka Gas Co. Ltd. | 851578 | 0.1 |
| 20800 <sup>(1)</sup> | Otsuka Corp. | 423725 | 0.0 |
| 40300 | Otsuka Holdings Co. Ltd. | 1998046 | 0.1 |
| 34800 | Pan Pacific International Holdings Corp. | 1196949 | 0.1 |
| 212300 | Panasonic Holdings Corp. | 2271466 | 0.1 |
| 137600 <sup>(2)</sup> | Rakuten Group, Inc. | 758201 | 0.1 |
| 128000 | Recruit Holdings Co. Ltd. | 7527250 | 0.4 |
| 153700 | Renesas Electronics Corp. | 1901489 | 0.1 |
| 189000 | Resona Holdings, Inc. | 1745570 | 0.1 |
| 48200 | Ricoh Co. Ltd. | 454883 | 0.0 |
| 16300 | Sanrio Co. Ltd. | 788197 | 0.1 |
| 24900 <sup>(1)</sup> | SBI Holdings, Inc. | 867644 | 0.1 |
| 7400 | SCREEN Holdings Co. Ltd. | 601705 | 0.0 |
| 14300 | SCSK Corp. | 430826 | 0.0 |
| 38300 | Secom Co. Ltd. | 1375925 | 0.1 |
| 34500 | Sekisui Chemical Co. Ltd. | 624819 | 0.0 |
| 54500 | Sekisui House Ltd. | 1199509 | 0.1 |
| 201500 | Seven & i Holdings Co. Ltd. | 3243209 | 0.2 |
| 29200 <sup>(1)</sup> | SG Holdings Co. Ltd. | 325229 | 0.0 |
| 21600 | Shimadzu Corp. | 534017 | 0.0 |
| 6900 | Shimano, Inc. | 1000365 | 0.1 |
| 164000 | Shin-Etsu Chemical Co. Ltd. | 5415605 | 0.3 |
| 69000 | Shionogi & Co. Ltd. | 1242157 | 0.1 |
| 36500 <sup>(1)</sup> | Shiseido Co. Ltd. | 651914 | 0.0 |
| 5200 | SMC Corp. | 1863485 | 0.1 |
| 2606100 | SoftBank Corp. | 4036723 | 0.2 |
| 87000 | SoftBank Group Corp. | 6325424 | 0.4 |
| 81400 | Sompo Holdings, Inc. | 2452973 | 0.1 |
| 559800 | Sony Group Corp. | 14554983 | 0.8 |
| 53500 | Subaru Corp. | 927497 | 0.1 |
| 99200 | Sumitomo Corp. | 2560027 | 0.2 |
| 65200 | Sumitomo Electric Industries Ltd. | 1398110 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 22600 <sup>(1)</sup> | Sumitomo Metal Mining Co. Ltd. | $| 556977 | 0.0 |
| 335900 | Sumitomo Mitsui Financial Group, Inc. |  | 8458285 | 0.5 |
| 58400 | Sumitomo Mitsui Trust Holdings, Inc. |  | 1553290 | 0.1 |
| 28300 <sup>(1)</sup> | Sumitomo Realty & Development Co. Ltd. |  | 1092928 | 0.1 |
| 12700 | Suntory Beverage & Food Ltd. |  | 406139 | 0.0 |
| 143500 | Suzuki Motor Corp. |  | 1730069 | 0.1 |
| 46000 | Sysmex Corp. |  | 800732 | 0.1 |
| 44700 | T&D Holdings, Inc. |  | 981170 | 0.1 |
| 14200 | Taisei Corp. |  | 827016 | 0.1 |
| 144800 | Takeda Pharmaceutical Co. Ltd. |  | 4470411 | 0.3 |
| 177500 | TDK Corp. |  | 2071879 | 0.1 |
| 121300 | Terumo Corp. |  | 2226083 | 0.1 |
| 19400 | TIS, Inc. |  | 650088 | 0.0 |
| 10200 <sup>(1)</sup> | Toho Co. Ltd./Tokyo |  | 601758 | 0.0 |
| 167300 | Tokio Marine Holdings, Inc. |  | 7090351 | 0.4 |
| 40800 | Tokyo Electron Ltd. |  | 7813586 | 0.5 |
| 30100 | Tokyo Gas Co. Ltd. |  | 1001189 | 0.1 |
| 26500 <sup>(1)</sup> | Tokyo Metro Co. Ltd. |  | 308372 | 0.0 |
| 45500 | Tokyu Corp. |  | 541274 | 0.0 |
| 21800 | TOPPAN Holdings, Inc. |  | 592241 | 0.0 |
| 126600 | Toray Industries, Inc. |  | 866609 | 0.1 |
| 14800 | Toyota Industries Corp. |  | 1670368 | 0.1 |
| 862700 | Toyota Motor Corp. |  | 14858275 | 0.9 |
| 58200 | Toyota Tsusho Corp. |  | 1318303 | 0.1 |
| 11500 | Trend Micro, Inc./Japan |  | 795407 | 0.1 |
| 102000 <sup>(1)</sup> | Unicharm Corp. |  | 736520 | 0.1 |
| 40900 | West Japan Railway Co. |  | 935018 | 0.1 |
| 23400 | Yakult Honsha Co. Ltd. |  | 440693 | 0.0 |
| 84300 <sup>(1)</sup> | Yamaha Motor Co. Ltd. |  | 630823 | 0.0 |
| 20800 | Yokogawa Electric Corp. |  | 555648 | 0.0 |
| 261200 | Z Holdings Corp. |  | 961896 | 0.1 |
| 8800 | Zensho Holdings Co. Ltd. |  | 532632 | 0.0 |
| 37000 | ZOZO, Inc. |  | 399774 | 0.0 |
|  |  |  | **372191947** | **21.2** |
|  | **Luxembourg: 0.1%** | **Luxembourg: 0.1%** | **Luxembourg: 0.1%** | **Luxembourg: 0.1%** |
| 42827 | ArcelorMittal SA |  | 1359946 | 0.1 |
| 19411 <sup>(3)</sup> | CVC Capital Partners PLC |  | 399119 | 0.0 |
| 10779 <sup>(1)</sup> | Eurofins Scientific SE |  | 768171 | 0.0 |
|  |  |  | **2527236** | **0.1** |
|  | **Macao: 0.1%** | **Macao: 0.1%** | **Macao: 0.1%** | **Macao: 0.1%** |
| 200000 | Galaxy Entertainment Group Ltd. |  | 891520 | 0.1 |
| 221600 <sup>(1)</sup> | Sands China Ltd. |  | 463129 | 0.0 |
|  |  |  | **1354649** | **0.1** |
|  | **Netherlands: 4.1%** | **Netherlands: 4.1%** | **Netherlands: 4.1%** | **Netherlands: 4.1%** |
| 41834 <sup>(3)</sup> | ABN AMRO Bank NV |  | 1142320 | 0.1 |
| 2294 <sup>(2)(3)</sup> | Adyen NV |  | 4213029 | 0.2 |
| 120729 | Aegon Ltd. |  | 874891 | 0.0 |
| 15593 | Akzo Nobel NV |  | 1094065 | 0.1 |
| 5559 <sup>(2)</sup> | Argenx SE |  | 3077376 | 0.2 |
| 4266 | ASM International, N.V. |  | 2736552 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| 35852 | ASML Holding NV | $| 28729612 | 1.6 |
| 13467 | ASR Nederland NV |  | 894825 | 0.1 |
| 7409 <sup>(1)</sup> | BE Semiconductor Industries NV |  | 1108044 | 0.1 |
| 7138 <sup>(3)</sup> | Euronext NV |  | 1223043 | 0.1 |
| 8071 | EXOR NV |  | 814750 | 0.0 |
| 11835 | Heineken Holding NV |  | 883126 | 0.0 |
| 26218 | Heineken NV |  | 2287340 | 0.1 |
| 5397 <sup>(1)</sup> | IMCD NV |  | 725874 | 0.0 |
| 286521 | ING Groep NV |  | 6279896 | 0.4 |
| 15601 <sup>(1)</sup> | JDE Peet's NV |  | 445637 | 0.0 |
| 83108 | Koninklijke Ahold Delhaize NV |  | 3471136 | 0.2 |
| 355084 | Koninklijke KPN NV |  | 1732172 | 0.1 |
| 78930 | Koninklijke Philips, N.V. |  | 1895300 | 0.1 |
| 24561 | NN Group NV |  | 1634272 | 0.1 |
| 9909 <sup>(1)</sup> | Randstad NV |  | 458005 | 0.0 |
| 100158 <sup>(1)</sup> | Universal Music Group NV |  | 3249191 | 0.2 |
| 21713 | Wolters Kluwer NV |  | 3631252 | 0.2 |
|  |  |  | **72601708** | **4.1** |
|  | **New Zealand: 0.3%** | **New Zealand: 0.3%** | **New Zealand: 0.3%** | **New Zealand: 0.3%** |
| 153561 | Auckland International Airport Ltd. |  | 724958 | 0.1 |
| 72858 | Contact Energy Ltd. |  | 399834 | 0.0 |
| 53518 | Fisher & Paykel Healthcare Corp. Ltd. |  | 1175512 | 0.1 |
| 83973 | Infratil Ltd. |  | 541857 | 0.0 |
| 118985 | Meridian Energy Ltd. |  | 427912 | 0.0 |
| 13274 <sup>(2)</sup> | Xero Ltd. |  | 1570703 | 0.1 |
|  |  |  | **4840776** | **0.3** |
|  | **Norway: 0.6%** | **Norway: 0.6%** | **Norway: 0.6%** | **Norway: 0.6%** |
| 28854 | Aker BP ASA |  | 737347 | 0.1 |
| 81523 | DNB Bank ASA |  | 2254484 | 0.1 |
| 76500 | Equinor ASA |  | 1931935 | 0.1 |
| 18261 | Gjensidige Forsikring ASA |  | 462915 | 0.0 |
| 40155 | Kongsberg Gruppen ASA |  | 1557095 | 0.1 |
| 42494 | Mowi ASA |  | 820704 | 0.1 |
| 128405 | Norsk Hydro ASA |  | 735299 | 0.0 |
| 63436 | Orkla ASA |  | 690913 | 0.0 |
| 5761 | Salmar ASA |  | 249658 | 0.0 |
| 56223 | Telenor ASA |  | 875516 | 0.1 |
|  |  |  | **10315866** | **0.6** |
|  | **Poland: 0.0%** | **Poland: 0.0%** | **Poland: 0.0%** | **Poland: 0.0%** |
| 20544 <sup>(2)</sup> | InPost SA |  | **341888** | **0.0** |
|  | **Portugal: 0.2%** | **Portugal: 0.2%** | **Portugal: 0.2%** | **Portugal: 0.2%** |
| 286521 | EDP - Energias de Portugal SA |  | 1244731 | 0.1 |
| 38098 | Galp Energia SGPS SA |  | 697418 | 0.1 |
| 25856 | Jeronimo Martins SGPS SA |  | 654621 | 0.0 |
|  |  |  | **2596770** | **0.2** |
|  | **Singapore: 1.8%** | **Singapore: 1.8%** | **Singapore: 1.8%** | **Singapore: 1.8%** |
| 341500 | CapitaLand Ascendas REIT |  | 720618 | 0.0 |
| 533135 | CapitaLand Integrated Commercial Trust |  | 910368 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| 213800 <sup>(1)</sup> | CapitaLand Investment Ltd./Singapore | $| 445701 | 0.0 |
| 193960 | DBS Group Holdings Ltd. |  | 6847192 | 0.4 |
| 552100 | Genting Singapore Ltd. |  | 310522 | 0.0 |
| 216005 <sup>(2)</sup> | Grab Holdings Ltd. - Class A |  | 1086505 | 0.1 |
| 133000 | Keppel Corp. Ltd. |  | 776664 | 0.1 |
| 308300 | Oversea-Chinese Banking Corp. Ltd. |  | 3953428 | 0.2 |
| 34825 <sup>(2)</sup> | Sea Ltd., ADR |  | 5569911 | 0.3 |
| 81600 | Sembcorp Industries Ltd. |  | 439587 | 0.0 |
| 135900 | Singapore Airlines Ltd. |  | 745378 | 0.0 |
| 78300 | Singapore Exchange Ltd. |  | 916832 | 0.1 |
| 142600 | Singapore Technologies Engineering Ltd. |  | 874378 | 0.1 |
| 678600 | Singapore Telecommunications Ltd. |  | 2045836 | 0.1 |
| 61822 | STMicroelectronics NV |  | 1895591 | 0.1 |
| 115000 | United Overseas Bank Ltd. |  | 3254927 | 0.2 |
|  |  |  | **30793438** | **1.8** |
|  | **South Africa: 0.2%** | **South Africa: 0.2%** | **South Africa: 0.2%** | **South Africa: 0.2%** |
| 101880 | Anglo American PLC |  | **3003199** | **0.2** |
|  | **South Korea: 0.0%** | **South Korea: 0.0%** | **South Korea: 0.0%** | **South Korea: 0.0%** |
| 17201 <sup>(2)(3)</sup> | Delivery Hero SE |  | **466875** | **0.0** |
|  | **Spain: 3.1%** | **Spain: 3.1%** | **Spain: 3.1%** | **Spain: 3.1%** |
| 2254 <sup>(1)</sup> | Acciona SA |  | 406542 | 0.0 |
| 16075 | ACS Actividades de Construccion y Servicios SA |  | 1117338 | 0.1 |
| 68480 <sup>(3)</sup> | Aena SME SA |  | 1827995 | 0.1 |
| 41011 | Amadeus IT Group SA |  | 3464744 | 0.2 |
| 524658 | Banco Bilbao Vizcaya Argentaria SA |  | 8078848 | 0.5 |
| 490466 | Banco de Sabadell SA |  | 1561428 | 0.1 |
| 1379399 | Banco Santander SA |  | 11422668 | 0.6 |
| 61371 | Bankinter SA |  | 801169 | 0.0 |
| 359242 | CaixaBank SA |  | 3112773 | 0.2 |
| 45020 <sup>(3)</sup> | Cellnex Telecom SA |  | 1753005 | 0.1 |
| 27838 <sup>(1)</sup> | EDP Renovaveis SA |  | 311500 | 0.0 |
| 29001 <sup>(1)</sup> | Endesa SA |  | 918611 | 0.1 |
| 26410 <sup>(1)(2)</sup> | Grifols SA |  | 322255 | 0.0 |
| 527682 | Iberdrola SA |  | 10151592 | 0.6 |
| 99303 | Industria de Diseno Textil SA |  | 5180330 | 0.3 |
| 37053 <sup>(1)</sup> | Red Electrica Corp. SA |  | 792853 | 0.0 |
| 105678 <sup>(1)</sup> | Repsol SA |  | 1545693 | 0.1 |
| 335517 <sup>(1)</sup> | Telefonica SA |  | 1765859 | 0.1 |
|  |  |  | **54535203** | **3.1** |
|  | **Sweden: 3.0%** | **Sweden: 3.0%** | **Sweden: 3.0%** | **Sweden: 3.0%** |
| 23731 | AddTech AB - Class B |  | 809027 | 0.1 |
| 26418 | Alfa Laval AB |  | 1112690 | 0.1 |
| 91244 | Assa Abloy AB - Class B |  | 2852620 | 0.2 |
| 244524 | Atlas Copco AB - Class A |  | 3952977 | 0.2 |
| 142518 | Atlas Copco AB - Class B |  | 2028400 | 0.1 |
| 35145 <sup>(1)</sup> | Beijer Ref AB |  | 554624 | 0.0 |
| 25874 <sup>(2)</sup> | Boliden AB |  | 808549 | 0.1 |
| 60172 | Epiroc AB - Class A |  | 1309334 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| 35607 | Epiroc AB - Class B | $| 682677 | 0.0 |
| 33997 <sup>(1)</sup> | EQT AB |  | 1140464 | 0.1 |
| 54837 | Essity AB - Class B |  | 1518375 | 0.1 |
| 13499 <sup>(3)</sup> | Evolution AB |  | 1072132 | 0.1 |
| 65558 <sup>(1)(2)</sup> | Fastighets AB Balder |  | 488687 | 0.0 |
| 51721 <sup>(1)</sup> | H & M Hennes & Mauritz AB - Class B |  | 728445 | 0.1 |
| 189569 | Hexagon AB - Class B |  | 1910779 | 0.1 |
| 6960 <sup>(1)</sup> | Holmen AB - Class B |  | 275700 | 0.0 |
| 10883 | Industrivarden AB - Class A |  | 395634 | 0.0 |
| 14136 <sup>(1)</sup> | Industrivarden AB - Class C |  | 511889 | 0.0 |
| 24949 | Indutrade AB |  | 681235 | 0.0 |
| 13519 | Investment AB Latour - Class B |  | 356567 | 0.0 |
| 157566 | Investor AB - Class B |  | 4669214 | 0.3 |
| 6939 | L E Lundbergforetagen AB - Class B |  | 346379 | 0.0 |
| 21284 | Lifco AB - Class B |  | 862573 | 0.1 |
| 138375 <sup>(1)</sup> | Nibe Industrier AB - Class B |  | 590815 | 0.0 |
| 29246 | Saab AB - Class B |  | 1635240 | 0.1 |
| 20066 | Sagax AB - Class B |  | 459797 | 0.0 |
| 97353 | Sandvik AB |  | 2235455 | 0.1 |
| 44905 | Securitas AB - Class B |  | 672333 | 0.0 |
| 144460 | Skandinaviska Enskilda Banken AB - Class A |  | 2518015 | 0.2 |
| 31071 | Skanska AB - Class B |  | 723787 | 0.1 |
| 31144 | SKF AB - Class B |  | 715387 | 0.0 |
| 55397 <sup>(1)</sup> | Svenska Cellulosa AB SCA - Class B |  | 720314 | 0.0 |
| 133178 | Svenska Handelsbanken AB - Class A |  | 1782892 | 0.1 |
| 77520 | Swedbank AB - Class A |  | 2053220 | 0.1 |
| 17878 <sup>(2)</sup> | Swedish Orphan Biovitrum AB |  | 544120 | 0.0 |
| 49911 | Tele2 AB - Class B |  | 728572 | 0.1 |
| 252880 | Telefonaktiebolaget LM Ericsson - Class B |  | 2160941 | 0.1 |
| 215416 | Telia Co. AB |  | 774814 | 0.1 |
| 18425 | Trelleborg AB - Class B |  | 686352 | 0.0 |
| 144607 | Volvo AB - Class B |  | 4068896 | 0.2 |
|  |  |  | **52139921** | **3.0** |
|  | **Switzerland: 4.8%** | **Switzerland: 4.8%** | **Switzerland: 4.8%** | **Switzerland: 4.8%** |
| 143973 | ABB Ltd., Reg |  | 8628135 | 0.5 |
| 3764 | Baloise Holding AG, Reg |  | 887747 | 0.0 |
| 2750 <sup>(1)</sup> | Banque Cantonale Vaudoise |  | 317165 | 0.0 |
| 326 <sup>(1)</sup> | Barry Callebaut AG |  | 356341 | 0.0 |
| 1928 | BKW AG |  | 422713 | 0.0 |
| 10 | Chocoladefabriken Lindt & Spruengli AG |  | 1667256 | 0.1 |
| 86 <sup>(1)</sup> | Chocoladefabriken Lindt & Spruengli AG - Class PC |  | 1449410 | 0.1 |
| 48939 | Cie Financiere Richemont SA |  | 9260868 | 0.5 |
| 16981 | DSM-Firmenich AG |  | 1806532 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| 8026 | Dufry AG, Reg | $| 437185 | 0.0 |
| 641 | EMS-Chemie Holding AG |  | 484598 | 0.0 |
| 10836 | Galderma Group AG |  | 1575074 | 0.1 |
| 3043 | Geberit AG, Reg |  | 2396499 | 0.1 |
| 841 | Givaudan SA, Reg |  | 4078452 | 0.2 |
| 3389 | Helvetia Holding AG |  | 795657 | 0.0 |
| 18809 | Julius Baer Group Ltd. |  | 1275906 | 0.1 |
| 4410 | Kuehne + Nagel International AG |  | 954954 | 0.1 |
| 13887 | Logitech International SA |  | 1259336 | 0.1 |
| 6575 | Lonza Group AG |  | 4702200 | 0.3 |
| 2066 | Partners Group Holding AG |  | 2703002 | 0.2 |
| 38166 | Sandoz Group AG |  | 2091626 | 0.1 |
| 3718 | Schindler Holding AG |  | 1384472 | 0.1 |
| 2144 | Schindler Holding AG (SCHN) |  | 778887 | 0.0 |
| 14664 | SGS SA |  | 1488919 | 0.1 |
| 27923 <sup>(1)</sup> | SIG Group AG |  | 516493 | 0.0 |
| 13879 | Sika AG, Reg |  | 3776253 | 0.2 |
| 4628 | Sonova Holding AG, Reg |  | 1380188 | 0.1 |
| 10192 | Straumann Holding AG |  | 1334028 | 0.1 |
| 2642 <sup>(1)</sup> | Swatch Group AG - Class BR |  | 431335 | 0.0 |
| 2615 | Swiss Life Holding AG |  | 2647333 | 0.2 |
| 7304 | Swiss Prime Site AG |  | 1096507 | 0.1 |
| 2365 | Swisscom AG, Reg |  | 1679359 | 0.1 |
| 5148 | Temenos AG |  | 369807 | 0.0 |
| 299411 | UBS Group AG |  | 10165533 | 0.6 |
| 2465 <sup>(3)</sup> | VAT Group AG |  | 1044500 | 0.1 |
| 13323 | Zurich Insurance Group AG |  | 9322412 | 0.5 |
|  |  |  | **84966682** | **4.8** |
|  | **United Kingdom: 11.1%** | **United Kingdom: 11.1%** | **United Kingdom: 11.1%** | **United Kingdom: 11.1%** |
| 88613 | 3i Group PLC |  | 5014791 | 0.3 |
| 23772 | Admiral Group PLC |  | 1067516 | 0.1 |
| 39325 | Ashtead Group PLC |  | 2521750 | 0.1 |
| 29669 | Associated British Foods PLC |  | 838276 | 0.0 |
| 141160 | AstraZeneca PLC |  | 19645061 | 1.1 |
| 80038 <sup>(3)</sup> | Auto Trader Group PLC |  | 906571 | 0.1 |
| 244487 | Aviva PLC |  | 2078557 | 0.1 |
| 274232 | BAE Systems PLC |  | 7117091 | 0.4 |
| 1301929 | Barclays PLC |  | 6015898 | 0.3 |
| 125864 | Barratt Developments PLC |  | 788157 | 0.0 |
| 180336 | British American Tobacco PLC |  | 8574296 | 0.5 |
| 543849 <sup>(1)</sup> | BT Group PLC |  | 1448115 | 0.1 |
| 29822 | Bunzl PLC |  | 950320 | 0.1 |
| 457563 | Centrica PLC |  | 1015226 | 0.1 |
| 245000 | CK Hutchison Holdings Ltd. |  | 1508632 | 0.1 |
| 20973 | Coca-Cola European Partners PLC - USD |  | 1944617 | 0.1 |
| 154525 | Compass Group PLC |  | 5234056 | 0.3 |
| 12112 | Croda International PLC |  | 486271 | 0.0 |
| 9036 | DCC PLC |  | 586440 | 0.0 |
| 202576 | Diageo PLC |  | 5108163 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 55454 | Entain PLC | $686830 | 0.0 |
| 34664 | Halma PLC | 1523621 | 0.1 |
| 15195 | Hikma Pharmaceuticals PLC | 414655 | 0.0 |
| 1608862 | HSBC Holdings PLC | 19461044 | 1.1 |
| 71213 | Imperial Brands PLC | 2813629 | 0.2 |
| 120081 | Informa PLC | 1329437 | 0.1 |
| 13498 | InterContinental Hotels Group PLC | 1543292 | 0.1 |
| 113144 | International Consolidated Airlines Group SA - Class DI | 533048 | 0.0 |
| 14576 | Intertek Group PLC | 949457 | 0.1 |
| 160177 | J Sainsbury PLC | 637481 | 0.0 |
| 226152 | JD Sports Fashion PLC | 275786 | 0.0 |
| 162328 | Kingfisher PLC | 648271 | 0.0 |
| 64617 | Land Securities Group PLC | 561250 | 0.0 |
| 534582 | Legal & General Group PLC | 1870464 | 0.1 |
| 5475480 | Lloyds Banking Group PLC | 5757551 | 0.3 |
| 43388 | London Stock Exchange Group PLC | 6345355 | 0.4 |
| 208504 | M&G PLC | 737001 | 0.0 |
| 187316 | Marks & Spencer Group PLC | 911669 | 0.1 |
| 116094 | Melrose Industries PLC | 845532 | 0.1 |
| 445807 | National Grid PLC | 6543831 | 0.4 |
| 735380 | NatWest Group PLC | 5164524 | 0.3 |
| 10625 | Next PLC | 1814681 | 0.1 |
| 54751 | Pearson PLC | 806535 | 0.0 |
| 64113 | Phoenix Group Holdings PLC | 580037 | 0.0 |
| 62073 | Reckitt Benckiser Group PLC | 4228835 | 0.2 |
| 168169 | RELX PLC | 9114342 | 0.5 |
| 230507 | Rentokil Initial PLC | 1112140 | 0.1 |
| 771775 | Rolls-Royce Holdings PLC | 10228032 | 0.6 |
| 89403 | Sage Group PLC | 1535296 | 0.1 |
| 65984 | Schroders PLC | 328145 | 0.0 |
| 117349 | Segro PLC | 1098518 | 0.1 |
| 24670 | Severn Trent PLC | 926903 | 0.1 |
| 75845 | Smith & Nephew PLC | 1161505 | 0.1 |
| 30555 | Smiths Group PLC | 942446 | 0.1 |
| 6721 | Spirax-Sarco Engineering PLC | 549590 | 0.0 |
| 100757 | SSE PLC | 2537068 | 0.1 |
| 183773 | Standard Chartered PLC | 3041167 | 0.2 |
| 612520 | Tesco PLC | 3377133 | 0.2 |
| 227727 | Unilever PLC | 13897286 | 0.8 |
| 62261 | United Utilities Group PLC | 977667 | 0.1 |
| 1815800 | Vodafone Group PLC | 1943720 | 0.1 |
| 16108 | Whitbread PLC | 625086 | 0.0 |
| 60833 <sup>(2)</sup> | Wise PLC - Class A | 869021 | 0.1 |
| 98502 | WPP PLC | 693550 | 0.0 |
|  |  | **194792235** | **11.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States: 10.0%** | **United States: 10.0%** | **United States: 10.0%** |
| 45490 | Alcon, Inc. | $4034189 | 0.2 |
| 47448 <sup>(2)</sup> | Amrize Ltd. | 2366869 | 0.1 |
| 1458120 | BP PLC | 7264765 | 0.4 |
| 44080 | CSL Ltd. | 6962907 | 0.4 |
| 4276 <sup>(2)</sup> | CyberArk Software Ltd. | 1739819 | 0.1 |
| 83586 | Experian PLC | 4310204 | 0.2 |
| 46784 <sup>(1)</sup> | Ferrovial SE | 2495592 | 0.1 |
| 4204 | Gecina SA | 462796 | 0.0 |
| 374722 | GSK PLC | 7144604 | 0.4 |
| 821552 | Haleon PLC | 4222462 | 0.2 |
| 47448 | Holcim AG | 3523448 | 0.2 |
| 52685 <sup>(1)(2)</sup> | James Hardie Industries PLC | 1414768 | 0.1 |
| 3698 <sup>(2)</sup> | Monday.com Ltd. | 1162947 | 0.1 |
| 238510 | Nestle SA | 23714184 | 1.4 |
| 173073 | Novartis AG, Reg | 21007100 | 1.2 |
| 19707 | QIAGEN NV | 949479 | 0.1 |
| 63957 | Roche Holding AG | 20876837 | 1.2 |
| 2922 | Roche Holding AG - Class BR | 1015486 | 0.1 |
| 101067 | Sanofi | 9784700 | 0.6 |
| 49782 | Schneider Electric SE | 13365754 | 0.8 |
| 544932 | Shell PLC | 19012378 | 1.1 |
| 13977 <sup>(2)</sup> | Spotify Technology SA | 10725111 | 0.6 |
| 183557 | Stellantis NV (STLAM) | 1838537 | 0.1 |
| 27458 | Swiss Re AG | 4749880 | 0.3 |
| 37048 | Tenaris SA | 694455 | 0.0 |
|  |  | **174839271** | **10.0** |
|  | Total Common Stock <br> (Cost $1,324,231,679) | **1711319674** | **97.5** |
| **PREFERRED STOCK: 0.3%** | **PREFERRED STOCK: 0.3%** | **PREFERRED STOCK: 0.3%** | **PREFERRED STOCK: 0.3%** |
|  | **Germany: 0.3%** | **Germany: 0.3%** | **Germany: 0.3%** |
| 5111 | Bayerische Motoren Werke AG | 424449 | 0.0 |
| 10398 <sup>(3)</sup> | Dr Ing hc F Porsche AG | 513911 | 0.0 |
| 15454 | Henkel AG & Co. KGaA | 1214434 | 0.1 |
| 13981 | Porsche Automobil Holding SE | 555028 | 0.0 |
| 2393 | Sartorius AG | 609493 | 0.1 |
| 18828 | Volkswagen AG | 1990379 | 0.1 |
|  |  | **5307694** | **0.3** |
|  | Total Preferred Stock <br> (Cost $6,902,568) | **5307694** | **0.3** |
|  | Total Long-Term Investments <br> (Cost $1,331,134,247) | **1716627368** | **97.8** |
| **Principal <br> Amount†** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 4.6%** | **SHORT-TERM INVESTMENTS: 4.6%** | **SHORT-TERM INVESTMENTS: 4.6%** | **SHORT-TERM INVESTMENTS: 4.6%** |
|  | **Commercial Paper: 0.5%** | **Commercial Paper: 0.5%** | **Commercial Paper: 0.5%** |
| 900000 <sup>(4)</sup> | ANZ Banking Group Ltd., 4.480%, 08/27/2025 | 900051 | 0.1 |
| 750000 <sup>(4)</sup> | BNP Paribas S.A., 4.450%, 07/23/2025 | 747926 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Commercial Paper (continued)** | **Commercial Paper (continued)** | **Commercial Paper (continued)** | **Commercial Paper (continued)** |
| 900000 <sup>(4)</sup> | Credit Industriel et Commercial S.A., 4.420%, 07/14/2025 | $| 898490 | 0.0 |
| 900000 <sup>(4)</sup> | DBS Bank Ltd., 4.430%, 07/28/2025 |  | 896963 | 0.0 |
| 750000 <sup>(4)</sup> | LLoyds Bank PLC, 4.430%, 07/24/2025 |  | 747828 | 0.0 |
| 950000 <sup>(4)</sup> | National Australia Bank Ltd., 4.500%, 09/04/2025 |  | 950019 | 0.1 |
| 900000 <sup>(4)</sup> | Skandinaviska Enskilda Banken AB, 4.570%, 12/11/2025 |  | 899991 | 0.1 |
| 500000 <sup>(4)</sup> | Svenska Handelsbanken AB, 4.510%, 11/21/2025 |  | 500391 | 0.0 |
| 900000 <sup>(4)</sup> | Swedbank AB, 4.580%, 12/10/2025 |  | 900763 | 0.1 |
| 900000 <sup>(4)</sup> | Toyota Motor Credit Corp., 4.490%, 08/11/2025 |  | 895447 | 0.0 |
| 900000 <sup>(4)</sup> | United Overseas Bank Ltd., 4.360%, 09/19/2025 |  | 900041 | 0.1 |
|  | Total Commercial Paper <br> (Cost $9,237,910) |  | **9237910** | **0.5** |
|  | **Certificates of Deposits: 0.6%** | **Certificates of Deposits: 0.6%** | **Certificates of Deposits: 0.6%** | **Certificates of Deposits: 0.6%** |
| 900000 <sup>(4)</sup> | Bank of America N.A., 4.530%, 08/05/2025 |  | 900252 | 0.1 |
| 900000 <sup>(4)(5)</sup> | Barclays Bank PLC, 4.620%, (SOFRRATE + 0.220%), 07/28/2025 |  | 900075 | 0.0 |
| 900000 <sup>(4)</sup> | Canadian Imperial Bank of Commerce, 4.490%, 11/12/2025 |  | 900606 | 0.1 |
| 900000 <sup>(4)</sup> | Citibank N.A., 4.577%, 10/23/2025 |  | 900959 | 0.1 |
| 950000 <sup>(4)(5)</sup> | Cooperatieve Rabobank U.A., 4.671%, (SOFRRATE + 0.360%), 08/11/2025 |  | 950319 | 0.1 |
| 900000 <sup>(4)</sup> | DZ Bank AG, 4.439%, 08/15/2025 |  | 900207 | 0.0 |
| 900000 <sup>(4)</sup> | Landesbank Baden- Wurttemberg, 4.540%, 11/17/2025 |  | 900146 | 0.0 |
| 900000 <sup>(4)(5)</sup> | Mitsubishi UFJ Trust & Banking Corp. YCd, 4.533%, (SOFRRATE + 0.230%), 08/08/2025 |  | 900121 | 0.0 |
| 750000 <sup>(4)</sup> | Mizuho Bank Ltd., 4.516%, 07/23/2025 |  | 750174 | 0.0 |
| 900000 <sup>(4)</sup> | Natixis, 4.484%, 08/06/2025 |  | 900240 | 0.0 |
| 900000 <sup>(4)</sup> | Oversea-Chinese Banking Corporation Ltd., 4.530%, 11/14/2025 |  | 900695 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Certificates of Deposits (continued)** | **Certificates of Deposits (continued)** | **Certificates of Deposits (continued)** | **Certificates of Deposits (continued)** |
| 900000 <sup>(4)</sup> | Sumitomo Mitsui Banking Corp., 4.468%, 08/20/2025 | $| 900242 | 0.1 |
|  | Total Certificates of Deposits<br> (Cost $10,704,036) |  | **10704036** | **0.6** |
|  | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** |
| 4590343 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $4,590,895, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $4,682,150, due 06/01/30-02/01/57) |  | 4590343 | 0.3 |
| 8349608 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $8,350,612, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $8,516,600, due 08/15/34-06/01/55) |  | 8349608 | 0.5 |
| 2805155 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,805,492, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $2,861,258, due 03/01/34-05/01/55) |  | 2805155 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 13063913 <sup>(4)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $13,065,516, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $13,325,191, due 12/01/29-06/20/55) | $13063913 | 0.7 |
| 8626942 <sup>(4)</sup> | Mirae Asset Securities (USA), Inc., Repurchase Agreement dated 06/30/2025, 4.470%, due 07/01/2025 (Repurchase Amount $8,627,999, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.318%, Market Value plus accrued interest $8,800,578, due 09/23/25-03/15/66) | 8626942 | 0.5 |
|  | Total Repurchase Agreements <br> (Cost $37,435,961) | **37435961** | **2.2** |
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 1.3%** | **Mutual Funds: 1.3%** | **Mutual Funds: 1.3%** |
| 22969000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% <br> (Cost $22,969,000) | $**22969000** | **1.3** |
|  | Total Short-Term Investments <br> (Cost $80,346,907) | **80346907** | **4.6** |
|  | **Total Investments in Securities <br> (Cost $1,411,481,154)** | $**1796974275** | **102.4** |
|  | **Liabilities in Excess of Other Assets** | **(42086124)** | **(2.4)** |
|  | **Net Assets** | $**1754888151** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(5)</sup> | Variable rate security. Rate shown is the rate in effect as of June 30, 2025. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

Reference Rate Abbreviations: <br> <br> SOFRRATE 1-day Secured Overnight Financing Rate

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage <br> of Net Assets** |
| Financials | 23.3% |
| Industrials | 18.6 |
| Health Care | 11.0 |
| Consumer Discretionary | 9.6 |
| Information Technology | 8.3 |
| Consumer Staples | 7.8 |
| Materials | 5.5 |
| Communication Services | 5.3 |
| Utilities | 3.4 |
| Energy | 3.1 |
| Real Estate | 1.9 |
| Short-Term Investments | 4.6 |
| Liabilities in Excess of Other Assets | (2.4) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other<br> Observable <br> Inputs#<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;Australia | $— | $118603659 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $118603659 |
| &nbsp;&nbsp;&nbsp;Austria |  | 4253382 |  | 4253382 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 14466965 |  | 14466965 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 557895 |  | 557895 |
| &nbsp;&nbsp;&nbsp;Chile |  | 895210 |  | 895210 |
| &nbsp;&nbsp;&nbsp;China | 677221 | 8961913 |  | 9639134 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 39302170 |  | 39302170 |
| &nbsp;&nbsp;&nbsp;Finland |  | 18284037 |  | 18284037 |
| &nbsp;&nbsp;&nbsp;France |  | 162279412 |  | 162279412 |
| &nbsp;&nbsp;&nbsp;Germany | 1166407 | 171129907 |  | 172296314 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 1976077 | 30376050 |  | 32352127 |
| &nbsp;&nbsp;&nbsp;Ireland | 1960686 | 5719865 |  | 7680551 |
| &nbsp;&nbsp;&nbsp;Israel | 4260953 | 9662915 |  | 13923868 |
| &nbsp;&nbsp;&nbsp;Italy |  | 54477286 |  | 54477286 |
| &nbsp;&nbsp;&nbsp;Japan |  | 372191947 |  | 372191947 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 2527236 |  | 2527236 |
| &nbsp;&nbsp;&nbsp;Macao |  | 1354649 |  | 1354649 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 72601708 |  | 72601708 |
| &nbsp;&nbsp;&nbsp;New Zealand | 1152870 | 3687906 |  | 4840776 |
| &nbsp;&nbsp;&nbsp;Norway | 1806753 | 8509113 |  | 10315866 |
| &nbsp;&nbsp;&nbsp;Poland |  | 341888 |  | 341888 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 2596770 |  | 2596770 |
| &nbsp;&nbsp;&nbsp;Singapore | 6656416 | 24137022 |  | 30793438 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 3003199 |  | 3003199 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 466875 |  | 466875 |
| &nbsp;&nbsp;&nbsp;Spain | 918611 | 53616592 |  | 54535203 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 52139921 |  | 52139921 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 84966682 |  | 84966682 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 1944617 | 192847618 |  | 194792235 |
| &nbsp;&nbsp;&nbsp;United States | 15994746 | 158844525 |  | 174839271 |
| Total Common Stock | 38515357 | 1672804317 |  | 1711319674 |
| Preferred Stock |  | 5307694 |  | 5307694 |
| Short-Term Investments | 22969000 | 57377907 |  | 80346907 |
| Total Investments, at fair value | $61484357 | $1735489918 | $— | $1796974275 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Futures | 498533 |  |  | 498533 |
| Total Assets | $61982890 | $1735489918 | $— | $1797472808 |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series I Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

At June 30, 2025, the following futures contracts were outstanding for Voya VACS Index Series I Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Unrealized <br> Appreciation** |
| Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: |
| &nbsp;&nbsp;&nbsp;MSCI EAFE Index | 243 | 09/19/25 | $32582655 | $498533 |
|  |  |  | $32582655 | $498533 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Equity contracts | Variation margin receivable on futures contracts\* | $498533 |
| **Total Asset Derivatives** |  | $498533 |

---

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

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

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $3858606 |
| **Total** | $3858606 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $1679317 |
| **Total** | $1679317 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $1,421,834,470. | Cost for U.S. federal income tax purposes was $1,421,834,470. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $452927153 |
| Gross Unrealized Depreciation | (73548078) |
| Net Unrealized Appreciation | $379379075 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** |
|  | **Communication Services: 4.0%** | **Communication Services: 4.0%** | **Communication Services: 4.0%** |
| 5178 <sup>(1)</sup> | AST SpaceMobile, Inc. | $241968 | 0.1 |
| 2724 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 1113598 | 0.3 |
| 7836 | Electronic Arts, Inc. | 1251409 | 0.3 |
| 6482 | Fox Corp. - Class A | 363251 | 0.1 |
| 3974 | Fox Corp. - Class B | 205178 | 0.1 |
| 7044 <sup>(1)</sup> | Frontier Communications Parent, Inc. | 256402 | 0.1 |
| 2018 <sup>(1)</sup> | IAC, Inc. | 75352 | 0.0 |
| 11078 | Interpublic Group of Cos., Inc. | 271189 | 0.1 |
| 2850 | Iridium Communications, Inc. | 85985 | 0.0 |
| 492 <sup>(1)</sup> | Liberty Broadband Corp. - Class A | 48127 | 0.0 |
| 3363 <sup>(1)</sup> | Liberty Broadband Corp. - Class C | 330852 | 0.1 |
| 5027 <sup>(1)</sup> | Liberty Global Ltd. - Class A | 50320 | 0.0 |
| 4210 <sup>(1)</sup> | Liberty Global Ltd. - Class C | 43405 | 0.0 |
| 682 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class A, Tracking Stock | 64763 | 0.0 |
| 6301 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class C, Tracking Stock | 658455 | 0.2 |
| 592 <sup>(1)</sup> | Liberty Media Corp.-Liberty Live - Class A, Tracking Stock | 47052 | 0.0 |
| 1374 <sup>(1)</sup> | Liberty Media Corp.-Liberty Live - Class C, Tracking Stock | 111514 | 0.0 |
| 4754 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 719185 | 0.2 |
| 484 <sup>(1)</sup> | Madison Square Garden Sports Corp. | 101132 | 0.0 |
| 7343 | Match Group, Inc. | 226825 | 0.1 |
| 3086 | Millicom International Cellular SA | 115632 | 0.0 |
| 4821 | New York Times Co. - Class A | 269880 | 0.1 |
| 11373 | News Corp. - Class A | 338006 | 0.1 |
| 3362 | News Corp. - Class B | 115350 | 0.0 |
| 847 | Nexstar Media Group, Inc. | 146489 | 0.0 |
| 5807 | Omnicom Group, Inc. | 417756 | 0.1 |
| 275 | Paramount Global - Class A | 6311 | 0.0 |
| 17887 | Paramount Global - Class B | 230742 | 0.1 |
| 17745 <sup>(1)</sup> | Pinterest, Inc. - Class A | 636336 | 0.2 |
| 3502 <sup>(1)</sup> | Reddit, Inc. - Class A | 527296 | 0.1 |
| 16928 <sup>(1)</sup> | ROBLOX Corp. - Class A | 1780826 | 0.5 |
| 3872 <sup>(1)</sup> | Roku, Inc. | 340310 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** |
| 5702 | Sirius XM Holdings, Inc. | $| 130975 | 0.0 |
| 5377 <sup>(1)</sup> | Take-Two Interactive Software, Inc. |  | 1305804 | 0.4 |
| 2065 | TKO Group Holdings, Inc. |  | 375727 | 0.1 |
| 13406 <sup>(1)</sup> | Trade Desk, Inc. - Class A |  | 965098 | 0.3 |
| 3114 <sup>(1)</sup> | Trump Media & Technology Group Corp. |  | 56177 | 0.0 |
| 67013 <sup>(1)</sup> | Warner Bros Discovery, Inc. |  | 767969 | 0.2 |
| 8879 <sup>(1)</sup> | ZoomInfo Technologies, Inc. |  | 89855 | 0.0 |
|  |  |  | **14882501** | **4.0** |
|  | **Consumer Discretionary: 11.5%** | **Consumer Discretionary: 11.5%** | **Consumer Discretionary: 11.5%** | **Consumer Discretionary: 11.5%** |
| 10620 | ADT, Inc. |  | 89951 | 0.0 |
| 4482 <sup>(1)</sup> | Amer Sports, Inc. |  | 173722 | 0.1 |
| 6876 <sup>(1)</sup> | Aptiv PLC |  | 469081 | 0.1 |
| 7929 | Aramark |  | 331987 | 0.1 |
| 825 <sup>(1)</sup> | AutoNation, Inc. |  | 163886 | 0.0 |
| 6396 | Bath & Body Works, Inc. |  | 191624 | 0.1 |
| 5806 | Best Buy Co., Inc. |  | 389757 | 0.1 |
| 1600 <sup>(1)</sup> | Birkenstock Holding PLC |  | 78688 | 0.0 |
| 6546 | BorgWarner, Inc. |  | 219160 | 0.1 |
| 1745 | Boyd Gaming Corp. |  | 136511 | 0.0 |
| 1708 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. |  | 211092 | 0.1 |
| 1968 | Brunswick Corp. |  | 108712 | 0.0 |
| 1889 <sup>(1)</sup> | Burlington Stores, Inc. |  | 439457 | 0.1 |
| 6200 <sup>(1)</sup> | Caesars Entertainment, Inc. |  | 176018 | 0.1 |
| 4580 <sup>(1)</sup> | CarMax, Inc. |  | 307822 | 0.1 |
| 32471 <sup>(1)</sup> | Carnival Corp. |  | 913085 | 0.2 |
| 3858 <sup>(1)</sup> | Carvana Co. |  | 1299992 | 0.4 |
| 2998 <sup>(1)</sup> | Cava Group, Inc. |  | 252522 | 0.1 |
| 6283 <sup>(1)</sup> | Chewy, Inc. - Class A |  | 267781 | 0.1 |
| 815 <sup>(2)</sup> | Choice Hotels International, Inc. |  | 103407 | 0.0 |
| 1953 | Churchill Downs, Inc. |  | 197253 | 0.1 |
| 781 | Columbia Sportswear Co. |  | 47703 | 0.0 |
| 37300 <sup>(1)</sup> | Coupang, Inc. |  | 1117508 | 0.3 |
| 1633 <sup>(1)</sup> | Crocs, Inc. |  | 165390 | 0.0 |
| 8243 | D.R. Horton, Inc. |  | 1062688 | 0.3 |
| 3510 | Darden Restaurants, Inc. |  | 765075 | 0.2 |
| 4540 <sup>(1)</sup> | Deckers Outdoor Corp. |  | 467938 | 0.1 |
| 1626 | Dick's Sporting Goods, Inc. |  | 321639 | 0.1 |
| 89 <sup>(2)</sup> | Dillard's, Inc. - Class A |  | 37187 | 0.0 |
| 955 | Domino's Pizza, Inc. |  | 430323 | 0.1 |
| 14438 <sup>(1)</sup> | DraftKings, Inc. - Class A |  | 619246 | 0.2 |
| 1129 <sup>(1)</sup> | Duolingo, Inc. |  | 462913 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 3474 <sup>(1)</sup> | Dutch Bros, Inc. - Class A | $237517 | 0.1 |
| 13837 | eBay, Inc. | 1030303 | 0.3 |
| 3101 <sup>(1)</sup> | Etsy, Inc. | 155546 | 0.0 |
| 3635 | Expedia Group, Inc. | 613152 | 0.2 |
| 1619 <sup>(1)</sup> | Five Below, Inc. | 212380 | 0.1 |
| 3197 <sup>(1)</sup> | Floor & Decor Holdings, Inc. - Class A | 242844 | 0.1 |
| 5264 <sup>(1)</sup> | Flutter Entertainment PLC - Class DI | 1504241 | 0.4 |
| 117281 | Ford Motor Co. | 1272499 | 0.3 |
| 12310 <sup>(1)</sup> | GameStop Corp. - Class A | 300241 | 0.1 |
| 6911 | Gap, Inc. | 150729 | 0.0 |
| 4896 | Garmin Ltd. | 1021893 | 0.3 |
| 6775 | Gentex Corp. | 148982 | 0.0 |
| 4167 | Genuine Parts Co. | 505499 | 0.1 |
| 836 <sup>(1)</sup> | Grand Canyon Education, Inc. | 158004 | 0.0 |
| 3983 | H&R Block, Inc. | 218627 | 0.1 |
| 3350 | Harley-Davidson, Inc. | 79060 | 0.0 |
| 3971 | Hasbro, Inc. | 293139 | 0.1 |
| 7007 | Hilton Worldwide Holdings, Inc. | 1866244 | 0.5 |
| 1208 | Hyatt Hotels Corp. - Class A | 168697 | 0.0 |
| 9622 | Las Vegas Sands Corp. | 418653 | 0.1 |
| 1603 | Lear Corp. | 152253 | 0.0 |
| 6860 | Lennar Corp. - Class A | 758785 | 0.2 |
| 286 | Lennar Corp. - Class B | 30101 | 0.0 |
| 2486 <sup>(1)</sup> | Light & Wonder, Inc. | 239302 | 0.1 |
| 769 | Lithia Motors, Inc. | 259784 | 0.1 |
| 7795 | LKQ Corp. | 288493 | 0.1 |
| 37320 <sup>(1)(2)</sup> | Lucid Group, Inc. | 78745 | 0.0 |
| 3162 <sup>(1)</sup> | Lululemon Athletica, Inc. | 751228 | 0.2 |
| 8324 | Macy's, Inc. | 97058 | 0.0 |
| 9646 <sup>(1)</sup> | Mattel, Inc. | 190219 | 0.1 |
| 6155 <sup>(1)</sup> | MGM Resorts International | 211670 | 0.1 |
| 1541 <sup>(1)</sup> | Mohawk Industries, Inc. | 161558 | 0.0 |
| 540 | Murphy USA, Inc. | 219672 | 0.1 |
| 12523 | Newell Brands, Inc. | 67624 | 0.0 |
| 13287 <sup>(1)</sup> | Norwegian Cruise Line Holdings Ltd. | 269460 | 0.1 |
| 84 <sup>(1)</sup> | NVR, Inc. | 620395 | 0.2 |
| 1839 <sup>(1)</sup> | Ollie's Bargain Outlet Holdings, Inc. | 242343 | 0.1 |
| 6618 <sup>(1)</sup> | On Holding AG - Class A | 344467 | 0.1 |
| 4488 <sup>(1)</sup> | Penn Entertainment, Inc. | 80201 | 0.0 |
| 555 | Penske Automotive Group, Inc. | 95355 | 0.0 |
| 2518 <sup>(1)</sup> | Planet Fitness, Inc. - Class A | 274588 | 0.1 |
| 1079 | Pool Corp. | 314507 | 0.1 |
| 6000 | PulteGroup, Inc. | 632760 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 1569 | PVH Corp. | $| 107633 | 0.0 |
| 12382 <sup>(1)</sup> | QuantumScape Corp. |  | 83207 | 0.0 |
| 1175 | Ralph Lauren Corp. |  | 322279 | 0.1 |
| 9720 | Restaurant Brands International, Inc. |  | 644339 | 0.2 |
| 459 <sup>(1)</sup> | RH |  | 86756 | 0.0 |
| 23284 <sup>(1)</sup> | Rivian Automotive, Inc. - Class A |  | 319922 | 0.1 |
| 9679 | Ross Stores, Inc. |  | 1234847 | 0.3 |
| 7612 | Royal Caribbean Cruises Ltd. |  | 2383622 | 0.6 |
| 4189 | Service Corp. International |  | 340985 | 0.1 |
| 2114 <sup>(1)</sup> | SharkNinja, Inc. |  | 209265 | 0.1 |
| 3926 <sup>(1)</sup> | Skechers USA, Inc. - Class A |  | 247731 | 0.1 |
| 6213 | Tapestry, Inc. |  | 545564 | 0.2 |
| 6073 | Tempur Sealy International, Inc. |  | 413268 | 0.1 |
| 1987 | Texas Roadhouse, Inc. |  | 372384 | 0.1 |
| 1529 <sup>(2)</sup> | Thor Industries, Inc. |  | 135790 | 0.0 |
| 2972 | Toll Brothers, Inc. |  | 339194 | 0.1 |
| 877 <sup>(1)</sup> | TopBuild Corp. |  | 283920 | 0.1 |
| 15971 | Tractor Supply Co. |  | 842790 | 0.2 |
| 1887 | Travel + Leisure Co. |  | 97388 | 0.0 |
| 1356 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 634364 | 0.2 |
| 5621 <sup>(1)</sup> | Under Armour, Inc. - Class A |  | 38391 | 0.0 |
| 5681 <sup>(1)</sup> | Under Armour, Inc. - Class C |  | 36870 | 0.0 |
| 1077 | Vail Resorts, Inc. |  | 169229 | 0.0 |
| 3808 <sup>(1)</sup> | Valvoline, Inc. |  | 144209 | 0.0 |
| 10549 | VF Corp. |  | 123951 | 0.0 |
| 6106 <sup>(1)</sup> | Viking Holdings Ltd. |  | 325389 | 0.1 |
| 2815 <sup>(1)</sup> | Wayfair, Inc. - Class A |  | 143959 | 0.0 |
| 4914 | Wendy's Co. |  | 56118 | 0.0 |
| 1612 | Whirlpool Corp. |  | 163489 | 0.0 |
| 3558 | Williams-Sonoma, Inc. |  | 581270 | 0.2 |
| 834 | Wingstop, Inc. |  | 280841 | 0.1 |
| 2280 | Wyndham Hotels & Resorts, Inc. |  | 185159 | 0.1 |
| 2509 | Wynn Resorts Ltd. |  | 235018 | 0.1 |
| 2478 <sup>(1)</sup> | YETI Holdings, Inc. |  | 78107 | 0.0 |
| 8374 | Yum! Brands, Inc. |  | 1240859 | 0.3 |
|  |  |  | **42446043** | **11.5** |
|  | **Consumer Staples: 5.2%** | **Consumer Staples: 5.2%** | **Consumer Staples: 5.2%** | **Consumer Staples: 5.2%** |
| 12450 | Albertsons Cos., Inc. - Class A |  | 267800 | 0.1 |
| 14360 | Archer-Daniels-Midland Co. |  | 757921 | 0.2 |
| 3813 <sup>(1)</sup> | BellRing Brands, Inc. |  | 220887 | 0.1 |
| 3930 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. |  | 423772 | 0.1 |
| 245 <sup>(1)</sup> | Boston Beer Co., Inc. - Class A |  | 46749 | 0.0 |
| 1310 | Brown-Forman Corp. - Class A |  | 35986 | 0.0 |
| 4437 | Brown-Forman Corp. - Class B |  | 119400 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 3990 | Bunge Global SA | $320317 | 0.1 |
| 5825 | Campbell Soup Co. | 178536 | 0.0 |
| 1111 | Casey's General Stores, Inc. | 566910 | 0.1 |
| 4939 <sup>(1)</sup> | Celsius Holdings, Inc. | 229120 | 0.1 |
| 7399 | Church & Dwight Co., Inc. | 711118 | 0.2 |
| 3699 | Clorox Co. | 444139 | 0.1 |
| 1555 | Coca-Cola Consolidated, Inc. | 173616 | 0.0 |
| 14298 | Conagra Brands, Inc. | 292680 | 0.1 |
| 3925 | Constellation Brands, Inc. - Class A | 638519 | 0.2 |
| 10372 <sup>(1)</sup> | Coty, Inc. - Class A | 48230 | 0.0 |
| 4698 <sup>(1)</sup> | Darling Ingredients, Inc. | 178242 | 0.0 |
| 6599 | Dollar General Corp. | 754794 | 0.2 |
| 6103 <sup>(1)</sup> | Dollar Tree, Inc. | 604441 | 0.2 |
| 1645 <sup>(1)</sup> | e.l.f. Beauty, Inc. | 204704 | 0.1 |
| 7021 | Estee Lauder Cos., Inc. - Class A | 567297 | 0.2 |
| 5583 | Flowers Foods, Inc. | 89216 | 0.0 |
| 1430 <sup>(1)</sup> | Freshpet, Inc. | 97183 | 0.0 |
| 16451 | General Mills, Inc. | 852326 | 0.2 |
| 4377 | Hershey Co. | 726363 | 0.2 |
| 8689 | Hormel Foods Corp. | 262842 | 0.1 |
| 1918 | Ingredion, Inc. | 260119 | 0.1 |
| 3113 | JM Smucker Co. | 305697 | 0.1 |
| 8347 | Kellogg Co. | 663837 | 0.2 |
| 57067 | Kenvue, Inc. | 1194412 | 0.3 |
| 25650 | Kraft Heinz Co. | 662283 | 0.2 |
| 18218 | Kroger Co. | 1306777 | 0.3 |
| 4093 | Lamb Weston Holdings, Inc. | 212222 | 0.1 |
| 5176 <sup>(1)</sup> | Maplebear, Inc. | 234162 | 0.1 |
| 7606 | McCormick & Co., Inc. | 576687 | 0.2 |
| 5039 | Molson Coors Beverage Co. - Class B | 242326 | 0.1 |
| 4584 <sup>(1)</sup> | Performance Food Group Co. | 400963 | 0.1 |
| 1243 | Pilgrim's Pride Corp. | 55910 | 0.0 |
| 1515 <sup>(1)</sup> | Post Holdings, Inc. | 165180 | 0.0 |
| 7713 | Primo Brands Corp. - Class A | 228459 | 0.1 |
| 1620 | Reynolds Consumer Products, Inc. | 34700 | 0.0 |
| 7 | Seaboard Corp. | 20028 | 0.0 |
| 763 | Smithfield Foods, Inc. | 17953 | 0.0 |
| 2941 <sup>(1)</sup> | Sprouts Farmers Market, Inc. | 484206 | 0.1 |
| 14576 | Sysco Corp. | 1103986 | 0.3 |
| 8405 | Tyson Foods, Inc. - Class A | 470176 | 0.1 |
| 6898 <sup>(1)</sup> | US Foods Holding Corp. | 531215 | 0.1 |
| 21465 | Walgreens Boots Alliance, Inc. | 246418 | 0.1 |
|  |  | **19230824** | **5.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: 5.9%** | **Energy: 5.9%** | **Energy: 5.9%** |
| 10047 | Antero Midstream Corp. | $190391 | 0.1 |
| 8704 <sup>(1)</sup> | Antero Resources Corp. | 350597 | 0.1 |
| 10654 | APA Corp. | 194862 | 0.1 |
| 29794 | Baker Hughes Co. | 1142302 | 0.3 |
| 6627 | Cheniere Energy, Inc. | 1613807 | 0.4 |
| 6601 | Chesapeake Energy Corp. | 771921 | 0.2 |
| 1774 | Chord Energy Corp. | 171812 | 0.1 |
| 2772 | Civitas Resources, Inc. | 76285 | 0.0 |
| 22663 | Coterra Energy, Inc. | 575187 | 0.2 |
| 18682 | Devon Energy Corp. | 594274 | 0.2 |
| 5728 | Diamondback Energy, Inc. | 787027 | 0.2 |
| 3048 | DT Midstream, Inc. | 335006 | 0.1 |
| 17910 | EQT Corp. | 1044511 | 0.3 |
| 25755 | Halliburton Co. | 524887 | 0.1 |
| 8490 | Hess Corp. | 1176205 | 0.3 |
| 4799 | HF Sinclair Corp. | 197143 | 0.1 |
| 58422 | Kinder Morgan, Inc. | 1717607 | 0.5 |
| 9362 | Marathon Petroleum Corp. | 1555122 | 0.4 |
| 3502 | Matador Resources Co. | 167115 | 0.0 |
| 11224 | NOV, Inc. | 139514 | 0.0 |
| 20233 | Occidental Petroleum Corp. | 849988 | 0.2 |
| 18774 | ONEOK, Inc. | 1532522 | 0.4 |
| 7799 | Ovintiv, Inc. | 296752 | 0.1 |
| 19144 | Permian Resources Corp. | 260741 | 0.1 |
| 12247 | Phillips 66 | 1461067 | 0.4 |
| 7092 | Range Resources Corp. | 288432 | 0.1 |
| 6452 | Targa Resources Corp. | 1123164 | 0.3 |
| 12478 | TechnipFMC PLC | 429742 | 0.1 |
| 578 | Texas Pacific Land Corp. | 610593 | 0.2 |
| 9378 | Valero Energy Corp. | 1260591 | 0.3 |
| 3942 | Viper Energy, Inc. | 150309 | 0.0 |
| 2138 | Weatherford International PLC | 107563 | 0.0 |
|  |  | **21697039** | **5.9** |
|  | **Financials: 15.1%** | **Financials: 15.1%** | **Financials: 15.1%** |
| 839 | Affiliated Managers Group, Inc. | 165090 | 0.0 |
| 8061 <sup>(1)</sup> | Affirm Holdings, Inc. | 557338 | 0.1 |
| 28464 <sup>(2)</sup> | AGNC Investment Corp. | 261584 | 0.1 |
| 7928 | Allstate Corp. | 1595986 | 0.4 |
| 8290 | Ally Financial, Inc. | 322895 | 0.1 |
| 1986 | American Financial Group, Inc. | 250653 | 0.1 |
| 2870 | Ameriprise Financial, Inc. | 1531805 | 0.4 |
| 17963 | Annaly Capital Management, Inc. | 338064 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 10961 | Arch Capital Group Ltd. | $997999 | 0.3 |
| 5653 | Ares Management Corp. - Class A | 979100 | 0.3 |
| 1522 | Assurant, Inc. | 300580 | 0.1 |
| 1399 | Assured Guaranty Ltd. | 121853 | 0.0 |
| 2279 | Axis Capital Holdings Ltd. | 236606 | 0.1 |
| 21505 | Bank of New York Mellon Corp. | 1959321 | 0.5 |
| 3206 | Bank OZK | 150874 | 0.0 |
| 16360 <sup>(1)</sup> | Block, Inc. | 1111335 | 0.3 |
| 18326 | Blue Owl Capital, Inc. | 352042 | 0.1 |
| 676 | BOK Financial Corp. | 65998 | 0.0 |
| 1717 <sup>(1)</sup> | Brighthouse Financial, Inc. | 92323 | 0.0 |
| 8279 | Brown & Brown, Inc. | 917893 | 0.2 |
| 7857 | Carlyle Group, Inc. | 403850 | 0.1 |
| 3147 | Cboe Global Markets, Inc. | 733912 | 0.2 |
| 4628 | Cincinnati Financial Corp. | 689202 | 0.2 |
| 13068 | Citizens Financial Group, Inc. | 584793 | 0.2 |
| 628 | CNA Financial Corp. | 29221 | 0.0 |
| 6197 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 2171987 | 0.6 |
| 6277 | Columbia Banking System, Inc. | 146756 | 0.0 |
| 3921 | Comerica, Inc. | 233888 | 0.1 |
| 3703 | Commerce Bancshares, Inc. | 230216 | 0.1 |
| 7214 | Corebridge Financial, Inc. | 256097 | 0.1 |
| 2042 <sup>(1)</sup> | Corpay, Inc. | 677576 | 0.2 |
| 206 <sup>(1)</sup> | Credit Acceptance Corp. | 104943 | 0.0 |
| 1786 | Cullen/Frost Bankers, Inc. | 229572 | 0.1 |
| 4110 | East West Bancorp, Inc. | 415028 | 0.1 |
| 9188 | Equitable Holdings, Inc. | 515447 | 0.1 |
| 1218 <sup>(1)</sup> | Euronet Worldwide, Inc. | 123481 | 0.0 |
| 1107 | Evercore, Inc. - Class A | 298912 | 0.1 |
| 1262 | Everest Re Group Ltd. | 428891 | 0.1 |
| 10664 | F.N.B. Corp. | 155481 | 0.0 |
| 1141 | FactSet Research Systems, Inc. | 510346 | 0.1 |
| 7810 | Fidelity National Financial, Inc. | 437829 | 0.1 |
| 15819 | Fidelity National Information Services, Inc. | 1287825 | 0.3 |
| 20005 | Fifth Third Bancorp | 822806 | 0.2 |
| 2954 | First American Financial Corp. | 181346 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 296 | First Citizens BancShares, Inc. - Class A | $579115 | 0.2 |
| 3762 | First Hawaiian, Inc. | 93900 | 0.0 |
| 15103 | First Horizon Corp. | 320184 | 0.1 |
| 9223 | Franklin Resources, Inc. | 219969 | 0.1 |
| 530 <sup>(1)(2)</sup> | Freedom Holding Corp. | 77406 | 0.0 |
| 7335 | Global Payments, Inc. | 587093 | 0.2 |
| 2491 | Globe Life, Inc. | 309606 | 0.1 |
| 1200 | Hamilton Lane, Inc. - Class A | 170544 | 0.0 |
| 1076 | Hanover Insurance Group, Inc. | 182780 | 0.0 |
| 8527 | Hartford Financial Services Group, Inc. | 1081820 | 0.3 |
| 1625 | Houlihan Lokey, Inc. | 292419 | 0.1 |
| 43448 | Huntington Bancshares, Inc. | 728188 | 0.2 |
| 10933 | Invesco Ltd. | 172413 | 0.0 |
| 2181 | Jack Henry & Associates, Inc. | 392951 | 0.1 |
| 3770 | Janus Henderson Group PLC | 146427 | 0.0 |
| 4600 | Jefferies Financial Group, Inc. | 251574 | 0.1 |
| 1836 | Kemper Corp. | 118495 | 0.0 |
| 28408 | KeyCorp | 494867 | 0.1 |
| 664 | Kinsale Capital Group, Inc. | 321310 | 0.1 |
| 3303 | Lazard, Inc. | 158478 | 0.0 |
| 5116 | Lincoln National Corp. | 177014 | 0.0 |
| 5133 | Loews Corp. | 470491 | 0.1 |
| 2394 | LPL Financial Holdings, Inc. | 897678 | 0.2 |
| 4884 | M&T Bank Corp. | 947447 | 0.3 |
| 374 <sup>(1)</sup> | Markel Corp. | 747013 | 0.2 |
| 1095 | MarketAxess Holdings, Inc. | 244557 | 0.1 |
| 7008 | MGIC Investment Corp. | 195103 | 0.1 |
| 706 | Morningstar, Inc. | 221635 | 0.1 |
| 1885 <sup>(1)</sup> | Mr Cooper Group, Inc. | 281261 | 0.1 |
| 2259 | MSCI, Inc. | 1302856 | 0.3 |
| 12389 | Nasdaq, Inc. | 1107824 | 0.3 |
| 5809 | Northern Trust Corp. | 736523 | 0.2 |
| 6865 | Old Republic International Corp. | 263891 | 0.1 |
| 3578 | OneMain Holdings, Inc. | 203946 | 0.1 |
| 2293 | Pinnacle Financial Partners, Inc. | 253170 | 0.1 |
| 2032 | Popular, Inc. | 223947 | 0.1 |
| 990 | Primerica, Inc. | 270933 | 0.1 |
| 6672 | Principal Financial Group, Inc. | 529957 | 0.1 |
| 2747 | Prosperity Bancshares, Inc. | 192949 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 10654 | Prudential Financial, Inc. | $1144666 | 0.3 |
| 5493 | Raymond James Financial, Inc. | 842461 | 0.2 |
| 26989 | Regions Financial Corp. | 634781 | 0.2 |
| 1981 | Reinsurance Group of America, Inc. | 392951 | 0.1 |
| 1435 | RenaissanceRe Holdings Ltd. | 348561 | 0.1 |
| 15894 | Rithm Capital Corp. | 179443 | 0.0 |
| 2458 | RLI Corp. | 177517 | 0.0 |
| 22234 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A | 2081769 | 0.6 |
| 6948 <sup>(2)</sup> | Rocket Cos., Inc. - Class A | 98523 | 0.0 |
| 3154 | Ryan Specialty Holdings, Inc. | 214440 | 0.1 |
| 3125 | SEI Investments Co. | 280812 | 0.1 |
| 1994 <sup>(1)</sup> | Shift4 Payments, Inc. - Class A | 197625 | 0.1 |
| 6281 | SLM Corp. | 205954 | 0.1 |
| 31943 <sup>(1)</sup> | SoFi Technologies, Inc. | 581682 | 0.2 |
| 3013 | SouthState Corp. | 277286 | 0.1 |
| 9555 | Starwood Property Trust, Inc. | 191769 | 0.0 |
| 8653 | State Street Corp. | 920160 | 0.2 |
| 3001 | Stifel Financial Corp. | 311444 | 0.1 |
| 11429 | Synchrony Financial | 762771 | 0.2 |
| 4166 | Synovus Financial Corp. | 215591 | 0.1 |
| 6572 | T. Rowe Price Group, Inc. | 634198 | 0.2 |
| 1574 | TFS Financial Corp. | 20383 | 0.0 |
| 13571 <sup>(1)</sup> | Toast, Inc. - Class A | 601060 | 0.2 |
| 3890 | TPG, Inc. | 204030 | 0.1 |
| 3503 | Tradeweb Markets, Inc. - Class A | 512839 | 0.1 |
| 5199 | Unum Group | 419871 | 0.1 |
| 4713 | UWM Holdings Corp. | 19512 | 0.0 |
| 2423 | Virtu Financial, Inc. - Class A | 108526 | 0.0 |
| 2888 <sup>(3)</sup> | Voya Financial, Inc. | 205048 | 0.1 |
| 9122 | W.R. Berkley Corp. | 670193 | 0.2 |
| 5026 | Webster Financial Corp. | 274420 | 0.1 |
| 3241 | Western Alliance Bancorp | 252733 | 0.1 |
| 9918 | Western Union Co. | 83510 | 0.0 |
| 1020 <sup>(1)</sup> | WEX, Inc. | 149828 | 0.0 |
| 75 | White Mountains Insurance Group Ltd. | 134679 | 0.0 |
| 2977 | Willis Towers Watson PLC | 912450 | 0.2 |
| 1983 | Wintrust Financial Corp. | 245852 | 0.1 |
| 12156 | XP, Inc. - Class A | 245551 | 0.1 |
| 4357 | Zions Bancorp NA | 226303 | 0.1 |
|  |  | **55927670** | **15.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: 9.1%** | **Health Care: 9.1%** | **Health Care: 9.1%** |
| 2711 <sup>(1)</sup> | Acadia Healthcare Co., Inc. | $61513 | 0.0 |
| 8558 | Agilent Technologies, Inc. | 1009930 | 0.3 |
| 2059 <sup>(1)</sup> | Align Technology, Inc. | 389830 | 0.1 |
| 3750 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | 1222837 | 0.3 |
| 968 <sup>(1)</sup> | Amedisys, Inc. | 95242 | 0.0 |
| 5501 | AmerisourceBergen Corp. | 1649475 | 0.4 |
| 3239 <sup>(1)</sup> | Apellis Pharmaceuticals, Inc. | 56067 | 0.0 |
| 19847 <sup>(1)</sup> | Avantor, Inc. | 267141 | 0.1 |
| 15389 | Baxter International, Inc. | 465979 | 0.1 |
| 4389 <sup>(1)</sup> | Biogen, Inc. | 551214 | 0.1 |
| 5711 <sup>(1)</sup> | BioMarin Pharmaceutical, Inc. | 313934 | 0.1 |
| 582 <sup>(1)</sup> | Bio-Rad Laboratories, Inc. - Class A | 140448 | 0.0 |
| 4711 | Bio-Techne Corp. | 242381 | 0.1 |
| 3103 | Bruker Corp. | 127844 | 0.0 |
| 7258 | Cardinal Health, Inc. | 1219344 | 0.3 |
| 14917 <sup>(1)</sup> | Centene Corp. | 809695 | 0.2 |
| 3642 <sup>(1)</sup> | Certara, Inc. | 42611 | 0.0 |
| 1465 <sup>(1)</sup> | Charles River Laboratories International, Inc. | 222284 | 0.1 |
| 431 | Chemed Corp. | 209867 | 0.1 |
| 5984 <sup>(1)</sup> | Cooper Cos., Inc. | 425821 | 0.1 |
| 2823 <sup>(1)</sup> | Corcept Therapeutics, Inc. | 207208 | 0.1 |
| 1149 <sup>(1)</sup> | DaVita, Inc. | 163675 | 0.0 |
| 5982 | Dentsply Sirona, Inc. | 94994 | 0.0 |
| 11746 <sup>(1)</sup> | Dexcom, Inc. | 1025308 | 0.3 |
| 3923 <sup>(1)</sup> | Doximity, Inc. - Class A | 240637 | 0.1 |
| 14784 <sup>(1)</sup> | Elanco Animal Health, Inc. | 211116 | 0.1 |
| 2992 | Encompass Health Corp. | 366909 | 0.1 |
| 5044 <sup>(1)</sup> | Envista Holdings Corp. | 98560 | 0.0 |
| 5596 <sup>(1)</sup> | Exact Sciences Corp. | 297371 | 0.1 |
| 8104 <sup>(1)</sup> | Exelixis, Inc. | 357184 | 0.1 |
| 13751 | GE HealthCare Technologies, Inc. | 1018537 | 0.3 |
| 3369 <sup>(1)</sup> | Globus Medical, Inc. - Class A | 198838 | 0.1 |
| 3681 <sup>(1)</sup> | Halozyme Therapeutics, Inc. | 191486 | 0.1 |
| 3291 <sup>(1)</sup> | Henry Schein, Inc. | 240408 | 0.1 |
| 6701 <sup>(1)</sup> | Hologic, Inc. | 436637 | 0.1 |
| 3626 | Humana, Inc. | 886484 | 0.2 |
| 2424 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 1300088 | 0.4 |
| 4747 <sup>(1)</sup> | Illumina, Inc. | 452911 | 0.1 |
| 4753 <sup>(1)</sup> | Incyte Corp. | 323679 | 0.1 |
| 5363 <sup>(1)</sup> | Insmed, Inc. | 539732 | 0.1 |
| 859 <sup>(1)</sup> | Inspire Medical Systems, Inc. | 111472 | 0.0 |
| 2106 <sup>(1)</sup> | Insulet Corp. | 661663 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 4662 <sup>(1)</sup> | Ionis Pharmaceuticals, Inc. | $| 184196 | 0.1 |
| 5263 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 829396 | 0.2 |
| 1782 <sup>(1)</sup> | Jazz Pharmaceuticals PLC |  | 189106 | 0.1 |
| 2510 | Labcorp Holdings, Inc. |  | 658900 | 0.2 |
| 1354 <sup>(1)</sup> | Masimo Corp. |  | 227770 | 0.1 |
| 686 <sup>(1)</sup> | Medpace Holdings, Inc. |  | 215308 | 0.1 |
| 625 <sup>(1)</sup> | Mettler-Toledo International, Inc. |  | 734200 | 0.2 |
| 10656 <sup>(1)</sup> | Moderna, Inc. |  | 293999 | 0.1 |
| 1611 <sup>(1)</sup> | Molina Healthcare, Inc. |  | 479917 | 0.1 |
| 3901 <sup>(1)</sup> | Natera, Inc. |  | 659035 | 0.2 |
| 2909 <sup>(1)</sup> | Neurocrine Biosciences, Inc. |  | 365632 | 0.1 |
| 7801 | Organon & Co. |  | 75514 | 0.0 |
| 1124 <sup>(1)</sup> | Penumbra, Inc. |  | 288452 | 0.1 |
| 4092 | Perrigo Co. PLC |  | 109338 | 0.0 |
| 6403 | QIAGEN N.V. |  | 307728 | 0.1 |
| 3349 | Quest Diagnostics, Inc. |  | 601581 | 0.2 |
| 1583 <sup>(1)</sup> | Repligen Corp. |  | 196894 | 0.1 |
| 4386 | ResMed, Inc. |  | 1131588 | 0.3 |
| 5207 <sup>(1)</sup> | Revolution Medicines, Inc. |  | 191566 | 0.1 |
| 3612 | Revvity, Inc. |  | 349353 | 0.1 |
| 11381 <sup>(1)</sup> | Roivant Sciences Ltd. |  | 128264 | 0.0 |
| 11717 | Royalty Pharma PLC - Class A |  | 422164 | 0.1 |
| 2786 <sup>(1)</sup> | Sarepta Therapeutics, Inc. |  | 47641 | 0.0 |
| 4170 <sup>(1)</sup> | Solventum Corp. |  | 316253 | 0.1 |
| 4634 <sup>(1)</sup> | Sotera Health Co. |  | 51530 | 0.0 |
| 2950 | STERIS PLC |  | 708649 | 0.2 |
| 3509 <sup>(1)</sup> | Summit Therapeutics, Inc. |  | 74672 | 0.0 |
| 1341 | Teleflex, Inc. |  | 158721 | 0.0 |
| 2473 <sup>(1)</sup> | Tempus AI, Inc. |  | 157134 | 0.0 |
| 2751 <sup>(1)</sup> | Tenet Healthcare Corp. |  | 484176 | 0.1 |
| 2698 <sup>(1)</sup> | Ultragenyx Pharmaceutical, Inc. |  | 98099 | 0.0 |
| 1335 <sup>(1)</sup> | United Therapeutics Corp. |  | 383612 | 0.1 |
| 1654 | Universal Health Services, Inc. - Class B |  | 299622 | 0.1 |
| 4435 <sup>(1)</sup> | Veeva Systems, Inc. - Class A |  | 1277191 | 0.3 |
| 35629 | Viatris, Inc. |  | 318167 | 0.1 |
| 3273 <sup>(1)(2)</sup> | Viking Therapeutics, Inc. |  | 86734 | 0.0 |
| 1789 <sup>(1)</sup> | Waters Corp. |  | 624433 | 0.2 |
| 2150 | West Pharmaceutical Services, Inc. |  | 470420 | 0.1 |
| 5949 | Zimmer Biomet Holdings, Inc. |  | 542608 | 0.1 |
|  |  |  | **33687917** | **9.1** |
|  | **Industrials: 17.6%** | **Industrials: 17.6%** | **Industrials: 17.6%** | **Industrials: 17.6%** |
| 3472 | A.O. Smith Corp. |  | 227659 | 0.1 |
| 2019 | AAON, Inc. |  | 148901 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 927 | Acuity Brands, Inc. | $276561 | 0.1 |
| 2122 | Advanced Drainage Systems, Inc. | 243733 | 0.1 |
| 3975 | AECOM | 448619 | 0.1 |
| 1863 | AGCO Corp. | 192187 | 0.1 |
| 3129 | Air Lease Corp. | 183015 | 0.0 |
| 3678 <sup>(1)</sup> | Alaska Air Group, Inc. | 181987 | 0.0 |
| 2585 | Allegion PLC | 372550 | 0.1 |
| 2552 | Allison Transmission Holdings, Inc. | 242415 | 0.1 |
| 4783 <sup>(1)</sup> | Amentum Holdings, Inc. | 112927 | 0.0 |
| 3038 | AMERCO | 165176 | 0.0 |
| 19591 <sup>(1)</sup> | American Airlines Group, Inc. | 219811 | 0.1 |
| 6921 | AMETEK, Inc. | 1252424 | 0.3 |
| 7379 <sup>(1)</sup> | API Group Corp. | 376698 | 0.1 |
| 1145 | Applied Industrial Technologies, Inc. | 266155 | 0.1 |
| 1294 | Armstrong World Industries, Inc. | 210197 | 0.1 |
| 4202 <sup>(1)</sup> | ATI, Inc. | 362801 | 0.1 |
| 505 <sup>(1)</sup> | Avis Budget Group, Inc. | 85370 | 0.0 |
| 2241 <sup>(1)</sup> | Axon Enterprise, Inc. | 1855414 | 0.5 |
| 4247 <sup>(1)</sup> | AZEK Co., Inc. | 230824 | 0.1 |
| 3752 | Booz Allen Hamilton Holding Corp. | 390696 | 0.1 |
| 3501 | Broadridge Financial Solutions, Inc. | 850848 | 0.2 |
| 3354 <sup>(1)</sup> | Builders FirstSource, Inc. | 391378 | 0.1 |
| 2741 | BWX Technologies, Inc. | 394868 | 0.1 |
| 652 <sup>(1)</sup> | CACI International, Inc. - Class A | 310808 | 0.1 |
| 1288 | Carlisle Cos., Inc. | 480939 | 0.1 |
| 4586 <sup>(1)</sup> | Ceridian HCM Holding, Inc. | 254019 | 0.1 |
| 3529 | CH Robinson Worldwide, Inc. | 338608 | 0.1 |
| 10635 <sup>(1)</sup> | Clarivate PLC | 45731 | 0.0 |
| 1522 <sup>(1)</sup> | Clean Harbors, Inc. | 351856 | 0.1 |
| 26368 | CNH Industrial NV | 341729 | 0.1 |
| 1045 | Comfort Systems USA, Inc. | 560339 | 0.2 |
| 1362 | Concentrix Corp. | 71989 | 0.0 |
| 5703 <sup>(1)</sup> | Core & Main, Inc. - Class A | 344176 | 0.1 |
| 1478 | Crane Co. | 280657 | 0.1 |
| 4135 | Cummins, Inc. | 1354213 | 0.4 |
| 1129 | Curtiss-Wright Corp. | 551573 | 0.1 |
| 19593 | Delta Air Lines, Inc. | 963584 | 0.3 |
| 3577 | Donaldson Co., Inc. | 248065 | 0.1 |
| 4074 | Dover Corp. | 746479 | 0.2 |
| 9243 | Dun & Bradstreet Holdings, Inc. | 84019 | 0.0 |
| 1329 | EMCOR Group, Inc. | 710869 | 0.2 |
| 3719 | Equifax, Inc. | 964597 | 0.3 |
| 1710 | Esab Corp. | 206141 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 1528 <sup>(1)</sup> | Everus Construction Group, Inc. | $97074 | 0.0 |
| 4754 <sup>(1)</sup> | ExlService Holdings, Inc. | 208178 | 0.1 |
| 4118 | Expeditors International of Washington, Inc. | 470482 | 0.1 |
| 34487 | Fastenal Co. | 1448454 | 0.4 |
| 5818 | Ferguson Enterprises, Inc. | 1266870 | 0.3 |
| 3912 | Flowserve Corp. | 204793 | 0.1 |
| 10334 | Fortive Corp. | 538711 | 0.1 |
| 3634 | Fortune Brands Innovations, Inc. | 187078 | 0.1 |
| 3060 | FTAI Aviation Ltd. | 352022 | 0.1 |
| 1004 <sup>(1)</sup> | FTI Consulting, Inc. | 162146 | 0.0 |
| 7617 <sup>(1)</sup> | Gates Industrial Corp. PLC | 175420 | 0.0 |
| 1754 <sup>(1)</sup> | Generac Holdings, Inc. | 251190 | 0.1 |
| 4835 | Genpact Ltd. | 212788 | 0.1 |
| 4983 | Graco, Inc. | 428389 | 0.1 |
| 3449 <sup>(1)</sup> | GXO Logistics, Inc. | 167966 | 0.0 |
| 5961 <sup>(1)</sup> | Hayward Holdings, Inc. | 82262 | 0.0 |
| 1275 | HEICO Corp. | 418200 | 0.1 |
| 2253 | HEICO Corp. - Class A | 582964 | 0.2 |
| 2403 | Hexcel Corp. | 135746 | 0.0 |
| 12047 | Howmet Aerospace, Inc. | 2242308 | 0.6 |
| 1607 | Hubbell, Inc. | 656315 | 0.2 |
| 1172 | Huntington Ingalls Industries, Inc. | 282991 | 0.1 |
| 2271 | IDEX Corp. | 398720 | 0.1 |
| 12124 | Ingersoll Rand, Inc. | 1008474 | 0.3 |
| 2421 | ITT, Inc. | 379685 | 0.1 |
| 3647 | Jacobs Solutions, Inc. | 479398 | 0.1 |
| 2398 | JB Hunt Transport Services, Inc. | 344353 | 0.1 |
| 796 <sup>(1)</sup> | Karman Holdings, Inc. | 40095 | 0.0 |
| 3859 | KBR, Inc. | 185000 | 0.0 |
| 1701 <sup>(1)</sup> | Kirby Corp. | 192910 | 0.1 |
| 4729 | Knight-Swift Transportation Holdings, Inc. | 209164 | 0.1 |
| 5611 | L3Harris Technologies, Inc. | 1407463 | 0.4 |
| 1041 | Landstar System, Inc. | 144720 | 0.0 |
| 3831 | Leidos Holdings, Inc. | 604379 | 0.2 |
| 964 | Lennox International, Inc. | 552603 | 0.1 |
| 2272 | Leonardo DRS, Inc. | 105603 | 0.0 |
| 1629 | Lincoln Electric Holdings, Inc. | 337724 | 0.1 |
| 1281 <sup>(1)</sup> | Loar Holdings, Inc. | 110384 | 0.0 |
| 11957 <sup>(1)</sup> | Lyft, Inc. - Class A | 188442 | 0.1 |
| 1382 | ManpowerGroup, Inc. | 55833 | 0.0 |
| 6339 | Masco Corp. | 407978 | 0.1 |
| 1867 <sup>(1)</sup> | MasTec, Inc. | 318193 | 0.1 |
| 1515 <sup>(1)</sup> | Middleby Corp. | 218160 | 0.1 |
| 1111 | MSA Safety, Inc. | 186126 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 1320 | MSC Industrial Direct Co., Inc. - Class A | $112226 | 0.0 |
| 3258 | Mueller Industries, Inc. | 258913 | 0.1 |
| 1619 | Nordson Corp. | 347065 | 0.1 |
| 4893 | nVent Electric PLC | 358412 | 0.1 |
| 5599 | Old Dominion Freight Line, Inc. | 908718 | 0.2 |
| 1921 | Oshkosh Corp. | 218110 | 0.1 |
| 11872 | Otis Worldwide Corp. | 1175565 | 0.3 |
| 2550 | Owens Corning | 350676 | 0.1 |
| 1585 <sup>(1)</sup> | Parsons Corp. | 113755 | 0.0 |
| 9694 | Paychex, Inc. | 1410089 | 0.4 |
| 1542 | Paycom Software, Inc. | 356819 | 0.1 |
| 1354 <sup>(1)</sup> | Paylocity Holding Corp. | 245331 | 0.1 |
| 4914 | Pentair PLC | 504471 | 0.1 |
| 4424 | Quanta Services, Inc. | 1672626 | 0.5 |
| 17879 <sup>(1)</sup> | QXO, Inc. | 385114 | 0.1 |
| 5569 | RB Global, Inc. | 591372 | 0.2 |
| 931 <sup>(1)</sup> | RBC Bearings, Inc. | 358249 | 0.1 |
| 1984 | Regal Rexnord Corp. | 287601 | 0.1 |
| 2971 | Robert Half International, Inc. | 121960 | 0.0 |
| 11760 <sup>(1)</sup> | Rocket Lab Corp. | 420655 | 0.1 |
| 3400 | Rockwell Automation, Inc. | 1129378 | 0.3 |
| 8432 | Rollins, Inc. | 475733 | 0.1 |
| 1208 | Ryder System, Inc. | 192072 | 0.1 |
| 800 <sup>(1)</sup> | Saia, Inc. | 219192 | 0.1 |
| 1552 | Schneider National, Inc. - Class B | 37481 | 0.0 |
| 1412 | Science Applications International Corp. | 159005 | 0.0 |
| 4357 | Sensata Technologies Holding PLC | 131189 | 0.0 |
| 1258 | Simpson Manufacturing Co., Inc. | 195380 | 0.1 |
| 1328 <sup>(1)</sup> | SiteOne Landscape Supply, Inc. | 160608 | 0.0 |
| 1541 | Snap-on, Inc. | 479528 | 0.1 |
| 15358 | Southwest Airlines Co. | 498214 | 0.1 |
| 3509 <sup>(1)</sup> | Spirit AeroSystems Holdings, Inc. - Class A | 133868 | 0.0 |
| 6353 | SS&C Technologies Holdings, Inc. | 526028 | 0.1 |
| 4256 <sup>(1)</sup> | Standardaero, Inc. | 134702 | 0.0 |
| 4643 | Stanley Black & Decker, Inc. | 314563 | 0.1 |
| 8023 | Tetra Tech, Inc. | 288507 | 0.1 |
| 5406 | Textron, Inc. | 434048 | 0.1 |
| 1879 | Timken Co. | 136321 | 0.0 |
| 2995 | Toro Co. | 211687 | 0.1 |
| 5856 | TransUnion | 515328 | 0.1 |
| 3205 <sup>(1)</sup> | Trex Co., Inc. | 174288 | 0.0 |
| 230 <sup>(1)</sup> | U-Haul Holding Co. | 13929 | 0.0 |
| 9778 <sup>(1)</sup> | United Airlines Holdings, Inc. | 778622 | 0.2 |
| 1948 | United Rentals, Inc. | 1467623 | 0.4 |
| 596 | Valmont Industries, Inc. | 194636 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 7163 | Veralto Corp. | $| 723105 | 0.2 |
| 4205 | Verisk Analytics, Inc. |  | 1309858 | 0.4 |
| 11429 | Vertiv Holdings Co. - Class A |  | 1467598 | 0.4 |
| 1045 | Watsco, Inc. |  | 461493 | 0.1 |
| 1439 | WESCO International, Inc. |  | 266503 | 0.1 |
| 5094 | Westinghouse Air Brake Technologies Corp. |  | 1066429 | 0.3 |
| 5334 | WillScot Mobile Mini Holdings Corp. |  | 146152 | 0.0 |
| 1781 | Woodward, Inc. |  | 436505 | 0.1 |
| 1331 | WW Grainger, Inc. |  | 1384559 | 0.4 |
| 3444 <sup>(1)</sup> | XPO, Inc. |  | 434943 | 0.1 |
| 7310 | Xylem, Inc. |  | 945622 | 0.3 |
|  |  |  | **65183783** | **17.6** |
|  | **Information Technology: 11.4%** | **Information Technology: 11.4%** | **Information Technology: 11.4%** | **Information Technology: 11.4%** |
| 4311 <sup>(1)</sup> | Akamai Technologies, Inc. |  | 343845 | 0.1 |
| 3697 <sup>(1)</sup> | Allegro MicroSystems, Inc. |  | 126400 | 0.0 |
| 3316 | Amdocs Ltd. |  | 302552 | 0.1 |
| 3431 | Amkor Technology, Inc. |  | 72017 | 0.0 |
| 2633 <sup>(1)</sup> | ANSYS, Inc. |  | 924762 | 0.3 |
| 660 <sup>(1)</sup> | Appfolio, Inc. - Class A |  | 151985 | 0.0 |
| 1551 <sup>(1)</sup> | Arrow Electronics, Inc. |  | 197644 | 0.1 |
| 4302 <sup>(1)</sup> | Astera Labs, Inc. |  | 388987 | 0.1 |
| 29592 <sup>(1)</sup> | Aurora Innovation, Inc. |  | 155062 | 0.0 |
| 2581 | Avnet, Inc. |  | 137000 | 0.0 |
| 4729 | Bentley Systems, Inc. - Class B |  | 255224 | 0.1 |
| 2769 <sup>(1)</sup> | BILL Holdings, Inc. |  | 128094 | 0.0 |
| 15554 <sup>(1)</sup> | CCC Intelligent Solutions Holdings, Inc. |  | 146363 | 0.0 |
| 3952 | CDW Corp. |  | 705788 | 0.2 |
| 4238 <sup>(1)</sup> | Ciena Corp. |  | 344677 | 0.1 |
| 1590 <sup>(1)</sup> | Cirrus Logic, Inc. |  | 165765 | 0.0 |
| 9271 <sup>(1)</sup> | Cloudflare, Inc. - Class A |  | 1815540 | 0.5 |
| 5040 | Cognex Corp. |  | 159869 | 0.0 |
| 14832 | Cognizant Technology Solutions Corp. - Class A |  | 1157341 | 0.3 |
| 4609 <sup>(1)</sup> | Coherent Corp. |  | 411169 | 0.1 |
| 8316 <sup>(1)</sup> | Confluent, Inc. - Class A |  | 207318 | 0.1 |
| 23456 | Corning, Inc. |  | 1233551 | 0.3 |
| 1471 | Crane Holdings Co. |  | 79287 | 0.0 |
| 9268 <sup>(1)</sup> | Datadog, Inc. - Class A |  | 1244970 | 0.3 |
| 6034 <sup>(1)</sup> | DocuSign, Inc. |  | 469988 | 0.1 |
| 1816 | Dolby Laboratories, Inc. - Class A |  | 134856 | 0.0 |
| 4067 <sup>(1)</sup> | DoubleVerify Holdings, Inc. |  | 60883 | 0.0 |
| 6080 <sup>(1)</sup> | Dropbox, Inc. - Class A |  | 173888 | 0.1 |
| 5390 <sup>(1)</sup> | DXC Technology Co. |  | 82413 | 0.0 |
| 8821 <sup>(1)</sup> | Dynatrace, Inc. |  | 487007 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 2724 <sup>(1)</sup> | Elastic NV | $229715 | 0.1 |
| 3824 <sup>(1)</sup> | Enphase Energy, Inc. | 151622 | 0.0 |
| 4503 | Entegris, Inc. | 363167 | 0.1 |
| 1645 <sup>(1)</sup> | EPAM Systems, Inc. | 290869 | 0.1 |
| 1730 <sup>(1)</sup> | F5, Inc. | 509174 | 0.1 |
| 714 <sup>(1)</sup> | Fair Isaac Corp. | 1305163 | 0.4 |
| 3049 <sup>(1)</sup> | First Solar, Inc. | 504731 | 0.1 |
| 11451 <sup>(1)</sup> | Flex Ltd. | 571634 | 0.2 |
| 2251 <sup>(1)</sup> | Gartner, Inc. | 909899 | 0.3 |
| 16504 | Gen Digital, Inc. | 485218 | 0.1 |
| 3948 <sup>(1)</sup> | Gitlab, Inc. - Class A | 178094 | 0.1 |
| 3086 <sup>(1)</sup> | GLOBALFOUNDRIES, Inc. | 117885 | 0.0 |
| 1297 <sup>(1)</sup> | Globant SA | 117820 | 0.0 |
| 4129 <sup>(1)</sup> | GoDaddy, Inc. - Class A | 743468 | 0.2 |
| 2516 <sup>(1)</sup> | Guidewire Software, Inc. | 592392 | 0.2 |
| 39393 | Hewlett Packard Enterprise Co. | 805587 | 0.2 |
| 28335 | HP, Inc. | 693074 | 0.2 |
| 1528 <sup>(1)</sup> | HubSpot, Inc. | 850531 | 0.2 |
| 3149 <sup>(1)</sup> | Informatica, Inc. - Class A | 76678 | 0.0 |
| 616 | Ingram Micro Holding Corp. | 12837 | 0.0 |
| 751 <sup>(1)</sup> | IPG Photonics Corp. | 51556 | 0.0 |
| 3169 | Jabil, Inc. | 691159 | 0.2 |
| 9925 | Juniper Networks, Inc. | 396305 | 0.1 |
| 5169 <sup>(1)</sup> | Keysight Technologies, Inc. | 846992 | 0.2 |
| 6948 <sup>(1)</sup> | Kyndryl Holdings, Inc. | 291538 | 0.1 |
| 4085 <sup>(1)</sup> | Lattice Semiconductor Corp. | 200124 | 0.1 |
| 738 | Littelfuse, Inc. | 167327 | 0.0 |
| 2064 <sup>(1)</sup> | Lumentum Holdings, Inc. | 196204 | 0.1 |
| 1901 <sup>(1)</sup> | MACOM Technology Solutions Holdings, Inc. | 272394 | 0.1 |
| 1801 <sup>(1)</sup> | Manhattan Associates, Inc. | 355643 | 0.1 |
| 15855 | Microchip Technology, Inc. | 1115716 | 0.3 |
| 2018 | MKS Instruments, Inc. | 200509 | 0.1 |
| 2369 <sup>(1)</sup> | MongoDB, Inc. | 497466 | 0.1 |
| 1391 | Monolithic Power Systems, Inc. | 1017350 | 0.3 |
| 3203 <sup>(1)</sup> | nCino, Inc. | 89588 | 0.0 |
| 6102 | NetApp, Inc. | 650168 | 0.2 |
| 7664 <sup>(1)</sup> | Nutanix, Inc. - Class A | 585836 | 0.2 |
| 4949 <sup>(1)</sup> | Okta, Inc. | 494752 | 0.1 |
| 12661 <sup>(1)</sup> | ON Semiconductor Corp. | 663563 | 0.2 |
| 1459 <sup>(1)</sup> | Onto Innovation, Inc. | 147257 | 0.0 |
| 2612 | Pegasystems, Inc. | 141388 | 0.0 |
| 3442 <sup>(1)</sup> | Procore Technologies, Inc. | 235502 | 0.1 |
| 3582 <sup>(1)</sup> | PTC, Inc. | 617322 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 9330 <sup>(1)</sup> | Pure Storage, Inc. - Class A | $| 537221 | 0.1 |
| 2798 <sup>(1)</sup> | Qorvo, Inc. |  | 237578 | 0.1 |
| 3445 <sup>(1)</sup> | Ralliant Corp. |  | 167032 | 0.0 |
| 2405 <sup>(1)</sup> | RingCentral, Inc. - Class A |  | 68182 | 0.0 |
| 2916 <sup>(1)</sup> | Rubrik, Inc. - Class A |  | 261244 | 0.1 |
| 1806 <sup>(1)</sup> | SailPoint, Inc. |  | 41285 | 0.0 |
| 8059 <sup>(1)</sup> | Samsara, Inc. - Class A |  | 320587 | 0.1 |
| 4051 <sup>(1)</sup> | Sandisk Corp. |  | 183713 | 0.1 |
| 8754 <sup>(1)</sup> | SentinelOne, Inc. - Class A |  | 160023 | 0.0 |
| 4604 | Skyworks Solutions, Inc. |  | 343090 | 0.1 |
| 15425 <sup>(1)</sup> | Super Micro Computer, Inc. |  | 755979 | 0.2 |
| 2364 | TD SYNNEX Corp. |  | 320795 | 0.1 |
| 1397 <sup>(1)</sup> | Teledyne Technologies, Inc. |  | 715697 | 0.2 |
| 2844 <sup>(1)</sup> | Teradata Corp. |  | 63450 | 0.0 |
| 4831 | Teradyne, Inc. |  | 434404 | 0.1 |
| 7157 <sup>(1)</sup> | Trimble, Inc. |  | 543789 | 0.2 |
| 4248 <sup>(1)</sup> | Twilio, Inc. - Class A |  | 528281 | 0.1 |
| 1293 <sup>(1)</sup> | Tyler Technologies, Inc. |  | 766542 | 0.2 |
| 126 | Ubiquiti, Inc. |  | 51868 | 0.0 |
| 13085 <sup>(1)</sup> | UiPath, Inc. - Class A |  | 167488 | 0.1 |
| 9514 <sup>(1)</sup> | Unity Software, Inc. |  | 230239 | 0.1 |
| 1320 | Universal Display Corp. |  | 203887 | 0.1 |
| 2403 | VeriSign, Inc. |  | 693986 | 0.2 |
| 4442 | Vontier Corp. |  | 163910 | 0.0 |
| 10398 | Western Digital Corp. |  | 665368 | 0.2 |
| 4586 <sup>(1)(2)</sup> | Wolfspeed, Inc. |  | 1829 | 0.0 |
| 1527 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 470866 | 0.1 |
| 7893 <sup>(1)</sup> | Zoom Video Communications, Inc. - Class A |  | 615496 | 0.2 |
| 2933 <sup>(1)</sup> | Zscaler, Inc. |  | 920786 | 0.3 |
|  |  |  | **42334077** | **11.4** |
|  | **Materials: 5.0%** | **Materials: 5.0%** | **Materials: 5.0%** | **Materials: 5.0%** |
| 3530 | Albemarle Corp. |  | 221225 | 0.1 |
| 7763 | Alcoa Corp. |  | 229086 | 0.1 |
| 68364 | Amcor PLC |  | 628265 | 0.2 |
| 15132 | Anglogold Ashanti PLC |  | 689565 | 0.2 |
| 1967 | AptarGroup, Inc. |  | 307698 | 0.1 |
| 1401 | Ashland, Inc. |  | 70442 | 0.0 |
| 2337 | Avery Dennison Corp. |  | 410073 | 0.1 |
| 6555 <sup>(1)</sup> | Axalta Coating Systems Ltd. |  | 194618 | 0.1 |
| 8484 | Ball Corp. |  | 475868 | 0.1 |
| 1446 | Carpenter Technology Corp. |  | 399646 | 0.1 |
| 3352 | Celanese Corp. |  | 185466 | 0.1 |
| 4976 | CF Industries Holdings, Inc. |  | 457792 | 0.1 |
| 14617 <sup>(1)</sup> | Cleveland-Cliffs, Inc. |  | 111089 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 20553 | Corteva, Inc. | $| 1531815 | 0.4 |
| 3477 | Crown Holdings, Inc. |  | 358061 | 0.1 |
| 21257 | Dow, Inc. |  | 562885 | 0.2 |
| 12575 | DuPont de Nemours, Inc. |  | 862519 | 0.2 |
| 991 | Eagle Materials, Inc. |  | 200291 | 0.1 |
| 3448 | Eastman Chemical Co. |  | 257428 | 0.1 |
| 6765 | Element Solutions, Inc. |  | 153227 | 0.0 |
| 3727 | FMC Corp. |  | 155602 | 0.0 |
| 8946 <sup>(2)</sup> | Graphic Packaging Holding Co. |  | 188492 | 0.1 |
| 4937 | Huntsman Corp. |  | 51444 | 0.0 |
| 7696 | International Flavors & Fragrances, Inc. |  | 566041 | 0.2 |
| 15746 | International Paper Co. |  | 737385 | 0.2 |
| 1893 | Louisiana-Pacific Corp. |  | 162779 | 0.1 |
| 7696 | LyondellBasell Industries NV - Class A |  | 445291 | 0.1 |
| 1802 | Martin Marietta Materials, Inc. |  | 989226 | 0.3 |
| 9479 | Mosaic Co. |  | 345794 | 0.1 |
| 3622 <sup>(1)(2)</sup> | MP Materials Corp. |  | 120504 | 0.0 |
| 178 | NewMarket Corp. |  | 122973 | 0.0 |
| 6900 | Nucor Corp. |  | 893826 | 0.2 |
| 3440 | Olin Corp. |  | 69110 | 0.0 |
| 2653 | Packaging Corp. of America |  | 499958 | 0.1 |
| 6828 | PPG Industries, Inc. |  | 776685 | 0.2 |
| 1586 | Reliance Steel & Aluminum Co. |  | 497845 | 0.1 |
| 1973 | Royal Gold, Inc. |  | 350878 | 0.1 |
| 3819 | RPM International, Inc. |  | 419479 | 0.1 |
| 1311 | Scotts Miracle-Gro Co. |  | 86474 | 0.0 |
| 4381 | Sealed Air Corp. |  | 135942 | 0.0 |
| 2654 | Silgan Holdings, Inc. |  | 143794 | 0.0 |
| 15651 | Smurfit WestRock PLC |  | 675341 | 0.2 |
| 2958 | Sonoco Products Co. |  | 128851 | 0.0 |
| 4220 | Steel Dynamics, Inc. |  | 540202 | 0.2 |
| 3972 | Vulcan Materials Co. |  | 1035977 | 0.3 |
| 999 | Westlake Corp. |  | 75854 | 0.0 |
|  |  |  | **18522806** | **5.0** |
|  | **Real Estate: 7.3%** | **Real Estate: 7.3%** | **Real Estate: 7.3%** | **Real Estate: 7.3%** |
| 3252 | Agree Realty Corp. |  | 237591 | 0.1 |
| 5153 | Alexandria Real Estate Equities, Inc. |  | 374262 | 0.1 |
| 10264 | American Homes 4 Rent - Class A |  | 370222 | 0.1 |
| 8564 | Americold Realty Trust, Inc. |  | 142419 | 0.0 |
| 4272 | AvalonBay Communities, Inc. |  | 869352 | 0.2 |
| 4758 | Boston Properties, Inc. |  | 321022 | 0.1 |
| 9146 | Brixmor Property Group, Inc. |  | 238162 | 0.1 |
| 3229 | Camden Property Trust |  | 363876 | 0.1 |
| 8933 <sup>(1)</sup> | CBRE Group, Inc. - Class A |  | 1251692 | 0.3 |
| 12545 <sup>(1)</sup> | CoStar Group, Inc. |  | 1008618 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 5013 | Cousins Properties, Inc. | $150540 | 0.0 |
| 13034 | Crown Castle, Inc. | 1338983 | 0.4 |
| 6800 | CubeSmart | 289000 | 0.1 |
| 10133 | Digital Realty Trust, Inc. | 1766486 | 0.5 |
| 1566 | EastGroup Properties, Inc. | 261710 | 0.1 |
| 2241 | EPR Properties | 130561 | 0.0 |
| 5694 | Equity LifeStyle Properties, Inc. | 351149 | 0.1 |
| 11378 | Equity Residential | 767901 | 0.2 |
| 1915 | Essex Property Trust, Inc. | 542711 | 0.2 |
| 6329 | Extra Space Storage, Inc. | 933148 | 0.3 |
| 2555 | Federal Realty Investment Trust | 242699 | 0.1 |
| 3845 | First Industrial Realty Trust, Inc. | 185060 | 0.1 |
| 7928 | Gaming and Leisure Properties, Inc. | 370079 | 0.1 |
| 9858 | Healthcare Realty Trust, Inc. | 156348 | 0.0 |
| 20815 | Healthpeak Properties, Inc. | 364471 | 0.1 |
| 3185 | Highwoods Properties, Inc. | 99022 | 0.0 |
| 20601 | Host Hotels & Resorts, Inc. | 316431 | 0.1 |
| 923 <sup>(1)</sup> | Howard Hughes Holdings, Inc. | 62303 | 0.0 |
| 18381 | Invitation Homes, Inc. | 602897 | 0.2 |
| 8814 | Iron Mountain, Inc. | 904052 | 0.2 |
| 1417 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | 362440 | 0.1 |
| 3523 | Kilroy Realty Corp. | 120874 | 0.0 |
| 20074 | Kimco Realty Corp. | 421955 | 0.1 |
| 2632 | Lamar Advertising Co. - Class A | 319420 | 0.1 |
| 2122 <sup>(2)</sup> | Lineage, Inc. | 92349 | 0.0 |
| 14986 <sup>(2)</sup> | Medical Properties Trust, Inc. | 64590 | 0.0 |
| 3495 | Mid-America Apartment Communities, Inc. | 517295 | 0.1 |
| 3599 <sup>(1)</sup> | Millrose Properties, Inc. | 102607 | 0.0 |
| 5617 | National Retail Properties, Inc. | 242542 | 0.1 |
| 2115 | National Storage Affiliates Trust | 67659 | 0.0 |
| 8627 | Omega Healthcare Investors, Inc. | 316180 | 0.1 |
| 5899 | Park Hotels & Resorts, Inc. | 60347 | 0.0 |
| 4651 | Rayonier, Inc. | 103159 | 0.0 |
| 26831 | Realty Income Corp. | 1545734 | 0.4 |
| 5427 | Regency Centers Corp. | 386565 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 7119 | Rexford Industrial Realty, Inc. | $| 253223 | 0.1 |
| 3226 | SBA Communications Corp. |  | 757594 | 0.2 |
| 9733 | Simon Property Group, Inc. |  | 1564677 | 0.4 |
| 5608 | STAG Industrial, Inc. |  | 203458 | 0.1 |
| 3796 | Sun Communities, Inc. |  | 480156 | 0.1 |
| 9924 | UDR, Inc. |  | 405197 | 0.1 |
| 13107 | Ventas, Inc. |  | 827707 | 0.2 |
| 31728 | VICI Properties, Inc. |  | 1034333 | 0.3 |
| 5298 | Vornado Realty Trust |  | 202596 | 0.1 |
| 21773 | Weyerhaeuser Co. |  | 559348 | 0.2 |
| 6511 | WP Carey, Inc. |  | 406156 | 0.1 |
| 1499 <sup>(1)</sup> | Zillow Group, Inc. - Class A |  | 102667 | 0.0 |
| 4885 <sup>(1)</sup> | Zillow Group, Inc. - Class C |  | 342194 | 0.1 |
|  |  |  | **26875789** | **7.3** |
|  | **Utilities: 6.0%** | **Utilities: 6.0%** | **Utilities: 6.0%** | **Utilities: 6.0%** |
| 21328 | AES Corp. |  | 224371 | 0.1 |
| 7716 | Alliant Energy Corp. |  | 466587 | 0.1 |
| 8107 | Ameren Corp. |  | 778596 | 0.2 |
| 5851 | American Water Works Co., Inc. |  | 813933 | 0.2 |
| 4754 | Atmos Energy Corp. |  | 732639 | 0.2 |
| 4057 | Brookfield Renewable Corp. |  | 132988 | 0.0 |
| 19575 | CenterPoint Energy, Inc. |  | 719186 | 0.2 |
| 1032 | Clearway Energy, Inc. - Class A |  | 31228 | 0.0 |
| 2442 | Clearway Energy, Inc. - Class C |  | 78144 | 0.0 |
| 8937 | CMS Energy Corp. |  | 619155 | 0.2 |
| 10829 | Consolidated Edison, Inc. |  | 1086690 | 0.3 |
| 6225 | DTE Energy Co. |  | 824563 | 0.2 |
| 11450 | Edison International |  | 590820 | 0.2 |
| 12946 | Entergy Corp. |  | 1076072 | 0.3 |
| 8280 | Essential Utilities, Inc. |  | 307519 | 0.1 |
| 6915 | Evergy, Inc. |  | 476651 | 0.1 |
| 11037 | Eversource Energy |  | 702174 | 0.2 |
| 30367 | Exelon Corp. |  | 1318535 | 0.4 |
| 16485 | FirstEnergy Corp. |  | 663686 | 0.2 |
| 1620 | IDACORP, Inc. |  | 187029 | 0.0 |
| 6092 | MDU Resources Group, Inc. |  | 101554 | 0.0 |
| 2694 | National Fuel Gas Co. |  | 228209 | 0.1 |
| 14136 | NiSource, Inc. |  | 570246 | 0.2 |
| 5954 | NRG Energy, Inc. |  | 956093 | 0.3 |
| 6035 | OGE Energy Corp. |  | 267833 | 0.1 |
| 65865 | PG&E Corp. |  | 918158 | 0.2 |
| 3579 | Pinnacle West Capital Corp. |  | 320213 | 0.1 |
| 22235 | PPL Corp. |  | 753544 | 0.2 |
| 15002 | Public Service Enterprise Group, Inc. |  | 1262868 | 0.3 |
| 1363 <sup>(1)</sup> | Talen Energy Corp. |  | 396320 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 6460 | UGI Corp. | $| 235273 | 0.1 |
| 10164 | Vistra Corp. |  | 1969885 | 0.5 |
| 9595 | WEC Energy Group, Inc. |  | 999799 | 0.3 |
| 17339 | Xcel Energy, Inc. |  | 1180786 | 0.3 |
|  |  |  | **21991347** | **6.0** |
|  | Total Common Stock <br> (Cost $291,921,384) |  | **362779796** | **98.1** |
| **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** |
| 68856 | iShares Russell Mid-Cap ETF |  | **6332686** | **1.7** |
|  | Total Exchange-Traded Funds <br> (Cost $5,765,348) |  | **6332686** | **1.7** |
|  | Total Long-Term Investments <br> (Cost $297,686,732) |  | **369112482** | **99.8** |
| **Principal <br> Amount†** | **RA** | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** |
|  | **Repurchase Agreements: 0.3%** | **Repurchase Agreements: 0.3%** | **Repurchase Agreements: 0.3%** | **Repurchase Agreements: 0.3%** |
| 234552 <sup>(4)</sup> | Bank of America Securities Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $234,580, collateralized by various U.S. Government Securities, 0.000%-4.875%, Market Value plus accrued interest $239,243, due 04/30/26-06/30/30) |  | 234552 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1000000 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,000,120, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,020,000, due 06/01/30-02/01/57) | $1000000 | 0.3 |
|  | Total Repurchase Agreements <br> (Cost $1,234,552) | **1234552** | **0.3** |
|  | Total Short-Term Investments <br> (Cost $1,234,552) | **1234552** | **0.3** |
|  | **Total Investments in Securities <br> (Cost $298,921,284)** | $**370347034** | **100.1** |
|  | **Liabilities in Excess of Other Assets** | **(251416)** | **(0.1)** |
|  | **Net Assets** | $**370095618** | **100.0** |

---

---

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

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets<br> for Identical <br> Investments<br> (Level 1)** | **Significant Other<br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $362779796 | $— | $— | $362779796 |
| Exchange-Traded Funds | 6332686 |  |  | 6332686 |
| Short-Term Investments |  | 1234552 |  | 1234552 |
| Total Investments, at fair value | $369112482 | $1234552 | $— | $370347034 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 20226 |  |  | 20226 |
| Total Assets | $369132708 | $1234552 | $— | $370367260 |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| \* | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates** 

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales <br> at Cost** | **Change In <br> Unrealized <br> Appreciation/ <br> (Depreciation)** | **Ending <br> Fair <br> Value at <br> 6/30/2025** | **Investment<br> Income** | **Realized <br> Gains/ <br> (Losses)** | **Net<br> Capital <br> Gain <br> Distributions** |
| Voya Financial, Inc. | $262311 | $47346 | $(113577) | $8968 | $205048 | $3344 | $(12975) | $— |
|  | $262311 | $47346 | $(113577) | $8968 | $205048 | $3344 | $(12975) | $— |

---

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

At June 30, 2025, the following futures contracts were outstanding for Voya VACS Index Series MC Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number <br> of Contracts** | **Expiration <br> Date** | **Notional<br> Amount** | **Unrealized <br> Appreciation** |
| <u>Long Contracts:</u> | <u>Long Contracts:</u> | <u>Long Contracts:</u> | <u>Long Contracts:</u> | <u>Long Contracts:</u> |
| &nbsp;&nbsp;&nbsp;S&P Mid 400 E-Mini Index | 3 | 09/19/25 | $937650 | $20226 |
|  |  |  | $937650 | $20226 |

---

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

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

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Equity contracts | Variation margin receivable on futures contracts\* | $20226 |
| **Total Asset Derivatives** |  | $20226 |

---

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

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

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(160013) |
| **Total** | $(160013) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $110580 |
| **Total** | $110580 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $301,849,080. | Cost for U.S. federal income tax purposes was $301,849,080. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $88240135 |
| Gross Unrealized Depreciation | (19721955) |
| Net Unrealized Appreciation | $68518180 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** | **COMMON STOCK: 96.0%** |
|  | **Communication Services: 9.4%** | **Communication Services: 9.4%** | **Communication Services: 9.4%** |  |
| 443893 | Alphabet, Inc. - Class A | $78227263 |  | 1.9 |
| 358069 | Alphabet, Inc. - Class C | 63517860 |  | 1.5 |
| 548811 | AT&T, Inc. | 15882590 |  | 0.4 |
| 7280 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 2976137 |  | 0.1 |
| 284050 | Comcast Corp. - Class A | 10137745 |  | 0.3 |
| 17405 | Electronic Arts, Inc. | 2779579 |  | 0.1 |
| 16325 | Fox Corp. - Class A | 914853 |  | 0 |
| 10032 | Fox Corp. - Class B | 517952 |  | 0 |
| 28200 | Interpublic Group of Cos., Inc. | 690336 |  | 0 |
| 12021 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 1818537 |  | 0.1 |
| 18703 | Match Group, Inc. | 577736 |  | 0 |
| 165594 | Meta Platforms, Inc. - Class A | 122223275 |  | 2.9 |
| 32458 <sup>(1)</sup> | Netflix, Inc. | 43465482 |  | 1 |
| 28748 | News Corp. - Class A | 854391 |  | 0 |
| 8495 | News Corp. - Class B | 291463 |  | 0 |
| 14881 | Omnicom Group, Inc. | 1070539 |  | 0 |
| 45898 <sup>(2)</sup> | Paramount Global - Class B | 592084 |  | 0 |
| 12922 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 3138108 |  | 0.1 |
| 5113 | TKO Group Holdings, Inc. | 930310 |  | 0 |
| 36372 | T-Mobile US, Inc. | 8665993 |  | 0.2 |
| 321556 | Verizon Communications, Inc. | 13913728 |  | 0.3 |
| 137115 | Walt Disney Co. | 17003631 |  | 0.4 |
| 171716 <sup>(1)</sup> | Warner Bros Discovery, Inc. | 1967865 |  | 0.1 |
|  |  | **392157457** |  | **9.4** |
|  | **Consumer Discretionary: 10.0%** | **Consumer Discretionary: 10.0%** | **Consumer Discretionary: 10.0%** |  |
| 32917 <sup>(1)</sup> | Airbnb, Inc. - Class A | 4356236 |  | 0.1 |
| 720644 <sup>(1)</sup> | Amazon.com, Inc. | 158102087 |  | 3.8 |
| 16606 <sup>(1)</sup> | Aptiv PLC | 1132861 |  | 0 |
| 1276 <sup>(1)</sup> | AutoZone, Inc. | 4736805 |  | 0.1 |
| 14692 | Best Buy Co., Inc. | 986274 |  | 0 |
| 2482 | Booking Holdings, Inc. | 14368894 |  | 0.4 |
| 15862 <sup>(1)</sup> | Caesars Entertainment, Inc. | 450322 |  | 0 |
| 11619 <sup>(1)</sup> | CarMax, Inc. | 780913 |  | 0 |
| 80080 <sup>(1)</sup> | Carnival Corp. | 2251850 |  | 0.1 |
| 102764 <sup>(1)</sup> | Chipotle Mexican Grill, Inc. | 5770199 |  | 0.1 |
| 21086 | D.R. Horton, Inc. | 2718407 |  | 0.1 |
| 8926 | Darden Restaurants, Inc. | 1945600 |  | 0.1 |
| 11576 <sup>(1)</sup> | Deckers Outdoor Corp. | 1193138 |  | 0 |
| 2612 | Domino's Pizza, Inc. | 1176967 |  | 0 |
| 26150 <sup>(1)</sup> | DoorDash, Inc. - Class A | 6446237 |  | 0.2 |
| 35161 | eBay, Inc. | 2618088 |  | 0.1 |
| 9274 | Expedia Group, Inc. | 1564338 |  | 0 |
| 297889 | Ford Motor Co. | 3232096 |  | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |  |
| 11748 | Garmin Ltd. | $2452043 |  | 0.1 |
| 73329 | General Motors Co. | 3608520 |  | 0.1 |
| 10573 | Genuine Parts Co. | 1282611 |  | 0.0 |
| 10046 | Hasbro, Inc. | 741596 |  | 0.0 |
| 18129 | Hilton Worldwide Holdings, Inc. | 4828478 |  | 0.1 |
| 75807 | Home Depot, Inc. | 27793878 |  | 0.7 |
| 25869 | Las Vegas Sands Corp. | 1125560 |  | 0.0 |
| 17709 | Lennar Corp. - Class A | 1958792 |  | 0.1 |
| 19689 | LKQ Corp. | 728690 |  | 0.0 |
| 42689 | Lowe's Cos., Inc. | 9471408 |  | 0.2 |
| 8431 <sup>(1)</sup> | Lululemon Athletica, Inc. | 2003037 |  | 0.1 |
| 17339 | Marriott International, Inc. - Class A | 4737188 |  | 0.1 |
| 54536 | McDonald's Corp. | 15933783 |  | 0.4 |
| 15775 <sup>(1)</sup> | MGM Resorts International | 542502 |  | 0.0 |
| 3958 <sup>(1)</sup> | Mohawk Industries, Inc. | 414957 |  | 0.0 |
| 89825 | NIKE, Inc. - Class B | 6381168 |  | 0.2 |
| 34078 <sup>(1)</sup> | Norwegian Cruise Line Holdings Ltd. | 691102 |  | 0.0 |
| 223 <sup>(1)</sup> | NVR, Inc. | 1647002 |  | 0.0 |
| 65199 <sup>(1)</sup> | O'Reilly Automotive, Inc. | 5876386 |  | 0.1 |
| 2867 | Pool Corp. | 835673 |  | 0.0 |
| 15287 | PulteGroup, Inc. | 1612167 |  | 0.0 |
| 3042 | Ralph Lauren Corp. | 834360 |  | 0.0 |
| 25089 | Ross Stores, Inc. | 3200855 |  | 0.1 |
| 19055 | Royal Caribbean Cruises Ltd. | 5966883 |  | 0.2 |
| 86674 | Starbucks Corp. | 7941939 |  | 0.2 |
| 15841 | Tapestry, Inc. | 1390998 |  | 0.0 |
| 213727 <sup>(1)</sup> | Tesla, Inc. | 67892519 |  | 1.6 |
| 85155 | TJX Cos., Inc. | 10515791 |  | 0.3 |
| 40439 | Tractor Supply Co. | 2133966 |  | 0.1 |
| 3443 <sup>(1)</sup> | Ulta Beauty, Inc. | 1610704 |  | 0.0 |
| 9377 | Williams-Sonoma, Inc. | 1531920 |  | 0.0 |
| 6712 | Wynn Resorts Ltd. | 628713 |  | 0.0 |
| 21200 | Yum! Brands, Inc. | 3141416 |  | 0.1 |
|  |  | **415287917** |  | **10.0** |
|  | **Consumer Staples: 5.3%** |  |  |  |
| 128474 | Altria Group, Inc. | 7532431 |  | 0.2 |
| 36644 | Archer-Daniels-Midland Co. | 1934070 |  | 0.1 |
| 13849 | Brown-Forman Corp. - Class B | 372677 |  | 0.0 |
| 10251 | Bunge Global SA | 822950 |  | 0.0 |
| 14962 | Campbell Soup Co. | 458585 |  | 0.0 |
| 18784 | Church & Dwight Co., Inc. | 1805330 |  | 0.0 |
| 9401 | Clorox Co. | 1128778 |  | 0.0 |
| 295441 | Coca-Cola Co. | 20902451 |  | 0.5 |
| 61811 | Colgate-Palmolive Co. | 5618620 |  | 0.1 |
| 36409 | Conagra Brands, Inc. | 745292 |  | 0.0 |
| 11675 | Constellation Brands, Inc. - Class A | 1899289 |  | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** |  |  |
| 33840 | Costco Wholesale Corp. | $33499570 | 0.8 |
| 16775 | Dollar General Corp. | 1918725 | 0.1 |
| 15066 <sup>(1)</sup> | Dollar Tree, Inc. | 1492137 | 0.0 |
| 17863 | Estee Lauder Cos., Inc. - Class A | 1443330 | 0.0 |
| 41766 | General Mills, Inc. | 2163897 | 0.1 |
| 11287 | Hershey Co. | 1873078 | 0.1 |
| 22229 | Hormel Foods Corp. | 672427 | 0.0 |
| 8116 | JM Smucker Co. | 796991 | 0.0 |
| 20506 | Kellogg Co. | 1630842 | 0.0 |
| 146432 | Kenvue, Inc. | 3064822 | 0.1 |
| 103590 | Keurig Dr Pepper, Inc. | 3424685 | 0.1 |
| 25308 | Kimberly-Clark Corp. | 3262707 | 0.1 |
| 65896 | Kraft Heinz Co. | 1701435 | 0.0 |
| 46722 | Kroger Co. | 3351369 | 0.1 |
| 10763 | Lamb Weston Holdings, Inc. | 558062 | 0.0 |
| 19272 | McCormick & Co., Inc. | 1461203 | 0.0 |
| 13093 | Molson Coors Beverage Co. - Class B | 629642 | 0.0 |
| 98756 | Mondelez International, Inc. - Class A | 6660105 | 0.2 |
| 53555 <sup>(1)</sup> | Monster Beverage Corp. | 3354685 | 0.1 |
| 104573 | PepsiCo, Inc. | 13807819 | 0.3 |
| 118716 | Philip Morris International, Inc. | 21621745 | 0.5 |
| 178819 | Procter & Gamble Co. | 28489443 | 0.7 |
| 36972 | Sysco Corp. | 2800259 | 0.1 |
| 34654 | Target Corp. | 3418617 | 0.1 |
| 21830 | Tyson Foods, Inc. - Class A | 1221170 | 0.0 |
| 54742 | Walgreens Boots Alliance, Inc. | 628438 | 0.0 |
| 329524 | Walmart, Inc. | 32220857 | 0.8 |
|  |  | **220388533** | **5.3** |
|  | **Energy: 2.8%** |  |  |
| 27522 | APA Corp. | 503377 | 0.0 |
| 75565 | Baker Hughes Co. | 2897162 | 0.1 |
| 16517 | Chesapeake Energy Corp. | 1931498 | 0.0 |
| 123874 | Chevron Corp. | 17737518 | 0.4 |
| 96284 | ConocoPhillips | 8640526 | 0.2 |
| 58214 | Coterra Energy, Inc. | 1477471 | 0.0 |
| 48973 | Devon Energy Corp. | 1557831 | 0.0 |
| 14262 | Diamondback Energy, Inc. | 1959599 | 0.0 |
| 41627 | EOG Resources, Inc. | 4979006 | 0.1 |
| 45657 | EQT Corp. | 2662716 | 0.1 |
| 328725 | Exxon Mobil Corp. | 35436555 | 0.9 |
| 65571 | Halliburton Co. | 1336337 | 0.0 |
| 21145 | Hess Corp. | 2929428 | 0.1 |
| 147444 | Kinder Morgan, Inc. | 4334854 | 0.1 |
| 23431 | Marathon Petroleum Corp. | 3892123 | 0.1 |
| 54043 | Occidental Petroleum Corp. | 2270346 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** |  |  |
| 47641 | ONEOK, Inc. | $3888935 | 0.1 |
| 31075 | Phillips 66 | 3707248 | 0.1 |
| 103740 | Schlumberger NV | 3506412 | 0.1 |
| 16545 | Targa Resources Corp. | 2880154 | 0.1 |
| 1438 | Texas Pacific Land Corp. | 1519089 | 0.0 |
| 23888 | Valero Energy Corp. | 3211025 | 0.1 |
| 93126 | Williams Cos., Inc. | 5849244 | 0.1 |
|  |  | **119108454** | **2.8** |
|  | **Financials: 13.5%** |  |  |
| 37112 | Aflac, Inc. | 3913832 | 0.1 |
| 20198 | Allstate Corp. | 4066059 | 0.1 |
| 42213 | American Express Co. | 13465103 | 0.3 |
| 43957 | American International Group, Inc. | 3762280 | 0.1 |
| 7263 | Ameriprise Financial, Inc. | 3876481 | 0.1 |
| 16470 | Aon PLC - Class A | 5875837 | 0.1 |
| 34435 | Apollo Global Management, Inc. | 4885294 | 0.1 |
| 28466 | Arch Capital Group Ltd. | 2591829 | 0.1 |
| 19533 | Arthur J Gallagher & Co. | 6252904 | 0.2 |
| 3867 | Assurant, Inc. | 763694 | 0.0 |
| 499779 | Bank of America Corp. | 23649542 | 0.6 |
| 54574 | Bank of New York Mellon Corp. | 4972237 | 0.1 |
| 139859 <sup>(1)</sup> | Berkshire Hathaway, Inc. - Class B | 67939306 | 1.6 |
| 11107 | Blackrock, Inc. | 11654020 | 0.3 |
| 55658 | Blackstone, Inc. | 8325324 | 0.2 |
| 21372 | Brown & Brown, Inc. | 2369514 | 0.1 |
| 48784 | Capital One Financial Corp. | 10379284 | 0.3 |
| 7986 | Cboe Global Markets, Inc. | 1862415 | 0.1 |
| 130266 | Charles Schwab Corp. | 11885470 | 0.3 |
| 28424 | Chubb Ltd. | 8235001 | 0.2 |
| 11921 | Cincinnati Financial Corp. | 1775275 | 0.0 |
| 142453 | Citigroup, Inc. | 12125599 | 0.3 |
| 33075 | Citizens Financial Group, Inc. | 1480106 | 0.0 |
| 27484 | CME Group, Inc. | 7575140 | 0.2 |
| 16124 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 5651301 | 0.1 |
| 5377 <sup>(1)</sup> | Corpay, Inc. | 1784196 | 0.0 |
| 1897 | Erie Indemnity Co. - Class A | 657861 | 0.0 |
| 3244 | Everest Re Group Ltd. | 1102473 | 0.0 |
| 2892 | FactSet Research Systems, Inc. | 1293534 | 0.0 |
| 40072 | Fidelity National Information Services, Inc. | 3262262 | 0.1 |
| 50938 | Fifth Third Bancorp | 2095080 | 0.1 |
| 42287 <sup>(1)</sup> | Fiserv, Inc. | 7290702 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 23572 | Franklin Resources, Inc. | $562192 | 0.0 |
| 18601 | Global Payments, Inc. | 1488824 | 0.0 |
| 6296 | Globe Life, Inc. | 782530 | 0.0 |
| 23403 | Goldman Sachs Group, Inc. | 16563473 | 0.4 |
| 21669 | Hartford Financial Services Group, Inc. | 2749146 | 0.1 |
| 111111 | Huntington Bancshares, Inc. | 1862220 | 0.0 |
| 43751 | Intercontinental Exchange, Inc. | 8026996 | 0.2 |
| 34067 | Invesco Ltd. | 537237 | 0.0 |
| 5543 | Jack Henry & Associates, Inc. | 998682 | 0.0 |
| 211962 | JPMorgan Chase & Co. | 61449903 | 1.5 |
| 75229 | KeyCorp | 1310489 | 0.0 |
| 51626 | KKR & Co., Inc. | 6867807 | 0.2 |
| 13275 | Loews Corp. | 1216787 | 0.0 |
| 12243 | M&T Bank Corp. | 2375020 | 0.1 |
| 2867 | MarketAxess Holdings, Inc. | 640316 | 0.0 |
| 37581 | Marsh & McLennan Cos., Inc. | 8216710 | 0.2 |
| 61866 | Mastercard, Inc. - Class A | 34764980 | 0.8 |
| 43008 | MetLife, Inc. | 3458703 | 0.1 |
| 11800 | Moody's Corp. | 5918762 | 0.1 |
| 94219 | Morgan Stanley | 13271688 | 0.3 |
| 5901 | MSCI, Inc. | 3403343 | 0.1 |
| 31528 | Nasdaq, Inc. | 2819234 | 0.1 |
| 14838 | Northern Trust Corp. | 1881310 | 0.1 |
| 74175 <sup>(1)</sup> | PayPal Holdings, Inc. | 5512686 | 0.1 |
| 30170 | PNC Financial Services Group, Inc. | 5624291 | 0.1 |
| 15731 | Principal Financial Group, Inc. | 1249513 | 0.0 |
| 44711 | Progressive Corp. | 11931578 | 0.3 |
| 27000 | Prudential Financial, Inc. | 2900880 | 0.1 |
| 13849 | Raymond James Financial, Inc. | 2124021 | 0.1 |
| 68562 | Regions Financial Corp. | 1612578 | 0.0 |
| 23941 | S&P Global, Inc. | 12623850 | 0.3 |
| 21751 | State Street Corp. | 2313001 | 0.1 |
| 29033 | Synchrony Financial | 1937662 | 0.1 |
| 16804 | T. Rowe Price Group, Inc. | 1621586 | 0.0 |
| 17280 | Travelers Cos., Inc. | 4623091 | 0.1 |
| 99879 | Truist Financial Corp. | 4293798 | 0.1 |
| 118831 | US Bancorp | 5377103 | 0.1 |
| 130497 | Visa, Inc. - Class A | 46332960 | 1.1 |
| 22832 | W.R. Berkley Corp. | 1677467 | 0.0 |
| 248197 | Wells Fargo & Co. | 19885544 | 0.5 |
| 7562 | Willis Towers Watson PLC | 2317753 | 0.1 |
|  |  | **561944669** | **13.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: 8.9%** |  |  |
| 132698 | Abbott Laboratories | $18048255 | 0.4 |
| 134724 | AbbVie, Inc. | 25007469 | 0.6 |
| 21745 | Agilent Technologies, Inc. | 2566127 | 0.1 |
| 5197 <sup>(1)</sup> | Align Technology, Inc. | 983948 | 0.0 |
| 13157 | AmerisourceBergen Corp. | 3945126 | 0.1 |
| 41011 | Amgen, Inc. | 11450681 | 0.3 |
| 39140 | Baxter International, Inc. | 1185159 | 0.0 |
| 21860 | Becton Dickinson and Co. | 3765385 | 0.1 |
| 11176 <sup>(1)</sup> | Biogen, Inc. | 1403594 | 0.0 |
| 11957 | Bio-Techne Corp. | 615188 | 0.0 |
| 112838 <sup>(1)</sup> | Boston Scientific Corp. | 12119930 | 0.3 |
| 155216 | Bristol-Myers Squibb Co. | 7184949 | 0.2 |
| 18204 | Cardinal Health, Inc. | 3058272 | 0.1 |
| 37952 <sup>(1)</sup> | Centene Corp. | 2060035 | 0.1 |
| 3746 <sup>(1)</sup> | Charles River Laboratories International, Inc. | 568381 | 0.0 |
| 20375 | Cigna Group | 6735567 | 0.2 |
| 15253 <sup>(1)</sup> | Cooper Cos., Inc. | 1085403 | 0.0 |
| 96483 | CVS Health Corp. | 6655397 | 0.2 |
| 48580 | Danaher Corp. | 9596493 | 0.2 |
| 3167 <sup>(1)</sup> | DaVita, Inc. | 451139 | 0.0 |
| 29906 <sup>(1)</sup> | Dexcom, Inc. | 2610495 | 0.1 |
| 44740 <sup>(1)</sup> | Edwards Lifesciences Corp. | 3499115 | 0.1 |
| 17232 | Elevance Health, Inc. | 6702559 | 0.2 |
| 59996 | Eli Lilly & Co. | 46768682 | 1.1 |
| 34923 | GE HealthCare Technologies, Inc. | 2586747 | 0.1 |
| 94875 | Gilead Sciences, Inc. | 10518791 | 0.3 |
| 13211 | HCA Healthcare, Inc. | 5061134 | 0.1 |
| 9284 <sup>(1)</sup> | Henry Schein, Inc. | 678196 | 0.0 |
| 16996 <sup>(1)</sup> | Hologic, Inc. | 1107459 | 0.0 |
| 9205 | Humana, Inc. | 2250438 | 0.1 |
| 6134 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 3289910 | 0.1 |
| 12254 <sup>(1)</sup> | Incyte Corp. | 834497 | 0.0 |
| 5368 <sup>(1)</sup> | Insulet Corp. | 1686518 | 0.0 |
| 27337 <sup>(1)</sup> | Intuitive Surgical, Inc. | 14855199 | 0.4 |
| 12535 <sup>(1)</sup> | IQVIA Holdings, Inc. | 1975391 | 0.0 |
| 183512 | Johnson & Johnson | 28031458 | 0.7 |
| 6384 | Labcorp Holdings, Inc. | 1675864 | 0.0 |
| 9542 | McKesson Corp. | 6992187 | 0.2 |
| 97820 | Medtronic PLC | 8526969 | 0.2 |
| 191517 | Merck & Co., Inc. | 15160486 | 0.4 |
| 1585 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 1861931 | 0.0 |
| 25957 <sup>(1)</sup> | Moderna, Inc. | 716154 | 0.0 |
| 4134 <sup>(1)</sup> | Molina Healthcare, Inc. | 1231519 | 0.0 |
| 433624 | Pfizer, Inc. | 10511046 | 0.3 |
| 8514 | Quest Diagnostics, Inc. | 1529370 | 0.0 |
| 7921 | Regeneron Pharmaceuticals, Inc. | 4158525 | 0.1 |
| 11183 | ResMed, Inc. | 2885214 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 8990 | Revvity, Inc. | $869513 | 0.0 |
| 10557 <sup>(1)</sup> | Solventum Corp. | 800643 | 0.0 |
| 7494 | STERIS PLC | 1800209 | 0.0 |
| 26233 | Stryker Corp. | 10378562 | 0.3 |
| 28792 | Thermo Fisher Scientific, Inc. | 11674004 | 0.3 |
| 69188 | UnitedHealth Group, Inc. | 21584580 | 0.5 |
| 4362 | Universal Health Services, Inc. - Class B | 790176 | 0.0 |
| 19586 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 8719687 | 0.2 |
| 89517 | Viatris, Inc. | 799387 | 0.0 |
| 4539 <sup>(1)</sup> | Waters Corp. | 1584293 | 0.0 |
| 5480 | West Pharmaceutical Services, Inc. | 1199024 | 0.0 |
| 15090 | Zimmer Biomet Holdings, Inc. | 1376359 | 0.0 |
| 33956 | Zoetis, Inc. | 5295438 | 0.1 |
|  |  | **373064227** | **8.9** |
|  | **Industrials: 8.2%** |  |  |
| 41047 | 3M Co. | 6248995 | 0.2 |
| 8866 | A.O. Smith Corp. | 581344 | 0.0 |
| 6563 | Allegion PLC | 945860 | 0.0 |
| 17609 | AMETEK, Inc. | 3186525 | 0.1 |
| 30960 | Automatic Data Processing, Inc. | 9548064 | 0.2 |
| 5641 <sup>(1)</sup> | Axon Enterprise, Inc. | 4670409 | 0.1 |
| 57508 <sup>(1)</sup> | Boeing Co. | 12049651 | 0.3 |
| 8959 | Broadridge Financial Solutions, Inc. | 2177306 | 0.1 |
| 8429 <sup>(1)</sup> | Builders FirstSource, Inc. | 983580 | 0.0 |
| 60810 | Carrier Global Corp. | 4450684 | 0.1 |
| 35871 | Caterpillar, Inc. | 13925481 | 0.3 |
| 12194 <sup>(1)</sup> | Ceridian HCM Holding, Inc. | 675426 | 0.0 |
| 9056 | CH Robinson Worldwide, Inc. | 868923 | 0.0 |
| 26177 | Cintas Corp. | 5834068 | 0.1 |
| 67053 <sup>(1)</sup> | Copart, Inc. | 3290291 | 0.1 |
| 143277 | CSX Corp. | 4675128 | 0.1 |
| 10507 | Cummins, Inc. | 3441042 | 0.1 |
| 19252 | Deere & Co. | 9789449 | 0.2 |
| 49801 | Delta Air Lines, Inc. | 2449213 | 0.1 |
| 10457 | Dover Corp. | 1916036 | 0.0 |
| 29845 | Eaton Corp. PLC | 10654367 | 0.3 |
| 42902 | Emerson Electric Co. | 5720124 | 0.1 |
| 9473 | Equifax, Inc. | 2457012 | 0.1 |
| 10445 | Expeditors International of Washington, Inc. | 1193341 | 0.0 |
| 87500 | Fastenal Co. | 3675000 | 0.1 |
| 16812 | FedEx Corp. | 3821536 | 0.1 |
| 25946 | Fortive Corp. | 1352565 | 0.0 |
| 81334 | GE Aerospace | 20934558 | 0.5 |
| 20817 | GE Vernova, Inc. | 11015316 | 0.3 |
| 4506 <sup>(1)</sup> | Generac Holdings, Inc. | 645304 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 19213 | General Dynamics Corp. | $5603664 | 0.1 |
| 49018 | Honeywell International, Inc. | 11415312 | 0.3 |
| 30799 | Howmet Aerospace, Inc. | 5732618 | 0.1 |
| 4071 | Hubbell, Inc. | 1662637 | 0.0 |
| 2993 | Huntington Ingalls Industries, Inc. | 722690 | 0.0 |
| 5758 | IDEX Corp. | 1010932 | 0.0 |
| 20336 | Illinois Tool Works, Inc. | 5028076 | 0.1 |
| 30772 | Ingersoll Rand, Inc. | 2559615 | 0.1 |
| 9164 | Jacobs Solutions, Inc. | 1204608 | 0.0 |
| 5977 | JB Hunt Transport Services, Inc. | 858297 | 0.0 |
| 50199 | Johnson Controls International PLC | 5302018 | 0.1 |
| 14258 | L3Harris Technologies, Inc. | 3576477 | 0.1 |
| 9817 | Leidos Holdings, Inc. | 1548730 | 0.0 |
| 2435 | Lennox International, Inc. | 1395839 | 0.0 |
| 15904 | Lockheed Martin Corp. | 7365779 | 0.2 |
| 16120 | Masco Corp. | 1037483 | 0.0 |
| 4124 | Nordson Corp. | 884062 | 0.0 |
| 17195 | Norfolk Southern Corp. | 4401404 | 0.1 |
| 10319 | Northrop Grumman Corp. | 5159294 | 0.1 |
| 14184 | Old Dominion Freight Line, Inc. | 2302063 | 0.1 |
| 30102 | Otis Worldwide Corp. | 2980700 | 0.1 |
| 40039 | PACCAR, Inc. | 3806107 | 0.1 |
| 9746 | Parker-Hannifin Corp. | 6807289 | 0.2 |
| 24450 | Paychex, Inc. | 3556497 | 0.1 |
| 3717 | Paycom Software, Inc. | 860114 | 0.0 |
| 12565 | Pentair PLC | 1289923 | 0.0 |
| 11303 | Quanta Services, Inc. | 4273438 | 0.1 |
| 101894 | Raytheon Technologies Corp. | 14878562 | 0.4 |
| 15492 | Republic Services, Inc. | 3820482 | 0.1 |
| 8598 | Rockwell Automation, Inc. | 2855998 | 0.1 |
| 21439 | Rollins, Inc. | 1209588 | 0.0 |
| 3984 | Snap-on, Inc. | 1239741 | 0.0 |
| 43464 | Southwest Airlines Co. | 1409972 | 0.0 |
| 11800 | Stanley Black & Decker, Inc. | 799450 | 0.0 |
| 13770 | Textron, Inc. | 1105593 | 0.0 |
| 17010 | Trane Technologies PLC | 7440344 | 0.2 |
| 4284 | TransDigm Group, Inc. | 6514422 | 0.2 |
| 159494 <sup>(1)</sup> | Uber Technologies, Inc. | 14880790 | 0.4 |
| 45570 | Union Pacific Corp. | 10484746 | 0.3 |
| 24910 <sup>(1)</sup> | United Airlines Holdings, Inc. | 1983583 | 0.1 |
| 55962 | United Parcel Service, Inc. - Class B | 5648804 | 0.1 |
| 4957 | United Rentals, Inc. | 3734604 | 0.1 |
| 18904 | Veralto Corp. | 1908359 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 10669 | Verisk Analytics, Inc. | $3323393 | 0.1 |
| 27930 | Waste Management, Inc. | 6390943 | 0.2 |
| 13052 | Westinghouse Air Brake Technologies Corp. | 2732436 | 0.1 |
| 3334 | WW Grainger, Inc. | 3468160 | 0.1 |
| 18560 | Xylem, Inc. | 2400922 | 0.1 |
|  |  | **343753156** | **8.2** |
|  | **Information Technology: 31.8%** |  |  |
| 47747 | Accenture PLC - Class A | 14271101 | 0.3 |
| 32506 <sup>(1)</sup> | Adobe, Inc. | 12575921 | 0.3 |
| 123665 <sup>(1)</sup> | Advanced Micro Devices, Inc. | 17548064 | 0.4 |
| 11151 <sup>(1)</sup> | Akamai Technologies, Inc. | 889404 | 0.0 |
| 92256 | Amphenol Corp. - Class A | 9110280 | 0.2 |
| 37828 | Analog Devices, Inc. | 9003821 | 0.2 |
| 6705 <sup>(1)</sup> | ANSYS, Inc. | 2354930 | 0.1 |
| 1139160 | Apple, Inc. | 233721457 | 5.6 |
| 61965 | Applied Materials, Inc. | 11343933 | 0.3 |
| 78552 <sup>(1)</sup> | Arista Networks, Inc. | 8036655 | 0.2 |
| 16318 <sup>(1)</sup> | Autodesk, Inc. | 5051563 | 0.1 |
| 358619 | Broadcom, Inc. | 98853327 | 2.4 |
| 20825 <sup>(1)</sup> | Cadence Design Systems, Inc. | 6417224 | 0.2 |
| 10044 | CDW Corp. | 1793758 | 0.0 |
| 303425 | Cisco Systems, Inc. | 21051626 | 0.5 |
| 37612 | Cognizant Technology Solutions Corp. - Class A | 2934864 | 0.1 |
| 58791 | Corning, Inc. | 3091819 | 0.1 |
| 18997 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A | 9675362 | 0.2 |
| 22849 | Dell Technologies, Inc. - Class C | 2801287 | 0.1 |
| 10007 <sup>(1)</sup> | Enphase Energy, Inc. | 396778 | 0.0 |
| 4313 <sup>(1)</sup> | EPAM Systems, Inc. | 762625 | 0.0 |
| 4384 <sup>(1)</sup> | F5, Inc. | 1290299 | 0.0 |
| 1857 <sup>(1)</sup> | Fair Isaac Corp. | 3394522 | 0.1 |
| 8180 <sup>(1)</sup> | First Solar, Inc. | 1354117 | 0.0 |
| 48454 <sup>(1)</sup> | Fortinet, Inc. | 5122557 | 0.1 |
| 5870 <sup>(1)</sup> | Gartner, Inc. | 2372771 | 0.1 |
| 41629 | Gen Digital, Inc. | 1223893 | 0.0 |
| 10868 <sup>(1)</sup> | GoDaddy, Inc. - Class A | 1956892 | 0.1 |
| 100187 | Hewlett Packard Enterprise Co. | 2048824 | 0.1 |
| 71900 | HP, Inc. | 1758674 | 0.0 |
| 332691 | Intel Corp. | 7452278 | 0.2 |
| 70885 | International Business Machines Corp. | 20895480 | 0.5 |
| 21322 | Intuit, Inc. | 16793847 | 0.4 |
| 8187 | Jabil, Inc. | 1785585 | 0.0 |
| 25252 | Juniper Networks, Inc. | 1008312 | 0.0 |
| 13180 <sup>(1)</sup> | Keysight Technologies, Inc. | 2159675 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 10086 | KLA Corp. | $9034434 |  | 0.2 |
| 97559 | Lam Research Corp. | 9496393 |  | 0.2 |
| 41020 | Microchip Technology, Inc. | 2886577 |  | 0.1 |
| 85238 | Micron Technology, Inc. | 10505584 |  | 0.3 |
| 566882 | Microsoft Corp. | 281972776 |  | 6.8 |
| 3652 | Monolithic Power Systems, Inc. | 2671000 |  | 0.1 |
| 12731 | Motorola Solutions, Inc. | 5352876 |  | 0.1 |
| 15514 | NetApp, Inc. | 1653017 |  | 0.0 |
| 1860046 | NVIDIA Corp. | 293868668 |  | 7.1 |
| 19268 | NXP Semiconductors NV | 4209865 |  | 0.1 |
| 31872 <sup>(1)</sup> | ON Semiconductor Corp. | 1670412 |  | 0.0 |
| 124050 | Oracle Corp. | 27121051 |  | 0.7 |
| 162237 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A | 22116148 |  | 0.5 |
| 50499 <sup>(1)</sup> | Palo Alto Networks, Inc. | 10334115 |  | 0.3 |
| 9150 <sup>(1)</sup> | PTC, Inc. | 1576911 |  | 0.0 |
| 83683 | Qualcomm, Inc. | 13327355 |  | 0.3 |
| 1 <sup>(1)</sup> | Ralliant Corp. | 32 |  | 0.0 |
| 8200 | Roper Technologies, Inc. | 4648088 |  | 0.1 |
| 73179 | Salesforce, Inc. | 19955182 |  | 0.5 |
| 16186 | Seagate Technology Holdings PLC | 2336125 |  | 0.1 |
| 15788 <sup>(1)</sup> | ServiceNow, Inc. | 16231327 |  | 0.4 |
| 11450 | Skyworks Solutions, Inc. | 853254 |  | 0.0 |
| 39147 <sup>(1)</sup> | Super Micro Computer, Inc. | 1918594 |  | 0.1 |
| 11793 <sup>(1)</sup> | Synopsys, Inc. | 6046035 |  | 0.2 |
| 22618 | TE Connectivity PLC | 3814978 |  | 0.1 |
| 3574 <sup>(1)</sup> | Teledyne Technologies, Inc. | 1830996 |  | 0.0 |
| 12235 | Teradyne, Inc. | 1100171 |  | 0.0 |
| 69289 | Texas Instruments, Inc. | 14385782 |  | 0.3 |
| 18197 <sup>(1)</sup> | Trimble, Inc. | 1382608 |  | 0.0 |
| 3289 <sup>(1)</sup> | Tyler Technologies, Inc. | 1949851 |  | 0.1 |
| 6159 | VeriSign, Inc. | 1778719 |  | 0.0 |
| 26609 | Western Digital Corp. | 1702710 |  | 0.0 |
| 16523 <sup>(1)</sup> | Workday, Inc. - Class A | 3965520 |  | 0.1 |
| 3879 <sup>(1)</sup> | Zebra Technologies Corp. - Class A | 1196128 |  | 0.0 |
|  |  | **1325196807** |  | **31.8** |
|  | **Materials: 1.8%** |  |  |  |
| 16973 | Air Products and Chemicals, Inc. | 4787404 |  | 0.1 |
| 8941 | Albemarle Corp. | 560333 |  | 0.0 |
| 174767 | Amcor PLC | 1606109 |  | 0.0 |
| 5963 | Avery Dennison Corp. | 1046328 |  | 0.0 |
| 21159 | Ball Corp. | 1186808 |  | 0.0 |
| 12357 | CF Industries Holdings, Inc. | 1136844 |  | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** |  |  |
| 52029 | Corteva, Inc. | $3877721 | 0.1 |
| 53913 | Dow, Inc. | 1427616 | 0.0 |
| 31919 | DuPont de Nemours, Inc. | 2189324 | 0.1 |
| 8806 | Eastman Chemical Co. | 657456 | 0.0 |
| 19245 | Ecolab, Inc. | 5185373 | 0.1 |
| 109539 | Freeport-McMoRan, Inc. | 4748516 | 0.1 |
| 19509 | International Flavors & Fragrances, Inc. | 1434887 | 0.0 |
| 40263 | International Paper Co. | 1885516 | 0.1 |
| 35902 | Linde PLC US | 16844500 | 0.4 |
| 19611 | LyondellBasell Industries NV - Class A | 1134693 | 0.0 |
| 4598 | Martin Marietta Materials, Inc. | 2524118 | 0.1 |
| 24155 | Mosaic Co. | 881174 | 0.0 |
| 84889 | Newmont Corp. | 4945633 | 0.1 |
| 17599 | Nucor Corp. | 2279775 | 0.1 |
| 6814 | Packaging Corp. of America | 1284098 | 0.0 |
| 17313 | PPG Industries, Inc. | 1969354 | 0.1 |
| 17584 | Sherwin-Williams Co. | 6037642 | 0.2 |
| 37823 | Smurfit WestRock PLC | 1632063 | 0.1 |
| 10530 | Steel Dynamics, Inc. | 1347945 | 0.0 |
| 10076 | Vulcan Materials Co. | 2628022 | 0.1 |
|  |  | **75239252** | **1.8** |
|  | **Real Estate: 2.0%** |  |  |
| 11715 | Alexandria Real Estate Equities, Inc. | 850860 | 0.0 |
| 35705 | American Tower Corp. | 7891519 | 0.2 |
| 10845 | AvalonBay Communities, Inc. | 2206957 | 0.1 |
| 11109 | Boston Properties, Inc. | 749524 | 0.0 |
| 8149 | Camden Property Trust | 918311 | 0.0 |
| 22397 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 3138268 | 0.1 |
| 32177 <sup>(1)</sup> | CoStar Group, Inc. | 2587031 | 0.1 |
| 33213 | Crown Castle, Inc. | 3411971 | 0.1 |
| 24146 | Digital Realty Trust, Inc. | 4209372 | 0.1 |
| 7461 | Equinix, Inc. | 5935002 | 0.1 |
| 26081 | Equity Residential | 1760207 | 0.0 |
| 4911 | Essex Property Trust, Inc. | 1391777 | 0.0 |
| 16185 | Extra Space Storage, Inc. | 2386316 | 0.1 |
| 5921 | Federal Realty Investment Trust | 562436 | 0.0 |
| 52987 | Healthpeak Properties, Inc. | 927802 | 0.0 |
| 52910 | Host Hotels & Resorts, Inc. | 812698 | 0.0 |
| 43477 | Invitation Homes, Inc. | 1426046 | 0.0 |
| 22503 | Iron Mountain, Inc. | 2308133 | 0.1 |
| 51671 | Kimco Realty Corp. | 1086124 | 0.0 |
| 8928 | Mid-America Apartment Communities, Inc. | 1321433 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** |  |  |
| 70773 | Prologis, Inc. | $7439658 | 0.2 |
| 12042 | Public Storage | 3533364 | 0.1 |
| 68878 | Realty Income Corp. | 3968062 | 0.1 |
| 12461 | Regency Centers Corp. | 887597 | 0.0 |
| 8195 | SBA Communications Corp. | 1924514 | 0.1 |
| 23402 | Simon Property Group, Inc. | 3762105 | 0.1 |
| 22994 | UDR, Inc. | 938845 | 0.0 |
| 34421 | Ventas, Inc. | 2173686 | 0.1 |
| 80595 | VICI Properties, Inc. | 2627397 | 0.1 |
| 47383 | Welltower, Inc. | 7284189 | 0.2 |
| 55317 | Weyerhaeuser Co. | 1421094 | 0.0 |
|  |  | **81842298** | **2.0** |
|  | **Utilities: 2.3%** |  |  |
| 54297 | AES Corp. | 571204 | 0.0 |
| 19592 | Alliant Energy Corp. | 1184728 | 0.0 |
| 20614 | Ameren Corp. | 1979769 | 0.0 |
| 40743 | American Electric Power Co., Inc. | 4227494 | 0.1 |
| 14874 | American Water Works Co., Inc. | 2069122 | 0.1 |
| 12115 | Atmos Energy Corp. | 1867043 | 0.0 |
| 49784 | CenterPoint Energy, Inc. | 1829064 | 0.0 |
| 22814 | CMS Energy Corp. | 1580554 | 0.0 |
| 27480 | Consolidated Edison, Inc. | 2757618 | 0.1 |
| 23904 | Constellation Energy Corp. | 7715255 | 0.2 |
| 65043 | Dominion Energy, Inc. | 3676230 | 0.1 |
| 15827 | DTE Energy Co. | 2096444 | 0.1 |
| 59282 | Duke Energy Corp. | 6995276 | 0.2 |
| 29346 | Edison International | 1514254 | 0.0 |
| 34042 | Entergy Corp. | 2829571 | 0.1 |
| 17549 | Evergy, Inc. | 1209653 | 0.0 |
| 28021 | Eversource Energy | 1782696 | 0.0 |
| 76998 | Exelon Corp. | 3343253 | 0.1 |
| 39178 | FirstEnergy Corp. | 1577306 | 0.0 |
| 157012 | NextEra Energy, Inc. | 10899773 | 0.3 |
| 35901 | NiSource, Inc. | 1448246 | 0.0 |
| 14912 | NRG Energy, Inc. | 2394569 | 0.1 |
| 167618 | PG&E Corp. | 2336595 | 0.1 |
| 9107 | Pinnacle West Capital Corp. | 814803 | 0.0 |
| 56384 | PPL Corp. | 1910854 | 0.0 |
| 38059 | Public Service Enterprise Group, Inc. | 3203807 | 0.1 |
| 49741 | Sempra Energy | 3768876 | 0.1 |
| 83825 | Southern Co. | 7697650 | 0.2 |
| 25872 | Vistra Corp. | 5014252 | 0.1 |
| 24340 | WEC Energy Group, Inc. | 2536228 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 43990 | Xcel Energy, Inc. | $2995719 | 0.1 |
|  |  | **95827906** | **2.3** |
|  | Total Common Stock<br> (Cost $2,673,716,645) | **4003810676** | **96.0** |
| **Principal Amount†** |  | **Value** | **Percentage**<br> **of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** |
|  | **Repurchase Agreements: 0.0%** |  |  |
| 581929 <sup>(3)</sup> | Bank of America Securities Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $581,999, collateralized by various U.S. Government Securities, 0.000%-4.875%, Market Value plus accrued interest $593,568, due 04/30/26-06/30/30) | 581929 | 0.0 |
|  | Total Repurchase Agreements<br> (Cost $581,929) | **581929** | **0.0** |
| **Shares** |  | **Value** | **Percentage**<br> **of Net<br> Assets** |
|  | **Mutual Funds: 3.6%** |  |  |
| 149057000 <sup>(4)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $149,057,000) | $**149057000** | **3.6** |
|  | Total Short-Term Investments<br> (Cost $149,638,929) | **149638929** | **3.6** |
|  | **Total Investments in Securities<br> (Cost $2,823,355,574)** | $**4153449605** | **99.6** |
|  | **Assets in Excess of Other Liabilities** | **16858599** | **0.4** |
|  | **Net Assets** | $**4170308204** | **100.0** |

---

---

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

---

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

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

<sup>(3)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> June 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $4003810676 | $— | $— | $4003810676 |
| Short-Term Investments | 149057000 | 581929 |  | 149638929 |
| Total Investments, at fair value | $4152867676 | $581929 | $— | $4153449605 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 4681960 |  |  | 4681960 |
| Total Assets | $4157549636 | $581929 | $— | $4158131565 |

---

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

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

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At June 30, 2025, the following futures contracts were outstanding for Voya VACS Index Series S Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 528 | 09/19/25 | $165099000 | $4681960 |
|  |  |  | $165099000 | $4681960 |

---

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

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

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $4681960 |
| **Total Asset Derivatives** |  | $4681960 |

---

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

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

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $1519790 |
| **Total** | $1519790 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series S Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)</u>

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $6088865 |
| **Total** | $6088865 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $2,824,360,671. | Cost for U.S. federal income tax purposes was $2,824,360,671. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $1485041020 |
| Gross Unrealized Depreciation | (151270126) |
| Net Unrealized Appreciation | $1333770894 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** |
|  | **Communication Services: 2.6%** | **Communication Services: 2.6%** | **Communication Services: 2.6%** |
| 7747 <sup>(1)</sup> | Advantage Solutions, Inc. | $10226 | 0.0 |
| 18540 <sup>(1)</sup> | Altice USA, Inc. - Class A | 39676 | 0.0 |
| 30254 <sup>(1)</sup> | AMC Entertainment Holdings, Inc. - Class A | 93787 | 0.1 |
| 2561 <sup>(1)</sup> | AMC Networks, Inc. - Class A | 16057 | 0.0 |
| 2994 <sup>(1)</sup> | Angi, Inc. | 45688 | 0.0 |
| 934 <sup>(1)</sup> | Anterix, Inc. | 23957 | 0.0 |
| 995 <sup>(1)</sup> | Arena Group Holdings, Inc. | 6169 | 0.0 |
| 3993 <sup>(1)</sup> | Atlanta Braves Holdings, Inc. - Class C | 186753 | 0.1 |
| 858 | ATN International, Inc. | 13943 | 0.0 |
| 1931 <sup>(1)</sup> | Bandwidth, Inc. - Class A | 30703 | 0.0 |
| 2027 <sup>(1)</sup> | Boston Omaha Corp. - Class A | 28459 | 0.0 |
| 5565 <sup>(1)</sup> | Bumble, Inc. - Class A | 36673 | 0.0 |
| 390 | Cable One, Inc. | 52966 | 0.0 |
| 5911 <sup>(1)</sup> | Cargurus, Inc. | 197841 | 0.1 |
| 4653 <sup>(1)</sup> | Cars.com, Inc. | 55138 | 0.0 |
| 7618 | Cinemark Holdings, Inc. | 229911 | 0.1 |
| 3111 | Cogent Communications Holdings, Inc. | 149981 | 0.1 |
| 2384 | CuriosityStream, Inc. | 13422 | 0.0 |
| 9511 <sup>(1)</sup> | EchoStar Corp. - Class A | 263455 | 0.2 |
| 5640 <sup>(1)</sup> | Eventbrite, Inc. - Class A | 14833 | 0.0 |
| 1918 <sup>(1)</sup> | EverQuote, Inc. - Class A | 46377 | 0.0 |
| 4388 <sup>(1)</sup> | EW Scripps Co. - Class A | 12901 | 0.0 |
| 23446 <sup>(1)</sup> | fuboTV, Inc. | 90502 | 0.1 |
| 9978 <sup>(1)</sup> | Gannett Co., Inc. | 35721 | 0.0 |
| 8374 <sup>(1)(2)</sup> | Getty Images Holdings, Inc. | 13901 | 0.0 |
| 3528 <sup>(1)(2)</sup> | Globalstar, Inc. | 83084 | 0.1 |
| 4802 <sup>(1)</sup> | Gogo, Inc. | 70493 | 0.1 |
| 6109 | Gray Television, Inc. | 27674 | 0.0 |
| 2334 <sup>(1)</sup> | Grindr, Inc. | 52982 | 0.0 |
| 993 <sup>(1)</sup> | Ibotta, Inc. - Class A | 36344 | 0.0 |
| 1156 | IDT Corp. - Class B | 78978 | 0.1 |
| 8722 <sup>(1)</sup> | iHeartMedia, Inc. - Class A | 15351 | 0.0 |
| 3035 <sup>(1)</sup> | IMAX Corp. | 84859 | 0.1 |
| 5370 <sup>(1)</sup> | Integral Ad Science Holding Corp. | 44625 | 0.0 |
| 2853 | John Wiley & Sons, Inc. - Class A | 127329 | 0.1 |
| 11730 <sup>(1)</sup> | Liberty Latin America Ltd. - Class C | 72961 | 0.1 |
| 13500 <sup>(1)</sup> | Lionsgate Studios Corp. | 78435 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** |
| 67533 <sup>(1)</sup> | Lumen Technologies, Inc. | $| 295795 | 0.2 |
| 2785 <sup>(1)</sup> | Madison Square Garden Entertainment Corp. |  | 111316 | 0.1 |
| 9788 <sup>(1)</sup> | Magnite, Inc. |  | 236087 | 0.1 |
| 1862 | Marcus Corp. |  | 31393 | 0.0 |
| 2393 <sup>(1)</sup> | MediaAlpha, Inc. - Class A |  | 26203 | 0.0 |
| 5391 | National CineMedia, Inc. |  | 26119 | 0.0 |
| 512 <sup>(1)</sup> | Newsmax, Inc. |  | 7747 | 0.0 |
| 15224 <sup>(1)</sup> | Nextdoor Holdings, Inc. |  | 25272 | 0.0 |
| 2742 <sup>(1)</sup> | Nexxen International Ltd. |  | 28544 | 0.0 |
| 7854 <sup>(1)</sup> | Playstudios, Inc. |  | 10289 | 0.0 |
| 4050 | Playtika Holding Corp. |  | 19157 | 0.0 |
| 2937 <sup>(1)</sup> | PubMatic, Inc. - Class A |  | 36536 | 0.0 |
| 3812 <sup>(1)</sup> | QuinStreet, Inc. |  | 61373 | 0.1 |
| 5521 <sup>(1)</sup> | Rumble, Inc. |  | 49579 | 0.0 |
| 1755 | Scholastic Corp. |  | 36820 | 0.0 |
| 3680 | Shenandoah Telecommunications Co. |  | 50269 | 0.0 |
| 1763 | Shutterstock, Inc. |  | 33426 | 0.0 |
| 2734 | Sinclair, Inc. |  | 37784 | 0.0 |
| 1909 <sup>(1)</sup> | Sphere Entertainment Co. |  | 79796 | 0.1 |
| 1545 | Spok Holdings, Inc. |  | 27316 | 0.0 |
| 8118 <sup>(1)</sup> | Stagwell, Inc. |  | 36531 | 0.0 |
| 962 <sup>(1)</sup> | Starz Entertainment Corp. |  | 15459 | 0.0 |
| 1938 <sup>(1)</sup> | TechTarget, Inc. |  | 15058 | 0.0 |
| 11126 | TEGNA, Inc. |  | 186472 | 0.1 |
| 6856 | Telephone and Data Systems, Inc. |  | 243936 | 0.1 |
| 2777 <sup>(1)</sup> | Thryv Holdings, Inc. |  | 33768 | 0.0 |
| 8020 <sup>(1)</sup> | TripAdvisor, Inc. |  | 104661 | 0.1 |
| 6675 <sup>(1)</sup> | TrueCar, Inc. |  | 12683 | 0.0 |
| 11096 <sup>(1)</sup> | Vimeo, Inc. |  | 44828 | 0.0 |
| 5975 <sup>(1)(2)</sup> | Vivid Seats, Inc. - Class A |  | 10098 | 0.0 |
| 4129 <sup>(1)(2)</sup> | VTEX - Class A |  | 27251 | 0.0 |
| 1365 <sup>(1)</sup> | Webtoon Entertainment, Inc. |  | 12394 | 0.0 |
| 3934 <sup>(1)</sup> | WideOpenWest, Inc. |  | 15972 | 0.0 |
| 4341 <sup>(1)</sup> | Yelp, Inc. |  | 148766 | 0.1 |
| 2927 <sup>(1)</sup> | Ziff Davis, Inc. |  | 88600 | 0.1 |
| 5016 <sup>(1)</sup> | ZipRecruiter, Inc. - Class A |  | 25130 | 0.0 |
|  |  |  | **4734583** | **2.6** |
|  | **Consumer Discretionary: 9.8%** | **Consumer Discretionary: 9.8%** | **Consumer Discretionary: 9.8%** | **Consumer Discretionary: 9.8%** |
| 3356 <sup>(1)</sup> | Abercrombie & Fitch Co. - Class A |  | 278045 | 0.2 |
| 4664 | Academy Sports & Outdoors, Inc. |  | 208994 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 4076 <sup>(1)</sup> | Accel Entertainment, Inc. | $47975 | 0.0 |
| 1983 | Acushnet Holdings Corp. | 144402 | 0.1 |
| 5850 <sup>(1)</sup> | Adient PLC | 113841 | 0.1 |
| 2584 <sup>(1)</sup> | Adtalem Global Education, Inc. | 328762 | 0.2 |
| 4188 | Advance Auto Parts, Inc. | 194700 | 0.1 |
| 1365 | A-Mark Precious Metals, Inc. | 30276 | 0.0 |
| 8415 <sup>(1)</sup> | American Axle & Manufacturing Holdings, Inc. | 34333 | 0.0 |
| 12036 | American Eagle Outfitters, Inc. | 115786 | 0.1 |
| 1247 <sup>(1)</sup> | American Public Education, Inc. | 37984 | 0.0 |
| 537 <sup>(1)</sup> | America's Car-Mart, Inc. | 30093 | 0.0 |
| 7792 <sup>(1)</sup> | AMMO, Inc. | 9974 | 0.0 |
| 3766 <sup>(1)</sup> | Arhaus, Inc. | 32651 | 0.0 |
| 5986 | Arko Corp. | 25321 | 0.0 |
| 1365 <sup>(1)</sup> | Asbury Automotive Group, Inc. | 325607 | 0.2 |
| 586 <sup>(1)</sup> | Bally's Corp. | 5614 | 0.0 |
| 1079 <sup>(1)</sup> | Barnes & Noble Education, Inc. | 12700 | 0.0 |
| 2171 <sup>(1)</sup> | Beazer Homes USA, Inc. | 48565 | 0.0 |
| 1467 <sup>(1)</sup> | BJ's Restaurants, Inc. | 65428 | 0.0 |
| 5826 | Bloomin' Brands, Inc. | 50162 | 0.0 |
| 2150 <sup>(1)</sup> | Boot Barn Holdings, Inc. | 326800 | 0.2 |
| 3106 <sup>(1)</sup> | Brinker International, Inc. | 560105 | 0.3 |
| 2184 | Buckle, Inc. | 99044 | 0.1 |
| 933 | Build-A-Bear Workshop, Inc. | 48105 | 0.0 |
| 2422 | Caleres, Inc. | 29597 | 0.0 |
| 4120 | Camping World Holdings, Inc. - Class A | 70823 | 0.1 |
| 8111 <sup>(1)</sup> | Capri Holdings Ltd. | 143565 | 0.1 |
| 1049 | Carriage Services, Inc. | 47981 | 0.0 |
| 2480 | Carter's, Inc. | 74722 | 0.1 |
| 558 <sup>(1)</sup> | Cavco Industries, Inc. | 242412 | 0.1 |
| 1914 | Century Communities, Inc. | 107796 | 0.1 |
| 3299 <sup>(2)</sup> | Cheesecake Factory, Inc. | 206715 | 0.1 |
| 364 <sup>(1)</sup> | Citi Trends, Inc. | 12154 | 0.0 |
| 1318 <sup>(1)</sup> | Cooper-Standard Holdings, Inc. | 28337 | 0.0 |
| 9622 <sup>(1)</sup> | Coursera, Inc. | 84289 | 0.1 |
| 1552 | Cracker Barrel Old Country Store, Inc. | 94796 | 0.1 |
| 3782 | Cricut, Inc. - Class A | 25604 | 0.0 |
| 9240 | Dana, Inc. | 158466 | 0.1 |
| 1996 <sup>(1)</sup> | Dave & Buster's Entertainment, Inc. | 60040 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 3670 <sup>(1)</sup> | Denny's Corp. | $15047 | 0.0 |
| 1029 <sup>(2)</sup> | Dine Brands Global, Inc. | 25036 | 0.0 |
| 1934 <sup>(1)</sup> | Dorman Products, Inc. | 237244 | 0.1 |
| 2142 <sup>(1)(2)</sup> | Dream Finders Homes, Inc. - Class A | 53828 | 0.0 |
| 1927 <sup>(1)</sup> | El Pollo Loco Holdings, Inc. | 21216 | 0.0 |
| 4524 <sup>(2)</sup> | Ermenegildo Zegna NV | 38680 | 0.0 |
| 1712 | Ethan Allen Interiors, Inc. | 47679 | 0.0 |
| 2316 <sup>(1)</sup> | European Wax Center, Inc. - Class A | 13039 | 0.0 |
| 5606 <sup>(1)</sup> | Everi Holdings, Inc. | 79829 | 0.1 |
| 9075 <sup>(1)</sup> | EVgo, Inc. | 33124 | 0.0 |
| 6313 <sup>(1)</sup> | Faraday Future Intelligent Electric, Inc. | 10606 | 0.0 |
| 6914 <sup>(1)</sup> | Figs, Inc. - Class A | 38995 | 0.0 |
| 2819 <sup>(1)</sup> | First Watch Restaurant Group, Inc. | 45217 | 0.0 |
| 351 | Flexsteel Industries, Inc. | 12647 | 0.0 |
| 5928 <sup>(1)</sup> | Foot Locker, Inc. | 145236 | 0.1 |
| 2975 <sup>(1)</sup> | Fox Factory Holding Corp. | 77172 | 0.1 |
| 5318 <sup>(1)</sup> | Frontdoor, Inc. | 313443 | 0.2 |
| 2531 <sup>(1)</sup> | Funko, Inc. - Class A | 12048 | 0.0 |
| 8880 | Garrett Motion, Inc. | 93329 | 0.1 |
| 812 <sup>(1)</sup> | Genesco, Inc. | 15988 | 0.0 |
| 15421 <sup>(1)</sup> | Genius Sports Ltd. | 160378 | 0.1 |
| 2229 <sup>(1)</sup> | Gentherm, Inc. | 63058 | 0.0 |
| 1867 <sup>(1)(2)</sup> | GigaCloud Technology, Inc. - Class A | 36929 | 0.0 |
| 2738 <sup>(1)</sup> | G-III Apparel Group Ltd. | 61331 | 0.0 |
| 9054 <sup>(1)</sup> | Global Business Travel Group I | 57040 | 0.0 |
| 1378 | Golden Entertainment, Inc. | 40555 | 0.0 |
| 18765 <sup>(1)</sup> | Goodyear Tire & Rubber Co. | 194593 | 0.1 |
| 221 | Graham Holdings Co. - Class B | 209104 | 0.1 |
| 2200 <sup>(1)</sup> | Green Brick Partners, Inc. | 138336 | 0.1 |
| 903 | Group 1 Automotive, Inc. | 394349 | 0.2 |
| 1757 <sup>(1)</sup> | Groupon, Inc. | 58772 | 0.0 |
| 673 | Hamilton Beach Brands Holding Co. - Class A | 12040 | 0.0 |
| 24312 <sup>(1)</sup> | Hanesbrands, Inc. | 111349 | 0.1 |
| 1130 | Haverty Furniture Cos., Inc. | 22996 | 0.0 |
| 1615 <sup>(1)</sup> | Helen of Troy Ltd. | 45834 | 0.0 |
| 4569 <sup>(1)</sup> | Hilton Grand Vacations, Inc. | 189751 | 0.1 |
| 362 <sup>(1)</sup> | Hovnanian Enterprises, Inc. - Class A | 37847 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 1640 | Installed Building Products, Inc. | $295725 | 0.2 |
| 7787 | International Game Technology PLC | 123112 | 0.1 |
| 1366 <sup>(2)</sup> | Jack in the Box, Inc. | 23850 | 0.0 |
| 726 | JAKKS Pacific, Inc. | 15086 | 0.0 |
| 4751 | KB Home | 251660 | 0.1 |
| 2210 <sup>(1)</sup> | KinderCare Learning Cos., Inc. | 22321 | 0.0 |
| 7528 | Kohl's Corp. | 63837 | 0.0 |
| 3860 | Kontoor Brands, Inc. | 254644 | 0.1 |
| 5884 | Krispy Kreme, Inc. | 17122 | 0.0 |
| 466 <sup>(1)</sup> | Kura Sushi USA, Inc. - Class A | 40113 | 0.0 |
| 1197 <sup>(1)</sup> | Lands' End, Inc. | 12820 | 0.0 |
| 3322 <sup>(1)</sup> | Latham Group, Inc. | 21194 | 0.0 |
| 9052 <sup>(1)</sup> | Laureate Education, Inc. | 211636 | 0.1 |
| 2922 | La-Z-Boy, Inc. | 108611 | 0.1 |
| 1699 | LCI Industries | 154932 | 0.1 |
| 904 <sup>(1)</sup> | Legacy Housing Corp. | 20485 | 0.0 |
| 9259 | Leggett & Platt, Inc. | 82590 | 0.1 |
| 1476 <sup>(1)</sup> | LGI Homes, Inc. | 76044 | 0.1 |
| 9469 <sup>(1)</sup> | Life Time Group Holdings, Inc. | 287195 | 0.2 |
| 2176 <sup>(1)</sup> | Lincoln Educational Services Corp. | 50157 | 0.0 |
| 2666 <sup>(1)</sup> | Lindblad Expeditions Holdings, Inc. | 31112 | 0.0 |
| 2625 <sup>(1)</sup> | Livewire Group, Inc. | 12075 | 0.0 |
| 1050 <sup>(1)</sup> | Lovesac Co. | 19110 | 0.0 |
| 2871 <sup>(1)(2)</sup> | Luminar Technologies, Inc. | 8240 | 0.0 |
| 1843 <sup>(1)</sup> | M/I Homes, Inc. | 206637 | 0.1 |
| 1468 <sup>(1)</sup> | Malibu Boats, Inc. - Class A | 46007 | 0.0 |
| 1571 <sup>(1)</sup> | MarineMax, Inc. | 39495 | 0.0 |
| 2191 | Marriott Vacations Worldwide Corp. | 158431 | 0.1 |
| 1369 <sup>(1)</sup> | MasterCraft Boat Holdings, Inc. | 25436 | 0.0 |
| 4956 | Meritage Homes Corp. | 331903 | 0.2 |
| 6826 <sup>(1)</sup> | Mister Car Wash, Inc. | 41024 | 0.0 |
| 3662 <sup>(1)</sup> | Modine Manufacturing Co. | 360707 | 0.2 |
| 920 | Monarch Casino & Resort, Inc. | 79525 | 0.1 |
| 2183 | Monro, Inc. | 32549 | 0.0 |
| 1424 <sup>(1)</sup> | Motorcar Parts of America, Inc. | 15949 | 0.0 |
| 1250 | Movado Group, Inc. | 19063 | 0.0 |
| 227 | Nathan's Famous, Inc. | 25102 | 0.0 |
| 5512 <sup>(1)</sup> | National Vision Holdings, Inc. | 126831 | 0.1 |
| 2103 <sup>(1)</sup> | ODP Corp. | 38127 | 0.0 |
| 6952 | OneSpaWorld Holdings Ltd. | 141751 | 0.1 |
| 872 <sup>(1)</sup> | OneWater Marine, Inc. - Class A | 11676 | 0.0 |
| 3868 <sup>(1)</sup> | Overstock.com, Inc. | 26612 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 1030 | Oxford Industries, Inc. | $41458 | 0.0 |
| 2284 | Papa John's International, Inc. | 111779 | 0.1 |
| 2255 | Patrick Industries, Inc. | 208069 | 0.1 |
| 25854 <sup>(1)</sup> | Peloton Interactive, Inc. - Class A | 179427 | 0.1 |
| 4571 | Perdoceo Education Corp. | 149426 | 0.1 |
| 6164 <sup>(1)</sup> | Petco Health & Wellness Co., Inc. | 17444 | 0.0 |
| 2882 | Phinia, Inc. | 128220 | 0.1 |
| 2866 <sup>(1)</sup> | PlayAGS, Inc. | 35796 | 0.0 |
| 3706 | Polaris, Inc. | 150649 | 0.1 |
| 3882 <sup>(1)(2)</sup> | Portillo's, Inc. - Class A | 45303 | 0.0 |
| 2103 <sup>(1)</sup> | Potbelly Corp. | 25762 | 0.0 |
| 614 | RCI Hospitality Holdings, Inc. | 23406 | 0.0 |
| 7197 <sup>(1)</sup> | RealReal, Inc. | 34474 | 0.0 |
| 3388 | Red Rock Resorts, Inc. - Class A | 176278 | 0.1 |
| 3789 | Rent-A-Center, Inc. | 95104 | 0.1 |
| 2794 <sup>(1)</sup> | Revolve Group, Inc. | 56020 | 0.0 |
| 576 | Rocky Brands, Inc. | 12781 | 0.0 |
| 6227 <sup>(1)</sup> | Rush Street Interactive, Inc. | 92782 | 0.1 |
| 26413 <sup>(1)</sup> | Sabre Corp. | 83465 | 0.1 |
| 7226 <sup>(1)</sup> | Sally Beauty Holdings, Inc. | 66913 | 0.0 |
| 1773 <sup>(1)(2)</sup> | Savers Value Village, Inc. | 18085 | 0.0 |
| 2110 <sup>(1)</sup> | SeaWorld Entertainment, Inc. | 99487 | 0.1 |
| 3291 <sup>(1)</sup> | Serve Robotics, Inc. | 37649 | 0.0 |
| 2703 <sup>(1)</sup> | Shake Shack, Inc. - Class A | 380042 | 0.2 |
| 1294 | Shoe Carnival, Inc. | 24211 | 0.0 |
| 2913 | Signet Jewelers Ltd. | 231729 | 0.1 |
| 6622 | Six Flags Entertainment Corp. | 201507 | 0.1 |
| 3766 <sup>(1)</sup> | Skyline Champion Corp. | 235789 | 0.1 |
| 1408 <sup>(1)</sup> | Sleep Number Corp. | 9511 | 0.0 |
| 3154 | Smith & Wesson Brands, Inc. | 27377 | 0.0 |
| 11609 <sup>(1)(2)</sup> | Solid Power, Inc. | 25424 | 0.0 |
| 1065 | Sonic Automotive, Inc. - Class A | 85125 | 0.1 |
| 8417 <sup>(1)</sup> | Sonos, Inc. | 90988 | 0.1 |
| 1663 | Standard Motor Products, Inc. | 51087 | 0.0 |
| 4827 | Steven Madden Ltd. | 115751 | 0.1 |
| 7466 <sup>(1)</sup> | Stitch Fix, Inc. - Class A | 27624 | 0.0 |
| 1651 | Strategic Education, Inc. | 140550 | 0.1 |
| 296 <sup>(1)</sup> | Strattec Security Corp. | 18414 | 0.0 |
| 2983 <sup>(1)</sup> | Stride, Inc. | 433102 | 0.2 |
| 1228 | Sturm Ruger & Co., Inc. | 44085 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 11342 | Super Group SGHC Ltd. | $| 124422 | 0.1 |
| 7183 <sup>(1)</sup> | Sweetgreen, Inc. - Class A |  | 106883 | 0.1 |
| 2463 <sup>(1)</sup> | Target Hospitality Corp. |  | 17537 | 0.0 |
| 7079 <sup>(1)</sup> | Taylor Morrison Home Corp. |  | 434792 | 0.2 |
| 6420 <sup>(1)</sup> | ThredUp, Inc. - Class A |  | 48086 | 0.0 |
| 9905 <sup>(1)</sup> | Topgolf Callaway Brands Corp. |  | 79735 | 0.1 |
| 6393 <sup>(1)</sup> | Tri Pointe Homes, Inc. |  | 204256 | 0.1 |
| 6583 <sup>(1)</sup> | Udemy, Inc. |  | 46278 | 0.0 |
| 3256 <sup>(1)</sup> | Universal Technical Institute, Inc. |  | 110346 | 0.1 |
| 4426 <sup>(1)</sup> | Urban Outfitters, Inc. |  | 321062 | 0.2 |
| 1473 <sup>(1)</sup> | Viad Corp. |  | 42467 | 0.0 |
| 4968 <sup>(1)</sup> | Victoria's Secret & Co. |  | 92007 | 0.1 |
| 1894 <sup>(1)</sup> | Visteon Corp. |  | 176710 | 0.1 |
| 6875 <sup>(1)</sup> | Warby Parker, Inc. - Class A |  | 150769 | 0.1 |
| 212 | Winmark Corp. |  | 80053 | 0.1 |
| 1957 | Winnebago Industries, Inc. |  | 56753 | 0.0 |
| 5689 | Wolverine World Wide, Inc. |  | 102857 | 0.1 |
| 1821 <sup>(1)</sup> | XPEL, Inc. |  | 65374 | 0.0 |
| 1955 <sup>(1)</sup> | Xponential Fitness, Inc. - Class A |  | 14643 | 0.0 |
| 1174 <sup>(1)</sup> | Zumiez, Inc. |  | 15567 | 0.0 |
|  |  |  | **17979415** | **9.8** |
|  | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** |
| 2284 | Andersons, Inc. |  | 83937 | 0.1 |
| 5587 <sup>(2)</sup> | B&G Foods, Inc. |  | 23633 | 0.0 |
| 8229 <sup>(1)</sup> | Beauty Health Co. |  | 15717 | 0.0 |
| 5129 <sup>(1)(2)</sup> | Beyond Meat, Inc. |  | 17900 | 0.0 |
| 1197 | Calavo Growers, Inc. |  | 31828 | 0.0 |
| 3220 | Cal-Maine Foods, Inc. |  | 320809 | 0.2 |
| 4388 <sup>(1)</sup> | Central Garden & Pet Co. - Class A |  | 137301 | 0.1 |
| 2540 <sup>(1)</sup> | Chefs' Warehouse, Inc. |  | 162077 | 0.1 |
| 5388 | Dole PLC |  | 75378 | 0.0 |
| 3284 | Edgewell Personal Care Co. |  | 76878 | 0.1 |
| 4955 | Energizer Holdings, Inc. |  | 99893 | 0.1 |
| 2420 | Fresh Del Monte Produce, Inc. |  | 78456 | 0.1 |
| 6640 <sup>(1)</sup> | Grocery Outlet Holding Corp. |  | 82469 | 0.1 |
| 995 <sup>(1)</sup> | Guardian Pharmacy Services, Inc. - Class A |  | 21204 | 0.0 |
| 6421 <sup>(1)</sup> | Hain Celestial Group, Inc. |  | 9760 | 0.0 |
| 7038 <sup>(1)</sup> | Herbalife Ltd. |  | 60668 | 0.0 |
| 3623 <sup>(1)</sup> | HF Foods Group, Inc. |  | 11521 | 0.0 |
| 6464 <sup>(1)</sup> | Honest Co., Inc. |  | 32902 | 0.0 |
| 1061 | Ingles Markets, Inc. - Class A |  | 67246 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 1265 | Inter Parfums, Inc. | $| 166107 | 0.1 |
| 1079 | J & J Snack Foods Corp. |  | 122369 | 0.1 |
| 662 | John B Sanfilippo & Son, Inc. |  | 41865 | 0.0 |
| 1399 | Lancaster Colony Corp. |  | 241705 | 0.1 |
| 828 | Lifevantage Corp. |  | 10830 | 0.0 |
| 1362 | Limoneira Co. |  | 21315 | 0.0 |
| 2666 <sup>(1)</sup> | Mama's Creations, Inc. |  | 22128 | 0.0 |
| 972 | MGP Ingredients, Inc. |  | 29131 | 0.0 |
| 3537 <sup>(1)</sup> | Mission Produce, Inc. |  | 41454 | 0.0 |
| 1724 <sup>(1)</sup> | National Beverage Corp. |  | 74546 | 0.0 |
| 925 | Natural Grocers by Vitamin Cottage, Inc. |  | 36306 | 0.0 |
| 1024 <sup>(1)</sup> | Nature's Sunshine Products, Inc. |  | 15145 | 0.0 |
| 3820 | Nu Skin Enterprises, Inc. - Class A |  | 30522 | 0.0 |
| 785 | Oil-Dri Corp. of America |  | 46307 | 0.0 |
| 10607 <sup>(1)</sup> | Olaplex Holdings, Inc. |  | 14850 | 0.0 |
| 1793 | PriceSmart, Inc. |  | 188337 | 0.1 |
| 382 <sup>(1)</sup> | Seneca Foods Corp. - Class A |  | 38746 | 0.0 |
| 6463 <sup>(1)</sup> | Simply Good Foods Co. |  | 204166 | 0.1 |
| 2527 | SpartanNash Co. |  | 66940 | 0.0 |
| 1732 | Spectrum Brands Holdings, Inc. |  | 91796 | 0.1 |
| 7059 <sup>(1)</sup> | SunOpta, Inc. |  | 40942 | 0.0 |
| 1340 | Tootsie Roll Industries, Inc. |  | 44823 | 0.0 |
| 3495 <sup>(1)</sup> | TreeHouse Foods, Inc. |  | 67873 | 0.0 |
| 1228 | Turning Point Brands, Inc. |  | 93046 | 0.1 |
| 4246 <sup>(1)</sup> | United Natural Foods, Inc. |  | 98974 | 0.1 |
| 1719 | Universal Corp. |  | 100115 | 0.1 |
| 828 <sup>(1)</sup> | USANA Health Sciences, Inc. |  | 25279 | 0.0 |
| 5077 | Utz Brands, Inc. |  | 63716 | 0.0 |
| 782 | Village Super Market, Inc. - Class A |  | 30107 | 0.0 |
| 2803 <sup>(1)</sup> | Vita Coco Co., Inc. |  | 101188 | 0.1 |
| 2422 <sup>(1)(2)</sup> | Vital Farms, Inc. |  | 93295 | 0.1 |
| 3455 <sup>(1)</sup> | Waldencast PLC - Class A |  | 8465 | 0.0 |
| 950 | WD-40 Co. |  | 216686 | 0.1 |
| 1187 | Weis Markets, Inc. |  | 86046 | 0.1 |
| 2758 <sup>(1)(2)</sup> | Westrock Coffee Co. |  | 15803 | 0.0 |
| 4563 | WK Kellogg Co. |  | 72734 | 0.0 |
| 2359 <sup>(1)</sup> | Zevia PBC - Class A |  | 7596 | 0.0 |
|  |  |  | **4080830** | **2.2** |
|  | **Energy: 4.8%** | **Energy: 4.8%** | **Energy: 4.8%** | **Energy: 4.8%** |
| 11573 | Archrock, Inc. |  | 287358 | 0.2 |
| 3050 | Ardmore Shipping Corp. |  | 29280 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 2171 | Aris Water Solutions, Inc. - Class A | $51344 | 0.0 |
| 5290 <sup>(2)</sup> | Atlas Energy Solutions, Inc. | 70727 | 0.0 |
| 6069 | Berry Corp. | 16811 | 0.0 |
| 1183 <sup>(1)</sup> | BKV Corp. | 28534 | 0.0 |
| 17526 <sup>(2)</sup> | Borr Drilling Ltd. | 32073 | 0.0 |
| 2024 <sup>(1)</sup> | Bristow Group, Inc. | 66731 | 0.0 |
| 4719 | Cactus, Inc. - Class A | 206315 | 0.1 |
| 4782 | California Resources Corp. | 218394 | 0.1 |
| 4842 <sup>(1)</sup> | Calumet, Inc. | 76286 | 0.1 |
| 1037 <sup>(1)(2)</sup> | Centrus Energy Corp. - Class A | 189958 | 0.1 |
| 12983 | ChampionX Corp. | 322498 | 0.2 |
| 12142 <sup>(1)</sup> | Clean Energy Fuels Corp. | 23677 | 0.0 |
| 10105 <sup>(1)</sup> | CNX Resources Corp. | 340336 | 0.2 |
| 5374 <sup>(1)</sup> | Comstock Resources, Inc. | 148699 | 0.1 |
| 3576 | Core Laboratories, Inc. | 41195 | 0.0 |
| 3694 | Core Natural Resources, Inc. | 257620 | 0.2 |
| 12118 | Crescent Energy Co. - Class A | 104215 | 0.1 |
| 2408 | CVR Energy, Inc. | 64655 | 0.0 |
| 4426 | Delek US Holdings, Inc. | 93743 | 0.1 |
| 9437 | DHT Holdings, Inc. | 102014 | 0.1 |
| 3911 | Diversified Energy Co. PLC | 57374 | 0.0 |
| 1640 <sup>(1)</sup> | DMC Global, Inc. | 13218 | 0.0 |
| 2595 | Dorian LPG Ltd. | 63266 | 0.0 |
| 13176 <sup>(1)</sup> | Encore Energy Corp. | 37683 | 0.0 |
| 14486 <sup>(1)(2)</sup> | Energy Fuels, Inc./Canada | 83294 | 0.1 |
| 1623 | Excelerate Energy, Inc. - Class A | 47586 | 0.0 |
| 7223 <sup>(1)</sup> | Expro Group Holdings NV | 62046 | 0.0 |
| 2260 <sup>(2)</sup> | FLEX LNG Ltd. | 49675 | 0.0 |
| 1436 | Flowco Holdings, Inc. - Class A | 25575 | 0.0 |
| 913 <sup>(1)</sup> | Forum Energy Technologies, Inc. | 17776 | 0.0 |
| 16488 <sup>(1)</sup> | Gevo, Inc. | 21764 | 0.0 |
| 6961 | Golar LNG Ltd. | 286724 | 0.2 |
| 4507 | Granite Ridge Resources, Inc. | 28710 | 0.0 |
| 4558 <sup>(1)</sup> | Green Plains, Inc. | 27485 | 0.0 |
| 1047 <sup>(1)</sup> | Gulfport Energy Corp. | 210625 | 0.1 |
| 2175 <sup>(1)</sup> | Hallador Energy Co. | 34430 | 0.0 |
| 10379 <sup>(1)</sup> | Helix Energy Solutions Group, Inc. | 64765 | 0.0 |
| 6805 | Helmerich & Payne, Inc. | 103164 | 0.1 |
| 1387 | HighPeak Energy, Inc. | 13593 | 0.0 |
| 1079 <sup>(1)</sup> | Infinity Natural Resources, Inc. - Class A | 19756 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 2819 <sup>(1)</sup> | Innovex International, Inc. | $44033 | 0.0 |
| 2825 | International Seaways, Inc. | 103056 | 0.1 |
| 3017 | Kinetik Holdings, Inc. | 132899 | 0.1 |
| 3766 | Kodiak Gas Services, Inc. | 129061 | 0.1 |
| 2746 <sup>(1)</sup> | Kolibri Global Energy, Inc. | 18810 | 0.0 |
| 33126 <sup>(1)</sup> | Kosmos Energy Ltd. | 56977 | 0.0 |
| 10885 | Liberty Energy, Inc. | 124960 | 0.1 |
| 1317 <sup>(1)</sup> | Lightbridge Corp. | 17608 | 0.0 |
| 12627 | Magnolia Oil & Gas Corp. - Class A | 283855 | 0.2 |
| 9498 | Murphy Oil Corp. | 213705 | 0.1 |
| 979 <sup>(1)(2)</sup> | Nabors Industries Ltd. | 27432 | 0.0 |
| 4505 <sup>(1)</sup> | National Energy Services Reunited Corp. | 27120 | 0.0 |
| 854 <sup>(1)</sup> | Natural Gas Services Group, Inc. | 22042 | 0.0 |
| 2343 | Navigator Holdings Ltd. | 33153 | 0.0 |
| 11658 <sup>(2)</sup> | New Fortress Energy, Inc. | 38704 | 0.0 |
| 6728 <sup>(1)</sup> | Newpark Resources, Inc. | 57255 | 0.0 |
| 9384 <sup>(1)</sup> | NextDecade Corp. | 83611 | 0.1 |
| 9128 | Noble Corp. PLC | 242348 | 0.1 |
| 15034 | Nordic American Tankers Ltd. | 39539 | 0.0 |
| 6691 | Northern Oil and Gas, Inc. | 189690 | 0.1 |
| 7063 <sup>(1)</sup> | Oceaneering International, Inc. | 146345 | 0.1 |
| 4698 <sup>(1)</sup> | Oil States International, Inc. | 25181 | 0.0 |
| 3919 <sup>(1)</sup> | Par Pacific Holdings, Inc. | 103971 | 0.1 |
| 26304 | Patterson-UTI Energy, Inc. | 155983 | 0.1 |
| 6088 | PBF Energy, Inc. - Class A | 131927 | 0.1 |
| 8518 | Peabody Energy Corp. | 114312 | 0.1 |
| 1174 <sup>(1)(2)</sup> | ProFrac Holding Corp. - Class A | 9110 | 0.0 |
| 6546 <sup>(1)</sup> | ProPetro Holding Corp. | 39080 | 0.0 |
| 1104 <sup>(1)</sup> | REX American Resources Corp. | 53776 | 0.0 |
| 983 | Riley Exploration Permian, Inc. | 25784 | 0.0 |
| 6815 | RPC, Inc. | 32235 | 0.0 |
| 4785 <sup>(1)</sup> | Sable Offshore Corp. | 105174 | 0.1 |
| 2765 | SandRidge Energy, Inc. | 29917 | 0.0 |
| 3099 | Scorpio Tankers, Inc. | 121264 | 0.1 |
| 2269 <sup>(1)</sup> | SEACOR Marine Holdings, Inc. | 11572 | 0.0 |
| 4549 <sup>(1)</sup> | Seadrill Ltd. | 119411 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 6590 | Select Water Solutions, Inc. | $| 56938 | 0.0 |
| 9214 | SFL Corp. Ltd. |  | 76753 | 0.1 |
| 5619 | Sitio Royalties Corp. - Class A |  | 103277 | 0.1 |
| 7851 | SM Energy Co. |  | 193998 | 0.1 |
| 2577 | Solaris Oilfield Infrastructure, Inc. - Class A |  | 72903 | 0.0 |
| 730 <sup>(1)</sup> | Summit Midstream Corp. |  | 17907 | 0.0 |
| 9379 <sup>(1)</sup> | Talos Energy, Inc. |  | 79534 | 0.1 |
| 4216 | Teekay Corp. Ltd. |  | 34782 | 0.0 |
| 1697 | Teekay Tankers Ltd. - Class A |  | 70799 | 0.0 |
| 9390 <sup>(1)</sup> | TETRA Technologies, Inc. |  | 31550 | 0.0 |
| 3509 <sup>(1)</sup> | Tidewater, Inc. |  | 161870 | 0.1 |
| 51576 <sup>(1)</sup> | Transocean Ltd. |  | 133582 | 0.1 |
| 29782 <sup>(1)</sup> | Uranium Energy Corp. |  | 202518 | 0.1 |
| 8415 | VAALCO Energy, Inc. |  | 30378 | 0.0 |
| 4399 <sup>(1)</sup> | Valaris Ltd. |  | 185242 | 0.1 |
| 2086 <sup>(1)</sup> | Vital Energy, Inc. |  | 33564 | 0.0 |
| 2025 | Vitesse Energy, Inc. |  | 44732 | 0.0 |
| 7795 | W&T Offshore, Inc. |  | 12862 | 0.0 |
| 3955 | World Fuel Services Corp. |  | 112124 | 0.1 |
|  |  |  | **8807185** | **4.8** |
|  | **Financials: 18.7%** | **Financials: 18.7%** | **Financials: 18.7%** | **Financials: 18.7%** |
| 1400 | 1st Source Corp. |  | 86898 | 0.1 |
| 860 | ACNB Corp. |  | 36842 | 0.0 |
| 1805 | Alerus Financial Corp. |  | 39060 | 0.0 |
| 3577 <sup>(1)(2)</sup> | AlTi Global, Inc. |  | 14845 | 0.0 |
| 1720 | Amalgamated Financial Corp. |  | 53664 | 0.0 |
| 3398 <sup>(1)</sup> | Ambac Financial Group, Inc. |  | 24126 | 0.0 |
| 2783 | Amerant Bancorp, Inc. |  | 50734 | 0.0 |
| 1919 | American Coastal Insurance Corp. |  | 21339 | 0.0 |
| 4513 | Ameris Bancorp |  | 291991 | 0.2 |
| 1416 | AMERISAFE, Inc. |  | 61922 | 0.0 |
| 10164 | Apollo Commercial Real Estate Finance, Inc. |  | 98388 | 0.1 |
| 13372 <sup>(2)</sup> | Arbor Realty Trust, Inc. |  | 143080 | 0.1 |
| 4520 <sup>(2)</sup> | Ares Commercial Real Estate Corp. |  | 21560 | 0.0 |
| 5450 <sup>(2)</sup> | ARMOUR Residential REIT, Inc. |  | 91615 | 0.1 |
| 1545 | Arrow Financial Corp. |  | 40819 | 0.0 |
| 4260 | Artisan Partners Asset Management, Inc. - Class A |  | 188846 | 0.1 |
| 11297 | Associated Banc-Corp. |  | 275534 | 0.2 |
| 9667 | Atlantic Union Bankshares Corp. |  | 302384 | 0.2 |
| 424 <sup>(1)</sup> | Atlanticus Holdings Corp. |  | 23214 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 12128 <sup>(1)</sup> | AvidXchange Holdings, Inc. | $118733 | 0.1 |
| 3755 <sup>(1)</sup> | Axos Financial, Inc. | 285530 | 0.2 |
| 9459 | Banc of California, Inc. | 132899 | 0.1 |
| 1483 | BancFirst Corp. | 183328 | 0.1 |
| 2097 | Banco Latinoamericano de Comercio Exterior SA - Class E | 84509 | 0.1 |
| 3166 <sup>(1)</sup> | Bancorp, Inc. | 180367 | 0.1 |
| 777 | Bank First Corp. | 91414 | 0.1 |
| 2692 | Bank of Hawaii Corp. | 181791 | 0.1 |
| 1301 | Bank of Marin Bancorp | 29715 | 0.0 |
| 3150 | Bank of NT Butterfield & Son Ltd. | 139482 | 0.1 |
| 5107 | BankUnited, Inc. | 181758 | 0.1 |
| 766 | Bankwell Financial Group, Inc. | 27599 | 0.0 |
| 2373 | Banner Corp. | 152228 | 0.1 |
| 1408 | Bar Harbor Bankshares | 42184 | 0.0 |
| 1161 | BayCom Corp. | 32171 | 0.0 |
| 3114 | Berkshire Hills Bancorp, Inc. | 77975 | 0.1 |
| 24986 | BGC Group, Inc. - Class A | 255607 | 0.1 |
| 11935 <sup>(2)</sup> | Blackstone Mortgage Trust, Inc. - Class A | 229749 | 0.1 |
| 2450 <sup>(1)</sup> | Blue Foundry Bancorp | 23447 | 0.0 |
| 1157 <sup>(1)</sup> | Bowhead Specialty Holdings, Inc. | 43422 | 0.0 |
| 3388 | Bread Financial Holdings, Inc. | 193523 | 0.1 |
| 1897 <sup>(1)</sup> | Bridgewater Bancshares, Inc. | 30181 | 0.0 |
| 2000 | Brightsphere Investment Group, Inc. | 70480 | 0.0 |
| 10555 | BrightSpire Capital, Inc. | 53303 | 0.0 |
| 6493 | Brookline Bancorp, Inc. | 68501 | 0.0 |
| 4907 <sup>(1)</sup> | BRP Group, Inc. - Class A | 210069 | 0.1 |
| 13983 | Burford Capital Ltd. | 199398 | 0.1 |
| 1048 | Burke & Herbert Financial Services Corp. | 62597 | 0.0 |
| 2303 | Business First Bancshares, Inc. | 56769 | 0.0 |
| 2531 | Byline Bancorp, Inc. | 67654 | 0.0 |
| 12437 | Cadence Bank | 397735 | 0.2 |
| 2000 <sup>(1)</sup> | California BanCorp | 31520 | 0.0 |
| 1373 | Camden National Corp. | 55716 | 0.0 |
| 4022 | Cannae Holdings, Inc. | 83859 | 0.1 |
| 4183 <sup>(1)</sup> | Cantaloupe, Inc. | 45971 | 0.0 |
| 1037 | Capital Bancorp, Inc. | 34822 | 0.0 |
| 1363 | Capital City Bank Group, Inc. | 53634 | 0.0 |
| 9328 | Capitol Federal Financial, Inc. | 56901 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 2023 <sup>(1)</sup> | Carter Bankshares, Inc. | $35079 | 0.0 |
| 1086 | Cass Information Systems, Inc. | 47187 | 0.0 |
| 4659 | Cathay General Bancorp | 212124 | 0.1 |
| 2046 | Central Pacific Financial Corp. | 57349 | 0.0 |
| 5978 | Chimera Investment Corp. | 82915 | 0.1 |
| 1099 | ChoiceOne Financial Services, Inc. | 31541 | 0.0 |
| 1563 | Citizens & Northern Corp. | 29603 | 0.0 |
| 413 | Citizens Financial Services, Inc. | 24251 | 0.0 |
| 3729 <sup>(1)</sup> | Citizens, Inc. | 13014 | 0.0 |
| 1044 | City Holding Co. | 127806 | 0.1 |
| 1474 | Civista Bancshares, Inc. | 34197 | 0.0 |
| 6933 | Claros Mortgage Trust, Inc. | 19759 | 0.0 |
| 1849 | CNB Financial Corp. | 42268 | 0.0 |
| 6947 | CNO Financial Group, Inc. | 268015 | 0.2 |
| 929 <sup>(1)</sup> | Coastal Financial Corp. | 89992 | 0.1 |
| 1932 | Cohen & Steers, Inc. | 145576 | 0.1 |
| 2483 <sup>(1)</sup> | Columbia Financial, Inc. | 36028 | 0.0 |
| 3707 | Community Bank System, Inc. | 210817 | 0.1 |
| 1338 | Community Trust Bancorp, Inc. | 70807 | 0.0 |
| 1604 | Community West Bancshares | 31294 | 0.0 |
| 4865 | Compass Diversified Holdings | 30552 | 0.0 |
| 3496 | ConnectOne Bancorp, Inc. | 80967 | 0.1 |
| 2065 <sup>(1)</sup> | Customers Bancorp, Inc. | 121298 | 0.1 |
| 9198 | CVB Financial Corp. | 182028 | 0.1 |
| 648 <sup>(1)</sup> | Dave, Inc. | 173930 | 0.1 |
| 206 | Diamond Hill Investment Group, Inc. | 29934 | 0.0 |
| 11944 | DigitalBridge Group, Inc. | 123620 | 0.1 |
| 2879 | Dime Community Bancshares, Inc. | 77560 | 0.1 |
| 1944 <sup>(1)</sup> | Donnelley Financial Solutions, Inc. | 119848 | 0.1 |
| 6979 <sup>(2)</sup> | Dynex Capital, Inc. | 85283 | 0.1 |
| 2175 | Eagle Bancorp, Inc. | 42369 | 0.0 |
| 13403 | Eastern Bankshares, Inc. | 204664 | 0.1 |
| 6848 <sup>(2)</sup> | Ellington Financial, Inc. | 88956 | 0.1 |
| 1800 | Employers Holdings, Inc. | 84924 | 0.1 |
| 2216 | Enact Holdings, Inc. | 82324 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 1699 <sup>(1)</sup> | Encore Capital Group, Inc. | $65768 | 0.0 |
| 1747 <sup>(1)</sup> | Enova International, Inc. | 194825 | 0.1 |
| 868 <sup>(1)</sup> | Enstar Group Ltd. | 291960 | 0.2 |
| 998 | Enterprise Bancorp, Inc. | 39561 | 0.0 |
| 2613 | Enterprise Financial Services Corp. | 143976 | 0.1 |
| 1340 | Equity Bancshares, Inc. - Class A | 54672 | 0.0 |
| 548 | Esquire Financial Holdings, Inc. | 51874 | 0.0 |
| 7179 | Essent Group Ltd. | 435981 | 0.2 |
| 4497 | EVERTEC, Inc. | 162117 | 0.1 |
| 1496 | F&G Annuities & Life, Inc. | 47842 | 0.0 |
| 1257 | Farmers & Merchants Bancorp, Inc./Archbold OH | 31777 | 0.0 |
| 3314 | Farmers National Banc Corp. | 45700 | 0.0 |
| 2572 | FB Financial Corp. | 116512 | 0.1 |
| 646 | Federal Agricultural Mortgage Corp. - Class C | 125505 | 0.1 |
| 4139 | Fidelis Insurance Holdings Ltd. | 68625 | 0.0 |
| 521 | Fidelity D&D Bancorp, Inc. | 23966 | 0.0 |
| 1520 | Financial Institutions, Inc. | 39034 | 0.0 |
| 1270 | First Bancorp, Inc. | 32271 | 0.0 |
| 11093 | First BanCorp/Puerto Rico | 231067 | 0.1 |
| 2895 | First Bancorp/Southern Pines NC | 127641 | 0.1 |
| 2403 | First Bank/Hamilton NJ | 37174 | 0.0 |
| 5934 | First Busey Corp. | 135800 | 0.1 |
| 713 | First Business Financial Services, Inc. | 36121 | 0.0 |
| 7128 | First Commonwealth Financial Corp. | 115687 | 0.1 |
| 1441 | First Community Bankshares, Inc. | 56444 | 0.0 |
| 6692 | First Financial Bancorp | 162348 | 0.1 |
| 9403 | First Financial Bankshares, Inc. | 338320 | 0.2 |
| 963 | First Financial Corp. | 52185 | 0.0 |
| 4869 | First Foundation, Inc. | 24832 | 0.0 |
| 5936 | First Interstate BancSystem, Inc. - Class A | 171076 | 0.1 |
| 4115 | First Merchants Corp. | 157605 | 0.1 |
| 1940 | First Mid Bancshares, Inc. | 72731 | 0.0 |
| 2762 | FirstCash Holdings, Inc. | 373257 | 0.2 |
| 963 <sup>(1)</sup> | Firstsun Capital Bancorp | 33464 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 1556 | Five Star Bancorp | $44408 | 0.0 |
| 2442 | Flushing Financial Corp. | 29011 | 0.0 |
| 8431 <sup>(1)</sup> | Flywire Corp. | 98643 | 0.1 |
| 744 <sup>(1)</sup> | Forge Global Holdings, Inc. | 14166 | 0.0 |
| 6532 | Franklin BSP Realty Trust, Inc. | 69827 | 0.0 |
| 12374 | Fulton Financial Corp. | 223227 | 0.1 |
| 652 <sup>(1)</sup> | GBank Financial Holdings, Inc. | 23087 | 0.0 |
| 3504 | GCM Grosvenor, Inc. - Class A | 40506 | 0.0 |
| 28849 <sup>(1)</sup> | Genworth Financial, Inc. - Class A | 224445 | 0.1 |
| 2715 | German American Bancorp, Inc. | 104555 | 0.1 |
| 7930 | Glacier Bancorp, Inc. | 341624 | 0.2 |
| 1673 | Goosehead Insurance, Inc. - Class A | 176518 | 0.1 |
| 807 | Great Southern Bancorp, Inc. | 47435 | 0.0 |
| 3802 <sup>(1)</sup> | Green Dot Corp. - Class A | 40986 | 0.0 |
| 675 | Greene County Bancorp, Inc. | 14999 | 0.0 |
| 2337 <sup>(1)</sup> | Greenlight Capital Re Ltd. - Class A | 33583 | 0.0 |
| 766 | Guaranty Bancshares, Inc. | 32509 | 0.0 |
| 3150 <sup>(1)</sup> | Hamilton Insurance Group Ltd. - Class B | 68103 | 0.0 |
| 5846 | Hancock Whitney Corp. | 335560 | 0.2 |
| 2311 | Hanmi Financial Corp. | 57035 | 0.0 |
| 8527 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 229035 | 0.1 |
| 3077 | HarborOne Bancorp, Inc. | 35939 | 0.0 |
| 562 | Hawthorn Bancshares, Inc. | 16377 | 0.0 |
| 1428 | HBT Financial, Inc. | 36000 | 0.0 |
| 598 | HCI Group, Inc. | 91016 | 0.1 |
| 4904 | Heritage Commerce Corp. | 48697 | 0.0 |
| 2587 | Heritage Financial Corp. | 61674 | 0.0 |
| 1656 <sup>(1)</sup> | Heritage Insurance Holdings, Inc. | 41301 | 0.0 |
| 3286 | Hilltop Holdings, Inc. | 99730 | 0.1 |
| 118 | Hingham Institution For Savings The | 29305 | 0.0 |
| 1410 <sup>(1)</sup> | Hippo Holdings, Inc. | 39381 | 0.0 |
| 606 | Home Bancorp, Inc. | 31379 | 0.0 |
| 13029 | Home BancShares, Inc. | 370805 | 0.2 |
| 1429 <sup>(1)</sup> | HomeStreet, Inc. | 18677 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 1401 | HomeTrust Bancshares, Inc. | $52411 | 0.0 |
| 8427 | Hope Bancorp, Inc. | 90422 | 0.1 |
| 2896 | Horace Mann Educators Corp. | 124441 | 0.1 |
| 3553 | Horizon Bancorp, Inc. | 54645 | 0.0 |
| 2944 | Independent Bank Corp. | 185133 | 0.1 |
| 1662 | Independent Bank Corp. Michigan | 53865 | 0.0 |
| 3799 | International Bancshares Corp. | 252861 | 0.1 |
| 2267 <sup>(1)</sup> | International Money Express, Inc. | 22874 | 0.0 |
| 4706 <sup>(2)</sup> | Invesco Mortgage Capital, Inc. | 36895 | 0.0 |
| 108 | Investors Title Co. | 22820 | 0.0 |
| 5028 | Jackson Financial, Inc. - Class A | 446436 | 0.3 |
| 2658 | James River Group Holdings Ltd. | 15576 | 0.0 |
| 1289 | John Marshall Bancorp, Inc. | 23885 | 0.0 |
| 4563 | Kearny Financial Corp. | 29477 | 0.0 |
| 824 <sup>(1)</sup> | Kingstone Cos., Inc. | 12698 | 0.0 |
| 1586 <sup>(1)</sup> | Kingsway Financial Services, Inc. | 21474 | 0.0 |
| 4679 | KKR Real Estate Finance Trust, Inc. | 41035 | 0.0 |
| 8712 | Ladder Capital Corp. | 93654 | 0.1 |
| 1792 | Lakeland Financial Corp. | 110118 | 0.1 |
| 3896 <sup>(1)</sup> | Lemonade, Inc. | 170684 | 0.1 |
| 7771 <sup>(1)</sup> | LendingClub Corp. | 93485 | 0.1 |
| 762 <sup>(1)</sup> | LendingTree, Inc. | 28247 | 0.0 |
| 2487 | Live Oak Bancshares, Inc. | 74113 | 0.0 |
| 2214 | Marex Group PLC | 87387 | 0.1 |
| 28246 <sup>(1)</sup> | Marqeta, Inc. - Class A | 164674 | 0.1 |
| 3622 <sup>(1)</sup> | MBIA, Inc. | 15719 | 0.0 |
| 1252 | Mercantile Bank Corp. | 58105 | 0.0 |
| 1856 | Merchants Bancorp | 61378 | 0.0 |
| 1875 | Mercury General Corp. | 126262 | 0.1 |
| 1829 | Metrocity Bankshares, Inc. | 52273 | 0.0 |
| 791 <sup>(1)</sup> | Metropolitan Bank Holding Corp. | 55370 | 0.0 |
| 7433 | MFA Financial, Inc. | 70316 | 0.0 |
| 1580 | Mid Penn Bancorp, Inc. | 44556 | 0.0 |
| 735 | Middlefield Banc Corp. | 22131 | 0.0 |
| 1694 | Midland States Bancorp, Inc. | 29340 | 0.0 |
| 1605 | MidWestOne Financial Group, Inc. | 46176 | 0.0 |
| 5110 | Moelis & Co. - Class A | 318455 | 0.2 |
| 1119 | MVB Financial Corp. | 25211 | 0.0 |
| 2663 | National Bank Holdings Corp. - Class A | 100155 | 0.1 |
| 5389 | Navient Corp. | 75985 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 3069 <sup>(1)</sup> | NB Bancorp, Inc. | $54812 | 0.0 |
| 3559 | NBT Bancorp, Inc. | 147876 | 0.1 |
| 1039 | Nelnet, Inc. - Class A | 125844 | 0.1 |
| 2879 <sup>(1)</sup> | NerdWallet, Inc. - Class A | 31583 | 0.0 |
| 21233 | New York Community Bancorp, Inc. | 225070 | 0.1 |
| 7259 | New York Mortgage Trust, Inc. | 48635 | 0.0 |
| 1793 | NewtekOne, Inc. | 20225 | 0.0 |
| 987 | Nicolet Bankshares, Inc. | 121875 | 0.1 |
| 5422 <sup>(1)</sup> | NMI Holdings, Inc. - Class A | 228754 | 0.1 |
| 555 | Northeast Bank | 49389 | 0.0 |
| 1164 | Northeast Community Bancorp, Inc. | 27057 | 0.0 |
| 3089 | Northfield Bancorp, Inc. | 35462 | 0.0 |
| 427 | Northrim BanCorp, Inc. | 39822 | 0.0 |
| 8983 | Northwest Bancshares, Inc. | 114803 | 0.1 |
| 843 | Norwood Financial Corp. | 21733 | 0.0 |
| 4255 | OceanFirst Financial Corp. | 74931 | 0.0 |
| 509 <sup>(1)</sup> | Ocwen Financial Corp. | 19429 | 0.0 |
| 3132 | OFG Bancorp | 134050 | 0.1 |
| 21921 | Old National Bancorp | 467794 | 0.3 |
| 3515 | Old Second Bancorp, Inc. | 62356 | 0.0 |
| 7387 <sup>(1)</sup> | Open Lending Corp. | 14331 | 0.0 |
| 2513 <sup>(1)</sup> | Oportun Financial Corp. | 17993 | 0.0 |
| 1720 <sup>(2)</sup> | OppFi, Inc. | 24063 | 0.0 |
| 849 | Orange County Bancorp, Inc. | 21938 | 0.0 |
| 7125 <sup>(2)</sup> | Orchid Island Capital, Inc. | 49946 | 0.0 |
| 2184 | Origin Bancorp, Inc. | 78056 | 0.1 |
| 1492 | Orrstown Financial Services, Inc. | 47490 | 0.0 |
| 12938 <sup>(1)</sup> | Oscar Health, Inc. - Class A | 277391 | 0.2 |
| 3814 | P10, Inc. - Class A | 38979 | 0.0 |
| 6524 | Pacific Premier Bancorp, Inc. | 137591 | 0.1 |
| 12791 | Pagseguro Digital Ltd. - Class A | 123305 | 0.1 |
| 1839 <sup>(1)</sup> | Palomar Holdings, Inc. | 283666 | 0.2 |
| 1049 | Park National Corp. | 175456 | 0.1 |
| 1687 | Pathward Financial, Inc. | 133475 | 0.1 |
| 4188 | Patria Investments Ltd. - Class A | 58883 | 0.0 |
| 3267 <sup>(1)</sup> | Patriot National Bancorp, Inc. | 4966 | 0.0 |
| 19306 <sup>(1)</sup> | Payoneer Global, Inc. | 132246 | 0.1 |
| 2352 <sup>(1)</sup> | Paysafe Ltd. | 29682 | 0.0 |
| 2538 <sup>(1)</sup> | Paysign, Inc. | 18274 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 1392 | Peapack-Gladstone Financial Corp. | $39324 | 0.0 |
| 2045 | PennyMac Financial Services, Inc. | 203764 | 0.1 |
| 6609 | PennyMac Mortgage Investment Trust | 84992 | 0.1 |
| 2637 | Peoples Bancorp, Inc. | 80534 | 0.1 |
| 890 | Peoples Financial Services Corp. | 43939 | 0.0 |
| 4187 | Perella Weinberg Partners | 81312 | 0.1 |
| 1199 | Piper Sandler Cos. | 333250 | 0.2 |
| 1602 | PJT Partners, Inc. - Class A | 264346 | 0.2 |
| 584 | Plumas Bancorp | 25965 | 0.0 |
| 1975 <sup>(1)</sup> | Ponce Financial Group, Inc. | 27334 | 0.0 |
| 2838 <sup>(1)</sup> | PRA Group, Inc. | 41861 | 0.0 |
| 914 | Preferred Bank/Los Angeles CA | 79102 | 0.1 |
| 1806 <sup>(1)</sup> | Priority Technology Holdings, Inc. | 14051 | 0.0 |
| 3562 <sup>(1)</sup> | ProAssurance Corp. | 81320 | 0.1 |
| 2859 | PROG Holdings, Inc. | 83912 | 0.1 |
| 9010 | Provident Financial Services, Inc. | 157945 | 0.1 |
| 1215 | QCR Holdings, Inc. | 82498 | 0.1 |
| 10146 | Radian Group, Inc. | 365459 | 0.2 |
| 12182 <sup>(2)</sup> | Ready Capital Corp. | 53235 | 0.0 |
| 528 | Red River Bancshares, Inc. | 30994 | 0.0 |
| 10229 | Redwood Trust, Inc. | 60453 | 0.0 |
| 712 | Regional Management Corp. | 20798 | 0.0 |
| 10812 <sup>(1)</sup> | Remitly Global, Inc. | 202941 | 0.1 |
| 6475 | Renasant Corp. | 232647 | 0.1 |
| 6805 <sup>(1)</sup> | Repay Holdings Corp. | 32800 | 0.0 |
| 736 | Republic Bancorp, Inc. - Class A | 53809 | 0.0 |
| 747 <sup>(1)</sup> | Root, Inc. - Class A | 95594 | 0.1 |
| 2806 | S&T Bancorp, Inc. | 106123 | 0.1 |
| 1078 | Safety Insurance Group, Inc. | 85582 | 0.1 |
| 5897 | Seacoast Banking Corp. of Florida | 162875 | 0.1 |
| 4209 | Selective Insurance Group, Inc. | 364710 | 0.2 |
| 9782 <sup>(1)</sup> | Selectquote, Inc. | 23281 | 0.0 |
| 3599 | ServisFirst Bancshares, Inc. | 278958 | 0.2 |
| 1035 <sup>(1)(2)</sup> | Sezzle, Inc. | 185524 | 0.1 |
| 2624 | Shore Bancshares, Inc. | 41249 | 0.0 |
| 1254 | Sierra Bancorp | 37231 | 0.0 |
| 8734 | Simmons First National Corp. - Class A | 165597 | 0.1 |
| 7227 <sup>(1)</sup> | SiriusPoint Ltd. | 147359 | 0.1 |
| 2585 <sup>(1)</sup> | Skyward Specialty Insurance Group, Inc. | 149387 | 0.1 |
| 1415 | SmartFinancial, Inc. | 47799 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 1222 | South Plains Financial, Inc. | $44041 | 0.0 |
| 797 <sup>(1)</sup> | Southern First Bancshares, Inc. | 30310 | 0.0 |
| 848 | Southern Missouri Bancorp, Inc. | 46453 | 0.0 |
| 754 | Southern States Bancshares, Inc. | 27423 | 0.0 |
| 2294 | Southside Bancshares, Inc. | 67512 | 0.0 |
| 3675 | Stellar Bancorp, Inc. | 102827 | 0.1 |
| 4584 | StepStone Group, Inc. - Class A | 254412 | 0.1 |
| 1928 | Stewart Information Services Corp. | 125513 | 0.1 |
| 1878 | Stock Yards Bancorp, Inc. | 148324 | 0.1 |
| 17326 <sup>(1)</sup> | StoneCo Ltd. - Class A | 277909 | 0.2 |
| 3154 <sup>(1)</sup> | StoneX Group, Inc. | 287456 | 0.2 |
| 3154 <sup>(1)</sup> | Texas Capital Bancshares, Inc. | 250428 | 0.1 |
| 1047 <sup>(1)</sup> | Third Coast Bancshares, Inc. | 34205 | 0.0 |
| 913 | Timberland Bancorp, Inc. | 28486 | 0.0 |
| 1948 | Tiptree, Inc. | 45934 | 0.0 |
| 1043 | Tompkins Financial Corp. | 65427 | 0.0 |
| 5026 | Towne Bank/ Portsmouth VA | 171789 | 0.1 |
| 5708 | TPG RE Finance Trust, Inc. | 44066 | 0.0 |
| 2382 | TriCo Bancshares | 96447 | 0.1 |
| 7878 <sup>(1)</sup> | Triller Group, Inc. | 7330 | 0.0 |
| 1554 <sup>(1)</sup> | Triumph Financial, Inc. | 85641 | 0.1 |
| 2594 <sup>(1)</sup> | Trupanion, Inc. | 143578 | 0.1 |
| 1569 | TrustCo Bank Corp. NY | 52436 | 0.0 |
| 4256 | Trustmark Corp. | 155174 | 0.1 |
| 7379 | Two Harbors Investment Corp. | 79472 | 0.1 |
| 4993 | UMB Financial Corp. | 525064 | 0.3 |
| 9732 | United Bankshares, Inc. | 354537 | 0.2 |
| 8290 | United Community Banks, Inc. | 246959 | 0.1 |
| 1591 | United Fire Group, Inc. | 45662 | 0.0 |
| 664 | Unity Bancorp, Inc. | 31261 | 0.0 |
| 1826 | Universal Insurance Holdings, Inc. | 50635 | 0.0 |
| 2340 | Univest Financial Corp. | 70294 | 0.0 |
| 5871 <sup>(1)(2)</sup> | Upstart Holdings, Inc. | 379736 | 0.2 |
| 32937 | Valley National Bancorp | 294127 | 0.2 |
| 3737 | Veritex Holdings, Inc. | 97536 | 0.1 |
| 3071 | Victory Capital Holdings, Inc. - Class A | 195531 | 0.1 |
| 475 | Virtus Investment Partners, Inc. | 86165 | 0.1 |
| 2281 | Walker & Dunlop, Inc. | 160765 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 5623 | Washington Federal, Inc. | $164641 | 0.1 |
| 1385 | Washington Trust Bancorp, Inc. | 39168 | 0.0 |
| 1489 | Waterstone Financial, Inc. | 20563 | 0.0 |
| 6606 | WesBanco, Inc. | 208948 | 0.1 |
| 1642 | West BanCorp, Inc. | 32232 | 0.0 |
| 1865 | Westamerica BanCorp | 90341 | 0.1 |
| 9465 | WisdomTree, Inc. | 108942 | 0.1 |
| 263 <sup>(1)</sup> | World Acceptance Corp. | 43427 | 0.0 |
| 4041 | WSFS Financial Corp. | 222255 | 0.1 |
|  |  | **34479751** | **18.7** |
|  | **Health Care: 15.5%** |  |  |
| 7272 <sup>(1)</sup> | 10X Genomics, Inc. - Class A | 84210 | 0.1 |
| 3371 <sup>(1)</sup> | 4D Molecular Therapeutics, Inc. | 12506 | 0.0 |
| 8749 <sup>(1)</sup> | 89bio, Inc. | 85915 | 0.1 |
| 440 <sup>(1)</sup> | Aardvark Therapeutics, Inc. | 5949 | 0.0 |
| 3029 <sup>(1)</sup> | Abeona Therapeutics, Inc. | 17205 | 0.0 |
| 7459 <sup>(1)(2)</sup> | Absci Corp. | 19170 | 0.0 |
| 8674 <sup>(1)</sup> | ACADIA Pharmaceuticals, Inc. | 187098 | 0.1 |
| 7814 <sup>(1)</sup> | Accuray, Inc. | 10705 | 0.0 |
| 6775 <sup>(1)</sup> | Aclaris Therapeutics, Inc. | 9620 | 0.0 |
| 7044 <sup>(1)</sup> | AdaptHealth Corp. | 66425 | 0.0 |
| 10507 <sup>(1)</sup> | Adaptive Biotechnologies Corp. | 122407 | 0.1 |
| 5634 <sup>(1)</sup> | ADC Therapeutics SA | 15099 | 0.0 |
| 1263 <sup>(1)</sup> | Addus HomeCare Corp. | 145485 | 0.1 |
| 16221 <sup>(1)</sup> | ADMA Biologics, Inc. | 295384 | 0.2 |
| 21480 <sup>(1)</sup> | agilon health, Inc. | 49404 | 0.0 |
| 3923 <sup>(1)</sup> | Agios Pharmaceuticals, Inc. | 130479 | 0.1 |
| 17645 <sup>(1)</sup> | Akebia Therapeutics, Inc. | 64228 | 0.0 |
| 4985 <sup>(1)</sup> | Akero Therapeutics, Inc. | 266000 | 0.2 |
| 3844 <sup>(1)</sup> | Aldeyra Therapeutics, Inc. | 14723 | 0.0 |
| 6123 <sup>(1)</sup> | Alector, Inc. | 8572 | 0.0 |
| 8956 <sup>(1)</sup> | Alignment Healthcare, Inc. | 125384 | 0.1 |
| 11299 <sup>(1)</sup> | Alkermes PLC | 323264 | 0.2 |
| 10696 <sup>(1)</sup> | Allogene Therapeutics, Inc. | 12086 | 0.0 |
| 8189 <sup>(1)</sup> | Alphatec Holdings, Inc. | 90898 | 0.1 |
| 5318 <sup>(1)(2)</sup> | Altimmune, Inc. | 20581 | 0.0 |
| 3818 <sup>(1)</sup> | Alumis, Inc. | 11454 | 0.0 |
| 20253 <sup>(1)</sup> | Amicus Therapeutics, Inc. | 116050 | 0.1 |
| 2676 <sup>(1)</sup> | AMN Healthcare Services, Inc. | 55313 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 11205 <sup>(1)</sup> | Amneal Pharmaceuticals, Inc. | $90648 | 0.1 |
| 2676 <sup>(1)</sup> | Amphastar Pharmaceuticals, Inc. | 61441 | 0.0 |
| 4956 <sup>(1)</sup> | Amylyx Pharmaceuticals, Inc. | 31768 | 0.0 |
| 1444 <sup>(1)(2)</sup> | AnaptysBio, Inc. | 32057 | 0.0 |
| 5886 <sup>(1)(2)</sup> | Anavex Life Sciences Corp. | 54269 | 0.0 |
| 2838 <sup>(1)</sup> | AngioDynamics, Inc. | 28153 | 0.0 |
| 1290 <sup>(1)</sup> | ANI Pharmaceuticals, Inc. | 84172 | 0.1 |
| 1009 <sup>(1)</sup> | Anika Therapeutics, Inc. | 10675 | 0.0 |
| 7165 <sup>(1)</sup> | Annexon, Inc. | 17196 | 0.0 |
| 1653 <sup>(1)</sup> | Anteris Technologies Global Corp. | 6265 | 0.0 |
| 2332 <sup>(1)</sup> | Apogee Therapeutics, Inc. | 101279 | 0.1 |
| 3005 <sup>(1)</sup> | Apollo Medical Holdings, Inc. | 74764 | 0.1 |
| 6218 <sup>(1)</sup> | Aquestive Therapeutics, Inc. | 20582 | 0.0 |
| 11093 <sup>(1)</sup> | Arbutus Biopharma Corp. | 34277 | 0.0 |
| 2632 <sup>(1)</sup> | Arcellx, Inc. | 173317 | 0.1 |
| 1749 <sup>(1)</sup> | Arcturus Therapeutics Holdings, Inc. | 22754 | 0.0 |
| 4751 <sup>(1)</sup> | Arcus Biosciences, Inc. | 38673 | 0.0 |
| 7469 <sup>(1)</sup> | Arcutis Biotherapeutics, Inc. | 104715 | 0.1 |
| 16642 <sup>(1)</sup> | Ardelyx, Inc. | 65237 | 0.0 |
| 1844 <sup>(1)</sup> | Ardent Health Partners, Inc. | 25189 | 0.0 |
| 1884 <sup>(1)</sup> | ArriVent Biopharma, Inc. | 41015 | 0.0 |
| 8349 <sup>(1)</sup> | Arrowhead Pharmaceuticals, Inc. | 131914 | 0.1 |
| 3817 <sup>(1)(2)</sup> | ARS Pharmaceuticals, Inc. | 66607 | 0.0 |
| 2825 <sup>(1)</sup> | Artivion, Inc. | 87857 | 0.1 |
| 4444 <sup>(1)</sup> | Arvinas, Inc. | 32708 | 0.0 |
| 3593 <sup>(1)</sup> | Astria Therapeutics, Inc. | 19258 | 0.0 |
| 6044 <sup>(1)</sup> | Atea Pharmaceuticals, Inc. | 21758 | 0.0 |
| 3416 <sup>(1)</sup> | AtriCure, Inc. | 111942 | 0.1 |
| 6256 <sup>(1)</sup> | aTyr Pharma, Inc. | 31718 | 0.0 |
| 3559 <sup>(1)</sup> | Aura Biosciences, Inc. | 22279 | 0.0 |
| 9268 <sup>(1)</sup> | Aurinia Pharmaceuticals, Inc. | 78500 | 0.1 |
| 6530 <sup>(1)</sup> | Avadel Pharmaceuticals PLC | 57790 | 0.0 |
| 3364 <sup>(1)</sup> | Avanos Medical, Inc. | 41175 | 0.0 |
| 3729 <sup>(1)</sup> | Aveanna Healthcare Holdings, Inc. | 19503 | 0.0 |
| 8004 <sup>(1)</sup> | Avidity Biosciences, Inc. | 227314 | 0.1 |
| 1944 <sup>(1)(2)</sup> | Avita Medical, Inc. | 10284 | 0.0 |
| 3168 <sup>(1)</sup> | Axogen, Inc. | 34373 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 2829 <sup>(1)</sup> | Axsome Therapeutics, Inc. | $295319 | 0.2 |
| 2826 <sup>(1)</sup> | Azenta, Inc. | 86984 | 0.1 |
| 6600 <sup>(1)</sup> | Beam Therapeutics, Inc. | 112266 | 0.1 |
| 1121 <sup>(1)(2)</sup> | Benitec Biopharma, Inc. | 13116 | 0.0 |
| 968 <sup>(1)(2)</sup> | Beta Bionics, Inc. | 14094 | 0.0 |
| 2369 <sup>(1)</sup> | Bicara Therapeutics, Inc. | 22008 | 0.0 |
| 14573 <sup>(1)</sup> | BioCryst Pharmaceuticals, Inc. | 130574 | 0.1 |
| 6246 <sup>(1)</sup> | Biohaven Ltd. | 88131 | 0.1 |
| 2638 <sup>(1)</sup> | BioLife Solutions, Inc. | 56823 | 0.0 |
| 2230 <sup>(1)</sup> | Biote Corp. - Class A | 8965 | 0.0 |
| 3490 <sup>(1)</sup> | Bioventus, Inc. - Class A | 23104 | 0.0 |
| 4464 <sup>(1)</sup> | Blueprint Medicines Corp. | 572196 | 0.3 |
| 10949 <sup>(1)</sup> | Bridgebio Pharma, Inc. | 472778 | 0.3 |
| 354 <sup>(1)</sup> | Bright Minds Biosciences, Inc. | 9243 | 0.0 |
| 5894 <sup>(1)</sup> | BrightSpring Health Services, Inc. | 139039 | 0.1 |
| 15994 <sup>(1)</sup> | Brookdale Senior Living, Inc. | 111318 | 0.1 |
| 13762 <sup>(1)</sup> | Butterfly Network, Inc. | 27524 | 0.0 |
| 2786 <sup>(1)</sup> | Candel Therapeutics, Inc. | 14097 | 0.0 |
| 2715 <sup>(1)(2)</sup> | Capricor Therapeutics, Inc. | 26960 | 0.0 |
| 4612 <sup>(1)(2)</sup> | Cardiff Oncology, Inc. | 14528 | 0.0 |
| 3796 <sup>(1)</sup> | CareDx, Inc. | 74174 | 0.1 |
| 2494 <sup>(1)</sup> | Cargo Therapeutics, Inc. | 10275 | 0.0 |
| 710 <sup>(1)(2)</sup> | Cartesian Therapeutics, Inc. | 7377 | 0.0 |
| 1995 <sup>(1)</sup> | Castle Biosciences, Inc. | 40738 | 0.0 |
| 8036 <sup>(1)</sup> | Catalyst Pharmaceuticals, Inc. | 174381 | 0.1 |
| 2365 <sup>(1)</sup> | Celcuity, Inc. | 31573 | 0.0 |
| 4548 <sup>(1)</sup> | Celldex Therapeutics, Inc. | 92552 | 0.1 |
| 1826 <sup>(1)</sup> | Ceribell, Inc. | 34201 | 0.0 |
| 14298 <sup>(1)</sup> | Cerus Corp. | 20160 | 0.0 |
| 3869 <sup>(1)</sup> | CG oncology, Inc. | 100594 | 0.1 |
| 3705 <sup>(1)</sup> | ChromaDex Corp. | 53389 | 0.0 |
| 1183 <sup>(1)</sup> | Cidara Therapeutics, Inc. | 57624 | 0.0 |
| 553 <sup>(1)</sup> | Claritev Corp. | 24957 | 0.0 |
| 1904 <sup>(1)</sup> | ClearPoint Neuro, Inc. | 22734 | 0.0 |
| 28322 <sup>(1)</sup> | Clover Health Investments Corp. | 79018 | 0.1 |
| 5839 <sup>(1)</sup> | Codexis, Inc. | 14247 | 0.0 |
| 7444 <sup>(1)</sup> | Cogent Biosciences, Inc. | 53448 | 0.0 |
| 2277 <sup>(1)</sup> | Collegium Pharmaceutical, Inc. | 67331 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 9059 <sup>(1)</sup> | Community Health Systems, Inc. | $30801 | 0.0 |
| 7190 <sup>(1)</sup> | Compass Therapeutics, Inc. | 18694 | 0.0 |
| 772 <sup>(1)</sup> | Computer Programs and Systems, Inc. | 18080 | 0.0 |
| 8143 | Concentra Group Holdings Parent, Inc. | 167502 | 0.1 |
| 2178 | CONMED Corp. | 113430 | 0.1 |
| 4523 <sup>(1)</sup> | CorMedix, Inc. | 55723 | 0.0 |
| 2043 <sup>(1)</sup> | CorVel Corp. | 209980 | 0.1 |
| 3748 <sup>(1)</sup> | Corvus Pharmaceuticals, Inc. | 14992 | 0.0 |
| 6340 <sup>(1)</sup> | Crinetics Pharmaceuticals, Inc. | 182338 | 0.1 |
| 5748 <sup>(1)</sup> | CRISPR Therapeutics AG | 279583 | 0.2 |
| 2204 <sup>(1)</sup> | Cross Country Healthcare, Inc. | 28762 | 0.0 |
| 3486 <sup>(1)</sup> | CryoPort, Inc. | 26006 | 0.0 |
| 3898 <sup>(1)</sup> | Cullinan Oncology, Inc. | 29352 | 0.0 |
| 1260 <sup>(1)</sup> | CVRx, Inc. | 7409 | 0.0 |
| 8795 <sup>(1)</sup> | Cytek Biosciences, Inc. | 29903 | 0.0 |
| 8138 <sup>(1)</sup> | Cytokinetics, Inc. | 268880 | 0.2 |
| 4958 <sup>(1)</sup> | Day One Biopharmaceuticals, Inc. | 32227 | 0.0 |
| 3746 <sup>(1)</sup> | Definitive Healthcare Corp. | 14609 | 0.0 |
| 2173 <sup>(1)</sup> | Delcath Systems, Inc. | 29553 | 0.0 |
| 9165 <sup>(1)</sup> | Denali Therapeutics, Inc. | 128218 | 0.1 |
| 2562 <sup>(1)</sup> | Design Therapeutics, Inc. | 8634 | 0.0 |
| 1584 <sup>(1)(2)</sup> | Dianthus Therapeutics, Inc. | 29510 | 0.0 |
| 1713 <sup>(1)</sup> | Disc Medicine, Inc. | 90720 | 0.1 |
| 7393 <sup>(1)</sup> | DocGo, Inc. | 11607 | 0.0 |
| 8161 <sup>(1)</sup> | Dynavax Technologies Corp. | 80957 | 0.1 |
| 6534 <sup>(1)</sup> | Dyne Therapeutics, Inc. | 62204 | 0.0 |
| 5098 <sup>(1)</sup> | Edgewise Therapeutics, Inc. | 66835 | 0.0 |
| 6098 <sup>(1)</sup> | Editas Medicine, Inc. | 13416 | 0.0 |
| 4566 <sup>(1)</sup> | Eledon Pharmaceuticals, Inc. | 12374 | 0.0 |
| 4223 | Embecta Corp. | 40921 | 0.0 |
| 3755 <sup>(1)(2)</sup> | Emergent BioSolutions, Inc. | 23957 | 0.0 |
| 1526 <sup>(1)</sup> | Enanta Pharmaceuticals, Inc. | 11537 | 0.0 |
| 3938 <sup>(1)</sup> | Enhabit, Inc. | 37962 | 0.0 |
| 2434 <sup>(1)</sup> | Enliven Therapeutics, Inc. | 48826 | 0.0 |
| 3935 <sup>(1)</sup> | Enovis Corp. | 123402 | 0.1 |
| 3925 | Ensign Group, Inc. | 605470 | 0.3 |
| 2116 <sup>(1)</sup> | Entrada Therapeutics, Inc. | 14220 | 0.0 |
| 13889 <sup>(1)</sup> | Erasca, Inc. | 17639 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 14185 <sup>(1)</sup> | Esperion Therapeutics, Inc. | $13964 | 0.0 |
| 1881 <sup>(1)</sup> | Eton Pharmaceuticals, Inc. | 26804 | 0.0 |
| 8218 <sup>(1)</sup> | Evolent Health, Inc. - Class A | 92535 | 0.1 |
| 3974 <sup>(1)</sup> | Evolus, Inc. | 36601 | 0.0 |
| 4535 <sup>(1)</sup> | EyePoint Pharmaceuticals, Inc. | 42674 | 0.0 |
| 8110 <sup>(1)</sup> | Fate Therapeutics, Inc. | 9083 | 0.0 |
| 1830 <sup>(1)</sup> | Fennec Pharmaceuticals, Inc. | 15189 | 0.0 |
| 2510 <sup>(1)</sup> | Foghorn Therapeutics, Inc. | 11797 | 0.0 |
| 6380 <sup>(1)</sup> | Fortrea Holdings, Inc. | 31517 | 0.0 |
| 4052 <sup>(1)</sup> | Fulcrum Therapeutics, Inc. | 27878 | 0.0 |
| 1478 <sup>(1)</sup> | Fulgent Genetics, Inc. | 29383 | 0.0 |
| 1317 <sup>(1)</sup> | GeneDx Holdings Corp. | 121572 | 0.1 |
| 42187 <sup>(1)</sup> | Geron Corp. | 59484 | 0.0 |
| 3908 <sup>(1)</sup> | Glaukos Corp. | 403657 | 0.2 |
| 13728 <sup>(1)</sup> | Gossamer Bio, Inc. | 16885 | 0.0 |
| 2140 <sup>(1)</sup> | GRAIL, Inc. | 110039 | 0.1 |
| 8376 <sup>(1)</sup> | Guardant Health, Inc. | 435887 | 0.3 |
| 3529 <sup>(1)</sup> | Haemonetics Corp. | 263299 | 0.2 |
| 3028 <sup>(1)</sup> | Harmony Biosciences Holdings, Inc. | 95685 | 0.1 |
| 2208 <sup>(1)</sup> | Harrow, Inc. | 67432 | 0.1 |
| 4967 <sup>(1)</sup> | Health Catalyst, Inc. | 18726 | 0.0 |
| 5974 <sup>(1)</sup> | HealthEquity, Inc. | 625836 | 0.4 |
| 1800 | HealthStream, Inc. | 49806 | 0.0 |
| 10907 <sup>(1)</sup> | Heron Therapeutics, Inc. | 22577 | 0.0 |
| 13395 <sup>(1)</sup> | Hims & Hers Health, Inc. | 667741 | 0.4 |
| 8701 <sup>(1)(2)</sup> | Humacyte, Inc. | 18185 | 0.0 |
| 1693 <sup>(1)</sup> | ICU Medical, Inc. | 223730 | 0.1 |
| 5986 <sup>(1)</sup> | Ideaya Biosciences, Inc. | 125826 | 0.1 |
| 16014 <sup>(1)(2)</sup> | ImmunityBio, Inc. | 42277 | 0.0 |
| 5084 <sup>(1)</sup> | Immunome, Inc. | 47281 | 0.0 |
| 4716 <sup>(1)</sup> | Immunovant, Inc. | 75456 | 0.1 |
| 8542 <sup>(1)</sup> | Indivior PLC | 125909 | 0.1 |
| 4769 <sup>(1)</sup> | Inhibikase Therapeutics, Inc. | 9300 | 0.0 |
| 905 <sup>(1)</sup> | Inhibrx Biosciences, Inc. | 12914 | 0.0 |
| 1206 <sup>(1)(2)</sup> | Inmune Bio, Inc. | 2786 | 0.0 |
| 4286 <sup>(1)</sup> | Innoviva, Inc. | 86106 | 0.1 |
| 1916 <sup>(1)</sup> | Inogen, Inc. | 13469 | 0.0 |
| 2376 <sup>(1)</sup> | Integer Holdings Corp. | 292177 | 0.2 |
| 4750 <sup>(1)</sup> | Integra LifeSciences Holdings Corp. | 58282 | 0.0 |
| 7130 <sup>(1)</sup> | Intellia Therapeutics, Inc. | 66879 | 0.0 |
| 18476 <sup>(1)(2)</sup> | Iovance Biotherapeutics, Inc. | 31779 | 0.0 |
| 628 | iRadimed Corp. | 37548 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 2236 <sup>(1)</sup> | iRhythm Technologies, Inc. | $344255 | 0.2 |
| 11703 <sup>(1)</sup> | Ironwood Pharmaceuticals, Inc. | 8393 | 0.0 |
| 1988 <sup>(1)</sup> | iTeos Therapeutics, Inc. | 19820 | 0.0 |
| 2307 | Jade Biosciences, Inc. | 23047 | 0.0 |
| 2712 <sup>(1)</sup> | Janux Therapeutics, Inc. | 62647 | 0.0 |
| 1241 <sup>(1)</sup> | Joint Corp. | 14321 | 0.0 |
| 2853 <sup>(1)</sup> | KalVista Pharmaceuticals, Inc. | 32253 | 0.0 |
| 2349 <sup>(1)</sup> | Keros Therapeutics, Inc. | 31359 | 0.0 |
| 979 <sup>(1)(2)</sup> | Kestra Medical Technologies Ltd. | 16232 | 0.0 |
| 2345 <sup>(1)</sup> | Kodiak Sciences, Inc. | 8747 | 0.0 |
| 3543 <sup>(1)</sup> | KORU Medical Systems, Inc. | 12684 | 0.0 |
| 1718 <sup>(1)</sup> | Krystal Biotech, Inc. | 236156 | 0.1 |
| 5436 <sup>(1)</sup> | Kura Oncology, Inc. | 31366 | 0.0 |
| 3263 <sup>(1)</sup> | Kymera Therapeutics, Inc. | 142397 | 0.1 |
| 4780 <sup>(1)</sup> | Lantheus Holdings, Inc. | 391291 | 0.2 |
| 3082 <sup>(1)</sup> | Larimar Therapeutics, Inc. | 8907 | 0.0 |
| 1468 | LeMaitre Vascular, Inc. | 121917 | 0.1 |
| 788 <sup>(1)</sup> | LENSAR, Inc. | 10378 | 0.0 |
| 1258 <sup>(1)(2)</sup> | LENZ Therapeutics, Inc. | 36872 | 0.0 |
| 1683 <sup>(1)</sup> | Lexeo Therapeutics, Inc. | 6766 | 0.0 |
| 1981 <sup>(1)</sup> | Lifecore Biomedical, Inc. | 16086 | 0.0 |
| 2670 <sup>(1)</sup> | LifeMD, Inc. | 36365 | 0.0 |
| 9899 <sup>(1)</sup> | LifeStance Health Group, Inc. | 51178 | 0.0 |
| 1330 <sup>(1)</sup> | Ligand Pharmaceuticals, Inc. | 151194 | 0.1 |
| 4441 <sup>(1)(2)</sup> | Liquidia Corp. | 55335 | 0.0 |
| 3806 <sup>(1)</sup> | LivaNova PLC | 171346 | 0.1 |
| 1198 <sup>(1)</sup> | Madrigal Pharmaceuticals, Inc. | 362563 | 0.2 |
| 20983 <sup>(1)</sup> | MannKind Corp. | 78476 | 0.1 |
| 8802 <sup>(1)</sup> | Maravai LifeSciences Holdings, Inc. - Class A | 21213 | 0.0 |
| 8378 <sup>(1)</sup> | MaxCyte, Inc. | 18264 | 0.0 |
| 683 <sup>(1)(2)</sup> | Maze Therapeutics, Inc. | 8380 | 0.0 |
| 1224 <sup>(1)</sup> | MBX Biosciences, Inc. | 13966 | 0.0 |
| 711 <sup>(1)</sup> | MediWound Ltd. | 13772 | 0.0 |
| 3450 <sup>(1)</sup> | MeiraGTx Holdings PLC | 22494 | 0.0 |
| 4057 <sup>(1)</sup> | Merit Medical Systems, Inc. | 379248 | 0.2 |
| 371 | Mesa Laboratories, Inc. | 34956 | 0.0 |
| 1248 <sup>(1)(2)</sup> | Metsera, Inc. | 35506 | 0.0 |
| 8507 <sup>(1)</sup> | MiMedx Group, Inc. | 51978 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 5342 <sup>(1)(2)</sup> | Mind Medicine MindMed, Inc. | $34670 | 0.0 |
| 2740 <sup>(1)</sup> | Mineralys Therapeutics, Inc. | 37072 | 0.0 |
| 3029 <sup>(1)</sup> | Mirum Pharmaceuticals, Inc. | 154146 | 0.1 |
| 304 <sup>(1)</sup> | Monopar Therapeutics, Inc. | 10877 | 0.0 |
| 3283 <sup>(1)</sup> | Monte Rosa Therapeutics, Inc. | 14806 | 0.0 |
| 6340 <sup>(1)</sup> | Myriad Genetics, Inc. | 33665 | 0.0 |
| 4489 <sup>(1)(2)</sup> | Nano-X Imaging Ltd. | 23208 | 0.0 |
| 895 | National HealthCare Corp. | 95774 | 0.1 |
| 1144 | National Research Corp. | 19219 | 0.0 |
| 15430 <sup>(1)</sup> | Neogen Corp. | 73755 | 0.1 |
| 9001 <sup>(1)</sup> | NeoGenomics, Inc. | 65797 | 0.0 |
| 747 <sup>(1)(2)</sup> | Neurogene, Inc. | 11168 | 0.0 |
| 2687 <sup>(1)</sup> | Neuronetics, Inc. | 9378 | 0.0 |
| 1772 <sup>(1)</sup> | NeuroPace, Inc. | 19740 | 0.0 |
| 10703 <sup>(1)(2)</sup> | Novavax, Inc. | 67429 | 0.0 |
| 7349 <sup>(1)</sup> | Novocure Ltd. | 130812 | 0.1 |
| 5259 <sup>(1)</sup> | Nurix Therapeutics, Inc. | 59900 | 0.0 |
| 241 <sup>(1)</sup> | Nutex Health, Inc. | 30002 | 0.0 |
| 2990 <sup>(1)</sup> | Nuvalent, Inc. - Class A | 228137 | 0.1 |
| 17562 <sup>(1)(2)</sup> | Nuvation Bio, Inc. | 34246 | 0.0 |
| 970 <sup>(1)</sup> | Nuvectis Pharma, Inc. | 7246 | 0.0 |
| 10310 <sup>(1)</sup> | Ocular Therapeutix, Inc. | 95677 | 0.1 |
| 4181 <sup>(1)</sup> | Olema Pharmaceuticals, Inc. | 17811 | 0.0 |
| 4129 <sup>(1)(2)</sup> | Omeros Corp. | 12387 | 0.0 |
| 7791 <sup>(1)(3)</sup> | OmniAb, Inc. | 13556 | 0.0 |
| 3282 <sup>(1)</sup> | Omnicell, Inc. | 96491 | 0.1 |
| 4298 <sup>(1)</sup> | Oncology Institute, Inc. | 8811 | 0.0 |
| 26496 <sup>(1)</sup> | OPKO Health, Inc. | 34975 | 0.0 |
| 1301 <sup>(1)</sup> | OptimizeRx Corp. | 17563 | 0.0 |
| 11839 <sup>(1)</sup> | Option Care Health, Inc. | 384531 | 0.2 |
| 5815 <sup>(1)</sup> | OraSure Technologies, Inc. | 17445 | 0.0 |
| 4974 <sup>(1)</sup> | Organogenesis Holdings, Inc. | 18205 | 0.0 |
| 3310 <sup>(1)</sup> | ORIC Pharmaceuticals, Inc. | 33597 | 0.0 |
| 2788 <sup>(1)</sup> | Orthofix Medical, Inc. | 31086 | 0.0 |
| 1267 <sup>(1)</sup> | OrthoPediatrics Corp. | 27215 | 0.0 |
| 1975 | Oruka Therapeutics, Inc. | 22140 | 0.0 |
| 1257 <sup>(1)</sup> | Outset Medical, Inc. | 24147 | 0.0 |
| 5373 <sup>(1)</sup> | Owens & Minor, Inc. | 48894 | 0.0 |
| 19615 <sup>(1)</sup> | Pacific Biosciences of California, Inc. | 24323 | 0.0 |
| 3245 <sup>(1)</sup> | Pacira BioSciences, Inc. | 77555 | 0.1 |
| 3125 <sup>(1)</sup> | PACS Group, Inc. | 40375 | 0.0 |
| 537 <sup>(1)(2)</sup> | Palvella Therapeutics, Inc. | 12104 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 6101 <sup>(1)</sup> | Pediatrix Medical Group, Inc. | $87549 | 0.1 |
| 2412 <sup>(1)</sup> | Pennant Group, Inc. | 71998 | 0.1 |
| 5852 <sup>(1)</sup> | Performant Financial Corp. | 23408 | 0.0 |
| 3589 <sup>(1)</sup> | Personalis, Inc. | 23544 | 0.0 |
| 4181 <sup>(1)</sup> | Perspective Therapeutics, Inc. | 14383 | 0.0 |
| 3101 <sup>(1)</sup> | Phathom Pharmaceuticals, Inc. | 29739 | 0.0 |
| 1433 | Phibro Animal Health Corp. - Class A | 36599 | 0.0 |
| 3940 <sup>(1)</sup> | Phreesia, Inc. | 112132 | 0.1 |
| 1254 <sup>(1)</sup> | Praxis Precision Medicines, Inc. | 52731 | 0.0 |
| 10914 <sup>(1)(2)</sup> | Precigen, Inc. | 15498 | 0.0 |
| 6308 | Premier, Inc. - Class A | 138334 | 0.1 |
| 3443 <sup>(1)</sup> | Prestige Consumer Healthcare, Inc. | 274924 | 0.2 |
| 4130 <sup>(1)(2)</sup> | Prime Medicine, Inc. | 10201 | 0.0 |
| 7980 <sup>(1)</sup> | Privia Health Group, Inc. | 183540 | 0.1 |
| 3681 <sup>(1)</sup> | PROCEPT BioRobotics Corp. | 212026 | 0.1 |
| 5126 <sup>(1)</sup> | Progyny, Inc. | 112772 | 0.1 |
| 4114 <sup>(1)</sup> | Protagonist Therapeutics, Inc. | 227381 | 0.1 |
| 3117 <sup>(1)</sup> | Prothena Corp. PLC | 18920 | 0.0 |
| 5428 <sup>(1)</sup> | PTC Therapeutics, Inc. | 265104 | 0.2 |
| 3172 <sup>(1)</sup> | Pulmonx Corp. | 8215 | 0.0 |
| 1322 <sup>(1)</sup> | Pulse Biosciences, Inc. | 19949 | 0.0 |
| 3355 <sup>(1)</sup> | Puma Biotechnology, Inc. | 11508 | 0.0 |
| 2562 <sup>(1)</sup> | Quanterix Corp. | 17037 | 0.0 |
| 9895 <sup>(1)</sup> | Quantum-Si, Inc. | 19394 | 0.0 |
| 4738 <sup>(1)</sup> | QuidelOrtho Corp. | 136549 | 0.1 |
| 4638 <sup>(1)</sup> | RadNet, Inc. | 263949 | 0.2 |
| 1285 <sup>(1)(2)</sup> | Rapport Therapeutics, Inc. | 14610 | 0.0 |
| 23520 <sup>(1)(2)</sup> | Recursion Pharmaceuticals, Inc. - Class A | 119011 | 0.1 |
| 3253 <sup>(1)</sup> | REGENXBIO, Inc. | 26707 | 0.0 |
| 9131 <sup>(1)</sup> | Relay Therapeutics, Inc. | 31593 | 0.0 |
| 4875 <sup>(1)</sup> | Replimune Group, Inc. | 45289 | 0.0 |
| 4777 <sup>(1)</sup> | Rezolute, Inc. | 21305 | 0.0 |
| 3813 <sup>(1)</sup> | Rhythm Pharmaceuticals, Inc. | 240943 | 0.1 |
| 1264 <sup>(1)</sup> | Rigel Pharmaceuticals, Inc. | 23675 | 0.0 |
| 5423 <sup>(1)</sup> | Rocket Pharmaceuticals, Inc. | 13286 | 0.0 |
| 2616 <sup>(1)</sup> | RxSight, Inc. | 34008 | 0.0 |
| 3939 <sup>(1)</sup> | Sage Therapeutics, Inc. | 35924 | 0.0 |
| 9271 <sup>(1)(2)</sup> | Sana Biotechnology, Inc. | 25310 | 0.0 |
| 520 <sup>(1)</sup> | SANUWAVE Health, Inc. | 17087 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 9272 <sup>(1)(2)</sup> | Savara, Inc. | $21140 | 0.0 |
| 5693 <sup>(1)</sup> | Scholar Rock Holding Corp. | 201646 | 0.1 |
| 3913 <sup>(1)</sup> | Schrodinger, Inc./United States | 78730 | 0.1 |
| 2679 <sup>(1)</sup> | scPharmaceuticals, Inc. | 10207 | 0.0 |
| 7691 | Select Medical Holdings Corp. | 116749 | 0.1 |
| 6942 <sup>(1)</sup> | SELLAS Life Sciences Group, Inc. | 15203 | 0.0 |
| 586 <sup>(1)(2)</sup> | Semler Scientific, Inc. | 22702 | 0.0 |
| 1531 <sup>(1)</sup> | Septerna, Inc. | 16183 | 0.0 |
| 2958 <sup>(1)</sup> | SI-BONE, Inc. | 55670 | 0.0 |
| 3442 | SIGA Technologies, Inc. | 22442 | 0.0 |
| 3297 <sup>(1)</sup> | Sight Sciences, Inc. | 13617 | 0.0 |
| 1168 | Simulations Plus, Inc. | 20382 | 0.0 |
| 910 <sup>(1)(2)</sup> | Sionna Therapeutics, Inc. | 15788 | 0.0 |
| 2810 <sup>(1)</sup> | Soleno Therapeutics, Inc. | 235422 | 0.1 |
| 4637 <sup>(1)</sup> | Solid Biosciences, Inc. | 22582 | 0.0 |
| 5058 <sup>(1)</sup> | SpringWorks Therapeutics, Inc. | 237675 | 0.1 |
| 3459 <sup>(1)</sup> | Spyre Therapeutics, Inc. | 51781 | 0.0 |
| 3525 <sup>(1)</sup> | STAAR Surgical Co. | 59149 | 0.0 |
| 21870 <sup>(1)</sup> | Standard BioTools, Inc. | 26244 | 0.0 |
| 2867 <sup>(1)</sup> | Stoke Therapeutics, Inc. | 32540 | 0.0 |
| 3757 <sup>(1)</sup> | Supernus Pharmaceuticals, Inc. | 118421 | 0.1 |
| 5364 <sup>(1)</sup> | Surgery Partners, Inc. | 119242 | 0.1 |
| 1090 <sup>(1)</sup> | Surmodics, Inc. | 32384 | 0.0 |
| 5871 <sup>(1)</sup> | Syndax Pharmaceuticals, Inc. | 54982 | 0.0 |
| 1760 <sup>(1)</sup> | Tactile Systems Technology, Inc. | 17846 | 0.0 |
| 8786 <sup>(1)</sup> | Talkspace, Inc. | 24425 | 0.0 |
| 4684 <sup>(1)</sup> | Tandem Diabetes Care, Inc. | 87310 | 0.1 |
| 5414 <sup>(1)(2)</sup> | Tango Therapeutics, Inc. | 27720 | 0.0 |
| 2723 <sup>(1)</sup> | Tarsus Pharmaceuticals, Inc. | 110309 | 0.1 |
| 12331 <sup>(1)</sup> | Taysha Gene Therapies, Inc. | 28485 | 0.0 |
| 781 <sup>(1)(2)</sup> | Tectonic Therapeutic, Inc. | 15518 | 0.0 |
| 12153 <sup>(1)</sup> | Teladoc Health, Inc. | 105853 | 0.1 |
| 5143 <sup>(1)</sup> | Terns Pharmaceuticals, Inc. | 19183 | 0.0 |
| 10178 <sup>(1)</sup> | TG Therapeutics, Inc. | 366306 | 0.2 |
| 2820 <sup>(1)</sup> | Theravance Biopharma, Inc. | 31105 | 0.0 |
| 1782 <sup>(1)</sup> | Third Harmonic Bio, Inc. | 9676 | 0.0 |
| 531 <sup>(1)(2)</sup> | Tonix Pharmaceuticals Holding Corp. | 19105 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 1557 <sup>(1)</sup> | Tourmaline Bio, Inc. | $24896 | 0.0 |
| 2330 <sup>(1)</sup> | TransMedics Group, Inc. | 312243 | 0.2 |
| 6161 <sup>(1)</sup> | Travere Therapeutics, Inc. | 91183 | 0.1 |
| 3665 <sup>(1)</sup> | Treace Medical Concepts, Inc. | 21550 | 0.0 |
| 5548 <sup>(1)</sup> | Trevi Therapeutics, Inc. | 30348 | 0.0 |
| 1956 <sup>(1)</sup> | TuHURA Biosciences, Inc. | 4362 | 0.0 |
| 268 <sup>(1)</sup> | Tvardi Therapeutics, Inc. | 6252 | 0.0 |
| 4081 <sup>(1)</sup> | Twist Bioscience Corp. | 150140 | 0.1 |
| 1704 <sup>(1)(2)</sup> | Tyra Biosciences, Inc. | 16307 | 0.0 |
| 525 <sup>(1)</sup> | UFP Technologies, Inc. | 128184 | 0.1 |
| 2481 <sup>(1)(2)</sup> | Upstream Bio, Inc. | 27241 | 0.0 |
| 2705 <sup>(1)(2)</sup> | UroGen Pharma Ltd. | 37059 | 0.0 |
| 1055 | US Physical Therapy, Inc. | 82501 | 0.1 |
| 4469 <sup>(1)</sup> | Vanda Pharmaceuticals, Inc. | 21094 | 0.0 |
| 2861 <sup>(1)</sup> | Varex Imaging Corp. | 24805 | 0.0 |
| 8807 <sup>(1)</sup> | Vaxcyte, Inc. | 286316 | 0.2 |
| 3582 <sup>(1)</sup> | Vera Therapeutics, Inc. | 84392 | 0.1 |
| 5420 <sup>(1)</sup> | Veracyte, Inc. | 146503 | 0.1 |
| 3224 <sup>(1)</sup> | Verastem, Inc. | 13380 | 0.0 |
| 3499 <sup>(1)</sup> | Vericel Corp. | 148882 | 0.1 |
| 4886 <sup>(1)</sup> | Verve Therapeutics, Inc. | 54870 | 0.0 |
| 2719 <sup>(1)</sup> | Viemed Healthcare, Inc. | 18788 | 0.0 |
| 6487 <sup>(1)</sup> | Vir Biotechnology, Inc. | 32694 | 0.0 |
| 5185 <sup>(1)</sup> | Viridian Therapeutics, Inc. | 72486 | 0.1 |
| 3320 <sup>(1)</sup> | Voyager Therapeutics, Inc. | 10325 | 0.0 |
| 7872 <sup>(1)</sup> | WaVe Life Sciences Ltd. | 51168 | 0.0 |
| 6372 <sup>(1)</sup> | Waystar Holding Corp. | 260424 | 0.2 |
| 4892 <sup>(1)</sup> | Xencor, Inc. | 38451 | 0.0 |
| 5259 <sup>(1)(2)</sup> | Xenon Pharmaceuticals, Inc. | 164607 | 0.1 |
| 10558 <sup>(1)</sup> | Xeris Biopharma Holdings, Inc. | 49306 | 0.0 |
| 703 <sup>(1)</sup> | XOMA Corp. | 17716 | 0.0 |
| 2602 <sup>(1)</sup> | Y-mAbs Therapeutics, Inc. | 11735 | 0.0 |
| 1174 <sup>(1)(2)</sup> | Zenas Biopharma, Inc. | 11376 | 0.0 |
| 4085 <sup>(1)</sup> | Zevra Therapeutics, Inc. | 35989 | 0.0 |
| 2278 <sup>(1)</sup> | Zimvie, Inc. | 21299 | 0.0 |
| 3941 <sup>(1)</sup> | Zymeworks, Inc. | 49460 | 0.0 |
|  |  | **28589317** | **15.5** |
|  | **Industrials: 16.6%** |  |  |
| 8997 <sup>(1)</sup> | 3D Systems Corp. | 13855 | 0.0 |
| 2463 <sup>(1)</sup> | AAR Corp. | 169430 | 0.1 |
| 4271 | ABM Industries, Inc. | 201634 | 0.1 |
| 7106 | ACCO Brands Corp. | 25439 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 7378 <sup>(1)(2)</sup> | Acuren Corp. | $81453 | 0.1 |
| 11677 <sup>(1)</sup> | ACV Auctions, Inc. - Class A | 189401 | 0.1 |
| 1976 <sup>(1)</sup> | AeroVironment, Inc. | 563061 | 0.3 |
| 2675 <sup>(1)</sup> | AerSale Corp. | 16077 | 0.0 |
| 1800 <sup>(1)(2)</sup> | AirJoule Technologies Corp. | 8334 | 0.0 |
| 716 | Alamo Group, Inc. | 156360 | 0.1 |
| 2156 | Albany International Corp. - Class A | 151200 | 0.1 |
| 29537 | Alight, Inc. - Class A | 167179 | 0.1 |
| 1096 <sup>(1)</sup> | Allegiant Travel Co. | 60225 | 0.0 |
| 1195 | Allient, Inc. | 43390 | 0.0 |
| 2176 <sup>(2)</sup> | Alta Equipment Group, Inc. | 13752 | 0.0 |
| 2409 <sup>(1)</sup> | Ameresco, Inc. - Class A | 36593 | 0.0 |
| 2667 <sup>(1)</sup> | American Superconductor Corp. | 97852 | 0.1 |
| 1096 <sup>(1)</sup> | American Woodmark Corp. | 58494 | 0.0 |
| 6598 <sup>(1)</sup> | Amprius Technologies, Inc. | 27778 | 0.0 |
| 1542 | Apogee Enterprises, Inc. | 62605 | 0.0 |
| 1608 | ArcBest Corp. | 123832 | 0.1 |
| 38262 <sup>(1)</sup> | Archer Aviation, Inc. - Class A | 415143 | 0.2 |
| 3394 | Arcosa, Inc. | 294294 | 0.2 |
| 932 | Argan, Inc. | 205487 | 0.1 |
| 10788 <sup>(1)</sup> | Array Technologies, Inc. | 63649 | 0.0 |
| 1676 | Astec Industries, Inc. | 69872 | 0.0 |
| 2092 <sup>(1)</sup> | Astronics Corp. | 70040 | 0.0 |
| 2031 <sup>(1)</sup> | Asure Software, Inc. | 19823 | 0.0 |
| 2394 | Atkore, Inc. | 168897 | 0.1 |
| 5769 | Atmus Filtration Technologies, Inc. | 210107 | 0.1 |
| 2051 | AZZ, Inc. | 193778 | 0.1 |
| 1930 | Barrett Business Services, Inc. | 80462 | 0.1 |
| 1973 <sup>(1)</sup> | BlackSky Technology, Inc. | 40604 | 0.0 |
| 4715 <sup>(1)</sup> | Blade Air Mobility, Inc. | 19001 | 0.0 |
| 14369 <sup>(1)</sup> | Bloom Energy Corp. - Class A | 343706 | 0.2 |
| 2266 <sup>(1)</sup> | Blue Bird Corp. | 97801 | 0.1 |
| 617 <sup>(1)</sup> | BlueLinx Holdings, Inc. | 45892 | 0.0 |
| 2648 | Boise Cascade Co. | 229899 | 0.1 |
| 1083 <sup>(1)</sup> | Bowman Consulting Group Ltd. | 31136 | 0.0 |
| 4244 <sup>(1)</sup> | BrightView Holdings, Inc. | 70663 | 0.0 |
| 3027 | Brink's Co. | 270281 | 0.2 |
| 2080 | Brookfield Business Corp. - Class A | 64896 | 0.0 |
| 1285 <sup>(1)</sup> | Byrna Technologies, Inc. | 39681 | 0.0 |
| 1989 | Cadre Holdings, Inc. | 63350 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 4384 <sup>(1)</sup> | Casella Waste Systems, Inc. - Class A | $505826 | 0.3 |
| 3667 <sup>(1)</sup> | CBIZ, Inc. | 262961 | 0.1 |
| 2122 <sup>(1)</sup> | CECO Environmental Corp. | 60074 | 0.0 |
| 1266 <sup>(1)</sup> | Centuri Holdings, Inc. | 28409 | 0.0 |
| 3157 <sup>(1)</sup> | Chart Industries, Inc. | 519800 | 0.3 |
| 1202 <sup>(1)</sup> | Cimpress PLC | 56494 | 0.0 |
| 2117 | Columbus McKinnon Corp. | 32327 | 0.0 |
| 4503 <sup>(1)</sup> | Complete Solaria, Inc. | 8286 | 0.0 |
| 1915 | Concrete Pumping Holdings, Inc. | 11777 | 0.0 |
| 12113 <sup>(1)</sup> | Conduent, Inc. | 31978 | 0.0 |
| 3290 <sup>(1)</sup> | Construction Partners, Inc. - Class A | 349661 | 0.2 |
| 7549 <sup>(1)</sup> | CoreCivic, Inc. | 159057 | 0.1 |
| 3734 | Costamare, Inc. | 34017 | 0.0 |
| 1255 | Covenant Logistics Group, Inc. | 30258 | 0.0 |
| 473 | CRA International, Inc. | 88626 | 0.1 |
| 2007 | CSG Systems International, Inc. | 131077 | 0.1 |
| 1158 | CSW Industrials, Inc. | 332149 | 0.2 |
| 4509 <sup>(1)(2)</sup> | Custom Truck One Source, Inc. | 22274 | 0.0 |
| 3152 | Deluxe Corp. | 50148 | 0.0 |
| 987 <sup>(1)</sup> | Distribution Solutions Group, Inc. | 27113 | 0.0 |
| 1758 | Douglas Dynamics, Inc. | 51808 | 0.0 |
| 4271 <sup>(1)</sup> | Driven Brands Holdings, Inc. | 74999 | 0.0 |
| 993 <sup>(1)</sup> | Ducommun, Inc. | 82052 | 0.1 |
| 930 <sup>(1)</sup> | DXP Enterprises, Inc. | 81515 | 0.1 |
| 1964 <sup>(1)</sup> | Dycom Industries, Inc. | 479982 | 0.3 |
| 4074 <sup>(1)</sup> | Energy Recovery, Inc. | 52066 | 0.0 |
| 3797 | Enerpac Tool Group Corp. | 154006 | 0.1 |
| 2729 | EnerSys | 234066 | 0.1 |
| 2047 | Ennis, Inc. | 37133 | 0.0 |
| 11515 <sup>(1)(2)</sup> | Enovix Corp. | 119065 | 0.1 |
| 1475 | EnPro Industries, Inc. | 282536 | 0.2 |
| 5671 <sup>(1)</sup> | Enviri Corp. | 49224 | 0.0 |
| 15659 <sup>(1)</sup> | Eos Energy Enterprises, Inc. | 80174 | 0.1 |
| 1821 | ESCO Technologies, Inc. | 349395 | 0.2 |
| 4009 <sup>(1)</sup> | Eve Holding, Inc. | 27502 | 0.0 |
| 3533 | Exponent, Inc. | 263950 | 0.2 |
| 4192 | Federal Signal Corp. | 446113 | 0.2 |
| 5574 <sup>(1)</sup> | First Advantage Corp. | 92584 | 0.1 |
| 5321 <sup>(1)(2)</sup> | Fluence Energy, Inc. | 35704 | 0.0 |
| 11787 <sup>(1)</sup> | Fluor Corp. | 604320 | 0.3 |
| 1666 <sup>(1)</sup> | Forward Air Corp. | 40884 | 0.0 |
| 876 <sup>(1)</sup> | Franklin Covey Co. | 19990 | 0.0 |
| 3102 | Franklin Electric Co., Inc. | 278373 | 0.2 |
| 8885 <sup>(1)(2)</sup> | Freyr Battery, Inc. | 10929 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 6078 <sup>(1)(2)</sup> | Frontier Group Holdings, Inc. | $22063 | 0.0 |
| 7483 | FTAI Infrastructure, Inc. | 46170 | 0.0 |
| 2516 | GATX Corp. | 386357 | 0.2 |
| 3203 | Genco Shipping & Trading Ltd. | 41863 | 0.0 |
| 9579 <sup>(1)</sup> | GEO Group, Inc. | 229417 | 0.1 |
| 2125 <sup>(1)</sup> | Gibraltar Industries, Inc. | 125375 | 0.1 |
| 1228 | Global Industrial Co. | 33168 | 0.0 |
| 2695 <sup>(1)</sup> | GMS, Inc. | 293081 | 0.2 |
| 8160 | Golden Ocean Group Ltd. | 59731 | 0.0 |
| 1665 | Gorman-Rupp Co. | 61139 | 0.0 |
| 765 <sup>(1)</sup> | Graham Corp. | 37875 | 0.0 |
| 3025 | Granite Construction, Inc. | 282868 | 0.2 |
| 4911 <sup>(1)</sup> | Great Lakes Dredge & Dock Corp. | 59865 | 0.0 |
| 2118 | Greenbrier Cos., Inc. | 97534 | 0.1 |
| 2716 | Griffon Corp. | 196557 | 0.1 |
| 5263 <sup>(1)</sup> | Healthcare Services Group, Inc. | 79103 | 0.1 |
| 3575 | Heartland Express, Inc. | 30888 | 0.0 |
| 1473 | Heidrick & Struggles International, Inc. | 67404 | 0.0 |
| 2396 | Helios Technologies, Inc. | 79955 | 0.1 |
| 2284 | Herc Holdings, Inc. | 300780 | 0.2 |
| 8375 <sup>(1)(2)</sup> | Hertz Global Holdings, Inc. | 57201 | 0.0 |
| 4963 | Hillenbrand, Inc. | 99607 | 0.1 |
| 13833 <sup>(1)</sup> | Hillman Solutions Corp. | 98768 | 0.1 |
| 2775 | Himalaya Shipping Ltd. | 16012 | 0.0 |
| 3262 | HNI Corp. | 160425 | 0.1 |
| 4122 | Hub Group, Inc. - Class A | 137798 | 0.1 |
| 3334 <sup>(1)</sup> | Hudson Technologies, Inc. | 27072 | 0.0 |
| 1220 <sup>(1)</sup> | Huron Consulting Group, Inc. | 167799 | 0.1 |
| 10698 <sup>(1)</sup> | Hyliion Holdings Corp. | 14121 | 0.0 |
| 883 | Hyster-Yale Materials Handling, Inc. | 35126 | 0.0 |
| 784 <sup>(1)</sup> | IBEX Holdings Ltd. | 22814 | 0.0 |
| 1298 | ICF International, Inc. | 109954 | 0.1 |
| 634 <sup>(1)</sup> | IES Holdings, Inc. | 187810 | 0.1 |
| 2124 <sup>(1)</sup> | Innodata, Inc. | 108791 | 0.1 |
| 2511 | Insperity, Inc. | 150961 | 0.1 |
| 1401 | Insteel Industries, Inc. | 52131 | 0.0 |
| 4100 | Interface, Inc. | 85813 | 0.1 |
| 7659 <sup>(1)</sup> | Intuitive Machines, Inc. | 83253 | 0.1 |
| 9740 <sup>(1)</sup> | Janus International Group, Inc. | 79284 | 0.1 |
| 6234 <sup>(1)</sup> | JELD-WEN Holding, Inc. | 24437 | 0.0 |
| 22489 <sup>(1)</sup> | JetBlue Airways Corp. | 95128 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 32403 <sup>(1)(2)</sup> | Joby Aviation, Inc. | $341852 | 0.2 |
| 3662 | John Bean Technologies Corp. | 440392 | 0.2 |
| 817 | Kadant, Inc. | 259357 | 0.1 |
| 2514 | Kelly Services, Inc. - Class A | 29439 | 0.0 |
| 5285 | Kennametal, Inc. | 121344 | 0.1 |
| 1332 | Kforce, Inc. | 54785 | 0.0 |
| 3588 | Korn Ferry | 263108 | 0.1 |
| 11602 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. | 538913 | 0.3 |
| 2356 <sup>(1)</sup> | KULR Technology Group, Inc. | 16798 | 0.0 |
| 856 <sup>(1)</sup> | L B Foster Co. - Class A | 18721 | 0.0 |
| 8691 <sup>(1)</sup> | Legalzoom.com, Inc. | 77437 | 0.0 |
| 750 <sup>(1)</sup> | Limbach Holdings, Inc. | 105075 | 0.1 |
| 766 | Lindsay Corp. | 110496 | 0.1 |
| 1650 <sup>(1)</sup> | Liquidity Services, Inc. | 38924 | 0.0 |
| 2250 | LSI Industries, Inc. | 38273 | 0.0 |
| 2206 | Luxfer Holdings PLC | 26869 | 0.0 |
| 2639 <sup>(1)</sup> | Manitowoc Co., Inc. | 31721 | 0.0 |
| 4324 | Marten Transport Ltd. | 56169 | 0.0 |
| 8849 <sup>(1)</sup> | Masterbrand, Inc. | 96720 | 0.1 |
| 1975 <sup>(1)</sup> | Matrix Service Co. | 26682 | 0.0 |
| 2268 | Matson, Inc. | 252542 | 0.1 |
| 2157 | Matthews International Corp. - Class A | 51574 | 0.0 |
| 3958 | Maximus, Inc. | 277852 | 0.2 |
| 1203 <sup>(1)</sup> | Mayville Engineering Co., Inc. | 19200 | 0.0 |
| 1730 | McGrath RentCorp | 200611 | 0.1 |
| 3632 <sup>(1)</sup> | Mercury Systems, Inc. | 195620 | 0.1 |
| 14053 <sup>(1)</sup> | Microvast Holdings, Inc. | 51012 | 0.0 |
| 848 | Miller Industries, Inc. | 37702 | 0.0 |
| 4779 | MillerKnoll, Inc. | 92808 | 0.1 |
| 2298 <sup>(1)</sup> | Montrose Environmental Group, Inc. | 50303 | 0.0 |
| 1950 | Moog, Inc. - Class A | 352892 | 0.2 |
| 6043 <sup>(1)</sup> | MRC Global, Inc. | 82850 | 0.1 |
| 10858 | Mueller Water Products, Inc. - Class A | 261026 | 0.1 |
| 1106 <sup>(1)</sup> | MYR Group, Inc. | 200684 | 0.1 |
| 1875 <sup>(1)(2)</sup> | NANO Nuclear Energy, Inc. | 64669 | 0.0 |
| 410 | National Presto Industries, Inc. | 40164 | 0.0 |
| 10005 <sup>(1)</sup> | Nextracker, Inc. - Class A | 543972 | 0.3 |
| 775 <sup>(1)</sup> | Northwest Pipe Co. | 31783 | 0.0 |
| 7559 <sup>(1)</sup> | NOW, Inc. | 112100 | 0.1 |
| 8902 <sup>(1)(2)</sup> | NuScale Power Corp. | 352163 | 0.2 |
| 4109 <sup>(1)</sup> | NV5 Global, Inc. | 94877 | 0.1 |
| 7443 <sup>(1)</sup> | OPENLANE, Inc. | 181981 | 0.1 |
| 2781 <sup>(1)</sup> | Orion Group Holdings, Inc. | 25224 | 0.0 |
| 1811 <sup>(1)(2)</sup> | Palladyne AI Corp. | 15683 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 1718 | Park Aerospace Corp. | $25375 | 0.0 |
| 1413 <sup>(1)</sup> | Perma-Fix Environmental Services, Inc. | 14865 | 0.0 |
| 12845 | Pitney Bowes, Inc. | 140139 | 0.1 |
| 15444 <sup>(1)</sup> | Planet Labs PBC | 94208 | 0.1 |
| 64104 <sup>(1)(2)</sup> | Plug Power, Inc. | 95515 | 0.1 |
| 666 | Powell Industries, Inc. | 140160 | 0.1 |
| 464 <sup>(1)</sup> | Power Solutions International, Inc. | 30012 | 0.0 |
| 187 | Preformed Line Products Co. | 29884 | 0.0 |
| 3765 | Primoris Services Corp. | 293444 | 0.2 |
| 1731 <sup>(1)</sup> | Proficient Auto Logistics, Inc. | 12567 | 0.0 |
| 1786 <sup>(1)</sup> | Proto Labs, Inc. | 71511 | 0.0 |
| 2225 | Quad/Graphics, Inc. | 12571 | 0.0 |
| 3358 | Quanex Building Products Corp. | 63466 | 0.0 |
| 3039 <sup>(1)</sup> | Radiant Logistics, Inc. | 18477 | 0.0 |
| 2348 <sup>(1)</sup> | Redwire Corp. | 38272 | 0.0 |
| 10331 <sup>(1)</sup> | Resideo Technologies, Inc. | 227902 | 0.1 |
| 325 <sup>(1)</sup> | Resolute Holdings Management, Inc. | 10358 | 0.0 |
| 3597 | REV Group, Inc. | 171181 | 0.1 |
| 4923 <sup>(1)(2)</sup> | Richtech Robotics, Inc. - Class B | 9600 | 0.0 |
| 4453 | Rush Enterprises, Inc. - Class A | 229374 | 0.1 |
| 534 | Rush Enterprises, Inc. - Class B | 28024 | 0.0 |
| 11265 <sup>(1)</sup> | RXO, Inc. | 177086 | 0.1 |
| 4956 <sup>(1)</sup> | Satellogic, Inc. - Class A | 17941 | 0.0 |
| 11923 <sup>(1)</sup> | Shoals Technologies Group, Inc. - Class A | 50673 | 0.0 |
| 2519 | Shyft Group, Inc. | 31588 | 0.0 |
| 2847 <sup>(1)</sup> | SkyWest, Inc. | 293156 | 0.2 |
| 1957 <sup>(1)</sup> | Spire Global, Inc. | 23288 | 0.0 |
| 3192 <sup>(1)</sup> | SPX Technologies, Inc. | 535235 | 0.3 |
| 828 | Standex International Corp. | 129565 | 0.1 |
| 6617 | Steelcase, Inc. - Class A | 69015 | 0.0 |
| 2086 <sup>(1)</sup> | Sterling Infrastructure, Inc. | 481303 | 0.3 |
| 3685 <sup>(1)</sup> | Sun Country Airlines Holdings, Inc. | 43299 | 0.0 |
| 14867 <sup>(1)(2)</sup> | Sunrun, Inc. | 121612 | 0.1 |
| 1692 | Tecnoglass, Inc. | 130893 | 0.1 |
| 1318 | Tennant Co. | 102119 | 0.1 |
| 4550 | Terex Corp. | 212440 | 0.1 |
| 2436 <sup>(1)</sup> | Thermon Group Holdings, Inc. | 68403 | 0.0 |
| 3611 <sup>(1)</sup> | Titan International, Inc. | 37085 | 0.0 |
| 1557 <sup>(1)</sup> | Titan Machinery, Inc. | 30844 | 0.0 |
| 660 <sup>(1)</sup> | Transcat, Inc. | 56734 | 0.0 |
| 2210 | TriNet Group, Inc. | 161639 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 5657 | Trinity Industries, Inc. | $152796 | 0.1 |
| 5065 <sup>(1)</sup> | Triumph Group, Inc. | 130424 | 0.1 |
| 2499 <sup>(1)</sup> | TrueBlue, Inc. | 16194 | 0.0 |
| 3125 <sup>(1)</sup> | Tutor Perini Corp. | 146188 | 0.1 |
| 4187 | UFP Industries, Inc. | 416020 | 0.2 |
| 1055 | UniFirst Corp. | 198572 | 0.1 |
| 559 | Universal Logistics Holdings, Inc. | 14187 | 0.0 |
| 8726 <sup>(1)</sup> | Upwork, Inc. | 117277 | 0.1 |
| 1179 <sup>(1)</sup> | V2X, Inc. | 57240 | 0.0 |
| 11416 <sup>(1)</sup> | Verra Mobility Corp. | 289852 | 0.2 |
| 7902 | Vestis Corp. | 45278 | 0.0 |
| 1650 <sup>(1)</sup> | Vicor Corp. | 74844 | 0.0 |
| 1418 | VSE Corp. | 185730 | 0.1 |
| 3144 | Wabash National Corp. | 33421 | 0.0 |
| 1914 | Watts Water Technologies, Inc. - Class A | 470633 | 0.3 |
| 4151 | Werner Enterprises, Inc. | 113571 | 0.1 |
| 1009 <sup>(1)</sup> | Willdan Group, Inc. | 63073 | 0.0 |
| 254 | Willis Lease Finance Corp. | 36266 | 0.0 |
| 2968 <sup>(1)</sup> | WNS Holdings Ltd. | 187696 | 0.1 |
| 2227 | Worthington Industries, Inc. | 141726 | 0.1 |
| 3053 <sup>(1)(2)</sup> | Xometry, Inc. - Class A | 103161 | 0.1 |
| 10463 | Zurn Elkay Water Solutions Corp. | 382632 | 0.2 |
|  |  | **30602557** | **16.6** |
|  | **Information Technology: 14.4%** |  |  |
| 9407 <sup>(1)</sup> | 8x8, Inc. | 18438 | 0.0 |
| 2047 <sup>(1)</sup> | 908 Devices, Inc. | 14595 | 0.0 |
| 5150 | A10 Networks, Inc. | 99652 | 0.1 |
| 7369 <sup>(1)</sup> | ACI Worldwide, Inc. | 338311 | 0.2 |
| 3575 <sup>(1)</sup> | ACM Research, Inc. - Class A | 92592 | 0.1 |
| 7658 | Adeia, Inc. | 108284 | 0.1 |
| 5608 <sup>(1)</sup> | ADTRAN Holdings, Inc. | 50304 | 0.0 |
| 2628 | Advanced Energy Industries, Inc. | 348210 | 0.2 |
| 2013 <sup>(1)(2)</sup> | Aehr Test Systems | 26028 | 0.0 |
| 706 <sup>(1)</sup> | Aeluma, Inc. | 11557 | 0.0 |
| 2158 <sup>(1)</sup> | Aeva Technologies, Inc. | 81551 | 0.1 |
| 1817 <sup>(1)</sup> | Agilysys, Inc. | 208301 | 0.1 |
| 1466 <sup>(1)</sup> | Airship AI Holdings, Inc. | 8635 | 0.0 |
| 3295 <sup>(1)</sup> | Alarm.com Holdings, Inc. | 186398 | 0.1 |
| 4726 <sup>(1)</sup> | Alkami Technology, Inc. | 142442 | 0.1 |
| 1713 <sup>(1)</sup> | Alpha & Omega Semiconductor Ltd. | 43956 | 0.0 |
| 2842 <sup>(1)</sup> | Ambarella, Inc. | 187757 | 0.1 |
| 6149 <sup>(1)</sup> | Amplitude, Inc. - Class A | 76248 | 0.1 |
| 2808 <sup>(1)</sup> | Appian Corp. - Class A | 83847 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** |  |  |
| 12485 <sup>(1)</sup> | Applied Digital Corp. | $125724 | 0.1 |
| 3763 <sup>(1)(2)</sup> | Applied Optoelectronics, Inc. | 96671 | 0.1 |
| 7002 <sup>(1)</sup> | Arlo Technologies, Inc. | 118754 | 0.1 |
| 2162 <sup>(1)</sup> | Arteris, Inc. | 20604 | 0.0 |
| 6446 <sup>(1)</sup> | Asana, Inc. - Class A | 87021 | 0.1 |
| 2995 <sup>(1)</sup> | ASGN, Inc. | 149540 | 0.1 |
| 2194 <sup>(1)</sup> | Atomera, Inc. | 11058 | 0.0 |
| 9328 <sup>(1)</sup> | AvePoint, Inc. | 180124 | 0.1 |
| 907 <sup>(1)</sup> | Aviat Networks, Inc. | 21813 | 0.0 |
| 2249 <sup>(1)</sup> | Axcelis Technologies, Inc. | 156733 | 0.1 |
| 3985 <sup>(1)</sup> | Backblaze, Inc. - Class A | 21917 | 0.0 |
| 2076 | Badger Meter, Inc. | 508516 | 0.3 |
| 855 | Bel Fuse, Inc. - Class B | 83525 | 0.1 |
| 2787 | Belden, Inc. | 322735 | 0.2 |
| 2483 | Benchmark Electronics, Inc. | 96415 | 0.1 |
| 20302 <sup>(1)(2)</sup> | BigBear.ai Holdings, Inc. | 137851 | 0.1 |
| 5348 <sup>(1)</sup> | BigCommerce Holdings, Inc. | 26740 | 0.0 |
| 12485 <sup>(1)</sup> | Bit Digital, Inc. | 27342 | 0.0 |
| 6292 <sup>(1)(2)</sup> | Bitdeer Technologies Group - Class A | 72232 | 0.0 |
| 211 <sup>(1)</sup> | BK Technologies Corp. | 9944 | 0.0 |
| 2734 <sup>(1)</sup> | Blackbaud, Inc. | 175550 | 0.1 |
| 3959 <sup>(1)</sup> | Blackline, Inc. | 224159 | 0.1 |
| 15995 <sup>(1)</sup> | Blend Labs, Inc. - Class A | 52783 | 0.0 |
| 9727 <sup>(1)</sup> | Box, Inc. - Class A | 332372 | 0.2 |
| 5293 <sup>(1)</sup> | Braze, Inc. - Class A | 148733 | 0.1 |
| 8381 <sup>(1)(2)</sup> | C3.ai, Inc. - Class A | 205921 | 0.1 |
| 4120 <sup>(1)</sup> | Calix, Inc. | 219143 | 0.1 |
| 3131 <sup>(1)</sup> | Cerence, Inc. | 31967 | 0.0 |
| 1676 <sup>(1)</sup> | CEVA, Inc. | 36838 | 0.0 |
| 18466 <sup>(1)(2)</sup> | Cipher Mining, Inc. | 88267 | 0.1 |
| 19402 <sup>(1)(2)</sup> | Cleanspark, Inc. | 214004 | 0.1 |
| 6093 | Clear Secure, Inc. - Class A | 169142 | 0.1 |
| 933 <sup>(1)</sup> | Clearfield, Inc. | 40501 | 0.0 |
| 17258 <sup>(1)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 378468 | 0.2 |
| 315 | Climb Global Solutions, Inc. | 33677 | 0.0 |
| 3317 <sup>(1)</sup> | Cohu, Inc. | 63819 | 0.0 |
| 15009 <sup>(1)</sup> | CommScope Holding Co., Inc. | 124274 | 0.1 |
| 3093 <sup>(1)</sup> | CommVault Systems, Inc. | 539203 | 0.3 |
| 3231 <sup>(1)</sup> | CompoSecure, Inc. - Class A | 45525 | 0.0 |
| 1459 <sup>(1)</sup> | Consensus Cloud Solutions, Inc. | 33644 | 0.0 |
| 19315 <sup>(1)(2)</sup> | Core Scientific, Inc. | 329707 | 0.2 |
| 480 <sup>(1)</sup> | CoreCard Corp. | 13906 | 0.0 |
| 3274 <sup>(1)</sup> | Corsair Gaming, Inc. | 30874 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 3011 <sup>(1)</sup> | Couchbase, Inc. | $73408 | 0.0 |
| 10296 <sup>(1)</sup> | Credo Technology Group Holding Ltd. | 953307 | 0.5 |
| 2155 | CTS Corp. | 91825 | 0.1 |
| 100 <sup>(1)</sup> | Daily Journal Corp. | 42225 | 0.0 |
| 2978 <sup>(1)(2)</sup> | Daktronics, Inc. | 45027 | 0.0 |
| 1805 <sup>(1)</sup> | Diebold Nixdorf, Inc. | 99997 | 0.1 |
| 2590 <sup>(1)</sup> | Digi International, Inc. | 90287 | 0.1 |
| 1133 <sup>(1)</sup> | Digimarc Corp. | 14967 | 0.0 |
| 7147 <sup>(1)</sup> | Digital Turbine, Inc. | 42167 | 0.0 |
| 4572 <sup>(1)</sup> | DigitalOcean Holdings, Inc. | 130576 | 0.1 |
| 3210 <sup>(1)</sup> | Diodes, Inc. | 169777 | 0.1 |
| 2614 <sup>(1)</sup> | Domo, Inc. - Class B | 36518 | 0.0 |
| 20246 <sup>(1)</sup> | D-Wave Quantum, Inc. | 296401 | 0.2 |
| 14216 <sup>(1)</sup> | E2open Parent Holdings, Inc. | 45918 | 0.0 |
| 4403 <sup>(1)(2)</sup> | Eastman Kodak Co. | 24877 | 0.0 |
| 1855 <sup>(1)</sup> | ePlus, Inc. | 133745 | 0.1 |
| 2000 <sup>(1)</sup> | EverCommerce, Inc. | 21000 | 0.0 |
| 8503 <sup>(1)</sup> | Evolv Technologies Holdings, Inc. | 53059 | 0.0 |
| 4588 <sup>(1)</sup> | Expensify, Inc. - Class A | 11883 | 0.0 |
| 9152 <sup>(1)</sup> | Extreme Networks, Inc. | 164278 | 0.1 |
| 2534 <sup>(1)</sup> | Fabrinet | 746719 | 0.4 |
| 1322 <sup>(1)</sup> | FARO Technologies, Inc. | 58062 | 0.0 |
| 9578 <sup>(1)</sup> | Fastly, Inc. - Class A | 67621 | 0.0 |
| 5262 <sup>(1)</sup> | Five9, Inc. | 139338 | 0.1 |
| 5427 <sup>(1)</sup> | FormFactor, Inc. | 186743 | 0.1 |
| 556 <sup>(1)</sup> | Frequency Electronics, Inc. | 12627 | 0.0 |
| 14244 <sup>(1)</sup> | Freshworks, Inc. - Class A | 212378 | 0.1 |
| 4747 <sup>(1)</sup> | Grid Dynamics Holdings, Inc. | 54828 | 0.0 |
| 1932 | Hackett Group, Inc. | 49111 | 0.0 |
| 7806 <sup>(1)</sup> | Harmonic, Inc. | 73923 | 0.0 |
| 6560 <sup>(1)(2)</sup> | Hut 8 Corp. | 122016 | 0.1 |
| 1702 <sup>(1)</sup> | I3 Verticals, Inc. - Class A | 46771 | 0.0 |
| 2364 <sup>(1)</sup> | Ichor Holdings Ltd. | 46429 | 0.0 |
| 2320 | Immersion Corp. | 18282 | 0.0 |
| 1817 <sup>(1)</sup> | Impinj, Inc. | 201814 | 0.1 |
| 13678 <sup>(1)(2)</sup> | indie Semiconductor, Inc. - Class A | 48694 | 0.0 |
| 1931 <sup>(1)</sup> | Insight Enterprises, Inc. | 266642 | 0.2 |
| 3875 <sup>(1)</sup> | Intapp, Inc. | 200027 | 0.1 |
| 1816 | InterDigital, Inc. | 407202 | 0.2 |
| 16671 <sup>(1)</sup> | IonQ, Inc. | 716353 | 0.4 |
| 3171 <sup>(1)</sup> | Itron, Inc. | 417399 | 0.2 |
| 5762 <sup>(1)</sup> | Jamf Holding Corp. | 54797 | 0.0 |
| 7771 <sup>(1)</sup> | Kaltura, Inc. | 15620 | 0.0 |
| 1931 <sup>(1)</sup> | Kimball Electronics, Inc. | 37133 | 0.0 |
| 6045 <sup>(1)</sup> | Knowles Corp. | 106513 | 0.1 |
| 10913 <sup>(1)</sup> | Kopin Corp. | 16697 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 3599 | Kulicke & Soffa Industries, Inc. | $124525 | 0.1 |
| 1114 <sup>(1)</sup> | Life360, Inc. | 72688 | 0 |
| 4499 <sup>(1)</sup> | LiveRamp Holdings, Inc. | 148647 | 0.1 |
| 24287 <sup>(1)(2)</sup> | Marathon Digital Holdings, Inc. | 380820 | 0.2 |
| 5732 <sup>(1)</sup> | MaxLinear, Inc. | 81452 | 0.1 |
| 2339 <sup>(1)</sup> | Mercurity Fintech Holding, Inc. | 9005 | 0 |
| 2485 <sup>(1)</sup> | MeridianLink, Inc. | 40332 | 0 |
| 2623 | Methode Electronics, Inc. | 24945 | 0 |
| 17741 <sup>(1)(2)</sup> | MicroVision, Inc. | 20225 | 0 |
| 14730 <sup>(1)</sup> | Mirion Technologies, Inc. | 317137 | 0.2 |
| 3410 <sup>(1)</sup> | Mitek Systems, Inc. | 33759 | 0 |
| 5439 <sup>(1)</sup> | N-able, Inc. | 44056 | 0 |
| 2466 | Napco Security Technologies, Inc. | 73215 | 0 |
| 9382 <sup>(1)</sup> | Navitas Semiconductor Corp. | 61452 | 0 |
| 5126 <sup>(1)</sup> | NCR Atleos Corp. | 146245 | 0.1 |
| 10078 <sup>(1)</sup> | NCR Corp. | 118215 | 0.1 |
| 763 <sup>(1)(2)</sup> | Neonode, Inc. | 19456 | 0 |
| 1994 <sup>(1)</sup> | NETGEAR, Inc. | 57966 | 0 |
| 4891 <sup>(1)</sup> | NetScout Systems, Inc. | 121346 | 0.1 |
| 6238 <sup>(1)</sup> | NextNav, Inc. | 94818 | 0.1 |
| 3619 <sup>(1)</sup> | nLight, Inc. | 71222 | 0 |
| 2499 <sup>(1)</sup> | Novanta, Inc. | 322196 | 0.2 |
| 379 | NVE Corp. | 27898 | 0 |
| 8214 <sup>(1)</sup> | Olo, Inc. - Class A | 73105 | 0 |
| 2755 | OneSpan, Inc. | 45981 | 0 |
| 2101 <sup>(1)</sup> | Ooma, Inc. | 27103 | 0 |
| 1123 <sup>(1)</sup> | OSI Systems, Inc. | 252518 | 0.1 |
| 3564 <sup>(1)</sup> | Ouster, Inc. | 86427 | 0.1 |
| 2928 <sup>(1)(2)</sup> | Pagaya Technologies Ltd. - Class A | 62425 | 0 |
| 6055 <sup>(1)</sup> | PagerDuty, Inc. | 92520 | 0.1 |
| 2814 <sup>(1)</sup> | PAR Technology Corp. | 195207 | 0.1 |
| 860 | PC Connection, Inc. | 56571 | 0 |
| 2362 <sup>(1)</sup> | PDF Solutions, Inc. | 50500 | 0 |
| 4324 <sup>(1)</sup> | Photronics, Inc. | 81421 | 0.1 |
| 1883 <sup>(1)</sup> | Plexus Corp. | 254789 | 0.1 |
| 5705 <sup>(1)</sup> | Porch Group, Inc. | 67262 | 0 |
| 3971 | Power Integrations, Inc. | 221979 | 0.1 |
| 8789 <sup>(1)</sup> | Powerfleet, Inc. NJ | 37881 | 0 |
| 2978 | Progress Software Corp. | 190115 | 0.1 |
| 3257 <sup>(1)</sup> | PROS Holdings, Inc. | 51005 | 0 |
| 4335 <sup>(1)</sup> | Q2 Holdings, Inc. | 405713 | 0.2 |
| 2560 <sup>(1)</sup> | Qualys, Inc. | 365747 | 0.2 |
| 8103 <sup>(1)(2)</sup> | Quantum Computing, Inc. | 155334 | 0.1 |
| 7555 <sup>(1)</sup> | Rambus, Inc. | 483671 | 0.3 |
| 4415 <sup>(1)</sup> | Rapid7, Inc. | 102119 | 0.1 |
| 5286 <sup>(1)</sup> | Red Cat Holdings, Inc. | 38482 | 0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 859 | Red Violet, Inc. | $42263 | 0.0 |
| 6437 <sup>(1)(2)</sup> | Rezolve AI PLC | 19794 | 0.0 |
| 6954 <sup>(1)</sup> | Ribbon Communications, Inc. | 27885 | 0.0 |
| 19887 <sup>(1)(2)</sup> | Rigetti Computing, Inc. | 235860 | 0.1 |
| 4010 <sup>(1)</sup> | Rimini Street, Inc. | 15118 | 0.0 |
| 23088 <sup>(1)</sup> | Riot Platforms, Inc. | 260894 | 0.2 |
| 1318 <sup>(1)</sup> | Rogers Corp. | 90257 | 0.1 |
| 3696 <sup>(1)</sup> | Sanmina Corp. | 361580 | 0.2 |
| 2247 | Sapiens International Corp. NV | 65725 | 0.0 |
| 1685 <sup>(1)</sup> | ScanSource, Inc. | 70450 | 0.0 |
| 3248 <sup>(1)</sup> | SEMrush Holdings, Inc. - Class A | 29394 | 0.0 |
| 6118 <sup>(1)</sup> | Semtech Corp. | 276166 | 0.2 |
| 2255 <sup>(1)</sup> | Silicon Laboratories, Inc. | 332297 | 0.2 |
| 1487 <sup>(1)</sup> | SiTime Corp. | 316850 | 0.2 |
| 2003 <sup>(1)(2)</sup> | SkyWater Technology, Inc. | 19709 | 0.0 |
| 3728 <sup>(1)(2)</sup> | SMART Global Holdings, Inc. | 73852 | 0.0 |
| 25684 <sup>(1)(2)</sup> | SoundHound AI, Inc. - Class A | 275589 | 0.2 |
| 824 <sup>(1)</sup> | SoundThinking, Inc. | 10757 | 0.0 |
| 8246 <sup>(1)</sup> | Sprinklr, Inc. - Class A | 69761 | 0.0 |
| 3550 <sup>(1)</sup> | Sprout Social, Inc. - Class A | 74230 | 0.0 |
| 2648 <sup>(1)</sup> | SPS Commerce, Inc. | 360366 | 0.2 |
| 2722 <sup>(1)</sup> | Synaptics, Inc. | 176440 | 0.1 |
| 4015 <sup>(1)</sup> | Telos Corp. | 12727 | 0.0 |
| 8258 <sup>(1)</sup> | Tenable Holdings, Inc. | 278955 | 0.2 |
| 18544 <sup>(1)(2)</sup> | Terawulf, Inc. | 81223 | 0.1 |
| 1283 <sup>(1)(2)</sup> | TSS, Inc. | 36989 | 0.0 |
| 7052 <sup>(1)</sup> | TTM Technologies, Inc. | 287863 | 0.2 |
| 625 <sup>(1)(2)</sup> | Tucows, Inc. - Class A | 12319 | 0.0 |
| 1093 <sup>(1)</sup> | Turtle Beach Corp. | 15116 | 0.0 |
| 3118 <sup>(1)</sup> | Ultra Clean Holdings, Inc. | 70373 | 0.0 |
| 4802 <sup>(1)</sup> | Unisys Corp. | 21753 | 0.0 |
| 7674 <sup>(1)</sup> | Varonis Systems, Inc. | 389455 | 0.2 |
| 4029 <sup>(1)</sup> | Veeco Instruments, Inc. | 81869 | 0.1 |
| 4249 <sup>(1)</sup> | Verint Systems, Inc. | 83578 | 0.1 |
| 4551 <sup>(1)</sup> | Vertex, Inc. - Class A | 160810 | 0.1 |
| 1165 <sup>(1)</sup> | Viant Technology, Inc. - Class A | 15413 | 0.0 |
| 8079 <sup>(1)</sup> | Viasat, Inc. | 117953 | 0.1 |
| 15331 <sup>(1)</sup> | Viavi Solutions, Inc. | 154383 | 0.1 |
| 8512 | Vishay Intertechnology, Inc. | 135171 | 0.1 |
| 916 <sup>(1)</sup> | Vishay Precision Group, Inc. | 25740 | 0.0 |
| 4694 <sup>(1)</sup> | Vuzix Corp. | 13706 | 0.0 |
| 4068 <sup>(1)</sup> | Weave Communications, Inc. | 33846 | 0.0 |
| 3537 <sup>(1)</sup> | Workiva, Inc. | 242108 | 0.1 |
| 8136 <sup>(2)</sup> | Xerox Holdings Corp. | 42877 | 0.0 |
| 3296 <sup>(1)</sup> | Xperi, Inc. | 26071 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 7746 <sup>(1)</sup> | Yext, Inc. | $| 65841 | 0.0 |
| 13170 <sup>(1)</sup> | Zeta Global Holdings Corp. - Class A |  | 204003 | 0.1 |
|  |  |  | **26424697** | **14.4** |
|  | **Materials: 3.7%** | **Materials: 3.7%** | **Materials: 3.7%** | **Materials: 3.7%** |
| 1972 | AdvanSix, Inc. |  | 46835 | 0.0 |
| 815 <sup>(1)</sup> | Alpha Metallurgical Resources, Inc. |  | 91671 | 0.1 |
| 6104 <sup>(1)</sup> | American Battery Technology Co. |  | 9888 | 0.0 |
| 2504 | American Vanguard Corp. |  | 9816 | 0.0 |
| 10976 | Ardagh Metal Packaging SA |  | 46977 | 0.0 |
| 2607 <sup>(1)</sup> | Arq, Inc. |  | 14000 | 0.0 |
| 4030 <sup>(1)</sup> | ASP Isotopes, Inc. |  | 29661 | 0.0 |
| 4659 <sup>(1)</sup> | Aspen Aerogels, Inc. |  | 27581 | 0.0 |
| 6375 | Avient Corp. |  | 205976 | 0.1 |
| 2300 | Balchem Corp. |  | 366160 | 0.2 |
| 3770 | Cabot Corp. |  | 282750 | 0.2 |
| 1411 | Caledonia Mining Corp. PLC |  | 27261 | 0.0 |
| 3672 <sup>(1)</sup> | Century Aluminum Co. |  | 66169 | 0.0 |
| 10441 | Chemours Co. |  | 119549 | 0.1 |
| 1231 <sup>(1)</sup> | Clearwater Paper Corp. |  | 33532 | 0.0 |
| 44934 <sup>(1)</sup> | Coeur Mining, Inc. |  | 398115 | 0.2 |
| 7884 | Commercial Metals Co. |  | 385606 | 0.2 |
| 2474 <sup>(1)</sup> | Compass Minerals International, Inc. |  | 49703 | 0.0 |
| 9978 <sup>(1)</sup> | Constellium SE |  | 132707 | 0.1 |
| 751 <sup>(1)</sup> | Contango ORE, Inc. |  | 14629 | 0.0 |
| 2347 <sup>(1)</sup> | Critical Metals Corp. |  | 8402 | 0.0 |
| 6600 <sup>(1)</sup> | Dakota Gold Corp. |  | 24354 | 0.0 |
| 8405 <sup>(1)</sup> | Ecovyst, Inc. |  | 69173 | 0.0 |
| 8727 | Ferroglobe PLC |  | 32028 | 0.0 |
| 1054 <sup>(1)</sup> | Flotek Industries, Inc. |  | 15557 | 0.0 |
| 2735 <sup>(1)(2)</sup> | Ginkgo Bioworks Holdings, Inc. |  | 30769 | 0.0 |
| 2095 | Greif, Inc. - Class A |  | 136154 | 0.1 |
| 1378 | Hawkins, Inc. |  | 195814 | 0.1 |
| 3810 | HB Fuller Co. |  | 229171 | 0.1 |
| 41870 | Hecla Mining Co. |  | 250801 | 0.1 |
| 971 <sup>(1)</sup> | Idaho Strategic Resources, Inc. |  | 12701 | 0.0 |
| 2547 <sup>(1)</sup> | Ingevity Corp. |  | 109750 | 0.1 |
| 1742 | Innospec, Inc. |  | 146485 | 0.1 |
| 851 <sup>(1)</sup> | Intrepid Potash, Inc. |  | 30406 | 0.0 |
| 6068 <sup>(1)</sup> | Ivanhoe Electric, Inc. / US |  | 55037 | 0.0 |
| 1122 | Kaiser Aluminum Corp. |  | 89648 | 0.1 |
| 4004 <sup>(1)</sup> | Knife River Corp. |  | 326887 | 0.2 |
| 1508 | Koppers Holdings, Inc. |  | 48482 | 0.0 |
| 2779 <sup>(1)</sup> | Lifezone Metals Ltd. |  | 11449 | 0.0 |
| 4022 <sup>(1)</sup> | LSB Industries, Inc. |  | 31372 | 0.0 |
| 2341 <sup>(1)(2)</sup> | Magnera Corp. |  | 28279 | 0.0 |
| 1450 | Materion Corp. |  | 115086 | 0.1 |
| 3784 | Mativ Holdings, Inc. |  | 25807 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 5067 <sup>(1)</sup> | Metals Acquisition Ltd. - Class A | $| 61260 | 0.0 |
| 2237 | Minerals Technologies, Inc. |  | 123192 | 0.1 |
| 2814 | Myers Industries, Inc. |  | 40775 | 0.0 |
| 3887 <sup>(1)</sup> | NioCorp Developments Ltd. |  | 9057 | 0.0 |
| 17573 <sup>(1)</sup> | Novagold Resources, Inc. |  | 71874 | 0.1 |
| 10720 <sup>(1)</sup> | O-I Glass, Inc. |  | 158013 | 0.1 |
| 773 | Olympic Steel, Inc. |  | 25192 | 0.0 |
| 4137 | Orion SA |  | 43397 | 0.0 |
| 9874 <sup>(1)</sup> | Perimeter Solutions, Inc. |  | 137446 | 0.1 |
| 3253 <sup>(1)</sup> | Perpetua Resources Corp. |  | 39491 | 0.0 |
| 1581 <sup>(1)</sup> | Piedmont Lithium, Inc. |  | 9201 | 0.0 |
| 9137 <sup>(1)(2)</sup> | PureCycle Technologies, Inc. |  | 125177 | 0.1 |
| 967 | Quaker Chemical Corp. |  | 108246 | 0.1 |
| 2522 | Ramaco Resources, Inc. - Class A |  | 33139 | 0.0 |
| 3577 <sup>(1)</sup> | Ranpak Holdings Corp. |  | 12770 | 0.0 |
| 4848 <sup>(1)</sup> | Rayonier Advanced Materials, Inc. |  | 18665 | 0.0 |
| 2020 | Ryerson Holding Corp. |  | 43571 | 0.0 |
| 1930 | Schnitzer Steel Industries, Inc. - Class A |  | 57302 | 0.0 |
| 2956 | Sensient Technologies Corp. |  | 291225 | 0.2 |
| 1599 <sup>(1)</sup> | Solesence, Inc. |  | 6972 | 0.0 |
| 14390 <sup>(1)</sup> | SSR Mining, Inc. |  | 183329 | 0.1 |
| 1527 | Stepan Co. |  | 83344 | 0.1 |
| 5941 | SunCoke Energy, Inc. |  | 51033 | 0.0 |
| 2396 | Sylvamo Corp. |  | 120040 | 0.1 |
| 2972 <sup>(1)</sup> | TimkenSteel Corp. |  | 45799 | 0.0 |
| 1914 | Titan America SA |  | 23887 | 0.0 |
| 2417 <sup>(1)</sup> | Tredegar Corp. |  | 21270 | 0.0 |
| 2744 | TriMas Corp. |  | 78506 | 0.1 |
| 2489 | Trinseo PLC |  | 7766 | 0.0 |
| 8385 | Tronox Holdings PLC |  | 42512 | 0.0 |
| 6494 <sup>(1)(2)</sup> | United States Antimony Corp. |  | 14157 | 0.0 |
| 772 | United States Lime & Minerals, Inc. |  | 77046 | 0.1 |
| 854 <sup>(1)(2)</sup> | US Gold Corp. |  | 10419 | 0.0 |
| 3636 | Warrior Met Coal, Inc. |  | 166638 | 0.1 |
| 2363 | Worthington Steel, Inc. |  | 70488 | 0.1 |
|  |  |  | **6794397** | **3.7** |
|  | **Real Estate: 5.9%** | **Real Estate: 5.9%** | **Real Estate: 5.9%** | **Real Estate: 5.9%** |
| 9156 | Acadia Realty Trust |  | 170027 | 0.1 |
| 5250 | Alexander & Baldwin, Inc. |  | 93608 | 0.1 |
| 181 | Alexander's, Inc. |  | 40783 | 0.0 |
| 3761 | American Assets Trust, Inc. |  | 74280 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 11181 | American Healthcare REIT, Inc. | $410790 | 0.2 |
| 7764 <sup>(1)</sup> | Anywhere Real Estate, Inc. | 28106 | 0.0 |
| 9999 | Apartment Investment and Management Co. - Class A | 86491 | 0.1 |
| 15431 | Apple Hospitality REIT, Inc. | 180080 | 0.1 |
| 5768 | Armada Hoffler Properties, Inc. | 39626 | 0.0 |
| 5153 | Braemar Hotels & Resorts, Inc. | 12625 | 0.0 |
| 12329 | Brandywine Realty Trust | 52891 | 0.0 |
| 13123 | Broadstone Net Lease, Inc. | 210624 | 0.1 |
| 13261 | CareTrust REIT, Inc. | 405787 | 0.2 |
| 1696 | CBL & Associates Properties, Inc. | 43061 | 0.0 |
| 1225 | Centerspace | 73733 | 0.0 |
| 3808 | Chatham Lodging Trust | 26542 | 0.0 |
| 3795 | City Office REIT, Inc. | 20265 | 0.0 |
| 2078 | Community Healthcare Trust, Inc. | 34557 | 0.0 |
| 31978 <sup>(1)</sup> | Compass, Inc. - Class A | 200822 | 0.1 |
| 7930 | COPT Defense Properties | 218709 | 0.1 |
| 2333 | CTO Realty Growth, Inc. | 40268 | 0.0 |
| 6834 | Curbline Properties Corp. | 156020 | 0.1 |
| 16118 <sup>(1)</sup> | Cushman & Wakefield PLC | 178426 | 0.1 |
| 14308 | DiamondRock Hospitality Co. | 109599 | 0.1 |
| 16426 | Diversified Healthcare Trust | 58805 | 0.0 |
| 5544 <sup>(1)</sup> | Douglas Elliman, Inc. | 12862 | 0.0 |
| 11262 | Douglas Emmett, Inc. | 169380 | 0.1 |
| 2808 | Easterly Government Properties, Inc. | 62338 | 0.0 |
| 6260 | Elme Communities | 99534 | 0.1 |
| 9799 | Empire State Realty Trust, Inc. - Class A | 79274 | 0.1 |
| 13732 | Essential Properties Realty Trust, Inc. | 438188 | 0.2 |
| 5826 | eXp World Holdings, Inc. | 53017 | 0.0 |
| 3535 | Farmland Partners, Inc. | 40688 | 0.0 |
| 1604 <sup>(1)</sup> | Forestar Group, Inc. | 32080 | 0.0 |
| 7009 | Four Corners Property Trust, Inc. | 188612 | 0.1 |
| 1192 <sup>(1)</sup> | FRP Holdings, Inc. | 32053 | 0.0 |
| 3788 | Getty Realty Corp. | 104700 | 0.1 |
| 3414 | Gladstone Commercial Corp. | 48923 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 2650 | Gladstone Land Corp. | $26951 | 0.0 |
| 4797 | Global Medical REIT, Inc. | 33243 | 0.0 |
| 13898 | Global Net Lease, Inc. | 104930 | 0.1 |
| 22483 | Hudson Pacific Properties, Inc. | 61603 | 0.0 |
| 16065 | Independence Realty Trust, Inc. | 284190 | 0.2 |
| 5111 | Industrial Logistics Properties Trust | 23255 | 0.0 |
| 1949 | Innovative Industrial Properties, Inc. | 107624 | 0.1 |
| 5566 | InvenTrust Properties Corp. | 152508 | 0.1 |
| 5739 | JBG SMITH Properties | 99285 | 0.1 |
| 8722 | Kennedy-Wilson Holdings, Inc. | 59310 | 0.0 |
| 15257 | Kite Realty Group Trust | 345571 | 0.2 |
| 19901 | L.P. Industrial Trust | 164382 | 0.1 |
| 3261 | LTC Properties, Inc. | 112863 | 0.1 |
| 17715 | Macerich Co. | 286629 | 0.2 |
| 1848 | Marcus & Millichap, Inc. | 56752 | 0.0 |
| 3252 | National Health Investors, Inc. | 228030 | 0.1 |
| 1183 <sup>(1)</sup> | NET Lease Office Properties | 38507 | 0.0 |
| 5775 | NetSTREIT Corp. | 97771 | 0.1 |
| 9538 | Newmark Group, Inc. - Class A | 115887 | 0.1 |
| 1708 | NexPoint Residential Trust, Inc. | 56911 | 0.0 |
| 1762 | One Liberty Properties, Inc. | 42041 | 0.0 |
| 9829 | Outfront Media, Inc. | 160409 | 0.1 |
| 13714 | Paramount Group, Inc. | 83655 | 0.1 |
| 2853 | Peakstone Realty Trust | 37688 | 0.0 |
| 8241 | Pebblebrook Hotel Trust | 82328 | 0.1 |
| 8769 | Phillips Edison & Co., Inc. | 307178 | 0.2 |
| 8956 | Piedmont Office Realty Trust, Inc. - Class A | 65289 | 0.0 |
| 3071 | Plymouth Industrial REIT, Inc. | 49320 | 0.0 |
| 5484 | PotlatchDeltic Corp. | 210421 | 0.1 |
| 7777 <sup>(1)</sup> | Real Brokerage, Inc. | 35074 | 0.0 |
| 10517 | RLJ Lodging Trust | 76564 | 0.1 |
| 1410 | RMR Group, Inc. - Class A | 23053 | 0.0 |
| 4061 | Ryman Hospitality Properties, Inc. | 400699 | 0.2 |
| 16610 | Sabra Health Care REIT, Inc. | 306288 | 0.2 |
| 4181 | Safehold, Inc. | 65056 | 0.0 |
| 1234 | Saul Centers, Inc. | 42129 | 0.0 |
| 12471 | Service Properties Trust | 29806 | 0.0 |
| 4032 | Sila Realty Trust, Inc. | 95437 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 3612 | SITE Centers Corp. | $| 40852 | 0.0 |
| 4984 | SL Green Realty Corp. |  | 308510 | 0.2 |
| 1945 <sup>(2)</sup> | Smartstop Self Storage REIT, Inc. |  | 70467 | 0.0 |
| 2700 | St Joe Co. |  | 128790 | 0.1 |
| 639 <sup>(1)</sup> | Stratus Properties, Inc. |  | 12064 | 0.0 |
| 7579 | Summit Hotel Properties, Inc. |  | 38577 | 0.0 |
| 13781 | Sunstone Hotel Investors, Inc. |  | 119619 | 0.1 |
| 7779 | Tanger Factory Outlet Centers, Inc. |  | 237882 | 0.1 |
| 1675 <sup>(1)</sup> | Tejon Ranch Co. |  | 28408 | 0.0 |
| 7064 | Terreno Realty Corp. |  | 396078 | 0.2 |
| 5759 | UMH Properties, Inc. |  | 96694 | 0.1 |
| 16950 | Uniti Group, Inc. |  | 73224 | 0.0 |
| 1140 | Universal Health Realty Income Trust |  | 45566 | 0.0 |
| 8842 | Urban Edge Properties |  | 164992 | 0.1 |
| 5766 | Veris Residential, Inc. |  | 85856 | 0.1 |
| 3944 | Whitestone REIT |  | 49221 | 0.0 |
| 7161 | Xenia Hotels & Resorts, Inc. |  | 90014 | 0.1 |
|  |  |  | **10883625** | **5.9** |
|  | **Utilities: 3.1%** | **Utilities: 3.1%** | **Utilities: 3.1%** | **Utilities: 3.1%** |
| 4004 | ALLETE, Inc. |  | 256536 | 0.1 |
| 2696 | American States Water Co. |  | 206675 | 0.1 |
| 5542 | Avista Corp. |  | 210319 | 0.1 |
| 4995 | Black Hills Corp. |  | 280219 | 0.2 |
| 8423 | Brookfield Infrastructure Corp. - Class A |  | 350397 | 0.2 |
| 4244 <sup>(1)</sup> | Cadiz, Inc. |  | 12690 | 0.0 |
| 4150 | California Water Service Group |  | 188742 | 0.1 |
| 1636 | Chesapeake Utilities Corp. |  | 196680 | 0.1 |
| 1198 | Consolidated Water Co. Ltd. |  | 35964 | 0.0 |
| 1586 | Genie Energy Ltd. - Class B |  | 42632 | 0.0 |
| 12248 <sup>(1)</sup> | Hawaiian Electric Industries, Inc. |  | 130196 | 0.1 |
| 2602 | MGE Energy, Inc. |  | 230121 | 0.1 |
| 1285 | Middlesex Water Co. |  | 69621 | 0.0 |
| 5592 <sup>(1)</sup> | Montauk Renewables, Inc. |  | 12414 | 0.0 |
| 7085 | New Jersey Resources Corp. |  | 317550 | 0.2 |
| 2896 | Northwest Natural Holding Co. |  | 115029 | 0.1 |
| 4281 | NorthWestern Corp. |  | 219615 | 0.1 |
| 7214 <sup>(1)</sup> | Oklo, Inc. |  | 403912 | 0.2 |
| 4167 | ONE Gas, Inc. |  | 299441 | 0.2 |
| 4264 | Ormat Technologies, Inc. |  | 357153 | 0.2 |
| 2852 | Otter Tail Corp. |  | 219861 | 0.1 |
| 6408 | PNM Resources, Inc. |  | 360898 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 7529 | Portland General Electric Co. | $| 305903 | 0.2 |
| 1843 <sup>(1)</sup> | Pure Cycle Corp. |  | 19757 | 0.0 |
| 2336 | SJW Group |  | 121402 | 0.1 |
| 4550 | Southwest Gas Holdings, Inc. |  | 338474 | 0.2 |
| 4041 | Spire, Inc. |  | 294953 | 0.2 |
| 1252 | Unitil Corp. |  | 65292 | 0.0 |
| 1281 | York Water Co. |  | 40480 | 0.0 |
|  |  |  | **5702926** | **3.1** |
|  | Total Common Stock <br> (Cost $153,972,483) |  | **179079283** | **97.3** |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |
|  | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 18730 <sup>(3)(4)</sup> | Cartesian Therapeutics, Inc. CVR |  | 3371 | 0.0 |
| 8741 <sup>(3)(4)</sup> | Chinook Therapeutics, Inc. CVR |  | 3409 | 0.0 |
| 3559 <sup>(3)(4)</sup> | Inhibrx, Inc. CVR |  | 14628 | 0.0 |
|  |  |  | **21408** | **0.0** |
|  | Total Rights <br> (Cost $—) |  | **21408** | **0.0** |
| **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** |
|  | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 165 | Pulse Biosciences, Inc. |  | 1008 | 0.0 |
|  | Total Warrants <br> (Cost $—) |  | **1008** | **0.0** |
|  | Total Long-Term Investments <br> (Cost $153,972,483) |  | **179101699** | **97.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 6.2%** | **SHORT-TERM INVESTMENTS: 6.2%** | **SHORT-TERM INVESTMENTS: 6.2%** | **SHORT-TERM INVESTMENTS: 6.2%** |
|  | **Repurchase Agreements: 3.4%** | **Repurchase Agreements: 3.4%** | **Repurchase Agreements: 3.4%** |
| 1748942 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,749,152, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $1,783,921, due 06/01/30-02/01/57) | 1748942 | 0.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1074477 <sup>(5)</sup> | CF Secured LLC, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,074,606, collateralized by various U.S. Government Agency Obligations, 3.000%-6.500%, Market Value plus accrued interest $1,096,213, due 05/23/28-12/01/63) | $| 1074477 | 0.6 |
| 1748942 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,749,152, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $1,783,921, due 08/15/34-06/01/55) |  | 1748942 | 1 |
| 1725390 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,725,598, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,759,898, due 03/01/34-05/01/55) |  | 1725390 | 0.9 |
|  | Total Repurchase Agreements <br> (Cost $6,297,751) |  | **6297751** | **3.4** |
|  | **Time Deposits: 0.6%** | **Time Deposits: 0.6%** | **Time Deposits: 0.6%** | **Time Deposits: 0.6%** |
| 170000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025 |  | 170000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Time Deposits (continued)** | **Time Deposits (continued)** | **Time Deposits (continued)** |
| 170000 <sup>(5)</sup> | Credit Agricole Corporate and Investment Bank, 4.310%, 07/01/2025 | $170000 | 0.1 |
| 170000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025 | 170000 | 0.1 |
| 170000 <sup>(5)</sup> | Mizuho Bank Ltd., 4.330%, 07/01/2025 | 170000 | 0.1 |
| 170000 <sup>(5)</sup> | Royal Bank of Canada, 4.330%, 07/01/2025 | 170000 | 0.1 |
| 170000 <sup>(5)</sup> | Svenska Handelsbanken AB, 4.300%, 07/01/2025 | 170000 | 0.1 |
|  | Total Time Deposits <br> (Cost $1,020,000) | **1020000** | **0.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 2.2%** |  |  |
| 4126000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% <br> (Cost $4,126,000) | $**4126000** | **2.2** |
|  | Total Short-Term Investments <br> (Cost $11,443,751) | **11443751** | **6.2** |
|  | **Total Investments in Securities <br> (Cost $165,416,234)** | $**190545450** | **103.5** |
|  | **Liabilities in Excess of Other Assets** | **(6497706)** | **(3.5)** |
|  | **Net Assets** | $**184047744** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(4)</sup> | Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2025, the Portfolio held restricted securities with a fair value of $21,408 or —% of net assets. Please refer to the table below for additional details. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of June 30, 2025. |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

**Fair Value Measurements^**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other<br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> June 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;Communication Services | $4734583 | $— | $— | $4734583 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 17979415 |  |  | 17979415 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 4080830 |  |  | 4080830 |
| &nbsp;&nbsp;&nbsp;Energy | 8807185 |  |  | 8807185 |
| &nbsp;&nbsp;&nbsp;Financials | 34479751 |  |  | 34479751 |
| &nbsp;&nbsp;&nbsp;Health Care | 28575761 |  | 13556 | 28589317 |
| &nbsp;&nbsp;&nbsp;Industrials | 30602557 |  |  | 30602557 |
| &nbsp;&nbsp;&nbsp;Information Technology | 26424697 |  |  | 26424697 |
| &nbsp;&nbsp;&nbsp;Materials | 6794397 |  |  | 6794397 |
| &nbsp;&nbsp;&nbsp;Real Estate | 10883625 |  |  | 10883625 |
| &nbsp;&nbsp;&nbsp;Utilities | 5702926 |  |  | 5702926 |
| Total Common Stock | 179065727 |  | 13556 | 179079283 |
| Rights |  |  | 21408 | 21408 |
| Warrants |  | 1008 |  | 1008 |
| Short-Term Investments | 4126000 | 7317751 |  | 11443751 |
| Total Investments, at fair value | $183191727 | $7318759 | $34964 | $190545450 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Futures | 110024 |  |  | 110024 |
| Total Assets | $183301751 | $7318759 | $34964 | $190655474 |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At June 30, 2025, Voya VACS Index Series SC Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Cartesian Therapeutics, Inc. CVR | 12/12/2023 | $— | $3371 |
| Chinook Therapeutics, Inc. CVR | 8/14/2023 |  | 3409 |
| Inhibrx, Inc. CVR | 5/31/2024 |  | 14628 |
|  |  | $— | $21408 |

---

At June 30, 2025, the following futures contracts were outstanding for Voya VACS Index Series SC Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number <br> of Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Unrealized <br> Appreciation** |
| Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: |
| &nbsp;&nbsp;&nbsp;E-mini Russell 2000 Index | 48 | 09/19/25 | $5260080 | $110024 |
|  |  |  | $5260080 | $110024 |

---

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

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

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **Asset Derivatives** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\* | $110024 |
| **Total Asset Derivatives** |  | $110024 |

---

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

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

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(788113) |
| **Total** | $(788113) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $451054 |
| **Total** | $451054 |

---

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

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $167,811,622. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $42554839 |
| Gross Unrealized Depreciation | (19710987) |
| Net Unrealized Appreciation | $22843852 |

---

See Accompanying Notes to Financial Statements

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

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

---

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

**221498 (0625)**

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

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

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

None during the reporting period.

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

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $334,276 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)](tm2522622d8_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.](tm2522622d8_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2522622d8_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2522622d8_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 Investors Trust

---

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

---

Date: September 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date: September 5, 2025

---

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

---

Date: September 5, 2025

## Ex-99.Cert

**EX-99.CERT**

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

I, Christian G. Wilson, certify that:

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

&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 Investors Trust;

&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 Investors Trust <br>Date of Form N-CSR: June 30, 2025

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

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

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

A signed original of this written statement required by Section 906 has been provided to Voya Investors Trust and will be retained by Voya Investors Trust 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 Investors Trust <br>Date of Form N-CSR: June 30, 2025

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

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

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

A signed original of this written statement required by Section 906 has been provided to Voya Investors Trust and will be retained by Voya Investors Trust 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 |

---